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)

Mark R. Anderson, 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:	6/30/17

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds Semi-Annual Report

June 30, 2017

Alternatives 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 • Assets and income • Account transactions • Credit history • Transaction history 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 Asset Management (Canada), Inc. and Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
18	Lazard Fundamental Long/Short Portfolio
21	Notes to Portfolios of Investments
23	Statements of Assets and Liabilities
24	Statements of Operations
25	Statements of Changes in Net Assets
26	Financial Highlights
28	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007–2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

Lazard Alternatives

Risk assets were better to buy during the period, paced by continued weakness in the US dollar, lower levels of volatility broadly and heightened expectations regarding pro-growth changes in US fiscal policy. Globally, economic growth continues to improve, particularly in Europe. Mixed inflation measures weighed on rates at the outset of the second quarter, but by quarter end the 10-Year US Treasury yield was relatively unchanged. Most equity indices, including emerging markets, performed well. From a sector standpoint, cyclicals broadly were higher, including airlines, semiconductors, homebuilders and transports. Real estate investment trusts, retailers, and consumer staples underperformed during the period. Credit, as measured by the BofA Merrill Lynch High Yield Cash^® Index, gained during the period. Index volatility, as measured by the CBOE Volatility^® Index, remained subdued despite episodes of heightened volatility intra-period. Turning to the convertible market, trading volumes were largely in line with historical levels, and pricing was well-supported by both long only (“directional”) and hedge fund investors. Single-name volatility remained elevated in selected sectors, particularly biotechnology and financials, which supported convertible valuations broadly. In our view, record equity prices and historically low interest rates should continue to support a strong primary market.

Lazard Enhanced Opportunities Portfolio

For the six months ended June 30, 2017, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of 4.04%, while Open Shares posted a total return of 4.04%, as compared with the 8.76% return for the BofA Merrill Lynch U.S. Convertible ex Mandatory^® Index and 2.56% return for the HFRX Global Hedge Fund^® Index.

Company-specific developments allowed for idiosyncratic value capture throughout the first half of 2017, positively contributing to returns. Credit spreads tightened, and closed just off of their highs. This, coupled with a broad-based improvement in credit technicals and timely directional trades, paced returns for the period. Volatility remained subdued broadly,

although numerous idiosyncratic events produced heightened volatility in selected names and sectors during the period. Significant outperformance was evident in selected sectors, including technology and hardware, homebuilding, software and selected defensives. This is in contrast to the previous quarter, in which transports, semiconductors, machinery, and airlines led markets higher. Banks, retail, trucking and certain cyclicals were laggards. Liquidity again was plentiful from our perspective, with strong interest in the convertible product from both long-only investors and hedge funds. Valuations continued to improve, but in our opinion still remain compelling on a relative and absolute basis, whether measured by implied spread or yield/premium relationships.

The macroeconomic backdrop in the second quarter of 2017 was supportive of both equities and credit. A directional bias on selected sectors, timely directional trades, participation in certain initial public offerings and the continued strong bid for balanced (i.e., yield plus low premium) paper paced returns for the period. As was the case in the first quarter, significant outperformance was evident in selected sectors. Valuations once again continued to improve, yet remain compelling in our view, on a relative and absolute basis, whether measured by implied spread or yield/premium relationships. With absolute yields in the high yield universe near three year lows and equity markets seemingly still very well supported, non-traditional or cross-over (i.e., traditional long-only or directional) investors continue to put capital to work in the convertible space, which is a favorable development we continue to monitor closely. The use of derivatives (equity options and currency contracts) in the first half of 2017 negatively contributed to Portfolio returns.

Lazard Fundamental Long/Short Portfolio

For the six months ended June 30, 2017, the Lazard Fundamental Long/Short Portfolio’s Institutional Shares posted a total return of 3.29%, while Open Shares posted a total return of 3.31%, as compared with the 3.73% return for the HFRX Equity Hedge^® Index and 9.34% return for the S&P 500^® Index.

Semi-Annual Report  3

A long position in Floor and Décor contributed to performance, as shares rose following the company’s IPO in April. We sold our position in May, as the stock approached our target valuation. The Portfolio also benefited from its long position in Alphabet, as quarterly results showed solid growth in its core business, disciplined expense management, and increased optimism around more nascent, growth initiatives such as cloud. A long position in Intercontinental Exchange also helped returns, as shares rose after the company’s monthly futures volumes showed signs of improvement, and management offered more details around the outlook for its data business at its investor day.

In contrast, a long position in AutoZone detracted from performance, as shares fell after the company reported quarterly earnings below expectations, hurt by weaker revenues. We sold our position after the announcement in May, as we saw opportunities with better risk-reward profiles elsewhere. A short position in Wal-Mart also hurt returns, as shares rose after the company reported quarterly earnings above expectations, driven by stronger sales and store traffic. The Portfolio was also hurt by a long position in Molson Coors, as shares fell after management did a poor job of communicating medium-term EBITDA targets and, as a result, consensus estimates came down.

Notes to Investment Overviews:

All Portfolios’ 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, 2017; 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, 2017

	One Year	Since Inception	†
Institutional Shares**	7.04%	2.43%
Open Shares**	6.78%	2.19%
BofA Merrill Lynch U.S. Convertible ex Mandatory Index	19.86%	6.90%
HFRX Global Hedge Fund Index	6.00%	0.52%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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, 2017

	One Year	Since Inception	†
Institutional Shares**	3.57%	4.50%
Open Shares**	3.41%	4.26%
S&P 500 Index	17.90%	10.60%
HFRX Equity Hedge Index	8.07%	0.95%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 companies in leading industries of the US economy. The HFRX Equity Hedge Index consists of equity hedge funds that maintain positions both long and short in primarily equity and equity derivative securities. 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 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, 2017 through June 30, 2017 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.

Semi-Annual Report  7

Portfolio†	Beginning Account Value 1/1/17	Ending Account Value 6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
Enhanced Opportunities
Institutional Shares
Actual	$1,000.00	$1,040.40	$12.09	2.39%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,012.94	$11.93	2.39%
Open Shares
Actual	$1,000.00	$1,040.40	$13.41	2.65%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,011.65	$13.22	2.65%
Fundamental Long/Short
Institutional Shares
Actual	$1,000.00	$1,032.90	$17.94	3.56%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,007.14	$17.72	3.56%
Open Shares
Actual	$1,000.00	$1,033.10	$19.41	3.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,005.70	$19.15	3.85%

*	Expenses are equal to the annualized expense ratio, net of expense waivers and reimbursements, of each Share class multiplied by the average account value over the period, multiplied by 181/365 (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, 2017 (unaudited)

	Lazard Enhanced Opportunities Portfolio						Lazard Fundamental Long/Short Portfolio
Sector	Long*			Short†			Long*			Short†
Consumer Discretionary		10.7	%		-10.6	%		6.0	%		-16.5	%
Consumer Staples		0.5			-1.0			4.1			-6.4
Energy		5.5			-5.3			2.1			-2.6
Financials		13.8			-7.0			11.3			-24.6
Health Care		18.4			-20.3			9.3			-11.4
Industrials		7.9			-8.9			10.1			-8.4
Information Technology		21.3			-24.3			13.3			-26.5
Materials		2.9			-3.0			—			-3.6
Real Estate		7.1			-8.9			0.7			—
Telecommunication Services		—			—			1.5			—
Utilities		0.9			-0.6			—			—
Exchange-Traded Funds		2.4			-10.1			—			—
Short-Term Investments		8.6			—			41.6			—
Total Investments		100.0	%		-100.0	%		100.0	%		-100.0	%

*	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, 2017 (unaudited)

Description	Shares		Fair Value
Lazard Enhanced Opportunities Portfolio
Common Stocks | 8.9%
Australia | 0.1%
Link Administration Holdings, Ltd.		2,952	$	17,909
Austria | 0.0%
IMMOFINANZ AG (a)		695		1,590
Canada | 0.1%
ECN Capital Corp.		1,495		4,611
Teck Resources, Ltd., Class B		639		11,074
				15,685
China | 0.1%
Tencent Holdings, Ltd. (a)		500		17,843
France | 0.5%
Faurecia (a)		481		24,431
Valeo SA (a)		525		35,613
				60,044
Germany | 0.1%
Delivery Hero AG (a)		367		11,653
Ireland | 0.1%
Allied Irish Banks PLC (a)		2,625		14,818
Israel | 0.2%
Israel Discount Bank, Ltd., Class A (a), (b)		7,239		19,056
Mexico | 0.1%
Cemex SAB de CV Sponsored ADR (a)		1,768		16,655
Netherlands | 0.7%
ABN AMRO Group NV (a)		3,150		84,173
United States | 6.9%
AK Steel Holding Corp. (a)		7,000		45,990
Altra Industrial Motion Corp.		9,379		373,284
American Homes 4 Rent, Class A REIT		1,200		27,084
Atlas Air Worldwide Holdings, Inc. (a)		309		16,114
BroadSoft, Inc. (a)		800		34,440
CalAtlantic Group, Inc.		600		21,210
Chesapeake Energy Corp. (a)		1,400		6,958

Description	Shares		Fair Value
Cisco Systems, Inc.		4,810	$	150,553
Dycom Industries, Inc. (a)		100		8,952
Ford Motor Co.		469		5,248
Green Plains, Inc.		2,300		47,265
KB Home		275		6,592
Navistar International Corp. (a)		200		5,246
Pandora Media, Inc. (a)		500		4,460
PRA Group, Inc. (a)		100		3,790
Shutterfly, Inc. (a)		179		8,503
The Greenbrier Cos., Inc.		600		27,750
Trinity Industries, Inc.		200		5,606
WebMD Health Corp. (a)		600		35,190
Workday, Inc. Class A (a)		400		38,800
				873,035
Total Common Stocks (Cost $1,039,665)				1,132,461

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds | 143.1%
Austria | 1.0%
IMMOFINANZ AG, 2.000%, 01/24/24 (b)	EUR		100	$	128,349
Bermuda | 0.6%
Golar LNG, Ltd., 2.750%, 02/15/22 (b)	USD		85		78,625
Canada | 3.5%
Element Fleet Management Corp.:
5.125%, 06/30/19 (b)	CAD		220		170,497
4.250%, 06/30/20 (b)	CAD		253		191,291
Pretium Resources, Inc., 2.250%, 03/15/22 (b), (c)	USD		80		75,800
					437,588
Greece | 2.2%
Aegean Marine Petroleum Network, Inc.:
4.000%, 11/01/18 (b)	USD		128		123,600
4.250%, 12/15/21 (b)	USD		208		160,160
					283,760

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)
Japan | 2.3%
Kyushu Electric Power Co., Inc.:
0.000%, 03/31/20 (b)	JPY		10,000	$	96,288
0.000%, 03/31/22 (b)	JPY		10,000		97,044
Mirait Holdings Corp., 0.000%, 12/30/21 (b)	JPY		10,000		98,362
					291,694
Mexico | 1.3%
Cemex SAB de CV, 3.720%, 03/15/20 (b)	USD		147		169,785
United States | 132.2%
Aerojet Rocketdyne Holdings, Inc., 2.250%, 12/15/23 (b), (c)	USD		251		264,805
AK Steel Corp., 5.000%, 11/15/19 (b)	USD		144		211,140
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (b)	USD		182		184,502
AMAG Pharmaceuticals, Inc., 3.250%, 06/01/22 (b)	USD		200		191,750
American Residential Properties OP LP, 3.250%, 11/15/18 (b), (c)	USD		177		231,649
Amicus Therapeutics, Inc., 3.000%, 12/15/23 (b), (c)	USD		186		331,080
AmTrust Financial Services, Inc., 2.750%, 12/15/44 (b)	USD		156		115,733
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (b)	USD		168		183,120
BioMarin Pharmaceutical, Inc., 1.500%, 10/15/20 (b)	USD		144		171,270
Blackhawk Network Holdings, Inc., 1.500%, 01/15/22 (b), (c)	USD		159		177,285
BlackRock Capital Investment Corp., 5.000%, 06/15/22 (b)	USD		53		54,259
Bottomline Technologies de, Inc., 1.500%, 12/01/17 (b)	USD		173		174,514
BroadSoft, Inc., 1.000%, 09/01/22 (b)	USD		139		173,229
CalAmp Corp., 1.625%, 05/15/20	USD		105		106,969
Carbonite, Inc., 2.500%, 04/01/22 (b)	USD		132		145,447

Description	Security Currency	Principal Amount (000)		Fair Value
Carriage Services, Inc., 2.750%, 03/15/21 (b)	USD		97	$	125,797
Citrix Systems, Inc., 0.500%, 04/15/19 (b)	USD		105		126,066
Clovis Oncology, Inc., 2.500%, 09/15/21 (b)	USD		136		230,180
Colony NorthStar, Inc., 3.875%, 01/15/21 (b)	USD		114		115,710
Colony Starwood Homes:
3.000%, 07/01/19 (b)	USD		213		252,538
3.500%, 01/15/22 (b), (c)	USD		232		247,950
Cornerstone OnDemand, Inc., 1.500%, 07/01/18 (b)	USD		54		54,203
Cowen, Inc., 3.000%, 03/15/19 (b)	USD		128		131,200
CSG Systems International, Inc., 4.250%, 03/15/36 (b)	USD		79		85,172
Cypress Semiconductor Corp., 4.500%, 01/15/22 (b)	USD		100		122,188
Dermira, Inc., 3.000%, 05/15/22 (b), (c)	USD		82		90,508
DexCom, Inc., 0.750%, 05/15/22 (b)	USD		159		161,882
DISH Network Corp.:
2.375%, 03/15/24 (b), (c)	USD		244		256,352
3.375%, 08/15/26 (b), (c)	USD		307		372,237
Emergent BioSolutions, Inc., 2.875%, 01/15/21 (b)	USD		202		260,327
Encore Capital Group, Inc.:
3.000%, 11/27/17 (b)	USD		47		60,395
3.250%, 03/15/22 (b)	USD		240		258,000
Ensco Jersey Finance, Ltd., 3.000%, 01/31/24 (b), (c)	USD		116		89,465
EZCORP, Inc., 2.875%, 07/01/24	USD		133		133,997
FireEye, Inc., 1.625%, 06/01/35 (b)	USD		61		55,548
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (b)	USD		110		112,475
Forest City Realty Trust, Inc.:
4.250%, 08/15/18 (b)	USD		144		168,390
3.625%, 08/15/20 (b)	USD		335		377,503
Global Brokerage, Inc., 2.250%, 06/15/18 (b)	USD		98		39,200
Green Plains, Inc.:
3.250%, 10/01/18 (b)	USD		269		321,287
4.125%, 09/01/22 (b), (c)	USD		218		218,817

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)
HCI Group, Inc., 4.250%, 03/01/37 (b), (c)	USD		73	$	70,354
Herbalife, Ltd., 2.000%, 08/15/19 (b)	USD		114		118,560
Hercules Capital, Inc., 4.375%, 02/01/22 (b), (c)	USD		87		88,958
Horizon Global Corp., 2.750%, 07/01/22 (b)	USD		174		164,647
HubSpot, Inc., 0.250%, 06/01/22 (b), (c)	USD		106		102,754
Innoviva, Inc., 2.125%, 01/15/23 (b)	USD		169		153,579
Inphi Corp., 0.750%, 09/01/21 (b), (c)	USD		105		101,259
Insulet Corp., 1.250%, 09/15/21 (b), (c)	USD		143		156,942
Intercept Pharmaceuticals, Inc., 3.250%, 07/01/23 (b)	USD		131		127,398
InterDigital, Inc., 1.500%, 03/01/20 (b)	USD		105		127,378
Invacare Corp.:
5.000%, 02/15/21 (b)	USD		32		34,280
4.500%, 06/01/22 (b)	USD		27		28,974
Kaman Corp., 3.250%, 05/01/24 (b)	USD		170		172,231
KB Home, 1.375%, 02/01/19 (b)	USD		35		37,428
Knowles Corp., 3.250%, 11/01/21 (b)	USD		207		243,354
LendingTree, Inc., 0.625%, 06/01/22 (b)	USD		95		103,194
LGI Homes, Inc.,  4.250%, 11/15/19 (b)	USD		30		57,150
Liberty Expedia Holdings, Inc., 1.000%, 06/30/47 (b)	USD		265		281,774
Liberty Interactive LLC:
4.000%, 11/15/29 (b)	USD		236		157,846
1.750%, 09/30/46 (b), (c)	USD		59		67,444
Liberty Media Corp.:
1.375%, 10/15/23 (b)	USD		203		240,332
2.250%, 09/30/46 (b), (c)	USD		59		63,499

Description	Security Currency	Principal Amount (000)		Fair Value
Microchip Technology, Inc.:
1.625%, 02/15/25 (b)	USD		61	$	91,767
1.625%, 02/15/27 (b)	USD		203		213,404
2.250%, 02/15/37 (b)	USD		123		128,381
Nabors Industries, Inc., 0.750%, 01/15/24 (b), (c)	USD		122		97,066
Navistar International Corp.:
4.500%, 10/15/18 (b)	USD		32		31,940
4.750%, 04/15/19 (b)	USD		244		237,747
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (b), (c)	USD		275		273,109
New York Mortgage Trust, Inc., 6.250%, 01/15/22 (b)	USD		52		52,390
Nuance Communications, Inc., 1.250%, 04/01/25 (b)	USD		137		138,199
Oasis Petroleum, Inc., 2.625%, 09/15/23	USD		53		51,973
ON Semiconductor Corp., 1.625%, 10/15/23 (b)	USD		159		159,000
OSI Systems, Inc., 1.250%, 09/01/22 (b), (c)	USD		128		124,400
Pacira Pharmaceuticals, Inc., 2.375%, 04/01/22 (b)	USD		79		83,740
PDL BioPharma, Inc., 2.750%, 12/01/21 (b)	USD		119		107,100
PRA Group, Inc.:
3.000%, 08/01/20 (b)	USD		242		230,959
3.500%, 06/01/23 (b)	USD		168		177,135
Prospect Capital Corp., 4.950%, 07/15/22 (b)	USD		94		93,648
PTC Therapeutics, Inc., 3.000%, 08/15/22 (b)	USD		110		85,113
Quidel Corp., 3.250%, 12/15/20 (b)	USD		185		205,119
RealPage, Inc., 1.500%, 11/15/22 (b)	USD		127		138,192
Redwood Trust, Inc., 4.625%, 04/15/18 (b)	USD		105		106,313
Rovi Corp., 0.500%, 03/01/20 (b)	USD		110		108,006
RTI International Metals, Inc., 1.625%, 10/15/19 (b)	USD		31		33,073
RWT Holdings, Inc., 5.625%, 11/15/19 (b)	USD		138		144,382
ServiceNow, Inc.:
0.000%, 11/01/18 (b)	USD		109		159,344
0.000%, 06/01/22 (b)	USD		106		107,988

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

12  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Shutterfly, Inc., 0.250%, 05/15/18 (b)	USD		43	$	42,866
Silicon Laboratories, Inc., 1.375%, 03/01/22 (b)	USD		123		127,151
Square, Inc., 0.375%, 03/01/22 (b), (c)	USD		55		67,409
Starwood Property Trust, Inc.:
3.750%, 10/15/17 (b)	USD		373		374,632
4.375%, 04/01/23 (b)	USD		176		178,310
Sucampo Pharmaceuticals, Inc., 3.250%, 12/15/21 (b)	USD		197		192,321
Synaptics, Inc., 0.500%, 06/15/22 (b)	USD		106		107,060
Teladoc, Inc., 3.000%, 12/15/22 (b)	USD		159		167,546
TerraVia Holdings, Inc., 5.000%, 10/01/19 (b)	USD		216		77,760
Tesla, Inc., 2.375%, 03/15/22 (b)	USD		131		164,569
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (b), (c)	USD		143		153,278
The KeyW Holding Corp., 2.500%, 07/15/19 (b)	USD		157		151,407
The Medicines Co., 2.750%, 07/15/23 (b)	USD		187		195,649
Twitter, Inc., 1.000%, 09/15/21 (b)	USD		109		99,735
Viavi Solutions, Inc., 1.000%, 03/01/24 (b), (c)	USD		132		137,940
WebMD Health Corp.:
1.500%, 12/01/20 (b)	USD		190		241,181
2.625%, 06/15/23 (b)	USD		106		103,748
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 (b)	USD		199		210,691
Wright Medical Group NV, 2.250%, 11/15/21 (b)	USD		170		240,125
Wright Medical Group, Inc., 2.000%, 02/15/20 (b)	USD		207		230,029
Zillow Group, Inc., 2.000%, 12/01/21 (b)	USD		265		308,891
					16,835,260
Total Corporate Bonds (Cost $17,870,808)					18,225,061

Description		Shares		Fair Value
Preferred Stocks | 0.9%
United States | 0.9%
Virtus Investment Partners, Inc. (b) (Cost $115,301)			1,148	$	115,351
Exchange-Traded Funds | 4.0%
iShares Russell 2000 ETF			1,200		169,104
SPDR S&P 500 ETF Trust			1,200		290,160
SPDR S&P Retail ETF			1,200		48,864
Total Exchange-Traded Funds
(Cost $502,620)					508,128
Description	Counterparty	Number of Contracts		Fair Value
Purchased Options | 0.2%
AK Steel Holding Corp. 7 Call:
Expires 07/21/17	RBS		53	$	1,325
Expires 07/28/17	RBS		25		950
Atlas Air Worldwide Holdings, Inc. 55 Call, Expires 08/18/17	RBS		2		290
Blackhawk Network Holdings, Inc. 45 Call, Expires 08/18/17	RBS		1		145
Cemex SAB de CV 9 Call, Expires 07/21/17	RBS		27		1,350
CSG Systems International, Inc. 45 Call, Expires 07/21/17	RBS		5		125
Cypress Semiconductor Corp. 14 Call, Expires 07/21/17	RBS		27		945
Emergent BioSolutions, Inc. 35 Call, Expires 09/15/17	RBS		11		1,815
Energy Select Sector SPDR Fund 66 Call, Expires 07/21/17	RBS		43		2,236
Financial Select Sector SPDR Fund 25 Call, Expires 08/18/17	RBS		30		1,080
Financial Select Sector SPDR Fund 26 Call, Expires 08/18/17	RBS		30		330

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

Semi-Annual Report  13

Description	Counterparty	Number of Contracts		Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Intercept Pharmaceuticals, Inc. 135 Call, Expires 07/28/17	RBS		2	$	200
InterDigital, Inc. 85 Call, Expires 07/21/17	RBS		2		22
Molson Coors Brewing Co. 92.5 Call, Expires 10/20/17	RBS		2		304
Nabors Industries, Inc. 9 Call, Expires 12/15/17	RBS		11		1,067
Pacira Pharmaceuticals, Inc. 50 Call, Expires 08/18/17	RBS		2		450
ServiceNow, Inc. 113 Call, Expires 07/21/17	RBS		4		160
SPDR S&P 500 ETF Trust 230 Put, Expires 12/15/17	RBS		13		5,811
Teck Resources, Ltd. 22 Call, Expires 08/18/17	RBS		12		168
TiVo, Inc. 21 Call, Expires 07/21/17	RBS		4		20
Total Purchased Options (Cost $22,954)					18,793
Description			Shares		Fair  Value
Short-Term Investments | 14.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,885,251)			1,885,251	$	1,885,251
Total Investments excluding Securities Sold Short | 171.9% (Cost $21,436,599)					21,885,045

Description	Shares			Fair Value
Securities Sold Short | (73.4)%
Common Stocks | (66.0)%
Australia | (0.2)%
Australia & New Zealand Banking Group, Ltd.	(551	)	$	(12,145	)
Bendigo & Adelaide Bank, Ltd.	(1,400	)		(11,948	)
				(24,093	)
Austria | (0.3)%
IMMOFINANZ AG	(19,299	)		(44,151	)
Bermuda | (0.3)%
Golar LNG, Ltd.	(1,482	)		(32,975	)
Canada | (0.7)%
ECN Capital Corp.	(1,495	)		(4,611	)
Element Fleet Management Corp.	(6,237	)		(42,805	)
Pretium Resources, Inc. (a)	(2,843	)		(27,321	)
Teck Resources, Ltd. Class B	(639	)		(11,074	)
				(85,811	)
Greece | (0.5)%
Aegean Marine Petroleum Network, Inc.	(10,217	)		(59,769	)
Japan | (0.7)%
Kyushu Electric Power Co., Inc.	(4,500	)		(54,692	)
Mirait Holdings Corp.	(2,600	)		(29,235	)
				(83,927	)
Mexico | (0.5)%
Cemex SAB de CV Sponsored ADR (a)	(7,027	)		(66,194	)
United States | (62.8)%
Aerojet Rocketdyne Holdings, Inc. (a)	(5,496	)		(114,317	)
AK Steel Holding Corp. (a)	(25,663	)		(168,606	)
Allscripts Healthcare Solutions, Inc. (a)	(2,643	)		(33,725	)
Altra Industrial Motion Corp.	(9,379	)		(373,284	)
AMAG Pharmaceuticals, Inc. (a)	(4,835	)		(88,964	)
American Homes 4 Rent, Class A REIT	(9,358	)		(211,210	)
Amicus Therapeutics, Inc. (a)	(26,851	)		(270,390	)
AmTrust Financial Services, Inc.	(2,000	)		(30,280	)
Arconic, Inc.	(385	)		(8,720	)
Atlas Air Worldwide Holdings, Inc. (a)	(1,979	)		(103,205	)
BioMarin Pharmaceutical, Inc. (a)	(535	)		(48,589	)
Blackhawk Network Holdings, Inc. (a)	(1,573	)		(68,583	)
Bottomline Technologies de, Inc. (a)	(741	)		(19,036	)
BroadSoft, Inc. (a)	(3,398	)		(146,284	)
CalAmp Corp. (a)	(976	)		(19,842	)

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

14  Semi-Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
CalAtlantic Group, Inc.		(600	)	$	(21,210	)
Carbonite, Inc. (a)		(3,457	)		(75,363	)
Carriage Services, Inc.		(3,387	)		(91,314	)
Charter Communications, Inc., Class A (a)		(104	)		(35,032	)
Chesapeake Energy Corp. (a)		(1,400	)		(6,958	)
Cisco Systems, Inc.		(4,810	)		(150,553	)
Citrix Systems, Inc. (a)		(1,009	)		(80,296	)
Clovis Oncology, Inc. (a)		(1,781	)		(166,755	)
Colony NorthStar, Inc., Class A REIT		(1,669	)		(23,516	)
Colony Starwood Homes REIT		(8,749	)		(300,178	)
Cornerstone OnDemand, Inc. (a)		(162	)		(5,791	)
Cowen, Inc. (a)		(2,773	)		(45,061	)
CSG Systems International, Inc.		(543	)		(22,035	)
Cypress Semiconductor Corp.		(4,991	)		(68,127	)
Dermira, Inc. (a)		(1,488	)		(43,360	)
DexCom, Inc. (a)		(963	)		(70,443	)
DISH Network Corp., Class A (a)		(4,776	)		(299,742	)
Dycom Industries, Inc. (a)		(100	)		(8,952	)
Emergent BioSolutions, Inc. (a)		(4,129	)		(140,014	)
Encore Capital Group, Inc. (a)		(4,096	)		(164,454	)
Ensco PLC Class A		(5,129	)		(26,466	)
Expedia, Inc.		(615	)		(91,604	)
EZCORP, Inc., Class A (a)		(5,220	)		(40,194	)
Flexion Therapeutics, Inc. (a)		(2,823	)		(57,081	)
Ford Motor Co.		(469	)		(5,248	)
Forest City Realty Trust, Inc., Class A REIT		(10,628	)		(256,879	)
Green Plains, Inc.		(16,058	)		(329,992	)
HCI Group, Inc.		(540	)		(25,369	)
Herbalife, Ltd. (a)		(642	)		(45,794	)
Hercules Capital, Inc.		(498	)		(6,594	)
Horizon Global Corp. (a)		(4,468	)		(64,160	)
HubSpot, Inc. (a)		(671	)		(44,118	)
Innoviva, Inc. (a)		(2,570	)		(32,896	)
Inphi Corp. (a)		(978	)		(33,545	)
Insulet Corp. (a)		(1,506	)		(77,273	)
Intercept Pharmaceuticals, Inc. (a)		(395	)		(47,823	)
InterDigital, Inc.		(992	)		(76,682	)
Invacare Corp.		(1,724	)		(22,757	)
Kaman Corp.		(667	)		(33,263	)
Knowles Corp. (a)		(8,267	)		(139,878	)
LendingTree, Inc. (a)		(298	)		(51,316	)
LGI Homes, Inc. (a)		(1,145	)		(46,006	)
Liberty Media Corp.-Liberty SiriusXM, Class A (a)		(2,733	)		(114,731	)

Description	Shares			Fair Value
Microchip Technology, Inc.		(4,775	)	$	(368,535	)
Molson Coors Brewing Co., Class B		(204	)		(17,613	)
Nabors Industries, Ltd.		(2,161	)		(17,591	)
Navistar International Corp. (a)		(1,338	)		(35,096	)
Neurocrine Biosciences, Inc. (a)		(1,848	)		(85,008	)
New York Mortgage Trust, Inc. REIT		(2,505	)		(15,581	)
Nuance Communications, Inc. (a)		(4,327	)		(75,333	)
Oasis Petroleum, Inc. (a)		(2,752	)		(22,154	)
ON Semiconductor Corp. (a)		(4,438	)		(62,310	)
OSI Systems, Inc. (a)		(635	)		(47,720	)
Pacira Pharmaceuticals, Inc. (a)		(777	)		(37,063	)
Pandora Media, Inc. (a)		(500	)		(4,460	)
PDL BioPharma, Inc. (a)		(25,216	)		(62,284	)
PRA Group, Inc. (a)		(1,737	)		(65,832	)
PTC Therapeutics, Inc. (a)		(1,182	)		(21,666	)
Quidel Corp. (a)		(2,953	)		(80,144	)
RealPage, Inc. (a)		(1,872	)		(67,298	)
Redwood Trust, Inc. REIT		(2,358	)		(40,180	)
ServiceNow, Inc. (a)		(1,551	)		(164,406	)
Shutterfly, Inc. (a)		(300	)		(14,250	)
Silicon Laboratories, Inc. (a)		(662	)		(45,248	)
Snyder’s-Lance, Inc.		(735	)		(25,446	)
Square, Inc., Class A (a)		(1,678	)		(39,366	)
Starwood Property Trust, Inc. REIT		(736	)		(16,479	)
Sucampo Pharmaceuticals, Inc., Class A (a)		(7,197	)		(75,568	)
Synaptics, Inc. (a)		(749	)		(38,731	)
Teladoc, Inc. (a)		(2,500	)		(86,750	)
TerraVia Holdings, Inc. (a)		(21,377	)		(4,992	)
Tesla, Inc. (a)		(313	)		(113,184	)
The Greenbrier Cos., Inc.		(1,788	)		(82,695	)
The KeyW Holding Corp. (a)		(3,861	)		(36,100	)
The Medicines Co. (a)		(2,038	)		(77,464	)
Time Warner, Inc.		(141	)		(14,158	)
TiVo Corp.		(660	)		(12,309	)
Trinity Industries, Inc.		(200	)		(5,606	)
Viavi Solutions, Inc. (a)		(5,791	)		(60,979	)
Virtus Investment Partners, Inc.		(726	)		(80,550	)
WebMD Health Corp. (a)		(2,678	)		(157,065	)
Workday, Inc., Class A (a)		(400	)		(38,800	)
World Wrestling Entertainment, Inc., Class A		(4,012	)		(81,724	)
Wright Medical Group NV (a)		(9,775	)		(268,715	)
Zillow Group, Inc., Class C (a)		(2,885	)		(141,394	)
					(8,001,705	)
Total Common Stocks (Proceeds $8,191,842)					(8,398,625	)

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

Semi-Annual Report  15

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Exchange-Traded Funds | (7.4)%
United States | (7.4)%
iShares 7-10 Year Treasury Bond ETF		(4,085	)	$	(435,502	)
iShares Russell 2000 ETF		(1,200	)		(169,104	)
SPDR S&P 500 ETF Trust		(1,200	)		(290,160	)
SPDR S&P Retail ETF		(1,200	)		(48,864	)
Total Exchange-Traded Funds (Proceeds $943,333)					(943,630	)
Total Securities Sold Short (Proceeds $9,135,175)					(9,342,255	)

Description	Fair Value
Total Investments | 98.5% (Cost and short proceeds $12,301,424) (d), (e)	$	12,542,790
Cash and Other Assets in Excess of Liabilities | 1.5%		188,977
Net Assets | 100.0%	$	12,731,767

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

16  Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CAD		118,000	USD		88,974		SSB	07/21/17		$2,048		$	—
EUR		68,000	USD		76,359		SSB	07/21/17		1,371			—
USD		389,834	CAD		530,000		SSB	07/21/17		—			18,990
USD		198,096	EUR		178,000		SSB	07/21/17		—			5,373
USD		75,138	JPY		8,360,000		SSB	07/21/17		760			—
USD		157,925	JPY		17,573,000		SSB	07/21/17		1,580			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$5,759		$	24,363

Written Options open at June 30, 2017:

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date	Premiums			Fair Value
AK Steel Holding Corp. 5.5 Put	RBS		53	$	5.50	07/28/17		$	717		$	(689	)
Atlas Air Worldwide Holdings, Inc. 50 Put	RBS		2		50.00	08/18/17			468			(320	)
Blackhawk Network Holdings, Inc. 40 Put	RBS		4		40.00	08/18/17			335			(320	)
CSG Systems International, Inc. 40 put	RBS		1		40.00	07/21/17			80			(60	)
Emergent BioSolutions, Inc. 30 Put	RBS		11		30.00	09/15/17			1,725			(715	)
Energy Select Sector SPDR Fund 63 Put	RBS		43		63.00	07/21/17			1,997			(1,677	)
Financial Select Sector SPDR Fund 24 Put	RBS		61		24.00	08/18/17			1,659			(1,586	)
Intercept Pharmaceuticals, Inc. 115 Put	RBS		2		115.00	08/18/17			713			(940	)
InterDigital, Inc. 75 Put	RBS		2		75.00	07/21/17			195			(160	)
Microchip Technology, Inc. 75 Put	RBS		5		75.00	08/18/17			957			(1,025	)
Molson Coors Brewing Co. 92.5 put	RBS		3		92.50	10/20/17			1,062			(2,220	)
Nabors Industries, Ltd. 6 Put	RBS		11		6.00	12/15/17			609			(495	)
ServiceNow, Inc. 103 Put	RBS		4		103.00	07/21/17			440			(560	)
SPDR S&P 500 ETF Trust 212 Put	RBS		13		212.00	12/15/17			3,067			(2,600	)
TiVo Corp. 17 Put	RBS		4		17.00	07/21/17			91			(20	)
Total Written Options			219					$	14,115		$	(13,387	)

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

Semi-Annual Report  17

Description	Shares		Fair Value
Lazard Fundamental Long/Short Portfolio
Common Stocks | 87.9%
Air Freight & Logistics | 1.1%
United Parcel Service, Inc., Class B		11,300	$	1,249,667
Banks | 11.0%
Citigroup, Inc. (b)		48,585		3,249,365
Citizens Financial Group, Inc. (b)		80,370		2,867,602
Comerica, Inc. (b)		46,655		3,417,012
SunTrust Banks, Inc.		20,700		1,174,104
TCF Financial Corp.		130,400		2,078,576
				12,786,659
Beverages | 3.4%
Molson Coors Brewing Co., Class B (b)		44,941		3,880,206
Biotechnology | 4.7%
Agios Pharmaceuticals, Inc. (a)		10,100		519,645
Biogen, Inc. (a)		4,221		1,145,410
BioMarin Pharmaceutical, Inc. (a)		6,635		602,591
Celgene Corp. (a), (b)		20,195		2,622,725
Eagle Pharmaceuticals, Inc. (a)		7,200		568,008
				5,458,379
Building Products | 3.1%
Johnson Controls International PLC (b)		82,655		3,583,921
Capital Markets | 5.9%
Intercontinental Exchange, Inc. (b)		104,060		6,859,635
Communications Equipment | 7.3%
Cisco Systems, Inc. (b)		74,560		2,333,728
Motorola Solutions, Inc. (b)		57,017		4,945,654
Palo Alto Networks, Inc. (a)		8,690		1,162,809
				8,442,191
Diversified Telecommunication Services | 2.3%
AT&T, Inc. (b)		69,605		2,626,197
Electrical Equipment | 3.9%
Eaton Corp. PLC		16,100		1,253,063
Rockwell Automation, Inc. (b)		20,356		3,296,858
				4,549,921

Description	Shares		Fair Value
Energy Equipment & Services | 3.2%
Halliburton Co.		34,000	$	1,452,140
NCS Multistage Holdings, Inc.		48,100		1,211,158
Schlumberger, Ltd.		15,100		994,184
				3,657,482
Equity Real Estate Investment Trusts (REITs) | 1.0%
Prologis, Inc.		20,135		1,180,716
Food & Staples Retailing | 2.8%
Walgreens Boots Alliance, Inc. (b)		41,575		3,255,738
Health Care Equipment & Supplies | 2.6%
Medtronic PLC (b)		34,200		3,035,250
Health Care Providers & Services | 2.6%
Humana, Inc. (b)		12,270		2,952,407
Industrial Conglomerates | 2.0%
Honeywell International, Inc. (b)		17,464		2,327,777
Internet Software & Services | 5.5%
Alphabet, Inc., Class C (a), (b)		2,453		2,229,115
eBay, Inc. (a), (b)		83,225		2,906,217
Facebook, Inc., Class A (a)		7,786		1,175,530
				6,310,862
IT Services | 3.4%
DXC Technology Co. (b)		31,400		2,409,008
Visa, Inc., Class A		16,084		1,508,358
				3,917,366
Life Sciences Tools & Services | 1.9%
Thermo Fisher Scientific, Inc. (b)		12,544		2,188,552
Machinery | 5.1%
Deere & Co.		10,400		1,285,336
Dover Corp.		26,200		2,101,764
Parker-Hannifin Corp. (b)		16,080		2,569,906
				5,957,006
Media | 4.4%
Comcast Corp., Class A (b)		132,300		5,149,116
Pharmaceuticals | 2.2%
Allergan PLC (b)		10,542		2,562,655

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

18  Semi-Annual Report

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (continued)
Semiconductors & Semiconductor Equipment | 3.9%
Applied Materials, Inc.		40,200		$	1,660,662
Cypress Semiconductor Corp.		81,486			1,112,284
Skyworks Solutions, Inc.		17,972			1,724,413
					4,497,359
Specialty Retail | 3.4%
Lowe’s Cos., Inc. (b)		51,182			3,968,140
Textiles, Apparel & Luxury Goods | 1.2%
Lululemon Athletica, Inc. (a)		22,600			1,348,542
Total Common Stocks (Cost $92,741,427)					101,745,744
Short-Term Investments | 62.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $72,469,885)		72,469,885			72,469,885
Total Investments excluding Securities Sold Short | 150.5% (Cost $165,211,312)					174,215,629
Securities Sold Short | (49.1)%
Common Stocks | (49.1)%
Aerospace & Defense | (0.6)%
Lockheed Martin Corp.		(2,595	)		(720,398	)
Air Freight & Logistics | (0.5)%
Expeditors International of Washington, Inc.		(10,998	)		(621,167	)
Auto Components | (0.5)%
Adient PLC		(8,237	)		(538,535	)
Banks | (3.9)%
Glacier Bancorp, Inc.		(16,900	)		(618,709	)
People’s United Financial, Inc.		(131,233	)		(2,317,575	)
Umpqua Holdings Corp.		(83,200	)		(1,527,552	)
					(4,463,836	)

Description	Shares			Fair Value
Capital Markets | (3.6)%
Federated Investors, Inc., Class B		(33,600	)	$	(949,200	)
Franklin Resources, Inc.		(25,085	)		(1,123,557	)
T Rowe Price Group, Inc.		(16,800	)		(1,246,728	)
Waddell & Reed Financial, Inc., Class A		(46,363	)		(875,334	)
					(4,194,819	)
Chemicals | (0.6)%
The Mosaic Co.		(32,400	)		(739,692	)
Commercial Services & Supplies | (0.9)%
Stericycle, Inc. (a)		(14,210	)		(1,084,507	)
Communications Equipment | (0.6)%
Infinera Corp. (a)		(61,214	)		(653,153	)
Construction & Engineering | (0.5)%
Fluor Corp.		(12,289	)		(562,590	)
Consumer Finance | (0.6)%
LendingClub Corp. (a)		(120,200	)		(662,302	)
Containers & Packaging | (1.1)%
International Paper Co.		(11,400	)		(645,354	)
WestRock Co.		(11,400	)		(645,924	)
					(1,291,278	)
Diversified Financial Services | (0.9)%
Voya Financial, Inc.		(28,005	)		(1,033,104	)
Electronic Equipment, Instruments & Components | (2.3)%
AU Optronics Corp. Sponsored ADR		(230,600	)		(1,051,536	)
Cognex Corp.		(6,500	)		(551,850	)
LG Display Co., Ltd. ADR		(66,500	)		(1,068,655	)
					(2,672,041	)
Food & Staples Retailing | (1.9)%
Casey’s General Stores, Inc.		(5,000	)		(535,550	)
Wal-Mart Stores, Inc.		(22,020	)		(1,666,474	)
					(2,202,024	)
Food Products | (1.3)%
Snyder’s-Lance, Inc.		(42,415	)		(1,468,407	)
Health Care Equipment & Supplies | (0.5)%
Glaukos Corp. (a)		(14,400	)		(597,168	)

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

Semi-Annual Report  19

Description	Shares			Fair Value
Lazard Fundamental Long/Short Portfolio (concluded)
Health Care Providers & Services | (2.1)%
Fresenius Medical Care AG & Co. KGaA ADR		(28,900	)	$	(1,396,737	)
Owens & Minor, Inc.		(31,489	)		(1,013,631	)
					(2,410,368	)
Household Durables | (1.1)%
CalAtlantic Group, Inc.		(18,548	)		(655,672	)
Tempur Sealy International, Inc. (a)		(12,400	)		(662,036	)
					(1,317,708	)
Industrial Conglomerates | (0.5)%
Carlisle Cos., Inc.		(5,809	)		(554,179	)
Insurance | (1.2)%
Aflac, Inc.		(17,815	)		(1,383,869	)
Internet Software & Services | (0.3)%
MuleSoft, Inc.		(13,600	)		(339,184	)
IT Services | (5.9)%
Alliance Data Systems Corp.		(4,139	)		(1,062,440	)
Amdocs, Ltd.		(18,346	)		(1,182,583	)
Genpact, Ltd.		(27,240	)		(758,090	)
International Business Machines Corp.		(7,740	)		(1,190,644	)
Paychex, Inc.		(10,400	)		(592,176	)
Teradata Corp. (a)		(68,500	)		(2,020,065	)
					(6,805,998	)
Leisure Products | (0.6)%
Polaris Industries, Inc.		(6,909	)		(637,217	)
Machinery | (0.5)%
The Manitowoc Co., Inc. (a)		(91,827	)		(551,880	)
Media | (0.5)%
Twenty-First Century Fox, Inc.		(20,700	)		(586,638	)
Multiline Retail | (0.5)%
Macy’s, Inc.		(26,300	)		(611,212	)
Oil, Gas & Consumable Fuels | (1.3)%
ONEOK, Inc.		(15,835	)		(825,953	)
Targa Resources Corp.		(14,844	)		(670,949	)
					(1,496,902	)

Description	Shares			Fair Value
Pharmaceuticals | (3.0)%
Merck & Co., Inc.		(10,634	)	$	(681,533	)
Mylan NV (a)		(23,246	)		(902,410	)
Sanofi ADR		(14,107	)		(675,866	)
Teva Pharmaceutical Industries, Ltd. Sponsored ADR		(36,500	)		(1,212,530	)
					(3,472,339	)
Road & Rail | (0.6)%
Old Dominion Freight Line, Inc.		(7,002	)		(666,871	)
Semiconductors & Semiconductor Equipment | (2.1)%
Ambarella, Inc. (a)		(10,800	)		(524,340	)
Intel Corp.		(32,540	)		(1,097,900	)
ON Semiconductor Corp. (a)		(60,200	)		(845,208	)
					(2,467,448	)
Software | (1.8)%
Blackline, Inc.		(10,400	)		(371,696	)
Qualys, Inc. (a)		(15,800	)		(644,640	)
Symantec Corp.		(26,200	)		(740,150	)
Zendesk, Inc. (a)		(13,600	)		(377,808	)
					(2,134,294	)
Specialty Retail | (3.0)%
Murphy USA, Inc. (a)		(9,200	)		(681,812	)
The Children’s Place, Inc.		(8,400	)		(857,640	)
Tractor Supply Co.		(9,300	)		(504,153	)
Williams-Sonoma, Inc.		(30,390	)		(1,473,915	)
					(3,517,520	)
Textiles, Apparel & Luxury Goods | (1.9)%
Hanesbrands, Inc.		(40,263	)		(932,491	)
PVH Corp.		(5,606	)		(641,887	)
VF Corp.		(10,500	)		(604,800	)
					(2,179,178	)
Thrifts & Mortgage Finance | (1.9)%
New York Community Bancorp, Inc.		(170,780	)		(2,242,341	)
Total Securities Sold Short (Proceeds $55,580,052)					(56,880,167	)
Total Investments | 101.4% (Cost and short proceeds $109,631,260) (d)				$	117,335,462
Liabilities in Excess of Cash and Other Assets | (1.4)%					(1,569,468	)
Net Assets | 100.0%				$	115,765,994

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

20  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2017 (unaudited)

(a)	Non-income producing security.
(b)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(c)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2017, the percentage of net assets for the following Portfolio was as follows:

Portfolio	Percentage of Net Assets
Enhanced Opportunities	30.3%

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

	Aggregate		Aggregate Gross		Aggregate Gross		Net Unrealized
	Cost and Short		Unrealized		Unrealized		Appreciation
Portfolio	Proceeds		Appreciation		Depreciation		(Depreciation)
Enhanced Opportunities	$	12,301,424	$	1,281,801	$	1,040,435	$	241,366
Fundamental Long/Short		109,631,260		13,291,292		5,587,090		7,704,202

(e) The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

ADR	— American Depositary Receipt
ETF	— Exchange-Traded Fund
REIT	— Real Estate Investment Trust

Currency Abbreviations:

CAD	— Canadian Dollar
EUR	— Euro
JPY	— Japanese Yen
USD	— Unites States Dollar

Counterparty Abbreviations:

RBS	— RBS Securities, Inc.
SSB	— State Street Bank and Trust Co.

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

Semi-Annual Report  21

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

	Lazard Enhanced
	Opportunities Portfolio
Industry*	Long			Short
Aerospace & Defense		3.3	%		-1.2	%
Air Freight & Logistics		1.6			-0.8
Auto Components		1.8			-0.5
Automobiles		1.3			-0.9
Banks		0.9			-0.2
Beverages		—			-0.1
Biotechnology		14.9			-7.8
Capital Markets		4.1			-1.0
Chemicals		0.6			—
Communications Equipment		4.1			-2.4
Construction & Engineering		0.8			-0.3
Construction Materials		1.5			-0.5
Consumer Finance		6.8			-2.1
Diversified Consumer Services		1.0			-0.7
Diversified Financial Services		2.9			-0.4
Electric Utilities		1.5			-0.4
Electronic Equipment, Instruments & Components		2.9			-1.5
Energy Equipment & Services		0.8			-0.4
Equity Real Estate Investment Trusts (REITs)		12.3			-6.2
Food Products		—			-0.2
Health Care Equipment & Supplies		8.3			-4.1
Health Care Providers & Services		1.3			-0.7
Health Care Technology		1.4			-0.3
Household Durables		1.0			-0.5
Insurance		1.5			-0.4
Internet & Direct Marketing Retail		2.6			-0.8
Internet Software & Services		8.0			-3.0
IT Services		2.7			-1.0
Machinery		6.6			-3.9
Media		10.7			-4.3
Metals & Mining		3.0			-1.6
Mortgage Real Estate Investment Trusts (REITs)		5.6			-0.6
Oil, Gas & Consumable Fuels		8.6			-3.6
Personal Products		0.9			-0.4
Pharmaceuticals		5.6			-2.1
Real Estate Management & Development		1.0			-0.4
Semiconductors & Semiconductor Equipment		8.3			-4.9
Software		10.7			-5.1
Thrifts & Mortgage Finance		0.8			-0.4
Trading Companies & Distributors		1.4			-0.3
Subtotal		153.1			-66.0
Exchange-Traded Funds		4.0			-7.4
Short-Term Investments		14.8			—
Total Investments		171.9	%		-73.4	%

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

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

22  Semi-Annual Report

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

June 30, 2017	Lazard Enhanced Opportunities Portfolio				Lazard Fundamental Long/Short Portfolio
ASSETS
Investments in securities, at fair value		$	21,885,045		$	174,215,629
Cash			6,492			—
Cash collateral due from broker			783,195			—
Receivables for:
Investments sold			728,807			3,677,989
Dividends and interest			123,900			352,208
Capital stock sold			100			276,517
Amount due from Investment Manager (Note 3)			7,798			—
Gross unrealized appreciation on forward currency contracts			5,759			—
Prepaid expenses			—			2,980
Total assets			23,541,096			178,525,323
LIABILITIES
Securities sold short, at fair value			9,342,255			56,880,167
Foreign currency due to custodian			253			—
Payables for:
Management fees			—			133,692
Accrued distribution fees			24			3,325
Investments purchased			1,405,778			5,234,381
Capital stock redeemed			—			275,818
Dividends on securities sold short			9,518			69,049
Gross unrealized depreciation on forward currency contracts			24,363			—
Written options, at fair value			13,387			—
Other accrued expenses and payables			13,751			162,897
Total liabilities			10,809,329			62,759,329
Net assets		$	12,731,767		$	115,765,994
NET ASSETS
Paid in capital		$	11,967,801		$	124,921,433
Undistributed (distributions in excess of) net investment income (loss)			105,928			(1,068,957	)
Accumulated net realized gain (loss)			434,256			(15,790,684	)
Net unrealized appreciation (depreciation) on:
Investments			448,446			9,004,317
Securities sold short			(207,080	)		(1,300,115	)
Foreign currency translations and forward currency contracts			(18,312	)		—
Written options			728			—
Net assets		$	12,731,767		$	115,765,994
Institutional Shares
Net assets		$	12,613,976		$	99,898,668
Shares of capital stock outstanding*			1,323,337			8,834,572
Net asset value, offering and redemption price per share		$	9.53		$	11.31
Open Shares
Net assets		$	117,791		$	15,867,326
Shares of capital stock outstanding*			12,377			1,414,131
Net asset value, offering and redemption price per share		$	9.52		$	11.22
Cost of investments in securities		$	21,436,599		$	165,211,312
Proceeds received from securities sold short		$	9,135,175		$	55,580,052
Proceeds received from written options		$	14,115		$	—

* $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.

Semi-Annual Report  23

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

For the Six Months Ended June 30, 2017	Lazard Enhanced Opportunities Portfolio				Lazard Fundamental Long/Short Portfolio
Investment Income (Loss)
Income
Dividends		$	9,407		$	1,158,942
Interest			328,507			—
Total investment income*			337,914			1,158,942
Expenses
Management fees (Note 3)			93,520			836,662
Custodian fees			94,904			39,343
Administration fees			26,220			36,747
Registration fees			16,427			27,389
Shareholders’ reports			1,540			24,917
Professional services			21,999			22,961
Distribution fees (Open Shares)			143			17,696
Shareholders’ services			12,422			13,931
Directors’ fees and expenses			2,752			4,883
Other			2,968			4,389
Total gross expenses before expenses on securities sold short			272,895			1,028,918
Broker expense on securities sold short			—			399,548
Dividend expense on securities sold short			47,383			725,351
Total gross expenses			320,278			2,153,817
Management fees waived and expenses reimbursed			(149,607	)		(4,554	)
Administration fees waived			(9,375	)		—
Total net expenses			161,296			2,149,263
Net investment income (loss)			176,618			(990,321	)
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency Transactions, Forward Currency Contracts and Options
Net realized gain (loss) on:
Investments			1,249,671			8,530,579
Securities sold short			(914,392	)		(6,069,969	)
Foreign currency transactions and forward currency contracts			(3,488	)		—
Written options			33,275			—
Total net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts and options			365,066			2,460,610
Net change in unrealized appreciation (depreciation) on:
Investments			(391,527	)		1,104,034
Securities sold short			423,113			1,526,663
Foreign currency translations and forward currency contracts			(20,359	)		—
Written options			(11,242	)		—
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts and options			(15	)		2,630,697
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts and options			365,051			5,091,307
Net increase (decrease) in net assets resulting from operations		$	541,669		$	4,100,986
*   Net of foreign withholding taxes of		$	280		$	—

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

24  Semi-Annual Report

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

	Lazard Enhanced Opportunities Portfolio							Lazard Fundamental Long/Short Portfolio
	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	176,618		$	114,285		$	(990,321	)	$	(1,204,224	)
Net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, options and swap agreements			365,066			218,650			2,460,610			(17,455,124	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, options and swap agreements			(15	)		469,942			2,630,697			(4,510,403	)
Net increase (decrease) in net assets resulting from operations			541,669			802,877			4,100,986			(23,169,751	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(133,630	)		—			—
Open Shares			—			(675	)		—			—
From net realized gains
Institutional Shares			—			(87,176	)		—			—
Open Shares			—			(618	)		—			—
Net decrease in net assets resulting from distributions			—			(222,099	)		—			—
Capital stock transactions
Net proceeds from sales
Institutional Shares			1			20,015,000			15,071,617			182,640,613
Open Shares			1,600			—			4,838,497			22,492,177
Net proceeds from reinvestment of distributions
Institutional Shares			—			198,202			—			—
Open Shares			—			1,293			—			—
Cost of shares redeemed
Institutional Shares			(2,000,000	)		(11,536,647	)		(27,903,022	)		(229,087,765	)
Open Shares			—			(2,445	)		(3,176,147	)		(51,413,266	)
Net increase (decrease) in net assets from capital stock transactions			(1,998,399	)		8,675,403			(11,169,055	)		(75,368,241	)
Redemption fees (Note 2(i))
Institutional Shares			—			—			—			1,872
Open Shares			—			—			—			3,016
Net increase in net assets from redemption fees			—			—			—			4,888
Total increase (decrease) in net assets			(1,456,730	)		9,256,181			(7,068,069	)		(98,533,104	)
Net assets at beginning of period			14,188,497			4,932,316			122,834,063			221,367,167
Net assets at end of period*		$	12,731,767		$	14,188,497		$	115,765,994		$	122,834,063
*   Includes undistributed (distributions in excess of) net investment income (loss) of		$	105,928		$	(70,690	)	$	(1,068,957	)	$	(78,636	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			1,537,093			542,467			9,973,109			14,687,573
Shares sold			—			2,243,832			1,341,835			16,178,691
Shares issued to shareholders from reinvestment of distributions			—			21,685			—			—
Shares redeemed			(213,756	)		(1,270,891	)		(2,480,372	)		(20,893,155	)
Net increase (decrease)			(213,756	)		994,626			(1,138,537	)		(4,714,464	)
Shares outstanding at end of period			1,323,337			1,537,093			8,834,572			9,973,109
Open Shares
Shares outstanding at beginning of period			12,204			12,328			1,267,969			3,948,574
Shares sold			173			—			431,377			1,999,992
Shares issued to shareholders from reinvestment of distributions			—			141			—			—
Shares redeemed			—			(265	)		(285,215	)		(4,680,597	)
Net increase (decrease)			173			(124	)		146,162			(2,680,605	)
Shares outstanding at end of period			12,377			12,204			1,414,131			1,267,969

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

Semi-Annual Report  25

The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

	Six Months
Selected data for a share of capital	Ended			Year Ended						Period Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14*
Institutional Shares
Net asset value, beginning of period	$	9.16		$	8.89		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.12			0.05			(0.02	)		—	(b)
Net realized and unrealized gain (loss)		0.25			0.35			(0.21	)		—	(b)
Total from investment operations		0.37			0.40			(0.23	)		—	(b)
Less distributions from:
Net investment income		—			(0.08	)		(0.14	)		—
Net realized gains		—			(0.05	)		(0.35	)		—
Return of capital		—			—			(0.39	)		—
Total distributions		—			(0.13	)		(0.88	)		—
Net asset value, end of period	$	9.53		$	9.16		$	8.89		$	10.00
Total Return (c)		4.04	%		4.50	%		–2.32	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,614		$	14,077		$	4,823		$	4,899
Ratios to average net assets (d):
Net expenses		2.39	%		1.79	%		1.70	%		1.70	%
Gross expenses		4.66	%		3.60	%		13.45	%		69.35	%(e)
Gross expenses, excluding expenses on securities sold short		3.96	%		3.51	%		13.45	%		69.35	%
Net investment income (loss)		2.62	%		0.57	%		–0.22	%		–1.70	%
Portfolio turnover rate:
Excluding securities sold short		175	%		247	%		639	%		37	%
Including securities sold short		187	%		340	%		N/A			N/A
	Six Months
Selected data for a share of capital	Ended			Year Ended						Period Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14*
Open Shares
Net asset value, beginning of period	$	9.15		$	8.89		$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.04			(0.05	)		—	(b)
Net realized and unrealized gain (loss)		0.26			0.33			(0.21	)		—	(b)
Total from investment operations		0.37			0.37			(0.26	)		—	(b)
Less distributions from:
Net investment income		—			(0.06	)		(0.11	)		—
Net realized gains		—			(0.05	)		(0.35	)		—
Return of capital		—			—			(0.39	)		—
Total distributions		—			(0.11	)		(0.85	)		—
Net asset value, end of period	$	9.52		$	9.15		$	8.89		$	10.00
Total Return (c)		4.04	%		4.13	%		–2.57	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	118		$	112		$	110		$	100
Ratios to average net assets (d):
Net expenses		2.65	%		2.07	%		1.95	%		1.95	%
Gross expenses		15.66	%		15.58	%		26.46	%		69.36	%(e)
Gross expenses, excluding expenses on securities sold short		14.94	%		15.46	%		26.46	%		69.36	%
Net investment income (loss)		2.38	%		0.45	%		–0.46	%		–1.95	%
Portfolio turnover rate:
Excluding securities sold short		175	%		247	%		639	%		37	%
Including securities sold short		187	%		340	%		N/A			N/A

*	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 may have been waived or reimbursed by the 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.

26  Semi-Annual Report

LAZARD FUNDAMENTAL LONG/SHORT 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	6/30/17†			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	10.94		$	11.89		$	11.26		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.09	)		(0.05	)		(0.31	)		(0.14	)
Net realized and unrealized gain (loss)		0.46			(0.90	)		0.98			1.55
Total from investment operations		0.37			(0.95	)		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	$	11.31		$	10.94		$	11.89		$	11.26
Total Return (c)		3.38	%		–7.99	%		5.97	%		14.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	99,899		$	109,058		$	174,601		$	40,273
Ratios to average net assets (d):
Net expenses		3.56	%		3.15	%		3.56	%		3.20	%
Gross expenses		3.56	%		3.15	%		3.59	%		5.51	%
Gross expenses, excluding expenses on securities sold short		1.68	%		1.57	%		1.73	%		4.01	%
Net investment income (loss)		–1.63	%		–0.44	%		–2.64	%		–1.94	%
Portfolio turnover rate:
Excluding securities sold short		132	%		257	%		183	%		132	%
Including securities sold short		137	%		313	%		263	%		277	%

	Six Months									For the Period
Selected data for a share of capital	Ended			Year Ended						4/30/14* to
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	10.86		$	11.84		$	11.24		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.10	)		(0.10	)		(0.33	)		(0.17	)
Net realized and unrealized gain (loss)		0.46			(0.88	)		0.97			1.56
Total from investment operations		0.36			(0.98	)		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	$	11.22		$	10.86		$	11.84		$	11.24
Total Return (c)		3.31	%		–8.28	%		5.71	%		14.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	15,867		$	13,776		$	46,766		$	10,808
Ratios to average net assets (d):
Net expenses		3.85	%		3.42	%		3.81	%		3.41	%
Gross expenses		3.91	%		3.42	%		3.89	%		6.28	%
Gross expenses, excluding expenses on securities sold short		2.01	%		1.85	%		2.02	%		4.82	%
Net investment income (loss)		–1.88	%		–0.88	%		–2.89	%		–2.34	%
Portfolio turnover rate:
Excluding securities sold short		132	%		257	%		183	%		132	%
Including securities sold short		137	%		313	%		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 may have been waived or reimbursed by the 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  27

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”). This report includes only the financial statements of Enhanced Opportunities and Fundamental Long/Short Portfolios. The financial statements of other Portfolios are presented separately.

The Portfolios are operated as “non-diversified” funds, as defined in the 1940 Act.

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).

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 accordance with 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—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System (“NASDAQ”), the NASDAQ Official Closing Price. If there is no available closing price for a foreign equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts gen-

erally 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

28  Semi-Annual Report

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 and dividend expenses on short sales are 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 a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes 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 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, 2017, the Enhanced Opportunities Portfolio traded in forward currency contracts.

Semi-Annual Report  29

(d) Options Transactions—For hedging and investment purposes, the 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. Put and call options purchased are accounted for in the same manner as portfolio securities and other assets.

The risk involved in writing an option is that the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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, 2017, transactions in options written were as follows:

Enhanced Opportunities Portfolio

Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		188		$	23,683
Options written		902			50,792
Options exercised		(758	)		(57,860	)
Options expired		(113	)		(2,500	)
Options outstanding at end of period		219		$	14,115

During the period ended June 30, 2017, the Fundamental Long/Short Portfolio did not trade in options.

(e) Short Sales—The Portfolios 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 may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts 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, 2017 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, 2017, Enhanced Opportunities and Fundamental Long/Short Portfolios had pledged $18,634,352 and $73,841,720, respectively, of long securities as collateral under such arrangement.

For the period ended June 30, 2017, the following Portfolios received proceeds from securities sold short and purchased to cover short positions as follows:

30  Semi-Annual Report

Portfolio	Proceeds from Securities Sold Short		Purchased to Cover Short Positions
Enhanced Opportunities		$19,921,915		$20,762,591
Fundamental Long/Short		79,070,713		99,458,277

(f) Federal Income Taxes—The Fund’s policy is 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, 2016, 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	Amount
Fundamental Long/Short	$(17,503,898)

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, there were no such losses to defer.

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(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 net operating losses, foreign currency transactions, wash sales, certain fund expenses and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(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—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(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

Semi-Annual Report  31

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, Custody, 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, and provides the Portfolios with administrative, operational and compliance assistance services. 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 (a)		1.30	%
Fundamental Long/Short		1.40
(a) From January 1, 2017 to June 6, 2017, percentage was 1.40%.

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolios until May 1, 2018 if annualized operating expenses, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, 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 (a)		1.60	%		1.85	%
Fundamental Long/Short		1.70			1.95

(a) From January 1, 2017 through June 6, 2017, percentages were 1.70% and 1.95%, respectively.

During the period ended June 30, 2017, 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
Enhanced Opportunities		$92,728		$49,527	$	792	$	6,560
Fundamental Long/Short		—		—		4,554		—

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, 2017, State Street waived $9,375 of its fee for the Enhanced Opportunities Portfolio.

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

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.

32  Semi-Annual Report

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. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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 and short sales) for the period ended June 30, 2017 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	36,874,400	$	40,805,526
Fundamental Long/Short		138,914,976		170,636,487

For the period ended June 30, 2017, 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, 2017, the Investment Manager owned 41.70% of the outstanding shares of the 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 is 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, 2017, the Portfolios had no borrowings under the Agreement.

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company

Semi-Annual Report  33

information, differing auditing and legal standards, and, potentially, less liquidity.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

(d) 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. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. 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.

A 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 fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), 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).

(e) Short Position Risk—Short sales or positions may involve substantial risks. If a short position appreciates in value during the period of a 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, a

34  Semi-Annual Report

Portfolio’s potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security.

Short sales of securities also may involve additional transaction related costs such as those in connection with borrowing the securities sold short.

There is a risk that a Portfolio may be unable to fully implement its investment strategies due to a lack of available securities to borrow to effect short sales or for some other reason.

When seeking to effect short sales of securities, a Portfolio may not always be able to borrow a security the Portfolio seeks to sell short at a particular time or at an acceptable price. In addition, a Portfolio may not always be able to close out a short sale position at a particular time or at an acceptable price. If the lender of a borrowed security requires a Portfolio to return the security to it on short notice, and the Portfolio is unable to borrow the security from another lender, the Portfolio may have to buy the borrowed security at an unfavorable price, resulting in a loss. In addition, there is a risk that the collateral pledged to the Portfolio’s custodian to secure securities borrowings in connection with short sales of securities may not be returned to the Portfolio or may not be returned in a timely manner.

It is possible that the market value of the securities a Portfolio holds in long positions will decline at the same time that the market value of the securities to which the Portfolio has short exposure increases, thereby increasing the Portfolio’s potential volatility.

(f) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, 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, writing or purchasing over-the-counter options on securities, indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the

counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a 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 indemnification provisions. 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

Semi-Annual Report  35

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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund 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 assets and liabilities

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

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

Changes in valuation technique may result in transfers 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.

36  Semi-Annual Report

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)			Balance as of June 30, 2017
Enhanced Opportunities Portfolio
Assets:
Common Stocks*
Australia		$	17,909			$	—			$	—	$	17,909
Austria			—				1,590				—		1,590
Canada			15,685				—				—		15,685
China			—				17,843				—		17,843
France			—				60,044				—		60,044
Germany			11,653				—				—		11,653
Ireland			—				14,818				—		14,818
Israel			—				19,056				—		19,056
Mexico			16,655				—				—		16,655
Netherlands			—				84,173				—		84,173
United States			873,035				—				—		873,035
Corporate Bonds*			—				18,225,061				—		18,225,061
Preferred Stocks*			115,351				—				—		115,351
Exchange-Traded Funds			508,128				—				—		508,128
Purchased Options*			18,793				—				—		18,793
Short-Term Investments			1,885,251				—				—		1,885,251
Other Financial Instruments†
Forward Currency Contracts			—				5,759				—		5,759
Total		$	3,462,460			$	18,428,344			$	—	$	21,890,804
Liabilities:
Securities Sold Short
Common Stocks*
Australia		$	—			$	(24,093	)		$	—	$	(24,093	)
Austria			—				(44,151	)			—		(44,151	)
Bermuda			(32,975	)			—				—		(32,975	)
Canada			(85,811	)			—				—		(85,811	)
Greece			(59,769	)			—				—		(59,769	)
Japan			—				(83,927	)			—		(83,927	)
Mexico			(66,194	)			—				—		(66,194	)
United States			(8,001,705	)			—				—		(8,001,705	)
Exchange-Traded Funds			(943,630	)			—				—		(943,630	)
Other Financial Instruments†
Forward Currency Contracts			—				(24,363	)			—		(24,363	)
Written Options			(13,387	)			—				—		(13,387	)
Total		$	(9,203,471	)		$	(176,534	)		$	—	$	(9,380,005	)
Fundamental Long/Short Portfolio
Assets:
Common Stocks*		$	101,745,744			$	—			$	—	$	101,745,744
Short-Term Investments			72,469,885				—				—		72,469,885
Total		$	174,215,629			$	—			$	—	$	174,215,629
Liabilities:
Securities Sold Short
Common Stocks*		$	(56,880,167	)		$	—			$	—	$	(56,880,167	)

*	Please refer to Portfolios of Investments and Notes to Portfolios of Investments 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 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 procedures and would revert to Level 1 when the fair value pricing procedures are no longer used. 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.

During the period ended June 30, 2017, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
Enhanced Opportunities	$79,109

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2017.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio may write or purchase a 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.

Enhanced Opportunities Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $600,000

The Portfolio traded in purchased options having an average monthly value of less than $50,000.

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Equity Risk:
Investments in securities, at fair value	$	18,793
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	5,759
Liability Derivatives
Equity Risk:
Written options, at fair value	$	13,387
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	24,363

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Equity Risk:
Net realized gain (loss) on investments	$	(36,706	)
Net realized gain (loss) on written options	$	33,275
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(799	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Equity Risk:
Net change in unrealized appreciation (depreciation) on investments	$	11,881
Net change in unrealized appreciation (depreciation) on written options	$	(11,242	)
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(20,773	)

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

During the period ended June 30, 2017, the Fundamental Long/Short Portfolio did not trade in derivative instruments.

38  Semi-Annual Report

As of June 30, 2017, the Enhanced Opportunities Portfolio held 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 coun-

terparties 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, 2017:

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		$	5,759	$     —		$	5,759

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial	Collateral	Net Amounts of
Counterparty	Assets and Liabilities			Instruments	Received	Derivative Assets
State Street Bank and Trust Co.		$	5,759	$(5,759)	$     —		$	—

					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		$	24,363	$     —		$	24,363

				Amounts Not Offset in the
				Statement of Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial	Collateral	Net Amounts of
Counterparty	Assets and Liabilities			Instruments	Pledged	Derivative Liabilities
State Street Bank and Trust Co.		$	24,363	$(5,759)	$     —		$	18,604

11. Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending

after August 1, 2017. The Investment Manager does not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

12. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that 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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012) University of California, Berkeley School of Law, Lecturer (Spring 2017) Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Resource America, Inc., a real estate asset management company, Director (2016 – present) O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

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 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 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment Manager and its global affiliates as of

March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, using Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of both Portfolios.

Semi-Annual Report  43

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 (as limited by the Investment Manager but excluding investment-related expenses (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation agreements, and that the Investment Manager was waiving advisory fees and/or reimbursing expenses, for each Portfolio.

For both share classes of the Portfolios, gross advisory fees and expense ratios were in one of the three top quintiles of the relevant Group. It also was considered that, for the Enhanced Opportunities Portfolio, the Investment Manager proposed to (i) lower the advisory fee by ten basis points, which would place the gross advisory fees within approximately three basis points of the Group medians, and (ii) lower the expense limitation by ten basis points, which would move the expense ratios closer to the Group 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 (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 performance to those of the funds in the relevant Group and Category over the one-year period ended March 31, 2017. Representatives of the Investment Manager discussed with the Directors reasons for underperformance of the Fundamental Long/Short Portfolio relative to its Group and Category and noted that the Directors would continue to receive regular updates on the Investment Manager’s efforts in respect of the Portfolios’ underperformance.

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, 2016 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 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 (as applicable). The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any other significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. 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

44  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 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, 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 $215 billion global asset management business.

• The Board generally was satisfied with the Investment Manager’s explanation of the Portfolios’ relative underperformance and agreed to continue to closely monitor performance.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager (for the Enhanced Opportunities Portfolio, as proposed to be revised) 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

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

http://www.proskauer.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, 2017

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 • Assets and income • Account transactions • Credit history • Transaction history 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 Asset Management (Canada), Inc. and Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
8	Portfolio Holdings Presented by Sector
9	Portfolios of Investments
9	Lazard Capital Allocator Opportunistic Strategies Portfolio
11	Lazard Global Dynamic Multi-Asset Portfolio
21	Notes to Portfolios of Investments
23	Statements of Assets and Liabilities
24	Statements of Operations
25	Statements of Changes in Net Assets
26	Financial Highlights
28	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007-2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

Capital Allocator

Markets have been well supported throughout the first half of 2017 despite multiple geopolitical hotspots. Underpinning this has been evidence of economic growth synchronized across major countries, as well as extremely low volatility in equity and fixed income markets. Rising trade volumes provided further support to emerging markets despite some political concerns and weak energy prices dragging some countries. A generally weaker dollar over the period has lifted international currencies and improved local liquidity environments, while US multinationals benefit from improved export earnings. In this setting, most major central banks remain highly accommodative.

Multi-Asset

Politics had provided an initial boost in the United States due to expectations of lower regulations and taxes from the new Republican administration. Disappointment here has led to some consolidation in sectors such as financials, though technology companies have continued to be well supported. The long bond also rallied as the “reflation trade” lost steam and the market became more sanguine about medium-term inflationary pressures. In Europe, initial fears about the results of multiple elections in the region proved unfounded, following the defeat of populist candidates in the Netherlands and France, leading to strong inflows into the region’s equity and corporate credit markets. Japanese earnings have recovered well, leading to market support. Chinese officials are keeping the country on a steady path ahead of the November party plenum, despite the central bank draining local liquidity.

Lazard Capital Allocator Opportunistic Strategies Portfolio

For the six months ended June 30, 2017, the Lazard Capital Allocator Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of 8.56%, while Open Shares posted a total return of 8.39%, as compared with the 10.66% return for the MSCI World^® Index and 7.27% return for the Global Asset Allocation Blended Index.¹

Thematic investments, which represented 34% of the Portfolio, outperformed the Global Asset Allocation Blended Index but lagged the MSCI World Index. Positions in North American technology and global financials were the largest contributors to performance. We held exposure to a basket of short-cycle industrials companies through a swap position.

Diversifying investments, which represented 29% of the Portfolio, lagged the Global Asset Allocation Blended Index. This category was boosted by strong returns from long-term US Treasuries.

Contrarian investments, which represented 32% of the Portfolio, outperformed both benchmarks. Positions in European large caps and exposure to inverse volatility through an exchange-traded note contributed positively to the Portfolio. We sold the exchange-traded note during the period. A position in oil & gas services detracted from performance. We held exposure to a basket of Japanese chemical companies through a swap position.

Discounted investments, which represented 5% of the Portfolio, outperformed both benchmarks due to our position in a US small-cap, closed-end fund.

Lazard Global Dynamic Multi-Asset Portfolio

For the six months ended June 30, 2017, the Lazard Global Dynamic Multi-Asset Portfolio’s Institutional Shares posted a total return of 9.80%, while Open Shares posted a total return of 9.60%, as compared with the 10.66% return for the MSCI World Index and 7.50% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and the Bloomberg Barclays Global Aggregate^® Index (the “GDMA Index”).

Changes to the market forecast during the first half of 2017 reflected a shift from cautious to more upbeat views in several of our considerations. Many factors were involved in our assessment, including economic data from Europe and Japan, liquidity trends on credit availability and consumer credit on the demand side, as well as sentiment indicators relevant to geopolitical risk and factors affecting regulations in different regions.

Semi-Annual Report   3

Stock selection in the financials, health care, and industrials sectors helped performance, as did an underweight to the energy sector and stock selection in Australia, Canada, and Germany. In fixed income, an underweight across the euro zone and Japan, overweight exposure to Singapore, Mexico, and New Zealand, an underweight to government bonds and overweight positioning in diversified global credit sectors added to returns. Security selection, within fixed income, in the United States and the euro zone, and tactical positioning in the Mexican peso, Japan-

ese yen, Swedish krona, and Australian dollar also raised performance.

In contrast, stock selection in the consumer staples, information technology, and telecommunication services sectors, stock selection in Norway, and currency exposure within fixed income (small underweight positioning in the Canadian dollar and the euro) hurt performance. The positions in currencies are implemented using non-deliverable forward contracts.

Notes to Investment Overviews:

All Portfolios’ 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, 2017; 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 Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate^® Index.

4  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, 2017

	Institutional Shares				Open Shares
	One Year	Five Years	Since Inception	†	One Year	Five Years	Since Inception	†
Capital Allocator Opportunistic Strategies Portfolio**	13.52%	6.28%	4.04%		13.05%	5.87%	3.72%
MSCI World Index	18.20%	11.38%	5.33%		18.20%	11.38%	5.38%
Global Asset Allocation Blended Index	10.51%	7.74%	5.24%		10.51%	7.74%	5.27%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices. The Global Asset Allocation Blended Index is rebalanced quarterly and is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate® Index. The Bloomberg Barclays US Aggregate Index covers the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, and CMBS, with maturities of no less than one year. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares 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 the Open Shares was March 31, 2008.

Semi-Annual Report  5

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*

Average Annual Total Returns*

Periods Ended June 30, 2017

	One Year	Since Inception	†
Institutional Shares**	10.38%	9.53%
Open Shares**	9.99%	9.17%
MSCI World Index	18.20%	15.32%
GDMA Index	7.61%	7.84%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 an unmanaged index created by the Investment Manager and is a 50/50 blend of the MSCI World Index and the Bloomberg Barclays Global Aggregate® Index. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices. The Bloomberg Barclays Global Aggregate 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 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.

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 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, 2017 through June 30, 2017 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.

	Beginning		Ending		Expenses Paid		Annualized Expense
	Account Value		Account Value		During Period*		Ratio During Period
Portfolio	1/1/17		6/30/17		1/1/17 - 6/30/17		1/1/17 - 6/30/17
Capital Allocator Opportunistic Strategies
Institutional Shares
Actual	$	1,000.00	$	1,085.60	$	5.27		1.02	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.74	$	5.11		1.02	%
Open Shares
Actual	$	1,000.00	$	1,083.90	$	6.82		1.32	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.25	$	6.61		1.32	%
Global Dynamic Multi-Asset
Institutional Shares
Actual	$	1,000.00	$	1,098.00	$	4.68		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Open Shares
Actual	$	1,000.00	$	1,096.00	$	6.24		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%

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

Semi-Annual Report  7

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2017 (unaudited)

Asset Class/Sector*	Lazard Capital Allocator Opportunistic Strategies Portfolio
Equity**
Consumer Discretionary		3.1	%
Consumer Staples		2.0
Energy		2.7
Financials		20.3
Health Care		4.6
Industrials		6.2
Information Technology		4.5
Materials		9.8
Real Estate		0.6
Telecommunication Services		0.8
Utilities		0.5
Fixed Income and Other†		15.8
Short-Term Investments		29.1
Total Investments		100.0	%
Sector*	Lazard Global Dynamic Multi- Asset Portfolio
Consumer Discretionary		10.9	%
Consumer Staples		7.7
Energy		4.4
Financials		15.7
Health Care		10.4
Industrials		11.6
Information Technology		12.9
Materials		3.3
Real Estate		3.0
Telecommunication Services		2.8
Utilities		5.3
Municipal		0.4
Sovereign Debt		8.4
US Treasury Securities		1.3
Short-Term Investments		1.9
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.

8  Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments June 30, 2017 (unaudited)

			Fair
Description	Shares		Value
Lazard Capital Allocator Opportunistic Strategies Portfolio
Exchange-Traded Funds | 75.5%
Equity Funds | 57.5%
Deutsche X-trackers MSCI Japan Hedged Equity ETF		77,000	$	2,995,438
Financial Select Sector SPDR Fund		382,955		9,447,500
iShares Core MSCI Europe ETF		201,500		9,444,305
iShares Global Financials ETF		188,400		11,899,344
iShares Global Materials ETF		150,300		8,992,449
iShares Latin America 40 ETF		132,800		4,021,184
iShares MSCI Europe Financials ETF		150,500		3,301,970
iShares MSCI Eurozone ETF		73,700		2,972,933
iShares MSCI Japan ETF		142,600		7,650,490
iShares Nasdaq Biotechnology ETF		18,950		5,876,016
iShares North American Tech ETF		41,100		5,944,704
PowerShares Dynamic Oil & Gas Services Portfolio		316,700		2,991,358
SPDR S&P Emerging Latin America ETF		78,200		3,827,108
SPDR S&P Regional Banking ETF		112,900		6,203,855
				85,568,654
Fixed-Income Funds | 18.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF		60,695		7,314,355
Vanguard Short-Term Corporate Bond ETF		241,700		19,357,028
				26,671,383
Total Exchange-Traded Funds (Cost $106,060,029)				112,240,037

			Fair
Description	Shares		Value
Closed-End Management Investment Companies | 5.0%
Royce Value Trust, Inc. (Cost $6,914,339)		510,100	$	7,442,359
Short-Term Investments | 33.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $49,117,752)		49,117,752		49,117,752
Total Investments | 113.5% (Cost $162,092,120) (a)			$	168,800,148
Liabilities in Excess of Cash and Other Assets | (13.5)%				(20,059,068	)
Net Assets | 100.0%			$	148,741,080

Total Return Swap Agreements open at June 30, 2017:

Pay

Currency

Counterparty

Notional Amount

Expiration Date

Receive

Unrealized Appreciation

Unrealized Depreciation

1 Month USD LIBOR plus 0.45%

USD

GSC

5,811,586

03/08/18

Appreciation, and dividends paid, on securities in a custom momentum basket

$

—

$

13,421

1 Month JPY LIBOR plus 0.40%

JPY

GSC

5,926,168

06/14/18

Appreciation, and dividends paid, on securities in a custom momentum basket

298,414

—

Total gross unrealized appreciation/depreciation on Total Return Swap Agreements

$

298,414

*

$

13,421

*

* Include accrued dividends and financing charges of $720 and $2,957, respectively.

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

Semi-Annual Report  9

Lazard Capital Allocator Opportunistic Strategies Portfolio (concluded)

The following tables represent the weighting of the individual securities and related fair values underlying the custom momentum basket total return swap agreements with GSC, as of June 30, 2017:

Securities	Shares		Fair Value
3M Co.	1,548	$	322,267
ABB, Ltd.	8,178		202,058
Advanced Auto Parts, Inc.	1,287		150,006
American Airlines Group, Inc.	5,908		297,302
Delphi Automotive PLC	2,150		188,475
Eaton Corp PLC	7,615		592,688
Honeywell International, Inc.	4,173		556,220
Illinois Tool Works, Inc.	2,045		292,995
Johnson Controls International PLC	5,249		227,589
Parker-Hannifin Corp.	4,237		677,162
Raytheon Co.	3,541		571,804
Rockwell Automation, Inc.	4,168		675,013
Schneider Electric SE	2,474		190,103
Union Pacific Corp.	5,529		602,149
United Technologies Corp.	2,072		253,054
Total Fair Value		$	5,798,885

Securities	Shares		Fair Value
Air Water, Inc.		10,167	$	186,842
Asahi Kasei Corp.		35,484		381,507
Daicel Corp.		15,948		198,373
DIC Corp.		5,183		186,214
Hitachi Chemical Co., Ltd.		6,379		190,279
Kansai Paint Co., Ltd.		8,373		192,710
Kuraray Co., Ltd.		9,967		180,871
Mitsubishi Chemical Holdings Corp.		68,575		567,915
Mitsubishi Gas Chemical Co., Inc.		8,971		189,702
Mitsui Chemical, Inc.		34,886		184,821
Nippon Paint Holdings Co., Ltd.		14,154		535,602
Nitto Denko Corp.		4,386		360,819
Shin-Etsu Chemical Co., Ltd.		9,369		849,677
Showa Denko K. K.		13,556		314,542
Sumitomo Chemical Co., Ltd.		68,177		392,151
Taiyo Nippon Sanso Corp.		17,543		196,967
Tokai Carbon Co., Ltd.		30,899		170,851
Tokuyama Corp.		39,271		189,173
Toray Industries Inc.		22,128		185,261
Tosoh Corp.		37,278		382,043
Zeon Corp.		17,941		191,219
Total Fair Value			$	6,227,539

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

10  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks | 82.2%
Argentina | 0.2%
MercadoLibre, Inc.		555	$	139,238
Australia | 2.6%
AGL Energy, Ltd.		1,346		26,401
Aristocrat Leisure, Ltd.		12,443		215,591
Cochlear, Ltd.		1,622		193,945
Computershare, Ltd.		10,146		110,120
CSL, Ltd.		3,250		345,335
Investa Office Fund REIT		6,465		21,821
JB Hi-Fi, Ltd.		1,446		25,990
Magellan Financial Group, Ltd.		3,403		75,373
Newcrest Mining, Ltd.		1,836		28,503
Resolute Mining, Ltd.		43,763		40,237
Sandfire Resources NL		4,538		19,684
Stockland REIT		61,329		206,336
Telstra Corp., Ltd.		9,043		29,944
Woodside Petroleum, Ltd.		7,571		173,556
				1,512,836
Austria | 0.1%
Lenzing AG		427		76,587
Belgium | 0.0%
Proximus SADP		716		25,048
Canada | 3.2%
Alimentation Couche-Tard, Inc., Class B		770		36,909
Atco, Ltd., Class I		1,541		60,259
BCE, Inc.		2,058		92,680
Canadian Imperial Bank of Commerce		403		32,752
Canadian National Railway Co.		4,429		359,157
CI Financial Corp.		9,590		204,401
Colliers International Group, Inc.		448		25,323
Constellation Software, Inc.		45		23,541
Dollarama, Inc.		330		31,532
Enbridge Income Fund Holdings, Inc.		831		20,628
Enbridge, Inc.		436		17,369
First Quantum Minerals, Ltd.		3,350		28,339
Genworth MI Canada, Inc.		3,862		106,259
George Weston, Ltd.		234		21,182
Intact Financial Corp.		205		15,486
Kirkland Lake Gold, Ltd.		7,788		73,688

Description	Shares		Fair Value
Magna International, Inc.		2,453	$	113,627
Metro, Inc.		725		23,861
Royal Bank of Canada		3,404		247,163
Saputo, Inc.		1,156		36,771
Suncor Energy, Inc.		6,536		190,969
Teck Resources, Ltd., Class B		1,147		19,883
Thomson Reuters Corp.		597		27,640
TransCanada Corp.		1,653		78,800
				1,888,219
Denmark | 1.0%
Carlsberg A/S, Class B Sponsored ADR		7,110		152,296
Danske Bank A/S		648		25,014
Jyske Bank A/S		437		25,329
Nets A/S		5,495		109,182
Novo Nordisk A/S Sponsored ADR		2,395		102,722
Novo Nordisk A/S, Class B		468		20,075
Vestas Wind Systems A/S		1,352		125,267
				559,885
Finland | 0.5%
Outokumpu OYJ		3,931		31,505
Sampo Oyj, A Shares ADR		9,785		251,964
				283,469
France | 2.4%
Air France-KLM (b)		10,657		152,314
AXA SA		7,436		204,930
BNP Paribas SA		361		26,256
Credit Agricole SA		8,306		135,049
Faurecia		1,452		73,751
LVMH Moet Hennessy Louis Vuitton SA		583		146,252
Peugeot SA		4,520		90,229
Societe Generale SA		4,053		220,365
TOTAL SA		7,024		348,015
Valeo SA		750		50,875
				1,448,036
Germany | 2.2%
Bayer AG		2,057		266,143
Continental AG		394		85,028
Continental AG Sponsored ADR		5,000		217,200
Covestro AG		1,336		96,473
Deutsche Lufthansa AG		4,692		107,141
Infineon Technologies AG		4,548		96,379
MTU Aero Engines AG		114		16,131
Muenchener Rueckversicherungs AG		108		21,789
ProSiebenSat.1 Media SE		648		27,117
Rheinmetall AG		464		44,078
SAP SE		391		40,867

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

Semi-Annual Report  11

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Siltronic AG (b)		940	$	79,749
Symrise AG ADR		10,815		192,183
				1,290,278
Hong Kong | 1.8%
AIA Group, Ltd. Sponsored ADR		6,445		189,322
ASM Pacific Technology, Ltd.		1,800		24,300
CLP Holdings, Ltd.		5,205		55,073
Jardine Matheson Holdings, Ltd.		755		48,486
Link Real Estate Investment Trust		7,590		57,748
The Wharf Holdings, Ltd.		42,435		351,760
Wheelock & Co., Ltd.		31,504		237,732
Xinyi Glass Holdings, Ltd.		96,000		95,191
Yue Yuen Industrial Holdings, Ltd.		5,590		23,199
				1,082,811
Ireland | 0.4%
Ryanair Holdings PLC Sponsored ADR (b)		196		21,092
Shire PLC ADR		1,435		237,162
				258,254
Israel | 0.3%
Bank Hapoalim BM		3,942		26,571
Israel Discount Bank, Ltd., ADR (b)		3,685		96,372
Israel Discount Bank, Ltd., Class A (b)		11,905		31,339
Nice, Ltd.		231		18,324
				172,606
Italy | 0.6%
Assicurazioni Generali SpA		9,389		155,141
Intesa Sanpaolo SpA		53,161		169,590
Recordati SpA		861		35,033
				359,764
Japan | 7.4%
Amano Corp.		995		20,726
ANA Holdings, Inc.		6,000		20,867
Asahi Glass Co., Ltd.		5,800		244,772
Astellas Pharma, Inc.		4,455		54,548
Central Japan Railway Co.		378		61,674
Daito Trust Construction Co., Ltd.		2,018		314,052
Daiwa House Industry Co., Ltd.		900		30,793
Daiwa House Industry Co., Ltd. ADR		7,740		264,205
Dowa Holdings Co., Ltd.		3,000		22,700
Foster Electric Co., Ltd.		1,326		22,903
Fujitsu, Ltd.		14,000		103,358
Haseko Corp.		14,102		171,487
Hazama Ando Corp.		2,900		18,296
Heiwa Corp.		1,100		24,544

Description	Shares		Fair Value
Hitachi, Ltd.		22,000	$	135,292
Idemitsu Kosan Co., Ltd.		4,000		113,336
JXTG Holdings, Inc.		5,700		24,939
Kaken Pharmaceutical Co., Ltd.		600		32,773
Kao Corp.		300		17,831
Kao Corp. Sponsored ADR		2,099		124,712
KDDI Corp.		1,000		26,492
KDDI Corp. ADR		14,795		194,998
Kyushu Electric Power Co., Inc.		5,700		69,276
Maruha Nichiro Corp.		700		18,488
MCJ Co., Ltd.		3,351		35,336
Mitsubishi Chemical Holdings Corp.		11,400		94,675
Mitsubishi Gas Chemical Co., Inc.		1,900		40,272
Mitsubishi UFJ Financial Group, Inc.		67,177		453,016
Mitsui Chemicals, Inc.		10,000		53,092
Mitsui Mining & Smelting Co., Ltd.		37,000		145,229
Nichirei Corp.		2,513		70,472
Nihon Chouzai Co., Ltd.		1,575		50,010
Nippon Chemi-Con Corp.		29,000		105,424
Nippon Denko Co., Ltd.		26,400		93,442
Nippon Telegraph & Telephone Corp.		795		37,607
Nissan Motor Co., Ltd.		2,700		26,918
Oji Holdings Corp.		3,000		15,524
ORIX Corp.		3,713		57,715
Osaka Gas Co., Ltd.		33,000		135,035
Osaki Electric Co., Ltd.		3,000		22,479
Penta-Ocean Construction Co., Ltd.		3,800		21,619
Rengo Co., Ltd.		7,452		43,266
Ryohin Keikaku Co., Ltd. ADR		4,090		204,173
Takeuchi Manufacturing Co., Ltd.		1,913		35,186
Teijin, Ltd.		7,675		147,814
The Chugoku Electric Power Co., Inc.		5,400		59,559
The Kansai Electric Power Co., Inc.		3,300		45,508
Toho Gas Co., Ltd.		3,000		21,851
Tohoku Electric Power Co., Inc.		1,613		22,346
Tokyo Gas Co., Ltd.		39,000		203,109
Yodogawa Steel Works, Ltd.		963		25,503
				4,399,242
Malta | 0.0%
Kindred Group PLC		1,946		22,018
Netherlands | 0.9%
NN Group NV		2,937		104,569
Royal Dutch Shell PLC, A Shares		7,846		208,414
Wolters Kluwer NV		423		17,926
Wolters Kluwer NV Sponsored ADR		4,445		188,668
				519,577

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

12  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Norway | 1.0%
Aker BP ASA		9,140	$	135,490
DNB ASA		1,636		27,921
Leroy Seafood Group ASA		3,713		20,165
Marine Harvest ASA		1,121		19,187
Salmar ASA		777		19,267
Statoil ASA		21,296		353,940
				575,970
Portugal | 0.1%
EDP - Energias de Portugal SA		7,477		24,462
Galp Energia SGPS SA		1,754		26,642
				51,104
Singapore | 0.8%
Best World International, Ltd.		43,500		44,899
BOC Aviation, Ltd.		15,207		80,444
CapitaLand, Ltd.		8,900		22,628
DBS Group Holdings, Ltd.		9,500		143,126
Singapore Airlines, Ltd.		6,830		50,215
United Overseas Bank, Ltd.		4,500		75,605
Venture Corp., Ltd.		5,600		49,015
				465,932
South Africa | 0.0%
Mediclinic International PLC		1,570		15,160
Spain | 0.7%
Banco Santander SA		34,920		232,486
Corporacion Financiera Alba SA		163		9,850
Gamesa Corp. Tecnologica SA		1,801		38,582
Mapfre SA		11,365		39,717
Telefonica SA		6,913		71,477
				392,112
Sweden | 1.0%
Assa Abloy AB ADR		18,820		207,020
Axfood AB		1,198		20,026
Electrolux AB, Series B		4,390		144,366
Hexagon AB ADR		2,785		133,262
Intrum Justitia AB		729		24,861
Mycronic AB		3,535		32,230
Svenska Cellulosa AB SCA, Class B		5,756		43,670
				605,435
Switzerland | 1.9%
Julius Baer Group, Ltd. ADR		9,905		104,151
Partners Group Holding AG		405		251,093
Roche Holding AG		2,608		665,917

Description	Shares		Fair Value
STMicroelectronics NV		5,637	$	80,831
Swiss Life Holding AG		74		25,000
				1,126,992
United Kingdom | 6.2%
Admiral Group PLC		5,053		131,872
Ashtead Group PLC ADR		1,785		148,771
British American Tobacco PLC Sponsored ADR		4,320		296,093
BT Group PLC		22,517		86,469
Centrica PLC		141,181		368,009
Cineworld Group PLC		1,770		16,192
Coca-Cola European Partners PLC		2,685		109,199
Compass Group PLC		3,238		68,379
Compass Group PLC Sponsored ADR		8,058		172,999
Crest Nicholson Holdings PLC		5,680		38,738
CVS Group PLC		2,083		34,169
Diageo PLC Sponsored ADR		1,605		192,327
Electrocomponents PLC		16,018		120,553
Fevertree Drinks PLC		4,593		102,103
G4S PLC		24,607		104,696
Hargreaves Lansdown PLC		3,414		57,930
Howden Joinery Group PLC		10,696		56,727
International Consolidated Airlines Group SA		19,183		152,577
International Consolidated Airlines Group SA Sponsored ADR		1,439		22,779
JD Sports Fashion PLC		16,368		74,632
Land Securities Group PLC REIT		2,950		38,940
Lloyds Banking Group PLC		179,473		154,908
Moneysupermarket.com Group PLC		4,850		22,339
Prudential PLC ADR		3,655		168,167
Redrow PLC		11,311		80,623
RELX NV Sponsored ADR		10,085		208,558
Rightmove PLC		589		32,622
Severn Trent PLC		1,954		55,572
SSE PLC		8,548		161,659
Subsea 7 SA		12,166		164,017
Taylor Wimpey PLC		33,205		76,234
Unilever PLC Sponsored ADR		2,405		130,159
Wm Morrison Supermarkets PLC		7,494		23,562
				3,672,574
United States | 46.9%
3M Co.		3,743		779,255
AbbVie, Inc.		3,582		259,731
Accenture PLC, Class A		4,339		536,648
Adobe Systems, Inc. (b)		841		118,951

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 (continued)
Advanced Energy Industries, Inc. (b)		304	$	19,666
Air Lease Corp.		986		36,837
Akamai Technologies, Inc. (b)		482		24,008
Allergan PLC		344		83,623
Ally Financial, Inc.		1,046		21,861
Alphabet, Inc., Class A (b)		330		306,794
Altria Group, Inc.		292		21,745
Amdocs, Ltd.		440		28,362
Ameren Corp.		10,653		582,400
American Axle & Manufacturing Holdings, Inc. (b)		1,225		19,110
American Electric Power Co., Inc.		464		32,234
American Express Co.		2,919		245,897
Ameriprise Financial, Inc.		670		85,284
Amgen, Inc.		365		62,864
Aon PLC		2,342		311,369
Apple, Inc.		5,408		778,860
Applied Materials, Inc.		6,840		282,560
AT&T, Inc.		23,752		896,163
Atkore International Group, Inc. (b)		1,313		29,608
AutoZone, Inc. (b)		175		99,831
Baker Hughes, Inc.		3,745		204,140
Bank of America Corp.		11,711		284,109
Baxter International, Inc.		712		43,104
Benchmark Electronics, Inc. (b)		663		21,415
Biogen, Inc. (b)		360		97,690
Bloomin’ Brands, Inc.		1,117		23,714
Bristol-Myers Squibb Co.		2,300		128,156
C.R. Bard, Inc.		345		109,058
Campbell Soup Co.		947		49,386
Cardtronics PLC, Class A (b)		598		19,650
Carnival Corp.		2,512		164,712
Carnival PLC		1,484		98,262
Celgene Corp. (b)		1,696		220,260
Centene Corp. (b)		1,052		84,034
Cigna Corp.		609		101,941
Cirrus Logic, Inc. (b)		329		20,635
Cisco Systems, Inc.		3,590		112,367
Citigroup, Inc.		6,436		430,440
Colgate-Palmolive Co.		311		23,054
Comcast Corp., Class A		16,902		657,826
Comerica, Inc.		2,435		178,339
Commerce Bancshares, Inc.		1,660		94,338
Consolidated Edison, Inc.		1,003		81,062

Description	Shares		Fair Value
Crown Holdings, Inc. (b)		2,220	$	132,445
Cummins, Inc.		2,646		429,234
Darden Restaurants, Inc.		997		90,169
Devon Energy Corp.		2,219		70,941
DTE Energy Co.		233		24,649
DXC Technology Co.		1,930		148,070
Eaton Corp. PLC		1,870		145,542
eBay, Inc. (b)		3,215		112,268
EchoStar Corp., Class A (b)		1,006		61,064
Eli Lilly & Co.		498		40,985
EOG Resources, Inc.		1,250		113,150
Everest Re Group, Ltd.		303		77,141
Exelon Corp.		1,264		45,592
F5 Networks, Inc. (b)		390		49,553
Facebook, Inc., Class A (b)		3,061		462,150
Fifth Third Bancorp		2,635		68,405
Finisar Corp. (b)		1,144		29,721
Fiserv, Inc. (b)		1,186		145,095
Five Below, Inc. (b)		1,690		83,435
Foot Locker, Inc.		640		31,539
Fresh Del Monte Produce, Inc.		766		38,997
General Mills, Inc.		1,471		81,493
General Motors Co.		3,499		122,220
Genworth Financial, Inc., Class A (b)		9,250		34,873
GoDaddy, Inc., Class A (b)		551		23,373
Hasbro, Inc.		1,155		128,794
HCA Holdings, Inc. (b)		2,366		206,315
Honeywell International, Inc.		1,750		233,258
HRG Group, Inc. (b)		9,389		166,279
Humana, Inc.		417		100,339
Huntington Ingalls Industries, Inc.		458		85,261
IDEXX Laboratories, Inc. (b)		362		58,434
II-VI, Inc. (b)		591		20,271
Intel Corp.		4,257		143,631
Intercontinental Exchange, Inc.		3,470		228,742
Intuit, Inc.		3,409		452,749
J.B. Hunt Transport Services, Inc.		483		44,137
JetBlue Airways Corp. (b)		968		22,099
Johnson & Johnson		6,426		850,096
Johnson Controls International PLC		3,898		169,017
JPMorgan Chase & Co.		5,671		518,329
Juniper Networks, Inc.		2,122		59,161
KB Home		1,499		35,931
Kellogg Co.		1,160		80,574
Kimberly-Clark Corp.		2,048		264,417
Koppers Holdings, Inc. (b)		874		31,595

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)
Las Vegas Sands Corp.		889	$	56,798
Lear Corp.		616		87,521
Lockheed Martin Corp.		329		91,334
Lowe’s Cos., Inc.		2,953		228,946
Marsh & McLennan Cos., Inc.		959		74,764
Masimo Corp. (b)		246		22,430
MasterCard, Inc., Class A		182		22,104
Medtronic PLC		1,935		171,731
Merck & Co., Inc.		1,673		107,223
MetLife, Inc.		4,160		228,550
Microsoft Corp.		5,421		373,670
Molson Coors Brewing Co., Class B		1,775		153,254
Monsanto Co.		970		114,809
Morgan Stanley		4,764		212,284
Motorola Solutions, Inc.		1,425		123,605
MSCI, Inc.		405		41,711
NIKE, Inc., Class B		330		19,470
Nordstrom, Inc.		559		26,737
Northrop Grumman Corp.		1,092		280,327
O’Reilly Automotive, Inc. (b)		69		15,093
Omnicom Group, Inc.		775		64,248
Paychex, Inc.		781		44,470
PayPal Holdings, Inc. (b)		505		27,103
PepsiCo, Inc.		9,615		1,110,436
PG&E Corp.		1,841		122,187
Pinnacle West Capital Corp.		361		30,743
PPG Industries, Inc.		1,120		123,155
Prudential Financial, Inc.		2,463		266,349
Quest Diagnostics, Inc.		198		22,010
Quintiles IMS Holdings, Inc. (b)		2,045		183,028
Raytheon Co.		163		26,321
Regions Financial Corp.		5,473		80,125
Republic Services, Inc.		1,039		66,215
Rockwell Automation, Inc.		1,150		186,254
Rockwell Collins, Inc.		1,431		150,369
Ross Stores, Inc.		2,836		163,722
Royal Caribbean Cruises, Ltd.		1,046		114,255
S&P Global, Inc.		1,330		194,167
Schlumberger, Ltd.		2,835		186,656
Silgan Holdings, Inc.		1,961		62,321
Simon Property Group, Inc. REIT		1,198		193,788

Description	Shares		Fair Value
Sirius XM Holdings, Inc.		18,448	$	100,911
Skyworks Solutions, Inc.		2,382		228,553
Snap-on, Inc.		805		127,190
Southwest Airlines Co.		700		43,498
Southwestern Energy Co. (b)		5,604		34,072
Starbucks Corp.		2,681		156,329
Synopsys, Inc. (b)		1,647		120,116
Sysco Corp.		4,723		237,709
Tailored Brands, Inc.		3,013		33,625
Tallgrass Energy GP LP		1,576		40,078
Texas Instruments, Inc.		4,166		320,490
The Boeing Co.		2,022		399,851
The Charles Schwab Corp.		4,005		172,055
The Chemours Co.		491		18,619
The Coca-Cola Co.		5,605		251,384
The Estee Lauder Cos., Inc., Class A		1,261		121,031
The Kroger Co.		2,593		60,469
The Procter & Gamble Co.		199		17,343
The Scotts Miracle-Gro Co.		1,455		130,164
The TJX Cos., Inc.		7,885		569,060
The Toro Co.		1,364		94,512
The Walt Disney Co.		3,197		339,681
Thermo Fisher Scientific, Inc.		1,050		183,194
Time Warner, Inc.		1,580		158,648
Tyson Foods, Inc., Class A		593		37,140
United Continental Holdings, Inc. (b)		546		41,087
United Rentals, Inc. (b)		609		68,640
United Technologies Corp.		1,635		199,650
UnitedHealth Group, Inc.		3,740		693,471
Validus Holdings, Ltd.		535		27,804
Vantiv, Inc., Class A (b)		2,760		174,818
Versum Materials, Inc.		1,991		64,708
Visa, Inc., Class A		2,125		199,283
VMware, Inc., Class A (b)		724		63,299
Wal-Mart Stores, Inc.		807		61,074
Waste Management, Inc.		1,103		80,905
WEC Energy Group, Inc.		346		21,237
Welbilt, Inc. (b)		5,415		102,073
Xcel Energy, Inc.		8,208		376,583
Zoetis, Inc.		4,035		251,703
				27,765,226
Total Common Stocks (Cost $45,902,887)				48,708,373

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

Semi-Annual Report  15

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Corporate Bonds | 5.4%
Australia | 0.2%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		90	$	71,678
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		25		19,804
					91,482
Belgium | 0.3%
Anheuser-Busch InBev Finance, Inc.:
2.375%, 01/25/18	CAD		70		54,255
2.650%, 02/01/21	USD		95		96,266
					150,521
Canada | 0.4%
The Bank of Nova Scotia, 2.125%, 09/11/19	USD		105		105,294
The Toronto-Dominion Bank:
2.250%, 11/05/19	USD		70		70,522
2.621%, 12/22/21	CAD		45		35,480
					211,296
Denmark | 0.2%
Carlsberg Breweries A/S, 2.500%, 05/28/24	EUR		100		124,295
France | 0.2%
Orange SA, 5.375%, 07/08/19	USD		133		141,546
Germany | 0.2%
BMW Finance NV, 3.375%, 12/14/18	GBP		100		134,743
Netherlands | 0.1%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20	NZD		80		61,770
New Zealand | 0.1%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24	AUD		100		84,623
Norway | 0.1%
Statoil ASA, 3.700%, 03/01/24	USD		80		84,037

Description	Security Currency	Principal Amount (000)		Fair Value
Spain | 0.2%
Iberdrola International BV, 1.125%, 04/21/26	EUR		100	$	113,003
United Kingdom | 0.4%
Centrica PLC, 7.000%, 09/19/18	GBP		50		69,761
Rolls-Royce PLC, 6.750%, 04/30/19	GBP		50		71,846
SSE PLC, 5.000%, 10/01/18	GBP		50		68,333
					209,940
United States | 3.0%
Alphabet, Inc., 3.625%, 05/19/21	USD		50		52,925
Amazon.com, Inc., 3.800%, 12/05/24	USD		105		111,937
Apple, Inc.:
2.850%, 02/23/23	USD		22		22,379
3.850%, 05/04/43	USD		130		130,151
Citigroup, Inc., 3.285%, 05/04/21 (c)	AUD		165		128,457
General Electric Co., 4.250%, 01/17/18	NZD		140		103,515
John Deere Canada Funding, Inc.:
2.300%, 01/17/18	CAD		55		42,660
2.050%, 09/17/20	CAD		50		38,651
John Deere Capital Corp., 2.300%, 09/16/19	USD		40		40,466
Johnson & Johnson, 3.625%, 03/03/37	USD		65		68,053
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		75		81,205
Microsoft Corp., 4.450%, 11/03/45	USD		157		174,945
Morgan Stanley, 3.625%, 01/20/27	USD		105		105,670
NIKE, Inc., 2.375%, 11/01/26	USD		110		104,364
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		145		110,855
3.625%, 01/22/23	USD		85		87,719
The Home Depot, Inc., 2.625%, 06/01/22	USD		100		101,500
Union Pacific Corp., 4.163%, 07/15/22	USD		95		102,785

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

16  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Wells Fargo & Co., 3.065%, 07/27/21 (c)	AUD		175	$	135,985
Wells Fargo Canada Corp., 3.040%, 01/29/21	CAD		35		27,950
					1,772,172
Total Corporate Bonds (Cost $3,122,187)					3,179,428
Foreign Government Obligations | 7.7%
Australia | 1.0%
Queensland Treasury Corp.:
5.500%, 06/21/21	AUD		175		150,628
3.000%, 03/22/24	AUD		125		97,666
Treasury Corp. of Victoria, 6.000%, 10/17/22	AUD		175		158,397
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		225		205,297
					611,988
Bermuda | 0.4%
Government of Bermuda, 4.854%, 02/06/24	USD		200		216,166
Canada | 0.9%
Province of Alberta, 4.000%, 12/01/19	CAD		95		77,701
Province of British Columbia, 3.700%, 12/18/20	CAD		115		94,901
Province of Ontario, 1.950%, 01/27/23	CAD		165		126,783
Province of Quebec:
3.500%, 07/29/20	USD		105		109,888
1.650%, 03/03/22	CAD		55		42,040
2.500%, 04/20/26	USD		90		88,513
					539,826
Cayman Islands | 0.2%
Cayman Islands Government Bonds, 5.950%, 11/24/19	USD		100		108,000
Chile | 0.3%
Republic of Chile, 3.125%, 01/21/26	USD		200		203,970

Description	Security Currency	Principal Amount (000)		Fair Value
Colombia | 0.1%
Republic of Colombia, 2.625%, 03/15/23	USD		70	$	68,425
Czech Republic | 0.2%
Czech Republic, 2.500%, 08/25/28	CZK		2,830		141,851
Hungary | 0.2%
Hungary Government Bonds, 5.500%, 06/24/25	HUF		27,460		121,418
Ireland | 0.4%
Irish Treasury, 3.400%, 03/18/24	EUR		158		215,985
Mexico | 0.5%
Mexican Bonos, 6.500%, 06/09/22	MXN		2,330		127,753
United Mexican States, 6.750%, 02/06/24	GBP		100		158,899
					286,652
New Zealand | 0.5%
New Zealand Government Bonds:
6.000%, 05/15/21	NZD		260		211,581
4.500%, 04/15/27	NZD		110		85,083
					296,664
Norway | 0.5%
Kommunalbanken AS, 1.375%, 10/26/20 (d)	USD		200		196,914
Oslo Kommune, 1.600%, 05/05/22	NOK		1,000		117,812
					314,726
Poland | 0.6%
Poland Government Bonds:
1.810%, 01/25/21 (c)	PLN		799		214,185
2.500%, 07/25/26	PLN		425		108,429
					322,614
Romania | 0.2%
Romanian Government Bonds, 2.875%, 10/28/24	EUR		92		114,009
Singapore | 0.8%
Singapore Government Bonds, 3.000%, 09/01/24	SGD		596		464,939

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

Semi-Annual Report  17

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Spain | 0.4%
Spain Government Bonds:
1.600%, 04/30/25	EUR		94	$	111,195
1.950%, 07/30/30	EUR		88		100,668
					211,863
Sweden | 0.3%
Kommuninvest I Sverige AB, 1.500%, 04/23/19	USD		200		199,329
United Kingdom | 0.2%
United Kingdom Gilt, 1.500%, 07/22/47	GBP		85		101,385
Total Foreign Government Obligations (Cost $4,427,550)					4,539,810
Quasi Government Bonds | 0.6%
Canada | 0.4%
Hydro-Quebec:
1.039%, 12/01/19 (c)	CAD		260		201,169
9.625%, 07/15/22	CAD		55		57,855
					259,024
Germany | 0.2%
KFW, 1.125%, 12/23/19	GBP		100		132,016
Total Quasi Government Bonds (Cost $378,952)					391,040
Supranationals | 0.8%
African Development Bank, 2.375%, 09/23/21	USD		50		50,763
Asian Development Bank, 2.125%, 03/19/25	USD		115		112,718
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		40		43,253
European Investment Bank, 1.125%, 09/16/21 (d)	CAD		135		101,526
International Bank for Reconstruction & Development, 3.500%, 01/22/21	NZD		55		41,040
International Finance Corp., 3.625%, 05/20/20	NZD		140		104,854

Description	Security Currency	Principal Amount (000)		Fair Value
Total Supranationals (Cost $449,132)				$	454,154
US Municipal Bonds | 0.4%
California | 0.2%
California State Build America Bonds, 7.500%, 04/01/34	USD		95		138,283
Georgia | 0.2%
Georgia State Build America Bonds Series B, 2.380%, 02/01/27	USD		100		95,983
Total US Municipal Bonds (Cost $243,848)					234,266
US Treasury Securities | 1.3%
US Treasury Notes:
2.125%, 05/15/25	USD		365		362,662
1.625%, 05/15/26	USD		261		247,430
2.500%, 05/15/46	USD		180		167,758
Total US Treasury Securities (Cost $773,174)					777,850

Description	Shares		Fair Value
Short-Term Investments | 1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,149,348)		1,149,348	$	1,149,348
Total Investments | 100.3% (Cost $56,447,078) (a), (e)			$	59,434,269
Liabilities in Excess of Cash and Other Assets | (0.3)%				(182,607	)
Net Assets | 100.0%			$	59,251,662

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

18  Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD		14,122	USD		10,600	CIT	08/24/17	$	247		$	—
CAD		45,270	USD		33,700	CIT	08/24/17		1,239			—
CHF		57,321	USD		59,131	HSB	08/24/17		833			—
CHF		42,302	USD		43,941	SSB	09/28/17		414			—
CZK		319,521	USD		13,200	HSB	07/11/17		776			—
CZK		777,174	USD		33,517	HSB	07/11/17		477			—
CZK		1,246,946	USD		50,132	JPM	07/11/17		4,410			—
EUR		20,834	USD		23,516	CIT	08/24/17		341			—
EUR		91,598	USD		104,100	HSB	08/24/17		787			—
EUR		138,813	USD		156,690	HSB	08/24/17		2,262			—
EUR		242,107	USD		274,000	HSB	08/24/17		3,233			—
EUR		1,078,266	USD		1,217,076	SSB	08/24/17		17,626			—
EUR		574,538	USD		646,645	SSB	09/28/17		12,500			—
GBP		15,669	USD		20,462	CIT	08/24/17		—			23
GBP		35,765	USD		46,200	CIT	08/24/17		454			—
GBP		66,949	USD		85,581	JPM	08/24/17		1,750			—
GBP		158,428	USD		202,345	SSB	09/28/17		4,539			—
JPY		17,850,037	USD		163,900	CIT	08/24/17		—			4,866
JPY		42,250,257	USD		381,680	CIT	08/24/17		—			5,253
JPY		135,695,490	USD		1,225,518	HSB	08/24/17		—			16,544
KRW		112,581,020	USD		99,292	HSB	07/17/17		—			956
NOK		81,138	USD		9,600	CIT	08/24/17		128			—
NZD		13,365	USD		9,600	CIT	08/24/17		185			—
NZD		41,845	USD		29,500	CIT	08/24/17		1,136			—
NZD		6,759	USD		4,917	SSB	09/28/17		28			—
SEK		149,283	USD		17,300	CIT	08/24/17		469			—
SEK		627,438	USD		72,690	CIT	08/24/17		1,993			—
SEK		844,102	USD		97,815	HSB	08/24/17		2,657			—
USD		155,283	AUD		206,096	CIT	08/24/17		—			3,023
USD		763,253	AUD		1,024,391	CIT	08/24/17		—			23,599
USD		324,665	AUD		429,394	SSB	09/28/17		—			5,015
USD		646,535	CAD		870,921	CIT	08/24/17		—			25,623
USD		28,579	CAD		38,498	HSB	08/24/17		—			1,132
USD		189,466	CAD		250,818	SSB	09/28/17		—			4,205
USD		11,525	CZK		285,823	HSB	07/11/17		—			977
USD		86,523	CZK		2,210,429	HSB	07/11/17		—			10,162
USD		30,966	CZK		722,645	JPM	07/11/17		—			643
USD		91,622	CZK		2,175,756	JPM	07/11/17		—			3,546
USD		58,541	DKK		386,658	SSB	09/28/17		—			1,134
USD		101,746	EUR		90,329	CIT	08/24/17		—			1,688
USD		5,831	EUR		5,189	HSB	08/24/17		—			110
USD		18,592	EUR		16,543	HSB	08/24/17		—			351
USD		18,774	GBP		14,502	CIT	08/24/17		—			144
USD		255,109	GBP		195,348	CIT	08/24/17		289			—
USD		38,200	GBP		29,259	HSB	08/24/17		34			—
USD		87,691	GBP		67,176	HSB	08/24/17		63			—

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

Semi-Annual Report  19

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		199,494	HKD		1,552,286	SSB	09/28/17		$	213		$	—
USD		22,230	HUF		6,072,704	JPM	08/24/17			—			274
USD		101,622	HUF		27,798,276	JPM	08/24/17			—			1,389
USD		62,365	ILS		219,857	SSB	09/28/17			—			871
USD		134,000	JPY		14,786,055	HSB	08/24/17			2,264			—
USD		102,654	JPY		11,375,590	SSB	09/28/17			1,139			—
USD		2,043	MXN		38,782	HSB	08/24/17			—			77
USD		22,405	MXN		412,781	HSB	08/24/17			—			161
USD		72,481	MXN		1,375,842	HSB	08/24/17			—			2,733
USD		119,545	NOK		998,214	HSB	08/24/17			—			138
USD		94,976	NOK		800,364	SSB	09/28/17			—			1,049
USD		100,522	NZD		139,517	CIT	08/24/17			—			1,625
USD		23,757	NZD		33,100	HSB	08/24/17			—			477
USD		508,032	NZD		734,087	HSB	08/24/17			—			29,426
USD		158,176	PLN		590,074	CIT	08/24/17			—			1,021
USD		56,827	PLN		212,210	HSB	08/24/17			—			425
USD		88,000	PLN		331,302	HSB	08/24/17			—			1,382
USD		764	SEK		6,624	SSB	09/28/17			—			26
USD		82,582	SGD		114,046	SSB	08/24/17			—			319
USD		365,338	SGD		506,161	SSB	08/24/17			—			2,593
USD		103,585	SGD		143,409	SSB	09/28/17			—			718
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	62,486		$	153,698

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

20  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2017 (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)
Capital Allocator Opportunistic Strategies		$162,092,120		$6,740,556		$ 32,528		$6,708,028
Global Dynamic Multi-Asset		56,447,078		3,807,209		820,018		2,987,191

(b)	Non-income producing security.
(c)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2017.
(d)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2017, the percentage of net assets for the following Portfolio was as follows:

Portfolio	Percentage of Net Assets
Global Dynamic Multi-Asset	0.5%

(e) The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

ADR	— American Depositary Receipt
ETF	— Exchange-Traded Fund
LIBOR	— London Interbank Offered Rate
REIT	— Real Estate Investment Trust

Currency Abbreviations:

AUD	— Australian Dollar	JPY	— Japanese Yen
CAD	— Canadian Dollar	KRW	— South Korean Won
CHF	— Swiss Franc	MXN	— Mexican New Peso
CZK	— Czech Koruna	NOK	— Norwegian Krone
DKK	— Danish Krone	NZD	— New Zealand Dollar
EUR	— Euro	PLN	— Polish Zloty
GBP	— British Pound Sterling	SEK	— Swedish Krona
HKD	— Hong Kong Dollar	SGD	— Singapore Dollar
HUF	— Hungarian Forint	USD	— United States Dollar
ILS	— Israeli Shekel

Counterparty Abbreviations:

CIT	— Citibank NA
GSC	— Goldman Sachs International
HSB	— HSBC Bank USA NA
JPM	— JPMorgan Chase Bank NA
SSB	— State Street Bank and Trust Co.

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

Semi-Annual Report  21

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		2.2	%
Airlines		1.1
Auto Components		1.3
Automobiles		0.7
Banks		7.6
Beverages		4.0
Biotechnology		2.1
Building Products		1.0
Capital Markets		3.3
Chemicals		1.9
Commercial Services & Suppliers		0.5
Communications Equipment		0.7
Construction & Engineering		0.1
Consumer Finance		0.5
Containers & Packaging		0.4
Diversified Financial Services		0.2
Diversified Telecommunication Services		2.4
Electric Utilities		2.1
Electrical Equipment		0.9
Electronic Equipment, Instruments & Components		1.1
Energy Equipment & Services		0.9
Equity Real Estate Investment Trusts (REITs)		0.9
Food & Staples Retailing		0.9
Food Products		0.9
Gas Utilities		0.6
Health Care Equipment & Supplies		1.0
Health Care Providers & Services		2.1
Hotels, Restaurants & Leisure		2.0
Household Durables		1.0
Household Products		0.8
Independent Power and Renewable Electricity Producers		0.4
Industrial Conglomerates		2.0
Insurance		3.9

Industry*	Lazard Global Dynamic Multi- Asset Portfolio
Internet & Catalog Retail		0.2	%
Internet Software & Services		2.0
IT Services		2.8
Leisure Products		0.3
Life Sciences Tools & Services		0.6
Machinery		1.5
Media		2.3
Metals & Mining		0.9
Multiline Retail		0.4
Multi-Utilities		2.1
Oil, Gas & Consumable Fuels		3.4
Paper & Forest Products		0.1
Personal Products		0.7
Pharmaceuticals		4.6
Professional Services		0.7
Real Estate Management & Development		2.1
Road & Rail		1.0
Semiconductors & Semiconductor Equipment		2.3
Software		2.3
Specialty Retail		2.4
Technology Hardware, Storage & Peripherals		1.6
Textiles, Apparel & Luxury Goods		0.5
Thrifts & Mortgage Finance		0.2
Tobacco		0.5
Trading Companies & Distributors		0.7
Water Utilities		0.1
Wireless Telecommunication Services		0.4
Subtotal		88.2
Foreign Government Obligations		7.7
Supranationals		0.8
US Municipal Bonds		0.4
US Treasury Securities		1.3
Short-Term Investments		1.9
Total Investments		100.3	%

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

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

22  Semi-Annual Report

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

June 30, 2017	Lazard Capital Allocator Opportunistic Strategies Portfolio			Lazard Global Dynamic Multi- Asset Portfolio
ASSETS
Investments in securities, at fair value		$	168,800,148		$	59,434,269
Cash collateral due from broker			870,000			—
Foreign currency, at fair value			221			6,358
Receivables for:
Investments sold			17,997,311			—
Dividends and interest			108,857			191,622
Capital stock sold			51,671			600
Gross unrealized appreciation on:
Forward currency contracts			—			62,486
Swap agreements			298,414			—
Prepaid expenses			13,457			14,624
Total assets			188,140,079			59,709,959
LIABILITIES
Payables for:
Management fees			102,453			8,181
Accrued professional services			22,258			24,880
Accrued custodian fees			7,670			42,914
Accrued distribution fees			95			68
Investments purchased			39,136,087			213,711
Capital stock redeemed			66,349			—
Gross unrealized depreciation on:
Forward currency contracts			—			153,698
Swap agreements			13,421			—
Other accrued expenses and payables			50,666			14,845
Total liabilities			39,398,999			458,297
Net assets		$	148,741,080		$	59,251,662
NET ASSETS
Paid in capital		$	134,903,403		$	54,744,492
Undistributed (distributions in excess of) net investment income (loss)			875,974			258,043
Accumulated net realized gain (loss)			5,968,674			1,351,009
Net unrealized appreciation (depreciation) on:
Investments			6,708,028			2,987,191
Foreign currency translations and forward currency contracts			8			(89,073	)
Swap agreements			284,993			—
Net assets		$	148,741,080		$	59,251,662
Institutional Shares
Net assets		$	148,323,636		$	58,916,191
Shares of capital stock outstanding*			14,088,948			5,366,513
Net asset value, offering and redemption price per share		$	10.53		$	10.98
Open Shares
Net assets		$	417,444		$	335,471
Shares of capital stock outstanding*			39,904			30,604
Net asset value, offering and redemption price per share		$	10.46		$	10.96
Cost of investments in securities		$	162,092,120		$	56,447,078
Cost of foreign currency		$	219		$	6,342

* $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.

Semi-Annual Report  23

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

For the Six Months Ended June 30, 2017	Lazard Capital Allocator Opportunistic Strategies Portfolio				Lazard Global Dynamic Multi- Asset Portfolio
Investment Income (Loss)
Income
Dividends		$	1,433,795			$	566,468
Interest			164,350				104,507
Total investment income*			1,598,145				670,975
Expenses
Management fees (Note 3)			756,248				208,301
Administration fees			39,920				30,003
Professional services			22,648				21,870
Custodian fees			22,167				123,398
Registration fees			18,042				17,564
Shareholders’ reports			17,964				1,686
Shareholders’ services			12,942				12,495
Directors’ fees and expenses			5,181				3,305
Distribution fees (Open Shares)			821				309
Amortization of offering costs (Note 2(g))			—				31,402
Other			4,693				3,419
Total gross expenses			900,626				453,752
Management fees waived and expenses reimbursed			(127,972	)			(218,097	)
Total net expenses			772,654				235,655
Net investment income (loss)			825,491				435,320
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts and Swap Agreements
Net realized gain (loss) on:
Investments			7,502,001				1,324,568
Foreign currency transactions and forward currency contracts			—				(43,089	)
Swap agreements			813,888				—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements			8,315,889				1,281,479
Net change in unrealized appreciation (depreciation) on:
Investments			2,961,342				3,044,236
Foreign currency translations and forward currency contracts			23				7,439
Swap agreements			355,689				—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements			3,317,054				3,051,675
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements			11,632,943				4,333,154
Net increase (decrease) in net assets resulting from operations		$	12,458,434			$	4,768,474
* Net of foreign withholding taxes of		$	—			$	35,232

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

24  Semi-Annual Report

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, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Period Ended December 31, 2016 (a)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	825,491		$	2,619,791		$	435,320		$	146,778
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, options and swap agreements		8,315,889			(2,030,624	)		1,281,479			658
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements		3,317,054			6,931,900			3,051,675			(153,557	)
Net increase (decrease) in net assets resulting from operations		12,458,434			7,521,067			4,768,474			(6,121	)
Distributions to shareholders
From net investment income
Institutional Shares		—			(2,125,006	)		—			(239,979	)
Open Shares		—			(10,062	)		—			(661	)
From net realized gains
Institutional Shares		—			—			—			(16,276	)
Open Shares		—			—			—			(70	)
Return of capital
Institutional Shares		—			(246,932	)		—			—
Open Shares		—			(1,169	)		—			—
Net decrease in net assets resulting from distributions		—			(2,383,169	)		—			(256,986	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		24,130,683			18,930,615			5,632,879			48,568,527
Open Shares		19,750			349,702			224,266			230,070
Net proceeds from reinvestment of distributions
Institutional Shares		—			2,219,667			—			256,255
Open Shares		—			11,030			—			731
Cost of shares redeemed
Institutional Shares		(29,703,789	)		(55,399,225	)		(7,134	)		(18,315	)
Open Shares		(481,192	)		(284,038	)		(120,999	)		(19,985	)
Net increase (decrease) in net assets from capital stock transactions		(6,034,548	)		(34,172,249	)		5,729,012			49,017,283
Redemption fees (Note 2(i))
Institutional Shares		—			1,002			—			—
Net increase in net assets from redemption fees		—			1,002			—			—
Total increase (decrease) in net assets		6,423,886			(29,033,349	)		10,497,486			48,754,176
Net assets at beginning of period		142,317,194			171,350,543			48,754,176			—
Net assets at end of period*	$	148,741,080		$	142,317,194		$	59,251,662		$	48,754,176
*Includes undistributed (distributions in excess of) net investment income (loss) of	$	875,974		$	50,483		$	258,043		$	(177,277	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		14,593,661			18,234,761			4,855,126			—
Shares sold		2,419,299			2,073,664			512,072			4,831,304
Shares issued to shareholders from reinvestment of distributions		—			228,596			—			25,600
Shares redeemed		(2,924,012	)		(5,943,360	)		(685	)		(1,778	)
Net increase (decrease)		(504,713	)		(3,641,100	)		511,387			4,855,126
Shares outstanding at end of period		14,088,948			14,593,661			5,366,513			4,855,126
Open Shares
Shares outstanding at beginning of period		85,313			77,778			21,043			—
Shares sold		1,983			36,303			20,997			22,963
Shares issued to shareholders from reinvestment of distributions		—			1,142			—			73
Shares redeemed		(47,392	)		(29,910	)		(11,436	)		(1,993	)
Net increase (decrease)		(45,409	)		7,535			9,561			21,043
Shares outstanding at end of period		39,904			85,313			30,604			21,043

(a) The Portfolio commenced operations on May 27, 2016.

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

Semi-Annual Report  25

The Lazard Funds, Inc. Financial Highlights

LAZARD CAPITAL ALLOCATOR OPPORTUNISTIC STRATEGIES PORTFOLIO

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	9.70		$	9.36		$	10.02		$	10.24		$	10.03		$	9.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.06			0.16	^		0.07			0.04			0.09			0.11
Net realized and unrealized gain (loss)		0.77			0.34			(0.46	)		0.41			1.12			0.74
Total from investment operations		0.83			0.50			(0.39	)		0.45			1.21			0.85
Less distributions from:
Net investment income		—			(0.14	)		(0.03	)		(0.28	)		(0.48	)		(0.08	)
Net realized gains		—			—			(0.24	)		(0.39	)		(0.52	)		—
Return of capital		—			(0.02	)		—	(b)		—			—			—
Total distributions		—			(0.16	)		(0.27	)		(0.67	)		(1.00	)		(0.08	)
Redemption fees		—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	10.53		$	9.70		$	9.36		$	10.02		$	10.24		$	10.03
Total Return (c)		8.56	%		5.36	%^		–3.80	%		4.40	%		12.22	%		9.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	148,324		$	141,494		$	170,626		$	185,489		$	214,161		$	224,982
Ratios to average net assets (d):
Net expenses		1.02	%		1.02	%^		1.02	%		1.02	%		1.02	%		1.02	%
Gross expenses		1.18	%		1.19	%		1.18	%		1.15	%		1.13	%		1.12	%
Net investment income (loss)		1.09	%		1.72	%^		0.66	%		0.35	%		0.89	%		1.13	%
Portfolio turnover rate		93	%		238	%		255	%		265	%		193	%		139	%

	Six Months
Selected data for a share of capital	Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	9.65		$	9.32		$	10.02		$	10.24		$	10.03		$	9.26
Income (loss) from investment operations:
Net investment income (loss) (a)		0.02			0.13	^		0.01			0.01			0.06			0.07
Net realized and unrealized gain (loss)		0.79			0.33			(0.47	)		0.41			1.12			0.75
Total from investment operations		0.81			0.46			(0.46	)		0.42			1.18			0.82
Less distributions from:
Net investment income		—			(0.11	)		—	(b)		(0.25	)		(0.45	)		(0.05	)
Net realized gains		—			—			(0.24	)		(0.39	)		(0.52	)		—
Return of capital		—			(0.02	)		—	(b)		—			—			—
Total distributions		—			(0.13	)		(0.24	)		(0.64	)		(0.97	)		(0.05	)
Redemption fees		—			—			—			—	(b)		—			—
Net asset value, end of period	$	10.46		$	9.65		$	9.32		$	10.02		$	10.24		$	10.03
Total Return (c)		8.39	%		4.97	%^		–4.51	%		4.10	%		11.90	%		8.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	417		$	823		$	725		$	3,950		$	2,616		$	3,099
Ratios to average net assets (d):
Net expenses		1.32	%		1.32	%^		1.32	%		1.32	%		1.32	%		1.32	%
Gross expenses		3.35	%		3.31	%		1.66	%		1.81	%		1.84	%		1.67	%
Net investment income (loss)		0.49	%		1.43	%^		0.15	%		0.14	%		0.60	%		0.69	%
Portfolio turnover rate		93	%		238	%		255	%		265	%		193	%		139	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to current period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
†	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 may have been waived or reimbursed by the 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.

26  Semi-Annual Report

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/17†			For the Period 5/27/16* to 12/31/16
Institutional Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.06
Net realized and unrealized gain (loss)		0.89			(0.01	)
Total from investment operations		0.98			0.05
Less distributions from:
Net investment income		—			(0.05	)
Net realized gains		—			—	(b)
Total distributions		—			(0.05	)
Net asset value, end of period	$	10.98		$	10.00
Total Return (c)		9.80	%		0.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	58,916		$	48,544
Ratios to average net assets (d):
Net expenses		0.90	%		0.90	%
Gross expenses		1.72	%		2.14	%
Net investment income (loss)		1.67	%		0.95	%
Portfolio turnover rate		65	%		67	%

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/17†			For the Period 5/27/16* to 12/31/16
Open Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.08			0.04
Net realized and unrealized gain (loss)		0.88			(0.01	)
Total from investment operations		0.96			0.03
Less distributions from:
Net investment income		—			(0.03	)
Net realized gains		—			—	(b)
Total distributions		—			(0.03	)
Net asset value, end of period	$	10.96		$	10.00
Total Return (c)		9.60	%		0.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	335		$	210
Ratios to average net assets (d):
Net expenses		1.20	%		1.20	%
Gross expenses		6.96	%		9.43	%
Net investment income (loss)		1.44	%		0.72	%
Portfolio turnover rate		65	%		67	%

*	The Portfolio commenced operations on May 27, 2016.
†	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 may have been waived or reimbursed by the 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 except for non-recurring expenses.

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

Semi-Annual Report  27

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”).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.

The Portfolios are operated as “diversified” funds, as defined in the 1940 Act.

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).

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 accordance with 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—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System (“NASDAQ”), the NASDAQ Official Closing Price. If there is no available closing price for a foreign equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Swap agreements with respect to equity securities generally are valued by an inde-

pendent 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

28  Semi-Annual Report

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 a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes 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 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, 2017, the Global Dynamic Multi-Asset Portfolio traded in forward currency contracts.

Semi-Annual Report  29

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

During the period ended June 30, 2017, the Capital Allocator Opportunistic Strategies Portfolio traded in swap agreements.

(e) Federal Income Taxes—The Fund’s policy is 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, 2016, 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	Amount
Capital Allocator Opportunistic Strategies	$(2,381,189)

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, the following Portfolio elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral	Late-Year Ordinary Loss Deferral
Global Dynamic Multi-Asset	$(197)	$(231,293)

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 tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(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 and certain derivatives. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(g) Offering and Organizational Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. Organizational costs are expensed as incurred.

30  Semi-Annual Report

(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—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(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, Custody, Distribution and Transfer Agency Agreements

The Fund, on behalf of the Portfolios, has entered into a management agreement (the “Management Agree-

ment”) 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, and provides the Portfolios with administrative, operational and compliance assistance services. 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	0.80

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolios until May 1, 2018 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, 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
Capital Allocator Opportunistic Strategies		1.02	%		1.32	%
Global Dynamic Multi-Asset		0.90			1.20

During the period ended June 30, 2017, 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		$121,304		$     —		$3,283		$3,385
Global Dynamic Multi-Asset		207,312		3,660		989		6,136

Semi-Annual Report  31

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.

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The dollar amount difference between what was charged and what should have been charged, plus interest, was paid to the affected Portfolios in April 2017 as a reimbursement. Pursuant to the expense limitations described in Note 3, certain Portfolios have experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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.

32  Semi-Annual Report

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2017 were as follows:

Portfolio	Purchases		Sales
Capital Allocator Opportunistic Strategies	$	118,755,777	$	106,229,238
Global Dynamic Multi-Asset		39,558,556		33,309,899
	US Treasury Securities
Portfolio	Purchases		Sales
Global Dynamic Multi-Asset		$266,824		$184,780

For the period ended June 30, 2017, 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 is 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, 2017, the Portfolios had no borrowings under the Agreement.

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. 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.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

(d) Underlying Funds Risk—Shares of ETFs, closed-end funds and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”) in which a 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 not trade in the secondary market, but typically are redeemable by the issuer. A 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

Semi-Annual Report  33

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.

A Portfolio may be limited by the 1940 Act in the amount of its assets that may be invested in ETFs and closed-end funds unless an ETF or a closed-end fund has received an exemptive order from the Securities and Exchange Commission (the “SEC”) on which the Portfolio may rely or an exemption is available.

(e) 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. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. 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.

A 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 fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), 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).

(f) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, 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, writing or purchasing over-the-counter options on securities, indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded

34  Semi-Annual Report

futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a 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 indemnification provisions. 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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund 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 assets and liabilities

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

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

Changes in valuation technique may result in transfers 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  35

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)			Balance as of June 30, 2017
Capital Allocator Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds		$	112,240,037		$	—			$	—	$	112,240,037
Closed-End Management Investment Companies			7,442,359			—				—		7,442,359
Short-Term Investments			49,117,752			—				—		49,117,752
Other Financial Instruments†
Total Return Swap Agreements			—			298,414				—		298,414
Total		$	168,800,148		$	298,414			$	—	$	169,098,562
Liabilities:
Other Financial Instruments†
Total Return Swap Agreements		$	—		$	(13,421	)		$	—	$	(13,421	)
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Argentina		$	139,238		$	—			$	—	$	139,238
Australia			—			1,512,836				—		1,512,836
Austria			—			76,587				—		76,587
Belgium			—			25,048				—		25,048
Canada			1,888,219			—				—		1,888,219
Denmark			255,018			304,867				—		559,885
Finland			251,964			31,505				—		283,469
France			—			1,448,036				—		1,448,036
Germany			409,383			880,895				—		1,290,278
Hong Kong			189,322			893,489				—		1,082,811
Ireland			258,254			—				—		258,254
Israel			96,372			76,234				—		172,606
Italy			—			359,764				—		359,764
Japan			788,088			3,611,154				—		4,399,242
Malta			—			22,018				—		22,018
Netherlands			188,668			330,909				—		519,577
Norway			—			575,970				—		575,970
Portugal			—			51,104				—		51,104
Singapore			—			465,932				—		465,932
South Africa			—			15,160				—		15,160
Spain			—			392,112				—		392,112
Sweden			340,282			265,153				—		605,435
Switzerland			355,244			771,748				—		1,126,992
United Kingdom			1,449,052			2,223,522				—		3,672,574
United States			27,666,964			98,262				—		27,765,226
Corporate Bonds*			—			3,179,428				—		3,179,428
Foreign Government Obligations*			—			4,539,810				—		4,539,810
Quasi Government Bonds*			—			391,040				—		391,040
Supranationals			—			454,154				—		454,154
US Municipal Bonds			—			234,266				—		234,266
US Treasury Securities			—			777,850				—		777,850
Short-Term Investments			1,149,348			—				—		1,149,348
Other Financial Instruments†
Forward Currency Contracts			—			62,486				—		62,486
Total		$	35,425,416		$	24,071,339			$	—	$	59,496,755
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(153,698	)		$	—	$	(153,698	)

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

36  Semi-Annual Report

In connection with the 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 procedures and would revert to Level 1 when the fair value pricing procedures are no longer used. 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.

During the period ended June 30, 2017, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio		Amount
Global Dynamic Multi-Asset	$	6,729,151

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2017.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

A Portfolio enters into swap agreements in an attempt to obtain a particular exposure when it is considered 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, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Total return swap agreements $ 7,500,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Equity Risk:
Gross unrealized appreciation on swap agreements	$	298,414
Liability Derivatives
Equity Risk:
Gross unrealized depreciation on swap agreements	$	13,421

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Equity Risk:
Net realized gain (loss) on swap agreements	$	813,888
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Equity Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	355,689

Global Dynamic Multi-Asset Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $ 13,000,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	62,486
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	153,698

Semi-Annual Report  37

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(50,403	)
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	$	6,251

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

As of June 30, 2017, Capital Allocator Opportunistic Strategies and Global Dynamic Multi-Asset Portfolios held 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, 2017:

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
Total Return Swap Agreements		$	298,414	$	—	$	298,414

				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 of Derivative Assets
Goldman Sachs International		$	298,414	$	(13,421	)	$	—		$284,993

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
Total Return Swap Agreements		$	13,421	$	—		$13,421

				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 of Derivative Liabilities
Goldman Sachs International		$	13,421	$	(13,421	)	$	—		$   —

(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.

38  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		$	62,486		$   —		$62,486

				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 of Derivative Assets
Citibank NA		$	6,481	$	(6,481	)	$	—	$	—
HSBC Bank USA NA			13,386		(13,386	)		—		—
JPMorgan Chase Bank NA			6,160		(5,852	)		—		308
State Street Bank and Trust Co.			36,459		(15,930	)		—		20,529
Total		$	62,486	$	(41,649	)	$	—	$	20,837

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		$	153,698	$	—	$	153,698

				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 of Derivative Liabilities
Citibank NA		$	66,865	$	(6,481	)	$	—	$	60,384
HSBC Bank USA NA			65,051		(13,386	)		—		51,665
JPMorgan Chase Bank NA			5,852		(5,852	)		—		—
State Street Bank and Trust Co.			15,930		(15,930	)		—		—
Total		$	153,698	$	(41,649	)	$	—	$	112,049

11. Accounting Pronouncements

In October 2016, the SEC adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending after August 1, 2017. The Investment Manager does

not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

12. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that 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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		University of California, Berkeley School of Law, Lecturer (Spring 2017)
		Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

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 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 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment Manager and its global affiliates as of

March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, using Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of both Portfolios.

Semi-Annual Report  43

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 (as limited by the Investment Manager (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation agreements, and that the Investment Manager was waiving advisory fees and/or reimbursing expenses, for each Portfolio.

For the Capital Allocator Opportunistic Strategies Portfolio, the gross advisory fee ranked in the first and second quintiles for Institutional shares and Open shares, respectively. For the Global Dynamic Multi-Asset Portfolio, while the advisory fee was in the fourth quintiles of the relevant Groups, it was noted that the advisory fees were less than a basis point above the Group medians.

It also was considered that, for both share classes of the Global Dynamic Multi-Asset Portfolio and the Institutional shares of the Capital Allocator Opportunistic Strategies Portfolio, the expense ratio was in the first or second quintile of the relevant Group, and representatives of the Investment Manager noted that the expense ratio of the Open shares of the Capital Allocator Opportunistic Strategies Portfolio was impacted by the small size of the class.

The Board was advised that the Investment Manager did not manage any funds, separate accounts or other accounts with investment objectives, policies and strategies similar to those of the Portfolios.

Performance. Strategic Insight’s performance analyses compared the Capital Allocator Opportunistic Strategies Portfolio’s performance to those of the funds in the relevant Group and Category over one-, three- and five-year periods ended March 31, 2017. Performance comparisons were not shown for the Global Dynamic Multi-Asset Portfolio, which commenced investment operations in 2016.

The Directors considered that, although for both share classes of the Capital Allocator Opportunistic Strategies Portfolio performance was in the fifth quintile of the Group for the five-year period, it was in one of the three top quintiles for both share classes for the one- and three-year periods.

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, 2016 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 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 Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any other significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolio. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolio’s Open Shares.

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. Representatives of the Investment Manager stated that the Investment Manager believed the profits are not unreasonable in light of the services provided and other factors. The Directors considered the Investment Manager’s estimated profitability with respect to the Capital Alloca-

44  Semi-Annual Report

tor 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 $215 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  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

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

http://www.proskauer.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, 2017

Emerging Markets 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 • Assets and income • Account transactions • Credit history • Transaction history 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 Asset Management (Canada), Inc. and Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
19	Information About Your Portfolio’s Expenses
22	Portfolio Holdings Presented by Sector and Region
23	Portfolios of Investments
23	Lazard Emerging Markets Equity Portfolio
25	Lazard Emerging Markets Core Equity Portfolio
27	Lazard Developing Markets Equity Portfolio
29	Lazard Emerging Markets Equity Advantage Portfolio
33	Lazard Emerging Markets Equity Blend Portfolio
36	Lazard Emerging Markets Multi-Asset Portfolio
54	Lazard Emerging Markets Debt Portfolio
70	Lazard Explorer Total Return Portfolio
84	Lazard Emerging Markets Income Portfolio
87	Notes to Portfolios of Investments
92	Statements of Assets and Liabilities
94	Statements of Operations
96	Statements of Changes in Net Assets
100	Financial Highlights
111	Notes to Financial Statements
135	Board of Directors and Officers Information
138	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007-2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

Emerging Markets Equities, Debt, and Currency

Buoyed by investor optimism over the direction of global economic activity, emerging markets equities recorded robust performance in the first half of 2017. The MSCI Emerging Markets^® Index (the “EM Index”) rose by more than 18% over the period in US dollar terms. Asian shares performed particularly well and climbed by more than 23% as exporters and Chinese internet-related firms were favored. Despite some weakness in some commodity prices, Latin American markets still recorded a return of more than 10%. Lower crude oil prices and political rhetoric over Russia resulted in weak overall returns in Eastern Europe, despite strong performance in some central European nations following an improved environment in the aftermath of Emmanuel Macron’s presidential victory in France.

Returns in European emerging markets were extraordinarily mixed during the six-month period. Weakness in crude oil prices and accusations that Russia hacked the US election brought up the possibility of further sanctions and depressed share prices. Emmanuel Macron’s impressive victory as French president relieved markets and buffeted stock prices in Poland and Hungary. In Turkey, a constitutional vote giving President Erdogan considerably greater powers narrowly passed and was followed by an improbable relief rally.

All Latin American markets recorded positive returns over the period. Share prices in Brazil rose early in the year as investors anticipated the passing of several fiscal, tax, and labor reforms. However, the market became less confident about the likely success of these reforms in March and April, causing periods of weakness. In May, a recording of a conversation between President Temer and a corporate executive was released, which appeared to implicate Temer in corruption, and the Brazilian real and share prices reacted negatively. Temer strongly repudiated the accusation and stocks recovered, but he will still likely face a lower house vote on whether he should face a trial in the Supreme Court. Mexican shares were helped by a rebound in the peso after investors became more optimistic that a North American Free Trade Agreement (NAFTA) renegotiation would not be onerous.

All major Asian markets increased during the period. Export-oriented markets such as South Korea, Taiwan, and China performed particularly well, helped by a series of smartphone launches and despite North Korean missile launches and the impeachment of South Korea’s President. Chinese equities were helped first by government measures aimed at helping corporate profitability and then by considerable investor interest in internet-related firms which witnessed strong share price increases. In India, positive election results in several state elections for the Bharatiya Janata Party and Prime Minister Modi helped generate strong returns.

From a sector perspective, information technology dramatically outperformed all other sectors, while the energy sector, pressured by lower crude oil prices, was the worst-performing sector during the period.

Lazard Emerging Markets Equity Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of 12.78%, while Open Shares posted a total return of 12.61%, and R6 Shares posted a total return of 12.78%, as compared with the 18.43% return for the EM Index.

During the period, shares of Samsung Electronics, a Korean manufacturer of electronic goods, rose on expectations for a strong second quarter and firm memory pricing for the second half of the year. NetEase, a Chinese developer and distributor of computer and online games, has strong second-half expectations given its rich pipeline of new games, including Minecraft. Shares of Taiwan Semiconductor Manufacturing, a Taiwanese semiconductor manufacturer, gained amid expectations for a strong Apple-led ramp-up in the second half of the year. SK Hynix, a Korean Semiconductor manufacturer, benefited from strong demand for dynamic random-access memory chips (DRAM) and expectations for pricing to remain firm in the second half of the year. Shares of YPF, an Argentine energy company, gained on the back of optimism for increased international interest for joint ventures related to the Vaca Muerta, and the potential for further cost cutting post a deal reached with the unions.

Semi-Annual Report  3

In contrast, shares of Sberbank, a Russian bank, declined as the risk of increased provisions from corporate loans rose, and after the US Senate approved the imposition of new sanctions against Russia. LUKOIL, a Russian energy company, experienced profit taking along with the Russian market on the back of increased volatility in oil prices. Shares of Gazprom, a Russian gas company, declined as hopes for an increased dividend payout ratio diminished. Magnit, a Russian food retailer, declined after reporting lower margins for the quarter. Shares of Pakistan Petroleum, a Pakistani energy company, retreated on the back of volatile oil prices and a delay in the gas price revision for one of its larger assets. A higher-than-index exposure to Russia and Brazil detracted from returns. Stock selection within the information technology and financial sectors and within China also hurt performance. Information technology stock underperformance was predominantly due to the companies not held in the Portfolio during the period. These include Alibaba and Tencent, which were up 60% and 47%, respectively, through the end of June. Each of these stocks cost the Portfolio significantly in relative performance as they have meaningful weights in the EM Index.

Lazard Emerging Markets Core Equity Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of 20.05%, while Open Shares posted a total return of 19.86%, as compared with the 18.43% return for the EM Index.

During the period, HDFC Bank, India’s second largest private bank, reported stronger credit growth over the most recent quarter. SK Hynix, a Korean semiconductor manufacturer, strengthened over the period as it benefited from higher DRAM spot prices in a healthier demand and tighter supply environment. Shares of Korea-based Samsung Electronics, a global technology leader, rose as it reported solid earnings and announced that it would entirely cancel its treasury shares, improving shareholder returns. NCsoft, a Korean online and mobile games company, strengthened as user interest grew in anticipation of the release of its game Lineage M. Largan Precision, a Taiwanese manufacturer of high-end plastic aspherical lenses, outperformed as the company remains a key beneficiary of dual-camera penetration for smartphones.

Stock selection within China, Taiwan, and India, as well as in the information technology and consumer staples sectors, helped performance. An overweight to information technology also helped performance.

In contrast, shares of LUKOIL, a Russian energy company, experienced profit taking along with the Russian market on the back of increased volatility in oil prices. Sberbank, a Russian bank, reported slightly weaker core revenues for the first quarter. An overweight to Brazilian state-owned bank Banco do Brasil detracted from performance as renewed political uncertainty weighed on Brazilian securities. Braskem, a Brazil-based chemicals producer with assets in Mexico and the United States, underperformed due to a stronger Brazilian real and despite benchmark chemical spreads trading near all-time highs. Tenaris, a manufacturer of seamless steel pipes for the oil and gas industry with assets in Mexico and Argentina, underperformed due to generally weaker crude oil markets and concerns surrounding near-term sequential margin growth after reporting first quarter earnings. An overweight to Russia, along with an underweight to China, detracted from returns. Additionally, stock selection within Brazil and the energy sector hurt performance.

Lazard Developing Markets Equity Portfolio

For the six months ended June 30, 2017, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of 19.36%, while Open Shares posted a total return of 19.07%, as compared with the 18.43% return for the EM Index.

Alibaba, a Chinese e-commerce company, rose after suggesting that revenue growth would be stronger over the next year than previously expected. Shares of Tencent, a Chinese games and social media company, moved higher due to expectations of strong mobile gaming revenue. Samsung Electronics, a Korean technology company, continued to edge higher due to strength in its display and memory businesses. Bank Rakyat, a large state-owned Indonesian bank, outperformed after its new CEO indicated its renewed focus on the microfinance segment. Shares of Aselsan, a Turkish defense contractor, rose due to strong revenue growth supported by healthy order growth, while margins were flattered by the

4  Semi-Annual Report

weakness in the Turkish lira over the past year. Stock selection in the consumer discretionary, financials, and information technology sectors, as well as in Russia, China, Taiwan, and Indonesia, helped performance. Lack of exposure in the telecommunication services, utilities, and consumer staples sectors, as well as to South Africa and Qatar, and higher-than-index exposure to Argentina and Turkey added value.

In contrast, Petroleo Brasileiro, a Brazilian oil & gas company, and Novatek, a Russian energy company, underperformed due to lower oil prices. Shares of Petra Diamonds, a South African diamond miner, corrected due to worries that the diamond industry might face oversupply later this year. Korea Aerospace Industries, a Korean defense contractor, lagged as earnings growth slowed after disappointing orders in the fourth quarter of 2016. Sberbank, the largest bank in Russia, underperformed due to weaker energy prices. Stock selection in the health care, materials, and real estate sectors as well as in Brazil, Korea, and India detracted value. A higher-than-index exposure in the energy and health care sectors as well as to Russia, and a lower-than-index exposure to Korea, hurt performance.

Lazard Emerging Markets Equity Advantage Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of 22.27%, while Open Shares posted a total return of 22.04%, as compared with the 18.43% return for the EM Index.

Stock selection accounted for a substantial portion of the Portfolio’s excess return. The overweight to the information technology sector and an underweight to the consumer staples sector were the largest contributors from an allocation standpoint. This was partially offset by an overweight to both the energy and utilities sectors. Stock selection was favorable in nine of eleven sectors, led by information technology and materials holdings. The Portfolio lagged modestly in the consumer staples and the industrials sectors.

Stocks that provided the greatest contribution to the excess return included Sunny Optical Technology, which more than doubled in price. The component manufacturer for smart phone cameras has enjoyed

growth from increased global smart phone demand as well as the adoption of dual-lens cameras. Geely Automobile reported a 90% increase in year-over-year sales. An improvement in their product mix with strong performance from the Volvo SUV line provided additional operating leverage and a major increase in profits. Long Chen Paper rallied sharply, as the Taiwan-based industrial paper manufacturer benefited from the hike in paper prices during the period. The company’s revenue rose on a year-over-year comparison. With the positive price spike, we sold our position during the period.

Detractors in the period included Gentera, the Mexican regional bank sold off in response to the US elections and related political environment. We continued to find the stock attractive. After a strong finish to 2016, Sberbank, the major Russian bank, fell as loan growth slowed and net interest margins declined. While net profit met expectations largely through cost reductions, concern over energy lending and the weak ruble placed additional pressure on the stock. Finally, our relative underweight to the Chinese retailer JD.com was the largest detractor from returns. The stock has risen significantly over the past six months and, while we have added to our position, it is still below benchmark exposure in the Portfolio.

Lazard Emerging Markets Equity Blend Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Equity Blend Portfolio’s Institutional Shares posted a total return of 18.85%, while Open Shares posted a total return of 18.61%, as compared with the 18.43% return for the EM Index.

Changes to the market forecast during the first half of 2017 reflected a shift from cautious to more upbeat views in several of our considerations. Several factors were involved in our assessment, including economic data from Europe and Japan, liquidity trends on credit availability and consumer credit on the demand side, as well as sentiment indicators relevant to geopolitical risk and factors affecting regulations in different regions.

The Portfolio’s average overweight of growth versus value helped performance, as did stock selection in the energy, financials, and industrials sectors, over-

Semi-Annual Report  5

weight exposure to the information technology sector and underweight exposure to the utilities sector, stock selection in Brazil, Russia, and Taiwan, and an overweight exposure to Argentina and Turkey and underweight exposure to South Africa.

Performance was hurt by the Portfolio’s allocation to small cap equities, stock selection in the health care, information technology, and materials sectors, stock selection in India and Mexico, and overweight exposure to Russia as well as underweight to Korea.

Lazard Emerging Markets Multi-Asset Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Multi-Asset Portfolio’s Institutional Shares posted a total return of 10.86%, while Open Shares posted a total return of 10.85%, as compared with the 18.43% return for the EM Index.

Changes to the market forecast during the first half of 2017 reflected a shift from cautious to more upbeat views in several of our considerations. Many factors were involved in our assessment including economic data from Europe and Japan, liquidity trends on credit availability and consumer credit on the demand side, as well as sentiment indicators relevant to geopolitical risk and factors affecting regulations in different regions.

The Portfolio’s allocation to small cap equities helped performance, as did stock selection in the energy, financials, and industrials sectors; overweight exposure to the information technology sector and underweight exposure to the utilities sector; and stock selection in Brazil, Russia, and Taiwan. Returns were also boosted by an overweight exposure to Argentina and Turkey and underweight exposure to South Africa; exposure to hard currency debt in Ukraine, Ghana, and Argentina; and exposure to local currencies in Poland, Indonesia, and Korea.

On the other hand, the Portfolio’s fixed income allocation; average overweight of debt versus currencies; and average overweight to value versus growth hurt performance. Other detractors to returns came from stock selection in the health care, information technology, and materials sectors; stock selection in Korea and Mexico; overweight exposure to Russia as well as

underweight to China; exposure to hard currency debt in Oman; and exposure to local currencies in Brazil, Hungary, and Russia.

Lazard Emerging Markets Debt Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of 8.27%, while Open Shares posted a total return of 7.92%, and R6 Shares posted a total return of 8.19%, as compared with the 8.26% return for the blended 50% JPMorgan EMBI Global Diversified^® Index/50% JPMorgan GBI-EM Global Diversified^® Index (the “Global Diversified Index”).

Relative performance was driven by bottom-up positioning in external debt. The Portfolio benefited from a general underweight to investment grade countries in Asia, such as China and the Philippines, and eastern Europe, such as Poland and Hungary. A small overweight to Belize also contributed to relative performance. Among the Portfolio’s local currency positions, an overweight duration position in Peru was beneficial. These gains were partially offset by positioning in local currencies, namely an underweight position in euro-related currencies, which benefited from the better growth outlook in Europe and the market-friendly outcome to the French presidential election.

Asset allocation detracted from returns due to the drag from an overweight position in hard currency debt that was in effect for most of the first quarter before we adjusted the Portfolio to take an overweight position in local debt. Hard currency debt underperformed local currency debt by a wide margin over the six months.

We continue to deploy nearly the entirety of the Portfolio’s risk budget as we believe we are still in the early stages of an emerging markets debt rally, which should drive the continued outperformance of local currencies. Accordingly, we favor local currency debt over hard currency debt and we expect to take advantage of any periods of relative weakness to add to our overweight position in local debt. In terms of the Portfolio’s local currency allocation, we maintain a bias toward higher yielding currencies, which we believe could be a strong source of carry in a less volatile

6  Semi-Annual Report

environment. In local rates, we continue to favor exposure to Brazilian interest rates as we maintain a constructive outlook on Brazil despite the recent negative headlines. In terms of the Portfolio’s external debt positioning, we expect to move to a more neutral overall duration position by reducing exposure to long-dated investment grade credits as these positions have approached our expected return targets over the course of the past few months. We continue to favor the debt of higher yielding sub-investment-grade countries, such as Ghana and Argentina, over the debt of low yielding countries, such as the highest quality credits in Asia and Europe.

The Portfolio management team uses currency forwards, both opportunistically, for direct currency exposure, and defensively, for hedging purposes. However, during the period, the use of derivatives detracted from the Portfolio’s relative performance.

Lazard Explorer Total Return Portfolio

For the six months ended June 30, 2017, the Lazard Explorer Total Return Portfolio’s Institutional Shares posted a total return of 3.19%, while Open Shares posted a total return of 3.01%, as compared with the 8.26% return for the Global Diversified Index.

The main drivers of returns for the period were the Portfolio’s idiosyncratic long positions in sovereign credit. Ghanaian sovereign credit, which is among the Portfolio’s largest active risk positions, was a top contributor. Ghanaian debt outperformed on indications that the government will extend its aid agreement with the International Monetary Fund. Ghana remains one of our highest conviction positions in sovereign external debt markets. Outright exposure to certain emerging markets local currencies, including the Polish zloty, Mexican peso, and Turkish lira, was also beneficial. Short-dated corporate exposure was beneficial to a lesser extent as this position earned returns that were about in line with its carry.

These gains were partially offset by exposure to a basket of currencies that represent “good carry,” which generated underperformance primarily in May and June. Portfolio hedges that were held at times throughout the six-month reporting period also

detracted from returns. The Portfolio’s short risk position in Markit CDX Emerging Markets^® Index, a tradable instrument that comprises credit default swaps on 15 sovereign issuers, which was intended to mitigate the market exposure inherent in its idiosyncratic sovereign credit positions, detracted from performance as credit spreads continued to tighten. We began significantly reducing this hedge in May and fully exited the position by early June.

The Portfolio management team uses currency forwards, both opportunistically, for direct currency exposure, and defensively, for hedging purposes; credit default swaps; and interest rate swaps. However, during the period, the use of derivatives detracted from the Portfolio’s performance.

Lazard Emerging Markets Income Portfolio

For the six months ended June 30, 2017, the Lazard Emerging Markets Income Portfolio’s Institutional Shares posted a total return of 7.62%, while Open Shares posted a total return of 7.41%, as compared with the 7.21% return for the JPMorgan Emerging Local Markets^® Index Plus.

In light of strong money market performance across emerging markets, all countries but four (Chile, Colombia, Serbia and the Philippines) provided positive absolute contribution. Top performance against the benchmark was earned from active currency management and security selection in Russia, which added 25 basis points (“bps”). Indonesia added 22 bps from overweight positioning and security selection predicated on high yield and supportive fixed income inflows amid ongoing reform momentum, improved current account position, central bank credibility, and anchored inflation expectations. Overweight Czech exposure added 16 bps. Monetary policy shifted toward a tightening stance in early April, and policymakers have allowed the koruna to appreciate in the face of a strong BoP surplus and rising inflation. The Turkish central bank’s tighter monetary stance in 2017 is supporting the lira with an effective funding rate near 12%, which benefited our overweight exposure. Meanwhile, out-of-index exposure to frontier markets (Kazakhstan, Egypt, Argentina, and Serbia) added 16 bps.

Semi-Annual Report  7

Asian country selection detracted from relative performance. Underweights in Taiwan, China, Singapore, Thailand, and South Korea detracted more value than the overweights in Indonesia, India, Malaysia, and the Philippines delivered. We held underweight positions

in each due to low or negative yields and, we believed, limited scope for currency appreciation. However, sharp equity inflows and stability in China fostered currency rallies across these markets.

Notes to Investment Overviews:

All Portfolios’ 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, 2017; 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, 2017

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares**	19.32%	3.12%	2.49%	6.96%
Open Shares**	18.97%	2.83%	2.17%	6.72%
R6 Shares**	19.32%	N/A	N/A	3.21%
EM Index	23.75%	3.96%	1.91%	5.53%
				(Institutional Shares)
				6.12%
				(Open Shares)
				4.68%
				(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Since Inception	†
Institutional Shares**	21.80%	2.14%
Open Shares**	21.40%	1.79%
EM Index	23.75%	1.71%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Five Years	Since Inception	†
Institutional Shares**	24.63%	2.59%	5.25%
Open Shares**	24.04%	2.23%	4.91%
EM Index	23.75%	3.96%	5.38%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Since Inception	†
Institutional Shares**	25.28%	4.74%
Open Shares**	24.82%	4.40%
EM Index	23.75%	2.84%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Five Years	Since Inception	†
Institutional Shares**	23.58%	3.12%	3.10%
Open Shares**	23.06%	2.85%	2.82%
EM Index	23.75%	3.96%	3.71%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Five Years	Since Inception	†
Institutional Shares**	13.78%	1.15%	–0.55%
Open Shares**	13.57%	0.84%	–0.84%
EM Index	23.75%	3.96%	0.14%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The EM Index consists of 23 emerging-market country indices. 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, 2017

	One Year	Five Years	Since Inception	†
Institutional Shares**	5.49%	1.57%	2.66%
Open Shares**	5.16%	1.24%	2.34%
R6 Shares**	N/A	N/A	4.88%
JPMorgan EMBI Global Diversified Index	6.04%	5.72%	6.87%
			(Institutional and Open Shares)
			4.26%
			(R6 Shares)
JPMorgan GBI-EM Global Diversified Index	6.41%	–0.67%	0.27%
			(Institutional and Open Shares)
			6.82%
			(R6 Shares)
Global Diversified Index	6.26%	2.54%	3.60%
			(Institutional and Open Shares)
			5.56%
			(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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, also exclude adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements), and may differ from amounts reported in the financial highlights.

Semi-Annual Report  15

	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 Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The JPMorgan EMBI Global Diversified Index is a uniquely weighted version of the EMBI Global. The JPMorgan GBI-EM Global Diversified Index is a uniquely weighted version of the GBI-EM Global. These indices limit the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in both indices are identical. 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, 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 February 28, 2011 and for the R6 Shares was July 28, 2016.

16  Semi-Annual Report

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, 2017

	One Year	Since Inception	†
Institutional Shares**	4.30%	1.26%
Open Shares**	3.94%	0.94%
JPMorgan EMBI Global Diversified Index	6.04%	6.91%
JPMorgan GBI-EM Global Diversified Index	6.41%	–1.17%
Global Diversified Index	6.26%	2.86%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The JPMorgan EMBI Global Diversified Index is a uniquely weighted version of the EMBI Global. The JPMorgan GBI-EM Global Diversified Index is a uniquely weighted version of the GBI-EM Global. These indices limit the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in both indices are identical. 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.

Semi-Annual Report  17

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, 2017

	One Year	Since Inception	†
Institutional Shares**	4.55%	–2.16%
Open Shares**	4.28%	–2.47%
JPMorgan Emerging Local Markets Index Plus	4.91%	–1.73%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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. 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.

18  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 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, 2017 through June 30, 2017 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.

Semi-Annual Report  19

Portfolio	Beginning Account Value 1/1/17	Ending  Account Value  6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
Emerging Markets Equity
Institutional Shares
Actual	$1,000.00	$1,127.80	$5.75	1.09%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.46	1.09%
Open Shares
Actual	$1,000.00	$1,126.10	$7.06	1.34%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.15	$6.71	1.34%
R6 Shares
Actual	$1,000.00	$1,127.80	$5.75	1.09%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.46	1.09%
Emerging Markets Core Equity
Institutional Shares
Actual	$1,000.00	$1,200.50	$6.77	1.24%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.65	$6.21	1.24%
Open Shares
Actual	$1,000.00	$1,198.60	$8.72	1.60%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.86	$8.00	1.60%
Developing Markets Equity
Institutional Shares
Actual	$1,000.00	$1,193.60	$6.58	1.21%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.79	$6.06	1.21%
Open Shares
Actual	$1,000.00	$1,190.70	$8.69	1.60%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.86	$8.00	1.60%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$1,000.00	$1,222.70	$6.06	1.10%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Open Shares
Actual	$1,000.00	$1,220.40	$7.71	1.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00	1.40%
Emerging Markets Equity Blend
Institutional Shares
Actual	$1,000.00	$1,188.50	$6.46	1.19%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.89	$5.96	1.19%
Open Shares
Actual	$1,000.00	$1,186.10	$8.67	1.60%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.86	$8.00	1.60%
Emerging Markets Multi-Asset
Institutional Shares
Actual	$1,000.00	$1,108.60	$6.59	1.26%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.55	$6.31	1.26%
Open Shares
Actual	$1,000.00	$1,108.50	$8.36	1.60%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,016.86	$8.00	1.60%

20  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/17	Ending  Account Value  6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
Emerging Markets Debt
Institutional Shares
Actual	$1,000.00	$1,082.70	$4.91	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76	0.95%
Open Shares
Actual	$1,000.00	$1,079.20	$6.39	1.24%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.65	$6.21	1.24%
R6 Shares
Actual	$1,000.00	$1,081.90	$4.65	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Explorer Total Return
Institutional Shares
Actual	$1,000.00	$1,031.90	$5.54	1.10%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Open Shares
Actual	$1,000.00	$1,030.10	$ 7.25	1.44%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.65	$ 7.20	1.44%
Emerging Markets Income
Institutional Shares
Actual	$1,000.00	$1,076.20	$4.63	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$1,074.10	$6.07	1.18%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91	1.18%

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

Semi-Annual Report  21

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector and Region June 30, 2017 (unaudited)

Sector*	Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core  Equity Portfolio			Lazard Developing  Markets Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Asset Portfolio
Consumer Discretionary		8.6	%		10.9	%		12.8	%		8.1	%		9.8	%		6.1	%
Consumer Staples		6.4			3.7			2.3			4.9			3.4			2.1
Energy		7.9			6.4			8.7			7.5			7.3			6.3
Financials		27.3			24.1			29.7			23.1			26.0			16.2
Health Care		0.7			1.4			2.8			2.1			1.6			1.0
Industrials		5.9			4.0			10.2			5.4			7.7			4.6
Information Technology		25.5			32.3			24.5			28.9			32.1			19.6
Materials		3.0			9.8			4.5			7.7			4.1			3.2
Real Estate		—			0.7			1.0			3.4			0.9			0.5
Telecommunication Services		11.2			3.4			—			5.1			3.7			2.9
Utilities		0.6			0.8			0.7			2.9			0.5			1.4
Sovereign Debt		—			—			—			—			—			15.9
US Treasury Securities		—			—			—			—			—			5.8
Short-Term Investments		2.9			2.5			2.8			0.9			2.9			14.3
Purchased Options		—			—			—			—			—			0.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

Region*	Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio			Lazard Emerging Markets Income Portfolio
Africa		12.7	%		12.1	%		2.6	%
Asia		17.5			6.2			5.9
Europe		22.4			16.0			9.3
North America		11.8			7.9			65.2
South America		30.0			18.5			4.8
Short-Term Investments		5.6			39.3			12.2
Total Investments		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

22  Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments June 30, 2017 (unaudited)

Description	Shares	Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks | 96.4%
Argentina | 1.7%
YPF SA Sponsored ADR	10,153,994	$ 222,372,469
Brazi | 10.6%
Ambev SA ADR	33,837,540	185,768,094
Banco do Brasil SA	33,056,934	267,417,016
BB Seguridade Participacoes SA	27,284,000	235,952,368
CCR SA	42,776,234	218,213,153
Cielo SA	37,995,919	282,139,397
Localiza Rent a Car SA	9,818,662	133,814,062
Natura Cosmeticos SA	6,586,693	51,096,625
		1,374,400,715
China | 15.9%
AAC Technologies Holdings, Inc.	9,460,000	117,805,163
Baidu, Inc. Sponsored ADR (a)	1,921,739	343,722,238
China Construction Bank Corp., Class H	687,750,220	533,139,633
China Mobile, Ltd. Sponsored ADR	5,950,004	315,885,712
China Shenhua Energy Co., Ltd., Class H	49,850,610	110,990,031
CNOOC, Ltd.	70,518,000	77,370,226
ENN Energy Holdings, Ltd.	12,297,000	74,373,794
Hengan International Group Co., Ltd.	742,000	5,474,397
NetEase, Inc. ADR	1,184,864	356,205,664
Weichai Power Co., Ltd., Class H (i)	160,059,288	140,291,783
		2,075,258,641
Egypt | 0.9%
Commercial International Bank
Egypt SAE GDR	25,427,990	114,453,748
Hungary |1.9%
OTP Bank Nyrt.	7,435,386	248,758,430
India |10.0%
Axis Bank, Ltd.	29,491,974	235,875,182
Bajaj Auto, Ltd.	2,790,372	120,522,932
Bharat Heavy Electricals, Ltd.	19,359,264	40,443,257
HCL Technologies, Ltd.	12,674,651	166,779,202
Hero MotoCorp, Ltd.	3,841,817	219,804,874
Punjab National Bank (a)	58,717,339	124,839,538
Tata Consultancy Services, Ltd.	10,732,099	392,263,411
		1,300,528,396

Description	Shares	Fair Value
Indonesia | 5.5%
PT Astra International Tbk	268,313,900	$179,381,699
PT Bank Mandiri (Persero) Tbk	228,038,821	217,601,265
PT Semen Indonesia (Persero) Tbk	109,955,600	82,410,557
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR	7,004,310	235,835,117
		715,228,638
Malaysia | 0.7%
British American Tobacco Malaysia Berhad	9,140,700	92,447,032
Mexico | 3.4%
America Movil SAB de CV, Class L Sponsored ADR	16,217,623	258,184,558
Grupo Mexico SAB de CV, Series B	26,940,647	75,810,116
Kimberly-Clark de Mexico SAB de CV, Series A	51,301,495	108,546,176
		442,540,850
Pakistan | 1.8%
Habib Bank, Ltd.	31,142,080	79,924,375
Oil & Gas Development Co., Ltd.	43,449,649	58,263,842
Pakistan Petroleum, Ltd.	66,924,102	94,673,242
		232,861,459
Philippines | 0.9%
PLDT, Inc. Sponsored ADR	3,490,985	123,266,680
Russia | 7.6%
ALROSA PAO	64,952,011	95,321,688
Gazprom PJSC Sponsored ADR	24,159,203	95,798,439
LUKOIL PJSC Sponsored ADR	4,731,296	230,780,701
Magnit PJSC Sponsored GDR (b), (c)	1,156,565	39,323,210
Magnit PJSC Sponsored GDR	1,398,526	47,600,144
Mobile TeleSystems PJSC Sponsored ADR	20,990,343	175,899,074
Sberbank of Russia PJSC	125,486,423	310,848,212
		995,571,468
South Africa | 8.7%
Imperial Holdings, Ltd.	9,443,803	116,183,125
Life Healthcare Group Holdings, Ltd.	47,395,229	92,878,440
Nedbank Group, Ltd.	6,204,522	99,086,545
PPC, Ltd. (a), (i)	100,448,533	40,644,966
Sanlam, Ltd.	23,517,808	116,488,092
Shoprite Holdings, Ltd.	13,970,773	212,912,140
Standard Bank Group, Ltd.	10,336,293	113,896,773
The Bidvest Group, Ltd.	8,882,591	106,980,449
Vodacom Group, Ltd.	11,805,258	148,220,195
Woolworths Holdings, Ltd.	19,485,098	91,869,179
		1,139,159,904

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

Semi-Annual Report  23

Description	Shares	Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
South Korea | 14.4%
Coway Co., Ltd.	2,036,848	$185,153,352
Hanwha Life Insurance Co., Ltd.	18,192,562	110,758,368
Hyundai Mobis Co., Ltd.	898,684	196,321,590
KB Financial Group, Inc.	3,154,501	158,837,601
KT&G Corp.	854,013	87,273,586
Samsung Electronics Co., Ltd.	305,073	632,960,112
Shinhan Financial Group Co., Ltd.	5,093,463	219,890,612
SK Hynix, Inc.	4,786,087	282,133,101
		1,873,328,322
Taiwan | 5.6%
Hon Hai Precision Industry Co., Ltd.	38,125,032	145,743,933
Taiwan Semiconductor Manufacturing Co., Ltd.	85,126,284	580,896,691
		726,640,624
Thailand | 1.3%
Kasikornbank Public Co. Ltd.	12,433,854	73,015,107
The Siam Cement Public Co. Ltd. (c)	6,160,900	91,400,354
		164,415,461

Description	Shares	Fair Value
Turkey | 5.5%
Akbank TAS	47,492,978	$    132,257,088
KOC Holding AS	25,908,566	119,191,436
Tupras-Turkiye Petrol Rafinerileri AS	4,675,738	134,473,103
Turk Telekomunikasyon AS (a)	49,234,392	87,261,179
Turkcell Iletisim Hizmetleri AS	31,830,644	104,610,643
Turkiye Is Bankasi AS, C Shares	62,544,652	132,407,212
		710,200,661
Total Common Stocks (Cost $11,433,675,138)		12,551,433,498
Short-Term Investments | 2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $377,494,227)	377,494,227	377,494,227
Total Investments | 99.3% (Cost $11,811,169,365) (d)		$12,928,927,725
Cash and Other Assets in Excess of Liabilities | 0.7%		90,400,427
Net Assets | 100.0%		$13,019,328,152

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

24  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks | 96.8%
Brazil | 6.8%
AES Tiete Energia SA		332,600	$	1,370,397
Azul SA		66,800		1,408,144
Banco do Brasil SA		356,000		2,879,894
Braskem SA A Shares		177,650		1,833,931
CCR SA		351,100		1,791,056
Telefonica Brasil SA ADR		160,700		2,167,843
				11,451,265
China | 19.7%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		47,000		6,622,300
Baidu, Inc. Sponsored ADR (a)		8,954		1,601,512
Industrial & Commercial Bank of China, Ltd., Class H		7,949,633		5,367,985
NetEase, Inc. ADR		9,100		2,735,733
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		29,086		2,050,272
PICC Property & Casualty Co., Ltd., Class H		1,189,180		1,986,255
Ping An Insurance (Group) Co. of China, Ltd., Class H		401,500		2,647,146
Tencent Holdings, Ltd.		240,500		8,582,288
Vipshop Holdings, Ltd. ADR (a)		102,405		1,080,373
Wuxi Biologics Cayman, Inc.		78,500		295,100
				32,968,964
Colombia | 2.0%
Bancolombia SA Sponsored ADR		40,300		1,795,365
Ecopetrol SA Sponsored ADR		177,000		1,608,930
				3,404,295
Hong Kong | 2.0%
Lee & Man Paper Manufacturing, Ltd.		1,772,000		1,645,553
Techtronic Industries Co., Ltd.		356,500		1,639,311
				3,284,864
Hungary | 1.2%
MOL Hungarian Oil & Gas Nyrt.		26,389		2,076,902
India | 10.5%
Aurobindo Pharma, Ltd.		111,282		1,176,434
HDFC Bank, Ltd. ADR		53,769		4,676,290
Hindalco Industries, Ltd.		497,190		1,465,221
Hindustan Zinc, Ltd.		349,905		1,423,920
Maruti Suzuki India, Ltd.		19,855		2,218,409

Description	Shares		Fair Value
Motherson Sumi Systems, Ltd. (a)		250,451	$	1,791,945
Tata Consultancy Services, Ltd.		40,930		1,496,011
Tata Motors, Ltd. Sponsored ADR		53,857		1,777,819
UPL, Ltd.		118,280		1,541,263
				17,567,312
Indonesia | 2.4%
PT Bank Mandiri (Persero) Tbk		2,223,800		2,122,015
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		54,260		1,826,934
				3,948,949
Luxembourg | 2.2%
Tenaris SA ADR		39,300		1,223,802
Ternium SA Sponsored ADR		87,900		2,469,111
				3,692,913
Mexico | 4.1%
Arca Continental SAB de CV		219,845		1,652,161
Gruma SAB de CV, Class B		106,193		1,384,876
Grupo Aeroportuario del Pacifico SAB de CV ADR		13,600		1,527,280
Grupo Financiero Banorte SAB de CV, Class O		376,100		2,391,249
				6,955,566
Peru | 1.4%
Credicorp, Ltd.		12,850		2,305,162
Philippines | 1.7%
BDO Unibank, Inc.		705,871		1,735,441
GT Capital Holdings, Inc.		49,665		1,192,066
				2,927,507
Portugal | 1.0%
Galp Energia SGPS SA		109,362		1,661,119
Russia | 5.6%
LUKOIL PJSC Sponsored ADR (London)		85,037		4,147,891
LUKOIL PJSC Sponsored ADR (United States)		1,717		83,772
Sberbank of Russia PJSC Sponsored ADR (London)		308,250		3,193,058
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		557,756
Severstal PJSC GDR		103,086		1,355,534
				9,338,011
South Africa | 5.1%
FirstRand, Ltd.		451,555		1,628,448
Mondi PLC		84,673		2,222,090
Naspers, Ltd., N Shares		15,449		3,004,582

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

Semi-Annual Report  25

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
The Bidvest Group, Ltd.		84,456	$	1,017,174
Woolworths Holdings, Ltd.		155,617		733,709
				8,606,003
South Korea | 13.0%
Coway Co., Ltd.		17,482		1,589,147
Dongbu Insurance Co., Ltd.		28,171		1,674,883
Korea Zinc Co., Ltd.		3,523		1,404,246
KT&G Corp.		9,469		967,659
Lotte Chemical Corp.		3,978		1,197,227
NCSoft Corp.		4,851		1,609,638
Samsung Electronics Co., Ltd.		5,063		10,504,624
SK Hynix, Inc.		48,413		2,853,878
				21,801,302
Taiwan | 12.1%
Advanced Semiconductor Engineering, Inc. ADR		231,600		1,461,396
Far EasTone Telecommunications Co., Ltd.		689,000		1,755,345
Hon Hai Precision Industry Co., Ltd.		793,500		3,033,383
Largan Precision Co., Ltd.		24,000		3,814,511
Silicon Motion Technology Corp. ADR		34,110		1,645,125
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		246,549		8,619,353
				20,329,113
Thailand | 1.9%
Bangkok Bank Public Co. Ltd.		180,100		1,044,936
Bangkok Dusit Medical Services Public Co. Ltd., Class F (c)		1,556,289		879,622
Kasikornbank Public Co. Ltd.		210,800		1,237,877
				3,162,435
Turkey | 2.1%
KOC Holding AS		212,886		979,374
Mavi Giyim Sanayi Ve Ticaret AS, Class B		66,617		813,767
Tofas Turk Otomobil Fabrikasi AS		209,168		1,715,280
				3,508,421

Description	Shares		Fair Value
United Arab Emirates | 0.7%
Emaar Properties PJSC		564,818	$	1,190,874
United Kingdom | 1.3%
Unilever NV NY Shares		39,300		2,172,111
Total Common Stocks
(Cost $134,288,052)				162,353,088
Preferred Stocks | 1.3%
Brazil | 1.3%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,494,493)		193,717		2,140,573
Short-Term Investments | 2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $4,280,592)		4,280,592		4,280,592
Total Investments | 100.7% (Cost $140,063,137) (d)			$	168,774,253
Liabilities in Excess of Cash and Other Assets | (0.7)%				(1,172,420	)
Net Assets | 100.0%			$	167,601,833

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

26  Semi-Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks | 95.3%
Argentina | 0.6%
YPF SA Sponsored ADR		64,120	$	1,404,228
Brazil | 2.3%
Cosan SA Industria e Comercio		158,500		1,654,421
Petroleo Brasileiro SA Sponsored ADR (a)		503,400		3,755,364
				5,409,785
Canada | 0.6%
First Quantum Minerals, Ltd.		172,255		1,457,154
China | 29.7%
AAC Technologies Holdings, Inc.		155,140		1,931,955
Agricultural Bank of China, Ltd., Class H		3,589,500		1,697,085
Alibaba Group Holding, Ltd. Sponsored ADR (a)		55,810		7,863,629
Anhui Conch Cement Co., Ltd., Class H		1,059,500		3,684,569
Baidu, Inc. Sponsored ADR (a)		28,417		5,082,665
Brilliance China Automotive Holdings, Ltd.		2,235,827		4,072,431
China Medical System Holdings, Ltd.		2,626,000		4,540,772
China Merchants Bank Co., Ltd., Class H		1,185,711		3,578,039
China State Construction International Holdings, Ltd.		3,508,587		6,005,676
Li Ning Co., Ltd. (a)		2,786,500		2,125,567
Minth Group, Ltd.		633,020		2,684,626
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		50,444		3,555,798
Ping An Insurance (Group) Co. of China, Ltd., Class H		1,180,000		7,779,907
TAL Education Group ADR		15,800		1,932,498
Tencent Holdings, Ltd.		209,200		7,465,341
Vipshop Holdings, Ltd. ADR (a)		184,284		1,944,196
ZTO Express Cayman, Inc. ADR		328,885		4,591,235
				70,535,989
Colombia | 2.2%
Bancolombia SA Sponsored ADR		90,047		4,011,594
Cemex Latam Holdings SA (a)		323,390		1,241,569
				5,253,163
Hong Kong | 2.8%
China Gas Holdings, Ltd.		786,000		1,586,784
SMI Holdings Group, Ltd.		2,419,200		1,074,090
Techtronic Industries Co., Ltd.		888,000		4,083,332
				6,744,206

Description	Shares		Fair Value
India | 11.3%
Aurobindo Pharma, Ltd.		187,154	$	1,978,525
HDFC Bank, Ltd. ADR		51,985		4,521,135
ICICI Bank, Ltd. Sponsored ADR		717,101		6,432,396
Petronet LNG, Ltd.		668,525		4,468,287
Reliance Industries, Ltd. (a)		82,564		1,759,296
Shriram Transport Finance Co., Ltd.		265,660		4,105,531
Tata Motors, Ltd. Sponsored ADR		106,585		3,518,371
				26,783,541
Indonesia | 3.3%
PT Bank Rakyat Indonesia (Persero) Tbk		6,958,900		7,946,649
Mexico | 2.7%
Grupo Financiero Banorte SAB de CV, Class O		994,157		6,320,864
Peru | 2.4%
Credicorp, Ltd.		31,955		5,732,407
Philippines | 0.7%
BDO Unibank, Inc.		704,135		1,731,173
Portugal | 2.0%
Galp Energia SGPS SA		307,587		4,671,995
Russia | 7.3%
Mail.ru Group, Ltd. GDR (a)		162,531		4,287,557
Novatek OAO Sponsored GDR (London)		6,635		740,846
Novatek OAO Sponsored GDR
(United States)		18,525		2,063,685
Sberbank of Russia PJSC		1,828,850		4,530,338
X5 Retail Group NV GDR (a)		91,839		3,184,458
Yandex NV Class A (a)		91,135		2,391,382
				17,198,266
South Africa | 2.9%
Capitec Bank Holdings, Ltd.		48,523		3,080,659
Petra Diamonds, Ltd. (a)		1,066,259		1,516,911
Standard Bank Group, Ltd.		201,896		2,224,715
				6,822,285
South Korea | 10.1%
CJ CGV Co., Ltd.		54,113		3,480,988
Doosan Bobcat, Inc.		103,326		3,215,106
Korea Aerospace Industries, Ltd.		74,239		3,697,802
NCSoft Corp.		6,544		2,171,402
Partron Co., Ltd.		249,922		2,271,754
Samsung Electronics Co., Ltd.		3,326		6,900,727
SPC Samlip Co., Ltd.		13,486		2,139,334
				23,877,113

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

Semi-Annual Report  27

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Taiwan | 9.1%
Advanced Semiconductor Engineering, Inc.		2,310,578	$	2,966,386
Catcher Technology Co., Ltd.		314,670		3,748,521
Hiwin Technologies Corp.		432,635		2,932,713
Hota Industrial Manufacturing Co., Ltd.		311,766		1,537,798
Largan Precision Co., Ltd.		21,860		3,474,384
Silicon Motion Technology Corp. ADR		34,010		1,640,302
Taiwan Semiconductor Manufacturing Co., Ltd.		775,000		5,288,554
				21,588,658
Turkey | 4.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		572,981		3,559,575
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		2,859,592		2,389,002
Turkiye Garanti Bankasi AS		1,342,083		3,733,648
				9,682,225
United Kingdom | 1.2%
KAZ Minerals PLC (a)		414,631		2,807,673
Total Common Stocks (Cost $187,305,426)				225,967,374

Description	Shares		Fair Value
Preferred Stocks | 1.0%
Brazil | 1.0%
Banco Bradesco SA ADR (Cost $1,890,704)		269,179	$	2,288,022
Short-Term Investments | 2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $6,652,140)		6,652,140		6,652,140
Total Investments | 99.1% (Cost $195,848,270) (d)			$	234,907,536
Cash and Other Assets in Excess of Liabilities | 0.9%				2,190,065
Net Assets | 100.0%			$	237,097,601

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
Common Stocks | 96.9%
Brazil | 2.7%
Banco do Brasil SA		1,100	$	8,899
BB Seguridade Participacoes SA		1,000		8,648
Braskem SA Sponsored ADR		700		14,504
Cia de Saneamento do Parana (Preference Shares)		2,900		9,542
EcoRodovias Infraestrutura e Logistica SA		2,000		6,248
Itausa - Investimentos Itau SA		1,900		5,173
Light SA (a)		1,400		9,470
M Dias Branco SA		700		10,417
Petroleo Brasileiro SA (Preference Shares) (a)		6,000		22,403
Qualicorp SA		800		6,930
				102,234
China | 25.2%
AAC Technologies Holdings, Inc.		500		6,226
Agricultural Bank of China, Ltd., Class H		13,000		6,146
Air China, Ltd.		8,000		8,246
Alibaba Group Holding, Ltd. Sponsored ADR (a)		776		109,338
Anhui Conch Cement Co., Ltd., Class H		3,000		10,433
Baidu, Inc. Sponsored ADR (a)		166		29,691
Bank of China, Ltd., Class H		27,000		13,251
Beijing Capital International Airport Co., Ltd., Class H		10,000		14,090
China Construction Bank Corp., Class H		102,000		79,070
China Hongqiao Group, Ltd.		8,000		7,039
China Lesso Group Holdings, Ltd.		12,000		9,224
China Lodging Group, Ltd. Sponsored ADR (a)		102		8,229
China Mobile, Ltd.		3,500		37,071
China Overseas Land & Investment, Ltd.		10,000		29,277
China Petroleum & Chemical Corp., Class H		50,000		39,003
China Resources Land, Ltd.		8,000		23,319
China Shenhua Energy Co., Ltd., Class H		4,000		8,906
China Telecom Corp., Ltd. Class H		14,000		6,653
China Vanke Co., Ltd., Class H		2,200		6,228
Chongqing Rural Commercial Bank Co., Ltd., Class H		8,000		5,401
Country Garden Holdings Co., Ltd.		22,000		25,513
CSPC Pharmaceutical Group, Ltd.		10,000		14,606

Description	Shares		Fair Value
Dali Foods Group Co., Ltd.		10,500	$	6,023
Geely Automobile Holdings, Ltd.		15,000		32,370
Guangzhou Automobile Group Co., Ltd. Class H		8,000		14,081
Haitian International Holdings, Ltd.		3,000		8,416
Hisense Kelon Electrical Holdings Co., Ltd., Class H		5,000		8,518
Industrial & Commercial Bank of China, Ltd., Class H		86,000		58,071
JD.com, Inc. ADR (a)		483		18,943
Jiangsu Expressway Co., Ltd.		6,000		8,469
Longfor Properties Co., Ltd.		6,500		13,975
Momo, Inc. Sponsored ADR (a)		182		6,727
NetEase, Inc. ADR		47		14,130
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		200		14,098
PetroChina Co., Ltd., Class H		20,000		12,253
PICC Property & Casualty Co., Ltd., Class H		4,000		6,681
Sunny Optical Technology Group Co., Ltd.		4,000		35,837
Tencent Holdings, Ltd.		4,200		149,878
Tianneng Power International, Ltd.		10,000		8,211
TravelSky Technology, Ltd. Class H		5,000		14,739
Vipshop Holdings, Ltd. ADR (a)		617		6,509
Weibo Corp. Sponsored ADR (a)		150		9,971
Zhongsheng Group Holdings, Ltd.		5,000		9,329
				954,189
Colombia | 0.9%
Bancolombia SA Sponsored ADR		657		29,269
Ecopetrol SA Sponsored ADR		731		6,645
				35,914
Egypt | 0.7%
Commercial International Bank Egypt SAE ADR		5,456		24,934
Greece | 0.8%
Hellenic Telecommunications Organization SA		615		7,404
JUMBO SA		723		13,214
Motor Oil (Hellas) Corinth Refineries SA		418		9,105
				29,723
Hong Kong | 0.6%
K Wah International Holdings, Ltd.		11,000		6,680
Lee & Man Paper Manufacturing, Ltd.		9,000		8,358
Nine Dragons Paper Holdings, Ltd.		7,000		9,329
				24,367

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)
Hungary | 2.1%
Magyar Telekom Telecommunications PLC		8,117	$	14,195
MOL Hungarian Oil & Gas Nyrt.		586		46,120
Richter Gedeon Nyrt.		667		17,428
				77,743
India | 7.0%
Axis Bank, Ltd. GDR		192		7,667
Dr Reddy’s Laboratories, Ltd. ADR		254		10,704
HDFC Bank, Ltd. ADR		503		43,746
ICICI Bank, Ltd. Sponsored ADR		880		7,894
Infosys, Ltd. Sponsored ADR		2,196		32,984
Reliance Industries, Ltd. Sponsored GDR (a), (b)		308		13,083
State Bank of India GDR		442		18,831
Tata Motors, Ltd. Sponsored ADR		719		23,734
Tata Steel, Ltd. GDR		2,396		20,169
Vedanta, Ltd. ADR		2,033		31,552
Wipro, Ltd. ADR		3,322		17,274
WNS Holdings, Ltd. ADR (a)		1,071		36,800
				264,438
Indonesia | 3.8%
Hanjaya Mandala Sampoerna Tbk PT		22,600		6,518
Kalbe Farma Tbk PT		63,800		7,779
PT Adaro Energy Tbk		45,200		5,386
PT Bank Central Asia Tbk		10,200		13,897
PT Bank Negara Indonesia (Persero) Tbk		28,100		13,893
PT Bank Rakyat Indonesia (Persero) Tbk		26,100		29,805
PT Gudang Garam Tbk		1,100		6,456
PT Indofood CBP Sukses Makmur Tbk		8,500		5,604
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		1,596		53,737
				143,075
Luxembourg | 0.7%
Ternium SA Sponsored ADR		909		25,534
Malaysia | 3.3%
AirAsia Berhad		12,100		9,161
Astro Malaysia Holdings Berhad		17,700		10,436
Genting Malaysia Berhad		8,500		10,900
Hong Leong Bank Berhad		2,000		7,305
IOI Properties Group Berhad		9,800		5,035
My EG Services Berhad		16,050		8,189
Petronas Chemicals Group Berhad		10,100		16,706
Press Metal Aluminium Holdings		17,080		10,664

Description	Shares		Fair Value
Sunway Construction Group Berhad		13,800	$	6,507
Tenaga Nasional Berhad Sponsored ADR		2,741		41,115
				126,018
Mexico | 2.4%
Alfa SAB de CV, Series A		4,500		6,402
America Movil SAB de CV, Class L Sponsored ADR		856		13,628
Cemex SAB de CV Sponsored ADR (a)		1,390		13,094
Gentera SAB de CV		12,600		18,905
Grupo Carso SAB de CV		1,500		6,317
Grupo Financiero Banorte SAB de CV, Class O		2,800		17,802
Wal-Mart de Mexico SAB de CV		6,200		14,392
				90,540
Philippines | 2.3%
Ayala Land, Inc.		13,800		10,874
Cebu Air, Inc.		7,180		13,944
DMCI Holdings, Inc.		61,300		17,127
JG Summit Holdings, Inc.		8,770		14,070
Metro Pacific Investments Corp.		72,800		9,221
Semirara Mining & Power Corp.		6,290		20,003
				85,239
Poland | 3.0%
Ciech SA (a)		279		4,595
Enea SA (a)		4,284		15,458
Grupa Lotos SA (a)		551		7,581
PGE Polska Grupa Energetyczna SA		4,459		14,557
Polski Koncern Naftowy ORLEN SA		448		13,513
Polskie Gornictwo Naftowe i Gazownictwo SA		17,801		30,326
Powszechny Zaklad Ubezpieczen SA		1,836		22,069
Tauron Polska Energia SA (a)		6,287		6,069
				114,168
Russia | 1.8%
Gazprom PJSC Sponsored ADR		2,566		10,175
LUKOIL PJSC Sponsored ADR		474		23,120
Sberbank of Russia PJSC Sponsored ADR		3,331		34,505
				67,800
Singapore | 0.2%
China Yuchai International, Ltd.		416		7,575
South Africa | 4.8%
AngloGold Ashanti, Ltd. Sponsored ADR		526		5,113
AVI, Ltd.		2,117		15,377
Barclays Africa Group, Ltd.		591		6,492
Barloworld, Ltd.		1,064		8,847
Clicks Group, Ltd.		797		8,535

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 (continued)
Coronation Fund Managers, Ltd.		3,178	$	15,834
FirstRand, Ltd.		1,464		5,280
Growthpoint Properties, Ltd. REIT		4,037		7,555
Naspers, Ltd., N Shares		241		46,871
Sappi, Ltd.		1,011		6,734
Shoprite Holdings, Ltd.		383		5,837
Sibanye Gold, Ltd. Sponsored ADR		1,329		6,153
Standard Bank Group, Ltd.		1,898		20,914
Tiger Brands, Ltd.		529		14,884
Vodacom Group, Ltd.		489		6,139
				180,565
South Korea | 16.9%
BGF Retail Co., Ltd.		74		6,534
Daewoo Engineering & Construction Co., Ltd. (a)		1,089		7,214
Dongbu Insurance Co., Ltd.		168		9,988
Hana Financial Group, Inc.		479		19,007
Hyosung Corp.		97		14,201
Hyundai Development Co-Engineering & Construction		138		5,669
Hyundai Engineering & Construction Co., Ltd.		159		6,400
Hyundai Marine & Fire Insurance Co., Ltd.		719		24,746
KB Financial Group, Inc. ADR		1,028		51,904
KB Insurance Co., Ltd.		464		13,347
Korea Electric Power Corp. Sponsored ADR		756		13,585
Korea PetroChemical Ind Co., Ltd.		34		7,519
Korean Air Lines Co., Ltd. (a)		308		10,418
KT&G Corp. GDR (b)		393		20,094
LG Electronics, Inc.		382		26,777
LG Household & Health Care, Ltd.		17		14,752
LG Uplus Corp.		1,140		15,575
Lotte Chemical Corp.		34		10,233
NAVER Corp.		24		17,528
Nexen Tire Corp.		781		9,118
NH Investment & Securities Co., Ltd.		528		6,853
POSCO		30		7,514
Samsung Card Co., Ltd.		153		5,216
Samsung Electronics Co., Ltd. GDR		202		208,740
Samsung Fire & Marine Insurance Co., Ltd.		36		8,853
Shinhan Financial Group Co., Ltd. ADR		209		9,089
SK Holdings Co., Ltd.		27		6,550
SK Hynix, Inc.		781		46,039

Description	Shares		Fair Value
SK Innovation Co., Ltd.		51	$	7,065
SK Telecom Co., Ltd. Sponsored ADR		650		16,686
Woori Bank		781		12,610
				639,824
Taiwan | 12.0%
Airtac International Group		1,000		11,848
Asia Optical Co., Inc. (a)		5,000		8,930
Chailease Holding Co., Ltd.		5,000		13,942
Charoen Pokphand Enterprise		4,000		9,811
Cheng Loong Corp.		15,000		7,055
Chicony Power Technology Co., Ltd.		5,000		10,426
Formosa Chemicals & Fibre Corp.		4,000		12,559
Fubon Financial Holding Co., Ltd. (a)		16,000		25,508
General Interface Solution Holding, Ltd.		2,000		14,805
Great Wall Enterprise Co., Ltd.		7,000		7,434
HannStar Display Corp. (a)		24,000		7,205
Hon Hai Precision Industry Co., Ltd. GDR		6,560		50,451
Innolux Corp.		76,000		39,736
Pegatron Corp.		3,000		9,401
St Shine Optical Co., Ltd.		1,000		20,913
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		5,350		187,036
Winbond Electronics Corp.		26,000		15,630
				452,690
Thailand | 3.1%
Advanced Info Service Public Co. Ltd. (c)		1,300		6,793
Bangkok Bank Public Co. Ltd. NVDR		3,600		19,604
Beauty Community Public Co. Ltd. NVDR		32,524		10,334
GFPT Public Co. Ltd. (c)		14,000		7,995
Hana Microelectronics Public Co. Ltd. NVDR		7,900		11,690
Home Product Center Public Co. Ltd. (c)		19,500		5,511
PTG Energy Public Co. Ltd. NVDR		7,300		4,166
PTT Public Co. Ltd. (c)		600		6,535
Srisawad Power 1979 Public Co. Ltd. NVDR		4,888		7,234
Thai Vegetable Oil Public Co. Ltd. NVDR		10,300		9,175
The Siam Cement Public Co. Ltd. (c)		1,300		19,286
Tisco Financial Group Public Co. Ltd. NVDR		4,100		9,169
				117,492
Turkey | 2.0%
BIM Birlesik Magazalar AS		885		16,398
Turk Telekomunikasyon AS ADR		3,902		13,891
Turkiye Garanti Bankasi AS ADR		9,029		25,191
Turkiye Halk Bankasi AS ADR		845		6,118
Turkiye Is Bankasi, C Shares		3,357		7,107
Turkiye Vakiflar Bankasi TAO, Class D		4,580		8,420
				77,125

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

Semi-Annual Report  31

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
United States | 0.6%
Yum China Holdings, Inc. (a)		570	$	22,475
Total Common Stocks (Cost $3,013,390)				3,663,662
Preferred Stocks | 1.9%
Brazil | 1.9%
Banco Bradesco SA ADR		3,339		28,381
Itau Unibanco Holding SA Sponsored ADR		1,614		17,835
Vale SA		2,900		23,556
Total Preferred Stocks (Cost $52,412)				69,772

Description	Shares		Fair Value
Short-Term Investments | 0.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $35,562)		35,562	$	35,562
Total Investments | 99.7% (Cost $3,101,364) (d)			$	3,768,996
Cash and Other Assets in Excess of Liabilities | 0.3%				13,180
Net Assets | 100.0%			$	3,782,176

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
Common Stocks | 96.7%
Argentina | 1.8%
Transportadora de Gas del Sur SA (a)		120,375	$	1,999,429
YPF SA Sponsored ADR		190,207		4,165,533
				6,164,962
Brazil | 6.6%
Ambev SA ADR		395,575		2,171,707
Banco do Brasil SA		377,457		3,053,472
CCR SA		573,100		2,923,538
Cia de Saneamento do Parana (Preference Shares)		554,400		1,824,070
Cielo SA Sponsored ADR		436,150		3,275,487
Iochpe Maxion SA		350,345		1,759,709
Localiza Rent a Car SA		234,336		3,193,651
Movida Participacoes SA		599,300		1,808,989
Natura Cosmeticos SA		90,395		701,244
Petroleo Brasileiro SA Sponsored ADR (a)		328,300		2,449,118
				23,160,985
Canada | 0.6%
First Quantum Minerals, Ltd.		229,300		1,939,714
Chile | 0.1%
Geopark, Ltd. (a)		39,150		295,583
China | 25.0%
AAC Technologies Holdings, Inc.		416,549		5,187,275
Agricultural Bank of China, Ltd., Class H		10,126,726		4,787,829
Alibaba Group Holding, Ltd. Sponsored ADR (a)		52,731		7,429,798
Anhui Conch Cement Co., Ltd., Class H		693,500		2,411,750
Baidu, Inc. Sponsored ADR (a)		51,189		9,155,665
Brilliance China Automotive Holdings, Ltd.		2,390,443		4,354,055
China Construction Bank Corp., Class H		7,195,281		5,577,736
China Medical System Holdings, Ltd.		1,739,000		3,007,008
China Mobile, Ltd. Sponsored ADR		61,016		3,239,339
China Shenhua Energy Co., Ltd., Class H		1,113,500		2,479,155
China State Construction International Holdings, Ltd.		2,771,555		4,744,093
CNOOC, Ltd.		1,264,800		1,387,700
Fufeng Group, Ltd.		3,906,000		2,100,175
Green Seal Holding, Ltd.		491,000		2,036,886

Description	Shares		Fair Value
NetEase, Inc. ADR		21,805	$	6,555,237
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		89,312		6,295,603
Ping An Insurance (Group) Co. of China, Ltd., Class H		936,000		6,171,180
Tencent Holdings, Ltd.		206,500		7,368,992
Tianyun International Holdings, Ltd.		3,216,000		473,785
Yestar Healthcare Holdings Co., Ltd.		4,470,000		2,283,389
				87,046,650
Colombia | 1.0%
Bancolombia SA Sponsored ADR		78,292		3,487,909
Egypt | 0.6%
Commercial International Bank
Egypt SAE GDR		390,979		1,759,833
Credit Agricole Egypt SAE		199,318		489,385
				2,249,218
Georgia | 0.6%
BGEO Group PLC		37,869		1,723,773
TBC Bank Group PLC		18,902		390,323
				2,114,096
Hong Kong | 1.2%
Man Wah Holdings, Ltd.		2,129,305		1,912,400
NewOcean Energy Holdings, Ltd. (a)		826,000		252,986
TK Group Holdings, Ltd.		566,000		230,606
Tongda Group Holdings, Ltd.		6,339,114		1,892,486
				4,288,478
Hungary | 1.0%
OTP Bank Nyrt.		99,123		3,316,261
India | 8.6%
Axis Bank, Ltd.		733,475		5,866,292
Bajaj Auto, Ltd.		52,300		2,258,964
Dewan Housing Finance Corp., Ltd.		333,238		2,254,711
HCL Technologies, Ltd.		176,993		2,328,960
ICICI Bank, Ltd. Sponsored ADR		848,784		7,613,591
Kiri Industries, Ltd. (a)		96,226		397,766
Shriram Transport Finance Co., Ltd.		120,539		1,862,819
Tata Consultancy Services, Ltd.		86,070		3,145,900
Tata Motors, Ltd. Sponsored ADR		103,068		3,402,275
The South Indian Bank, Ltd.		632,716		271,243
Uflex, Ltd.		69,803		415,196
				29,817,717
Indonesia | 4.1%
PT Bank Mandiri (Persero) Tbk		3,582,600		3,418,621
PT Bank Pembangunan Daerah Jawa Timur Tbk		2,495,700		125,168

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 (continued)
PT Bank Rakyat Indonesia (Persero) Tbk		6,491,118	$	7,412,470
PT Bekasi Fajar Industrial Estate Tbk		13,308,900		325,181
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		89,030		2,997,640
				14,279,080
Kenya | 0.1%
KCB Group, Ltd.		1,005,700		366,040
Kuwait | 0.1%
Human Soft Holding Co. KSC		19,568		270,596
Mexico | 3.3%
America Movil SAB de CV, Class L Sponsored ADR		102,126		1,625,846
Credito Real SAB de CV		10,066		15,654
Grupo Financiero Banorte SAB de CV, Class O		795,400		5,057,164
Grupo Mexico SAB de CV, Series B		354,001		996,147
Kimberly-Clark de Mexico SAB de CV, Series A		948,000		2,005,824
Nemak SAB de CV		1,765,600		1,693,731
				11,394,366
Morocco | 0.1%
Residences Dar Saada		15,936		290,619
Oman | 0.1%
Ooredoo		184,669		215,718
Pakistan | 0.2%
Bank Alfalah, Ltd. (a)		782,000		299,783
Kohinoor Textile Mills, Ltd.		213,500		215,214
Pak Elektron, Ltd.		263,000		276,697
				791,694
Peru | 1.1%
Credicorp, Ltd.		21,492		3,855,450
Philippines | 0.3%
PLDT, Inc. Sponsored ADR		30,102		1,062,902
Portugal | 1.2%
Galp Energia SGPS SA		278,475		4,229,808
Russia | 8.1%
Detsky Mir PJSC		1,272,710		2,026,506
Gazprom PJSC Sponsored ADR		270,778		1,073,716

Description	Shares		Fair Value
LUKOIL PJSC Sponsored ADR		50,473	$	2,462,578
Mobile TeleSystems PJSC Sponsored ADR		263,100		2,204,778
Novatek OAO Sponsored GDR (London)		27,813		3,105,522
Novatek OAO Sponsored GDR (United States)		362		40,327
Sberbank of Russia PJSC		1,747,431		4,328,651
Sberbank of Russia PJSC Sponsored ADR		402,747		4,184,541
X5 Retail Group NV GDR (a)		122,464		4,245,986
Yandex NV Class A (a)		169,999		4,460,774
				28,133,379
Singapore | 0.6%
BOC Aviation, Ltd.		419,900		2,221,248
South Africa | 1.2%
Petra Diamonds, Ltd. (a)		1,234,153		1,755,765
Standard Bank Group, Ltd.		205,010		2,259,028
				4,014,793
South Korea | 11.9%
DuzonBizon Co., Ltd.		77,979		2,096,250
Eugene Technology Co., Ltd.		134,543		2,136,746
Hanwha Life Insurance Co., Ltd.		169,331		1,030,906
HS Industries Co., Ltd.		239,000		1,985,723
Hyundai Mobis Co., Ltd.		13,181		2,879,449
Innocean Worldwide, Inc.		38,390		2,140,719
KT&G Corp.		13,014		1,329,931
Mando Corp.		9,089		2,044,780
NCSoft Corp.		8,720		2,893,432
Nice Information & Telecommunication, Inc.		14,802		339,762
Samjin Pharmaceutical Co., Ltd.		13,558		391,047
Samsung Electronics Co., Ltd.		6,077		12,608,453
Shinhan Financial Group Co., Ltd.		76,568		3,305,528
SK Hynix, Inc.		73,083		4,308,140
Viatron Technologies, Inc.		95,539		2,059,115
				41,549,981
Taiwan | 11.4%
Advanced Semiconductor Engineering, Inc.		2,152,122		2,762,955
Catcher Technology Co., Ltd.		209,000		2,489,722
Egis Technology, Inc. (a)		41,000		281,676
Elite Material Co., Ltd.		475,000		2,303,974
Gourmet Master Co., Ltd.		215,600		2,328,742
Hon Hai Precision Industry Co., Ltd.		588,671		2,250,365
King Slide Works Co., Ltd.		95,000		1,334,010

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

34  Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Largan Precision Co., Ltd.		26,614	$	4,229,974
Primax Electronics, Ltd.		976,000		2,002,590
Realtek Semiconductor Corp.		608,000		2,176,891
Silicon Motion Technology Corp. ADR		75,951		3,663,117
Sunny Friend Environmental Technology Co., Ltd.		388,000		1,997,863
Taiwan Semiconductor Manufacturing Co., Ltd.		1,760,113		12,010,906
				39,832,785
Turkey | 5.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		496,302		3,083,216
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		2,803,909		2,342,483
KOC Holding AS ADR		130,967		3,021,409
Soda Sanayii AS		1,086,625		2,025,719
Turk Tuborg Bira ve Malt Sanayii AS (a)		154,075		437,593
Turkcell Iletisim Hizmetleri AS ADR		199,175		1,633,235
Turkiye Garanti Bankasi AS		1,372,949		3,819,516
Turkiye Is Bankasi AC, C Shares		992,447		2,101,013
				18,464,184
Ukraine | 0.1%
Kernel Holding SA		18,585		325,176
United Arab Emirates | 0.4%
ADES International Holding, Ltd.		113,223		1,471,899
Total Common Stocks (Cost $285,458,923)				336,651,291

Description	Shares		Fair Value
Warrants | 0.0%
Brazil | 0.0%
Iochpe Maxion SA, Expires 06/03/19 (Cost $0)		15,354	$	26,881
Short-Term Investments | 2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $9,885,221)		9,885,221		9,885,221
Total Investments | 99.5% (Cost $295,344,144) (d)			$	346,563,393
Cash and Other Assets in Excess of Liabilities | 0.5%				1,744,766
Net Assets | 100.0%			$	348,308,159

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
Common Stocks | 59.3%
Argentina | 1.1%
Transportadora de Gas del Sur SA (a)		45,870	$	761,901
YPF SA Sponsored ADR		75,181		1,646,464
				2,408,365
Brazil | 4.1%
Ambev SA ADR		155,500		853,695
Banco do Brasil SA		148,445		1,200,859
CCR SA		226,100		1,153,397
Cia de Saneamento do Parana (Preference Shares)		211,200		694,884
Cielo SA Sponsored ADR		171,743		1,289,790
Iochpe Maxion SA		133,549		670,789
Localiza Rent a Car SA		92,285		1,257,709
Movida Participacoes SA		228,500		689,728
Natura Cosmeticos SA		34,455		267,286
Petroleo Brasileiro SA Sponsored ADR (a)		129,800		968,308
				9,046,445
Canada | 0.3%
First Quantum Minerals, Ltd.		90,500		765,565
Chile | 0.1%
Geopark, Ltd. (a)		18,755		141,600
China | 15.4%
AAC Technologies Holdings, Inc.		164,893		2,053,409
Agricultural Bank of China, Ltd., Class H		3,970,090		1,877,024
Alibaba Group Holding, Ltd. Sponsored ADR (a)		20,755		2,924,379
Anhui Conch Cement Co., Ltd., Class H		274,000		952,876
Baidu, Inc. Sponsored ADR (a)		20,226		3,617,622
Brilliance China Automotive Holdings, Ltd.		939,260		1,710,808
China Construction Bank Corp., Class H		2,835,065		2,197,725
China Medical System Holdings, Ltd.		682,000		1,179,287
China Mobile, Ltd. Sponsored ADR		24,038		1,276,177
China Shenhua Energy Co., Ltd., Class H		438,986		977,382
China State Construction International Holdings, Ltd.		1,089,616		1,865,104
CNOOC, Ltd.		498,000		546,391

Description	Shares		Fair Value
Fufeng Group, Ltd.		1,488,000	$	800,067
Green Seal Holding, Ltd.		187,000		775,759
NetEase, Inc. ADR		8,565		2,574,896
New Oriental Education & Technology Group, Inc. Sponsored ADR (a)		35,343		2,491,328
Ping An Insurance (Group) Co. of China, Ltd., Class H		366,900		2,419,024
Tencent Holdings, Ltd.		80,952		2,888,787
Tianyun International Holdings, Ltd.		1,542,000		227,169
Yestar Healthcare Holdings Co., Ltd.		1,702,500		869,680
				34,224,894
Colombia | 0.6%
Bancolombia SA Sponsored ADR		30,680		1,366,794
Egypt | 0.4%
Commercial International Bank Egypt SAE GDR		153,168		689,423
Credit Agricole Egypt SAE		95,792		235,198
				924,621
Georgia | 0.4%
BGEO Group PLC		14,413		656,071
TBC Bank Group PLC		9,247		190,949
				847,020
Hong Kong | 0.7%
Man Wah Holdings, Ltd.		811,760		729,069
NewOcean Energy Holdings, Ltd. (a)		398,000		121,899
TK Group Holdings, Ltd.		270,000		110,006
Tongda Group Holdings, Ltd.		2,420,049		722,484
				1,683,458
Hungary | 0.6%
OTP Bank Nyrt.		39,061		1,306,826
India | 5.3%
Axis Bank, Ltd.		288,592		2,308,143
Bajaj Auto, Ltd.		20,527		886,611
Dewan Housing Finance Corp., Ltd.		126,958		859,006
HCL Technologies, Ltd.		69,649		916,475
ICICI Bank, Ltd. Sponsored ADR		335,362		3,008,197
Kiri Industries, Ltd. (a)		46,246		191,166
Shriram Transport Finance Co., Ltd.		45,961		710,285
Tata Consultancy Services, Ltd.		33,628		1,229,120
Tata Motors, Ltd. Sponsored ADR		40,446		1,335,123
The South Indian Bank, Ltd.		303,931		130,294
Uflex, Ltd.		33,546		199,535
				11,773,955

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)
Indonesia | 2.3%
PT Bank Mandiri (Persero) Tbk		1,753,998	$	1,673,716
PT Bank Pembangunan Daerah Jawa Timur Tbk		1,141,700		57,261
PT Bank Rakyat Indonesia (Persero) Tbk		1,821,200		2,079,702
PT Bekasi Fajar Industrial Estate Tbk		6,088,700		148,767
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		35,184		1,184,645
				5,144,091
Kenya | 0.1%
KCB Group, Ltd.		483,500		175,977
Kuwait | 0.1%
Human Soft Holding Co. KSC		9,409		130,113
Mexico | 2.0%
America Movil SAB de CV, Class L Sponsored ADR		40,234		640,525
Credito Real SAB de CV		4,800		7,465
Grupo Financiero Banorte SAB de CV, Class O		313,600		1,993,873
Grupo Mexico SAB de CV, Series B		139,809		393,418
Kimberly-Clark de Mexico SAB de CV, Series A		373,735		790,767
Nemak SAB de CV		672,800		645,413
				4,471,461
Morocco | 0.1%
Residences Dar Saada		7,658		139,656
Oman | 0.0%
Ooredoo		84,524		98,735
Pakistan | 0.2%
Bank Alfalah, Ltd. (a)		376,000		144,141
Kohinoor Textile Mills, Ltd.		100,000		100,803
Pak Elektron, Ltd.		127,000		133,614
				378,558
Peru | 0.7%
Credicorp, Ltd.		8,413		1,509,208
Philippines | 0.2%
PLDT, Inc. Sponsored ADR		11,840		418,070

Description	Shares		Fair Value
Portugal | 0.7%
Galp Energia SGPS SA		109,483	$	1,662,957
Russia | 4.9%
Detsky Mir PJSC		401,290		638,974
Gazprom PJSC Sponsored ADR		106,727		423,204
LUKOIL PJSC Sponsored ADR (London)		1,056		51,509
LUKOIL PJSC Sponsored ADR (United States)		18,702		912,471
Mobile TeleSystems PJSC Sponsored ADR		103,610		868,252
Novatek OAO Sponsored GDR		11,051		1,233,924
Sberbank of Russia PJSC		686,618		1,700,856
Sberbank of Russia PJSC Sponsored ADR (London)		3,482		36,069
Sberbank of Russia PJSC Sponsored ADR (United States)		155,130		1,611,801
X5 Retail Group NV GDR (a)		48,286		1,674,286
Yandex NV Class A (a)		67,304		1,766,057
				10,917,403
Singapore | 0.4%
BOC Aviation, Ltd.		160,000		846,391
South Africa | 0.7%
Petra Diamonds, Ltd. (a)		470,582		669,472
Standard Bank Group, Ltd.		80,836		890,741
				1,560,213
South Korea | 7.3%
DuzonBizon Co., Ltd.		29,701		798,429
Eugene Technology Co., Ltd.		51,267		814,197
Hanwha Life Insurance Co., Ltd.		64,650		393,597
HS Industries Co., Ltd.		91,092		756,834
Hyundai Mobis Co., Ltd.		5,178		1,131,158
Innocean Worldwide, Inc.		14,610		814,689
KT&G Corp.		5,156		526,904
Mando Corp.		3,460		778,407
NCSoft Corp.		3,430		1,138,128
Nice Information & Telecommunication, Inc.		7,113		163,270
Samjin Pharmaceutical Co., Ltd.		6,516		187,938
Samsung Electronics Co., Ltd.		2,389		4,956,655
Shinhan Financial Group Co., Ltd.		30,193		1,303,466
SK Hynix, Inc.		28,776		1,696,305
Viatron Technologies, Inc.		32,988		710,977
				16,170,954

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

Semi-Annual Report  37

Description	Shares		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Taiwan | 7.0%
Advanced Semiconductor Engineering, Inc.		845,618	$	1,085,628
Catcher Technology Co., Ltd.		83,000		988,741
Egis Technology, Inc. (a)		20,000		137,403
Elite Material Co., Ltd.		181,000		877,935
Gourmet Master Co., Ltd.		82,500		891,100
Hon Hai Precision Industry Co., Ltd. GDR		114,105		877,553
King Slide Works Co., Ltd.		36,000		505,520
Largan Precision Co., Ltd.		10,648		1,692,371
Primax Electronics, Ltd.		370,000		759,179
Realtek Semiconductor Corp.		232,000		830,656
Silicon Motion Technology Corp. ADR		29,317		1,413,959
Sunny Friend Environmental Technology Co., Ltd.		147,000		756,922
Taiwan Semiconductor Manufacturing Co., Ltd.		327,668		2,235,987
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		70,385		2,460,660
				15,513,614
Turkey | 3.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		196,098		1,218,235
Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (a)		1,103,660		922,036
KOC Holding AS ADR		51,504		1,188,197
Soda Sanayii AS		413,939		771,677
Turk Tuborg Bira ve Malt Sanayii AS (a)		74,047		210,303
Turkcell Iletisim Hizmetleri AS ADR		78,627		644,742
Turkiye Garanti Bankasi AS		536,782		1,493,317
Turkiye Is Bankasi AS, C Shares		390,698		827,109
				7,275,616
Ukraine | 0.1%
Kernel Holding SA		8,932		156,281
United Arab Emirates | 0.2%
ADES International Holding, Ltd.		43,156		561,028
Total Common Stocks (Cost $115,526,388)				131,619,869

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds | 4.5%
Argentina | 0.3%
AES Argentina Generacion SA, 7.750%, 02/02/24 (b)	USD		120	$	125,903
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		250		273,125
Genneia SA, 8.750%, 01/20/22 (b)	USD		95		101,015
					500,043
Bangladesh | 0.1%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		175		182,875
Barbados | 0.2%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		495		525,319
Brazil | 0.8%
Gerdau Trade, Inc., 4.750%, 04/15/23	USD		48		47,347
GTL Trade Finance, Inc., 5.893%, 04/29/24	USD		25		25,250
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		1,572		1,759,666
					1,832,263
Canada | 0.0%
First Quantum Minerals, Ltd., 7.000%, 02/15/21 (b)	USD		50		51,250
Chile | 0.3%
AES Gener SA,
8.375%, 12/18/73 (e)	USD		200		213,801
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		124		127,399
VTR Finance BV, 6.875%, 01/15/24	USD		315		333,900
					675,100
China | 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (b)	USD		200		170,000

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)
Colombia | 0.2%
Banco de Bogota SA, 6.250%, 05/12/26 (b)	USD		70	$	74,558
Ecopetrol SA, 5.875%, 09/18/23	USD		130		141,960
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		265		272,420
					488,938
Guatemala | 0.1%
Comcel Trust, 6.875%, 02/06/24	USD		165		175,519
India | 0.3%
Greenko Dutch BV, 8.000%, 08/01/19	USD		300		312,690
Vedanta Resources PLC:
6.000%, 01/31/19	USD		255		263,287
8.250%, 06/07/21	USD		185		201,188
					777,165
Israel | 0.1%
Altice Financing SA, 6.625%, 02/15/23 (b)	USD		280		297,063
Mexico | 0.3%
Banco Mercantil del Norte SA, 1.000%, 12/31/99 (e), (f)	USD		175		180,545
Cemex Finance LLC,  9.375%, 10/12/22	USD		435		462,187
Cemex SAB de CV,  7.750%, 04/16/26	USD		50		57,188
					699,920
Nigeria | 0.2%
IHS Netherlands Holdco BV:
9.500%, 10/27/21 (b)	USD		155		157,891
9.500%, 10/27/21	USD		200		203,731
					361,622
Peru | 0.4%
Cia Minera Ares SAC, 7.750%, 01/23/21	USD		440		468,050
Inkia Energy, Ltd., 8.375%, 04/04/21	USD		250		257,812
InRetail Shopping Malls, 6.500%, 07/09/21	USD		175		186,638
					912,500

Description	Security Currency	Principal Amount (000)		Fair Value
Russia | 0.4%
GTH Finance BV, 7.250%, 04/26/23	USD		400	$	441,204
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		200		203,500
TMK OAO Via TMK Capital SA, 6.750%, 04/03/20	USD		200		211,000
					855,704
Saudi Arabia | 0.1%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (b)	USD		250		255,031
Singapore | 0.2%
Puma International Financing SA, 6.750%, 02/01/21	USD		400		412,920
South Korea | 0.2%
Harvest Operations Corp., 6.875%, 10/01/17	USD		165		164,588
SK E&S Co., Ltd., 4.875%, 11/29/49 (e), (f)	USD		90		90,000
Woori Bank,  4.500%, 09/27/21 (e), (f)	USD		90		89,220
					343,808
Turkey | 0.1%
Turkiye Is Bankasi, 5.000%, 04/30/20	USD		200		201,250
United Arab Emirates | 0.1%
MAF Global Securities, Ltd., 7.125%, 10/29/49 (e), (f)	USD		260		271,375
United States | 0.0%
Sable International Finance, Ltd., 6.875%, 08/01/22 (b)	USD		65		70,200
Total Corporate Bonds (Cost $9,852,125)					10,059,865

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)
Foreign Government Obligations | 15.6%
Argentina | 1.5%
Argentina POM Politica Monetaria, 26.250%, 06/21/20 (e)	ARS		4,450	$	274,339
Republic of Argentina:
22.507%, 10/09/17 (e)	ARS		3,290		196,539
22.635%, 03/01/18 (e)	ARS		3,350		199,331
22.750%, 03/05/18	ARS		2,540		153,064
21.200%, 09/19/18	ARS		2,480		149,883
24.795%, 03/11/19 (e)	ARS		1,300		77,033
7.500%, 04/22/26	USD		930		1,002,075
8.280%, 12/31/33	USD		175		193,656
7.125%, 06/28/2117 (b)	USD		400		363,400
7.125%, 06/28/2117	USD		710		639,007
					3,248,327
Belize | 0.2%
Republic of Belize, 4.938%, 02/20/34 (g)	USD		825		506,344
Brazil | 1.0%
Brazil NTN-B:
6.000%, 08/15/26	BRL		220		203,348
17.984%, 05/15/35	BRL		410		383,293
6.000%, 08/15/50	BRL		560		527,353
Brazil NTN-F:
10.000%, 01/01/21	BRL		962		290,877
10.000%, 01/01/27	BRL		2,760		808,919
					2,213,790
Congo | 0.4%
Republic of Congo, 6.000%, 06/30/29 (g)	USD		1,116		903,739
Egypt | 0.9%
Arab Republic of Egypt:
8.500%, 01/31/47	USD		310		334,490
8.500%, 01/31/47 (b)	USD		620		668,980
Egypt Treasury Bills, 0.000%, 11/07/17	EGP		17,600		907,391
					1,910,861

Description	Security Currency	Principal Amount (000)		Fair Value
El Salvador | 0.4%
Republic of El Salvador:
7.375%, 12/01/19	USD		940	$	950,575
7.750%, 01/24/23	USD		60		60,675
					1,011,250
Ghana | 1.6%
Ghana Government Bonds:
23.230%, 02/19/18	GHS		120		27,998
22.490%, 04/23/18	GHS		20		4,634
23.470%, 05/21/18	GHS		100		23,687
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		160		38,053
21.000%, 01/07/19	GHS		870		201,236
Republic of Ghana:
9.250%, 09/15/22	USD		1,190		1,282,225
7.875%, 08/07/23	USD		755		769,156
8.125%, 01/18/26	USD		1,176		1,198,050
					3,545,039
Hungary | 0.3%
Hungary, 7.625%, 03/29/41	USD		420		625,275
Indonesia | 0.5%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		5,678,000		435,196
8.250%, 07/15/21	IDR		3,084,000		243,162
8.375%, 09/15/26	IDR		4,071,000		336,069
					1,014,427
Malaysia | 0.5%
Malaysia Government Bonds:
3.314%, 10/31/17	MYR		1,320		307,661
4.240%, 02/07/18	MYR		1,490		349,183
3.580%, 09/28/18	MYR		1,640		383,260
					1,040,104
Mexico | 1.0%
Mexican Bonos:
6.500%, 06/10/21	MXN		13,750		755,339
5.750%, 03/05/26	MXN		5,910		304,810
United Mexican States:
4.350%, 01/15/47	USD		600		565,500
5.750%, 10/12/10	USD		690		715,875
					2,341,524
Morocco | 0.2%
Kingdom of Morocco, 5.500%, 12/11/42	USD		320		354,800

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)
Mozambique | 0.5%
Mozambique International Bonds, 10.500%, 01/18/23	USD		1,592	$	1,160,170
Nigeria | 0.1%
Republic of Nigeria, 7.875%, 02/16/32	USD		305		330,925
Oman | 0.4%
Oman Government International Bonds, 6.500%, 03/08/47 (b)	USD		975		994,999
Panama | 0.1%
Republic of Panama, 4.300%, 04/29/53	USD		320		314,400
Paraguay | 0.1%
Republic of Paraguay, 6.100%, 08/11/44	USD		305		338,550
Peru | 0.8%
Republic of Peru, 6.350%, 08/12/28	PEN		5,180		1,695,373
Qatar | 0.3%
Qatar Government International Bonds, 4.625%, 06/02/46	USD		660		668,250
Romania | 0.3%
Romania Government Bonds, 6.125%, 01/22/44	USD		480		610,560
Russia | 1.5%
Russia Foreign Bonds:
5.625%, 04/04/42	USD		200		216,400
5.875%, 09/16/43	USD		400		448,000
Russia Government Bonds - OFZ:
7.500%, 08/18/21	RUB		33,000		552,100
7.750%, 09/16/26	RUB		127,700		2,166,537
					3,383,037

Description	Security Currency	Principal Amount (000)		Fair Value
South Africa | 0.3%
Republic of South Africa, 10.500%, 12/21/26	ZAR		7,500	$	635,805
Turkey | 1.3%
Republic of Turkey:
6.875%, 03/17/36	USD		450		506,250
6.750%, 05/30/40	USD		450		501,453
6.000%, 01/14/41	USD		330		338,250
6.625%, 02/17/45	USD		385		424,944
5.750%, 05/11/47	USD		80		78,200
Turkey Government Bonds:
10.500%, 01/15/20	TRY		1,900		538,525
8.500%, 09/14/22	TRY		1,730		454,571
					2,842,193
Uganda | 0.1%
Uganda Government Bonds, 16.375%, 09/05/19	UGX		486,800		141,368
Ukraine | 0.8%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		1,515		1,563,480
7.750%, 09/01/20	USD		165		168,919
					1,732,399
Uruguay | 0.3%
Republica Orient Uruguay, 5.000%, 09/14/18	UYU		9,007		322,389
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		1,600		57,704
Uruguay Treasury Bills:
0.000%, 09/29/17	UYU		370		12,667
0.000%, 11/10/17	UYU		850		28,592
0.000%, 02/08/18	UYU		3,200		105,908
0.000%, 03/08/18	UYU		3,022		99,232
0.000%, 04/05/18	UYU		920		29,786
0.000%, 06/01/18	UYU		680		21,690
					677,968
Venezuela | 0.2%
Republic of Venezuela:
8.250%, 10/13/24	USD		170		73,950
7.650%, 04/21/25	USD		180		76,500
9.250%, 05/07/28	USD		170		75,225
9.375%, 01/13/34	USD		165		74,415
7.000%, 03/31/38	USD		185		77,700
					377,790

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

Semi-Annual Report  41

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Multi-Asset Portfolio (continued)
Total Foreign Government Obligations (Cost $34,289,230)				$	34,619,267
Quasi Government Bonds | 1.0%
Mexico | 0.3%
Petroleos Mexicanos:
5.625%, 01/23/46	USD		300		265,950
6.750%, 09/21/47	USD		310		313,063
					579,013
South Africa | 0.3%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		375		379,312
6.750%, 08/06/23	USD		370		377,030
					756,342
Ukraine | 0.2%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		450		463,500
Venezuela | 0.2%
Petroleos de Venezuela SA:
6.000%, 05/16/24	USD		270		101,655
6.000%, 11/15/26	USD		280		102,340
5.375%, 04/12/27	USD		280		100,800
5.500%, 04/12/37	USD		275		97,625
					402,420
Total Quasi Government Bonds (Cost $2,201,660)					2,201,275
Supranationals | 0.1%
European Investment Bank, 7.200%, 07/09/19 (b) (Cost $230,861)	IDR		3,000,000		230,400
US Treasury Securities | 5.9%
US Treasury Notes:
0.500%, 07/31/17	USD		2,500		2,499,262
0.625%, 08/31/17	USD		2,500		2,498,550
0.625%, 09/30/17	USD		2,000		1,997,780
0.875%, 10/15/17	USD		1,000		999,385
0.750%, 12/31/17	USD		1,500		1,496,993
0.875%, 01/31/18	USD		3,500		3,494,270
Total US Treasury Securities (Cost $12,989,642)					12,986,240

Description		Shares		Fair Value
Warrants | 0.0%
Brazil | 0.0%
Iochpe Maxion SA, Expires 06/03/19 (Cost $0)			5,284	$	9,251
Short-Term Investments | 14.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $32,111,501)			32,111,501		32,111,501
Description	Counterparty	Number of Contracts		Fair Value
Purchased Options | 0.1%
USD vs INR Sep 17 66.5 Call, Expires 09/27/17	JPMS		12,700	$	6,731
USD vs MXN Aug 17 18.5 Put, Expires 08/04/17	JPMS		62,500		145,000
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		22,100		35,139
USD vs TRY Aug 17 3.57 Put, Expires 08/23/17	JPMS		11,000		18,370
USD vs TRY Aug 17 3.58 Put, Expires 08/21/17	JPMS		16,500		30,360
Total Purchased Options (Cost $143,644)					235,600
Total Investments | 101.0% (Cost $207,345,051) (d), (h)				$	224,073,268
Liabilities in Excess of Cash and Other Assets | (1.0)%					(2,123,324	)
Net Assets | 100.0%				$	221,949,944

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

42  Semi-Annual Report

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
ARS	5,778,610	USD		353,000	BNP	07/24/17		$	—		$	8,691
ARS	9,426,725	USD		581,000	BNP	08/02/17			—			21,868
ARS	1,500,625	USD		87,500	CIT	07/10/17			2,550			—
ARS	3,839,000	USD		220,000	CIT	07/10/17			10,371			—
ARS	3,944,500	USD		230,000	CIT	07/10/17			6,702			—
ARS	3,956,000	USD		230,000	CIT	07/11/17			7,271			—
ARS	2,748,050	USD		170,000	CIT	08/03/17			—			7,086
ARS	2,669,610	USD		159,000	CIT	09/29/17			—			5,451
ARS	7,770,274	USD		460,000	CIT	10/25/17			—			18,526
ARS	7,774,000	USD		460,000	CIT	10/27/17			—			18,712
ARS	7,267,000	USD		430,000	CIT	11/13/17			—			20,626
ARS	3,571,700	USD		220,000	HSB	07/12/17			—			5,887
ARS	5,684,425	USD		328,105	JPM	10/02/17			—			1,678
ARS	3,956,000	USD		226,835	JPM	10/12/17			—			747
BRL	1,594,078	USD		483,464	BRC	07/10/17			—			2,840
BRL	1,726,301	USD		514,086	BRC	09/15/17			—			594
BRL	1,830,255	USD		545,287	BRC	09/15/17			—			873
BRL	1,594,078	USD		483,025	CIT	07/10/17			—			2,401
BRL	1,830,253	USD		545,237	CIT	09/15/17			—			824
BRL	389,026	USD		117,562	JPM	07/05/17			—			135
BRL	1,594,078	USD		483,156	JPM	07/10/17			—			2,533
BRL	1,726,300	USD		514,086	JPM	09/15/17			—			594
BRL	1,830,255	USD		545,449	JPM	09/15/17			—			1,036
BRL	389,026	USD		117,562	SCB	07/05/17			—			135
BRL	778,052	USD		235,189	SCB	07/05/17			—			334
BRL	1,594,078	USD		483,244	SCB	07/10/17			—			2,621
BRL	778,052	USD		231,853	SCB	09/15/17			—			420
BRL	1,726,301	USD		514,346	SCB	09/15/17			—			854
BRL	1,830,255	USD		545,368	SCB	09/15/17			—			954
BRL	309,225	USD		92,663	SCB	02/09/18			—			2,813
BRL	363,944	USD		109,887	SCB	02/09/18			—			4,138
CAD	973,368	USD		736,619	BRC	07/05/17			13,973			—
CAD	973,368	USD		737,568	BRC	07/05/17			13,025			—
CAD	973,367	USD		737,724	CIT	07/05/17			12,867			—
CAD	973,367	USD		736,964	CIT	07/05/17			13,627			—
CAD	293,086	USD		222,589	CIT	07/21/17			3,488			—
CAD	357,520	USD		269,450	JPM	07/05/17			6,244			—
CAD	364,541	USD		270,000	JPM	07/05/17			11,108			—
CAD	973,368	USD		736,730	JPM	07/05/17			13,862			—
CAD	973,368	USD		737,568	JPM	07/05/17			13,025			—
CAD	1,001,344	USD		750,000	JPM	07/05/17			22,165			—
CAD	631,464	USD		480,000	JPM	10/05/17			7,636			—
CAD	973,368	USD		736,563	SCB	07/05/17			14,029			—
CAD	973,368	USD		737,400	SCB	07/05/17			13,192			—

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
CLP	160,428,750	USD		239,000		BNP	07/06/17		$	2,666		$	—
CLP	139,072,500	USD		210,000		BNP	07/14/17			—			550
CLP	275,734,300	USD		415,000		BNP	07/24/17			161			—
CLP	158,222,400	USD		238,000		SCB	08/07/17			142			—
CNY	2,462,808	USD		356,000		HSB	07/26/17			6,838			—
CNY	2,057,677	USD		302,000		HSB	08/11/17			865			—
CNY	2,135,484	USD		312,000		SCB	09/05/17			1,827			—
COP	1,590,550,971	USD		541,188		BRC	09/13/17			—			23,996
COP	1,583,188,750	USD		521,000		CIT	07/31/17			—			3,365
COP	1,590,550,969	USD		541,501		CIT	09/13/17			—			24,309
COP	1,378,946,700	USD		471,000		HSB	08/11/17			—			20,819
COP	1,590,550,971	USD		541,464		JPM	09/13/17			—			24,272
COP	1,590,550,971	USD		541,649		SCB	09/13/17			—			24,457
CZK	11,225,403	EUR		427,000		BNP	08/28/17			3,446			—
CZK	14,047,696	EUR		531,808		CIT	08/02/17			7,070			—
CZK	23,749,650	EUR		890,000		CIT	02/27/18			26,152			—
DOP	11,559,510	USD		241,125		CIT	07/26/17			1,707			—
EGP	7,067,700	USD		371,495		CIT	02/28/18			—			4,521
EUR	753,607	CZK		20,185,374		CIT	02/27/18			—			25,495
EUR	101,000	RON		457,197		JPM	08/01/17			885			—
EUR	209,563	RON		955,628		JPM	08/01/17			80			—
EUR	104,000	USD		118,154		JPM	07/03/17			629			—
GHS	543,375	USD		115,000		BRC	07/17/17			7,725			—
GHS	485,050	USD		109,000		CIT	07/17/17			552			—
GHS	499,400	USD		110,000		SCB	08/31/17			—			363
HUF	32,179,160	EUR		104,000		JPM	07/03/17			217			—
HUF	58,847,650	USD		215,000		BNP	07/03/17			2,623			—
HUF	161,929,110	USD		559,379		BNP	08/29/17			40,799			—
HUF	122,764,500	USD		450,000		BRC	11/06/17			6,492			—
HUF	73,710,000	USD		270,000		CIT	11/06/17			4,086			—
HUF	177,344,720	USD		644,000		JPM	07/03/17			11,834			—
HUF	133,350,300	USD		489,000		JPM	08/03/17			4,718			—
HUF	133,179,150	USD		489,000		JPM	09/05/17			4,764			—
IDR	4,808,227,813	USD		338,013		BRC	12/11/17			16,163			—
IDR	6,156,547,287	USD		433,072		BRC	12/13/17			20,324			—
IDR	4,808,227,813	USD		333,951		BRC	12/27/17			19,613			—
IDR	6,156,547,287	USD		427,568		BRC	12/27/17			25,143			—
IDR	1,226,945,617	USD		86,557		BRC	01/05/18			3,577			—
IDR	1,266,633,065	USD		89,357		BRC	01/05/18			3,692			—
IDR	2,001,159,224	USD		141,026		BRC	01/05/18			5,983			—
IDR	4,923,572,126	USD		358,992		BRC	01/05/18			2,703			—
IDR	5,746,673,598	USD		406,413		BRC	01/05/18			15,749			—
IDR	2,296,338,338	USD		164,789		BRC	01/08/18			3,863			—
IDR	10,413,450,000	USD		730,000		CIT	12/14/17			36,810			—

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
IDR		10,402,500,000	USD		730,000		CIT	12/15/17		$	35,921		$	—
IDR		10,402,500,000	USD		721,794		CIT	12/27/17			43,135			—
IDR		10,402,500,000	USD		721,945		CIT	12/27/17			42,985			—
IDR		3,006,712,151	USD		212,067		CIT	01/05/18			8,812			—
IDR		5,088,006,866	USD		371,008		CIT	01/05/18			2,766			—
IDR		7,582,606,799	USD		535,306		CIT	01/05/18			21,727			—
IDR		9,231,275,977	USD		650,643		CIT	01/05/18			27,504			—
IDR		9,278,332,055	USD		654,231		CIT	01/05/18			27,373			—
IDR		5,576,022,188	USD		391,988		JPM	12/11/17			18,745			—
IDR		4,509,889,709	USD		316,928		JPM	12/13/17			15,200			—
IDR		10,402,500,000	USD		730,000		JPM	12/14/17			36,004			—
IDR		4,509,889,709	USD		313,187		JPM	12/27/17			18,440			—
IDR		5,576,022,188	USD		387,493		JPM	12/27/17			22,530			—
IDR		5,835,916,604	USD		405,216		JPM	12/27/17			23,918			—
IDR		3,775,879,942	USD		266,376		JPM	01/05/18			11,007			—
IDR		3,791,326,736	USD		267,371		JPM	01/05/18			11,147			—
IDR		6,200,107,251	USD		438,282		JPM	01/05/18			17,190			—
IDR		2,628,459,024	USD		188,488		JPM	01/08/18			4,557			—
IDR		10,088,456,136	USD		733,973		JPM	01/08/18			6,963			—
IDR		1,903,330,000	USD		143,000		SCB	07/10/17			—			268
IDR		2,696,354,136	USD		196,027		SCB	01/08/18			2,004			—
IDR		3,020,037,513	USD		216,723		SCB	01/08/18			5,080			—
IDR		3,791,326,736	USD		267,371		UBS	01/05/18			11,147			—
ILS		774,023	USD		218,981		BNP	07/03/17			2,907			—
INR		9,768,000	USD		150,000		BRC	08/16/17			309			—
INR		11,075,440	USD		167,000		BRC	08/16/17			3,428			—
INR		11,122,200	USD		167,000		BRC	08/16/17			4,148			—
INR		44,294,358	USD		647,294		BRC	08/16/17			34,304			—
INR		11,111,750	USD		169,000		BRC	01/05/18			—			1,041
INR		14,847,270	USD		225,300		BRC	01/05/18			—			877
INR		15,134,628	USD		229,800		BRC	01/05/18			—			1,033
INR		11,015,320	USD		167,000		CIT	08/16/17			2,503			—
INR		10,664,181	USD		155,818		JPM	08/16/17			8,282			—
INR		11,088,800	USD		167,000		JPM	08/16/17			3,634			—
INR		11,088,800	USD		167,000		JPM	08/16/17			3,634			—
INR		82,697,980	USD		1,270,000		JPM	09/29/17			—			4,634
INR		11,126,960	USD		169,000		JPM	01/05/18			—			811
INR		31,104,736	USD		471,800		JPM	01/05/18			—			1,638
INR		55,845,910	USD		853,000		SCB	07/24/17			8,878			—
INR		14,232,810	USD		219,000		SCB	08/11/17			156			—
INR		5,220,000	USD		80,000		SCB	08/16/17			325			—
INR		9,822,000	USD		150,000		SCB	08/16/17			1,140			—
INR		10,052,989	USD		146,888		SCB	08/16/17			7,807			—
INR		11,074,605	USD		167,000		SCB	08/16/17			3,415			—

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
INR		11,080,450	USD		167,000		SCB	08/16/17		$	3,505		$	—
INR		11,092,975	USD		167,000		SCB	08/16/17			3,698			—
INR		14,833,752	USD		225,300		SCB	01/05/18			—			1,081
INR		15,132,330	USD		229,800		SCB	01/05/18			—			1,068
INR		11,015,320	USD		167,000		UBS	08/16/17			2,503			—
INR		11,046,215	USD		167,000		UBS	08/16/17			2,978			—
KRW		744,379,235	USD		651,393		BRC	07/06/17			—			791
KRW		744,379,235	USD		651,080		BRC	07/06/17			—			477
KRW		744,379,233	USD		650,681		CIT	07/06/17			—			79
KRW		744,379,234	USD		651,364		CIT	07/06/17			—			762
KRW		512,370,000	USD		450,000		JPM	07/06/17			—			2,178
KRW		744,379,235	USD		651,535		JPM	07/06/17			—			933
KRW		744,379,235	USD		650,966		JPM	07/06/17			—			363
KRW		1,321,246,000	USD		1,180,000		JPM	07/06/17			—			25,205
KRW		607,041,000	USD		540,000		JPM	07/12/17			—			9,402
KRW		302,602,500	USD		270,000		SCB	07/06/17			—			5,519
KRW		744,379,235	USD		651,650		SCB	07/06/17			—			1,047
KRW		744,379,235	USD		651,250		SCB	07/06/17			—			648
KZT		160,767,650	USD		509,000		SCB	07/31/17			—			12,612
KZT		88,303,500	USD		270,000		SCB	08/28/17			880			—
MXN		7,722,728	USD		422,764		BRC	07/19/17			1,814			—
MXN		7,722,729	USD		422,762		BRC	07/19/17			1,815			—
MXN		2,857,316	USD		149,000		CIT	11/27/17			4,952			—
MXN		7,722,728	USD		422,642		JPM	07/19/17			1,935			—
MXN		7,722,728	USD		422,758		SCB	07/19/17			1,820			—
PEN		1,667,955	USD		510,000		BRC	07/19/17			3,345			—
PEN		1,013,959	USD		307,680		CIT	08/16/17			3,388			—
PEN		855,509	USD		261,584		JPM	07/19/17			1,715			—
PEN		778,549	USD		238,416		SCB	07/19/17			1,197			—
PEN		769,626	USD		234,000		SCB	07/21/17			2,811			—
PHP		32,266,000	USD		650,000		SCB	08/14/17			—			11,746
PLN		655,732	EUR		154,000		CIT	07/19/17			925			—
PLN		1,289,012	USD		345,552		BOA	07/19/17			2,275			—
PLN		1,289,014	USD		345,222		BRC	07/19/17			2,605			—
PLN		1,289,014	USD		345,222		CIT	07/19/17			2,605			—
PLN		1,289,014	USD		345,302		JPM	07/19/17			2,525			—
PLN		2,635,601	USD		708,000		JPM	07/19/17			3,189			—
PLN		1,289,014	USD		345,182		SCB	07/19/17			2,645			—
RON		872,991	USD		217,000		CIT	08/01/17			1,883			—
RON		1,375,664	USD		322,358		CIT	08/01/17			22,559			—
RON		1,992,289	USD		469,769		CIT	08/01/17			29,754			—
RON		1,955,128	USD		462,074		CIT	11/09/17			29,373			—
RSD		11,417,220	USD		108,000		BNP	09/05/17			—			278
RUB		30,163,912	USD		523,802		BRC	07/10/17			—			12,874

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

46  Semi-Annual Report

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
RUB		122,191,746	USD		2,021,954		BRC	10/05/17		$	11,474		$	—
RUB		30,163,910	USD		523,815		CIT	07/10/17			—			12,887
RUB		6,030,090	USD		99,000		CIT	09/11/17			1,782			—
RUB		31,233,280	USD		531,902		CIT	09/11/17			—			9,897
RUB		11,578,000	USD		200,000		JPM	07/10/17			—			3,887
RUB		9,445,700	USD		155,000		JPM	09/11/17			2,867			—
RUB		30,163,912	USD		523,834		SCB	07/10/17			—			12,906
RUB		30,163,912	USD		524,016		UBS	07/10/17			—			13,088
THB		22,151,066	USD		653,000		SCB	07/17/17			—			923
TRY		523,804	USD		144,677		BOA	09/19/17			982			—
TRY		523,804	USD		144,717		BRC	09/19/17			942			—
TRY		175,675	USD		49,000		CIT	09/05/17			40			—
TRY		262,574	USD		73,000		HSB	07/06/17			1,565			—
TRY		2,094,845	USD		581,014		JPM	09/05/17			3,769			—
TRY		523,802	USD		144,677		JPM	09/19/17			982			—
TRY		2,492,832	USD		691,397		SCB	09/05/17			4,485			—
TRY		523,804	USD		144,635		SCB	09/19/17			1,024			—
TWD		19,751,953	USD		648,668		BRC	07/06/17			661			—
TWD		19,751,954	USD		648,264		CIT	07/06/17			1,066			—
TWD		39,503,906	USD		1,296,060		CIT	07/06/17			2,599			—
TWD		13,347,400	USD		440,000		JPM	07/06/17			—			1,215
TWD		19,436,520	USD		638,414		JPM	07/06/17			546			—
TWD		19,751,953	USD		648,988		JPM	07/06/17			341			—
TWD		32,713,200	USD		1,080,000		JPM	07/06/17			—			4,580
TWD		8,121,600	USD		270,000		SCB	07/06/17			—			3,009
TWD		19,751,953	USD		648,668		SCB	07/06/17			661			—
TWD		20,067,387	USD		659,461		UBS	07/06/17			238			—
USD		69,191	ARS		1,124,700		CIT	07/10/17			1,700			—
USD		150,000	ARS		2,475,000		JPM	07/10/17			1,480			—
USD		341,304	ARS		5,684,425		JPM	07/10/17			193			—
USD		237,241	ARS		3,956,000		JPM	07/11/17			—			30
USD		60,000	ARS		1,047,600		JPM	10/25/17			480			—
USD		360,000	BRL		1,197,410		BRC	07/10/17			—			1,026
USD		521,226	BRL		1,726,301		BRC	07/10/17			736			—
USD		285,850	BRL		1,001,331		BRC	02/09/18			—			5,101
USD		8,000	BRL		26,456		CIT	07/17/17			35			—
USD		235,000	BRL		786,146		CIT	07/17/17			—			1,677
USD		117,594	BRL		389,026		JPM	07/05/17			167			—
USD		521,226	BRL		1,726,300		JPM	07/10/17			736			—
USD		466,242	BRL		1,638,143		JPM	02/09/18			—			9,742
USD		117,594	BRL		389,026		SCB	07/05/17			167			—
USD		235,239	BRL		778,052		SCB	07/05/17			383			—
USD		521,541	BRL		1,726,301		SCB	07/10/17			1,051			—
USD		131,666	BRL		461,119		SCB	02/09/18			—			2,319

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

Semi-Annual Report  47

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		466,242	BRL		1,637,770		UBS	02/09/18		$	—		$	9,634
USD		161,898	CAD		213,172		BRC	07/05/17			—			2,484
USD		178,147	CAD		237,258		BRC	07/05/17			—			4,809
USD		223,141	CAD		297,799		BRC	07/05/17			—			6,500
USD		229,403	CAD		313,717		BRC	07/05/17			—			12,514
USD		429,741	CAD		569,951		BRC	07/05/17			—			9,764
USD		650,935	CAD		858,127		BRC	07/05/17			—			10,792
USD		873,327	CAD		1,158,695		BRC	07/05/17			—			20,176
USD		969,303	CAD		1,278,319		BRC	07/05/17			—			16,446
USD		737,791	CAD		973,368		BRC	10/05/17			—			13,873
USD		738,808	CAD		973,368		BRC	10/12/17			—			12,912
USD		301,853	CAD		401,719		CIT	07/05/17			—			7,925
USD		216,000	CAD		293,086		CIT	07/21/17			—			10,077
USD		738,137	CAD		973,367		CIT	10/05/17			—			13,526
USD		738,983	CAD		973,367		CIT	10/12/17			—			12,736
USD		279,002	CAD		381,539		JPM	07/05/17			—			15,213
USD		535,458	CAD		715,040		JPM	07/05/17			—			15,930
USD		680,259	CAD		902,295		JPM	07/05/17			—			15,527
USD		737,875	CAD		973,368		JPM	10/05/17			—			13,789
USD		738,822	CAD		973,368		JPM	10/12/17			—			12,898
USD		231,595	CAD		316,734		SCB	07/05/17			—			12,648
USD		737,707	CAD		973,368		SCB	10/05/17			—			13,957
USD		738,637	CAD		973,368		SCB	10/12/17			—			13,083
USD		170,697	CAD		225,069		UBS	07/05/17			—			2,860
USD		261,859	CAD		349,398		UBS	07/05/17			—			7,572
USD		978,102	CAD		1,291,515		UBS	07/05/17			—			17,823
USD		241,519	CLP		160,428,750		SCB	07/06/17			—			148
USD		139,523	COP		432,242,564		BRC	09/13/17			—			1,027
USD		140,000	COP		427,992,600		JPM	09/13/17			832			—
USD		170,477	COP		528,819,344		UBS	09/13/17			—			1,477
USD		146,000	CZK		3,564,276		CIT	02/27/18			—			12,478
USD		429,267	EUR		381,700		CIT	08/28/17			—			7,900
USD		118,334	EUR		104,000		JPM	08/01/17			—			614
USD		116,245	GHS		543,375		CIT	07/17/17			—			6,480
USD		594,039	HUF		161,929,110		BNP	08/29/17			—			6,139
USD		720,759	HUF		205,380,379		BOA	11/06/17			—			42,934
USD		242,378	HUF		69,235,239		BRC	11/06/17			—			15,069
USD		359,975	HUF		102,690,189		BRC	11/06/17			—			21,871
USD		720,835	HUF		205,380,379		BRC	11/06/17			—			42,858
USD		337,622	HUF		96,384,366		CIT	11/06/17			—			20,777
USD		359,988	HUF		102,690,191		CIT	11/06/17			—			21,859
USD		720,812	HUF		205,380,379		CIT	11/06/17			—			42,881
USD		982,866	HUF		268,371,530		JPM	07/03/17			—			9,592
USD		359,988	HUF		102,690,189		SCB	11/06/17			—			21,859

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

48  Semi-Annual Report

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		720,380	HUF		205,380,379		SCB	11/06/17		$	—		$	43,313
USD		360,114	HUF		102,690,189		UBS	11/06/17			—			21,733
USD		360,114	HUF		102,690,189		UBS	11/06/17			—			21,733
USD		720,709	HUF		205,380,379		UBS	11/06/17			—			42,985
USD		334,718	IDR		4,808,227,813		BRC	12/11/17			—			19,458
USD		428,371	IDR		6,156,547,287		BRC	12/13/17			—			25,025
USD		174,700	IDR		2,371,552,500		BRC	01/05/18			481			—
USD		233,000	IDR		3,169,382,500		BRC	01/05/18			171			—
USD		234,695	IDR		3,193,024,523		BRC	01/05/18			129			—
USD		236,700	IDR		3,216,279,600		BRC	01/05/18			426			—
USD		48,000	IDR		659,520,000		BRC	01/08/18			—			438
USD		48,000	IDR		664,560,000		BRC	01/08/18			—			808
USD		48,000	IDR		669,744,000		BRC	01/08/18			—			1,189
USD		319,103	IDR		4,577,533,396		CIT	12/14/17			—			17,971
USD		723,149	IDR		10,402,500,000		CIT	12/14/17			—			42,855
USD		723,225	IDR		10,402,500,000		CIT	12/15/17			—			42,697
USD		304,628	IDR		4,144,469,654		CIT	01/05/18			168			—
USD		48,000	IDR		659,760,000		CIT	01/08/18			—			455
USD		136,000	IDR		1,893,120,000		HSB	04/26/18			—			1,595
USD		388,167	IDR		5,576,022,188		JPM	12/11/17			—			22,565
USD		313,731	IDR		4,509,889,709		JPM	12/13/17			—			18,397
USD		405,836	IDR		5,835,916,604		JPM	12/14/17			—			23,901
USD		174,700	IDR		2,375,920,000		JPM	01/05/18			160			—
USD		420,000	IDR		5,700,660,000		JPM	01/05/18			1,219			—
USD		1,180,000	IDR		16,289,900,000		JPM	01/05/18			—			16,687
USD		48,000	IDR		661,584,000		JPM	01/08/18			—			589
USD		48,000	IDR		660,720,000		JPM	01/08/18			—			526
USD		48,000	IDR		662,304,000		JPM	01/08/18			—			642
USD		211,877	IDR		2,884,700,590		SCB	01/05/18			—			39
USD		233,000	IDR		3,167,635,000		SCB	01/05/18			300			—
USD		236,700	IDR		3,216,753,000		SCB	01/05/18			391			—
USD		48,000	IDR		662,880,000		SCB	01/08/18			—			685
USD		48,000	IDR		662,640,000		UBS	01/08/18			—			667
USD		48,000	IDR		660,960,000		UBS	01/08/18			—			543
USD		219,070	ILS		774,023		BNP	07/03/17			—			2,818
USD		230,000	INR		14,907,450		JPM	08/16/17			605			—
USD		130,000	INR		8,553,350		JPM	01/05/18			712			—
USD		440,000	JPY		48,698,443		CIT	08/30/17			6,014			—
USD		161,209	KRW		192,967,412		BRC	07/06/17			—			7,448
USD		460,501	KRW		555,428,436		BRC	07/06/17			—			24,955
USD		577,538	KRW		695,246,104		BRC	07/06/17			—			30,121
USD		653,325	KRW		744,379,235		BRC	01/08/18			650			—
USD		652,976	KRW		744,379,235		BRC	01/12/18			267			—
USD		265,492	KRW		312,298,451		CIT	07/06/17			—			7,463

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

Semi-Annual Report  49

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		266,231	KRW		320,755,061		CIT	07/06/17		$	—		$	14,115
USD		536,474	KRW		640,817,679		CIT	07/06/17			—			23,614
USD		540,626	KRW		643,128,333		CIT	07/06/17			—			21,481
USD		653,279	KRW		744,379,234		CIT	01/08/18			605			—
USD		652,564	KRW		744,379,233		CIT	01/12/18			—			145
USD		253,407	KRW		303,492,800		JPM	07/06/17			—			11,852
USD		266,231	KRW		320,249,222		JPM	07/06/17			—			13,673
USD		270,313	KRW		321,834,479		JPM	07/06/17			—			10,977
USD		294,371	KRW		334,994,039		JPM	07/06/17			1,579			—
USD		432,317	KRW		517,082,966		JPM	07/06/17			—			19,624
USD		855,119	KRW		1,030,931,501		JPM	07/06/17			—			45,936
USD		653,451	KRW		744,379,235		JPM	01/08/18			777			—
USD		652,861	KRW		744,379,235		JPM	01/12/18			152			—
USD		202,008	KRW		237,621,799		SCB	07/06/17			—			5,678
USD		253,301	KRW		303,492,800		SCB	07/06/17			—			11,958
USD		299,061	KRW		355,781,433		SCB	07/06/17			—			11,899
USD		405,629	KRW		461,727,650		SCB	07/06/17			2,070			—
USD		450,601	KRW		543,402,212		SCB	07/06/17			—			24,343
USD		653,538	KRW		744,379,235		SCB	01/08/18			863			—
USD		653,136	KRW		744,379,235		SCB	01/12/18			427			—
USD		100,000	MXN		1,801,581		JPM	07/19/17			953			—
USD		41,940	PEN		138,904		BRC	07/19/17			—			811
USD		83,717	PEN		277,440		BRC	07/19/17			—			1,670
USD		68,167	PEN		227,745		BRC	11/09/17			—			1,101
USD		190,000	PEN		619,495		CIT	07/19/17			—			661
USD		41,833	PEN		139,828		JPM	11/09/17			—			695
USD		51,750	PEN		170,852		SCB	07/19/17			—			833
USD		148,128	PEN		490,009		SCB	07/19/17			—			2,681
USD		194,056	PEN		644,265		SCB	07/19/17			—			4,229
USD		110,000	PLN		411,251		BOA	07/19/17			—			972
USD		461,006	RON		1,955,128		CIT	08/01/17			—			29,199
USD		467,119	RON		1,955,128		CIT	11/09/17			—			24,327
USD		336,259	RUB		19,264,259		BOA	07/19/17			10,537			—
USD		2,057,793	RUB		122,191,746		BRC	07/10/17			—			11,938
USD		87,451	RUB		5,181,035		BRC	07/19/17			—			150
USD		94,254	RUB		5,579,819		BRC	07/19/17			—			90
USD		148,397	RUB		8,877,186		BRC	07/19/17			—			1,699
USD		336,376	RUB		19,264,259		BRC	07/19/17			10,654			—
USD		336,147	RUB		19,264,261		CIT	07/19/17			10,425			—
USD		170,000	RUB		10,041,900		JPM	07/10/17			—			94
USD		336,203	RUB		19,264,259		JPM	07/19/17			10,481			—
USD		267,212	RUB		15,530,627		JPM	09/11/17			7,647			—
USD		74,076	RUB		4,441,140		SCB	07/19/17			—			1,015
USD		148,356	RUB		8,877,186		SCB	07/19/17			—			1,740

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

50  Semi-Annual Report

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		336,320	RUB		19,264,259		SCB	07/19/17		$	10,598		$	—
USD		74,563	TRY		262,574		CIT	07/06/17			—			2
USD		160,000	TRY		573,643		CIT	09/05/17			—			134
USD		221,366	TWD		6,960,860		BRC	07/06/17			—			7,466
USD		238,728	TWD		7,630,948		BRC	07/06/17			—			12,133
USD		240,356	TWD		7,660,143		BRC	07/06/17			—			11,465
USD		386,994	TWD		11,665,943		BRC	07/06/17			3,486			—
USD		454,642	TWD		14,459,900		BRC	07/06/17			—			20,715
USD		490,667	TWD		15,617,943		BRC	07/06/17			—			22,760
USD		650,806	TWD		19,751,953		BRC	01/08/18			—			3,624
USD		183,006	TWD		5,515,791		CIT	07/06/17			1,679			—
USD		650,206	TWD		19,751,954		CIT	01/08/18			—			4,224
USD		1,299,086	TWD		39,503,906		CIT	01/12/18			—			10,037
USD		248,634	TWD		7,817,046		JPM	07/06/17			—			8,345
USD		265,705	TWD		8,468,003		JPM	07/06/17			—			12,674
USD		267,108	TWD		8,503,389		JPM	07/06/17			—			12,434
USD		454,785	TWD		14,459,900		JPM	07/06/17			—			20,572
USD		460,000	TWD		14,756,800		JPM	07/06/17			—			25,118
USD		716,811	TWD		23,117,165		JPM	07/06/17			—			43,147
USD		800,423	TWD		25,584,153		JPM	07/06/17			—			40,636
USD		650,913	TWD		19,751,953		JPM	01/08/18			—			3,517
USD		639,675	TWD		19,436,520		JPM	01/12/18			—			4,434
USD		70,849	TWD		2,266,814		SCB	07/06/17			—			3,671
USD		187,351	TWD		6,039,267		SCB	07/06/17			—			11,185
USD		372,224	TWD		11,834,354		SCB	07/06/17			—			16,820
USD		623,940	TWD		19,839,407		SCB	07/06/17			—			28,265
USD		650,591	TWD		19,751,953		SCB	01/08/18			—			3,838
USD		661,090	TWD		20,067,387		UBS	01/12/18			—			3,925
USD		226,000	UGX		836,087,000		CIT	08/28/17			—			2,198
USD		153,000	UGX		580,329,000		CIT	09/14/17			—			4,473
USD		32,439	UGX		118,176,000		SCB	08/28/17			185			—
USD		121,768	ZAR		1,570,500		BRC	07/05/17			1,722			—
USD		474,872	ZAR		6,207,048		BRC	07/10/17			824			—
USD		122,028	ZAR		1,570,499		CIT	07/05/17			1,982			—
USD		121,905	ZAR		1,570,500		JPM	07/05/17			1,859			—
USD		667,000	ZAR		8,705,511		JPM	07/05/17			1,568			—
USD		673,000	ZAR		8,767,245		JPM	07/05/17			2,849			—
USD		474,908	ZAR		6,207,048		JPM	07/10/17			861			—
USD		122,075	ZAR		1,570,500		SCB	07/05/17			2,030			—
USD		675,866	ZAR		8,818,226		SCB	07/05/17			1,819			—
USD		117,000	ZAR		1,527,002		SCB	08/18/17			1,146			—
USD		150,000	ZAR		1,976,006		UBS	10/05/17			1,254			—
ZAR		6,514,596	USD		495,388		BRC	07/05/17			2,575			—
ZAR		3,768,728	USD		279,175		BRC	07/10/17			8,652			—

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

Semi-Annual Report  51

Lazard Emerging Markets Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
ZAR		1,570,500	USD		119,940		BRC	10/05/17		$	—		$	1,718
ZAR		6,207,048	USD		468,068		BRC	10/05/17			—			824
ZAR		6,514,596	USD		495,324		CIT	07/05/17			2,639			—
ZAR		2,888,227	USD		217,000		CIT	07/17/17			3,318			—
ZAR		1,570,499	USD		120,200		CIT	10/05/17			—			1,979
ZAR		6,514,597	USD		495,256		HSB	07/05/17			2,707			—
ZAR		6,514,596	USD		494,579		JPM	07/05/17			3,384			—
ZAR		5,169,442	USD		383,333		JPM	07/10/17			11,470			—
ZAR		1,570,500	USD		120,087		JPM	10/05/17			—			1,866
ZAR		6,207,048	USD		468,138		JPM	10/05/17			—			895
ZAR		6,514,596	USD		494,542		SCB	07/05/17			3,421			—
ZAR		3,475,926	USD		257,491		SCB	07/10/17			7,974			—
ZAR		2,860,532	USD		215,000		SCB	08/18/17			2,030			—
ZAR		1,570,500	USD		120,248		SCB	10/05/17			—			2,027
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$	1,307,631		$	2,133,223

Written Options open at June 30, 2017:

Description	Counterparty	Number of Contracts	Strike Price	Expiration Date	Premiums	Fair Value
USD vs INR Sep 17 64.3 Put	JPMS	12,700	$ 64.30	09/27/17	$ 5,869	$ (5,869)

Credit Default Swap Agreements open at June 30, 2017: 

Referenced Obligation	Counterparty	Notional Amount	Expiration Date	Buy/ Sell	Receive (Pay) Rate	S&P Credit Rating	Fair Value	Upfront Premiums Paid (Received)	Unrealized Appreciation
CDX EM 27	BRC	1,000,000	06/20/22	Buy	(1.000)%	CCC- AA-	$ 45,601	$ 45,580	$ 21

Interest Rate Swap Agreements open at June 30, 2017: 

Currency	Counterparty	Notional Amount		Expiration Date	Receive (Pay) Rate			Variable Rate		Unrealized Appreciation
BRL	JPM		523,863	07/01/20		10.01	%		Brazil Cetip Interbank Deposit Rate	$	1,188
BRL	JPM		972,619	07/01/20		10.02			Brazil Cetip Interbank Deposit Rate		2,291
BRL	JPM		6,851,853	01/04/21		11.05			Brazil Cetip Interbank Deposit Rate		55,005
ZAR	JPM		6,150,000	06/01/27		7.85			South Africa Interbank Deposit Rate		5,887
Total gross unrealized appreciation on Interest Rate Swap Agreements										$	64,371

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

52  Semi-Annual Report

Lazard Emerging Markets Multi-Asset Portfolio (concluded)

Futures Contracts open at June 30, 2017:

Short	Number of Contracts	Expiration Date	Notional Amount	Fair Value		Unrealized Appreciation
10-Year US Treasury Notes	3	09/20/17	$381,461		$376,594		$4,867
5-Year US Treasury Notes	5	09/29/17	589,986		589,180		806
Total gross unrealized appreciation on Futures Contracts							$5,673

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

Semi-Annual Report  53

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds | 6.0%
Argentina | 1.0%
AES Argentina Generacion SA, 7.750%, 02/02/24 (b)	USD		630	$	660,990
Empresa Distribuidora Y Comercializadora Norte, 9.750%, 10/25/22	USD		875		952,263
Genneia SA, 8.750%, 01/20/22 (b)	USD		320		340,262
Petrobras Argentina SA, 7.375%, 07/21/23	USD		620		654,019
					2,607,534
Barbados | 0.2%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		600		636,750
Brazil | 1.8%
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		4,473		5,006,987
Chile | 0.2%
AES Gener SA, 8.375%, 12/18/73 (e)	USD		590		630,712
Colombia | 0.1%
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		290		298,120
Georgia | 0.2%
BGEO Group JSC, 6.000%, 07/26/23	USD		375		380,625
Guatemala | 0.3%
Central American Bottling Corp., 5.750%, 01/31/27 (b)	USD		370		391,923
Comcel Trust, 6.875%, 02/06/24	USD		295		313,806
					705,729
India | 0.7%
Greenko Dutch BV, 8.000%, 08/01/19	USD		565		588,899

Description	Security Currency	Principal Amount (000)		Fair Value
Neerg Energy, Ltd., 6.000%, 02/13/22 (b)	USD		675	$	689,344
Vedanta Resources PLC: 6.000%, 01/31/19	USD		295		304,588
6.375%, 07/30/22 (b)	USD		450		451,440
					2,034,271
Mexico | 0.2%
Cemex SAB de CV, 7.750%, 04/16/26	USD		460		526,125
Peru | 0.1%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		960		305,313
Russia | 0.9%
Evraz Group SA: 8.250%, 01/28/21	USD		600		668,088
5.375%, 03/20/23 (b)	USD		475		475,594
GTH Finance BV, 7.250%, 04/26/23	USD		770		849,317
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		600		610,500
					2,603,499
Turkey | 0.3%
Turkiye Garanti Bankasi, 4.750%, 10/17/19	USD		300		306,750
Turkiye Is Bankasi, 5.500%, 04/21/19	USD		590		605,488
					912,238
Total Corporate Bonds (Cost $15,991,506)					16,647,903
Foreign Government Obligations | 81.7%
Angola | 0.2%
Republic of Angola, 9.500%, 11/12/25 (b)	USD		387		406,834
Republic of Angola Northern Lights III BV, 7.000%, 08/17/19	USD		183		188,213
					595,047
Argentina | 4.9%
Argentina POM Politica Monetaria, 26.250%, 06/21/20 (e)	ARS		7,500		462,369

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

54  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Republic of Argentina:
22.635%, 03/01/18 (e)	ARS		4,080	$	242,767
22.750%, 03/05/18	ARS		15,700		946,106
21.200%, 09/19/18	ARS		2,120		128,126
22.420%, 03/11/19 (e)	ARS		1,010		59,848
5.625%, 01/26/22	USD		2,570		2,634,250
7.500%, 04/22/26	USD		1,910		2,058,025
15.500%, 10/17/26	ARS		20,610		1,371,872
6.875%, 01/26/27	USD		1,710		1,771,560
7.125%, 07/06/36	USD		605		600,462
7.625%, 04/22/46	USD		1,365		1,397,077
7.125%, 06/28/2117	USD		1,530		1,377,015
7.125%, 06/28/2117 (b)	USD		750		681,375
					13,730,852
Azerbaijan | 0.4%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		1,105		1,105,000
Belarus | 0.2%
Republic of Belarus, 6.875%, 02/28/23 (b)	USD		460		468,740
Belize | 0.2%
Republic of Belize, 4.938%, 02/20/34 (g)	USD		697		427,784
Brazil | 8.9%
Brazil Letras do Tesouro Nacional:
0.000%, 01/01/19	BRL		15,240		4,048,449
0.000%, 01/01/20	BRL		9,170		2,203,959
0.000%, 07/01/20	BRL		16,700		3,804,822
Brazil NTN-B, 6.000%, 08/15/50	BRL		3,148		2,964,857
Brazil NTN-F:
10.000%, 01/01/21	BRL		14,050		4,248,257
10.000%, 01/01/23	BRL		8,550		2,552,694
10.000%, 01/01/25	BRL		1,200		353,905
10.000%, 01/01/27	BRL		6,465		1,894,804
Federal Republic of Brazil:
4.250%, 01/07/25	USD		375		368,659
6.000%, 04/07/26	USD		610		658,190
8.250%, 01/20/34	USD		610		762,500
5.000%, 01/27/45	USD		1,170		1,023,750
					24,884,846

Description	Security Currency	Principal Amount (000)		Fair Value
Cameroon | 0.1%
Republic of Cameroon, 9.500%, 11/19/25	USD		225	$	265,500
Chile | 1.1%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 02/28/21	CLP		110,000		173,328
4.500%, 03/01/26	CLP		1,030,000		1,592,920
5.000%, 03/01/35	CLP		365,000		582,183
Republic of Chile, 3.860%, 06/21/47	USD		630		631,575
					2,980,006
Colombia | 4.2%
Colombian Titulos De Tesoreria:
11.000%, 07/24/20	COP		2,467,000		930,438
10.000%, 07/24/24	COP		15,887,500		6,335,220
7.500%, 08/26/26	COP		6,127,000		2,142,581
Republic of Colombia:
7.375%, 09/18/37	USD		1,115		1,434,169
6.125%, 01/18/41	USD		60		69,150
5.000%, 06/15/45	USD		870		875,220
					11,786,778
Costa Rica | 0.2%
Republic of Costa Rica:
5.625%, 04/30/43	USD		315		282,713
7.158%, 03/12/45	USD		250		262,500
					545,213
Czech Republic | 1.0%
Czech Republic:
1.500%, 10/29/19	CZK		13,680		622,537
2.500%, 08/25/28	CZK		45,550		2,283,151
					2,905,688
Dominican Republic | 1.1%
Dominican Republic:
7.500%, 05/06/21	USD		535		589,169
5.500%, 01/27/25	USD		705		728,794
6.875%, 01/29/26	USD		210		233,887
6.875%, 01/29/26 (b)	USD		405		451,069
7.450%, 04/30/44	USD		655		747,518
6.850%, 01/27/45	USD		355		378,519
					3,128,956

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

Semi-Annual Report  55

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Ecuador | 0.9%
Republic of Ecuador:
10.500%, 03/24/20	USD		200	$	209,750
10.500%, 03/24/20 (b)	USD		210		220,237
10.750%, 03/28/22	USD		928		989,480
10.750%, 03/28/22 (b)	USD		325		346,531
7.950%, 06/20/24	USD		210		195,563
9.650%, 12/13/26	USD		600		601,900
					2,563,461
Egypt | 1.0%
Arab Republic of Egypt:
5.750%, 04/29/20	USD		295		302,375
6.125%, 01/31/22 (b)	USD		500		510,625
5.875%, 06/11/25	USD		490		478,363
8.500%, 01/31/47 (b)	USD		1,290		1,391,910
					2,683,273
El Salvador | 1.2%
Republic of El Salvador:
7.375%, 12/01/19	USD		1,725		1,744,406
7.750%, 01/24/23	USD		345		348,881
5.875%, 01/30/25	USD		236		212,105
6.375%, 01/18/27	USD		220		198,275
8.625%, 02/28/29	USD		155		161,006
8.250%, 04/10/32	USD		145		143,913
7.650%, 06/15/35	USD		280		262,500
7.625%, 02/01/41	USD		170		157,250
					3,228,336
Ethiopia | 0.1%
Federal Republic of Ethiopia, 6.625%, 12/11/24	USD		270		266,625
Gabon | 0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		620		603,725
Ghana | 2.3%
Ghana Government Bonds:
23.230%, 02/19/18	GHS		460		107,327
22.490%, 04/23/18	GHS		150		34,753
23.470%, 05/21/18	GHS		390		92,377
19.040%, 09/24/18	GHS		50		11,392
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		440		104,645
21.000%, 01/07/19	GHS		2,930		677,727

Description	Security Currency	Principal Amount (000)		Fair Value
Republic of Ghana:
9.250%, 09/15/22	USD		1,555	$	1,675,512
7.875%, 08/07/23	USD		1,630		1,660,562
8.125%, 01/18/26	USD		2,005		2,042,594
					6,406,889
Guatemala | 0.2%
Republic of Guatemala, 4.500%, 05/03/26	USD		671		678,106
Honduras | 0.3%
Republic of Honduras: 8.750%, 12/16/20	USD		310		352,238
6.250%, 01/19/27 (b)	USD		515		531,737
					883,975
Hungary | 1.1%
Hungary Government Bonds:
6.000%, 11/24/23	HUF		311,220		1,410,423
5.500%, 06/24/25	HUF		383,360		1,695,079
					3,105,502
Indonesia | 5.0%
Indonesia Government Bonds:
7.875%, 04/15/19	IDR		20,328,000		1,558,061
8.375%, 03/15/24	IDR		16,703,000		1,351,461
8.375%, 09/15/26	IDR		34,368,000		2,837,143
9.000%, 03/15/29	IDR		3,987,000		339,860
8.750%, 05/15/31	IDR		39,099,000		3,294,995
8.375%, 03/15/34	IDR		14,838,000		1,192,384
8.250%, 05/15/36	IDR		25,137,000		2,013,412
Republic of Indonesia:
7.750%, 01/17/38	USD		625		864,062
6.750%, 01/15/44	USD		450		579,055
					14,030,433
Iraq | 0.3%
Republic of Iraq, 5.800%, 01/15/28	USD		845		747,825
Ivory Coast | 0.5%
Ivory Coast:
5.750%, 12/31/32	USD		1,293		1,239,299
6.125%, 06/15/33 (b)	USD		200		192,500
					1,431,799
Jordan | 0.2%
Kingdom of Jordan:
6.125%, 01/29/26 (b)	USD		155		158,488
5.750%, 01/31/27 (b)	USD		400		397,600
					556,088

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

56  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Kazakhstan | 0.6%
Republic of Kazakhstan:
3.875%, 10/14/24	USD		515	$	522,210
6.500%, 07/21/45 (b)	USD		1,045		1,235,713
					1,757,923
Kenya | 0.3%
Republic of Kenya, 6.875%, 06/24/24	USD		750		765,938
Lebanon | 1.3%
Lebanese Republic:
5.450%, 11/28/19	USD		1,210		1,211,512
8.250%, 04/12/21	USD		1,080		1,165,050
6.000%, 01/27/23	USD		380		376,675
6.650%, 04/22/24	USD		755		762,550
					3,515,787
Malaysia | 3.5%
Malaysia Government Bonds:
3.260%, 03/01/18	MYR		1,540		358,848
3.654%, 10/31/19	MYR		4,130		966,608
4.048%, 09/30/21	MYR		18,570		4,376,553
3.620%, 11/30/21	MYR		1,330		308,179
3.795%, 09/30/22	MYR		7,300		1,699,195
3.955%, 09/15/25	MYR		1,420		329,392
4.498%, 04/15/30	MYR		4,070		948,466
4.254%, 05/31/35	MYR		2,950		660,994
					9,648,235
Mexico | 5.8%
Mexican Bonos:
5.000%, 12/11/19	MXN		133,052		7,066,611
10.000%, 12/05/24	MXN		8,857		582,051
7.750%, 05/29/31	MXN		45,880		2,712,566
10.000%, 11/20/36	MXN		34,719		2,491,163
7.750%, 11/13/42	MXN		24,960		1,460,391
United Mexican States:
6.050%, 01/11/40	USD		580		684,980
5.750%, 10/12/10	USD		1,100		1,141,250
					16,139,012
Mongolia | 0.6%
Mongolia Government International Bonds:
4.125%, 01/05/18	USD		1,066		1,064,721
10.875%, 04/06/21	USD		145		165,300

Description	Security Currency	Principal Amount (000)		Fair Value
5.125%, 12/05/22	USD		285	$	267,187
8.750%, 03/09/24 (b)	USD		220		240,806
					1,738,014
Morocco | 0.2%
Kingdom of Morocco, 5.500%, 12/11/42	USD		600		665,250
Mozambique | 0.5%
Mozambique International Bonds, 10.500%, 01/18/23	USD		1,913		1,394,099
Namibia | 0.2%
Republic of Namibia, 5.250%, 10/29/25 (b)	USD		495		509,231
Nigeria | 0.5%
Republic of Nigeria:
7.875%, 02/16/32	USD		790		857,150
7.875%, 02/16/32 (b)	USD		610		661,850
					1,519,000
Oman | 0.6%
Oman Government International Bonds:
6.500%, 03/08/47	USD		405		413,100
6.500%, 03/08/47 (b)	USD		1,110		1,132,768
					1,545,868
Pakistan | 0.5%
Islamic Republic of Pakistan:
7.250%, 04/15/19	USD		240		252,552
8.250%, 04/15/24	USD		935		1,061,954
					1,314,506
Panama | 0.6%
Republic of Panama, 4.300%, 04/29/53	USD		1,665		1,635,863
Paraguay | 1.0%
Republic of Paraguay:
4.625%, 01/25/23	USD		1,310		1,368,950
5.000%, 04/15/26	USD		235		249,311
5.000%, 04/15/26 (b)	USD		415		438,344
4.700%, 03/27/27 (b)	USD		680		698,700
6.100%, 08/11/44	USD		130		144,300
					2,899,605

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

Semi-Annual Report  57

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Peru | 2.3%
Republic of Peru:
6.950%, 08/12/31	PEN		5,730	$	1,946,606
6.900%, 08/12/37	PEN		10,250		3,444,022
5.625%, 11/18/50	USD		885		1,074,169
					6,464,797
Philippines | 0.2%
Republic of Philippines, 3.625%, 09/09/25	PHP		29,000		542,457
Poland | 3.1%
Poland Government Bonds:
0.000%, 10/25/18	PLN		14,330		3,782,611
1.500%, 04/25/20	PLN		2,690		714,166
5.250%, 10/25/20	PLN		1,900		561,906
3.250%, 07/25/25	PLN		13,670		3,723,675
					8,782,358
Qatar | 0.2%
Qatar Government International Bonds, 4.625%, 06/02/46	USD		485		491,063
Romania | 0.3%
Romania Government Bonds, 5.950%, 06/11/21	RON		2,500		708,706
Russia | 4.9%
Russia Foreign Bonds:
4.750%, 05/27/26 (b)	USD		600		626,400
12.750%, 06/24/28	USD		435		760,162
5.625%, 04/04/42	USD		600		649,200
Russia Government Bonds - OFZ:
7.500%, 08/18/21	RUB		191,610		3,205,695
7.000%, 08/16/23	RUB		41,370		676,834
7.750%, 09/16/26	RUB		176,540		2,995,148
7.050%, 01/19/28	RUB		162,900		2,626,840
8.500%, 09/17/31	RUB		111,820		2,011,186
					13,551,465
Senegal | 0.2%
Republic of Senegal:
6.250%, 07/30/24	USD		290		305,588
6.250%, 05/23/33 (b)	USD		250		253,125
					558,713

Description	Security Currency	Principal Amount (000)		Fair Value
South Africa | 5.1%
Republic of South Africa:
7.750%, 02/28/23	ZAR		16,957	$	1,271,732
5.875%, 09/16/25	USD		410		440,750
10.500%, 12/21/26	ZAR		63,460		5,379,757
4.300%, 10/12/28	USD		210		196,169
8.250%, 03/31/32	ZAR		49,610		3,419,315
8.500%, 01/31/37	ZAR		19,320		1,309,615
5.375%, 07/24/44	USD		1,080		1,050,840
8.750%, 02/28/48	ZAR		16,680		1,137,341
					14,205,519
Sri Lanka | 1.1%
Republic of Sri Lanka:
6.250%, 07/27/21	USD		210		222,338
5.750%, 01/18/22 (b)	USD		470		485,863
5.750%, 01/18/22	USD		200		207,049
5.875%, 07/25/22	USD		200		206,500
6.125%, 06/03/25	USD		535		545,031
6.850%, 11/03/25	USD		235		247,631
6.850%, 11/03/25 (b)	USD		1,040		1,095,900
					3,010,312
Suriname | 0.1%
Republic of Suriname, 9.250%, 10/26/26 (b)	USD		150		153,750
Thailand | 1.1%
Thailand Government Bonds:
3.625%, 06/16/23	THB		4,210		133,747
3.850%, 12/12/25	THB		32,723		1,058,890
3.580%, 12/17/27	THB		18,170		580,460
4.875%, 06/22/29	THB		34,800		1,243,460
					3,016,557
Turkey | 6.3%
Hazine Mustesarligi Varlik Kiralama AS, 5.004%, 04/06/23 (b)	USD		270		275,400
Republic of Turkey:
6.250%, 09/26/22	USD		265		287,907
7.375%, 02/05/25	USD		115		133,256
4.875%, 10/09/26	USD		680		670,630
6.875%, 03/17/36	USD		625		703,125
6.000%, 01/14/41	USD		315		322,875
4.875%, 04/16/43	USD		920		815,350
6.625%, 02/17/45	USD		2,500		2,759,375
5.750%, 05/11/47	USD		385		376,337
Turkey Government Bonds:
8.500%, 07/10/19	TRY		14,780		4,027,434

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

58  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
10.700%, 02/17/21	TRY		9,260	$	2,641,052
7.100%, 03/08/23	TRY		3,890		953,028
9.000%, 07/24/24	TRY		4,460		1,187,744
8.000%, 03/12/25	TRY		9,910		2,480,704
					17,634,217
Ukraine | 2.1%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		1,375		1,419,000
7.750%, 09/01/19 (b)	USD		36		37,152
7.750%, 09/01/20	USD		1,640		1,678,950
7.750%, 09/01/20 (b)	USD		182		186,323
7.750%, 09/01/21	USD		865		878,407
7.750%, 09/01/22	USD		890		894,450
7.750%, 09/01/26	USD		675		655,762
					5,750,044
Uruguay | 1.5%
Republica Orient Uruguay:
9.875%, 06/20/22 (b)	UYU		10,930		395,739
5.100%, 06/18/50	USD		2,510		2,557,062
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		6,640		239,473
Uruguay Treasury Bills:
0.000%, 02/08/18	UYU		12,460		412,377
0.000%, 03/08/18	UYU		10,832		355,686
0.000%, 04/05/18	UYU		4,000		129,504
0.000%, 06/01/18	UYU		7,320		233,481
					4,323,322
Venezuela | 0.7%
Republic of Venezuela:
13.625%, 08/15/18	USD		55		41,553
7.000%, 12/01/18	USD		169		109,005
7.750%, 10/13/19	USD		245		124,337
6.000%, 12/09/20	USD		121		54,148
12.750%, 08/23/22	USD		290		158,050
9.000%, 05/07/23	USD		301		133,945
8.250%, 10/13/24	USD		427		185,745
7.650%, 04/21/25	USD		270		114,750
11.750%, 10/21/26	USD		491		250,410
9.250%, 09/15/27	USD		435		215,325
9.250%, 05/07/28	USD		518		229,215
11.950%, 08/05/31	USD		392		196,980
9.375%, 01/13/34	USD		296		133,496
7.000%, 03/31/38	USD		170		71,400
					2,018,359

Description	Security Currency	Principal Amount (000)		Fair Value
Zambia | 0.5%
Republic of Zambia:
5.375%, 09/20/22	USD		215	$	201,294
8.500%, 04/14/24	USD		1,245		1,297,912
					1,499,206
Total Foreign Government Obligations (Cost $225,344,445)					227,769,623
Quasi Government Bonds | 6.3%
Azerbaijan | 0.1%
State Oil Co. of the Azerbaijan Republic, 4.750%, 03/13/23	USD		330		318,046
Brazil | 0.2%
Caixa Economica Federal,
3.500%, 11/07/22	USD		290		279,125
7.250%, 07/23/24 (e)	USD		270		271,701
					550,826
Ecuador | 0.1%
EP Petroecuador, 6.925%, 09/24/19 (e)	USD		272		271,687
Indonesia | 0.7%
Perusahaan Listrik Negara PT, 5.250%, 05/15/47 (b)	USD		670		671,254
PT Pertamina Persero:
6.000%, 05/03/42	USD		630		680,400
5.625%, 05/20/43	USD		660		682,730
					2,034,384
Kazakhstan | 0.0%
Kazakhstan Temir Zholy National Co. JSC, 6.375%, 10/06/20	USD		1		1,074
Mexico | 1.3%
Banco Nacional de Comercio Exterior SNC, 3.800%, 08/11/26 (b), (e)	USD		640		640,000
Comision Federal de Electricidad, 4.750%, 02/23/27 (b)	USD		380		390,925

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

Semi-Annual Report  59

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Petroleos Mexicanos:
4.878%, 03/11/22 (b), (e)	USD		635	$	684,848
5.375%, 03/13/22 (b)	USD		635		668,496
5.500%, 06/27/44	USD		1,525		1,340,475
					3,724,744
Oman | 0.4%
Lamar Funding, Ltd., 3.958%, 05/07/25	USD		1,185		1,110,938
Peru | 0.3%
Corp. Financiera de Desarrollo SA, 4.750%, 07/15/25	USD		655		701,669
Petroleos del Peru SA, 5.625%, 06/19/47 (b)	USD		230		232,300
					933,969
Russia | 0.2%
Russian Railways via RZD Capital PLC, 5.700%, 04/05/22	USD		550		589,232
South Africa | 1.0%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		1,170		1,183,455
6.750%, 08/06/23	USD		950		968,050
7.850%, 04/02/26	ZAR		9,000		602,091
					2,753,596
Tunisia | 0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25	USD		360		345,600
Turkey | 0.6%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		1,265		1,302,950
TC Ziraat Bankasi AS, 4.750%, 04/29/21	USD		280		281,582
					1,584,532
Ukraine | 0.7%
Ukreximbank Via Biz Finance PLC:
9.625%, 04/27/22	USD		265		272,950
9.750%, 01/22/25	USD		1,495		1,528,488
					1,801,438

Description	Security Currency	Principal Amount (000)		Fair Value
Venezuela | 0.6%
Petroleos de Venezuela SA:
8.500%, 10/27/20	USD	294	$	211,974
9.000%, 11/17/21	USD	325		158,438
12.750%, 02/17/22	USD	273		152,880
6.000%, 05/16/24	USD	615		231,548
6.000%, 11/15/26	USD	774		282,897
5.375%, 04/12/27	USD	578		208,080
9.750%, 05/17/35	USD	561		258,901
5.500%, 04/12/37	USD	290		102,950
				1,607,668
Total Quasi Government Bonds (Cost $17,905,904)				17,627,734

Description	Shares		Fair Value
Short-Term Investments | 5.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $15,481,796)		15,481,796	$	15,481,796

Description	Counterparty	Number of Contracts		Fair Value
Purchased Options | 0.1%
USD vs INR Sep 17 66.5 Call, Expires 09/27/17	JPMS		54,800	$	29,044
USD vs MXN Aug 17 18.5 Put, Expires 08/04/17	JPMS		122,600		284,432
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		77,300		122,907
Total Purchased Options (Cost $269,024)					436,383
Total Investments | 99.7% (Cost $274,992,675) (d), (h)				$	277,963,439
Cash and Other Assets in Excess of Liabilities | 0.3%					751,067
Net Assets | 100.0%				$	278,714,506

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

60  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS		986,125	USD		57,500		CIT	07/10/17	$	1,675		$	—
ARS		2,538,200	USD		148,000		CIT	07/10/17		4,313			—
ARS		2,582,600	USD		148,000		CIT	07/10/17		6,977			—
ARS		2,580,000	USD		150,000		CIT	07/11/17		4,742			—
ARS		3,818,543	USD		228,382		CIT	08/01/17		—			1,777
ARS		6,834,930	USD		411,000		CIT	09/05/17		—			12,740
ARS		7,370,400	USD		444,000		CIT	09/05/17		—			14,540
ARS		37,783,810	USD		2,255,750		CIT	09/19/17		—			70,791
ARS		6,106,925	USD		352,492		JPM	10/02/17		—			1,802
ARS		2,580,000	USD		147,936		JPM	10/12/17		—			487
BRL		1,129,514	USD		342,568		BRC	07/10/17		—			2,013
BRL		1,506,018	USD		448,487		BRC	09/15/17		—			518
BRL		2,092,048	USD		623,283		BRC	09/15/17		—			998
BRL		1,129,514	USD		342,256		CIT	07/10/17		—			1,701
BRL		2,092,046	USD		623,226		CIT	09/15/17		—			942
BRL		1,129,512	USD		342,349		JPM	07/10/17		—			1,795
BRL		1,506,018	USD		448,487		JPM	09/15/17		—			518
BRL		2,092,048	USD		623,468		JPM	09/15/17		—			1,184
BRL		1,129,514	USD		342,412		SCB	07/10/17		—			1,857
BRL		638,400	USD		190,000		SCB	09/15/17		—			106
BRL		1,506,018	USD		448,714		SCB	09/15/17		—			745
BRL		2,092,048	USD		623,375		SCB	09/15/17		—			1,091
BRL		1,942,358	USD		574,322		SCB	10/03/17		1,546			—
BRL		3,939,760	USD		1,157,255		SCB	10/03/17		10,800			—
CAD		796,767	USD		602,972		BRC	07/05/17		11,438			—
CAD		796,767	USD		603,749		BRC	07/05/17		10,662			—
CAD		796,766	USD		603,254		CIT	07/05/17		11,155			—
CAD		796,766	USD		603,877		CIT	07/05/17		10,533			—
CAD		235,394	USD		177,408		JPM	07/05/17		4,111			—
CAD		796,767	USD		603,063		JPM	07/05/17		11,347			—
CAD		796,767	USD		603,749		JPM	07/05/17		10,662			—
CAD		796,767	USD		602,926		SCB	07/05/17		11,484			—
CAD		796,767	USD		603,611		SCB	07/05/17		10,799			—
CLP		250,635,000	USD		372,000		BRC	11/24/17		3,894			—
CLP		333,445,000	USD		490,000		BRC	11/24/17		10,089			—
CLP		250,356,000	USD		372,000		CIT	11/24/17		3,475			—
COP		1,294,896,270	USD		440,591		BRC	09/13/17		—			19,536
COP		1,294,896,270	USD		440,846		CIT	09/13/17		—			19,791
COP		1,294,896,270	USD		440,816		JPM	09/13/17		—			19,761
COP		1,294,896,270	USD		440,966		SCB	09/13/17		—			19,911
CZK		7,867,776	USD		337,311		BOA	11/03/17		9,511			—
CZK		7,867,776	USD		337,311		BRC	11/03/17		9,511			—

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

Semi-Annual Report  61

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CZK		32,672,014	USD		1,340,000		BRC	11/03/17	$	100,225		$	—
CZK		15,746,148	USD		680,000		SCB	12/04/17		15,965			—
HUF		62,412	USD		227		BOA	07/19/17		4			—
HUF		268,696,810	USD		981,935		BRC	07/19/17		12,293			—
HUF		268,696,810	USD		981,946		BRC	07/19/17		12,283			—
HUF		268,696,810	USD		981,900		SCB	07/19/17		12,329			—
IDR		1,181,885,492	USD		80,951		BRC	11/27/17		6,239			—
IDR		1,183,598,492	USD		81,375		BRC	11/27/17		5,942			—
IDR		1,183,598,492	USD		81,319		BRC	11/27/17		5,997			—
IDR		3,495,163,916	USD		236,303		BRC	11/27/17		21,542			—
IDR		1,758,932,382	USD		119,696		BRC	12/04/17		9,966			—
IDR		1,758,932,382	USD		119,982		BRC	12/04/17		9,680			—
IDR		2,970,541,910	USD		208,899		BRC	12/13/17		9,865			—
IDR		3,481,660,980	USD		244,929		BRC	12/13/17		11,476			—
IDR		4,663,694,640	USD		329,473		BRC	12/13/17		13,982			—
IDR		3,463,076,484	USD		242,682		BRC	12/14/17		12,327			—
IDR		49,496,392	USD		3,438		BRC	12/27/17		201			—
IDR		3,463,076,484	USD		240,425		BRC	12/27/17		14,227			—
IDR		4,160,167,116	USD		288,951		BRC	12/27/17		16,960			—
IDR		4,519,497,530	USD		313,876		BRC	12/27/17		18,457			—
IDR		17,409,600,000	USD		1,240,000		BRC	12/27/17		40,184			—
IDR		787,199,695	USD		55,534		BRC	01/05/18		2,295			—
IDR		1,345,140,199	USD		94,795		BRC	01/05/18		4,022			—
IDR		1,530,229,664	USD		107,953		BRC	01/05/18		4,461			—
IDR		1,821,047,253	USD		132,778		BRC	01/05/18		1,000			—
IDR		3,956,043,386	USD		279,777		BRC	01/05/18		10,842			—
IDR		3,868,555,224	USD		272,242		BRC	01/08/18		11,880			—
IDR		4,147,970,000	USD		302,000		BRC	01/08/18		2,643			—
IDR		7,573,887,656	USD		543,515		BRC	01/08/18		12,740			—
IDR		470,249,986	USD		34,138		BRC	03/20/18		200			—
IDR		1,998,039,428	USD		140,776		CIT	12/15/17		6,336			—
IDR		5,720,399,663	USD		402,137		CIT	12/15/17		19,048			—
IDR		7,905,986,130	USD		549,599		CIT	12/20/17		32,193			—
IDR		4,648,750,990	USD		324,294		CIT	12/21/17		17,765			—
IDR		6,893,584,028	USD		480,724		CIT	12/21/17		26,512			—
IDR		1,933,997,070	USD		134,259		CIT	12/27/17		7,954			—
IDR		1,941,599,724	USD		134,974		CIT	12/27/17		7,798			—
IDR		4,641,509,626	USD		321,768		CIT	12/27/17		19,537			—
IDR		7,718,439,091	USD		535,668		CIT	12/27/17		31,894			—
IDR		7,905,986,130	USD		548,912		CIT	12/27/17		32,440			—
IDR		11,542,335,018	USD		801,551		CIT	12/27/17		47,194			—
IDR		1,881,865,525	USD		137,222		CIT	01/05/18		1,023			—
IDR		1,929,085,187	USD		136,061		CIT	01/05/18		5,654			—
IDR		5,219,910,437	USD		368,508		CIT	01/05/18		14,957			—

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

62  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
IDR		6,236,713,482	USD		439,761		CIT	01/05/18	$	18,399		$	—
IDR		11,152,379,368	USD		786,047		CIT	01/05/18		33,228			—
IDR		12,730,560,000	USD		894,000		CIT	01/05/18		41,211			—
IDR		5,795,816,130	USD		406,867		CIT	01/08/18		18,801			—
IDR		11,575,279,472	USD		812,528		CIT	01/08/18		37,605			—
IDR		4,966,950,788	USD		339,853		JPM	12/04/17		26,292			—
IDR		3,253,670,937	USD		226,816		JPM	12/22/17		12,566			—
IDR		33,065,552	USD		2,301		JPM	12/27/17		131			—
IDR		3,253,670,937	USD		226,059		JPM	12/27/17		13,194			—
IDR		3,885,945,948	USD		269,296		JPM	12/27/17		16,450			—
IDR		2,422,577,808	USD		170,905		JPM	01/05/18		7,062			—
IDR		2,548,455,691	USD		179,722		JPM	01/05/18		7,493			—
IDR		4,268,189,847	USD		301,716		JPM	01/05/18		11,834			—
IDR		8,669,303,615	USD		621,678		JPM	01/08/18		15,029			—
IDR		2,561,179,325	USD		185,862		JPM	03/20/18		1,157			—
IDR		2,925,300,000	USD		210,000		JPM	03/20/18		3,608			—
IDR		4,998,722,517	USD		351,528		SCB	12/15/17		16,521			—
IDR		3,938,200,000	USD		290,000		SCB	12/18/17		—			130
IDR		3,872,854,298	USD		268,389		SCB	12/27/17		16,394			—
IDR		4,004,739,672	USD		278,688		SCB	12/27/17		15,794			—
IDR		4,998,722,517	USD		346,580		SCB	12/27/17		20,992			—
IDR		7,085,400,000	USD		490,000		SCB	12/27/17		31,012			—
IDR		4,077,400,000	USD		290,000		SCB	01/05/18		9,534			—
IDR		12,882,540,000	USD		894,000		SCB	01/05/18		52,376			—
IDR		9,960,825,372	USD		714,806		SCB	01/08/18		16,756			—
IDR		2,548,455,691	USD		179,722		UBS	01/05/18		7,493			—
INR		157,594,664	USD		2,303,005		BRC	08/16/17		122,049			—
INR		9,362,800	USD		142,400		BRC	01/05/18		—			877
INR		12,514,410	USD		189,900		BRC	01/05/18		—			739
INR		12,763,668	USD		193,800		BRC	01/05/18		—			871
INR		12,334,800	USD		190,000		JPM	08/16/17		—			193
INR		37,942,031	USD		554,384		JPM	08/16/17		29,465			—
INR		356,838,530	USD		5,480,000		JPM	09/29/17		—			19,996
INR		9,375,616	USD		142,400		JPM	01/05/18		—			683
INR		26,226,079	USD		397,800		JPM	01/05/18		—			1,381
INR		35,767,475	USD		522,611		SCB	08/16/17		27,776			—
INR		12,503,016	USD		189,900		SCB	01/05/18		—			911
INR		12,761,730	USD		193,800		SCB	01/05/18		—			901
KRW		659,948,011	USD		577,509		BRC	07/06/17		—			701
KRW		659,948,011	USD		577,231		BRC	07/06/17		—			423
KRW		659,948,010	USD		576,878		CIT	07/06/17		—			70
KRW		659,948,011	USD		577,483		CIT	07/06/17		—			676
KRW		659,948,011	USD		577,635		JPM	07/06/17		—			827
KRW		659,948,011	USD		577,130		JPM	07/06/17		—			322

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

Semi-Annual Report  63

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
KRW		659,948,011	USD		577,736		SCB	07/06/17	$	—		$	928
KRW		659,948,011	USD		577,382		SCB	07/06/17		—			575
MXN		178,923	USD		9,907		BOA	07/19/17		—			70
MXN		2,195,366	USD		120,180		BOA	07/19/17		516			—
MXN		2,195,367	USD		120,180		BRC	07/19/17		516			—
MXN		2,195,367	USD		120,146		JPM	07/19/17		550			—
MXN		2,195,367	USD		120,179		SCB	07/19/17		517			—
PEN		364,210	USD		110,000		BRC	07/19/17		2,092			—
PEN		509,652	USD		156,000		BRC	07/19/17		855			—
PEN		511,025	USD		156,000		BRC	07/19/17		1,278			—
PEN		511,212	USD		156,000		BRC	07/19/17		1,335			—
PEN		511,524	USD		156,000		BRC	07/19/17		1,431			—
PEN		511,758	USD		156,000		BRC	07/19/17		1,503			—
PEN		511,836	USD		156,000		BRC	07/19/17		1,527			—
PEN		513,240	USD		156,000		BRC	07/19/17		1,959			—
PEN		516,360	USD		156,000		BRC	07/19/17		2,919			—
PEN		935,538	USD		282,001		BRC	07/19/17		5,929			—
PEN		3,800,146	USD		1,110,000		BRC	07/19/17		59,566			—
PEN		511,290	USD		156,000		JPM	07/19/17		1,359			—
PEN		512,772	USD		156,000		JPM	07/19/17		1,815			—
PEN		512,772	USD		156,000		JPM	07/19/17		1,815			—
PEN		513,864	USD		156,000		JPM	07/19/17		2,151			—
PLN		5,403,074	USD		1,448,429		BOA	07/19/17		9,534			—
PLN		5,403,076	USD		1,447,044		BRC	07/19/17		10,919			—
PLN		5,403,076	USD		1,447,043		CIT	07/19/17		10,921			—
PLN		5,403,076	USD		1,447,378		JPM	07/19/17		10,586			—
PLN		40,350	USD		10,692		SCB	07/19/17		196			—
PLN		5,403,076	USD		1,446,878		SCB	07/19/17		11,086			—
RON		148,750	USD		36,210		BOA	07/19/17		1,073			—
RON		9,580,858	USD		2,320,000		BRC	07/19/17		81,401			—
RON		4,605,650	USD		1,091,076		CIT	07/19/17		63,311			—
RUB		25,775,865	USD		450,000		BRC	07/10/17		—			13,398
RUB		25,940,250	USD		450,000		BRC	07/10/17		—			10,614
RUB		29,048,199	USD		504,427		BRC	07/10/17		—			12,398
RUB		51,716,115	USD		898,512		BRC	07/19/17		—			24,091
RUB		104,043,247	USD		1,721,644		BRC	10/05/17		9,770			—
RUB		29,048,200	USD		504,440		CIT	07/10/17		—			12,411
RUB		29,048,199	USD		504,458		SCB	07/10/17		—			12,428
RUB		15,992,100	USD		270,000		SCB	07/19/17		396			—
RUB		29,048,199	USD		504,633		UBS	07/10/17		—			12,604
THB		18,204,296	USD		526,288		BRC	07/20/17		9,605			—
THB		13,908,266	USD		410,000		SCB	07/20/17		—			572
TRY		2,349,426	USD		648,923		BOA	09/19/17		4,407			—
TRY		106,406	USD		27,733		BOA	01/31/18		823			—

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

64  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
TRY		986,420	USD		256,466		BOA	01/31/18	$	8,260		$	—
TRY		1,142,595	USD		300,335		BOA	01/31/18		6,304			—
TRY		2,376,232	USD		624,617		BOA	01/31/18		13,093			—
TRY		2,475,897	USD		647,446		BOA	01/31/18		17,012			—
TRY		3,438,092	USD		893,824		BOA	01/31/18		28,859			—
TRY		2,349,426	USD		649,102		BRC	09/19/17		4,227			—
TRY		2,349,425	USD		648,923		JPM	09/19/17		4,407			—
TRY		1,077,750	USD		300,000		SCB	09/19/17		—			299
TRY		2,349,426	USD		648,735		SCB	09/19/17		4,595			—
TWD		17,573,597	USD		577,130		BRC	07/06/17		588			—
TWD		17,573,597	USD		576,770		CIT	07/06/17		948			—
TWD		35,147,194	USD		1,153,123		CIT	07/06/17		2,312			—
TWD		17,292,951	USD		568,006		JPM	07/06/17		486			—
TWD		17,573,597	USD		577,414		JPM	07/06/17		304			—
TWD		17,573,597	USD		577,130		SCB	07/06/17		588			—
TWD		17,854,243	USD		586,732		UBS	07/06/17		212			—
USD		366,672	ARS		6,106,925		JPM	07/10/17		207			—
USD		154,723	ARS		2,580,000		JPM	07/11/17		—			19
USD		454,716	BRL		1,506,018		BRC	07/10/17		642			—
USD		547,126	BRL		1,847,646		BRC	11/03/17		2,026			—
USD		419,246	BRL		1,468,619		BRC	02/09/18		—			7,481
USD		454,716	BRL		1,506,018		JPM	07/10/17		642			—
USD		683,822	BRL		2,402,610		JPM	02/09/18		—			14,288
USD		454,990	BRL		1,506,018		SCB	07/10/17		917			—
USD		3,602,052	BRL		11,566,549		SCB	10/03/17		172,816			—
USD		388,392	BRL		1,311,794		SCB	11/03/17		1,381			—
USD		1,081,073	BRL		3,675,217		SCB	11/03/17		—			3,206
USD		1,083,927	BRL		3,590,292		SCB	11/03/17		24,703			—
USD		193,109	BRL		676,308		SCB	02/09/18		—			3,401
USD		1,544,481	BRL		5,214,942		UBS	11/03/17		5,946			—
USD		683,822	BRL		2,402,063		UBS	02/09/18		—			14,129
USD		105,660	CAD		139,123		BRC	07/05/17		—			1,621
USD		143,776	CAD		191,881		BRC	07/05/17		—			4,188
USD		158,102	CAD		216,210		BRC	07/05/17		—			8,624
USD		276,128	CAD		367,750		BRC	07/05/17		—			7,455
USD		288,043	CAD		382,021		BRC	07/05/17		—			6,545
USD		575,005	CAD		762,893		BRC	07/05/17		—			13,284
USD		663,208	CAD		874,639		BRC	07/05/17		—			11,252
USD		603,932	CAD		796,767		BRC	10/05/17		—			11,356
USD		604,764	CAD		796,767		BRC	10/12/17		—			10,569
USD		467,872	CAD		622,665		CIT	07/05/17		—			12,283
USD		604,215	CAD		796,766		CIT	10/05/17		—			11,072
USD		604,907	CAD		796,766		CIT	10/12/17		—			10,425
USD		192,286	CAD		262,952		JPM	07/05/17		—			10,485

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

Semi-Annual Report  65

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		352,550	CAD		470,788		JPM	07/05/17	$	—		$	10,488
USD		455,957	CAD		604,782		JPM	07/05/17		—			10,407
USD		604,000	CAD		796,767		JPM	10/05/17		—			11,288
USD		604,775	CAD		796,767		JPM	10/12/17		—			10,558
USD		159,613	CAD		218,290		SCB	07/05/17		—			8,717
USD		210,000	CAD		273,529		SCB	07/05/17		—			926
USD		603,863	CAD		796,767		SCB	10/05/17		—			11,425
USD		604,624	CAD		796,767		SCB	10/12/17		—			10,709
USD		116,792	CAD		153,994		UBS	07/05/17		—			1,957
USD		168,724	CAD		225,128		UBS	07/05/17		—			4,879
USD		638,340	CAD		842,883		UBS	07/05/17		—			11,632
USD		371,458	CLP		247,093,853		BOA	11/24/17		875			—
USD		322,443	CLP		215,214,908		BRC	11/24/17		—			328
USD		371,933	CLP		247,093,854		BRC	11/24/17		1,350			—
USD		105,768	COP		327,667,746		BRC	09/13/17		—			779
USD		129,232	COP		400,879,184		UBS	09/13/17		—			1,119
USD		121,189	HUF		34,617,618		BRC	11/06/17		—			7,534
USD		292,798	HUF		83,526,344		BRC	11/06/17		—			17,790
USD		586,314	HUF		167,052,688		BRC	11/06/17		—			34,860
USD		168,811	HUF		48,192,184		CIT	11/06/17		—			10,388
USD		292,808	HUF		83,526,345		CIT	11/06/17		—			17,780
USD		586,253	HUF		167,052,690		CIT	11/06/17		—			34,922
USD		586,296	HUF		167,052,688		CIT	11/06/17		—			34,879
USD		292,808	HUF		83,526,344		SCB	11/06/17		—			17,780
USD		585,944	HUF		167,052,688		SCB	11/06/17		—			35,230
USD		292,910	HUF		83,526,344		UBS	11/06/17		—			17,677
USD		292,910	HUF		83,526,344		UBS	11/06/17		—			17,677
USD		586,211	HUF		167,052,688		UBS	11/06/17		—			34,963
USD		3,454	IDR		49,496,392		BRC	11/27/17		—			197
USD		490,000	IDR		6,994,750,000		BRC	11/27/17		—			26,017
USD		314,465	IDR		4,519,497,530		BRC	12/13/17		—			18,371
USD		240,826	IDR		3,463,076,484		BRC	12/14/17		—			14,183
USD		230,000	IDR		3,133,750,000		BRC	12/18/17		—			659
USD		1,250,000	IDR		17,525,000,000		BRC	12/18/17		—			39,923
USD		913,517	IDR		12,400,986,801		BRC	12/27/17		1,632			—
USD		913,517	IDR		12,400,986,801		BRC	12/27/17		1,632			—
USD		112,200	IDR		1,523,115,000		BRC	01/05/18		309			—
USD		149,600	IDR		2,034,934,000		BRC	01/05/18		110			—
USD		150,715	IDR		2,050,472,541		BRC	01/05/18		83			—
USD		152,000	IDR		2,065,376,000		BRC	01/05/18		274			—
USD		2,437,364	IDR		33,360,205,722		BRC	01/08/18		—			12,740
USD		536,618	IDR		7,718,439,091		CIT	12/15/17		—			31,680
USD		549,408	IDR		7,905,986,130		CIT	12/20/17		—			32,384
USD		802,108	IDR		11,542,335,018		CIT	12/21/17		—			47,187

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

66  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		195,624	IDR		2,661,464,520		CIT	01/05/18	$	108		$	—
USD		1,542,636	IDR		21,118,682,185		CIT	01/08/18		—			8,403
USD		2,308	IDR		33,065,552		JPM	12/04/17		—			129
USD		590,000	IDR		8,451,750,000		JPM	12/04/17		—			33,031
USD		226,185	IDR		3,253,670,937		JPM	12/22/17		—			13,197
USD		914,190	IDR		12,400,986,799		JPM	12/27/17		2,305			—
USD		112,200	IDR		1,525,920,000		JPM	01/05/18		103			—
USD		460,000	IDR		6,596,400,000		SCB	12/13/17		—			25,788
USD		347,134	IDR		4,998,722,517		SCB	12/15/17		—			20,915
USD		914,123	IDR		12,400,986,801		SCB	12/27/17		2,238			—
USD		136,061	IDR		1,852,475,416		SCB	01/05/18		—			25
USD		149,600	IDR		2,033,812,000		SCB	01/05/18		192			—
USD		152,000	IDR		2,065,680,000		SCB	01/05/18		251			—
USD		850,000	INR		55,326,500		BRC	08/16/17		—			1,360
USD		106,141	KRW		127,051,112		BRC	07/06/17		—			4,904
USD		194,666	KRW		234,794,743		BRC	07/06/17		—			10,549
USD		367,974	KRW		440,795,947		BRC	07/06/17		—			17,291
USD		390,228	KRW		469,760,886		BRC	07/06/17		—			20,352
USD		579,222	KRW		659,948,011		BRC	01/08/18		577			—
USD		578,912	KRW		659,948,011		BRC	01/12/18		237			—
USD		170,369	KRW		200,405,419		CIT	07/06/17		—			4,789
USD		179,886	KRW		216,726,400		CIT	07/06/17		—			9,537
USD		353,218	KRW		421,918,901		CIT	07/06/17		—			15,548
USD		362,365	KRW		431,069,808		CIT	07/06/17		—			14,398
USD		579,181	KRW		659,948,011		CIT	01/08/18		536			—
USD		578,547	KRW		659,948,010		CIT	01/12/18		—			129
USD		100,927	KRW		114,855,097		JPM	07/06/17		542			—
USD		179,886	KRW		216,384,617		JPM	07/06/17		—			9,239
USD		181,183	KRW		215,716,087		JPM	07/06/17		—			7,358
USD		284,641	KRW		340,451,080		JPM	07/06/17		—			12,920
USD		361,482	KRW		435,802,859		JPM	07/06/17		—			19,418
USD		376,026	KRW		450,479,256		JPM	07/06/17		—			17,702
USD		579,334	KRW		659,948,011		JPM	01/08/18		689			—
USD		578,810	KRW		659,948,011		JPM	01/12/18		135			—
USD		129,631	KRW		152,484,581		SCB	07/06/17		—			3,644
USD		139,073	KRW		158,306,625		SCB	07/06/17		710			—
USD		160,000	KRW		184,400,000		SCB	07/06/17		—			1,169
USD		190,481	KRW		229,710,943		SCB	07/06/17		—			10,291
USD		200,452	KRW		238,469,726		SCB	07/06/17		—			7,975
USD		579,410	KRW		659,948,011		SCB	01/08/18		765			—
USD		579,054	KRW		659,948,011		SCB	01/12/18		379			—
USD		873,678	MYR		3,726,499		SCB	07/19/17		6,077			—
USD		1,930,000	PEN		6,317,855		BRC	07/19/17		—			14,439
USD		1,220,801	PEN		4,078,698		BRC	11/09/17		—			19,711

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

Semi-Annual Report  67

Lazard Emerging Markets Debt Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		749,199	PEN		2,504,196		JPM	11/09/17	$	—		$	12,438
USD		500,000	PLN		1,854,500		SCB	07/19/17		—			417
USD		311,472	RON		1,316,501		BRC	07/19/17		—			18,503
USD		451,220	RON		1,889,569		BRC	07/19/17		—			22,393
USD		808,780	RON		3,393,237		JPM	07/19/17		—			41,720
USD		730,599	RUB		41,856,025		BOA	07/19/17		22,894			—
USD		900,193	RUB		51,716,115		BRC	07/10/17		24,206			—
USD		1,752,160	RUB		104,043,247		BRC	07/10/17		—			10,165
USD		198,579	RUB		11,764,841		BRC	07/19/17		—			342
USD		214,449	RUB		12,695,368		BRC	07/19/17		—			206
USD		337,491	RUB		20,188,850		BRC	07/19/17		—			3,864
USD		730,854	RUB		41,856,025		BRC	07/19/17		23,149			—
USD		730,357	RUB		41,856,024		CIT	07/19/17		22,651			—
USD		210,000	RUB		12,149,550		JPM	07/10/17		4,206			—
USD		730,478	RUB		41,856,025		JPM	07/19/17		22,772			—
USD		168,371	RUB		10,094,425		SCB	07/19/17		—			2,307
USD		337,397	RUB		20,188,850		SCB	07/19/17		—			3,958
USD		730,733	RUB		41,856,025		SCB	07/19/17		23,027			—
USD		140,000	THB		4,767,350		SCB	07/20/17		—			340
USD		260,000	THB		9,002,500		SCB	07/20/17		—			5,013
USD		230,000	TRY		828,209		SCB	09/19/17		—			309
USD		347,587	TRY		1,249,748		SCB	09/19/17		56			—
USD		128,998	TWD		3,888,648		BRC	07/06/17		1,162			—
USD		144,830	TWD		4,554,180		BRC	07/06/17		—			4,885
USD		158,252	TWD		5,043,492		BRC	07/06/17		—			7,549
USD		161,303	TWD		5,156,046		BRC	07/06/17		—			8,198
USD		323,059	TWD		10,282,964		BRC	07/06/17		—			14,985
USD		579,031	TWD		17,573,597		BRC	01/08/18		—			3,224
USD		61,002	TWD		1,838,597		CIT	07/06/17		560			—
USD		578,498	TWD		17,573,597		CIT	01/08/18		—			3,758
USD		1,155,816	TWD		35,147,194		CIT	01/12/18		—			8,930
USD		162,670	TWD		5,114,344		JPM	07/06/17		—			5,460
USD		174,942	TWD		5,575,393		JPM	07/06/17		—			8,345
USD		175,866	TWD		5,598,691		JPM	07/06/17		—			8,187
USD		540,826	TWD		17,286,590		JPM	07/06/17		—			27,456
USD		592,564	TWD		19,110,190		JPM	07/06/17		—			35,668
USD		744,000	TWD		23,867,520		JPM	07/06/17		—			40,625
USD		579,127	TWD		17,573,597		JPM	01/08/18		—			3,129
USD		569,128	TWD		17,292,951		JPM	01/12/18		—			3,945
USD		47,871	TWD		1,531,631		SCB	07/06/17		—			2,480
USD		154,877	TWD		4,992,461		SCB	07/06/17		—			9,246
USD		190,000	TWD		5,893,800		SCB	07/06/17		—			3,754
USD		245,075	TWD		7,791,823		SCB	07/06/17		—			11,075
USD		410,806	TWD		13,062,406		SCB	07/06/17		—			18,610

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

68  Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		578,840	TWD		17,573,597		SCB	01/08/18	$	—		$	3,415
USD		588,181	TWD		17,854,243		UBS	01/12/18		—			3,492
USD		508,131	ZAR		6,553,618		BRC	07/05/17		7,185			—
USD		371,639	ZAR		4,857,690		BRC	07/10/17		645			—
USD		1,596,218	ZAR		20,609,603		BRC	07/19/17		24,625			—
USD		509,216	ZAR		6,553,616		CIT	07/05/17		8,271			—
USD		508,703	ZAR		6,553,618		JPM	07/05/17		7,757			—
USD		371,667	ZAR		4,857,689		JPM	07/10/17		674			—
USD		509,415	ZAR		6,553,618		SCB	07/05/17		8,469			—
USD		150,000	ZAR		1,970,116		SCB	07/19/17		—			232
ZAR		5,242,894	USD		398,684		BRC	07/05/17		2,072			—
ZAR		2,949,439	USD		218,485		BRC	07/10/17		6,771			—
ZAR		3,794,388	USD		290,000		BRC	07/19/17		—			657
ZAR		2,253,144	USD		170,000		BRC	10/05/17		—			392
ZAR		4,857,690	USD		366,314		BRC	10/05/17		—			645
ZAR		6,553,618	USD		500,502		BRC	10/05/17		—			7,170
ZAR		5,242,894	USD		398,632		CIT	07/05/17		2,124			—
ZAR		6,553,616	USD		501,589		CIT	10/05/17		—			8,258
ZAR		5,242,894	USD		398,578		HSB	07/05/17		2,178			—
ZAR		5,242,894	USD		398,033		JPM	07/05/17		2,723			—
ZAR		4,045,650	USD		300,000		JPM	07/10/17		8,976			—
ZAR		4,857,689	USD		366,369		JPM	10/05/17		—			700
ZAR		6,553,618	USD		501,118		JPM	10/05/17		—			7,786
ZAR		5,242,894	USD		398,003		SCB	07/05/17		2,753			—
ZAR		2,720,290	USD		201,515		SCB	07/10/17		6,240			—
ZAR		6,553,618	USD		501,789		SCB	10/05/17		—			8,457
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	2,332,869		$	1,803,308

Written Options open at June 30, 2017:

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date	Premiums			Fair Value
USD vs INR Sep 17 64.3 Put	JPMS		54,800		$64.30	09/27/17		$	25,323		$	(25,323	)

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

Semi-Annual Report  69

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Explorer Total Return Portfolio
Corporate Bonds | 15.5%
Argentina | 0.7%
AES Argentina Generacion SA, 7.750%, 02/02/24 (b)	USD		430	$	451,152
Generacion Mediterranea SA, 9.625%, 07/27/23	USD		750		819,375
Genneia SA, 8.750%, 01/20/22 (b)	USD		330		350,896
					1,621,423
Bangladesh | 0.2%
Banglalink Digital Communications, Ltd., 8.625%, 05/06/19	USD		600		627,000
Barbados | 0.7%
Columbus Cable Barbados, Ltd., 7.375%, 03/30/21	USD		1,535		1,629,019
Brazil | 2.9%
Gerdau Trade, Inc., 4.750%, 04/15/23	USD		350		345,240
GTL Trade Finance, Inc., 5.893%, 04/29/24	USD		175		176,750
Petrobras Global Finance BV, 8.375%, 05/23/21	USD		5,896		6,599,864
					7,121,854
Canada | 0.1%
First Quantum Minerals, Ltd., 7.000%, 02/15/21 (b)	USD		260		266,500
Chile | 1.2%
AES Gener SA, 8.375%, 12/18/73 (e)	USD		600		641,402
Empresa Electrica Angamos SA, 4.875%, 05/25/29	USD		650		661,003
Guanay Finance, Ltd., 6.000%, 12/15/20	USD		402		412,175
VTR Finance BV, 6.875%, 01/15/24	USD		1,145		1,213,700
					2,928,280
China | 0.1%
Green Dragon Gas, Ltd., 10.000%, 11/20/17 (b)	USD		400		340,000

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Colombia | 1.0%
Banco de Bogota SA, 6.250%, 05/12/26 (b)	USD		340	$	362,141
Ecopetrol SA, 5.875%, 09/18/23	USD		620		677,040
Millicom International Cellular SA, 6.625%, 10/15/21	USD		440		454,300
Transportadora de Gas Internacional SA, 5.700%, 03/20/22	USD		905		930,340
					2,423,821
Georgia | 0.1%
BGEO Group JSC, 6.000%, 07/26/23	USD		350		355,250
Guatemala | 0.4%
Comcel Trust, 6.875%, 02/06/24	USD		985		1,047,794
Hong Kong | 0.1%
Studio City Co., Ltd., 7.250%, 11/30/21 (b)	USD		200		217,250
India | 1.1%
Greenko Dutch BV, 8.000%, 08/01/19	USD		1,040		1,083,992
JSW Steel, Ltd., 4.750%, 11/12/19	USD		320		324,400
Vedanta Resources PLC:
6.000%, 01/31/19	USD		310		320,075
8.250%, 06/07/21	USD		705		766,687
6.375%, 07/30/22 (b)	USD		225		225,720
					2,720,874
Israel | 0.3%
Altice Financing SA, 7.500%, 05/15/26 (b)	USD		615		682,650
Mexico | 1.0%
Banco Mercantil del Norte SA:
6.875%, 07/06/22 (e), (f)	USD		450		463,698
7.625%, 01/10/28 (e), (f)	USD		200		206,960
Cemex Finance LLC, 9.375%, 10/12/22	USD		1,290		1,370,625
Cemex SAB de CV, 7.750%, 04/16/26	USD		290		331,687
					2,372,970

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

70  Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Nigeria | 0.4%
IHS Netherlands Holdco BV:
9.500%, 10/27/21	USD		200	$	203,731
9.500%, 10/27/21 (b)	USD		725		738,524
					942,255
Peru | 1.2%
Cia Minera Ares SAC, 7.750%, 01/23/21	USD		1,400		1,489,250
Inkia Energy, Ltd., 8.375%, 04/04/21	USD		880		907,500
InRetail Shopping Malls, 6.500%, 07/09/21	USD		600		639,900
					3,036,650
Russia | 1.3%
Evraz Group SA, 8.250%, 04/22/20	USD		310		328,213
Gazprom OAO Via Gaz Capital SA, 5.999%, 01/23/21	USD		570		614,887
GTH Finance BV:
6.250%, 04/26/20	USD		300		317,295
7.250%, 04/26/23	USD		1,200		1,323,612
Sberbank of Russia, 5.500%, 02/26/24 (e)	USD		620		630,850
					3,214,857
Saudi Arabia | 0.4%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (b)	USD		875		892,609
Singapore | 0.4%
Puma International Financing SA, 6.750%, 02/01/21	USD		1,100		1,135,530
South Africa | 0.3%
MTN Mauritius Investment, Ltd., 5.373%, 02/13/22 (b)	USD		650		669,056
South Korea | 0.5%
Harvest Operations Corp., 6.875%, 10/01/17	USD		525		523,687
SK E&S Co., Ltd., 4.875%, 11/26/19 (e), (f)	USD		310		310,000
Woori Bank, 4.500%, 09/27/21 (e), (f)	USD		320		317,227
					1,150,914

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Thailand | 0.2%
PTT Exploration & Production Public Co. Ltd., 4.875%, 06/18/19 (e), (f)	USD		610	$	624,351
Turkey | 0.4%
Turkiye Is Bankasi, 5.000%, 04/30/20	USD		655		659,094
Turkiye Vakiflar Bankasi TAO, 3.750%, 04/15/18	USD		320		320,000
					979,094
United Arab Emirates | 0.4%
MAF Global Securities, Ltd., 7.125%, 10/29/49 (e)	USD		910		949,812
United States | 0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (b)	USD		220		237,600
Total Corporate Bonds (Cost $37,138,367)					38,187,413
Foreign Government Obligations | 41.9%
Argentina | 5.0%
Argentina POM Politica Monetaria, 26.250%, 06/21/20 (e)	ARS		15,600		961,727
Republic of Argentina:
22.507%, 10/09/17 (e)	ARS		10,540		629,641
22.635%, 03/01/18 (e)	ARS		19,320		1,149,575
22.750%, 03/05/18	ARS		8,050		485,105
21.200%, 09/19/18	ARS		8,040		485,910
22.421%, 03/11/19 (e)	ARS		4,030		238,801
7.500%, 04/22/26	USD		3,560		3,835,900
8.280%, 12/31/33	USD		827		914,059
7.125%, 06/28/17 (b)	USD		4,130		3,720,361
					12,421,079
Belize | 0.7%
Republic of Belize, 4.938%, 02/20/34 (g)	USD		2,733		1,677,379

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

Semi-Annual Report  71

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Brazil | 1.9%
Brazil NTN-B:
6.000%, 05/15/35	BRL		970	$	906,811
6.000%, 08/15/50	BRL		2,470		2,325,973
Brazil NTN-F:
10.000%, 01/01/21	BRL		2,500		755,918
10.000%, 01/01/27	BRL		2,405		704,873
					4,693,575
Congo | 1.4%
Republic of Congo, 6.000%, 06/30/29 (g)	USD		4,203		3,404,191
Egypt | 1.5%
Arab Republic of Egypt:
8.500%, 01/31/47	USD		1,115		1,203,085
8.500%, 01/31/47 (b)	USD		2,240		2,416,960
					3,620,045
El Salvador | 1.4%
Republic of El Salvador:
7.375%, 12/01/19	USD		3,062		3,096,447
7.750%, 01/24/23	USD		470		475,288
					3,571,735
Ghana | 5.6%
Ghana Government Bonds:
23.230%, 02/19/18	GHS		490		114,326
22.490%, 04/23/18	GHS		160		37,070
23.470%, 05/21/18	GHS		420		99,483
19.040%, 09/24/18	GHS		50		11,392
Ghana Treasury Notes:
22.500%, 12/10/18	GHS		450		107,023
21.000%, 01/07/19	GHS		3,000		693,919
Republic of Ghana:
9.250%, 09/15/22	USD		5,110		5,506,025
7.875%, 08/07/23	USD		2,430		2,475,563
8.125%, 01/18/26	USD		4,574		4,659,762
					13,704,563
Hungary | 1.0%
Hungary, 7.625%, 03/29/41	USD		1,660		2,471,325
Mexico | 2.0%
United Mexican States:
4.350%, 01/15/47	USD		2,670		2,516,475
5.750%, 10/12/10	USD		2,360		2,448,500
					4,964,975

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Morocco | 0.5%
Kingdom of Morocco, 5.500%, 12/11/42	USD		1,130	$	1,252,887
Mozambique | 1.6%
Mozambique International Bonds, 10.500%, 01/18/23	USD		5,308		3,868,205
Nigeria | 0.5%
Republic of Nigeria, 7.875%, 02/16/32	USD		1,100		1,193,500
Oman | 1.4%
Oman Government International Bonds, 6.500%, 03/08/47 (b)	USD		3,510		3,581,997
Panama | 0.5%
Republic of Panama, 4.300%, 04/29/53	USD		1,180		1,159,350
Paraguay | 0.5%
Republic of Paraguay:
6.100%, 08/11/44	USD		875		971,250
6.100%, 08/11/44 (b)	USD		255		283,050
					1,254,300
Peru | 2.5%
Republic of Peru, 6.350%, 08/12/28	PEN		18,940		6,198,913
Qatar | 1.0%
Qatar Government International Bonds, 4.625%, 06/02/46	USD		2,370		2,399,625
Romania | 1.0%
Romania Government Bonds, 6.125%, 01/22/44	USD		1,930		2,454,960
Russia | 4.2%
Russia Foreign Bonds:
5.625%, 04/04/42	USD		1,000		1,082,000
5.875%, 09/16/43	USD		1,400		1,568,000
Russia Government Bond - OFZ, 7.750%, 09/16/26	RUB		458,840		7,784,603
					10,434,603

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

72  Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Explorer Total Return Portfolio (continued)
South Africa | 1.0%
Republic of South Africa, 10.500%, 12/21/26	ZAR		28,300	$	2,399,104
Turkey | 2.9%
Republic of Turkey:
6.875%, 03/17/36	USD		1,665		1,873,125
6.750%, 05/30/40	USD		1,455		1,621,365
6.000%, 01/14/41	USD		1,810		1,855,250
6.625%, 02/17/45	USD		1,415		1,561,806
5.750%, 05/11/47	USD		300		293,250
					7,204,796
Ukraine | 2.7%
Ukraine Government Bonds:
7.750%, 09/01/19	USD		5,435		5,608,920
7.750%, 09/01/20	USD		1,080		1,105,650
					6,714,570
Uruguay | 0.5%
Uruguay Notas del Tesoro, 13.250%, 04/08/18	UYU		5,900		212,785
Uruguay Treasury Bills:
0.000%, 09/29/17	UYU		1,350		46,218
0.000%, 11/10/17	UYU		3,210		107,976
0.000%, 02/08/18	UYU		11,810		390,865
0.000%, 03/08/18	UYU		11,147		366,030
0.000%, 04/05/18	UYU		3,530		114,287
0.000%, 06/01/18	UYU		2,570		81,973
					1,320,134
Venezuela | 0.6%
Republic of Venezuela:
8.250%, 10/13/24	USD		630		274,050
7.650%, 04/21/25	USD		650		276,250
9.250%, 05/07/28	USD		625		276,562
9.375%, 01/13/34	USD		590		266,090
7.000%, 03/31/38	USD		670		281,400
					1,374,352
Total Foreign Government Obligations (Cost $102,485,887)					103,340,163

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Quasi Government Bonds | 3.2%
Mexico | 0.9%
Petroleos Mexicanos:
5.625%, 01/23/46	USD		830	$	735,795
6.750%, 09/21/47	USD		1,480		1,494,622
					2,230,417
South Africa | 1.0%
Eskom Holdings SOC, Ltd.:
5.750%, 01/26/21	USD		1,320		1,335,180
6.750%, 08/06/23	USD		1,015		1,034,285
					2,369,465
Ukraine | 0.7%
Ukreximbank Via Biz Finance PLC, 9.625%, 04/27/22	USD		1,725		1,776,750
Venezuela | 0.6%
Petroleos de Venezuela SA:
6.000%, 05/16/24	USD		970		365,205
6.000%, 11/15/26	USD		1,005		367,328
5.375%, 04/12/27	USD		995		358,200
5.500%, 04/12/37	USD		1,000		355,000
					1,445,733
Total Quasi Government Bonds (Cost $7,830,437)					7,822,365
Description		Shares		Fair Value
Short-Term Investments | 39.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $96,802,952)			96,802,952	$	96,802,952
Description	Counterparty	Number of Contracts		Fair Value
Purchased Options | 0.3%
USD vs INR Sep 17 66.5 Call, Expires 09/27/17	JPMS		49,300	$	26,129
USD vs MXN Aug 17 18.5 Put, Expires 08/04/17	JPMS		227,600		528,032
USD vs MYR Aug 17 4.35 Put, Expires 08/28/17	JPMS		70,500		112,095

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

Semi-Annual Report  73

Description	Counterparty	Number of Contracts		Fair Value
Lazard Explorer Total Return Portfolio (continued)
USD vs TRY Aug 17 3.57 Put, Expires 08/23/17	JPMS		40,200	$	67,134
USD vs TRY Aug 17 3.58 Put, Expires 08/21/17	JPMS		60,100		110,584
Total Purchased Options (Cost $510,706)					843,974

Description	Fair Value
Total Investments | 100.1% (Cost $244,768,349) (d), (h)	$	246,996,867
Liabilities in Excess of Cash and Other Assets | (0.1)%		(323,383	)
Net Assets | 100.0%	$	246,673,484

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

74  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
ARS		5,016,375	USD		292,500		CIT	07/10/17	$	8,523		$	—
ARS		12,913,000	USD		740,000		CIT	07/10/17		34,884			—
ARS		13,720,000	USD		800,000		CIT	07/10/17		23,311			—
ARS		13,760,000	USD		800,000		CIT	07/11/17		25,291			—
ARS		5,657,750	USD		350,000		CIT	08/03/17		—			14,588
ARS		28,378,392	USD		1,680,000		CIT	10/25/17		—			67,659
ARS		28,223,000	USD		1,670,000		CIT	10/27/17		—			67,932
ARS		4,056,000	USD		240,000		CIT	11/13/17		—			11,512
ARS		22,477,000	USD		1,330,000		CIT	11/13/17		—			63,796
ARS		31,649,375	USD		1,826,804		JPM	10/02/17		—			9,341
ARS		13,760,000	USD		788,991		JPM	10/12/17		—			2,597
BRL		5,158,922	USD		1,564,637		BRC	07/10/17		—			9,192
BRL		6,832,564	USD		2,035,622		BRC	09/15/17		—			3,260
BRL		6,878,562	USD		2,048,410		BRC	09/15/17		—			2,366
BRL		5,158,922	USD		1,563,215		CIT	07/10/17		—			7,770
BRL		6,832,565	USD		2,035,440		CIT	09/15/17		—			3,078
BRL		1,181,093	USD		356,923		JPM	07/05/17		—			409
BRL		5,158,921	USD		1,563,641		JPM	07/10/17		—			8,196
BRL		6,832,564	USD		2,036,228		JPM	09/15/17		—			3,866
BRL		6,878,563	USD		2,048,411		JPM	09/15/17		—			2,366
BRL		1,181,093	USD		356,923		SCB	07/05/17		—			409
BRL		2,362,186	USD		714,040		SCB	07/05/17		—			1,013
BRL		5,158,922	USD		1,563,926		SCB	07/10/17		—			8,481
BRL		2,362,186	USD		703,911		SCB	09/15/17		—			1,274
BRL		6,832,564	USD		2,035,925		SCB	09/15/17		—			3,563
BRL		6,878,562	USD		2,049,448		SCB	09/15/17		—			3,404
BRL		1,564,585	USD		468,846		SCB	02/09/18		—			14,234
BRL		1,706,683	USD		515,303		SCB	02/09/18		—			19,403
BRL		3,199,698	USD		950,876		SCB	02/09/18		—			21,161
CAD		2,269,439	USD		1,740,000		BRC	07/05/17		10,030			—
CAD		3,546,376	USD		2,683,802		BRC	07/05/17		50,911			—
CAD		3,546,376	USD		2,687,259		BRC	07/05/17		47,454			—
CAD		3,546,374	USD		2,687,831		CIT	07/05/17		46,880			—
CAD		3,546,375	USD		2,685,062		CIT	07/05/17		49,650			—
CAD		1,214,936	USD		915,655		JPM	07/05/17		21,218			—
CAD		1,336,649	USD		990,000		JPM	07/05/17		40,728			—
CAD		3,546,376	USD		2,684,208		JPM	07/05/17		50,505			—
CAD		3,546,376	USD		2,687,259		JPM	07/05/17		47,454			—
CAD		3,546,376	USD		2,683,599		SCB	07/05/17		51,114			—
CAD		3,546,376	USD		2,686,648		SCB	07/05/17		48,065			—
COP		5,791,216,819	USD		1,970,472		BRC	09/13/17		—			87,370
COP		5,791,216,818	USD		1,971,612		CIT	09/13/17		—			88,510
COP		5,791,216,819	USD		1,971,478		JPM	09/13/17		—			88,376
The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  75

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
COP		5,791,216,819	USD		1,972,149		SCB	09/13/17	$	—		$	89,047
HUF		270,270,000	USD		990,000		CIT	11/06/17		14,981			—
IDR		16,466,533,679	USD		1,157,577		BRC	12/11/17		55,354			—
IDR		20,850,173,612	USD		1,466,670		BRC	12/13/17		68,831			—
IDR		16,466,533,679	USD		1,143,668		BRC	12/27/17		67,169			—
IDR		20,850,173,612	USD		1,448,029		BRC	12/27/17		85,151			—
IDR		4,090,882,320	USD		288,598		BRC	01/05/18		11,926			—
IDR		4,212,875,489	USD		297,205		BRC	01/05/18		12,281			—
IDR		6,831,024,849	USD		481,397		BRC	01/05/18		20,423			—
IDR		13,624,131,130	USD		993,374		BRC	01/05/18		7,480			—
IDR		19,572,004,159	USD		1,384,159		BRC	01/05/18		53,638			—
IDR		7,372,454,723	USD		529,060		BRC	01/08/18		12,402			—
IDR		36,233,100,000	USD		2,540,000		CIT	12/14/17		128,080			—
IDR		36,052,500,000	USD		2,530,000		CIT	12/15/17		124,494			—
IDR		36,052,500,000	USD		2,502,082		CIT	12/27/17		148,975			—
IDR		36,195,000,000	USD		2,511,449		CIT	12/27/17		150,087			—
IDR		10,323,931,874	USD		728,159		CIT	01/05/18		30,256			—
IDR		14,079,142,244	USD		1,026,626		CIT	01/05/18		7,655			—
IDR		25,824,820,312	USD		1,823,143		CIT	01/05/18		73,997			—
IDR		29,814,526,615	USD		2,101,402		CIT	01/05/18		88,830			—
IDR		31,671,900,570	USD		2,233,240		CIT	01/05/18		93,438			—
IDR		19,095,966,322	USD		1,342,423		JPM	12/11/17		64,194			—
IDR		15,273,493,015	USD		1,073,331		JPM	12/13/17		51,478			—
IDR		36,195,000,000	USD		2,540,000		JPM	12/14/17		125,274			—
IDR		15,273,493,015	USD		1,060,659		JPM	12/27/17		62,450			—
IDR		19,095,966,322	USD		1,327,030		JPM	12/27/17		77,158			—
IDR		20,613,813,710	USD		1,431,316		JPM	12/27/17		84,484			—
IDR		12,941,822,110	USD		912,681		JPM	01/05/18		38,049			—
IDR		12,964,968,135	USD		914,636		JPM	01/05/18		37,795			—
IDR		21,116,307,373	USD		1,492,698		JPM	01/05/18		58,546			—
IDR		8,438,736,985	USD		605,144		JPM	01/08/18		14,630			—
IDR		37,207,961,998	USD		2,707,018		JPM	01/08/18		25,680			—
IDR		9,695,909,874	USD		695,795		SCB	01/08/18		16,310			—
IDR		9,944,617,823	USD		722,982		SCB	01/08/18		7,390			—
IDR		12,941,822,110	USD		912,681		UBS	01/05/18		38,049			—
INR		35,481,200	USD		535,000		BRC	08/16/17		10,982			—
INR		35,631,000	USD		535,000		BRC	08/16/17		13,287			—
INR		35,816,000	USD		550,000		BRC	08/16/17		1,134			—
INR		141,741,946	USD		2,071,342		BRC	08/16/17		109,772			—
INR		39,785,325	USD		605,100		BRC	01/05/18		—			3,727
INR		53,168,120	USD		806,800		BRC	01/05/18		—			3,140
INR		54,222,538	USD		823,300		BRC	01/05/18		—			3,702
INR		35,288,600	USD		535,000		CIT	08/16/17		8,018			—
The accompanying notes are an integral part of these financial statements.

76  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
INR		34,125,377	USD		498,617		JPM	08/16/17	$	26,501		$	—
INR		35,524,000	USD		535,000		JPM	08/16/17		11,641			—
INR		35,524,000	USD		535,000		JPM	08/16/17		11,641			—
INR		68,473,600	USD		1,040,000		JPM	08/16/17		13,666			—
INR		321,024,444	USD		4,930,000		JPM	09/29/17		—			17,990
INR		39,839,784	USD		605,100		JPM	01/05/18		—			2,904
INR		111,391,611	USD		1,689,600		JPM	01/05/18		—			5,866
INR		26,100,000	USD		400,000		SCB	08/16/17		1,625			—
INR		32,169,564	USD		470,040		SCB	08/16/17		24,982			—
INR		35,478,525	USD		535,000		SCB	08/16/17		10,941			—
INR		35,497,250	USD		535,000		SCB	08/16/17		11,229			—
INR		35,537,375	USD		535,000		SCB	08/16/17		11,846			—
INR		36,014,000	USD		550,000		SCB	08/16/17		4,181			—
INR		53,119,712	USD		806,800		SCB	01/05/18		—			3,872
INR		54,214,305	USD		823,300		SCB	01/05/18		—			3,827
INR		35,288,600	USD		535,000		UBS	08/16/17		8,018			—
INR		35,387,575	USD		535,000		UBS	08/16/17		9,541			—
KRW		2,946,904,635	USD		2,578,783		BRC	07/06/17		—			3,130
KRW		2,946,904,635	USD		2,577,543		BRC	07/06/17		—			1,889
KRW		2,946,904,634	USD		2,578,670		CIT	07/06/17		—			3,017
KRW		2,946,904,634	USD		2,575,966		CIT	07/06/17		—			312
KRW		2,319,540,000	USD		2,010,000		JPM	07/06/17		17,324			—
KRW		2,946,904,635	USD		2,579,348		JPM	07/06/17		—			3,694
KRW		2,946,904,635	USD		2,577,092		JPM	07/06/17		—			1,438
KRW		1,109,542,500	USD		990,000		SCB	07/06/17		—			20,238
KRW		2,946,904,635	USD		2,579,799		SCB	07/06/17		—			4,146
KRW		2,946,904,635	USD		2,578,219		SCB	07/06/17		—			2,566
MXN		28,525,223	USD		1,561,546		BOA	07/19/17		6,704			—
MXN		28,525,222	USD		1,561,550		BRC	07/19/17		6,700			—
MXN		28,525,222	USD		1,561,101		JPM	07/19/17		7,149			—
MXN		28,525,222	USD		1,561,529		SCB	07/19/17		6,721			—
PEN		6,148,540	USD		1,880,000		BRC	07/19/17		12,329			—
PEN		3,148,273	USD		962,628		JPM	07/19/17		6,313			—
PEN		2,865,060	USD		877,372		SCB	07/19/17		4,404			—
PLN		4,763,997	USD		1,277,108		BOA	07/19/17		8,406			—
PLN		4,763,996	USD		1,275,887		BRC	07/19/17		9,627			—
PLN		4,763,996	USD		1,275,885		CIT	07/19/17		9,629			—
PLN		4,763,996	USD		1,276,181		JPM	07/19/17		9,333			—
PLN		4,763,996	USD		1,275,740		SCB	07/19/17		9,774			—
RUB		124,680,558	USD		2,165,100		BRC	07/10/17		—			53,213
RUB		483,101,382	USD		7,994,066		BRC	10/05/17		45,364			—
RUB		124,680,558	USD		2,165,157		CIT	07/10/17		—			53,269
RUB		124,680,558	USD		2,165,232		SCB	07/10/17		—			53,345
The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  77

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
RUB		124,680,558	USD		2,165,984		UBS	07/10/17	$	—		$	54,097
TRY		1,877,836	USD		518,811		BRC	09/19/17		3,379			—
TRY		7,653,026	USD		2,122,598		JPM	09/05/17		13,770			—
TRY		1,877,835	USD		518,667		JPM	09/19/17		3,522			—
TRY		1,877,836	USD		518,668		JPM	09/19/17		3,522			—
TRY		9,161,420	USD		2,540,957		SCB	09/05/17		16,485			—
TRY		1,877,836	USD		518,517		SCB	09/19/17		3,672			—
TWD		78,133,483	USD		2,565,960		BRC	07/06/17		2,615			—
TWD		78,133,483	USD		2,564,360		CIT	07/06/17		4,215			—
TWD		156,266,965	USD		5,126,869		CIT	07/06/17		10,281			—
TWD		57,678,600	USD		1,860,000		JPM	07/06/17		36,137			—
TWD		76,885,711	USD		2,525,397		JPM	07/06/17		2,159			—
TWD		78,133,483	USD		2,567,225		JPM	07/06/17		1,350			—
TWD		29,779,200	USD		990,000		SCB	07/06/17		—			11,033
TWD		78,133,483	USD		2,565,960		SCB	07/06/17		2,615			—
TWD		79,381,255	USD		2,608,651		UBS	07/06/17		943			—
USD		1,900,293	ARS		31,649,375		JPM	07/10/17		1,075			—
USD		825,187	ARS		13,760,000		JPM	07/11/17		—			103
USD		2,076,861	BRL		6,878,562		BRC	07/10/17		2,934			—
USD		1,096,815	BRL		3,842,143		BRC	02/09/18		—			19,571
USD		357,020	BRL		1,181,093		JPM	07/05/17		506			—
USD		2,076,861	BRL		6,878,563		JPM	07/10/17		2,934			—
USD		1,788,990	BRL		6,285,615		JPM	02/09/18		—			37,380
USD		357,020	BRL		1,181,093		SCB	07/05/17		506			—
USD		714,191	BRL		2,362,186		SCB	07/05/17		1,164			—
USD		2,078,115	BRL		6,878,562		SCB	07/10/17		4,189			—
USD		505,206	BRL		1,769,331		SCB	02/09/18		—			8,897
USD		1,788,990	BRL		6,284,184		UBS	02/09/18		—			36,965
USD		551,023	CAD		725,532		BRC	07/05/17		—			8,456
USD		630,938	CAD		840,290		BRC	07/05/17		—			17,034
USD		761,440	CAD		1,016,199		BRC	07/05/17		—			22,180
USD		942,411	CAD		1,288,784		BRC	07/05/17		—			51,408
USD		1,471,187	CAD		1,951,184		BRC	07/05/17		—			33,427
USD		2,213,177	CAD		2,917,631		BRC	07/05/17		—			36,693
USD		2,967,765	CAD		3,937,513		BRC	07/05/17		—			68,564
USD		3,299,033	CAD		4,350,771		BRC	07/05/17		—			55,973
USD		2,688,074	CAD		3,546,376		BRC	10/05/17		—			50,546
USD		2,691,777	CAD		3,546,376		BRC	10/12/17		—			47,042
USD		1,069,062	CAD		1,422,755		CIT	07/05/17		—			28,066
USD		2,689,337	CAD		3,546,375		CIT	10/05/17		—			49,282
USD		2,692,417	CAD		3,546,374		CIT	10/12/17		—			46,401
USD		1,146,172	CAD		1,567,402		JPM	07/05/17		—			62,497
USD		1,819,611	CAD		2,429,872		JPM	07/05/17		—			54,134
The accompanying notes are an integral part of these financial statements.

78  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		2,328,813	CAD		3,088,938		JPM	07/05/17	$	—		$	53,156
USD		2,688,380	CAD		3,546,376		JPM	10/05/17		—			50,240
USD		2,691,828	CAD		3,546,376		JPM	10/12/17		—			46,991
USD		951,417	CAD		1,301,177		SCB	07/05/17		—			51,958
USD		2,687,768	CAD		3,546,376		SCB	10/05/17		—			50,852
USD		2,691,154	CAD		3,546,376		SCB	10/12/17		—			47,665
USD		580,967	CAD		766,023		UBS	07/05/17		—			9,735
USD		893,560	CAD		1,192,277		UBS	07/05/17		—			25,839
USD		3,328,977	CAD		4,395,681		UBS	07/05/17		—			60,660
USD		528,838	COP		1,638,338,761		BRC	09/13/17		—			3,893
USD		646,162	COP		2,004,395,889		UBS	09/13/17		—			5,597
USD		1,309,568	HUF		373,436,351		BOA	11/06/17		—			79,031
USD		919,364	HUF		262,616,421		BRC	11/06/17		—			57,158
USD		1,309,063	HUF		373,436,351		BRC	11/06/17		—			79,536
USD		2,621,342	HUF		746,872,703		BRC	11/06/17		—			155,856
USD		1,280,636	HUF		365,595,871		CIT	11/06/17		—			78,809
USD		1,309,109	HUF		373,436,352		CIT	11/06/17		—			79,490
USD		2,621,066	HUF		746,872,701		CIT	11/06/17		—			156,132
USD		2,621,258	HUF		746,872,703		CIT	11/06/17		—			155,940
USD		1,309,109	HUF		373,436,351		SCB	11/06/17		—			79,490
USD		2,619,687	HUF		746,872,703		SCB	11/06/17		—			157,511
USD		1,309,568	HUF		373,436,351		UBS	11/06/17		—			79,031
USD		2,620,882	HUF		746,872,703		UBS	11/06/17		—			156,316
USD		1,146,295	IDR		16,466,533,679		BRC	12/11/17		—			66,636
USD		1,450,750	IDR		20,850,173,612		BRC	12/13/17		—			84,751
USD		669,000	IDR		9,081,675,000		BRC	01/05/18		1,843			—
USD		892,000	IDR		12,133,430,000		BRC	01/05/18		655			—
USD		898,414	IDR		12,222,924,783		BRC	01/05/18		495			—
USD		906,200	IDR		12,313,445,600		BRC	01/05/18		1,631			—
USD		154,000	IDR		2,148,762,000		BRC	01/08/18		—			3,813
USD		154,000	IDR		2,132,130,000		BRC	01/08/18		—			2,592
USD		154,000	IDR		2,115,960,000		BRC	01/08/18		—			1,404
USD		1,088,831	IDR		15,619,286,290		CIT	12/14/17		—			61,319
USD		2,516,163	IDR		36,195,000,000		CIT	12/14/17		—			149,111
USD		2,506,518	IDR		36,052,500,000		CIT	12/15/17		—			147,976
USD		1,166,120	IDR		15,865,065,321		CIT	01/05/18		642			—
USD		1,840,000	IDR		25,944,000,000		CIT	01/05/18		—			65,895
USD		154,000	IDR		2,116,730,000		CIT	01/08/18		—			1,461
USD		1,329,340	IDR		19,095,966,322		JPM	12/11/17		—			77,277
USD		1,062,504	IDR		15,273,493,015		JPM	12/13/17		—			62,305
USD		1,433,506	IDR		20,613,813,710		JPM	12/14/17		—			84,424
USD		669,000	IDR		9,098,400,000		JPM	01/05/18		614			—
USD		154,000	IDR		2,124,892,000		JPM	01/08/18		—			2,060
The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  79

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		154,000	IDR		2,119,810,000		JPM	01/08/18	$	—		$	1,687
USD		154,000	IDR		2,122,582,000		JPM	01/08/18		—			1,891
USD		811,066	IDR		11,042,658,552		SCB	01/05/18		—			149
USD		892,000	IDR		12,126,740,000		SCB	01/05/18		1,147			—
USD		906,200	IDR		12,315,258,000		SCB	01/05/18		1,498			—
USD		154,000	IDR		2,126,740,000		SCB	01/08/18		—			2,196
USD		154,000	IDR		2,120,580,000		UBS	01/08/18		—			1,744
USD		154,000	IDR		2,125,970,000		UBS	01/08/18		—			2,140
USD		549,253	KRW		657,455,350		BRC	07/06/17		—			25,377
USD		1,575,122	KRW		1,899,817,725		BRC	07/06/17		—			85,357
USD		1,977,157	KRW		2,380,121,802		BRC	07/06/17		—			103,117
USD		2,586,433	KRW		2,946,904,635		BRC	01/08/18		2,575			—
USD		2,585,049	KRW		2,946,904,635		BRC	01/12/18		1,057			—
USD		910,056	KRW		1,070,498,967		CIT	07/06/17		—			25,581
USD		911,421	KRW		1,098,080,406		CIT	07/06/17		—			48,323
USD		1,827,808	KRW		2,183,316,871		CIT	07/06/17		—			80,454
USD		1,836,179	KRW		2,184,318,764		CIT	07/06/17		—			72,959
USD		2,586,252	KRW		2,946,904,634		CIT	01/08/18		2,394			—
USD		2,583,418	KRW		2,946,904,634		CIT	01/12/18		—			575
USD		777,980	KRW		885,341,388		JPM	07/06/17		4,174			—
USD		862,558	KRW		1,033,042,800		JPM	07/06/17		—			40,342
USD		911,421	KRW		1,096,348,706		JPM	07/06/17		—			46,809
USD		918,090	KRW		1,093,077,478		JPM	07/06/17		—			37,282
USD		1,472,939	KRW		1,761,742,832		JPM	07/06/17		—			66,859
USD		2,924,896	KRW		3,526,254,321		JPM	07/06/17		—			157,121
USD		2,586,933	KRW		2,946,904,635		JPM	01/08/18		3,075			—
USD		2,584,596	KRW		2,946,904,635		JPM	01/12/18		604			—
USD		692,444	KRW		814,521,783		SCB	07/06/17		—			19,464
USD		862,198	KRW		1,033,042,800		SCB	07/06/17		—			40,702
USD		1,015,731	KRW		1,208,374,791		SCB	07/06/17		—			40,413
USD		1,072,020	KRW		1,220,280,218		SCB	07/06/17		5,471			—
USD		1,541,260	KRW		1,858,682,576		SCB	07/06/17		—			83,266
USD		2,587,274	KRW		2,946,904,635		SCB	01/08/18		3,415			—
USD		2,585,685	KRW		2,946,904,635		SCB	01/12/18		1,692			—
USD		158,081	PEN		523,563		BRC	07/19/17		—			3,056
USD		305,891	PEN		1,013,721		BRC	07/19/17		—			6,101
USD		309,848	PEN		1,035,202		BRC	11/09/17		—			5,003
USD		190,152	PEN		635,583		JPM	11/09/17		—			3,157
USD		184,358	PEN		608,659		SCB	07/19/17		—			2,968
USD		534,550	PEN		1,768,293		SCB	07/19/17		—			9,675
USD		688,898	PEN		2,287,142		SCB	07/19/17		—			15,013
USD		1,233,652	RUB		70,675,899		BOA	07/19/17		38,657			—
USD		8,135,759	RUB		483,101,382		BRC	07/10/17		—			47,199
The accompanying notes are an integral part of these financial statements.

80  Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		294,326	RUB		17,437,358		BRC	07/19/17	$	—		$	506
USD		317,696	RUB		18,807,573		BRC	07/19/17		—			305
USD		500,191	RUB		29,921,669		BRC	07/19/17		—			5,728
USD		1,234,082	RUB		70,675,899		BRC	07/19/17		39,088			—
USD		1,233,243	RUB		70,675,899		CIT	07/19/17		38,248			—
USD		270,000	RUB		15,620,850		JPM	07/10/17		5,408			—
USD		1,233,447	RUB		70,675,899		JPM	07/19/17		38,452			—
USD		249,583	RUB		14,963,381		SCB	07/19/17		—			3,419
USD		500,053	RUB		29,921,669		SCB	07/19/17		—			5,865
USD		1,233,878	RUB		70,675,899		SCB	07/19/17		38,883			—
USD		758,297	TWD		23,844,649		BRC	07/06/17		—			25,577
USD		817,268	TWD		26,123,965		BRC	07/06/17		—			41,536
USD		818,912	TWD		26,098,715		BRC	07/06/17		—			39,062
USD		1,052,353	TWD		31,723,179		BRC	07/06/17		9,479			—
USD		1,548,782	TWD		49,259,000		BRC	07/06/17		—			70,568
USD		1,671,743	TWD		53,211,577		BRC	07/06/17		—			77,545
USD		2,574,415	TWD		78,133,483		BRC	01/08/18		—			14,335
USD		497,647	TWD		14,999,082		CIT	07/06/17		4,564			—
USD		2,572,042	TWD		78,133,483		CIT	01/08/18		—			16,708
USD		5,138,839	TWD		156,266,965		CIT	01/12/18		—			39,705
USD		851,703	TWD		26,777,542		JPM	07/06/17		—			28,587
USD		905,276	TWD		28,851,161		JPM	07/06/17		—			43,182
USD		910,059	TWD		28,971,723		JPM	07/06/17		—			42,363
USD		1,549,269	TWD		49,259,000		JPM	07/06/17		—			70,081
USD		1,570,000	TWD		50,365,600		JPM	07/06/17		—			85,728
USD		2,453,088	TWD		79,112,077		JPM	07/06/17		—			147,658
USD		2,740,186	TWD		87,585,387		JPM	07/06/17		—			139,113
USD		2,574,839	TWD		78,133,483		JPM	01/08/18		—			13,911
USD		2,530,384	TWD		76,885,711		JPM	01/12/18		—			17,539
USD		242,546	TWD		7,760,266		SCB	07/06/17		—			12,566
USD		641,158	TWD		20,667,713		SCB	07/06/17		—			38,277
USD		1,268,198	TWD		40,320,588		SCB	07/06/17		—			57,308
USD		2,125,812	TWD		67,594,439		SCB	07/06/17		—			96,301
USD		2,573,567	TWD		78,133,483		SCB	01/08/18		—			15,183
USD		2,615,097	TWD		79,381,255		UBS	01/12/18		—			15,526
USD		602,819	ZAR		7,774,855		BRC	07/05/17		8,524			—
USD		1,362,675	ZAR		17,811,529		BRC	07/10/17		2,365			—
USD		604,107	ZAR		7,774,853		CIT	07/05/17		9,813			—
USD		603,497	ZAR		7,774,855		JPM	07/05/17		9,203			—
USD		2,510,000	ZAR		32,759,867		JPM	07/05/17		5,902			—
USD		2,530,000	ZAR		32,958,588		JPM	07/05/17		10,712			—
USD		1,362,780	ZAR		17,811,529		JPM	07/10/17		2,470			—
USD		604,342	ZAR		7,774,855		SCB	07/05/17		10,047			—
The accompanying notes are an integral part of these financial statements.

Semi-Annual Report  81

Lazard Explorer Total Return Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		2,433,114	ZAR		31,745,564		SCB	07/05/17		$    6,547		$	—
ZAR		25,712,687	USD		1,955,263		BRC	07/05/17		10,163			—
ZAR		10,814,611	USD		801,112		BRC	07/10/17		24,826			—
ZAR		7,774,855	USD		593,768		BRC	10/05/17		—			8,506
ZAR		17,811,529	USD		1,343,151		BRC	10/05/17		—			2,366
ZAR		25,712,687	USD		1,955,010		CIT	07/05/17		10,416			—
ZAR		7,774,853	USD		595,058		CIT	10/05/17		—			9,796
ZAR		25,712,689	USD		1,954,743		HSB	07/05/17		10,683			—
ZAR		25,712,687	USD		1,952,072		JPM	07/05/17		13,355			—
ZAR		14,834,050	USD		1,100,000		JPM	07/10/17		32,913			—
ZAR		7,774,855	USD		594,499		JPM	10/05/17		—			9,237
ZAR		17,811,529	USD		1,343,354		JPM	10/05/17		—			2,569
ZAR		25,712,687	USD		1,951,923		SCB	07/05/17		13,503			—
ZAR		9,974,397	USD		738,888		SCB	07/10/17		22,881			—
ZAR		7,774,855	USD		595,295		SCB	10/05/17		—			10,033
Total gross unrealized appreciation/depreciation on Forward Currency Contracts										$3,529,792		$	6,563,786

Written Options open at June 30, 2017:

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date	Premiums			Fair Value
USD vs INR Sep 17 64.3 Put	JPM		49,300		$64.30	09/27/17		$	22,782		$	(22,782	)

Credit Default Swap Agreements open at June 30, 2017:

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 27

BRC

370,000

06/20/22

Sell

1.000%

CCC- AA-

$

16,789

$

16,206

$

583

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

82  Semi-Annual Report

Lazard Explorer Total Return Portfolio (concluded)

Interest Rate Swap Agreements open at June 30, 2017:

				Receive
		Notional	Expiration	(Pay)			Variable	Unrealized
Currency	Counterparty	Amount	Date	Rate			Rate	Appreciation
BRL	JPM	2,020,613	07/01/20		10.01	%	Brazil Cetip Interbank Deposit Rate		$	4,583
BRL	JPM	3,965,293	07/01/20		10.02		Brazil Cetip Interbank Deposit Rate			9,341
BRL	JPM	25,351,856	01/04/21		11.05		Brazil Cetip Interbank Deposit Rate			203,520
ZAR	JPM	221,400	06/01/27		7.85		South Africa Interbank Deposit Rate			21,193
Total gross unrealized appreciation on Interest Rate Swap Agreements									$	238,637

Futures Contracts open at June 30, 2017:

	Number of	Expiration	Notional		Fair		Unrealized
Type	Contracts	Date	Amount		Value		Depreciation
10-Year US Treasury Notes	1	09/20/17		$126,296		$125,531		$	765
5-Year US Treasury Notes	1	09/29/17		118,141		117,836			305
Total gross unrealized depreciation on Futures Contracts								$	1,070

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

Semi-Annual Report  83

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations | 30.0%
Brazil | 5.2%
Brazil NTN-F:
10.000%, 01/01/18	BRL		1,400	$	424,825
10.000%, 01/01/27	BRL		880		257,916
					682,741
Egypt | 2.8%
Egypt Treasury Bills, 0.000%, 11/21/17	EGP		7,200		368,486
Indonesia | 1.0%
Indonesia Government Bonds, 8.250%, 07/15/21	IDR		1,684,000		132,777
Malaysia | 5.2%
Malaysia Government Bonds:
3.314%, 10/31/17	MYR		1,240		289,015
4.240%, 02/07/18	MYR		1,540		360,900
3.580%, 09/28/18	MYR		190		44,402
					694,317
Mexico | 7.5%
Mexican Bonos:
4.750%, 06/14/18	MXN		4,400		237,598
6.500%, 06/10/21	MXN		5,970		327,954
5.750%, 03/05/26	MXN		3,180		164,009
Mexico Cetes, 0.000%, 08/31/17	MXN		5,000		271,815
					1,001,376
Poland | 3.5%
Poland Government Bonds, 5.250%, 10/25/17	PLN		1,700		463,948
Turkey | 4.8%
Turkey Government Bonds:
10.500%, 01/15/20	TRY		1,900		538,525
8.500%, 09/14/22	TRY		390		102,476
					641,001
Total Foreign Government Obligations (Cost $3,920,478)					3,984,646

Description	Security Currency	Principal Amount (000)		Fair Value
Supranationals | 1.6%
European Investment Bank, 7.200%, 07/09/19 (b) (Cost $212,848)	IDR		2,700,000	$	206,916
US Treasury Securities | 61.7%
US Treasury Notes:
0.875%, 07/15/17	USD		500		500,000
0.500%, 07/31/17	USD		500		499,853
0.875%, 08/15/17	USD		500		499,947
0.625%, 08/31/17	USD		500		499,710
1.875%, 08/31/17	USD		500		500,719
1.000%, 09/15/17	USD		500		499,926
0.625%, 09/30/17	USD		500		499,445
1.875%, 09/30/17	USD		500		500,958
0.875%, 10/15/17	USD		500		499,693
1.875%, 10/31/17	USD		700		701,754
4.250%, 11/15/17	USD		500		505,706
0.875%, 11/30/17	USD		500		499,478
1.000%, 12/15/17	USD		500		499,663
0.750%, 12/31/17	USD		500		498,998
0.875%, 01/15/18	USD		500		499,279
0.875%, 01/31/18	USD		500		499,181
Total US Treasury Securities (Cost $8,206,796)					8,204,310
Description		Shares		Fair Value
Short-Term Investments | 13.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,722,368)			1,722,368	$	1,722,368
Total Investments | 106.3% (Cost $14,062,490) (d), (h)				$	14,118,240
Liabilities in Excess of Cash and Other Assets | (6.3)%					(831,274	)
Net Assets | 100.0%				$	13,286,966

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

84  Semi-Annual Report

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
ARS		2,164,500	USD		130,000	BNP	07/24/17		$	—		$	1,032
ARS		1,038,400	USD		64,000	BNP	08/02/17			—			2,409
ARS		1,124,930	USD		67,000	CIT	09/29/17			—			2,297
ARS		1,136,450	USD		70,000	HSB	07/12/17			—			1,873
CLP		88,079,250	USD		133,000	BNP	07/14/17			—			348
CLP		129,561,900	USD		195,000	BNP	07/24/17			76			—
CNY		802,488	USD		116,000	HSB	07/26/17			2,313			—
CNY		3,481,699	USD		511,000	HSB	08/11/17			1,515			—
CNY		4,599,504	USD		672,000	SCB	09/05/17			3,901			—
COP		632,060,000	USD		208,000	CIT	07/31/17			—			1,343
COP		222,505,200	USD		76,000	HSB	08/11/17			—			3,359
CZK		3,207,258	EUR		122,000	BNP	08/28/17			985			—
CZK		1,306,744	EUR		49,470	CIT	08/02/17			658			—
CZK		10,515,310	USD		429,021	CIT	10/30/17			34,348			—
CZK		4,600,710	USD		186,000	CIT	02/27/18			18,560			—
EUR		171,764	CZK		4,600,710	CIT	02/27/18			—			5,811
EUR		60,000	USD		68,166	JPM	07/03/17			363			—
HUF		18,564,900	EUR		60,000	JPM	07/03/17			125			—
HUF		2,848,600	USD		9,840	BNP	08/29/17			718			—
HUF		79,034,060	USD		287,000	JPM	07/03/17			5,274			—
HUF		48,540,600	USD		178,000	JPM	08/03/17			1,717			—
HUF		48,478,300	USD		178,000	JPM	09/05/17			1,734			—
IDR		3,173,760,000	USD		228,000	HSB	04/26/18			1,983			—
IDR		971,630,000	USD		73,000	SCB	07/10/17			—			168
ILS		694,451	USD		196,469	BNP	07/03/17			2,608			—
ILS		228,451	USD		65,157	BNP	10/03/17			565			—
INR		63,571,370	USD		971,000	SCB	07/24/17			10,593			—
INR		9,553,530	USD		147,000	SCB	08/11/17			237			—
KRW		1,493,995,350	USD		1,329,000	JPM	07/12/17			—			24,087
KZT		43,497,650	USD		133,000	SCB	08/28/17			449			—
MXN		4,103,796	USD		214,000	CIT	11/27/17			7,112			—
PHP		8,637,360	USD		174,000	SCB	08/14/17			—			3,466
PLN		272,512	EUR		64,000	CIT	07/19/17			384			—
PLN		517,441	USD		139,000	JPM	07/19/17			626			—
RON		271,602	EUR		60,000	JPM	08/01/17			—			525
RON		531,036	USD		132,000	CIT	08/01/17			1,146			—
RON		746,484	USD		174,923	CIT	08/01/17			12,241			—
RON		1,086,703	USD		256,238	CIT	08/01/17			16,229			—
RON		208,785	USD		53,287	CIT	08/29/17			—			902
RON		1,066,433	USD		252,040	CIT	11/09/17			16,021			—
RON		517,488	USD		127,122	JPM	08/01/17			2,627			—
RSD		6,977,190	USD		66,000	BNP	09/05/17			—			170
RUB		6,882,830	USD		113,000	CIT	09/11/17			2,040			—

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

Semi-Annual Report  85

Lazard Emerging Markets Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
RUB	3,717,340	USD		61,000	JPM	09/11/17		$	1,132		$	—
RUB	26,020,917	USD		444,058	JPM	09/11/17			—			9,142
RUB	37,206,310	USD		640,153	JPM	09/11/17			—			18,282
SGD	1,400,150	USD		993,000	SCB	07/17/17			24,156			—
THB	16,689,624	USD		492,000	SCB	07/17/17			—			695
TWD	2,116,100	USD		69,873	SCB	07/17/17			—			239
USD	93,000	BRL		307,551	CIT	07/17/17			409			—
USD	65,654	EUR		58,379	CIT	08/28/17			—			1,208
USD	68,269	EUR		60,000	JPM	08/01/17			—			354
USD	10,450	HUF		2,848,600	BNP	08/29/17			—			108
USD	357,440	HUF		97,598,960	JPM	07/03/17			—			3,488
USD	64,918	ILS		228,451	BNP	07/03/17			—			571
USD	131,891	ILS		466,000	BNP	07/03/17			—			1,697
USD	270,000	JPY		29,883,136	CIT	08/30/17			3,690			—
USD	53,275	RON		208,785	BNP	08/29/17			890			—
USD	130,000	RON		537,758	CIT	08/01/17			—			4,831
USD	179,925	RON		761,642	CIT	08/01/17			—			11,040
USD	251,458	RON		1,066,433	CIT	08/01/17			—			15,927
USD	254,792	RON		1,066,433	CIT	11/09/17			—			13,270
USD	61,000	RON		256,444	JPM	08/01/17			—			3,298
ZAR	1,756,894	USD		132,000	CIT	07/17/17			2,018			—
ZAR	26,103	USD		2,000	SCB	08/18/17			—			20
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	179,443		$	131,960

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

86  Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2017 (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, 2017, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Equity		0.3	%
Emerging Markets Equity Advantage		0.9
Emerging Markets Multi-Asset		1.6
Emerging Markets Debt		7.3
Explorer Total Return		6.3
Emerging Markets Income		1.6

(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 in the Notes to Financial Statements.
(d)	For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Equity	$	11,811,169,365	$	2,334,280,790	$	1,216,522,430	$	1,117,758,360
Emerging Markets Core Equity		140,063,137		31,618,102		2,906,986		28,711,116
Developing Markets Equity		195,848,270		44,465,408		5,406,142		39,059,266
Emerging Markets Equity Advantage		3,101,364		763,209		95,577		667,632
Emerging Markets Equity Blend		295,344,144		63,592,984		12,373,735		51,219,249
Emerging Markets Multi-Asset		207,345,051		19,576,783		2,848,566		16,728,217
Emerging Markets Debt		274,992,675		7,827,700		4,856,936		2,970,764
Explorer Total Return		244,768,349		4,408,018		2,179,500		2,228,518
Emerging Markets Income		14,062,490		119,164		63,414		55,750

(e)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2017.
(f)	Date shown is the next perpetual call date.
(g)	Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at June 30, 2017 which may step up at a future date.
(h)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(i)	Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies.

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

Semi-Annual Report  87

Security Abbreviations:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
JSC	—	Joint Stock Company
NTN-B	—	Brazil Sovereign “Nota do Tesouro Nacional” Series B
NTN-F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
NVDR	—	Non-Voting Depository Receipt
PJSC	—	Public Joint Stock Company
REIT	—	Real Estate Investment Trust

Currency Abbreviations:

ARS	—	Argentinian Peso
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CLP	—	Chilean Peso
CNY	—	Chinese Renminbi
COP	—	Colombian Peso
CZK	—	Czech Koruna
DOP	—	Dominican Republic Peso
EGP	—	Egyptian Pound
EUR	—	Euro
GHS	—	Ghanaian Cedi
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	South Korean Won

KZT	—	Kazakhstan Tenge
MXN	—	Mexican New Peso
MYR	—	Malaysian Ringgit
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippine Peso
PLN	—	Polish Zloty
RON	—	New Romanian Leu
RSD	—	Serbian Dinar
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
THB	—	Thai Baht
TRY	—	New Turkish Lira
TWD	—	Taiwan Dollar
UGX	—	Ugandan Shilling
USD	—	United States Dollar
UYU	—	Uruguayan Peso
ZAR	—	South African Rand

Counterparty Abbreviations:

BNP	—	BNP Paribas SA
BOA	—	Bank of America NA
BRC	—	Barclays Bank PLC
CIT	—	Citibank NA
HSB	—	HSBC Bank USA NA

JPM	—	JPMorgan Chase Bank NA
JPMS	—	JPMorgan Securities, Inc.
SCB	—	Standard Charter Bank
UBS	—	UBS AG

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

88  Semi-Annual Report

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

Industry*	Lazard Emerging Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Multi-Asset Portfolio
Aerospace & Defense		—	%		—	%		3.1	%		—	%		0.9	%		0.5	%
Air Freight & Logistics		—			—			1.9			—			—			—
Airlines		—			0.8			—			1.1			—			—
Auto Components		1.5			1.1			1.8			0.5			1.9			1.1
Automobiles		4.0			3.4			3.2			1.9			2.9			1.8
Banks		23.5			18.8			24.4			17.7			22.6			14.4
Beverages		1.4			1.0			—			—			0.8			0.5
Building Products		—			—			—			0.2			—			—
Capital Markets		—			—			—			0.6			—			0.1
Chemicals		—			2.7			—			2.1			1.9			1.1
Commercial Services & Suppliers		—			—			—			—			0.6			0.3
Communications Equipment		—			—			—			—			—			0.2
Construction & Engineering		—			—			2.5			0.7			1.4			0.8
Construction Materials		1.6			—			2.1			1.1			0.7			0.7
Consumer Finance		—			—			1.7			0.8			0.5			0.3
Containers & Packaging		—			—			—			0.2			0.1			0.1
Distributors		0.9			—			—			—			—			—
Diversified Consumer Services		—			1.2			2.3			0.4			1.9			1.2
Diversified Financial Services		—			1.7			—			1.4			—			0.1
Diversified Telecommunication Services		2.5			2.4			—			3.0			0.9			0.8
Electric Utilities		—			—			—			2.7			—			0.7
Electrical Equipment		0.3			—			—			0.3			0.1			0.1
Electronic Equipment, Instruments & Components		2.0			4.1			3.2			4.6			4.6			2.9
Energy Equipment & Services		—			0.7			—			—			0.4			0.3
Equity Real Estate Investment Trusts (REITs)		—			—			1.0			0.2			0.7			0.4
Food & Staples Retailing		2.3			—			1.4			1.4			1.2			0.8
Food Products		—			0.8			0.9			2.3			0.2			0.2
Gas Utilities		0.6			—			0.7			—			—			—
Health Care Equipment & Supplies		—			—			—			0.6			0.7			0.4
Health Care Providers & Services		0.7			0.5			—			0.2			—			—
Hotels, Restaurants & Leisure		—			—			—			1.1			0.7			0.4
Household Durables		1.4			1.9			1.7			0.9			0.5			0.3
Household Products		0.8			—			—			—			0.6			0.4
Independent Power and Renewable Electricity Producers		—			0.8			—			—			—			0.5
Industrial Conglomerates		1.7			1.2			—			1.3			0.9			0.5
Insurance		3.6			3.8			3.3			2.5			2.1			1.3
Internet & Catalog Retail		—			0.6			0.8			0.7			—			—
Internet Software & Services		5.4			11.7			11.4			8.9			10.0			6.2
IT Services		6.5			0.9			—			2.9			2.6			1.6
Life Sciences Tools & Services		—			0.2			—			—			—			—
Machinery		1.1			—			2.6			0.7			1.0			0.6
Media		—			1.8			1.9			1.5			0.6			0.5
Metals & Mining		1.3			4.8			2.4			3.6			1.3			1.3
Multiline Retail		0.7			0.4			—			—			—			0.1
Oil, Gas & Consumable Fuels		7.9			5.7			8.7			7.4			6.9			6.0
Paper & Forest Products		—			2.3			—			0.6			—			—
Personal Products		0.4			1.3			—			0.4			0.2			0.1
Pharmaceuticals		—			0.7			2.8			1.3			1.0			0.6
Real Estate Management & Development		—			0.7			—			3.2			0.2			0.1
Road & Rail		1.0			—			—			—			1.4			0.9
Semiconductors & Semiconductor Equipment		6.6			8.7			4.2			6.6			8.4			5.1
Software		—			1.0			0.9			—			1.4			0.9
Specialty Retail		—			—			—			1.1			0.6			0.3

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

Semi-Annual Report  89

Industry*	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
Technology Hardware, Storage & Peripherals		4.9	%		6.3	%		4.5	%		5.8	%		4.9	%		3.0	%
Textiles, Apparel & Luxury Goods		—			0.5			0.9			—			0.6			0.4
Thrifts & Mortgage Finance		—			—			—			—			0.6			0.4
Tobacco		1.4			0.6			—			0.9			0.4			0.2
Trading Companies & Distributors		—			—			—			0.2			0.6			0.4
Transportation Infrastructure		1.7			2.0			—			0.8			0.8			0.5
Water Utilities		—			—			—			0.3			0.5			0.3
Wireless Telecommunication Services		8.7			1.0			—			2.1			2.9			2.1
Subtotal		96.4			98.1			96.3			98.8			96.7			64.8
Foreign Government Obligations		—			—			—			—			—			15.6
Supranationals		—			—			—			—			—			0.1
US Treasury Securities		—			—			—			—			—			5.9
Purchased Options		—			—			—			—			—			0.1
Short-Term Investments		2.9			2.6			2.8			0.9			2.8			14.5
Total Investments		99.3	%		100.7	%		99.1	%		99.7	%		99.5	%		101.0	%

Industry*	Lazard Emerging Markets Debt Portfolio			Lazard Explorer Total Return Portfolio
Banks		2.5	%		2.1	%
Beverages		0.1			—
Capital Markets		—			0.2
Communications Equipment		—			0.4
Construction Materials		0.2			0.7
Diversified Financial Services		0.2			0.3
Diversified Telecommunication Services		0.2			0.7
Electric Utilities		2.1			2.4
Energy Equipment & Services		0.3			—
Hotels, Restaurants & Leisure		—			0.1
Independent Power and Renewable Electricity Producers		0.8			1.4
Media		—			0.5
Metals & Mining		0.7			1.7
Multiline Retail		—			0.3
Oil, Gas & Consumable Fuels		4.5			6.1
Road & Rail		0.2			—
Thrifts & Mortgage Finance		0.1			—
Wireless Telecommunication Services		0.4			1.8
Subtotal		12.3			18.7
Foreign Government Obligations		81.7			41.9
Purchased Options		0.1			0.3
Short-Term Investments		5.6			39.2
Total Investments		99.7	%		100.1	%

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

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

90  Semi-Annual Report

[This page intentionally left blank]

Semi-Annual Report  91

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

June 30, 2017	Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio
ASSETS
Investments in securities, at fair value		$	12,747,990,976		$	168,774,253		$	234,907,536
Non-controlled affiliated issuers, at fair value (Note 5)			180,936,749			—			—
Cash			—			—			—
Cash collateral due from broker			—			—			—
Foreign currency, at fair value			804,141			345,074			224,584
Receivables for:
Dividends and interest			91,252,366			666,615			840,052
Capital stock sold			16,682,880			486,635			1,877,738
Investments sold			9,823,576			169			437
Amount due from Investment Manager (Note 3)			—			—			—
Variation margin on open futures contracts			—			—			—
Gross unrealized appreciation on:
Forward currency contracts			—			—			—
Swap agreements			—			—			—
Premium for swap agreements purchased			—			—			—
Deferred offering costs (Note 2(i))			—			—			—
Prepaid expenses			—			—			—
Total assets			13,047,490,688			170,272,746			237,850,347
LIABILITIES
Due to custodian			—			—			—
Cash collateral due to broker			—			—			—
Payables for:
Management fees			10,761,109			134,234			193,336
Accrued custodian fees			995,286			10,189			25,089
Accrued distribution fees			298,947			250			1,839
Accrued administration fees			238,032			13,611			15,768
Accrued professional services			65,537			24,589			20,391
Capital stock redeemed			13,303,635			202,340			201,429
Investments purchased			6,103			2,176,649			255,714
Dividends			—			—			—
Variation margin on open futures contracts			—			—			—
Gross unrealized depreciation on:
Forward currency contracts			—			—			—
Swap agreements			—			—			—
Premium for swap agreements sold			—			—			—
Written options, at fair value			—			—			—
Other accrued expenses and payables			2,493,887			109,051			39,180
Total liabilities			28,162,536			2,670,913			752,746
Net assets		$	13,019,328,152		$	167,601,833		$	237,097,601
NET ASSETS
Paid in capital		$	12,989,676,104		$	150,084,357		$	348,127,104
Undistributed (distributions in excess of) net investment income (loss)			216,576,214			1,026,992			440,411
Accumulated net realized gain (loss)			(1,302,191,692	)		(12,127,131	)		(150,525,557	)
Net unrealized appreciation (depreciation) on:
Investments			1,226,228,945			28,617,526			39,059,266
Non-controlled affiliated issuers			(110,443,198	)		—			—
Foreign currency translations and forward currency contracts			(518,221	)		89			(3,623	)
Futures contracts			—			—			—
Swap agreements			—			—			—
Net assets		$	13,019,328,152		$	167,601,833		$	237,097,601
Institutional Shares
Net assets		$	11,159,667,695		$	166,371,965		$	228,395,450
Shares of capital stock outstanding*			619,977,562			15,696,403			18,619,612
Net asset value, offering and redemption price per share		$	18.00		$	10.60		$	12.27
Open Shares
Net assets		$	1,460,602,756		$	1,229,868		$	8,702,151
Shares of capital stock outstanding*			79,018,217			116,491			710,790
Net asset value, offering and redemption price per share		$	18.48		$	10.56		$	12.24
R6 Shares
Net assets		$	399,057,701			—			—
Shares of capital stock outstanding*			22,172,753			—			—
Net asset value, offering and redemption price per share		$	18.00			—			—
Cost of investments in securities		$	11,519,789,418		$	140,063,137		$	195,848,270
Cost of non-controlled affiliated issuers		$	291,379,947		$	—		$	—
Proceeds received from written options		$	—		$	—		$	—
Cost of foreign currency		$	805,438		$	345,676		$	225,902

* $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.

92  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
$	3,768,996		$	346,563,393		$	224,073,268		$	277,963,439		$	246,996,867		$	14,118,240
	—			—			—			—			—			—
	17			—			117,457			100,359			—			—
	—			—			—			—			552,200			—
	859			427,103			776,441			506,782			205,067			8,566
	19,379			1,883,149			1,805,669			5,164,592			3,182,488			138,544
	—			205,280			346,269			41,839			718,410			—
	11			487,244			530,250			1,703,239			229,194			—
	34,263			—			—			—			—			7,275
	—			—			1,703			—			—			—
	—			—			1,307,631			2,332,869			3,529,792			179,443
	—			—			64,392			—			238,637			—
	—			—			45,580			—			—			—
	—			—			—			565			—			—
	15,340			77,212			15,526			11,349			15,800			14,301
	3,838,865			349,643,381			229,084,186			287,825,033			255,668,455			14,466,369
	—			—			—			—			217,481			—
	—			—			—			270,000			920,000			—
	—			285,539			178,959			164,924			184,004			—
	15,680			39,219			41,772			27,231			22,710			9,519
	35			1,705			179			1,815			263			29
	4,974			19,697			15,382			17,107			16,340			5,584
	22,449			22,275			27,219			25,959			24,716			24,340
	—			114,958			47,296			80,090			120,821			5
	7,418			845,353			4,671,305			6,598,091			880,405			1,002,400
	—			—			—			485			361			—
	—			—			—			—			453			—
	—			—			2,133,223			1,803,308			6,563,786			131,960
	—			—			—			—			583			—
	—			—			—			—			16,206			—
	—			—			5,869			25,323			22,782			—
	6,133			6,476			13,038			96,194			4,060			5,566
	56,689			1,335,222			7,134,242			9,110,527			8,994,971			1,179,403
$	3,782,176		$	348,308,159		$	221,949,944		$	278,714,506		$	246,673,484		$	13,286,966
$	3,467,664		$	390,547,033		$	230,362,473		$	320,669,181		$	260,138,936		$	13,082,877
	31,708			1,940,963			1,655,227			(7,594,251	)		(2,112,495	)		(281,048	)
	(384,808	)		(95,387,163	)		(26,026,344	)		(37,752,367	)		(10,769,795	)		382,890
	667,632			51,215,666			16,722,539			2,888,995			2,228,518			54,810
	—			—			—			—			—			—
	(20	)		(8,340	)		(834,016	)		502,948			(3,048,664	)		47,437
	—			—			5,673			—			(1,070	)		—
	—			—			64,392			—			238,054			—
$	3,782,176		$	348,308,159		$	221,949,944		$	278,714,506		$	246,673,484		$	13,286,966
$	3,599,183		$	339,940,482		$	221,092,030		$	269,606,112		$	245,374,041		$	13,146,639
	338,056			29,781,571			24,611,068			32,421,826			27,590,283			1,469,248
$	10.65		$	11.41		$	8.98		$	8.32		$	8.89		$	8.95
$	182,993		$	8,367,677		$	857,914		$	9,107,329		$	1,299,443		$	140,327
	17,211			733,378			95,481			1,085,187			145,283			15,369
$	10.63		$	11.41		$	8.99		$	8.39		$	8.94		$	9.13
	—			—			—		$	1,065			—			—
	—			—			—			125			—			—
	—			—			—		$	8.52			—			—
$	3,101,364		$	295,344,144		$	207,345,051		$	274,992,675		$	244,768,349		$	14,062,490
$	—		$	—		$	—		$	—		$	—		$	—
$	—		$	—		$	5,869		$	25,323		$	22,782		$	—
$	863		$	427,780		$	779,607		$	505,595		$	205,930		$	8,548

Semi-Annual Report  93

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

For the Six Months Ended June 30, 2017	Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio			Lazard Developing Markets Equity Portfolio
Investment Income (Loss)
Income
Dividends:
Unaffiliated issuers		$	216,224,368		$	1,956,072		$	2,026,285
Non-controlled affiliated issuers (Note 5)			2,646,587			—			—
Interest			—			—			—
Total investment income*			218,870,955			1,956,072			2,026,285
Expenses
Management fees (Note 3)			62,343,005			711,637			1,086,184
Custodian fees			3,717,629			66,977			92,745
Distribution fees (Open Shares)			1,757,588			1,321			10,231
Administration fees			697,814			39,028			46,519
Shareholders’ reports			443,472			5,862			24,023
Shareholders’ services			209,145			13,281			16,386
Directors’ fees and expenses			206,449			4,806			6,123
Professional services			147,917			21,553			25,683
Registration fees			54,622			19,898			20,430
Amortization of offering costs (Note 2(i))			—			—			—
Other††			134,905			4,511			5,690
Total gross expenses			69,712,546			888,874			1,334,014
Management fees waived and expenses reimbursed			(1,772	)		(5,672	)		(871	)
Administration fees waived			—			—			—
Total net expenses			69,710,774			883,202			1,333,143
Net investment income (loss)			149,160,181			1,072,870			693,142
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts, Futures Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments**			(42,997,925	)		921,692			13,182,092
Foreign currency transactions and forward currency contracts			161,939			(13,155	)		(10,360	)
Futures contracts			—			—			—
Written options			—			—			—
Swap agreements			—			—			—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			(42,835,986	)		908,537			13,171,732
Net change in unrealized appreciation (depreciation) on:
Investments†			1,321,160,487			23,262,326			23,624,306
Non-controlled affiliated issuers			14,203,462			—			—
Foreign currency translations and forward currency contracts			(542,942	)		363			2,344
Futures contracts			—			—			—
Written options			—			—			—
Swap agreements			—			—			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts, futures contracts, options and swap agreements			1,334,821,007			23,262,689			23,626,650
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			1,291,985,021			24,171,226			36,798,382
Net increase (decrease) in net assets resulting from operations		$	1,441,145,202		$	25,244,096		$	37,491,524
* Net of foreign withholding taxes of		$	31,695,750		$	225,391		$	232,658
** Net of foreign capital gains taxes of		$	2,120,057		$	—		$	—
†  Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	2,957,559		$	(93,590	)	$	—
†† Includes interest on line of credit of		$	—		$	131		$	494

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

94  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
$	52,556		$	4,267,812		$	1,602,112		$	—		$	—		$	—
	—			—			—			—			—			—
	—			—			2,098,657			8,360,674			5,503,958			187,042
	52,556			4,267,812			3,700,769			8,360,674			5,503,958			187,042
	14,481			1,619,550			1,034,470			992,572			1,171,023			41,505
	50,580			149,099			144,788			123,202			75,773			27,640
	188			9,456			1,026			10,714			1,532			167
	25,213			57,186			45,485			51,266			49,619			26,149
	1,432			25,980			10,688			13,869			3,761			1,472
	12,426			16,314			13,076			20,610			12,927			12,439
	2,536			7,872			5,983			7,033			7,031			2,703
	18,624			25,498			33,334			29,798			25,951			21,296
	16,017			25,424			18,580			24,858			17,537			15,104
	—			—			—			3,654			—			—
	2,729			10,151			5,985			6,911			6,695			3,786
	144,226			1,946,530			1,313,415			1,284,487			1,371,849			152,261
	(115,876	)		(502	)		(5,937	)		(14,515	)		(5,718	)		(85,203	)
	(9,375	)		—			—			—			—			(9,375	)
	18,975			1,946,028			1,307,478			1,269,972			1,366,131			57,683
	33,581			2,321,784			2,393,291			7,090,702			4,137,827			129,359
	93,986			10,387,399			5,342,275			(940,153	)		3,393,434			442
	(441	)		(55,714	)		839,090			567,166			1,475,043			387,989
	—			—			(515	)		—			(6,720	)		—
	—			—			(39,381	)		(55,211	)		(140,560	)		—
	—			—			(467,692	)		—			(1,814,630	)		—
	93,545			10,331,685			5,673,777			(428,198	)		2,906,567			388,431
	548,475			42,119,640			13,714,921			13,147,464			3,331,475			315,674
	—			—			—			—			—			—
	(23	)		(8,287	)		(700,065	)		621,315			(2,864,885	)		103,172
	—			—			5,673			—			(1,070	)		—
	—			—			19,944			55,352			81,976			—
	—			—			(53,579	)		—			(117,455	)		—
	548,452			42,111,353			12,986,894			13,824,131			430,041			418,846
	641,997			52,443,038			18,660,671			13,395,933			3,336,608			807,277
$	675,578		$	54,764,822		$	21,053,962		$	20,486,635		$	7,474,435		$	936,636
$	6,547		$	523,221		$	195,982		$	77,409		$	—		$	—
$	—		$	155,824		$	44,319		$	—		$	—		$	—
$	—		$	25,443		$	(3,266	)	$	(81,769	)	$	—		$	(940	)
$	3		$	—		$	—		$	—		$	—		$	—

Semi-Annual Report  95

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

	Lazard Emerging Markets Equity Portfolio							Lazard Emerging Markets Core Equity Portfolio
	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	149,160,181		$	161,659,723		$	1,072,870		$	1,046,522
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			(42,835,986	)		(577,994,447	)		908,537			(10,076,393	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts, futures contracts, options and swap agreements			1,334,821,007			2,342,584,278			23,262,689			13,204,494
Net increase (decrease) in net assets resulting from operations			1,441,145,202			1,926,249,554			25,244,096			4,174,623
Distributions to shareholders
From net investment income
Institutional Shares			(238	)		(138,953,537	)		—			(954,083	)
Open Shares			—			(15,721,592	)		—			(6,127	)
R6 Shares			—			(2,890,782	)		—			—
Return of capital
Institutional Shares			—			—			—			—
Open Shares			—			—			—			—
Net decrease in net assets resulting from distributions			(238	)		(157,565,911	)		—			(960,210	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			1,653,352,899			1,850,010,111			31,573,132			49,454,736
Open Shares			158,228,571			623,041,652			426,297			1,099,565
R6 Shares			193,179,557			28,742,036			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			78,286			131,660,395			—			770,627
Open Shares			—			15,351,111			—			6,092
R6 Shares			—			1,340,183			—			—
Cost of shares redeemed
Institutional Shares			(1,053,764,576	)		(2,417,690,835	)		(13,260,110	)		(32,632,950	)
Open Shares			(148,407,459	)		(416,901,456	)		(106,044	)		(2,953,542	)
R6 Shares			(21,687,199	)		(3,035,306	)		—			—
Net increase (decrease) in net assets from capital stock transactions			780,980,079			(187,482,109	)		18,633,275			15,744,528
Redemption fees (Note 2(k))
Institutional Shares			—			25,687			—			939
Open Shares			—			5,762			—			—
Net increase in net assets from redemption fees			—			31,449			—			939
Total increase (decrease) in net assets			2,222,125,043			1,581,232,983			43,877,371			18,959,880
Net assets at beginning of period			10,797,203,109			9,215,970,126			123,724,462			104,764,582
Net assets at end of period*		$	13,019,328,152		$	10,797,203,109		$	167,601,833		$	123,724,462
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	216,576,214		$	67,416,271		$	1,026,992		$	(45,878	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			583,417,967			612,915,207			13,928,987			11,913,811
Shares sold			96,869,683			124,977,329			3,136,572			5,746,230
Shares issued to shareholders from reinvestment of distributions			4,922			8,256,831			—			88,375
Shares redeemed			(60,315,010	)		(162,731,400	)		(1,369,156	)		(3,819,429	)
Net increase (decrease)			36,559,595			(29,497,240	)		1,767,416			2,015,176
Shares outstanding at end of period			619,977,562			583,417,967			15,696,403			13,928,987
Open Shares
Shares outstanding at beginning of period			78,456,674			60,265,874			82,765			273,190
Shares sold			8,816,219			45,190,925			44,500			131,958
Shares issued to shareholders from reinvestment of distributions			—			934,081			—			699
Shares redeemed			(8,254,676	)		(27,934,206	)		(10,774	)		(323,082	)
Net increase (decrease)			561,543			18,190,800			33,726			(190,425	)
Shares outstanding at end of period			79,018,217			78,456,674			116,491			82,765
R6 Shares
Shares outstanding at beginning of period			12,405,126			10,761,543
Shares sold			10,975,878			1,756,087
Shares issued to shareholders from reinvestment of distributions			—			84,140
Shares redeemed			(1,208,251	)		(196,644	)
Net increase (decrease)			9,767,627			1,643,583
Shares outstanding at end of period			22,172,753			12,405,126

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

96  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			Year Ended			Six Months Ended			Year Ended
June 30, 2017			December 31,			June 30, 2017			December 31,			June 30, 2017			December 31,
(unaudited)			2016			(unaudited)			2016			(unaudited)			2016
$	693,142		$	1,261,779		$	33,581		$	40,729		$	2,321,784		$	2,436,868
	13,171,732			(28,631,539	)		93,545			(276,680	)		10,331,685			(26,087,003	)
	23,626,650			69,293,419			548,452			503,777			42,111,353			54,249,302
	37,491,524			41,923,659			675,578			267,826			54,764,822			30,599,167
	—			(1,789,340	)		—			(43,969	)		—			(1,412,652	)
	—			(45,302	)		—			(1,641	)		—			(13,457	)
	—			—			—			—			—			—
	—			—			—			(2,269	)		—			—
	—			—			—			(85	)		—			—
	—			(1,834,642	)		—			(47,964	)		—			(1,426,109	)
	50,425,170			80,883,514			67,479			18,704			30,599,294			67,218,772
	2,012,501			1,869,119			36,918			31,224			1,376,511			1,539,531
	—			—			—			—			—			—
	—			1,496,598			—			46,238			—			1,378,998
	—			44,974			—			1,726			—			12,996
	—			—			—			—			—			—
	(47,174,994	)		(276,473,758	)		(10,335	)		(1,350	)		(26,635,361	)		(102,375,323	)
	(1,964,039	)		(6,293,824	)		(2,733	)		(14,008	)		(1,073,894	)		(2,636,302	)
	—			—			—			—			—			—
	3,298,638			(198,473,377	)		91,329			82,534			4,266,550			(34,861,328	)
	—			522			—			—			—			359
	—			1			—			—			—			1
	—			523			—			—			—			360
	40,790,162			(158,383,837	)		766,907			302,396			59,031,372			(5,687,910	)
	196,307,439			354,691,276			3,015,269			2,712,873			289,276,787			294,964,697
$	237,097,601		$	196,307,439		$	3,782,176		$	3,015,269		$	348,308,159		$	289,276,787
$	440,411		$	(252,731	)	$	31,708		$	(1,873	)	$	1,940,963		$	(380,821	)
	18,387,759			38,037,272			332,573			324,964			29,418,600			33,751,879
	4,374,931			8,298,641			6,613			2,406			2,854,514			7,548,866
	—			147,146			—			5,357			—			145,464
	(4,143,078	)		(28,095,300	)		(1,130	)		(154	)		(2,491,543	)		(12,027,609	)
	231,853			(19,649,513	)		5,483			7,609			362,971			(4,333,279	)
	18,619,612			18,387,759			338,056			332,573			29,781,571			29,418,600
	707,429			1,205,398			13,749			11,805			707,428			831,641
	175,185			193,542			3,725			3,367			124,382			166,167
	—			4,422			—			200			—			1,368
	(171,824	)		(695,933	)		(263	)		(1,623	)		(98,432	)		(291,748	)
	3,361			(497,969	)		3,462			1,944			25,950			(124,213	)
	710,790			707,429			17,211			13,749			733,378			707,428

Semi-Annual Report  97

	Lazard Emerging Markets Multi-Asset Portfolio							Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,393,291		$	3,114,272		$	7,090,702		$	15,446,547
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			5,673,777			(10,354,656	)		(428,198	)		(7,352,621	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts, futures contracts, options and swap agreements			12,986,894			22,474,530			13,824,131			13,899,270
Net increase (decrease) in net assets resulting from operations			21,053,962			15,234,146			20,486,635			21,993,196
Distributions to shareholders
From net investment income
Institutional Shares			—			(1,827,501	)		(6,874,273	)		(5,751,051	)
Open Shares			—			(5,679	)		(216,658	)		(154,103	)
R6 Shares			—			—			(2,155	)		(11,027	)
From net realized gains
Institutional Shares			—			—			—			—
Open Shares			—			—			—			—
Return of capital
Institutional Shares			—			—			—			(9,184,866	)
Open Shares			—			—			—			(246,113	)
R6 Shares			—			—			—			(17,612	)
Net decrease in net assets resulting from distributions			—			(1,833,180	)		(7,093,086	)		(15,364,772	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			14,852,263			35,709,659			32,222,003			44,616,278
Open Shares			64,444			347,386			2,418,478			1,631,298
R6 Shares			—			—			1,000			1,179,000
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,825,988			6,833,581			14,870,730
Open Shares			—			5,679			216,567			399,977
R6 Shares			—			—			—			28,637
Cost of shares redeemed
Institutional Shares			(4,832,429	)		(22,385,801	)		(23,240,839	)		(83,660,576	)
Open Shares			(135,726	)		(346,949	)		(749,313	)		(2,341,664	)
R6 Shares			—			—			(1,158,913	)		—
Net increase (decrease) in net assets from capital stock transactions			9,948,552			15,155,962			16,542,564			(23,276,320	)
Redemption fees (Note 2(k))
Institutional Shares			—			—			—			20
Open Shares			—			—	(a)		—			—
Net increase in net assets from redemption fees			—			—	(a)		—			20
Total increase (decrease) in net assets			31,002,514			28,556,928			29,936,113			(16,647,876	)
Net assets at beginning of period			190,947,430			162,390,502			248,778,393			265,426,269
Net assets at end of period*		$	221,949,944		$	190,947,430		$	278,714,506		$	248,778,393
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	1,655,227		$	(738,064	)	$	(7,594,251	)	$	(7,591,867	)
(a) Amount is less than $0.50.
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			23,468,090			21,518,578			30,470,656			33,508,407
Shares sold			1,698,991			4,477,948			3,957,241			5,473,740
Shares issued to shareholders from reinvestment of distributions			—			227,396			829,356			1,829,527
Shares redeemed			(556,013	)		(2,755,832	)		(2,835,427	)		(10,341,018	)
Net increase (decrease)			1,142,978			1,949,512			1,951,170			(3,037,751	)
Shares outstanding at end of period			24,611,068			23,468,090			32,421,826			30,470,656
Open Shares
Shares outstanding at beginning of period			104,144			101,155			852,546			887,388
Shares sold			7,321			45,492			297,023			205,640
Shares issued to shareholders from reinvestment of distributions			—			705			26,025			48,742
Shares redeemed			(15,984	)		(43,208	)		(90,407	)		(289,224	)
Net increase (decrease)			(8,663	)		2,989			232,641			(34,842	)
Shares outstanding at end of period			95,481			104,144			1,085,187			852,546
R6 Shares†
Shares outstanding at beginning of period									144,864			—
Shares sold									125			141,367
Shares issued to shareholders from reinvestment of distributions									—			3,497
Shares redeemed									(144,864	)		—
Net increase (decrease)									(144,739	)		144,864
Shares outstanding at end of period									125			144,864

† The inception date for the R6 Shares was July 28, 2016.

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

98  Semi-Annual Report

Lazard						Lazard Emerging Markets
Explorer Total Return Portfolio						Income Portfolio
Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
$	4,137,827		$	12,168,369		$	129,359		$	232,294
	2,906,567			1,830,531			388,431			(29,597	)
	430,041			3,609,690			418,846			177,831
	7,474,435			17,608,590			936,636			380,528
	(3,861,233	)		(5,422,116	)		(129,008	)		(231,326	)
	(17,168	)		(26,993	)		—			—
	—			—			—			—
	—			—			—			(145,213	)
	—			—			—			(1,518	)
	—			(6,655,559	)		—			—
	—			(33,134	)		—			—
	—			—			—			—
	(3,878,401	)		(12,137,802	)		(129,008	)		(378,057	)
	7,278,170			21,329,605			63,622			52,500
	218,375			279,048			2,500			—
	—			—			—			—
	3,821,534			12,073,073			129,008			376,539
	17,052			59,738			—			1,517
	—			—			—			—
	(25,636,120	)		(31,730,009	)		(43	)		(1,074,555	)
	(129,154	)		(538,734	)		—			(29,307	)
	—			—			—			—
	(14,430,143	)		1,472,721			195,087			(673,306	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(10,834,109	)		6,943,509			1,002,715			(670,835	)
	257,507,593			250,564,084			12,284,251			12,955,086
$	246,673,484		$	257,507,593		$	13,286,966		$	12,284,251
$	(2,112,495	)	$	(2,371,921	)	$	(281,048	)	$	(281,399	)
	29,244,079			29,101,055			1,447,433			1,519,965
	815,685			2,459,699			7,171			6,241
	428,763			1,377,643			14,649			43,853
	(2,898,244	)		(3,694,318	)		(5	)		(122,626	)
	(1,653,796	)		143,024			21,815			(72,532	)
	27,590,283			29,244,079			1,469,248			1,447,433
	133,440			155,824			15,090			18,495
	24,293			32,116			279			—
	1,903			6,780			—			178
	(14,353	)		(61,280	)		—			(3,583	)
	11,843			(22,384	)		279			(3,405	)
	145,283			133,440			15,369			15,090

Semi-Annual Report  99

The Lazard Funds, Inc. Financial Highlights

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period		$	15.96			$	13.44		$	17.19		$	18.67		$	19.54		$	16.80
Income (loss) from investment operations:
Net investment income (loss) (a)			0.21				0.24	^		0.30			0.37			0.35			0.35
Net realized and unrealized gain (loss)			1.83				2.52			(3.76	)		(1.13	)		(0.51	)		3.39
Total from investment operations			2.04				2.76			(3.46	)		(0.76	)		(0.16	)		3.74
Less distributions from:
Net investment income			—	(b)			(0.24	)		(0.23	)		(0.37	)		(0.36	)		(0.36	)
Net realized gains			—				—			(0.06	)		(0.35	)		(0.35	)		(0.64	)
Total distributions			—				(0.24	)		(0.29	)		(0.72	)		(0.71	)		(1.00	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	18.00			$	15.96		$	13.44		$	17.19		$	18.67		$	19.54
Total Return (c)			12.78	%			20.52	%^		–20.16	%		–4.16	%		–0.80	%		22.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	11,159,668			$	9,311,693		$	8,238,638		$	12,156,645		$	12,691,329		$	13,315,172
Ratios to average net assets (d):
Net expenses			1.09	%			1.09	%^		1.10	%		1.09	%		1.09	%		1.10	%
Gross expenses			1.09	%			1.09	%		1.10	%		1.09	%		1.09	%		1.10	%
Net investment income (loss)			2.41	%			1.59	%^		1.83	%		1.97	%		1.80	%		1.85	%
Portfolio turnover rate			4	%			12	%		14	%		12	%		16	%		23	%
	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period		$	16.41			$	13.82		$	17.65		$	19.14		$	20.03		$	17.20
Income (loss) from investment operations:
Net investment income (loss) (a)			0.19				0.21	^		0.26			0.34			0.30			0.30
Net realized and unrealized gain (loss)			1.88				2.58			(3.84	)		(1.16	)		(0.53	)		3.47
Total from investment operations			2.07				2.79			(3.58	)		(0.82	)		(0.23	)		3.77
Less distributions from:
Net investment income			—				(0.20	)		(0.19	)		(0.32	)		(0.31	)		(0.30	)
Net realized gains			—				—			(0.06	)		(0.35	)		(0.35	)		(0.64	)
Total distributions			—				(0.20	)		(0.25	)		(0.67	)		(0.66	)		(0.94	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	18.48			$	16.41		$	13.82		$	17.65		$	19.14		$	20.03
Total Return (c)			12.61	%			20.17	%^		–20.33	%		–4.39	%		–1.14	%		22.03	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,460,603			$	1,287,552		$	832,706		$	1,474,597		$	2,206,930		$	2,625,843
Ratios to average net assets (d):
Net expenses			1.34	%			1.35	%^		1.37	%		1.37	%		1.37	%		1.40	%
Gross expenses			1.34	%			1.35	%		1.37	%		1.37	%		1.37	%		1.40	%
Net investment income (loss)			2.15	%			1.35	%^		1.58	%		1.76	%		1.55	%		1.58	%
Portfolio turnover rate			4	%			12	%		14	%		12	%		16	%		23	%

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

100  Semi-Annual Report

	Six Months								For the Period
Selected data for a share of capital stock	Ended				Year Ended				1/19/15* to
outstanding throughout each period	6/30/17†				12/31/16				12/31/15
R6 Shares
Net asset value, beginning of period		$	15.96			$	13.44			$	17.26
Income (loss) from investment operations:
Net investment income (loss) (a)			0.24				0.23	^			0.27
Net realized and unrealized gain (loss)			1.80				2.53				(3.80	)
Total from investment operations			2.04				2.76				(3.53	)
Less distributions from:
Net investment income			—				(0.24	)			(0.23	)
Net realized gains			—				—				(0.06	)
Total distributions			—				(0.24	)			(0.29	)
Net asset value, end of period		$	18.00			$	15.96			$	13.44
Total Return (c)			12.78	%			20.52	%^			–20.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	399,058			$	197,959			$	144,626
Ratios to average net assets (d):
Net expenses			1.09	%			1.09	%^			1.12	%
Gross expenses			1.09	%			1.10	%			1.13	%
Net investment income (loss)			2.74	%			1.54	%^			1.79	%
Portfolio turnover rate			4	%			12	%			14	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
*	The inception date for the 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 may have been waived or reimbursed by the 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  101

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

	Six Months														For the Period
Selected data for a share of capital stock	Ended				Year Ended										10/31/13* to
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13
Institutional Shares
Net asset value, beginning of period		$	8.83			$	8.60		$	9.62		$	9.83			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07				0.08			0.03			0.03				(0.01	)
Net realized and unrealized gain (loss)			1.70				0.22			(1.03	)		(0.15	)			(0.16	)
Total from investment operations			1.77				0.30			(1.00	)		(0.12	)			(0.17	)
Less distributions from:
Net investment income			—				(0.07	)		(0.01	)		(0.08	)			—
Return of capital			—				—			(0.01	)		(0.01	)			—
Total distributions			—				(0.07	)		(0.02	)		(0.09	)			—
Redemption fees			—				—	(b)		—	(b)		—				—
Net asset value, end of period		$	10.60			$	8.83		$	8.60		$	9.62			$	9.83
Total Return (c)			20.05	%			3.47	%		–10.36	%		–1.25	%			–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	166,372			$	122,995		$	102,421		$	39,832			$	3,265
Ratios to average net assets (d):
Net expenses			1.24	%			1.30	%		1.30	%		1.30	%			1.30	%
Gross expenses			1.24	%			1.31	%		1.52	%		2.28	%			24.66	%
Net investment income (loss)			1.51	%			0.89	%		0.32	%		0.28	%			–0.71	%
Portfolio turnover rate			10	%			62	%		46	%		45	%			12	%
	Six Months														For the Period
Selected data for a share of capital stock	Ended				Year Ended										10/31/13* to
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13
Open Shares
Net asset value, beginning of period		$	8.81			$	8.58		$	9.62		$	9.83			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				0.07			—	(b)		(0.04	)			(0.01	)
Net realized and unrealized gain (loss)			1.69				0.20			(1.04	)		(0.11	)			(0.16	)
Total from investment operations			1.75				0.27			(1.04	)		(0.15	)			(0.17	)
Less distributions from:
Net investment income			—				(0.04	)		—			(0.05	)			—
Return of capital			—				—			—			(0.01	)			—
Total distributions			—				(0.04	)		—			(0.06	)			—
Redemption fees			—				—			—			—	(b)			—
Net asset value, end of period		$	10.56			$	8.81		$	8.58		$	9.62			$	9.83
Total Return (c)			19.86	%			3.17	%		–10.81	%		–1.56	%			–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,230			$	729		$	2,344		$	5,266			$	627
Ratios to average net assets (d):
Net expenses			1.60	%			1.60	%		1.60	%		1.60	%			1.60	%
Gross expenses			2.67	%			2.14	%		2.35	%		2.81	%			30.92	%
Net investment income (loss)			1.16	%			0.85	%		–0.04	%		–0.35	%			–0.90	%
Portfolio turnover rate			10	%			62	%		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 may 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.

102  Semi-Annual Report

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period		$	10.28			$	9.04		$	10.43		$	11.81		$	12.40		$	10.68
Income (loss) from investment operations:
Net investment income (loss) (a)			0.04				0.05	^		0.06			0.09			0.11			0.09
Net realized and unrealized gain (loss)			1.95				1.29			(1.40	)		(1.30	)		(0.60	)		1.74
Total from investment operations			1.99				1.34			(1.34	)		(1.21	)		(0.49	)		1.83
Less distributions from:
Net investment income			—				(0.10	)		(0.05	)		(0.17	)		(0.10	)		(0.11	)
Total distributions			—				(0.10	)		(0.05	)		(0.17	)		(0.10	)		(0.11	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	12.27			$	10.28		$	9.04		$	10.43		$	11.81		$	12.40
Total Return (c)			19.36	%			14.81	%^		–12.84	%		–10.27	%		–3.90	%		17.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	228,395			$	189,035		$	343,788		$	426,847		$	558,716		$	339,771
Ratios to average net assets (d):
Net expenses			1.21	%			1.21	%^		1.20	%		1.19	%		1.17	%		1.21	%
Gross expenses			1.21	%			1.23	%		1.20	%		1.19	%		1.17	%		1.21	%
Net investment income (loss)			0.65	%			0.48	%^		0.55	%		0.80	%		0.96	%		0.74	%
Portfolio turnover rate			27	%			56	%		66	%		57	%		48	%		61	%
	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period		$	10.28			$	9.05		$	10.43		$	11.81		$	12.40		$	10.68
Income (loss) from investment operations:
Net investment income (loss) (a)			0.02				0.01	^		0.01			0.08			0.11			0.05
Net realized and unrealized gain (loss)			1.94				1.28			(1.38	)		(1.33	)		(0.63	)		1.74
Total from investment operations			1.96				1.29			(1.37	)		(1.25	)		(0.52	)		1.79
Less distributions from:
Net investment income			—				(0.06	)		(0.01	)		(0.13	)		(0.07	)		(0.07	)
Total distributions			—				(0.06	)		(0.01	)		(0.13	)		(0.07	)		(0.07	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	12.24			$	10.28		$	9.05		$	10.43		$	11.81		$	12.40
Total Return (c)			19.07	%			14.31	%^		–13.11	%		–10.57	%		–4.18	%		16.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	8,702			$	7,272		$	10,903		$	16,029		$	44,324		$	93,352
Ratios to average net assets (d):
Net expenses			1.60	%			1.60	%^		1.57	%		1.49	%		1.45	%		1.53	%
Gross expenses			1.62	%			1.65	%		1.57	%		1.49	%		1.45	%		1.53	%
Net investment income (loss)			0.27	%			0.06	%^		0.13	%		0.70	%		0.90	%		0.43	%
Portfolio turnover rate			27	%			56	%		66	%		57	%		48	%		61	%

†	Unaudited.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. For Institutional Shares, the impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%. For Open Shares, the net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to current period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
(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 may have been waived or reimbursed by the 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  103

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

	Six Months								For the Period
Selected data for a share of capital stock	Ended				Year Ended				5/29/15* to
outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Institutional Shares
Net asset value, beginning of period		$	8.71			$	8.06			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.10				0.12				0.08
Net realized and unrealized gain (loss)			1.84				0.67				(1.88	)
Total from investment operations			1.94				0.79				(1.80	)
Less distributions from:
Net investment income			—				(0.13	)			(0.14	)
Return of capital			—				(0.01	)			—
Total distributions			—				(0.14	)			(0.14	)
Net asset value, end of period		$	10.65			$	8.71			$	8.06
Total Return (b)			22.27	%			9.83	%			–17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,599			$	2,896			$	2,618
Ratios to average net assets (c):
Net expenses			1.10	%			1.10	%			1.10	%
Gross expenses			8.11	%			9.57	%			11.47	%
Net investment income (loss)			1.98	%			1.41	%			1.54	%
Portfolio turnover rate			31	%			57	%			38	%
	Six Months								For the Period
Selected data for a share of capital stock	Ended				Year Ended				5/29/15* to
outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Open Shares
Net asset value, beginning of period		$	8.71			$	8.06			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.09				0.09				0.06
Net realized and unrealized gain (loss)			1.83				0.68				(1.87	)
Total from investment operations			1.92				0.77				(1.81	)
Less distributions from:
Net investment income			—				(0.11	)			(0.13	)
Return of capital			—				(0.01	)			—
Total distributions			—				(0.12	)			(0.13	)
Net asset value, end of period		$	10.63			$	8.71			$	8.06
Total Return (b)			22.04	%			9.51	%			–18.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	183			$	120			$	95
Ratios to average net assets (c):
Net expenses			1.40	%			1.40	%			1.40	%
Gross expenses			16.22	%			20.02	%			26.37	%
Net investment income (loss)			1.81	%			1.06	%			1.18	%
Portfolio turnover rate			31	%			57	%			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 may have been waived or reimbursed by the 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.

104  Semi-Annual Report

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period		$	9.60			$	8.53		$	10.00		$	11.18		$	11.45		$	9.77
Income (loss) from investment operations:
Net investment income (loss) (a)			0.08				0.08	^		0.12			0.15			0.11			0.11
Net realized and unrealized gain (loss)			1.73				1.04			(1.39	)		(1.12	)		(0.24	)		1.68
Total from investment operations			1.81				1.12			(1.27	)		(0.97	)		(0.13	)		1.79
Less distributions from:
Net investment income			—				(0.05	)		(0.19	)		(0.21	)		(0.08	)		(0.11	)
Net realized gains			—				—			—			—			(0.05	)		—
Return of capital			—				—			(0.01	)		—	(b)		(0.01	)		—
Total distributions			—				(0.05	)		(0.20	)		(0.21	)		(0.14	)		(0.11	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	11.41			$	9.60		$	8.53		$	10.00		$	11.18		$	11.45
Total Return (c)			18.85	%			13.12	%^		–12.74	%		–8.66	%		–1.14	%		18.19	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	339,940			$	282,473		$	287,857		$	463,043		$	478,754		$	201,512
Ratios to average net assets (d):
Net expenses			1.19	%			1.25	%^		1.20	%		1.28	%		1.30	%		1.34	%
Gross expenses			1.19	%			1.26	%		1.20	%		1.28	%		1.33	%		1.34	%
Net investment income (loss)			1.44	%			0.88	%^		1.22	%		1.33	%		1.00	%		1.01	%
Portfolio turnover rate			30	%			47	%		38	%		44	%		48	%		57	%
	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period		$	9.62			$	8.55		$	9.99		$	11.17		$	11.44		$	9.76
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				0.05	^		0.11			0.10			0.07			0.09
Net realized and unrealized gain (loss)			1.73				1.04			(1.38	)		(1.10	)		(0.24	)		1.66
Total from investment operations			1.79				1.09			(1.27	)		(1.00	)		(0.17	)		1.75
Less distributions from:
Net investment income			—				(0.02	)		(0.17	)		(0.18	)		(0.04	)		(0.07	)
Net realized gains			—				—			—			—			(0.05	)		—
Return of capital			—				—			—	(b)		—	(b)		(0.01	)		—
Total distributions			—				(0.02	)		(0.17	)		(0.18	)		(0.10	)		(0.07	)
Redemption fees			—				—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	11.41			$	9.62		$	8.55		$	9.99		$	11.17		$	11.44
Total Return (c)			18.61	%			12.74	%^		–12.77	%		–8.95	%		–1.47	%		17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	8,368			$	6,804		$	7,107		$	123,756		$	118,594		$	37,648
Ratios to average net assets (d):
Net expenses			1.60	%			1.60	%^		1.54	%		1.60	%		1.60	%		1.64	%
Gross expenses			1.61	%			1.89	%		1.54	%		1.63	%		1.69	%		1.77	%
Net investment income (loss)			1.06	%			0.54	%^		1.10	%		0.94	%		0.61	%		0.78	%
Portfolio turnover rate			30	%			47	%		38	%		44	%		48	%		57	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
†	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 may have been waived or reimbursed by the 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  105

LAZARD EMERGING MARKETS MULTI-ASSET PORTFOLIO

	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†				12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period		$	8.10		$	7.51		$	8.58		$	9.28		$	9.70		$	8.57
Income (loss) from investment operations:
Net investment income (loss) (a)			0.10			0.14	^		0.13			0.17			0.13			0.09
Net realized and unrealized gain (loss)			0.78			0.53			(1.12	)		(0.70	)		(0.37	)		1.11
Total from investment operations			0.88			0.67			(0.99	)		(0.53	)		(0.24	)		1.20
Less distributions from:
Net investment income			—			(0.08	)		(0.08	)		(0.17	)		(0.10	)		(0.07	)
Net realized gains			—			—			—			—			(0.08	)		—
Return of capital			—			—			—			—	(b)		—			—
Total distributions			—			(0.08	)		(0.08	)		(0.17	)		(0.18	)		(0.07	)
Redemption fees			—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	8.98		$	8.10		$	7.51		$	8.58		$	9.28		$	9.70
Total Return (c)			10.86	%		8.91	%^		–11.59	%		–5.57	%		–2.41	%		14.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	221,092		$	190,102		$	161,629		$	194,451		$	223,328		$	125,019
Ratios to average net assets (d):
Net expenses			1.26	%		1.30	%^		1.30	%		1.28	%		1.30	%		1.30	%
Gross expenses			1.26	%		1.31	%		1.32	%		1.28	%		1.31	%		1.57	%
Net investment income (loss)			2.31	%		1.73	%^		1.52	%		1.86	%		1.42	%		1.01	%
Portfolio turnover rate			58	%		111	%		109	%		122	%		155	%		160	%
	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†				12/31/16			12/31/15			12/31/14			12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	8.12		$	7.53		$	8.60		$	9.29		$	9.71		$	8.59
Income (loss) from investment operations:
Net investment income (loss) (a)			0.08			0.12	^		0.10			0.15			0.10			0.08
Net realized and unrealized gain (loss)			0.79			0.52			(1.12	)		(0.70	)		(0.37	)		1.08
Total from investment operations			0.87			0.64			(1.02	)		(0.55	)		(0.27	)		1.16
Less distributions from:
Net investment income			—			(0.05	)		(0.05	)		(0.14	)		(0.07	)		(0.04	)
Net realized gains			—			—			—			—			(0.08	)		—
Return of capital			—			—			—			—	(b)		—			—
Total distributions			—			(0.05	)		(0.05	)		(0.14	)		(0.15	)		(0.04	)
Redemption fees			—			—	(b)		—			—			—	(b)		—
Net asset value, end of period		$	8.99		$	8.12		$	7.53		$	8.60		$	9.29		$	9.71
Total Return (c)			10.59	%		8.57	%^		–11.85	%		–5.89	%		–2.73	%		13.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	858		$	845		$	761		$	1,198		$	2,185		$	858
Ratios to average net assets (d):
Net expenses			1.60	%		1.60	%^		1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses			3.05	%		2.94	%		2.96	%		2.23	%		2.52	%		3.82	%
Net investment income (loss)			1.94	%		1.46	%^		1.22	%		1.63	%		1.03	%		0.82	%
Portfolio turnover rate			58	%		111	%		109	%		122	%		155	%		160	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to current period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
†	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 may have been waived or reimbursed by the 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.

106  Semi-Annual Report

LAZARD EMERGING MARKETS DEBT PORTFOLIO

	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†				12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period		$	7.90		$	7.71		$	8.84		$	9.53		$	10.85		$	9.76
Income (loss) from investment operations:
Net investment income (loss) (a)			0.22			0.48	^		0.39			0.49			0.49			0.48
Net realized and unrealized gain (loss)			0.42			0.19			(1.13	)		(0.66	)		(1.25	)		1.33
Total from investment operations			0.64			0.67			(0.74	)		(0.17	)		(0.76	)		1.81
Less distributions from:
Net investment income			(0.22	)		(0.19	)		—	(b)		(0.15	)		(0.52	)		(0.48	)
Net realized gains			—			—			—			—			(0.04	)		(0.24	)
Return of capital			—			(0.29	)		(0.39	)		(0.37	)		—			—
Total distributions			(0.22	)		(0.48	)		(0.39	)		(0.52	)		(0.56	)		(0.72	)
Redemption fees			—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	8.32		$	7.90		$	7.71		$	8.84		$	9.53		$	10.85
Total Return (c)			8.01	%		8.64	%^		–8.55	%		–2.07	%		–7.13	%		18.95	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	269,606		$	240,833		$	258,517		$	326,165		$	446,180		$	286,163
Ratios to average net assets (d):
Net expenses			0.95	%		0.96	%^		0.96	%		0.96	%		0.97	%		1.00	%
Gross expenses			0.95	%		0.96	%		0.96	%		0.96	%		0.97	%		1.03	%
Net investment income (loss)			5.37	%		5.90	%^		4.69	%		5.14	%		4.84	%		4.60	%
Portfolio turnover rate			52	%		118	%		162	%		204	%		108	%		220	%
	Six Months
Selected data for a share of capital stock	Ended				Year Ended
outstanding throughout each period	6/30/17†				12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period		$	7.98		$	7.79		$	8.91		$	9.59		$	10.88		$	9.77
Income (loss) from investment operations:
Net investment income (loss) (a)			0.21			0.46	^		0.36			0.46			0.45			0.45
Net realized and unrealized gain (loss)			0.41			0.19			(1.11	)		(0.68	)		(1.24	)		1.35
Total from investment operations			0.62			0.65			(0.75	)		(0.22	)		(0.79	)		1.80
Less distributions from:
Net investment income			(0.21	)		(0.18	)		—	(b)		(0.09	)		(0.46	)		(0.45	)
Net realized gains			—			—			—			—			(0.04	)		(0.24	)
Return of capital			—			(0.28	)		(0.37	)		(0.37	)		—			—
Total distributions			(0.21	)		(0.46	)		(0.37	)		(0.46	)		(0.50	)		(0.69	)
Redemption fees			—			—			—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	8.39		$	7.98		$	7.79		$	8.91		$	9.59		$	10.88
Total Return (c)			7.79	%		8.27	%^		–8.64	%		–2.53	%		–7.35	%		18.68	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	9,107		$	6,801		$	6,910		$	1,107		$	9,310		$	1,138
Ratios to average net assets (d):
Net expenses			1.24	%		1.28	%^		1.30	%		1.30	%		1.30	%		1.30	%
Gross expenses			1.35	%		1.40	%		1.75	%		1.71	%		1.39	%		2.97	%
Net investment income (loss)			5.07	%		5.59	%^		4.54	%		4.80	%		4.45	%		4.26	%
Portfolio turnover rate			52	%		118	%		162	%		204	%		108	%		220	%

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

Semi-Annual Report  107

	Six Months				For the Period
Selected data for a share of capital	Ended				7/28/16* to
stock outstanding throughout each period	6/30/17†				12/31/16
R6 Shares
Net asset value, beginning of period		$	7.90			$	8.34
Income (loss) from investment operations:
Net investment income (loss) (a)			0.22				0.20	^
Net realized and unrealized gain (loss)			0.41				(0.44	)
Total from investment operations			0.63				(0.24	)
Less distributions from:
Net investment income			(0.01	)			(0.08	)
Return of capital			—				(0.12	)
Total distributions			(0.01	)			(0.20	)
Net asset value, end of period		$	8.52			$	7.90
Total Return (c)			7.92	%			–2.93	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1			$	1,145
Ratios to average net assets (d):
Net expenses			0.90	%			0.90	%^
Gross expenses			26.64	%			2.21	%
Net investment income (loss)			5.70	%			5.73	%^
Portfolio turnover rate			52	%			118	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. For Institutional Shares, there was a 0.14% impact on the total return and the impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%. For Open and R6 Shares, there was no impact on the total return and the net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to current period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
*	The inception date for the R6 Shares was July 28, 2016.
†	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 may have been waived or reimbursed by the 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.

108  Semi-Annual Report

LAZARD EXPLORER TOTAL RETURN PORTFOLIO

	Six Months														For the Period
Selected data for a share of capital stock	Ended				Year Ended										6/28/13* to
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13
Institutional Shares
Net asset value, beginning of period		$	8.77			$	8.56		$	9.32		$	9.86			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.15				0.42			0.28			0.36				0.16
Net realized and unrealized gain (loss)			0.11				0.21			(0.75	)		(0.38	)			(0.12	)
Total from investment operations			0.26				0.63			(0.47	)		(0.02	)			0.04
Less distributions from:
Net investment income			(0.14	)			(0.19	)		(0.15	)		(0.49	)			(0.18	)
Net realized gains			—				—			—			(0.01	)			—
Return of capital			—				(0.23	)		(0.14	)		(0.02	)			—
Total distributions			(0.14	)			(0.42	)		(0.29	)		(0.52	)			(0.18	)
Redemption fees			—				—			—			—	(b)			—
Net asset value, end of period		$	8.89			$	8.77		$	8.56		$	9.32			$	9.86
Total Return (c)			3.07	%			7.47	%		–5.13	%		–0.21	%			0.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	245,374			$	256,331		$	249,222		$	133,473			$	31,450
Ratios to average net assets (d):
Net expenses			1.10	%			1.12	%		1.16	%		1.24	%			1.30	%
Gross expenses			1.10	%			1.12	%		1.16	%		1.30	%			2.97	%
Net investment income (loss)			3.34	%			4.80	%		3.17	%		3.57	%			3.15	%
Portfolio turnover rate			66	%			173	%		262	%		182	%			69	%
	Six Months														For the Period
Selected data for a share of capital stock	Ended				Year Ended										6/28/13* to
outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14			12/31/13
Open Shares
Net asset value, beginning of period		$	8.82			$	8.61		$	9.37		$	9.88			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.13				0.39			0.24			0.33				0.14
Net realized and unrealized gain (loss)			0.11				0.21			(0.75	)		(0.38	)			(0.11	)
Total from investment operations			0.24				0.60			(0.51	)		(0.05	)			0.03
Less distributions from:
Net investment income			(0.12	)			(0.17	)		(0.12	)		(0.43	)			(0.15	)
Net realized gains			—				—			—			(0.01	)			—
Return of capital			—				(0.22	)		(0.14	)		(0.02	)			—
Total distributions			(0.12	)			(0.39	)		(0.26	)		(0.46	)			(0.15	)
Redemption fees			—				—			0.01			—	(b)			—
Net asset value, end of period		$	8.94			$	8.82		$	8.61		$	9.37			$	9.88
Total Return (c)			2.89	%			7.07	%		–5.42	%		–0.52	%			0.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,299			$	1,176		$	1,342		$	7,150			$	2,665
Ratios to average net assets (d):
Net expenses			1.44	%			1.48	%		1.50	%		1.54	%			1.60	%
Gross expenses			2.38	%			2.34	%		1.66	%		1.78	%			5.01	%
Net investment income (loss)			3.01	%			4.46	%		2.62	%		3.26	%			2.78	%
Portfolio turnover rate			66	%			173	%		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 may have been waived or reimbursed by the 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  109

LAZARD EMERGING MARKETS INCOME PORTFOLIO

	Six Months											For the Period
Selected data for a share of capital	Ended				Year Ended							4/30/14*
stock outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	8.40			$	8.42		$	9.16			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.09				0.16			0.01				0.01
Net realized and unrealized gain (loss)			0.55				0.08			(0.74	)			(0.85	)
Total from investment operations			0.64				0.24			(0.73	)			(0.84	)
Less distributions from:
Net investment income			(0.09	)			(0.16	)		—				—
Net realized gains			—				(0.10	)		—				—
Return of capital			—				—			(0.01	)			—
Total distributions			(0.09	)			(0.26	)		(0.01	)			—
Net asset value, end of period		$	8.95			$	8.40		$	8.42			$	9.16
Total Return (b)			7.62	%			2.82	%		–7.94	%			–8.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	13,147			$	12,156		$	12,800			$	4,985
Ratios to average net assets (c):
Net expenses			0.90	%			0.90	%		0.90	%			0.90	%
Gross expenses			2.29	%			2.25	%		2.55	%			5.15	%
Net investment income (loss)			2.03	%			1.80	%		0.09	%			0.10	%
Portfolio turnover rate			41	%			174	%		175	%			125	%
	Six Months											For the Period
Selected data for a share of capital	Ended				Year Ended							4/30/14*
stock outstanding throughout each period	6/30/17†					12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	8.50			$	8.39		$	9.14			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.08				0.13			(0.02	)			(0.01	)
Net realized and unrealized gain (loss)			0.55				0.08			(0.73	)			(0.85	)
Total from investment operations			0.63				0.21			(0.75	)			(0.86	)
Less distributions from:
Net realized gains			—				(0.10	)		—				—
Total distributions			—				(0.10	)		—				—
Net asset value, end of period		$	9.13			$	8.50		$	8.39			$	9.14
Total Return (b)			7.41	%			2.52	%		–8.21	%			–8.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	140			$	128		$	155			$	132
Ratios to average net assets (c):
Net expenses			1.18	%			1.20	%		1.20	%			1.20	%
Gross expenses			11.72	%			12.29	%		12.19	%			13.96	%
Net investment income (loss)			1.75	%			1.51	%		–0.18	%			–0.18	%
Portfolio turnover rate			41	%			174	%		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 may have been waived or reimbursed by the 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.

110  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”). 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.

The Portfolios, other than Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios, are operated as “diversified” funds, as defined in the 1940 Act.

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).

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 accordance with 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—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System (“NASDAQ”), the NASDAQ Official Closing Price. If

there is no available closing price for a foreign equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Exchange-traded futures contracts are valued at the settlement price on the exchange on which the contract is principally traded. Swap agreements, such as credit default and interest rate swap agreements, 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

Semi-Annual Report  111

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 a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes 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 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.

112  Semi-Annual Report

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

During the period ended June 30, 2017, Emerging Markets Multi-Asset, Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios traded in forward currency contracts.

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

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

Engaging in these transactions involves risk of loss to the Portfolio which could adversely affect the value of the Portfolio’s net assets. Although each of these Portfolios intends to purchase or sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract

prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting the Portfolio to substantial losses.

During the period ended June 30, 2017, Emerging Markets Multi-Asset and Explorer Total Return Portfolios traded in futures contracts.

(e) Options Transactions—For hedging and investment purposes, the 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. Put and call options purchased are accounted for in the same manner as portfolio securities and other assets.

The risk involved in writing an option is that the Portfolios bear the market risk of an unfavorable change in the price of the security or currency underlying the written option. A Portfolio as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolios may not be able to enter into a closing transaction because of an illiquid market. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. 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.

Semi-Annual Report  113

During the period ended June 30, 2017, transactions in options written were as follows:

Emerging Markets Multi-Asset Portfolio

Written Options	Number of Contracts			Premiums
Options outstanding at beginning of period		32,000		$	23,764
Options written		12,700			5,869
Options exercised		(32,000	)		(23,764	)
Options outstanding at end of period		12,700		$	5,869
Emerging Markets Debt Portfolio
Written Options		Number of Contracts		Premiums
Options outstanding at beginning of period		85,800		$	63,728
Options written		54,800			25,323
Options exercised		(46,900	)		(28,922	)
Options expired		(38,900	)		(34,806	)
Options outstanding at end of period		54,800		$	25,323
Explorer Total Return Portfolio
Written Options		Number of Contracts		Premiums
Options outstanding at beginning of period		135,500		$	100,613
Options written		49,300			22,782
Options exercised		(95,100	)		(30,037	)
Options expired		(40,400	)		(70,576	)
Options outstanding at end of period		49,300		$	22,782

None of the other Portfolios presented traded in options during the period ended June 30, 2017.

(f) 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.

114  Semi-Annual Report

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, 2017, Emerging Markets Multi-Asset and Explorer Total Return Portfolios traded in swap agreements.

(g) Federal Income Taxes—The Fund’s policy is 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, 2016, 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	$	(75,506,433	)	$	(1,130,269,301	)
Emerging Markets Core Equity		(6,786,715	)		(5,091,205	)
Developing Markets Equity		(35,881,173	)		(118,279,846	)
Emerging Markets Equity Advantage		(350,154	)		(119,821	)
Emerging Markets Equity Blend		(10,968,078	)		(82,061,711	)
Emerging Markets Multi-Asset		(7,487,533	)		(21,526,281	)
Emerging Markets Debt		(24,002,774	)		(12,319,128	)
Explorer Total Return		(13,588,692	)		—

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral			Late-Year Ordinary Loss Deferral
Developing Markets Equity	$	—		$	(196,648	)
Emerging Markets Equity Advantage		—			(1,873	)
Emerging Markets Equity Blend		—			(143,319	)
Emerging Markets Debt		—			(4,297,871	)
Explorer Total Return		—			(313,107	)
Emerging Markets Income		(5,541	)		(296,884	)

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 tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(h) 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, wash sales, passive foreign investment companies, return of capital distributions, certain fixed-income securities, expenses and derivatives. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

Semi-Annual Report  115

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

(j) 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.

(k) Redemption Fee—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(l) 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.

(m) 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, Custody, 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, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of its average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Emerging Markets Equity		1.00	%
Emerging Markets Core Equity		1.00
Developing Markets Equity		1.00
Emerging Markets Equity Advantage		0.85
Emerging Markets Equity Blend		1.00
Emerging Markets Multi-Asset		1.00
Emerging Markets Debt		0.75
Explorer Total Return (a)		0.90
Emerging Markets Income		0.65

(a) From January 1, 2017 to June 6, 2017, percentage was 0.95%.

The Investment Manager has voluntarily agreed, until May 1 of the year shown below, to waive 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, 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:

116  Semi-Annual Report

Portfolio	Institutional Shares			Open Shares			R6 Shares			Year
Emerging Markets Equity		1.30	%		1.60	%		1.25	%		2018
Emerging Markets Core Equity		1.30			1.60			N/A			2018
Developing Markets Equity		1.30			1.60			N/A			2018
Emerging Markets Equity Advantage		1.10			1.40			N/A			2018
Emerging Markets Equity Blend		1.30			1.60			N/A			2018
Emerging Markets Multi-Asset		1.30			1.60			N/A			2027	(a)
Emerging Markets Debt		0.95			1.20			0.90			2027	(b)
Explorer Total Return (c)		1.10			1.40			N/A			2018
Emerging Markets Income (d)		0.90			1.05			N/A			2018

(a)	Agreement is through April 29, 2027.
(b)	Agreement extends, for May 1, 2018 through April 29, 2027, at levels of 1.10%, 1.40% and 1.05%, respectively. From January 1, 2017 to June 6, 2017, percentage for the Open Shares was 1.25%.
(c)	From January 1, 2017 to June 6, 2017, percentages were 1.15% and 1.45%, respectively.
(d)	From January 1, 2017 to June 6, 2017, percentage for the Open Shares was 1.20%.

In addition to the expense limitation agreements, until May 1, 2018, to the extent the “Total Annual Portfolio Operating Expenses” (as defined in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodian fees or other expenses related to the management of the Portfolio’s assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess.

During the period ended June 30, 2017, 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	$	—	$	—	$	5,285	$	387
Developing Markets Equity		—		—		871		—
Emerging Markets Equity Advantage		13,840		91,280		641		10,115
Emerging Markets Equity Blend		—		—		502		—
Emerging Markets Multi-Asset		—		—		4,104		1,833
Emerging Markets Debt		—		—		4,667		—
Explorer Total Return		—		—		5,718		—
Emerging Markets Income		41,071		37,188		434		6,510

	R6 Shares
	Management		Expenses
Portfolio	Fees Waived		Reimbursed
Emerging Markets Equity	$	1,772	$	—
Emerging Markets Debt		287		9,561

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, 2017, State Street waived its fees as follows:

Portfolio	Amount
Emerging Markets Equity Advantage	$	9,375
Emerging Markets Income		9,375

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The dollar amount difference between what was charged and what should have been charged, plus interest, was paid to the affected Portfolios in April 2017 as a reimbursement. Pursuant to the expense limitations described in Note 3, certain Portfolios have experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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

Semi-Annual Report  117

ager, 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. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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, 2017 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Equity	$	1,396,218,635	$	454,773,164
Emerging Markets Core Equity		31,690,037		14,320,775
Developing Markets Equity		58,504,022		58,965,859
Emerging Markets Equity Advantage		1,085,807		1,038,237
Emerging Markets Equity Blend		101,494,942		94,900,253
Emerging Markets Multi-Asset		97,718,782		93,774,937
Emerging Markets Debt		147,826,590		122,252,228
Explorer Total Return		103,267,198		154,318,271
Emerging Markets Income		1,135,614		3,337,620

For the period ended June 30, 2017, 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, 2017, the Investment Manager owned 87.36% and 35.04% of the outstanding shares of Emerging Markets Equity Advantage and Emerging Markets Income Portfolios, respectively.

Holdings of 5% Voting Securities of Portfolio Companies

The 1940 Act defines “affiliated persons” to include a portfolio company in which a Portfolio owns 5% or more of the outstanding voting securities. Investments in “affiliated persons” for the Emerging Markets Equity Portfolio for the period ended June 30, 2017, were as follows:

118  Semi-Annual Report

Non-Controlled Affiliates	Number of Shares Held at December 31, 2016		Gross Additions		Gross Reductions		Number of Shares Held at June 30, 2017		Fair Value at June 30, 2017		Investment Income		Realized Gain (Loss)
PPC, Ltd.		86,074,258		14,374,275		—		100,448,533	$	40,644,966	$	—	$	—
Weichai Power Co., Ltd., Class H		71,090,644		88,968,644		—		160,059,288		140,291,783		2,646,587		—
Total Affiliated Securities (Fair Value is 1.39% of Net Assets)									$	180,936,749	$	2,646,587	$	—

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 is 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, 2017, the following Portfolios had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Emerging Markets Core Equity	$	1,330,000	$	1,400,000		1.78	%		2
Developing Markets Equity		3,346,667		6,100,000		1.77			3
Emerging Markets Equity Advantage		6,720		10,000		1.79			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. A Portfolio’s outstanding balance on the line of credit, if any, would be categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. 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.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

(d) 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

Semi-Annual Report  119

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. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. 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.

A 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 fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), 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).

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although such securities will participate in any declines in interest rates as well. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal.

(e) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, 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, writing or purchasing over-the-counter options on securities, indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the

120  Semi-Annual Report

Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a 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 indemnification provisions. 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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund 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 assets and liabilities

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

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

Changes in valuation technique may result in transfers 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  121

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Emerging Markets Equity Portfolio
Common Stocks*
Argentina	$	222,372,469	$	—	$	—	$	222,372,469
Brazil		1,374,400,715		—		—		1,374,400,715
China		1,015,813,614		1,059,445,027		—		2,075,258,641
Egypt		—		114,453,748		—		114,453,748
Hungary		—		248,758,430		—		248,758,430
India		—		1,300,528,396		—		1,300,528,396
Indonesia		235,835,117		479,393,521		—		715,228,638
Malaysia		—		92,447,032		—		92,447,032
Mexico		442,540,850		—		—		442,540,850
Pakistan		—		232,861,459		—		232,861,459
Philippines		123,266,680		—		—		123,266,680
Russia		175,899,074		819,672,394		—		995,571,468
South Africa		—		1,139,159,904		—		1,139,159,904
South Korea		—		1,873,328,322		—		1,873,328,322
Taiwan		—		726,640,624		—		726,640,624
Thailand		—		164,415,461		—		164,415,461
Turkey		—		710,200,661		—		710,200,661
Short-Term Investments		377,494,227		—		—		377,494,227
Total	$	3,967,622,746	$	8,961,304,979	$	—	$	12,928,927,725
Emerging Markets Core Equity Portfolio
Common Stocks*
Brazil	$	11,451,265	$	—	$	—	$	11,451,265
China		14,385,290		18,583,674		—		32,968,964
Colombia		3,404,295		—		—		3,404,295
Hong Kong		—		3,284,864		—		3,284,864
Hungary		—		2,076,902		—		2,076,902
India		6,454,109		11,113,203		—		17,567,312
Indonesia		1,826,934		2,122,015		—		3,948,949
Luxembourg		3,692,913		—		—		3,692,913
Mexico		6,955,566		—		—		6,955,566
Peru		2,305,162		—		—		2,305,162
Philippines		—		2,927,507		—		2,927,507
Portugal		—		1,661,119		—		1,661,119
Russia		641,528		8,696,483		—		9,338,011
South Africa		—		8,606,003		—		8,606,003
South Korea		—		21,801,302		—		21,801,302
Taiwan		11,725,874		8,603,239		—		20,329,113
Thailand		—		3,162,435		—		3,162,435
Turkey		813,767		2,694,654		—		3,508,421
United Arab Emirates		—		1,190,874		—		1,190,874
United Kingdom		2,172,111		—		—		2,172,111
Preferred Stocks*		2,140,573		—		—		2,140,573
Short-Term Investments		4,280,592		—		—		4,280,592
Total	$	72,249,979	$	96,524,274	$	—	$	168,774,253

122  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Developing Markets Equity Portfolio
Common Stocks*
Argentina	$	1,404,228	$	—	$	—	$	1,404,228
Brazil		5,409,785		—		—		5,409,785
Canada		1,457,154		—		—		1,457,154
China		24,970,021		45,565,968		—		70,535,989
Colombia		5,253,163		—		—		5,253,163
Hong Kong		—		6,744,206		—		6,744,206
India		14,471,902		12,311,639		—		26,783,541
Indonesia		—		7,946,649		—		7,946,649
Mexico		6,320,864		—		—		6,320,864
Peru		5,732,407		—		—		5,732,407
Philippines		—		1,731,173		—		1,731,173
Portugal		—		4,671,995		—		4,671,995
Russia		4,455,067		12,743,199		—		17,198,266
South Africa		—		6,822,285		—		6,822,285
South Korea		—		23,877,113		—		23,877,113
Taiwan		1,640,302		19,948,356		—		21,588,658
Turkey		—		9,682,225		—		9,682,225
United Kingdom		—		2,807,673		—		2,807,673
Preferred Stocks*		2,288,022		—		—		2,288,022
Short-Term Investments		6,652,140		—		—		6,652,140
Total	$	80,055,055	$	154,852,481	$	—	$	234,907,536
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Brazil	$	102,234	$	—	$	—	$	102,234
China		217,636		729,514		7,039		954,189
Colombia		35,914		—		—		35,914
Egypt		24,934		—		—		24,934
Greece		—		29,723		—		29,723
Hong Kong		—		24,367		—		24,367
Hungary		—		77,743		—		77,743
India		204,688		59,750		—		264,438
Indonesia		53,737		89,338		—		143,075
Luxembourg		25,534		—		—		25,534
Malaysia		41,115		74,239		10,664		126,018
Mexico		90,540		—		—		90,540
Philippines		—		85,239		—		85,239
Poland		—		114,168		—		114,168
Russia		—		67,800		—		67,800
Singapore		7,575		—		—		7,575
South Africa		11,266		169,299		—		180,565
South Korea		111,358		528,466		—		639,824
Taiwan		187,036		265,654		—		452,690
Thailand		—		117,492		—		117,492
Turkey		45,200		31,925		—		77,125
United States		22,475		—		—		22,475
Preferred Stocks*		69,772		—		—		69,772
Short-Term Investments		35,562		—		—		35,562
Total	$	1,286,576	$	2,464,717	$	17,703	$	3,768,996

Semi-Annual Report  123

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Emerging Markets Equity Blend Portfolio
Common Stocks*
Argentina	$	6,164,962	$	—	$	—	$	6,164,962
Brazil		23,160,985		—		—		23,160,985
Canada		1,939,714		—		—		1,939,714
Chile		295,583		—		—		295,583
China		32,675,642		54,371,008		—		87,046,650
Colombia		3,487,909		—		—		3,487,909
Egypt		—		2,249,218		—		2,249,218
Georgia		—		2,114,096		—		2,114,096
Hong Kong		—		4,288,478		—		4,288,478
Hungary		—		3,316,261		—		3,316,261
India		11,015,866		18,801,851		—		29,817,717
Indonesia		2,997,640		11,281,440		—		14,279,080
Kenya		—		366,040		—		366,040
Kuwait		—		270,596		—		270,596
Mexico		11,394,366		—		—		11,394,366
Morocco		—		290,619		—		290,619
Oman		—		215,718		—		215,718
Pakistan		—		791,694		—		791,694
Peru		3,855,450		—		—		3,855,450
Philippines		1,062,902		—		—		1,062,902
Portugal		—		4,229,808		—		4,229,808
Russia		13,352,998		14,780,381		—		28,133,379
Singapore		—		2,221,248		—		2,221,248
South Africa		—		4,014,793		—		4,014,793
South Korea		—		41,549,981		—		41,549,981
Taiwan		3,663,117		36,169,668		—		39,832,785
Turkey		4,654,644		13,809,540		—		18,464,184
Ukraine		—		325,176		—		325,176
United Arab Emirates		1,471,899		—		—		1,471,899
Warrants*		26,881		—		—		26,881
Short-Term Investments		9,885,221		—		—		9,885,221
Total	$	131,105,779	$	215,457,614	$	—	$	346,563,393

124  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Emerging Markets Multi-Asset Portfolio
Assets:
Common Stocks*
Argentina	$	2,408,365	$	—		$	—	$	2,408,365
Brazil		9,046,445		—			—		9,046,445
Canada		765,565		—			—		765,565
Chile		141,600		—			—		141,600
China		12,884,402		21,340,492			—		34,224,894
Colombia		1,366,794		—			—		1,366,794
Egypt		—		924,621			—		924,621
Georgia		—		847,020			—		847,020
Hong Kong		—		1,683,458			—		1,683,458
Hungary		—		1,306,826			—		1,306,826
India		4,343,320		7,430,635			—		11,773,955
Indonesia		1,184,645		3,959,446			—		5,144,091
Kenya		—		175,977			—		175,977
Kuwait		—		130,113			—		130,113
Mexico		4,471,461		—			—		4,471,461
Morocco		—		139,656			—		139,656
Oman		—		98,735			—		98,735
Pakistan		—		378,558			—		378,558
Peru		1,509,208		—			—		1,509,208
Philippines		418,070		—			—		418,070
Portugal		—		1,662,957			—		1,662,957
Russia		5,158,581		5,758,822			—		10,917,403
Singapore		—		846,391			—		846,391
South Africa		—		1,560,213			—		1,560,213
South Korea		—		16,170,954			—		16,170,954
Taiwan		3,874,619		11,638,995			—		15,513,614
Turkey		1,832,939		5,442,677			—		7,275,616
Ukraine		—		156,281			—		156,281
United Arab Emirates		561,028		—			—		561,028
Corporate Bonds*		—		10,059,865			—		10,059,865
Foreign Government Obligations*		—		34,619,267			—		34,619,267
Quasi Government Bonds*		—		2,201,275			—		2,201,275
Supranationals		—		230,400			—		230,400
US Treasury Securities		—		12,986,240			—		12,986,240
Warrants*		9,251		—			—		9,251
Short-Term Investments		32,111,501		—			—		32,111,501
Purchased Options		—		235,600			—		235,600
Other Financial Instruments†
Credit Default Swap Agreements		—		21			—		21
Forward Currency Contracts		—		1,307,631			—		1,307,631
Futures Contracts		5,673		—			—		5,673
Interest Rate Swap Agreements		—		64,371			—		64,371
Total	$	82,093,467	$	143,357,497		$	—	$	225,450,964
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(2,133,223	)	$	—	$	(2,133,223	)
Written Options		—		(5,869	)		—		(5,869	)
Total	$	—	$	(2,139,092	)	$	—	$	(2,139,092	)

Semi-Annual Report  125

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*	$	—		$	16,647,903		$	—	$	16,647,903
Foreign Government Obligations*		—			227,769,623			—		227,769,623
Quasi Government Bonds*		—			17,627,734			—		17,627,734
Short-Term Investments		15,481,796			—			—		15,481,796
Purchased Options		—			436,383			—		436,383
Other Financial Instruments†
Forward Currency Contracts		—			2,332,869			—		2,332,869
Total	$	15,481,796		$	264,814,512		$	—	$	280,296,308
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—		$	(1,803,308	)	$	—	$	(1,803,308	)
Written Options		—			(25,323	)		—		(25,323	)
Total	$	—		$	(1,828,631	)	$	—	$	(1,828,631	)
Explorer Total Return Portfolio
Assets:
Corporate Bonds*	$	—		$	38,187,413		$	—	$	38,187,413
Foreign Government Obligations*		—			103,340,163			—		103,340,163
Quasi Government Bonds*		—			7,822,365			—		7,822,365
Short-Term Investments		96,802,952			—			—		96,802,952
Purchased Options		—			843,974			—		843,974
Other Financial Instruments†
Forward Currency Contracts		—			3,529,792			—		3,529,792
Interest Rate Swap Agreements		—			238,637			—		238,637
Total	$	96,802,952		$	153,962,344		$	—	$	250,765,296
Liabilities:
Other Financial Instruments†
Credit Default Swap Agreements	$	—		$	(583	)	$	—	$	(583	)
Forward Currency Contracts		—			(6,563,786	)		—		(6,563,786	)
Futures Contracts		(1,070	)		—			—		(1,070	)
Written Options		—			(22,782	)		—		(22,782	)
Total	$	(1,070	)	$	(6,587,151	)	$	—	$	(6,588,221	)
Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations*	$	—		$	3,984,646		$	—	$	3,984,646
Supranationals		—			206,916			—		206,916
US Treasury Securities		—			8,204,310			—		8,204,310
Short-Term Investments		1,722,368			—			—		1,722,368
Other Financial Instruments†
Forward Currency Contracts		—			179,443			—		179,443
Total	$	1,722,368		$	12,575,315		$	—	$	14,297,683
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—		$	(131,960	)	$	—	$	(131,960	)

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

126  Semi-Annual Report

Certain equity securities to which footnote (c) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

In connection with the 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, Developing Markets Equity, Emerging Markets Equity Advantage, Emerging Markets Blend and Emerging Markets Multi-Asset Portfolios can transfer from Level 1 to Level 2 as a result of fair value pricing procedures and would revert to Level 1 when the fair value pricing procedures are no longer used. 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.

During the period ended June 30, 2017, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
Emerging Markets Equity	$	6,711,912,387
Emerging Markets Core Equity		71,627,713
Developing Markets Equity		115,746,158
Emerging Markets Equity Advantage		1,528,428
Emerging Markets Equity Blend		143,484,097
Emerging Markets Multi-Asset		39,184,682

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2017.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

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

A Portfolio may write or purchase a 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, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Credit default swap agreements	$	17,400,000
Interest rate swap agreements	$	2,600,000	*
Forward currency contracts	$	120,100,000
Futures contracts	$	1,400,000	†
Purchased options	$	100,000

*	Represents average monthly notional exposure for the two months the derivative instrument was open during the period.
†	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, 2017:

	Fair Value
Asset Derivatives
Credit Risk:
Gross unrealized appreciation on swap agreements	$	21
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	1,307,631
Investments in securities, at fair value	$	235,600
Interest Rate Risk:
Gross unrealized appreciation on futures contracts	$	5,673
Gross unrealized appreciation on swap agreements	$	64,371

Semi-Annual Report  127

	Fair Value
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	2,133,223
Written options, at fair value	$	5,869

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Credit Risk:
Net realized gain (loss) on swap agreements	$	(467,350	)
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	841,769
Net realized gain (loss) on investments	$	30,089
Net realized gain (loss) on written options	$	(39,381	)
Interest Rate Risk:
Net realized gain (loss) on futures contracts	$	(515	)
Net realized gain (loss) on swap agreements	$	(342	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Credit Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	(117,950	)
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(693,675	)
Net change in unrealized appreciation (depreciation) on investments	$	52,764
Net change in unrealized appreciation (depreciation) on written options	$	19,944
Interest Rate Risk:
Net change in unrealized appreciation (depreciation) on futures contracts	$	5,673
Net change in unrealized appreciation (depreciation) on swap agreements	$	64,371

Emerging Markets Debt Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts	$	140,100,000
Purchased options	$	200,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	2,332,869
Investments in securities, at fair value	$	436,383
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	1,803,308
Written options, at fair value	$	25,323

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	545,294
Net realized gain (loss) on investments	$	255,664
Net realized gain (loss) on written options	$	(55,211	)
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	$	640,024
Net change in unrealized appreciation (depreciation) on investments	$	57,770
Net change in unrealized appreciation (depreciation) on written options	$	55,352

128  Semi-Annual Report

Explorer Total Return Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Credit default swap agreements	$	61,300,000
Interest rate swap agreements	$	9,500,000	*
Forward currency contracts	$	317,000,000
Futures contracts	$	6,900,000	†
Purchased options	$	300,000

*	Represents average monthly notional exposure for the two months the derivative instrument was open during the period.
†	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, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	3,529,792
Investments in securities, at fair value	$	843,974
Interest Rate Risk:
Gross unrealized appreciation on swap agreements	$	238,637
Liability Derivatives
Credit Risk:
Gross unrealized depreciation on swap agreements	$	583
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	6,563,786
Written options, at fair value	$	22,782
Interest Rate Risk:
Gross unrealized depreciation on futures contracts	$	1,070

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Credit Risk:
Net realized gain (loss) on swap agreements	$	(1,813,398	)
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	1,478,466
Net realized gain (loss) on investments	$	136,759
Net realized gain (loss) on written options	$	(140,560	)
Interest Rate Risk:
Net realized gain (loss) on futures contracts	$	(6,720	)
Net realized gain (loss) on swap agreements	$	(1,232	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives
Credit Risk:
Net change in unrealized appreciation (depreciation) on swap agreements	$	(356,092	)
Foreign Exchange Risk:
Net change in unrealized appreciation (depreciation) on foreign currency translations and forward currency contracts	$	(2,849,298	)
Net change in unrealized appreciation (depreciation) on investments	$	173,252
Net change in unrealized appreciation (depreciation) on written options	$	81,976
Interest Rate Risk:
Net change in unrealized appreciation (depreciation) on futures contracts	$	(1,070	)
Net change in unrealized appreciation (depreciation) on swap agreements	$	238,637

Semi-Annual Report  129

Emerging Markets Income Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $ 14,100,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	179,443
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	131,960

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	366,981
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	$	102,055

See Notes 2(c) to 2(f) 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, 2017.

As of June 30, 2017, Emerging Markets Multi-Asset, Emerging Markets Debt, Explorer Total Return and Emerging Markets Income Portfolios held 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.

130  Semi-Annual Report

The required information for the affected Portfolios are presented in the below table, as of June 30, 2017:

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		$	21		$	—		$	21
Forward Currency Contracts			1,307,631			—			1,307,631
Interest Rate Swap Agreements			64,371			—			64,371
Total		$	1,372,023		$	—		$	1,372,023

				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 of Derivative Assets
Bank of America NA		$	13,794	$	(13,794	)	$	—	$	—
Barclays Bank PLC			253,664		(253,664	)		—		—
BNP Paribas SA			52,602		(40,344	)		—		12,258
Citibank NA			475,470		(475,470	)		—		—
HSBC Bank USA NA			11,975		(11,975	)		—		—
JPMorgan Chase Bank NA			430,822		(430,822	)		—		—
Standard Chartered Bank			115,576		(115,576	)		—		—
UBS AG			18,120		(18,120	)		—		—
Total		$	1,372,023	$	(1,359,765	)	$	—	$	12,258

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		$	2,133,223		$	—		$	2,133,223

				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 of Derivative Liabilities
Bank of America NA		$	43,906	$	(13,794	)	$	—	$	30,112
Barclays Bank PLC			450,224		(253,664	)		—		196,560
BNP Paribas SA			40,344		(40,344	)		—		—
Citibank NA			561,287		(475,470	)		—		85,817
HSBC Bank USA NA			28,301		(11,975	)		—		16,326
JPMorgan Chase Bank NA			538,972		(430,822	)		—		108,150
Standard Chartered Bank			326,149		(115,576	)		—		210,573
UBS AG			144,040		(18,120	)		—		125,920
Total		$	2,133,223	$	(1,359,765	)	$	—	$	773,458

(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  131

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		$	2,332,869		$	—		$	2,332,869

				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 pf Derivative Assets
Bank of America NA		$	123,165	$	(70	)	$	—	$	123,095
Barclays Bank PLC			835,679		(534,717	)		—		300,962
Citibank NA			574,161		(452,189	)		—		121,972
HSBC Bank USA NA			2,178		—			—		2,178
JPMorgan Chase Bank NA			245,605		(245,605	)		—		—
Standard Chartered Bank			538,430		(271,268	)		—		267,162
UBS AG			13,651		(13,651	)		—		—
Total		$	2,332,869	$	(1,517,500	)	$	—	$	815,369

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		$	1,803,308		$	—		$	1,803,308

				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 of Derivative Liabilities
Bank of America NA		$	70	$	(70	)	$	—	$	—
Barclays Bank PLC			534,717		(534,717	)		—		—
Citibank NA			452,189		(452,189	)		—		—
JPMorgan Chase Bank NA			424,935		(245,605	)		—		179,330
Standard Chartered Bank			271,268		(271,268	)		—		—
UBS AG			120,129		(13,651	)		—		106,478
Total		$	1,803,308	$	(1,517,500	)	$	—	$	285,808

132  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
Forward Currency Contracts		$	3,529,792		$	—		$	3,529,792
Interest Rate Swap Agreements			238,637			—			238,637
Total		$	3,768,429		$	—		$	3,768,429

				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 of Derivative Assets
Bank of America NA		$	53,767	$	(53,767	)	$	—	$	—
Barclays Bank PLC			823,874		(823,874	)		—		—
Citibank NA			1,147,552		(1,147,552	)		—		—
HSBC Bank USA NA			10,683		—			—		10,683
JPMorgan Chase Bank NA			1,333,705		(1,333,705	)		—		—
Standard Chartered Bank			342,297		(342,297	)		—		—
UBS AG			56,551		(56,551	)		—		—
Total		$	3,768,429	$	(3,757,746	)	$	—	$	10,683

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
Credit Default Swap Agreements		$	583		$	—		$	583
Forward Currency Contracts			6,563,786			—			6,563,786
		$	6,564,369		$	—		$	6,564,369

				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 of Derivative Liabilities
Bank of America NA		$	79,031	$	(53,767	)	$	—		$	25,264
Barclays Bank PLC			1,599,349		(823,874	)		(550,000	)		225,475
Citibank NA			1,695,426		(1,147,552	)		—			547,874
JPMorgan Chase Bank NA			1,632,726		(1,333,705	)		—			299,021
Standard Chartered Bank			1,110,187		(342,297	)		—			767,890
UBS AG			447,650		(56,551	)		—			391,099
Total		$	6,564,369	$	(3,757,746	)	$	(550,000	)	$	2,256,623

(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  133

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		$	179,443		$	—		$	179,443

				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 of Derivative Assets
BNP Paribas SA		$	5,842	$	(5,842	)	$	—	$	—
Citibank NA			114,856		(56,629	)		—		58,227
HSBC Bank USA NA			5,811		(5,232	)		—		579
JPMorgan Chase Bank NA			13,598		(13,598	)		—		—
Standard Chartered Bank			39,336		(4,588	)		—		34,748
Total		$	179,443	$	(85,889	)	$	—	$	93,554

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		$	131,960		$	—		$	131,960

				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 of Derivative Liabilities
BNP Paribas SA		$	6,335	$	(5,842	)	$	—	$	493
Citibank NA			56,629		(56,629	)		—		—
HSBC Bank USA NA			5,232		(5,232	)		—		—
JPMorgan Chase Bank NA			59,176		(13,598	)		—		45,578
Standard Chartered Bank			4,588		(4,588	)		—		—
Total		$	131,960	$	(85,889	)	$	—	$	46,071

11. Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending

after August 1, 2017. The Investment Manager does not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

12. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

134  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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		University of California, Berkeley School of Law, Lecturer (Spring 2017)
		Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  135

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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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.

136  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

Semi-Annual Report  137

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 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 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment Manager and its global affiliates as of

March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”).They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

138  Semi-Annual Report

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 (as limited by the Investment Manager (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation 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 ranked in one of the three top quintiles of the relevant Group, except for the Developing Markets Equity, Emerging Markets Core Equity, Emerging Markets Equity Blend and Explorer Total Return Portfolios. However, for the noted Portfolios other than the Explorer Total Return Portfolio, due to the compression of fees in the relevant Groups, the advisory fees were only approximately two or three basis points above the applicable Group median. For the Explorer Total Return Portfolio, the Investment Manager proposed to lower the advisory fee (with no diminution in services provided) by five basis points, which would move the advisory fees for both share classes of the Portfolio closer to the Group medians.

Similarly, for both share classes of each Portfolio, the expense ratio ranked in one of the three top quintiles of the relevant Group, except for the Emerging Markets Core Equity, Explorer Total Return, Emerging Markets Multi-Asset, Emerging Markets Debt and Emerging Markets Income Portfolios. However, for the Emerging Markets Core Equity and Emerging Markets Multi-Asset Portfolios, due to the compression of expense ratios in the relevant Groups, the expense ratios ranking below the third quintile were only approximately two basis points or less than one basis point, respectively, above the applicable Group median. For the Emerging Markets Debt Portfolio, the share class expense ratios were approximately two and six basis points above the applicable Group median for Institutional shares and Open shares,

respectively. In addition, the Investment Manager proposed to lower the expense limitation for the Portfolio’s Open share class by five basis points, which would move the expense ratio closer to the Group median. For the Emerging Markets Income Portfolio, the Investment Manager noted that the small size of the Open share class contributed to the expense ratio ranking below the third quintile of the applicable Group and proposed to lower the expense limitation for the class by fifteen basis points, which would place the expense ratio below the Group median. For the Explorer Total Return Portfolio, the Investment Manager proposed to lower the expense limitation for each share class by five basis points, which would move the expense ratios closer to the Group medians.

For the Explorer Total Return Portfolio, the Investment Manager’s representatives noted that the Investment Manager believes the Portfolio has a unique strategy and listed peer funds the Investment Manager believed should be excluded from, or included in, the Portfolio’s Groups. Representatives of the Investment Manager provided supplemental peer group analyses giving effect to the proposed advisory fee and expense limitation reductions and showing the advisory fee for both share classes and the Institutional share class expense ratio, each ranking in the third quintile.

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

Semi-Annual Report  139

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 performance to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2017 (as applicable).

The Directors considered that the performance of one or both share classes of each Portfolio with at least three years of performance ranked in the fourth or fifth quintile of the Group for the three- and/or five year periods (as applicable), and representatives of the Investment Manager discussed with the Directors reasons for relative underperformance: for the Developing Markets Equity Portfolio, performance of both share classes ranked in the first and third quintile of the Group for the one- and three-year periods, respectively; for the Emerging Markets Core Equity Portfolio (which did not have five years of performance), performance of the Institutional share class was in the third quintile of its Group for the one- and three-year periods; for the Emerging Markets Equity Portfolio, performance of both share classes was in the first quintile and the second quintile of the Group for the first- and ten-year periods, respectively; for the Emerging Markets Equity Blend Portfolio, performance of both share classes was in the first quintile of the Group and Category for the one-year period (and the Investment Manager noted that effective May 29, 2015 the Portfolio’s investment strategy changed so that the Portfolio’s assets are now allocated to a broader group of emerging markets equity strategies); for the Emerging Markets Debt Portfolio, the Investment Manager representatives stated that relative performance had shown improvement in 2017; for the Emerging Markets Multi-Asset Portfolio, relative performance had shown improvement in the one-year period; and for the Explorer Total Return Portfolio the one-year performance of the Open shares was in the third quintile of the Group. For the Emerging Markets Equity Advantage and Emerging Markets Income Portfolios, each of which had less than three years of performance, below average performance was discussed and considered and would continue to be monitored. As discussed above, the Investment Man-

ager believes the Explorer Total Return Portfolio has a unique strategy and that certain funds should be excluded from, or included in, the Portfolio’s Groups.

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, 2016 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 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 (as applicable). The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any other significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. 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

140  Semi-Annual Report

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 $215 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 (for the Explorer Total Return Portfolio, as proposed to be revised) 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  141

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
Proskauer Rose LLP
Eleven Times Square
New York, New York 10036-8299
http://www.proskauer.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, 2017

Equity Funds

Lazard US Equity Concentrated Portfolio	Lazard International Strategic Equity Portfolio
Lazard US Strategic Equity Portfolio	Lazard International Equity Advantage Portfolio
Lazard US Small-Mid Cap Equity Portfolio	Lazard International Small Cap Equity Portfolio
Lazard International Equity Portfolio	Lazard Global Equity Select Portfolio
Lazard International Equity Select Portfolio	Lazard Global Strategic Equity Portfolio
Lazard International Equity Concentrated Portfolio	Lazard Managed Equity Volatility 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 • Assets and income • Account transactions • Credit history • Transaction history
	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 Asset Management (Canada), Inc. and
	Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
22	Information About Your Portfolio’s Expenses
26	Portfolio Holdings Presented by Sector
28	Portfolios of Investments
28	Lazard US Equity Concentrated Portfolio
29	Lazard US Strategic Equity Portfolio
31	Lazard US Small-Mid Cap Equity Portfolio
33	Lazard International Equity Portfolio
35	Lazard International Equity Select Portfolio
37	Lazard International Equity Concentrated Portfolio
38	Lazard International Strategic Equity Portfolio
40	Lazard International Equity Advantage Portfolio
43	Lazard International Small Cap Equity Portfolio
45	Lazard Global Equity Select Portfolio
47	Lazard Global Strategic Equity Portfolio
49	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
71	Financial Highlights
87	Notes to Financial Statements
101	Board of Directors and Officers Information
104	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007-2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

US Equities

The S&P 500^® Index rose during the first half of the year. The pace of the market’s post-election rally was tempered by increasing skepticism over the Trump administration’s ability to pass many of its key policy priorities, with congressional support for the latest health care bill proposal viewed as underwhelming. However, markets continued to advance as corporate earnings and economic data were generally positive. US auto sales, a key driver of the economic recovery, showed signs of slowing in the first half of the year. In June, major auto makers reported a fourth consecutive month of lower US new vehicle sales. Employment data remained strong, with the economy adding more jobs than expected and the unemployment rate falling to a 16-year low of 4.3% in June. The US economy continued to grow at an uneven pace, however, as the two most recent quarterly GDP reports showed an underwhelming pace of growth. In light of an improving employment and inflation picture during the first half of the year, the Federal Open Market Committee elected to raise interest rates in March and again in June.

International Equities

International equities rose during the first half of the year, despite investors cooling on the more cyclical areas of the market. Tightening policy in China has rolled commodity prices such as iron ore, which, alongside fading hopes of US stimulus from the Trump administration, has dampened reflation expectations. This saw bond yields fall back, driving gains in more stable sectors, such as consumer staples, and weaker performance in the commodity-related sectors of materials and energy. Technology stocks were the strongest performers, as investors increasingly view them as structural winners regardless of the shorter-term cycle. Auto stocks were hurt by the rollover of US auto sales volumes in an environment where auto companies need to continue investing in electric and autonomous vehicles.

Lazard US Equity Concentrated Portfolio

For the six months ended June 30, 2017, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 7.70%, while Open Shares posted a total return of 7.58%, and R6 Shares

posted a total return of 7.76%, as compared with the 9.34% return for the S&P 500 Index.

Stock selection in the materials sector contributed to performance. Shares of Crown Holdings rose after the company reported quarterly earnings above expectations, driven by strong volumes and margin performance. A lack of exposure to energy and telecom services also helped returns, as the sectors were the worst performers in the benchmark during the period.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of Advance Auto Parts fell along with the auto parts space more broadly due to weaker winter demand, delayed tax refunds, and pressure from Amazon’s expansion into the auto parts space. Stock selection in the consumer staples sector also hurt returns. Shares of Molson Coors fell after management issued medium-term EBITDA margin guidance that was below expectations, citing reinvestments to drive top-line growth and the need for increased capital flexibility.

Lazard US Strategic Equity Portfolio

For the six months ended June 30, 2017, the Lazard US Strategic Equity Portfolio’s Institutional Shares posted a total return of 7.91%, while Open Shares posted a total return of 7.71%, and R6 Shares posted a total return of 7.91%, as compared with the 9.34% return for the S&P 500 Index.

Stock selection in the financials sector contributed to performance. Shares of diversified financial services provider Citigroup rose amid optimism around industry deregulation and the prospect of stronger capital returns following the Federal Reserve’s annual stress tests. An overweight position in the information technology sector also helped returns. Shares of Skyworks Solutions rose after the company reported strong earnings, with organic growth exceeding expectations, driven by increasing mobile content, rising data complexity, and a broadening customer base.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of Advance Auto Parts fell along with the auto parts space more broadly due to weaker winter demand, delayed

Semi-Annual Report  3

tax refunds, and pressure from Amazon’s expansion into the auto parts space. Stock selection in the consumer staples sector also hurt returns. Shares of Molson Coors fell after management issued medium-term EBITDA margin guidance that was below expectations, citing reinvestments to drive top-line growth and the need for increased capital flexibility.

Lazard US Small-Mid Cap Equity Portfolio

For the six months ended June 30, 2017, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of 4.42%, while Open Shares posted a total return of 4.24%, as compared with the 5.97% return for the Russell 2500^® Index.

Stock selection in the industrials sector contributed to performance. Shares of Proto Labs rose after the company reported quarterly earnings above expectations, driven by strong revenues. Stock selection and an underweight position in the consumer staples sector also contributed to performance. Shares of Sprouts Farmers Market rose amid speculation that the company could be a potential acquisition target.

In contrast, stock selection in the consumer discretionary sector detracted from performance. Shares of Advance Auto Parts fell along with the auto parts space more broadly due to weaker winter demand, delayed tax refunds, and pressure from Amazon’s expansion into the auto parts space. Stock selection in the financials sector also hurt returns. Shares of PacWest Bancorp fell after the company reported second quarter earnings below expectations, as reserves and loan prepayments came in higher than expected.

Lazard International Equity Portfolio

For the six months ended June 30, 2017, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 12.16%, while Open Shares posted a total return of 12.03%, and R6 Shares posted a total return of 12.18%, as compared with the 13.81% return for the MSCI EAFE^® Index (the “EAFE Index”).

During the period, the Portfolio rose strongly in absolute terms but lagged the benchmark. Stock selection in the health care sector detracted from relative returns as British pharmaceutical company Shire underperformed. The company offers an attractive

mix of treatments for rare diseases. This gives them critical pricing power, which is increasingly challenging to find in global pharmaceuticals. We believe the market remains skeptical about the company’s ability to integrate recent acquisition Baxalta and pay down the debt incurred to fund the acquisition. The company’s fundamentals remain strong and the valuations are very attractive in our view. We continue to own a significant position in the stock. Stock selection in the materials sector also detracted from relative performance, as shares of Anglo/Australian miner BHP fell as an employee strike halted production at one of the company’s Chilean copper mines. Elsewhere, shares of UK-based mobile operator BT Group fell after reporting mixed results. Lastly, a higher-than-benchmark exposure to the poor-performing energy sector hurt relative returns.

In contrast, stock selection in the real estate sector was additive to relative returns as shares of Japanese developer Daiwa House performed well on an increased dividend and as results highlighted strong growth in commercial facilities and logistics. Stock selection in the industrials sector was also beneficial to relative returns. Shares of Vinci, a French toll-road, airport operator and infrastructure company, continued higher on robust growth in air traffic while the company’s contracting/construction business also saw revenues rise. Additionally in the sector, shares of Irish discount airline Ryanair rose on good results and on the announcement of a new stock buyback program. Elsewhere, in the consumer discretionary sector, shares of Japanese media and electronics company Sony rose on strong fourth quarter results. Lastly, positioning in emerging markets was additive to the Portfolio’s relative returns as shares of Taiwan Semiconductor Manufacturing rose on strong demand for mobile phone chips.

Lazard International Equity Select Portfolio

For the six months ended June 30, 2017, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 15.03%, while Open Shares posted a total return of 14.78%, as compared with the 14.10% return for the MSCI All Country World^® Index (the “MSCI ACWI”) ex-US.

4  Semi-Annual Report

Stock selection in the telecom services sector was a positive driver of relative returns. In particular, shares of Turkish mobile phone operator Turkcell rallied on strong results driven by impressive growth within mobile data and digital services revenues. Stock selection in the real estate sector was also additive to relative returns as shares of Japanese developer Daiwa House performed well on an increased dividend and as results highlighted strong growth in commercial facilities and logistics. In the consumer discretionary sector, shares of Japanese media and electronics company Sony rose on strong fourth quarter results, while elsewhere, shares of Japanese retailer Ryohin Keikaku rallied as the company reported impressive April and May sales figures. Lastly, a higher-than-benchmark allocation to the strong performing information technology sector and a lower-than-benchmark allocation to the poor performing energy sector were both additive to relative returns.

In contrast, stock selection in the health care sector detracted from relative returns as British pharmaceutical company Shire underperformed. Despite robust first quarter results and some encouraging drug trial outcomes, the shares were under selling pressure following FDA approval of a competitor’s generic version of Shire’s Lialda, a treatment for ulcerative colitis and Crohn’s disease. In the industrials sector, shares of British plumbing and heating products company Wolseley lagged the index on results that showed lower margins in the United States, despite strong sales growth. Lastly, the Portfolio’s higher-than-benchmark exposure to the United Kingdom detracted from relative returns, although this was more than offset by strong stock selection.

Lazard International Equity Concentrated Portfolio

For the six months ended June 30, 2017, the Lazard International Equity Concentrated Portfolio’s Institutional Shares posted a total return of 12.88%, while Open Shares posted a total return of 12.62%, as compared with the 14.10% return for the MSCI ACWI ex-US.

Despite strong absolute returns, the Portfolio lagged the MSCI ACWI ex-US during the six-month period. Headwinds to performance came from a number of stocks including Estacio in the consumer discretionary sector, and Shire in the health care sector.

Estacio, a Brazilian education company in the process of being acquired, was weak in the first half. A report by the Brazilian regulator voiced concerns about the acquisition, which led to weakness in the shares. Additionally, the stock also experienced volatility on the heels of ongoing macro concerns, specifically the corruption scandal which has engulfed the relatively new Brazilian president. We consider Estacio materially undervalued on a standalone basis, and a possible acquisition target to be acquired by another player, Kroton or another company, due to the ease at which cost synergies can be realized.

Our large position in Shire, the global pharmaceutical company, also weighed on performance. We do not see any fundamental reason for the underperformance of the shares against the broader index. Some in the market have become concerned that a new hemophilia treatment launched by rival Roche could affect Shire’s profitability in this area, while others have become concerned by the financial leverage of the company, which is elevated in the near term following the acquisition of Baxalta. However, we maintain our view that Shire’s robust free cash flow will pay down today’s debt rapidly, and we view the stock as materially mispriced.

In contrast, stock selection and a higher-than-benchmark exposure to the strong performing information technology sector was additive to relative returns. Shares of Chinese internet and gaming company Tencent saw growth well ahead of expectations, while shares of Korean electronics company Samsung were driven by increasingly shareholder friendly policies and strong results as our thesis regarding memory pricing was supported. Stock selection in the industrials sector was also beneficial to relative returns. Shares of Vinci, a French toll-road, airport operator and infrastructure company, continued higher as a result of robust growth in air traffic while the company’s contracting/construction business also saw revenues rise. Lastly, low exposure to the weak energy sector helped relative returns during the period.

Lazard International Strategic Equity Portfolio

For the six months ended June 30, 2017, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 13.99%, while Open

Semi-Annual Report  5

Shares posted a total return of 13.78%, and R6 Shares posted a total return of 13.98%, as compared with the 13.81% return for the EAFE Index.

Stock picking in the real estate, financials and information technology sectors was positive during the period. Within the real estate sector, Daiwa House continued to deliver strong results, while in financials UniCredit successfully completed their capital raise and demonstrated progress on their restructuring program. Within the information technology sector, Tencent continued to move ahead, driven by very strong results from their mobile gaming business, while Tokyo Electron released better than expected mid-term guidance.

On the negative side, stock selection in the health care sector underperformed. While we had success with Actelion, which finalized its sale to Johnson & Johnson, and Convatec, which produced solid results demonstrating the improvement in returns coming through, Shire performed below expectations. The company has been dogged by fears of competition from new products and generics for some of its key products, despite releasing strong clinical data from their own pipeline and trading at a very attractive valuation. Two holdings in the energy sector, Suncor and Statoil, performed poorly in the first half, driven by the weakness in the price of oil, which negatively impacted most stocks in the energy sector.

Lazard International Equity Advantage Portfolio

For the six months ended June 30, 2017, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of 14.59%, while Open Shares posted a total return of 14.48%, as compared with the 13.81% return for the EAFE Index.

Stock selection has accounted for the period’s excess return. The Portfolio outperformed in six of eleven sectors, led by consumer discretionary and health care holdings. Holdings in the telecom services and industrials sectors were the largest detractors from performance. Regionally, stock selection in continental Europe and Asia ex-Japan added value. This was partially offset by unfavorable stock selection in the United Kingdom and Japan.

Stocks that provided the largest contribution to the Portfolio included CSL, which has rallied sharply since its sell-off in the fourth quarter. The company issued favorable guidance overcoming the growth concerns that surrounded the stock at year-end. The company is a world leader in biotherapy and received FDA approval for a drug to treat hemophilia. They also acquired a majority stake in a Chinese fractionator, giving them a long-desired foothold in that market. Aristocrat Leisure reported a strong first half as earnings rose. New products and increased penetration into the North American market with its gaming machines has helped to boost the stock. Swiss asset manager Partners Group, which provides a broad range of private markets solutions to a diversified client base, added to performance. Partners Group reported second half 2016 revenue that was ahead of consensus, driven primarily by performance fees. Partners Group is well placed to benefit from secular trends, long-term structural trends (i.e., shifts in global asset allocation and pension fund investments) and mid-term cyclical trends (i.e., an ultra-low interest rate environment). These are all drivers that provide strong tail winds for the company.

Detractors included BT Group, which surprised the market after they took a write down due to improper accounting in their Italian subsidiary. They warned of a weakening in the UK markets due increased competition for wireless service. We have reduced our position. Sumitomo Mitsui Financial continues to struggle with record low interest rates and new regulations that have impaired their ability to generate substantial earnings growth. The accommodative interest rate policies of the Bank of Japan have weighed on the stock. The position was sold during the period. SSE, the UK electric utility, has been under pressure as Prime Minister Theresa May has pressured utilities over high household energy prices as part of her platform. The government threatened to mandate to impose price regulation on utilities that were raising fees unjustifiably.

Lazard International Small Cap Equity Portfolio

For the six months ended June 30, 2017, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 16.85%, while Open

6  Semi-Annual Report

Shares posted a total return of 16.77%, as compared with the 16.72% return for the MSCI EAFE Small Cap^® Index.

The Portfolio kept pace with the overall index through June, outperforming in the second quarter after failing to keep up in the first quarter. Portfolio performance was led by strong stock selection in Japan and, to a lesser extent, Sweden and Hong Kong. Stock selection in Canada and the United Kingdom detracted from performance. On a sector basis, stock selection in industrials, consumer discretionary, and real estate contributed to performance while stock selection in materials, information technology, and energy detracted from performance. Some of the names that impacted performance during the period include Nissei ASB Machine Company, which contributed positively to performance in the first half of 2017, supported by increased broker coverage in the first quarter and positive first-half results and growth in new orders reported in the second quarter. There are indications of a favorable product mix shift, which could lead to an overshoot of full year results. Nissei ASB’s profit performance can be volatile, depending on the timing of client orders and foreign exchange trends. Accordingly we have recently taken some profits, reducing position size to manage for that risk.

Duerr, a German-listed manufacturer of equipment and systems, used primarily in automotive paint shops and woodworking, contributed to performance during the period. In addition to reporting better than expected results in May with healthy order growth, optimism around the company’s Homag woodworking unit achieving margin goals ahead of schedule helped boost the shares. We continue to own the stock.

Lazard Global Equity Select Portfolio

For the six months ended June 30, 2017, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 14.43%, while Open Shares posted a total return of 14.23%, as compared with the 11.48% return for the MSCI ACWI.

Stock selection in the financials sector contributed to performance in the first half of the year. Shares of Indiabulls Housing Finance, an Indian housing finance

company, rose on continued business growth and strong profit and revenue growth. Stock selection and an overweight position in the industrials sector also helped performance. Shares of Recruit Holdings, a provider of information services in human resource, housing, bridal, travel, restaurants, beauty, automobiles and education sectors in Japan climbed on an improving job search market and as the company reported sales that exceeded expectations. An underweight position in the energy sector also contributed to performance.

In contrast, stock selection in the consumer discretionary sector detracted from performance in the first half of the year. Shares of AutoZone, a US auto-parts retailer, declined on concerns over slowing US auto sales, possible competition from Amazon and a disappointing earnings report. An underweight position in the health care sector slightly hurt performance. Shares of specialty pharmaceutical company, Shire, fell on concerns over industry pricing in the United States and disappointing drug data.

Lazard Global Strategic Equity Portfolio

For the six months ended June 30, 2017, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of 11.89%, while Open Shares posted a total return of 11.68%, as compared with the 11.48% return for the MSCI ACWI.

The Portfolio outperformed its benchmark in the first half of the year, driven by stock selection in the financials sector. Both the London Stock Exchange and Intercontinental Exchange benefited from their index businesses as fund flows into passive investments continued at a brisk pace, while Swiss private equity business Partners Group continued to show the power of their proprietary database in small and medium-sized enterprise investing. In the information technology sector, investments in gaming businesses Activision Blizzard and Ubisoft continued to perform well, as the companies showed the power of their digital platforms driving higher margins and less cyclical growth. Payments companies Visa and Worldpay also benefited from the drive to digital spending driven by the change in consumer behavior.

Semi-Annual Report  7

On the negative side, the Portfolio’s holding in US beer business Molson Coors detracted, as the company reinvested into the business to try to offset lower volumes in the country. Also suffering in the United States was the holding in Advance Auto Parts driven partly by fears of Amazon’s entry into the category but also by unseasonably warm weather that affected volumes in the first half.

Lazard Managed Equity Volatility Portfolio

For the six months ended June 30, 2017, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of 10.41%, while Open Shares posted a total return of 10.21%, as compared with the 10.66% return for the MSCI World^® Index.

The Portfolio’s sector allocation and relative performance benefited from the underweight to energy stocks. However, this was largely offset by the underweight to the information technology sector and overweight to the telecom services and utility sectors. Stock selection accounted for most of the six-month performance deficit, as the Portfolio outperformed in only five of eleven sectors. While information technology and consumer staples holdings were the primary laggards, they were mostly offset by favorable results in health care and financials.

Stocks that provided the largest contribution to the Portfolio included CSL, which has rallied sharply since its sell-off in the fourth quarter. The company issued

favorable guidance overcoming the growth concerns that surrounded the stock at year-end. The company is a world leader in biotherapy and received FDA approval for a drug to treat hemophilia. They also acquired a majority stake in a Chinese fractionator, giving them a long-desired foothold in that market. Aristocrat Leisure reported a strong first half as earnings rose. New products and increased penetration into the North American market with its gaming machines has helped to boost the stock. C.R. Bard also added to the Portfolio’s return as the company reached an agreement in April to be acquired by Becton Dickin-son at a premium to its then-current stock price.

Detractors for the period included Kroger, which is suffering from disappointing foot traffic and difficult year-over-year comparisons. Investor concerns arose surrounding Amazon’s bid for Whole Foods as Amazon’s bid could provide direct competition to Kroger’s higher-end clientele, a segment which Kroger coveted and where it had made significant penetration. Sysco, a commercial food distributor, also sold off after the Amazon announcement. Fears of Amazon entering the B2B food distribution business caused much of the selloff despite solid earnings from Sysco. AT&T struggled in the first half of 2017, as intense competition in the wireless business caused them to match aggressive promotions by their competition or risk losing market share. In most cases, they elected to match the competition causing an anticipated erosion in their margins.

Notes to Investment Overviews:

All Portfolios’ 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, 2017; these views and portfolio holdings may have changed subsequent to this date. Nothing herein should be construed as a recommendation to buy, sell, or hold a particular security. There is no assurance that the securities discussed herein will remain in a Portfolio at the time you receive this report, or that securities sold will not have been repurchased. The specific securities discussed may, in aggregate, represent only a small percentage of a Portfolio’s holdings. It should not be assumed that securities identified and discussed were, or will be, profitable, or that the investment decisions made in the future will be profitable, or equal the investment performance of the securities discussed herein.

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

8  Semi-Annual Report

The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard US Equity Concentrated Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2017

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares**	12.94%	15.85%	6.33%	8.12%
Open Shares**	12.66%	15.45%	6.01%	7.80%
R6 Shares**	N/A	N/A	N/A	7.94%
S&P 500 Index	17.90%	14.63%	7.18%	8.22%
				(Institutional and Open Shares)
				12.58%
				(R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	17.90%	14.63%	5.77%	7.36%
				(Institutional and Open Shares)
				N/A
				(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 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 Portfolio shares, 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.

Semi-Annual Report  9

	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 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 companies in leading industries of the US economy. The Russell 1000 Value/S&P 500 Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the Russell 1000® Value Index for all periods through May 30, 2012 (when the Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter. The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The indices are unmanaged, have no fees or costs and are 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 September 30, 2005 and for the R6 Shares was November 15, 2016.

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, 2017

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares**	17.73%	12.55%	5.38%	6.68%
Open Shares**	17.36%	12.22%	5.06%	6.37%
R6 Shares**	17.75%	N/A	N/A	7.87%
S&P 500 Index	17.90%	14.63%	7.18%	7.93%
				(Institutional and Open Shares)
				10.79%
				(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 companies in leading industries of the US economy. 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 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, 2017

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	21.34%	14.13%	7.60%
Open Shares**	21.04%	13.76%	7.26%
Russell 2500 Index	19.84%	14.04%	7.42%
Russell 2000/2500 Linked Index	19.84%	14.04%	7.54%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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, also exclude adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements), 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 Portfolio shares, 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 measures the performance of the small-to mid-cap segment of the US equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000® Index. The Russell 3000 Index measures the performance of the largest 3,000 US companies, representing approximately 98% of the investable US equity market. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000/2500 Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2000® Index for all periods through August 25, 2008 (when the Portfolio’s investment focus was changed from small cap companies to small-mid cap companies) and the Russell 2500 Index for all periods thereafter. The Russell 2000 Index includes approximately 2,000 of the smallest securities in the Russell 3000 Index, representing roughly 10% of the total market capitalization of Russell 3,000 companies. The indices are unmanaged, have no fees or costs and are not available for investment.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

12  Semi-Annual Report

Lazard 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, 2017

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	10.05%	7.67%	2.30%	5.97%
Open Shares**	9.77%	7.37%	2.00%	4.76%
R6 Shares**	10.07%	N/A	N/A	1.36%
EAFE Index	20.27%	8.69%	1.03%	5.36%
				(Institutional Shares)
				4.91%
				(Open Shares)
				3.72%
				(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 free float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The EAFE Index consists of 21 developed markets country indices. 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.

Semi-Annual Report  13

Lazard International Equity Select Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2017

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	12.26%	6.78%	1.04%
Open Shares**	11.83%	6.41%	0.70%
MSCI ACWI ex-US	20.45%	7.22%	1.13%
EAFE/MSCI ACWI ex-US Linked Index	20.45%	7.22%	0.21%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.
	The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The MSCI ACWI ex-US is a free floated-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging markets country indices. The EAFE/MSCI ACWI ex-US Linked Index is an unmanaged index created by the 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 ACWI ex-US for all periods thereafter. The EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The EAFE Index consists of 21 developed markets country indices. 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.

14  Semi-Annual Report

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 ACWI ex-US*

Average Annual Total Returns*

Periods Ended June 30, 2017

	One	Since
	Year	Inception	†
Institutional Shares**	11.49%	–0.29%
Open Shares**	11.02%	–0.55%
MSCI ACWI ex-US	20.45%	1.01%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 ACWI ex-US is a free floated-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 45 country indices comprising 22 developed and 23 emerging markets country indices. 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  15

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, 2017

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	9.82%	8.65%	3.08%	6.09%
Open Shares**	9.55%	8.37%	2.79%	4.62%
R6 Shares**	9.81%	N/A	N/A	2.50%
EAFE Index	20.27%	8.69%	1.03%	4.45%
				(Institutional Shares)
				3.37%
				(Open Shares)
				6.29%
				(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 free float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The EAFE Index consists of 21 developed markets country indices. 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.

16  Semi-Annual Report

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, 2017

	One	Since
	Year	Inception	†
Institutional Shares**	20.77%	2.73%
Open Shares**	20.44%	2.45%
EAFE Index	20.27%	2.36%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 free float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The EAFE Index consists of 21 developed markets country indices. 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.

Semi-Annual Report  17

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, 2017

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	14.79%	11.78%	2.47%
Open Shares**	14.59%	11.50%	2.18%
MSCI EAFE Small Cap Index	23.18%	12.94%	3.41%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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, also exclude adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements), 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 Portfolio shares, 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 targets all companies with market capitalizations below that of the companies in the EAFE Index and up to 99% coverage of the free float-adjusted market capitalization in each market (subject to minimum investability criteria and a universal minimum size range). The MSCI EAFE Small Cap Index consists of 21 developed markets country indices. 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.

18  Semi-Annual Report

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 ACWI*

Average Annual Total Returns*

Periods Ended June 30, 2017

	One	Since
	Year	Inception	†
Institutional Shares**	16.57%	5.98%
Open Shares**	16.24%	5.69%
MSCI ACWI	18.78%	5.92%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23 developed and 23 emerging markets country indices. 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.

Semi-Annual Report  19

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 ACWI*

Average Annual Total Returns*

Periods Ended June 30, 2017

	One	Since
	Year	Inception	†
Institutional Shares**	12.53%	3.17%
Open Shares**	12.10%	2.84%
MSCI ACWI	18.78%	4.75%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23 developed and 23 emerging markets country indices. 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.

20  Semi-Annual Report

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, 2017

	One	Since
	Year	Inception	†
Institutional Shares**	11.59%	6.80%
Open Shares**	11.29%	6.46%
MSCI World Index	18.20%	5.70%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices. 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.

Semi-Annual Report  21

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

Expense Example

As a shareholder in a Portfolio of the Fund, you incur 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, 2017 through June 30, 2017 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.

22  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/17	Ending Account Value 6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
US Equity Concentrated
Institutional Shares
Actual	$1,000.00	$1,077.00	$3.86	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$1,075.80	$5.25	1.02%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.74	$5.11	1.02%
R6 Shares
Actual	$1,000.00	$1,077.60	$4.02	0.78%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.93	$3.91	0.78%
US Strategic Equity
Institutional Shares
Actual	$1,000.00	$1,079.10	$3.87	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$1,077.10	$5.41	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
R6 Shares
Actual	$1,000.00	$1,079.10	$3.87	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
US Small-Mid Cap Equity
Institutional Shares
Actual	$1,000.00	$1,044.20	$4.51	0.89%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46	0.89%
Open Shares
Actual	$1,000.00	$1,042.40	$5.98	1.18%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.94	$5.91	1.18%
International Equity
Institutional Shares
Actual	$1,000.00	$1,121.60	$4.26	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06	0.81%
Open Shares
Actual	$1,000.00	$1,120.30	$5.57	1.06%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.54	$5.31	1.06%
R6 Shares
Actual	$1,000.00	$1,121.80	$4.21	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%
International Equity Select
Institutional Shares
Actual	$1,000.00	$1,150.30	$5.60	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
Open Shares
Actual	$1,000.00	$1,147.80	$7.19	1.35%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76	1.35%

Semi-Annual Report  23

Portfolio	Beginning Account Value 1/1/17	Ending Account Value 6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
International Equity Concentrated
Institutional Shares
Actual	$1,000.00	$1,128.80	$5.54	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
Open Shares
Actual	$1,000.00	$1,126.20	$7.12	1.35%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76	1.35%
International Strategic Equity
Institutional Shares
Actual	$1,000.00	$1,139.90	$4.30	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06	0.81%
Open Shares
Actual	$1,000.00	$1,137.80	$5.62	1.06%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.54	$5.31	1.06%
R6 Shares
Actual	$1,000.00	$1,139.80	$4.30	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06	0.81%
International Equity Advantage
Institutional Shares
Actual	$1,000.00	$1,145.90	$4.79	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$1,144.80	$6.38	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01	1.20%
International Small Cap Equity
Institutional Shares
Actual	$1,000.00	$1,168.50	$6.08	1.13%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.19	$5.66	1.13%
Open Shares
Actual	$1,000.00	$1,167.70	$7.42	1.38%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.95	$6.90	1.38%
Global Equity Select
Institutional Shares
Actual	$1,000.00	$1,144.30	$5.58	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
Open Shares
Actual	$1,000.00	$1,142.30	$7.17	1.35%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76	1.35%
Global Strategic Equity
Institutional Shares
Actual	$1,000.00	$1,118.90	$5.78	1.10%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.34	$5.51	1.10%
Open Shares
Actual	$1,000.00	$1,116.80	$7.35	1.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00	1.40%

24  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/17	Ending Account Value 6/30/17	Expenses Paid During Period* 1/1/17 - 6/30/17	Annualized Expense Ratio During Period 1/1/17 - 6/30/17
Managed Equity Volatility
Institutional Shares
Actual	$1,000.00	$1,104.10	$3.91	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$1,102.10	$5.47	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%

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

Semi-Annual Report  25

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2017 (unaudited)

Sector*	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio			Lazard US Small-Mid Cap Equity Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
Consumer Discretionary		7.7	%		7.9	%		10.4	%		13.2	%		11.2	%
Consumer Staples		23.9			11.6			1.1			11.4			10.4
Energy		—			5.0			5.5			6.7			4.5
Financials		—			11.5			16.2			18.6			17.8
Health Care		10.6			13.3			7.4			8.9			7.5
Industrials		8.7			13.0			20.0			18.6			15.7
Information Technology		32.6			28.4			15.8			6.1			15.7
Materials		10.2			3.5			7.6			3.7			1.8
Real Estate		—			1.3			10.5			3.0			2.6
Telecommunication Services		—			2.5			—			4.2			6.7
Utilities		—			—			4.8			0.9			2.0
Repurchase Agreements		—			—			0.7			4.7			—
Short-Term Investments		6.3			2.0			—			—			4.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Sector*	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
Consumer Discretionary		8.3	%		18.7	%		13.4	%		15.5	%		6.1	%
Consumer Staples		8.1			14.8			10.2			1.4			11.2
Energy		4.0			5.0			5.4			3.7			2.2
Financials		19.7			23.9			20.0			9.7			19.2
Health Care		15.2			7.9			9.2			5.0			10.1
Industrials		14.4			10.6			12.8			26.9			17.3
Information Technology		16.1			10.3			7.1			20.6			23.6
Materials		2.7			0.6			6.3			6.7			4.5
Real Estate		—			3.4			4.6			8.5			2.0
Telecommunication Services		7.7			1.0			4.3			—			—
Utilities		1.7			—			4.5			—			—
Short-Term Investments		2.1			3.8			2.2			2.0			3.8
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

26  Semi-Annual Report

Sector*	Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
Consumer Discretionary		10.5	%		13.3	%
Consumer Staples		14.5			11.3
Energy		4.1			3.9
Financials		18.7			11.3
Health Care		9.5			9.9
Industrials		10.1			12.0
Information Technology		24.7			9.0
Materials		2.4			4.5
Real Estate		2.3			6.5
Telecommunication Services		—			3.9
Utilities		—			11.3
Short-Term Investments		3.2			3.1
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report  27

The Lazard Funds, Inc. Portfolios of Investments June 30, 2017 (unaudited)

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks | 92.8%
Air Freight & Logistics | 5.6%
United Parcel Service, Inc., Class B		815,880	$	90,228,169
Auto Components | 0.7%
Delphi Automotive PLC		129,070		11,312,986
Beverages | 15.1%
Molson Coors Brewing Co., Class B		1,305,222		112,692,867
The Coca-Cola Co.		2,962,555		132,870,592
				245,563,459
Chemicals | 4.0%
PPG Industries, Inc.		592,980		65,204,081
Commercial Services & Supplies | 3.1%
Copart, Inc. (a)		1,559,484		49,575,996
Communications Equipment | 13.0%
Cisco Systems, Inc.		2,532,395		79,263,963
Motorola Solutions, Inc.		1,520,450		131,883,833
				211,147,796
Containers & Packaging | 6.1%
Crown Holdings, Inc. (a)		1,648,460		98,347,124
Food & Staples Retailing | 4.5%
Walgreens Boots Alliance, Inc.		936,350		73,325,568
Food Products | 4.0%
Kellogg Co.		932,170		64,748,528
Health Care Equipment & Supplies | 8.5%
Medtronic PLC		1,547,650		137,353,937
Internet Software & Services | 10.9%
Alphabet, Inc., Class A (a)		108,133		100,529,088
eBay, Inc. (a)		2,182,595		76,216,217
				176,745,305

Description	Shares		Fair Value
IT Services | 4.7%
DXC Technology Co.		997,000	$	76,489,840
Media | 1.9%
The Madison Square Garden Co., Class A (a)		152,275		29,982,948
Pharmaceuticals | 2.0%
Zoetis, Inc.		525,086		32,754,865
Semiconductors & Semiconductor Equipment | 3.6%
Skyworks Solutions, Inc.		610,625		58,589,469
Specialty Retail | 3.0%
Advance Auto Parts, Inc.		423,369		49,360,592
Textiles, Apparel & Luxury Goods | 2.1%
Carter’s, Inc.		376,090		33,453,206
Total Common Stocks (Cost $1,380,083,286)				1,504,183,869
Short-Term Investments | 6.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $101,887,493)		101,887,493		101,887,493
Total Investments | 99.1% (Cost $1,481,970,779) (b)			$	1,606,071,362
Cash and Other Assets in Excess of Liabilities | 0.9%				14,966,872
Net Assets | 100.0%			$	1,621,038,234

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

28  Semi-Annual Report

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio
Common Stocks | 98.6%
Aerospace & Defense | 2.3%
United Technologies Corp.		15,525	$	1,895,758
Air Freight & Logistics | 2.7%
United Parcel Service, Inc., Class B		20,375		2,253,271
Auto Components | 1.0%
Delphi Automotive PLC		9,585		840,125
Banks | 6.5%
Bank of America Corp.		40,180		974,767
Citigroup, Inc.		42,325		2,830,696
Citizens Financial Group, Inc.		21,100		752,848
SunTrust Banks, Inc.		15,700		890,504
				5,448,815
Beverages | 7.4%
Molson Coors Brewing Co., Class B		28,790		2,485,729
The Coca-Cola Co.		83,350		3,738,247
				6,223,976
Biotechnology | 2.0%
Biogen, Inc. (a)		3,000		814,080
Celgene Corp. (a)		3,500		454,545
Gilead Sciences, Inc.		5,850		414,063
				1,682,688
Building Products | 1.6%
Johnson Controls International PLC		30,321		1,314,719
Capital Markets | 3.7%
Intercontinental Exchange, Inc.		29,650		1,954,528
Morgan Stanley		25,700		1,145,192
				3,099,720
Chemicals | 1.5%
Agrium, Inc.		4,300		389,107
PPG Industries, Inc.		7,900		868,684
				1,257,791
Commercial Services & Supplies | 0.8%
Copart, Inc. (a)		19,445		618,157
Communications Equipment | 6.4%
Cisco Systems, Inc.		93,125		2,914,812
Motorola Solutions, Inc.		23,200		2,012,368
Palo Alto Networks, Inc. (a)		3,000		401,430
				5,328,610

Description	Shares		Fair Value
Containers & Packaging | 1.9%
Crown Holdings, Inc. (a)		26,525	$	1,582,481
Diversified Telecommunication Services | 2.5%
AT&T, Inc.		56,150		2,118,539
Electrical Equipment | 1.9%
Eaton Corp. PLC		20,335		1,582,673
Energy Equipment & Services | 1.6%
Schlumberger, Ltd.		19,920		1,311,533
Equity Real Estate Investment Trusts (REITs) | 1.3%
Prologis, Inc.		18,700		1,096,568
Food & Staples Retailing | 2.1%
Walgreens Boots Alliance, Inc.		22,600		1,769,806
Food Products | 2.2%
Kellogg Co.		25,900		1,799,014
Health Care Equipment & Supplies | 3.8%
Medtronic PLC		26,300		2,334,125
Stryker Corp.		5,955		826,435
				3,160,560
Health Care Providers & Services | 1.2%
Humana, Inc.		4,100		986,542
Hotels, Restaurants & Leisure | 2.1%
McDonald’s Corp.		11,650		1,784,314
Industrial Conglomerates | 2.0%
General Electric Co.		29,050		784,641
Honeywell International, Inc.		6,698		892,776
				1,677,417
Insurance | 1.3%
Aon PLC		8,230		1,094,178
Internet Software & Services | 8.3%
Alphabet, Inc., Class A (a)		4,831		4,491,284
Alphabet, Inc., Class C (a)		415		377,123
eBay, Inc. (a)		60,145		2,100,263
				6,968,670

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

Semi-Annual Report  29

Description	Shares		Fair Value
Lazard US Strategic Equity Portfolio (concluded)
IT Services | 5.2%
CoreLogic, Inc. (a)		4,600	$	199,548
DXC Technology Co.		13,150		1,008,868
Vantiv, Inc., Class A (a)		15,700		994,438
Visa, Inc., Class A		23,020		2,158,816
				4,361,670
Machinery | 0.9%
Deere & Co.		6,320		781,089
Marine | 0.5%
Kirby Corp. (a)		5,950		397,758
Media | 1.1%
The Madison Square Garden Co. Class A (a)		4,558		897,470
Metals & Mining | 0.1%
Steel Dynamics, Inc.		3,100		111,011
Oil, Gas & Consumable Fuels | 3.4%
Cimarex Energy Co.		4,100		385,441
ConocoPhillips		14,400		633,024
EOG Resources, Inc.		10,475		948,197
Pioneer Natural Resources Co.		5,610		895,244
				2,861,906
Pharmaceuticals | 6.4%
Allergan PLC		4,785		1,163,186
Pfizer, Inc.		88,244		2,964,116
Zoetis, Inc.		20,204		1,260,325
				5,387,627
Road & Rail | 0.5%
Union Pacific Corp.		3,880		422,571
Semiconductors & Semiconductor Equipment | 3.2%
Applied Materials, Inc.		13,555		559,957
Cypress Semiconductor Corp.		47,700		651,105
Skyworks Solutions, Inc.		15,335		1,471,393
				2,682,455

Description	Shares		Fair Value
Software | 3.1%
Microsoft Corp.		38,000	$	2,619,340
Specialty Retail | 2.7%
Advance Auto Parts, Inc.		4,858		566,394
AutoZone, Inc. (a)		1,215		693,109
Lowe’s Cos., Inc.		13,000		1,007,890
				2,267,393
Technology Hardware, Storage & Peripherals | 2.4%
Apple, Inc.		13,802		1,987,764
Textiles, Apparel & Luxury Goods | 1.0%
Carter’s, Inc.		4,060		361,137
Lululemon Athletica, Inc. (a)		8,025		478,852
				839,989
Total Common Stocks
(Cost $73,532,784)				82,513,968
Short-Term Investments | 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,692,935)		1,692,935		1,692,935
Total Investments | 100.6% (Cost $75,225,719) (b)			$	84,206,903
Liabilities in Excess of Cash and Other Assets | (0.6)%				(526,346	)
Net Assets | 100.0%			$	83,680,557

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

30  Semi-Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks | 98.9%
Air Freight & Logistics | 1.2%
Echo Global Logistics, Inc. (a)		126,213	$	2,511,639
Airlines | 1.7%
Alaska Air Group, Inc.		41,400		3,716,064
Auto Components | 2.4%
Fox Factory Holding Corp. (a)		54,538		1,941,553
Modine Manufacturing Co. (a)		193,050		3,194,977
				5,136,530
Banks | 8.8%
BankUnited, Inc.		77,785		2,622,132
Comerica, Inc.		45,255		3,314,476
Commerce Bancshares, Inc.		64,225		3,649,907
FCB Financial Holdings, Inc., Class A (a)		69,500		3,318,625
Home Bancshares, Inc.		117,125		2,916,413
PacWest Bancorp		73,986		3,455,146
				19,276,699
Biotechnology | 1.6%
Cellectis SA ADR (a)		72,535		1,872,854
Eagle Pharmaceuticals, Inc. (a)		21,400		1,688,246
				3,561,100
Building Products | 3.4%
Continental Building Products, Inc. (a)		79,655		1,855,961
Owens Corning		40,100		2,683,492
PGT Innovations, Inc. (a)		217,880		2,788,864
				7,328,317
Capital Markets | 1.0%
Morningstar, Inc.		27,740		2,173,152
Chemicals | 4.2%
Ingevity Corp. (a)		33,775		1,938,685
Innospec, Inc.		51,750		3,392,212
Valvoline, Inc.		157,740		3,741,593
				9,072,490
Commercial Services & Supplies | 1.5%
Deluxe Corp.		48,225		3,338,135
Communications Equipment | 0.8%
Ciena Corp. (a)		69,440		1,737,389

Description	Shares		Fair Value
Containers & Packaging | 3.4%
Crown Holdings, Inc. (a)		71,285	$	4,252,863
Graphic Packaging Holding Co.		233,590		3,218,870
				7,471,733
Electric Utilities | 1.7%
PNM Resources, Inc.		95,110		3,637,957
Electrical Equipment | 3.5%
Atkore International Group, Inc. (a)		110,660		2,495,383
Generac Holdings, Inc. (a)		68,885		2,488,815
Regal-Beloit Corp.		32,255		2,630,395
				7,614,593
Electronic Equipment, Instruments & Components | 3.2%
Belden, Inc.		33,925		2,558,963
FLIR Systems, Inc.		77,320		2,679,911
Littelfuse, Inc.		10,075		1,662,375
				6,901,249
Energy Equipment & Services | 3.1%
NCS Multistage Holdings, Inc.		111,750		2,813,865
Newpark Resources, Inc. (a)		279,620		2,055,207
Oceaneering International, Inc.		84,915		1,939,459
				6,808,531
Equity Real Estate Investment Trusts (REITs) | 10.4%
American Campus Communities, Inc.		56,815		2,687,350
Camden Property Trust		39,250		3,356,267
DCT Industrial Trust, Inc.		68,888		3,681,375
Extra Space Storage, Inc.		42,610		3,323,580
Healthcare Realty Trust, Inc.		102,795		3,510,449
Kilroy Realty Corp.		44,725		3,361,084
UDR, Inc.		73,660		2,870,530
				22,790,635
Food & Staples Retailing | 1.1%
Sprouts Farmers Market, Inc. (a)		104,855		2,377,063
Health Care Equipment & Supplies | 1.4%
STERIS PLC		38,310		3,122,265
Health Care Providers & Services | 1.4%
AMN Healthcare Services, Inc. (a)		79,200		3,092,760
Hotels, Restaurants & Leisure | 0.8%
Bloomin’ Brands, Inc.		79,675		1,691,500
Household Durables | 1.1%
Leggett & Platt, Inc.		46,210		2,427,411

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 (concluded)
Independent Power & Renewable Electricity Producers | 1.6%
Pattern Energy Group, Inc.		147,875	$	3,525,340
Insurance | 4.6%
Arch Capital Group, Ltd. (a)		35,675		3,328,121
Reinsurance Group of America, Inc.		25,875		3,322,091
Validus Holdings, Ltd.		66,165		3,438,595
				10,088,807
Internet Software & Services | 1.3%
j2 Global, Inc.		32,985		2,806,694
IT Services | 3.3%
CoreLogic, Inc. (a)		57,205		2,481,553
Leidos Holdings, Inc.		50,600		2,615,514
Vantiv, Inc., Class A (a)		33,925		2,148,809
				7,245,876
Life Sciences Tools & Services | 1.5%
INC Research Holdings, Inc., Class A (a)		55,325		3,236,513
Machinery | 6.4%
Altra Industrial Motion Corp.		25,644		1,020,631
Mueller Water Products, Inc., Class A		188,400		2,200,512
Proto Labs, Inc. (a)		32,985		2,218,241
Snap-on, Inc.		9,900		1,564,200
TriMas Corp. (a)		98,101		2,045,406
Wabtec Corp.		29,455		2,695,132
Woodward, Inc.		33,520		2,265,282
				14,009,404
Marine | 1.5%
Kirby Corp. (a)		50,355		3,366,232
Media | 2.3%
Emerald Expositions Events, Inc.		102,400		2,242,560
Scholastic Corp.		65,837		2,869,835
				5,112,395
Multi-Utilities | 1.5%
CMS Energy Corp.		69,070		3,194,488
Oil, Gas & Consumable Fuels | 2.4%
HollyFrontier Corp.		118,900		3,266,183
Matador Resources Co. (a)		90,255		1,928,749
				5,194,932
Pharmaceuticals | 1.5%
Catalent, Inc. (a)		90,200		3,166,020

Description	Shares		Fair Value
Professional Services | 0.8%
FTI Consulting, Inc. (a)		46,623	$	1,629,940
Semiconductors & Semiconductor Equipment | 4.9%
Cypress Semiconductor Corp.		206,355		2,816,746
MACOM Technology Solutions Holdings, Inc. (a)		36,010		2,008,278
Microsemi Corp. (a)		53,840		2,519,712
Versum Materials, Inc.		100,055		3,251,787
				10,596,523
Software | 2.3%
Bottomline Technologies de, Inc. (a)		128,110		3,291,146
BroadSoft, Inc. (a)		40,540		1,745,247
				5,036,393
Specialty Retail | 1.2%
Advance Auto Parts, Inc.		10,610		1,237,020
Chico’s FAS, Inc.		154,875		1,458,922
				2,695,942
Textiles, Apparel & Luxury Goods |2.5%
Carter’s, Inc.		28,500		2,535,075
Steven Madden, Ltd. (a)		74,655		2,982,467
				5,517,542
Thrifts & Mortgage Finance | 1.6%
Washington Federal, Inc.		107,820		3,579,624
Total Common Stocks
(Cost $190,483,709)				215,789,877
Description	Principal Amount (000)		Fair Value
Repurchase Agreements | 0.7%
State Street Bank and Trust Co., 0.05%, 07/03/17 (Dated 06/30/17, collateralized by $1,575,000 United States Treasury Note, 2.125%, 01/31/21, with a fair value of $1,614,884) Proceeds of $1,583,007 (Cost $1,583,000)	$	1,583	$	1,583,000
Total Investments | 99.6% (Cost $192,066,709) (b)			$	217,372,877
Cash and Other Assets in Excess of Liabilities | 0.4%				947,232
Net Assets | 100.0%			$	218,320,109

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

32  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks | 95.2%
Australia | 3.0%
BHP Billiton PLC		4,553,445	$	69,761,186
Caltex Australia, Ltd.		1,422,345		34,517,661
				104,278,847
Belgium | 2.5%
Anheuser-Busch InBev SA/NV		568,487		62,905,998
KBC Group NV		351,057		26,649,138
				89,555,136
Brazil | 1.0%
BB Seguridade Participacoes SA		4,064,300		35,148,116
Canada | 4.2%
Canadian National Railway Co.		592,910		48,107,642
National Bank of Canada		1,044,900		43,937,691
Suncor Energy, Inc.		1,958,210		57,215,127
				149,260,460
Denmark | 2.3%
AP Moller-Maersk A/S, Class B		19,489		39,380,557
Carlsberg A/S, Class B		405,400		43,398,185
				82,778,742
Finland | 1.5%
Sampo Oyj, A Shares		1,000,654		51,440,745
France | 11.4%
Air Liquide SA		491,519		61,082,366
Airbus SE		350,701		28,896,575
Capgemini SE		723,798		75,207,664
Cie Generale des Etablissements Michelin		473,336		62,929,365
Valeo SA		1,371,504		93,033,631
Vinci SA		937,418		80,074,421
				401,224,022
Germany | 3.4%
Deutsche Post AG		805,562		30,227,877
SAP SE		871,988		91,139,444
				121,367,321
Ireland | 3.9%
Ryanair Holdings PLC Sponsored ADR (a)		432,049		46,492,793
Shire PLC		1,651,214		90,972,877
				137,465,670
Italy | 1.5%
UniCredit SpA (a)		2,885,389		54,410,385

Description	Shares		Fair Value
Japan | 17.1%
ABC-Mart, Inc.		560,800	$	33,042,568
Daiwa House Industry Co., Ltd.		3,055,880		104,555,885
Don Quijote Holdings Co., Ltd.		1,959,300		74,347,792
Hoshizaki Corp.		279,100		25,264,882
Isuzu Motors, Ltd.		4,097,300		50,676,516
Kao Corp.		602,780		35,827,188
KDDI Corp.		1,685,900		44,663,010
Makita Corp.		1,382,300		51,186,338
Seven & I Holdings Co., Ltd.		764,200		31,510,731
Sony Corp.		1,853,000		70,682,544
Sumitomo Mitsui Financial Group, Inc.		1,484,200		58,063,023
United Arrows, Ltd.		710,600		23,048,846
				602,869,323
Luxembourg | 1.3%
RTL Group SA		286,439		21,663,551
Tenaris SA		1,561,462		24,350,762
				46,014,313
Netherlands | 5.1%
Koninklijke KPN NV		8,780,671		28,175,556
Royal Dutch Shell PLC, A Shares		3,210,020		85,267,935
Wolters Kluwer NV		1,564,698		66,307,736
				179,751,227
Norway | 2.4%
Statoil ASA		2,201,968		36,596,786
Telenor ASA		2,839,322		47,089,957
				83,686,743
Philippines | 0.0%
Alliance Global Group, Inc.		2,487,800		705,108
Singapore | 1.5%
DBS Group Holdings, Ltd.		3,466,600		52,227,376
Spain | 0.9%
Red Electrica Corporacion SA		1,587,202		33,237,849
Sweden | 3.9%
Assa Abloy AB, Class B		3,293,691		72,401,358
Nordea Bank AB		4,997,489		63,774,141
				136,175,499
Switzerland | 6.0%
Julius Baer Group, Ltd.		645,900		34,040,166
Novartis AG		1,284,261		107,247,306
Wolseley PLC		1,159,994		71,336,328
				212,623,800

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

Semi-Annual Report  33

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Taiwan | 1.4%
Taiwan Semiconductor Manufacturing
Co., Ltd. Sponsored ADR		1,404,200	$	49,090,832
Turkey | 0.7%
Turkiye Garanti Bankasi AS		9,074,780		25,245,855
United Kingdom | 15.9%
British American Tobacco PLC		1,566,582		106,656,251
BT Group PLC		7,544,174		28,970,713
ConvaTec Group PLC		9,267,653		38,540,492
Diageo PLC		1,742,432		51,508,684
Howden Joinery Group PLC		4,648,762		24,655,209
Informa PLC		4,054,844		35,362,520
Provident Financial PLC		485,832		15,404,204
Prudential PLC		5,147,971		118,266,444
RELX PLC		3,296,668		71,339,656
Unilever PLC		1,303,581		70,610,653
				561,314,826
United States | 4.3%
Aon PLC		572,275		76,083,961
Medtronic PLC		852,000		75,615,000
				151,698,961
Total Common Stocks (Cost $3,073,528,329)				3,361,571,156

Description	Principal Amount (000)		Fair Value
Repurchase Agreements | 4.7%
State Street Bank and Trust Co., 0.05%, 07/03/17 (Dated 06/30/17, collateralized by $168,500,000 United States Treasury Notes, 1.50% - 2.125%, 09/30/21 - 01/31/22, with a fair value of $169,154,836) Proceeds of $165,832,691 (Cost $165,832,000)	$	165,832	$	165,832,000
Total Investments | 99.9% (Cost $3,239,360,329) (b)			$	3,527,403,156
Cash and Other Assets in Excess of Liabilities | 0.1%				4,042,224
Net Assets | 100.0%			$	3,531,445,380

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

34  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks | 95.2%
Australia | 1.6%
BHP Billiton, Ltd.		41,449	$	739,337
Belgium | 2.6%
Anheuser-Busch InBev SA/NV		7,733		855,696
KBC Group NV		4,692		356,175
				1,211,871
Brazil | 3.9%
BB Seguridade Participacoes SA		76,800		664,167
Cia de Saneamento Basico do Estado de Sao Paulo		37,400		357,416
Cielo SA		64,340		477,758
Estacio Participacoes SA		73,700		325,242
				1,824,583
Canada | 2.8%
Canadian National Railway Co.		8,000		649,105
Suncor Energy, Inc.		21,500		628,189
				1,277,294
China | 2.2%
Tencent Holdings, Ltd.		28,400		1,013,459
Denmark | 1.1%
Carlsberg A/S, Class B		4,660		498,854
Finland | 2.1%
Sampo Oyj, A Shares		19,014		977,455
France | 5.2%
Cie Generale des Etablissements Michelin		4,160		553,066
Valeo SA		14,738		999,727
Vinci SA		9,938		848,906
				2,401,699
Germany | 3.5%
Continental AG		2,186		471,756
SAP SE		11,066		1,156,609
				1,628,365
India | 0.7%
ICICI Bank, Ltd. Sponsored ADR		35,755		320,722
Indonesia | 2.0%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		27,108		912,726

Description	Shares		Fair Value
Ireland | 3.3%
Ryanair Holdings PLC Sponsored ADR (a)		4,172	$	448,949
Shire PLC		19,532		1,076,107
				1,525,056
Italy | 0.7%
Banca Mediolanum SpA		40,452		336,225
Japan | 14.2%
Daiwa House Industry Co., Ltd.		35,600		1,218,042
FANUC Corp.		1,700		328,277
KDDI Corp.		18,000		476,858
Makita Corp.		23,100		855,389
Ryohin Keikaku Co., Ltd.		3,200		799,825
Seven & I Holdings Co., Ltd.		13,017		536,738
SoftBank Group Corp.		6,400		519,965
Sony Corp.		16,900		644,649
Sumitomo Mitsui Financial Group, Inc.		18,976		742,355
Tokyo Electron, Ltd.		3,400		460,613
				6,582,711
Netherlands | 3.6%
Royal Dutch Shell PLC, A Shares		31,578		839,910
Wolters Kluwer NV		19,863		841,741
				1,681,651
Norway | 2.4%
Statoil ASA		35,494		589,912
Telenor ASA		29,999		497,531
				1,087,443
Philippines | 0.6%
Alliance Global Group, Inc.		990,900		280,847
Russia | 0.5%
Yandex NV Class A (a)		8,535		223,958
Singapore | 1.3%
DBS Group Holdings, Ltd.		41,000		617,701
South Africa | 1.8%
Mr. Price Group, Ltd.		18,563		221,457
Nampak, Ltd. (a)		64,519		93,915
Sanlam, Ltd.		100,755		499,059
				814,431
South Korea | 2.3%
Samsung Electronics Co., Ltd.		512		1,062,289
Spain | 1.2%
Red Electrica Corporacion SA		25,733		538,879

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

Semi-Annual Report  35

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Sweden | 3.2%
Assa Abloy AB, Class B		41,715	$	916,972
Swedbank AB, A Shares		22,821		556,673
				1,473,645
Switzerland | 4.4%
Cie Financiere Richemont SA		4,352		359,116
Novartis AG		12,209		1,019,561
Wolseley PLC		11,049		679,482
				2,058,159
Taiwan | 2.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		195,341		1,332,995
Thailand | 0.7%
Kasikornbank Public Co. Ltd.		54,600		320,627
Turkey | 2.1%
KOC Holding AS		67,286		309,547
Turkcell Iletisim Hizmetleri AS		208,262		684,448
				993,995
United Kingdom | 16.2%
Ashtead Group PLC		20,850		432,489
Associated British Foods PLC		13,997		535,371
British American Tobacco PLC		18,484		1,258,430
Compass Group PLC		36,854		778,164
ConvaTec Group PLC		79,057		328,767

Description	Shares		Fair Value
London Stock Exchange Group PLC		11,613	$	551,940
Prudential PLC		60,431		1,388,306
RELX PLC		28,184		609,900
Unilever PLC		20,001		1,083,388
Worldpay Group PLC		131,440		539,134
				7,505,889
United States | 6.1%
Accenture PLC, Class A		7,645		945,534
Aon PLC		6,260		832,267
Medtronic PLC		11,690		1,037,487
				2,815,288
Total Common Stocks (Cost $39,690,226)				44,058,154
Short-Term Investments | 4.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,886,082)		1,886,082		1,886,082
Total Investments | 99.3% (Cost $41,576,308) (b)			$	45,944,236
Cash and Other Assets in Excess of Liabilities | 0.7%				335,228
Net Assets | 100.0%			$	46,279,464

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

36  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Concentrated Portfolio
Common Stocks | 97.2%
Belgium | 4.4%
Anheuser-Busch InBev SA/NV		18,220	$	2,016,136
Brazil | 3.6%
Cia de Saneamento Basico do Estado de Sao Paulo		83,100		794,152
Estacio Participacoes SA		190,266		839,654
				1,633,806
Canada | 8.2%
National Bank of Canada		46,308		1,947,236
Suncor Energy, Inc.		62,329		1,821,133
				3,768,369
China | 5.3%
Tencent Holdings, Ltd.		67,918		2,423,667
Denmark | 2.7%
AP Moller-Maersk A/S, Class B		614		1,240,682
France | 17.3%
Airbus SE		17,866		1,472,098
Capgemini SE		13,328		1,384,872
Valeo SA		29,798		2,021,297
Vinci SA		25,170		2,150,026
Vivendi SA		41,007		912,856
				7,941,149
India | 1.5%
ICICI Bank, Ltd. Sponsored ADR		77,700		696,969
Ireland | 6.0%
Shire PLC		50,003		2,754,892
Japan | 3.3%
KDDI Corp.		56,607		1,499,638
Netherlands | 3.7%
Wolters Kluwer NV		39,610		1,678,566

Description	Shares		Fair Value
Singapore | 2.6%
DBS Group Holdings, Ltd.		77,700	$	1,170,619
South Korea | 3.2%
Samsung Electronics Co., Ltd.		718		1,489,694
Taiwan | 4.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		57,896		2,024,044
Turkey | 4.4%
Turkcell Iletisim Hizmetleri AS		616,082		2,024,739
United Kingdom | 19.2%
British American Tobacco PLC		24,497		1,667,808
ConvaTec Group PLC		532,888		2,216,070
Provident Financial PLC		46,740		1,481,978
Prudential PLC		96,320		2,212,799
Rio Tinto PLC		28,679		1,209,212
				8,787,867
United States | 7.4%
Aon PLC		11,106		1,476,543
Medtronic PLC		21,855		1,939,631
				3,416,174
Total Common Stocks (Cost $42,240,056)				44,567,011
Short-Term Investments | 2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $962,678)		962,678		962,678
Total Investments | 99.3% (Cost $43,202,734) (b)			$	45,529,689
Cash and Other Assets in Excess of Liabilities | 0.7%				312,929
Net Assets | 100.0%			$	45,842,618

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

Semi-Annual Report  37

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks | 96.4%
Australia | 0.4%
Caltex Australia, Ltd.		997,597	$	24,209,819
Brazil | 1.7%
Ambev SA		11,854,800		65,520,054
Cielo SA		6,577,440		48,840,902
				114,360,956
Canada | 4.8%
Bombardier, Inc., Class B (a)		21,931,000		39,911,444
CAE, Inc.		4,436,670		76,499,029
National Bank of Canada		2,548,420		107,160,196
Suncor Energy, Inc.		3,386,218		98,938,773
				322,509,442
China | 1.6%
Tencent Holdings, Ltd.		3,050,300		108,850,532
Denmark | 2.5%
Carlsberg A/S, Class B		1,560,309		167,031,521
Finland | 3.4%
Sampo Oyj, A Shares		4,475,723		230,084,052
France | 6.7%
Faurecia		1,774,900		90,151,720
Iliad SA		42,534		10,063,574
Television Francaise 1		3,713,050		52,065,613
Valeo SA		2,614,907		177,377,750
Vivendi SA		5,461,070		121,568,801
				451,227,458
Germany | 2.6%
Fresenius SE & Co. KGaA		1,161,310		99,859,088
KION Group AG		957,642		73,523,693
				173,382,781
India | 1.1%
Housing Development Finance Corp., Ltd.		2,961,260		73,842,800
Indonesia | 0.2%
PT Media Nusantara Citra Tbk (a)		91,780,900		12,674,096

Description	Shares		Fair Value
Ireland | 5.4%
Bank of Ireland (a)		365,132,683	$	96,589,330
Kerry Group PLC, Class A		880,202		75,729,953
Shire PLC		3,485,718		192,044,033
				364,363,316
Italy | 2.3%
UniCredit SpA (a)		8,299,790		156,510,880
Japan | 18.4%
AEON Financial Service Co., Ltd.		6,660,300		141,254,014
CyberAgent, Inc.		2,975,300		92,400,518
Daiwa House Industry Co., Ltd.		6,782,100		232,047,223
Don Quijote Holdings Co., Ltd.		4,731,100		179,526,790
FANUC Corp.		670,700		129,514,771
Hoshizaki Corp.		555,200		50,258,196
Kao Corp.		1,499,800		89,142,998
Makita Corp.		2,958,900		109,567,572
Shimano, Inc.		571,100		90,516,859
Tokyo Electron, Ltd.		923,100		125,056,416
				1,239,285,357
Luxembourg | 0.6%
ArcelorMittal (a)		1,821,948		41,469,786
Netherlands | 1.5%
Wolters Kluwer NV		2,334,233		98,918,580
New Zealand | 1.1%
Z Energy, Ltd.		12,721,365		73,707,725
Norway | 2.1%
Statoil ASA		8,631,062		143,448,553
Philippines | 0.9%
Alliance Global Group, Inc.		18,621,700		5,277,878
GT Capital Holdings, Inc.		2,459,530		59,033,939
				64,311,817
Singapore | 1.6%
DBS Group Holdings, Ltd.		7,357,500		110,847,205
South Africa | 0.5%
Netcare, Ltd.		15,631,286		30,750,294
Sweden | 3.5%
Assa Abloy AB, Class B		3,672,507		80,728,427
Hexagon AB, B Shares		1,620,052		77,061,897
Swedbank AB, A Shares		3,311,331		80,773,277
				238,563,601

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

38  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Switzerland | 4.2%
Cie Financiere Richemont SA		1,178,348	$	97,234,396
Julius Baer Group, Ltd.		2,411,901		127,111,798
Partners Group Holding AG		94,582		58,639,065
				282,985,259
Taiwan | 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd.		14,689,000		100,236,861
Turkey | 0.9%
Turkcell Iletisim Hizmetleri AS		17,639,577		57,972,044
United Kingdom | 21.0%
Ashtead Group PLC		2,359,665		48,946,207
Associated British Foods PLC		2,676,450		102,371,493
British American Tobacco PLC		3,551,544		241,796,708
Coca-Cola European Partners PLC		2,597,851		105,508,534
Compass Group PLC		5,518,457		116,519,783
ConvaTec Group PLC		19,284,418		80,196,242
Diageo PLC		5,040,414		149,001,564
Informa PLC		19,147,173		166,983,561
Merlin Entertainments PLC		10,331,561		64,703,536
Prudential PLC		9,833,940		225,919,128
Worldpay Group PLC		28,154,788		115,483,938
				1,417,430,694

Description	Shares		Fair Value
United States | 5.9%
Accenture PLC, Class A		984,260	$	121,733,277
Aon PLC		1,093,190		145,339,610
Medtronic PLC		1,448,600		128,563,250
				395,636,137
Total Common Stocks (Cost $5,715,968,934)				6,494,611,566
Short-Term Investments | 3.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $253,928,721)		253,928,721		253,928,721
Total Investments | 100.2% (Cost $5,969,897,655) (b)			$	6,748,540,287
Liabilities in Excess of Cash and Other Assets | (0.2)%				(13,588,961	)
Net Assets | 100.0%			$	6,734,951,326

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

Semi-Annual Report  39

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks | 99.9%
Australia | 7.6%
Aristocrat Leisure, Ltd.		2,235	$	38,724
Cochlear, Ltd.		248		29,654
Computershare, Ltd.		767		8,325
CSL, Ltd.		454		48,241
Fortescue Metals Group, Ltd.		2,807		11,243
Magellan Financial Group, Ltd.		255		5,648
Mineral Resources, Ltd.		431		3,585
Newcrest Mining, Ltd.		414		6,427
Resolute Mining, Ltd.		3,032		2,788
South32, Ltd.		4,046		8,318
Whitehaven Coal, Ltd. (a)		3,808		8,394
Woodside Petroleum, Ltd.		482		11,049
				182,396
Austria | 0.4%
Lenzing AG		52		9,327
Belgium | 0.2%
Ontex Group NV		138		4,904
Denmark | 2.3%
Nets A/S		255		5,067
Novo Nordisk A/S, Class B		491		21,061
Pandora A/S		36		3,375
Vestas Wind Systems A/S		294		27,240
				56,743
Faeroe Islands | 0.2%
Bakkafrost P/F		119		4,485
Finland | 0.3%
Kone OYJ, Class B		59		3,009
Orion Oyj, Class B		76		4,853
				7,862
France | 10.1%
Air France-KLM (a)		599		8,561
Airbus SE		117		9,640
AXA SA		1,534		42,276
BNP Paribas SA		176		12,801
Credit Agricole SA		1,254		20,389
Faurecia		129		6,552
L’Oreal SA		71		14,798

Description	Shares		Fair Value
LVMH Moet Hennessy Louis Vuitton SA		19	$	4,766
Peugeot SA		1,091		21,779
Rubis SCA		28		3,188
Safran SA		57		5,228
Sanofi		61		5,863
Societe Generale SA		657		35,722
TOTAL SA		459		22,742
Unibail-Rodamco SE REIT		16		4,034
Valeo SA		390		26,455
				244,794
Germany | 8.1%
Allianz SE		85		16,751
BASF SE		380		35,323
Bayer AG		163		21,090
Continental AG		111		23,955
Covestro AG		263		18,991
Deutsche Post AG		115		4,315
Infineon Technologies AG		948		20,090
Muenchener Rueckversicherungs AG		28		5,649
SAP SE		376		39,299
Siltronic AG (a)		65		5,514
United Internet AG		85		4,674
				195,651
Hong Kong | 3.9%
CK Hutchison Holdings, Ltd.		500		6,278
Jardine Matheson Holdings, Ltd.		300		19,266
The Wharf Holdings, Ltd.		4,000		33,157
WH Group, Ltd.		19,000		19,177
Wheelock & Co., Ltd.		1,000		7,546
Xinyi Glass Holdings, Ltd.		8,000		7,933
				93,357
India | 0.1%
Vedanta Resources PLC		340		2,854
Ireland | 0.6%
AerCap Holdings NV (a)		114		5,293
Ryanair Holdings PLC Sponsored ADR (a)		52		5,596
Smurfit Kappa Group PLC		110		3,435
				14,324
Italy | 1.6%
Assicurazioni Generali SpA		573		9,468
Intesa Sanpaolo SpA		7,533		24,031
Poste Italiane SpA		634		4,341
				37,840

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

40  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Japan | 22.9%
Asahi Glass Co., Ltd.		1,000	$	42,202
Central Japan Railway Co. ADR		289		4,711
Daito Trust Construction Co., Ltd.		200		31,125
Daiwa House Industry Co., Ltd.		600		20,529
East Japan Railway Co. ADR		714		11,335
Foster Electric Co., Ltd.		200		3,454
Fujitsu, Ltd.		1,000		7,383
Haseko Corp.		1,100		13,376
Hazama Ando Corp.		600		3,785
Hitachi High-Technologies Corp.		100		3,895
Hitachi, Ltd.		1,000		6,150
Idemitsu Kosan Co., Ltd.		200		5,667
ITOCHU Corp.		200		2,977
Itochu Techno-Solutions Corp.		100		3,504
JXTG Holdings, Inc.		900		3,938
Kakaku.com, Inc.		300		4,313
Kanamoto Co., Ltd.		100		3,330
KDDI Corp.		1,500		39,738
Kyushu Electric Power Co., Inc.		400		4,861
Maeda Corp.		1,000		11,030
Maruha Nichiro Corp.		300		7,923
MEIJI Holdings Co., Ltd.		100		8,111
Mitsubishi Chemical Holdings Corp.		2,200		18,271
Mitsubishi Electric Corp.		700		10,096
Mitsubishi UFJ Financial Group, Inc.		8,800		59,344
Mitsui Chemicals, Inc.		1,000		5,309
Mitsui Mining & Smelting Co., Ltd.		1,000		3,925
Morinaga Milk Industry Co., Ltd.		1,000		7,611
Nichirei Corp.		600		16,826
Nippon Chemi-Con Corp.		3,000		10,906
Nippon Telegraph & Telephone Corp.		394		18,638
Nissan Motor Co., Ltd.		4,300		42,869
ORIX Corp.		2,000		31,088
Osaka Gas Co., Ltd.		3,000		12,276
Penta-Ocean Construction Co., Ltd.		800		4,551
Subaru Corp.		100		3,380
Teijin, Ltd.		700		13,481
Tokyo Gas Co., Ltd.		6,000		31,248
Tokyu Fudosan Holdings Corp.		700		4,145
Unitika, Ltd. (a)		11,000		8,136
West Japan Railway Co.		101		7,142
				552,579

Description	Shares		Fair Value
Luxembourg | 0.2%
B&M European Value Retail SA		1,303	$	5,750
Netherlands | 3.0%
Aegon NV		805		4,136
NN Group NV		461		16,413
Randstad Holding NV		123		7,193
Royal Dutch Shell PLC, A Shares		985		26,165
Wolters Kluwer NV		445		18,858
				72,765
Norway | 1.8%
Aker BP ASA		398		5,900
Marine Harvest ASA		380		6,504
Salmar ASA		164		4,067
Statoil ASA		1,552		25,794
				42,265
Portugal | 0.4%
Jeronimo Martins SGPS SA		462		9,044
Singapore | 1.3%
DBS Group Holdings, Ltd.		500		7,533
Jardine Cycle & Carriage, Ltd.		200		6,445
United Overseas Bank, Ltd.		800		13,441
Venture Corp., Ltd.		500		4,376
				31,795
Spain | 5.5%
Amadeus IT Group SA		150		8,973
Banco Bilbao Vizcaya Argentaria SA		633		5,291
Banco Santander SA		7,988		53,181
CaixaBank SA		832		3,983
Distribuidora Internacional de Alimentacion SA		1,558		9,729
Gamesa Corp. Tecnologica SA		671		14,375
Industria de Diseno Textil SA		128		4,929
Telefonica SA		3,122		32,280
				132,741
Sweden | 3.1%
Bonava AB, B Shares		206		3,527
Electrolux AB, Series B		1,007		33,115
Husqvarna AB, B Shares		418		4,168
Sandvik AB		679		10,692
Svenska Cellulosa AB SCA, Class B		1,551		11,767
Volvo AB, Class B		700		11,957
				75,226
Switzerland | 9.9%
ABB, Ltd.		318		7,867
Logitech International SA		452		16,598
Nestle SA		600		52,266

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

Semi-Annual Report  41

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Partners Group Holding AG		37	$	22,939
Roche Holding AG		334		85,349
STMicroelectronics NV		1,410		20,225
Swiss Life Holding AG		29		9,797
UBS Group AG		826		14,022
Wolseley PLC		151		9,286
				238,349
United Kingdom | 15.7%
Admiral Group PLC		1,024		26,724
Ashtead Group PLC		208		4,315
Associated British Foods PLC		259		9,907
Bellway PLC		197		7,638
BT Group PLC		4,283		16,447
Centrica PLC		9,814		25,582
Compass Group PLC		653		13,785
Crest Nicholson Holdings PLC		672		4,583
Debenhams PLC		2,767		1,559
Dixons Carphone PLC		3,337		12,338
Electrocomponents PLC		647		4,869
Fevertree Drinks PLC		384		8,536
GlaxoSmithKline PLC		472		10,054
Hargreaves Lansdown PLC		608		10,317
Howden Joinery Group PLC		1,721		9,128
Imperial Brands PLC		96		4,317
International Consolidated Airlines Group SA		3,306		26,290
Land Securities Group PLC REIT		890		11,748
Lloyds Banking Group PLC		34,228		29,543
Old Mutual PLC		3,079		7,759

Description	Shares		Fair Value
Petrofac, Ltd.		333	$	1,923
Reckitt Benckiser Group PLC		269		27,293
Redrow PLC		718		5,118
Severn Trent PLC		285		8,106
SSE PLC		1,511		28,576
Subsea 7 SA		1,525		20,559
Taylor Wimpey PLC		1,999		4,589
Unilever NV		664		36,696
				378,299
United States | 0.7%
Carnival PLC		199		13,177
International Game Technology PLC		218		3,989
				17,166
Total Common Stocks (Cost $2,218,555)				2,410,516
Short-Term Investments | 2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $53,978)		53,978		53,978
Total Investments | 102.1% (Cost $2,272,533) (b)			$	2,464,494
Liabilities in Excess of Cash and Other Assets | (2.1)%				(51,069	)
Net Assets | 100.0%			$	2,413,425

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

42  Semi-Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks | 100.7%
Australia | 4.5%
carsales.com, Ltd.		98,618	$	872,926
Hansen Technologies, Ltd.		301,953		937,623
MYOB Group, Ltd.		322,116		848,825
Pact Group Holdings, Ltd.		188,286		866,105
				3,525,479
Belgium | 1.7%
Kinepolis Group NV		24,063		1,335,237
Canada | 6.9%
Alaris Royalty Corp.		33,900		602,034
Altus Group, Ltd.		47,265		1,021,621
Element Fleet Management Corp.		61,401		421,398
Exchange Income Corp.		26,200		667,930
Intertape Polymer Group, Inc.		50,600		963,382
StorageVault Canada, Inc.		405,400		825,305
The Descartes Systems Group, Inc. (a)		37,300		907,476
				5,409,146
China | 0.7%
Green Seal Holding, Ltd.		134,000		555,891
Cyprus | 1.9%
Aroundtown Property Holdings PLC		270,188		1,467,348
Denmark | 0.9%
Dfds A/S (a)		13,221		704,406
Germany | 6.3%
AURELIUS Equity Opportunities SE & Co. KGaA		17,284		929,524
CompuGroup Medical SE		22,244		1,248,698
Duerr AG		8,408		999,485
Norma Group SE		16,257		845,227
PATRIZIA Immobilien AG (a)		46,390		876,147
				4,899,081
Hong Kong | 0.9%
Tongda Group Holdings, Ltd.		2,210,000		659,776
Ireland | 2.0%
Dalata Hotel Group PLC (a)		154,592		854,930
Irish Continental Group PLC		118,758		688,716
				1,543,646

Description	Shares		Fair Value
Israel | 0.8%
Orbotech, Ltd. (a)		18,600	$	606,732
Italy | 2.5%
Cerved Information Solutions SpA		100,857		1,081,848
EI Towers SpA		15,591		903,394
				1,985,242
Japan | 28.6%
ABC-Mart, Inc.		13,000		765,965
Ai Holdings Corp.		36,260		977,618
Anicom Holdings, Inc.		35,700		781,799
Ariake Japan Co., Ltd.		15,900		1,108,507
CyberAgent, Inc.		25,900		804,347
Daikyonishikawa Corp.		70,100		938,273
Dip Corp.		39,300		799,159
Financial Products Group Co., Ltd.		112,837		1,078,405
GMO internet, Inc.		65,900		857,073
Iriso Electronics Co., Ltd.		15,491		1,249,191
Jafco Co., Ltd.		32,300		1,305,870
MISUMI Group, Inc.		46,700		1,067,526
Nissei ASB Machine Co., Ltd.		47,800		1,663,470
Sanwa Holdings Corp.		96,500		1,018,609
Sawai Pharmaceutical Co., Ltd.		12,300		691,378
Seria Co., Ltd.		22,500		1,086,254
Skylark Co., Ltd.		54,125		779,601
TechnoPro Holdings, Inc.		32,645		1,315,557
Temp Holdings Co., Ltd.		49,900		935,774
Toridoll Holdings Corp.		39,300		1,012,435
USS Co., Ltd.		52,700		1,048,439
Zenkoku Hosho Co., Ltd.		25,942		1,060,584
				22,345,834
Luxembourg | 1.6%
Stabilus SA		15,940		1,237,748
Netherlands | 2.5%
Aalberts Industries NV		27,131		1,081,441
Intertrust NV		44,332		898,732
				1,980,173
New Zealand | 1.2%
Z Energy, Ltd.		161,842		937,714
Norway | 0.4%
Europris ASA		78,385		338,315
Portugal | 0.9%
NOS SGPS SA		120,896		734,499

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 (concluded)
Singapore | 1.1%
XP Power, Ltd.		27,542	$	872,349
South Korea | 0.6%
Douzone Bizon Co., Ltd.		17,077		459,068
Spain | 1.1%
Hispania Activos Inmobiliarios SOCIMI SA REIT		49,935		825,812
Sweden | 7.3%
Alimak Group AB		65,345		1,086,155
Granges AB		93,733		864,659
Indutrade AB		34,503		791,052
Inwido AB		64,046		902,067
Lifco AB, B Shares		30,514		980,617
Loomis AB, B Shares		29,338		1,051,225
				5,675,775
Switzerland | 1.4%
Kardex AG		9,688		1,113,435
Taiwan | 3.4%
Elite Material Co., Ltd.		172,000		834,281
Primax Electronics, Ltd.		377,000		773,542
Silicon Motion Technology Corp. ADR		14,505		699,576
Sporton International, Inc.		42,470		214,783
Sunny Friend Environmental Technology Co., Ltd.		29,000		149,325
				2,671,507
Turkey | 1.0%
Soda Sanayii AS		402,092		749,592
United Kingdom | 18.4%
Alfa Financial Software Holdings PLC		36,000		216,975
Arrow Global Group PLC		103,108		544,625
Ascential PLC		219,301		925,406

Description	Shares		Fair Value
Auto Trader Group PLC		178,654	$	884,583
Clinigen Healthcare, Ltd.		98,711		1,107,927
Dignity PLC		29,841		966,554
Equiniti Group PLC		336,354		1,094,261
Hunting PLC (a)		91,764		584,912
John Wood Group PLC		80,743		675,403
Polypipe Group PLC		232,300		1,157,699
Rentokil Initial PLC		311,130		1,109,144
Rightmove PLC		18,512		1,025,309
RPC Group PLC		140,857		1,381,587
Savills PLC		93,180		1,066,107
Smart Metering Systems PLC		131,271		903,121
Workspace Group PLC REIT		64,057		741,987
				14,385,600
United States | 2.1%
Core Laboratories NV		7,360		745,347
Samsonite International SA		211,200		881,919
				1,627,266
Total Common Stocks (Cost $65,778,740)				78,646,671
Short-Term Investments | 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,596,475)		1,596,475		1,596,475
Total Investments | 102.7% (Cost $67,375,215) (b)			$	80,243,146
Liabilities in Excess of Cash and Other Assets | (2.7)%				(2,102,971	)
Net Assets | 100.0%			$	78,140,175

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

44  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks | 96.8%
Australia | 1.0%
Link Administration Holdings, Ltd.		71,400	$	433,169
Brazil | 1.9%
Ambev SA		72,900		402,910
Cielo SA		54,520		404,839
				807,749
Canada | 3.3%
Canadian National Railway Co.		9,215		747,688
National Bank of Canada		15,840		666,067
				1,413,755
China | 2.9%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		3,455		486,809
Tencent Holdings, Ltd.		21,220		757,240
				1,244,049
Denmark | 2.0%
Carlsberg A/S, Class B		4,894		523,904
Novo Nordisk A/S, Class B		8,326		357,144
				881,048
Finland | 1.2%
Sampo Oyj, A Shares		10,016		514,894
Germany | 3.2%
Continental AG		3,384		730,294
Symrise AG		9,107		645,262
				1,375,556
Hong Kong | 1.5%
AIA Group, Ltd.		87,745		641,340
India | 0.7%
Indiabulls Housing Finance, Ltd. GDR		17,955		298,951
Ireland | 1.7%
Shire PLC		13,714		755,567
Israel | 0.8%
Israel Discount Bank, Ltd., Class A (a)		140,466		369,766

Description	Shares		Fair Value
Japan | 6.7%
AEON Financial Service Co., Ltd.		24,025	$	509,531
Daiwa House Industry Co., Ltd.		24,885		851,431
Kao Corp.		7,200		427,943
Ryohin Keikaku Co., Ltd.		2,660		664,855
TechnoPro Holdings, Inc.		10,800		435,228
				2,888,988
Netherlands | 1.5%
Wolters Kluwer NV		15,154		642,186
South Africa | 0.7%
Sanlam, Ltd.		57,531		284,962
Sweden | 2.7%
Assa Abloy AB, Class B		31,442		691,153
Hexagon AB, B Shares		10,140		482,335
				1,173,488
Switzerland | 0.8%
Julius Baer Group, Ltd.		6,604		348,043
Taiwan | 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		16,280		569,149
United Kingdom | 10.2%
Ashtead Group PLC		23,539		488,266
British American Tobacco PLC		6,770		460,916
Coca-Cola European Partners PLC		8,930		363,183
Compass Group PLC		27,111		572,433
ConvaTec Group PLC		62,938		261,734
Diageo PLC		21,418		633,146
Prudential PLC		22,926		526,688
RELX NV		33,953		698,676
Unilever PLC		8,104		438,967
				4,444,009
United States | 52.7%
Accenture PLC, Class A		6,465		799,591
Alphabet, Inc., Class A (a)		1,302		1,210,443
Aon PLC		5,290		703,305
Apple, Inc.		7,767		1,118,603
Applied Materials, Inc.		9,320		385,009
AutoZone, Inc. (a)		684		390,195
Biogen, Inc. (a)		1,355		367,693
Cisco Systems, Inc.		13,650		427,245

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

Semi-Annual Report  45

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Citigroup, Inc.		10,395	$	695,218
Comerica, Inc.		5,760		421,862
Commerce Bancshares, Inc.		5,420		308,019
Crown Holdings, Inc. (a)		7,525		448,942
DXC Technology Co.		4,365		334,883
Eaton Corp. PLC		6,150		478,655
eBay, Inc. (a)		6,540		228,377
EOG Resources, Inc.		3,655		330,851
Five Below, Inc. (a)		6,390		315,474
Honeywell International, Inc.		5,633		750,823
Intercontinental Exchange, Inc.		11,815		778,845
Johnson Controls International PLC		13,075		566,932
Kellogg Co.		3,930		272,978
Medtronic PLC		6,610		586,637
Microsoft Corp.		13,845		954,336
Molson Coors Brewing Co., Class B		5,954		514,068
Monsanto Co.		3,820		452,135
Motorola Solutions, Inc.		4,930		427,628
PPG Industries, Inc.		3,835		421,697
Quintiles IMS Holdings, Inc. (a)		6,835		611,732
Rockwell Automation, Inc.		3,935		637,313
S&P Global, Inc.		4,640		677,394
Schlumberger, Ltd.		9,491		624,887
Snap-on, Inc.		2,385		376,830

Description	Shares		Fair Value
The Charles Schwab Corp.		14,485	$	622,276
The Coca-Cola Co.		19,005		852,374
Thermo Fisher Scientific, Inc.		3,705		646,411
United Technologies Corp.		5,394		658,661
Vantiv, Inc., Class A (a)		9,725		615,981
Visa, Inc., Class A		6,763		634,234
Welbilt, Inc. (a)		18,705		352,589
Zoetis, Inc.		13,607		848,805
				22,849,931
Total Common Stocks (Cost $37,251,234)				41,936,600
Short-Term Investments | 3.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $1,660,157)		1,660,157		1,660,157
Total Investments | 100.6% (Cost $38,911,391) (b)			$	43,596,757
Liabilities in Excess of Cash and Other Assets | (0.6)%				(244,166	)
Net Assets | 100.0%			$	43,352,591

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

46  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks | 96.8%
Australia | 0.5%
Caltex Australia, Ltd.		3,711	$	90,059
China | 1.7%
Alibaba Group Holding, Ltd. Sponsored ADR (a)		2,247		316,602
Denmark | 2.3%
AP Moller-Maersk A/S, Class B		77		155,591
Carlsberg A/S, Class B		2,526		270,409
				426,000
Finland | 2.2%
Sampo Oyj, A Shares		8,055		414,084
France | 4.0%
Faurecia		4,356		221,253
Ubisoft Entertainment SA (a)		5,030		285,584
Vivendi SA		10,952		243,802
				750,639
Greece | 1.7%
OPAP SA		27,885		315,317
Indonesia | 0.5%
PT Media Nusantara Citra Tbk (a)		663,600		91,637
Ireland | 2.0%
Shire PLC		6,901		380,207
Israel | 1.5%
Israel Discount Bank, Ltd., Class A (a)		106,521		280,408
Japan | 6.2%
Daiwa House Industry Co., Ltd.		12,900		441,369
Don Quijote Holdings Co., Ltd.		5,400		204,909
TechnoPro Holdings, Inc.		4,900		197,464
Tokyo Electron, Ltd.		2,400		325,139
				1,168,881
New Zealand | 1.7%
Trade Me Group, Ltd.		39,621		154,863
Z Energy, Ltd.		29,805		172,691
				327,554

Description	Shares		Fair Value
Philippines | 0.1%
Alliance Global Group, Inc.		39,000	$	11,054
South Africa | 1.8%
Netcare, Ltd.		72,159		141,953
Sanlam, Ltd.		40,178		199,009
				340,962
Switzerland | 1.1%
Partners Group Holding AG		331		205,214
Taiwan | 2.2%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		11,528		403,019
United Kingdom | 11.8%
British American Tobacco PLC		8,433		574,137
Coca-Cola European Partners PLC		9,211		374,093
Dignity PLC		4,903		158,809
Informa PLC		47,068		410,483
London Stock Exchange Group PLC		4,556		216,537
Prudential PLC		10,063		231,181
Worldpay Group PLC		57,856		237,311
				2,202,551
United States | 55.5%
Accenture PLC, Class A		2,954		365,351
Activision Blizzard, Inc.		3,237		186,354
Advance Auto Parts, Inc.		1,346		156,930
Alphabet, Inc., Class A (a)		924		859,024
Aon PLC		3,415		454,024
Bank of America Corp.		13,900		337,214
Celgene Corp. (a)		2,352		305,454
Comerica, Inc.		3,800		278,312
Cypress Semiconductor Corp.		14,200		193,830
eBay, Inc. (a)		5,249		183,295
EOG Resources, Inc.		3,158		285,862
Fidelity National Information Services, Inc.		2,608		222,723
Halliburton Co.		4,909		209,663
Intercontinental Exchange, Inc.		4,675		308,176
Kellogg Co.		2,017		140,101
Medtronic PLC		4,374		388,193
Microsoft Corp.		5,330		367,397
Molson Coors Brewing Co., Class B		6,511		562,160
Nielsen Holdings PLC		4,007		154,911
Palo Alto Networks, Inc. (a)		1,600		214,096
PPG Industries, Inc.		2,570		282,597
Quintiles IMS Holdings, Inc. (a)		2,712		242,724
Raytheon Co.		2,369		382,546

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

Semi-Annual Report  47

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Rockwell Automation, Inc.		1,143	$	185,120
S&P Global, Inc.		2,000		291,980
Snap-on, Inc.		1,455		229,890
The Charles Schwab Corp.		6,301		270,691
The Coca-Cola Co.		12,243		549,099
Union Pacific Corp.		2,452		267,047
Valvoline, Inc.		7,100		168,412
Visa, Inc., Class A		4,855		455,302
Walgreens Boots Alliance, Inc.		3,109		243,466
Welbilt, Inc. (a)		16,748		315,700
Zoetis, Inc.		5,067		316,080
				10,373,724
Total Common Stocks (Cost $15,969,423)				18,097,912

Description	Shares		Fair Value
Short-Term Investments | 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $591,615)		591,615	$	591,615
Total Investments | 100.0% (Cost $16,561,038) (b)			$	18,689,527
Liabilities in Excess of Cash and Other Assets | 0.0%				(2,681	)
Net Assets | 100.0%			$	18,686,846

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

48  Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks | 96.7%
Australia | 5.9%
AGL Energy, Ltd.		439	$	8,611
Aristocrat Leisure, Ltd.		1,268		21,970
Cochlear, Ltd.		88		10,522
Computershare, Ltd.		781		8,477
CSL, Ltd.		347		36,871
Investa Office Fund REIT		2,242		7,567
JB Hi-Fi, Ltd.		488		8,771
Newcrest Mining, Ltd.		639		9,920
Resolute Mining, Ltd.		7,347		6,755
Sandfire Resources NL		1,574		6,827
Stockland REIT		11,330		38,119
Telstra Corp., Ltd.		3,406		11,278
Woodside Petroleum, Ltd.		322		7,382
				183,070
Austria | 0.3%
Lenzing AG		59		10,582
Belgium | 0.3%
Proximus SADP		244		8,536
Canada | 6.7%
Alimentation Couche-Tard, Inc., Class B		268		12,846
BCE, Inc.		747		33,641
Canadian Imperial Bank of Commerce		131		10,646
CI Financial Corp.		834		17,776
Colliers International Group, Inc.		165		9,327
Constellation Software, Inc.		15		7,847
Dollarama, Inc.		120		11,466
Enbridge Income Fund Holdings, Inc.		286		7,099
Enbridge, Inc.		178		7,091
George Weston, Ltd.		86		7,785
Intact Financial Corp.		75		5,666
Magna International, Inc.		159		7,365
Metro, Inc.		250		8,228
Royal Bank of Canada		289		20,984
Saputo, Inc.		382		12,151
Suncor Energy, Inc.		446		13,031
Teck Resources, Ltd., Class B		391		6,778
Thomson Reuters Corp.		208		9,630
				209,357

Description	Shares		Fair Value
Denmark | 1.2%
Danske Bank A/S		214	$	8,261
Jyske Bank A/S		159		9,216
Novo Nordisk A/S, Class B		171		7,335
Vestas Wind Systems A/S		122		11,303
				36,115
France | 1.0%
Air France-KLM (a)		605		8,647
Societe Generale SA		176		9,569
TOTAL SA		280		13,873
				32,089
Germany | 1.3%
Covestro AG		100		7,221
Deutsche Lufthansa AG		814		18,588
Infineon Technologies AG		378		8,010
MTU Aero Engines AG		43		6,084
				39,903
Hong Kong | 4.1%
ASM Pacific Technology, Ltd.		600		8,100
CLP Holdings, Ltd.		2,000		21,162
Jardine Matheson Holdings, Ltd.		300		19,266
Link Real Estate Investment Trust		2,500		19,021
The Wharf Holdings, Ltd.		3,000		24,868
Wheelock & Co., Ltd.		2,000		15,092
Xinyi Glass Holdings, Ltd.		12,000		11,899
Yue Yuen Industrial Holdings, Ltd.		2,000		8,300
				127,708
Ireland | 0.2%
Ryanair Holdings PLC Sponsored ADR (a)		68		7,317
Israel | 0.9%
Bank Hapoalim BM		1,485		10,009
Israel Discount Bank, Ltd., Class A (a)		3,874		10,198
Nice, Ltd.		89		7,060
				27,267
Italy | 0.4%
Recordati SpA		295		12,003
Japan | 9.6%
Amano Corp.		400		8,332
ANA Holdings, Inc.		2,000		6,956
Asahi Glass Co., Ltd.		400		16,881
Astellas Pharma, Inc.		1,500		18,366
Daito Trust Construction Co., Ltd.		200		31,125
Daiwa House Industry Co., Ltd.		300		10,264
Dowa Holdings Co., Ltd.		1,000		7,567

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

Semi-Annual Report  49

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Hazama Ando Corp.		1,100	$	6,940
Heiwa Corp.		400		8,925
JXTG Holdings, Inc.		2,550		11,157
Kaken Pharmaceutical Co., Ltd.		200		10,924
Kao Corp.		100		5,944
KDDI Corp.		300		7,948
Maruha Nichiro Corp.		300		7,923
Mitsui Chemicals, Inc.		2,000		10,618
Nichirei Corp.		500		14,021
Nippon Telegraph & Telephone Corp.		300		14,191
Nissan Motor Co., Ltd.		900		8,973
Oji Holdings Corp.		1,000		5,175
Osaka Gas Co., Ltd.		8,000		32,736
Penta-Ocean Construction Co., Ltd.		1,300		7,396
Rengo Co., Ltd.		1,200		6,967
Teijin, Ltd.		400		7,704
The Chugoku Electric Power Co., Inc.		700		7,720
Toho Gas Co., Ltd.		1,000		7,284
Tokyo Gas Co., Ltd.		3,000		15,624
				297,661
Malta | 0.2%
Kindred Group PLC		632		7,151
Netherlands | 0.9%
NN Group NV		627		22,324
Royal Dutch Shell PLC, A Shares		277		7,358
				29,682
Norway | 1.4%
Aker BP ASA		718		10,643
Leroy Seafood Group ASA		1,230		6,680
Marine Harvest ASA		368		6,299
Statoil ASA		1,198		19,911
				43,533
Portugal | 0.3%
Galp Energia SGPS SA		575		8,734
Singapore | 1.9%
CapitaLand, Ltd.		2,900		7,373
DBS Group Holdings, Ltd.		1,200		18,079
Singapore Airlines, Ltd.		2,500		18,381
Venture Corp., Ltd.		1,900		16,630
				60,463

Description	Shares		Fair Value
Spain | 0.1%
Corporacion Financiera Alba SA		60	$	3,626
Sweden | 1.3%
Axfood AB		438		7,322
Electrolux AB, Series B		265		8,714
Intrum Justitia AB		268		9,140
Svenska Cellulosa AB SCA, Class B		2,005		15,211
				40,387
Switzerland | 2.3%
Partners Group Holding AG		25		15,500
Roche Holding AG		182		46,471
Swiss Life Holding AG		25		8,446
				70,417
United Kingdom | 4.7%
Admiral Group PLC		476		12,423
BT Group PLC		2,082		7,995
Centrica PLC		6,398		16,677
Cineworld Group PLC		603		5,516
Compass Group PLC		1,071		22,617
G4S PLC		1,844		7,846
Hargreaves Lansdown PLC		322		5,464
International Consolidated Airlines Group SA		979		7,796
Lloyds Banking Group PLC		8,731		7,536
Moneysupermarket.com Group PLC		1,671		7,697
Severn Trent PLC		681		19,368
SSE PLC		395		7,470
Subsea 7 SA		574		7,738
Wm Morrison Supermarkets PLC		3,067		9,643
				145,786
United States | 51.7%
3M Co.		215		44,761
Accenture PLC, Class A		230		28,446
Advanced Energy Industries, Inc. (a)		105		6,792
Akamai Technologies, Inc. (a)		164		8,169
Ally Financial, Inc.		360		7,524
Altria Group, Inc.		101		7,521
Amdocs, Ltd.		144		9,282
Ameren Corp.		815		44,556
American Axle & Manufacturing Holdings, Inc. (a)		418		6,521
American Electric Power Co., Inc.		150		10,421
Aon PLC		239		31,775
AT&T, Inc.		1,011		38,145

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)
Atkore International Group, Inc. (a)		453	$	10,215
Baker Hughes, Inc.		123		6,705
Benchmark Electronics, Inc. (a)		216		6,977
Bloomin’ Brands, Inc.		364		7,728
C.R. Bard, Inc.		112		35,404
Campbell Soup Co.		323		16,844
Cardtronics PLC, Class A (a)		204		6,703
Carnival Corp.		345		22,622
Carnival PLC		289		19,136
Cigna Corp.		45		7,533
Cirrus Logic, Inc. (a)		108		6,774
Colgate-Palmolive Co.		105		7,784
Comcast Corp., Class A		444		17,281
Consolidated Edison, Inc.		342		27,640
Cummins, Inc.		46		7,462
Darden Restaurants, Inc.		331		29,936
DTE Energy Co.		86		9,098
EchoStar Corp., Class A (a)		123		7,466
Eli Lilly & Co.		170		13,991
Everest Re Group, Ltd.		104		26,477
Exelon Corp.		464		16,737
F5 Networks, Inc. (a)		127		16,137
Fifth Third Bancorp		374		9,709
Fiserv, Inc. (a)		154		18,840
Foot Locker, Inc.		223		10,989
Fresh Del Monte Produce, Inc.		264		13,440
General Mills, Inc.		482		26,703
GoDaddy, Inc., Class A (a)		182		7,720
Hasbro, Inc.		75		8,363
HCA Holdings, Inc. (a)		120		10,464
Humana, Inc.		32		7,700
Huntington Ingalls Industries, Inc.		33		6,143
IDEXX Laboratories, Inc. (a)		52		8,394
II-VI, Inc. (a)		192		6,586
Intel Corp.		516		17,410
Intuit, Inc.		146		19,390
J.B. Hunt Transport Services, Inc.		165		15,078
JetBlue Airways Corp. (a)		334		7,625
Johnson & Johnson		300		39,687
JPMorgan Chase & Co.		76		6,946
Kimberly-Clark Corp.		258		33,310
Lear Corp.		56		7,956

Description	Shares		Fair Value
Lockheed Martin Corp.		33	$	9,161
Marsh & McLennan Cos., Inc.		352		27,442
Masimo Corp. (a)		84		7,659
MetLife, Inc.		341		18,735
NIKE, Inc., Class B		115		6,785
Nordstrom, Inc.		193		9,231
Northrop Grumman Corp.		108		27,725
O’Reilly Automotive, Inc. (a)		23		5,031
Omnicom Group, Inc.		257		21,305
Paychex, Inc.		294		16,740
PepsiCo, Inc.		397		45,850
PG&E Corp.		641		42,543
Pinnacle West Capital Corp.		134		11,411
Quest Diagnostics, Inc.		64		7,114
Raytheon Co.		56		9,043
Regions Financial Corp.		473		6,925
Republic Services, Inc.		351		22,369
Ross Stores, Inc.		494		28,519
Royal Caribbean Cruises, Ltd.		68		7,428
Silgan Holdings, Inc.		683		21,706
Simon Property Group, Inc. REIT		234		37,852
Skyworks Solutions, Inc.		90		8,636
Starbucks Corp.		285		16,618
Sysco Corp.		809		40,717
Texas Instruments, Inc.		111		8,539
The Kroger Co.		846		19,729
The Procter & Gamble Co.		77		6,711
The Scotts Miracle-Gro Co.		201		17,981
The TJX Cos., Inc.		616		44,457
The Toro Co.		470		32,566
Time Warner, Inc.		114		11,447
Tyson Foods, Inc., Class A		204		12,777
UnitedHealth Group, Inc.		153		28,369
Validus Holdings, Ltd.		174		9,043
Versum Materials, Inc.		239		7,768
Wal-Mart Stores, Inc.		263		19,904
Waste Management, Inc.		384		28,166
WEC Energy Group, Inc.		119		7,304
Xcel Energy, Inc.		1,001		45,926
				1,610,248
Total Common Stocks (Cost $2,803,695)				3,011,635

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)
Short-Term Investments | 3.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $96,416)		96,416	$	96,416

Description	Fair Value
Total Investments | 99.8% (Cost $2,900,111) (b)	$	3,108,051
Cash and Other Assets in Excess of Liabilities | 0.2%		5,256
Net Assets | 100.0%	$	3,113,307

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, 2017 (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		$1,481,970,779		$145,613,956		$21,513,373		$124,100,583
US Strategic Equity		75,225,719		10,259,793		1,278,609		8,981,184
US Small-Mid Cap Equity		192,066,709		27,589,656		2,283,488		25,306,168
International Equity		3,239,360,329		334,639,922		46,597,095		288,042,827
International Equity Select		41,576,308		4,963,815		595,887		4,367,928
International Equity Concentrated		43,202,734		2,833,643		506,688		2,326,955
International Strategic Equity		5,969,897,655		854,061,898		75,419,266		778,642,632
International Equity Advantage		2,272,533		250,186		58,225		191,961
International Small Cap Equity		67,375,215		13,824,133		956,202		12,867,931
Global Equity Select		38,911,391		5,172,394		487,028		4,685,366
Global Strategic Equity		16,561,038		2,367,486		238,997		2,128,489
Managed Equity Volatility		2,900,111		291,113		83,173		207,940

Security Abbreviations:

ADR	—	American Depositary Receipt
GDR	—	Global Depositary Receipt
REIT	—	Real Estate Investment Trust

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		0.8	%		—	%		3.2	%		1.7	%		0.6	%
Air Freight & Logistics		0.9			—			—			—			0.2
Airlines		1.3			1.0			—			—			1.7
Auto Components		4.4			4.4			4.4			4.0			2.7
Automobiles		1.4			—			—			—			2.8
Banks		9.2			6.3			8.3			8.2			11.0
Beverages		4.5			2.9			4.4			7.2			0.4
Biotechnology		2.6			2.3			6.0			2.9			2.0
Building Products		2.0			2.0			—			1.2			1.7
Capital Markets		1.0			1.2			—			2.8			2.2
Chemicals		1.7			—			—			—			4.2
Commercial Services & Suppliers		—			—			—			—			—
Construction & Engineering		2.3			1.8			4.7			—			0.8
Consumer Finance		0.4			—			3.2			2.1			—
Containers & Packaging		—			0.2			—			—			0.1
Distributors		—			—			—			—			0.3
Diversified Consumer Services		—			0.7			1.8			—			—
Diversified Financial Services		—			0.7			—			0.9			1.3
Diversified Telecommunication Services		3.0			3.0			—			0.2			2.8
Electric Utilities		0.9			1.2			—			—			1.4
Electrical Equipment		—			—			—			—			2.5
Electronic Equipment, Instruments & Components		—			—			—			1.1			1.2
Energy Equipment & Services		0.7			—			—			—			0.9
Equity Real Estate Investment Trusts (REITs)		—			—			—			—			0.7
Food & Staples Retailing		0.9			1.2			—			—			0.8
Food Products		—			1.2			—			2.6			5.7
Gas Utilities		—			—			—			—			1.9
Health Care Equipment & Supplies		3.2			3.0			9.1			3.1			1.2
Health Care Providers & Services		—			—			—			1.9			—
Health Care Technology		—			—			—			—			—
Hotels, Restaurants & Leisure		—			1.7			—			2.7			2.9
Household Durables		2.0			1.4			—			—			3.3
Household Products		—			—			—			—			1.1
Industrial Conglomerates		—			1.3			—			0.1			1.1
Insurance		8.0			9.4			8.1			8.9			5.9
Internet Software & Services		—			2.7			5.3			1.6			0.4
IT Services		2.1			4.2			3.0			4.3			1.4
Leisure Products		—			—			—			1.3			—
Life Sciences Tools & Services		—			—			—			—			—
Machinery		2.2			2.6			—			5.4			1.1
Marine		1.1			—			2.7			—			—
Media		1.6			—			2.0			6.6			—
Metals & Mining		2.0			1.6			2.6			0.6			1.6
Multiline Retail		2.1			1.7			—			2.7			0.3
Multi-Utilities		—			—			—			—			1.1
Oil, Gas & Consumable Fuels		6.0			4.4			4.0			5.1			4.5
Paper & Forest Products		—			—			—			—			0.5

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
	—	%		1.5	%		2.0	%		1.9	%
	—			—			—			—
	0.9			—			—			2.4
	1.2			1.7			1.2			1.1
	—			—			—			0.3
	—			5.7			4.8			4.1
	—			7.6			9.4			1.5
	—			2.6			3.7			1.2
	3.9			2.9			—			0.5
	3.6			5.6			6.9			1.5
	1.7			3.5			2.4			1.7
	3.0			—			—			2.2
	—			2.0			1.1			0.8
	0.7			—			—			0.5
	4.1			1.2			—			0.2
	—			1.0			—			0.9
	1.2			—			0.9			—
	4.7			—			—			0.1
	1.2			—			—			3.6
	—			—			—			5.2
	1.1			2.6			1.0			0.7
	6.7			1.1			—			1.2
	2.6			1.4			1.1			0.5
	2.0			—			—			3.3
	—			—			1.3			4.0
	1.4			0.6			0.7			3.7
	—			—			—			1.8
	—			2.0			2.1			2.0
	1.2			—			0.8			2.0
	1.6			1.3			1.7			5.0
	3.4			—			—			0.3
	—			—			—			1.5
	—			1.7			0.1			2.1
	—			6.2			6.9			5.2
	1.0			—			0.8			—
	5.7			6.2			7.3			0.8
	1.4			7.4			6.9			2.8
	—			—			—			0.6
	1.4			2.9			1.3			—
	10.3			1.7			2.9			1.3
	1.8			—			0.8			—
	4.9			—			4.0			1.8
	1.1			—			—			1.2
	1.8			1.5			1.1			0.7
	—			—			—			3.7
	1.2			0.8			2.9			3.4
	—			—			—			0.7

Semi-Annual Report  55

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

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		3.0	%		2.3	%		—	%		1.3	%		2.3	%
Pharmaceuticals		3.0			2.2			—			—			6.1
Professional Services		3.9			3.1			3.7			1.5			1.1
Real Estate Management & Development		3.0			2.6			—			3.4			4.0
Road & Rail		1.4			1.4			—			—			1.0
Semiconductors & Semiconductor Equipment		1.4			3.9			4.4			3.3			1.9
Software		2.6			2.5			—			—			1.6
Specialty Retail		1.6			0.5			—			—			0.7
Technology Hardware, Storage & Peripherals		—			2.3			3.3			—			0.7
Textiles, Apparel & Luxury Goods		—			0.8			—			1.4			0.7
Thrifts & Mortgage Finance		—			—			—			1.1			—
Tobacco		3.0			2.7			3.6			3.6			0.2
Trading Companies & Distributors		2.7			2.4			—			0.7			1.4
Water Utilities		—			0.8			1.7			—			0.3
Wireless Telecommunication Services		1.3			3.6			7.7			0.9			1.6
Subtotal		95.2			95.2			97.2			96.4			99.9
Repurchase Agreements		4.7			—			—			—			—
Short-Term Investments		—			4.1			2.1			3.8			2.2
Total Investments		99.9	%		99.3	%		99.3	%		100.2	%		102.1	%

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

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

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
	—	%		2.0	%		—	%		0.2	%
	0.9			2.8			1.7			4.8
	4.3			4.1			1.9			—
	6.7			2.0			2.4			3.1
	—			1.7			1.4			0.5
	0.9			2.2			4.9			2.3
	4.3			2.2			4.5			1.1
	2.3			1.6			0.8			3.1
	1.0			2.6			—			—
	1.1			—			—			0.5
	—			0.7			—			—
	—			1.1			3.1			0.2
	2.4			1.1			—			—
	—			—			—			0.6
	—			—			—			0.3
	100.7			96.8			96.8			96.7
	—			—			—			—
	2.0			3.8			3.2			3.1
	102.7	%		100.6	%		100.0	%		99.8	%

Semi-Annual Report  57

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

June 30, 2017	Lazard US Equity Concentrated Portfolio			Lazard US Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	1,606,071,362	$	84,206,903
Cash			—		—
Foreign currency, at fair value			—		—
Receivables for:
Dividends			2,286,799		90,222
Investments sold			12,493,519		103,121
Capital stock sold			2,352,429		29,698
Deferred offering costs (Note 2(g))			2,786		—
Prepaid expenses			—		—
Total assets			1,623,206,895		84,429,944
LIABILITIES
Foreign currency due to custodian			—		—
Payables for:
Management fees			937,537		28,282
Accrued distribution fees			22,205		258
Accrued administration fees			51,329		11,027
Accrued custodian fees			21,996		9,199
Accrued professional services			26,952		22,755
Investments purchased			—		650,398
Capital stock redeemed			1,067,930		10,009
Other accrued expenses and payables			40,712		17,459
Total liabilities			2,168,661		749,387
Net assets		$	1,621,038,234	$	83,680,557
NET ASSETS
Paid in capital		$	1,436,291,488	$	66,090,686
Undistributed (distributions in excess of) net investment income (loss)			6,270,969		881,463
Accumulated net realized gain (loss)			54,375,194		7,727,224
Net unrealized appreciation (depreciation) on:
Investments			124,100,583		8,981,184
Foreign currency translations			—		—
Net assets		$	1,621,038,234	$	83,680,557
Institutional Shares
Net assets		$	1,514,552,643	$	71,093,323
Shares of capital stock outstanding*			99,294,995		5,664,330
Net asset value, offering and redemption price per share		$	15.25	$	12.55
Open Shares
Net assets		$	106,215,558	$	1,277,522
Shares of capital stock outstanding*			6,927,765		101,574
Net asset value, offering and redemption price per share		$	15.33	$	12.58
R6 Shares
Net assets		$	270,033	$	11,309,712
Shares of capital stock outstanding*			17,673		900,880
Net asset value, offering and redemption price per share		$	15.28	$	12.55
Cost of investments in securities		$	1,481,970,779	$	75,225,719
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 Small-Mid Cap Equity Portfolio		Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio
$	217,372,877	$	3,527,403,156		$	45,944,236		$	45,529,689
	6,571		478,343			—			—
	—		—			27,424			24,669
	215,827		8,250,018			134,988			81,394
	249,559		33,496			28,853			1,363,308
	705,431		16,555,470			362,520			571,164
	—		—			—			—
	—		—			17,437			1,391
	218,550,265		3,552,720,483			46,515,458			47,571,615
	—		298,108			—			—
	134,622		2,181,485			11,890			17,398
	6,373		232,639			524			48
	15,316		82,585			9,724			9,629
	10,119		61,984			16,421			—
	23,196		31,883			21,578			22,985
	—		16,425,905			127,098			1,382,995
	23,732		1,924,121			41,461			288,050
	16,798		36,393			7,298			7,892
	230,156		21,275,103			235,994			1,728,997
$	218,320,109	$	3,531,445,380		$	46,279,464		$	45,842,618
$	179,713,316	$	3,301,245,256		$	44,419,255		$	44,460,087
	596,927		50,714,910			786,751			373,633
	12,703,698		(108,588,334	)		(3,295,213	)		(1,318,637	)
	25,306,168		288,042,827			4,367,928			2,326,955
	—		30,721			743			580
$	218,320,109	$	3,531,445,380		$	46,279,464		$	45,842,618
$	187,226,103	$	1,771,857,648		$	43,748,135		$	45,596,876
	12,374,802		97,525,363			4,398,781			4,733,665
$	15.13	$	18.17		$	9.95		$	9.63
$	31,094,006	$	1,125,684,826		$	2,531,329		$	245,742
	2,180,827		61,343,261			254,543			25,499
$	14.26	$	18.35		$	9.94		$	9.64
	—	$	633,902,906			—			—
	—		34,929,182			—			—
	—	$	18.15			—			—
$	192,066,709	$	3,239,360,329		$	41,576,308		$	43,202,734
$	—	$	—		$	27,461		$	24,658

Semi-Annual Report  59

June 30, 2017	Lazard International Strategic Equity Portfolio				Lazard International Equity Advantage Portfolio
ASSETS
Investments in securities, at fair value		$	6,748,540,287		$	2,464,494
Cash			—			24
Foreign currency, at fair value			22,076,038			1,871
Receivables for:
Dividends			19,814,746			5,767
Investments sold			8,947,121			3,628
Capital stock sold			7,236,836			—
Amount due from Investment Manager (Note 3)			—			18,046
Prepaid expenses			—			15,340
Total assets			6,806,615,028			2,509,170
LIABILITIES
Payables for:
Management fees			4,244,334			—
Accrued distribution fees			279,933			22
Accrued administration fees			138,008			4,971
Accrued custodian fees			287,519			11,971
Accrued professional services			54,566			22,945
Investments purchased			55,301,217			49,566
Capital stock redeemed			10,265,589			—
Other accrued expenses and payables			1,092,536			6,270
Total liabilities			71,663,702			95,745
Net assets		$	6,734,951,326		$	2,413,425
NET ASSETS
Paid in capital		$	6,296,451,016		$	2,308,573
Undistributed (distributions in excess of) net investment income (loss)			63,678,268			31,911
Accumulated net realized gain (loss)			(403,053,405	)		(119,142	)
Net unrealized appreciation (depreciation) on:
Investments			777,895,812			191,961
Foreign currency translations			(20,365	)		122
Net assets		$	6,734,951,326		$	2,413,425
Institutional Shares
Net assets		$	5,366,663,066		$	2,307,130
Shares of capital stock outstanding*			378,534,907			225,944
Net asset value, offering and redemption price per share		$	14.18		$	10.21
Open Shares
Net assets		$	1,270,661,245		$	106,295
Shares of capital stock outstanding*			89,011,998			10,425
Net asset value, offering and redemption price per share		$	14.28		$	10.20
R6 Shares
Net assets		$	97,627,015			—
Shares of capital stock outstanding*			6,881,408			—
Net asset value, offering and redemption price per share		$	14.19			—
Cost of investments in securities		$	5,969,897,655		$	2,272,533
Cost of foreign currency		$	22,057,490		$	1,878

* $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
$	80,243,146		$	43,596,757	$	18,689,527	$	3,108,051
	—			—		—		—
	12,257			10,850		6,405		2,610
	184,253			96,908		29,822		6,877
	220,184			362		7,298		—
	81,966			156,528		—		10,000
	—			—		4,523		17,307
	—			—		—		15,340
	80,741,806			43,861,405		18,737,575		3,160,185
	50,057			14,658		—		—
	8,771			123		25		44
	10,892			9,615		5,653		4,955
	8,469			7,167		12,002		12,603
	22,170			23,070		23,022		22,949
	182,107			439,611		—		—
	2,303,963			7,737		—		—
	15,202			6,833		10,027		6,327
	2,601,631			508,814		50,729		46,878
$	78,140,175		$	43,352,591	$	18,686,846	$	3,113,307
$	119,094,090		$	37,515,422	$	16,376,410	$	2,804,819
	218,563			180,488		57,094		25,053
	(54,038,654	)		970,337		124,747		75,441
	12,867,931			4,685,366		2,128,489		207,940
	(1,755	)		978		106		54
$	78,140,175		$	43,352,591	$	18,686,846	$	3,113,307
$	39,335,497		$	42,752,768	$	18,555,334	$	2,894,050
	3,336,264			3,546,875		1,730,007		262,489
$	11.79		$	12.05	$	10.73	$	11.03
$	38,804,678		$	599,823	$	131,512	$	219,257
	3,278,381			49,818		12,280		19,922
$	11.84		$	12.04	$	10.71	$	11.01
	—			—		—		—
	—			—		—		—
	—			—		—		—
$	67,375,215		$	38,911,391	$	16,561,038	$	2,900,111
$	12,245		$	10,783	$	6,418	$	2,619

Semi-Annual Report  61

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

For the Six Months Ended June 30, 2017	Lazard US Equity Concentrated Portfolio				Lazard US Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends*		$	12,053,759		$	778,719
Expenses
Management fees (Note 3)			5,252,594			297,093
Distribution fees (Open Shares)			130,903			1,675
Custodian fees			87,512			35,730
Administration fees			149,421			33,284
Registration fees			41,710			19,898
Professional services			31,225			19,366
Directors’ fees and expenses			27,147			4,088
Shareholders’ reports			25,793			3,692
Shareholders’ services			32,830			21,058
Amortization of offering costs (Note 2(g))			3,654			—
Other†			19,121			4,290
Total gross expenses			5,801,910			440,174
Management fees waived and expenses reimbursed			(7,913	)		(119,572	)
Administration and shareholders’ services fees waived			(4,050	)		—
Total net expenses			5,789,947			320,602
Net investment income (loss)			6,263,812			458,117
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments			59,630,800			6,375,037
Foreign currency transactions			—			—
Total net realized gain (loss) on investments and foreign currency transactions			59,630,800			6,375,037
Net change in unrealized appreciation (depreciation) on:
Investments			40,451,218			(127,873	)
Foreign currency translations			—			—
Total net change in unrealized appreciation (depreciation) on investments and foreign currency translations			40,451,218			(127,873	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions			100,082,018			6,247,164
Net increase (decrease) in net assets resulting from operations		$	106,345,830		$	6,705,281
* Net of foreign withholding taxes of		$	—		$	564
† Includes interest on line of credit of		$	—		$	87

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

62  Semi-Annual Report

Lazard US Small-Mid Cap Equity Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Equity Concentrated Portfolio
$	1,341,467		$	51,756,963		$	657,785		$	560,011
	811,677			11,774,063			145,798			146,628
	37,997			1,367,027			2,907			212
	38,341			301,527			67,985			35,459
	46,440			231,372			28,683			28,167
	18,776			114,003			15,816			17,419
	20,550			66,418			22,152			19,304
	6,391			51,176			3,049			2,813
	7,758			47,909			2,635			1,450
	14,850			45,763			13,262			12,587
	—			—			—			—
	5,442			34,007			3,164			3,278
	1,008,222			14,033,265			305,451			267,317
	—			(7,800	)		(97,775	)		(94,124	)
	—			—			—			(1,563	)
	1,008,222			14,025,465			207,676			171,630
	333,245			37,731,498			450,109			388,381
	10,015,499			(30,328,178	)		78,698			1,051,944
	—			1,087,631			208			(5,768	)
	10,015,499			(29,240,547	)		78,906			1,046,176
	(1,096,250	)		355,528,268			4,787,803			2,043,884
	—			83,614			3,842			890
	(1,096,250	)		355,611,882			4,791,645			2,044,774
	8,919,249			326,371,335			4,870,551			3,090,950
$	9,252,494		$	364,102,833		$	5,320,660		$	3,479,331
$	—		$	6,666,649		$	83,647		$	70,704
$	—		$	—		$	—		$	267

Semi-Annual Report  63

For the Six Months Ended June 30, 2017	Lazard International Strategic Equity Portfolio				Lazard International Equity Advantage Portfolio
Investment Income (Loss)
Income
Dividends*		$	93,648,262		$	43,465
Expenses
Management fees (Note 3)			25,389,808			7,300
Distribution fees (Open Shares)			1,773,452			125
Custodian fees			805,572			45,912
Administration fees			412,915			25,097
Registration fees			87,107			16,017
Professional services			101,599			19,113
Directors’ fees and expenses			126,894			2,516
Shareholders’ reports			247,730			1,418
Shareholders’ services			98,749			12,410
Other††			82,376			2,712
Total gross expenses			29,126,202			132,620
Management fees waived and expenses reimbursed			(6,495	)		(112,980	)
Administration fees waived			—			(9,375	)
Total net expenses			29,119,707			10,265
Net investment income (loss)			64,528,555			33,200
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments**			48,722,660			74,781
Foreign currency transactions			(1,123,395	)		(10	)
Total net realized gain (loss) on investments and foreign currency transactions			47,599,265			74,771
Net change in unrealized appreciation (depreciation) on:
Investments†			772,237,009			196,191
Foreign currency translations			500,429			173
Total net change in unrealized appreciation (depreciation) on investments and foreign currency translations			772,737,438			196,364
Net realized and unrealized gain (loss) on investments and foreign currency transactions			820,336,703			271,135
Net increase (decrease) in net assets resulting from operations		$	884,865,258		$	304,335
* Net of foreign withholding taxes of		$	9,799,655		$	4,565
** Net of foreign capital gains taxes of		$	526,756		$	—
† Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	(746,820	)	$	—
†† Includes interest on line of credit of		$	—		$	2

(a) Amount is less than $1.

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

64  Semi-Annual Report

Lazard International Small Cap Equity Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
$	1,054,869		$	400,871		$	199,382		$	39,881
	299,739			148,257			76,332			8,585
	53,214			706			144			242
	50,634			37,058			39,827			44,191
	32,788			28,502			26,668			25,158
	17,727			22,378			17,419			16,017
	20,004			19,437			19,280			19,120
	3,953			3,065			2,820			2,528
	7,384			1,632			1,679			1,432
	14,618			12,769			12,453			12,415
	4,072			3,231			2,960			2,706
	504,133			277,035			199,582			132,394
	—			(81,467	)		(91,213	)		(111,990	)
	—			—			(9,375	)		(9,375	)
	504,133			195,568			98,994			11,029
	550,736			205,303			100,388			28,852
	1,844,508			1,665,386			496,385			147,290
	(16,451	)		(4,242	)		(6,310	)		(878	)
	1,828,057			1,661,144			490,075			146,412
	9,977,976			3,107,918			1,448,884			101,680
	5,037			1,875			283			67
	9,983,013			3,109,793			1,449,167			101,747
	11,811,070			4,770,937			1,939,242			248,159
$	12,361,806		$	4,976,240		$	2,039,630		$	277,011
$	118,427		$	25,238		$	14,747		$	2,595
$	33,861		$	—		$	—		$	—
$	—		$	—		$	—		$	—
$	544		$	63		$	—	(a)	$	3

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 June 30, 2017 (unaudited)				Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	6,263,812		$	4,069,419		$	458,117		$	1,198,234
Net realized gain (loss) on investments and foreign currency transactions			59,630,800			50,690,101			6,375,037			1,463,194
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			40,451,218			29,061,533			(127,873	)		7,058,895
Net increase (decrease) in net assets resulting from operations			106,345,830			83,821,053			6,705,281			9,720,323
Distributions to shareholders
From net investment income
Institutional Shares			—			(3,975,998	)		—			(580,867	)
Open Shares			—			(77,422	)		—			(7,216	)
R6 Shares			—			(271	)		—			(107,962	)
From net realized gains
Institutional Shares			—			(53,706,434	)		—			(2,332,102	)
Open Shares			—			(4,859,175	)		—			(38,995	)
R6 Shares			—			(5,549	)		—			(304,611	)
Net decrease in net assets resulting from distributions			—			(62,624,849	)		—			(3,371,753	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			316,427,476			648,051,424			5,066,137			10,159,922
Open Shares			25,856,977			113,049,439			141,391			261,466
R6 Shares			135,367			142,746			3,041,537			14,880,273
Net proceeds from reinvestment of distributions
Institutional Shares			—			50,279,095			—			2,894,127
Open Shares			—			4,847,186			—			42,191
R6 Shares			—			5,820			—			412,573
Cost of shares redeemed
Institutional Shares			(131,022,034	)		(201,827,230	)		(11,670,646	)		(56,068,764	)
Open Shares			(32,823,327	)		(129,731,839	)		(341,325	)		(529,777	)
R6 Shares			(17,808	)		(3,292	)		(6,086,104	)		(15,717,221	)
Net increase (decrease) in net assets from capital stock transactions			178,556,651			484,813,349			(9,849,010	)		(43,665,210	)
Redemption fees (Note 2(i))
Institutional Shares			—			5,164			—			50
Open Shares			—			6,929			—			—
R6 Shares			—			—			—			2,728
Net increase in net assets from redemption fees			—			12,093			—			2,778
Total increase (decrease) in net assets			284,902,481			506,021,646			(3,143,729	)		(37,313,862	)
Net assets at beginning of period			1,336,135,753			830,114,107			86,824,286			124,138,148
Net assets at end of period*		$	1,621,038,234		$	1,336,135,753		$	83,680,557		$	86,824,286
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	6,270,969		$	7,157		$	881,463		$	423,346
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			86,904,349			51,761,468			6,202,475			10,051,583
Shares sold			21,177,041			45,788,066			411,785			929,872
Shares issued to shareholders from reinvestment of distributions			—			3,511,078			—			252,311
Shares redeemed			(8,786,395	)		(14,156,263	)		(949,930	)		(5,031,291	)
Net increase (decrease)			12,390,646			35,142,881			(538,145	)		(3,849,108	)
Shares outstanding at end of period			99,294,995			86,904,349			5,664,330			6,202,475
Open Shares
Shares outstanding at beginning of period			7,411,857			8,216,877			117,822			139,487
Shares sold			1,721,951			7,944,326			11,382			23,584
Shares issued to shareholders from reinvestment of distributions			—			336,287			—			3,675
Shares redeemed			(2,206,043	)		(9,085,633	)		(27,630	)		(48,924	)
Net increase (decrease)			(484,092	)		(805,020	)		(16,248	)		(21,665	)
Shares outstanding at end of period			6,927,765			7,411,857			101,574			117,822
R6 Shares†
Shares outstanding at beginning of period			9,872			—			1,143,030			1,127,410
Shares sold			8,990			9,686			248,898			1,332,054
Shares issued to shareholders from reinvestment of distributions			—			408			—			35,909
Shares redeemed			(1,189	)		(222	)		(491,048	)		(1,352,343	)
Net increase (decrease)			7,801			9,872			(242,150	)		15,620
Shares outstanding at end of period			17,673			9,872			900,880			1,143,030

† The inception date for the US Equity Concentrated Portfolio R6 Shares was November 15, 2016.

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

66  Semi-Annual Report

Lazard						Lazard						Lazard
US Small-Mid Cap Equity Portfolio						International Equity Portfolio						International Equity Select Portfolio
Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
$	333,245		$	1,576,332		$	37,731,498		$	22,637,381		$	450,109		$	341,580
	10,015,499			4,381,638			(29,240,547	)		(65,141,894	)		78,906			(1,388,258	)
	(1,096,250	)		24,964,850			355,611,882			(58,887,120	)		4,791,645			1,010,846
	9,252,494			30,922,820			364,102,833			(101,391,633	)		5,320,660			(35,832	)
	—			(1,149,160	)		—			(14,872,435	)		—			(271,128	)
	—			(115,498	)		—			(2,352,852	)		—			(17,608	)
	—			—			—			(737,825	)		—			—
	—			(4,257,321	)		—			—			—			—
	—			(822,383	)		—			—			—			—
	—			—			—			—			—			—
	—			(6,344,362	)		—			(17,963,112	)		—			(288,736	)
	17,129,135			23,332,262			350,268,245			1,204,761,178			17,630,059			24,235,519
	7,901,132			6,849,779			69,209,014			1,131,071,739			284,557			560,888
	—			—			558,786,207			86,088,875			—			—
	—			5,343,272			—			12,229,814			—			255,048
	—			912,339			—			2,260,647			—			15,433
	—			—			—			737,825			—			—
	(27,520,574	)		(30,998,353	)		(279,627,841	)		(369,261,739	)		(7,182,217	)		(14,669,520	)
	(8,367,508	)		(18,104,639	)		(141,871,214	)		(96,445,823	)		(164,585	)		(622,873	)
	—			—			(53,542,318	)		(53,911,312	)		—			—
	(10,857,815	)		(12,665,340	)		503,222,093			1,917,531,204			10,567,814			9,774,495
	—			460			—			63,133			—			—
	—			38			—			944			—			—
	—			—			—			—			—			—
	—			498			—			64,077			—			—
	(1,605,321	)		11,913,616			867,324,926			1,798,240,536			15,888,474			9,449,927
	219,925,430			208,011,814			2,664,120,454			865,879,918			30,390,990			20,941,063
$	218,320,109		$	219,925,430		$	3,531,445,380		$	2,664,120,454		$	46,279,464		$	30,390,990
$	596,927		$	263,682		$	50,714,910		$	12,983,412		$	786,751		$	336,642
	13,078,287			13,311,013			93,319,210			43,106,382			3,271,065			2,131,138
	1,171,836			1,743,526			20,509,865			71,824,648			1,906,363			2,779,499
	—			387,630			—			734,086			—			27,874
	(1,875,321	)		(2,363,882	)		(16,303,712	)		(22,345,906	)		(778,647	)		(1,667,446	)
	(703,485	)		(232,726	)		4,206,153			50,212,828			1,127,716			1,139,927
	12,374,802			13,078,287			97,525,363			93,319,210			4,398,781			3,271,065
	2,217,138			3,031,413			65,536,029			4,657,031			241,443			247,708
	571,396			586,680			3,994,194			66,560,474			30,469			62,488
	—			70,763			—			137,545			—			1,681
	(607,707	)		(1,471,718	)		(8,186,962	)		(5,819,021	)		(17,369	)		(70,434	)
	(36,311	)		(814,275	)		(4,192,768	)		60,878,998			13,100			(6,265	)
	2,180,827			2,217,138			61,343,261			65,536,029			254,543			241,443
							4,890,072			2,893,076
							33,078,037			5,181,473
							—			44,477
							(3,038,927	)		(3,228,954	)
							30,039,110			1,996,996
							34,929,182			4,890,072

Semi-Annual Report  67

	Lazard							Lazard
	International Equity Concentrated Portfolio							International Strategic Equity Portfolio
	Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	388,381		$	249,318		$	64,528,555		$	109,937,652
Net realized gain (loss) on investments and foreign currency transactions			1,046,176			(1,202,461	)		47,599,265			(438,445,742	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			2,044,774			1,612,385			772,737,438			(15,477,415	)
Net increase (decrease) in net assets resulting from operations			3,479,331			659,242			884,865,258			(343,985,505	)
Distributions to shareholders
From net investment income
Institutional Shares			—			(234,534	)		—			(81,630,952	)
Open Shares			—			(1,274	)		—			(21,194,078	)
R6 Shares			—			—			—			(1,469,761	)
Net decrease in net assets resulting from distributions			—			(235,808	)		—			(104,294,791	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			30,205,611			3,211,678			612,748,065			2,006,165,324
Open Shares			145,874			245,140			144,869,809			679,135,635
R6 Shares			—			—			17,063,608			30,965,801
Net proceeds from reinvestment of distributions
Institutional Shares			—			215,511			—			75,605,509
Open Shares			—			1,274			—			19,612,912
R6 Shares			—			—			—			1,469,761
Cost of shares redeemed
Institutional Shares			(3,544,555	)		(2,124,011	)		(1,049,192,762	)		(1,560,801,074	)
Open Shares			(30,573	)		(193,637	)		(648,844,268	)		(778,981,579	)
R6 Shares			—			—			(28,215,639	)		(2,475,164	)
Net increase (decrease) in net assets from capital stock transactions			26,776,357			1,355,955			(951,571,187	)		470,697,125
Redemption fees (Note 2(i))
Institutional Shares			—			—			—			13,027
Open Shares			—			—			—			8,823
R6 Shares			—			—			—			57
Net increase in net assets from redemption fees			—			—			—			21,907
Total increase (decrease) in net assets			30,255,688			1,779,389			(66,705,929	)		22,438,736
Net assets at beginning of period			15,586,930			13,807,541			6,801,657,255			6,779,218,519
Net assets at end of period*		$	45,842,618		$	15,586,930		$	6,734,951,326		$	6,801,657,255
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	373,633		$	(14,748	)	$	63,678,268		$	(850,287	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			1,811,118			1,663,050			410,970,431			369,311,964
Shares sold			3,311,573			371,671			46,506,050			156,620,760
Shares issued to shareholders from reinvestment of distributions			—			25,215			—			6,121,904
Shares redeemed			(389,026	)		(248,818	)		(78,941,574	)		(121,084,197	)
Net increase (decrease)			2,922,547			148,068			(32,435,524	)		41,658,467
Shares outstanding at end of period			4,733,665			1,811,118			378,534,907			410,970,431
Open Shares
Shares outstanding at beginning of period			13,327			6,633			126,809,001			132,713,560
Shares sold			15,480			28,536			10,962,146			52,488,760
Shares issued to shareholders from reinvestment of distributions			—			148			—			1,575,334
Shares redeemed			(3,308	)		(21,990	)		(48,759,149	)		(59,968,653	)
Net increase (decrease)			12,172			6,694			(37,797,003	)		(5,904,559	)
Shares outstanding at end of period			25,499			13,327			89,011,998			126,809,001
R6 Shares
Shares outstanding at beginning of period									7,730,925			5,423,697
Shares sold									1,317,772			2,381,602
Shares issued to shareholders from reinvestment of distributions									—			118,913
Shares redeemed									(2,167,289	)		(193,287	)
Net increase (decrease)									(849,517	)		2,307,228
Shares outstanding at end of period									6,881,408			7,730,925

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

68  Semi-Annual Report

Lazard						Lazard						Lazard
International Equity Advantage Portfolio						International Small Cap Equity Portfolio						Global Equity Select Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2017			December 31,			June 30, 2017			December 31,			June 30, 2017			December 31,
(unaudited)			2016			(unaudited)			2016			(unaudited)			2016
$	33,200		$	39,193		$	550,736		$	1,027,731		$	205,303		$	221,153
	74,771			(126,778	)		1,828,057			5,996,814			1,661,144			(503,384	)
	196,364			71,344			9,983,013			(11,397,041	)		3,109,793			991,906
	304,335			(16,241	)		12,361,806			(4,372,496	)		4,976,240			709,675
	—			(41,907	)		—			(1,048,895	)		—			(217,396	)
	—			(1,729	)		—			(1,179,813	)		—			(2,104	)
	—			—			—			—			—			—
	—			(43,636	)		—			(2,228,708	)		—			(219,500	)
	50,001			239,880			2,342,149			16,105,190			12,482,792			17,081,975
	—			15,158			2,841,290			17,033,388			24,458			297,481
	—			—			—			—			—			—
	—			41,907			—			1,017,106			—			217,396
	—			1,729			—			1,157,576			—			2,104
	—			—			—			—			—			—
	(2,395	)		(52,500	)		(5,837,188	)		(28,945,249	)		(5,827,992	)		(7,216,304	)
	—			(14,598	)		(15,140,095	)		(25,799,541	)		(14,796	)		(75,343	)
	—			—			—			—			—			—
	47,606			231,576			(15,793,844	)		(19,431,530	)		6,664,462			10,307,309
	—			—			—			—			—			1
	—			—			—			996			—			—
	—			—			—			—			—			—
	—			—			—			996			—			1
	351,941			171,699			(3,432,038	)		(26,031,738	)		11,640,702			10,797,485
	2,061,484			1,889,785			81,572,213			107,603,951			31,711,889			20,914,404
$	2,413,425		$	2,061,484		$	78,140,175		$	81,572,213		$	43,352,591		$	31,711,889
$	31,911		$	(1,289	)	$	218,563		$	(332,173	)	$	180,488		$	(24,815	)
	221,034			195,042			3,668,073			4,752,936			2,962,172			1,996,624
	5,171			27,098			213,619			1,520,476			1,095,344			1,640,702
	—			4,708			—			98,839			—			20,606
	(261	)		(5,814	)		(545,428	)		(2,704,178	)		(510,641	)		(695,760	)
	4,910			25,992			(331,809	)		(1,084,863	)		584,703			965,548
	225,944			221,034			3,336,264			3,668,073			3,546,875			2,962,172
	10,425			10,120			4,385,394			5,102,884			48,903			28,081
	—			1,803			263,429			1,633,512			2,167			27,605
	—			194			—			111,443			—			199
	—			(1,692	)		(1,370,442	)		(2,462,445	)		(1,252	)		(6,982	)
	—			305			(1,107,013	)		(717,490	)		915			20,822
	10,425			10,425			3,278,381			4,385,394			49,818			48,903

Semi-Annual Report  69

	Lazard							Lazard
	Global Strategic Equity Portfolio							Managed Equity Volatility Portfolio
	Six Months Ended				Year Ended			Six Months Ended			Year Ended
	June 30, 2017				December 31,			June 30, 2017			December 31,
	(unaudited)				2016			(unaudited)			2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	100,388		$	142,460		$	28,852		$	45,582
Net realized gain (loss) on investments and foreign currency transactions			490,075			(68,902	)		146,412			(728	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			1,449,167			603,405			101,747			115,621
Net increase (decrease) in net assets resulting from operations			2,039,630			676,963			277,011			160,475
Distributions to shareholders
From net investment income
Institutional Shares			—			(133,667	)		—			(52,264	)
Open Shares			—			(430	)		—			(3,182	)
Net decrease in net assets resulting from distributions			—			(134,097	)		—			(55,446	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			1,001			11,474,782			207,579			136,000
Open Shares			16,042			15,705			28,829			36,078
Net proceeds from reinvestment of distributions
Institutional Shares			—			133,667			—			52,264
Open Shares			—			430			—			3,182
Cost of shares redeemed
Institutional Shares			(3,288,429	)		(1,590,553	)		(2,998	)		(60,203	)
Open Shares			(11,481	)		(15,138	)		—			(50,836	)
Net increase (decrease) in net assets from capital stock transactions			(3,282,867	)		10,018,893			233,410			116,485
Total increase (decrease) in net assets			(1,243,237	)		10,561,759			510,421			221,514
Net assets at beginning of period			19,930,083			9,368,324			2,602,886			2,381,372
Net assets at end of period*		$	18,686,846		$	19,930,083		$	3,113,307		$	2,602,886
* Includes undistributed (distributions in excess of) net investment income (loss) of		$	57,094		$	(43,294	)	$	25,053		$	(3,799	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			2,065,337			957,062			243,326			229,926
Shares sold			99			1,261,153			19,459			14,243
Shares issued to shareholders from reinvestment of distributions			—			13,961			—			5,204
Shares redeemed			(335,429	)		(166,839	)		(296	)		(6,047	)
Net increase (decrease)			(335,330	)		1,108,275			19,163			13,400
Shares outstanding at end of period			1,730,007			2,065,337			262,489			243,326
Open Shares
Shares outstanding at beginning of period			11,910			11,796			17,240			18,287
Shares sold			1,514			1,598			2,682			3,594
Shares issued to shareholders from reinvestment of distributions			—			45			—			317
Shares redeemed			(1,144	)		(1,529	)		—			(4,958	)
Net increase (decrease)			370			114			2,682			(1,047	)
Shares outstanding at end of period			12,280			11,910			19,922			17,240

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

70  Semi-Annual Report

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	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	14.16			$	13.83			$	13.41			$	12.59			$	10.71			$	9.24
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				0.06	^			0.05				0.11				0.14				0.20
Net realized and unrealized gain (loss)			1.03				0.97				0.88				2.23				3.02				1.37
Total from investment operations			1.09				1.03				0.93				2.34				3.16				1.57
Less distributions from:
Net investment income			—				(0.05	)			(0.04	)			(0.09	)			(0.14	)			(0.10	)
Net realized gains			—				(0.65	)			(0.47	)			(1.43	)			(1.14	)			—
Total distributions			—				(0.70	)			(0.51	)			(1.52	)			(1.28	)			(0.10	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	15.25			$	14.16			$	13.83			$	13.41			$	12.59			$	10.71
Total Return (c)			7.70	%			7.37	%^			7.00	%			18.88	%			29.59	%			16.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,514,553			$	1,230,377			$	715,766			$	331,074			$	228,478			$	121,379
Ratios to average net assets (d):
Net expenses			0.75	%			0.77	%^			0.79	%			0.81	%			0.85	%			0.93	%
Gross expenses			0.75	%			0.77	%			0.79	%			0.81	%			0.85	%			1.28	%
Net investment income (loss)			0.85	%			0.39	%^			0.36	%			0.79	%			1.16	%			1.94	%
Portfolio turnover rate			42	%			84	%			74	%			63	%			108	%			116	%

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	14.25			$	13.92			$	13.50			$	12.68			$	10.77			$	9.30
Income (loss) from investment operations:
Net investment income (loss) (a)			0.04				0.02	^			0.01				0.05				0.09				0.15
Net realized and unrealized gain (loss)			1.04				0.97				0.88				2.23				3.04				1.39
Total from investment operations			1.08				0.99				0.89				2.28				3.13				1.54
Less distributions from:
Net investment income			—				(0.01	)			—	(b)			(0.03	)			(0.08	)			(0.07	)
Net realized gains			—				(0.65	)			(0.47	)			(1.43	)			(1.14	)			—
Total distributions			—				(0.66	)			(0.47	)			(1.46	)			(1.22	)			(0.07	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—				—	(b)
Net asset value, end of period		$	15.33			$	14.25			$	13.92			$	13.50			$	12.68			$	10.77
Total Return (c)			7.58	%			7.06	%^			6.67	%			18.28	%			29.21	%			16.51	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	106,216			$	105,619			$	114,348			$	8,011			$	2,181			$	691
Ratios to average net assets (d):
Net expenses			1.02	%			1.03	%^			1.07	%			1.25	%			1.25	%			1.19	%
Gross expenses			1.02	%			1.03	%			1.07	%			1.46	%			1.87	%			4.84	%
Net investment income (loss)			0.59	%			0.17	%^			0.08	%			0.37	%			0.74	%			1.51	%
Portfolio turnover rate			42	%			84	%			74	%			63	%			108	%			116	%

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

Semi-Annual Report  71

	Six Months				For the Period
Selected data for a share of capital	Ended				11/15/16* to
stock outstanding throughout each period	6/30/17†				12/31/16
R6 Shares
Net asset value, beginning of period		$	14.18			$	14.77
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				—	(b)^
Net realized and unrealized gain (loss)			1.04				0.03
Total from investment operations			1.10				0.03
Less distributions from:
Net investment income			—				(0.03	)
Net realized gains			—				(0.59	)
Total distributions			—				(0.62	)
Net asset value, end of period		$	15.28			$	14.18
Total Return (c)			7.76	%			0.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	270			$	140
Ratios to average net assets (d):
Net expenses			0.78	%			0.77	%^
Gross expenses			12.83	%			15.38	%
Net investment income (loss)			0.84	%			0.19	%^
Portfolio turnover rate			42	%			84	%

*	The inception date for the R6 Shares was November 15, 2016.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
†	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 may have been waived or reimbursed by the 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 except for non-recurring expenses.

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	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	11.63			$	10.97			$	12.43			$	12.49			$	10.11			$	9.03
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07				0.12				0.09				0.14				0.14				0.14
Net realized and unrealized gain (loss)			0.85				0.94				(0.69	)			1.73				2.72				1.17
Total from investment operations			0.92				1.06				(0.60	)			1.87				2.86				1.31
Less distributions from:
Net investment income			—				(0.10	)			(0.10	)			(0.13	)			(0.15	)			(0.23	)
Net realized gains			—				(0.30	)			(0.76	)			(1.80	)			(0.33	)			—
Total distributions			—				(0.40	)			(0.86	)			(1.93	)			(0.48	)			(0.23	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	12.55			$	11.63			$	10.97			$	12.43			$	12.49			$	10.11
Total Return (c)			7.91	%			9.70	%			–4.75	%			15.04	%			28.38	%			14.56	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	71,093			$	72,151			$	110,243			$	119,941			$	116,323			$	75,327
Ratios to average net assets (d):
Net expenses			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%			0.75	%
Gross expenses			1.01	%			0.94	%			0.90	%			0.90	%			0.93	%			0.99	%
Net investment income (loss)			1.08	%			1.08	%			0.77	%			1.05	%			1.21	%			1.40	%
Portfolio turnover rate			34	%			68	%			75	%			69	%			71	%			60	%

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	11.68			$	11.01			$	12.48			$	12.53			$	10.14			$	9.04
Income (loss) from investment operations:
Net investment income (loss) (a)			0.05				0.09				0.06				0.10				0.11				0.11
Net realized and unrealized gain (loss)			0.85				0.94				(0.71	)			1.74				2.73				1.16
Total from investment operations			0.90				1.03				(0.65	)			1.84				2.84				1.27
Less distributions from:
Net investment income			—				(0.06	)			(0.06	)			(0.09	)			(0.12	)			(0.17	)
Net realized gains			—				(0.30	)			(0.76	)			(1.80	)			(0.33	)			—
Total distributions			—				(0.36	)			(0.82	)			(1.89	)			(0.45	)			(0.17	)
Net asset value, end of period		$	12.58			$	11.68			$	11.01			$	12.48			$	12.53			$	10.14
Total Return (c)			7.71	%			9.46	%			–5.11	%			14.77	%			28.04	%			14.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,278			$	1,376			$	1,536			$	6,833			$	7,650			$	8,401
Ratios to average net assets (d):
Net expenses			1.05	%			1.05	%			1.05	%			1.05	%			1.05	%			1.05	%
Gross expenses			2.19	%			2.13	%			1.51	%			1.31	%			1.33	%			1.37	%
Net investment income (loss)			0.78	%			0.80	%			0.50	%			0.75	%			0.95	%			1.10	%
Portfolio turnover rate			34	%			68	%			75	%			69	%			71	%			60	%

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	6/30/17†				12/31/16				12/31/15				12/31/14
R6 Shares
Net asset value, beginning of period		$	11.63			$	10.96			$	12.43			$	12.81
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07				0.14				0.10				0.09
Net realized and unrealized gain (loss)			0.85				0.93				(0.71	)			1.47
Total from investment operations			0.92				1.07				(0.61	)			1.56
Less distributions from:
Net investment income			—				(0.10	)			(0.10	)			(0.14	)
Net realized gains			—				(0.30	)			(0.76	)			(1.80	)
Total distributions			—				(0.40	)			(0.86	)			(1.94	)
Redemption fees			—				—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	12.55			$	11.63			$	10.96			$	12.43
Total Return (c)			7.91	%			9.81	%			–4.78	%			12.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	11,310			$	13,297			$	12,359			$	14,951
Ratios to average net assets (d):
Net expenses			0.75	%			0.74	%			0.70	%			0.70	%
Gross expenses			1.09	%			1.02	%			1.00	%			1.06	%
Net investment income (loss)			1.11	%			1.27	%			0.82	%			1.14	%
Portfolio turnover rate			34	%			68	%			75	%			69	%

*	The inception date for the 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 may have been waived or reimbursed by the 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.

74  Semi-Annual Report

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	14.50			$	12.86			$	14.05			$	15.97			$	13.29			$	11.82
Income (loss) from investment operations:
Net investment income (loss) (a)			0.03				0.11	^			0.02				0.03				0.01				0.05
Net realized and unrealized gain (loss)			0.60				1.96				(0.34	)			1.74				4.70				1.77
Total from investment operations			0.63				2.07				(0.32	)			1.77				4.71				1.82
Less distributions from:
Net investment income			—				(0.09	)			—	(b)			(0.01	)			(0.01	)			(0.02	)
Net realized gains			—				(0.34	)			(0.87	)			(3.68	)			(2.02	)			(0.33	)
Total distributions			—				(0.43	)			(0.87	)			(3.69	)			(2.03	)			(0.35	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	15.13			$	14.50			$	12.86			$	14.05			$	15.97			$	13.29
Total Return (c)			4.34	%			16.28	%^			–2.14	%			11.39	%			35.81	%			15.45	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	187,226			$	189,593			$	171,152			$	157,742			$	353,565			$	289,855
Ratios to average net assets (d):
Net expenses			0.89	%			0.86	%^			0.91	%			0.86	%			0.86	%			0.88	%
Gross expenses			0.89	%			0.90	%			0.91	%			0.86	%			0.86	%			0.88	%
Net investment income (loss)			0.35	%			0.84	%^			0.13	%			0.17	%			0.06	%			0.41	%
Portfolio turnover rate			44	%			91	%			91	%			91	%			101	%			92	%

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	13.68			$	12.16			$	13.38			$	15.41			$	12.92			$	11.52
Income (loss) from investment operations:
Net investment income (loss) (a)			—	(b)			0.06	^			(0.02	)			(0.02	)			(0.04	)			—	(b)
Net realized and unrealized gain (loss)			0.58				1.85				(0.33	)			1.67				4.56				1.73
Total from investment operations			0.58				1.91				(0.35	)			1.65				4.52				1.73
Less distributions from:
Net investment income			—				(0.05	)			—	(b)			—				(0.01	)			—
Net realized gains			—				(0.34	)			(0.87	)			(3.68	)			(2.02	)			(0.33	)
Total distributions			—				(0.39	)			(0.87	)			(3.68	)			(2.03	)			(0.33	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	14.26			$	13.68			$	12.16			$	13.38			$	15.41			$	12.92
Total Return (c)			4.24	%			15.92	%^			–2.47	%			11.01	%			35.47	%			14.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	31,094			$	30,332			$	36,860			$	15,851			$	14,665			$	15,984
Ratios to average net assets (d):
Net expenses			1.18	%			1.16	%^			1.20	%			1.20	%			1.20	%			1.21	%
Gross expenses			1.18	%			1.20	%			1.20	%			1.20	%			1.20	%			1.21	%
Net investment income (loss)			0.06	%			0.51	%^			–0.13	%			–0.15	%			–0.27	%			0.01	%
Portfolio turnover rate			44	%			91	%			91	%			91	%			101	%			92	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The impact on the net investment income per share amount was $0.01 per share. There was a 0.08% impact on the total return of the Institutional Shares class of the Portfolio. There was a 0.04% impact on the net expenses and net investment income (loss) ratios of the Portfolio.
†	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.

Semi-Annual Report  75

LAZARD INTERNATIONAL EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	16.20			$	17.08			$	16.93			$	17.85			$	14.78			$	12.49
Income (loss) from investment operations:
Net investment income (loss) (a)			0.21				0.27	^			0.27				0.26				0.23				0.25
Net realized and unrealized gain (loss)			1.76				(0.98	)			—				(1.02	)			2.85				2.56
Total from investment operations			1.97				(0.71	)			0.27				(0.76	)			3.08				2.81
Less distributions from:
Net investment income			—				(0.17	)			(0.12	)			(0.16	)			(0.01	)			(0.52	)
Total distributions			—				(0.17	)			(0.12	)			(0.16	)			(0.01	)			(0.52	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	18.17			$	16.20			$	17.08			$	16.93			$	17.85			$	14.78
Total Return (c)			12.16	%			–4.18	%^			1.62	%			–4.29	%			20.84	%			22.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,771,858			$	1,511,516			$	736,272			$	378,488			$	185,199			$	109,088
Ratios to average net assets (d):
Net expenses			0.81	%			0.82	%^			0.86	%			0.90	%			0.95	%			1.02	%
Gross expenses			0.81	%			0.84	%			0.87	%			0.90	%			0.95	%			1.02	%
Net investment income (loss)			2.42	%			1.62	%^			1.50	%			1.46	%			1.42	%			1.85	%
Portfolio turnover rate			19	%			25	%			30	%			36	%			43	%			48	%

	Six Months
Selected data for a share of capital	Ended					Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	16.38			$	17.23			$	17.07			$	18.00			$	14.94			$	12.59
Income (loss) from investment operations:
Net investment income (loss) (a)			0.18				0.13	^			0.23				0.27				0.19				0.21
Net realized and unrealized gain (loss)			1.79				(0.90	)			—				(1.09	)			2.88				2.57
Total from investment operations			1.97				(0.77	)			0.23				(0.82	)			3.07				2.78
Less distributions from:
Net investment income			—				(0.08	)			(0.07	)			(0.11	)			(0.01	)			(0.43	)
Total distributions			—				(0.08	)			(0.07	)			(0.11	)			(0.01	)			(0.43	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	18.35			$	16.38			$	17.23			$	17.07			$	18.00			$	14.94
Total Return (c)			12.03	%			–4.46	%^			1.36	%			–4.57	%			20.55	%			22.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,125,685			$	1,073,486			$	80,221			$	57,350			$	42,370			$	25,610
Ratios to average net assets (d):
Net expenses			1.06	%			1.07	%^			1.14	%			1.17	%			1.23	%			1.32	%
Gross expenses			1.06	%			1.10	%			1.14	%			1.17	%			1.23	%			1.32	%
Net investment income (loss)			2.14	%			0.80	%^			1.29	%			1.49	%			1.18	%			1.49	%
Portfolio turnover rate			19	%			25	%			30	%			36	%			43	%			48	%

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

76  Semi-Annual Report

	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				4/1/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
R6 Shares
Net asset value, beginning of period		$	16.18			$	17.07			$	17.94
Income (loss) from investment operations:
Net investment income (loss) (a)			0.26				0.31	^			0.21
Net realized and unrealized gain (loss)			1.71				(1.02	)			(0.95	)
Total from investment operations			1.97				(0.71	)			(0.74	)
Less distributions from:
Net investment income			—				(0.18	)			(0.13	)
Total distributions			—				(0.18	)			(0.13	)
Net asset value, end of period		$	18.15			$	16.18			$	17.07
Total Return (c)			12.18	%			–4.17	%^			–4.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	633,903			$	79,119			$	49,387
Ratios to average net assets (d):
Net expenses			0.80	%			0.80	%^			0.80	%
Gross expenses			0.81	%			0.86	%			0.92	%
Net investment income (loss)			3.05	%			1.88	%^			1.55	%
Portfolio turnover rate			19	%			25	%			30	%

*	The inception date for the R6 Shares was April 1, 2015.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. There was a 0.02%, 0.03% and 0.02% impact on the net expenses and net investment income (loss) ratios of the Portfolio’s Institutional, Open and R6 Shares, respectively.
†	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 may have been waived or reimbursed by the 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  77

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	8.65			$	8.80			$	9.24			$	9.76			$	8.51			$	7.18
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11				0.12				0.12				0.15				0.12				0.12
Net realized and unrealized gain (loss)			1.19				(0.17	)			(0.46	)			(0.58	)			1.15				1.43
Total from investment operations			1.30				(0.05	)			(0.34	)			(0.43	)			1.27				1.55
Less distributions from:
Net investment income			—				(0.10	)			(0.10	)			(0.11	)			(0.02	)			(0.22	)
Total distributions			—				(0.10	)			(0.10	)			(0.11	)			(0.02	)			(0.22	)
Redemption fees			—				—				—	(b)			0.02				—	(b)			—	(b)
Net asset value, end of period		$	9.95			$	8.65			$	8.80			$	9.24			$	9.76			$	8.51
Total Return (c)			15.03	%			–0.63	%			–3.63	%			–4.29	%			14.93	%			21.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	43,748			$	28,299			$	18,757			$	12,749			$	19,212			$	7,571
Ratios to average net assets (d):
Net expenses			1.05	%			1.05	%			1.06	%			1.15	%			1.15	%			1.15	%
Gross expenses			1.53	%			1.79	%			2.13	%			2.10	%			2.45	%			4.17	%
Net investment income (loss)			2.34	%			1.36	%			1.25	%			1.54	%			1.33	%			1.55	%
Portfolio turnover rate			20	%			42	%			51	%			80	%			36	%			46	%

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	8.66			$	8.82			$	9.25			$	9.79			$	8.57			$	7.20
Income (loss) from investment operations:
Net investment income (loss) (a)			0.09				0.10				0.11				0.11				0.10				0.12
Net realized and unrealized gain (loss)			1.19				(0.19	)			(0.47	)			(0.57	)			1.14				1.42
Total from investment operations			1.28				(0.09	)			(0.36	)			(0.46	)			1.24				1.54
Less distributions from:
Net investment income			—				(0.07	)			(0.07	)			(0.08	)			(0.02	)			(0.17	)
Total distributions			—				(0.07	)			(0.07	)			(0.08	)			(0.02	)			(0.17	)
Redemption fees			—				—				—				—	(b)			—				—	(b)
Net asset value, end of period		$	9.94			$	8.66			$	8.82			$	9.25			$	9.79			$	8.57
Total Return (c)			14.78	%			–1.03	%			–3.85	%			–4.76	%			14.48	%			21.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,531			$	2,092			$	2,184			$	3,048			$	3,444			$	2,888
Ratios to average net assets (d):
Net expenses			1.35	%			1.35	%			1.37	%			1.45	%			1.45	%			1.45	%
Gross expenses			2.29	%			2.59	%			2.75	%			2.70	%			3.03	%			4.77	%
Net investment income (loss)			1.96	%			1.13	%			1.15	%			1.11	%			1.08	%			1.55	%
Portfolio turnover rate			20	%			42	%			51	%			80	%			36	%			46	%

†	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 may have been waived or reimbursed by the 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.

78  Semi-Annual Report

LAZARD INTERNATIONAL EQUITY CONCENTRATED 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	6/30/17†				12/31/16				12/31/15				12/31/14
Institutional Shares
Net asset value, beginning of period		$	8.54			$	8.27			$	9.53			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11				0.14				0.10				(0.01	)
Net realized and unrealized gain (loss)			0.98				0.25				(1.25	)			(0.45	)
Total from investment operations			1.09				0.39				(1.15	)			(0.46	)
Less distributions from:
Net investment income			—				(0.12	)			(0.11	)			(0.01	)
Net realized gains			—				—				—				—	(b)
Total distributions			—				(0.12	)			(0.11	)			(0.01	)
Redemption fees			—				—				—	(b)			—
Net asset value, end of period		$	9.63			$	8.54			$	8.27			$	9.53
Total Return (c)			12.76	%			4.74	%			–12.06	%			–4.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	45,597			$	15,473			$	13,753			$	9,103
Ratios to average net assets (d):
Net expenses			1.05	%			1.05	%			1.06	%			1.15	%
Gross expenses			1.60	%			2.29	%			2.96	%			7.40	%
Net investment income (loss)			2.39	%			1.64	%			1.13	%			–0.41	%
Portfolio turnover rate			53	%			92	%			91	%			45	%
	Six Months												For the Period
Selected data for a share of capital	Ended				Year Ended								8/29/14* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14
Open Shares
Net asset value, beginning of period		$	8.56			$	8.29			$	9.53			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.08				0.11				0.06				(0.02	)
Net realized and unrealized gain (loss)			1.00				0.26				(1.22	)			(0.45	)
Total from investment operations			1.08				0.37				(1.16	)			(0.47	)
Less distributions from:
Net investment income			—				(0.10	)			(0.08	)			—
Net realized gains			—				—				—				—	(b)
Total distributions			—				(0.10	)			(0.08	)			—	(b)
Redemption fees			—				—				—	(b)			—
Net asset value, end of period		$	9.64			$	8.56			$	8.29			$	9.53
Total Return (c)			12.62	%			4.41	%			–12.18	%			–4.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	246			$	114			$	55			$	559
Ratios to average net assets (d):
Net expenses			1.35	%			1.35	%			1.39	%			1.45	%
Gross expenses			9.13	%			11.98	%			9.93	%			12.39	%
Net investment income (loss)			1.85	%			1.32	%			0.60	%			–0.55	%
Portfolio turnover rate			53	%			92	%			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 may have been waived or reimbursed by the 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  79

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	12.44			$	13.33			$	13.72			$	14.46			$	11.71			$	9.46
Income (loss) from investment operations:
Net investment income (loss) (a)			0.13				0.20	^			0.16				0.19				0.14				0.15
Net realized and unrealized gain (loss)			1.61				(0.89	)			(0.40	)			(0.39	)			2.79				2.21
Total from investment operations			1.74				(0.69	)			(0.24	)			(0.20	)			2.93				2.36
Less distributions from:
Net investment income			—				(0.20	)			(0.14	)			(0.16	)			(0.10	)			(0.11	)
Net realized gains			—				—				(0.01	)			(0.38	)			(0.08	)			—
Total distributions			—				(0.20	)			(0.15	)			(0.54	)			(0.18	)			(0.11	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	14.18			$	12.44			$	13.33			$	13.72			$	14.46			$	11.71
Total Return (c)			13.99	%			–5.17	%^			–1.70	%			–1.48	%			25.02	%			25.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	5,366,663			$	5,114,357			$	4,923,328			$	3,727,391			$	2,354,068			$	893,610
Ratios to average net assets (d):
Net expenses			0.81	%			0.81	%^			0.82	%			0.84	%			0.86	%			0.86	%
Gross expenses			0.81	%			0.81	%			0.82	%			0.84	%			0.86	%			0.86	%
Net investment income (loss)			1.98	%			1.56	%^			1.15	%			1.28	%			1.02	%			1.45	%
Portfolio turnover rate			28	%			47	%			37	%			33	%			42	%			52	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	12.55			$	13.44			$	13.82			$	14.57			$	11.80			$	9.53
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11				0.18	^			0.13				0.16				0.10				0.09
Net realized and unrealized gain (loss)			1.62				(0.90	)			(0.40	)			(0.41	)			2.82				2.26
Total from investment operations			1.73				(0.72	)			(0.27	)			(0.25	)			2.92				2.35
Less distributions from:
Net investment income			—				(0.17	)			(0.10	)			(0.12	)			(0.07	)			(0.08	)
Net realized gains			—				—				(0.01	)			(0.38	)			(0.08	)			—
Total distributions			—				(0.17	)			(0.11	)			(0.50	)			(0.15	)			(0.08	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	14.28			$	12.55			$	13.44			$	13.82			$	14.57			$	11.80
Total Return (c)			13.78	%			–5.37	%^			–1.89	%			–1.78	%			24.73	%			24.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,270,661			$	1,591,016			$	1,783,529			$	1,574,106			$	868,730			$	315,811
Ratios to average net assets (d):
Net expenses			1.06	%			1.06	%^			1.08	%			1.09	%			1.10	%			1.13	%
Gross expenses			1.06	%			1.06	%			1.08	%			1.09	%			1.10	%			1.13	%
Net investment income (loss)			1.62	%			1.34	%^			0.94	%			1.06	%			0.78	%			0.87	%
Portfolio turnover rate			28	%			47	%			37	%			33	%			42	%			52	%

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

80  Semi-Annual Report

	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				1/19/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
R6 Shares
Net asset value, beginning of period		$	12.45			$	13.34			$	13.70
Income (loss) from investment operations:
Net investment income (loss) (a)			0.12				0.19	^			(0.03	)
Net realized and unrealized gain (loss)			1.62				(0.88	)			(0.21	)
Total from investment operations			1.74				(0.69	)			(0.24	)
Less distributions from:
Net investment income			—				(0.20	)			(0.11	)
Net realized gains			—				—				(0.01	)
Total distributions			—				(0.20	)			(0.12	)
Redemption fees			—				—	(b)			—
Net asset value, end of period		$	14.19			$	12.45			$	13.34
Total Return (c)			13.98	%			–5.17	%^			–1.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	97,627			$	96,284			$	72,362
Ratios to average net assets (d):
Net expenses			0.81	%			0.81	%^			1.03	%
Gross expenses			0.82	%			0.82	%			1.09	%
Net investment income (loss)			1.89	%			1.46	%^			–0.22	%
Portfolio turnover rate			28	%			47	%			37	%

*	The inception date for the R6 Shares was January 19, 2015.
^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
†	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 may have been waived or reimbursed by the 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  81

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				5/29/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Institutional Shares
Net asset value, beginning of period		$	8.91			$	9.21			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.14				0.18				0.04
Net realized and unrealized gain (loss)			1.16				(0.28	)			(0.70	)
Total from investment operations			1.30				(0.10	)			(0.66	)
Less distributions from:
Net investment income			—				(0.20	)			(0.13	)
Total distributions			—				(0.20	)			(0.13	)
Net asset value, end of period		$	10.21			$	8.91			$	9.21
Total Return (b)			14.59	%			–1.13	%			–6.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,307			$	1,969			$	1,797
Ratios to average net assets (c):
Net expenses			0.90	%			0.90	%			0.90	%
Gross expenses			11.27	%			13.12	%			14.93	%
Net investment income (loss)			2.97	%			2.08	%			0.77	%
Portfolio turnover rate			48	%			92	%			58	%
	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				5/29/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Open Shares
Net asset value, beginning of period		$	8.91			$	9.21			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.13				0.15				0.03
Net realized and unrealized gain (loss)			1.16				(0.28	)			(0.71	)
Total from investment operations			1.29				(0.13	)			(0.68	)
Less distributions from:
Net investment income			—				(0.17	)			(0.11	)
Total distributions			—				(0.17	)			(0.11	)
Net asset value, end of period		$	10.20			$	8.91			$	9.21
Total Return (b)			14.48	%			–1.42	%			–6.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	106			$	93			$	93
Ratios to average net assets (c):
Net expenses			1.20	%			1.20	%			1.20	%
Gross expenses			23.34	%			25.85	%			30.10	%
Net investment income (loss)			2.65	%			1.74	%			0.47	%
Portfolio turnover rate			48	%			92	%			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 may have been waived or reimbursed by the 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.

82  Semi-Annual Report

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	10.10			$	10.90			$	10.01			$	10.54			$	8.12			$	6.84
Income (loss) from investment operations:
Net investment income (loss) (a)			0.08				0.12	^			0.10				0.12				0.11				0.11
Net realized and unrealized gain (loss)			1.61				(0.62	)			0.87				(0.40	)			2.34				1.40
Total from investment operations			1.69				(0.50	)			0.97				(0.28	)			2.45				1.51
Less distributions from:
Net investment income			—				(0.30	)			(0.08	)			(0.25	)			(0.03	)			(0.23	)
Total distributions			—				(0.30	)			(0.08	)			(0.25	)			(0.03	)			(0.23	)
Redemption fees			—				—				—	(b)			—	(b)			—				—	(b)
Net asset value, end of period		$	11.79			$	10.10			$	10.90			$	10.01			$	10.54			$	8.12
Total Return (c)			16.73	%			–4.64	%^			9.71	%			–2.77	%			30.20	%			22.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	39,335			$	37,049			$	51,828			$	46,329			$	51,508			$	45,360
Ratios to average net assets (d):
Net expenses			1.13	%			0.96	%^			1.11	%			1.13	%			1.13	%			1.13	%
Gross expenses			1.13	%			1.06	%			1.11	%			1.15	%			1.19	%			1.18	%
Net investment income (loss)			1.54	%			1.14	%^			0.91	%			1.13	%			1.15	%			1.40	%
Portfolio turnover rate			21	%			63	%			48	%			48	%			58	%			48	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	10.15			$	10.93			$	10.03			$	10.56			$	8.17			$	6.86
Income (loss) from investment operations:
Net investment income (loss) (a)			0.07				0.10	^			0.07				0.09				0.08				0.08
Net realized and unrealized gain (loss)			1.62				(0.63	)			0.88				(0.40	)			2.34				1.41
Total from investment operations			1.69				(0.53	)			0.95				(0.31	)			2.42				1.49
Less distributions from:
Net investment income			—				(0.25	)			(0.05	)			(0.22	)			(0.03	)			(0.18	)
Total distributions			—				(0.25	)			(0.05	)			(0.22	)			(0.03	)			(0.18	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	11.84			$	10.15			$	10.93			$	10.03			$	10.56			$	8.17
Total Return (c)			16.65	%			–4.92	%^			9.49	%			–3.05	%			29.65	%			21.96	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	38,805			$	44,523			$	55,776			$	19,994			$	19,639			$	17,669
Ratios to average net assets (d):
Net expenses			1.38	%			1.21	%^			1.38	%			1.43	%			1.43	%			1.43	%
Gross expenses			1.38	%			1.30	%			1.38	%			1.44	%			1.48	%			1.48	%
Net investment income (loss)			1.23	%			0.91	%^			0.63	%			0.85	%			0.85	%			1.08	%
Portfolio turnover rate			21	%			63	%			48	%			48	%			58	%			48	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The impact on the net investment income per share amount was $0.01 per share. There was a 0.10% and 0.09% impact on the total return of the Institutional and Open Shares classes, respectively, of the Portfolio. There was a 0.10% and 0.09% impact on the net expenses and net investment income (loss) ratios of the Portfolio’s Institutional and Open Shares, respectively.
†	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 may have been waived or reimbursed by the 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  83

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

	Six Months																For the
Selected data for a share of capital	Ended				Year Ended												Period
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13*
Institutional Shares
Net asset value, beginning of period		$	10.53			$	10.33			$	10.32			$	10.02			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				0.09				0.04				0.07				—
Net realized and unrealized gain (loss)			1.46				0.18				0.01				0.29				0.02
Total from investment operations			1.52				0.27				0.05				0.36				0.02
Less distributions from:
Net investment income			—				(0.07	)			(0.04	)			(0.06	)			—
Total distributions			—				(0.07	)			(0.04	)			(0.06	)			—
Redemption fees			—				—	(b)			—	(b)			—	(b)			—
Net asset value, end of period		$	12.05			$	10.53			$	10.33			$	10.32			$	10.02
Total Return (c)			14.43	%			2.66	%			0.46	%			3.84	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	42,753			$	31,197			$	20,624			$	12,266			$	1,903
Ratios to average net assets (d):
Net expenses			1.05	%			1.07	%			1.10	%			1.10	%			0.00	%
Gross expenses			1.46	%			1.75	%			2.27	%			4.62	%			91.25	%(e)
Net investment income (loss)			1.11	%			0.86	%			0.41	%			0.64	%			0.00	%
Portfolio turnover rate			28	%			40	%			55	%			64	%			0	%
	Six Months																For the
Selected data for a share of capital	Ended				Year Ended												Period
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13*
Open Shares
Net asset value, beginning of period		$	10.54			$	10.34			$	10.32			$	10.01			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.04				0.06				0.01				0.04				—
Net realized and unrealized gain (loss)			1.46				0.18				0.02				0.30				0.01
Total from investment operations			1.50				0.24				0.03				0.34				0.01
Less distributions from:
Net investment income			—				(0.04	)			(0.01	)			(0.03	)			—
Total distributions			—				(0.04	)			(0.01	)			(0.03	)			—
Net asset value, end of period		$	12.04			$	10.54			$	10.34			$	10.32			$	10.01
Total Return (c)			14.23	%			2.35	%			0.24	%			3.54	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	600			$	515			$	290			$	201			$	100
Ratios to average net assets (d):
Net expenses			1.35	%			1.37	%			1.40	%			1.40	%			0.00	%
Gross expenses			3.88	%			5.38	%			7.42	%			13.34	%			91.25	%(e)
Net investment income (loss)			0.79	%			0.56	%			0.09	%			0.35	%			0.00	%
Portfolio turnover rate			28	%			40	%			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 may have been waived or reimbursed by the 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.

84  Semi-Annual Report

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	6/30/17†				12/31/16				12/31/15				12/31/14
Institutional Shares
Net asset value, beginning of period		$	9.59			$	9.67			$	9.94			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.06				0.07				0.06				—	(b)
Net realized and unrealized gain (loss)			1.08				(0.08	)			(0.25	)			(0.04	)
Total from investment operations			1.14				(0.01	)			(0.19	)			(0.04	)
Less distributions from:
Net investment income			—				(0.07	)			(0.08	)			(0.02	)
Return of capital			—				—				—				—	(b)
Total distributions			—				(0.07	)			(0.08	)			(0.02	)
Net asset value, end of period		$	10.73			$	9.59			$	9.67			$	9.94
Total Return (c)			11.89	%			–0.15	%			–1.85	%			–0.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	18,555			$	19,816			$	9,254			$	7,112
Ratios to average net assets (d):
Net expenses			1.10	%			1.10	%			1.10	%			1.10	%
Gross expenses			2.15	%			2.03	%			3.83	%			7.11	%
Net investment income (loss)			1.12	%			0.76	%			0.63	%			–0.08	%
Portfolio turnover rate			34	%			67	%			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	6/30/17†				12/31/16				12/31/15				12/31/14
Open Shares
Net asset value, beginning of period		$	9.59			$	9.67			$	9.94			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.04				0.04				0.03				(0.01	)
Net realized and unrealized gain (loss)			1.08				(0.08	)			(0.25	)			(0.04	)
Total from investment operations			1.12				(0.04	)			(0.22	)			(0.05	)
Less distributions from:
Net investment income			—				(0.04	)			(0.05	)			(0.01	)
Return of capital			—				—				—				—	(b)
Total distributions			—				(0.04	)			(0.05	)			(0.01	)
Net asset value, end of period		$	10.71			$	9.59			$	9.67			$	9.94
Total Return (c)			11.68	%			–0.45	%			–2.16	%			–0.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	132			$	114			$	114			$	135
Ratios to average net assets (d):
Net expenses			1.40	%			1.40	%			1.40	%			1.40	%
Gross expenses			13.16	%			13.31	%			14.12	%			24.52	%
Net investment income (loss)			0.84	%			0.39	%			0.30	%			–0.32	%
Portfolio turnover rate			34	%			67	%			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 may have been waived or reimbursed by the 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  85

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				5/29/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Institutional Shares
Net asset value, beginning of period		$	9.99			$	9.59			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11				0.18				0.09
Net realized and unrealized gain (loss)			0.93				0.44				(0.33	)
Total from investment operations			1.04				0.62				(0.24	)
Less distributions from:
Net investment income			—				(0.22	)			(0.17	)
Total distributions			—				(0.22	)			(0.17	)
Net asset value, end of period		$	11.03			$	9.99			$	9.59
Total Return (b)			10.41	%			6.45	%			–2.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,894			$	2,431			$	2,206
Ratios to average net assets (c):
Net expenses			0.75	%			0.75	%			0.75	%
Gross expenses			8.83	%			10.42	%			13.51	%
Net investment income (loss)			2.04	%			1.82	%			1.64	%
Portfolio turnover rate			52	%			91	%			56	%

	Six Months								For the Period
Selected data for a share of capital	Ended				Year Ended				5/29/15* to
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15
Open Shares
Net asset value, beginning of period		$	9.99			$	9.59			$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)			0.09				0.15				0.08
Net realized and unrealized gain (loss)			0.93				0.44				(0.34	)
Total from investment operations			1.02				0.59				(0.26	)
Less distributions from:
Net investment income			—				(0.19	)			(0.15	)
Total distributions			—				(0.19	)			(0.15	)
Net asset value, end of period		$	11.01			$	9.99			$	9.59
Total Return (b)			10.21	%			6.14	%			–2.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	219			$	172			$	175
Ratios to average net assets (c):
Net expenses			1.05	%			1.05	%			1.05	%
Gross expenses			15.05	%			17.27	%			23.94	%
Net investment income (loss)			1.74	%			1.52	%			1.33	%
Portfolio turnover rate			52	%			91	%			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 may have been waived or reimbursed by the 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

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”). This report includes only the financial statements of US Equity Concentrated, US Strategic 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.

The Portfolios, other than US Equity Concentrated and International Equity Concentrated Portfolios, are operated as “diversified” funds, as defined in the 1940 Act.

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).

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 accordance with 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—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System (“NASDAQ”), the NASDAQ Official Closing Price. If there is no available closing price for a foreign equity

security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

Semi-Annual Report  87

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 a 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 tax reclaims for previously withheld taxes on dividends earned in those countries. These 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 proceed-

ings, 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 a Portfolio’s 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.

At June 30, 2017, the US Small-Mid Cap Equity and International Equity Portfolios had investments in repurchase agreements with a value of $1,583,000 and $165,832,000, 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 Portfo-

88  Semi-Annual Report

lios’ 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, 2016, 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 2017			Expiring 2018
International Equity	$	(8,988,349	)	$	(5,103,235	)
International Equity Select		(38,626	)		(1,173,332	)
International Small Cap Equity		(50,821,243	)		(4,306,477	)
Portfolio	Short-Term*			Long-Term*
International Equity	$	(41,604,214	)	$	(18,786,630	)
International Equity Select		(1,009,114	)		(307,591	)
International Equity Concentrated		(1,948,172	)		(230,884	)
International Strategic Equity		(275,934,904	)		(147,780,692	)
International Equity Advantage		(142,429	)		(46,351	)
Global Equity Select		(665,251	)		—
Global Strategic Equity		(326,984	)		(7,620	)
Managed Equity Volatility		(70,049	)		—
*  Non-Expiring

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral			Late-Year Ordinary Loss Deferral
US Equity Concentrated	$	(4,471,531	)	$	—
International Strategic Equity		—			(872,435	)
International Small Cap Equity		—			(105,592	)
Global Equity Select		—			(207	)
Global Strategic Equity		—			(3,859	)
Managed Equity Volatility		—			(1,436	)

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 tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(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, expiring capital loss carryovers, certain expenses, and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distribu-

Semi-Annual Report  89

tions may result in reclassifications among certain capital accounts.

(g) Offering and Organizational Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. Organizational costs are expensed as incurred.

(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—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(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, Custody, 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, and provides the Portfolios with administrative, operational and compliance assistance services. For its services provided to the Portfolios, the Investment Manager earns a management fee, accrued daily as a percentage of its average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
US Equity Concentrated		0.70	%
US Strategic Equity		0.70
US 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		0.80
Global Strategic Equity		0.85
Managed Equity Volatility		0.60

The Investment Manager has voluntarily agreed, until May 1 of the year shown below, to waive 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, but including the management fee stated in the Management Agreement

90  Semi-Annual Report

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			R6 Shares			Year
US Equity Concentrated		0.95	%		1.25	%		0.90	%		2018	(a)
US Strategic Equity		0.75			1.05			0.75			2018
US Small-Mid Cap Equity		1.15			1.45			N/A			2018
International Equity		0.85			1.15			0.80			2018
International Equity Select		1.05			1.35			N/A			2018	(b)
International Equity Concentrated		1.05			1.35			N/A			2018
International Strategic Equity		1.15			1.45			1.10			2018
International Equity Advantage		0.90			1.20			N/A			2018
International Small Cap Equity		1.13			1.43			N/A			2018
Global Equity Select		1.05			1.35			N/A			2018
Global Strategic Equity		1.10			1.40			N/A			2018
Managed Equity Volatility		0.75			1.05			N/A			2018

(a)	Agreement extends, for May 1, 2018 through April 29, 2027, at rates of 1.10%, 1.40% and 1.05%, respectively.
(b)	Agreement extends, for May 1, 2018 through April 29, 2027, at rates of 1.15% and 1.45%, respectively.

In addition to the expense limitation agreements, until May 1, 2018, to the extent the “Total Annual Portfolio Operating Expenses” (as defined in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodian fees or other expenses related to the management of the Portfolio’s assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess.

During the period ended June 30, 2017, 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	$	92,269	$	—	$	4,691	$	2,924
International Equity Select		86,884		—		8,722		2,169
International Equity Concentrated		87,524		—		765		5,835
International Equity Advantage		6,975		95,349		325		10,331
Global Equity Select		74,321		—		2,258		4,888
Global Strategic Equity		75,844		8,681		488		6,200
Managed Equity Volatility		8,004		91,071		581		12,334
					R6 Shares
					Management		Expenses
Portfolio					Fees Waived		Reimbursed
US Equity Concentrated					$	695	$	7,218
US Strategic Equity						19,688		—
International Equity						7,800		—
International Strategic Equity						6,495		—

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, 2017, State Street waived its fees as follows:

Portfolio	Amount
International Equity Concentrated	$	1,563
International Equity Advantage		9,375
Global Strategic Equity		9,375
Managed Equity Volatility		9,375

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

Semi-Annual Report  91

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The dollar amount difference between what was charged and what should have been charged, plus interest, was paid to the affected Portfolios in April 2017 as a reimbursement. Pursuant to the expense limitations described in Note 3, certain Portfolios have experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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. During the period ended June 30, 2017, BFDS waived $4,050 of its fee for the US Equity Concentrated Portfolio.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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, 2017 were as follows:

Portfolio	Purchases		Sales
US Equity Concentrated	$	810,955,656	$	602,497,837
US Strategic Equity		28,364,213		37,010,373
US Small-Mid Cap Equity		92,731,521		100,594,955
International Equity		1,065,905,960		554,980,320
International Equity Select		17,700,746		7,265,593
International Equity Concentrated		42,878,009		16,442,002
International Strategic Equity		1,805,062,572		2,780,027,694
International Equity Advantage		1,150,187		1,076,932
International Small Cap Equity		16,551,305		29,273,838
Global Equity Select		17,341,675		10,151,736
Global Strategic Equity		5,914,323		9,013,559
Managed Equity Volatility		1,593,903		1,469,024

92  Semi-Annual Report

For the period ended June 30, 2017, 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, 2017, the Investment Manager owned 87.64% and 73.65% of the outstanding shares of International Equity Advantage 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 is 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, 2017, 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 Strategic Equity	$	1,700,000	$	1,700,000		1.85	%		1
International Equity Concentrated		675,875		1,800,000		1.78			8
International Equity Advantage		11,000		11,000		1.78			1
International Small Cap Equity		369,552		1,480,000		1.90			23
Global Equity Select		609,500		1,200,000		1.85			2
Global Strategic Equity		3,200		3,200		1.91			1
Managed Equity Volatility		5,036		11,500		1.78			11

* 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. A Portfolio’s outstanding balance on the line of credit, if any, would be categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. 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.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. 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.

Semi-Annual Report  93

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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the

Fund 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 assets and liabilities

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

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

Changes in valuation technique may result in transfers 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’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
US Equity Concentrated Portfolio
Common Stocks*	$	1,504,183,869	$	—	$	—	$	1,504,183,869
Short-Term Investments		101,887,493		—		—		101,887,493
Total	$	1,606,071,362	$	—	$	—	$	1,606,071,362
US Strategic Equity Portfolio
Common Stocks*	$	82,513,968	$	—	$	—	$	82,513,968
Short-Term Investments		1,692,935		—		—		1,692,935
Total	$	84,206,903	$	—	$	—	$	84,206,903
US Small-Mid Cap Equity Portfolio
Common Stocks*	$	215,789,877	$	—	$	—	$	215,789,877
Repurchase Agreements		—		1,583,000		—		1,583,000
Total	$	215,789,877	$	1,583,000	$	—	$	217,372,877

94  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
International Equity Portfolio
Common Stocks*
Australia	$	—	$	104,278,847	$	—	$	104,278,847
Belgium		—		89,555,136		—		89,555,136
Brazil		35,148,116		—		—		35,148,116
Canada		149,260,460		—		—		149,260,460
Denmark		—		82,778,742		—		82,778,742
Finland		—		51,440,745		—		51,440,745
France		—		401,224,022		—		401,224,022
Germany		—		121,367,321		—		121,367,321
Ireland		46,492,793		90,972,877		—		137,465,670
Italy		—		54,410,385		—		54,410,385
Japan		—		602,869,323		—		602,869,323
Luxembourg		—		46,014,313		—		46,014,313
Netherlands		—		179,751,227		—		179,751,227
Norway		—		83,686,743		—		83,686,743
Philippines		—		705,108		—		705,108
Singapore		—		52,227,376		—		52,227,376
Spain		—		33,237,849		—		33,237,849
Sweden		—		136,175,499		—		136,175,499
Switzerland		—		212,623,800		—		212,623,800
Taiwan		49,090,832		—		—		49,090,832
Turkey		—		25,245,855		—		25,245,855
United Kingdom		—		561,314,826		—		561,314,826
United States		151,698,961		—		—		151,698,961
Repurchase Agreements		—		165,832,000		—		165,832,000
Total	$	431,691,162	$	3,095,711,994	$	—	$	3,527,403,156

Semi-Annual Report  95

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
International Equity Select Portfolio
Common Stocks*
Australia	$	—	$	739,337	$	—	$	739,337
Belgium		—		1,211,871		—		1,211,871
Brazil		1,824,583		—		—		1,824,583
Canada		1,277,294		—		—		1,277,294
China		—		1,013,459		—		1,013,459
Denmark		—		498,854		—		498,854
Finland		—		977,455		—		977,455
France		—		2,401,699		—		2,401,699
Germany		—		1,628,365		—		1,628,365
India		320,722		—		—		320,722
Indonesia		912,726		—		—		912,726
Ireland		448,949		1,076,107		—		1,525,056
Italy		—		336,225		—		336,225
Japan		—		6,582,711		—		6,582,711
Netherlands		—		1,681,651		—		1,681,651
Norway		—		1,087,443		—		1,087,443
Philippines		—		280,847		—		280,847
Russia		223,958		—		—		223,958
Singapore		—		617,701		—		617,701
South Africa		—		814,431		—		814,431
South Korea		—		1,062,289		—		1,062,289
Spain		—		538,879		—		538,879
Sweden		—		1,473,645		—		1,473,645
Switzerland		—		2,058,159		—		2,058,159
Taiwan		—		1,332,995		—		1,332,995
Thailand		—		320,627		—		320,627
Turkey		—		993,995		—		993,995
United Kingdom		—		7,505,889		—		7,505,889
United States		2,815,288		—		—		2,815,288
Short-Term Investments		1,886,082		—		—		1,886,082
Total	$	9,709,602	$	36,234,634	$	—	$	45,944,236
International Equity Concentrated Portfolio
Common Stocks*
Belgium	$	—	$	2,016,136	$	—	$	2,016,136
Brazil		1,633,806		—		—		1,633,806
Canada		3,768,369		—		—		3,768,369
China		—		2,423,667		—		2,423,667
Denmark		—		1,240,682		—		1,240,682
France		—		7,941,149		—		7,941,149
India		696,969		—		—		696,969
Ireland		—		2,754,892		—		2,754,892
Japan		—		1,499,638		—		1,499,638
Netherlands		—		1,678,566		—		1,678,566
Singapore		—		1,170,619		—		1,170,619
South Korea		—		1,489,694		—		1,489,694
Taiwan		2,024,044		—		—		2,024,044
Turkey		—		2,024,739		—		2,024,739
United Kingdom		—		8,787,867		—		8,787,867
United States		3,416,174		—		—		3,416,174
Short-Term Investments		962,678		—		—		962,678
Total	$	12,502,040	$	33,027,649	$	—	$	45,529,689

96  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
International Strategic Equity Portfolio
Common Stocks*
Australia	$	—	$	24,209,819	$	—	$	24,209,819
Brazil		114,360,956		—		—		114,360,956
Canada		322,509,442		—		—		322,509,442
China		—		108,850,532		—		108,850,532
Denmark		—		167,031,521		—		167,031,521
Finland		—		230,084,052		—		230,084,052
France		—		451,227,458		—		451,227,458
Germany		—		173,382,781		—		173,382,781
India		—		73,842,800		—		73,842,800
Indonesia		—		12,674,096		—		12,674,096
Ireland		—		364,363,316		—		364,363,316
Italy		—		156,510,880		—		156,510,880
Japan		—		1,239,285,357		—		1,239,285,357
Luxembourg		—		41,469,786		—		41,469,786
Netherlands		—		98,918,580		—		98,918,580
New Zealand		—		73,707,725		—		73,707,725
Norway		—		143,448,553		—		143,448,553
Philippines		—		64,311,817		—		64,311,817
Singapore		—		110,847,205		—		110,847,205
South Africa		—		30,750,294		—		30,750,294
Sweden		—		238,563,601		—		238,563,601
Switzerland		58,639,065		224,346,194		—		282,985,259
Taiwan		—		100,236,861		—		100,236,861
Turkey		—		57,972,044		—		57,972,044
United Kingdom		—		1,417,430,694		—		1,417,430,694
United States		395,636,137		—		—		395,636,137
Short-Term Investments		253,928,721		—		—		253,928,721
Total	$	1,145,074,321	$	5,603,465,966	$	—	$	6,748,540,287
International Equity Advantage Portfolio
Common Stocks*
Australia	$	—	$	182,396	$	—	$	182,396
Austria		—		9,327		—		9,327
Belgium		—		4,904		—		4,904
Denmark		—		56,743		—		56,743
Faeroe Islands		—		4,485		—		4,485
Finland		—		7,862		—		7,862
France		—		244,794		—		244,794
Germany		—		195,651		—		195,651
Hong Kong		—		93,357		—		93,357
India		—		2,854		—		2,854
Ireland		10,889		3,435		—		14,324
Italy		—		37,840		—		37,840
Japan		16,046		536,533		—		552,579
Luxembourg		—		5,750		—		5,750
Netherlands		—		72,765		—		72,765
Norway		—		42,265		—		42,265
Portugal		—		9,044		—		9,044
Singapore		—		31,795		—		31,795
Spain		—		132,741		—		132,741
Sweden		—		75,226		—		75,226
Switzerland		22,939		215,410		—		238,349
United Kingdom		—		378,299		—		378,299
United States		3,989		13,177		—		17,166
Short-Term Investments		53,978		—		—		53,978
Total	$	107,841	$	2,356,653	$	—	$	2,464,494

Semi-Annual Report  97

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
International Small Cap Equity Portfolio
Common Stocks*
Australia	$	—	$	3,525,479	$	—	$	3,525,479
Belgium		—		1,335,237		—		1,335,237
Canada		5,409,146		—		—		5,409,146
China		—		555,891		—		555,891
Cyprus		—		1,467,348		—		1,467,348
Denmark		—		704,406		—		704,406
Germany		—		4,899,081		—		4,899,081
Hong Kong		—		659,776		—		659,776
Ireland		—		1,543,646		—		1,543,646
Israel		606,732		—		—		606,732
Italy		—		1,985,242		—		1,985,242
Japan		—		22,345,834		—		22,345,834
Luxembourg		—		1,237,748		—		1,237,748
Netherlands		—		1,980,173		—		1,980,173
New Zealand		—		937,714		—		937,714
Norway		—		338,315		—		338,315
Portugal		—		734,499		—		734,499
Singapore		—		872,349		—		872,349
South Korea		—		459,068		—		459,068
Spain		—		825,812		—		825,812
Sweden		—		5,675,775		—		5,675,775
Switzerland		—		1,113,435		—		1,113,435
Taiwan		699,576		1,971,931		—		2,671,507
Turkey		—		749,592		—		749,592
United Kingdom		216,975		14,168,625		—		14,385,600
United States		745,347		881,919		—		1,627,266
Short-Term Investments		1,596,475		—		—		1,596,475
Total	$	9,274,251	$	70,968,895	$	—	$	80,243,146
Global Equity Select Portfolio
Common Stocks*
Australia	$	433,169	$	—	$	—	$	433,169
Brazil		807,749		—		—		807,749
Canada		1,413,755		—		—		1,413,755
China		486,809		757,240		—		1,244,049
Denmark		—		881,048		—		881,048
Finland		—		514,894		—		514,894
Germany		—		1,375,556		—		1,375,556
Hong Kong		—		641,340		—		641,340
India		298,951		—		—		298,951
Ireland		—		755,567		—		755,567
Israel		—		369,766		—		369,766
Japan		—		2,888,988		—		2,888,988
Netherlands		—		642,186		—		642,186
South Africa		—		284,962		—		284,962
Sweden		—		1,173,488		—		1,173,488
Switzerland		—		348,043		—		348,043
Taiwan		569,149		—		—		569,149
United Kingdom		363,183		4,080,826		—		4,444,009
United States		22,849,931		—		—		22,849,931
Short-Term Investments		1,660,157		—		—		1,660,157
Total	$	28,882,853	$	14,713,904	$	—	$	43,596,757

98  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Global Strategic Equity Portfolio
Common Stocks*
Australia	$	—	$	90,059	$	—	$	90,059
China		316,602		—		—		316,602
Denmark		—		426,000		—		426,000
Finland		—		414,084		—		414,084
France		—		750,639		—		750,639
Greece		—		315,317		—		315,317
Indonesia		—		91,637		—		91,637
Ireland		—		380,207		—		380,207
Israel		—		280,408		—		280,408
Japan		—		1,168,881		—		1,168,881
New Zealand		—		327,554		—		327,554
Philippines		—		11,054		—		11,054
South Africa		—		340,962		—		340,962
Switzerland		205,214		—		—		205,214
Taiwan		403,019		—		—		403,019
United Kingdom		—		2,202,551		—		2,202,551
United States		10,373,724		—		—		10,373,724
Short-Term Investments		591,615		—		—		591,615
Total	$	11,890,174	$	6,799,353	$	—	$	18,689,527
Managed Equity Volatility Portfolio
Common Stocks*
Australia	$	—	$	183,070	$	—	$	183,070
Austria		—		10,582		—		10,582
Belgium		—		8,536		—		8,536
Canada		209,357		—		—		209,357
Denmark		—		36,115		—		36,115
France		—		32,089		—		32,089
Germany		—		39,903		—		39,903
Hong Kong		—		127,708		—		127,708
Ireland		7,317		—		—		7,317
Israel		—		27,267		—		27,267
Italy		—		12,003		—		12,003
Japan		—		297,661		—		297,661
Malta		—		7,151		—		7,151
Netherlands		—		29,682		—		29,682
Norway		—		43,533		—		43,533
Portugal		—		8,734		—		8,734
Singapore		—		60,463		—		60,463
Spain		—		3,626		—		3,626
Sweden		—		40,387		—		40,387
Switzerland		15,500		54,917		—		70,417
United Kingdom		—		145,786		—		145,786
United States		1,591,112		19,136		—		1,610,248
Short-Term Investments		96,416		—		—		96,416
Total	$	1,919,702	$	1,188,349	$	—	$	3,108,051

* Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.

Semi-Annual Report  99

In connection with the 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 procedures and would revert to Level 1 when the fair value pricing procedures are no longer used. 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.

During the period ended June 30, 2017, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
International Equity	$	1,967,405,547
International Equity Select		21,970,088
International Equity Concentrated		7,458,393
International Strategic Equity		4,986,411,944
International Equity Advantage		1,553,293
International Small Cap Equity		58,815,093
Global Equity Select		8,633,932
Global Strategic Equity		5,463,873
Managed Equity Volatility		656,116

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2017.

For further information regarding security characteristics see Portfolios of Investments.

10. Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending after August 1, 2017. The Investment Manager does not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

11. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

100  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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		University of California, Berkeley School of Law, Lecturer (Spring 2017)
		Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  101

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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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.

102  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

Semi-Annual Report  103

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 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 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). 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

104  Semi-Annual Report

as “advisory fees”) and expense ratios (as limited by the Investment Manager (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation 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, the gross advisory fee and the expense ratio ranked in one of the first three quintiles of 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 performance to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2017 (as applicable).

The Directors considered that the three- and five-year performance of each Portfolio with at least three years of performance ranked in one of the three highest quintiles of its Group, except: the International Equity and International Equity Select Portfolios, although both

Portfolios’ share classes were in the first or second quintile of their respective Groups for the ten-year period; the International Strategic Equity Portfolio, although the Portfolio’s share classes were in the first and second Group quintiles for the five-year period; and the US Strategic Equity Portfolio, which had both share classes ranking in the third quintile for the one-year period. For the noted Portfolios, representatives of the Investment Manager discussed with the Directors the reasons for relative underperformance and explained that the performance of all four Portfolios had shown relative improvement in 2017. For the Global Strategic Equity, International Equity Advantage, International Equity Concentrated and Managed Equity Volatility Portfolios, each of which had less than three years of performance, below average performance was discussed and considered and would continue to be monitored.

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, 2016 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 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 Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any other significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. 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

Semi-Annual Report  105

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 $215 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.

106  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
Proskauer Rose LLP
Eleven Times Square
New York, New York 10036-8299
http://www.proskauer.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, 2017

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 •  Assets and income •  Account transactions •  Credit history •  Transaction history 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 Asset Management (Canada), Inc. and Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
10	Information About Your Portfolio’s Expenses
12	Portfolio Holdings Presented by Credit Rating
13	Portfolios of Investments
13	Lazard US Corporate Income Portfolio
19	Lazard US Short Duration Fixed Income Portfolio
21	Lazard Global Fixed Income Portfolio
26	Notes to Portfolios of Investments
28	Statements of Assets and Liabilities
29	Statements of Operations
30	Statements of Changes in Net Assets
32	Financial Highlights
36	Notes to Financial Statements
47	Board of Directors and Officers Information
50	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007-2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

US Corporate Income

Investor demand for the US high yield market was high in the first half of 2017, pushing prices up and leading to returns in excess of the coupon earned. A growing US economy and low global yields contributed to the market’s return. The best returns year-to-date have come from the riskiest subsectors of the market, especially those that were among the best performers last year. Prices for CCC rated and distressed securities generated outsized returns. The high yield market also benefited 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 4.47%, outperforming the Bloomberg Barclays US Aggregate^® Index (up 2.27%), intermediate Treasuries (up 1.89%), and the investment grade sector (up 3.88%). The S&P 500^® Index outperformed and returned 9.34%.

High yield market spreads narrowed by about 47 basis points (“bps”) during the first half of the year to 367 bps over Treasuries. The CCC rated sector narrowed significantly, by 107 bps, to 825 bps and the BB rated sector narrowed by 40 bps, to 231 bps. The B rated sector, which narrowed the least of the rating sectors at 32 bps, now stands at 378 bps over Treasuries. Intermediate Treasury yields (5 to 7 year) decreased, ending at 2.02% on June 30, 2017. For the first half of the year, high-yield mutual fund market flows were negative, totaling about $9.5 billion. This compares unfavorably to a positive $3.6 billion for the first half of 2016. New US high yield bond issuance was higher at $175 billion for the first half of 2017 compared to $155 billion for the first half of 2016. The domestic high yield market capitalization is now approximately $1.27 trillion. The Standard & Poor’s US speculative-grade trailing 12-month issuer default rate was 3.8% as of June 30, 2017, down from 5.1% in December 2016.

US Short Duration Fixed Income

Core dynamics in US bond markets remained steady during the past six months. Investors have shown confidence in the underlying macro economy as the fears of systemic risks continue to subside. Equity markets have responded with higher prices while the

demand for the safety of US Treasuries has subsided. Once again, the economy’s underlying inflation fundamentals appear to be driving the direction of long term rates. These core dynamics have created the opportunity for the Federal Reserve (the “Fed”) to pursue a policy of normalization and, thankfully, it is moving forward with such a policy in a steadfast manner. While the low term premia of longer term rates remains a concern, higher growth prospects for Europe should alleviate the foreign demand that we believe is driving it. At this time, we see no impediments that are likely to derail this subdued trajectory to an accommodative rate environment consistent with the absence of systemic risk.

We believe that, in such a subdued low interest rate environment, investors have become complacent about the primary goal of fixed income investing, which is insuring that your capital is safe. This is readily apparent in the proliferation of investment vehicles that have been created for beta/sector positioning, often with little transparency as to the underlying securities in the vehicles. However, in fixed income, a permanent loss of capital can overwhelm all beta/sector return outcomes as the associated losses from such a situation approach 100%. Thus, security selection is paramount to investing. The securities chosen to engage in a specific investment posture matter more than the posture itself as the losses from poor selection will overwhelm the investment outcome of your portfolio. Unintended negative consequences of unintended samples can only be mitigated by bottom-up security selection focused on a deep understanding of credit quality, payment structure, and market sponsored liquidity of the individual securities.

Global Fixed Income

The New Year brought a reversal of some interest rate trends that emerged toward the end of 2016. Notably, US rates were range-bound in the first quarter of 2017 in contrast to their rise in 2016, with the 10-year Treasury note trading in a narrow range of 2.31% to 2.63%. Shorter maturity Treasuries traded at slightly higher levels, reflecting the Fed rate hike in March. Global interest rates ended the six months mostly lower, driven by a combination of political and economic factors.

Semi-Annual Report  3

The yield on the bellwether 10-year Treasury note reached a low of 2.12% in mid-June, compared to 2.45% at the beginning of the year, amid weaker US growth, employment, consumption, and inflation. Investors also appear to be scaling back their expectations for the US administration’s ability to implement meaningful reforms and initiatives. The Fed delivered another interest rate hike in June, and we believe that one more hike could be in store this year. Fed officials also laid out a clear plan for reducing the central bank’s balance sheet. This plan could be implemented within the next several months and would potentially reduce the pace of federal funds rate hikes in 2018 and beyond.

In contrast, core euro zone rates rose slightly during the first half of 2017 on the back of continued strength in local economic and inflation data, as well as an extremely market-friendly French presidential election outcome. The European Central Bank could “taper” its monetary stimulus program by reducing the amount of bond repurchases after December 2017, when the current phase of this program concludes. Scandinavian bond markets lost ground as their respective local economies and, importantly, inflation have heated up, which some investors consider inconsistent with the region’s accommodative domestic monetary policies. The same central bank dynamic holds true for Japan, although its exceptionally tight labor market has not yet led to higher inflation. Japanese growth is broadly expanding, including in manufacturing and services. Similar to Europe, Japanese growth appears to be out of sync with its 10-year government bond yield of 0%. Other bond markets such as in Australia, Poland, Mexico, and Singapore performed well.

Global credit sectors and spreads continued to improve during the six months, underpinned by strong investor demand and capital inflows, as well as generally robust equity markets. The global sovereign and corporate issuance market was active, reflecting a variety of higher quality and lower quality credits. It is possible that bond issuers are taking advantage of the relatively stable environment and yield levels that are lower than earlier in the year. Argentina’s issuance of a “Century” bond with a 100-

year maturity at a 7.92% yield was evidence of the current upbeat mood. Having defaulted seven times over the past 200 years, with the most recent default occurring in 2001, Argentina received over $10 billion in orders for the $2.75 billion sovereign bond issue.

Currency markets were volatile and delivered mixed results during the six months. In the first quarter, interest rate differentials, inflation trends, politics, and idiosyncratic events influenced price action. During this time, the Turkish lira was essentially one of the very few currencies to underperform against the US dollar, which was generally weak. The Mexican peso surged over 10% versus the dollar, recouping much of its losses in late 2016 following the US election. The Mexican central bank has taken an extremely proactive stance to combat inflation pressures through aggressive rate hikes, and has expressed a preference for the peso to appreciate to some degree. Other currencies that also produced mid-to-high single-digit gains versus the dollar included select Asian currencies, which could have traded in sympathy with a stronger Chinese renminbi and Japanese yen, and the Australian dollar and Polish zloty.

During the second quarter, the shift to more hawkish rhetoric from many central banks, including in Europe, Canada, and the United Kingdom, drove a weaker US dollar. Idiosyncratic factors also drove select bond markets, especially in Latin America. Corruption charges against President Michel Temer surprised markets and dragged the Brazilian real lower by more than 6% versus the US dollar on an intra-day basis, and the currency weakened by 5.6% over the second quarter, reversing its first-quarter strength to end the six months down by almost 2% against the US dollar. The Argentine peso was one of the worst performers, losing 7.3% versus the US dollar over the second quarter, ending the six months down approximately 4.5%. Seasonal currency flows were partially to blame, but government officials may also desire a weaker (and, thus, more competitive) currency in line with those of Argentina’s neighbors.

Lazard US Corporate Income Portfolio

For the six months ended June 30, 2017, the Lazard US Corporate Income Portfolio’s Institutional Shares

4  Semi-Annual Report

posted a total return of 3.18%, while Open Shares posted a total return of 3.23%, and R6 Shares posted a total return of 3.39%, as compared with the 4.47% return for the Cash Pay Index.

The Portfolio underperformed over the first six months of 2017 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 3.6 years as compared to the Cash Pay Index duration of 4.2 years. The Portfolio is shorter in maturity by design to protect against rising rates. Also, the Portfolio’s higher quality focus, with an underweight position in B rated securities, detracted from performance. Performance was helped by overweight positions in the leisure and consumer goods sectors. To a lesser extent, a slight overweight position in health care also aided performance. Performance was hurt by an underweight position in telecommunications and an underweight position in banking. To a lesser extent, an underweight position in financial services also detracted from performance. Throughout the market volatility of the past few years, we have maintained our credit discipline. As of June 30, 2017, approximately 74% of the holdings by market value were rated BB- or better by Standard & Poor’s and 88% were rated B+ or better.

Lazard US Short Duration Fixed Income Portfolio

For the six months ending June 30, 2017, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of 0.50%, while Open Shares posted a total return of 0.35%, as compared with the 0.44% return for the BofA Merrill Lynch 1-3 Year US Treasury^® Index.

Performance was helped by US financials and energy holdings as well as exposure to BBB-rated securities and consumer asset-backed securities, while underweighting to the 2-3 year part of the yield curve hurt performance.

The Portfolio was shorter on duration relative to the BofA Merrill Lynch 1-3 Year US Treasury Index and was overweight in US corporate credit and continues to invest in agency mortgage-backed securities. The Portfolio was also significantly underweight in US

Treasury and agency debt. We continue to find opportunities to capture excess yield premiums relative to convexity in the pricing of specific mortgage-backed and corporate credit.

Lazard Global Fixed Income Portfolio

For the six months ending June 30, 2017, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of 5.61%, while Open Shares posted a total return of 5.46%, as compared with the 4.41% return for the Bloomberg Barclays Global Aggregate^® Index.

The Portfolio’s performance was helped by its country and region allocations, namely overweight exposures to Singapore, Australia, New Zealand, Mexico, and eastern Europe, and a lack of exposure to the euro zone and Japan. In addition, active currency management contributed to returns, primarily through tactical positions in the Japanese yen, Australian dollar, Mexican peso, and Swedish krona. Performance was also helped by the Portfolio’s sector allocation, which included overweight positions in a diverse selection of global credits and a general underweight exposure to government securities. There were no material detractors of note during the six-month reporting period.

As of June 30 2017, the Portfolio continues to have no exposure to Japanese interest rates and remains significantly underweight in Europe, given the potential for rates to rise from their current extremely low levels in those regions. The Portfolio does not maintain any exposure to Brazil and did not participate in the bond offering for Argentina’s 100-year bonds, which took place in the second quarter.

We continue to utilize tactical currency management as an important and, we believe, efficient way to seek to enhance returns, complementing the Portfolio’s rotation through global interest rate and credit markets. The Portfolio management team utilizes forward currency contracts, both opportunistically and defensively, for hedging purposes. In aggregate, the Portfolio’s currency positioning (defined as the sum of the net currency exposure of its underlying bonds and currency hedges) was a positive contributor to relative performance.

Semi-Annual Report  5

Notes to Investment Overviews:

All Portfolios’ 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, 2017; 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, 2017

	One Year		Five Years		Ten Years		Since Inception	†
Institutional Shares**	7.39	%	5.58	%	5.84	%	4.40%
Open Shares**	7.28	%	5.26	%	5.55	%	3.89%
R6 Shares**	N/A		N/A		N/A		4.81%
Cash Pay Index	10.86	%	6.64	%	6.50	%	6.58%
							(Institutional Shares)
							6.54%
							(Open Shares)
							5.92%
							(R6 Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 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 Portfolio shares, 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 now 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 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, 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 January 2, 1998, for the Open Shares was February 24, 1998 and for the R6 Shares was November 3, 2016.

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, 2017

	One Year		Five Years		Since Inception	†
Institutional Shares**	0.55	%	0.34	%	1.19%
Open Shares**	0.14	%	0.28	%	1.08%
BofA Merrill Lynch 1-3 Year US Treasury Index	–0.11	%	0.63	%	0.75%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 and now 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 Bloomberg Barclays Global Aggregate^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2017

	One Year		Five Years		Since Inception	†
Institutional Shares**	–0.61	%	0.12	%	0.13%
Open Shares**	–0.91	%	–0.18	%	–0.17%
Bloomberg Barclays Global Aggregate Index	–2.18	%	0.78	%	0.86%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 Bloomberg Barclays Global Aggregate 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 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, 2017 through June 30, 2017 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.

10  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period* 1/1/17 - 6/30/17		Annualized Expense Ratio During Period 1/1/17 - 6/30/17
US Corporate Income
Institutional Shares
Actual	$	1,000.00	$	1,031.80		$2.77		0.55	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.07		$2.76		0.55	%
Open Shares
Actual	$	1,000.00	$	1,032.30		$4.28		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.58		$4.26		0.85	%
R6 Shares
Actual	$	1,000.00	$	1,033.90		$2.77		0.55	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.07		$2.76		0.55	%
US Short Duration Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,005.00		$1.99		0.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.81		$2.01		0.40	%
Open Shares
Actual	$	1,000.00	$	1,003.50		$3.48		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32		$3.51		0.70	%
Global Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,056.10		$3.82		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.08		$3.76		0.75	%
Open Shares
Actual	$	1,000.00	$	1,054.60		$5.35		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.59		$5.26		1.05	%

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

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolio Holdings Presented by Credit Rating June 30, 2017 (unaudited)

S&P Credit Rating*	Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
AAA		—	%		4.5	%		11.9	%
AA+		—			44.7			18.5
AA-		—			3.0			10.1
A+		—			—			7.3
A		—			2.7			8.6
A-		—			7.6			7.1
BBB+		—			20.8			13.0
BBB		2.4			5.4			—
BBB-		6.4			1.7			7.2
BB+		18.4			—			3.5
BB		19.2			—			—
BB-		25.0			—			—
B+		13.0			—			—
B		7.4			—			—
B-		2.8			—			—
CCC+		1.1			—			—
NA		0.6			7.6			8.0
NR		0.5			—			3.6
Short-Term Investments		3.2			2.0			1.2
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, 2017 (unaudited)

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio
Corporate Bonds | 95.6%
Aerospace & Defense | 1.2%
Bombardier, Inc., 7.750%, 03/15/20 (a)	$	975	$	1,048,125
KLX, Inc., 5.875%, 12/01/22 (a)		1,400		1,470,000
Triumph Group, Inc., 4.875%, 04/01/21		1,400		1,391,250
				3,909,375
Auto Components | 1.2%
Tenneco, Inc., 5.000%, 07/15/26		1,900		1,921,375
The Goodyear Tire & Rubber Co., 5.125%, 11/15/23		1,800		1,885,500
				3,806,875
Automobiles | 0.6%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		1,800		1,831,500
Building Products | 0.6%
Griffon Corp., 5.250%, 03/01/22		1,800		1,833,750
Capital Markets | 1.5%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,544,063
MPT Operating Partnership LP, 6.375%, 03/01/24		1,810		1,968,610
PetSmart, Inc., 7.125%, 03/15/23 (a)		1,600		1,424,000
				4,936,673
Chemicals | 3.9%
CF Industries, Inc., 3.450%, 06/01/23		1,975		1,866,375
Chemtura Corp., 5.750%, 07/15/21		1,400		1,442,000
Huntsman International LLC, 4.875%, 11/15/20		1,600		1,680,000
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		929,957
NOVA Chemicals Corp., 5.250%, 08/01/23 (a)		1,800		1,849,500

	Principal
	Amount		Fair
Description	(000)		Value
Platform Specialty Products Corp., 6.500%, 02/01/22 (a)	$	1,700	$	1,755,250
Westlake Chemical Corp., 4.625%, 02/15/21		1,400		1,449,000
WR Grace & Co-Conn, 5.125%, 10/01/21 (a)		1,700		1,823,250
				12,795,332
Commercial Services & Supplies | 3.8%
ACCO Brands Corp., 5.250%, 12/15/24 (a)		1,800		1,869,750
Aramark Services, Inc., 5.000%, 04/01/25 (a)		2,000		2,112,500
Ashtead Capital, Inc., 6.500%, 07/15/22 (a)		1,700		1,761,625
Avis Budget Car Finance, Inc., 5.125%, 06/01/22 (a)		1,600		1,584,000
Clean Harbors, Inc., 5.250%, 08/01/20		1,750		1,774,062
The ADT Corp., 6.250%, 10/15/21		1,400		1,524,250
West Corp., 5.375%, 07/15/22 (a)		1,750		1,767,500
				12,393,687
Communications Equipment | 1.0%
CommScope, Inc., 5.000%, 06/15/21 (a)		1,500		1,533,750
Plantronics, Inc., 5.500%, 05/31/23 (a)		1,750		1,830,938
				3,364,688
Construction Materials | 0.6%
Standard Industries, Inc., 5.375%, 11/15/24 (a)		1,750		1,844,063
Containers & Packaging |  4.1%
Ball Corp., 4.000%, 11/15/23		1,900		1,942,750
Cascades, Inc., 5.500%, 07/15/22 (a)		1,500		1,530,000
Crown Americas LLC, 4.500%, 01/15/23		1,800		1,885,500
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (a)		1,892		2,000,790
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,500		1,535,010
Sealed Air Corp., 4.875%, 12/01/22 (a)		1,700		1,810,500

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

Semi-Annual Report  13

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Silgan Holdings, Inc., 5.000%, 04/01/20	$	826	$	834,260
Smurfit Kappa Acquisitions, 4.875%, 09/15/18 (a)		1,050		1,071,000
Smurfit Kappa Treasury Funding, Ltd., 7.500%, 11/20/25		750		896,250
				13,506,060
Diversified Consumer Services | 0.6%
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (a)		1,800		1,863,000
Diversified Financial Services | 1.9%
Altice US Finance I Corp., 5.500%, 05/15/26 (a)		1,000		1,050,000
Herc Rentals, Inc., 7.750%, 06/01/24 (a)		1,529		1,613,095
INEOS Group Holdings SA, 5.625%, 08/01/24 (a)		1,700		1,753,125
Level 3 Financing, Inc., 5.125%, 05/01/23		1,800		1,868,616
				6,284,836
Diversified Telecommunication Services | 3.3%
CenturyLink, Inc., Series V, 5.625%, 04/01/20		1,800		1,904,058
CyrusOne LP, 5.000%, 03/15/24 (a)		1,800		1,854,000
Frontier Communications Corp., 8.125%, 10/01/18		1,500		1,584,375
Hughes Satellite Systems Corp., 5.250%, 08/01/26		1,891		1,976,095
SBA Communications Corp., 4.875%, 09/01/24		1,800		1,831,500
Zayo Group LLC, 5.750%, 01/15/27 (a)		1,750		1,830,937
				10,980,965
Electronic Equipment, Instruments & Components | 0.5%
Belden, Inc., 5.500%, 09/01/22 (a)		1,750		1,802,500
Energy Equipment & Services | 0.8%
Transocean, Inc., 9.000%, 07/15/23 (a)		1,250		1,296,875

	Principal
	Amount		Fair
Description	(000)		Value
Weatherford International, Ltd., 8.250%, 06/15/23	$	1,250	$	1,250,000
				2,546,875
Equity Real Estate Investment Trusts (REITs) | 3.8%
Crown Castle International Corp., 4.875%, 04/15/22		1,500		1,638,462
Equinix, Inc., 4.875%, 04/01/20		1,872		1,918,800
ESH Hospitality, Inc., 5.250%, 05/01/25 (a)		1,800		1,865,250
Iron Mountain, Inc., 6.000%, 08/15/23		1,700		1,806,250
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,811,250
RHP Hotel Properties LP, 5.000%, 04/15/23		1,775		1,814,937
Uniti Group, Inc., 6.000%, 04/15/23 (a)		1,700		1,769,054
				12,624,003
Food & Staples Retailing | 1.6%
Albertsons Cos. LLC, 6.625%, 06/15/24 (a)		1,750		1,736,875
Ingles Markets, Inc., 5.750%, 06/15/23		1,750		1,721,563
Performance Food Group, Inc., 5.500%, 06/01/24 (a)		1,805		1,863,662
				5,322,100
Food Products | 2.3%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,531,875
Darling Ingredients, Inc., 5.375%, 01/15/22		850		884,000
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (a)		1,800		1,854,000
Post Holdings, Inc., 5.000%, 08/15/26 (a)		1,800		1,795,500
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,548,750
				7,614,125
Gas Utilities | 1.4%
AmeriGas Partners LP, 5.625%, 05/20/24		1,800		1,858,500
Ferrellgas LP, 6.500%, 05/01/21		500		472,500

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

14  Semi-Annual Report

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Ferrellgas Partners LP, 8.625%, 06/15/20	$	520	$	491,400
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,791,000
				4,613,400
Health Care Equipment & Supplies | 1.2%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (a)		1,800		1,894,500
Hologic, Inc., 5.250%, 07/15/22 (a)		1,800		1,890,000
				3,784,500
Health Care Providers & Services | 4.7%
Centene Corp., 6.125%, 02/15/24		1,750		1,892,065
Community Health Systems, Inc., 8.000%, 11/15/19		1,400		1,407,000
DaVita, Inc., 5.125%, 07/15/24		1,800		1,827,000
Fresenius Medical Care US Finance II, Inc., 5.625%, 07/31/19 (a)		1,097		1,160,077
HCA, Inc., 6.500%, 02/15/20		1,600		1,746,000
HealthSouth Corp., 5.125%, 03/15/23		1,801		1,855,030
LifePoint Health, Inc.:
5.500%, 12/01/21		1,400		1,449,000
5.875%, 12/01/23		400		422,000
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,799,875
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		724,500
4.375%, 10/01/21		1,250		1,268,750
				15,551,297
Hotels, Restaurants & Leisure | 7.5%
1011778 BC ULC, 4.625%, 01/15/22 (a)		1,800		1,845,000
Boyd Gaming Corp., 6.875%, 05/15/23		1,700		1,819,000
Brinker International, Inc., 5.000%, 10/01/24 (a)		2,000		1,990,000
Cinemark USA, Inc., 4.875%, 06/01/23		1,800		1,838,808

	Principal
	Amount		Fair
Description	(000)		Value
Diamond Resorts International, Inc., 7.750%, 09/01/23 (a)	$	1,500	$	1,586,250
GLP Capital LP, 4.875%, 11/01/20		1,500		1,599,375
Hilton Worldwide Finance LLC, 4.625%, 04/01/25 (a)		2,000		2,062,500
International Game Technology PLC:
5.625%, 02/15/20 (a)		250		265,788
6.250%, 02/15/22 (a)		1,450		1,584,125
KFC Holding Co., 5.250%, 06/01/26 (a)		2,400		2,526,000
Landry’s, Inc., 6.750%, 10/15/24 (a)		1,622		1,660,522
MGM Resorts International:
6.625%, 12/15/21		1,000		1,122,500
4.625%, 09/01/26		800		808,000
Six Flags Entertainment Corp., 4.875%, 07/31/24 (a)		1,900		1,911,628
Wynn Las Vegas LLC, 5.500%, 03/01/25 (a)		1,800		1,893,375
				24,512,871
Household Durables | 0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,815,625
Household Products | 1.1%
Energizer Holdings, Inc., 5.500%, 06/15/25 (a)		1,750		1,830,938
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,930,680
				3,761,618
Independent Power & Renewable Electricity Producers | 0.9%
AES Corp., 7.375%, 07/01/21		1,095		1,253,775
Calpine Corp., 6.000%, 01/15/22 (a)		1,500		1,550,625
				2,804,400
Internet & Direct Marketing Retail | 0.5%
Netflix, Inc., 5.375%, 02/01/21		1,450		1,566,174
Internet Software & Services | 0.6%
VeriSign, Inc., 4.625%, 05/01/23		1,800		1,845,000

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

Semi-Annual Report  15

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
IT Services | 0.5%
First Data Corp., 5.375%, 08/15/23 (a)	$	1,600	$	1,672,000
Machinery | 1.6%
Amsted Industries, Inc., 5.000%, 03/15/22 (a)		1,700		1,755,250
SPX FLOW, Inc., 5.625%, 08/15/24 (a)		1,750		1,802,500
Terex Corp., 5.625%, 02/01/25 (a)		1,790		1,841,462
				5,399,212
Media | 13.8%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,547,700
Cable One, Inc., 5.750%, 06/15/22 (a)		1,750		1,839,687
Cablevision Systems Corp., 7.750%, 04/15/18		1,500		1,556,250
CBS Radio, Inc., 7.250%, 11/01/24 (a)		1,500		1,545,000
CCO Holdings LLC, 5.250%, 03/15/21		1,950		2,003,625
Cequel Communications Holdings I LLC, 6.375%, 09/15/20 (a)		1,260		1,285,200
Clear Channel Worldwide Holdings, Inc., Series B, 6.500%, 11/15/22		1,750		1,798,475
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,670,000
Lamar Media Corp., 5.875%, 02/01/22		1,685		1,739,763
LIN Television Corp., 5.875%, 11/15/22		1,750		1,833,125
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (a)		1,800		1,827,000
Mediacom Broadband LLC, 5.500%, 04/15/21		1,500		1,533,750
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,554,375
Regal Entertainment Group, 5.750%, 03/15/22		1,850		1,933,250
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,900		1,950,350

	Principal
	Amount		Fair
Description	(000)		Value
Sirius XM Radio, Inc.:
5.750%, 08/01/21 (a)	$	1,500	$	1,548,750
5.375%, 04/15/25 (a)		400		413,500
TEGNA, Inc., 6.375%, 10/15/23		1,900		2,004,500
The EW Scripps Co., 5.125%, 05/15/25 (a)		1,800		1,854,000
The McClatchy Co., 9.000%, 12/15/22		1,100		1,138,500
Time, Inc., 5.750%, 04/15/22 (a)		1,425		1,473,094
Tribune Media Co., 5.875%, 07/15/22		1,800		1,885,500
Unitymedia Hessen GmbH & Co. KG, 5.500%, 01/15/23 (a)		1,620		1,680,750
Univision Communications, Inc., 5.125%, 05/15/23 (a)		1,800		1,817,424
Videotron, Ltd., 5.000%, 07/15/22		1,808		1,911,960
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (a)		1,900		1,977,539
WMG Acquisition Corp., 4.875%, 11/01/24 (a)		1,850		1,887,000
				45,210,067
Metals & Mining | 3.7%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (a)		1,800		1,953,000
Anglo American Capital PLC, 4.875%, 05/14/25 (a)		1,900		1,976,000
ArcelorMittal, 6.000%, 03/01/21		1,400		1,506,750
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,073,500
Glencore Funding LLC, 4.625%, 04/29/24 (a)		2,000		2,090,800
Steel Dynamics, Inc., 5.000%, 12/15/26		1,800		1,847,250
Tronox Finance LLC, 6.375%, 08/15/20		650		651,625
				12,098,925
Multiline Retail | 1.1%
Dollar Tree, Inc., 5.750%, 03/01/23		1,750		1,844,063
J.C. Penney Corp., Inc., 5.875%, 07/01/23 (a)		1,800		1,786,500
				3,630,563

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

16  Semi-Annual Report

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio (continued)
Oil, Gas & Consumable Fuels | 10.5%
Antero Resources Corp., 5.125%, 12/01/22	$	1,850	$	1,854,033
Cenovus Energy, Inc., 3.800%, 09/15/23		2,000		1,972,794
Continental Resources, Inc., 4.500%, 04/15/23		2,000		1,910,000
Diamondback Energy, Inc., 4.750%, 11/01/24 (a)		1,800		1,791,000
Energy Transfer Equity LP:
7.500%, 10/15/20		1,250		1,396,875
5.875%, 01/15/24		750		795,000
Gulfport Energy Corp., 6.000%, 10/15/24 (a)		1,700		1,653,250
Holly Energy Partners LP, 6.000%, 08/01/24 (a)		1,840		1,913,600
Kinder Morgan, Inc., 5.000%, 02/15/21 (a)		1,275		1,366,883
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,567,500
Newfield Exploration Co., 5.625%, 07/01/24		1,900		1,980,750
ONEOK Partners LP, 5.000%, 09/15/23		2,000		2,160,608
PBF Holding Co. LLC, 7.000%, 11/15/23		900		886,500
Range Resources Corp., 5.000%, 08/15/22 (a)		1,700		1,670,250
Regency Energy Partners LP, 5.750%, 09/01/20		1,300		1,406,152
Rockies Express Pipeline LLC, 6.850%, 07/15/18 (a)		1,450		1,509,812
Southwestern Energy Co., 6.700%, 01/23/25		1,800		1,759,500
Sunoco LP, 6.375%, 04/01/23		1,700		1,796,220
Targa Resources Partners LP, 5.250%, 05/01/23		1,800		1,845,000
Tesoro Logistics LP, 6.125%, 10/15/21		1,383		1,438,320
Whiting Petroleum Corp., 5.750%, 03/15/21		900		846,000
WPX Energy, Inc., 6.000%, 01/15/22		900		891,000
				34,411,047

	Principal
	Amount		Fair
Description	(000)		Value
Personal Products | 0.9%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (a)	$	1,500	$	1,513,125
Revlon Consumer Products Corp., 6.250%, 08/01/24		1,750		1,522,500
				3,035,625
Pharmaceuticals | 0.9%
Endo Finance LLC, 5.750%, 01/15/22 (a)		1,600		1,439,680
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (a)		1,700		1,598,000
				3,037,680
Professional Services | 1.1%
IHS Markit, Ltd., 5.000%, 11/01/22 (a)		1,750		1,888,898
Nielsen Finance LLC, 5.000%, 04/15/22 (a)		1,800		1,867,500
				3,756,398
Real Estate Management & Development | 0.4%
DuPont Fabros Technology LP, 5.875%, 09/15/21		1,400		1,457,750
Road & Rail | 0.5%
The Hertz Corp., 5.500%, 10/15/24 (a)		1,800		1,476,000
Semiconductors & Semiconductor Equipment | 0.4%
Amkor Technology, Inc., 6.625%, 06/01/21		1,400		1,426,250
Software | 0.7%
Nuance Communications, Inc., 5.375%, 08/15/20 (a)		588		597,555
Rackspace Hosting, Inc., 8.625%, 11/15/24 (a)		1,500		1,597,500
				2,195,055
Specialty Retail | 1.1%
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,912		1,940,680
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,791,000
				3,731,680

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

Semi-Annual Report  17

	Principal
	Amount		Fair
Description	(000)		Value
Lazard US Corporate Income Portfolio (concluded)
Technology Hardware, Storage & Peripherals | 2.2%
Dell International LLC, 7.125%, 06/15/24 (a)	$	1,775	$	1,951,227
NCR Corp., 4.625%, 02/15/21		1,568		1,599,360
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,909,236
Western Digital Corp., 7.375%, 04/01/23 (a)		1,700		1,867,875
				7,327,698
Textiles, Apparel & Luxury Goods | 0.5%
Hanesbrands, Inc., 4.625%, 05/15/24 (a)		1,750		1,776,250
Trading Companies & Distributors | 2.3%
Aircastle, Ltd., 5.125%, 03/15/21		1,500		1,601,805
HD Supply, Inc., 5.250%, 12/15/21 (a)		1,500		1,574,062
United Rentals North America, Inc.:
4.625%, 07/15/23		1,100		1,142,075
5.750%, 11/15/24		1,650		1,728,375
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,662,000
				7,708,317

	Principal
	Amount		Fair
Description	(000)		Value
Wireless Telecommunication Services | 1.6%
Inmarsat Finance PLC, 4.875%, 05/15/22 (a)	$	1,750	$	1,776,250
Sprint Capital Corp., 6.900%, 05/01/19		1,475		1,577,867
T-Mobile USA, Inc., 6.500%, 01/15/26		1,800		1,986,750
				5,340,867
Total Corporate Bonds (Cost $306,332,248)				314,206,676

			Fair
Description	Shares		Value
Short-Term Investments | 3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $10,354,239)		10,354,239	$	10,354,239
Total Investments | 98.8% (Cost $316,686,487) (b)			$	324,560,915
Cash and Other Assets in Excess of Liabilities | 1.2%				4,037,676
Net Assets | 100.0%			$	328,598,591

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
Asset-Backed Securities | 15.0%
Automobiles | 9.8%
Ally Auto Receivables Trust, 1.470%, 04/15/20	$	1,750	$	1,749,440
GM Financial Automobile Leasing Trust, 1.610%, 12/20/19		2,225		2,221,134
GMF Floorplan Owner Revolving Trust, 1.650%, 05/15/20 (a)		2,250		2,249,955
Mercedes-Benz Auto Lease Trust, 1.350%, 08/15/19		2,630		2,623,310
World Omni Automobile Lease Securitization Trust, 1.450%, 08/15/19		2,475		2,465,591
				11,309,430
Banks | 5.2%
Citibank Credit Card Issuance Trust, 5.650%, 09/20/19		2,550		2,572,523
Wells Fargo Bank NA, 1.750%, 05/24/19		3,485		3,478,375
				6,050,898
Total Asset-Backed Securities (Cost $17,486,267)				17,360,328
Corporate Bonds | 37.1%
Banks | 12.5%
Bank of America Corp.:
2.000%, 01/11/18		837		838,289
6.875%, 04/25/18		650		676,414
5.650%, 05/01/18		900		928,271
2.250%, 04/21/20		2,041		2,041,684
Citigroup, Inc.:
1.800%, 02/05/18		2,235		2,236,721
2.050%, 06/07/19		3,093		3,095,119
JPMorgan Chase & Co.:
6.300%, 04/23/19		3,325		3,578,724
4.400%, 07/22/20		1,050		1,118,090
				14,513,312
Biotechnology | 4.0%
AbbVie, Inc., 1.800%, 05/14/18		2,375		2,378,019
Amgen, Inc., 5.700%, 02/01/19		2,103		2,229,365
				4,607,384

Description	Principal Amount (000)		Fair Value
Capital Markets | 7.3%
Morgan Stanley:
6.625%, 04/01/18	$	666	$	689,655
2.125%, 04/25/18		3,991		4,004,194
The Goldman Sachs Group, Inc., 7.500%, 02/15/19		3,475		3,769,461
				8,463,310
Consumer Finance | 2.5%
Ford Motor Credit Co. LLC, 5.000%, 05/15/18		2,825		2,897,311
Diversified Telecommunication Services | 2.5%
Verizon Communications, Inc., 3.650%, 09/14/18		2,824		2,886,653
Electronic Equipment, Instruments & Components | 0.5%
Amphenol Corp., 2.550%, 01/30/19		575		580,308
Food & Staples Retailing | 3.6%
CVS Health Corp., 1.900%, 07/20/18		2,175		2,180,672
The Kroger Co., 2.300%, 01/15/19		2,020		2,028,236
				4,208,908
Media | 1.4%
Comcast Corp., 5.875%, 02/15/18		1,553		1,593,816
Oil, Gas & Consumable Fuels | 2.8%
Marathon Oil Corp., 6.000%, 10/01/17		1,959		1,977,608
ONEOK Partners LP, 2.000%, 10/01/17		1,300		1,300,515
				3,278,123
Total Corporate Bonds (Cost $43,081,720)				43,029,125
Municipal Bonds | 0.8%
Kentucky | 0.8%
Kentucky State Asset Liability Commission General Funding Revenue, 3.165%, 04/01/18 (Cost $887,906)		881		887,732

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

Semi-Annual Report  19

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
US Government Securities | 17.7%
Mortgage-Backed Securities | 17.7%
Federal Home Loan Mortgage Corp.:
Pool# 1B4676, 3.660%, 05/01/40 (c)	$	558	$	593,138
Pool# 1B8709, 3.094%, 08/01/34 (c)		1,340		1,401,781
Pool# 1H2577, 2.918%, 09/01/35 (c)		774		812,953
Pool# 848138, 2.948%, 07/01/38 (c)		793		835,775
Pool# 848514, 3.050%, 03/01/32 (c)		1,617		1,696,805
Pool# 848517, 2.868%, 12/01/34 (c)		1,079		1,134,151
Pool# 849414, 2.939%, 07/01/35 (c)		1,368		1,436,114
Pool# G13867, 5.000%, 06/01/25		329		353,055
Federal National Mortgage Association:
Pool# 725296, 3.228%, 03/01/34 (c)		628		660,657
Pool# 725429, 5.000%, 05/01/19		153		156,617
Pool# 889735, 5.500%, 07/01/23		249		263,490
Pool# 889828, 5.000%, 10/01/19		108		110,861
Pool# 963058, 3.652%, 05/01/38 (c)		609		648,464
Pool# 995609, 3.201%, 04/01/35 (c)		726		769,304
Pool# AD0701, 3.103%, 02/01/37 (c)		852		897,609
Pool# AE0149, 2.873%, 12/01/36 (c)		726		764,383
Pool# AE0315, 4.500%, 02/01/21		40		40,681
Pool# AE0887, 3.315%, 09/01/40 (c)		332		349,726
Pool# AL0345, 3.382%, 11/01/35 (c)		597		630,660
Pool# AL3232, 3.312%, 02/01/40 (c)		372		394,620
Pool# AL3260, 3.040%, 07/01/38 (c)		417		441,201
Pool# AL3739, 2.915%, 07/01/38 (c)		234		246,531
Pool# AL3746, 2.887%, 01/01/37 (c)		838		881,081
Pool# AL3941, 6.000%, 03/01/24		301		318,331
Pool# AL4118, 3.186%, 05/01/35 (c)		525		553,627
Pool# AL4545, 2.844%, 05/01/39 (c)		605		633,833
Pool# AL4660, 3.282%, 11/01/41 (c)		698		733,597
Pool# AL5574, 2.842%, 12/01/40 (c)		1,189		1,249,763
Pool# AL5642, 2.943%, 05/01/39 (c)		1,437		1,510,927
Total US Government Securities (Cost $20,596,050)				20,519,735

Description	Principal Amount (000)		Fair Value
US Treasury Securities | 26.6%
US Treasury Notes:
1.375%, 02/28/19	$	20,320	$	20,322,378
1.625%, 03/31/19		7,010		7,041,762
1.625%, 07/31/20		3,435		3,439,026
Total US Treasury Securities (Cost $30,890,922)				30,803,166

Description	Shares		Fair Value
Short-Term Investments | 2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $2,312,696)		2,312,696	$	2,312,696
Total Investments | 99.2% (Cost $115,255,561) (b)			$	114,912,782
Cash and Other Assets in Excess of Liabilities | 0.8%				919,560
Net Assets | 100.0%			$	115,832,342

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
Corporate Bonds | 35.6%
Australia | 1.5%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		50	$	39,821
Toyota Finance Australia, Ltd., 4.250%, 05/15/19	AUD		45		35,647
					75,468
Belgium | 1.5%
Anheuser-Busch InBev Finance, Inc., 2.650%, 02/01/21	USD		70		70,933
Canada | 2.6%
Shaw Communications, Inc., 5.650%, 10/01/19	CAD		70		58,288
The Toronto-Dominion Bank, 2.250%, 11/05/19	USD		70		70,522
					128,810
France | 1.4%
Orange SA, 5.375%, 07/08/19	USD		65		69,177
Germany | 2.4%
BMW Finance NV, 3.375%, 12/14/18	GBP		50		67,371
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		50		51,875
					119,246
Netherlands | 1.6%
Bank Nederlandse Gemeenten NV, 5.000%, 09/16/20	NZD		100		77,213
United Kingdom | 2.8%
Centrica PLC, 7.000%, 09/19/18	GBP		50		69,761
SSE PLC, 5.000%, 10/01/18	GBP		50		68,333
					138,094
United States | 21.8%
Alphabet, Inc., 3.625%, 05/19/21	USD		30		31,755

Description	Security Currency	Principal Amount (000)		Fair Value
Amazon.com, Inc., 3.800%, 12/05/24	USD		60	$	63,964
Apple, Inc., 3.850%, 05/04/43	USD		95		95,110
Citigroup, Inc., 3.285%, 05/04/21 (c)	AUD		95		73,960
Constellation Brands, Inc., 4.250%, 05/01/23	USD		35		37,256
HCA, Inc., 6.500%, 02/15/20	USD		30		32,738
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		45		34,786
John Deere Capital Corp., 2.300%, 09/16/19	USD		50		50,582
Johnson & Johnson, 3.625%, 03/03/37	USD		30		31,409
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		55		59,550
Microsoft Corp., 4.450%, 11/03/45	USD		90		100,287
Morgan Stanley, 3.625%, 01/20/27	USD		50		50,319
Nestle Holdings, Inc., 2.750%, 04/15/20	NOK		340		42,671
NIKE, Inc., 2.375%, 11/01/26	USD		50		47,438
Sealed Air Corp., 4.875%, 12/01/22	USD		10		10,650
The Goldman Sachs Group, Inc.:
5.200%, 12/17/19	NZD		110		84,097
3.625%, 01/22/23	USD		20		20,640
The Home Depot, Inc., 2.625%, 06/01/22	USD		55		55,825
Union Pacific Corp., 4.163%, 07/15/22	USD		50		54,097
United Rentals North America, Inc., 4.625%, 07/15/23	USD		60		62,295
Wells Fargo & Co., 3.065%, 07/27/21 (c)	AUD		45		34,968
					1,074,397
Total Corporate Bonds (Cost $1,768,207)					1,753,338

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)
Foreign Government Obligations | 44.3%
Australia | 3.3%
Queensland Treasury Corp.:
5.500%, 06/21/21	AUD		70	$	60,251
3.000%, 03/22/24	AUD		60		46,880
Western Australian Treasury Corp., 6.000%, 10/16/23	AUD		60		54,746
					161,877
Bahamas | 2.0%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		90		97,875
Bermuda | 2.2%
Government of Bermuda, 5.603%, 07/20/20	USD		100		108,750
Canada | 5.8%
City of Vancouver, 2.900%, 11/20/25	CAD		50		39,595
Province of Ontario:
2.450%, 06/29/22	USD		75		75,608
1.950%, 01/27/23	CAD		70		53,787
Province of Quebec:
3.500%, 07/29/20	USD		85		88,956
1.650%, 03/03/22	CAD		40		30,575
					288,521
Chile | 1.2%
Republic of Chile, 5.500%, 08/05/20	CLP		37,500		60,020
Czech Republic | 1.5%
Czech Republic, 2.500%, 08/25/28	CZK		1,450		72,680
Hungary | 2.5%
Hungary Government Bonds, 5.500%, 06/24/25	HUF		27,470		121,462
Ireland | 1.1%
Irish Treasury, 3.400%, 03/18/24	EUR		40		54,680

Description	Security Currency	Principal Amount (000)		Fair Value
Mexico | 4.3%
Mexican Bonos:
6.500%, 06/09/22	MXN		1,850	$	101,435
7.750%, 05/29/31	MXN		860		50,846
United Mexican States, 6.750%, 02/06/24	GBP		38		60,381
					212,662
New Zealand | 1.8%
New Zealand Government Bonds:
6.000%, 05/15/21	NZD		50		40,689
4.500%, 04/15/27	NZD		65		50,276
					90,965
Norway | 2.6%
Oslo Kommune, 3.550%, 02/12/21	NOK		1,000		127,044
Philippines | 1.5%
Philippine Government Bonds, 4.250%, 04/11/20	PHP		3,650		72,892
Poland | 4.5%
Poland Government Bonds:
1.810%, 01/25/21 (c)	PLN		375		100,525
2.500%, 07/25/26	PLN		200		51,025
Republic of Poland, 3.000%, 03/17/23	USD		70		71,225
					222,775
Romania | 2.6%
Romanian Government Bonds:
3.625%, 04/24/24	EUR		39		50,724
4.750%, 02/24/25	RON		285		76,946
					127,670
Singapore | 3.6%
Singapore Government Bonds, 3.000%, 09/01/24	SGD		230		179,423
Spain | 2.8%
Spain Government Bonds:
1.600%, 04/30/25	EUR		50		59,146
1.950%, 07/30/30	EUR		70		80,077
					139,223
United Kingdom | 1.0%
United Kingdom Gilt, 1.500%, 07/22/47	GBP		40		47,711

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

22  Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Total Foreign Government Obligations (Cost $2,196,515)				$	2,186,230
Quasi Government Bonds | 0.6%
Canada | 0.6%
Hydro-Quebec, 9.625%, 07/15/22 (Cost $35,173)	CAD		30		31,527
Supranationals | 7.2%
Asian Development Bank, 2.125%, 03/19/25	USD		75		73,512
Corporacion Andina de Fomento, 4.375%, 06/15/22	USD		22		23,789
European Bank for Reconstruction & Development, 10.000%, 11/16/18	IDR		300,000		23,549
European Investment Bank:
7.200%, 07/09/19	IDR		170,000		12,942
1.125%, 09/16/21 (a)	CAD		75		56,404
Inter-American Development Bank, 6.000%, 09/05/17	INR		1,550		23,941
International Bank for Reconstruction & Development, 3.500%, 01/22/21	NZD		25		18,654
International Finance Corp.:
6.450%, 10/30/18	INR		4,160		64,524
3.625%, 05/20/20	NZD		75		56,172
Total Supranationals (Cost $352,847)					353,487
US Municipal Bonds | 5.5%
Alaska | 1.8%
Alaska State Qualified School Construction Bonds, 5.342%, 08/01/27	USD		75		88,733

Description	Security Currency	Principal Amount (000)		Fair Value
California | 1.0%
California State Build America Bonds, 7.500%, 04/01/34	USD		35	$	50,946
Texas | 2.7%
University of Texas Build America Bonds Series B, 6.276%, 08/15/41	USD		70		76,019
Texas State Build America Bonds Series A, 4.123%, 04/01/25	USD		50		54,969
					130,988
Total US Municipal Bonds (Cost $273,907)					270,667
US Treasury Securities | 5.3%
US Treasury Notes:
2.125%, 05/15/25	USD		25		24,840
1.625%, 05/15/26	USD		170		161,161
2.500%, 05/15/46	USD		80		74,559
Total US Treasury Securities (Cost $256,316)					260,560

Description	Shares		Fair Value
Short-Term Investments | 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $60,111)		60,111	$	60,111
Total Investments | 99.7% (Cost $4,943,076) (b), (d)			$	4,915,920
Cash and Other Assets in Excess of Liabilities | 0.3%				13,386
Net Assets | 100.0%			$	4,929,306

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

Semi-Annual Report  23

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
CHF	44,156	USD	45,551	HSB	08/24/17		$	642		$	—
CZK	133,183	USD	5,480	CIT	07/11/17			345			—
CZK	112,388	USD	4,411	HSB	07/11/17			505			—
CZK	413,094	USD	17,816	HSB	07/11/17			253			—
EUR	31,810	USD	36,000	HSB	08/24/17			425			—
EUR	42,798	USD	48,309	HSB	08/24/17			697			—
EUR	45,667	USD	51,900	HSB	08/24/17			393			—
EUR	201,758	USD	227,741	HSB	08/24/17			3,288			—
EUR	572,822	USD	646,564	SSB	08/24/17			9,364			—
GBP	29,948	USD	39,112	HSB	08/24/17			—			47
GBP	35,100	USD	45,630	HSB	08/24/17			156			—
JPY	41,696,155	USD	376,674	CIT	08/24/17			—			5,184
JPY	58,615,757	USD	529,381	HSB	08/24/17			—			7,146
KRW	75,433,200	USD	66,529	HSB	07/17/17			—			590
NOK	419,619	USD	50,253	HSB	08/24/17			58			—
NZD	18,014	USD	12,700	CIT	08/24/17			489			—
PLN	186,350	USD	49,957	HSB	08/24/17			318			—
SEK	235,453	USD	27,070	CIT	08/24/17			955			—
SEK	637,329	USD	73,285	HSB	08/24/17			2,575			—
USD	52,983	AUD	71,110	CIT	08/24/17			—			1,638
USD	84,117	AUD	112,896	CIT	08/24/17			—			2,601
USD	135,577	AUD	181,954	HSB	08/24/17			—			4,185
USD	103,920	CAD	139,986	CIT	08/24/17			—			4,119
USD	66,558	CAD	89,658	HSB	08/24/17			—			2,637
USD	13,800	CHF	13,244	CIT	08/24/17			—			54
USD	59,268	CLP	38,743,280	CIT	08/14/17			966			—
USD	18,197	CZK	454,143	HSB	07/11/17			—			1,667
USD	20,168	CZK	500,190	HSB	07/11/17			—			1,710
USD	54,374	CZK	1,291,220	JPM	07/11/17			—			2,104
USD	3,839	EUR	3,416	HSB	08/24/17			—			72
USD	5,640	EUR	4,997	HSB	08/24/17			—			81
USD	13,753	GBP	10,530	HSB	08/24/17			16			—
USD	25,000	GBP	19,148	HSB	08/24/17			22			—
USD	50,109	GBP	38,387	HSB	08/24/17			36			—
USD	58,318	GBP	44,654	HSB	08/24/17			70			—
USD	117,522	HUF	32,147,693	JPM	08/24/17			—			1,606
USD	41,601	INR	2,711,376	CIT	07/11/17			—			313
USD	67,000	JPY	7,393,027	HSB	08/24/17			1,132			—
USD	16,292	MXN	301,931	HSB	08/24/17			—			214
USD	36,845	MXN	699,401	HSB	08/24/17			—			1,389
USD	59,436	MXN	1,128,215	HSB	08/24/17			—			2,241
USD	21,498	MXN	408,092	JPM	08/24/17			—			812
USD	217,203	NOK	1,813,673	HSB	08/24/17			—			251
USD	14,205	NZD	19,791	HSB	08/24/17			—			285

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

24  Semi-Annual Report

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	28,162	NZD	40,694	HSB	08/24/17		$	—		$	1,631
USD	233,110	NZD	336,835	HSB	08/24/17			—			13,502
USD	21,900	PHP	1,095,219	HSB	08/22/17			245			—
USD	48,921	PHP	2,456,099	HSB	08/22/17			359			—
USD	52,200	PLN	196,523	HSB	08/24/17			—			820
USD	137,822	PLN	514,105	HSB	08/24/17			—			879
USD	15,684	RON	65,286	HSB	07/27/17			—			683
USD	55,448	RON	229,414	HSB	07/27/17			—			2,066
USD	170,988	SGD	236,897	SSB	08/24/17			—			1,214
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	23,309		$	61,741

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

Semi-Annual Report  25

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2017 (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, 2017, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
US Corporate Income		44.0	%
US Short Duration Fixed Income		1.9
Global Fixed Income		1.1

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

Portfolio	Aggregate Cost			Aggregate Gross Unrealized Appreciation			Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
US Corporate Income		$	316,686,487		$	9,767,759		$	1,893,331		$	7,874,428
US Short Duration Fixed Income			115,255,561			85,266			428,045			(342,779	)
Global Fixed Income			4,943,076			89,625			116,781			(27,156	)

(c)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2017.
(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	NOK	— Norwegian Krone
CLP	— Chilean Peso	NZD	— New Zealand Dollar
CZK	— Czech Koruna	PHP	— Philippine Peso
EUR	— Euro	PLN	— Polish Zloty
GBP	— British Pound Sterling	RON	— New Romanian Leu
HUF	— Hungarian Forint	SEK	— Swedish Krona
IDR	— Indonesian Rupiah	SGD	— Singapore Dollar
INR	— Indian Rupee	USD	— United States Dollar
JPY	— Japanese Yen

Counterparty Abbreviations:

CIT	— Citibank NA
HSB	— HSBC Bank USA NA
JPM	— JPMorgan Chase Bank NA
SSB	— State Street Bank and Trust Co.

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

26  Semi-Annual Report

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

Industry*	Lazard Global Fixed Income Portfolio
Automobiles		2.1	%
Banks		6.4
Beverages		2.2
Capital Markets		3.2
Containers & Packaging		0.2
Diversified Telecommunication Services		2.2
Electric Utilities		1.4
Food Products		0.9
Health Care Providers & Services		1.7
Independent Power and Renewable Electricity Producers		0.6
Internet & Catalog Retail		1.3
Internet Software & Services		0.7
Machinery		1.7
Media		1.2
Multi-Utilities		1.4
Pharmaceuticals		0.6
Road & Rail		1.1
Software		2.0
Specialty Retail		1.1
Technology Hardware, Storage & Peripherals		1.9
Textiles, Apparel & Luxury Goods		1.0
Trading Companies & Distributors		1.3
Subtotal		36.2
Foreign Government Obligations		44.3
Supranationals		7.2
US Municipal Bonds		5.5
US Treasury Securities		5.3
Short-Term Investments		1.2
Total Investments		99.7	%

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

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

Semi-Annual Report  27

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

June 30, 2017	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio			Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	324,560,915		$	114,912,782		$	4,915,920
Foreign currency, at fair value			—			—			10
Receivables for:
Dividends and interest			4,452,148			1,000,013			57,883
Capital stock sold			86,631			—			—
Amount due from Investment Manager (Note 3)			—			—			31,200
Gross unrealized appreciation on forward currency contracts			—			—			23,309
Deferred offering costs (Note 2(f))			2,061			—			—
Prepaid expenses			—			14,208			7,746
Total assets			329,101,755			115,927,003			5,036,068
LIABILITIES
Payables for:
Management fees			111,952			15,696			—
Accrued professional services			25,952			23,527			23,173
Accrued administration fees			18,946			12,042			5,312
Accrued custodian fees			14,668			8,190			8,443
Accrued shareholders’ reports			8,976			4,870			2,361
Accrued distribution fees			1,242			7			7
Capital stock redeemed			177,926			18,944			17
Dividends			129,907			7,504			—
Gross unrealized depreciation on forward currency contracts			—			—			61,741
Other accrued expenses and payables			13,595			3,881			5,708
Total liabilities			503,164			94,661			106,762
Net assets		$	328,598,591		$	115,832,342		$	4,929,306
NET ASSETS
Paid in capital		$	329,822,956		$	116,720,759		$	5,229,691
Undistributed (distributions in excess of) net investment income (loss)			10,134			(79,633	)		(95,856	)
Accumulated net realized gain (loss)			(9,108,927	)		(466,005	)		(139,875	)
Net unrealized appreciation (depreciation) on:
Investments			7,874,428			(342,779	)		(27,156	)
Foreign currency translations and forward currency contracts			—			—			(37,498	)
Net assets		$	328,598,591		$	115,832,342		$	4,929,306
Institutional Shares
Net assets		$	320,837,705		$	115,796,641		$	4,896,405
Shares of capital stock outstanding*			65,311,651			11,769,235			547,313
Net asset value, offering and redemption price per share		$	4.91		$	9.84		$	8.95
Open Shares
Net assets		$	6,007,515		$	35,701		$	32,901
Shares of capital stock outstanding*			1,217,073			3,624			3,677
Net asset value, offering and redemption price per share		$	4.94		$	9.85		$	8.95
R6 Shares
Net assets		$	1,753,371			—			—
Shares of capital stock outstanding*			356,402			—			—
Net asset value, offering and redemption price per share		$	4.92			—			—
Cost of investments in securities		$	316,686,487		$	115,255,561		$	4,943,076
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, 2017	Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio				Lazard Global Fixed Income Portfolio
Investment Income (Loss)
Income
Interest*		$	8,357,150			$	982,952			$	66,863
Expenses
Management fees (Note 3)			875,541				135,757				11,142
Administration fees			56,633				35,656				25,318
Custodian fees			52,719				25,773				29,575
Shareholders’ services			24,737				12,695				12,471
Professional services			24,315				20,266				22,110
Registration fees			21,149				19,898				18,411
Shareholders’ reports			14,165				4,976				2,890
Distribution fees (Open Shares)			8,864				47				42
Directors’ fees and expenses			8,069				4,337				2,560
Amortization of offering costs (Note 2(f))			2,960				—				—
Other†			7,529				4,450				2,828
Total gross expenses			1,096,681				263,855				127,347
Management fees waived and expenses reimbursed			(205,748	)			(46,364	)			(101,319	)
Administration and shareholders’ services fees waived			(4,079	)			—				(9,375	)
Total net expenses			886,854				217,491				16,653
Net investment income (loss)			7,470,296				765,461				50,210
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments			590,391				(296,761	)			(117,533	)
Foreign currency transactions and forward currency contracts			—				—				(9,992	)
Total net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			590,391				(296,761	)			(127,525	)
Net change in unrealized appreciation (depreciation) on:
Investments			2,284,862				93,512				314,343
Foreign currency translations and forward currency contracts			—				—				6,515
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			2,284,862				93,512				320,858
Net realized and unrealized gain (loss) on investments, foreign currency transactions and forward currency contracts			2,875,253				(203,249	)			193,333
Net increase (decrease) in net assets resulting from operations		$	10,345,549			$	562,212			$	243,543
* Net of foreign withholding taxes of		$	—			$	—			$	190
† Includes interest on line of credit of		$	—			$	—			$	41

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, 2017 (unaudited)				Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	7,470,296			$	12,768,816
Net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			590,391				(3,913,794	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			2,284,862				15,763,093
Net increase (decrease) in net assets resulting from operations			10,345,549				24,618,115
Distributions to shareholders
From net investment income
Institutional Shares			(7,236,863	)			(12,499,252	)
Open Shares			(155,060	)			(258,296	)
R6 Shares			(40,008	)			(11,198	)
From net realized gains
Institutional Shares			—				—
Open Shares			—				—
Return of capital
Institutional Shares			—				—
Open Shares			—				—
Net decrease in net assets resulting from distributions			(7,431,931	)			(12,768,746	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			35,465,380				95,408,716
Open Shares			1,268,647				9,863,972
R6 Shares			—				1,681,000
Net proceeds from reinvestment of distributions
Institutional Shares			6,529,572				11,795,283
Open Shares			85,031				201,575
R6 Shares			40,008				11,198
Cost of shares redeemed
Institutional Shares			(26,983,411	)			(59,510,739	)
Open Shares			(3,032,288	)			(4,667,884	)
Net increase (decrease) in net assets from capital stock transactions			13,372,939				54,783,121
Redemption fees (Note 2(h))
Institutional Shares			—				19
Open Shares			—				3
Net increase in net assets from redemption fees			—				22
Total increase (decrease) in net assets			16,286,557				66,632,512
Net assets at beginning of period			312,312,034				245,679,522
Net assets at end of period*		$	328,598,591			$	312,312,034
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	10,134			$	(28,231	)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			62,254,314				52,508,225
Shares sold			7,240,933				19,776,933
Shares issued to shareholders from reinvestment of distributions			1,331,207				2,460,421
Shares redeemed			(5,514,803	)			(12,491,265	)
Net increase (decrease)			3,057,337				9,746,089
Shares outstanding at end of period			65,311,651				62,254,314
Open Shares
Shares outstanding at beginning of period			1,557,470				421,909
Shares sold			257,637				2,063,436
Shares issued to shareholders from reinvestment of distributions			17,260				41,726
Shares redeemed			(615,294	)			(969,601	)
Net increase (decrease)			(340,397	)			1,135,561
Shares outstanding at end of period			1,217,073				1,557,470
R6 Shares†
Shares outstanding at beginning of period			348,256				—
Shares sold			—				345,949
Shares issued to shareholders from reinvestment of distributions			8,146				2,307
Net increase (decrease)			8,146				348,256
Shares outstanding at end of period			356,402				348,256
† The inception date for the R6 Shares was November 3, 2016.

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, 2017 (unaudited)				Year Ended December 31, 2016				Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016
	$	765,461			$	1,312,853			$	50,210			$	115,507
		(296,761	)			(414,373	)			(127,525	)			(50,882	)
		93,512				80,159				320,858				(24,077	)
		562,212				978,639				243,543				40,548
		(765,251	)			(914,257	)			(49,876	)			(66,063	)
		(209	)			(291	)			(335	)			(609	)
		—				—				—				—
		—				—				—				(48,389	)
		—				—				—				(446	)
		—				(398,178	)			—				—
		—				(127	)			—				—
		(765,460	)			(1,312,853	)			(50,211	)			(115,507	)
		24,885,243				26,780,847				1,081,653				882,388
		5,084				31,810				838				2,014
		—				—				—				—
		721,547				1,216,009				49,875				114,473
		206				418				335				1,055
		—				—				—				—
		(12,781,467	)			(27,638,140	)			(693,199	)			(2,451,240	)
		(13,076	)			(15,123	)			(3,659	)			(24,760	)
		12,817,537				375,821				435,843				(1,476,070	)
		—				—				—				—
		—				—				—				—
		—				—				—				—
		12,614,289				41,607				629,175				(1,551,029	)
		103,218,053				103,176,446				4,300,131				5,851,160
	$	115,832,342			$	103,218,053			$	4,929,306			$	4,300,131
	$	(79,633	)		$	(79,634	)		$	(95,856	)		$	(95,855	)
		10,468,785				10,433,735				497,927				663,320
		2,524,241				2,706,917				123,834				96,230
		73,243				122,938				5,668				12,685
		(1,297,034	)			(2,794,805	)			(80,116	)			(274,308	)
		1,300,450				35,050				49,386				(165,393	)
		11,769,235				10,468,785				547,313				497,927
		4,412				2,688				3,958				6,452
		515				3,210				97				221
		21				42				38				117
		(1,324	)			(1,528	)			(416	)			(2,832	)
		(788	)			1,724				(281	)			(2,494	)
		3,624				4,412				3,677				3,958

Semi-Annual Report  31

The Lazard Funds, Inc. Financial Highlights

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	4.87		$	4.64		$	4.91		$	5.01		$	5.01		$	4.78
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.23			0.24			0.26			0.30			0.33
Net realized and unrealized gain (loss)		0.04			0.23			(0.27	)		(0.09	)		—	(b)		0.23
Total from investment operations		0.15			0.46			(0.03	)		0.17			0.30			0.56
Less distributions from:
Net investment income		(0.11	)		(0.23	)		(0.24	)		(0.27	)		(0.30	)		(0.33	)
Return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.11	)		(0.23	)		(0.24	)		(0.27	)		(0.30	)		(0.33	)
Redemption fees		—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	4.91		$	4.87		$	4.64		$	4.91		$	5.01		$	5.01
Total Return (c)		3.18	%		10.09	%		–0.71	%		3.31	%		6.17	%		12.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	320,838		$	302,997		$	243,712		$	185,959		$	175,154		$	182,749
Ratios to average net assets (d):
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.67	%		0.69	%		0.69	%		0.71	%		0.73	%		0.71	%
Net investment income (loss)		4.70	%		4.78	%		4.94	%		5.28	%		6.00	%		6.67	%
Portfolio turnover rate		8	%		14	%		17	%		28	%		22	%		26	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	4.89		$	4.66		$	4.93		$	5.03		$	5.04		$	4.80
Income (loss) from investment operations:
Net investment income (loss) (a)		0.11			0.21			0.23			0.25			0.29			0.32
Net realized and unrealized gain (loss)		0.05			0.24			(0.27	)		(0.10	)		(0.01	)		0.24
Total from investment operations		0.16			0.45			(0.04	)		0.15			0.28			0.56
Less distributions from:
Net investment income		(0.11	)		(0.22	)		(0.23	)		(0.25	)		(0.29	)		(0.32	)
Return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.11	)		(0.22	)		(0.23	)		(0.25	)		(0.29	)		(0.32	)
Redemption fees		—			—	(b)		—	(b)		—			—			—	(b)
Net asset value, end of period	$	4.94		$	4.89		$	4.66		$	4.93		$	5.03		$	5.04
Total Return (c)		3.23	%		9.74	%		–0.98	%		3.01	%		5.64	%		11.89	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,008		$	7,618		$	1,968		$	1,811		$	2,620		$	4,249
Ratios to average net assets (d):
Net expenses		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		1.10	%		1.18	%		1.69	%		1.55	%		1.41	%		1.24	%
Net investment income (loss)		4.39	%		4.44	%		4.65	%		5.00	%		5.69	%		6.37	%
Portfolio turnover rate		8	%		14	%		17	%		28	%		22	%		26	%

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

32  Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/17†				For the Period 11/3/16* to 12/31/16
R6 Shares
Net asset value, beginning of period		$	4.87			$	4.84
Income (loss) from investment operations:
Net investment income (loss) (a)			0.11				0.04
Net realized and unrealized gain (loss)			0.05				0.03
Total from investment operations			0.16				0.07
Less distributions from:
Net investment income			(0.11	)			(0.04	)
Total distributions			(0.11	)			(0.04	)
Net asset value, end of period		$	4.92			$	4.87
Total Return			3.39	%			1.37	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,753			$	1,697
Ratios to average net assets (d):
Net expenses			0.55	%			0.55	%
Gross expenses			1.99	%			1.73	%
Net investment income (loss)			4.70	%			4.71	%
Portfolio turnover rate			8	%			14	%

*	The inception date for the R6 Shares was November 3, 2016.
†	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 may have been waived or reimbursed by the 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 except for non-recurring expenses.

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

Semi-Annual Report  33

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	9.86		$	9.89		$	9.99		$	10.03		$	10.31		$	10.23
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.13			0.10			0.09			0.11			0.14
Net realized and unrealized gain (loss)		(0.02	)		(0.03	)		(0.09	)		(0.04	)		(0.25	)		0.12
Total from investment operations		0.05			0.10			0.01			0.05			(0.14	)		0.26
Less distributions from:
Net investment income		(0.07	)		(0.09	)		(0.06	)		(0.05	)		(0.11	)		(0.14	)
Net realized gains		—			—			—			—			(0.03	)		(0.04	)
Return of capital		—			(0.04	)		(0.05	)		(0.04	)		—			—
Total distributions		(0.07	)		(0.13	)		(0.11	)		(0.09	)		(0.14	)		(0.18	)
Redemption fees		—			—			—	(b)		—			—	(b)		—	(b)
Net asset value, end of period	$	9.84		$	9.86		$	9.89		$	9.99		$	10.03		$	10.31
Total Return (c)		0.50	%		1.00	%		0.05	%		0.49	%		–1.39	%		2.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	115,797		$	103,175		$	103,150		$	114,705		$	68,086		$	19,726
Ratios to average net assets (d):
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.47	%		0.50	%		0.48	%		0.52	%		0.90	%		1.41	%
Net investment income (loss)		1.41	%		1.30	%		1.05	%		0.87	%		1.06	%		1.34	%
Portfolio turnover rate		27	%		157	%		57	%		46	%		161	%		77	%

Selected data for a share of capital	Six Months Ended			Year Ended
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	9.87		$	9.90		$	10.01		$	10.03		$	10.31		$	10.23
Income (loss) from investment operations:
Net investment income (loss) (a)		0.05			0.10			0.17			0.06			0.06			0.14
Net realized and unrealized gain (loss)		(0.02	)		(0.03	)		(0.09	)		(0.02	)		(0.23	)		0.09
Total from investment operations		0.03			0.07			0.08			0.04			(0.17	)		0.23
Less distributions from:
Net investment income		(0.05	)		(0.07	)		(0.14	)		(0.02	)		(0.08	)		(0.11	)
Net realized gains		—			—			—			—			(0.03	)		(0.04	)
Return of capital		—			(0.03	)		(0.05	)		(0.04	)		—			—
Total distributions		(0.05	)		(0.10	)		(0.19	)		(0.06	)		(0.11	)		(0.15	)
Redemption fees		—			—			—	(b)		—			—			—
Net asset value, end of period	$	9.85		$	9.87		$	9.90		$	10.01		$	10.03		$	10.31
Total Return (c)		0.35	%		0.70	%		0.77	%		0.38	%		–1.70	%		2.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	36		$	44		$	27		$	36		$	328		$	4
Ratios to average net assets (d):
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		33.80	%		31.22	%		42.51	%		17.62	%		8.10	%		38.11	%
Net investment income (loss)		1.11	%		1.00	%		1.68	%		0.60	%		0.65	%		1.32	%
Portfolio turnover rate		27	%		157	%		57	%		46	%		161	%		77	%

†	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 may have been waived or reimbursed by the 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

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	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Institutional Shares
Net asset value, beginning of period	$	8.57		$	8.74		$	9.30		$	9.51		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.10			0.20			0.19			0.22			0.23			0.17
Net realized and unrealized gain (loss)		0.38			(0.17	)		(0.56	)		(0.21	)		(0.65	)		0.16
Total from investment operations		0.48			0.03			(0.37	)		0.01			(0.42	)		0.33
Less distributions from:
Net investment income		(0.10	)		(0.12	)		—			(0.17	)		—			(0.07	)
Net realized gains		—			—			—			—			(0.01	)		—
Return of capital		—			(0.08	)		(0.19	)		(0.05	)		(0.22	)		(0.10	)
Total distributions		(0.10	)		(0.20	)		(0.19	)		(0.22	)		(0.23	)		(0.17	)
Redemption fees		—			—			—	(b)		—			—	(b)		—
Net asset value, end of period	$	8.95		$	8.57		$	8.74		$	9.30		$	9.51		$	10.16
Total Return (c)		5.61	%		0.22	%		–4.03	%		0.08	%		–4.13	%		3.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,896		$	4,266		$	5,795		$	6,497		$	5,522		$	4,814
Ratios to average net assets (d):
Net expenses		0.75	%		0.75	%		0.76	%		0.80	%		0.80	%		0.80	%
Gross expenses		5.44	%		4.70	%		4.26	%		4.12	%		4.94	%		8.81	%
Net investment income (loss)		2.26	%		2.18	%		2.08	%		2.28	%		2.38	%		2.24	%
Portfolio turnover rate		28	%		47	%		60	%		78	%		66	%		47	%

Selected data for a share of capital	Six Months Ended			Year Ended												For the Period 3/30/12* to
stock outstanding throughout each period	6/30/17†			12/31/16			12/31/15			12/31/14			12/31/13			12/31/12
Open Shares
Net asset value, beginning of period	$	8.57		$	8.74		$	9.30		$	9.51		$	10.16		$	10.00
Income (loss) from investment operations:
Net investment income (loss) (a)		0.09			0.17			0.16			0.19			0.20			0.15
Net realized and unrealized gain (loss)		0.38			(0.17	)		(0.56	)		(0.21	)		(0.65	)		0.16
Total from investment operations		0.47			—	(b)		(0.40	)		(0.02	)		(0.45	)		0.31
Less distributions from:
Net investment income		(0.09	)		(0.10	)		—			(0.14	)		—			(0.06	)
Net realized gains		—			—			—			—			(0.01	)		—
Return of capital		—			(0.07	)		(0.16	)		(0.05	)		(0.19	)		(0.09	)
Total distributions		(0.09	)		(0.17	)		(0.16	)		(0.19	)		(0.20	)		(0.15	)
Redemption fees		—			—			—			—	(b)		—			—
Net asset value, end of period	$	8.95		$	8.57		$	8.74		$	9.30		$	9.51		$	10.16
Total Return (c)		5.46	%		–0.07	%		–4.31	%		–0.22	%		–4.41	%		3.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	33		$	34		$	56		$	56		$	56		$	55
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.06	%		1.10	%		1.10	%		1.10	%
Gross expenses		42.04	%		27.52	%		27.72	%		20.84	%		28.86	%		26.46	%
Net investment income (loss)		1.98	%		1.88	%		1.80	%		2.01	%		2.09	%		2.02	%
Portfolio turnover rate		28	%		47	%		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 may have been waived or reimbursed by the 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  35

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”). 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.

The Portfolios are operated as “diversified” funds, as defined in the 1940 Act.

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).

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 accordance with 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation.

Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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. 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.

36  Semi-Annual Report

(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. A Portfolio amortizes premiums and accretes 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 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, 2017, the Global Fixed Income Portfolio traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is 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.

Semi-Annual Report  37

At December 31, 2016, 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	$	(3,002,562	)	$	(3,420,839	)
US Short Duration Fixed Income		(75,610	)		(92,136	)
Global Fixed Income		(11,563	)		—

* Non-expiring

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, 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		$  —	$	(42,923	)
Global Fixed Income		—		(127,570	)

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 tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

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

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

(h) Redemption Fee—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(i) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

38  Semi-Annual Report

(j) 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, Custody, 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, and provides the Portfolios with administrative, operational and compliance assistance services. 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 waive its fees and, if necessary, reimburse the Portfolios until May 1, 2018 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, 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			R6 Shares
US Corporate Income		0.55	%		0.85	%		0.55	%
US Short Duration Fixed Income		0.40			0.70			N/A
Global Fixed Income (a)		0.70			1.00			N/A

(a) From January 1, 2017 through June 6, 2017, percentages were 0.75% and 1.05%, respectively.

In addition to the expense limitation agreements, until May 1, 2018, to the extent the “Total Annual Portfolio Operating Expenses” (as defined in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Portfolio Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodian fees or other expenses related to the management of the Portfolio’s assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess.

During the period ended June 30, 2017, 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	$	188,598	$	—	$	8,914	$	—
US Short Duration Fixed Income		40,144		—		47		6,173
Global Fixed Income		11,057		83,391		85		6,786

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
US Corporate Income		$4,702		$3,534

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

Semi-Annual Report  39

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, 2017, State Street waived $9,375 of its fee for the Global Fixed Income Portfolio.

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

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. During the period ended June 30, 2017, BFDS waived $4,079 of its fee for the US Corporate Income Portfolio.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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, 2017 were as follows:

Portfolio	Purchases		Sales
US Corporate Income	$	37,149,773	$	24,408,566
US Short Duration Fixed Income		13,214,784		8,940,403
Global Fixed Income		1,505,910		1,121,275

	US Government and Treasury Securities
Portfolio	Purchases		Sales
US Short Duration Fixed Income	$	28,958,291	$	18,957,476
Global Fixed Income		138,643		105,258

For the period ended June 30, 2017, 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.

40  Semi-Annual Report

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 is 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, 2017, the following Portfolio 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		$65,550		$190,000		1.87%		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. A Portfolio’s outstanding balance on the line of credit, if any, would be categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. 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.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. The Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

(d) 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. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. 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.

Semi-Annual Report  41

A 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 fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), 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).

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although such securities will participate in any declines in interest rates as well. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal.

(e) Mortgage-Related and Asset-Backed Securities Risk—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. Although certain mortgage-related securi-

ties are guaranteed by a third party (such as a US Government agency or instrumentality with respect to government-related mortgage-backed securities) or otherwise similarly secured, the market value of the security, which may fluctuate, is not secured. 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 a Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.

(f) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, 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, writing or purchasing over-the-counter options on securities, indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could

42  Semi-Annual Report

have a potentially large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a 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 indemnification provisions. 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 meas-

urement 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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund 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 assets and liabilities

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

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

Changes in valuation technique may result in transfers 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  43

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
US Corporate Income Portfolio
Corporate Bonds*	$	—	$	314,206,676		$	—	$	314,206,676
Short-Term Investments		10,354,239		—			—		10,354,239
Total	$	10,354,239	$	314,206,676		$	—	$	324,560,915
US Short Duration Fixed Income Portfolio
Asset-Backed Securities*	$	—	$	17,360,328		$	—	$	17,360,328
Corporate Bonds*		—		43,029,125			—		43,029,125
Municipal Bonds		—		887,732			—		887,732
US Government Securities		—		20,519,735			—		20,519,735
US Treasury Securities		—		30,803,166			—		30,803,166
Short-Term Investments		2,312,696		—			—		2,312,696
Total	$	2,312,696	$	112,600,086		$	—	$	114,912,782
Global Fixed Income Portfolio
Assets:
Corporate Bonds*	$	—	$	1,753,338		$	—	$	1,753,338
Foreign Government Obligations*		—		2,186,230			—		2,186,230
Quasi Government Bonds*		—		31,527			—		31,527
Supranationals		—		353,487			—		353,487
US Municipal Bonds		—		270,667			—		270,667
US Treasury Securities		—		260,560			—		260,560
Short-Term Investments		60,111		—			—		60,111
Other Financial Instruments†
Forward Currency Contracts		—		23,309			—		23,309
Total	$	60,111	$	4,879,118		$	—	$	4,939,229
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(61,741	)	$	—	$	(61,741	)

*	Please refer to Portfolios of Investments and Notes to Portfolios of Investments 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, 2017.

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, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $4,800,000

44  Semi-Annual Report

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	23,309
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	61,741

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(13,734	)
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	$	4,087

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, 2017.

As of June 30, 2017, the Global Fixed Income Portfolio held 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, 2017:

Global Fixed Income Portfolio

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$23,309	$    —	$23,309

				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 of Derivative Assets
Citibank NA		$	2,755		$	(2,755	)		$	—		$	—
HSBC Bank USA NA			11,190			(11,190	)			—			—
State Street Bank and Trust Co.			9,364			(1,214	)			—			8,150
Total		$	23,309		$	(15,159	)		$	—		$	8,150

Semi-Annual Report  45

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		$61,741	$    —	$61,741

				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 of Derivative Liabilities
Citibank NA		$	13,909		$	(2,755	)		$	—		$	11,154
HSBC Bank USA NA			42,096			(11,190	)			—			30,906
JPMorgan Chase Bank NA			4,522			—				—			4,522
State Street Bank and Trust Co.			1,214			(1,214	)			—			—
Total		$	61,741		$	(15,159	)		$	—		$	46,582

11. Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending

after August 1, 2017. The Investment Manager does not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

12. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

46  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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012)
		University of California, Berkeley School of Law, Lecturer (Spring 2017)
		Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – present)
		O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  47

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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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.

48  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice   President and Secretary   since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager   (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

Semi-Annual Report  49

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 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 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment

Manager and its global affiliates as of March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). Strategic Insight’s analyses were for the Institutional Shares and Open Shares classes of all Portfolios.

50  Semi-Annual Report

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 (as limited by the Investment Manager (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation 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 ranked in one of the top three quintiles of the relevant Group.

Similarly, for both share classes of each Portfolio, the expense ratio ranked in one of the three top quintiles of the relevant Group, except for the Global Fixed Income Portfolio, for which the expense ratio of the Open share class was in the fourth quintile with an expense ratio approximately five basis points above the median. The Investment Manager noted that the small size of the Open share class contributed to the expense ratio ranking below the third quintile of the applicable Group and proposed to lower the expense limitation for both share classes by five basis points.

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 performance to those of the funds in the relevant Group and Category over one-, three-, five- and ten-year periods ended March 31, 2017 (as applicable).

The Directors considered that the performance of one or both share classes of each Portfolio ranked in the fourth or fifth quintile of the Group for the three- and/or five-year periods, and representatives of the Investment Manager discussed with the Directors reasons for relative underperformance: for the Global Fixed Income Portfolio, the Investment Management representatives stated that performance had shown relative improvement in 2017; for the US Corporate Income Portfolio, performance for each share class was in the third quintile for the three-year period; and for the US Short Duration Fixed Income Portfolio relative performance had shown improvement for Institutional Shares in the one-year period, and the Investment Manager representatives stated that the Portfolio’s strategy changed (from investing in US municipal securities) early in the five-year period, which affected performance comparisons for the five-year period.

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, 2016 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 reviewed with the Board information provided on the Investment Manager’s brokerage

Semi-Annual Report  51

practices. 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 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 $215 billion global asset management business.

• The Board generally was satisfied with the Investment Manager’s explanation that performance was consistent with the investment approach employed for a Portfolio and/or the Investment Manager’s efforts to improve performance and would continue to monitor underperformance.

• 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

52  Semi-Annual Report

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  53

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

Proskauer Rose LLP

Eleven Times Square

New York, New York 10036-8299

http://www.proskauer.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, 2017

Real Assets Funds

Lazard US Realty Income Portfolio

Lazard US Realty Equity Portfolio

Lazard Global Realty Equity Portfolio

Lazard Global Listed Infrastructure Portfolio

Lazard Real Assets and Pricing Opportunities 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
	• Assets and income
	• Account transactions
	• Credit history
	• Transaction history
	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 Asset Management (Canada), Inc. and Lazard Asset Management Securities LLC on their own behalf and on behalf of the funds they manage.
What we do
How does Lazard protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We believe the measures also comply with applicable state laws.
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
6	Performance Overviews
12	Information About Your Portfolio’s Expenses
14	Portfolio Holdings Presented by Sector
15	Portfolios of Investments
15	Lazard US Realty Income Portfolio
16	Lazard US Realty Equity Portfolio
17	Lazard Global Realty Equity Portfolio
19	Lazard Global Listed Infrastructure Portfolio
21	Lazard Real Assets and Pricing Opportunities Portfolio
28	Notes to Portfolios of Investments
32	Statements of Assets and Liabilities
34	Statements of Operations
36	Statements of Changes in Net Assets
38	Financial Highlights
43	Notes to Financial Statements
59	Board of Directors and Officers Information
62	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 each Portfolio’s summary prospectus contain the investment objectives, risks, charges, expenses and other information about each Portfolio of the Fund, which are not detailed in this report.

Distributed by Lazard Asset Management Securities LLC.

Semi-Annual Report  1

The Lazard Funds, Inc. A Message from Lazard

Dear Shareholder,

In the first half of 2017, global markets generally performed well, led by widespread gains that were most pronounced in emerging markets and Europe. During this time, the global economic recovery showed signs of broadening beyond the United States to other regions of the world. In this backdrop, US equities extended their multi-year advance, but rose less than their counterparts globally.

Emerging markets equity and debt benefited from continued global economic growth and improvements in corporate and sovereign fundamentals, notably rising earnings growth and stronger country balance sheets. The drivers of these broad improvements appear sustainable and valuations remain compelling among the securities we research. While the outlook is encouraging, our emerging markets investment teams are vigilant about potential risks, such as potential weakness in commodity prices and tighter-than-expected US monetary policy in 2018.

Europe’s economic and investment prospects appear to be at their strongest since the 2007–2008 period, with the consensus outlook largely positive. European economic data and key leading indicators are improving across the board. Policy statements from the European Central Bank suggest that monetary authorities are becoming more optimistic about growth, although policy is expected to remain accommodative over the near-to-medium term. Political risk has subsided but remains. During the first half, a market-friendly result to France’s presidential election helped buoy European sentiment. The results of the UK snap election, meanwhile, created concerns about Britain’s political outlook and the potential effect on Brexit negotiations. Elsewhere, our Tokyo-based team expects Japanese companies to yield strong returns as a result of better growth prospects, improving corporate governance, and stronger fundamentals.

The US economy appears to be in better shape than is commonly appreciated and our US equity team continues to find compelling value across the US market, which consists of companies that are among the world’s most financially productive and well managed. Our US fixed income specialists expect long-term US interest rates to eventually normalize at higher levels as global rate pressures subside in line with Europe’s improving growth outlook.

We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities. Be assured that our specialist investment teams, supported by our global infrastructure, are committed to delivering the long-term patterns of performance that you expect.

Sincerely,

Lazard Asset Management LLC

2  Semi-Annual Report

The Lazard Funds, Inc. Investment Overviews

Real Estate Securities

The MSCI All Country World Index (“ACWI”) Real Estate^® Index (the “Real Estate Index”) returned 7.56% during the first half of 2017. This compares to the MSCI ACWI Equity^® Index (the “Equity Index”) return of 11.80% during the same period. Real estate investment trusts (“REITs”) underperformed the broader stock market as the Federal Reserve prepared to progressively increase interest rates for the remainder of the year.

Emerging real estate markets (“EM”) of China, India, and Mexico were the best performers during the six month period due to a recovery in domestic sentiment in those countries. The stabilization in commodity prices and a stark improvement in their overall political sentiment contributed to the EM region’s positive performance during the period.

Developed real estate markets (“DM”) in the United States, United Kingdom, and Japan were the worst performers as the Federal Reserve prepared to progressively increase interest rates through the remainder of the year. The DM regions constitute the largest weight within the Real Estate Index, and as a result drove its overall underperformance relative to the Equity Index.

In the United States, industrial, health care, and specialized REITs were the top performers during the period. Retail and lodging REITs underperformed the broader REIT index during this time. We are witnessing an increase in commercial real estate supply across the apartment, self-storage, and lodging sectors. Further, negative sentiment concerning retailers and an increased propensity of store closures continues to negatively impact owners of retail real estate in the country. We have maintained our underweight position in retail REITs relative to the index. Further, we continue to progressively reposition our Portfolios to increase our exposure to high-velocity net operating income growers with lower levels of balance sheet leverage and property portfolios exposed to reduced supply levels versus the national average.

In Europe, we are positively biased towards London-centric landlords as we believe a weaker currency and sustained leasing momentum should substantially benefit the local investment market in the region. A number of major London assets traded at valuations that validated our positive thesis on the region. We also

increased our exposure to French and German office companies as we believe the public real estate markets offer an opportunity to acquire portfolios at a discounted valuation with an attractive current yield.

In Asia, we increased our exposure to defensive real estate companies in Japan and Hong Kong, which should outperform due to a combination of positive portfolio operations, attractive interest rates, and a stable macro outlook.

Across the emerging markets, we are overweight Mexican REITs (known as FIBRAs) which were negatively impacted in the aftermath of the presidential election in the United States. All of the FIBRAs we are invested in reported strong earnings during the period, which further substantiated our positive investment bias. We expect the FIBRAs to continue to grow cash flows at a healthy rate which should further aid their improving dividend profile. We are also positive on select real estate opportunities in the Philippines and Brazil. We increased our exposure to Brazil on equity market corrections which were dichotomous to the underlying real estate fundamentals and market valuations.

Global Listed Infrastructure

Investor optimism continued to prevail in the global equity markets during the first half of the year as investors were encouraged by positive economic news and a favorable corporate earnings season. In the United States, pro-business policies of the new administration continued to create investor optimism. The UK government began the official process of leaving the European Union by triggering Article 50 during March. In Europe, markets posted solid gains as the European economic recovery was boosted by the market-friendly outcome of the French elections. Macron was elected president of France, defeating Le Pen in the second round of voting. In spite of the raft of geopolitical risks which seemingly abound, we continued to search for value opportunities in our well-defined universe of preferred infrastructure. With recent market moves, this task is becoming increasingly difficult to achieve with our relentless focus on an adequate level of risk-adjusted returns.

Lazard US Realty Income Portfolio

For the six months ended June 30, 2017, the Lazard US Realty Income Portfolio’s Institutional Shares posted a total return of 2.33%, while Open Shares

Semi-Annual Report  3

posted a total return of 2.18%, as compared with the 6.25% blended index return for the 50% MSCI REIT Preferred^® Index/50% MSCI USA Investable Market Index (“IMI”) Core Real Estate^® Index (the “US Realty Income Index”).

During this time, 64% of the Portfolio was invested in common equities and 34% of the Portfolio was invested in preferred equities. The Portfolio’s investment in preferred equities helped relative performance. Physicians Realty, Sun Communities, and PS Business Parks Preferred contributed the most to relative performance. All three companies reported results that exceeded market expectations for the period. Penn REIT, Simon Property Group, and Life Storage hurt relative performance the most. Penn REIT and Simon Property Group were impacted by the negative market sentiment towards retail REITs despite reporting strong results. Life Storage reported disappointing earnings and was sold during the period. We have since reduced our exposure to the three companies.

Lazard US Realty Equity Portfolio

For the six months ended June 30, 2017, the Lazard US Realty Equity Portfolio’s Institutional Shares posted a total return of 5.21%, while Open Shares posted a total return of 5.09%, as compared with the 3.98% return for the MSCI USA IMI CORE Real Estate Index.

American Tower, Equinix, and Equity LifeStyle contributed the most to relative performance. All three companies reported an improved long-term growth outlook which exceeded market expectations. Simon Property Group, Federal Realty, and Retail Opportunity Investments hurt relative performance the most during the period. All three companies were impacted by the negative market sentiment towards retail REITs despite reporting strong results. We have since reduced our exposure to mall landlord Simon Property Group. We continue to favor and own both Federal Realty and Retail Opportunity Investments due to the relative strength of their underlying property portfolios.

Lazard Global Realty Equity Portfolio

For the six months ended June 30, 2017, the Lazard Global Realty Equity Portfolio’s Institutional Shares posted a total return of 8.40%, while Open Shares posted a total return of 8.27%, as compared with the 7.56% return for the MSCI ACWI IMI CORE Real Estate^® Index.

Stock selection in the United States and an overweight to Mexico contributed the most to relative performance, while an underweight to China hurt relative performance during the period. Vonovia (Germany), Link REIT (Hong Kong), and Sun Hung Kai (Hong Kong) contributed the most to relative performance during the period. All three companies benefited from strong results and outperformance from their domestic real estate markets.

Simon Property Group (United States), Great Portland (United Kingdom), and Education Realty (United States) hurt relative performance the most during the period. Simon was impacted by the negative market sentiment towards retail REITs in the United States despite reporting strong results. Education Realty and Great Portland reported slightly weaker results during the period. We have since reduced our exposure to Simon and Education Realty. We continue to favor and own Great Portland due to its discounted valuation and the relative strength of its portfolio.

Lazard Global Listed Infrastructure Portfolio

For the six months ended June 30, 2017, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 16.03%, while Open Shares posted a total return of 15.87%, as compared with the 10.55% return for the Custom Infrastructure Index (USD Hedged)¹ and 10.66% return for the MSCI World^® Index.

US railroad CSX was the largest contributor to performance during the first half of the year following the resignation of Canadian Pacific’s (CP) CEO, Hunter Harrison, and a report from The Wall Street Journal that activist investor Paul Hilal of Mantle Ridge had recruited Harrison to pursue a $1 billion investment opportunity that investors would be committed to for five years. Harrison has taken up the position of CEO at CSX and the market has priced in the expectation that he will implement significant increases to the railroad’s operating efficiency. Hilal had previously personally recruited Harrison to lead CP. In four and a half years, Harrison’s precision railroading model improved CP’s operating margin by around 20%. We took the opportunity of the share price bounce to close our position.

Spanish toll road operator Abertis Infraestructuras was another strong contributor on the back of rumors surrounding a possible bid for the company from Ital-

4  Semi-Annual Report

ian toll road operator Atlantia. We remain skeptical on the proposed investment rationale for such a deal or the likelihood of it succeeding given the various shareholdings and incentives in place within Abertis. Additionally, Abertis announced the acquisition of a further 15% of southern French toll road company SANEF, taking it to 100%. The acquisition price of SANEF was attractive and less than our fair value.

Lazard Real Assets and Pricing Opportunities Portfolio

For the six months ended June 30, 2017, the Lazard Real Assets and Pricing Opportunities Portfolio’s Institutional Shares posted a total return of 4.51%, as compared with the 6.01% blended index return for the 70% MSCI World Index (USD Hedged)/30% Bloomberg Barclays World Government Inflation-Linked Blended^® Index (USD Hedged) (the “Real Assets Index”). The Open Shares posted a total return of 4.07% for the period since inception on January 9, 2017 through June 30, 2017, as compared with the 4.82% return for the Real Assets Index for the same period.

Changes to the market forecast during the first half of 2017 reflected a shift from cautious to more upbeat views in several of our considerations. Several factors were involved in our assessment, including economic data from Europe and Japan, liquidity trends on credit availability and consumer credit on the demand side, as well as sentiment indicators relevant to geopolitical risk and factors affecting regulations in different regions.

Within equities, listed infrastructure stocks CSX, Abertis Infraestructuras, and Fraport—American, Spanish, and German companies, respectively—helped the Portfolio. In aggregate, pricing power stocks contributed strongly while global REITs were also positive contributors to performance but to a lesser degree.

Commodity futures and equities detracted from returns due to exposure to an index-tracking exchange traded note and crude oil futures contracts, and a position in US-based energy services company, Helix Energy Solutions. US stocks Deere and Westlake Chemical—a US-based agricultural equipment manufacturer and petrochemical manufacturer, respectively—helped performance within the Portfolio’s commodity investments.

Inflation-linked bonds contributed to performance. Overweight exposure to Mexico and underweight to the United Kingdom helped performance. Currency exposure to the Mexican peso, Swedish krona, and New Zealand dollar, as well as underweight real duration positioning, were positive contributors. Exposure to the pound sterling during the period hurt relative performance.

The Portfolio is hedged to US dollars using forward contracts as we seek to mitigate FX impact (directional FX views are allowed up to 15% of the total Portfolio).

Notes to Investment Overviews:

All Portfolios’ 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, 2017; 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 unmanaged index created by the 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.

Semi-Annual Report  5

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, US Realty Income Index, 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, 2017

	Institutional Shares			Open Shares
	One	Five	Since	One	Five	Since
	Year	Years	Inception†	Year	Years	Inception†
US Realty Income Portfolio**	2.99%	6.16%	9.46%	2.70%	5.87%	9.19%
US Realty Income Index	2.70%	8.62%	11.08%	2.70%	8.62%	10.19%
FTSE NAREIT All Equity REITs Index	0.22%	9.95%	13.68%	0.22%	9.95%	8.17%
Wells Fargo Hybrid and Preferred Securities REIT Index	5.53%	7.10%	8.23%	5.53%	7.10%	11.30%
Hybrid Index	2.95%	8.67%	11.13%	2.95%	8.67%	10.22%
S&P 500 Index	17.90%	14.63%	16.50%	17.90%	14.63%	14.75%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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. Both the Hybrid Index and the US Realty Income Index are unmanaged indices created by the Investment Manager. 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 US Realty Income Index links the performance of the Hybrid Index for all periods through March 31, 2017 (when the Portfolio’s benchmark index changed) and 50/50 blend of the MSCI REIT Preferred® Index and MSCI USA IMI Core Real Estate® Index for all periods thereafter. 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, representing roughly 89% of the total market capitalization of the FTSE NAREIT US Real Estate Index Series which also includes mortgage REITs. The Wells Fargo Hybrid and Preferred Securities REIT Index tracks the performance of fixed-rate US dollar-denominated

6  Semi-Annual Report

	preferred securities issued in the US domestic market. Qualifying securities must have a par amount of $25, must have a fixed coupon or dividend schedule, and must have a minimum amount outstanding of $50 million. The index includes preferred shares (perpetual preferred securities) and depository shares. The MSCI REIT Preferred Index is a preferred stock market capitalization-weighted total return index of certain exchange-traded perpetual preferred securities issued by US Equity and US Hybrid REITs. The MSCI USA IMI Core Real Estate Index was launched on October 2014 and is a free float-adjusted market capitalization index that consists of large, mid and small cap stocks engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy. The indices are unmanaged, have no fees or costs and are not available for investment.
	As of April 1, 2017, the Hybrid Index was replaced with the US Realty Income Index. The Investment Manager believes that the new benchmark is an appropriate alternative to the prior benchmark.
**	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 the 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, US Realty Equity Linked Index, MSCI US REIT^® Index and FTSE NAREIT All Equity REITs Index*

Average Annual Total Returns*

Periods Ended June 30, 2017

	Institutional Shares			Open Shares
	One	Five	Since	One	Five	Since
	Year	Years	Inception†	Year	Years	Inception†
US Realty Equity Portfolio**	1.67%	9.29%	14.34%	1.37%	9.01%	18.39%
US Realty Equity Linked Index	–0.52%	9.79%	13.55%	–0.52%	9.79%	14.87%
MSCI USA IMI Core Real Estate Index	–1.97%	N/A	N/A	–1.97%	N/A	N/A
MSCI US REIT Index	–1.82%	9.39%	12.95%	–1.82%	9.39%	14.69%
FTSE NAREIT All Equity REITs Index	0.22%	9.95%	13.70%	0.22%	9.95%	14.98%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 US Realty Equity Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the FTSE NAREIT All Equity REITs Index for all periods through March 31, 2017 (when the Portfolio’s benchmark index changed) and MSCI USA IMI Core Real Estate Index for all periods thereafter. 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, representing roughly 89% of the total market capitalization of the FTSE NAREIT US Real Estate Index Series which also includes mortgage REITs. The MSCI USA IMI Core Real Estate Index was launched on October 2014 and is a free float-adjusted market capitalization index that consists of large, mid and small cap stocks engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The MSCI US REIT Index is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA IMI its parent index which captures large, mid and small caps securities. With 155 constituents, it represents about 99% of the US REIT universe and securities are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard. It however excludes Mortgage REIT and selected Specialized REITs. The indices are unmanaged, have no fees or costs and are not available for investment.
	As of April 1, 2017, the FTSE NAREIT All Equity REITs Index was replaced with the MSCI USA IMI Core Real Estate Index. The Investment Manager believes that the new benchmark is an appropriate alternative to the prior benchmark.
**	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 the 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, New Global Realty Linked Index, FTSE EPRA/NAREIT Global^® Index and FTSE EPRA/NAREIT Global ex-US/FTSE EPRA/NAREIT Global Linked Index (the “Old Global Realty Linked Index”)*

Average Annual Total Returns*

Periods Ended June 30, 2017

	Institutional Shares			Open Shares
	One	Five	Since	One	Five	Since
	Year	Years	Inception†	Year	Years	Inception†
Global Realty Equity Portfolio**	3.14%	8.65%	10.84%	2.89%	8.33%	13.74%
New Global Realty Linked Index	2.77%	8.76%	10.55%	2.77%	8.76%	11.38%
MSCI ACWI IMI Core Real Estate® Index	2.57%	N/A	N/A	2.57%	N/A	N/A
FTSE EPRA/NAREIT Global Index	2.19%	7.32%	10.01%	2.19%	7.32%	11.34%
Old Global Realty Linked Index	2.19%	7.29%	9.81%	2.19%	7.29%	11.13%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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. Both the Old Global Realty Linked Index and the New Global Realty Linked Index are unmanaged indices created by the Investment Manager. The Old Global Realty Linked Index links the performance of the FTSE EPRA/NAREIT Global ex-US® Index for all periods through August 14, 2013 (when the Portfolio’s investment strategy changed from investing primarily in non-US realty companies to a global approach) and the FTSE EPRA/NAREIT Global Index for all periods thereafter. The New Global Realty Linked Index links the performance of the Old Global Realty Linked Index for all periods through March 31, 2017 (when the Portfolio’s benchmark index changed) and MSCI ACWI IMI Core Real Estate 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 MSCI ACWI IMI Core Real Estate Index was launched on May 2015 and is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 23 developed markets and 24 emerging markets countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The indices are unmanaged, have no fees or costs and are not available for investment.
	As of April 1, 2017, the FTSE EPRA/NAREIT Global Index was replaced with the MSCI ACWI IMI Core Real Estate Index. The Investment Manager believes that the new benchmark is an appropriate alternative to the prior benchmark.
**	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 the 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, 2017

	One	Five	Since
	Year	Years	Inception†
Institutional Shares**	22.68%	18.23%	13.38%
Open Shares**	22.43%	17.89%	13.03%
The Custom Infrastructure Index (USD Hedged)	10.18%	13.59%	10.13%
MSCI World Index	18.20%	11.38%	9.06%

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 unmanaged index created by the 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 USD) tracks a 50% exposure to the global developed markets utilities sector and a 50% exposure to the global developed markets infrastructure sector. The FTSE Developed Core Infrastructure 50/50 (100% Hedged to USD Net Tax) Index tracks a 50% exposure to the global developed markets utilities sector and a 50% exposure to the global developed markets infrastructure sector. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The index consists of 23 developed markets country indices. 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

Lazard Real Assets and Pricing Opportunities Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Real Assets and Pricing Opportunities Portfolio, The Real Assets Index (USD Hedged) and MSCI World Index*

Total Returns*

Periods Ended June 30, 2017

	Since
	Inception†
Institutional Shares**	4.51%
Open Shares**	4.07%
The Real Assets Index (USD Hedged)	6.01% (Institutional Shares)   4.82% (Open Shares)
MSCI World Index	10.55% (Institutional Shares)   8.65% (Open Shares)

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the 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 Portfolio shares, 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 Real Assets Index is an unmanaged index created by the Investment Manager, which is the performance of the 70% MSCI World Index (USD Hedged) and the 30% Bloomberg Barclays World Government Inflation-Linked Blended ® Index (USD Hedged). The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The index consists of 23 developed markets country indices. The Bloomberg Barclays World Government Inflation-Linked Blended Index (USD Hedged) measures the performance of investment grade, government inflation-linked debt from 12 different developed markets countries. 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 December 30, 2016 and for the Open Shares was January 9, 2017.

Semi-Annual Report  11

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

Expense Example

As a shareholder in a Portfolio of the Fund, you incur 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, 2017 through June 30, 2017 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.

12  Semi-Annual Report

Portfolio	Beginning Account Value 1/1/17		Ending Account Value 6/30/17		Expenses Paid During Period* 1/1/17 - 6/30/17		Annualized Expense Ratio During Period 1/1/17 - 6/30/17
US Realty Income
Institutional Shares
Actual	$	1,000.00	$	1,023.30	$	5.02		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Open Shares
Actual	$	1,000.00	$	1,021.80	$	6.52		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
US Realty Equity
Institutional Shares
Actual	$	1,000.00	$	1,052.10	$	5.29		1.04	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.64	$	5.21		1.04	%
Open Shares
Actual	$	1,000.00	$	1,050.90	$	6.81		1.34	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15	$	6.71		1.34	%
Global Realty Equity
Institutional Shares
Actual	$	1,000.00	$	1,084.00	$	5.17		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.84	$	5.01		1.00	%
Open Shares
Actual	$	1,000.00	$	1,082.70	$	6.71		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.51		1.30	%
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	1,160.30	$	5.09		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Open Shares
Actual	$	1,000.00	$	1,158.70	$	6.42		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.84	$	6.01		1.20	%
Real Assets and Pricing Opportunities
Institutional Shares
Actual	$	1,000.00	$	1,045.10	$	4.56		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Open Shares†
Actual	$	1,000.00	$	1,040.70	$	5.56		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.25	$	5.50		1.15	%

*	Expenses are equal to the annualized expense ratio, net of expense waivers and reimbursements, of each Share class multiplied by the average account value over the period, multiplied by 181/365 (to reflect one-half year period).
†	The inception date for the Open Shares was January 9, 2017.

Semi-Annual Report  13

The Lazard Funds, Inc. Portfolio Holdings Presented by Sector June 30, 2017 (unaudited)

Sector*	Lazard US Realty Income Portfolio			Lazard US Realty Equity Portfolio			Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Consumer Discretionary		—	%		—	%		—	%		9.1	%		7.3	%
Consumer Staples		—			—			—			—			3.1
Energy		—			—			—			5.4			3,3
Financials		8.2			—			—			—			4.2
Health Care		—			—			—			—			3.3
Industrials		—			—			—			44.6			13.0
Information Technology		—			—			—			—			3.0
Materials		—			—			—			—			2.4
Real Estate		90.6			98.6			98.5			—			19.3
Telecommunication Services		—			—			—			—			1.7
Utilities		—			—			—			30.3			6.5
Sovereign Debt		—			—			—			—			10.5
US Treasury Securities		—			—			—			—			19.0
Short-Term Investments		1.2			1.4			1.5			10.6			3.4
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

14  Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments June 30, 2017 (unaudited)

Description	Shares		Fair Value
Lazard US Realty Income Portfolio
Preferred Stocks | 37.7%
Equity Real Estate Investment Trusts (REITs) | 37.4%
Alexandria Real Estate Equities, Inc., Series D, 7.000%		35,339	$	1,275,738
American Homes 4 Rent, Series E, 6.350%		6,795		175,583
Ashford Hospitality Prime, Inc., Series B, 5.500%		43,591		869,205
Ashford Hospitality Trust, Inc., Series G, 7.375%		24,490		611,025
CBL & Associates Properties, Inc.:
Series E, 6.625%		7,511		174,631
Series D, 7.375%		46,403		1,079,334
City Office REIT, Inc., Series A, 6.625%		9,600		242,496
Colony NorthStar, Inc., Series H, 7.125%		14,906		383,829
DDR Corp., Series K, 6.250%		13,921		349,139
Digital Realty Trust, Inc., Series G, 5.875%		3,463		88,549
Equity LifeStyle Properties, Inc., Series C, 6.750%		4,300		109,435
Hersha Hospitality Trust, Series E, 6.500%		49,287		1,238,089
iStar, Inc., Series I, 7.500%		28,100		689,293
Kilroy Realty Corp., Series H, 6.375%		3,430		87,122
Kimco Realty Corp., Series J, 5.500%		34,515		865,981
National Retail Properties, Inc., Series F, 5.200%		15,300		371,025
Pebblebrook Hotel Trust, Series C, 6.500%		17,331		436,048
PS Business Parks, Inc., Series U, 5.750%		40,803		1,027,012
Public Storage, Series E, 4.900%		25,900		626,521
Rexford Industrial Realty, Inc., Series A, 5.875%		30,500		768,295
Taubman Centers, Inc., Series K, 6.250%		20,567		521,168
Washington Prime Group, Inc., Series I, 6.875%		28,100		721,608
				12,711,126

Description	Shares		Fair Value
Mortgage Real Estate Investment Trusts (REITs) | 0.3%
Apollo Commercial Real Estate Finance, Inc., Series A, 8.625%		3,427	$	88,245
Total Preferred Stocks (Cost $12,504,088)				12,799,371
Real Estate Investment Trusts | 60.5%
Equity Real Estate Investment Trusts (REITs) | 52.6%
Colony NorthStar, Inc.,		75,103		1,058,201
Education Realty Trust, Inc.		23,224		899,930
EPR Properties		7,249		520,986
Extra Space Storage, Inc.		22,905		1,786,590
GGP, Inc.		89,467		2,107,842
National Health Investors, Inc.		2,491		197,287
National Storage Affiliates Trust		70,508		1,629,440
Park Hotels & Resorts, Inc.		43,800		1,180,848
Physicians Realty Trust		58,183		1,171,806
Realty Income Corp.		29,000		1,600,220
Retail Opportunity Investments Corp.		40,851		783,931
STAG Industrial, Inc.		13,000		358,800
Sun Communities, Inc.		12,010		1,053,157
Uniti Group, Inc.		74,279		1,867,374
VEREIT, Inc.		204,322		1,663,181
				17,879,593
Mortgage Real Estate Investment Trusts (REITs) | 7.9%
Blackstone Mortgage Trust, Inc., Class A		33,773		1,067,227
Starwood Property Trust, Inc.		72,258		1,617,856
				2,685,083
Total Real Estate Investment Trusts (Cost $20,512,173)				20,564,676
Short-Term Investments | 1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $397,872)		397,872		397,872
Total Investments | 99.4% (Cost $33,414,133) (a)			$	33,761,919
Cash and Other Assets in Excess of Liabilities | 0.6%				202,460
Net Assets | 100.0%			$	33,964,379

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

Semi-Annual Report  15

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Real Estate Investment Trusts | 98.4%
Acadia Realty Trust		20,446	$	568,399
Alexandria Real Estate Equities, Inc.		22,522		2,713,225
American Homes 4 Rent, Class A		141,053		3,183,566
American Tower Corp.		35,045		4,637,155
Apartment Investment & Management Co., Class A		25,763		1,107,036
AvalonBay Communities, Inc.		16,642		3,198,093
Boston Properties, Inc.		35,791		4,403,009
Colony Starwood Homes		45,815		1,571,913
Digital Realty Trust, Inc.		25,310		2,858,765
Education Realty Trust, Inc.		29,123		1,128,516
Equinix, Inc.		9,918		4,256,409
Equity LifeStyle Properties, Inc.		35,609		3,074,481
Essex Property Trust, Inc.		10,490		2,698,762
Extra Space Storage, Inc.		11,995		935,610
Federal Realty Investment Trust		12,690		1,603,889
GGP, Inc.		154,261		3,634,389
HCP, Inc.		81,675		2,610,333
Host Hotels & Resorts, Inc.		66,803		1,220,491
Invitation Homes, Inc.		60,000		1,297,800
National Storage Affiliates Trust		82,358		1,903,293
Park Hotels & Resorts, Inc.		53,600		1,445,056
Physicians Realty Trust		81,792		1,647,291
Prologis, Inc.		66,258		3,885,369

Description	Shares		Fair Value
PS Business Parks, Inc.		16,371	$	2,167,357
Public Storage		14,727		3,071,021
Retail Opportunity Investments Corp.		112,944		2,167,395
Simon Property Group, Inc.		18,592		3,007,442
SL Green Realty Corp.		17,381		1,838,910
Sun Communities, Inc.		8,561		750,714
Sunstone Hotel Investors, Inc.		96,156		1,550,035
Uniti Group, Inc.		43,900		1,103,646
VEREIT, Inc.		110,400		898,656
Total Real Estate Investment Trusts (Cost $63,194,421)				72,138,026
Short-Term Investments | 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $998,352)		998,352		998,352
Total Investments | 99.8% (Cost $64,192,773) (a)			$	73,136,378
Cash and Other Assets in Excess of Liabilities | 0.2%				129,404
Net Assets | 100.0%			$	73,265,782

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

16  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio
Common Stocks | 26.8%
Brazil | 0.6%
BR Properties SA		11,440	$	31,113
Canada | 1.5%
StorageVault Canada, Inc.		37,428		76,195
China | 2.5%
China Overseas Land & Investment, Ltd.		22,000		64,409
China Resources Land, Ltd.		20,000		58,298
				122,707
Germany | 4.1%
Vonovia SE		5,109		203,005
Hong Kong | 3.2%
Sun Hung Kai Properties, Ltd.		11,000		161,612
Japan | 8.5%
Hulic Co., Ltd.		12,800		130,834
Mitsubishi Estate Co., Ltd.		4,900		91,538
Mitsui Fudosan Co., Ltd.		8,380		200,344
				422,716
Philippines | 2.4%
Megaworld Corp.		1,394,000		118,824
Singapore | 1.5%
Frasers Centrepoint, Ltd.		37,100		50,667
Global Logistic Properties, Ltd.		12,700		26,394
				77,061
Sweden | 1.5%
Hufvudstaden AB, Class A		4,380		72,694
United Arab Emirates | 1.0%
Emaar Properties PJSC		23,623		49,807
Total Common Stocks
(Cost $1,297,153)				1,335,734

Description	Shares		Fair Value
Real Estate Investment Trusts | 71.6%
Australia | 4.6%
Goodman Group		6,159	$	37,221
Investa Office Fund		7,642		25,794
Mirvac Group		44,780		73,475
The GPT Group		13,206		48,575
Westfield Corp.		7,618		46,986
				232,051
Canada | 1.0%
Boardwalk Real Estate Investment Trust		1,360		49,867
France | 3.0%
Klepierre		1,726		70,754
Unibail-Rodamco SE		313		78,924
				149,678
Hong Kong | 3.7%
Link Real Estate Investment Trust		24,519		186,552
Japan | 1.1%
Activia Properties, Inc.		13		55,548
Mexico | 3.7%
Concentradora Fibra Danhos SA de CV		29,970		53,719
Macquarie Mexico Real Estate Management SA de CV		45,700		53,786
PLA Administradora Industrial S de RL de CV		9,600		17,673
Prologis Property Mexico SA de CV		30,500		57,693
				182,871
Spain | 1.6%
Merlin Properties Socimi SA		6,366		80,476
United Kingdom | 6.7%
Big Yellow Group PLC		7,117		73,434
Great Portland Estates PLC		15,837		123,266
Land Securities Group PLC		3,814		50,345
The Unite Group PLC		6,653		56,267
Workspace Group PLC		2,503		28,993
				332,305

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

Semi-Annual Report  17

Description	Shares		Fair Value
Lazard Global Realty Equity Portfolio (concluded)
United States | 46.2%
Alexandria Real Estate Equities, Inc.		961	$	115,772
American Homes 4 Rent, Class A		6,599		148,939
American Tower Corp.		487		64,440
Apartment Investment & Management Co., Class A		289		12,418
AvalonBay Communities, Inc.		392		75,331
Boston Properties, Inc.		1,299		159,803
Colony Starwood Homes		1,416		48,583
Digital Realty Trust, Inc.		989		111,708
Education Realty Trust, Inc.		2,191		84,901
Equinix, Inc.		255		109,436
Equity Lifestyle Properties, Inc.		1,383		119,408
Essex Property Trust, Inc.		394		101,364
GGP, Inc.		6,852		161,433
HCP, Inc.		3,989		127,488
Host Hotels & Resorts, Inc.		277		5,061
Invitation Homes, Inc.		3,493		75,554
National Storage Affiliates Trust		4,277		98,841
Physicians Realty Trust		3,645		73,410
Prologis, Inc.		2,437		142,906

Description	Shares		Fair Value
PS Business Parks, Inc.		480	$	63,547
Public Storage		467		97,384
Retail Opportunity Investments Corp.		3,896		74,764
SL Green Realty Corp.		474		50,149
Sun Communities, Inc.		285		24,992
Sunstone Hotel Investors, Inc.		4,977		80,229
Uniti Group, Inc.		3,197		80,373
				2,308,234
Total Real Estate Investment Trusts (Cost $3,331,856)				3,577,582
Short-Term Investments | 1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $72,355)		72,355		72,355
Total Investments | 99.8% (Cost $4,701,364) (a)			$	4,985,671
Cash and Other Assets in Excess of Liabilities | 0.2%				11,898
Net Assets | 100.0%			$	4,997,569

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

18  Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks | 90.5%
Australia | 8.6%
Macquarie Atlas Roads Group		17,475,353	$	75,353,280
Spark Infrastructure Group		62,398,901		125,558,636
Transurban Group		25,189,050		229,262,412
				430,174,328
France | 15.1%
Aeroports de Paris		826,449		133,500,596
Eutelsat Communications SA		8,951,921		228,849,233
Vinci SA		4,529,731		386,930,467
				749,280,296
Germany | 3.9%
Fraport AG		2,194,050		194,086,000
Italy | 25.9%
ASTM SpA		955,619		16,569,060
Atlantia SpA		14,230,472		401,886,911
Hera SpA		22,717,851		69,367,103
Italgas SpA		29,596,287		149,502,926
Snam SpA		52,546,547		229,827,511
Societa Iniziative Autostradali e Servizi SpA		2,166,147		23,933,690
Terna SpA		73,040,666		395,274,452
				1,286,361,653
Luxembourg | 4.6%
SES SA		9,684,712		227,104,053
Portugal | 1.0%
REN - Redes Energeticas Nacionais SGPS SA		15,916,278		49,843,101

Description	Shares		Fair Value
Spain | 8.5%
Abertis Infraestructuras SA		13,060,390	$	242,161,235
Enagas SA		1,483,891		41,685,983
Red Electrica Corporacion SA		6,518,600		136,507,037
				420,354,255
United Kingdom | 7.3%
Pennon Group PLC		18,327,816		196,928,657
United Utilities Group PLC		14,773,900		167,042,952
				363,971,609
United States | 15.6%
Ameren Corp.		1,270,650		69,466,435
Genesee & Wyoming, Inc., Class A (b)		797,200		54,520,508
Norfolk Southern Corp.		2,051,437		249,659,883
PG&E Corp.		2,501,649		166,034,444
Union Pacific Corp.		2,145,000		233,611,950
				773,293,220
Total Common Stocks (Cost $3,967,963,543)				4,494,468,515
Short-Term Investments | 10.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $533,897,686)		533,897,686		533,897,686
Total Investments | 101.2% (Cost $4,501,861,229) (a), (c)			$	5,028,366,201
Liabilities in Excess of Cash and Other Assets | (1.2)%				(57,902,073	)
Net Assets | 100.0%			$	4,970,464,128

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

Semi-Annual Report  19

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD		18,002,371	USD		13,823,121	CIT	09/28/17	$	—	$	1,262
USD		54,516,269	AUD		72,174,476	BNP	09/28/17		—		897,844
USD		123,963,673	AUD		164,290,393	CIT	09/28/17		—		2,175,189
USD		74,078,864	AUD		98,094,054	HSB	09/28/17		—		1,235,780
USD		48,782,840	AUD		64,566,426	RBC	09/28/17		—		789,964
USD		97,639,716	AUD		129,283,887	SCB	09/28/17		—		1,621,854
USD		53,945,296	AUD		71,427,072	SSB	09/28/17		—		894,974
USD		465,013,532	EUR		415,274,079	BNP	09/28/17		—		11,414,260
USD		278,354,940	EUR		248,642,197	CAN	09/28/17		—		6,902,578
USD		437,867,473	EUR		391,239,544	CIT	09/28/17		—		10,986,432
USD		578,084,040	EUR		516,382,525	HSB	09/28/17		—		14,341,537
USD		459,960,369	EUR		410,910,038	MEL	09/28/17		—		11,460,728
USD		444,912,842	EUR		397,502,695	RBC	09/28/17		—		11,126,533
USD		331,838,353	EUR		296,494,437	SSB	09/28/17		—		8,318,177
USD		25,725,380	GBP		20,010,719	CIT	09/28/17		—		405,726
USD		34,208,752	GBP		26,744,392	CIT	09/28/17		—		715,558
USD		58,995,307	GBP		46,460,680	CIT	09/28/17		—		1,675,624
USD		89,510,004	GBP		70,489,754	HSB	09/28/17		—		2,539,424
USD		88,494,874	GBP		69,686,216	RBC	09/28/17		—		2,505,249
USD		47,415,940	GBP		37,342,208	SSB	09/28/17		—		1,347,584
Total gross unrealized depreciation on Forward Currency Contracts								$	—	$	91,356,277

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

20  Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (d)
Common Stocks | 61.3%
Australia | 2.5%
Aristocrat Leisure, Ltd.		783	$	13,566
AusNet Services		8,831		11,776
Credit Corp. Group, Ltd.		907		12,333
CSL, Ltd.		755		80,224
Harvey Norman Holdings, Ltd.		4,788		14,049
Macquarie Atlas Roads Group		9,549		41,175
Ramsay Health Care, Ltd.		604		34,199
Telstra Corp., Ltd.		16,795		55,613
The GPT Group REIT		4,263		15,681
Transurban Group		13,380		121,780
				400,396
Austria | 0.1%
CA Immobilien Anlagen AG		234		5,707
S IMMO AG		573		8,313
				14,020
Belgium | 0.4%
Aedifica SA REIT		192		16,747
Befimmo SA REIT		73		4,340
Cofinimmo SA REIT		273		33,574
Warehouses De Pauw CVA REIT		128		13,453
				68,114
Canada | 4.1%
Agnico Eagle Mines, Ltd.		438		19,763
Atco, Ltd., Class I		1,399		54,706
Barrick Gold Corp.		1,237		19,679
BCE, Inc.		1,245		56,067
BRP, Inc.		332		9,726
Canadian Apartment Properties REIT		771		19,959
Canadian Imperial Bank of Commerce		416		33,808
Canadian National Railway Co.		626		50,792
Chartwell Retirement Residences		289		3,452
CI Financial Corp.		1,792		38,195
Constellation Software, Inc.		17		8,893
Dollarama, Inc.		617		58,955
Fortis, Inc.		293		10,298
Granite Real Estate Investment Trust		771		30,494
Great-West Lifeco, Inc.		445		12,062
Killam Apartment Real Estate Investment Trust		675		6,631
Laurentian Bank of Canada		315		13,158
Lundin Mining Corp.		2,675		15,203

Description	Shares		Fair Value
Magna International, Inc.		499	$	23,114
NorthWest Healthcare Properties Real Estate Investment Trust		1,300		10,706
Pure Industrial Real Estate Trust		4,440		23,556
Royal Bank of Canada		700		50,827
Suncor Energy, Inc.		663		19,372
TELUS Corp.		479		16,537
The Toronto-Dominion Bank		952		47,974
				653,927
Denmark | 0.1%
Vestas Wind Systems A/S		193		17,882
France | 2.5%
Aeroports de Paris		432		69,783
Air Liquide SA		85		10,563
Eutelsat Communications SA		5,059		129,330
Gecina SA REIT		37		5,805
ICADE REIT		74		6,234
L’Oreal SA		83		17,299
Mercialys SA REIT		538		10,530
Peugeot SA		493		9,841
TOTAL SA Sponsored ADR		200		9,918
Vinci SA		1,434		122,492
				391,795
Germany | 1.2%
alstria office REIT-AG		1,315		17,787
Deutsche EuroShop AG		164		6,470
Deutsche Wohnen AG		138		5,282
Fraport AG		843		74,572
GAGFAH SA (b)		312		6,956
Hamborner REIT AG		1,031		10,583
LEG Immobilien AG		126		11,854
TAG Immobilien AG		965		15,175
thyssenkrupp AG		624		17,738
TLG Immobilien AG		524		10,725
Vonovia SE		251		9,973
WCM Beteiligungs & Grundbesitz-AG (b)		1,481		5,368
				192,483
Hong Kong | 2.2%
ASM Pacific Technology, Ltd.		1,244		16,794
Champion REIT		40,000		25,465
CLP Holdings, Ltd.		5,500		58,194
Far East Consortium International, Ltd./HK		10,000		5,585
Hongkong Land Holdings, Ltd.		1,100		7,946
Hysan Development Co., Ltd.		7,000		33,434
Jardine Matheson Holdings, Ltd.		672		42,721

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

Semi-Annual Report  21

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Link Real Estate Investment Trust		7,500	$	57,064
Man Wah Holdings, Ltd.		14,800		13,292
PCCW, Ltd.		46,000		26,164
Prosperity REIT		11,000		4,678
Swire Properties, Ltd.		3,400		11,230
The Wharf Holdings, Ltd.		1,000		8,289
Xinyi Glass Holdings, Ltd.		32,000		31,730
Yue Yuen Industrial Holdings, Ltd.		2,000		8,300
				350,886
Ireland | 0.3%
CRH PLC		559		19,834
Irish Residential Properties REIT PLC		4,097		6,366
Ryanair Holdings PLC Sponsored ADR (b)		124		13,343
				39,543
Italy | 3.3%
ASTM SpA		446		7,733
Atlantia SpA		4,794		135,389
Hera SpA		12,962		39,578
Italgas SpA		17,157		86,667
Snam SpA		27,472		120,157
Societa Iniziative Autostradali e Servizi SpA		2,082		23,004
Terna SpA		22,472		121,612
				534,140
Japan | 2.6%
Advance Residence Investment Corp. REIT		3		7,455
Asahi Glass Co., Ltd.		600		25,321
Central Japan Railway Co.		100		16,316
Daikyo, Inc.		3,000		6,122
Daiwa House REIT Investment Corp.		7		16,611
Industrial & Infrastructure Fund Investment Corp. REIT		1		4,536
Japan Excellent, Inc. REIT		3		3,337
Japan Logistics Fund, Inc. REIT		11		22,834
Japan Prime Realty Investment Corp. REIT		2		6,926
Japan Retail Fund Investment Corp.		2		3,690
JFE Holdings, Inc.		900		15,656
KDDI Corp.		600		15,895
Kenedix Office Investment Corp. REIT		2		10,669
Mitsubishi UFJ Financial Group, Inc.		1,800		12,139
Mori Trust Sogo Reit, Inc. REIT		3		4,844
MS&AD Insurance Group Holdings, Inc.		500		16,859
Nichirei Corp.		500		14,021
Nippon Accommodations Fund, Inc. REIT		5		20,903
Nippon Steel & Sumitomo Metal Corp.		900		20,372
Nishi-Nippon Railroad Co., Ltd.		4,000		17,994

Description	Shares		Fair Value
Nitto Denko Corp.		200	$	16,499
Nomura Real Estate Master Fund, Inc. REIT		3		4,096
Obayashi Corp.		1,100		12,948
Okamura Corp.		1,000		9,504
Premier Investment Corp. REIT		7		6,836
S Foods, Inc.		500		18,403
Shin-Etsu Chemical Co., Ltd.		200		18,168
The Nisshin Oillio Group, Ltd.		2,000		11,748
TOC Co., Ltd.		200		1,894
Tokio Marine Holdings, Inc.		100		4,155
Tokyu REIT, Inc.		3		3,644
West Japan Railway Co.		600		42,426
				412,821
Luxembourg | 0.9%
SES SA (France)		1,600		37,520
SES SA (Luxembourg)		4,012		94,052
Tenaris SA ADR		604		18,808
				150,380
Netherlands | 0.3%
Akzo Nobel NV		177		15,366
NN Group NV		696		24,780
				40,146
New Zealand | 0.2%
Air New Zealand, Ltd.		8,502		20,325
Spark New Zealand, Ltd.		5,874		16,287
				36,612
Norway | 0.3%
Entra ASA		1,357		16,923
Statoil ASA		1,440		23,933
				40,856
Singapore | 1.4%
Ascendas Real Estate Investment Trust		16,200		30,718
CapitaLand Mall Trust REIT		18,600		26,683
DBS Group Holdings, Ltd.		1,459		21,981
Lippo Malls Indonesia Retail Trust REIT		18,700		6,045
Mapletree Industrial Trust REIT		3,900		5,270
Mapletree Logistics Trust REIT		28,000		24,304
SATS, Ltd.		4,000		14,852
Singapore Airlines, Ltd.		5,200		38,231
United Overseas Bank, Ltd.		3,700		62,164
				230,248
Spain | 1.2%
Abertis Infraestructuras SA		6,888		127,715
Enagas SA		1,043		29,300
Gamesa Corp. Tecnologica SA		471		10,090
Red Electrica Corporacion SA		1,300		27,224
				194,329

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

22  Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Sweden | 0.0%
JM AB		164	$	5,806
Switzerland | 1.1%
Allreal Holding AG		188		34,014
ALSO Holding AG		83		10,685
Flughafen Zuerich AG		114		27,993
Mobimo Holding AG		57		15,998
Partners Group Holding AG		54		33,479
PSP Swiss Property AG		60		5,610
Swiss Prime Site AG		506		45,963
				173,742
United Kingdom | 3.4%
Admiral Group PLC		1,395		36,406
Assura PLC REIT		7,286		6,055
Bellway PLC		297		11,516
Big Yellow Group PLC REIT		1,052		10,855
Centrica PLC		5,963		15,543
Compass Group PLC		1		19
CVS Group PLC		700		11,482
Electrocomponents PLC		1,988		14,962
Grainger PLC		1,296		4,441
Great Portland Estates PLC REIT		714		5,557
Halma PLC		664		9,524
Hansteen Holdings PLC REIT		8,275		13,430
Land Securities Group PLC REIT		370		4,884
LondonMetric Property PLC REIT		7,101		15,484
National Grid PLC		5,427		67,359
Pennon Group PLC		6,916		74,311
Reckitt Benckiser Group PLC		460		46,673
Safestore Holdings PLC REIT		2,476		13,595
Shaftesbury PLC REIT		1,695		21,474
SSE PLC		3,025		57,209
Tritax Big Box REIT PLC REIT		16,144		30,736
Unilever NV		394		21,774
United Utilities Group PLC		2,137		24,162
Workspace Group PLC REIT		809		9,371
WPP PLC		692		14,560
				541,382
United States | 33.2%
3M Co.		387		80,570
Agree Realty Corp. REIT		571		26,192
Alcoa Corp.		316		10,317
Alphabet, Inc., Class A (b)		11		10,226
Ameren Corp.		1,354		74,023

Description	Shares		Fair Value
American Axle & Manufacturing Holdings, Inc. (b)		1,081	$	16,864
American Campus Communities, Inc. REIT		475		22,467
American Electric Power Co., Inc.		329		22,856
American Homes 4 Rent, Class A REIT		2,950		66,581
American Tower Corp. REIT		920		121,734
Aon PLC		187		24,862
Apartment Investment & Management Co., Class A REIT		293		12,590
Apple Hospitality REIT, Inc.		1,350		25,258
Apple, Inc.		226		32,548
AT&T, Inc.		1,809		68,254
Automatic Data Processing, Inc.		389		39,857
AutoZone, Inc. (b)		39		22,248
AvalonBay Communities, Inc. REIT		589		113,188
Biogen, Inc. (b)		36		9,769
Brinker International, Inc.		276		10,516
Bristol-Myers Squibb Co.		276		15,379
Brixmor Property Group, Inc. REIT		482		8,618
Camden Property Trust REIT		289		24,712
Campbell Soup Co.		956		49,855
Cardinal Health, Inc.		112		8,727
Care Capital Properties, Inc. REIT		600		16,020
Carnival Corp.		387		25,376
Chevron Corp.		96		10,016
Cimarex Energy Co.		147		13,819
Colony Starwood Homes REIT		1,500		51,465
Columbia Property Trust, Inc. REIT		89		1,992
Comcast Corp., Class A		1,433		55,772
Concho Resources, Inc. (b)		109		13,247
Consolidated Edison, Inc.		458		37,016
Core Laboratories NV		216		21,874
CoreCivic, Inc. REIT		389		10,729
Cracker Barrel Old Country Store, Inc.		74		12,376
Crown Castle International Corp. REIT		780		78,140
Crown Holdings, Inc. (b)		289		17,242
CSX Corp.		969		52,869
CubeSmart REIT		675		16,227
Darden Restaurants, Inc.		624		56,435
Deere & Co.		200		24,718
Delta Air Lines, Inc.		232		12,468
Diamondback Energy, Inc. (b)		197		17,496
Digital Realty Trust, Inc. REIT		678		76,580
Douglas Emmett, Inc. REIT		675		25,792
DuPont Fabros Technology, Inc. REIT		289		17,675
EchoStar Corp., Class A (b)		300		18,210
Edison International		293		22,910

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

Semi-Annual Report  23

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Education Realty Trust, Inc. REIT		1,171	$	45,376
Eli Lilly & Co.		397		32,673
Empire State Realty Trust, Inc., Class A REIT		289		6,003
EOG Resources, Inc.		209		18,919
EPR Properties REIT		289		20,770
Equinix, Inc. REIT		79		33,904
Equity Commonwealth REIT (b)		578		18,265
Equity Lifestyle Properties, Inc. REIT		978		84,440
Equity Residential REIT		289		19,025
Essex Property Trust, Inc. REIT		293		75,380
Everest Re Group, Ltd.		63		16,039
Extra Space Storage, Inc. REIT		289		22,542
F5 Networks, Inc. (b)		228		28,970
Federal Realty Investment Trust REIT		389		49,166
Finisar Corp. (b)		443		11,509
First Potomac Realty Trust REIT		482		5,355
Four Corners Property Trust, Inc. REIT		300		7,533
Gaming and Leisure Properties, Inc. REIT		86		3,240
General Dynamics Corp.		90		17,829
General Mills, Inc.		913		50,580
Genesee & Wyoming, Inc., Class A (b)		120		8,207
Getty Realty Corp. REIT		1,257		31,551
GGP, Inc. REIT		193		4,547
Halliburton Co.		451		19,262
Hasbro, Inc.		177		19,737
HCA Holdings, Inc. (b)		215		18,748
HCP, Inc. REIT		300		9,588
Healthcare Realty Trust, Inc. REIT		771		26,330
Healthcare Trust of America, Inc. Class A REIT		200		6,222
Helix Energy Solutions Group, Inc. (b)		1,734		9,780
Hilltop Holdings, Inc.		289		7,575
HollyFrontier Corp.		472		12,966
Honeywell International, Inc.		196		26,125
Hormel Foods Corp.		300		10,233
Hospitality Properties Trust REIT		289		8,424
Host Hotels & Resorts, Inc.		700		12,789
Huntington Ingalls Industries, Inc.		81		15,079
Intel Corp.		1,181		39,847
International Paper Co.		292		16,530
Intuit, Inc.		119		15,804
Invitation Homes, Inc.		698		15,098
J.B. Hunt Transport Services, Inc.		95		8,681
Johnson & Johnson		634		83,872
Kinder Morgan, Inc.		3,514		67,328
LaSalle Hotel Properties REIT		289		8,612

Description	Shares		Fair Value
Lear Corp.		237	$	33,673
Liberty Property Trust REIT		100		4,071
Life Storage, Inc. REIT		96		7,114
Lockheed Martin Corp.		143		39,698
LTC Properties, Inc. REIT		389		19,991
Mack-Cali Realty Corp. REIT		178		4,831
Marathon Petroleum Corp.		210		10,989
Marriott International, Inc., Class A		77		7,724
Marsh & McLennan Cos., Inc.		551		42,956
Martin Marietta Materials, Inc.		102		22,703
MasterCard, Inc., Class A		158		19,189
McCormick & Co., Inc.		91		8,873
McDonald’s Corp.		542		83,013
McKesson Corp.		91		14,973
Merck & Co., Inc.		136		8,716
Mettler-Toledo International, Inc. (b)		68		40,021
Microsoft Corp.		458		31,570
Monmouth Real Estate Investment Corp. REIT		1,871		28,159
Motorola Solutions, Inc.		344		29,839
National HealthCare Corp.		96		6,733
National Retail Properties, Inc. REIT		96		3,754
New Senior Investment Group, Inc. REIT		482		4,844
NIKE, Inc., Class B		315		18,585
Norfolk Southern Corp.		1,044		127,055
Northrop Grumman Corp.		258		66,231
O’Reilly Automotive, Inc. (b)		169		36,967
Olin Corp.		684		20,711
Omnicom Group, Inc.		852		70,631
Paychex, Inc.		523		29,780
PepsiCo, Inc.		410		47,351
PG&E Corp.		1,469		97,498
Pioneer Natural Resources Co.		111		17,713
Pool Corp.		281		33,037
PPG Industries, Inc.		188		20,672
Prudential Financial, Inc.		127		13,734
PS Business Parks, Inc. REIT		589		77,978
Public Storage REIT		196		40,872
Quality Care Properties, Inc. REIT (b)		77		1,410
Quest Diagnostics, Inc.		150		16,674
Quintiles IMS Holdings, Inc. (b)		136		12,172
Ramco-Gershenson Properties Trust REIT		289		3,728
Range Resources Corp.		831		19,587
Raytheon Co.		156		25,191
Realty Income Corp. REIT		193		10,650
Regency Centers Corp. REIT		93		5,825
Regions Financial Corp.		1,376		20,145

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

24  Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
Republic Services, Inc.		1,255	$	79,981
Retail Opportunity Investments Corp. REIT		964		18,499
Rexford Industrial Realty, Inc. REIT		689		18,906
Rockwell Collins, Inc.		280		29,422
Ryman Hospitality Properties, Inc. REIT		289		18,499
Saul Centers, Inc. REIT		289		16,756
Schlumberger, Ltd.		216		14,221
Select Income REIT		289		6,945
Senior Housing Properties Trust REIT		300		6,132
Simon Property Group, Inc. REIT		293		47,396
Skyworks Solutions, Inc.		178		17,079
Southwest Gas Holdings, Inc.		624		45,589
Spirit AeroSystems Holdings, Inc., Class A		300		17,382
STAG Industrial, Inc. REIT		100		2,760
Starbucks Corp.		983		57,319
Steel Dynamics, Inc.		315		11,280
STORE Capital Corp. REIT		578		12,976
Summit Hotel Properties, Inc. REIT		786		14,659
Sun Communities, Inc. REIT		289		25,342
Sunstone Hotel Investors, Inc. REIT		1,700		27,404
Sysco Corp.		1,520		76,502
Tanger Factory Outlet Centers, Inc. REIT		289		7,508
Taubman Centers, Inc. REIT		196		11,672
Terreno Realty Corp. REIT		486		16,359
Texas Instruments, Inc.		187		14,386
The Allstate Corp.		357		31,573
The Boeing Co.		240		47,460
The Cheesecake Factory, Inc.		155		7,796
The Kroger Co.		918		21,408
The PNC Financial Services Group, Inc.		127		15,858
The TJX Cos., Inc.		333		24,033
The Travelers Cos., Inc.		139		17,588
Thermo Fisher Scientific, Inc.		269		46,932
Tyson Foods, Inc., Class A		721		45,156
UDR, Inc. REIT		578		22,525
Union Pacific Corp.		946		103,029
UnitedHealth Group, Inc.		106		19,654
Universal Health Realty Income Trust REIT		193		15,351
Urban Edge Properties REIT		578		13,716
Urstadt Biddle Properties, Inc. Class A REIT		675		13,365
Ventas, Inc. REIT		82		5,697
Visa, Inc., Class A		298		27,946
VMware, Inc., Class A (b)		113		9,880
Vornado Realty Trust REIT		193		18,123

Description		Shares		Fair Value
Vulcan Materials Co.			125	$	15,835
Wal-Mart Stores, Inc.			124		9,384
Washington Real Estate Investment Trust			771		24,595
Waste Management, Inc.			557		40,856
Waters Corp. (b)			117		21,509
Welltower, Inc. REIT			89		6,662
Westlake Chemical Corp.			363		24,034
Weyerhaeuser Co. REIT			477		15,979
Xenia Hotels & Resorts, Inc. REIT			1,082		20,958
					5,304,635
Total Common Stocks (Cost $9,141,234)					9,794,143
Closed-End Management Investment Companies | 0.2%
F&C Commercial Property Trust, Ltd.			8,001		15,145
The Picton Property Income, Ltd.			5,615		6,089
UK Commercial Property Trust, Ltd.			12,044		14,463
Total Closed-End Management Investment Companies (Cost $32,746)					35,697
Exchange-Traded Notes | 7.3%
Guernsey | 7.3%
iPath Bloomberg Commodity Index Total Return ETN (b) (Cost $1,223,935)			51,455		1,166,485
Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations | 10.4%
Australia | 0.7%
Australia Government Bonds, 3.000%, 09/20/25	AUD		108	$	116,725
Canada | 0.4%
Canadian Government Real Return Bonds, 2.000%, 12/01/41	CAD		61		62,031

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

Semi-Annual Report  25

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (continued)
France | 2.3%
French Republic Government Bonds OAT, 1.850%, 07/25/27	EUR		261	$	367,492
Italy | 1.8%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22	EUR		118		133,981
3.100%, 09/15/26	EUR		117		157,007
					290,988
Mexico | 1.7%
Mexican Udibonos, 2.500%, 12/10/20	MXN		847		263,415
New Zealand | 0.9%
New Zealand Government Bonds, 3.000%, 09/20/30	NZD		165		141,184
Spain | 1.9%
Spain Government Inflation Linked Bonds:
0.300%, 11/30/21	EUR		109		130,246
1.800%, 11/30/24	EUR		140		180,466
					310,712
United Kingdom | 0.7%
United Kingdom Gilt Inflation Linked, 0.750%, 03/22/34	GBP		62		117,937
Total Foreign Government Obligations (Cost $1,566,215)					1,670,484

Description	Security Currency	Principal Amount (000)		Fair Value
US Treasury Securities | 17.4%
Treasury Inflation Protected Securities:
0.125%, 04/15/20	USD		747	$	747,640
1.125%, 01/15/21	USD		1,106		1,148,480
2.375%, 01/15/25	USD		184		209,788
2.500%, 01/15/29	USD		569		684,413
Total US Treasury Securities (Cost $2,812,223)					2,790,321
Description		Shares		Fair Value
Short-Term Investments | 3.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.83% (7 day yield) (Cost $491,413)			491,413	$	491,413
Total Investments | 99.7% (Cost $15,267,766) (a), (c)				$	15,948,543
Cash and Other Assets in Excess of Liabilities | 0.3%					40,355
Net Assets | 100.0%				$	15,988,898

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

26  Semi-Annual Report

Lazard Real Assets and Pricing Opportunities Portfolio (concluded)

Forward Currency Contracts open at June 30, 2017:

Currency Purchased	Quantity	Currency Sold	Quantity		Counterparty		Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD	6,640	USD		5,099		CIT	09/28/17		$	—		$	—
CAD	39,195	USD		29,707		HSB	08/24/17			543			—
EUR	69,506	USD		79,652		CIT	09/28/17			89			—
GBP	60,284	USD		78,726		CIT	08/24/17			—			89
GBP	9,627	USD		12,525		CIT	09/28/17			47			—
NZD	52,812	USD		38,025		HSB	08/24/17			641			—
NZD	94,937	USD		68,355		HSB	08/24/17			1,152			—
SEK	436,957	USD		50,700		HSB	08/24/17			1,310			—
SEK	785,488	USD		91,140		HSB	08/24/17			2,355			—
USD	181,032	AUD		239,923		CIT	09/28/17			—			3,177
USD	114,408	AUD		153,544		HSB	08/24/17			—			3,532
USD	190,823	AUD		256,099		HSB	08/24/17			—			5,891
USD	18,145	CAD		24,443		CIT	08/24/17			—			719
USD	68,280	CAD		91,977		HSB	08/24/17			—			2,706
USD	509,174	CAD		686,469		HSB	08/24/17			—			20,628
USD	4,922	CAD		6,412		SSB	07/05/17			—			22
USD	28,040	CHF		27,140		CIT	09/28/17			—			417
USD	119,180	CHF		115,240		HSB	08/24/17			—			1,374
USD	1,321,799	EUR		1,181,042		CIT	09/28/17			—			33,165
USD	45,423	EUR		40,800		HSB	08/24/17			—			1,297
USD	49,577	EUR		44,532		HSB	08/24/17			—			1,415
USD	198,897	EUR		176,085		HSB	08/24/17			—			2,734
USD	919,926	EUR		814,970		HSB	08/24/17			—			13,281
USD	167,608	GBP		128,345		CIT	08/24/17			190			—
USD	177,355	GBP		139,673		CIT	09/28/17			—			5,037
USD	32,700	GBP		25,046		HSB	08/24/17			29			—
USD	366,538	GBP		281,038		HSB	08/24/17			—			60
USD	157,831	HKD		1,225,935		HSB	08/24/17			588			—
USD	309,859	JPY		34,280,761		HSB	08/24/17			4,436			—
USD	250,542	MXN		4,755,819		HSB	08/24/17			—			9,447
USD	131,198	NZD		189,606		CIT	08/24/17			—			7,621
USD	196,842	SGD		272,448		HSB	08/24/17			—			1,202
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	11,380		$	113,814

Futures Contracts open at June 30, 2017:

Type	Number of Contracts	Expiration Date	Notional Amount		Fair Value		Unrealized Appreciation
Light Sweet Crude Oil	2	08/22/17		$92,427		$92,580		$	153
Wheat	2	09/14/17		51,108		52,600			1,492
Total gross unrealized appreciation on Futures Contracts								$	1,645

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

Semi-Annual Report  27

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2017 (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	$	33,414,133	$	1,082,458	$	734,672	$	347,786
US Realty Equity		64,192,773		10,268,617		1,325,012		8,943,605
Global Realty Equity		4,701,364		411,173		126,866		284,307
Global Listed Infrastructure		4,501,861,229		588,860,787		62,355,815		526,504,972
Real Assets and Pricing Opportunities		15,267,766		969,322		288,545		680,777

(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.
(d)	Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.

Security Abbreviations:
ADR	— American Depositary Receipt
ETN	— Exchange-Traded Notes
PJSC	— Public Joint Stock Company
REIT	— Real Estate Investment Trust
Currency Abbreviations:
AUD	— Australian Dollar	JPY	— Japanese Yen
CAD	— Canadian Dollar	MXN	— Mexican New Peso
CHF	— Swiss Franc	NZD	— New Zealand Dollar
EUR	— Euro	SEK	— Swedish Krona
GBP	— British Pound Sterling	SGD	— Singapore Dollar
HKD	— Hong Kong Dollar	USD	— United States Dollar

Counterparty Abbreviations:
BNP	— BNP Paribas SA	MEL	— The Bank of New York Mellon Corp.
CAN	— Canadian Imperial Bank of Commerce	RBC	— Royal Bank of Canada
CIT	— Citibank NA	SCB	— Standard Chartered Bank
HSB	— HSBC Bank USA NA	SSB	— State Street Bank and Trust Co.

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

28   Semi-Annual Report

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			Lazard Real Assets and Pricing Opportunities Portfolio
Aerospace & Defense		—	%		—	%		1.6	%
Airlines		—			—			0.5
Auto Components		—			—			0.7
Automobiles		—			—			0.1
Banks		—			—			1.8
Beverages		—			—			0.3
Biotechnology		—			—			0.5
Building Products		—			—			0.2
Capital Markets		—			—			0.4
Chemicals		—			—			0.8
Commercial Services & Suppliers		—			—			0.8
Communications Equipment		—			—			0.6
Construction & Engineering		—			7.8			0.8
Construction Materials		—			—			0.4
Consumer Finance		—			—			0.1
Containers & Packaging		—			—			0.2
Distributors		—			—			0.2
Diversified Telecommunication Services		—			—			1.5
Electric Utilities		—			16.6			2.7
Electrical Equipment		—			—			0.2
Electronic Equipment, Instruments & Components		—			—			0.2
Energy Equipment & Services		—			—			0.5
Equity Real Estate Investment Trusts (REITs)		71.6			—			15.7
Food & Staples Retailing		—			—			0.7
Food Products		—			—			1.3
Gas Utilities		—			3.0			0.8
Health Care Providers & Services		—			—			0.8
Hotels, Restaurants & Leisure		—			—			1.7
Household Durables		—			—			0.2
Household Products		—			—			0.3
Industrial Conglomerates		—			—			0.9
Insurance		—			—			1.5
Internet Software & Services		—			—			0.1
IT Services		—			—			0.7
Leisure Products		—			—			0.2
Life Sciences Tools & Services		—			—			0.8
Machinery		—			—			0.2
Media		—			9.2			2.5
Metals & Mining		—			—			0.8
Multiline Retail		—			—			0.5
Multi-Utilities		—			3.8			1.8
Oil, Gas & Consumable Fuels		—			5.5			2.5
Personal Products		—			—			0.2
Pharmaceuticals		—			—			0.9

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

Semi-Annual Report   29

Industry*	Lazard Global Realty Equity Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Real Estate Management & Development		26.8	%		—	%		2.0	%
Road & Rail		—			10.8			2.7
Semiconductors & Semiconductor Equipment		—			—			0.6
Software		—			—			0.4
Specialty Retail		—			—			0.5
Technology Hardware, Storage & Peripherals		—			—			0.2
Textiles, Apparel & Luxury Goods		—			—			0.2
Transportation Infrastructure		—			26.5			4.0
Water Utilities		—			7.3			0.6
Wireless Telecommunication Services		—			—			0.1
Subtotal		98.4			90.5			61.5
Exchange-Traded Notes		—			—			7.3
Foreign Government Obligations		—			—			10.4
US Treasury Securities		—			—			17.4
Short-Term Investments		1.4			10.7			3.1
Total Investments		99.8	%		101.2	%		99.7	%

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

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

30   Semi-Annual Report

[This page intentionally left blank]

Semi-Annual Report  31

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

June 30, 2017	Lazard US Realty Income Portfolio				Lazard US Realty Equity Portfolio
ASSETS
Investments in securities, at fair value		$	33,761,919			$	73,136,378
Cash			—				—
Cash collateral due from broker			—				—
Foreign currency, at fair value			—				—
Receivables for:
Capital stock sold			271				5,764
Investments sold			—				—
Dividends and interest			310,512				278,303
Amount due from Investment Manager (Note 3)			—				—
Variation margin on open futures contracts			—				—
Gross unrealized appreciation on forward currency contracts			—				—
Deferred offering costs (Note 2(g))			—				—
Prepaid expenses			—				—
Total assets			34,072,702				73,420,445
LIABILITIES
Payables for:
Management fees			10,094				42,934
Accrued distribution fees			3,975				11,269
Accrued administration fees			9,354				10,638
Accrued custodian fees			7,713				7,759
Accrued professional services			21,287				21,439
Investments purchased			—				—
Capital stock redeemed			40,882				41,498
Gross unrealized depreciation on forward currency contracts			—				—
Other accrued expenses and payables			15,018				19,126
Total liabilities			108,323				154,663
Net assets		$	33,964,379			$	73,265,782
NET ASSETS
Paid in capital		$	50,154,783			$	58,911,985
Undistributed (distributions in excess of) net investment income (loss)			252,871				713,096
Accumulated net realized gain (loss)			(16,791,061	)			4,697,096
Net unrealized appreciation (depreciation) on:
Investments			347,786				8,943,605
Foreign currency translations and forward currency contracts			—				—
Futures contracts			—				—
Net assets		$	33,964,379			$	73,265,782
Institutional Shares
Net assets		$	15,366,660			$	19,867,287
Shares of capital stock outstanding*			2,073,499				974,787
Net asset value, offering and redemption price per share		$	7.41			$	20.38
Open Shares
Net assets		$	18,597,719			$	53,398,495
Shares of capital stock outstanding*			2,516,120				2,613,637
Net asset value, offering and redemption price per share		$	7.39			$	20.43
Cost of investments in securities		$	33,414,133			$	64,192,773
Cost of foreign currency		$	—			$	—

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

(a) Consolidated Statement of Assets and Liabilities.

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

32  Semi-Annual Report

Lazard Global Realty Equity Portfolio				Lazard Global Listed Infrastructure Portfolio				Lazard Real Assets and Pricing Opportunities Portfolio (a)
	$	4,985,671			$	5,028,366,201			$	15,948,543
		—				—				420
		—				—				4,268
		1,700				8,599,811				3,137
		250				29,251,776				71,091
		—				12,752,534				101,092
		23,851				12,749,704				51,070
		32,924				—				14,889
		—				—				3,672
		—				—				11,380
		—				—				74,516
		—				50,753				2,087
		5,044,396				5,091,770,779				16,286,165
		—				3,726,818				—
		277				145,961				16
		5,310				103,964				5,605
		5,969				54,710				5,620
		22,452				38,598				26,140
		—				23,468,950				118,081
		—				2,340,911				23,601
		—				91,356,277				113,814
		12,819				70,462				4,390
		46,827				121,306,651				297,267
	$	4,997,569			$	4,970,464,128			$	15,988,898
	$	4,623,555			$	4,284,034,831			$	15,408,324
		81,976				135,940,969				92,001
		7,745				115,315,204				(92,033	)
		284,307				526,504,972				680,777
		(14	)			(91,331,848	)			(101,816	)
		—				—				1,645
	$	4,997,569			$	4,970,464,128			$	15,988,898
	$	3,686,438			$	4,234,811,311			$	15,909,696
		240,180				258,288,256				1,529,394
	$	15.35			$	16.40			$	10.40
	$	1,311,131			$	735,652,817			$	79,202
		85,660				44,779,642				7,618
	$	15.31			$	16.43			$	10.40
	$	4,701,364			$	4,501,861,229			$	15,267,766
	$	1,706			$	8,580,990			$	3,138

Semi-Annual Report  33

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

For the Six Months Ended June 30, 2017	Lazard US Realty Income Portfolio				Lazard US Realty Equity Portfolio
Investment Income (Loss)
Income
Dividends		$	1,009,383			$	1,193,008
Interest			—				—
Total investment income*			1,009,383				1,193,008
Expenses
Management fees (Note 3)			138,058				301,209
Distribution fees (Open Shares)			25,617				69,508
Custodian fees			23,582				23,562
Administration fees			28,477				32,386
Shareholders’ reports			5,882				9,236
Professional services			19,027				19,369
Directors’ fees and expenses			3,226				3,910
Registration fees			17,915				17,915
Shareholders’ services			13,833				15,969
Amortization of offering costs (Note 2(g))			—				—
Organization expenses			—				—
Other††			4,090				4,025
Total gross expenses			279,707				497,089
Management fees waived and expenses reimbursed			(64,025	)			(17,177	)
Administration and shareholders’ services fees waived			—				—
Total net expenses			215,682				479,912
Net investment income (loss)			793,701				713,096
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts and Futures Contracts
Net realized gain (loss) on:
Investments			(927,093	)			3,352,593
Foreign currency transactions and forward currency contracts			—				—
Futures contracts			—				—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and futures contracts			(927,093	)			3,352,593
Net change in unrealized appreciation (depreciation) on:
Investments†			1,009,315				(231,200	)
Foreign currency translations and forward currency contracts			—				—
Futures contracts			—				—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and futures contracts			1,009,315				(231,200	)
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts and futures contracts			82,222				3,121,393
Net increase (decrease) in net assets resulting from operations		$	875,923			$	3,834,489
* Net of foreign withholding taxes of		$	—			$	—
† Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	—			$	128,845
†† Includes interest on line of credit of		$	781			$	233

(a) Consolidated Statement of Operations.

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

34  Semi-Annual Report

Lazard Global Realty Equity Portfolio				Lazard Global Listed Infrastructure Portfolio				Lazard Real Assets and Pricing Opportunities Portfolio (a)
	$	85,030			$	91,495,259			$	155,361
		—				—				68,952
		85,030				91,495,259				224,313
		19,192				18,456,773				51,327
		1,743				693,168				49
		31,902				300,476				48,472
		25,324				279,459				26,339
		1,524				92,843				1,479
		19,952				67,442				21,377
		2,552				64,329				7,671
		17,419				60,344				2,585
		12,481				54,379				19,267
		—				—				60,289
		—				—				7,203
		2,767				43,756				3,405
		134,856				20,112,969				249,463
		(100,776	)			—				(161,773	)
		(9,375	)			—				(21,621	)
		24,705				20,112,969				66,069
		60,325				71,382,290				158,244
		78,678				250,332,084				122,008
		554				(132,954,402	)			(194,707	)
		—				—				(19,334	)
		79,232				117,377,682				(92,033	)
		225,235				475,326,627				680,777
		201				(91,560,426	)			(96,170	)
		—				—				1,645
		225,436				383,766,201				586,252
		304,668				501,143,883				494,219
	$	364,993			$	572,526,173			$	652,463
	$	4,085			$	10,945,159			$	11,522
	$	—			$	—			$	—
	$	25			$	—			$	—

Semi-Annual Report  35

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, 2017 (unaudited)				Year Ended December 31, 2016				Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	793,701			$	699,704			$	713,096			$	1,097,472
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and futures contracts			(927,093	)			(7,000,121	)			3,352,593				1,617,975
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and futures contracts			1,009,315				9,880,295				(231,200	)			1,020,449
Net increase (decrease) in net assets resulting from operations			875,923				3,579,878				3,834,489				3,735,896
Distributions to shareholders
From net investment income
Institutional Shares			(248,431	)			(947,450	)			—				(309,698	)
Open Shares			(292,399	)			(1,134,154	)			—				(774,528	)
From net realized gains
Institutional Shares			—				—				—				(276,265	)
Open Shares			—				—				—				(860,553	)
Return of capital
Institutional Shares			—				(42,957	)			—				—
Open Shares			—				(51,422	)			—				—
Net decrease in net assets resulting from distributions			(540,830	)			(2,175,983	)			—				(2,221,044	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,265,095				1,946,921				3,272,718				3,069,870
Open Shares			738,478				1,187,060				2,409,440				12,642,246
Net proceeds from reinvestment of distributions
Institutional Shares			237,964				955,382				—				576,599
Open Shares			286,909				1,164,957				—				1,565,295
Cost of shares redeemed
Institutional Shares			(5,115,289	)			(18,324,402	)			(4,070,046	)			(5,517,860	)
Open Shares			(5,807,480	)			(20,504,685	)			(11,112,755	)			(31,969,969	)
Net increase (decrease) in net assets from capital stock transactions			(7,394,323	)			(33,574,767	)			(9,500,643	)			(19,633,819	)
Redemption fees (Note 2(i))
Institutional Shares			—				3				—				983
Open Shares			—				104				—				7
Net increase in net assets from redemption fees			—				107				—				990
Total increase (decrease) in net assets			(7,059,230	)			(32,170,765	)			(5,666,154	)			(18,117,977	)
Net assets at beginning of period			41,023,609				73,194,374				78,931,936				97,049,913
Net assets at end of period*		$	33,964,379			$	41,023,609			$	73,265,782			$	78,931,936
*Includes undistributed (distributions in excess of) net investment income (loss) of		$	252,871			$	—			$	713,096			$	—
(a) Consolidated Statements of Changes in Net Assets.
(b) The Portfolio commenced operations on December 30, 2016.
Shares issued and redeemed Institutional Shares†
Shares outstanding at beginning of period			2,420,955				4,614,237				1,013,228				1,116,969
Shares sold			305,304				270,587				164,661				156,260
Shares issued to shareholders from reinvestment of distributions			32,374				132,107				—				29,391
Shares redeemed			(685,134	)			(2,595,976	)			(203,102	)			(289,392	)
Net increase (decrease)			(347,456	)			(2,193,282	)			(38,441	)			(103,741	)
Shares outstanding at end of period			2,073,499				2,420,955				974,787				1,013,228
Open Shares†
Shares outstanding at beginning of period			3,161,749				5,692,814				3,050,064				3,995,207
Shares sold			100,144				164,138				121,110				641,672
Shares issued to shareholders from reinvestment of distributions			39,159				161,817				—				79,255
Shares redeemed			(784,932	)			(2,857,020	)			(557,537	)			(1,666,070	)
Net increase (decrease)			(645,629	)			(2,531,065	)			(436,427	)			(945,143	)
Shares outstanding at end of period			2,516,120				3,161,749				2,613,637				3,050,064

†  The inception date for the Real Assets and Pricing Opportunities Portfolio Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.

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

36  Semi-Annual Report

Lazard Global Realty Equity Portfolio								Lazard Global Listed Infrastructure Portfolio								Lazard Real Assets and Pricing Opportunities Portfolio (a)
Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016				Six Months Ended June 30, 2017 (unaudited)				Year Ended December 31, 2016				Six Months Ended June 30, 2017 (unaudited)				Period Ended December 31, 2016 (b)
	$	60,325			$	74,465			$	71,382,290			$	67,320,507			$	158,244			$	—
		79,232				51,908				117,377,682				123,014,491				(92,033	)			—
		225,436				86,803				383,766,201				81,193,380				586,252				(5,646	)
		364,993				213,176				572,526,173				271,528,378				652,463				(5,646	)
		—				(83,166	)			(9,248,659	)			(65,512,225	)			(71,732	)			—
		—				(43,091	)			(724,581	)			(10,807,540	)			(157	)			—
		—				(582	)			—				(28,350,404	)			—				—
		—				(264	)			—				(4,660,792	)			—				—
		—				—				—				—				—				—
		—				—				—				—				—				—
		—				(127,103	)			(9,973,240	)			(109,330,961	)			(71,889	)			—
		1,000,001				45,475				1,097,193,662				1,234,639,826				2,226,589				13,095,624
		76,685				306,048				318,448,973				348,608,641				101,178				—
		—				83,748				7,727,711				79,785,759				71,732				—
		—				40,932				717,840				15,328,444				157				—
		(8,790	)			(1,320,190	)			(292,639,427	)			(675,758,638	)			(58,705	)			—
		(437,915	)			(608,645	)			(117,311,270	)			(321,183,690	)			(22,605	)			—
		629,981				(1,452,632	)			1,014,137,489				681,420,342				2,318,346				13,095,624
		—				27				—				25,179				—				—
		—				—				—				19,942				—				—
		—				27				—				45,121				—				—
		994,974				(1,366,532	)			1,576,690,422				843,662,880				2,898,920				13,089,978
		4,002,595				5,369,127				3,393,773,706				2,550,110,826				13,089,978				—
	$	4,997,569			$	4,002,595			$	4,970,464,128			$	3,393,773,706			$	15,988,898			$	13,089,978
	$	81,976			$	21,651			$	135,940,969			$	74,531,919			$	92,001			$	5,646
		172,535				250,075				206,858,471				160,699,463				1,309,562				—
		68,213				3,050				69,713,556				89,610,493				1,497,103				1,309,562
		—				5,780				492,136				5,708,087				6,959				—
		(568	)			(86,370	)			(18,775,907	)			(49,159,572	)			(1,284,230	)			—
		67,645				(77,540	)			51,429,785				46,159,008				219,832				1,309,562
		240,180				172,535				258,288,256				206,858,471				1,529,394				1,309,562
		110,297				128,369				32,579,713				29,287,607				—
		5,307				20,832				19,696,562				25,457,936				9,810
		—				2,843				46,855				1,095,859				15
		(29,944	)			(41,747	)			(7,543,488	)			(23,261,689	)			(2,207	)
		(24,637	)			(18,072	)			12,199,929				3,292,106				7,618
		85,660				110,297				44,779,642				32,579,713				7,618

Semi-Annual Report  37

The Lazard Funds, Inc. Financial Highlights

LAZARD US REALTY INCOME PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	7.36			$	7.11			$	8.42			$	7.44			$	8.57			$	7.46
Income (loss) from investment operations:
Net investment income (loss) (a)			0.16				0.11	^			0.37				0.29				0.47				0.49
Net realized and unrealized gain (loss)			0.01				0.45				(1.15	)			1.30				(0.27	)			1.23
Total from investment operations			0.17				0.56				(0.78	)			1.59				0.20				1.72
Less distributions from:
Net investment income			(0.12	)			(0.30	)			(0.37	)			(0.32	)			(0.34	)			(0.37	)
Net realized gains			—				—				(0.16	)			(0.29	)			(0.99	)			(0.24	)
Return of capital			—				(0.01	)			—				—				—				—
Total distributions			(0.12	)			(0.31	)			(0.53	)			(0.61	)			(1.33	)			(0.61	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	7.41			$	7.36			$	7.11			$	8.42			$	7.44			$	8.57
Total Return (c)			2.33	%			8.01	%^			–9.50	%			21.54	%			2.37	%			23.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	15,367			$	17,815			$	32,806			$	66,942			$	47,222			$	52,024
Ratios to average net assets (d):
Net expenses			1.00	%			1.00	%^			0.98	%			0.96	%			0.95	%			1.15	%
Gross expenses			1.39	%			1.20	%			0.98	%			0.96	%			0.98	%			1.16	%
Net investment income (loss)			4.43	%			1.42	%^			4.59	%			3.52	%			5.29	%			5.94	%
Portfolio turnover rate			39	%			75	%			60	%			53	%			104	%			42	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	7.34			$	7.09			$	8.40			$	7.43			$	8.56			$	7.45
Income (loss) from investment operations:
Net investment income (loss) (a)			0.15				0.09	^			0.34				0.26				0.44				0.51
Net realized and unrealized gain (loss)			0.01				0.45				(1.15	)			1.30				(0.26	)			1.19
Total from investment operations			0.16				0.54				(0.81	)			1.56				0.18				1.70
Less distributions from:
Net investment income			(0.11	)			(0.28	)			(0.34	)			(0.30	)			(0.32	)			(0.35	)
Net realized gains			—				—				(0.16	)			(0.29	)			(0.99	)			(0.24	)
Return of capital			—				(0.01	)			—				—				—				—
Total distributions			(0.11	)			(0.29	)			(0.50	)			(0.59	)			(1.31	)			(0.59	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	7.39			$	7.34			$	7.09			$	8.40			$	7.43			$	8.56
Total Return (c)			2.18	%			7.73	%^			–9.77	%			21.35	%			1.99	%			23.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	18,598			$	23,208			$	40,388			$	87,782			$	66,834			$	55,393
Ratios to average net assets (d):
Net expenses			1.30	%			1.30	%^			1.23	%			1.24	%			1.22	%			1.45	%
Gross expenses			1.63	%			1.44	%			1.23	%			1.24	%			1.24	%			1.47	%
Net investment income (loss)			4.22	%			1.19	%^			4.20	%			3.19	%			4.86	%			6.18	%
Portfolio turnover rate			39	%			75	%			60	%			53	%			104	%			42	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The net expenses and net investment income (loss) ratios of the Portfolio would be unchanged as the change to current period custodian fees was offset against current period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
†	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 may have been waived or reimbursed by the 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.

38  Semi-Annual Report

LAZARD US REALTY EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	19.37			$	18.93			$	19.71			$	16.05			$	17.40			$	14.89
Income (loss) from investment operations:
Net investment income (loss) (a)			0.21				0.29				0.33				0.28				0.41				0.31
Net realized and unrealized gain (loss)			0.80				0.72				0.55				3.85				(0.10	)			2.79
Total from investment operations			1.01				1.01				0.88				4.13				0.31				3.10
Less distributions from:
Net investment income			—				(0.31	)			(0.38	)			(0.20	)			(0.25	)			(0.17	)
Net realized gains			—				(0.26	)			(1.28	)			(0.27	)			(1.41	)			(0.42	)
Total distributions			—				(0.57	)			(1.66	)			(0.47	)			(1.66	)			(0.59	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—				—	(b)
Net asset value, end of period		$	20.38			$	19.37			$	18.93			$	19.71			$	16.05			$	17.40
Total Return (c)			5.21	%			5.31	%			4.63	%			25.70	%			1.77	%			20.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	19,867			$	19,625			$	21,143			$	21,806			$	7,844			$	2,794
Ratios to average net assets (d):
Net expenses			1.04	%			1.05	%			1.05	%			1.05	%			1.13	%			1.20	%
Gross expenses			1.15	%			1.12	%			1.09	%			1.18	%			1.27	%			2.34	%
Net investment income (loss)			2.13	%			1.50	%			1.64	%			1.50	%			2.28	%			1.86	%
Portfolio turnover rate			18	%			41	%			51	%			43	%			98	%			52	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	19.44			$	19.00			$	19.78			$	16.11			$	17.45			$	14.92
Income (loss) from investment operations:
Net investment income (loss) (a)			0.18				0.23				0.26				0.19				0.33				0.30
Net realized and unrealized gain (loss)			0.81				0.72				0.56				3.90				(0.06	)			2.76
Total from investment operations			0.99				0.95				0.82				4.09				0.27				3.06
Less distributions from:
Net investment income			—				(0.25	)			(0.32	)			(0.15	)			(0.20	)			(0.12	)
Net realized gains			—				(0.26	)			(1.28	)			(0.27	)			(1.41	)			(0.42	)
Total distributions			—				(0.51	)			(1.60	)			(0.42	)			(1.61	)			(0.54	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			0.01
Net asset value, end of period		$	20.43			$	19.44			$	19.00			$	19.78			$	16.11			$	17.45
Total Return (c)			5.09	%			4.99	%			4.34	%			25.33	%			1.58	%			20.58	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	53,398			$	59,307			$	75,907			$	88,897			$	60,823			$	65,387
Ratios to average net assets (d):
Net expenses			1.34	%			1.34	%			1.32	%			1.35	%			1.36	%			1.50	%
Gross expenses			1.37	%			1.34	%			1.32	%			1.42	%			1.41	%			1.78	%
Net investment income (loss)			1.79	%			1.17	%			1.32	%			1.01	%			1.83	%			1.74	%
Portfolio turnover rate			18	%			41	%			51	%			43	%			98	%			52	%

†	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 may have been waived or reimbursed by the 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  39

LAZARD GLOBAL REALTY EQUITY PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	14.16			$	14.19			$	15.17			$	15.49			$	16.98			$	12.18
Income (loss) from investment operations:
Net investment income (loss) (a)			0.21				0.22				0.27				0.34				0.30				0.22
Net realized and unrealized gain (loss)			0.98				0.19				(0.24	)			1.29				(0.18	)			5.27
Total from investment operations			1.19				0.41				0.03				1.63				0.12				5.49
Less distributions from:
Net investment income			—				(0.44	)			(0.56	)			(0.61	)			(0.50	)			(0.57	)
Net realized gains			—				—	(b)			(0.45	)			(1.34	)			(0.96	)			(0.12	)
Return of capital			—				—				—				—				(0.15	)			—
Total distributions			—				(0.44	)			(1.01	)			(1.95	)			(1.61	)			(0.69	)
Redemption fees			—				—	(b)			—	(b)			—				—				—	(b)
Net asset value, end of period		$	15.35			$	14.16			$	14.19			$	15.17			$	15.49			$	16.98
Total Return (c)			8.40	%			2.85	%			0.36	%			10.35	%			0.89	%			45.14	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,686			$	2,443			$	3,549			$	4,779			$	5,320			$	2,797
Ratios to average net assets (d):
Net expenses			1.00	%			1.00	%			1.05	%			1.13	%			1.22	%			1.30	%
Gross expenses			5.71	%			5.25	%			4.97	%			3.79	%			5.49	%			5.84	%
Net investment income (loss)			2.87	%			1.56	%			1.74	%			2.04	%			1.79	%			1.50	%
Portfolio turnover rate			42	%			38	%			56	%			84	%			81	%			42	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	14.14			$	14.18			$	15.16			$	15.48			$	16.97			$	12.17
Income (loss) from investment operations:
Net investment income (loss) (a)			0.16				0.19				0.23				0.29				0.25				0.19
Net realized and unrealized gain (loss)			1.01				0.16				(0.24	)			1.29				(0.18	)			5.25
Total from investment operations			1.17				0.35				(0.01	)			1.58				0.07				5.44
Less distributions from:
Net investment income			—				(0.39	)			(0.52	)			(0.56	)			(0.45	)			(0.52	)
Net realized gains			—				—	(b)			(0.45	)			(1.34	)			(0.96	)			(0.12	)
Return of capital			—				—				—				—				(0.15	)			—
Total distributions			—				(0.39	)			(0.97	)			(1.90	)			(1.56	)			(0.64	)
Redemption fees			—				—				—				—				—	(b)			—	(b)
Net asset value, end of period		$	15.31			$	14.14			$	14.18			$	15.16			$	15.48			$	16.97
Total Return (c)			8.27	%			2.47	%			0.06	%			10.05	%			0.60	%			44.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,311			$	1,560			$	1,820			$	2,016			$	2,365			$	2,209
Ratios to average net assets (d):
Net expenses			1.30	%			1.30	%			1.35	%			1.43	%			1.54	%			1.60	%
Gross expenses			6.55	%			5.96	%			5.55	%			4.26	%			5.81	%			6.13	%
Net investment income (loss)			2.24	%			1.28	%			1.47	%			1.76	%			1.45	%			1.25	%
Portfolio turnover rate			42	%			38	%			56	%			84	%			81	%			42	%

†	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 may have been waived or reimbursed by the 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.

40  Semi-Annual Report

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Institutional Shares
Net asset value, beginning of period		$	14.17			$	13.42			$	13.72			$	13.13			$	10.96			$	9.78
Income (loss) from investment operations:
Net investment income (loss) (a)			0.27				0.31	^			0.33				0.34				0.35				0.31
Net realized and unrealized gain (loss)			2.00				0.92				0.89				2.01				2.53				1.43
Total from investment operations			2.27				1.23				1.22				2.35				2.88				1.74
Less distributions from:
Net investment income			(0.04	)			(0.34	)			(1.17	)			(1.04	)			(0.33	)			(0.35	)
Net realized gains			—				(0.14	)			(0.35	)			(0.72	)			(0.38	)			(0.21	)
Total distributions			(0.04	)			(0.48	)			(1.52	)			(1.76	)			(0.71	)			(0.56	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	16.40			$	14.17			$	13.42			$	13.72			$	13.13			$	10.96
Total Return (c)			16.03	%			9.30	%^			9.30	%			17.95	%			26.56	%			18.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,234,811			$	2,931,161			$	2,156,325			$	1,372,216			$	641,127			$	125,112
Ratios to average net assets (d):
Net expenses			0.95	%			0.96	%^			0.96	%			0.98	%			1.01	%			1.14	%
Gross expenses			0.95	%			0.96	%			0.96	%			0.98	%			1.01	%			1.14	%
Net investment income (loss)			3.51	%			2.29	%^			2.32	%			2.35	%			2.80	%			3.01	%
Portfolio turnover rate			16	%			35	%			34	%			41	%			35	%			26	%
	Six Months
Selected data for a share of capital	Ended				Year Ended
stock outstanding throughout each period	6/30/17†				12/31/16				12/31/15				12/31/14				12/31/13				12/31/12
Open Shares
Net asset value, beginning of period		$	14.20			$	13.45			$	13.74			$	13.15			$	10.97			$	9.78
Income (loss) from investment operations:
Net investment income (loss) (a)			0.26				0.29	^			0.31				0.29				0.30				0.28
Net realized and unrealized gain (loss)			1.99				0.91				0.88				2.02				2.55				1.42
Total from investment operations			2.25				1.20				1.19				2.31				2.85				1.70
Less distributions from:
Net investment income			(0.02	)			(0.31	)			(1.13	)			(1.00	)			(0.29	)			(0.30	)
Net realized gains			—				(0.14	)			(0.35	)			(0.72	)			(0.38	)			(0.21	)
Total distributions			(0.02	)			(0.45	)			(1.48	)			(1.72	)			(0.67	)			(0.51	)
Redemption fees			—				—	(b)			—	(b)			—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	16.43			$	14.20			$	13.45			$	13.74			$	13.15			$	10.97
Total Return (c)			15.87	%			9.01	%^			9.06	%			17.61	%			26.24	%			17.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	735,653			$	462,613			$	393,786			$	145,901			$	41,095			$	12,715
Ratios to average net assets (d):
Net expenses			1.20	%			1.22	%^			1.23	%			1.29	%			1.32	%			1.50	%
Gross expenses			1.20	%			1.22	%			1.23	%			1.29	%			1.32	%			1.50	%
Net investment income (loss)			3.31	%			2.09	%^			2.19	%			2.04	%			2.42	%			2.66	%
Portfolio turnover rate			16	%			35	%			34	%			41	%			35	%			26	%

^	Refer to Note 3 in the Notes to Financial Statements for discussion of prior period custodian out-of-pocket expenses that were reimbursed to the Portfolio in the current period. The amount of the reimbursement was on a per share basis at less than $0.005 per share. There was no impact on the total return of the Portfolio. The impact on net expenses and net investment income (loss) ratios of the Portfolio was less than 0.005%.
†	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.

Semi-Annual Report  41

LAZARD REAL ASSETS AND PRICING OPPORTUNITIES PORTFOLIO (a)

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/17†				Period Ended 12/31/16*
Institutional Shares
Net asset value, beginning of period		$	10.00			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.11				—
Net realized and unrealized gain (loss)			0.34				—	(b)
Total from investment operations			0.45				—	(b)
Less distributions from:
Net investment income			(0.05	)			—
Total distributions			(0.05	)			—
Net asset value, end of period		$	10.40			$	10.00
Total Return (c)			4.51	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	15,910			$	13,090
Ratios to average net assets (d):
Net expenses			0.90	%			0.00	%
Gross expenses			3.27	%			3.49	%
Net investment income (loss)			2.16	%			0.00	%
Portfolio turnover rate			45	%			0	%
Selected data for a share of capital stock outstanding throughout the period	Period Ended 6/30/17†*
Open Shares
Net asset value, beginning of period		$	10.03
Income (loss) from investment operations:
Net investment income (loss)			0.14
Net realized and unrealized gain (loss)			0.27
Total from investment operations			0.41
Less distributions from:
Net investment income			(0.04	)
Total distributions			(0.04	)
Net asset value, end of period		$	10.40
Total Return (c)			4.07	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	79
Ratios to average net assets (d):
Net expenses			1.15	%
Gross expenses			31.42	%
Net investment income (loss)			2.74	%
Portfolio turnover rate			45	%

*	The inception date for the Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.
†	Unaudited.
(a)	Consolidated Financial Highlights.
(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 may have been waived or reimbursed by the 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 except for non-recurring expenses.

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

42  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements June 30, 2017 (unaudited)

1. Organization

The Lazard Funds, Inc. 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”). This report includes only the financial statements of US Realty Income, US Realty Equity, Global Realty Equity, Global Listed Infrastructure and Real Assets and Pricing Opportunities Portfolios. The financial statements of other Portfolios are presented separately.

The Portfolios, other than US Realty Equity and Global Realty Equity Portfolios, are operated as “diversified” funds, as defined in the 1940 Act.

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).

Lazard Real Assets and Pricing Opportunities Portfolio commenced investment operations and issued Institutional Shares on December 30, 2016. Lazard Real Assets and Pricing Opportunities Portfolio, Ltd. (the “Subsidiary”) organized under the laws of the Cayman Islands, was incorporated on October 7, 2016 and commenced operations on December 30, 2016. The Subsidiary acts as an investment vehicle for the Portfolio in order to effect certain investments on behalf of the Portfolio, consistent with its investment objectives and policies as described in its prospectus. The Portfolio expects that it will achieve a significant portion of its exposure to commodities and commodities-related investments through investment in the Subsidiary. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The financial statements of the Portfolio have been consolidated and include the accounts of both the Portfolio and the Subsidiary. All significant inter-company balances and transactions have been eliminated in consolidation. As of June 30, 2017, net assets of the Portfolio were $15,988,898, of which $1,312,061, or 8.2%, repre-

sented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

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 accordance with 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—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, are valued at the last reported sales price (for domestic equity securities) or the closing price (for foreign equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the NASDAQ National Market System (“NAS-DAQ”), the NASDAQ Official Closing Price. If there is no available closing price for a foreign equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Exchange-traded futures contracts are valued at the settlement price on the exchange on which the contract is principally traded. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds and the Subsidiary are valued at their 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.

Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on Europe, Latin and South America and Far East securities exchanges and in over-the-counter

Semi-Annual Report  43

markets ordinarily is completed well before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the “NYSE”) is open). In addition, European or Far Eastern securities trading generally or in a particular country or countries may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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 secu-

rities 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 a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes 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.

As a result of several court cases in certain countries across the European Union, the Global Listed Infrastructure Portfolio has filed tax reclaims for previously withheld taxes on dividends earned in those countries. These 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 Portfolio’s NAV per share.

(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

44  Semi-Annual Report

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.

During the period ended June 30, 2017, the Global Listed Infrastructure and Real Assets and Pricing Opportunities Portfolios traded in forward currency contracts.

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

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

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

During the period ended June 30, 2017, the Real Assets and Pricing Opportunities Portfolio traded in futures contracts.

Semi-Annual Report  45

(e) Federal Income Taxes—The Fund’s policy is 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, 2016, 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
US Realty Income	$	(2,214,210	)	$	(13,632,030	)
Global Realty Equity		(44,401	)		—

Under current tax law, post-October capital losses or certain late-year ordinary 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, 2016, the Portfolios had no such losses to defer.

Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations.

(f) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually, except that US Realty Income, Global Listed Infrastructure and Real Assets and Pricing Opportunities 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.

Concurrent with the quarterly distributions paid throughout the period, the Global Listed Infrastructure Portfolio issued a notice pursuant to Section 19(a) of the 1940 Act (the “Section 19(a) Notices”) stating that the Portfolio had currently estimated that it had distributed more than its net investment income and realized capital gains. Based on these estimates, it is possible that some or all of the amounts distributed may represent a return of capital. The Section 19(a) Notices may also be viewed at www.LazardNet.com.

The actual amounts and sources of distributions shown on the Section 19(a) Notices are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the cumulative distributions for tax reporting purposes will depend upon the Portfolio’s investment experience during the year and may be subject to changes based on tax regulations. The Portfolio will send shareholders a Form 1099-DIV for the calendar year explaining how to report these distributions for federal income tax purposes.

(g) Offering and Organizational Costs—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class are deferred and amortized on a straight line basis over a twelve-

46  Semi-Annual Report

month period from the date of commencement of operations of the Portfolio or share class. Organizational costs are expensed as incurred.

(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—Until August 15, 2016, the Portfolios imposed a 1.00% redemption fee (short-term trading fee) on Portfolio shares redeemed less than 30 days after such shares were acquired. The fees were 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. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(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, Custody, 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, and provides the Portfolios with administrative, operational and compliance services. 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 (a)	0.75
Global Realty Equity	0.85
Global Listed Infrastructure	0.90
Real Assets and Pricing Opportunities	0.70

(a) From January 1, 2017 to June 6, 2017, percentage was 0.80%.

The Investment Manager provides investment management and other services to the Subsidiary. The Investment Manager does not receive separate compensation from the Subsidiary for providing such services. However, the Real Assets and Pricing Opportunities Portfolio pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.

The Investment Manager has voluntarily agreed, until May 1 of the year shown below, to waive 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, 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:

Semi-Annual Report  47

Portfolio	Institutional Shares			Open Shares			Year
US Realty Income		1.00	%		1.30	%		2018
US Realty Equity		1.00			1.30			2027	(a)
Global Realty Equity		1.00			1.30			2018
Global Listed Infrastructure		1.30			1.60			2027	(b)
Real Assets and Pricing Opportunities		0.90			1.15			2018	(c)

(a)	Agreement is through April 29, 2027. From January 1, 2017 through June 6, 2017, percentages were 1.05% and 1.35%, respectively.
(b)	Agreement is through April 29, 2027.
(c)	Agreement is through December 30, 2018.

During the period ended June 30, 2017, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
US Realty Income	$	31,096	$	—	$	32,929	$	—
US Realty Equity		10,809		—		6,368		—
Global Realty Equity		13,266		53,788		5,926		27,796
Real Assets and Pricing Opportunities		51,191		106,744		136		3,702

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, 2017, State Street waived its fees as follows.

Portfolio	Amount
Global Realty Equity	$	9,375
Real Assets and Pricing Opportunities		9,375

State Street also serves as custodian for the Fund in accordance with a custodian agreement to provide certain custody services.

In December 2015, State Street announced that it had identified inconsistencies in the way in which clients were invoiced for custody out-of-pocket expenses from 1998 until 2015. The dollar amount difference between what was charged and what should have been charged, plus interest, was paid to the affected Portfolios in April 2017 as a reimbursement. Pursuant to the expense limitations described in Note 3, certain Portfolios have experienced management fee waivers during the year ended December 31, 2016. Accordingly, the reimbursement of out-of-pocket expenses resulted in the reduction in the waiver of management fees for certain Portfolios for the year ended December 31, 2016.

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. During the period ended June 30, 2017, BFDS waived $12,246 of its fee for the Real Assets and Pricing Opportunities Portfolio.

48  Semi-Annual Report

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 1, 2017, 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 $210,000, (2) an additional annual fee of $30,000 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 $20,000 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, 2017 were as follows:

Portfolio	Purchases		Sales
US Realty Income	$	14,160,255	$	21,396,778
US Realty Equity		13,694,017		22,732,123
Global Realty Equity		2,570,934		1,878,930
Global Listed Infrastructure		1,373,922,979		598,661,293
Real Assets and Pricing Opportunities		6,360,026		6,068,057

	US Treasury Securities
Portfolio	Purchases		Sales
Real Assets and Pricing Opportunities	$	1,812,486		$305,312

For the period ended June 30, 2017, 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, 2017, the Investment Manager owned 61.72% of the outstanding shares of the Global Realty Equity 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 is 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, 2017, the following 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	$	375,291	$	1,534,000		1.79	%		35
US Realty Equity		247,273		355,000		1.92			11
Global Realty Equity		27,289		70,000		1.83			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. A Portfolio’s outstanding balance on the line of credit, if any, would be categorized as Level 2 (see Note 9).

7. Investment Risks

(a) Non-US Securities Risk—A Portfolio’s performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient

Semi-Annual Report  49

trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity.

(b) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

(c) Foreign Currency Risk—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. A Portfolio’s currency investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. For Portfolios other than the Global Listed Infrastructure Portfolio, the Investment Manager does not intend to actively hedge the Portfolios’ foreign currency exposure.

(d) Realty Companies, Real Estate Investments and REITs Risk— Portfolios that invest in Realty Companies, Real Estate Investments and/or REITs 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 a Portfolio 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 a Portfolio 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 and Real Estate Investments 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.

REITS are subject to similar risks as Real Estate Investments and Realty Companies. The risks related to investments in Real Estate Investments and Realty Companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of common stocks of other stocks traded on national exchanges, which may affect a Portfolio’s 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. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, and they generally will have no ability to cause a REIT to take the actions necessary to qualify as a REIT.

(e) Infrastructure Companies Risk—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, uncer-

50  Semi-Annual Report

tainties 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: regulation by various government authorities, including rate regulation; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; general changes in market sentiment towards infrastructure and utilities assets; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; and technological innovations that may render existing plants, equipment or products obsolete.

(f) Subsidiary Risk—The Real Assets and Pricing Opportunities Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the Portfolio invests in the Subsidiary, such as a change in tax law, could adversely affect the Portfolio. By investing in the Subsidiary, the Portfolio is exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments.

(g) Tax Status Risk—Income and gains from commodities or certain commodity-linked derivative instruments do not constitute “qualifying income” to the Real Assets and Pricing Opportunities Portfolio for purposes of qualification as a “regulated investment company” for federal income tax purposes. Without such qualification, the Portfolio could be subject to tax. The tax treatment of some of the Portfolio’s investments in the Subsidiary and commodity-linked derivatives may be adversely affected by future legislation, regulations of the US Treasury Department or guidance issued by the Internal Revenue Service, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.

(h) 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. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. 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.

A 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.

Semi-Annual Report  51

Some fixed-income securities may give the issuer the option to call, or redeem, the securities before their maturity. If securities held by a Portfolio are called during a time of declining interest rates (which is typically the case when issuers exercise options to call outstanding securities), 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).

(i) Natural Resources Risk—Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.

(j) Commodities-Related Investments Risk—Exposure to the commodities markets may subject a Portfolio and the Subsidiary to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price

movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments. The commodity markets are subject to temporary distortions or other disruptions due to a variety of factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. United States futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices, which may occur during a single business day. These limits are generally referred to as “daily price fluctuation limits” and the maximum or minimum price of a contract on any given day as a result of these limits is referred to as a “limit price.” Once the limit price has been reached in a particular contract, no trades may be made at a different price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices. These circumstances could adversely affect the value of the commodity-linked investments.

(k) Inflation-Indexed Security Risk—Interest payments on inflation-indexed securities can be unpredictable and will vary as the principal and/or interest is periodically adjusted based on the rate of inflation. If the index measuring inflation falls, the interest payable on these securities will be reduced. The US Treasury has guaranteed that, in the event of a drop in prices, it would repay the par amount of its inflation-indexed securities. Inflation-indexed securities issued by corporations generally do not guarantee repayment of principal. Any increase in the principal amount of an inflation-indexed security will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, a Portfolio may be required to make annual distribu-

52  Semi-Annual Report

tions to shareholders that exceed the cash the Portfolio received, which may cause the Portfolio to liquidate certain investments when it is not advantageous to do so. Also, if the principal value of an inflation-indexed security is adjusted downward due to deflation, amounts previously distributed may be characterized in some circumstances as a return of capital.

(l) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, 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, writing or purchasing over-the-counter options on securities, indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. Changing in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related index, commodity, interest rate, currency, security or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes,

may cause a 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 indemnification provisions. 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. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund 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 assets and liabilities

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

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

Semi-Annual Report  53

Changes in valuation technique may result in transfers 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’ assets and liabilities by each fair value hierarchy level as of June 30, 2017:

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
US Realty Income Portfolio
Preferred Stocks*	$	12,799,371	$	—	$	—	$	12,799,371
Real Estate Investment Trusts*		20,564,676		—		—		20,564,676
Short-Term Investments		397,872		—		—		397,872
Total	$	33,761,919	$	—	$	—	$	33,761,919
US Realty Equity Portfolio
Real Estate Investment Trusts*	$	72,138,026	$	—	$	—	$	72,138,026
Short-Term Investments		998,352		—		—		998,352
Total	$	73,136,378	$	—	$	—	$	73,136,378
Global Realty Equity Portfolio
Common Stocks*
Brazil	$	31,113	$	—	$	—	$	31,113
Canada		76,195		—		—		76,195
China		—		122,707		—		122,707
Germany		—		203,005		—		203,005
Hong Kong		—		161,612		—		161,612
Japan		—		422,716		—		422,716
Philippines		—		118,824		—		118,824
Singapore		—		77,061		—		77,061
Sweden		—		72,694		—		72,694
United Arab Emirates		—		49,807		—		49,807
Real Estate Investment Trusts*
Australia		—		232,051		—		232,051
Canada		49,867		—		—		49,867
France		—		149,678		—		149,678
Hong Kong		—		186,552		—		186,552
Japan		—		55,548		—		55,548
Mexico		182,871		—		—		182,871
Spain		—		80,476		—		80,476
United Kingdom		—		332,305		—		332,305
United States		2,308,234		—		—		2,308,234
Short-Term Investments		72,355		—		—		72,355
Total	$	2,720,635	$	2,265,036	$	—	$	4,985,671

54  Semi-Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2017
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia	$	—	$	430,174,328		$	—	$	430,174,328
France		—		749,280,296			—		749,280,296
Germany		—		194,086,000			—		194,086,000
Italy		—		1,286,361,653			—		1,286,361,653
Luxembourg		—		227,104,053			—		227,104,053
Portugal		—		49,843,101			—		49,843,101
Spain		—		420,354,255			—		420,354,255
United Kingdom		—		363,971,609			—		363,971,609
United States		773,293,220		—			—		773,293,220
Short-Term Investments		533,897,686		—			—		533,897,686
Total	$	1,307,190,906	$	3,721,175,295		$	—	$	5,028,366,201
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(91,356,277	)	$	—	$	(91,356,277	)
Real Assets and Pricing Opportunities Portfolio
Assets:
Common Stocks*
Australia	$	—	$	400,396		$	—	$	400,396
Austria		—		14,020			—		14,020
Belgium		—		68,114			—		68,114
Canada		653,927		—			—		653,927
Denmark		—		17,882			—		17,882
France		9,918		381,877			—		391,795
Germany		—		192,483			—		192,483
Hong Kong		38,885		312,001			—		350,886
Ireland		13,343		26,200			—		39,543
Italy		—		534,140			—		534,140
Japan		—		412,821			—		412,821
Luxembourg		112,860		37,520			—		150,380
Netherlands		—		40,146			—		40,146
New Zealand		—		36,612			—		36,612
Norway		—		40,856			—		40,856
Singapore		—		230,248			—		230,248
Spain		—		194,329			—		194,329
Sweden		—		5,806			—		5,806
Switzerland		33,479		140,263			—		173,742
United Kingdom		—		541,382			—		541,382
United States		5,304,635		—			—		5,304,635
Closed-End Management Investment Companies		—		35,697			—		35,697
Exchange-Traded Notes		1,166,485		—			—		1,166,485
Foreign Government Obligations*		—		1,670,484			—		1,670,484
US Treasury Securities		—		2,790,321			—		2,790,321
Short-Term Investments		491,413		—			—		491,413
Other Financial Instruments†
Forward Currency Contracts		—		11,380			—		11,380
Futures Contracts		1,645		—			—		1,645
Total	$	7,826,590	$	8,134,978		$	—	$	15,961,568
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(113,814	)	$	—	$	(113,814	)

*	Please refer to Portfolios of Investments and Notes to Portfolios of Investments 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  55

In connection with the implementation of fair value pricing procedures with respect to non-US securities (see Note 2(a)), certain equity securities in the Global Realty Equity, Global Listed Infrastructure and Real Assets and Pricing Opportunities Portfolios can transfer from Level 1 to Level 2 as a result of fair value pricing procedures and would revert to Level 1 when the fair value pricing procedures are no longer used. 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.

During the period ended June 30, 2017, securities valued at the following amounts were transferred from Level 1 to Level 2:

Portfolio	Amount
Global Realty Equity	$	1,304,934
Global Listed Infrastructure		2,110,665,519
Real Assets and Pricing Opportunities		1,852,695

There were no other transfers into or out of Levels 1, 2 or 3 during the period ended June 30, 2017.

For further information regarding security characteristics see Portfolios of Investments.

10. Derivative Instruments

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

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

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

Global Listed Infrastructure Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts $3,136,500,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2017:

	Fair Value
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	91,356,277

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(133,342,400	)
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	$	(91,721,927	)

Real Assets and Pricing Opportunities Portfolio

During the period ended June 30, 2017, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts	$5,200,000
Futures contracts	$ 100,000	*

*  Represents average monthly notional exposure for the five 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, 2017:

	Fair Value
Asset Derivatives
Foreign Exchange Risk:
Gross unrealized appreciation on forward currency contracts	$	11,380
Commodity Risk:
Gross unrealized appreciation on futures contracts	$	1,645
Liability Derivatives
Foreign Exchange Risk:
Gross unrealized depreciation on forward currency contracts	$	113,814

56  Semi-Annual Report

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2017 was:

	Amount
Realized Gain (Loss) on Derivatives
Foreign Exchange Risk:
Net realized gain (loss) on foreign currency transactions and forward currency contracts	$	(190,691	)
Commodity Risk:
Net realized gain (loss) on futures contracts	$	(19,334	)
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	$	(96,788	)
Commodity Risk:
Net change in unrealized appreciation (depreciation) on futures contracts	$	1,645

See Notes 2(c) to 2(d) 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, 2017.

As of June 30, 2017, Global Listed Infrastructure and Real Assets and Pricing Opportunities Portfolios held 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, 2017:

Global Listed Infrastructure Portfolio

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		$	91,356,277	$    —		$	91,356,277

				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 of Derivative Liabilities
BNP Paribas SA		$	12,312,104	$	—	$	—	$	12,312,104
Canadian Imperial Bank of Commerce			6,902,578		—		—		6,902,578
Citibank NA			15,959,791		—		—		15,959,791
HSBC Bank USA NA			18,116,741		—		—		18,116,741
Royal Bank of Canada			14,421,746		—		—		14,421,746
Standard Chartered Bank			1,621,854		—		—		1,621,854
State Street Bank and Trust Co.			10,560,735		—		—		10,560,735
The Bank of New York Mellon Corp.			11,460,728		—		—		11,460,728
Total		$	91,356,277	$	—	$	—	$	91,356,277

Semi-Annual Report  57

Real Assets and Pricing Opportunities 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		$	11,380	$    —		$	11,380

				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 of Derivative Assets
Citibank NA		$	326	$	(326	)	$	—	$	—
HSBC Bank USA NA			11,054		(11,054	)		—		—
Total		$	11,380	$	(11,380	)	$	—	$	—

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		$	113,814	$    —		$	113,814

				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 of Derivative Liabilities
Citibank NA		$	50,225	$	(326	)	$	—	$	49,899
HSBC Bank USA NA			63,567		(11,054	)		—		52,513
State Street Bank and Trust Co.			22		—			—		22
Total		$	113,814	$	(11,380	)	$	—	$	102,434

11. Accounting Pronouncements

In October 2016, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is for periods ending

after August 1, 2017. The Investment Manager does not expect that the adoption of the amendments to Regulation S-X will have a material impact on the Fund’s financial statements and related disclosures.

12. Subsequent Events

Management has evaluated subsequent events affecting the Fund through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

58  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 (63)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present); previously, Partner (through 2012) University of California, Berkeley School of Law, Lecturer (Spring 2017) Cornell Law School, Visiting Professor of Practice (2015 – 2016); previously, Distinguished Practitioner in Residence (Fall 2013 and Fall 2014)
Kenneth S. Davidson (72)	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 (54)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 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 (46)	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. (73)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Resource America, Inc., a real estate asset management company, Director (2016 – present) O’Charley’s, Inc., a restaurant chain, Director (1984 – 2012)
Robert M. Solmson (69)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, President (2008 – present)

Semi-Annual Report  59

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 Director(4):
Ashish Bhutani (57)	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, 2017, 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)	Mr. Bhutani is an “interested person” (as defined in the 1940 Act) of the Fund because of his position 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.

60  Semi-Annual Report

Name (Age) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers:
Nathan A. Paul (44)	Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Chief Business Officer (since April 2017) and Managing Director of the Investment Manager General Counsel of the Investment Manager (2002 – March 2017)
Christopher Snively (32)	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 (58)	Treasurer (May 2003)	Vice President of the Investment Manager
Mark R. Anderson (47)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), General Counsel (since April 2017) and Chief Compliance Officer (since September 2014) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of Alliance Bernstein L.P. (2004 – August 2014)
Tamar Goldstein (42)	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 (35)	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)
Cesar A. Trelles (42)	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. Mr. Paul also serves as a Director of Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.

Semi-Annual Report  61

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 website at http://www.sec.gov.

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

Form N-Q

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

Board Consideration of Management Agreement

All Portfolios except Lazard Real Assets and Pricing Opportunities Portfolio

At a meeting of the Board held on June 6-7, 2017, 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 $33 billion of the approximately $215 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2017). The Investment Manager’s representatives stated 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 $33 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 and expense ratio (each through December 31, 2016) and performance (through March 31, 2017) information prepared by Strategic Insight, an independent provider of investment company data, noting the limitations of certain Strategic Insight comparison groups (each, a “Group”) and broader Morningstar categories (each, a “Category”). They noted the methodology and assumptions used by Strategic Insight, including that comparisons ranked each Portfolio in a quintile of the

62  Semi-Annual Report

applicable Group or Category (with the first quintile being the most favorable quintile and the fifth quintile being the least favorable). 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 (as limited by the Investment Manager (“net”)) for each Portfolio and the comparisons provided by Strategic Insight, which compared the contractual (gross) advisory fee and net expense ratios for each Portfolio to its respective Group and Category median(s). The Directors considered that the Investment Manager continues to voluntarily enter into expense limitation 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 ranked in one of the three top quintiles of the relevant Groups, except for the US Realty Equity Portfolio, for which the advisory fee for the Institutional share class was only five basis points above the median, and the Global Listed Infrastructure Portfolio, for which the Institutional class and the Open class advisory fee was above the median by approximately one and three basis points, respectively. For the Global Listed Infrastructure Portfolio, the Investment Manager representatives presented supplemental comparisons against a subset of the Portfolio’s Group (excluding certain peer funds the Investment Manager believed were not appropriate comparators) (the “Modified Group”), showing that the Portfolio’s gross advisory fees were approximately equal to the Modified Group median for Institutional Shares and only two basis points above the Modified Group median for Open Shares.

It also was considered that, for both share classes of the Portfolios, expense ratios ranked in one of the three top quintiles of the relevant Groups, except for the US Realty Equity Portfolio (above the median for each share class by approximately three basis points).

It also was considered that, for the US Realty Equity Portfolio, the Investment Manager proposed to (i) lower the advisory fee by five basis points (with no diminution in services provided), which would place the gross advisory fees at the Group medians, and (ii) lower the expense limitation by five basis points, which would place the total expenses below the Group medians. The Investment Manager representatives provided a supplemental peer group analysis giving effect to the proposed advisory fee and expense limitation reductions, which showed the advisory fee in the second quintile of each resulting peer group and the expense ratio in the third quintile of each resulting peer group.

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 performance to those of the funds in the relevant Group and Category over one-, three- and five-year periods ended March 31, 2017.

The Directors considered that the performance of one or both share classes of each Portfolio ranked in one of the three top quintiles of the Group for the three-and/or five-year periods, except the Global Realty Equity Portfolio, for which performance of the Institutional Shares and the Open Shares for the one-year period was in the second and third quintiles, respectively, and representatives of the Investment Manager

Semi-Annual Report  63

stated that relative performance had continued to improve in 2017, and the US Realty Income Portfolio, for which performance of the Institutional Shares and the Open Shares for the one-year period was in the first and second quintiles, respectively, and representatives of the Investment Manager discussed with the Directors the reasons for relative underperformance in the longer measurement 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, as applicable.

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, 2016 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 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 Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any other significant indirect benefits from the Investment Manager acting as investment adviser to the Portfolios. 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 dis-

proportionately 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 $215 billion global asset management business.

64  Semi-Annual Report

• The Board generally was satisfied with the Investment Manager’s explanation of the relative under-performance, and improved performance, of the US Realty Income Portfolio and was satisfied with the performance of the other Portfolios.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager (for the US Realty Equity Portfolio, as proposed to be revised) 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  65

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

Proskauer Rose LLP
Eleven Times Square
New York, New York 10036-8299
http://www.proskauer.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/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer
Date	September 6, 2017

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/ Nathan A. Paul
	Nathan A. Paul
	Chief Executive Officer
Date	September 6, 2017

By	/s/ Christopher Snively
	Christopher Snively
	Chief Financial Officer
Date	September 6, 2017