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: 6/30/19

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Semi-Annual Report

June 30, 2019

Alternatives Funds

Lazard Emerging Markets Income Portfolio
Lazard Enhanced Opportunities Portfolio
Lazard Explorer Total Return Portfolio

Important Information on Paperless Delivery

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing up for paperless delivery at www.icsdelivery.com/lazardassetmanagement. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by following the instructions included with this disclosure and visiting www.fundreports.com. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.

PRIVACY NOTICE

WHAT DOES LAZARD DO WITH YOUR PERSONAL INFORMATION?

Financial companies choose how they share your personal information. U.S. federal law gives our clients the right to limit some but not all sharing. U.S. federal and other applicable 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.

We do not disclose nonpublic personal information about our clients or former clients to third parties other than as described below.

Personal information we collect. We collect personal information about you in connection with our providing advisory services to you. The legal basis for our collection of your personal information is our contract with you and our legitimate business interest to provide contractual services to you. The collection of this information is necessary for us to be able to provide advisory services to you and the failure to provide such information will result in our inability to provide our services. This information includes your social security number (for U.S. persons) and may include other information such as your:

● Assets and income;

● Investment experience;

● Transaction history;

● Credit history; and

● Wire transfer instructions.

How we collect this information. We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, direct us to buy or sell securities for your account, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates¹ or other non-affiliated companies (such as credit bureaus).

¹ Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

How we use this information. All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

● To provide advisory services to you;

● To open an account for you;

● To process a transaction for your account;

● To market products and services to you; and/or

● To respond to court orders and legal investigations.

If you are an investor located within a European Union country, please note that personal information may be collected, shared and/or stored outside of the European Union.

Disclosure to others. We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, counterparty, fund administrator or third party service provider that aggregates data in a central repository for access by a broker, counterparty or fund administrator to provide its services. We may also disclose such information to service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you. We require third party service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with applicable privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with non-affiliates for them to market to you). We may also share your personal information with nonaffiliates (such as a government agency or regulatory authority) as required by applicable law.

How we protect your personal information. To protect your personal information from unauthorized access and use, we use security measures that comply with applicable law. These measures include computer safeguards and secured files and buildings.

How long we keep your personal information. We retain your personal information for the duration of your advisory relationship with us and for a period of time thereafter as required by applicable law.

Your rights with respect to this information. If you are an investor located within a European Union country, you have the following rights with respect to your personal information:

● The right to request and obtain a copy of your personal information that we maintain;

● The right to correct your personal information that we maintain;

● The right to request the erasure of your personal information from our systems, subject to applicable recordkeeping requirements applicable to us; and

● The right to lodge a complaint with a supervisory authority.

Who is providing this Privacy Notice. This Privacy Notice relates to the following entities:

● Lazard Asset Management LLC

● Lazard Asset Management (Canada), Inc.²

● Lazard Asset Management Securities LLC

Who to contact with questions. If you have any questions about this Privacy Notice, please call (800) 823-6300 or visit our website at http://www.lazardassetmanagement.com.

² Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
4	Performance Overviews (unaudited)
8	Information About Your Portfolio’s Expenses (unaudited)
10	Portfolio Holdings (unaudited)
11	Portfolios of Investments (unaudited)
11	Lazard Emerging Markets Income Portfolio
15	Lazard Enhanced Opportunities Portfolio
26	Lazard Explorer Total Return Portfolio
38	Notes to Portfolios of Investments (unaudited)
42	Statements of Assets and Liabilities (unaudited)
46	Statements of Operations (unaudited)
50	Statements of Changes in Net Assets (unaudited)
54	Financial Highlights (unaudited)
61	Notes to Financial Statements (unaudited)
93	Board of Directors and Officers Information (unaudited)
96	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.lazardassetmanagement.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 (unaudited)

A MESSAGE FROM LAZARD

Dear Shareholder,

Global markets registered strong gains in the first half of 2019. They reached near-record highs in April, thanks to strong corporate earnings and better-than-expected quarterly US GDP growth. However, heightened trade tensions and mixed economic data gave investors pause in May as China and the United States again raised tariffs on each other’s imports after trade talks stalled.

The US equity market rose strongly during the period, boosted by hopes that renewed trade negotiations and a potential interest rate cut by the Federal Reserve in July would keep the United States on strong economic footing. Financials, materials, and technology outperformed, while energy lagged against a backdrop of falling oil prices, concerns about global demand, and rising inventories. Volatility as measured by the CBOE Volatility Index (VIX) rose mildly but remained well below levels at the end of 2018.

European equity markets have been caught in the middle of opposing forces, mainly growing tensions around global trade and increasingly dovish central banks. This has pushed European government bond yields to fresh lows and caused bond-sensitive sectors to climb higher, further stretching valuations.

Emerging markets equities gained more than 10% year to date. The asset class’s performance was volatile over the latter half of the period, reflecting extraordinary uncertainty among investors about the geopolitical environment, particularly US actions on trade in May and early June. Emerging markets debt also delivered strong year-to-date returns, supported by liquidity from central banks. However, the global growth outlook has become more uncertain and current valuations provide less compensation for the increased risks.

2   Semi-Annual Report

In this environment, we believe it is becoming increasingly important for investors to be discerning, to focus on fundamentals and not short-term macro drivers, particularly as sentiment is vulnerable to rapid shifts. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

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, 2019

	One Year			Five Years			Since   Inception†
Institutional Shares**		3.82	%		–1.17	%		–0.84	%
Open Shares**		3.69	%		–1.39	%		–1.08	%
JPMorgan Emerging Local Markets Index Plus		3.65	%		–0.59	%		–0.28	%

† The inception date for the Portfolio was April 30, 2014.

4   Semi-Annual Report

Lazard Enhanced Opportunities Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Enhanced Opportunities Portfolio, ICE BofAML U.S. Convertible ex Mandatory^® Index and HFRX Global Hedge Fund^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One Year			Since   Inception†
Institutional Shares**		3.54	%		2.59	%
Open Shares**		3.28	%		2.34	%
ICE BofAML U.S. Convertible ex Mandatory Index		7.91	%		8.54	%
HFRX Global Hedge Fund Index		–1.95	%		0.39	%

† The inception date for the Portfolio was December 31, 2014.

Semi-Annual Report   5

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, 2019

	One Year			Five Years			Since   Inception†
Institutional Shares**		4.76	%		0.34	%		0.95	%
Open Shares**		4.51	%		0.03	%		0.64	%
JPMorgan EMBI Global Diversified Index		12.45	%		5.30	%		6.33	%
JPMorgan GBI-EM Global Diversified Index		8.99	%		–0.45	%		0.26	%
Global Diversified Index		10.77	%		2.46	%		3.32	%

† The inception date for the Portfolio was June 28, 2013.

Notes to Performance Overviews:

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the 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 DST Asset Manager Solutions, Inc., the Fund’s transfer and dividend distributing agent (“DST”); 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 US Generally Accepted Accounting Principles, if any, and may differ from amounts reported in the financial highlights. For Institutional Shares and Open Shares of Lazard Enhanced Opportunities Portfolio, a one-time voluntary reimbursement by the administrator increased the total return ratio by 0.49% for year ended December 31, 2017.
	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.

6   Semi-Annual Report

	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 indices are unmanaged, have no fees or costs and are not available for investment.
	The JPMorgan Emerging Local Markets Index Plus tracks total returns for local currency-denominated money market instruments.
	The ICE BofAML 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 JPMorgan EMBI Global Diversified Index is a uniquely weighted version of the EMBI Global. Risks associated with the securities comprising this index include fixed income and emerging markets. The JPMorgan GBI-EM Global Diversified Index is a uniquely weighted version of the GBI-EM Global. Risks include fixed income, emerging markets and derivatives. 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 an unmanaged Index created by the Investment Manager and is a 50/50 blend of the JPMorgan EMBI Global Diversified Index and the JPMorgan GBI-EM Global Diversified Index.
**	The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report   7

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, 2019 through June 30, 2019 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the accompanying table 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 accompanying table 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.

8   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/19	Ending Account Value 6/30/19	Expenses Paid During Period 1/1/19 - 6/30/19	*	Annualized Expense Ratio During Period 1/1/19 - 6/30/19
Emerging Markets Income
Institutional Shares
Actual	$1,000.00	$1,048.80	$4.52		0.89%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.38	$4.46		0.89%
Open Shares
Actual	$1,000.00	$1,048.90	$5.23		1.03%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.16		1.03%
Enhanced Opportunities†
Institutional Shares
Actual	$1,000.00	$1,059.00	$15.01		2.94%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,010.22	$14.65		2.94%
Open Shares
Actual	$1,000.00	$1,057.80	$16.43		3.22%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,008.83	$16.04		3.22%
Explorer Total Return
Institutional Shares
Actual	$1,000.00	$1,077.80	$5.62		1.09%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.39	$5.46		1.09%
Open Shares
Actual	$1,000.00	$1,077.70	$3.04		0.59%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.87	$2.96		0.59%

*	Expenses are equal to the annualized expense ratio, net of expenses 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.

Semi-Annual Report   9

The Lazard Funds, Inc. Portfolio Holdings Presented by Asset Class/Sector and Region June 30, 2019 (unaudited)

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector	Long		*	Short		†
Equity
Communication Services		8.2	%		–9.0	%
Consumer Discretionary		2.5			–3.9
Consumer Staples		0.8			–0.8
Energy		2.0			–1.4
Financials		13.3			–6.9
Health Care		18.3			–20.3
Industrials		4.3			–3.7
Information Technology		19.3			–28.0
Materials		3.8			–2.6
Real Estate		0.9			–15.1
Utilities		1.3			–0.9
Exchange-Traded Funds		—			–7.4
Short-Term Investments		25.3			—
Total Investments		100.0	%		–100.0	%

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

Asset Class/Region*	Lazard Emerging Markets Income Portfolio			Lazard Explorer Total Return Portfolio
Fixed Income
Africa		10.0	%		4.7	%
Asia		4.4			21.7
Europe		2.2			18.2
North America		57.6			36.9
South America		6.4			18.1
Purchased Options		—			0.2
Short-Term Investments		19.4			0.2
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

10   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments June 30, 2019 (unaudited)

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Income Portfolio
Foreign Government Obligations  |  24.7%
Brazil  |  6.0%
Brazil NTN-B:
6.000%, 05/15/21	BRL		90	$	80,931
6.000%, 05/15/23	BRL		150		140,893
Brazil NTN-F, 10.000%, 01/01/27	BRL		348		104,077
					325,901
Dominican Republic  |  2.9%
Dominican Republic Bonds:
16.950%, 02/04/22 (#)	DOP		1,000		23,440
10.500%, 04/07/23 (#)	DOP		6,400		132,692
					156,132
Egypt  |  9.5%
Egypt Treasury Bills:
0.000%, 08/20/19	EGP		7,100		416,797
0.000%, 05/26/20	EGP		1,875		97,059
					513,856
Malaysia  |  4.2%
Malaysia Government Bonds:
3.654%, 10/31/19	MYR		750		181,800
3.620%, 11/30/21	MYR		180		43,864
					225,664
Russia  |  2.1%
Russia Government Bonds - OFZ:
7.950%, 10/07/26	RUB		3,220		52,777
7.050%, 01/19/28	RUB		4,000		62,466
					115,243
Total Foreign Government Obligations (Cost $1,313,781)					1,336,796
US Treasury Securities  |  51.8%
US Treasury Notes:
1.625%, 07/31/19	USD		210		209,891
3.625%, 08/15/19	USD		200		200,331

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

Semi-Annual Report   11

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Income Portfolio (continued)
1.625%, 08/31/19	USD		205	$	204,774
1.750%, 09/30/19	USD		126		125,872
1.000%, 10/15/19	USD		250		249,199
1.500%, 10/31/19	USD		890		888,192
3.375%, 11/15/19	USD		220		220,988
1.750%, 11/30/19	USD		460		459,264
1.375%, 12/15/19	USD		240		239,250
Total US Treasury Securities (Cost $2,794,870)					2,797,761

			Fair
Description	Shares		Value
Short-Term Investments  |  18.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $992,415)		992,415	$	992,415
Total Investments  |  94.8% (Cost $5,101,066) (»)			$	5,126,972
Cash and Other Assets in Excess of Liabilities  |  5.2%				282,030
Net Assets  |  100.0%			$	5,409,002

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

12   Semi-Annual Report

Lazard Emerging Markets Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2019:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
ARS	3,262,450	USD	71,000	CIT	07/18/19		$	3,899		$	—
CLP	15,996,730	USD	23,000	HSB	07/12/19			610			—
CLP	36,666,540	USD	54,000	HSB	07/12/19			117			—
CNY	2,555,042	USD	377,000	CIT	07/11/19			—			4,527
CNY	1,036,275	USD	150,000	CIT	08/08/19			1,010			—
COP	85,932,600	USD	26,000	SCB	07/12/19			729			—
COP	167,665,000	USD	50,000	SCB	07/12/19			2,152			—
COP	75,180,100	USD	23,000	SCB	07/26/19			358			—
CZK	3,381,000	USD	146,732	BNP	07/26/19			4,540			—
CZK	2,158,000	USD	95,909	CIT	06/08/20			1,027			—
CZK	3,318,000	USD	145,863	CIT	06/08/20			3,179			—
CZK	1,223,000	USD	53,750	SCB	06/08/20			1,186			—
HUF	36,393,000	USD	128,533	CIT	07/19/19			—			299
HUF	15,310,000	USD	53,887	CIT	08/01/19			104			—
IDR	2,943,270,320	USD	205,796	BNP	09/20/19			469			—
IDR	363,225,000	USD	25,000	CIT	09/20/19			455			—
IDR	29,610,000	USD	2,000	HSB	09/20/19			75			—
IDR	796,000,000	USD	50,000	HSB	09/20/19			5,784			—
ILS	136,000	USD	37,947	BNP	07/02/19			161			—
ILS	45,000	USD	12,467	CIT	07/02/19			142			—
ILS	174,000	USD	48,774	CIT	08/01/19			72			—
INR	22,091,255	USD	317,000	CIT	07/16/19			2,798			—
KRW	415,379,000	USD	351,275	HSB	07/19/19			7,698			—
KZT	60,483,500	USD	154,000	HSB	09/19/19			2,728			—
KZT	2,361,000	USD	6,000	SCB	10/30/19			69			—
MXN	698,000	USD	35,309	CIT	07/12/19			998			—
MXN	100,000	USD	4,981	HSB	07/12/19			220			—
MXN	555,000	USD	28,890	HSB	07/12/19			—			21
MXN	1,325,000	USD	68,779	HSB	08/01/19			—			82
MXN	5,038,784	USD	262,000	JPM	07/12/19			96			—
PEN	354,570	USD	106,000	HSB	08/09/19			1,505			—
PEN	172,115	USD	52,000	HSB	09/06/19			129			—
PHP	4,884,140	USD	95,000	HSB	07/25/19			242			—
PLN	1,028,000	USD	270,075	BNP	07/11/19			5,330			—
RUB	3,254,750	USD	50,000	CIT	07/17/19			1,376			—

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

Semi-Annual Report   13

Lazard Emerging Markets Income Portfolio (concluded)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
RUB	11,214,725	USD	173,000	HSB	07/17/19		$	4,023		$	—
SGD	439,000	USD	322,276	HSB	07/12/19			2,253			—
SGD	98,000	USD	70,966	HSB	08/16/19			1,521			—
THB	3,817,000	USD	122,293	CIT	08/16/19			2,300			—
THB	2,814,000	USD	91,975	HSB	07/26/19			—			169
TRY	368,000	USD	62,701	CIT	07/11/19			503			—
TRY	945,000	USD	161,078	HSB	07/26/19			—			111
UGX	301,101,300	USD	81,000	CIT	07/09/19			165			—
USD	213,225	AUD	307,000	HSB	08/22/19			—			2,656
USD	17,000	BRL	69,930	CIT	05/18/20			—			692
USD	147,679	CZK	3,381,000	CIT	07/26/19			—			3,593
USD	53,000	DOP	2,716,754	CIT	08/01/19			—			406
USD	37,000	EGP	633,255	CIT	09/19/19			—			21
USD	50,639	ILS	181,000	CIT	07/02/19			—			78
USD	50,033	RUB	3,254,750	CIT	07/17/19			—			1,343
USD	132,180	ZAR	1,874,000	SCB	07/12/19			—			704
UYU	1,902,340	USD	55,000	HSB	09/06/19			—			1,613
UYU	1,913,230	USD	55,000	HSB	10/04/19			—			1,602
UYU	1,888,700	USD	50,000	HSB	05/29/20			—			87
ZAR	1,488,000	USD	100,999	HSB	07/12/19			4,513			—
ZAR	1,874,000	USD	132,445	HSB	07/12/19			438			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	64,974		$	18,004

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

14   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  0.0%
Change Healthcare, Inc. (*) (Cost $15)		1	$	15
Preferred Stocks  |  0.3%
Change Healthcare, Inc. (Cost $23,084)		434		24,434

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Convertible Corporate Bonds  |  115.3%
Bermuda  |  0.6%
Teekay Corp., 5.000%, 01/15/23 (±)	USD		75	$	58,734
Canada  |  8.9%
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		107		95,498
Aurora Cannabis, Inc., 5.500%, 02/28/24 (#), (±)	USD		156		188,760
Canopy Growth Corp., 4.250%, 07/15/23 (#), (±)	CAD		186		187,839
Element Fleet Management Corp.:
4.250%, 06/30/20 (±)	CAD		38		29,103
4.250%, 06/30/24 (±)	CAD		91		74,952
First Majestic Silver Corp., 1.875%, 03/01/23 (±)	USD		40		42,600
SSR Mining, Inc., 2.500%, 04/01/39 (#), (±)	USD		40		42,626
Tilray, Inc., 5.000%, 10/01/23 (±)	USD		198		159,638
					821,016

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

Semi-Annual Report   15

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Chile  |  0.6%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		59	$	59,401
China  |  1.7%
Qudian, Inc., 1.000%, 07/01/26	USD		79		80,443
YY, Inc., 1.375%, 06/15/26 (#), (±)	USD		79		80,186
					160,629
Mexico  |  3.6%
Cemex SAB de CV, 3.720%, 03/15/20 (±)	USD		328		326,997
Netherlands  |  0.6%
NXP Semiconductors NV, 1.000%, 12/01/19 (±)	USD		55		57,955
Norway  |  1.3%
Ship Finance International, Ltd., 5.750%, 10/15/21 (±)	USD		120		121,090
Thailand  |  2.2%
Sea, Ltd., 2.250%, 07/01/23 (±)	USD		111		201,711
United States  |  95.8%
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		83		84,533
Alder Biopharmaceuticals, Inc., 2.500%, 02/01/25 (±)	USD		47		43,681
Allscripts Healthcare Solutions, Inc., 1.250%, 07/01/20 (±)	USD		214		214,029
Altair Engineering, Inc., 0.250%, 06/01/24 (±)	USD		99		107,241

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

16   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Arconic, Inc., 1.625%, 10/15/19 (±)	USD		84	$	84,855
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)	USD		79		81,105
Benefitfocus, Inc., 1.250%, 12/15/23 (±)	USD		123		109,728
Boingo Wireless, Inc., 1.000%, 10/01/23 (±)	USD		70		59,920
Carbonite, Inc., 2.500%, 04/01/22 (±)	USD		86		103,454
Chegg, Inc., 0.250%, 05/15/23 (±)	USD		117		179,176
Cleveland-Cliffs, Inc., 1.500%, 01/15/25 (±)	USD		82		118,333
CONMED Corp., 2.625%, 02/01/24 (±)	USD		33		38,019
Coupa Software, Inc., 0.125%, 06/15/25 (±)	USD		39		41,733
Cowen, Inc., 3.000%, 12/15/22 (±)	USD		102		117,787
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		110		121,698
Electronics For Imaging, Inc., 0.750%, 09/01/19 (±)	USD		66		65,634
Encore Capital Group, Inc., 3.250%, 03/15/22 (±)	USD		204		205,122
Enphase Energy, Inc., 1.000%, 06/01/24 (±)	USD		59		66,891
Evolent Health, Inc.:
2.000%, 12/01/21 (±)	USD		69		61,335
1.500%, 10/15/25 (±)	USD		85		54,905
EZCORP, Inc., 2.375%, 05/01/25 (±)	USD		103		92,921
Forestar Group, Inc., 3.750%, 03/01/20 (±)	USD		48		47,707

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

Semi-Annual Report   17

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
FTI Consulting, Inc., 2.000%, 08/15/23 (±)	USD		171	$	182,969
Green Plains, Inc.:
4.125%, 09/01/22 (±)	USD		42		36,213
4.000%, 07/01/24 (±)	USD		79		74,853
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		113		109,615
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		87		79,452
IAC Financeco 3, Inc., 2.000%, 01/15/30 (±)	USD		51		52,477
IH Merger Sub LLC:
3.000%, 07/01/19	USD		326		472,089
3.500%, 01/15/22 (±)	USD		113		137,780
II VI, Inc., 0.250%, 09/01/22 (±)	USD		99		104,259
IIP Operating Partnership L.P., 3.750%, 02/21/24 (±)	USD		117		209,430
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		118		123,752
Inphi Corp., 0.750%, 09/01/21 (±)	USD		102		113,091
Intercept Pharmaceuticals, Inc.:
3.250%, 07/01/23 (±)	USD		145		129,284
2.000%, 05/15/26 (±)	USD		83		82,131
Ionis Pharmaceuticals, Inc., 1.000%, 11/15/21 (±)	USD		197		232,964
Jazz Investments I, Ltd., 1.500%, 08/15/24 (±)	USD		100		98,511
Kaman Corp., 3.250%, 05/01/24 (±)	USD		45		52,763
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		56		34,975
KBR, Inc., 2.500%, 11/01/23 (±)	USD		90		104,553

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

18   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Knowles Corp., 3.250%, 11/01/21 (±)	USD		147	$	176,469
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		160		112,846
3.750%, 02/15/30 (±)	USD		101		69,400
Liberty Media Corp., 2.250%, 12/01/48 (±)	USD		160		182,642
Ligand Pharmaceuticals, Inc., 0.750%, 05/15/23 (±)	USD		133		114,827
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		148		142,903
Microchip Technology, Inc., 1.625%, 02/15/27 (±)	USD		102		120,166
Neurocrine Biosciences, Inc., 2.250%, 05/15/24 (±)	USD		114		149,568
NRG Energy, Inc., 2.750%, 06/01/48 (±)	USD		173		184,778
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		175		164,250
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		40		37,347
Okta, Inc., 0.250%, 02/15/23 (±)	USD		58		150,284
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		88		104,297
Pacira BioSciences, Inc., 2.375%, 04/01/22 (±)	USD		143		146,412
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD		88		92,714
PAR Technology Corp., 4.500%, 04/15/24 (±)	USD		40		48,747
PDL BioPharma, Inc., 2.750%, 12/01/21 (±)	USD		150		157,468
Perficient, Inc., 2.375%, 09/15/23 (#), (±)	USD		110		121,760

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

Semi-Annual Report   19

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Pluralsight, Inc., 0.375%, 03/01/24 (#), (±)	USD		143	$	152,886
PRA Group, Inc.:
3.000%, 08/01/20 (±)	USD		91		90,120
3.500%, 06/01/23 (±)	USD		132		123,096
PROS Holdings, Inc.:
1.000%, 05/15/24 (±)	USD		51		58,222
2.000%, 06/01/47 (±)	USD		121		166,230
Q2 Holdings, Inc., 0.750%, 06/01/26 (±)	USD		8		8,604
Rapid7, Inc., 1.250%, 08/01/23 (±)	USD		104		158,730
Redfin Corp., 1.750%, 07/15/23 (±)	USD		87		80,682
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD		80		78,000
Retrophin, Inc., 2.500%, 09/15/25 (±)	USD		110		98,548
RWT Holdings, Inc., 5.625%, 11/15/19 (±)	USD		111		111,675
Silicon Laboratories, Inc., 1.375%, 03/01/22 (±)	USD		61		75,808
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD		53		47,336
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		111		111,125
Team, Inc., 5.000%, 08/01/23 (±)	USD		127		129,108
TerraVia Holdings, Inc., 5.000%, 10/01/19	USD		216		4,320
The Medicines Co., 3.500%, 01/15/24 (±)	USD		40		65,314
Twitter, Inc.:
0.250%, 09/15/19 (±)	USD		86		85,496
0.250%, 06/15/24 (±)	USD		55		53,562

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

20   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		87	$	80,040
Wayfair, Inc., 0.375%, 09/01/22 (±)	USD		25		37,842
Zillow Group, Inc., 2.000%, 12/01/21 (±)	USD		124		140,323
Zynga, Inc., 0.250%, 06/01/24 (±)	USD		67		66,729
					8,831,642
Total Convertible Corporate Bonds (Cost $10,226,257)					10,639,175

		Number of	Exercise			Notional			Fair
Description	Counterparty	Contracts	Price			Amount			Value
Purchased Options  |  0.0%
Call
Alder Biopharmaceuticals, Inc. 15, Expires 07/19/19	RBS	13		$	15.00		$	1,300	$	195
Cemex SAB de CV 7, Expires 07/19/19	RBS	8			7.00			800		16
Evolent Health, Inc. 12.5, Expires 12/20/19	RBS	1			12.50			100		40
Infinera Corp. 4, Expires 10/18/19	RBS	16			4.00			1,600		256
Nutanix, Inc. 37.5, Expires 10/18/19	RBS	4			37.50			400		140
Team, Inc. 20, Expires 12/20/19	RBS	9			20.00			900		540
Vishay Intertechnology, Inc. 20, Expires 12/20/19	RBS	17			20.00			1,700		935
Total Purchased Options (Cost $3,292)										2,122

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

Semi-Annual Report   21

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Short-Term Investments  |  39.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $3,613,950)		3,613,950		$	3,613,950
Total Investments excluding Securities Sold Short  |  154.8% (Cost $13,866,598)					14,279,696
Securities Sold Short  |  (56.6)%
Common Stocks  |  (52.4)%
Bermuda  |  (0.1)%
Teekay Corp.		(2,606	)		(8,965	)
Canada  |  (3.9)%
Aphria, Inc.		(6,920	)		(48,509	)
Aurora Cannabis, Inc.		(14,532	)		(113,640	)
Canopy Growth Corp.		(2,729	)		(110,177	)
Element Fleet Management Corp.		(3,422	)		(24,981	)
First Majestic Silver Corp.		(2,864	)		(22,654	)
SSR Mining, Inc.		(1,444	)		(19,740	)
Tilray, Inc.		(367	)		(17,088	)
					(356,789	)
Chile  |  (0.3)%
Liberty Latin America, Ltd., Class C		(1,398	)		(24,032	)
China  |  (0.8)%
Qudian, Inc. Sponsored ADR		(5,119	)		(38,393	)
YY, Inc. ADR		(551	)		(38,399	)
					(76,792	)
Netherlands  |  (0.3)%
NXP Semiconductors NV		(277	)		(27,038	)

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

22   Semi-Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Norway  |  (0.2)%
Ship Finance International, Ltd.		(1,914	)	$	(23,944	)
Thailand  |  (1.8)%
Sea, Ltd. ADR		(4,980	)		(165,435	)
United States  |  (45.0)%
Air Transport Services Group, Inc.		(1,679	)		(40,968	)
Alder Biopharmaceuticals, Inc.		(1,573	)		(18,514	)
Allscripts Healthcare Solutions, Inc.		(2,757	)		(32,064	)
Altair Engineering, Inc., Class A		(1,509	)		(60,948	)
Atlas Air Worldwide Holdings, Inc.		(824	)		(36,783	)
Benefitfocus, Inc.		(1,152	)		(31,277	)
Boingo Wireless, Inc.		(727	)		(13,064	)
Carbonite, Inc.		(2,009	)		(52,314	)
Chegg, Inc.		(3,685	)		(142,204	)
Cleveland-Cliffs, Inc.		(8,811	)		(94,013	)
CONMED Corp.		(243	)		(20,793	)
Coupa Software, Inc.		(169	)		(21,397	)
Cowen, Inc., Class A		(4,377	)		(75,241	)
CSG Systems International, Inc.		(679	)		(33,156	)
Encore Capital Group, Inc.		(2,615	)		(88,570	)
Enphase Energy, Inc.		(2,188	)		(39,887	)
Evolent Health, Inc., Class A		(1,649	)		(13,110	)
EZCORP, Inc. Class A		(4,378	)		(41,460	)
FTI Consulting, Inc.		(566	)		(47,453	)
Green Plains, Inc.		(3,591	)		(38,711	)
Herbalife Nutrition, Ltd.		(977	)		(41,777	)
Hope Bancorp, Inc.		(695	)		(9,577	)
IAC/InterActiveCorp		(121	)		(26,321	)
II-VI, Inc.		(1,245	)		(45,517	)
Innovative Industrial Properties, Inc. REIT		(1,556	)		(192,259	)
Innoviva, Inc.		(3,496	)		(50,902	)
Inphi Corp.		(1,067	)		(53,457	)
Intercept Pharmaceuticals, Inc.		(954	)		(75,910	)
Invitation Homes, Inc. REIT		(21,272	)		(568,601	)

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

Semi-Annual Report   23

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Ionis Pharmaceuticals, Inc.		(1,978	)	$	(127,126	)
Jazz Pharmaceuticals PLC		(214	)		(30,508	)
Kaman Corp.		(153	)		(9,745	)
Karyopharm Therapeutics, Inc.		(3,223	)		(19,306	)
KBR, Inc.		(2,494	)		(62,200	)
Knowles Corp.		(5,509	)		(100,870	)
Ligand Pharmaceuticals, Inc.		(188	)		(21,460	)
Live Nation Entertainment, Inc.		(1,575	)		(104,344	)
Marriott Vacations Worldwide Corp.		(343	)		(33,065	)
Microchip Technology, Inc.		(1,167	)		(101,179	)
Neurocrine Biosciences, Inc.		(1,054	)		(88,989	)
NRG Energy, Inc.		(1,338	)		(46,991	)
Nuance Communications, Inc.		(1,897	)		(30,295	)
Nutanix, Inc., Class A		(429	)		(11,128	)
Okta, Inc.		(1,137	)		(140,431	)
OSI Systems, Inc.		(623	)		(70,168	)
Pacira BioSciences, Inc.		(1,067	)		(46,404	)
Palo Alto Networks, Inc.		(180	)		(36,677	)
PAR Technology Corp.		(1,067	)		(30,089	)
PDL BioPharma, Inc.		(25,366	)		(79,649	)
Perficient, Inc.		(2,076	)		(71,248	)
Pluralsight, Inc., Class A		(2,452	)		(74,345	)
PRA Group, Inc.		(1,686	)		(47,444	)
PROS Holdings, Inc.		(2,621	)		(165,804	)
Q2 Holdings, Inc.		(55	)		(4,200	)
Rapid7, Inc.		(2,107	)		(121,869	)
Redfin Corp.		(1,561	)		(28,067	)
Redwood Trust, Inc. REIT		(2,115	)		(34,961	)
Retrophin, Inc.		(1,710	)		(34,354	)
Silicon Laboratories, Inc.		(458	)		(47,357	)
Synaptics, Inc.		(229	)		(6,673	)
Tabula Rasa HealthCare, Inc.		(1,191	)		(59,467	)
Team, Inc.		(3,850	)		(58,982	)
The Medicines Co.		(1,418	)		(51,714	)
Twitter, Inc.		(506	)		(17,659	)
Vishay Intertechnology, Inc.		(1,110	)		(18,337	)

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

24   Semi-Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (concluded)
Wayfair, Inc., Class A		(198	)	$	(28,908	)
Zillow Group, Inc. Class C		(1,199	)		(55,622	)
Zynga, Inc., Class A		(4,081	)		(25,017	)
					(4,148,900	)
Total Common Stock (Proceeds $4,501,816)					(4,831,895	)
Exchange-Traded Fund  |  (4.2)%
iShares 7-10 Year Treasury Bond ETF (Proceeds $374,044)		(3,496	)		(384,630	)
Total Securities Sold Short (Proceeds $4,875,860)					(5,216,525	)
Total Investments  |  98.2% (Cost and short proceeds $8,990,738) (»)				$	9,063,171
Cash and Other Assets in Excess of Liabilities  |  1.8%					159,801
Net Assets  |  100.0%				$	9,222,972

Forward Currency Contracts open at June 30, 2019:

Currency		Currency			Settlement	Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Depreciation
USD	280,282	CAD	375,000	SSB	09/19/19		$	6,486

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

Semi-Annual Report   25

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio
Corporate Bonds  |  10.7%
Chile  |  1.2%
AES Gener SA, 7.125%, 03/26/79 (#), (§)		USD		275	$	293,992
Empresa Electrica Guacolda SA, 4.560%, 04/30/25		USD		525		493,008
Guanay Finance, Ltd., 6.000%, 12/15/20		USD		183		185,286
VTR Finance BV, 6.875%, 01/15/24		USD		359		372,126
						1,344,412
China  |  0.0%
G3 Exploration, Ltd., 0.000%, 12/31/99 (¶)		USD		460		0
Colombia  |  0.9%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)		USD		500		550,000
Colombia Telecomunicaciones SA ESP, 8.500%, 12/29/49		USD		192		199,500
Termocandelaria Power, Ltd., 7.875%, 01/30/29 (#)		USD		250		271,562
						1,021,062
Guatemala  |  1.1%
Comcel Trust, 6.875%, 02/06/24		USD		1,185		1,223,883
India  |  0.8%
Adani Green Energy UP Ltd., 6.250%, 12/10/24 (#)		USD		275		280,844
Greenko Dutch BV, 5.250%, 07/24/24		USD		200		196,488
JSW Steel, Ltd., 4.750%, 11/12/19		USD		400		400,250
						877,582

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

26   Semi-Annual Report

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Indonesia  |  0.8%
LLPL Capital Pte, Ltd., 6.875%, 02/04/39		USD		500	$	570,308
Minejesa Capital BV, 4.625%, 08/10/30		USD		300		303,319
						873,627
Nigeria  |  0.9%
IHS Netherlands Holdco BV:
9.500%, 10/27/21 (#)		USD		725		752,245
9.500%, 10/27/21		USD		225		233,456
						985,701
Panama  |  0.2%
C&W Senior Financing DAC, 7.500%, 10/15/26 (#)		USD		200		208,500
Peru  |  0.9%
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)		USD		900		999,000
Saudi Arabia  |  0.8%
Acwa Power Management And Investments One, Ltd., 5.950%, 12/15/39 (#)		USD		875		907,812
South Africa  |  0.8%
Liquid Telecommunications Financing PLC, 8.500%, 07/13/22 (#)		USD		850		847,790
South Korea  |  0.6%
Heungkuk Life Insurance Co., Ltd., 4.475%, 11/09/22 (§), (¶)		USD		200		193,000
SK E&S Co., Ltd., 4.875%, 11/26/19 (§), (¶)		USD		510		506,494
						699,494
Tanzania  |  0.6%
HTA Group, Ltd., 9.125%, 03/08/22		USD		625		654,883

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

Semi-Annual Report   27

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Turkey  |  0.7%
Petkim Petrokimya Holding AS, 5.875%, 01/26/23 (#)		USD		350	$	338,625
Turkiye Is Bankasi AS, 5.000%, 04/30/20		USD		455		453,577
						792,202
Venezuela  |  0.1%
Petroleos de Venezuela SA:
5.375%, 04/12/27 («)		USD		170		25,500
5.500%, 04/12/37 («)		USD		180		27,000
						52,500
Zambia  |  0.3%
First Quantum Minerals, Ltd.:
7.000%, 02/15/21 (#)		USD		70		71,400
7.500%, 04/01/25 (#)		USD		200		190,500
						261,900
Total Corporate Bonds (Cost $11,810,763)						11,750,348
Foreign Government Obligations  |  62.3%
Chile  |  5.2%
Republic of Chile:
3.240%, 02/06/28		USD		450		471,797
0.830%, 07/02/31		EUR		1,060		1,205,326
3.860%, 06/21/47		USD		785		851,480
3.500%, 01/25/50		USD		3,075		3,130,350
						5,658,953
Congo  |  2.0%
Republic of Congo, 6.000%, 06/30/29 (Ø)		USD		2,550		2,205,413
Costa Rica  |  1.0%
Republic of Costa Rica:
5.520%, 05/26/21		USD		75		75,014
4.250%, 01/26/23		USD		180		177,750

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

28   Semi-Annual Report

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
5.520%, 08/23/23		USD		770	$	713,677
4.375%, 04/30/25		USD		160		153,500
						1,119,941
Guatemala  |  1.3%
Guatemala Government Bonds:
4.900%, 06/01/30 (#)		USD		755		774,111
6.125%, 06/01/50 (#)		USD		590		620,606
						1,394,717
Hungary  |  3.3%
Hungary:
5.375%, 02/21/23		USD		2,220		2,449,631
5.750%, 11/22/23		USD		1,034		1,172,944
						3,622,575
Indonesia  |  4.8%
Indonesia Government Bonds, 8.125%, 05/15/24		IDR		71,229,000		5,301,525
Iraq  |  2.2%
Republic of Iraq:
6.752%, 03/09/23		USD		1,285		1,320,337
5.800%, 01/15/28		USD		1,135		1,117,266
						2,437,603
Mexico  |  5.7%
Mexican Bonos, 10.000%, 12/05/24		MXN		107,860		6,276,929
Mozambique  |  3.0%
Mozambique International Bonds, 10.500%, 01/18/23		USD		3,278		3,300,536
Panama  |  4.6%
Republic of Panama:
4.000%, 09/22/24		USD		365		389,295
3.750%, 03/16/25		USD		1,580		1,666,406
7.125%, 01/29/26		USD		550		686,125
8.875%, 09/30/27		USD		185		262,064

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

Semi-Annual Report   29

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
3.875%, 03/17/28		USD		820	$	876,888
4.500%, 05/15/47		USD		535		603,881
4.500%, 04/16/50		USD		475		533,039
						5,017,698
Paraguay  |  3.0%
Republic of Paraguay:
4.700%, 03/27/27		USD		1,960		2,120,475
6.100%, 08/11/44		USD		485		578,059
5.600%, 03/13/48		USD		480		543,450
						3,241,984
Peru  |  4.3%
Republic of Peru:
7.350%, 07/21/25		USD		265		337,958
4.125%, 08/25/27		USD		1,470		1,640,428
2.844%, 06/20/30		USD		2,764		2,781,966
						4,760,352
Philippines  |  4.8%
Republic of Philippines, 3.750%, 01/14/29		USD		4,840		5,275,600
Qatar  |  2.4%
State of Qatar, 5.103%, 04/23/48		USD		2,230		2,657,184
Russia  |  3.5%
Russian Foreign Bond - Eurobond:
4.375%, 03/21/29		USD		800		828,000
4.375%, 03/21/29 (#)		USD		1,200		1,242,000
5.100%, 03/28/35 (#)		USD		1,600		1,737,600
						3,807,600
Saudi Arabia  |  3.4%
Saudi Government International Bonds:
4.000%, 04/17/25		USD		3,115		3,320,590
3.250%, 10/26/26		USD		230		234,600
3.625%, 03/04/28		USD		135		138,578
						3,693,768

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

30   Semi-Annual Report

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Ukraine  |  3.3%
Ukraine Government Bonds:
7.750%, 09/01/21		USD		485	$	507,067
7.750%, 09/01/22		USD		85		89,888
8.994%, 02/01/24		USD		1,400		1,524,600
7.750%, 09/01/24		USD		1,240		1,295,180
7.750%, 09/01/25		USD		210		217,560
						3,634,295
United Arab Emirates  |  3.2%
Abu Dhabi Government International Bonds:
2.500%, 10/11/22		USD		1,250		1,262,500
3.125%, 05/03/26		USD		205		212,944
3.125%, 10/11/27		USD		2,005		2,077,681
						3,553,125
Venezuela  |  1.3%
Republic of Venezuela:
12.750%, 08/23/22 («)		USD		418		83,600
9.000%, 05/07/23 («)		USD		613		122,600
8.250%, 10/13/24 («)		USD		1,174		234,800
7.650%, 04/21/25 («)		USD		1,273		254,600
11.750%, 10/21/26 («)		USD		707		141,400
9.250%, 09/15/27 («)		USD		557		111,400
9.250%, 05/07/28 («)		USD		551		110,200
11.950%, 08/05/31 («)		USD		518		103,600
9.375%, 01/13/34 («)		USD		639		127,800
7.000%, 03/31/38 («)		USD		851		170,200
						1,460,200
Total Foreign Government Obligations (Cost $65,761,110)						68,419,998
Quasi Government Bonds  |  0.4%
Venezuela  |  0.4%
Petroleos de Venezuela SA:
9.000%, 11/17/21 («)		USD		280		42,000
6.000%, 05/16/24 («)		USD		780		117,000

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

Semi-Annual Report   31

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
6.000%, 11/15/26 («)		USD		510	$	76,500
5.375%, 04/12/27 («)		USD		315		47,250
9.750%, 05/17/35 («)		USD		280		42,000
5.500%, 04/12/37 («)		USD		470		70,500
Total Quasi Government Bonds (Cost $749,618)						395,250
Supranational Bonds  |  0.4%
Africa Finance Corp., 4.375%, 04/17/26 (#) (Cost $397,103)		USD		400		410,060
US Treasury Securities  |  21.3%
US Treasury Bills:
0.000%, 07/16/19		USD		3,000		2,997,418
0.000%, 07/23/19		USD		5,700		5,692,758
0.000%, 07/30/19		USD		5,710		5,700,380
0.000%, 08/06/19		USD		9,000		8,981,662
Total US Treasury Securities (Cost $23,371,362)						23,372,218

			Fair
Description	Shares		Value
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $221,410)		221,410	$	221,410

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

32   Semi-Annual Report

							Notional
			Number of		Exercise		Amount		Fair
Description	Counterparty		Contracts		Price		(000)		Value
Lazard Explorer Total Return Portfolio (continued)
Purchased Options  |  0.1%
Call
USD vs AUD Apr 20 1.55, Expires 04/29/20		GSC		62,800	$	1.55	$	6,280	$	43,828
USD vs AUD Apr 20 1.55, Expires 04/29/20		JPMS		63,700		1.55		6,370		44,456
USD vs CNH Jul 19 6.87, Expires 07/01/19		BRC		56,900		6.87		5,690		11,079
USD vs CNH Jul 19 6.89, Expires 07/03/19		JPMS		42,500		6.89		4,250		9,333
USD vs EUR Apr 20 0.94, Expires 04/29/20		JPMS		102,200		0.94		10,220		22,862
USD vs EUR Apr 20 0.94, Expires 04/29/20		GSC		117,800		0.94		11,780		26,352
Put
USD vs BRL Jul 19 3.75, Expires 07/10/19		JPMS		19,700		3.75		1,970		3,830
USD vs BRL Jul 19 3.75, Expires 07/12/19		JPMS		40,100		3.75		4,010		9,251
Total Purchased Options (Cost $468,429)										170,991
Total Investments  |  95.4% (Cost $102,779,795) (»)									$	104,740,275
Cash and Other Assets in Excess of Liabilities  |  4.6%										5,068,248
Net Assets  |  100.0%									$	109,808,523

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

Semi-Annual Report   33

Lazard Explorer Total Return Portfolio (continued)

Forward Currency Contracts open at June 30, 2019:

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
BRL		2,073,973	USD		541,196	BOA	07/02/19	$	—	$	1,092
BRL		2,073,973	USD		539,928	BOA	08/02/19		—		1,360
BRL		465,231	USD		121,401	BRC	07/02/19		—		245
BRL		1,082,200	USD		282,397	BRC	07/02/19		—		570
BRL		2,120,341	USD		553,296	BRC	07/02/19		—		1,117
BRL		2,120,341	USD		551,540	BRC	08/02/19		—		931
BRL		1,351,204	USD		352,592	CIT	07/02/19		—		712
BRL		3,487,786	USD		910,126	GSC	07/02/19		—		1,837
BRL		3,487,786	USD		907,781	GSC	08/02/19		—		2,074
BRL		33,619	USD		8,657	JPM	07/02/19		98		—
BRL		827,198	USD		216,346	JPM	07/02/19		—		927
BRL		2,254,522	USD		585,438	JPM	07/02/19		1,685		—
BRL		2,280,116	USD		591,362	JPM	07/02/19		2,426		—
BRL		2,368,460	USD		618,114	JPM	07/02/19		—		1,320
BRL		4,511,538	USD		1,167,461	JPM	07/02/19		7,434		—
BRL		5,203,674	USD		1,349,641	JPM	08/02/19		1,647		—
BRL		1,428,293	USD		373,654	SCB	07/02/19		—		1,698
BRL		4,477,126	USD		1,168,291	SCB	07/02/19		—		2,358
BRL		6,653,979	USD		1,643,161	SCB	07/02/19		89,669		—
BRL		4,477,126	USD		1,165,569	SCB	08/02/19		—		2,951
BRL		2,224,026	USD		580,352	UBS	07/02/19		—		1,171
BRL		3,075,838	USD		802,630	UBS	07/02/19		—		1,620
BRL		2,224,026	USD		578,993	UBS	08/02/19		—		1,458
BRL		3,075,838	USD		800,374	UBS	08/02/19		—		1,642
COP		3,507,955,500	USD		1,034,978	UBS	07/08/19		56,427		—
COP		626,430,000	USD		196,352	UBS	07/25/19		—		1,710
CZK		7,696,452	EUR		298,796	BOA	07/08/19		4,295		—
CZK		8,241,615	EUR		322,442	BOA	09/20/19		41		—
CZK		5,087,204	EUR		197,640	BRC	07/08/19		2,677		—
CZK		29,081,916	EUR		1,126,610	BRC	07/08/19		18,985		—
CZK		8,241,615	EUR		322,411	BRC	09/20/19		76		—
CZK		8,241,615	EUR		322,442	SCB	09/20/19		41		—
CZK		10,152,310	EUR		393,546	UBS	07/08/19		6,339		—
CZK		8,241,615	EUR		322,432	UBS	09/20/19		52		—
CZK		185,548	USD		8,279	CIT	07/08/19		20		—
CZK		13,100,025	USD		570,000	GSC	07/08/19		15,908		—

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

34   Semi-Annual Report

Lazard Explorer Total Return Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
EUR		323,899	CZK		8,241,615	BOA	07/08/19	$	—	$	118
EUR		323,868	CZK		8,241,615	BRC	07/08/19		—		153
EUR		500,000	CZK		12,934,350	BRC	07/08/19		—		9,657
EUR		240,000	CZK		6,117,072	GSC	07/08/19		—		547
EUR		323,899	CZK		8,241,615	SCB	07/08/19		—		118
EUR		323,883	CZK		8,241,615	UBS	07/08/19		—		136
EUR		18,957	USD		21,582	UBS	07/22/19		9		—
IDR		1,413,884,210	USD		94,625	BRC	11/18/19		3,910		—
IDR		6,789,600,000	USD		480,000	SCB	07/17/19		—		192
IDR		976,705,040	USD		65,375	SCB	11/18/19		2,692		—
MXN		14,356,354	USD		750,159	BOA	07/22/19		—		4,621
MXN		7,798,235	USD		405,198	BRC	07/22/19		—		229
MXN		8,190,629	USD		427,537	CIT	07/22/19		—		2,191
MXN		33,142,264	USD		1,724,129	HSB	07/22/19		—		3,022
MXN		3,219,980	USD		167,383	SCB	07/22/19		—		167
MXN		13,971,761	USD		733,218	UBS	07/22/19		—		7,652
MYR		702,300	USD		167,342	SCB	07/29/19		2,540		—
PLN		1,649,920	USD		436,949	BOA	09/24/19		5,776		—
PLN		1,181,221	USD		312,702	BRC	09/24/19		4,256		—
PLN		1,542,383	USD		408,389	CIT	09/24/19		5,481		—
PLN		1,600,654	USD		423,420	HSB	09/24/19		6,086		—
PLN		1,527,316	USD		404,485	SCB	09/24/19		5,342		—
PLN		1,331,461	USD		352,583	UBS	09/24/19		4,690		—
THB		1,843,800	USD		60,000	SCB	09/23/19		238		—
USD		541,507	BRL		2,073,973	BOA	07/02/19		1,403		—
USD		120,355	BRL		465,231	BRC	07/02/19		—		801
USD		280,000	BRL		1,082,200	BRC	07/02/19		—		1,827
USD		553,108	BRL		2,120,341	BRC	07/02/19		929		—
USD		349,645	BRL		1,351,204	CIT	07/02/19		—		2,235
USD		910,411	BRL		3,487,786	GSC	07/02/19		2,122		—
USD		8,773	BRL		33,619	JPM	07/02/19		18		—
USD		215,855	BRL		827,198	JPM	07/02/19		436		—
USD		588,310	BRL		2,254,522	JPM	07/02/19		1,187		—
USD		594,989	BRL		2,280,116	JPM	07/02/19		1,201		—
USD		618,042	BRL		2,368,460	JPM	07/02/19		1,247		—
USD		1,177,271	BRL		4,511,538	JPM	07/02/19		2,376		—

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

Semi-Annual Report   35

Lazard Explorer Total Return Portfolio (continued)

Currency			Currency				Settlement	Unrealized			Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation			Depreciation
USD		270,000	BRL		1,047,951	JPM	08/02/19	$		—	$		2,131
USD		372,708	BRL		1,428,293	SCB	07/02/19			752			—
USD		1,168,962	BRL		4,477,126	SCB	07/02/19			3,029			—
USD		1,736,334	BRL		6,653,979	SCB	07/02/19			3,504			—
USD		580,686	BRL		2,224,026	UBS	07/02/19			1,505			—
USD		802,630	BRL		3,075,838	UBS	07/02/19			1,620			—
USD		290,000	COP		954,970,000	GSC	07/08/19			—			7,113
USD		190,000	COP		626,430,000	SCB	07/25/19			—			4,642
USD		196,562	COP		626,430,000	UBS	07/08/19			1,665			—
USD		590,000	COP		1,889,770,000	UBS	07/08/19			2,049			—
USD		203,081	CZK		4,649,799	BOA	07/08/19			—			4,884
USD		376,919	CZK		8,635,774	BRC	07/08/19			—			9,323
USD		60,000	CZK		1,341,504	SCB	09/20/19			—			61
USD		746,751	EUR		657,641	BOA	07/22/19			—			2,297
USD		746,769	EUR		657,642	BRC	07/22/19			—			2,280
USD		746,440	EUR		657,642	SCB	07/22/19			—			2,609
USD		21,558	EUR		18,957	UBS	07/08/19			—			9
USD		373,431	IDR		5,347,529,376	BOA	07/15/19			—			4,553
USD		248,831	IDR		3,568,988,976	CIT	07/17/19			—			3,382
USD		248,916	IDR		3,570,696,976	GSC	07/17/19			—			3,418
USD		124,513	IDR		1,784,017,956	HSB	07/15/19			—			1,589
USD		373,467	IDR		5,351,775,464	SCB	07/15/19			—			4,818
USD		324,909	MXN		6,261,769	BRC	07/22/19			—			271
USD		2,658,701	MXN		51,274,371	BRC	07/22/19			—			4,023
USD		300,000	MXN		5,942,550	GSC	07/22/19			—			8,602
USD		350,000	MXN		6,893,950	JPM	07/22/19			—			8,009
USD		2,660,218	MXN		51,274,371	SCB	07/22/19			—			2,505
USD		353,651	MXN		6,806,569	UBS	07/22/19			179			—
USD		2,659,528	MXN		51,274,371	UBS	07/22/19			—			3,195
USD		160,000	MYR		667,648	SCB	07/29/19			—			1,499
USD		110,000	PLN		410,575	SCB	09/24/19			—			170
USD		1,164,696	THB		36,245,333	BOA	09/23/19			—			19,463
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	274,062		$	161,305

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

36   Semi-Annual Report

Lazard Explorer Total Return Portfolio (concluded)

Credit Default Swap Agreements open at June 30, 2019:

Payment

Upfront

Receive

Frequency

S&P

Premiums

Referenced

Counter-

Notional

Expiration

Buy/

(Pay)

Paid/

Credit

Fair

Paid

Unrealized

Obligation

party

Amount

Date

Sell

Rate

Received

Rating

Value

(Received)

Depreciation

Republic of Turkey

GSC

$

1,130,000

06/20/24

Buy

(1.000

)%

Quarterly

NR

$

142,843

$

174,045

$

31,202

Centrally Cleared Swap Agreements Open at June 30, 2019:

								Payment			Upfront
					Receive			Frequency			Premiums
Referenced	Notional		Expiration	Buy/	(Pay)			Paid/	Fair		Paid		Unrealized
Obligation	Amount		Date	Sell	Rate			Received	Value		(Received)		Depreciation
Republic of Turkey	$	3,460,000	06/20/24	Buy		(1.000	)%	Quarterly	$	437,484	$	529,498		$	92,014
Republic of South Africa		5,760,000	06/20/24	Buy		(1.000	)	Quarterly		177,647		274,417			96,770
United Mexican States		6,307,000	06/20/24	Buy		(1.000	)	Quarterly		30,798		103,951			73,153
Republic of Indonesia		7,360,000	06/20/24	Buy		(1.000	)	Quarterly		34,823		55,771			20,948
Markit CDX.EM Index		8,650,000	06/20/24	Buy		(1.000	)	Quarterly		270,322		422,496			152,174
Total Centrally Cleared Swap Agreements									$	951,074	$	1,386,133		$	435,059

Interest Rate Swap Agreements open at June 30, 2019:

Receive

Payment

Counter-

Notional

Expiration

(Pay)

Frequency

Unrealized

Currency

party

Amount

Date

Rate

Paid/Received

Variable Rate

Appreciation

BRL

JPM

$

12,301,284

01/03/22

8.69

%

Upon Maturity

Brazil Cetip Interbank Deposit Rate

$

241,987

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

Semi-Annual Report   37

The Lazard Funds, Inc. Notes to Portfolio of Investments June 30, 2019 (unaudited)

(#) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2019, the percentage of net assets for each Portfolio was as follows:

	Percentage of
Portfolio	Net Assets
Emerging Markets Income		2.9	%
Enhanced Opportunities		8.4	%
Explorer Total Return		9.6	%

(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(*)	Non-income producing security.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(§)	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, 2019.
(¶)	Date shown is the next perpetual call date.
(«)	Issue in default.
(Ø)	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, 2019 which may step up at a future date.

Security Abbreviations:

ADR	—	American Depositary Receipt
ETF	—	Exchange-Traded Fund
NTN-B	—	Brazil Sovereign “Nota do Tesouro Nacional” Series B
NTN-F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
REIT	—	Real Estate Investment Trust
Currency Abbreviations:
ARS	—	Argentine Peso	KRW	—	South Korean Won
AUD	—	Australian Dollar	KZT	—	Kazakhstan Tenge
BRL	—	Brazilian Real	MXN	—	Mexican New Peso
CAD	—	Canadian Dollar	MYR	—	Malaysian Ringgit
CLP	—	Chilean Peso	PEN	—	Peruvian Nuevo Sol
CNH	—	Chinese Yuan Renminbi	PHP	—	Philippine Peso
CNY	—	Chinese Renminbi	PLN	—	Polish Zloty
COP	—	Colombian Peso	RUB	—	Russian Ruble
CZK	—	Czech Koruna	SGD	—	Singapore Dollar
DOP	—	Dominican Republic Peso	THB	—	Thai Baht
EGP	—	Egyptian Pound	TRY	—	New Turkish Lira
EUR	—	Euro	UGX	—	Ugandan Shilling
HUF	—	Hungarian Forint	USD	—	United States Dollar
IDR	—	Indonesian Rupiah	UYU	—	Uruguayan Peso
ILS	—	Israeli Shekel	ZAR	—	South African Rand
INR	—	Indian Rupee

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

38   Semi-Annual Report

Counterparty Abbreviations:

BNP	—	BNP Paribas SA	JPM	—	JPMorgan Chase Bank NA
BOA	—	Bank of America NA	JPMS	—	JPMorgan Securities, Inc.
BRC	—	Barclays Bank PLC	RBS	—	RBS Securities, Inc.
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
GSC	—	Goldman Sachs International	SSB	—	State Street Bank and Trust Co.
HSB	—	HSBC Bank USA NA	UBS	—	UBS AG

Index Abbreviations:

CDX.EM — Credit Derivatives Emerging Markets

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

	Lazard
	Explorer
	Total Return
Industry†	Portfolio
Corporate & Quasi Government Bonds
Banks		0.4	%
Capital Markets		0.2
Chemicals		0.3
Communications Equipment		1.0
Diversified Telecommunication Services		0.9
Electric Utilities		2.8
Independent Power & Renewable Electricity Producers		0.7
Insurance		0.2
Media		0.3
Metals & Mining		1.2
Oil, Gas & Consumable Fuels		1.8
Wireless Telecommunication Services		1.3
Subtotal		11.1
Foreign Government Obligations		62.3
Supranational Bonds		0.4
US Treasury Securities		21.3
Purchased Options		0.1
Short-Term Investments		0.2
Total Investments		95.4	%

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

Semi-Annual Report   39

	Lazard Enhanced
	Opportunities Portfolio
Industry†	Long			Short
Common, Preferred Stocks and Convertible Corporate Bonds
Aerospace & Defense		0.9	%	—	%
Air Freight & Logistics		1.8		–0.8
Banks		0.9		–0.1
Biotechnology		12.0		–5.6
Capital Markets		1.3		–0.8
Chemicals		0.1		—
Commercial Services & Supplies		1.4		–0.6
Construction Materials		3.5		—
Consumer Finance		6.4		–2.3
Diversified Consumer Services		1.9		–1.5
Diversified Financial Services		1.1		–0.3
Electronic Equipment, Instruments & Components		5.6		–2.9
Entertainment		2.9		–3.2
Equity Real Estate Investment Trusts (REITs)		10.1		–8.3
Health Care Equipment & Supplies		0.4		–0.2
Health Care Technology		5.1		–1.1
Hotels, Restaurants & Leisure		1.5		–0.4
Independent Power & Renewable Electricity Producers		2.0		–0.5
Interactive Media & Services		4.5		–1.5
Internet & Direct Marketing Retail		0.4		–0.3
IT Services		6.5		–3.9
Media		4.6		–0.3
Metals & Mining		2.2		–1.5
Mortgage Real Estate Investment Trusts (REITs)		0.8		–0.4
Oil, Gas & Consumable Fuels		3.2		–0.8
Personal Products		1.2		–0.5
Pharmaceuticals		10.9		–4.5
Professional Services		2.0		–0.5
Real Estate Management & Development		1.4		–0.3
Semiconductors & Semiconductor Equipment		5.2		–3.0
Software		11.9		–6.1
Technology Hardware, Storage & Peripherals		0.7		—
Trading Companies & Distributors		0.6		–0.1
Wireless Telecommunication Services		0.6		–0.1
Subtotal		115.6		–52.4
Exchange-Traded Funds		—		–4.2
Short-Term Investments		39.2		—
Total Investments		154.8	%	–56.6	%

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

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

40   Semi-Annual Report

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Semi-Annual Report   41

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

June 30, 2019	Lazard Emerging Markets Income Portfolio			Lazard Enhanced Opportunities Portfolio
ASSETS
Investments in securities, at fair value	$	5,126,972		$	14,279,696
Cash		200,000			—
Cash collateral due from broker on options & forward contracts		—			15,500
Foreign currency, at fair value		114,831			138,219
Receivables for:
Investments sold		—			514,494
Dividends and interest		28,454			75,506
Amount due from Investment Manager (Note 3)		9,166			17,059
Receivable from broker - variation margin on centrally cleared swaps		—			—
Gross unrealized appreciation on:
Forward currency contracts		64,974			—
Swap agreements		—			—
Premiums for swap agreements purchased		—			—
Prepaid expenses		19,676			—
Total assets		5,564,073			15,040,474
LIABILITIES
Securities sold short, at fair value		—			5,216,525
Cash collateral due to broker on options and swap agreements		—			698
Due to custodian		—			18,771
Payables for:
Investments purchased		97,047			491,147
Management fees		—			—
Accrued custodian fees		7,421			51,430
Accrued professional services		26,852			28,359
Capital stock redeemed		317			—
Dividends on securities sold short		—			1,560
Gross unrealized depreciation on:
Forward currency contracts		18,004			6,486
Swap agreements		—			—
Other accrued expenses and payables		5,430			2,526
Total liabilities		155,071			5,817,502
Net assets	$	5,409,002		$	9,222,972
NET ASSETS
Paid in capital	$	5,463,924		$	9,937,659
Distributable earnings (Accumulated loss)		(54,922	)		(714,687	)
Net assets	$	5,409,002		$	9,222,972

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

42   Semi-Annual Report

Lazard Explorer Total Return Portfolio
$	104,740,275
	—
	816,240
	1,273,503
	3,889,127
	940,484
	—
	128,571
	274,062
	241,987
	174,045
	28,074
	112,506,368
	—
	78,344
	700,000
	1,580,920
	61,988
	35,588
	32,045
	3,774
	—
	161,305
	31,202
	4,152
	2,689,318
$	109,817,050
$	133,379,988
	(23,562,938	)
$	109,817,050

Semi-Annual Report   43

June 30, 2019	Lazard Emerging Markets Income Portfolio		Lazard Enhanced Opportunities Portfolio
Institutional Shares
Net assets	$	5,241,235	$	9,069,771
Shares of capital stock outstanding*		690,408		1,030,241
Net asset value, offering and redemption price per share	$	7.59	$	8.80
Open Shares
Net assets	$	167,767	$	153,201
Shares of capital stock outstanding*		20,074		17,435
Net asset value, offering and redemption price per share	$	8.36	$	8.79
Cost of investments in securities	$	5,101,066	$	13,866,598
Proceeds received from securities sold short	$	—	$	4,875,860
Cost of foreign currency	$	114,666	$	138,219

* $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.

44   Semi-Annual Report

	Lazard Explorer Total Return Portfolio
$	109,724,181
	13,326,969
$	8.23
$	92,869
	11,173
$	8.31
$	102,779,795
$	—
$	1,273,224

Semi-Annual Report   45

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

For the Six Months Ended June 30, 2019	Lazard Emerging Markets Income Portfolio			Lazard Enhanced Opportunities Portfolio
Investment Income (Loss)
Income
Interest*	$	127,371		$	238,701
Dividends		—			709
Total investment income*		127,371			239,410
Expenses
Management fees (Note 3)		17,069			54,054
Custodian fees		21,423			101,407
Professional services		20,594			21,758
Registration fees		17,213			17,758
Administration fees		7,691			8,074
Directors’ fees and expenses		2,601			2,872
Shareholders’ services		2,757			2,856
Shareholders’ reports		1,794			2,295
Distribution fees (Open Shares)		178			149
Other^		2,704			2,867
Total gross expenses before expenses on securities sold short		94,024			214,090
Broker expense on securities sold short		—			72,930
Dividend expense on securities sold short		—			23,468
Total gross expenses		94,024			310,488
Management fees waived and expenses reimbursed		(70,650	)		(142,777	)
Total net expenses		23,374			167,711
Net investment income (loss)		103,997			71,699
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency Transactions, Forward Currency Contracts, Futures Contracts, Options and Swap Agreements
Net realized gain (loss) on:
Investments**		(97,976	)		232,514
Securities sold short		—			(305,995	)
Foreign currency transactions		(1,373	)		(60	)
Forward currency contracts		50,552			(2,573	)
Futures contracts		—			—
Written options		—			20,085
Swap agreements		—			—
Total net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements		(48,797	)		(56,029	)

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

46   Semi-Annual Report

Lazard Explorer Total Return Portfolio
$	2,962,025
	—
	2,962,025
	493,739
	73,227
	26,257
	18,372
	14,339
	5,189
	3,547
	2,880
	118
	4,925
	642,593
	—
	—
	642,593
	(44,673	)
	597,920
	2,364,105
	(1,527,063	)
	—
	(11,647	)
	399,309
	(9,190	)
	191,289
	(265,883	)
	(1,223,185	)

Semi-Annual Report   47

For the Six Months Ended June 30, 2019	Lazard Emerging Markets Income Portfolio			Lazard Enhanced Opportunities Portfolio
Net change in unrealized appreciation (depreciation) on:
Investments		$	196,947	$	1,677,095
Securities sold short			—		(1,021,352	)
Foreign currency translations			860		311
Forward currency contracts			1,834		55
Written options			—		(274	)
Swap agreements			—		—
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, options and swap agreements			199,641		655,835
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			150,844		599,806
Net increase (decrease) in net assets resulting from operations		$	254,841	$	671,505
*    Net of foreign withholding taxes of		$	—	$	(234	)
**   Net of foreign capital gains taxes of		$	—	$	—
^    Includes interest on line of credit of		$	2	$	—

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

48   Semi-Annual Report

Lazard Explorer Total Return Portfolio
$	8,118,113
	—
	(1,529	)
	(409,084	)
	18,966
	(439,668	)
	7,286,798
	6,063,613
$	8,427,718
$	6,160
$	310
$	299

Semi-Annual Report   49

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

	Lazard Emerging Markets Income Portfolio
	Six Months Ended June 30, 2019 (unaudited)				Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	103,997		$	223,104
Net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts, options and swap agreements			(48,797	)		(314,757	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, options and swap agreements			199,641			(218,974	)
Net increase (decrease) in net assets resulting from operations			254,841			(310,627	)
Distributions to shareholders (Note 2(i))
Institutional Shares			(101,260	)		(538,715	)
Open Shares			—			(8,027	)
Return of capital
Institutional Shares			—			(215,126	)
Open Shares			—			(3,206	)
Net decrease in net assets resulting from distributions			(101,260	)		(765,074	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			100,015			353,037
Open Shares			50,316			40,296
Net proceeds from reinvestment of distributions
Institutional Shares			101,260			753,834
Open Shares			—			11,233
Cost of shares redeemed
Institutional Shares			(165,674	)		(917,500	)
Open Shares			—			(29,858	)
Net increase (decrease) in net assets from capital stock transactions			85,917			211,042
Total increase (decrease) in net assets			239,498			(864,659	)
Net assets at beginning of period			5,169,504			6,034,163
Net assets at end of period		$	5,409,002		$	5,169,504

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

50   Semi-Annual Report

Lazard Enhanced Opportunities Portfolio						Lazard Explorer Total Return Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
$	71,699		$	129,042		$	2,364,105		$	7,356,460
	(56,029	)		414,280			(1,223,185	)		(13,671,481	)
	655,835			(826,012	)		7,286,798			(9,184,201	)
	671,505			(282,690	)		8,427,718			(15,499,222	)
	—			(425,197	)		(2,262,169	)		(6,311,065	)
	—			(2,387	)		(1,818	)		(10,083	)
	—			—			—			(833,996	)
	—			—			—			(1,333	)
	—			(427,584	)		(2,263,987	)		(7,156,477	)
	1,296,608			4,469,209			507,492			6,934,144
	41,744			7			1,788			8,549
	—			415,898			2,251,636			7,088,834
	—			2,387			1,818			11,416
	(9,075,438	)		(3,201,293	)		(6,469,152	)		(126,158,624	)
	—			(10,796	)		(11,112	)		(889,813	)
	(7,737,086	)		1,675,412			(3,717,530	)		(113,005,494	)
	(7,065,581	)		965,138			2,446,201			(135,661,193	)
	16,288,553			15,323,415			107,370,849			243,032,042
$	9,222,972		$	16,288,553		$	109,817,050		$	107,370,849

Semi-Annual Report   51

	Lazard Emerging Markets Income Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		685,762			648,255
Shares sold		13,212			39,351
Shares issued to shareholders from reinvestment of distributions		13,499			98,805
Shares redeemed		(22,065	)		(100,649	)
Net increase (decrease)		4,646			37,507
Shares outstanding at end of period		690,408			685,762
Open Shares
Shares outstanding at beginning of period		13,908			11,589
Shares sold		6,166			4,177
Shares issued to shareholders from reinvestment of distributions		—			1,424
Shares redeemed		—			(3,282	)
Net increase (decrease)		6,166			2,319
Shares outstanding at end of period		20,074			13,908

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

52   Semi-Annual Report

Lazard Enhanced Opportunities Portfolio						Lazard Explorer Total Return Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
	1,948,553			1,754,786			13,774,341			26,808,845
	153,255			512,981			62,159			803,468
	—			51,342			275,997			840,498
	(1,071,567	)		(370,556	)		(785,528	)		(14,678,470	)
	(918,312	)		193,767			(447,372	)		(13,034,504	)
	1,030,241			1,948,553			13,326,969			13,774,341
	12,624			13,575			12,090			109,240
	4,811			1			219			979
	—			289			222			1,314
	—			(1,241	)		(1,358	)		(99,443	)
	4,811			(951	)		(917	)		(97,150	)
	17,435			12,624			11,173			12,090

Semi-Annual Report   53

The Lazard Funds, Inc. Financial Highlights (unaudited)

LAZARD EMERGING MARKETS INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended												For the Period 4/30/14* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	7.38		$	9.14		$	8.40		$	8.42		$	9.16		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.15			0.34			0.19			0.16			0.01			0.01
Net realized and unrealized gain (loss)			0.21			(0.87	)		0.79			0.08			(0.74	)		(0.85	)
Total from investment operations			0.36			(0.53	)		0.98			0.24			(0.73	)		(0.84	)
Less distributions from:
Net investment income			(0.15	)		(0.90	)		(0.20	)		(0.16	)		—			—
Net realized gains			—			—			(0.04	)		(0.10	)		—			—
Return of capital			—			(0.33	)		—			—			(0.01	)		—
Total distributions			(0.15	)		(1.23	)		(0.24	)		(0.26	)		(0.01	)		—
Net asset value, end of period		$	7.59		$	7.38		$	9.14		$	8.40		$	8.42		$	9.16
Total Return (b)			4.88	%		–5.79	%		11.73	%		2.82	%		–7.94	%		–8.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	5,241		$	5,059		$	5,925		$	12,156		$	12,800		$	4,985
Ratios to average net assets (c):
Net expenses			0.89	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses			3.52	%		3.79	%		2.13	%		2.25	%		2.55	%		5.15	%
Net investment income (loss)			3.96	%		4.06	%		2.17	%		1.80	%		0.09	%		0.10	%
Portfolio turnover rate			37	%		65	%		74	%		174	%		175	%		125	%

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

54   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended												For the Period 4/30/14* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	7.97		$	9.43		$	8.50		$	8.39		$	9.14		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16			0.35			0.18			0.13			(0.02	)		(0.01	)
Net realized and unrealized gain (loss)			0.23			(0.92	)		0.79			0.08			(0.73	)		(0.85	)
Total from investment operations			0.39			(0.57	)		0.97			0.21			(0.75	)		(0.86	)
Less distributions from:
Net investment income			—			(0.65	)		—			—			—			—
Net realized gains			—			—			(0.04	)		(0.10	)		—			—
Return of capital			—			(0.24	)		—			—			—			—
Total distributions			—			(0.89	)		(0.04	)		(0.10	)		—			—
Net asset value, end of period		$	8.36		$	7.97		$	9.43		$	8.50		$	8.39		$	9.14
Total Return (b)			4.89	%		–5.97	%		11.42	%		2.52	%		–8.21	%		–8.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	168		$	111		$	109		$	128		$	155		$	132
Ratios to average net assets (c):
Net expenses			1.03	%		1.05	%		1.13	%		1.20	%		1.20	%		1.20	%
Gross expenses			5.66	%		13.51	%		12.51	%		12.29	%		12.19	%		13.96	%
Net investment income (loss)			3.84	%		3.95	%		1.96	%		1.51	%		–0.18	%		–0.18	%
Portfolio turnover rate			37	%		65	%		74	%		174	%		175	%		125	%

†	Unaudited.
*	The Portfolio commenced operations on April 30, 2014.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

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

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LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended												For the Period 12/31/14* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	8.31		$	8.67		$	9.16		$	8.89		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.06			0.11	^		0.05			(0.02	)		—	(b)
Net realized and unrealized gain (loss)			0.44			(0.20	)		0.40			0.35			(0.21	)		—	(b)
Total from investment operations			0.49			(0.14	)		0.51			0.40			(0.23	)		—	(b)
Less distributions from:
Net investment income			—			(0.10	)		(0.17	)		(0.08	)		(0.14	)		—
Net realized gains			—			(0.12	)		(0.83	)		(0.05	)		(0.35	)		—
Return of capital			—			—			—			—			(0.39	)		—
Total distributions			—			(0.22	)		(1.00	)		(0.13	)		(0.88	)		—
Net asset value, end of period		$	8.80		$	8.31		$	8.67		$	9.16		$	8.89		$	10.00
Total Return (c)			5.90	%		–1.66	%		5.56	%^		4.50	%		–2.32	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	9,070		$	16,184		$	15,206		$	14,077		$	4,823		$	4,899
Ratios to average net assets (d):
Net expenses			2.94	%		2.36	%		2.78	%^		1.79	%		1.70	%		1.70	%
Gross expenses			5.43	%		3.80	%		5.02	%^		3.60	%		13.45	%		69.35	%(e)
Gross expenses, excluding expenses on securities sold short			3.73	%		2.71	%		3.45	%		3.51	%		13.45	%		69.35	%(e)
Net investment income (loss)			1.26	%		0.73	%		1.20	%		0.57	%		–0.22	%		–1.70	%
Portfolio turnover rate:
Excluding securities sold short			298	%		312	%		210	%		247	%		639	%		37	%
Including securities sold short			303	%		409	%		310	%		340	%		—	%		—	%

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

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Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended												For the Period 12/31/14* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	8.30		$	8.65		$	9.15		$	8.89		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.04			0.10	^		0.04			(0.05	)		—	(b)
Net realized and unrealized gain (loss)			0.44			(0.19	)		0.37			0.33			(0.21	)		—	(b)
Total from investment operations			0.49			(0.15	)		0.47			0.37			(0.26	)		—	(b)
Less distributions from:
Net investment income			—			(0.08	)		(0.14	)		(0.06	)		(0.11	)		—
Net realized gains			—			(0.12	)		(0.83	)		(0.05	)		(0.35	)		—
Return of capital			—			—			—			—			(0.39	)		—
Total distributions			—			(0.20	)		(0.97	)		(0.11	)		(0.85	)		—
Net asset value, end of period		$	8.79		$	8.30		$	8.65		$	9.15		$	8.89		$	10.00
Total Return (c)			5.78	%		–1.80	%		5.16	%^		4.13	%		–2.57	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	153		$	105		$	117		$	112		$	110		$	100
Ratios to average net assets (d):
Net expenses			3.22	%		2.60	%		3.01	%^		2.07	%		1.95	%		1.95	%
Gross expenses			8.14	%		14.49	%		16.40	%^		15.58	%		26.46	%		69.36	%(e)
Gross expenses, excluding expenses on securities sold short			6.42	%		13.40	%		14.85	%		15.46	%		26.46	%		69.36	%(e)
Net investment income (loss)			1.13	%		0.48	%		1.06	%		0.45	%		–0.46	%		–1.95	%
Portfolio turnover rate:
Excluding securities sold short			298	%		312	%		210	%		247	%		639	%		37	%
Including securities sold short			303	%		409	%		310	%		340	%		—	%		—	%

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

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LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

†	Unaudited.
*	The Portfolio commenced operations on December 31, 2014.
^	A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.04 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.49%, decreased the gross expense and net expense ratios by 0.44% and increased the net investment income (loss) ratio by 0.44%.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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.

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LAZARD EXPLORER TOTAL RETURN PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	7.79		$	9.03		$	8.77		$	8.56		$	9.32		$	9.86
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.17			0.40			0.31			0.42			0.28			0.36
Net realized and unrealized gain (loss)			0.43			(1.25	)		0.24			0.21			(0.75	)		(0.38	)
Total from investment operations			0.60			(0.85	)		0.55			0.63			(0.47	)		(0.02	)
Less distributions from:
Net investment income			(0.16	)		(0.35	)		(0.22	)		(0.19	)		(0.15	)		(0.49	)
Net realized gains			—			—			—			—			—			(0.01	)
Return of capital			—			(0.04	)		(0.07	)		(0.23	)		(0.14	)		(0.02	)
Total distributions			(0.16	)		(0.39	)		(0.29	)		(0.42	)		(0.29	)		(0.52	)
Redemption fees			—			—			—			—			—			—	(b)
Net asset value, end of period		$	8.23		$	7.79		$	9.03		$	8.77		$	8.56		$	9.32
Total Return (c)			7.78	%		–9.65	%		6.41	%		7.47	%		–5.13	%		–0.21	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	109,716		$	107,276		$	242,040		$	256,331		$	249,222		$	133,473
Ratios to average net assets (d):
Net expenses			1.09	%		1.10	%		1.06	%		1.12	%		1.16	%		1.24	%
Gross expenses			1.15	%		1.10	%		1.06	%		1.12	%		1.16	%		1.30	%
Net investment income (loss)			4.24	%		4.64	%		3.45	%		4.80	%		3.17	%		3.57	%
Portfolio turnover rate			100	%		151	%		152	%		173	%		262	%		182	%

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

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LAZARD EXPLORER TOTAL RETURN PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	7.83		$	9.08		$	8.82		$	8.61		$	9.37		$	9.88
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16			0.35			0.28			0.39			0.24			0.33
Net realized and unrealized gain (loss)			0.45			(1.24	)		0.24			0.21			(0.75	)		(0.38	)
Total from investment operations			0.61			(0.89	)		0.52			0.60			(0.51	)		(0.05	)
Less distributions from:
Net investment income			(0.16	)		(0.32	)		(0.20	)		(0.17	)		(0.12	)		(0.43	)
Net realized gains			—			—			—			—			—			(0.01	)
Return of capital			—			(0.04	)		(0.06	)		(0.22	)		(0.14	)		(0.02	)
Total distributions			(0.16	)		(0.36	)		(0.26	)		(0.39	)		(0.26	)		(0.46	)
Redemption fees			—			—			—			—			0.01			—	(b)
Net asset value, end of period		$	8.28		$	7.83		$	9.08		$	8.82		$	8.61		$	9.37
Total Return (c)			7.77	%		–9.97	%		6.02	%		7.07	%		–5.42	%		–0.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	92		$	95		$	992		$	1,176		$	1,342		$	7,150
Ratios to average net assets (d):
Net expenses			0.59	%		1.40	%		1.42	%		1.48	%		1.50	%		1.54	%
Gross expenses			3.54	%		5.22	%		2.36	%		2.34	%		1.66	%		1.78	%
Net investment income (loss)			3.94	%		3.94	%		3.09	%		4.46	%		2.62	%		3.26	%
Portfolio turnover rate			100	%		151	%		152	%		173	%		262	%		182	%

†	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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

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The Lazard Funds, Inc. Notes to Financial Statements June 30, 2019 (unaudited)

1. Organization

The Lazard Funds, Inc. (the “Fund”) was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. As of December 31, 2018, the Fund was comprised of thirty-two no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of Emerging Markets Income, Enhanced Opportunities and Explorer Total Return Portfolios. The financial statements of the other twenty-nine Portfolios are presented separately. 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 Portfolios’ Prospectus).

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with US Generally Accepted Accounting Principles (“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

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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, interest rate and total return 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 Lazard Asset Management LLC, the Fund’s investment manager (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.

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If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant American Depositary Receipts (“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

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earned or capital gains (realized and/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/or 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 represent 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.

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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, 2019, the Emerging Markets Income, Enhanced Opportunities and Explorer Total Return Portfolios traded in forward currency contracts.

(d) Futures Contracts—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

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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, 2019, the Explorer Total Return Portfolio 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.

During the period ended June 30, 2019, the Enhanced Opportunities and Explorer Total Return Portfolios traded in options.

(f) Short Sales—A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of

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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, 2019, 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 State Street. At June 30, 2019, the Enhanced Opportunities Portfolio had pledged $10,259,061 of long securities as collateral under such arrangements.

For the period ended June 30, 2019, proceeds from securities sold short and purchases to cover short positions for the Enhanced Opportunities Portfolio were $20,958,521 and $21,884,127, respectively.

(g) 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,

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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.

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearing-houses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the US Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission.

At the time the Fund enters into a centrally cleared swap, the Fund deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker

68   Semi-Annual Report

on the statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.

Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s

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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, 2019, the Explorer Total Return Portfolio traded in swap agreements.

(h) 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, 2018, 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
Emerging Markets Income	$	24,288
Explorer Total Return		22,514,234

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, 2018, the Portfolios had no such losses to defer.

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 Income	$	5,101,066	$	114,981	$	42,105	$	72,876
Enhanced Opportunities		8,990,738		813,819		747,872		65,947
Explorer Total Return		102,779,795		4,483,512		2,634,549		1,848,963

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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. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(i) Dividends and Distributions—Emerging Markets Income and Explorer Total Return 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, for Enhanced Opportunities Portfolio 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, return of capital distributions, certain fixed-income securities, and fund expenses, derivatives and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts.

(j) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more spe-

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cific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios 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. 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 Invest-

72   Semi-Annual Report

ment 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 each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Emerging Markets Income		0.65	%
Enhanced Opportunities		0.95
Explorer Total Return (a)		0.80

(a) From January 1, 2019 to June 4, 2019, percentage was 0.90%.

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolios until May 1, 2020 if the aggregate direct expenses of the Portfolios, 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, including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims, on behalf of the Portfolios, exceed the percentages of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name on table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expense.

Portfolio	Institutional Shares			Open Shares
Emerging Markets Income		0.80	%		0.95	%
Enhanced Opportunities (a)		1.25			1.50
Explorer Total Return (b)		1.00			1.30

(a)	From January 1, 2019 to June 4, 2019, percentages were 0.90% and 1.05%, respectively.
(b)	From January 1, 2019 to June 4, 2019, percentages were 1.10% and 1.40%, respectively.

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During the period ended June 30, 2019, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Income		$   16,606		$   50,742		$   463		$   2,839
Enhanced Opportunities		53,487		86,351		567		2,372
Explorer Total Return		43,283		—		48		1,342

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

State Street provides the Fund with custody and certain fund administration and accounting 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.

DST is the Fund’s transfer and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2019, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $232,000, (2) an additional annual fee of $33,000 to the lead Independent Director (an “Independent Direc-

74   Semi-Annual Report

tor” 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 $23,000 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 funds in the Lazard Fund Complex at a rate of $5,000 per fund with the remainder allocated based upon each fund’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, 2019 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Income	$	419,959	$	1,104,647
Enhanced Opportunities		45,131,131		53,284,568
Explorer Total Return		91,609,384		115,383,927

For the period ended June 30, 2019, 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, 2019, the Investment Manager owned 88.22% and 60.76% of the outstanding shares of the Emerging Markets Income and Enhanced Opportunities 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. Inter-

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est 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, 2019, 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 Income	$	25,000		$	25,000		3.49	%		1
Explorer Total Return		3,070,000			3,070,000		3.51			1

* For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with LIBOR. A Portfolio’s outstanding balance on the line of credit, if any, would be categorized as Level 2.

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

76   Semi-Annual Report

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

(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 generally does not intend to actively hedge the Portfolio’s 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. During periods of reduced market liquidity, a Portfo-

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lio may not be able to readily sell debt securities at prices at or near their perceived value. An unexpected increase in Portfolio redemption requests, including a single large request for a significant percentage of a Portfolio’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Portfolio to sell its holdings at a loss or at undesirable prices and adversely affect the Portfolio’s share price and increase the Portfolio’s liquidity risk, and/or Portfolio expenses. Economic and other developments can adversely affect debt securities markets.

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 a 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 prices of high yield securities can fall in response to negative news about the issuer or its industry, or the economy in general to a greater extent than those of higher-rated securities. 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).

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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. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.”The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(e) Underlying Funds Risk—Shares of exchange-traded funds (“ETFs”), closed-end funds and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”) in which certain Portfolios invest 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 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.

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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 periodic interest payments.

These Portfolios may be limited by the 1940 Act in the amount of their 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 SEC on which the Portfolios may rely or an exemption is available.

Many ETFs have received an exemptive order from the SEC providing an exemption from the 1940 Act limits on the amount of assets that may be invested in ETFs and closed-end funds, and a Portfolio’s reliance on an order is conditioned on compliance with certain conditions of the order. If an exemptive order has not been received and an exemption is not available under the 1940 Act, the Portfolio will be limited in the amount it can invest in Underlying Funds that are registered investment companies to: (1) 3% or less of an Underlying Fund’s voting shares, (2) an Underlying Fund’s shares in value equal to or less than 5% of the Portfolio’s assets and (3) shares of Underlying Funds in the aggregate in value equal to or less than 10% of the Portfolio’s total assets.

(f) Short Position Risk—Short sales or positions may involve substantial risks. If a short position appreciates in value during a period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, a 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.

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There is a risk that certain Portfolios may be unable to fully implement their 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.

(g) 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 (including options on ETFs and ETNs), 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 certain Portfolios 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.

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As such, a small investment could have a potentially large impact on a 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 when 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

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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.

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2019:

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, 2019
Emerging Markets Income Portfolio
Assets:
Foreign Government Obligations*		$	—		$	1,336,796		$	—	$	1,336,796
US Treasury Securities			—			2,797,761			—		2,797,761
Short-Term Investments			992,415			—			—		992,415
Other Financial Instruments†
Forward Currency Contracts			—			64,974			—		64,974
Total		$	992,415		$	4,199,531		$	—	$	5,191,946
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(18,004	)	$	—	$	(18,004	)
Enhanced Opportunities Portfolio
Assets:
Common Stocks*
United States		$	15		$	—		$	—	$	15
Preferred Stocks*
United States			24,434			—			—		24,434
Convertible Corporate Bonds			—			10,639,175			—		10,639,175
Purchased Options			2,122			—			—		2,122
Short-Term Investments			3,613,950			—			—		3,613,950
Total		$	3,640,521		$	10,639,175		$	—	$	14,279,696
Liabilities:
Securities Sold Short
Common Stocks*
Bermuda		$	(8,965	)	$	—		$	—	$	(8,965	)
Canada			(356,789	)		—			—		(356,789	)
Chile			(24,032	)		—			—		(24,032	)
China			(76,792	)		—			—		(76,792	)
Netherlands			(27,038	)		—			—		(27,038	)
Norway			(23,944	)		—			—		(23,944	)
Thailand			(165,435	)		—			—		(165,435	)
United States			(4,148,900	)		—			—		(4,148,900	)
Exchange-Traded Fund			(384,630	)		—			—		(384,630	)
Other Financial Instruments†
Forward Currency Contracts			—			(6,486	)		—		(6,486	)
Total		$	(5,216,525	)	$	(6,486	)	$	—	$	(5,223,011	)

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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, 2019
Explorer Total Return Portfolio
Assets:
Corporate Bonds*		$	—	$	11,750,348		$	—	$	11,750,348
Foreign Government Obligations*			—		68,419,998			—		68,419,998
Quasi Government Bonds*			—		395,250			—		395,250
Supranational Bonds			—		410,060			—		410,060
US Treasury Securities			—		23,372,218			—		23,372,218
Short-Term Investments			221,410		—			—		221,410
Purchased Options			—		170,991			—		170,991
Other Financial Instruments†
Forward Currency Contracts			—		274,062			—		274,062
Interest Rate Swap Agreements			—		241,987			—		241,987
Total		$	221,410	$	105,304,914		$	—	$	105,256,324
Liabilities:
Other Financial Instruments†
Centrally Cleared Swap Agreements		$	—	$	(435,059	)	$	—	$	(435,059	)
Credit Default Swap Agreements			—		(31,202	)		—		(31,202	)
Forward Currency Contracts			—		(161,305	)		—		(161,305	)
Total		$	—	$	(627,566	)	$	—	$	(627,566	)

10. Derivative Instruments

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

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

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

A Portfolio may write or purchase a 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.

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

During the period ended June 30, 2019, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Emerging Markets Income Portfolio		Enhanced Opportunities Portfolio		Explorer Total Return Portfolio
Credit default swap agreements:
Average notional value – buy protection OTC		—		—		8,200,000
Average notional value – buy protection centrally cleared		—		—		24,400,000	#
Forward currency contracts:
Average amounts purchased		4,500,000		100,000		21,400,000
Average amounts sold		700,000		600,000		27,500,000
Futures contracts:
Average notional value of contracts – long		—		—		5,100,000	*
Interest rate swap agreements:
Average notional value – receives fixed rate		—		—		3,500,000
Options:
Average value of purchased options		—		100,000		700,000
Average value of written options		—		—		14,500,000	#

#	Represents average monthly notional exposure for the four months the derivative instrument was open during the period.
*	Represents notional exposure for the fifteen days the derivative instrument was open during the period.

The Enhanced Opportunities Portfolio also traded in written options having an average monthly notional exposure of less than $50,000.

Emerging Markets Income Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	64,974
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	18,004

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The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	50,552
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts		$1,834

Enhanced Opportunities Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Assets – Derivative Financial Instruments		Total
Purchased options	Investments in securities, at fair value		$2,122
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts		$6,486

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Equity Contracts			Foreign Currency Contracts			Total
Forward currency contracts	$	—		$	(2,573	)	$	(2,573	)
Purchased options		(111,052	)		—			(111,052	)
Written options		20,085			—			20,085
Total	$	(90,967	)	$	(2,573	)	$	(93,540	)
Net Change in Unrealized Appreciation (Depreciation) on:	Equity Contracts			Foreign Currency Contracts			Total
Forward currency contracts	$	—		$	55		$	55
Purchased options		9,398			—			9,398
Written options		(274	)		—			(274	)
Total	$	9,124		$	55		$	9,179

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Explorer Total Return Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Assets – Derivative Financial Instruments	Foreign Currency Contracts		Interest Rate Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	274,062	$	—	$	274,062
Purchased options
Investments in securities, at fair value		170,991		—		170,991
Swap agreements
Unrealized appreciation on interest rate swap		—		241,987		241,987
Total	$	445,053	$	241,987	$	687,040
Liabilities – Derivative Financial Instruments	Credit Contracts		Foreign Currency Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts	$	—	$	161,305	$	161,305
Swap agreements
Unrealized depreciation on centrally cleared swaps		435,059		—		435,059
Premiums for swap agreements purchased		142,843		—		142,843
Total	$	577,902	$	161,305	$	739,207

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Credit Contracts			Foreign Currency Contracts			Interest Rate Contracts			Total
Futures Contracts	$	—		$	—		$	(9,190	)	$	(9,190	)
Forward currency contracts		—			399,309			—			399,309
Purchased options		—			(1,133,365	)		—			(1,133,365	)
Written options		—			191,289			—			191,289
Swap agreements		(294,983	)		—			29,100			(265,883	)
Total	$	(294,983	)	$	(542,767	)	$	19,910		$	(817,840	)
Net Change in Unrealized Appreciation (Depreciation) on:		Credit Contracts			Foreign Currency Contracts			Interest Rate Contracts			Total
Forward currency contracts	$	—		$	(409,084	)	$	—		$	(409,084	)
Purchased options		—			369,957			—			369,957
Written options		—			18,966			—			18,966
Swap agreements		(601,367	)		—			161,699			(439,668	)
Total	$	(601,367	)	$	(20,161	)	$	161,699		$	(459,829	)

As of June 30, 2019, the Emerging Markets Income, Enhanced Opportunities and Explorer Total Return Portfolios held derivative

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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, 2019:

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		$	64,974	$	—	$	64,974

				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		$	10,500	$	—		$	—	$	10,500
Citibank NA			18,028		(10,959	)		—		7,069
HSBC Bank USA NA			31,856		(6,341	)		—		25,515
JPMorgan Chase Bank NA			96		—			—		96
Standard Chartered Bank			4,494		(704	)		—		3,790
Total		$	64,974	$	(18,004	)	$	—	$	46,970

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		$	18,004	$	—	$	18,004

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				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		$	10,959	$	(10,959	)	$	—	$	—
HSBC Bank USA NA			6,341		(6,341	)		—		—
Standard Chartered Bank			704		(704	)		—		—
Total		$	18,004	$	(18,004	)	$	—	$	—

Enhanced Opportunities 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		$	6,486	$	—	$	6,486

				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
State Street Bank and Trust Co.		$	6,486	$	—	$	—	$	6,486

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		$	274,062	$	—	$	274,062
Interest Rate Swap Agreements			241,987		—		241,987
Purchased Options			170,991		—		170,991
Total		$	687,040	$	—	$	687,040

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				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		$	11,515	$	(11,515	)	$	—		$	—
Barclays Bank PLC			41,912		(31,427	)		—			10,485
Citibank NA			5,501		(5,501	)		—			—
Goldman Sachs International			88,210		(88,210	)		—			—
HSBC Bank USA NA			6,086		(4,611	)		—			1,475
JPMorgan Chase Bank NA			261,742		(12,387	)		(249,355	)		—
JPMorgan Securities, Inc.			89,732		—			—			89,732
Standard Chartered Bank			107,807		(23,788	)		—			84,019
UBS AG			74,535		(18,593	)		—			55,942
Total		$	687,040	$	(196,032	)	$	(249,355	)	$	241,653

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		$	142,843	$	—	$	142,843
Forward Currency Contracts			161,305		—		161,305
Total		$	304,148	$	—	$	304,148

				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		$	38,388	$	(11,515	)	$	—	$	26,873
Barclays Bank PLC			31,427		(31,427	)		—		—
Citibank NA			8,520		(5,501	)		—		3,019
Goldman Sachs International			166,434		(88,210	)		—		78,224
HSBC Bank USA NA			4,611		(4,611	)		—		—
JPMorgan Chase Bank NA			12,387		(12,387	)		—		—
Standard Chartered Bank			23,788		(23,788	)		—		—
UBS AG			18,593		(18,593	)		—		—
Total		$	304,148	$	(196,032	)	$	—	$	108,116

(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.

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11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08, Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Management has evaluated the impact of the amendments and has adopted these amendments and incorporated the changes in the current financial statements and related disclosures. For public business entities, the amendments in this ASU became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.

In August 2018, the FASB issued an Accounting Standards Update, ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has evaluated the impact of the amendments and has elected to adopt these amendments and incorporate the changes in the current financial statements.

12. Subsequent Events

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

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The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) 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 (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – 2016, 2019) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019) University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present) Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (69 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	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. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

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Name (Year of Birth) 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)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present) Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present) Investment Manager, General Counsel (2002 – April 2017)

(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, 2019, 39 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), Chief Compliance Officer (since September 2014) and General Counsel (since April 2017) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Christopher Snively (1984)	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 (1958)	Treasurer (May 2003)	Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance (since September 2015)) of the Investment Manager Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018) Associate at Schulte Roth & Zabel LLP (2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017; previously, Vice President and Secretary since April 2002), whose information is included in the Interested Directors section above.

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The Lazard Funds, Inc. Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://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 https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Schedule of Portfolio Holdings

The Fund files its complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Board Consideration of Management Agreement

At meetings of the Board held on May 22, 2019 and June 5, 2019, 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 sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 5, 2019 meeting, additional information requested by the Independent Directors at the May 22, 2019 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Invest-

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ment Manager and its clients (of which the Lazard Funds complex of 39 active funds comprised approximately $29 billion of the approximately $235 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2019).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading 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, as well as regular reporting to, and support of, the Board. 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, trading, operations, risk management, technology and legal and compliance infrastructure. The Board 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 and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $29 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, comparing, for the fiscal year ended December 31, 2018, each Portfolio’s:

● contractual management fee (i.e., without giving effect to any fee waivers), referred to in the Strategic Insight materials as “advisor fee,” expense ratio (net of any fee waivers or expense reimbursements) and performance (for one-, three-, five- and ten-year peri-

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	ods ended March 31, 2019, as applicable) to those of a group of comparison funds selected by Strategic Insight (a “Group”);
●	advisor fee and expense ratio to a broader group of funds based on the Portfolio’s Morningstar category (an “Expense Universe”); and
●	performance (for the one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to that of the funds in the Portfolio’s Morningstar category (a “Category”) and the benchmark index and the Portfolio’s performance for each of the four most recently completed calendar years, as applicable, and the first quarter of 2019, to that of the funds in the Portfolio’s Category and the benchmark index.

The Strategic Insight materials outlined the process of construction of the Groups, Expense Universes and Categories, and representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Groups, Expense Universes and Categories, including how the methodologies could affect the results of the comparisons.

Advisor Fees and Expense Ratios. Representatives of the Investment Manager discussed the results of the Strategic Insight advisor fee and expense ratio comparisons with the Board. For the Emerging Markets Income Portfolio, the Investment Manager proposed to lower the management fee in the Management Agreement by 0.10%, with no diminution in services thereunder, and to lower the current expense limitation by 0.10%, and for the Explorer Total Return Portfolio the Investment Manager proposed to lower the current expense limitation by 0.10%. After giving effect to the proposed advisor fee and expense limitation reductions, the results of the Strategic Insight comparisons showed the advisor fees and expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of

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the Portfolios, pursuant to which the Investment Manager currently was waiving advisor fees and/or reimbursing expenses.

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

Performance. When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional performance information, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information (as requested by the Board) from the Investment Manager in respect of Portfolios with relative underperformance compared to the relevant Group, as well as any other Portfolios for which the Board requested additional information.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2018 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

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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 (all 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 manager 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. The Board (1) considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of 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 (2) evaluated the profitability in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. It was noted that each Portfolio had declining or generally stable assets, and/or a low level of assets, over the past calendar year so that the potential that the Investment Manager may have realized any economies of scale was reduced.

100   Semi-Annual Report

At the conclusion of these discussions, the Board expressed the opinion that it 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, with the assistance of independent legal counsel and in the exercise of its business judgment, 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 the significant services and infrastructure associated with an approximately $235 billion global asset management business.

● The Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.

● The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board accepted that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

● The Board recognized that economies of scale may be realized, particularly 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, in addition to information provided by the Investment Manager 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 over various time periods; general market outlook as appli-

Semi-Annual Report   101

cable 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 Investment Manager 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 (as proposed to be revised, as applicable) 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.

102   Semi-Annual Report

The Lazard Funds, Inc.
30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
https://www.lazardassetmanagement.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
DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169
Telephone: 617-483-7000

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

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS031		We Recycle This document is printed on recycled paper.

Lazard Funds

Semi-Annual Report

June 30, 2019

Equity Funds

Lazard Developing Markets Equity Portfolio

Lazard Emerging Markets Core Equity Portfolio

Lazard Emerging Markets Equity Advantage Portfolio

Lazard Emerging Markets Equity Blend Portfolio

Lazard Emerging Markets Equity Portfolio

Lazard Equity Franchise Portfolio

Lazard Global Equity Select Portfolio

Lazard Global Listed Infrastructure Portfolio

Lazard Global Strategic Equity Portfolio

Lazard International Quality Growth Portfolio

Lazard International Equity Advantage Portfolio

Lazard International Equity Concentrated Portfolio

Lazard International Equity Portfolio

Lazard International Equity Select Portfolio

Lazard International Equity Value Portfolio

Lazard International Small Cap Equity Portfolio

Lazard International Strategic Equity Portfolio

Lazard Managed Equity Volatility Portfolio

Lazard US Equity Concentrated Portfolio

Lazard US Equity Select Portfolio

Lazard US Realty Equity Portfolio

Lazard US Small-Mid Cap Equity Portfolio

Important Information on Paperless Delivery

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing up for paperless delivery at www.icsdelivery.com/lazardassetmanagement. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by following the instructions included with this disclosure and visiting www.fundreports.com. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.

PRIVACY NOTICE

WHAT DOES LAZARD DO WITH YOUR PERSONAL INFORMATION?

Financial companies choose how they share your personal information. U.S. federal law gives our clients the right to limit some but not all sharing. U.S. federal and other applicable 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.

We do not disclose nonpublic personal information about our clients or former clients to third parties other than as described below.

Personal information we collect. We collect personal information about you in connection with our providing advisory services to you. The legal basis for our collection of your personal information is our contract with you and our legitimate business interest to provide contractual services to you. The collection of this information is necessary for us to be able to provide advisory services to you and the failure to provide such information will result in our inability to provide our services. This information includes your social security number (for U.S. persons) and may include other information such as your:

● Assets and income;

● Investment experience;

● Transaction history;

● Credit history; and

● Wire transfer instructions.

How we collect this information. We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, direct us to buy or sell securities for your account, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates¹ or other non-affiliated companies (such as credit bureaus).

¹ Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

How we use this information. All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

● To provide advisory services to you;

● To open an account for you;

● To process a transaction for your account;

● To market products and services to you; and/or

● To respond to court orders and legal investigations.

If you are an investor located within a European Union country, please note that personal information may be collected, shared and/or stored outside of the European Union.

Disclosure to others. We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, counterparty, fund administrator or third party service provider that aggregates data in a central repository for access by a broker, counterparty or fund administrator to provide its services. We may also disclose such information to service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you. We require third party service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with applicable privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with non-affiliates for them to market to you). We may also share your personal information with non-affiliates (such as a government agency or regulatory authority) as required by applicable law.

How we protect your personal information. To protect your personal information from unauthorized access and use, we use security measures that comply with applicable law. These measures include computer safeguards and secured files and buildings.

How long we keep your personal information. We retain your personal information for the duration of your advisory relationship with us and for a period of time thereafter as required by applicable law.

Your rights with respect to this information. If you are an investor located within a European Union country, you have the following rights with respect to your personal information:

● The right to request and obtain a copy of your personal information that we maintain;

● The right to correct your personal information that we maintain;

● The right to request the erasure of your personal information from our systems, subject to applicable recordkeeping requirements applicable to us; and

● The right to lodge a complaint with a supervisory authority.

Who is providing this Privacy Notice. This Privacy Notice relates to the following entities:

● Lazard Asset Management LLC

● Lazard Asset Management (Canada), Inc.²

● Lazard Asset Management Securities LLC

Who to contact with questions. If you have any questions about this Privacy Notice, please call (800) 823-6300 or visit our website at http://www.lazardassetmanagement.com.

² Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
4	Performance Overviews (unaudited)
23	Information About Your Portfolio’s Expenses (unaudited)
31	Portfolio Holdings (unaudited)
34	Portfolios of Investments (unaudited)
34	Lazard Developing Markets Equity Portfolio
38	Lazard Emerging Markets Core Equity Portfolio
42	Lazard Emerging Markets Equity Advantage Portfolio
50	Lazard Emerging Markets Equity Blend Portfolio
56	Lazard Emerging Markets Equity Portfolio
60	Lazard Equity Franchise Portfolio
62	Lazard Global Equity Select Portfolio
66	Lazard Global Listed Infrastructure Portfolio
69	Lazard Global Strategic Equity Portfolio
73	Lazard International Quality Growth Portfolio
76	Lazard International Equity Advantage Portfolio
83	Lazard International Equity Concentrated Portfolio
86	Lazard International Equity Portfolio
90	Lazard International Equity Select Portfolio
94	Lazard International Equity Value Portfolio
97	Lazard International Small Cap Equity Portfolio
102	Lazard International Strategic Equity Portfolio
106	Lazard Managed Equity Volatility Portfolio
114	Lazard US Equity Concentrated Portfolio
116	Lazard US Equity Select Portfolio
120	Lazard US Realty Equity Portfolio
122	Lazard US Small-Mid Cap Equity Portfolio
127	Notes to Portfolios of Investments (unaudited)
136	Statements of Assets and Liabilities (unaudited)
144	Statements of Operations (unaudited)
152	Statements of Changes in Net Assets (unaudited)
177	Financial Highlights (unaudited)
227	Notes to Financial Statements (unaudited)
265	Board of Directors and Officers Information (unaudited)
268	Other Information (unaudited)

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.lazardassetmanagement.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 (unaudited)

Dear Shareholder,

Global markets registered strong gains in the first half of 2019. They reached near-record highs in April, thanks to strong corporate earnings and better-than-expected quarterly US GDP growth. However, heightened trade tensions and mixed economic data gave investors pause in May as China and the United States again raised tariffs on each other’s imports after trade talks stalled.

The US equity market rose strongly during the period, boosted by hopes that renewed trade negotiations and a potential interest rate cut by the Federal Reserve in July would keep the United States on strong economic footing. Financials, materials, and technology outperformed, while energy lagged against a backdrop of falling oil prices, concerns about global demand, and rising inventories. Volatility as measured by the CBOE Volatility Index (VIX) rose mildly but remained well below levels at the end of 2018.

European equity markets have been caught in the middle of opposing forces, mainly growing tensions around global trade and increasingly dovish central banks. This has pushed European government bond yields to fresh lows and caused bond-sensitive sectors to climb higher, further stretching valuations.

Emerging markets equities gained more than 10% year to date. The asset class’s performance was volatile over the latter half of the period, reflecting extraordinary uncertainty among investors about the geopolitical environment, particularly US actions on trade in May and early June. Emerging markets debt also delivered strong year-to-date returns, supported by liquidity from central banks. However, the global growth outlook has become more uncertain and current valuations provide less compensation for the increased risks.

In this environment, we believe it is becoming increasingly important for investors to be discerning, to focus on fundamentals and not short-term macro drivers, particularly as sentiment is vulnerable to rapid shifts. We are privileged that you have turned to Lazard

2   Semi-Annual Report

for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

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 MSCI Emerging Markets^® Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	2.00%	2.41%	5.77%
Open Shares**	1.63%	2.02%	5.40%
MSCI Emerging Markets Index	1.21%	2.49%	5.81%

4   Semi-Annual Report

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 MSCI Emerging Markets Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Since
	Year	Year	Inception	†
Institutional Shares**	0.39%	2.07%	2.69%
Open Shares**	–0.05%	1.68%	2.30%
R6 Shares*	0.48%	N/A	–5.92%
MSCI Emerging Markets Index	1.21%	2.49%	2.74% (Institutional and Open Shares)
			–5.31% (R6 Shares)

† The inception date for the Institutional and Open Shares was October 31, 2013 and for the R6 Shares was April 6, 2018.

Semi-Annual Report   5

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 MSCI Emerging Markets Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	0.07%	4.63%
Open Shares**	–0.23%	4.33%
MSCI Emerging Markets Index	1.21%	3.71%

† The inception date for the Portfolio was May 29, 2015.

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 MSCI Emerging Markets Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	0.75%	1.25%	2.83%
Open Shares**	0.44%	0.97%	2.53%
MSCI Emerging Markets Index	1.21%	2.49%	3.92%

† The inception date for the Portfolio was May 28, 2010.

6   Semi-Annual Report

Lazard Emerging Markets Equity Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	2.57%	–0.44%	5.42%		6.50%
Open Shares**	2.36%	–0.70%	5.12%		6.21%
R6 Shares**	2.57%	N/A	N/A		2.35%
MSCI Emerging Markets Index	1.21%	2.49%	5.81%		5.46% (Institutional Shares)
				5.99% (Open Shares)
					4.66% (R6 Shares)

† 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   7

Lazard Equity Franchise Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Equity Franchise Portfolio and MSCI World^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	5.61%	6.51%
Open Shares**	5.33%	6.19%
MSCI World Index	6.33%	7.05%

† The inception date for the Portfolio was September 29, 2017.

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, 2019

	One	Five	Since
	Year	Year	Inception	†
Institutional Shares**	8.90%	7.91%	7.87%
Open Shares**	8.65%	7.57%	7.57%
MSCI ACWI	5.74%	6.16%	6.74%

† The inception date for the Portfolio was December 31, 2013.

8   Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Listed Infrastructure Portfolio, MSCI World Core Infrastructure (USD Hedged) Index, Global Listed Infrastructure Index (USD Hedged) and MSCI World Index*

 

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	9.67%	10.45%	12.02%
Open Shares**	9.39%	10.18%	11.69%
MSCI World Core Infrastructure (USD Hedged) Index	17.39%	9.29%	10.87%
Global Listed Infrastructure Index (USD Hedged)	16.09%	9.56%	10.07%
MSCI World Index	6.33%	6.60%	8.98%

† The inception date for the Portfolio was December 31, 2009.

Semi-Annual Report   9

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, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	8.02%	5.74%
Open Shares**	7.84%	5.46%
MSCI ACWI	5.74%	6.17%

† The inception date for the Portfolio was August 29, 2014.

Lazard International Quality Growth Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Quality Growth Portfolio and MSCI AWI*

Average Annual Total Returns*

Periods Ended June 30, 2019

	Since
	Inception	†
Institutional Shares**	20.30%
Open Shares**	20.00%
MSCI ACWI	13.60%

† The inception date for the Portfolio was December 31, 2018.

Important Notice to Shareholders

Effective July 31, 2019, Lazard International Compounders Portfolio changed its name to Lazard International Quality Growth Portfolio.

10   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 MSCI EAFE^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	–2.72%	1.83%
Open Shares**	–2.93%	1.54%
MSCI EAFE Index	1.08%	3.11%

† The inception date for the Portfolio was May 29, 2015.

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, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	2.81%	1.43%
Open Shares**	2.56%	1.16%
MSCI ACWI ex-US	1.29%	2.33%

† The inception date for the Portfolio was August 29, 2014.

Semi-Annual Report   11

Lazard International Equity Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	2.61%	1.76%	7.43%		5.87%
Open Shares**	2.31%	1.48%	7.13%		4.71%
R6 Shares**	2.56%	N/A	N/A		2.84%
MSCI EAFE Index	1.08%	2.25%	6.90%		5.25% (Institutional Shares)
				4.82% (Open Shares)
					3.81% (R6 Shares)

† 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.

12   Semi-Annual Report

Lazard International Equity Select Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	1.85%	1.57%	6.73%
Open Shares**	1.47%	1.25%	6.39%
MSCI ACWI ex-US	1.29%	2.16%	6.54%
MSCI EAFE/ACWI ex-US Linked Index	1.29%	2.16%	6.10%

Lazard International Equity Value Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	Since
	Inception	†
Institutional Shares**	–0.58%
Open Shares**	–0.82%
MSCI EAFE Index	8.35%

† The inception date for the Portfolio was October 31, 2018.

Semi-Annual Report   13

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, 2019

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–11.67%	2.40%	9.18%
Open Shares**	–11.95%	2.13%	8.89%
MSCI EAFE Small Cap Index	–6.35%	4.40%	9.67%

14   Semi-Annual Report

Lazard International Strategic Equity Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	3.29%	2.72%	9.06%		6.33%
Open Shares**	3.06%	2.46%	8.78%		5.04%
R6 Shares**	3.36%	N/A	N/A		4.84%
MSCI EAFE Index	1.08%	2.25%	6.90%		4.37% (Institutional Shares)
				3.45% (Open Shares)
					5.22% (R6 Shares)

† The inception date for the Institutional Shares was October 31, 2005, for the Open Shares was February 3, 2006 and for the R6 Shares was January 19, 2015.

Semi-Annual Report   15

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, 2019

	One	Since
	Year	Inception	†
Institutional Shares**	8.47%	7.34%
Open Shares**	8.15%	7.02%
MSCI World Index	6.33%	7.13%

† The inception date for the Portfolio was May 29, 2015.

16   Semi-Annual Report

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, 2019

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	11.35%	10.57%	13.88%		8.50%
Open Shares**	11.02%	10.24%	13.52%		8.17%
R6 Shares**	11.37%	N/A	N/A		11.23%
S&P 500 Index	10.42%	10.71%	14.70%		8.81%
					(Institutional and Open Shares)
				14.36% (R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	10.42%	10.71%	14.40%		8.08% (Institutional and Open Shares)
				N/A (R6 Shares)

† The inception date for the Institutional and Open Shares was September 30, 2005 and for the R6 Shares was November 15, 2016.

Semi-Annual Report   17

Lazard US Equity Select Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	11.64%	8.68%	12.90%		7.42%
Open Shares**	11.24%	8.35%	12.56%		7.11%
R6 Shares**	11.63%	8.72%	N/A		9.54%
S&P 500 Index	10.42%	10.71%	14.70%		8.53% (Institutional and Open Shares)
				11.41% (R6 Shares)

† The inception date for the Institutional and Open Shares was December 30, 2004 and for the R6 Shares was May 19, 2014.

18   Semi-Annual Report

Lazard US Realty Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Open Shares of Lazard US Realty Equity Portfolio, MSCI US REIT^® Index*, and MSCI USA IMI Core Real Estate^® Index

Average Annual Total Returns*

Periods Ended June 30, 2019

	Institutional Shares				Open Shares
	One	Five	Since		One	Five	Ten
	Year	Years	Inception	†	Year	Years	Years
US Realty Equity Portfolio**	11.06%	7.48%	12.36%		10.74%	7.18%	16.33%
MSCI US REIT Index	9.66%	6.44%	10.25%		9.66%	6.44%	14.14%
MSCI USA IMI Core Real Estate® Index	10.86%	8.15%	11.96%		10.86%	8.15%	15.64%

† The inception date for the Institutional Shares was September 26, 2011.

Semi-Annual Report   19

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 and Russell 2500^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	1.18%	7.02%	13.42%
Open Shares**	0.92%	6.71%	13.07%
Russell 2500 Index	1.77%	7.66%	14.44%

Notes to Performance Overviews:

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the 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 DST Asset Manager Solutions, Inc., the Fund’s transfer and dividend distributing agent (“DST”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
	Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any, and also exclude one-time adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements) for Lazard International Small Cap Equity and Lazard US Small-Mid Cap Equity Portfolios and settlement proceeds received from class action lawsuits (Lazard Developing Markets Equity Portfolio Open Shares, Lazard International Equity and Lazard International Small Cap Equity Portfolios), 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

20   Semi-Annual Report

their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.

The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 26 emerging markets country indices.

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 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 49 country indices comprising 23 developed and 26 emerging markets country indices.

The Global Listed 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 for all periods through March 31, 2015, when the index ceased to be published, and the FTSE Developed Core Infrastructure 50/50^® Index for all periods thereafter. The UBS Global 50/50 Infrastructure & Utilities Index tracked 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 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 EAFE Index (Europe, Australasia, Far East) is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.

The MSCI ACWI ex-US is a free-float-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 48 country indices comprising 22 developed and 26 emerging markets country indices.

The MSCI EAFE/ACWI ex-US Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the MSCI EAFE Index for all periods through June 30, 2010 (when Lazard International Equity Select Portfolio’s benchmark index changed) and the MSCI ACWI ex-US for all periods thereafter.

The MSCI EAFE Small Cap Index targets all companies with market capitalizations below that of the companies in the MSCI 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 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 Lazard US Equity Concentrated 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

Semi-Annual Report   21

	equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.
	The MSCI US REIT Index is a free-float-adjusted market capitalization index that is comprised of equity REITs. The index is based on its parent index, the MSCI USA IMI®, which captures large, mid and small caps securities. With 151 constituents, the MSCI US REIT Index 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 GICS. It however excludes Mortgage REITs and selected Specialized REITs.
	The MSCI USA IMI Core Real Estate Index 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 World Core Infrastructure Index (the “Infrastructure Index”) captures large and mid-cap securities across the 23 developed market countries. The Infrastructure Index is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that Lazard Infrastructure invests in a range of companies globally, not specifically developed markets countries. The Global Listed Infrastructure Index (USD Hedged) will be replaced with the MSCI World Core Infrastructure Index (Hedged). The Investment Manager believes that the new index is an appropriate alternative to the prior index.
	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 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.
**	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.

22   Semi-Annual Report

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur 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, 2019 through June 30, 2019 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the accompanying table 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 accompanying table 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   23

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
Developing Markets Equity
Institutional Shares
Actual	$1,000.00	$1,168.10	$6.13	1.14%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.71	1.14%
Open Shares
Actual	$1,000.00	$1,165.50	$7.68	1.43%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.15	1.43%
Emerging Markets Core Equity
Institutional Shares
Actual	$1,000.00	$1,123.40	$6.11	1.16%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.04	$5.81	1.16%
Open Shares
Actual	$1,000.00	$1,120.60	$8.15	1.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.11	$7.75	1.55%
R6 Shares
Actual	$1,000.00	$1,124.40	$6.16	1.17%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.99	$5.86	1.17%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$1,000.00	$1,118.60	$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	$1,116.50	$7.35	1.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.85	$7.00	1.40%

24   Semi-Annual Report

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
Emerging Markets Equity Blend
Institutional Shares
Actual	$1,000.00	$1,148.70	$6.13	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.09	$5.76	1.15%
Open Shares
Actual	$1,000.00	$1,148.60	$7.62	1.43%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,017.70	$7.15	1.43%
Emerging Markets Equity
Institutional Shares
Actual	$1,000.00	$1,104.00	$5.63	1.08%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.44	$5.41	1.08%
Open Shares
Actual	$1,000.00	$1,102.80	$6.93	1.33%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.20	$6.66	1.33%
R6 Shares
Actual	$1,000.00	$1,104.00	$5.63	1.08%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.44	$5.41	1.08%
Equity Franchise
Institutional Shares
Actual	$1,000.00	$1,129.00	$5.01	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76	0.95%
Open Shares
Actual	$1,000.00	$1,126.70	$6.33	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01	1.20%

Semi-Annual Report   25

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
Global Equity Select
Institutional Shares
Actual	$1,000.00	$1,186.90	$5.69	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
Open Shares
Actual	$1,000.00	$1,185.00	$7.31	1.35%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76	1.35%
Global Listed Infrastructure
Institutional Shares
Actual	$1,000.00	$1,143.80	$5.00	0.94%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.13	$4.71	0.94%
Open Shares
Actual	$1,000.00	$1,143.00	$6.38	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01	1.20%
Global Strategic Equity
Institutional Shares
Actual	$1,000.00	$1,189.00	$5.43	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01	1.00%
Open Shares
Actual	$1,000.00	$1,190.20	$7.06	1.30%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.35	$6.51	1.30%
International Quality Growth
Institutional Shares
Actual	$1,000.00	$1,203.00	$4.64	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Open Shares
Actual	$1,000.00	$1,200.00	$5.89	1.08%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.44	$5.41	1.08%

26   Semi-Annual Report

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
International Equity Advantage
Institutional Shares
Actual	$1,000.00	$1,114.90	$4.72	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$1,113.80	$6.29	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.84	$6.01	1.20%
International Equity Concentrated
Institutional Shares
Actual	$1,000.00	$1,179.90	$5.13	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76	0.95%
Open Shares
Actual	$1,000.00	$1,178.40	$6.75	1.25%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.60	$6.26	1.25%
International Equity
Institutional Shares
Actual	$1,000.00	$1,155.60	$4.33	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.78	$4.06	0.81%
Open Shares
Actual	$1,000.00	$1,153.70	$5.66	1.06%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.54	$5.31	1.06%
R6 Shares
Actual	$1,000.00	$1,155.20	$4.28	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%

Semi-Annual Report   27

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
International Equity Select
Institutional Shares
Actual	$1,000.00	$1,151.20	$5.33	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01	1.00%
Open Shares
Actual	$1,000.00	$1,149.40	$7.19	1.35%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.10	$6.76	1.35%
International Equity Value
Institutional Shares
Actual	$1,000.00	$1,086.40	$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	$1,085.40	$6.20	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	$1,142.70	$5.95	1.12%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.24	$5.61	1.12%
Open Shares
Actual	$1,000.00	$ 1,141.40	$7.33	1.38%
Hypothetical (5% Return Before Expenses)	$1,000.00	$ 1,017.95	$6.90	1.38%
International Strategic Equity
Institutional Shares
Actual	$1,000.00	$1,154.40	$4.27	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%
Open Shares
Actual	$1,000.00	$1,153.00	$5.61	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
R6 Shares
Actual	$1,000.00	$1,155.00	$4.27	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%

28   Semi-Annual Report

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
Managed Equity Volatility
Institutional Shares
Actual	$1,000.00	$1,149.80	$4.00	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$1,149.00	$5.59	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
US Equity Concentrated
Institutional Shares
Actual	$1,000.00	$1,216.40	$4.18	0.76%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.03	$3.81	0.76%
Open Shares
Actual	$1,000.00	$1,214.80	$5.71	1.04%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.64	$5.21	1.04%
R6 Shares
Actual	$1,000.00	$1,216.70	$4.23	0.77%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.98	$3.86	0.77%
US Equity Select
Institutional Shares
Actual	$1,000.00	$1,185.70	$4.06	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$1,183.90	$5.69	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
R6 Shares
Actual	$1,000.00	$1,186.70	$4.07	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.08	$3.76	0.75%

Semi-Annual Report   29

		Ending		Annualized
	Beginning	Account	Expenses Paid	Expense Ratio
	Account Value	Value	During Period*	During Period
Portfolio	1/1/19	6/30/19	1/1/19 - 6/30/19	1/1/19 - 6/30/19
US Realty Equity
Institutional Shares
Actual	$1,000.00	$1,206.10	$5.47	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.84	$5.01	1.00%
Open Shares
Actual	$1,000.00	$1,204.50	$6.94	1.27%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.50	$6.36	1.27%
US Small-Mid Cap Equity
Institutional Shares
Actual	$1,000.00	$1,215.10	$4.94	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$1,213.40	$6.42	1.17%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.99	$5.86	1.17%

* Expenses are equal to the annualized expense ratio, net of expenses 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).

30   Semi-Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Asset Class/Sector June 30, 2019 (unaudited)

							Lazard
	Lazard			Lazard			Emerging			Lazard
	Developing			Emerging			Markets			Emerging
	Markets			Markets Core			Equity			Markets
	Equity			Equity			Advantage			Equity Blend
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		14.0	%		12.3	%		11.9	%		13.8	%
Consumer Discretionary		8.6			11.1			12.4			7.3
Consumer Staples		1.1			3.4			6.4			3.3
Energy		9.0			7.5			7.8			7.2
Financials		29.2			29.8			23.5			28.0
Health Care		4.3			0.9			2.5			2.8
Industrials		11.8			6.2			6.3			9.5
Information Technology		12.5			14.1			15.7			16.2
Materials		4.4			12.2			7.1			3.8
Real Estate		—			1.1			2.7			0.2
Utilities		2.7			—			1.9			1.9
Short-Term Investments		2.4			1.4			1.8			6.0
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
	Lazard
	Emerging			Lazard			Lazard			Lazard
	Markets			Equity			Global			Global Listed
	Equity			Franchise			Equity Select			Infrastructure
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		11.9	%		11.3	%		4.9	%		6.4	%
Consumer Discretionary		6.5			20.4			8.9			—
Consumer Staples		6.4			4.7			13.3			—
Energy		11.3			—			0.8			—
Financials		28.3			—			19.8			—
Health Care		0.6			22.1			13.9			—
Industrials		5.3			16.7			16.2			40.5
Information Technology		18.7			12.8			14.2			—
Materials		6.4			—			1.9			—
Real Estate		—			—			1.0			—
Utilities		0.9			9.3			—			45.3
Short-Term Investments		3.7			2.7			5.1			7.8
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report   31

	Lazard						Lazard			Lazard
	Global			Lazard			International			International
	Strategic			International			Equity			Equity
	Equity			Quality Growth			Advantage			Concentrated
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		12.6	%		7.0	%		4.8	%		8.2	%
Consumer Discretionary		6.2			12.4			9.6			7.0
Consumer Staples		7.4			5.1			11.4			7.2
Energy		3.0			—			6.8			7.2
Financials		19.8			20.3			16.2			21.8
Health Care		16.6			11.6			12.4			9.9
Industrials		13.0			26.4			14.9			8.8
Information Technology		14.4			11.4			6.1			18.3
Materials		2.6			2.1			6.9			2.6
Real Estate		—			—			4.1			2.6
Utilities		—			—			4.2			2.0
Short-Term Investments		4.4			3.7			2.6			4.4
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
										Lazard
	Lazard			Lazard			Lazard			International
	International			International			International			Small Cap
	Equity			Equity Select			Equity Value			Equity
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		7.8	%		8.4	%		8.0	%		10.5	%
Consumer Discretionary		7.1			9.1			16.7			12.6
Consumer Staples		9.1			7.0			7.8			6.3
Energy		6.2			6.3			3.9			1.0
Financials		18.3			22.4			21.3			10.8
Health Care		9.8			10.4			—			8.9
Industrials		17.9			15.9			14.8			23.5
Information Technology		7.3			9.0			12.0			13.8
Materials		7.4			2.4			6.6			1.9
Real Estate		2.8			1.4			—			9.6
Utilities		2.7			3.5			4.3			0.9
Short-Term Investments		3.6			4.2			4.6			0.2
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

32   Semi-Annual Report

	Lazard			Lazard
	International			Managed			Lazard US
	Strategic			Equity			Equity			Lazard US
	Equity			Volatility			Concentrated			Equity Select
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		9.4	%		7.0	%		8.6	%		7.1	%
Consumer Discretionary		8.1			10.1			6.7			9.6
Consumer Staples		9.6			15.3			8.2			7.9
Energy		3.4			1.7			—			6.2
Financials		26.4			12.9			8.4			13.4
Health Care		9.8			12.9			22.4			19.3
Industrials		19.7			10.5			6.0			9.4
Information Technology		4.6			8.0			28.7			21.6
Materials		2.1			3.5			5.0			0.9
Real Estate		1.8			6.8			—			1.7
Utilities		1.6			8.3			—			—
Short-Term Investments		3.5			3.0			6.0			2.9
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
				Lazard US
	Lazard US			Small-Mid
	Realty Equity			Cap Equity
Asset Class/Sector*	Portfolio			Portfolio
Equity
Communication Services		—	%		2.5	%
Consumer Discretionary		2.3			10.2
Consumer Staples		—			0.8
Energy		—			1.7
Financials		—			16.3
Health Care		—			14.2
Industrials		—			17.0
Information Technology		—			15.0
Materials		—			6.2
Real Estate		96.3			12.0
Utilities		—			4.1
Short-Term Investments		1.4			—
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report   33

The Lazard Funds, Inc. Portfolios of Investments
June 30, 2019 (unaudited)

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  95.7%
Brazil  |  7.8%
Duratex SA		649,800	$	2,000,192
Notre Dame Intermedica Participacoes SA		594,995		6,247,529
Pagseguro Digital, Ltd., Class A (*)		52,000		2,026,440
Petroleo Brasileiro SA		507,976		3,625,990
Rumo SA (*)		577,483		3,117,546
StoneCo, Ltd., Class A		64,100		1,896,078
				18,913,775
Canada  |  1.1%
First Quantum Minerals, Ltd.		277,055		2,631,869
China  |  28.8%
Agricultural Bank of China, Ltd., Class H		3,493,500		1,460,128
Alibaba Group Holding, Ltd. Sponsored ADR (*)		36,210		6,135,784
Anhui Conch Cement Co., Ltd., Class H		298,000		1,869,263
Autohome, Inc. ADR (*)		19,581		1,676,525
Beijing Enterprises Water Group, Ltd.		7,226,000		4,300,818
China Merchants Bank Co., Ltd., Class H		396,211		1,978,369
China State Construction International Holdings, Ltd.		4,430,160		4,562,295
Ctrip.com International, Ltd. ADR (*)		42,200		1,557,602
Focused Photonics Hangzhou, Inc., Class A		814,400		2,836,687
Han’s Laser Technology Industry Group Co., Ltd., Class A		356,400		1,786,313
Li Ning Co., Ltd.		775,500		1,831,900
NetEase, Inc. ADR		17,100		4,373,667
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		52,600		5,080,108
Ping An Insurance (Group) Co. of China, Ltd., Class H		397,000		4,778,189
Tencent Holdings, Ltd.		247,200		11,183,456
Weibo Corp. Sponsored ADR (*)		35,800		1,559,090
Wuliangye Yibin Co., Ltd. Class A		159,100		2,736,177
Zhejiang Semir Garment Co., Ltd., Class A		1,459,300		2,351,727
Zhongsheng Group Holdings, Ltd.		775,000		2,161,321
Zhuzhou CRRC Times Electric Co., Ltd., Class H		576,592		3,039,283
ZTO Express Cayman, Inc. ADR		125,485		2,399,273
				69,657,975

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

34   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
Colombia  |  2.6%
Bancolombia SA Sponsored ADR		124,747	$	6,367,087
Hong Kong  |  1.7%
China Gas Holdings, Ltd.		604,800		2,244,946
Techtronic Industries Co., Ltd.		240,002		1,840,515
				4,085,461
India  |  9.4%
HDFC Bank, Ltd. ADR		52,985		6,890,169
ICICI Bank, Ltd. Sponsored ADR		556,001		7,000,053
Reliance Industries, Ltd.		273,801		4,970,483
Shriram Transport Finance Co., Ltd.		246,476		3,877,303
				22,738,008
Indonesia  |  2.7%
PT Bank Rakyat Indonesia (Persero) Tbk		21,103,700		6,515,012
Macau  |  0.7%
SJM Holdings, Ltd.		1,566,000		1,784,448
Mexico  |  1.6%
Grupo Financiero Banorte SAB de CV, Class O		660,357		3,831,318
Peru  |  2.4%
Credicorp, Ltd.		25,255		5,781,122
Philippines  |  1.5%
BDO Unibank, Inc.		1,316,585		3,598,668
Portugal  |  2.7%
Galp Energia SGPS SA		417,220		6,431,898
Russia  |  8.5%
Mail.Ru Group, Ltd. GDR (*)		134,482		3,431,431
Novatek OAO Sponsored GDR		25,047		5,324,556
Sberbank of Russia PJSC		1,189,307		4,483,676
Yandex NV Class A (*)		189,335		7,194,730
				20,434,393

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

Semi-Annual Report   35

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
South Africa  |  3.8%
Capitec Bank Holdings, Ltd.		52,897	$	4,878,124
Petra Diamonds, Ltd. (*)		1,779,300		443,620
Standard Bank Group, Ltd.		275,153		3,843,029
				9,164,773
South Korea  |  9.1%
Doosan Bobcat, Inc.		60,939		1,921,860
NCSoft Corp.		6,553		2,706,791
Netmarble Corp. (*)		18,439		1,806,723
Partron Co., Ltd.		164,575		2,529,881
S-Oil Corp.		21,363		1,548,136
Samsung Biologics Co., Ltd. (*)		4,162		1,154,616
Samsung Electronics Co., Ltd.		208,137		8,486,157
WONIK IPS Co., Ltd.		92,747		1,923,842
				22,078,006
Taiwan  |  8.4%
Airtac International Group		159,000		1,789,926
ASE Technology Holding Co., Ltd.		896,289		1,765,324
Bizlink Holding, Inc.		743,000		5,160,345
Catcher Technology Co., Ltd.		216,670		1,554,588
Largan Precision Co., Ltd.		14,860		1,847,920
MediaTek, Inc.		210,000		2,129,363
Silicon Motion Technology Corp. ADR		67,500		2,995,650
Taiwan Semiconductor Manufacturing Co., Ltd.		392,000		2,990,385
				20,233,501
United Arab Emirates  |  1.3%
NMC Health PLC		100,073		3,054,209
United Kingdom  |  1.6%
KAZ Minerals PLC		487,080		3,749,738
Total Common Stocks (Cost $211,566,074)				231,051,261

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

36   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Preferred Stocks  |  2.2%
Brazil  |  2.2%
Banco Bradesco SA ADR (Cost $4,482,064)		541,863	$	5,321,095
Short-Term Investments  |  2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $5,783,404)		5,783,404		5,783,404
Total Investments  |  100.3% (Cost $221,831,542)			$	242,155,760
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(666,434	)
Net Assets  |  100.0%			$	241,489,326

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

Semi-Annual Report   37

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks  |  97.2%
Argentina  |  0.7%
Grupo Supervielle SA Sponsored ADR		78,700	$	620,156
Loma Negra Cia Industrial Argentina SA Sponsored ADR (*)		90,200		1,055,340
				1,675,496
Brazil  |  8.7%
Azul SA ADR (*)		64,812		2,167,313
Banco BTG Pactual SA		180,900		2,396,956
Banco do Brasil SA		461,000		6,475,694
Braskem SA A Shares (*)		234,242		2,136,876
CCR SA		454,930		1,618,340
Rumo SA (*)		513,200		2,770,514
Telefonica Brasil SA ADR		207,400		2,700,348
				20,266,041
Canada  |  1.0%
Parex Resources, Inc. (*)		149,000		2,390,508
China  |  27.2%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		61,400		10,404,230
Baidu, Inc. Sponsored ADR (*)		19,480		2,286,173
China National Building Material Co., Ltd., Class H		3,982,000		3,476,457
China Overseas Land & Investment, Ltd.		642,000		2,369,082
Industrial & Commercial Bank of China, Ltd., Class H		12,653,633		9,212,833
NetEase, Inc. ADR		10,392		2,657,962
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		38,286		3,697,662
PICC Property & Casualty Co., Ltd., Class H		2,269,770		2,442,981
Ping An Insurance (Group) Co. of China, Ltd., Class H		598,500		7,203,390
Shenzhou International Group Holdings, Ltd.		233,791		3,202,761
Sinopharm Group Co., Ltd., Class H		332,000		1,169,930
Tencent Holdings, Ltd.		308,400		13,952,175
Wuxi Biologics Cayman, Inc. (*)		99,500		894,218
				62,969,854

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

38   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Colombia  |  1.2%
Bancolombia SA Sponsored ADR		53,100	$	2,710,224
Hong Kong  |  1.2%
Techtronic Industries Co., Ltd.		366,500		2,810,596
Hungary  |  1.0%
MOL Hungarian Oil & Gas PLC		200,590		2,226,738
India  |  10.6%
HDFC Bank, Ltd. ADR		70,369		9,150,785
Hindalco Industries, Ltd.		1,036,864		3,110,104
Hindustan Zinc, Ltd.		582,947		2,061,459
Infosys, Ltd. Sponsored ADR		271,715		2,907,351
Maruti Suzuki India, Ltd.		25,295		2,394,610
Motherson Sumi Systems, Ltd.		726,823		1,284,069
UPL, Ltd.		271,619		3,689,664
				24,598,042
Indonesia  |  2.3%
PT Bank Mandiri (Persero) Tbk		5,778,400		3,286,225
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		71,360		2,086,567
				5,372,792
Luxembourg  |  1.7%
Tenaris SA ADR		50,700		1,333,917
Ternium SA Sponsored ADR		112,750		2,528,983
				3,862,900
Mexico  |  3.2%
Arca Continental SAB de CV		366,445		1,982,693
Gruma SAB de CV, Class B		181,383		1,702,342
Grupo Aeroportuario del Pacifico SAB de CV ADR		15,400		1,606,374
Grupo Financiero Banorte SAB de CV, Class O		370,400		2,149,020
				7,440,429
Peru  |  1.2%
Credicorp, Ltd.		11,550		2,643,911

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

Semi-Annual Report   39

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Philippines  |  2.0%
BDO Unibank, Inc.		1,240,481	$	3,390,650
GT Capital Holdings, Inc.		66,131		1,213,599
				4,604,249
Portugal  |  0.9%
Galp Energia SGPS SA		139,849		2,155,924
Russia  |  7.1%
LUKOIL PJSC Sponsored ADR		92,354		7,796,946
Sberbank of Russia PJSC Sponsored ADR (London)		333,997		5,137,603
Sberbank of Russia PJSC Sponsored ADR (United States)		53,682		820,261
Severstal PJSC GDR		165,126		2,786,204
				16,541,014
South Africa  |  5.4%
Barloworld, Ltd.		144,678		1,315,264
FirstRand, Ltd.		580,925		2,828,205
Mondi PLC		139,740		3,186,805
Naspers, Ltd., N Shares		13,031		3,165,673
The Bidvest Group, Ltd.		153,818		2,068,272
				12,564,219
South Korea  |  9.7%
DB Insurance Co., Ltd.		36,416		1,869,681
NCSoft Corp.		6,169		2,548,176
S-Oil Corp.		19,336		1,401,243
Samsung Electronics Co., Ltd.		293,500		11,966,575
SK Hynix, Inc.		54,236		3,267,130
Woongjin Coway Co., Ltd.		22,433		1,504,122
				22,556,927
Taiwan  |  8.9%
Far EasTone Telecommunications Co., Ltd.		880,000		2,218,567
Formosa Plastics Corp.		1,095,000		4,040,058
Largan Precision Co., Ltd.		17,000		2,114,040
Silicon Motion Technology Corp. ADR		43,610		1,935,412
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		264,778		10,371,354
				20,679,431

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

40   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Thailand  |  1.4%
Bangkok Bank Public Co. Ltd.		228,600	$	1,484,287
Kasikornbank Public Co. Ltd.		272,800		1,685,680
				3,169,967
United Kingdom  |  1.8%
Unilever NV NY Shares		69,200		4,201,824
Total Common Stocks (Cost $215,679,016)				225,441,086
Preferred Stocks  |  0.8%
Brazil  |  0.8%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,772,552)		204,043		1,922,085
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $3,290,034)		3,290,034		3,290,034
Total Investments  |  99.4% (Cost $220,741,602)			$	230,653,205
Cash and Other Assets in Excess of Liabilities  |  0.6%				1,341,914
Net Assets  |  100.0%			$	231,995,119

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

Semi-Annual Report   41

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  96.2%
Argentina  |  0.5%
Banco Macro SA ADR		500	$	36,425
Globant SA (*)		174		17,583
				54,008
Brazil  |  5.3%
Banco Santander Brasil SA		3,700		43,803
Braskem SA A Shares (*)		2,100		19,157
CCR SA		5,200		18,498
EcoRodovias Infraestrutura e Logistica SA		7,300		20,455
Estacio Participacoes SA		4,800		36,251
Guararapes Confeccoes SA		3,200		13,484
IRB Brasil Resseguros S/A		4,500		115,431
Lojas Renner SA		5,060		62,144
Petroleo Brasileiro SA		11,393		81,325
Vale SA		9,009		121,576
				532,124
Chile  |  0.7%
Cia Cervecerias Unidas SA Sponsored ADR		2,548		71,981
China  |  30.9%
Air China, Ltd., Class H		22,000		22,041
Alibaba Group Holding, Ltd. Sponsored ADR (*)		2,179		369,231
Anhui Conch Cement Co., Ltd., Class H		11,000		69,000
Anhui Gujing Distillery Co., Ltd., Class A		1,300		22,465
ANTA Sports Products, Ltd.		5,000		34,189
Autohome, Inc. ADR (*)		339		29,025
Baidu, Inc. Sponsored ADR (*)		288		33,800
Bank of Nanjing Co., Ltd., Class A		21,500		25,881
Beijing Enterprises Holdings, Ltd.		7,500		38,137
China Aoyuan Group, Ltd.		18,000		25,193
China CITIC Bank Corp., Ltd., Class H		114,000		64,978
China Construction Bank Corp., Class H		189,000		162,417
China Evergrande Group		8,000		22,358
China Lesso Group Holdings, Ltd.		29,000		23,247

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

42   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
China Mengniu Dairy Co., Ltd.		4,000	$	15,497
China Merchants Bank Co., Ltd., Class H		19,500		97,368
China Mobile, Ltd.		7,000		63,717
China Petroleum & Chemical Corp., Class H		42,000		28,601
China Resources Cement Holdings, Ltd.		12,000		11,596
China Resources Gas Group, Ltd.		6,000		29,745
China Resources Land, Ltd.		6,000		26,317
China SCE Group Holdings, Ltd.		37,000		17,837
China Telecom Corp., Ltd., Class H		198,000		99,701
China Unicom Hong Kong, Ltd.		86,000		94,505
China Vanke Co., Ltd., Class H		4,700		17,641
CNOOC, Ltd.		62,000		106,667
Country Garden Holdings Co., Ltd.		34,000		51,504
Country Garden Services Holdings Co., Ltd.		13,000		29,954
CSPC Pharmaceutical Group, Ltd.		34,000		54,604
Foshan Haitian Flavouring & Food Co., Ltd., Class A		2,400		36,676
Fujian Sunner Development Co., Ltd., Class A		4,900		18,093
G-bits Network Technology Xiamen Co., Ltd., Class A		800		24,489
Great Wall Motor Co., Ltd. Class H		24,500		17,577
Hangzhou Shunwang Technology Co., Ltd., Class A (*)		8,400		19,204
Hualan Biological Engineering, Inc., Class A		5,700		25,326
Huaxin Cement Co., Ltd., Class A		6,580		19,451
Hubei Jumpcan Pharmaceutical Co., Ltd., Class A		3,900		17,113
Industrial & Commercial Bank of China, Ltd., Class H		118,000		85,913
Industrial Bank Co., Ltd., Class A		22,000		58,702
Jiangsu Hengrui Medicine Co., Ltd., Class A		1,800		17,314
LexinFintech Holdings, Ltd. ADR (*)		1,560		17,410
Li Ning Co., Ltd.		10,000		23,622
Longfor Group Holdings, Ltd.		6,500		24,532
Momo, Inc. Sponsored ADR		417		14,929
NetEase, Inc. ADR		109		27,879
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		259		25,014
PetroChina Co., Ltd., Class H		124,000		68,225
PICC Property & Casualty Co., Ltd., Class H		12,000		12,916
Ping An Bank Co., Ltd., Class A		11,000		22,127

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

Semi-Annual Report   43

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Ping An Insurance (Group) Co. of China, Ltd., Class H		17,000	$	204,608
Postal Savings Bank of China Co., Ltd., Class H		21,000		12,480
Sany Heavy Industry Co., Ltd., Class A		11,200		21,369
Sinotruk Hong Kong, Ltd.		12,000		20,797
Tangshan Jidong Cement Co., Ltd., Class A		8,500		21,861
Tencent Holdings, Ltd.		8,600		389,068
Tencent Music Entertainment Group ADR		2,600		38,974
Tianneng Power International, Ltd.		16,000		12,891
Times China Holdings, Ltd.		13,000		26,088
Topchoice Medical Investment Corp., Class A (*)		1,900		24,526
Weichai Power Co., Ltd., Class A		25,700		46,073
YY, Inc. ADR (*)		219		15,262
Zhengzhou Coal Mining Machinery Group Co., Ltd., Class A		23,000		19,177
				3,116,902
Colombia  |  0.4%
Ecopetrol SA Sponsored ADR		2,173		39,744
Egypt  |  0.3%
Commercial International Bank Egypt SAE ADR		8,401		35,620
Greece  |  0.1%
JUMBO SA		668		12,915
Hong Kong  |  0.4%
Lee & Man Paper Manufacturing, Ltd.		19,000		13,264
Sino Biopharmaceutical, Ltd.		28,500		29,227
				42,491
Hungary  |  0.9%
Magyar Telekom Telecommunications PLC		9,928		14,720
MOL Hungarian Oil & Gas PLC		7,088		78,684
				93,404
India  |  7.0%
Axis Bank, Ltd. GDR (*)		921		53,605
Dr Reddy’s Laboratories, Ltd. ADR		508		19,035
GAIL India, Ltd. GDR		2,811		76,112

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

44   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
HDFC Bank, Ltd. ADR		1,106	$	143,824
ICICI Bank, Ltd. Sponsored ADR		3,932		49,504
Infosys, Ltd. Sponsored ADR		10,432		111,623
Reliance Industries, Ltd. Sponsored GDR (*),(#)		1,959		70,826
State Bank of India GDR (*)		1,036		53,668
Vedanta, Ltd. ADR		763		7,760
Wipro, Ltd. ADR		13,892		60,152
WNS Holdings, Ltd. ADR (*)		1,040		61,568
				707,677
Indonesia  |  2.5%
PT Bank Central Asia Tbk		31,700		67,319
PT Bank Mandiri (Persero) Tbk		31,700		18,028
PT Bank Rakyat Indonesia (Persero) Tbk		262,200		80,945
PT Gudang Garam Tbk		6,800		37,006
PT Unilever Indonesia Tbk		15,500		49,377
				252,675
Malaysia  |  2.1%
AirAsia Group Berhad		26,000		17,179
Bermaz Auto Berhad		32,200		20,731
Genting Malaysia Berhad		19,300		15,136
Hong Leong Bank Berhad		5,300		24,370
Nestle Malaysia Berhad		500		18,041
Petronas Chemicals Group Berhad		29,800		60,584
RHB Bank Bhd		44,700		60,466
				216,507
Mexico  |  3.1%
Alfa SAB de CV, Class A		29,000		28,496
America Movil SAB de CV, Class L Sponsored ADR		5,709		83,123
Grupo Aeroportuario del Centro Norte SAB de CV		7,600		46,415
Grupo Financiero Banorte SAB de CV, Class O		8,400		48,736
Grupo Mexico SAB de CV, Series B		6,000		15,933
Mexichem SAB de CV		8,400		17,633
Wal-Mart de Mexico SAB de CV		26,900		73,438
				313,774
Peru  |  0.2%
Credicorp, Ltd.		77		17,626

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

Semi-Annual Report   45

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Philippines  |  1.7%
Ayala Land, Inc.		37,400	$	37,097
Cebu Air, Inc.		21,780		38,706
DMCI Holdings, Inc.		118,000		23,730
International Container Terminal Services, Inc.		15,150		43,265
JG Summit Holdings, Inc.		18,370		24,167
				166,965
Poland  |  0.9%
Dino Polska SA (*)		770		27,037
Enea SA (*)		8,276		20,694
PGE Polska Grupa Energetyczna SA (*)		4,497		11,557
PLAY Communications SA		2,391		20,740
Tauron Polska Energia SA (*)		25,536		11,723
				91,751
Russia  |  5.2%
Gazprom PJSC Sponsored ADR		9,877		72,364
LUKOIL PJSC Sponsored ADR		1,328		112,116
MMC Norilsk Nickel PJSC ADR		2,613		59,332
Novolipetsk Steel PJSC GDR		1,986		50,206
Sberbank of Russia PJSC Sponsored ADR		6,891		105,999
Severstal PJSC GDR		2,481		41,862
Tatneft PJSC Sponsored ADR		1,089		80,649
				522,528
South Africa  |  3.9%
Anglo American Platinum, Ltd.		1,363		81,098
AVI, Ltd.		6,769		43,905
Capitec Bank Holdings, Ltd.		443		40,853
Exxaro Resources, Ltd.		1,226		15,014
FirstRand, Ltd.		5,489		26,723
Motus Holdings, Ltd.		1,649		8,567
Mr Price Group, Ltd.		1,890		26,639
MTN Group, Ltd.		2,331		17,665
Naspers, Ltd., N Shares		569		138,229
				398,693

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

46   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
South Korea  |  13.5%
AfreecaTV Co., Ltd.		384	$	20,490
Celltrion, Inc. (*)		69		12,295
CJ Corp.		125		10,942
Daelim Industrial Co., Ltd.		554		55,215
Douzone Bizon Co., Ltd.		356		19,198
GS Engineering & Construction Corp.		612		21,457
Hana Financial Group, Inc.		466		15,103
Hotel Shilla Co., Ltd.		176		14,816
Hyundai Department Store Co., Ltd.		174		12,458
Hyundai Marine & Fire Insurance Co., Ltd.		819		20,201
Hyundai Mobis Co., Ltd.		184		37,584
Industrial Bank of Korea		4,472		54,449
KB Financial Group, Inc. ADR		1,259		49,705
Kia Motors Corp.		2,472		94,421
Koentec Co., Ltd.		2,699		27,480
KT&G Corp.		249		21,251
LG Chem, Ltd.		71		21,862
LG Electronics, Inc.		341		23,448
LG Household & Health Care, Ltd.		51		58,038
LG Uplus Corp.		4,724		59,369
NCSoft Corp.		93		38,415
POSCO		107		22,650
Samsung Electro-Mechanics Co., Ltd.		258		21,899
Samsung Electronics Co., Ltd. GDR		495		503,313
Samsung SDS Co., Ltd.		202		37,600
Shinsegae International, Inc.		73		13,486
SK Hynix, Inc.		1,295		78,010
				1,365,155
Taiwan  |  12.1%
Advantech Co., Ltd.		8,000		68,055
Asia Cement Corp.		24,000		36,715
Chailease Holding Co., Ltd.		8,000		33,149
Delta Electronics, Inc.		8,000		40,687
Eva Airways Corp.		60,000		28,893

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

Semi-Annual Report   47

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Feng TAY Enterprise Co., Ltd.		9,000	$	70,352
International Games System Co., Ltd.		3,000		28,986
Makalot Industrial Co., Ltd.		5,000		33,865
Novatek Microelectronics Corp., Ltd.		5,000		27,918
President Chain Store Corp.		6,000		58,055
Rexon Industrial Corp., Ltd.		7,000		19,115
St Shine Optical Co., Ltd.		3,000		53,296
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		12,497		489,508
Taiwan Styrene Monomer		21,000		16,621
Uni-President Enterprises Corp.		12,000		31,948
Yuanta Financial Holding Co., Ltd.		260,000		156,247
Zhen Ding Technology Holding, Ltd.		8,000		25,660
				1,219,070
Thailand  |  2.7%
Advanced Info Service Public Co. Ltd. (‡)		4,700		33,410
Central Pattana Public Co. Ltd. NVDR		8,200		20,054
CP ALL Public Co. Ltd. (‡)		14,400		40,382
Home Product Center Public Co. Ltd.		66,900		38,176
Krungthai Card Public Co. Ltd. NVDR		28,600		40,366
PTT Exploration & Production Public Co. Ltd. (‡)		4,100		18,048
Thanachart Capital Public Co., Ltd. NVDR		27,900		50,510
Tisco Financial Group Public Co. Ltd. NVDR (‡)		10,900		33,237
				274,183
Turkey  |  1.0%
BIM Birlesik Magazalar AS		1,303		17,923
Haci Omer Sabanci Holding AS		9,844		14,604
Tekfen Holding AS		3,410		15,301
Turk Telekomunikasyon AS (*)		22,575		19,433
Turkiye Garanti Bankasi AS ADR (*)		19,375		29,644
				96,905
United States  |  0.8%
Yum China Holdings, Inc.		1,666		76,969
Total Common Stocks (Cost $9,135,966)				9,719,667

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

48   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Preferred Stocks  |  0.6%
Brazil  |  0.6%
Banco Bradesco SA ADR (Cost $56,426)		5,917	$	58,105
Short-Term Investments  |  1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $181,640)		181,640		181,640
Total Investments  |  98.6% (Cost $9,374,032)			$	9,959,412
Cash and Other Assets in Excess of Liabilities  |  1.4%				140,861
Net Assets  |  100.0%			$	10,100,273

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

Semi-Annual Report   49

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks  |  91.6%
Argentina  |  1.1%
YPF SA Sponsored ADR		62,200	$	1,132,662
Brazil  |  6.3%
Ambev SA ADR		147,775		690,109
Banco ABC Brasil SA		72,800		364,384
Banco do Brasil SA		127,857		1,796,015
CCR SA		252,930		899,758
Cia de Saneamento do Parana		19,600		411,299
Cielo SA Sponsored ADR		227,281		388,310
Estacio Participacoes SA		51,100		385,916
Iochpe Maxion SA		65,799		382,290
JSL SA		70,000		266,149
StoneCo, Ltd., Class A		19,935		589,677
				6,173,907
Canada  |  0.7%
First Quantum Minerals, Ltd.		70,315		667,954
Chile  |  0.2%
Geopark, Ltd. (*)		10,619		196,876
China  |  25.7%
A-Living Services Co., Ltd., Class H		252,750		425,871
Alibaba Group Holding, Ltd. Sponsored ADR (*)		10,199		1,728,220
Anhui Conch Cement Co., Ltd., Class H		149,000		934,632
Autohome, Inc. ADR (*)		7,754		663,897
Baidu, Inc. Sponsored ADR (*)		7,379		865,999
Beijing Enterprises Water Group, Ltd.		1,204,000		716,605
China Construction Bank Corp., Class H		2,835,281		2,436,492
China Meidong Auto Holdings, Ltd.		350,000		243,005
China Merchants Bank Co., Ltd., Class H		116,000		579,214
China Mobile, Ltd. Sponsored ADR		20,427		925,139
China Shenhua Energy Co., Ltd., Class H		465,500		972,694
China State Construction International Holdings, Ltd.		1,178,249		1,213,392

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

50   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
CNOOC, Ltd.		626,800	$	1,078,370
Consun Pharmaceutical Group, Ltd.		549,000		376,728
Focused Photonics Hangzhou, Inc., Class A		244,400		851,285
Huami Corp. ADR (*)		15,945		159,450
JNBY Design, Ltd.		314,000		575,963
NetEase, Inc. ADR		13,684		3,499,957
Ping An Insurance (Group) Co. of China, Ltd., Class H		169,500		2,040,058
Precision Tsugami China Corp., Ltd.		220,000		235,411
Sinotrans, Ltd., Class H		923,000		336,223
Tencent Holdings, Ltd.		34,600		1,565,322
Tianyun International Holdings, Ltd.		1,582,000		232,313
West China Cement, Ltd.		2,984,000		458,679
Wuliangye Yibin Co., Ltd. Class A		42,800		736,068
Yestar Healthcare Holdings Co., Ltd. (*)		675,000		120,988
Zhuzhou CRRC Times Electric Co., Ltd., Class H		92,900		489,687
ZTO Express Cayman, Inc. ADR		45,726		874,281
				25,335,943
Colombia  |  1.7%
Bancolombia SA Sponsored ADR		33,592		1,714,536
Egypt  |  1.2%
Commercial International Bank Egypt SAE GDR		201,374		855,917
Credit Agricole Egypt SAE		69,032		194,393
Dice Sport & Casual Wear (*)		761,243		83,443
				1,133,753
Estonia  |  0.1%
Tallinna Sadam AS		35,959		79,744
Georgia  |  0.6%
Bank of Georgia Group PLC		19,609		373,311
TBC Bank Group PLC		9,763		196,596
				569,907
Greece  |  1.1%
JUMBO SA		25,146		486,183
OPAP SA		50,460		565,221
				1,051,404

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

Semi-Annual Report   51

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Hong Kong  |  1.6%
China Water Affairs Group, Ltd.		396,000	$	390,001
Kingboard Laminates Holdings, Ltd.		314,000		288,457
NewOcean Energy Holdings, Ltd. (*)		496,000		112,349
Techtronic Industries Co., Ltd.		93,282		715,356
TK Group Holdings, Ltd.		230,000		113,699
				1,619,862
Hungary  |  1.0%
OTP Bank Nyrt.		24,861		989,060
India  |  11.2%
Axis Bank, Ltd. (*)		191,918		2,253,576
Bajaj Auto, Ltd.		21,669		887,880
Escorts, Ltd.		36,718		285,356
Graphite India, Ltd.		32,293		156,922
HCL Technologies, Ltd.		33,517		517,022
ICICI Bank, Ltd. Sponsored ADR		158,300		1,992,997
Infosys, Ltd. Sponsored ADR		53,600		573,520
Jubilant Life Sciences, Ltd.		37,656		279,460
Kiri Industries, Ltd. (*)		29,310		217,062
Mahanagar Gas, Ltd.		28,645		353,144
Petronet LNG, Ltd.		76,241		271,038
Reliance Industries, Ltd.		75,870		1,377,316
Tata Consultancy Services, Ltd.		40,515		1,307,480
The South Indian Bank, Ltd.		379,265		71,449
Uflex, Ltd.		47,212		165,723
UPL, Ltd.		28,092		381,601
				11,091,546
Indonesia  |  4.6%
PT Bank Mandiri (Persero) Tbk		2,430,800		1,382,417
PT Bank Pembangunan Daerah Jawa Timur Tbk		2,167,300		97,416
PT Bank Rakyat Indonesia (Persero) Tbk		5,716,890		1,764,885
PT Bekasi Fajar Industrial Estate Tbk		9,411,600		203,710
PT Erajaya Swasembada Tbk		968,200		131,488
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		33,530		980,417
				4,560,333

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

52   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Kenya  |  0.2%
KCB Group, Ltd.		442,400	$	164,974
Kuwait  |  0.2%
Human Soft Holding Co. KSC		22,392		233,211
Mexico  |  3.0%
America Movil SAB de CV, Class L Sponsored ADR		38,643		562,642
Credito Real SAB de CV		101,900		124,974
Grupo Cementos de Chihuahua SAB de CV		73,100		402,981
Grupo Financiero Banorte SAB de CV, Class O		110,690		642,211
Grupo Mexico SAB de CV, Series B		184,901		491,014
Kimberly-Clark de Mexico SAB de CV, Series A		401,800		747,131
				2,970,953
Oman  |  0.2%
Ooredoo		160,160		192,178
Pakistan  |  0.1%
Bank Alfalah, Ltd.		433,000		118,154
Philippines  |  1.3%
Bloomberry Resorts Corp.		1,938,200		427,678
International Container Terminal Services, Inc.		125,150		357,397
PLDT, Inc. Sponsored ADR		19,082		473,615
				1,258,690
Russia  |  7.0%
Gazprom PJSC Sponsored ADR		116,048		850,230
LUKOIL PJSC Sponsored ADR		12,273		1,031,177
Mobile TeleSystems PJSC Sponsored ADR		104,200		970,102
Sberbank of Russia PJSC		278,352		1,049,384
Sberbank of Russia PJSC Sponsored ADR		106,047		1,620,398
Yandex NV Class A (*)		36,900		1,402,200
				6,923,491

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

Semi-Annual Report   53

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (continued)
Singapore  |  0.4%
BOC Aviation, Ltd.		49,200	$	412,772
South Africa  |  1.1%
Standard Bank Group, Ltd.		76,411		1,067,223
South Korea  |  11.1%
ELP Corp.		8,031		90,927
Eugene Technology Co., Ltd.		31,361		311,165
Hanwha Life Insurance Co., Ltd.		33,914		96,153
HS Industries Co., Ltd.		56,560		457,545
Hyundai Mobis Co., Ltd.		5,199		1,061,944
Innocean Worldwide, Inc.		6,656		410,924
KT&G Corp.		6,701		571,901
NCSoft Corp.		2,394		988,869
Nice Information & Telecommunication, Inc.		10,103		193,407
Samjin Pharmaceutical Co., Ltd.		4,746		123,462
Samsung Electronics Co., Ltd.		91,055		3,712,492
Shinhan Financial Group Co., Ltd.		28,744		1,117,870
SK Hynix, Inc.		30,830		1,857,173
				10,993,832
Taiwan  |  7.0%
Bizlink Holding, Inc.		47,000		326,428
Chailease Holding Co., Ltd.		102,300		423,890
Hon Hai Precision Industry Co., Ltd.		250,136		624,193
Largan Precision Co., Ltd.		6,614		822,486
MediaTek, Inc.		84,000		851,745
Powertech Technology, Inc.		116,000		284,257
Primax Electronics, Ltd.		98,000		171,167
Silicon Motion Technology Corp. ADR		18,024		799,905
TaiDoc Technology Corp.		87,000		400,980
Taiwan Semiconductor Manufacturing Co., Ltd.		212,720		1,622,741
Tripod Technology Corp.		129,000		457,887
TSC Auto ID Technology Co., Ltd.		13,000		117,075
				6,902,754

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

54   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio (concluded)
Thailand  |  0.4%
Tisco Financial Group Public Co. Ltd. (‡)		139,000	$	423,787
Turkey  |  0.9%
KOC Holding AS ADR		58,267		878,084
Ukraine  |  0.2%
Kernel Holding SA		15,235		197,081
United Arab Emirates  |  1.4%
NMC Health PLC		46,774		1,427,534
Total Common Stocks
(Cost $89,160,578)				90,482,205
Preferred Stocks  |  1.4%
Brazil  |  1.4%
Banco Bradesco SA ADR (Cost $1,346,856)		147,708		1,450,493
Short-Term Investments  |  6.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $5,900,475)		5,900,475		5,900,475
Total Investments  |  99.0% (Cost $96,407,909)			$	97,833,173
Cash and Other Assets in Excess of Liabilities  |  1.0%				939,451
Net Assets  |  100.0%			$	98,772,624

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

Semi-Annual Report   55

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  96.1%
Argentina  |  1.9%
YPF SA Sponsored ADR		8,642,994	$	157,388,921
Brazil  |  8.8%
Ambev SA ADR		20,083,640		93,790,599
Banco do Brasil SA		22,868,934		321,241,240
BB Seguridade Participacoes SA		16,704,000		140,854,834
CCR SA		34,557,445		122,932,512
Cielo SA		33,506,119		58,636,471
				737,455,656
China  |  19.1%
AAC Technologies Holdings, Inc.		12,405,159		70,633,273
Anhui Conch Cement Co., Ltd., Class H		20,866,451		130,888,900
Baidu, Inc. Sponsored ADR (*)		554,439		65,068,961
China Construction Bank Corp., Class H		470,700,220		404,495,126
China Merchants Bank Co., Ltd., Class H		16,301,000		81,394,491
China Mobile, Ltd. Sponsored ADR		2,950,000		133,605,500
China Shenhua Energy Co., Ltd., Class H		29,288,610		61,200,530
CNOOC, Ltd.		51,499,000		88,600,833
ENN Energy Holdings, Ltd.		8,017,200		78,075,748
Hengan International Group Co., Ltd.		11,307,500		83,026,957
NetEase, Inc. ADR		929,664		237,780,161
Weichai Power Co., Ltd., Class H		94,799,288		160,452,464
				1,595,222,944
Egypt  |  1.1%
Commercial International Bank Egypt SAE GDR		22,198,658		94,352,865
Hong Kong  |  1.0%
ASM Pacific Technology, Ltd.		8,181,700		83,882,613
Hungary  |  1.7%
OTP Bank Nyrt.		3,443,183		136,982,231

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

56   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (continued)
India  |  10.7%
Axis Bank, Ltd. (*)		10,039,422	$	117,886,823
Bajaj Auto, Ltd.		1,740,863		71,331,279
Bharat Petroleum Corp., Ltd.		11,113,459		63,068,622
Coal India, Ltd.		18,516,769		68,164,003
HCL Technologies, Ltd.		6,645,102		102,505,089
Hero MotoCorp, Ltd.		2,609,820		97,602,410
Infosys, Ltd. Sponsored ADR		8,075,252		86,405,196
Oil and Natural Gas Corp., Ltd.		34,867,788		84,735,380
Tata Consultancy Services, Ltd.		5,031,654		162,379,020
UPL, Ltd.		3,023,025		41,064,681
				895,142,503
Indonesia  |  5.6%
PT Astra International Tbk		204,274,200		107,756,057
PT Bank Mandiri (Persero) Tbk		305,812,742		173,918,307
PT Semen Indonesia (Persero) Tbk		58,031,300		47,596,266
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		4,794,610		140,194,396
				469,465,026
Luxembourg  |  0.8%
Ternium SA Sponsored ADR		2,792,867		62,644,007
Malaysia  |  0.6%
British American Tobacco Malaysia Berhad		7,433,600		51,814,813
Mexico  |  3.3%
America Movil SAB de CV, Class L Sponsored ADR		10,030,771		146,048,026
Grupo Mexico SAB de CV, Series B		22,239,947		59,059,334
Kimberly-Clark de Mexico SAB de CV, Series A		38,523,995		71,633,807
				276,741,167
Pakistan  |  0.8%
Habib Bank, Ltd.		20,889,280		14,809,799
Oil & Gas Development Co., Ltd.		6,864,417		5,650,053
Pakistan Petroleum, Ltd.		51,465,552		46,555,512
				67,015,364

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

Semi-Annual Report   57

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (continued)
Philippines  |  0.8%
PLDT, Inc. Sponsored ADR		2,727,481	$	67,696,078
Russia  |  9.7%
ALROSA PAO (*)		74,529,068		101,522,975
Gazprom PJSC Sponsored ADR		18,607,913		136,331,507
LUKOIL PJSC Sponsored ADR		1,510,078		127,487,668
Magnit PJSC Sponsored GDR		4,276,740		62,329,431
Mobile TeleSystems PJSC Sponsored ADR		13,419,643		124,936,876
Sberbank of Russia PJSC		68,155,115		256,944,102
				809,552,559
South Africa  |  7.3%
Imperial Logistics, Ltd.		2,010,083		7,342,755
Life Healthcare Group Holdings, Ltd.		31,307,531		49,914,378
Motus Holdings, Ltd.		5,811,313		30,192,867
Nedbank Group, Ltd.		4,103,080		73,861,391
PPC, Ltd. (*)		42,770,239		14,029,003
Sanlam, Ltd.		13,570,458		75,403,144
Shoprite Holdings, Ltd.		8,493,059		95,087,225
Standard Bank Group, Ltd.		6,097,180		85,158,577
The Bidvest Group, Ltd.		5,189,072		69,773,453
Vodacom Group, Ltd.		9,400,110		79,880,353
Woolworths Holdings, Ltd.		8,556,220		29,712,897
				610,356,043
South Korea  |  14.2%
Hanwha Life Insurance Co., Ltd.		7,283,970		20,651,595
Hyundai Mobis Co., Ltd.		580,941		118,662,636
KB Financial Group, Inc.		3,215,107		127,394,077
KT&G Corp.		898,130		76,651,466
Samsung Electronics Co., Ltd.		9,183,122		374,414,029
Shinhan Financial Group Co., Ltd.		3,918,107		152,377,371
SK Hynix, Inc.		3,765,959		226,858,101
Woongjin Coway Co., Ltd.		1,275,820		85,543,121
				1,182,552,396

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

58   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Portfolio (concluded)
Taiwan  |  4.7%
Catcher Technology Co., Ltd.		11,425,000	$	81,973,341
Hon Hai Precision Industry Co., Ltd.		39,045,425		97,434,545
Taiwan Semiconductor Manufacturing Co., Ltd.		27,446,284		209,374,853
				388,782,739
Thailand  |  1.8%
Kasikornbank Public Co. Ltd.		13,244,054		81,837,393
The Siam Cement Public Co. Ltd. (‡)		4,638,600		71,392,164
				153,229,557
Turkey  |  2.2%
KOC Holding AS		26,487,848		80,255,183
Tupras Turkiye Petrol Rafinerileri AS		5,142,041		102,137,563
				182,392,746
Total Common Stocks (Cost $7,576,637,449)				8,022,670,228
Short-Term Investments  |  3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $308,295,968)		308,295,968		308,295,968
Total Investments  |  99.8% (Cost $7,884,933,417)			$	8,330,966,196
Cash and Other Assets in Excess of Liabilities  |  0.2%				18,648,570
Net Assets  |  100.0%			$	8,349,614,766

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

Semi-Annual Report   59

			Fair
Description	Shares		Value
Lazard Equity Franchise Portfolio
Common Stocks  |  97.0%
Belgium  |  4.7%
Anheuser-Busch InBev SA/NV		19,499	$	1,726,929
France  |  5.4%
Bureau Veritas SA		30,917		763,669
EssilorLuxottica SA		9,428		1,232,412
				1,996,081
Germany  |  3.0%
Fresenius Medical Care AG & Co. KGaA		14,144		1,109,581
Italy  |  5.5%
Atlantia SpA		43,442		1,130,236
Terna SpA		143,034		911,314
				2,041,550
Luxembourg  |  5.7%
SES SA		134,372		2,104,093
Spain  |  2.0%
Industria de Diseno Textil SA		25,145		755,486
United Kingdom  |  6.8%
National Grid PLC		122,236		1,299,022
United Utilities Group PLC		124,703		1,240,752
				2,539,774
United States  |  63.9%
Alphabet, Inc., Class C (*)		338		365,347
Cognizant Technology Solutions Corp., Class A		11,576		733,803
CVS Health Corp.		31,405		1,711,258
H&R Block, Inc.		60,003		1,758,088
Intel Corp.		16,128		772,047
International Game Technology PLC		165,371		2,144,862
IPG Photonics Corp. (*)		10,979		1,693,511
McKesson Corp.		16,487		2,215,688

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

60   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Equity Franchise Portfolio (concluded)
MEDNAX, Inc. N Ap (*)		74,082	$	1,869,089
Medtronic PLC		12,857		1,252,143
Nielsen Holdings PLC		93,758		2,118,931
Omnicom Group, Inc.		21,037		1,723,982
Oracle Corp.		27,243		1,552,034
Stericycle, Inc. (*)		44,957		2,146,697
Tapestry, Inc.		52,184		1,655,798
				23,713,278
Total Common Stocks (Cost $36,857,841)				35,986,772
Short-Term Investments  |  2.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $1,000,857)		1,000,857		1,000,857
Total Investments  |  99.7% (Cost $37,858,698)			$	36,987,629
Cash and Other Assets in Excess of Liabilities  |  0.3%				95,135
Net Assets  |  100.0%			$	37,082,764

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

Semi-Annual Report   61

			Fair
Description	Shares		Value
Lazard Global Equity Select Portfolio
Common Stocks  |  95.4%
Belgium  |  1.5%
Anheuser-Busch InBev SA/NV		12,016	$	1,064,197
Canada  |  5.6%
CAE, Inc.		32,524		874,476
Canadian National Railway Co.		13,297		1,230,649
Dollarama, Inc.		25,000		879,501
National Bank of Canada		21,154		1,004,918
				3,989,544
China  |  1.9%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		3,065		519,364
Tencent Holdings, Ltd.		18,523		837,990
				1,357,354
Finland  |  1.7%
Nordea Bank Abp		76,192		553,585
Sampo Oyj, A Shares		14,472		682,974
				1,236,559
France  |  1.1%
Ubisoft Entertainment SA (*)		10,107		792,390
Germany  |  1.1%
Symrise AG		8,245		793,377
Hong Kong  |  3.2%
AIA Group, Ltd.		119,583		1,292,769
Hang Seng Bank, Ltd.		40,621		1,009,198
				2,301,967
India  |  0.5%
Indiabulls Housing Finance, Ltd. GDR		43,471		382,706
Israel  |  1.2%
Bank Leumi Le-Israel BM		121,918		880,962

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

62   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Equity Select Portfolio (continued)
Japan  |  5.2%
Daiwa House Industry Co., Ltd.		24,073	$	703,033
Kansai Paint Co., Ltd.		27,067		569,135
Kao Corp.		10,553		805,090
TechnoPro Holdings, Inc.		14,724		784,700
Yamaha Corp.		17,764		845,806
				3,707,764
Netherlands  |  2.6%
Wolters Kluwer NV		26,031		1,895,123
Singapore  |  1.4%
Oversea-Chinese Banking Corp., Ltd.		121,624		1,028,323
South Africa  |  1.5%
Distell Group Holdings, Ltd.		68,207		628,324
Sanlam, Ltd.		80,008		444,558
				1,072,882
South Korea  |  0.4%
Fila Korea, Ltd.		3,900		259,475
Sweden  |  3.1%
Assa Abloy AB, Class B		26,173		592,519
Epiroc AB, Class A		79,330		826,012
Hexagon AB, B Shares		13,902		771,979
				2,190,510
Switzerland  |  3.2%
Alcon, Inc. (*)		8,295		513,031
Novartis AG		11,131		1,018,119
Partners Group Holding AG		951		747,264
				2,278,414
Taiwan  |  1.0%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		17,616		690,019

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

Semi-Annual Report   63

			Fair
Description	Shares		Value
Lazard Global Equity Select Portfolio (continued)
United Kingdom  |  12.3%
Bunzl PLC		18,301	$	483,546
Coca-Cola European Partners PLC		19,374		1,094,631
Compass Group PLC		36,972		886,042
Diageo PLC		38,225		1,646,131
Prudential PLC		33,650		732,920
RELX PLC		56,459		1,366,288
RSA Insurance Group PLC		80,889		593,940
The Weir Group PLC		21,962		431,413
Unilever PLC		24,837		1,542,325
				8,777,236
United States  |  46.9%
Accenture PLC, Class A		7,541		1,393,351
Alphabet, Inc., Class A (*)		1,723		1,865,664
Aon PLC		9,214		1,778,118
Boston Scientific Corp. (*)		26,013		1,118,039
Cisco Systems, Inc.		18,462		1,010,425
Comerica, Inc.		8,410		610,902
CoreLogic, Inc. (*)		13,904		581,604
Dollar General Corp.		5,732		774,737
Eaton Corp. PLC		7,149		595,369
eBay, Inc.		15,992		631,684
Honeywell International, Inc.		8,175		1,427,273
Intercontinental Exchange, Inc.		15,662		1,345,992
IQVIA Holdings, Inc. (*)		11,798		1,898,298
Johnson & Johnson		12,562		1,749,635
Lowe’s Cos., Inc.		3,623		365,597
McDonald’s Corp.		5,847		1,214,188
Microsoft Corp.		16,083		2,154,479
Motorola Solutions, Inc.		8,074		1,346,178
Rockwell Automation, Inc.		6,828		1,118,631
S&P Global, Inc.		5,302		1,207,743
Schlumberger, Ltd.		13,716		545,074
Texas Instruments, Inc.		6,036		692,691
The Coca-Cola Co.		33,877		1,725,017
The Procter & Gamble Co.		9,830		1,077,860

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

64   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Equity Select Portfolio (concluded)
Thermo Fisher Scientific, Inc.		6,936	$	2,036,965
Visa, Inc., Class A		9,255		1,606,205
Zoetis, Inc.		15,145		1,718,806
				33,590,525
Total Common Stocks (Cost $56,280,509)				68,289,327
Short-Term Investments  |  5.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $3,690,630)		3,690,630		3,690,630
Total Investments  |  100.6% (Cost $59,971,139)			$	71,979,957
Liabilities in Excess of Cash and Other Assets  |  (0.6)%				(443,935	)
Net Assets  |  100.0%			$	71,536,022

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

Semi-Annual Report   65

			Fair
Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  92.2%
Australia  |  8.9%
Atlas Arteria, Ltd.		19,212,721	$	105,946,893
AusNet Services		48,261,025		63,590,846
Spark Infrastructure Group		67,540,677		115,265,060
Transurban Group		30,018,397		311,014,913
				595,817,712
Canada  |  0.9%
ATCO, Ltd., Class I		1,898,489		63,990,916
France  |  7.4%
Eutelsat Communications SA		9,859,598		184,413,386
Vinci SA		3,057,863		313,515,573
				497,928,959
Germany | 3.1%
Fraport AG		2,406,331		206,859,697
Hong Kong  |  3.6%
Power Assets Holdings, Ltd.		34,064,965		244,921,164
Italy  |  23.2%
ASTM SpA		1,334,225		43,086,988
Atlantia SpA		20,791,848		540,944,079
Hera SpA		34,341,995		131,435,812
Italgas SpA		29,570,129		198,527,995
Snam SpA		59,354,777		295,298,300
Societa Iniziative Autostradali e Servizi SpA		2,291,709		42,502,273
Terna SpA		48,633,301		309,857,994
				1,561,653,441
Luxembourg  |  3.7%
SES SA		15,820,925		247,735,433
Portugal  |  0.8%
REN - Redes Energeticas Nacionais SGPS SA		20,668,951		56,661,970

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

66   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (continued)
United Kingdom  |  19.4%
National Grid PLC		51,440,282	$	546,664,337
Pennon Group PLC		17,857,009		168,460,394
Severn Trent PLC		11,264,200		293,112,699
United Utilities Group PLC		29,685,560		295,361,017
				1,303,598,447
United States  |  21.2%
American Electric Power Co., Inc.		1,529,107		134,576,707
Consolidated Edison, Inc.		1,510,761		132,463,525
CSX Corp.		1,797,811		139,096,637
Kansas City Southern		2,522,203		307,254,769
Norfolk Southern Corp.		2,549,508		508,193,430
Union Pacific Corp.		1,226,036		207,334,948
				1,428,920,016
Total Common Stocks (Cost $5,812,578,559)				6,208,087,755
Short-Term Investments  |  7.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $522,234,791)		522,234,791		522,234,791
Total Investments  |  100.0%
(Cost $6,334,813,350) (»)			$	6,730,322,546
Cash and Other Assets in Excess of Liabilities  |  0.0%				424,853
Net Assets  |  100.0%			$	6,730,747,399

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

Semi-Annual Report   67

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2019:

Currency		Currency			Settlement	Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Depreciation
USD	118,245,719	AUD	170,632,682	BNP	09/26/19	$	1,851,081
USD	71,446,191	AUD	103,062,752	CIT	09/26/19		1,092,706
USD	97,468,296	AUD	140,610,369	HSB	09/26/19		1,497,829
USD	102,728,335	AUD	148,172,136	RBC	09/26/19		1,560,006
USD	103,489,308	AUD	149,333,066	SCB	09/26/19		1,616,133
USD	84,655,823	AUD	122,165,527	SSB	09/26/19		1,328,225
USD	22,236,415	CAD	29,336,480	BNP	09/26/19		199,912
USD	19,476,152	CAD	25,694,498	HSB	09/26/19		174,813
USD	24,911,488	CAD	32,863,608	SCB	09/26/19		222,361
USD	329,814,794	EUR	288,218,521	BNP	09/26/19		121,060
USD	343,146,441	EUR	299,974,160	CAN	09/26/19		246,588
USD	342,768,595	EUR	299,603,256	CIT	09/26/19		199,844
USD	410,994,353	EUR	359,204,280	HSB	09/26/19		201,883
USD	416,395,541	EUR	363,977,344	MEL	09/26/19		264,622
USD	385,797,288	EUR	337,195,600	RBC	09/26/19		204,688
USD	380,141,689	EUR	332,259,738	SSB	09/26/19		209,998
USD	210,478,914	GBP	165,130,587	BNP	09/26/19		22,453
USD	170,585,381	GBP	133,833,393	CAN	09/26/19		19,670
USD	215,518,378	GBP	169,123,160	CIT	09/26/19		72,549
USD	237,408,916	GBP	186,271,737	HSB	09/26/19		42,279
USD	212,974,096	GBP	167,077,164	RBC	09/26/19		8,683
USD	263,653,861	GBP	206,908,079	SSB	09/26/19		103,655
USD	28,621,765	HKD	223,521,244	BNP	09/26/19		2,615
USD	109,453,750	HKD	854,877,566	HSB	09/26/19		22,824
USD	102,003,417	HKD	796,737,469	SSB	09/26/19		27,671
Total gross unrealized depreciation on Forward Currency Contracts						$	11,314,148

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

68   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  95.7%
Belgium  |  1.5%
Anheuser-Busch InBev SA/NV		510	$	45,168
Canada  |  4.6%
CAE, Inc.		2,240		60,227
Suncor Energy, Inc.		1,363		42,518
Toromont Industries, Ltd.		827		39,198
				141,943
China  |  2.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		241		40,837
Tencent Holdings, Ltd.		900		40,717
				81,554
Denmark  |  1.2%
Genmab A/S (*)		207		38,112
Finland  |  1.5%
Sampo Oyj, A Shares		993		46,862
France  |  4.3%
Safran SA		336		49,235
Ubisoft Entertainment SA (*)		163		12,779
Vivendi SA		2,541		70,034
				132,048
Germany  |  1.7%
Beiersdorf AG		429		51,494
Hong Kong  |  1.8%
AIA Group, Ltd.		5,000		54,053
India  |  1.5%
ICICI Bank, Ltd. Sponsored ADR		3,783		47,628
Ireland  |  0.6%
Ryanair Holdings PLC Sponsored ADR (*)		273		17,510

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

Semi-Annual Report   69

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio (continued)
Israel  |  1.5%
Bank Leumi Le-Israel BM		6,417	$	46,368
Japan  |  4.7%
Digital Garage, Inc.		900		28,633
Nexon Co., Ltd. (*)		2,200		31,939
Suzuki Motor Corp.		600		28,241
TechnoPro Holdings, Inc.		500		26,647
Toei Animation Co., Ltd.		600		27,880
				143,340
Netherlands  |  1.5%
Koninklijke DSM NV		382		47,232
New Zealand  |  1.1%
Mainfreight, Ltd.		1,211		33,153
South Africa  |  2.4%
Naspers, Ltd., N Shares		201		48,830
Sanlam, Ltd.		4,412		24,515
				73,345
Switzerland  |  5.2%
Alcon, Inc. (*)		392		24,245
Novartis AG		592		54,148
Partners Group Holding AG		66		51,861
The Swatch Group AG		107		30,721
				160,975
United Kingdom  |  7.3%
Coca-Cola European Partners PLC		927		51,608
Informa PLC		4,338		46,054
Prudential PLC		1,559		33,956
RELX PLC		2,561		61,975
Rio Tinto PLC		506		31,218
				224,811

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

70   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio (continued)
United States  |  50.7%
Accenture PLC, Class A		321	$	59,311
Alphabet, Inc., Class A (*)		124		134,267
Aon PLC		419		80,859
Bank of America Corp.		1,855		53,795
Baxter International, Inc.		580		47,502
CoreLogic, Inc. (*)		1,076		45,009
Danaher Corp.		400		57,168
Deere & Co.		184		30,491
Dollar General Corp.		324		43,792
Elanco Animal Health, Inc.		1,390		46,982
Electronic Arts, Inc. (*)		250		25,315
EOG Resources, Inc.		265		24,687
Halliburton Co.		1,167		26,538
Henry Schein, Inc. (*)		446		31,175
Intercontinental Exchange, Inc.		1,141		98,057
IPG Photonics Corp. (*)		159		24,526
IQVIA Holdings, Inc. (*)		585		94,126
Medtronic PLC		584		56,876
Microsoft Corp.		808		108,240
Palo Alto Networks, Inc. (*)		176		35,862
Raytheon Co.		295		51,295
S&P Global, Inc.		317		72,209
The Coca-Cola Co.		1,540		78,417
Union Pacific Corp.		178		30,101
Visa, Inc., Class A		604		104,824
Worldpay, Inc., Class A (*)		292		35,785
Zoetis, Inc.		551		62,533
				1,559,742
Total Common Stocks (Cost $2,472,840)				2,945,338

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

Semi-Annual Report   71

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio (concluded)
Short-Term Investments  |  4.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $136,026)		136,026	$	136,026
Total Investments  |  100.1%
(Cost $2,608,866)			$	3,081,364
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(4,119	)
Net Assets  |  100.0%			$	3,077,245

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

72   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio
Common Stocks  |  96.6%
Australia  |  2.1%
Ramsay Health Care, Ltd.		1,513	$	76,871
Canada  |  13.8%
CAE, Inc.		3,572		96,041
Canadian National Railway Co.		1,192		110,321
Dollarama, Inc.		3,522		123,904
National Bank of Canada		1,524		72,397
Toromont Industries, Ltd.		2,060		97,640
				500,303
China  |  5.0%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		409		69,305
Tencent Holdings, Ltd.		2,500		113,101
				182,406
Denmark  |  4.3%
Coloplast A/S, Class B		733		83,018
Genmab A/S (*)		385		70,884
				153,902
France  |  3.9%
Legrand SA		1,052		77,087
Ubisoft Entertainment SA (*)		816		63,974
				141,061
Germany  |  5.1%
SAP SE		783		107,632
Symrise AG		789		75,922
				183,554
India  |  4.4%
HDFC Bank, Ltd. ADR		1,230		159,949
Israel  |  2.0%
Check Point Software Technologies, Ltd. (*)		638		73,759

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

Semi-Annual Report   73

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (continued)
Japan  |  7.9%
Pigeon Corp.		1,600	$	64,542
Shimano, Inc.		300		44,576
SMS Co., Ltd.		4,200		99,222
Toei Animation Co., Ltd.		1,700		78,992
				287,332
Netherlands  |  4.0%
ASML Holding NV		350		73,173
Wolters Kluwer NV		1,008		73,385
				146,558
Norway  |  2.0%
Gjensidige Forsikring ASA		3,513		70,743
Philippines  |  0.9%
Universal Robina Corp.		10,390		33,706
South Africa  |  4.5%
Clicks Group, Ltd.		6,011		87,629
Mr Price Group, Ltd.		2,133		30,063
Sanlam, Ltd.		7,839		43,557
				161,249
Spain  |  1.5%
Industria de Diseno Textil SA		1,848		55,524
Sweden  |  6.1%
Assa Abloy AB, Class B		4,712		106,673
Avanza Bank Holding AB		5,580		42,620
Hexagon AB, B Shares		1,288		71,522
				220,815
Switzerland  |  8.2%
Alcon, Inc. (*)		1,242		76,816
Cie Financiere Richemont SA		537		45,577
Geberit AG		148		69,141
Partners Group Holding AG		134		105,293
				296,827

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

74   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (concluded)
Taiwan  |  2.5%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,269	$	88,877
United Kingdom  |  13.0%
Bunzl PLC		2,394		63,254
Compass Group PLC		3,323		79,636
Dechra Pharmaceuticals PLC		1,199		41,815
Intertek Group PLC		1,084		75,942
London Stock Exchange Group PLC		1,057		73,645
Prudential PLC		2,126		46,306
RELX PLC		3,796		91,862
				472,460
United States  |  5.4%
Aon PLC		639		123,314
QIAGEN NV (*)		1,746		70,930
				194,244
Total Common Stocks
(Cost $2,922,661)				3,500,140
Short-Term Investments  |  3.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $136,134)		136,134		136,134
Total Investments  |  100.4%
(Cost $3,058,795)			$	3,636,274
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(13,951	)
Net Assets  |  100.0%			$	3,622,323

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

Semi-Annual Report   75

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  97.7%
Australia  |  6.8%
AGL Energy, Ltd.		528	$	7,422
Appen, Ltd.		368		7,263
Aristocrat Leisure, Ltd.		219		4,735
BHP Group, Ltd.		370		10,718
BlueScope Steel, Ltd.		824		6,995
Brambles, Ltd.		281		2,546
Bravura Solutions, Ltd.		739		2,524
CIMIC Group, Ltd.		459		14,455
Cochlear, Ltd.		59		8,582
CSL, Ltd.		151		22,844
Fortescue Metals Group, Ltd.		1,438		9,153
Iluka Resources, Ltd.		729		5,525
Inghams Group, Ltd.		1,497		4,230
Jumbo Interactive, Ltd.		192		2,726
Qantas Airways, Ltd.		4,079		15,480
QBE Insurance Group, Ltd.		706		5,875
Regis Resources, Ltd.		750		2,789
Sandfire Resources NL		446		2,102
Santos, Ltd.		1,590		7,924
Saracen Mineral Holdings, Ltd. (*)		5,457		14,125
Woolworths Group, Ltd.		165		3,856
				161,869
Austria  |  0.1%
Raiffeisen Bank International AG		96		2,252
Belgium  |  0.2%
UCB SA		67		5,556
China  |  1.4%
China Sunsine Chemical Holdings, Ltd.		3,700		3,119
Yangzijiang Shipbuilding Holdings, Ltd.		27,400		31,066
				34,185

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

76   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Denmark  |  2.3%
Coloplast A/S, Class B		63	$	7,135
H. Lundbeck A/S		58		2,294
Novo Nordisk A/S, Class B		633		32,289
SimCorp A/S		139		13,443
				55,161
Finland  |  0.1%
Fortum Oyj		74		1,635
France  |  10.7%
Air France-KLM (*)		243		2,336
AXA SA		292		7,671
BNP Paribas SA		203		9,658
Christian Dior SE		24		12,582
Electricite de France SA		1,828		23,055
Engie SA		288		4,374
Faurecia SA		261		12,115
Hermes International		26		18,752
Ipsen SA		128		17,467
Kering SA		29		17,155
L’Oreal SA		85		24,212
Orange SA		349		5,502
Peugeot SA		1,402		34,553
Schneider Electric SE		56		5,080
Total SA		1,112		62,218
				256,730
Germany  |  9.1%
Adidas AG		57		17,597
Allianz SE		247		59,531
Continental AG		77		11,226
Covestro AG		316		16,063
CTS Eventim AG & Co. KGaA		117		5,445
Deutsche Lufthansa AG		525		8,996
Deutsche Telekom AG		450		7,788
Infineon Technologies AG		991		17,513
MTU Aero Engines AG		146		34,833

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

Semi-Annual Report   77

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Rheinmetall AG		90	$	11,017
SAP SE		177		24,331
Schaeffler AG (Preference Shares)		409		3,043
				217,383
Hong Kong  |  4.0%
CK Asset Holdings, Ltd.		2,000		15,613
CK Hutchison Holdings, Ltd.		1,000		9,839
Jardine Matheson Holdings, Ltd.		1		63
Kerry Properties, Ltd.		1,500		6,303
Link Real Estate Investment Trust		500		6,150
Sands China, Ltd.		4,400		21,092
Swire Pacific, Ltd., Class A		2,000		24,608
WH Group, Ltd.		12,000		12,216
				95,884
Ireland  |  0.2%
Experian PLC		154		4,675
Israel  |  0.3%
CyberArk Software, Ltd. (*)		17		2,173
Israel Discount Bank, Ltd., Class A		1,047		4,281
				6,454
Italy  |  3.2%
Enel SpA		7,941		55,486
Poste Italiane SpA		519		5,467
UniCredit SpA		1,261		15,523
				76,476
Japan  |  22.8%
Advantest Corp.		300		8,300
AGC, Inc.		300		10,396
Canon, Inc.		100		2,929
Daicel Corp.		1,400		12,476
Daiwa House Industry Co., Ltd.		1,500		43,806
Dip Corp.		100		1,678
DMG Mori Co., Ltd.		300		4,827
East Japan Railway Co. ADR		2,054		31,899
FUJIFILM Holdings Corp.		200		10,161

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

78   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Fukuoka Financial Group, Inc.		500	$	9,190
FULLCAST Holdings Co., Ltd.		100		2,134
Hitachi Capital Corp. (*)		100		2,232
Hitachi, Ltd.		400		14,701
Honda Motor Co., Ltd.		400		10,361
Hoya Corp.		100		7,681
IHI Corp.		100		2,418
Japan Post Holdings Co., Ltd.		3,200		36,256
Japan Tobacco, Inc.		700		15,469
JFE Holdings, Inc.		500		7,361
Maeda Corp.		200		1,603
Mitsubishi Heavy Industries, Ltd.		600		26,155
Mitsubishi UFJ Financial Group, Inc.		3,700		17,688
Nikkiso Co., Ltd.		200		2,671
Nitto Denko Corp.		100		4,925
NTT DOCOMO, Inc.		2,100		49,011
ORIX Corp.		1,900		28,402
Raysum Co., Ltd.		200		1,852
Seven & I Holdings Co., Ltd.		500		16,948
Shin-Etsu Chemical Co., Ltd.		100		9,337
Shionogi & Co., Ltd.		100		5,774
Showa Denko KK		200		5,931
SoftBank Group Corp.		200		9,638
Sompo Holdings, Inc.		500		19,351
Sony Corp.		100		5,225
Sumitomo Heavy Industries, Ltd.		400		13,799
Sumitomo Mitsui Construction Co., Ltd.		900		4,995
Sumitomo Mitsui Trust Holdings, Inc.		400		14,530
Suzuken Co., Ltd.		300		17,633
Taisei Corp.		200		7,279
The Dai-ichi Life Insurance Co., Ltd.		1,100		16,642
Tokyo Electron, Ltd.		100		14,061
Toyo Seikan Group Holdings, Ltd.		300		5,967
UT Group Co., Ltd.		200		4,878
West Japan Railway Co.		100		8,112
				546,682

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

Semi-Annual Report   79

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Luxembourg  |  0.1%
ArcelorMittal		130	$	2,328
Macau  |  0.1%
Wynn Macau, Ltd.		1,200		2,696
Netherlands  |  5.9%
Euronext NV		136		10,292
EXOR NV		71		4,962
ING Groep NV		1,942		22,519
Koninklijke Ahold Delhaize NV		834		18,757
Royal Dutch Shell PLC, A Shares		1,752		57,369
Wolters Kluwer NV		374		27,228
				141,127
Norway  |  2.4%
Aker BP ASA		271		7,814
Equinor ASA		1,476		29,242
Salmar ASA		96		4,175
Telenor ASA		708		15,046
				56,277
Singapore  |  0.2%
DBS Group Holdings, Ltd.		300		5,759
Spain  |  2.9%
Amadeus IT Group SA		332		26,273
Banco Bilbao Vizcaya Argentaria SA		3,069		17,163
Iberdrola SA		920		9,177
Industria de Diseno Textil SA		600		18,027
				70,640
Sweden  |  2.0%
Atlas Copco AB, Class A		607		19,404
Evolution Gaming Group AB		241		4,771
Granges AB		171		1,959
Nordic Entertainment Group AB, Class B		113		2,657
SKF AB, Class B		154		2,832
Volvo AB, Class B		1,068		16,949
				48,572

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

80   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Switzerland  |  9.8%
Alcon, Inc. (*)		70	$	4,329
Nestle SA		370		38,306
Novartis AG		857		78,387
Partners Group Holding AG		22		17,287
Roche Holding AG		305		85,817
Sika AG		29		4,950
STMicroelectronics NV		186		3,300
The Swatch Group AG		44		2,382
				234,758
United Kingdom  |  13.1%
Anglo American PLC		466		13,329
Associated British Foods PLC		642		20,123
Auto Trader Group PLC		1,394		9,715
Britvic PLC		742		8,379
Burberry Group PLC		250		5,931
Cineworld Group PLC		983		3,172
Compass Group PLC		201		4,817
Dunelm Group PLC		576		6,730
Fiat Chrysler Automobiles NV		470		6,540
Games Workshop Group PLC		82		5,172
Grafton Group PLC		229		2,352
Howden Joinery Group PLC		1,843		11,867
Imperial Brands PLC		1,352		31,745
International Consolidated Airlines Group SA		2,423		14,672
KAZ Minerals PLC		407		3,133
Lloyds Banking Group PLC		34,378		24,757
Prudential PLC		225		4,901
RELX PLC		194		4,715
Rightmove PLC		668		4,539
Rio Tinto PLC		381		23,506
Royal Bank of Scotland Group PLC		9,556		26,679
Tate & Lyle PLC		2,083		19,533
Unilever NV		894		54,457
WH Smith PLC		126		3,153
				313,917

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

Semi-Annual Report   81

			Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (concluded)
Total Common Stocks (Cost $2,327,330)			$	2,341,016
Short-Term Investments  |  2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $61,584)		61,584		61,584
Total Investments  |  100.3%
(Cost $2,388,914)			$	2,402,600
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(6,222	)
Net Assets  |  100.0%			$	2,396,378

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

82   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Concentrated Portfolio
Common Stocks  |  91.4%
Australia  |  2.6%
Amcor, Ltd.		199,813	$	2,271,112
Belgium  |  4.2%
Anheuser-Busch InBev SA/NV		41,216		3,650,294
Canada  |  10.5%
National Bank of Canada		81,326		3,863,381
Rogers Communications, Inc., Class B		39,945		2,138,250
Suncor Energy, Inc.		103,414		3,225,888
				9,227,519
China  |  8.3%
Ping An Insurance (Group) Co. of China, Ltd., Class H		351,000		4,224,544
Tencent Holdings, Ltd.		66,818		3,022,881
				7,247,425
France  |  16.0%
Atos SE		33,730		2,820,218
Engie SA		117,331		1,781,770
Safran SA		36,368		5,329,056
Sanofi		46,944		4,061,074
				13,992,118
Germany  |  7.3%
SAP SE		30,561		4,200,948
Vonovia SE		46,912		2,240,433
				6,441,381
Japan  |  11.4%
Digital Garage, Inc.		53,600		1,705,273
Hitachi, Ltd.		64,800		2,381,529
Keyence Corp.		2,700		1,659,257
Komatsu, Ltd.		95,900		2,323,960
Nexon Co., Ltd. (*)		131,900		1,914,884
				9,984,903

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

Semi-Annual Report   83

			Fair
Description	Shares		Value
Lazard International Equity Concentrated Portfolio (continued)
Mexico  |  5.3%
Arca Continental SAB de CV		482,800	$	2,612,245
Grupo Financiero Banorte SAB de CV, Class O		356,600		2,068,954
				4,681,199
Netherlands  |  2.6%
ABN AMRO Group NV		105,120		2,249,320
South Korea  |  3.5%
Samsung Electronics Co., Ltd.		76,002		3,098,752
United Kingdom  |  10.5%
BP PLC		435,502		3,043,471
Compass Group PLC		126,540		3,032,558
Prudential PLC		142,213		3,097,495
				9,173,524
United States  |  9.2%
Aon PLC		17,865		3,447,587
Medtronic PLC		47,007		4,578,012
				8,025,599
Total Common Stocks (Cost $76,699,422)				80,043,146
Preferred Stocks  |  3.5%
Germany  |  3.5%
Volkswagen AG (Cost $3,184,471)		18,202		3,067,492

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

84   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Concentrated Portfolio (concluded)
Short-Term Investments  |  4.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $3,832,671)		3,832,671	$	3,832,671
Total Investments  |  99.3% (Cost $83,716,564)			$	86,943,309
Cash and Other Assets in Excess of Liabilities  |  0.7%				601,617
Net Assets  |  100.0%			$	87,544,926

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

Semi-Annual Report   85

			Fair
Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks  |  94.5%
Australia  |  2.7%
Amcor, Ltd.		3,015,880	$	34,279,063
BHP Group PLC		1,647,881		42,057,849
				76,336,912
Belgium  |  2.6%
Anheuser-Busch InBev SA/NV		859,666		76,136,306
Canada  |  5.3%
Canadian National Railway Co.		350,210		32,412,242
National Bank of Canada		717,700		34,094,244
Rogers Communications, Inc., Class B		571,200		30,576,244
Suncor Energy, Inc.		1,792,310		55,909,177
				152,991,907
China  |  1.7%
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,029,500		48,498,012
Denmark  |  1.5%
Carlsberg A/S, Class B		336,157		44,574,594
Finland  |  2.5%
Nordea Bank Abp		4,232,788		30,754,006
Sampo Oyj, A Shares		854,182		40,311,216
				71,065,222
France  |  13.0%
Air Liquide SA		318,656		44,590,238
Atos SE		383,402		32,056,839
Cie Generale des Etablissements Michelin SCA		231,384		29,355,197
Engie SA		2,463,859		37,415,779
Safran SA		453,197		66,407,624
Sanofi		805,896		69,717,175
Vinci SA		402,460		41,263,286
Vivendi SA		1,881,347		51,853,237
				372,659,375

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

86   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Germany  |  5.0%
Fresenius SE & Co. KGaA		376,651	$	20,405,650
SAP SE		761,951		104,738,610
Vonovia SE		380,706		18,181,836
				143,326,096
India  |  1.1%
ICICI Bank, Ltd. Sponsored ADR		2,561,530		32,249,663
Ireland  |  1.1%
Ryanair Holdings PLC Sponsored ADR (*)		482,339		30,937,223
Israel  |  1.2%
Bank Leumi Le-Israel BM		4,665,412		33,711,602
Japan  |  12.8%
Daiwa House Industry Co., Ltd.		2,119,878		61,909,354
Hitachi, Ltd.		594,000		21,830,676
Kao Corp.		477,180		36,404,129
Makita Corp.		965,700		32,903,394
Nexon Co., Ltd. (*)		2,690,100		39,054,057
Pan Pacific International Holdings Corp.		414,764		26,362,798
Shin-Etsu Chemical Co., Ltd.		542,800		50,680,448
Sumitomo Mitsui Financial Group, Inc.		1,237,700		43,826,924
Suzuki Motor Corp.		622,000		29,276,956
Yamaha Corp.		542,600		25,835,089
				368,083,825
Netherlands  |  7.4%
ABN AMRO Group NV		1,252,786		26,806,666
Koninklijke DSM NV		327,168		40,452,060
Royal Dutch Shell PLC, A Shares		2,932,360		96,019,392
Wolters Kluwer NV		673,988		49,068,038
				212,346,156
Norway  |  2.3%
Equinor ASA		1,376,080		27,262,860
Telenor ASA		1,880,403		39,959,877
				67,222,737

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

Semi-Annual Report   87

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Singapore  |  2.7%
DBS Group Holdings, Ltd.		2,763,620	$	53,052,118
NetLink NBN Trust		35,721,000		23,496,920
				76,549,038
South Korea  |  1.2%
Samsung Electronics Co., Ltd.		860,772		35,095,375
Spain  |  1.4%
Red Electrica Corporacion SA		1,974,000		41,097,428
Sweden  |  3.5%
Assa Abloy AB, Class B		2,784,403		63,034,832
Epiroc AB, Class A		3,688,520		38,406,196
				101,441,028
Switzerland  |  4.8%
ABB, Ltd.		1,191,451		23,925,328
Novartis AG		1,240,285		113,445,157
				137,370,485
United Arab Emirates  |  0.5%
Network International Holdings PLC		1,963,940		14,798,852
United Kingdom  |  13.5%
Compass Group PLC		1,757,533		42,119,654
Diageo PLC		864,481		37,228,233
Howden Joinery Group PLC		2,039,325		13,131,444
Informa PLC		3,605,570		38,277,900
Prudential PLC		3,107,297		67,679,013
RELX PLC		3,130,074		76,074,004
RSA Insurance Group PLC		3,845,027		28,232,703
The Weir Group PLC		941,617		18,496,762
Unilever PLC		1,084,641		67,353,898
				388,593,611

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

88   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (concluded)
United States  |  6.7%
Aon PLC		456,575	$	88,109,843
Ferguson PLC (*)		398,564		28,409,225
Medtronic PLC		796,910		77,611,065
				194,130,133
Total Common Stocks (Cost $2,418,215,498)				2,719,215,580
Preferred Stocks  |  1.7%
Germany  |  1.7%
Volkswagen AG (Cost $55,279,849)		298,608		50,322,906
Short-Term Investments  |  3.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $102,933,421)		102,933,421		102,933,421
Total Investments  |  99.8% (Cost $2,576,428,768)			$	2,872,471,907
Cash and Other Assets in Excess of Liabilities  |  0.2%				5,012,278
Net Assets  |  100.0%			$	2,877,484,185

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

Semi-Annual Report   89

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks  |  92.5%
Australia  |  1.3%
BHP Group, Ltd.		41,689	$	1,207,675
Belgium  |  2.2%
Anheuser-Busch InBev SA/NV		23,238		2,058,073
Brazil  |  1.9%
BB Seguridade Participacoes SA		124,900		1,053,207
Cia de Saneamento Basico do Estado de Sao Paulo		60,100		739,834
				1,793,041
Canada  |  4.6%
Canadian National Railway Co.		9,800		906,999
National Bank of Canada		15,900		755,327
Rogers Communications, Inc., Class B		15,900		851,125
Suncor Energy, Inc.		57,700		1,799,889
				4,313,340
China  |  4.1%
58.com, Inc. ADR (*)		12,825		797,330
Ping An Insurance (Group) Co. of China, Ltd., Class H		195,000		2,346,969
Tencent Holdings, Ltd.		14,800		669,560
				3,813,859
Denmark  |  2.1%
Carlsberg A/S, Class B		10,314		1,367,642
Genmab A/S (*)		3,005		553,264
				1,920,906
Finland  |  2.9%
Nordea Bank Abp		130,454		947,835
Sampo Oyj, A Shares		36,785		1,735,986
				2,683,821
France  |  11.6%
Atos SE		6,100		510,031
Cie Generale des Etablissements Michelin SCA		8,845		1,122,146
Engie SA		97,315		1,477,810
Safran SA		16,978		2,487,811

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

90   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (continued)
Sanofi		22,146	$	1,915,826
Ubisoft Entertainment SA (*)		8,830		692,274
Vinci SA		11,333		1,161,946
Vivendi SA		49,668		1,368,938
				10,736,782
Germany  |  3.5%
SAP SE		23,551		3,237,346
India  |  2.3%
ICICI Bank, Ltd. Sponsored ADR		169,465		2,133,564
Indonesia  |  0.9%
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		29,158		852,580
Ireland  |  0.9%
Ryanair Holdings PLC Sponsored ADR (*)		13,397		859,284
Japan  |  8.0%
Daiwa House Industry Co., Ltd.		44,500		1,299,587
Kao Corp.		12,300		938,369
Komatsu, Ltd.		50,600		1,226,198
Makita Corp.		25,400		865,430
Ryohin Keikaku Co., Ltd.		4,800		868,498
Sumitomo Mitsui Financial Group, Inc.		36,776		1,302,237
Suzuki Motor Corp.		19,600		922,554
				7,422,873
Mexico  |  0.9%
Grupo Financiero Banorte SAB de CV, Class O		149,800		869,123
Netherlands  |  7.2%
ABN AMRO Group NV		40,133		858,752
Koninklijke DSM NV		7,724		955,019
Royal Dutch Shell PLC, A Shares		89,918		2,928,029
Wolters Kluwer NV		26,449		1,925,554
				6,667,354

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

Semi-Annual Report   91

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (continued)
Norway  |  2.6%
Equinor ASA		50,123	$	993,035
Telenor ASA		68,459		1,454,802
				2,447,837
Russia  |  1.0%
Yandex NV Class A (*)		24,900		946,200
Singapore  |  1.9%
DBS Group Holdings, Ltd.		90,300		1,733,453
South Africa  |  3.2%
Mr Price Group, Ltd.		35,938		506,527
Naspers, Ltd., N Shares		5,850		1,421,164
Sanlam, Ltd.		195,145		1,084,307
				3,011,998
South Korea  |  1.2%
Samsung Electronics Co., Ltd.		27,026		1,101,904
Spain  |  1.1%
Red Electrica Corporacion SA		47,711		993,313
Sweden  |  2.4%
Assa Abloy AB, Class B		96,761		2,190,528
Switzerland  |  5.9%
ABB, Ltd.		8,487		170,426
Alcon, Inc. (*)		6,096		377,027
Cie Financiere Richemont SA		8,601		730,001
Lonza Group AG		2,786		940,205
Novartis AG		30,587		2,797,701
Sonova Holding AG		2,046		465,725
				5,481,085
Taiwan  |  1.2%
Taiwan Semiconductor Manufacturing Co., Ltd.		146,141		1,114,841

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

92   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Thailand  |  0.7%
Kasikornbank Public Co. Ltd.		107,300	$	663,026
United Kingdom  |  8.3%
Compass Group PLC		47,875		1,147,335
Prudential PLC		117,649		2,562,474
RELX PLC		80,263		1,950,730
Unilever PLC		33,077		2,054,011
				7,714,550
United States  |  8.6%
Accenture PLC, Class A		12,350		2,281,909
Aon PLC		12,660		2,443,127
Ferguson PLC (*)		10,598		755,414
Medtronic PLC		25,225		2,456,663
				7,937,113
Total Common Stocks (Cost $81,278,836)				85,905,469
Preferred Stocks  |  1.7%
Germany  |  1.7%
Volkswagen AG (Cost $1,671,999)		9,624		1,621,884
Short-Term Investments  |  4.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $3,822,174)		3,822,174		3,822,174
Total Investments  |  98.3% (Cost $86,773,009)			$	91,349,527
Cash and Other Assets in Excess of Liabilities  |  1.7%				1,533,395
Net Assets  |  100.0%			$	92,882,922

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

Semi-Annual Report   93

			Fair
Description	Shares		Value
Lazard International Equity Value Portfolio
Common Stocks  |  90.8%
Austria  |  1.8%
BAWAG Group AG		11,233	$	470,817
Canada  |  1.3%
Crescent Point Energy Corp.		102,223		337,998
France  |  18.6%
Atos SE		12,448		1,040,797
Bollore SA		221,321		976,563
Carrefour SA		48,552		937,524
Cie de Saint-Gobain		16,929		661,727
Engie SA		70,774		1,074,763
				4,691,374
Germany  |  3.5%
Allianz SE		3,632		875,368
India  |  4.3%
ICICI Bank, Ltd. Sponsored ADR		86,500		1,089,035
Ireland  |  2.1%
Ryanair Holdings PLC Sponsored ADR (*)		8,231		527,936
Italy  |  4.0%
Leonardo SpA		80,226		1,016,703
Japan  |  13.1%
Hitachi, Ltd.		31,400		1,154,012
Resona Holdings, Inc.		179,800		751,385
Sony Corp. Sponsored ADR		10,000		523,900
Universal Entertainment Corp.		29,400		878,551
				3,307,848
Mexico  |  3.0%
Arca Continental SAB de CV		139,600		755,322

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

94   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Value Portfolio (continued)
Netherlands  |  7.9%
Euronext NV		7,758	$	587,114
Intertrust NV		25,330		522,876
Koninklijke DSM NV		7,105		878,484
				1,988,474
South Korea  |  3.9%
Kangwon Land, Inc.		37,803		990,201
Spain  |  3.2%
Indra Sistemas SA (*)		80,002		808,816
Switzerland  |  4.0%
Coca-Cola HBC AG (*)		6,788		256,867
Glencore PLC		217,353		756,329
				1,013,196
United Kingdom  |  16.5%
BP PLC		89,216		623,479
Cineworld Group PLC		314,470		1,014,816
Prudential PLC		47,142		1,026,784
Standard Chartered PLC		55,999		509,562
Vodafone Group PLC		600,203		984,521
				4,159,162
United States  |  3.6%
International Game Technology PLC		70,372		912,725
Total Common Stocks (Cost $23,244,699)				22,944,975
Preferred Stocks  |  3.5%
Germany  |  3.5%
Volkswagen AG (Cost $876,589)		5,202		876,667

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

Semi-Annual Report   95

			Fair
Description	Shares		Value
Lazard International Equity Value Portfolio (concluded)
Short-Term Investments  |  4.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $1,152,313)		1,152,313	$	1,152,313
Total Investments  |  98.9% (Cost $25,273,601)			$	24,973,955
Cash and Other Assets in Excess of Liabilities  |  1.1%				286,112
Net Assets  |  100.0%			$	25,260,067

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

96   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  97.1%
Australia  |  3.5%
Bravura Solutions, Ltd.		162,380	$	554,698
carsales.com, Ltd.		57,924		551,200
Domino’s Pizza Enterprises, Ltd.		14,012		370,797
SpeedCast International, Ltd.		217,468		533,053
				2,009,748
Belgium  |  4.9%
Barco NV		4,348		917,001
Fagron		19,697		399,975
Kinepolis Group NV		14,639		799,646
Shurgard Self Storage SA		18,867		682,362
				2,798,984
Brazil  |  0.7%
Estacio Participacoes SA		53,800		406,307
Canada  |  5.6%
Altus Group, Ltd.		26,265		643,212
Dream Global Real Estate Investment Trust		54,900		572,246
Stelco Holdings, Inc.		35,200		408,568
StorageVault Canada, Inc.		239,400		526,495
The Descartes Systems Group, Inc. (*)		14,318		529,730
Toromont Industries, Ltd.		11,700		554,556
				3,234,807
China  |  1.6%
Consun Pharmaceutical Group, Ltd.		702,000		481,718
JNBY Design, Ltd.		231,000		423,719
				905,437
Denmark  |  1.3%
Royal Unibrew A/S		9,969		728,328
Finland  |  1.2%
Altia Oyj		81,347		673,399

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

Semi-Annual Report   97

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio (continued)
France  |  2.2%
Chargeurs SA		30,547	$	605,790
Kaufman & Broad SA		17,231		659,506
				1,265,296
Germany  |  10.1%
Aroundtown SA		140,216		1,155,288
AURELIUS Equity Opportunities SE & Co. KGaA		10,122		480,944
CompuGroup Medical SE		8,146		657,660
Corestate Capital Holding SA		12,199		416,838
Dermapharm Holding SE		22,426		774,681
FinTech Group AG (*)		28,471		630,653
JOST Werke AG		19,369		678,418
Norma Group SE		11,290		467,812
PATRIZIA Immobilien AG		26,142		541,010
				5,803,304
Greece  |  0.8%
JUMBO SA		24,261		469,072
Hong Kong  |  0.9%
China Water Affairs Group, Ltd.		526,000		518,032
India  |  1.3%
Jubilant Life Sciences, Ltd.		44,902		333,236
NIIT Technologies, Ltd.		22,018		428,989
				762,225
Ireland  |  3.3%
Dalata Hotel Group PLC		119,762		640,738
Glenveagh Properties PLC (*)		558,157		464,756
Total Produce PLC		487,135		817,665
				1,923,159
Italy  |  3.5%
Banca Generali SpA		26,996		778,020
Carel Industries SpA		49,981		608,117
Cerved Group SpA		70,367		623,170
				2,009,307

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

98   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio (continued)
Japan  |  24.1%
Ai Holdings Corp.		36,860	$	596,615
Ariake Japan Co., Ltd.		9,900		626,506
ARTERIA Networks Corp.		64,600		748,235
Digital Garage, Inc.		24,600		782,644
en-japan, Inc.		16,100		629,034
Financial Products Group Co., Ltd.		86,437		715,909
GMO internet, Inc.		45,000		817,739
Jafco Co., Ltd.		18,400		675,647
Japan Lifeline Co., Ltd.		42,700		692,801
KOMEDA Holdings Co., Ltd.		42,100		793,945
Koshidaka Holdings Co., Ltd.		47,900		674,336
Nippon Shinyaku Co., Ltd.		9,300		658,651
Open House Co., Ltd.		20,200		829,898
Persol Holdings Co., Ltd.		36,900		869,389
Sanwa Holdings Corp.		62,900		677,917
TechnoPro Holdings, Inc.		14,245		759,172
Tsuruha Holdings, Inc.		7,400		684,954
USS Co., Ltd.		40,200		793,426
Zenkoku Hosho Co., Ltd.		23,042		885,893
				13,912,711
Jersey  |  1.5%
JTC PLC		177,680		839,973
Luxembourg  |  0.8%
Stabilus SA		9,727		451,271
Netherlands  |  2.2%
Aalberts Industries NV		15,457		607,686
Van Lanschot Kempen NV		28,829		654,364
				1,262,050
New Zealand  |  2.0%
Freightways, Ltd.		110,397		625,398
Mainfreight, Ltd.		19,980		546,974
				1,172,372

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

Semi-Annual Report   99

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio (continued)
Singapore  |  0.8%
XP Power, Ltd.		16,042	$	450,247
Sweden  |  8.5%
Dometic Group AB		75,049		752,641
Granges AB		57,101		654,285
Indutrade AB		20,123		643,210
Karnov Group AB (*)		203,434		898,838
Lifco AB, B Shares		13,556		751,142
Lindab International AB		51,713		594,824
Loomis AB, B Shares		18,293		628,812
				4,923,752
Switzerland  |  1.3%
Kardex AG		4,361		762,227
Thailand  |  0.4%
Hana Microelectronics Public Co., Ltd. (‡)		298,100		250,300
United Kingdom  |  14.6%
Ascential PLC		139,031		629,748
Auto Trader Group PLC		79,008		550,636
Burford Capital, Ltd.		31,343		617,360
Clinigen Healthcare, Ltd.		76,155		976,103
Electrocomponents PLC		75,269		604,957
Equiniti Group PLC		230,927		645,381
GB Group PLC		64,314		452,422
Hunting PLC		88,054		572,666
Huntsworth PLC		507,372		627,072
Polypipe Group PLC		141,965		802,320
Rentokil Initial PLC		158,678		801,793
Rightmove PLC		82,105		557,889
Smart Metering Systems PLC		82,308		555,936
				8,394,283
Total Common Stocks (Cost $53,786,988)				55,926,591

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

100   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio (concluded)
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $125,396)		125,396	$	125,396
Total Investments  |  97.3% (Cost $53,912,384)			$	56,051,987
Cash and Other Assets in Excess of Liabilities  |  2.7%				1,544,578
Net Assets  |  100.0%			$	57,596,565

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

Semi-Annual Report   101

			Fair
Description	Shares		Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  93.2%
Canada  |  8.9%
CAE, Inc.		7,725,191	$	207,707,972
National Bank of Canada		2,430,901		115,479,631
Rogers Communications, Inc., Class B		1,120,501		59,980,238
Suncor Energy, Inc.		3,843,841		119,904,475
TMX Group, Ltd.		927,263		64,505,868
				567,578,184
China  |  2.9%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		307,654		52,131,970
Ping An Bank Co., Ltd., Class A		17,290,930		34,780,863
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,362,963		52,511,486
Tencent Holdings, Ltd.		1,011,040		45,739,971
				185,164,290
Denmark  |  3.1%
Carlsberg A/S, Class B		893,128		118,429,239
Genmab A/S (*)		418,133		76,984,388
				195,413,627
Finland  |  2.8%
Sampo Oyj, A Shares		3,720,264		175,569,569
France  |  10.6%
Engie SA		6,579,844		99,920,486
Safran SA		1,252,686		183,557,924
Sanofi		2,206,702		190,899,358
Ubisoft Entertainment SA (*)		428,737		33,613,053
Vivendi SA		6,280,650		173,105,778
				681,096,599
Germany  |  1.7%
Beiersdorf AG		909,598		109,182,253
Hong Kong  |  2.2%
AIA Group, Ltd.		13,142,463		142,078,482

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

102   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Strategic Equity Portfolio (continued)
India  |  1.9%
Housing Development Finance Corp., Ltd.		2,408,215	$	76,477,463
ICICI Bank, Ltd. Sponsored ADR		3,743,729		47,133,548
				123,611,011
Ireland  |  1.0%
Ryanair Holdings PLC Sponsored ADR (*)		1,005,036		64,463,009
Israel  |  1.3%
Bank Leumi Le-Israel BM		11,828,341		85,469,906
Japan  |  13.5%
AEON Financial Service Co., Ltd.		4,638,375		74,554,940
Daiwa House Industry Co., Ltd.		3,976,207		116,121,969
en-japan, Inc.		842,197		32,904,978
Kao Corp.		1,201,853		91,689,532
Komatsu, Ltd.		3,642,325		88,265,053
Makita Corp.		3,364,291		114,628,344
Nexon Co., Ltd. (*)		8,454,335		122,737,476
Pan Pacific International Holdings Corp.		951,293		60,465,097
Suzuki Motor Corp.		2,118,872		99,733,317
Yamaha Corp.		1,286,972		61,277,250
				862,377,956
Mexico  |  0.4%
Grupo Financiero Banorte SAB de CV, Class O		4,742,700		27,516,617
Netherlands  |  3.6%
ABN AMRO Group NV		4,770,854		102,085,024
Wolters Kluwer NV		1,785,377		129,979,979
				232,065,003
Norway  |  1.5%
Equinor ASA		4,776,328		94,628,480
Philippines  |  0.7%
GT Capital Holdings, Inc.		2,428,320		44,563,165

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

Semi-Annual Report   103

			Fair
Description	Shares		Value
Lazard International Strategic Equity Portfolio (continued)
Singapore  |  2.1%
DBS Group Holdings, Ltd.		6,948,471	$	133,387,045
Sweden  |  3.3%
Assa Abloy AB, Class B		5,031,033		113,895,267
Hexagon AB, B Shares		1,743,683		96,826,795
				210,722,062
Switzerland  |  7.2%
ABB, Ltd.		2,812,109		56,469,491
Alcon, Inc. (*)		688,989		42,612,768
Julius Baer Group, Ltd.		2,571,857		114,733,249
Novartis AG		1,696,809		155,202,040
Partners Group Holding AG		119,683		94,042,884
				463,060,432
United Kingdom  |  16.2%
Bunzl PLC		2,900,824		76,645,123
CNH Industrial NV		53,917		551,504
Coca-Cola European Partners PLC		2,290,541		127,520,059
Compass Group PLC		3,738,896		89,603,441
Diageo PLC		3,691,953		158,991,217
Informa PLC		15,102,635		160,334,469
Prudential PLC		5,094,850		110,969,251
RELX PLC		5,181,541		125,933,307
Rio Tinto PLC		2,119,203		130,744,264
The Weir Group PLC		2,886,738		56,705,971
				1,037,998,606
United States  |  8.3%
Accenture PLC, Class A		1,060,468		195,942,673
Aon PLC		922,740		178,070,365
Medtronic PLC		1,621,623		157,929,864
				531,942,902
Total Common Stocks (Cost $5,145,381,071)				5,967,889,198

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

104   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Strategic Equity Portfolio (concluded)
Preferred Stocks  |  2.3%
Germany  |  2.3%
Volkswagen AG (Cost $170,537,894)		904,227	$	152,384,833
Short-Term Investments  |  3.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $222,496,138)		222,496,138		222,496,138
Total Investments  |  99.0% (Cost $5,538,415,103)			$	6,342,770,169
Cash and Other Assets in Excess of Liabilities  |  1.0%				60,985,647
Net Assets  |  100.0%			$	6,403,755,816

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

Semi-Annual Report   105

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  97.4%
Australia  |  5.6%
AGL Energy, Ltd.		21,722	$	305,351
CIMIC Group, Ltd.		1,971		62,072
Cochlear, Ltd.		383		55,713
CSL, Ltd.		1,220		184,567
Evolution Mining, Ltd.		24,227		74,305
Iluka Resources, Ltd.		9,995		75,751
JB Hi-Fi, Ltd.		4,167		75,714
Qantas Airways, Ltd.		32,038		121,589
Regis Resources, Ltd.		22,084		82,112
Sandfire Resources NL		10,328		48,672
Saracen Mineral Holdings, Ltd. (*)		35,172		91,037
Shopping Centres Australasia Property Group REIT		28,309		47,546
Vicinity Centres REIT		32,837		56,568
Woolworths Group, Ltd.		5,768		134,780
				1,415,777
Belgium  |  1.5%
Colruyt SA		3,517		204,097
Proximus SADP		2,317		68,385
UCB SA		1,224		101,498
				373,980
Canada  |  6.7%
Air Canada (*)		2,672		80,983
B2Gold Corp. (*)		24,054		73,105
BRP, Inc.		2,104		75,192
CGI, Inc. (*)		3,310		254,477
Colliers International Group, Inc.		861		61,560
Constellation Software, Inc.		83		78,227
Granite Real Estate Investment Trust		2,972		136,827
H&R Real Estate Investment Trust		6,841		119,315
Kirkland Lake Gold, Ltd.		2,462		106,072
National Bank of Canada		1,721		81,756
Rogers Communications, Inc., Class B		6,790		363,468

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

106   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Teck Resources, Ltd., Class B		2,930	$	67,614
The Toronto-Dominion Bank		3,667		214,271
				1,712,867
China  |  0.3%
Yangzijiang Shipbuilding Holdings, Ltd.		61,000		69,162
Denmark  |  1.4%
Coloplast A/S, Class B		695		78,715
H. Lundbeck A/S		1,562		61,769
Novo Nordisk A/S, Class B		2,231		113,803
SimCorp A/S		1,004		97,100
				351,387
France  |  1.2%
Electricite de France SA		4,362		55,014
Hermes International		95		68,518
Ipsen SA		501		68,365
Total SA		1,832		102,503
				294,400
Germany  |  1.4%
Allianz SE		543		130,871
Deutsche Lufthansa AG		3,320		56,892
Muenchener Rueckversicherungs AG		342		85,833
Rheinmetall AG		664		81,280
				354,876
Hong Kong  |  1.4%
CK Hutchison Holdings, Ltd.		5,500		54,113
Jardine Matheson Holdings, Ltd.		700		44,119
Swire Pacific, Ltd., Class A		20,500		252,237
				350,469
Israel  |  1.4%
Bank Leumi Le-Israel BM		20,375		147,227
Israel Discount Bank, Ltd., Class A		50,710		207,342
				354,569

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

Semi-Annual Report   107

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Italy  |  3.0%
Enel SpA		50,948	$	355,986
Hera SpA		22,215		85,023
Italgas SpA		13,087		87,863
Poste Italiane SpA		12,320		129,788
Terna SpA		17,479		111,364
				770,024
Japan  |  6.3%
Amano Corp.		2,500		69,162
ANA Holdings, Inc.		1,500		49,708
Daito Trust Construction Co., Ltd.		700		89,109
Daiwa House Industry Co., Ltd.		5,200		151,862
East Japan Railway Co.		800		74,920
Japan Airlines Co., Ltd.		1,600		51,186
Japan Post Holdings Co., Ltd.		16,900		191,475
Japan Prime Realty Investment Corp. REIT		14		60,647
McDonald’s Holdings Co. Japan, Ltd.		2,600		114,665
Nissan Chemical Corp.		1,300		58,702
NTT DOCOMO, Inc.		14,200		331,408
Seven & I Holdings Co., Ltd.		3,700		125,413
Sumitomo Mitsui Construction Co., Ltd.		12,200		67,711
Taisei Corp.		1,600		58,236
The Dai-ichi Life Insurance Co., Ltd.		5,200		78,672
The Gunma Bank, Ltd.		6,600		23,187
				1,596,063
Netherlands  |  1.0%
Euronext NV		1,215		91,949
Koninklijke Ahold Delhaize NV		3,769		84,767
Royal Dutch Shell PLC, A Shares		2,090		68,437
				245,153
Norway  |  1.9%
Equinor ASA		6,578		130,323
Leroy Seafood Group ASA		8,044		53,313
Salmar ASA		1,939		84,325
Telenor ASA		10,028		213,102
				481,063

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

108   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Puerto Rico  |  0.4%
EVERTEC, Inc.		2,868	$	93,783
Singapore  |  1.0%
Jardine Cycle & Carriage, Ltd.		3,200		85,847
Singapore Technologies Engineering, Ltd.		59,600		182,689
				268,536
Spain  |  0.6%
Corporacion Financiera Alba SA		435		22,804
Iberdrola SA		13,480		134,461
				157,265
Sweden  |  0.3%
Axfood AB		4,338		85,840
Switzerland  |  3.9%
Helvetia Holding AG		485		60,941
Novartis AG		2,509		229,491
Partners Group Holding AG		108		84,863
Roche Holding AG		1,562		439,494
The Swatch Group AG		1,124		60,861
Zurich Insurance Group AG		366		127,446
				1,003,096
United Kingdom  |  3.8%
Admiral Group PLC		3,473		97,576
Anglo American PLC		4,746		135,755
Auto Trader Group PLC		9,633		67,136
Britvic PLC		4,785		54,037
Centrica PLC		49,328		54,993
Compass Group PLC		5,200		124,619
Howden Joinery Group PLC		8,569		55,177
Imperial Brands PLC		2,218		52,079
International Consolidated Airlines Group SA		6,485		39,339
National Grid PLC		8,766		93,158
Rio Tinto, Ltd.		1,029		75,085
SSP Group PLC		6,350		55,388
WH Smith PLC		3,030		75,810
				980,152

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

Semi-Annual Report   109

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
United States  |  54.3%
3M Co.		456	$	79,043
AbbVie, Inc.		1,204		87,555
ACI Worldwide, Inc. (*)		1,833		62,945
AES Corp.		3,584		60,068
Aflac, Inc.		4,481		245,604
Akamai Technologies, Inc. (*)		1,491		119,489
Altria Group, Inc.		1,563		74,008
American Express Co.		529		65,300
American Tower Corp. REIT		964		197,090
Amgen, Inc.		543		100,064
Aon PLC		2,161		417,030
Apple, Inc.		343		67,887
AutoZone, Inc. (*)		115		126,439
Avnet, Inc.		1,706		77,231
AXA Equitable Holdings, Inc.		3,833		80,110
Booking Holdings, Inc. (*)		27		50,617
Brinker International, Inc.		1,992		78,385
Bristol-Myers Squibb Co.		2,159		97,911
Broadcom, Inc.		227		65,344
Broadridge Financial Solutions, Inc.		591		75,459
Burlington Stores, Inc. (*)		358		60,914
Cable One, Inc.		58		67,917
Cadence Design Systems, Inc. (*)		1,503		106,427
CBRE Group, Inc., Class A (*)		1,210		62,073
CDW Corp.		749		83,139
Church & Dwight Co., Inc.		876		64,001
Cigna Corp.		471		74,206
Colgate-Palmolive Co.		2,822		202,253
Comcast Corp., Class A		1,632		69,001
ConocoPhillips		885		53,985
Darden Restaurants, Inc.		1,878		228,609
Edison International		3,315		223,464
Eli Lilly & Co.		3,034		336,137
Encompass Health Corp.		2,223		140,849
EPR Properties REIT		801		59,747

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

110   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Exelon Corp.		2,415	$	115,775
Exponent, Inc.		1,054		61,701
F5 Networks, Inc. (*)		1,200		174,756
FactSet Research Systems, Inc.		245		70,207
Fidelity National Information Services, Inc.		1,217		149,302
HCA Healthcare, Inc.		450		60,827
HEICO Corp., Class A		604		62,435
Honeywell International, Inc.		764		133,387
Insperity, Inc.		579		70,719
Intel Corp.		1,257		60,173
Intuit, Inc.		530		138,505
IQVIA Holdings, Inc. (*)		330		53,097
Johnson & Johnson		2,581		359,482
Kellogg Co.		1,051		56,302
Kimberly-Clark Corp.		2,251		300,013
Kimco Realty Corp. REIT		3,331		61,557
Life Storage, Inc. REIT		793		75,398
Lockheed Martin Corp.		264		95,975
LPL Financial Holdings, Inc.		883		72,026
Lululemon Athletica, Inc. (*)		386		69,561
MarketAxess Holdings, Inc.		239		76,819
MasterCard, Inc., Class A		300		79,359
McGrath RentCorp		1,021		63,455
Mellanox Technologies, Ltd. (*)		752		83,224
Merck & Co., Inc.		3,033		254,317
MetLife, Inc.		1,546		76,790
Morgan Stanley		2,553		111,847
Morningstar, Inc.		419		60,604
Nasdaq, Inc.		819		78,763
NetApp, Inc.		823		50,779
NIKE, Inc., Class B		2,594		217,766
Nordstrom, Inc.		1,818		57,921
Northrop Grumman Corp.		541		174,803
Occidental Petroleum Corp.		1,561		78,487
Omnicom Group, Inc.		1,377		112,845
PepsiCo, Inc.		2,365		310,122

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

Semi-Annual Report   111

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Philip Morris International, Inc.		1,757	$	137,977
Pinnacle West Capital Corp.		3,944		371,091
Premier, Inc., Class A (*)		3,613		141,304
Public Service Enterprise Group, Inc.		1,268		74,584
Ralph Lauren Corp.		646		73,379
Raytheon Co.		273		47,469
Republic Services, Inc.		4,244		367,700
Ross Stores, Inc.		501		49,659
Simon Property Group, Inc. REIT		1,872		299,071
Starbucks Corp.		4,621		387,378
Synchrony Financial		2,243		77,765
Sysco Corp.		5,317		376,018
T-Mobile US, Inc. (*)		2,026		150,208
TE Connectivity, Ltd.		679		65,035
The Estee Lauder Cos., Inc., Class A		2,405		440,380
The Hershey Co.		2,778		372,335
The Procter & Gamble Co.		3,564		390,793
The Progressive Corp.		1,052		84,086
The TJX Cos., Inc.		6,963		368,203
Tractor Supply Co.		615		66,912
Tyson Foods, Inc., Class A		1,536		124,017
USANA Health Sciences, Inc. (*)		818		64,974
Varian Medical Systems, Inc. (*)		436		59,353
Verizon Communications, Inc.		5,948		339,809
Vocera Communications, Inc. (*)		2,459		78,491
Walmart, Inc.		1,072		118,445
Waste Management, Inc.		2,485		286,694
WW Grainger, Inc.		350		93,881
Zoetis, Inc.		968		109,858
				13,806,269
Total Common Stocks (Cost $23,196,901)				24,764,731

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

112   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Short-Term Investments  |  3.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $778,116)		778,116	$	778,116
Total Investments  |  100.5% (Cost $23,975,017)			$	25,542,847
Liabilities in Excess of Cash and Other Assets  |  (0.5)%				(136,801	)
Net Assets  |  100.0%			$	25,406,046

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

Semi-Annual Report   113

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  93.8%
Auto Components  |  2.6%
Aptiv PLC		409,044	$	33,063,026
Beverages  |  8.2%
The Coca-Cola Co.		2,079,566		105,891,501
Building Products  |  4.9%
Armstrong World Industries, Inc.		646,781		62,867,113
Capital Markets  |  8.4%
Intercontinental Exchange, Inc.		648,801		55,757,958
S&P Global, Inc.		231,976		52,841,813
				108,599,771
Communications Equipment  |  13.1%
Cisco Systems, Inc.		2,209,331		120,916,686
Motorola Solutions, Inc.		287,651		47,960,051
				168,876,737
Construction Materials  |  5.0%
Vulcan Materials Co.		465,839		63,964,353
Entertainment  |  2.7%
Electronic Arts, Inc. (*)		344,479		34,881,944
Health Care Equipment & Supplies  |  18.3%
Baxter International, Inc.		1,155,962		94,673,288
Medtronic PLC		1,458,919		142,084,121
				236,757,409
Interactive Media & Services  |  5.9%
Alphabet, Inc., Class A (*)		70,261		76,078,611
Internet & Direct Marketing Retail  |  1.0%
eBay, Inc.		326,544		12,898,488

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

114   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
IT Services  |  4.3%
Fiserv, Inc. (*)		381,157	$	34,746,272
Sabre Corp.		939,700		20,861,340
				55,607,612
Machinery  |  1.1%
Kennametal, Inc.		387,575		14,336,399
Pharmaceuticals  |  4.0%
Elanco Animal Health, Inc.		1,544,653		52,209,271
Semiconductors & Semiconductor Equipment  |  11.2%
Analog Devices, Inc.		774,758		87,446,936
Skyworks Solutions, Inc.		736,549		56,913,141
				144,360,077
Specialty Retail  |  3.1%
Lowe’s Cos., Inc.		397,854		40,147,447
Total Common Stocks (Cost $1,013,219,205)				1,210,539,759
Short-Term Investments  |  5.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $76,788,553)		76,788,553		76,788,553
Total Investments  |  99.7% (Cost $1,090,007,758)			$	1,287,328,312
Cash and Other Assets in Excess of Liabilities  |  0.3%				4,314,879
Net Assets  |  100.0%			$	1,291,643,191

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

Semi-Annual Report   115

Description	Shares		Fair Value
Lazard US Equity Select Portfolio
Common Stocks  |  97.1%
Aerospace & Defense  |  1.6%
Raytheon Co.		7,415	$	1,289,320
Auto Components  |  0.8%
Aptiv PLC		8,019		648,176
Banks  |  7.7%
Bank of America Corp.		95,746		2,776,634
Citizens Financial Group, Inc.		22,905		809,921
Commerce Bancshares, Inc.		17,800		1,061,948
JPMorgan Chase & Co.		12,810		1,432,158
				6,080,661
Beverages  |  3.8%
The Coca-Cola Co.		59,465		3,027,958
Capital Markets  |  3.6%
Intercontinental Exchange, Inc.		33,215		2,854,497
Communications Equipment  |  4.3%
Cisco Systems, Inc.		47,285		2,587,908
Motorola Solutions, Inc.		4,805		801,138
				3,389,046
Construction Materials  |  0.9%
Vulcan Materials Co.		5,430		745,593
Electrical Equipment  |  1.0%
Eaton Corp. PLC		9,440		786,163
Entertainment  |  2.7%
Activision Blizzard, Inc.		10,205		481,676
Electronic Arts, Inc. (*)		5,902		597,637
The Walt Disney Co.		7,300		1,019,372
				2,098,685

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

116   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Select Portfolio (continued)
Equity Real Estate Investment Trusts (REITs)  |  1.7%
Prologis, Inc.		16,960	$	1,358,496
Food Products  |  1.1%
Mondelez International, Inc., Class A		16,375		882,612
Health Care Equipment & Supplies  |  5.6%
Danaher Corp.		10,517		1,503,090
Medtronic PLC		29,560		2,878,848
				4,381,938
Health Care Providers & Services  |  4.2%
Anthem, Inc.		3,555		1,003,257
CVS Health Corp.		10,720		584,133
Humana, Inc.		3,427		909,183
Laboratory Corp. of America Holdings (*)		4,645		803,120
				3,299,693
Hotels, Restaurants & Leisure  |  3.6%
McDonald’s Corp.		13,580		2,820,023
Household Products  |  2.9%
The Procter & Gamble Co.		20,795		2,280,172
Industrial Conglomerates  |  3.3%
Honeywell International, Inc.		14,838		2,590,566
Insurance  |  2.1%
Aon PLC		8,465		1,633,576
Interactive Media & Services  |  4.5%
Alphabet, Inc., Class A (*)		3,250		3,519,100
Internet & Direct Marketing Retail  |  0.7%
eBay, Inc.		13,780		544,310

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

Semi-Annual Report   117

Description	Shares		Fair Value
Lazard US Equity Select Portfolio (continued)
IT Services  |  4.2%
Accenture PLC, Class A		4,445	$	821,303
Visa, Inc., Class A		12,140		2,106,897
Worldpay, Inc., Class A (*)		3,317		406,498
				3,334,698
Life Sciences Tools & Services  |  1.1%
Thermo Fisher Scientific, Inc.		3,053		896,605
Machinery  |  1.9%
Deere & Co.		8,790		1,456,591
Multiline Retail  |  1.1%
Dollar General Corp.		6,484		876,377
Oil, Gas & Consumable Fuels  |  6.2%
Chevron Corp.		22,030		2,741,413
ConocoPhillips		15,985		975,085
EOG Resources, Inc.		12,955		1,206,888
				4,923,386
Pharmaceuticals  |  8.4%
Elanco Animal Health, Inc.		24,510		828,438
Johnson & Johnson		21,135		2,943,683
Pfizer, Inc.		37,454		1,622,507
Zoetis, Inc.		10,974		1,245,439
				6,640,067
Road & Rail  |  1.6%
Norfolk Southern Corp.		6,415		1,278,702
Semiconductors & Semiconductor Equipment  |  3.6%
Analog Devices, Inc.		15,428		1,741,358
Skyworks Solutions, Inc.		7,579		585,629
Texas Instruments, Inc.		4,310		494,616
				2,821,603

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

118   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Select Portfolio (concluded)
Software  |  6.9%
Microsoft Corp.		33,510	$	4,489,000
Palo Alto Networks, Inc. (*)		4,600		937,296
				5,426,296
Specialty Retail  |  3.4%
Lowe’s Cos., Inc.		15,915		1,605,983
Ross Stores, Inc.		10,609		1,051,564
				2,657,547
Technology Hardware, Storage & Peripherals  |  2.6%
Apple, Inc.		10,453		2,068,858
Total Common Stocks (Cost $63,214,827)				76,611,315
Short-Term Investments  |  2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $2,293,013)		2,293,013		2,293,013
Total Investments  |  100.0% (Cost $65,507,840)			$	78,904,328
Cash and Other Assets in Excess of Liabilities  |  0.0%				9,773
Net Assets  |  100.0%			$	78,914,101

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

Semi-Annual Report   119

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio
Common Stocks  |  2.3%
Hotels, Restaurants & Leisure  |  2.3%
Hilton Worldwide Holdings, Inc. (Cost $1,031,430)		15,167	$	1,482,422
Real Estate Investment Trusts  |  96.2%
Equity Real Estate Investment Trusts  |  96.2%
Alexandria Real Estate Equities, Inc.		22,894		3,230,115
American Homes 4 Rent, Class A		119,836		2,913,213
American Tower Corp.		8,881		1,815,721
Americold Realty Trust		55,597		1,802,455
Apartment Investment & Management Co., Class A		17,845		894,391
AvalonBay Communities, Inc.		12,110		2,460,510
Boston Properties, Inc.		19,976		2,576,904
Brixmor Property Group, Inc.		21,976		392,931
Crown Castle International Corp.		7,360		959,376
Equinix, Inc.		9,773		4,928,426
Equity LifeStyle Properties, Inc.		25,721		3,120,986
Essential Properties Realty Trust, Inc.		66,373		1,330,115
Essex Property Trust, Inc.		11,659		3,403,612
Extra Space Storage, Inc.		19,843		2,105,342
Federal Realty Investment Trust		11,620		1,496,191
HCP, Inc.		99,343		3,176,989
Hudson Pacific Properties, Inc.		37,686		1,253,813
Invitation Homes, Inc.		28,125		751,781
Park Hotels & Resorts, Inc.		67,198		1,851,977
Pebblebrook Hotel Trust		34,753		979,340
Physicians Realty Trust		62,046		1,082,082
Prologis, Inc.		74,450		5,963,445
Public Storage		11,825		2,816,360
Simon Property Group, Inc.		30,167		4,819,480
Sun Communities, Inc.		10,039		1,286,899
Ventas, Inc.		14,100		963,735

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

120   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Realty Equity Portfolio (concluded)
VICI Properties, Inc.		66,147	$	1,457,880
Vornado Realty Trust		19,978		1,280,590
Weyerhaeuser Co.		77,067		2,029,945
Total Real Estate Investment Trusts (Cost $53,748,494)				63,144,604
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $947,672)		947,672		947,672
Total Investments  |  99.9% (Cost $55,727,596)			$	65,574,698
Cash and Other Assets in Excess of Liabilities  |  0.1%				94,336
Net Assets  |  100.0%			$	65,669,034

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

Semi-Annual Report   121

			Fair
Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  96.0%
Aerospace & Defense  |  1.1%
Curtiss-Wright Corp.		7,300	$	928,049
Air Freight & Logistics  |  0.8%
Echo Global Logistics, Inc. (*)		33,888		707,243
Airlines  |  1.6%
Alaska Air Group, Inc.		21,745		1,389,723
Auto Components  |  1.1%
Modine Manufacturing Co. (*)		65,670		939,738
Banks  |  7.8%
Cadence BanCorp		33,260		691,808
Comerica, Inc.		11,595		842,261
Commerce Bancshares, Inc.		23,077		1,376,774
PacWest Bancorp		32,171		1,249,200
Sterling Bancorp		61,120		1,300,633
Wintrust Financial Corp.		17,175		1,256,523
				6,717,199
Biotechnology  |  2.2%
Cellectis SA ADR (*)		23,915		373,074
Emergent Biosolutions, Inc. (*)		22,230		1,073,931
Exelixis, Inc. (*)		21,135		451,655
				1,898,660
Building Products  |  2.5%
Armstrong World Industries, Inc.		12,290		1,194,588
PGT Innovations, Inc. (*)		57,910		968,255
				2,162,843
Capital Markets  |  2.4%
E*TRADE Financial Corp.		18,400		820,640
Morningstar, Inc.		8,685		1,256,198
				2,076,838

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

122   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Chemicals  |  3.3%
Ingevity Corp. (*)		13,480	$	1,417,692
Innospec, Inc.		15,830		1,444,329
				2,862,021
Commercial Services & Supplies  |  1.2%
The Brink’s Co.		12,070		979,843
Communications Equipment  |  1.2%
Ciena Corp. (*)		24,995		1,028,044
Construction Materials  |  1.7%
Eagle Materials, Inc.		15,685		1,454,000
Containers & Packaging  |  1.0%
Graphic Packaging Holding Co.		57,910		809,582
Electric Utilities  |  3.9%
OGE Energy Corp.		41,700		1,774,752
PNM Resources, Inc.		31,360		1,596,538
				3,371,290
Electrical Equipment  |  4.0%
Atkore International Group, Inc. (*)		50,150		1,297,380
EnerSys		16,640		1,139,840
Regal Beloit Corp.		11,915		973,575
				3,410,795
Electronic Equipment, Instruments & Components  |  1.5%
FLIR Systems, Inc.		24,130		1,305,433
Energy Equipment & Services  |  0.7%
Cactus, Inc., Class A (*)		17,400		576,288
Entertainment  |  2.4%
Take-Two Interactive Software, Inc. (*)		12,350		1,402,095
The Marcus Corp.		19,800		652,608
				2,054,703

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

Semi-Annual Report   123

			Fair
Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Equity Real Estate Investment Trusts (REITs)  |  11.5%
Alexandria Real Estate Equities, Inc.		12,825	$	1,809,479
Brixmor Property Group, Inc.		70,205		1,255,265
Camden Property Trust		19,395		2,024,644
Hudson Pacific Properties, Inc.		42,000		1,397,340
Kilroy Realty Corp.		18,440		1,361,057
PS Business Parks, Inc.		12,160		2,049,325
				9,897,110
Food Products  |  0.7%
The Simply Good Foods Co. (*)		26,440		636,675
Health Care Equipment & Supplies  |  4.3%
AngioDynamics, Inc. (*)		45,969		905,130
Avanos Medical, Inc. (*)		15,420		672,466
Lantheus Holdings, Inc. (*)		24,390		690,237
STERIS PLC		9,220		1,372,673
				3,640,506
Health Care Providers & Services  |  3.1%
Henry Schein, Inc. (*)		17,700		1,237,230
Laboratory Corp. of America Holdings (*)		8,415		1,454,953
				2,692,183
Hotels, Restaurants & Leisure  |  3.0%
Papa John’s International, Inc.		17,150		766,948
Penn National Gaming, Inc. (*)		49,670		956,644
The Cheesecake Factory, Inc.		19,670		859,973
				2,583,565
Household Durables  |  1.7%
Leggett & Platt, Inc.		38,490		1,476,861
Insurance  |  5.4%
Arch Capital Group, Ltd. (*)		39,610		1,468,739
Brown & Brown, Inc.		45,625		1,528,437
Reinsurance Group of America, Inc.		10,260		1,600,868
				4,598,044

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

124   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
IT Services  |  4.9%
CoreLogic, Inc. (*)		32,080	$	1,341,906
Leidos Holdings, Inc.		22,775		1,818,584
Sabre Corp.		45,050		1,000,110
				4,160,600
Life Sciences Tools & Services  |  1.3%
Cambrex Corp. (*)		23,095		1,081,077
Machinery  |  2.5%
Gardner Denver Holdings, Inc. (*)		22,640		783,344
Kennametal, Inc.		14,654		542,052
TriMas Corp. (*)		25,690		795,619
				2,121,015
Oil, Gas & Consumable Fuels  |  1.0%
Parsley Energy, Inc., Class A (*)		44,100		838,341
Pharmaceuticals  |  2.7%
Catalent, Inc. (*)		25,590		1,387,234
Elanco Animal Health, Inc.		28,450		961,610
				2,348,844
Professional Services  |  1.1%
FTI Consulting, Inc. (*)		11,560		969,190
Semiconductors & Semiconductor Equipment  |  2.2%
Maxim Integrated Products, Inc.		15,800		945,156
MKS Instruments, Inc.		11,975		932,733
				1,877,889
Software  |  4.6%
CyberArk Software, Ltd. (*)		6,560		838,630
j2 Global, Inc. (*)		15,585		1,385,351
RealPage, Inc. (*)		18,850		1,109,323
SolarWinds Corp.		34,545		633,555
				3,966,859

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

Semi-Annual Report   125

			Fair
Description	Shares		Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Specialty Retail  |  1.8%
Floor & Decor Holdings, Inc., Class A (*)		20,805	$	871,729
Foot Locker, Inc.		15,355		643,682
				1,515,411
Textiles, Apparel & Luxury Goods  |  2.2%
Carter’s, Inc.		9,485		925,167
Steven Madden, Ltd.		29,162		990,050
				1,915,217
Trading Companies & Distributors  |  1.6%
Air Lease Corp.		32,600		1,347,684
Total Common Stocks (Cost $75,631,067)				82,339,363
Total Investments  |  96.0% (Cost $75,631,067)			$	82,339,363
Cash and Other Assets in Excess of Liabilities  |  4.0%				3,413,250
Net Assets  |  100.0%			$	85,752,613

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

126   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments June 30, 2019 (unaudited)

(*)	Non-income producing security.
(‡)	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.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2019, these securities amounted to 0.7% of net assets of Emerging Markets Equity Advantage Portfolio.
(»)	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
GDR	— Global Depositary Receipt
NVDR	— Non- Voting Depository Receipt
PJSC	— Public Joint Stock Company
REIT	— Real Estate Investment Trust

Currency Abbreviations:
AUD	— Australian Dollar	GBP	— British Pound Sterling
CAD	— Canadian Dollar	HKD	— Hong Kong Dollar
EUR	— Euro	USD	— United States Dollar

Counterparty Abbreviations:
BNP	— BNP Paribas SA	MEL	— The Bank of New York Mellon Corp.
CAN	— Canadian Imperial	RBC	— Royal Bank of Canada
	Bank of Commerce	SCB	— Standard Chartered Bank
CIT	— Citibank NA	SSB	— State Street Bank and Trust Co.
HSB	— HSBC Bank USA NA

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

Semi-Annual Report   127

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

Industry†	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		—	%		—	%		—	%
Air Freight & Logistics		1.0			—			—			1.2
Airlines		—			0.9			1.1			—
Auto Components		—			0.6			0.5			1.1
Automobiles		—			1.0			1.1			0.9
Banks		25.7			21.8			16.8			25.0
Beverages		1.1			0.9			0.9			1.4
Biotechnology		—			—			0.4			—
Building Products		—			—			0.2			—
Capital Markets		—			1.0			1.5			—
Chemicals		—			4.3			1.3			0.6
Commercial Services & Suppliers		1.2			—			0.6			1.3
Communications Equipment		—			—			—			—
Construction & Engineering		1.9			—			0.9			1.2
Construction Materials		0.8			2.0			1.6			1.8
Consumer Finance		1.6			—			0.6			0.1
Containers & Packaging		—			—			—			0.2
Diversified Consumer Services		2.1			1.6			0.6			0.6
Diversified Financial Services		—			1.7			0.7			0.4
Diversified Telecommunication Services		—			2.1			2.9			1.0
Electric Utilities		—			—			0.4			—
Electrical Equipment		3.4			—			—			1.0
Electronic Equipment, Instruments & Components		1.8			0.9			0.9			2.5
Energy Equipment & Services		—			0.6			—			—
Entertainment		3.7			2.2			1.8			4.5
Food & Staples Retailing		—			—			2.1			—
Food Products		—			0.7			1.6			0.4
Gas Utilities		0.9			—			1.4			0.4
Health Care Equipment & Supplies		—			—			0.5			0.5
Health Care Providers & Services		3.8			0.5			0.2			1.4
Hotels, Restaurants & Leisure		0.7			—			0.9			1.0
Household Durables		—			0.6			0.2			—
Household Products		—			—			0.5			0.8
Industrial Conglomerates		—			0.9			0.9			0.9
Insurance		2.0			5.0			3.5			2.2

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

128   Semi-Annual Report

Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	—	%		—	%		1.2	%		—	%		5.2	%
	0.1			—			—			—			1.1
	—			—			—			—			0.5
	1.4			—			—			—			—
	3.3			—			—			—			0.9
	25.4			—			7.1			—			4.8
	1.1			4.7			8.6			—			5.7
	—			—			—			—			1.2
	—			—			0.8			—			—
	—			—			4.6			—			7.2
	0.5			—			1.9			—			1.5
	—			5.8			—			—			—
	—			—			3.3			—			—
	—			—			—			4.7			—
	3.2			—			—			—			—
	—			—			—			—			—
	—			—			—			—			—
	—			4.7			—			—			—
	—			—			—			—			—
	1.7			—			—			—			—
	—			2.4			—			12.9			—
	—			—			2.4			—			—
	2.0			4.6			1.1			—			0.8
	—			—			0.8			—			0.9
	2.8			—			1.1			—			5.5
	1.9			—			—			—			—
	—			—			—			—			—
	0.9			—			—			7.3			—
	—			3.4			2.3			—			6.0
	0.6			18.6			—			—			1.0
	—			5.8			2.8			—			—
	1.0			—			—			—			—
	0.9			—			1.5			—			—
	1.8			—			2.0			—			—
	2.8			—			7.7			—			7.8

Semi-Annual Report   129

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

							Lazard			Lazard
	Lazard			Lazard			Emerging			Emerging
	Developing			Emerging			Markets			Markets
	Markets			Markets			Equity			Equity
	Equity			Core Equity			Advantage			Blend
Industry†	Portfolio			Portfolio			Portfolio			Portfolio
Interactive Media & Services		10.4	%		7.0	%		5.0	%		4.6	%
Internet & Direct Marketing Retail		3.2			5.8			5.0			1.7
IT Services		1.6			1.3			2.7			3.6
Leisure Products		—			—			—			—
Life Sciences Tools & Services		0.5			0.4			—			—
Machinery		3.0			1.2			1.3			1.8
Media		—			—			—			0.4
Metals & Mining		2.8			4.5			4.0			1.2
Multiline Retail		—			—			0.7			—
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		9.1			6.8			7.6			7.1
Paper & Forest Products		0.8			1.4			0.1			—
Personal Products		—			1.8			0.6			—
Pharmaceuticals		—			—			1.4			0.8
Professional Services		—			—			—			—
Real Estate Management & Development		—			1.0			2.7			0.2
Road & Rail		1.3			1.2			—			0.3
Semiconductors & Semiconductor Equipment		4.9			6.7			5.9			5.9
Software		—			—			0.4			—
Specialty Retail		0.9			—			1.3			0.7
Technology Hardware, Storage & Peripherals		4.2			5.2			5.7			4.1
Textiles, Apparel & Luxury Goods		1.7			1.4			1.7			1.1
Thrifts & Mortgage Finance		—			—			—			—
Tobacco		—			—			0.6			0.6
Trading Companies & Distributors		—			0.6			—			0.4
Transportation Infrastructure		—			1.4			1.3			1.4
Water Utilities		1.8			—			—			1.5
Wireless Telecommunication Services		—			1.0			2.2			3.2
Subtotal		97.9			98.0			96.8			93.0
Short-Term Investments		2.4			1.4			1.8			6.0
Total Investments		100.3	%		99.4	%		98.6	%		99.0	%

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

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

130   Semi-Annual Report

Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	0.8	%		1.0	%		3.8	%		—	%		5.7	%
	—			—			1.6			—			2.9
	4.9			2.0			5.0			—			8.9
	—			—			1.2			—			—
	—			—			5.5			—			3.1
	1.9			—			1.8			—			1.0
	—			10.3			—			6.4			1.5
	2.7			—			—			—			1.0
	0.4			—			2.3			—			1.4
	—			3.5			—			13.8			—
	11.3			—			—			—			2.2
	—			—			—			—			—
	1.0			—			3.3			—			1.7
	—			—			6.3			—			5.3
	—			7.8			5.7			—			2.9
	—			—			1.0			—			—
	—			—			1.7			17.3			1.0
	6.2			2.1			1.9			—			—
	—			4.2			3.0			—			4.7
	0.4			2.0			0.5			—			—
	5.5			—			—			—			—
	—			7.8			0.4			—			1.0
	—			—			0.5			—			—
	1.5			—			—			—			—
	—			—			0.7			—			1.3
	1.5			3.0			—			18.6			—
	—			3.3			—			11.2			—
	6.6			—			—			—			—
	96.1			97.0			95.4			92.2			95.7
	3.7			2.7			5.2			7.8			4.4
	99.8	%		99.7	%		100.6	%		100.0	%		100.1	%

Semi-Annual Report   131

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

Industry†	Lazard International Quality Growth Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		2.7	%		1.5	%		6.1	%		2.3	%
Air Freight & Logistics		—			—			—			—
Airlines		—			1.7			—			1.1
Auto Components		—			1.1			—			1.0
Automobiles		—			2.1			3.5			2.8
Banks		6.4			7.1			9.3			8.9
Beverages		—			0.3			7.2			5.5
Biotechnology		2.0			1.0			—			—
Building Products		4.9			0.4			—			2.2
Capital Markets		6.1			1.2			—			—
Chemicals		2.1			2.4			—			4.7
Commercial Services & Suppliers		—			0.1			—			—
Communications Equipment		—			—			—			—
Construction & Engineering		—			1.2			—			1.4
Consumer Finance		—			0.1			—			—
Containers & Packaging		—			0.2			2.6			1.2
Distributors		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified Financial Services		—			1.4			—			—
Diversified Telecommunication Services		—			1.2			—			2.2
Electric Utilities		—			3.7			—			1.4
Electrical Equipment		2.1			0.2			—			0.8
Electronic Equipment, Instruments & Components		2.0			0.6			4.6			0.8
Energy Equipment & Services		—			—			—			—
Equity Real Estate Investment Trusts (REITs)		—			0.4			—			—
Entertainment		3.9			0.2			2.2			3.2
Food & Staples Retailing		2.4			1.7			—			—
Food Products		0.9			4.1			—			—
Gas Utilities		—			—			—			—
Health Care Equipment & Supplies		4.4			1.3			5.2			2.7
Health Care Providers & Services		2.1			0.7			—			0.7
Health Care Technology		—			—			—			—
Hotels, Restaurants & Leisure		2.2			1.7			3.5			1.5
Household Durables		—			0.2			—			—
Household Products		1.8			—			—			—

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

132   Semi-Annual Report

Lazard International Equity Select Portfolio			Lazard International Equity Value Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	2.7	%		4.0	%		—	%		6.1	%		2.2	%
	—			3.9			2.0			—			—
	0.9			2.1			—			1.0			1.6
	1.2			—			1.3			—			—
	2.7			3.5			—			3.9			—
	10.0			11.2			1.1			8.5			2.7
	3.7			4.0			2.4			6.3			1.4
	0.6			—			—			1.2			1.5
	2.4			2.6			3.6			1.8			—
	—			2.3			5.5			4.3			2.5
	1.0			3.5			—			—			0.2
	—			—			2.5			—			2.8
	—			—			—			—			0.7
	1.3			—			—			—			0.7
	—			—			—			1.2			0.6
	—			—			—			—			—
	—			—			—			—			0.3
	—			—			0.7			—			—
	—			—			3.9			0.7			0.4
	2.5			—			2.2			—			2.5
	1.1			—			—			—			5.4
	0.2			—			0.8			0.9			—
	—			4.5			6.1			1.5			1.2
	—			—			1.0			—			—
	—			—			1.0			—			4.4
	2.2			4.0			1.4			5.1			—
	—			3.7			2.6			—			4.5
	—			—			1.1			—			2.7
	—			—			—			—			0.3
	3.5			—			—			3.1			0.8
	—			—			1.9			—			1.6
	—			—			1.1			—			0.3
	1.2			7.5			4.3			1.4			3.9
	—			2.1			2.0			—			—
	—			—			—			—			3.8

Semi-Annual Report   133

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

Industry†	Lazard International Quality Growth Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio
Independent Power & Renewable Electricity Producers		—	%		—	%		—	%		—	%
Industrial Conglomerates		—			0.9			—			—
Insurance		7.8			6.5			12.3			9.5
Interactive Media & Services		3.1			0.7			3.4			—
Internet & Direct Marketing Retail		1.9			—			—			—
IT Services		—			1.4			5.2			1.6
Leisure Products		1.2			0.2			—			0.9
Life Sciences Tools & Services		2.0			—			—			—
Machinery		—			4.9			2.7			3.1
Media		—			0.1			—			1.3
Metals & Mining		—			4.3			—			1.5
Multiline Retail		3.4			—			—			0.9
Multi-Utilities		—			0.5			2.0			1.3
Oil, Gas & Consumable Fuels		—			6.9			7.2			6.2
Personal Products		—			3.3			—			3.6
Pharmaceuticals		1.2			9.5			4.6			6.4
Professional Services		9.4			1.8			—			4.3
Real Estate Management & Development		—			3.8			2.6			2.8
Road & Rail		3.0			1.7			—			1.1
Semiconductors & Semiconductor Equipment		4.5			1.8			—			—
Software		5.0			1.8			4.8			3.6
Specialty Retail		2.4			1.2			—			—
Technology Hardware, Storage & Peripherals		—			0.5			3.5			1.2
Textiles, Apparel & Luxury Goods		1.3			3.1			—			—
Thrifts & Mortgage Finance		—			—			—			—
Tobacco		—			2.0			—			—
Trading Companies & Distributors		4.4			0.6			—			1.4
Water Utilities		—			—			—			—
Wireless Telecommunication Services		—			2.4			2.4			1.1
Subtotal		96.6			97.7			94.9			96.2
Short-Term Investments		3.8			2.6			4.4			3.6
Total Investments		100.4	%		100.3	%		99.3	%		99.8	%

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

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

134   Semi-Annual Report

Lazard International Equity Select Portfolio			Lazard International Equity Value Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	—	%		—	%		—	%		—	%		0.2	%
	—			—			1.3			—			1.5
	12.1			7.5			—			10.3			6.8
	2.6			—			4.4			0.7			0.3
	1.5			—			—			0.8			0.2
	3.0			7.3			4.6			3.1			3.0
	—			3.5			—			1.0			0.3
	1.0			—			1.7			—			0.2
	2.2			—			5.2			4.1			0.3
	—			—			2.2			2.5			1.0
	1.3			3.0			1.9			2.0			3.3
	0.9			—			—			0.9			0.2
	1.6			4.3			—			1.6			2.4
	6.2			3.8			—			3.4			1.7
	3.2			—			—			3.1			2.0
	5.1			—			3.9			5.4			8.6
	4.2			2.1			5.4			4.5			0.5
	1.4			—			8.3			1.8			2.4
	1.0			—			—			—			0.3
	1.2			—			—			—			0.8
	3.5			—			2.7			—			1.9
	0.5			—			2.2			—			3.2
	1.2			—			—			—			0.5
	0.8			—			1.8			—			1.9
	—			—			—			1.2			—
	—			—			—			—			1.0
	0.8			—			2.1			1.2			0.6
	0.8			—			0.9			—			—
	0.9			3.9			—			0.9			3.3
	94.2			94.3			97.1			95.5			97.4
	4.1			4.6			0.2			3.5			3.1
	98.3	%		98.9	%		97.3	%		99.0	%		100.5	%

Semi-Annual Report   135

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

June 30, 2019	Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
ASSETS
Investments in securities, at fair value		$	242,155,760		$	230,653,205
Cash			—			39,100
Foreign currency, at fair value			142,282			493,203
Receivables for:
Dividends			965,518			1,711,656
Investments sold			746,961			60,837
Capital stock sold			331,482			271,232
Amount due from Investment Manager (Note 3)			—			—
Deferred offering costs (Note 2(f))			—			1,127
Prepaid expenses			—			—
Total assets			244,342,003			233,230,360
LIABILITIES
Payables for:
Foreign capital gains taxes			10,481			73,060
Management fees			199,059			187,322
Accrued custodian fees			13,220			21,349
Accrued distribution fees			1,840			442
Accrued professional services			39,924			39,669
Capital stock redeemed			936,901			107,812
Investments purchased			1,616,169			788,318
Other accrued expenses and payables			35,083			17,269
Total liabilities			2,852,677			1,235,241
Net assets		$	241,489,326		$	231,995,119
NET ASSETS
Paid in capital		$	336,187,369		$	219,531,055
Distributable earnings (Accumulated loss)			(94,698,043	)		12,464,064
Net assets		$	241,489,326		$	231,995,119
Institutional Shares
Net assets		$	232,302,827		$	229,253,991
Shares of capital stock outstanding*			17,417,054			20,632,985
Net asset value, offering and redemption price per share		$	13.34		$	11.11
Open Shares
Net assets		$	9,186,499		$	2,208,635
Shares of capital stock outstanding*			693,607			199,606
Net asset value, offering and redemption price per share		$	13.24		$	11.06
R6 Shares
Net assets			—		$	532,493
Shares of capital stock outstanding*			—			47,893
Net asset value, offering and redemption price per share			—		$	11.12
Cost of investments in securities		$	221,831,542		$	220,741,602
Cost of foreign currency		$	144,147		$	492,169

* $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.

136    Semi-Annual Report

Lazard Emerging Markets Equity Advantage Portfolio		Lazard Emerging Markets Equity Blend Portfolio			Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio
$	9,959,412	$	97,833,173		$	8,330,966,196		$	36,987,629		$	71,979,957
	1,471		7,050			138,562			—			—
	8,200		208,600			4,131,379			17			9,955
	52,793		889,170			41,264,948			154,052			120,161
	—		122,287			9,613,833			—			104
	102,075		43,821			8,176,515			—			73,039
	7,032		—			—			—			—
	—		—			—			—			—
	23,308		29,004			—			5,904			—
	10,154,291		99,133,105			8,394,291,433			37,147,602			72,183,216
	—		73,503			13,647,259			—			—
	—		105,997			6,949,400			15,715			44,751
	6,846		15,994			690,666			7,808			6,369
	214		1,332			212,892			44			198
	40,468		48,603			124,874			25,514			27,998
	—		65,467			21,797,692			3,086			62,271
	6		33,057			566,018			—			500,589
	6,484		16,528			687,866			12,671			5,018
	54,018		360,481			44,676,667			64,838			647,194
$	10,100,273	$	98,772,624		$	8,349,614,766		$	37,082,764		$	71,536,022
$	9,503,700	$	148,831,550		$	8,469,453,253		$	37,395,751		$	56,896,990
	596,573		(50,058,926	)		(119,838,487	)		(312,987	)		14,639,032
$	10,100,273	$	98,772,624		$	8,349,614,766		$	37,082,764		$	71,536,022
$	8,956,279	$	92,241,163		$	7,134,435,562		$	36,857,766		$	70,530,734
	798,131		8,015,109			402,354,868			3,694,031			5,070,189
$	11.22	$	11.51		$	17.73		$	9.98		$	13.91
$	1,143,994	$	6,531,461		$	1,034,364,858		$	224,998		$	1,005,288
	102,076		567,070			56,751,158			22,585			72,342
$	11.21	$	11.52		$	18.23		$	9.96		$	13.90
	—		—		$	180,814,346			—			—
	—		—			10,198,673			—			—
	—		—		$	17.73			—			—
$	9,374,032	$	96,407,909		$	7,884,933,417		$	37,858,698		$	59,971,139
$	8,188	$	208,459		$	4,086,369		$	17		$	9,952

Semi-Annual Report    137

June 30, 2019	Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	6,730,322,546	$	3,081,364
Foreign currency, at fair value			—		1,161
Receivables for:
Dividends			44,888,553		5,633
Investments sold			473		22,557
Capital stock sold			17,951,634		—
Amount due from Investment Manager (Note 3)			—		10,722
Deferred offering costs (Note 2(f))			—		—
Prepaid expenses			—		6,634
Total assets			6,793,163,206		3,128,071
LIABILITIES
Foreign currency due to custodian			129,948		—
Payables for:
Foreign capital gains taxes			—		—
Management fees			4,931,000		—
Accrued custodian fees			109,724		9,095
Accrued distribution fees			98,098		28
Accrued professional services			55,035		28,251
Offering costs (Note 2(g))			—		—
Capital stock redeemed			2,064,245		—
Investments purchased			43,519,990		624
Gross unrealized depreciation on forward currency contracts			11,314,148		—
Other accrued expenses and payables			193,619		12,828
Total liabilities			62,415,807		50,826
Net assets		$	6,730,747,399	$	3,077,245
NET ASSETS
Paid in capital		$	6,318,018,068	$	2,555,598
Distributable earnings (Accumulated loss)			412,729,331		521,647
Net assets		$	6,730,747,399	$	3,077,245
Institutional Shares
Net assets		$	6,248,530,345	$	2,934,561
Shares of capital stock outstanding*			409,110,404		1,502,406
Net asset value, offering and redemption price per share		$	15.27	$	1.95
Open Shares
Net assets		$	482,217,054	$	142,684
Shares of capital stock outstanding*			31,545,321		73,609
Net asset value, offering and redemption price per share		$	15.29	$	1.94
R6 Shares
Net assets			—		—
Shares of capital stock outstanding			—		—
Net asset value, offering and redemption price per share			—		—
Cost of investments in securities		$	6,334,813,350	$	2,608,866
Cost of foreign currency		$	129,740	$	1,161

* $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.

138    Semi-Annual Report

Lazard International Quality Growth Portfolio		Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio		Lazard International Equity Portfolio		Lazard International Equity Select Portfolio
$	3,636,274	$	2,402,600		$	86,943,309	$	2,872,471,907	$	91,349,527
	648		2,336			52,614		2,295,992		86,863
	8,477		8,623			154,413		6,979,446		232,288
	—		11,176			645,011		9,537,824		507,226
	—		—			285,773		2,669,302		1,012,712
	12,307		12,933			—		—		—
	45,918		—			—		—		—
	13,617		22,525			—		—		20,264
	3,717,241		2,460,193			88,081,120		2,893,954,471		93,208,880
	—		—			—		—		—
	—		—			—		—		—
	—		—			50,728		1,733,895		55,638
	11,365		9,432			5,081		104,765		5,893
	—		22			85		50,084		323
	24,083		34,729			27,871		45,563		36,973
	55,858		—			—		—		—
	—		—			4,585		2,543,622		45,020
	—		13,097			437,299		11,770,285		169,915
	—		—			—		—		—
	3,612		6,535			10,545		222,072		12,196
	94,918		63,815			536,194		16,470,286		325,958
$	3,622,323	$	2,396,378		$	87,544,926	$	2,877,484,185	$	92,882,922
$	3,013,308	$	2,412,086		$	85,161,323	$	2,590,423,203	$	87,439,902
	609,015		(15,708	)		2,383,603		287,060,982		5,443,020
$	3,622,323	$	2,396,378		$	87,544,926	$	2,877,484,185	$	92,882,922
$	3,617,497	$	2,288,781		$	87,135,596	$	2,501,284,425	$	91,300,699
	300,724		235,905			8,853,550		138,067,509		8,688,118
$	12.03	$	9.70		$	9.84	$	18.12	$	10.51
$	4,826	$	107,597		$	409,330	$	259,583,370	$	1,582,223
	402		11,106			41,581		14,173,935		150,078
$	12.00	$	9.69		$	9.84	$	18.31	$	10.54
	—		—			—	$	116,616,390		—
	—		—			—		6,445,215		—
	—		—			—	$	18.09		—
$	3,058,795	$	2,388,914		$	83,716,564	$	2,576,428,768	$	86,773,009
$	647	$	2,337		$	52,593	$	2,296,220	$	86,860

Semi-Annual Report    139

June 30, 2019	Lazard International Equity Value Portfolio				Lazard International Small Cap Equity Portfolio
ASSETS
Investments in securities, at fair value		$	24,973,955		$	56,051,987
Foreign currency, at fair value			4,595			17,406
Receivables for:
Dividends			169,474			185,611
Investments sold			1,012,519			1,897,886
Capital stock sold			23			39,026
Amount due from Investment Manager (Note 3)			14,803			—
Deferred offering costs (Note 2(f))			38,074			—
Prepaid expenses			—			—
Total assets			26,213,443			58,191,916
LIABILITIES
Due to custodian			—			120,000
Payables for:
Foreign capital gains taxes			—			—
Management fees			—			35,984
Accrued custodian fees			14,964			15,966
Accrued distribution fees			12			4,119
Accrued administration fees			2,751			3,452
Accrued professional services			24,822			39,903
Capital stock redeemed			—			954
Investments purchased			899,929			11,013
Line of credit outstanding			—			360,000
Other accrued expenses and payables			10,898			3,960
Total liabilities			953,376			595,351
Net assets		$	25,260,067		$	57,596,565
NET ASSETS
Paid in capital		$	25,430,112		$	55,475,426
Distributable earnings (Accumulated loss)			(170,045	)		2,121,139
Net assets		$	25,260,067		$	57,596,565
Institutional Shares
Net assets		$	25,188,081		$	37,672,092
Shares of capital stock outstanding*			2,537,017			3,313,493
Net asset value, offering and redemption price per share		$	9.93		$	11.37
Open Shares
Net assets		$	71,986		$	19,924,473
Shares of capital stock outstanding*			7,266			1,750,485
Net asset value, offering and redemption price per share		$	9.91		$	11.38
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	25,273,601		$	53,912,384
Cost of foreign currency		$	4,602		$	17,703

* $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.

140   Semi-Annual Report

Lazard International Strategic Equity Portfolio		Lazard Managed Equity Volatility Portfolio		Lazard US Equity Concentrated Portfolio		Lazard US Equity Select Portfolio		Lazard US Realty Equity Portfolio
$	6,342,770,169	$	25,542,847	$	1,287,328,312	$	78,904,328	$	65,574,698
	7,364,653		6,857		—		—		—
	12,648,446		48,316		1,382,200		46,092		225,822
	60,012,831		416,962		3,469,332		—		744,039
	8,206,984		—		866,796		34,411		4,480
	—		117		—		—		—
	—		—		—		—		—
	—		21,361		—		9,150		—
	6,431,003,083		26,036,460		1,293,046,640		78,993,981		66,549,039
	—		—		—		—		—
	848,582		—		—		—		—
	3,878,947		—		739,638		32,960		40,621
	166,076		8,316		27,922		8,451		5,990
	181,386		47		9,630		207		9,572
	98,810		2,761		27,758		4,383		3,613
	69,569		31,610		30,672		23,998		31,591
	5,033,567		7,277		518,936		107		18,493
	16,640,841		576,080		—		—		756,770
	—		—		—		—		—
	329,489		4,323		48,893		9,774		13,355
	27,247,267		630,414		1,403,449		79,880		880,005
$	6,403,755,816	$	25,406,046	$	1,291,643,191	$	78,914,101	$	65,669,034
$	5,562,139,122	$	23,660,740	$	1,095,001,296	$	62,941,995	$	53,274,830
	841,616,694		1,745,306		196,641,895		15,972,106		12,394,204
$	6,403,755,816	$	25,406,046	$	1,291,643,191	$	78,914,101	$	65,669,034
$	5,402,313,637	$	25,195,294	$	1,243,345,250	$	66,443,997	$	20,350,569
	362,952,189		2,076,355		79,303,896		5,475,646		1,011,029
$	14.88	$	12.13	$	15.68	$	12.13	$	20.13
$	894,399,936	$	210,752	$	46,039,140	$	1,020,243	$	45,318,465
	59,624,441		17,404		2,917,813		83,815		2,243,617
$	15.00	$	12.11	$	15.78	$	12.17	$	20.20
$	107,042,243		—	$	2,258,801	$	11,449,861		—
	7,185,379		—		143,723		943,270		—
$	14.90		—	$	15.72	$	12.14		—
$	5,538,415,103	$	23,975,017	$	1,090,007,758	$	65,507,840	$	55,727,596
$	7,363,647	$	6,860	$	—	$	—	$	—

Semi-Annual Report   141

June 30, 2019	Lazard US Small-Mid Cap Equity Portfolio
ASSETS
Investments in securities, at fair value		$	82,339,363
Cash			3,509,339
Receivables for:
Dividends			136,510
Investments sold			64,660,098
Capital stock sold			465,524
Total assets			151,110,834
LIABILITIES
Payables for:
Management fees			90,757
Accrued distribution fees			2,925
Capital stock redeemed			65,218,179
Other accrued expenses and payables			46,360
Total liabilities			65,358,221
Net assets		$	85,752,613
NET ASSETS
Paid in capital		$	71,078,630
Distributable earnings (Accumulated loss)			14,673,983
Net assets		$	85,752,613
Institutional Shares
Net assets		$	71,356,152
Shares of capital stock outstanding*			5,421,169
Net asset value, offering and redemption price per share		$	13.16
Open Shares
Net assets		$	14,396,461
Shares of capital stock outstanding*			1,183,422
Net asset value, offering and redemption price per share		$	12.17
Cost of investments in securities		$	75,631,067

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

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

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Semi-Annual Report   143

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

		Lazard				Lazard Emerging
		Developing Markets				Markets Core
For the Six Months Ended June 30, 2019		Equity Portfolio				Equity Portfolio
Investment Income (Loss)
Income
Dividends*, (a)			$	2,396,735		$	3,747,824
Expenses
Management fees (Note 3)				1,260,127			1,169,424
Custodian fees				66,181			74,358
Distribution fees (Open Shares)				10,925			2,556
Administration fees				23,115			23,469
Shareholders’ reports				14,818			10,853
Shareholders’ services				9,968			7,757
Professional services				29,994			28,683
Directors’ fees and expenses				7,618			7,376
Registration fees				22,848			30,641
Amortization of offering costs (Note 2(g))				—			1,602
Other^				7,312			6,287
Total gross expenses				1,452,906			1,363,006
Management fees waived and expenses reimbursed				—			(2,939	)
Total net expenses				1,452,906			1,360,067
Net investment income (loss)				943,829			2,387,757
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments**, (a), #				11,448,214			4,249,257
Foreign currency transactions				(125,669	)		8,285
Total net realized gain (loss) on investments and foreign currency transactions				11,322,545			4,257,542
Net change in unrealized appreciation (depreciation) on:
Investments†, (a)				26,378,558			19,332,476
Foreign currency translations				18,726			1,381
Total net change in unrealized appreciation (depreciation) on investments foreign currency translations and forward currency contracts				26,397,284			19,333,857
Net realized and unrealized gain (loss) on investments and foreign currency transactions				37,719,829			23,591,399
Net increase (decrease) in net assets resulting from operations			$	38,663,658		$	25,979,156
*	Net of foreign withholding taxes of		$	225,592		$	424,200
**	Net of foreign capital gains taxes of		$	2,038		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	(10,481	)	$	(73,060	)
^	Includes interest on line of credit of		$	1,292		$	122
(a)	See Note 5 for information on affiliated issuers.
#	On April 24, 2019, the Global Equity Select Portfolio had redemptions-in-kind with total proceeds in the amount of $7,186,378. The loss on associated investments of $1,760,136 will not be realized for tax purposes.

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

144   Semi-Annual Report

Lazard
Emerging Markets				Lazard Emerging				Lazard				Lazard				Lazard Global
Equity Advantage				Markets Equity				Emerging Markets				Equity Franchise				Equity Select
Portfolio				Blend Portfolio				Equity Portfolio				Portfolio				Portfolio
	$	132,270			$	3,468,056			$	157,419,423			$	434,520			$	828,521
		33,501				1,451,012				45,186,060				71,509				281,183
		36,142				92,381				1,933,795				20,395				25,204
		1,122				8,283				1,321,693				269				1,078
		7,856				25,501				412,490				8,480				11,757
		2,067				22,328				356,411				1,951				2,561
		3,106				9,569				220,158				2,735				3,290
		24,198				35,546				211,742				19,278				21,354
		2,558				9,394				207,974				2,672				3,973
		16,744				23,215				86,728				17,159				22,569
		—				—				—				—				—
		2,672				7,428				149,644				2,769				3,528
		129,966				1,684,657				50,086,695				147,217				376,497
		(85,257	)			—				—				(61,970	)			(5,995	)
		44,709				1,684,657				50,086,695				85,247				370,502
		87,561				1,783,399				107,332,728				349,273				458,019
		(5,563	)			4,178,561				110,894,231				216,879				2,571,812
		(1,802	)			(151,562	)			(2,435,488	)			1,307				(7,241	)
		(7,365	)			4,026,999				108,458,743				218,186				2,564,571
		461,128				28,579,260				675,451,500				214,058				9,177,603
		119				5,442				426,083				227				358
		461,247				28,584,702				675,877,583				214,285				9,177,961
		453,882				32,611,701				784,336,326				432,471				11,742,532
	$	541,442			$	34,395,100			$	891,669,054			$	781,743			$	12,200,551
	$	18,184			$	439,692			$	22,899,162			$	25,481			$	59,370
	$	—			$	493,865			$	11,868,811			$	—			$	—
	$	—			$	313,707			$	23,971,108			$	—			$	—
	$	—			$	—			$	—			$	41			$	—

Semi-Annual Report   145

		Lazard
		Global Listed				Lazard
		Infrastructure				Global Strategic
For the Six Months Ended June 30, 2019		Portfolio				Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	153,470,647		$	27,831
Expenses
Management fees (Note 3)				27,481,063			10,843
Custodian fees				438,179			22,239
Distribution fees (Open Shares)				578,640			174
Administration fees				293,790			7,544
Shareholders’ reports				111,358			2,036
Shareholders’ services				128,561			2,739
Professional services				121,142			20,371
Directors’ fees and expenses				126,999			2,539
Registration fees				59,650			19,476
Amortization of offering costs (Note 2(f))				—			—
Other^				81,191			2,661
Total gross expenses				29,420,573			90,622
Management fees waived and expenses reimbursed				—			(75,951	)
Shareholders’ services fees waived				—			—
Total net expenses				29,420,573			14,671
Net investment income (loss)				124,050,074			13,160
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments#				(119,606,660	)		60,251
Foreign currency transactions				114,720			(534	)
Forward currency contracts				97,690,745			—
Total net realized gain (loss) on investments, foreign currency transactions and forward currency contracts				(21,801,195	)		59,717
Net change in unrealized appreciation (depreciation) on:
Investments				714,351,506			432,545
Foreign currency translations				168,842			53
Forward currency contracts				(12,249,877	)		—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts				702,270,471			432,598
Net realized and unrealized gain (loss) on investments, foreign currency transactions and forward currency contracts				680,469,276			492,315
Net increase (decrease) in net assets resulting from operations			$	804,519,350		$	505,475
*	Net of foreign withholding taxes of		$	13,967,442		$	2,286
^	Includes interest on line of credit of		$	—		$	—
#	On April 24, 2019, the Global Listed Infrastructure Portfolio had redemptions-in-kind with total proceeds in the amount of $7,089,596. The loss on associated investments of $315,565 will not be realized for tax purposes.

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

146   Semi-Annual Report

				Lazard				Lazard
Lazard				International				International				Lazard				Lazard
International				Equity				Equity				International				International
Quality Growth				Advantage				Concentrated				Equity				Equity Select
Portfolio				Portfolio				Portfolio				Portfolio				Portfolio
	$	37,129			$	49,983			$	1,722,873			$	57,850,116			$	1,723,581
		12,115				7,523				276,491				10,078,279				328,504
		23,803				31,834				24,064				278,440				31,778
		8				130				538				294,946				2,076
		7,565				7,508				11,683				155,625				12,838
		1,488				2,024				2,650				133,545				6,004
		8,880				2,701				2,979				70,956				3,872
		20,040				22,540				21,084				67,880				26,243
		2,543				2,530				3,683				59,042				4,105
		2,480				16,744				21,519				48,571				20,690
		27,698				—				—				—				—
		757				2,653				3,467				43,932				3,625
		107,377				96,187				368,158				11,231,216				439,735
		(87,532	)			(85,609	)			(39,024	)			(8,297	)			(612	)
		(6,107	)			—				—				—				—
		13,738				10,578				329,134				11,222,919				439,123
		23,391				39,405				1,393,739				46,627,197				1,284,458
		9,903				(33,211	)			467,462				(8,963,816	)			468,755
		(1,816	)			399				(19,829	)			183,002				(10,875	)
		—				—				—				—				—
		8,087				(32,812	)			447,633				(8,780,814	)			457,880
		577,774				241,647				8,972,520				345,519,027				10,279,428
		58				76				(700	)			(31,457	)			2,481
		—				—				—				—				—
		577,832				241,723				8,971,820				345,487,570				10,281,909
		585,919				208,911				9,419,453				336,706,756				10,739,789
	$	609,310			$	248,316			$	10,813,192			$	383,333,953			$	12,024,247
	$	5,178			$	6,473			$	151,103			$	6,623,312			$	217,292
	$	—			$	—			$	32			$	—			$	—

Semi-Annual Report   147

For the Six Months Ended June 30, 2019		Lazard International Equity Value Portfolio				Lazard International Small Cap Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	678,367		$	917,431
Expenses
Management fees (Note 3)				98,676			219,455
Custodian fees				27,373			35,950
Distribution fees (Open Shares)				77			25,447
Administration fees				8,905			11,021
Shareholders’ reports				2,125			5,352
Shareholders’ services				12,898			4,737
Professional services				19,792			26,045
Directors’ fees and expenses				3,008			3,727
Registration fees				17,159			18,176
Amortization of offering costs (Note 2(f))				53,729			—
Other^				2,878			3,534
Total gross expenses				246,620			353,444
Management fees waived and expenses reimbursed				(119,144	)		—
Shareholders’ services fees waived				(10,167	)		—
Total net expenses				117,309			353,444
Net investment income (loss)				561,058			563,987
Net Realized and Unrealized Gain (Loss) on Investments and foreign currency transactions
Net realized gain (loss) on:
Investments**, #				262,515			(1,510,401	)
Foreign currency transactions				(1,894	)		1,018
Total net realized gain (loss) on investments and foreign currency transactions				260,621			(1,509,383	)
Net change in unrealized appreciation (depreciation) on:
Investments†				1,163,082			8,591,268
Foreign currency translations				1,255			809
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts				1,164,337			8,592,077
Net realized and unrealized gain (loss) on investments and foreign currency transactions				1,424,958			7,082,694
Net increase (decrease) in net assets resulting from operations			$	1,986,016		$	7,646,681
*	Net of foreign withholding taxes of		$	52,643		$	98,079
**	Net of foreign capital gains taxes of		$	—		$	294
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	—		$	—
^	Includes interest on line of credit of		$	—		$	39

# On April 24, 2019, the International Strategic Equity and US Equity Concentrated Portfolios had redemptions-in-kind with total proceeds in the amount of $5,840,598 and 14,745,759, respectively. The loss on associated investments of $878,071 and 2,551,597 will not be realized for tax purposes.

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

148   Semi-Annual Report

Lazard International Strategic Equity Portfolio				Lazard Managed Equity Volatility Portfolio				Lazard US Equity Concentrated Portfolio				Lazard US Equity Select Portfolio				Lazard US Realty Equity Portfolio
	$	108,143,034			$	326,218			$	9,827,254			$	718,785			$	1,120,913
		22,910,565				70,047				4,335,426				250,844				244,236
		555,051				34,674				89,609				24,897				16,545
		1,093,814				250				59,107				1,211				58,508
		295,381				8,822				83,183				13,675				11,434
		168,278				2,112				35,972				3,787				7,287
		132,814				2,840				37,387				5,401				5,386
		127,371				21,810				40,008				20,224				20,827
		131,144				2,945				29,047				4,087				3,873
		53,927				17,883				34,408				20,842				18,846
		—				—				—				—				—
		90,891				2,876				21,847				4,041				3,791
		25,559,236				164,259				4,765,994				349,009				390,733
		(2,537	)			(76,352	)			(1,274	)			(57,946	)			(2,277	)
		—				—				—				—				—
		25,556,699				87,907				4,764,720				291,063				388,456
		82,586,335				238,311				5,062,534				427,722				732,457
		(33,066,847	)			292,089				11,709,180				2,438,347				727,327
		(521,356	)			(3,500	)			—				—				—
		(33,588,203	)			288,589				11,709,180				2,438,347				727,327
		815,466,557				2,643,588				222,815,977				10,145,581				10,496,157
		41,826				792				—				—				—
		815,508,383				2,644,380				222,815,977				10,145,581				10,496,157
		781,920,180				2,932,969				234,525,157				12,583,928				11,223,484
	$	864,506,515			$	3,171,280			$	239,587,691			$	13,011,650			$	11,955,941
	$	11,077,879			$	25,863			$	—			$	—			$	—
	$	—			$	—			$	—			$	—			$	—
	$	(806,734	)		$	—			$	—			$	—			$	—
	$	—			$	—			$	—			$	25			$	205

Semi-Annual Report   149

For the Six Months Ended June 30, 2019	Lazard US Small-Mid Cap Equity Portfolio
Investment Income (Loss)
Income
Dividends		$	999,317
Expenses
Management fees (Note 3)			533,044
Custodian fees			27,483
Distribution fees (Open Shares)			17,967
Administration fees			16,247
Shareholders’ reports			6,930
Shareholders’ services			5,682
Professional services			21,211
Directors’ fees and expenses			5,332
Other			23,468
Total net expenses			657,364
Net investment income (loss)			341,953
Net Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on Investments			10,495,539
Net change in unrealized appreciation (depreciation) on investments			16,239,672
Net realized and unrealized gain (loss) on investments			26,735,211
Net increase (decrease) in net assets resulting from operations		$	27,077,164

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

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Semi-Annual Report   151

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

	Lazard Developing Markets Equity Portfolio
	Six Months Ended				Year Ended
	June 30, 2019				December 31,
	(unaudited)				2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	943,829		$	2,230,118
Net realized gain (loss) on investments and foreign currency transactions			11,322,545			11,062,804
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			26,397,284			(76,316,938	)
Net increase (decrease) in net assets resulting from operations			38,663,658			(63,024,016	)
Distributions to shareholders (Note 2(e))
Institutional Shares			—			(1,769,297	)
Open Shares			—			(72,262	)
R6 Shares			—			—
Return of capital
Institutional Shares			—			—
Open Shares			—			—
Net decrease in net assets resulting from distributions			—			(1,841,559	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			42,398,789			109,622,584
Open Shares			2,617,621			4,292,325
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,162,422
Open Shares			—			69,269
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(62,634,884	)		(102,082,155	)
Open Shares			(1,938,494	)		(7,115,548	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(19,556,968	)		5,948,897
Total increase (decrease) in net assets			19,106,690			(58,916,678	)
Net assets at beginning of period			222,382,636			281,299,314
Net assets at end of period		$	241,489,326		$	222,382,636

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

152   Semi-Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
$	2,387,757		$	3,782,203		$	87,561		$	67,358
	4,257,542			8,124,073			(7,365	)		168,585
	19,333,857			(67,542,603	)		461,247			(998,827	)
	25,979,156			(55,636,327	)		541,443			(762,884	)
	—			(3,760,098	)		—			(69,604	)
	—			(23,933	)		—			(9,266	)
	—			(6,411	)		—			—
	—			—			—			(4,975	)
	—			—			—			(662	)
	—			(3,790,442	)		—			(84,507	)
	38,011,165			139,344,970			5,449,741			682,689
	939,542			1,474,772			606,380			410,412
	9,117			620,586			—			—
	—			3,136,183			—			74,579
	—			23,781			—			9,928
	—			6,411			—			—
	(42,410,629	)		(105,969,725	)		(75,878	)		(1,100,816	)
	(805,047	)		(1,017,541	)		(3,645	)		(194,160	)
	(30,329	)		(60,674	)		—			—
	(4,286,181	)		37,558,763			5,976,598			(117,368	)
	21,692,975			(21,868,006	)		6,518,041			(964,759	)
	210,302,144			232,170,150			3,582,232			4,546,991
$	231,995,119		$	210,302,144		$	10,100,273		$	3,582,232

Semi-Annual Report   153

	Lazard Developing Markets Equity Portfolio
	Six Months Ended			Year Ended
	June 30, 2019			December 31,
	(unaudited)			2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		18,836,550			18,562,591
Shares sold		3,375,286			8,208,714
Shares issued to shareholders from reinvestment of distributions		—			92,256
Shares redeemed		(4,794,782	)		(8,027,011	)
Net increase (decrease)		(1,419,496	)		273,959
Shares outstanding at end of period		17,417,054			18,836,550
Open Shares
Shares outstanding at beginning of period		639,563			869,884
Shares sold		204,959			308,910
Shares issued to shareholders from reinvestment of distributions		—			5,519
Shares redeemed		(150,915	)		(544,750	)
Net increase (decrease)		54,044			(230,321	)
Shares outstanding at end of period		693,607			639,563
R6 Shares†
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

† The inception date for the R6 Shares was April 6, 2018.

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

154   Semi-Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
	21,031,193			18,723,561			309,610			341,687
	3,547,887			11,637,703			495,306			61,001
	—			323,559			—			7,564
	(3,946,095	)		(9,653,630	)		(6,785	)		(100,642	)
	(398,208	)		2,307,632			488,521			(32,077	)
	20,632,985			21,031,193			798,131			309,610
	187,835			148,907			47,382			29,020
	86,776			129,653			55,021			33,843
	—			2,458			—			1,007
	(75,005	)		(93,183	)		(327	)		(16,488	)
	11,771			38,928			54,694			18,362
	199,606			187,835			102,076			47,382
	49,941			—			—			—
	845			54,318			—			—
	—			661			—			—
	(2,893	)		(5,038	)		—			—
	(2,048	)		49,941			—			—
	47,893			49,941			—			—

Semi-Annual Report 155

	Lazard Emerging Markets Equity Blend Portfolio
	Six Months Ended			Year Ended
	June 30, 2019			December 31,
	(unaudited)			2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,783,399		$	5,014,573
Net realized gain (loss) on investments and foreign currency transactions		4,026,999			7,815,785
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		28,584,702			(95,667,829	)
Net increase (decrease) in net assets resulting from operations		34,395,100			(82,837,471	)
Distributions to shareholders (Note 2(e))
Institutional Shares		—			(5,376,473	)
Open Shares		—			(90,707	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		—			(5,467,180	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		13,995,129			61,509,551
Open Shares		516,132			2,180,238
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		—			5,295,445
Open Shares		—			89,138
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(246,648,583	)		(74,641,893	)
Open Shares		(1,089,442	)		(3,743,056	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(233,226,764	)		(9,310,577	)
Total increase (decrease) in net assets		(198,831,664	)		(97,615,228	)
Net assets at beginning of period		297,604,288			395,219,516
Net assets at end of period	$	98,772,624		$	297,604,288

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

156   Semi-Annual Report

Lazard Emerging Markets Equity Portfolio						Lazard Equity Franchise Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
$	107,332,728		$	240,361,347		$	349,273		$	156,813
	108,458,743			83,373,211			218,186			655,895
	675,877,583			(2,584,037,244	)		214,285			(1,249,640	)
	891,669,054			(2,260,302,686	)		781,744			(436,932	)
	—			(161,807,179	)		—			(840,278	)
	—			(18,476,071	)		—			(17,593	)
	—			(5,115,396	)		—			—
	—			(185,398,646	)		—			(857,871	)
	566,970,486			1,966,180,706			28,437,382			3,799,029
	143,691,070			306,879,204			10,503			133,054
	17,628,710			31,823,654			—			—
	—			151,836,697			—			840,278
	—			18,130,779			—			17,593
	—			3,561,076			—			—
	(1,774,659,575	)		(3,712,443,436	)		(677,603	)		(598,862	)
	(217,101,920	)		(575,821,409	)		(151	)		(41,913	)
	(89,519,867	)		(107,150,726	)		—			—
	(1,352,991,096	)		(1,917,003,455	)		27,770,131			4,149,179
	(461,322,042	)		(4,362,704,787	)		28,551,875			2,854,376
	8,810,936,808			13,173,641,595			8,530,889			5,676,513
$	8,349,614,766		$	8,810,936,808		$	37,082,764		$	8,530,889

Semi-Annual Report   157

	Lazard Emerging
	Markets Equity Blend Portfolio
	Six Months Ended			Year Ended
	June 30, 2019			December 31,
	(unaudited)			2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		29,084,201			29,825,093
Shares sold		1,245,724			5,068,945
Shares issued to shareholders from reinvestment of distributions		—			536,388
Shares redeemed		(22,314,816	)		(6,346,225	)
Net increase (decrease)		(21,069,092	)		(740,892	)
Shares outstanding at end of period		8,015,109			29,084,201
Open Shares
Shares outstanding at beginning of period		617,871			751,456
Shares sold		46,043			174,662
Shares issued to shareholders from reinvestment of distributions		—			9,005
Shares redeemed		(96,844	)		(317,252	)
Net increase (decrease)		(50,801	)		(133,585	)
Shares outstanding at end of period		567,070			617,871
R6 Shares
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

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

158   Semi-Annual Report

Lazard Emerging Markets Equity Portfolio						Lazard Equity Franchise Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
	471,588,782			563,580,657			943,047			536,277
	32,713,136			104,450,860			2,819,499			366,709
	—			9,444,619			—			96,662
	(101,947,050	)		(205,887,354	)		(68,515	)		(56,601	)
	(69,233,914	)		(91,991,875	)		2,750,984			406,770
	402,354,868			471,588,782			3,694,031			943,047
	60,776,573			73,583,131			21,455			10,687
	8,101,376			16,934,111			1,145			12,698
	—			1,095,146			—			2,021
	(12,126,791	)		(30,835,815	)		(15	)		(3,951	)
	(4,025,415	)		(12,806,558	)		1,130			10,768
	56,751,158			60,776,573			22,585			21,455
	14,479,168			18,608,156			—			—
	999,149			1,671,090			—			—
	—			221,226			—			—
	(5,279,644	)		(6,021,304	)		—			—
	(4,280,495	)		(4,128,988	)		—			—
	10,198,673			14,479,168			—			—

Semi-Annual Report   159

	Lazard Global Equity Select Portfolio
	Six Months Ended				Year Ended
	June 30, 2019				December 31,
	(unaudited)				2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	458,019		$	472,082
Net realized gain (loss) on investments, foreign currency transactions and forward currency contracts			2,564,571			1,129,110
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations and forward currency contracts			9,177,961			(6,721,129	)
Net increase (decrease) in net assets resulting from operations			12,200,551			(5,119,937	)
Distributions to shareholders (Note 2(e))
Institutional Shares			—			(2,021,764	)
Open Shares			—			(21,670	)
Return of capital
Institutional Shares			—			(55,115	)
Open Shares			—			(591	)
Net decrease in net assets resulting from distributions			—			(2,099,140	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			8,680,518			27,026,953
Open Shares			176,609			183,864
Net proceeds from reinvestment of distributions
Institutional Shares			—			2,076,864
Open Shares			—			22,261
Cost of shares redeemed
Institutional Shares			(15,587,700	)		(14,792,583	)
Open Shares			(78,856	)		(65,826	)
Net increase (decrease) in net assets from capital stock transactions			(6,809,429	)		14,451,533
Total increase (decrease) in net assets			5,391,122			7,232,456
Net assets at beginning of period			66,144,900			58,912,444
Net assets at end of period		$	71,536,022		$	66,144,900
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			5,577,806			4,464,645
Shares sold			662,556			2,056,703
Shares issued to shareholders from reinvestment of distributions			—			179,116
Shares redeemed			(1,170,173	)		(1,122,658	)
Net increase (decrease)			(507,617	)		1,113,161
Shares outstanding at end of period			5,070,189			5,577,806
Open Shares
Shares outstanding at beginning of period			65,049			54,514
Shares sold			13,238			13,747
Shares issued to shareholders from reinvestment of distributions			—			1,916
Shares redeemed			(5,945	)		(5,128	)
Net increase (decrease)			7,293			10,535
Shares outstanding at end of period			72,342			65,049

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

160   Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
$	124,050,074		$	138,893,718		$	13,160		$	16,927
	(21,801,195	)		474,528,611			59,717			108,933
	702,270,471			(836,415,967	)		432,598			(397,832	)
	804,519,350			(222,993,638	)		505,475			(271,972	)
	(71,509,731	)		(630,234,998	)		—			(620,429	)
	(5,119,244	)		(56,258,605	)		—			(33,292	)
	—			—			—			—
	—			—			—			—
	(76,628,975	)		(686,493,603	)		—			(653,721	)
	1,270,562,455			2,344,513,648			10,597			97,922
	91,520,323			148,282,804			3,048			6,946
	55,966,042			504,145,256			—			620,429
	5,065,107			55,689,132			—			33,292
	(674,462,063	)		(1,871,789,545	)		(62,012	)		(85,002	)
	(96,903,530	)		(331,531,149	)		(16,554	)		(10,368	)
	651,748,334			849,310,146			(64,921	)		663,219
	1,379,638,709			(60,177,095	)		440,554			(262,474	)
	5,351,108,690			5,411,285,785			2,636,691			2,899,165
$	6,730,747,399		$	5,351,108,690		$	3,077,245		$	2,636,691
	364,507,349			298,732,092			1,530,838			1,190,583
	86,883,504			154,668,026			6,239			43,028
	3,695,292			35,491,935			—			334,204
	(45,975,741	)		(124,384,704	)		(34,671	)		(36,977	)
	44,603,055			65,775,257			(28,432	)		340,255
	409,110,404			364,507,349			1,502,406			1,530,838
	31,560,099			39,560,407			80,778			64,619
	6,248,775			9,614,733			1,572			2,964
	334,303			3,911,178			—			18,057
	(6,597,856	)		(21,526,219	)		(8,741	)		(4,862	)
	(14,778	)		(8,000,308	)		(7,169	)		16,159
	31,545,321			31,560,099			73,609			80,778

Semi-Annual Report   161

	Lazard International
	Quality Growth Portfolio
	Six Months Ended				Year Ended
	June 30, 2019				December 31,
	(unaudited)				2018 (a)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	23,391		$	—
Net realized gain (loss) on investments and foreign currency transactions			8,087			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			577,832			(295	)
Net increase (decrease) in net assets resulting from operations			609,310			(295	)
Distributions to shareholders (Note 2(e))
Institutional Shares			—			—
Open Shares			—			—
Net decrease in net assets resulting from distributions			—			—
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,860,000			149,000
Open Shares			13,500			1,000
Net proceeds from reinvestment of distributions
Institutional Shares			—			—
Open Shares			—			—
Cost of shares redeemed
Institutional Shares			—			—
Open Shares			(10,192	)		—
Net increase (decrease) in net assets from capital stock transactions			2,863,308			150,000
Total increase (decrease) in net assets			3,472,618			149,705
Net assets at beginning of period			149,705			—
Net assets at end of period		$	3,622,323		$	149,705
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			14,900			—
Shares sold			285,824			14,900
Shares issued to shareholders from reinvestment of distributions			—			—
Shares redeemed			—			—
Net increase (decrease)			285,824			14,900
Shares outstanding at end of period			300,724			14,900
Open Shares
Shares outstanding at beginning of period			100			—
Shares sold			1,176			100
Shares issued to shareholders from reinvestment of distributions			—			—
Shares redeemed			(874	)		—
Net increase (decrease)			302			100
Shares outstanding at end of period			402			100

(a) The Portfolio commenced operations on December 31, 2018.

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

162   Semi-Annual Report

Lazard International						Lazard International
Equity Advantage Portfolio						Equity Concentrated Portfolio
Six Months Ended			Year Ended			Six Months Ended			Year Ended
June 30, 2019			December 31,			June 30, 2019			December 31,
(unaudited)			2018			(unaudited)			2018
$	39,405		$	57,409		$	1,393,739		$	1,030,116
	(32,812	)		76,385			447,633			(539,632	)
	241,723			(562,157	)		8,971,820			(12,702,020	)
	248,316			(428,363	)		10,813,192			(12,211,536	)
	—			(102,427	)		—			(2,385,665	)
	—			(4,439	)		—			(17,538	)
	—			(106,866	)		—			(2,403,203	)
	—			500			30,291,569			15,603,350
	—			11			650			267,250
	—			102,427			—			2,339,572
	—			4,439			—			17,538
	—			(47,991	)		(3,004,164	)		(23,748,931	)
	—			(11	)		(60,534	)		(19,451	)
	—			59,375			27,227,521			(5,540,672	)
	248,316			(475,854	)		38,040,713			(20,155,411	)
	2,148,062			2,623,916			49,504,213			69,659,624
$	2,396,378		$	2,148,062		$	87,544,926		$	49,504,213
	235,905			229,680			5,888,251			6,658,885
	—			45			3,290,545			1,557,217
	—			11,722			—			286,268
	—			(5,542	)		(325,246	)		(2,614,119	)
	—			6,225			2,965,299			(770,634	)
	235,905			235,905			8,853,550			5,888,251
	11,106			10,599			47,769			21,011
	—			1			67			26,848
	—			507			—			2,144
	—			(1	)		(6,255	)		(2,234	)
	—			507			(6,188	)		26,758
	11,106			11,106			41,581			47,769

Semi-Annual Report   163

	Lazard International Equity Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	46,627,197		$	62,190,848
Net realized gain (loss) on investments and foreign currency transactions		(8,780,814	)		132,220,543
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		345,487,570			(625,076,980	)
Net increase (decrease) in net assets resulting from operations		383,333,953			(430,665,589	)
Distributions to shareholders (Note 2(e))
Institutional Shares		—			(162,037,288	)
Open Shares		—			(16,140,086	)
R6 Shares		—			(9,585,071	)
Net decrease in net assets resulting from distributions		—			(187,762,445	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		360,383,786			692,426,011
Open Shares		39,035,693			71,811,533
R6 Shares		15,176,604			51,158,456
Net proceeds from reinvestment of distributions
Institutional Shares		—			135,295,299
Open Shares		—			14,706,387
R6 Shares		—			9,585,071
Cost of shares redeemed
Institutional Shares		(295,417,571	)		(1,024,041,994	)
Open Shares		(40,877,422	)		(80,776,096	)
R6 Shares		(20,884,089	)		(619,023,756	)
Net increase (decrease) in net assets from capital stock transactions		57,417,001			(748,859,089	)
Total increase (decrease) in net assets		440,750,954			(1,367,287,123	)
Net assets at beginning of period		2,436,733,231			3,804,020,354
Net assets at end of period	$	2,877,484,185		$	2,436,733,231

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

164   Semi-Annual Report

Lazard International Equity Select Portfolio						Lazard International Equity Value Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018 (b)
$	1,284,458		$	1,333,945		$	561,058		$	28,960
	457,880			338,398			260,621			(696,490	)
	10,281,909			(14,665,490	)		1,164,337			(1,462,526	)
	12,024,247			(12,993,147	)		1,986,016			(2,130,056	)
	—			(1,895,320	)		—			(26,179	)
	—			(30,210	)		—			(36	)
	—			—			—			—
	—			(1,925,530	)		—			(26,215	)
	16,949,700			65,277,340			260,515			25,094,341
	618,053			1,202,007			38,524			94,078
	—			—			—			—
	—			1,746,591			—			26,179
	—			30,210			—			36
	—			—			—			—
	(12,030,280	)		(31,783,405	)		—			(26,571	)
	(763,116	)		(2,229,497	)		(8,895	)		(47,885	)
	—			—			—			—
	4,774,357			34,243,246			290,144			25,140,178
	16,798,604			19,324,569			2,276,160			22,983,907
	76,084,318			56,759,749			22,983,907			—
$	92,882,922		$	76,084,318		$	25,260,067		$	22,983,907

Semi-Annual Report   165

	Lazard International Equity Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		134,128,473			144,593,511
Shares sold		21,206,201			36,738,628
Shares issued to shareholders from reinvestment of distributions		—			8,719,524
Shares redeemed		(17,267,165	)		(55,923,190	)
Net increase (decrease)		3,939,036			(10,465,038	)
Shares outstanding at end of period		138,067,509			134,128,473
Open Shares
Shares outstanding at beginning of period		14,336,300			13,869,285
Shares sold		2,204,959			3,733,499
Shares issued to shareholders from reinvestment of distributions		—			936,334
Shares redeemed		(2,367,324	)		(4,202,818	)
Net increase (decrease)		(162,365	)		467,015
Shares outstanding at end of period		14,173,935			14,336,300
R6 Shares
Shares outstanding at beginning of period		6,803,382			35,418,952
Shares sold		885,239			2,684,577
Shares issued to shareholders from reinvestment of distributions		—			618,559
Shares redeemed		(1,243,406	)		(31,918,706	)
Net increase (decrease)		(358,167	)		(28,615,570	)
Shares outstanding at end of period		6,445,215			6,803,382

(b) The Portfolio commenced operations on October 31, 2018.

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

166   Semi-Annual Report

Lazard International Equity Select Portfolio						Lazard International Equity Value Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018 (b)
	8,172,571			4,895,525			2,509,997			—
	1,718,920			6,149,590			27,020			2,509,986
	—			187,099			—			2,928
	(1,203,373	)		(3,059,643	)		—			(2,917	)
	515,547			3,277,046			27,020			2,509,997
	8,688,118			8,172,571			2,537,017			2,509,997
	163,761			256,624			4,211			—
	61,995			113,077			3,956			9,423
	—			3,261			—			4
	(75,678	)		(209,201	)		(901	)		(5,216	)
	(13,683	)		(92,863	)		3,055			4,211
	150,078			163,761			7,266			4,211
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Semi-Annual Report   167

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2019 (unaudited)				Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	563,987			$	676,876
Net realized gain (loss) on investments and foreign currency transactions			(1,509,383	)			7,560,083
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			8,592,077				(27,323,558	)
Net increase (decrease) in net assets resulting from operations			7,646,681				(19,086,599	)
Distributions to shareholders (Note 2(e))
Institutional Shares			—				(1,675,001	)
Open Shares			—				(844,717	)
R6 Shares			—				—
Net decrease in net assets resulting from distributions			—				(2,519,718	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			3,502,754				22,184,618
Open Shares			1,116,538				5,161,365
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			—				1,671,063
Open Shares			—				765,533
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(5,860,546	)			(16,237,337	)
Open Shares			(4,195,061	)			(20,181,718	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			(5,436,315	)			(6,636,476	)
Total increase (decrease) in net assets			2,210,366				(28,242,793	)
Net assets at beginning of period			55,386,199				83,628,992
Net assets at end of period		$	57,596,565			$	55,386,199

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

168   Semi-Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
$	82,586,335		$	89,333,071		$	238,311		$	315,398
	(33,588,203	)		555,754,186			288,589			(294,609	)
	815,508,383			(1,299,655,438	)		2,644,380			(1,538,663	)
	864,506,515			(654,568,181	)		3,171,280			(1,517,874	)
	—			(390,962,878	)		—			(381,378	)
	—			(67,997,086	)		—			(4,224	)
	—			(8,298,386	)		—			—
	—			(467,258,350	)		—			(385,602	)
	520,439,052			1,191,814,486			1,664,044			20,348,996
	75,683,936			220,196,653			—			30,826
	6,194,368			25,261,981			—			—
	—			377,793,204			—			346,406
	—			62,572,751			—			2,739
	—			8,184,877			—			—
	(473,130,066	)		(1,912,545,919	)		(321,345	)		(2,294,274	)
	(138,718,461	)		(503,144,624	)		—			(134,055	)
	(11,495,010	)		(26,460,064	)		—			—
	(21,026,181	)		(556,326,655	)		1,342,699			18,300,638
	843,480,334			(1,678,153,186	)		4,513,979			16,397,162
	5,560,275,482			7,238,428,668			20,892,067			4,494,905
$	6,403,755,816		$	5,560,275,482		$	25,406,046		$	20,892,067

Semi-Annual Report   169

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,529,666			2,993,040
Shares sold		316,885			1,656,082
Shares issued to shareholders from reinvestment of distributions		—			146,870
Shares redeemed		(533,058	)		(1,266,326	)
Net increase (decrease)		(216,173	)		536,626
Shares outstanding at end of period		3,313,493			3,529,666
Open Shares
Shares outstanding at beginning of period		2,031,598			3,064,171
Shares sold		101,412			401,822
Shares issued to shareholders from reinvestment of distributions		—			68,202
Shares redeemed		(382,525	)		(1,502,597	)
Net increase (decrease)		(281,113	)		(1,032,573	)
Shares outstanding at end of period		1,750,485			2,031,598
R6 Shares
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

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

170   Semi-Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
	359,227,186			376,589,551			1,963,386			361,300
	36,840,892			76,867,462			140,919			1,790,614
	—			29,898,424			—			33,373
	(33,115,889	)		(124,128,251	)		(27,950	)		(221,901	)
	3,725,003			(17,362,365	)		112,969			1,602,086
	362,952,189			359,227,186			2,076,355			1,963,386
	64,009,753			76,885,738			17,404			27,255
	5,285,295			14,094,427			—			2,695
	—			4,909,122			—			262
	(9,670,607	)		(31,879,534	)		—			(12,808	)
	(4,385,312	)		(12,875,985	)		—			(9,851	)
	59,624,441			64,009,753			17,404			17,404
	7,549,275			7,026,668			—			—
	429,342			1,599,586			—			—
	—			647,215			—			—
	(793,238	)		(1,724,194	)		—			—
	(363,896	)		522,607			—			—
	7,185,379			7,549,275			—			—

Semi-Annual Report   171

	Lazard US Equity Concentrated Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,062,534		$	17,196,730
Net realized gain (loss) on investments and foreign currency transactions		11,709,180			74,632,752
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		222,815,977			(172,165,758	)
Net increase (decrease) in net assets resulting from operations		239,587,691			(80,336,276	)
Distributions to shareholders (Note 2(e))
Institutional Shares		—			(126,901,740	)
Open Shares		—			(5,585,479	)
R6 Shares		—			(158,630	)
Net decrease in net assets resulting from distributions		—			(132,645,849	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		168,991,263			231,478,214
Open Shares		5,074,443			15,671,466
R6 Shares		43,466			2,047,701
Issued in connection with acquisition of US Realty
Income Portfolio
Institutional Shares		—			—
Open Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		—			114,753,886
Open Shares		—			5,517,497
R6 Shares		—			158,630
Cost of shares redeemed
Institutional Shares		(196,025,957	)		(609,674,559	)
Open Shares		(19,668,130	)		(49,537,525	)
R6 Shares		(91,831	)		(245,106	)
Net increase (decrease) in net assets from capital stock transactions		(41,676,746	)		(289,829,796	)
Total increase (decrease) in net assets		197,910,945			(502,811,921	)
Net assets at beginning of period		1,093,732,246			1,596,544,167
Net assets at end of period	$	1,291,643,191		$	1,093,732,246

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

172   Semi-Annual Report

Lazard US Equity Select Portfolio						Lazard US Realty Equity Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
$	427,722		$	915,707		$	732,457		$	805,208
	2,438,347			7,992,281			727,327			2,480,557
	10,145,581			(10,904,671	)		10,496,157			(9,938,039	)
	13,011,650			(1,996,683	)		11,955,941			(6,652,274	)
	—			(9,488,347	)		—			(695,484	)
	—			(132,836	)		—			(1,716,582	)
	—			(1,527,040	)		—			—
	—			(11,148,223	)		—			(2,412,066	)
	1,052,660			2,797,366			4,526,543			1,624,667
	19,622			54,694			1,570,378			3,032,454
	5,419,699			3,687,551			—			—
	—			—			—			10,788,800
	—			—			—			11,850,795
	—			9,486,106			—			690,667
	—			132,621			—			1,661,053
	—			1,527,040			—			—
	(6,216,881	)		(13,412,997	)		(3,095,673	)		(13,277,642	)
	(42,960	)		(159,494	)		(8,949,669	)		(14,180,850	)
	(5,896,648	)		(4,765,670	)		—			—
	(5,664,508	)		(652,783	)		(5,948,421	)		2,189,944
	7,347,142			(13,797,689	)		6,007,520			(6,874,396	)
	71,566,959			85,364,648			59,661,514			66,535,910
$	78,914,101		$	71,566,959		$	65,669,034		$	59,661,514

Semi-Annual Report   173

	Lazard US Equity Concentrated Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		80,772,130			98,527,318
Shares sold		11,874,196			14,982,089
Shares issued in connection with acquisition of Lazard Equity Portfolio		—			—
Shares issued to shareholders from reinvestment of distributions		—			8,686,899
Shares redeemed		(13,342,430	)		(41,424,176	)
Net increase (decrease)		(1,468,234	)		(17,755,188	)
Shares outstanding at end of period		79,303,896			80,772,130
Open Shares
Shares outstanding at beginning of period		3,925,727			5,681,791
Shares sold		351,058			991,563
Shares issued in connection with acquisition of Lazard Equity Portfolio		—			—
Shares issued to shareholders from reinvestment of distributions		—			413,698
Shares redeemed		(1,358,972	)		(3,161,325	)
Net increase (decrease)		(1,007,914	)		(1,756,064	)
Shares outstanding at end of period		2,917,813			3,925,727
R6 Shares
Shares outstanding at beginning of period		147,098			23,498
Shares sold		2,961			126,703
Shares issued to shareholders from reinvestment of distributions		—			12,595
Shares redeemed		(6,336	)		(15,698	)
Net increase (decrease)		(3,375	)		123,600
Shares outstanding at end of period		143,723			147,098

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

174   Semi-Annual Report

Lazard US Equity Select Portfolio						Lazard US Realty Equity Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
	5,927,072			5,870,874			941,829			993,322
	92,788			229,810			229,445			91,997
	—			—			—			562,426
	—			915,948			—			40,649
	(544,214	)		(1,089,560	)		(160,245	)		(746,565	)
	(451,426	)		56,198			69,200			(51,493	)
	5,475,646			5,927,072			1,011,029			941,829
	85,762			81,216			2,621,072			2,524,879
	1,663			4,222			81,216			167,884
	—			—			—			616,099
	—			12,734			—			97,455
	(3,610	)		(12,410	)		(458,671	)		(785,245	)
	(1,947	)		4,546			(377,455	)		96,193
	83,815			85,762			2,243,617			2,621,072
	982,747			916,579			—			—
	461,644			291,908			—			—
	—			147,820			—			—
	(501,121	)		(373,560	)		—			—
	(39,477	)		66,168			—			—
	943,270			982,747			—			—

Semi-Annual Report   175

	Lazard US Small-Mid Cap Equity Portfolio
	Six Months Ended June 30, 2019 (unaudited)				Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	341,953		$	597,923
Net realized gain (loss) on investments and foreign currency transactions			10,495,539			15,587,339
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions			16,239,672			(36,201,275	)
Net increase (decrease) in net assets resulting from operations			27,077,164			(20,016,013	)
Distributions to shareholders (Note 2(e))
Institutional Shares			—			(17,695,195	)
Open Shares			—			(2,222,866	)
Net decrease in net assets resulting from distributions			—			(19,918,061	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,206,295			21,485,449
Open Shares			625,703			2,442,537
Net proceeds from reinvestment of distributions
Institutional Shares			—			17,320,681
Open Shares			—			2,058,605
Cost of shares redeemed
Institutional Shares			(72,816,160	)		(66,434,776	)
Open Shares			(2,743,121	)		(12,483,878	)
Net increase (decrease) in net assets from capital stock transactions			(68,727,283	)		(35,611,382	)
Total increase (decrease) in net assets			(41,650,119	)		(75,545,456	)
Net assets at beginning of period			127,402,732			202,948,188
Net assets at end of period		$	85,752,613		$	127,402,732
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			10,493,688			12,081,329
Shares sold			500,114			1,436,712
Shares issued to shareholders from reinvestment of distributions			—			1,572,044
Shares redeemed			(5,572,633	)		(4,596,397	)
Net increase (decrease)			(5,072,519	)		(1,587,641	)
Shares outstanding at end of period			5,421,169			10,493,688
Open Shares
Shares outstanding at beginning of period			1,368,812			1,893,205
Shares sold			55,262			183,177
Shares issued to shareholders from reinvestment of distributions			—			201,850
Shares redeemed			(240,652	)		(909,420	)
Net increase (decrease)			(185,390	)		(524,393	)
Shares outstanding at end of period			1,183,422			1,368,812

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

176   Semi-Annual Report

The Lazard Funds, Inc. Financial Highlights

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	11.42		$	14.48		$	10.28		$	9.04		$	10.43		$	11.81
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.11			0.03			0.05	^		0.06			0.09
Net realized and unrealized gain (loss)		1.87			(3.08	)		4.20			1.29			(1.40	)		(1.30	)
Total from investment operations		1.92			(2.97	)		4.23			1.34			(1.34	)		(1.21	)
Less distributions from:
Net investment income		—			(0.09	)		(0.03	)		(0.10	)		(0.05	)		(0.17	)
Total distributions		—			(0.09	)		(0.03	)		(0.10	)		(0.05	)		(0.17	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.34		$	11.42		$	14.48		$	10.28		$	9.04		$	10.43
Total Return (c)		16.81	%		–20.58	%		41.15	%		14.81	%^		–12.84	%		–10.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	232,303		$	215,120		$	268,730		$	189,035		$	343,788		$	426,847
Ratios to average net assets (d):
Net expenses		1.14	%		1.14	%		1.18	%		1.21	%^		1.20	%		1.19	%
Gross expenses		1.14	%		1.14	%		1.18	%		1.23	%		1.20	%		1.19	%
Net investment income (loss)		0.76	%		0.83	%		0.24	%		0.48	%^		0.55	%		0.80	%
Portfolio turnover rate		37	%		63	%		46	%		56	%		66	%		57	%

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

Semi-Annual Report   177

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	11.36		$	14.45		$	10.28		$	9.05		$	10.43		$	11.81
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.06			(0.02	)		0.01	^		0.01			0.08
Net realized and unrealized gain (loss)		1.85			(3.06	)		4.19			1.28			(1.38	)		(1.33	)
Total from investment operations		1.88			(3.00	)		4.17			1.29			(1.37	)		(1.25	)
Less distributions from:
Net investment income		—			(0.09	)		—			(0.06	)		(0.01	)		(0.13	)
Total distributions		—			(0.09	)		—			(0.06	)		(0.01	)		(0.13	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.24		$	11.36		$	14.45		$	10.28		$	9.05		$	10.43
Total Return (c)		16.55	%		–20.83	%#		40.56	%		14.31	%^		–13.11	%		–10.57	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	9,186		$	7,263		$	12,569		$	7,272		$	10,903		$	16,029
Ratios to average net assets (d):
Net expenses		1.43	%		1.51	%		1.58	%		1.60	%^		1.57	%		1.49	%
Gross expenses		1.43	%		1.51	%		1.58	%		1.65	%		1.57	%		1.49	%
Net investment income (loss)		0.54	%		0.42	%		–0.17	%		0.06	%^		0.13	%		0.70	%
Portfolio turnover rate		37	%		63	%		46	%		56	%		66	%		57	%

†	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 period. The amount of the reimbursement was 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 the period custodian fees was offset against the period expense waivers/reimbursements with no impact to net expenses or net investment income (loss).
#	The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.07% impact on the total return of the Portfolio’s Open Shares.
(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 DST; 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.

178   Semi-Annual Report

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	9.89		$	12.30		$	8.83		$	8.60		$	9.62		$	9.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.16			0.11			0.08			0.03			0.03
Net realized and unrealized gain (loss)		1.11			(2.39	)		3.45			0.22			(1.03	)		(0.15	)
Total from investment operations		1.22			(2.23	)		3.56			0.30			(1.00	)		(0.12	)
Less distributions from:
Net investment income		—			(0.18	)		(0.09	)		(0.07	)		(0.01	)		(0.08	)
Return of capital		—			—			—			—			(0.01	)		(0.01	)
Total distributions		—			(0.18	)		(0.09	)		(0.07	)		(0.02	)		(0.09	)
Redemption fees		—			—			—			—	(b)		—	(b)		—
Net asset value, end of period	$	11.11		$	9.89		$	12.30		$	8.83		$	8.60		$	9.62
Total Return (c)		12.34	%		–18.12	%		40.35	%		3.47	%		–10.36	%		–1.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	229,254		$	207,955		$	230,343		$	122,995		$	102,421		$	39,832
Ratios to average net assets (d):
Net expenses		1.16	%		1.18	%		1.20	%		1.30	%		1.30	%		1.30	%
Gross expenses		1.16	%		1.18	%		1.20	%		1.31	%		1.52	%		2.28	%
Net investment income (loss)		2.04	%		1.44	%		0.98	%		0.89	%		0.32	%		0.28	%
Portfolio turnover rate		11	%		30	%		15	%		62	%		46	%		45	%

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

Semi-Annual Report   179

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	9.87		$	12.27		$	8.81		$	8.58		$	9.62		$	9.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.11			0.06			0.07			—	(b)		(0.04	)
Net realized and unrealized gain (loss)		1.09			(2.37	)		3.45			0.20			(1.04	)		(0.11	)
Total from investment operations		1.19			(2.26	)		3.51			0.27			(1.04	)		(0.15	)
Less distributions from:
Net investment income		—			(0.14	)		(0.05	)		(0.04	)		—			(0.05	)
Return of capital		—			—			—			—			—			(0.01	)
Total distributions		—			(0.14	)		(0.05	)		(0.04	)		—			(0.06	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	11.06		$	9.87		$	12.27		$	8.81		$	8.58		$	9.62
Total Return (c)		12.06	%		–18.43	%		39.80	%		3.17	%		–10.81	%		–1.56	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,209		$	1,853		$	1,828		$	729		$	2,344		$	5,266
Ratios to average net assets (d):
Net expenses		1.55	%		1.58	%		1.60	%		1.60	%		1.60	%		1.60	%
Gross expenses		1.55	%		2.00	%		2.45	%		2.14	%		2.35	%		2.81	%
Net investment income (loss)		1.79	%		1.00	%		0.56	%		0.85	%		–0.04	%		–0.35	%
Portfolio turnover rate		11	%		30	%		15	%		62	%		46	%		45	%

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

180   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			For the Period 4/6/18* to 12/31/18
R6 Shares
Net asset value, beginning of period	$	9.89		$	12.21
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.14
Net realized and unrealized gain (loss)		1.12			(2.28	)
Total from investment operations		1.23			(2.14	)
Less distributions from:
Net investment income		—			(0.18	)
Total distributions		—			(0.18	)
Net asset value, end of period	$	11.12		$	9.89
Total Return (c)		12.44	%		–17.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	532		$	494
Ratios to average net assets (d):
Net expenses		1.17	%		1.16	%
Gross expenses		2.26	%		7.68	%
Net investment income (loss)		2.03	%		1.71	%
Portfolio turnover rate		11	%		30	%

†	Unaudited.
*	The inception date for the R6 Shares was April 6, 2018.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   181

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended									For the Period 5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	10.03		$	12.27		$	8.71		$	8.06		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.19			0.12			0.12			0.08
Net realized and unrealized gain (loss)		1.07			(2.19	)		3.58			0.67			(1.88	)
Total from investment operations		1.19			(2.00	)		3.70			0.79			(1.80	)
Less distributions from:
Net investment income		—			(0.22	)		(0.13	)		(0.13	)		(0.14	)
Net realized gains		—			(—	)(b)		—			—			—
Return of capital		—			(0.02	)		(0.01	)		(0.01	)		—
Total distributions		—			(0.24	)		(0.14	)		(0.14	)		(0.14	)
Net asset value, end of period	$	11.22		$	10.03		$	12.27		$	8.71		$	8.06
Total Return (c)		11.86	%		–16.23	%		42.52	%		9.83	%		–17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	8,956		$	3,107		$	4,191		$	2,896		$	2,618
Ratios to average net assets (d):
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses		3.24	%		5.60	%		6.29	%		9.57	%		11.47	%
Net investment income (loss)		2.26	%		1.59	%		1.15	%		1.41	%		1.54	%
Portfolio turnover rate		29	%		61	%		52	%		57	%		38	%

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

182   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended									For the Period 5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	10.04		$	12.27		$	8.71		$	8.06		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.16			0.08			0.09			0.06
Net realized and unrealized gain (loss)		1.06			(2.18	)		3.58			0.68			(1.87	)
Total from investment operations		1.17			(2.02	)		3.66			0.77			(1.81	)
Less distributions from:
Net investment income		—			(0.19	)		(0.09	)		(0.11	)		(0.13	)
Net realized gains		—			—	(b)		—			—			—
Return of capital		—			(0.02	)		(0.01	)		(0.01	)		—
Total distributions		—			(0.21	)		(0.10	)		(0.12	)		(0.13	)
Net asset value, end of period	$	11.21		$	10.04		$	12.27		$	8.71		$	8.06
Total Return (c)		11.65	%		–16.40	%		42.09	%		9.51	%		–18.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,144		$	476		$	356		$	120		$	95
Ratios to average net assets (d):
Net expenses		1.40	%		1.40	%		1.40	%		1.40	%		1.40	%
Gross expenses		3.76	%		8.09	%		12.17	%		20.02	%		26.37	%
Net investment income (loss)		1.94	%		1.35	%		0.72	%		1.06	%		1.18	%
Portfolio turnover rate		29	%		61	%		52	%		57	%		38	%

†	Unaudited.
*	The Portfolio commenced operations on May 29, 2015.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   183

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	10.02		$	12.93		$	9.60		$	8.53		$	10.00		$	11.18
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.17			0.10			0.08	^		0.12			0.15
Net realized and unrealized gain (loss)		1.42			(2.89	)		3.35			1.04			(1.39	)		(1.12	)
Total from investment operations		1.49			(2.72	)		3.45			1.12			(1.27	)		(0.97	)
Less distributions from:
Net investment income		—			(0.19	)		(0.12	)		(0.05	)		(0.19	)		(0.21	)
Return of capital		—			—			—			—			(0.01	)		—	(b)
Total distributions		—			(0.19	)		(0.12	)		(0.05	)		(0.20	)		(0.21	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	11.51		$	10.02		$	12.93		$	9.60		$	8.53		$	10.00
Total Return (c)		14.87	%		–21.05	%		35.98	%		13.12	%^		–12.74	%		–8.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	92,241		$	291,404		$	385,492		$	282,473		$	287,857		$	463,043
Ratios to average net assets (d):
Net expenses		1.15	%		1.15	%		1.21	%		1.25	%^		1.20	%		1.28	%
Gross expenses		1.15	%		1.15	%		1.21	%		1.26	%		1.20	%		1.28	%
Net investment income (loss)		1.22	%		1.39	%		0.90	%		0.88	%^		1.22	%		1.33	%
Portfolio turnover rate		31	%		61	%		57	%		47	%		38	%		44	%

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

184   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	10.03		$	12.95		$	9.62		$	8.55		$	9.99		$	11.17
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.12			0.06			0.05	^		0.11			0.10
Net realized and unrealized gain (loss)		1.41			(2.89	)		3.34			1.04			(1.38	)		(1.10	)
Total from investment operations		1.49			(2.77	)		3.40			1.09			(1.27	)		(1.00	)
Less distributions from:
Net investment income		—			(0.15	)		(0.07	)		(0.02	)		(0.17	)		(0.18	)
Return of capital		—			—			—			—			—	(b)		—	(b)
Total distributions		—			(0.15	)		(0.07	)		(0.02	)		(0.17	)		(0.18	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	11.52		$	10.03		$	12.95		$	9.62		$	8.55		$	9.99
Total Return (c)		14.86	%		–21.39	%		35.38	%		12.74	%^		–12.77	%		–8.95	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,531		$	6,200		$	9,728		$	6,804		$	7,107		$	123,756
Ratios to average net assets (d):
Net expenses		1.43	%		1.53	%		1.60	%		1.60	%^		1.54	%		1.60	%
Gross expenses		1.43	%		1.53	%		1.61	%		1.89	%		1.54	%		1.63	%
Net investment income (loss)		1.52	%		1.01	%		0.50	%		0.54	%^		1.10	%		0.94	%
Portfolio turnover rate		31	%		61	%		57	%		47	%		38	%		44	%

†	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 period. The amount of the reimbursement was 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%.
(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 DST; 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   185

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	16.06		$	20.02		$	15.96		$	13.44		$	17.19		$	18.67
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.39			0.33			0.24	^		0.30			0.37
Net realized and unrealized gain (loss)		1.46			(4.01	)		4.13			2.52			(3.76	)		(1.13	)
Total from investment operations		1.67			(3.62	)		4.46			2.76			(3.46	)		(0.76	)
Less distributions from:
Net investment income		—			(0.34	)		(0.40	)		(0.24	)		(0.23	)		(0.37	)
Net realized gains		—			—			—			—			(0.06	)		(0.35	)
Total distributions		—			(0.34	)		(0.40	)		(0.24	)		(0.29	)		(0.72	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	17.73		$	16.06		$	20.02		$	15.96		$	13.44		$	17.19
Total Return (c)		10.40	%		–18.09	%		28.02	%		20.52	%^		–20.16	%		–4.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,134,436		$	7,573,861		$	11,285,358		$	9,311,693		$	8,238,638		$	12,156,645
Ratios to average net assets (d):
Net expenses		1.08	%		1.07	%		1.08	%		1.09	%^		1.10	%		1.09	%
Gross expenses		1.08	%		1.07	%		1.08	%		1.09	%		1.10	%		1.09	%
Net investment income (loss)		2.41	%		2.12	%		1.82	%		1.59	%^		1.83	%		1.97	%
Portfolio turnover rate		9	%		16	%		14	%		12	%		14	%		12	%

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

186   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	16.53		$	20.60		$	16.41		$	13.82		$	17.65		$	19.14
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.35			0.29			0.21	^		0.26			0.34
Net realized and unrealized gain (loss)		1.51			(4.12	)		4.25			2.58			(3.84	)		(1.16	)
Total from investment operations		1.70			(3.77	)		4.54			2.79			(3.58	)		(0.82	)
Less distributions from:
Net investment income		—			(0.30	)		(0.35	)		(0.20	)		(0.19	)		(0.32	)
Net realized gains		—			—			—			—			(0.06	)		(0.35	)
Total distributions		—			(0.30	)		(0.35	)		(0.20	)		(0.25	)		(0.67	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	18.23		$	16.53		$	20.60		$	16.41		$	13.82		$	17.65
Total Return (c)		10.28	%		–18.32	%		27.73	%		20.17	%^		–20.33	%		–4.39	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,034,365		$	1,004,569		$	1,515,715		$	1,287,552		$	832,706		$	1,474,597
Ratios to average net assets (d):
Net expenses		1.33	%		1.32	%		1.34	%		1.35	%^		1.37	%		1.37	%
Gross expenses		1.33	%		1.32	%		1.34	%		1.35	%		1.37	%		1.37	%
Net investment income (loss)		2.18	%		1.85	%		1.55	%		1.35	%^		1.58	%		1.76	%
Portfolio turnover rate		9	%		16	%		14	%		12	%		14	%		12	%

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

Semi-Annual Report   187

Selected data for a share	Six Months												For the Period
of capital stock outstanding	Ended			Year Ended									1/19/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period	$	16.06		$	20.02		$	15.96		$	13.44		$	17.26
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.40			0.35			0.23	^		0.27
Net realized and unrealized gain (loss)		1.48			(4.02	)		4.11			2.53			(3.80	)
Total from investment operations		1.67			(3.62	)		4.46			2.76			(3.53	)
Less distributions from:
Net investment income		—			(0.34	)		(0.40	)		(0.24	)		(0.23	)
Net realized gains		—			—			—			—			(0.06	)
Total distributions		—			(0.34	)		(0.40	)		(0.24	)		(0.29	)
Net asset value, end of period	$	17.73		$	16.06		$	20.02		$	15.96		$	13.44
Total Return (c)		10.40	%		–18.09	%		28.02	%		20.52	%^		–20.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	180,814		$	232,507		$	372,568		$	197,959		$	144,626
Ratios to average net assets (d):
Net expenses		1.08	%		1.07	%		1.08	%		1.09	%^		1.12	%
Gross expenses		1.08	%		1.07	%		1.08	%		1.10	%		1.13	%
Net investment income (loss)		2.22	%		2.15	%		1.91	%		1.54	%^		1.79	%
Portfolio turnover rate		9	%		16	%		14	%		12	%		14	%

†	Unaudited.
*	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 period. The amount of the reimbursement was 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%.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

188   Semi-Annual Report

LAZARD EQUITY FRANCHISE PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			Year Ended 12/31/18			For the Period 9/29/17* to 12/31/17
Institutional Shares
Net asset value, beginning of period	$	8.84		$	10.38		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.20			0.03
Net realized and unrealized gain (loss)		0.96			(0.75	)		0.40
Total from investment operations		1.14			(0.55	)		0.43
Less distributions from:
Net investment income		—			(0.21	)		(0.03	)
Net realized gains		—			(0.78	)		(0.02	)
Total distributions		—			(0.99	)		(0.05	)
Net asset value, end of period	$	9.98		$	8.84		$	10.38
Total Return (b)		12.90	%		–5.10	%		4.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	36,858		$	8,341		$	5,566
Ratios to average net assets (c):
Net expenses		0.95	%		0.95	%		0.95	%
Gross expenses		1.63	%		3.42	%		3.21	%
Net investment income (loss)		3.92	%		1.94	%		1.26	%
Portfolio turnover rate		56	%		97	%		10	%

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

Semi-Annual Report   189

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			Year Ended 12/31/18			For the Period 9/29/17* to 12/31/17
Open Shares
Net asset value, beginning of period	$	8.84		$	10.38		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.19			0.03
Net realized and unrealized gain (loss)		1.00			(0.77	)		0.39
Total from investment operations		1.12			(0.58	)		0.42
Less distributions from:
Net investment income		—			(0.18	)		(0.02	)
Net realized gains		—			(0.78	)		(0.02	)
Total distributions		—			(0.96	)		(0.04	)
Net asset value, end of period	$	9.96		$	8.84		$	10.38
Total Return (b)		12.67	%		–5.34	%		4.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	225		$	190		$	111
Ratios to average net assets (c):
Net expenses		1.20	%		1.20	%		1.20	%
Gross expenses		3.38	%		10.19	%		23.62	%
Net investment income (loss)		2.49	%		1.75	%		1.14	%
Portfolio turnover rate		56	%		97	%		10	%

†	Unaudited.
*	The Portfolio commenced operations on September 29, 2017.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year except for non-recurring expenses.

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

190   Semi-Annual Report

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	11.72		$	13.04		$	10.53		$	10.33		$	10.32		$	10.02
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.09			0.07			0.09			0.04			0.07
Net realized and unrealized gain (loss)		2.11			(1.02	)		2.93			0.18			0.01			0.29
Total from investment operations		2.19			(0.93	)		3.00			0.27			0.05			0.36
Less distributions from:
Net investment income		—			(0.06	)		(0.10	)		(0.07	)		(0.04	)		(0.06	)
Net realized gains		—			(0.32	)		(0.39	)		—			—			—
Return of capital		—			(0.01	)		—			—			—			—
Total distributions		—			(0.39	)		(0.49	)		(0.07	)		(0.04	)		(0.06	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.91		$	11.72		$	13.04		$	10.53		$	10.33		$	10.32
Total Return (c)		18.69	%		–7.12	%		28.52	%		2.66	%		0.46	%		3.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	70,531		$	65,382		$	58,201		$	31,197		$	20,624		$	12,266
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.05	%		1.07	%		1.10	%		1.10	%
Gross expenses		1.06	%		1.08	%		1.30	%		1.75	%		2.27	%		4.62	%
Net investment income (loss)		1.31	%		0.70	%		0.60	%		0.86	%		0.41	%		0.64	%
Portfolio turnover rate		14	%		34	%		34	%		40	%		55	%		64	%

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

Semi-Annual Report   191

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	11.73		$	13.04		$	10.54		$	10.34		$	10.32		$	10.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.05			0.04			0.06			0.01			0.04
Net realized and unrealized gain (loss)		2.10			(1.01	)		2.91			0.18			0.02			0.30
Total from investment operations		2.17			(0.96	)		2.95			0.24			0.03			0.34
Less distributions from:
Net investment income		—			(0.02	)		(0.06	)		(0.04	)		(0.01	)		(0.03	)
Net realized gains		—			(0.32	)		(0.39	)		—			—			—
Return of capital		—			(0.01	)		—			—			—			—
Total distributions		—			(0.35	)		(0.45	)		(0.04	)		(0.01	)		(0.03	)
Net asset value, end of period	$	13.90		$	11.73		$	13.04		$	10.54		$	10.34		$	10.32
Total Return (c)		18.50	%		–7.33	%		28.01	%		2.35	%		0.24	%		3.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,005		$	763		$	711		$	515		$	290		$	201
Ratios to average net assets (d):
Net expenses		1.35	%		1.35	%		1.35	%		1.37	%		1.40	%		1.40	%
Gross expenses		1.66	%		2.80	%		3.70	%		5.38	%		7.42	%		13.34	%
Net investment income (loss)		1.02	%		0.41	%		0.32	%		0.56	%		0.09	%		0.35	%
Portfolio turnover rate		14	%		34	%		34	%		40	%		55	%		64	%

†	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 DST; 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.

192   Semi-Annual Report

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	13.51		$	15.99		$	14.17		$	13.42		$	13.72		$	13.13
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.30			0.41			0.39			0.31	^		0.33			0.34
Net realized and unrealized gain (loss)		1.64			(0.96	)		2.54			0.92			0.89			2.01
Total from investment operations		1.94			(0.55	)		2.93			1.23			1.22			2.35
Less distributions from:
Net investment income		(0.18	)		(0.72	)		(0.29	)		(0.34	)		(1.17	)		(1.04	)
Net realized gains		—			(1.21	)		(0.82	)		(0.14	)		(0.35	)		(0.72	)
Total distributions		(0.18	)		(1.93	)		(1.11	)		(0.48	)		(1.52	)		(1.76	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	15.27		$	13.51		$	15.99		$	14.17		$	13.42		$	13.72
Total Return (c)		14.38	%		–3.68	%		20.73	%		9.30	%^		9.30	%		17.95	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,248,530		$	4,924,359		$	4,778,042		$	2,931,161		$	2,156,325		$	1,372,216
Ratios to average net assets (d):
Net expenses		0.94	%		0.95	%		0.95	%		0.96	%^		0.96	%		0.98	%
Gross expenses		0.94	%		0.95	%		0.95	%		0.96	%		0.96	%		0.98	%
Net investment income (loss)		4.09	%		2.65	%		2.44	%		2.29	%^		2.32	%		2.35	%
Portfolio turnover rate		19	%		49	%		33	%		35	%		34	%		41	%

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

Semi-Annual Report   193

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	13.52		$	16.01		$	14.20		$	13.45		$	13.74		$	13.15
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			0.37			0.35			0.29	^		0.31			0.29
Net realized and unrealized gain (loss)		1.66			(0.97	)		2.55			0.91			0.88			2.02
Total from investment operations		1.93			(0.60	)		2.90			1.20			1.19			2.31
Less distributions from:
Net investment income		(0.16	)		(0.68	)		(0.27	)		(0.31	)		(1.13	)		(1.00	)
Net realized gains		—			(1.21	)		(0.82	)		(0.14	)		(0.35	)		(0.72	)
Total distributions		(0.16	)		(1.89	)		(1.09	)		(0.45	)		(1.48	)		(1.72	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	15.29		$	13.52		$	16.01		$	14.20		$	13.45		$	13.74
Total Return (c)		14.30	%		–3.98	%		20.47	%		9.01	%^		9.06	%		17.61	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	482,217		$	426,749		$	633,243		$	462,613		$	393,786		$	145,901
Ratios to average net assets (d):
Net expenses		1.20	%		1.20	%		1.21	%		1.22	%^		1.23	%		1.29	%
Gross expenses		1.20	%		1.20	%		1.21	%		1.22	%		1.23	%		1.29	%
Net investment income (loss)		3.71	%		2.36	%		2.16	%		2.09	%^		2.19	%		2.04	%
Portfolio turnover rate		19	%		49	%		33	%		35	%		34	%		41	%

†	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 period. The amount of the reimbursement was 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%.
(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. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

194   Semi-Annual Report

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 8/29/14* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	1.64		$	2.31		$	9.59		$	9.67		$	9.94		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.01			0.08			0.07			0.06			—	(b)
Net realized and unrealized gain (loss)		0.30			(0.18	)		2.24			(0.08	)		(0.25	)		(0.04	)
Total from investment operations		0.31			(0.17	)		2.32			(0.01	)		(0.19	)		(0.04	)
Less distributions from:
Net investment income		—			(0.01	)		(0.20	)		(0.07	)		(0.08	)		(0.02	)
Net realized gains		—			(0.49	)		(9.40	)		—			—			—
Return of capital		—			—			—			—			—			—	(b)
Total distributions		—			(0.50	)		(9.60	)		(0.07	)		(0.08	)		(0.02	)
Net asset value, end of period	$	1.95		$	1.64		$	2.31		$	9.59		$	9.67		$	9.94
Total Return (c)		18.90	%		–9.16	%		24.20	%		–0.15	%		–1.85	%		–0.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,935		$	2,505		$	2,750		$	19,816		$	9,254		$	7,112
Ratios to average net assets (d):
Net expenses		1.00	%		1.05	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses		6.17	%		6.41	%		2.06	%		2.03	%		3.83	%		7.11	%
Net investment income (loss)		0.92	%		0.60	%		0.76	%		0.76	%		0.63	%		–0.08	%
Portfolio turnover rate		22	%		46	%		65	%		67	%		65	%		24	%

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

Semi-Annual Report   195

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 8/29/14* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	1.63		$	2.30		$	9.59		$	9.67		$	9.94		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.01			0.03			0.04			0.03			(0.01	)
Net realized and unrealized gain (loss)		0.30			(0.19	)		2.25			(0.08	)		(0.25	)		(0.04	)
Total from investment operations		0.31			(0.18	)		2.28			(0.04	)		(0.22	)		(0.05	)
Less distributions from:
Net investment income		—			—	(b)		(0.17	)		(0.04	)		(0.05	)		(0.01	)
Net realized gains		—			(0.49	)		(9.40	)		—			—			—
Return of capital		—			—			—			—			—			—	(b)
Total distributions		—			(0.49	)		(9.57	)		(0.04	)		(0.05	)		(0.01	)
Net asset value, end of period	$	1.94		$	1.63		$	2.30		$	9.59		$	9.67		$	9.94
Total Return (c)		19.02	%		–9.39	%		23.72	%		–0.45	%		–2.16	%		–0.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	143		$	131		$	149		$	114		$	114		$	135
Ratios to average net assets (d):
Net expenses		1.30	%		1.35	%		1.41	%		1.40	%		1.40	%		1.40	%
Gross expenses		8.30	%		14.05	%		12.33	%		13.31	%		14.12	%		24.52	%
Net investment income (loss)		0.63	%		0.29	%		0.34	%		0.39	%		0.30	%		–0.32	%
Portfolio turnover rate		22	%		46	%		65	%		67	%		65	%		24	%

†	Unaudited.
*	The Portfolio commenced operations on August 29, 2014.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

196   Semi-Annual Report

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			For the Period 12/31/18*
Institutional Shares
Net asset value, beginning of period	$	9.98		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			—
Net realized and unrealized gain (loss)		1.97			(0.02	)
Total from investment operations		2.05			(0.02	)
Net asset value, end of period	$	12.03		$	9.98
Total Return (b)		20.30	%		–0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,617		$	149
Ratios to average net assets (c):
Net expenses		0.85	%		0.00	%
Gross expenses		6.37	%		8.45	%
Net investment income (loss)		1.45	%		0.00	%
Portfolio turnover rate		131	%		—	%

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

Semi-Annual Report   197

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			For the Period 12/31/18*
Open Shares
Net asset value, beginning of period	$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			—
Net realized and unrealized gain (loss)		1.91			—	(d)
Total from investment operations		2.00			—	(d)
Net asset value, end of period	$	12.00		$	10.00
Total Return (b)		20.00	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5		$	1
Ratios to average net assets (c):
Net expenses		1.08	%		0.00	%
Gross expenses		152.22	%		0.40	%
Net investment income (loss)		1.71	%		0.00	%
Portfolio turnover rate		131	%		—	%

†	Unaudited.
*	The Portfolio commenced operations on December 31, 2018.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year except for non-recurring expenses.
(d)	Amount is less than $0.01 per share.

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

198   Semi-Annual Report

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO
Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended									For the Period 5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	8.70		$	10.92		$	8.91		$	9.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16			0.24			0.19			0.18			0.04
Net realized and unrealized gain (loss)		0.84			(2.01	)		2.03			(0.28	)		(0.70	)
Total from investment operations		1.00			(1.77	)		2.22			(0.10	)		(0.66	)
Less distributions from:
Net investment income		—			(0.33	)		(0.21	)		(0.20	)		(0.13	)
Net realized gains		—			(0.12	)		—			—			—
Total distributions		—			(0.45	)		(0.21	)		(0.20	)		(0.13	)
Net asset value, end of period	$	9.70		$	8.70		$	10.92		$	8.91		$	9.21
Total Return (b)		11.49	%		–16.26	%		24.98	%		–1.13	%		–6.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,289		$	2,051		$	2,508		$	1,969		$	1,797
Ratios to average net assets (c):
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		8.19	%		7.60	%		8.91	%		13.12	%		14.93	%
Net investment income (loss)		3.42	%		2.29	%		1.89	%		2.08	%		0.77	%
Portfolio turnover rate		32	%		72	%		88	%		92	%		58	%

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

Semi-Annual Report   199

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended									For the Period 5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	8.70		$	10.92		$	8.91		$	9.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.21			0.16			0.15			0.03
Net realized and unrealized gain (loss)		0.84			(2.01	)		2.03			(0.28	)		(0.71	)
Total from investment operations		0.99			(1.80	)		2.19			(0.13	)		(0.68	)
Less distributions from:
Net investment income		—			(0.30	)		(0.18	)		(0.17	)		(0.11	)
Net realized gains		—			(0.12	)		—			—			—
Total distributions		—			(0.42	)		(0.18	)		(0.17	)		(0.11	)
Net asset value, end of period	$	9.69		$	8.70		$	10.92		$	8.91		$	9.21
Total Return (b)		11.38	%		–16.52	%		24.60	%		–1.42	%		–6.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	108		$	97		$	116		$	93		$	93
Ratios to average net assets (c):
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		10.94	%		17.67	%		20.85	%		25.85	%		30.10	%
Net investment income (loss)		3.12	%		1.99	%		1.58	%		1.74	%		0.47	%
Portfolio turnover rate		32	%		72	%		88	%		92	%		58	%

†	Unaudited.
*	The Portfolio commenced operations on May 29, 2015.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

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

200   Semi-Annual Report

LAZARD INTERNATIONAL EQUITY CONCENTRATED PORTFOLIO
Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 8/29/14* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	8.34		$	10.43		$	8.54		$	8.27		$	9.53		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.14			0.13			0.14			0.10			(0.01	)
Net realized and unrealized gain (loss)		1.31			(1.84	)		1.86			0.25			(1.25	)		(0.45	)
Total from investment operations		1.50			(1.70	)		1.99			0.39			(1.15	)		(0.46	)
Less distributions from:
Net investment income		—			(0.17	)		(0.10	)		(0.12	)		(0.11	)		(0.01	)
Net realized gains		—			(0.22	)		—			—			—			—	(b)
Total distributions		—			(0.39	)		(0.10	)		(0.12	)		(0.11	)		(0.01	)
Redemption fees		—			—			—			—			—	(b)		—
Net asset value, end of period	$	9.84		$	8.34		$	10.43		$	8.54		$	8.27		$	9.53
Total Return (c)		17.99	%		–16.20	%		23.29	%		4.74	%		–12.06	%		–4.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	87,136		$	49,105		$	69,440		$	15,473		$	13,753		$	9,103
Ratios to average net assets (d):
Net expenses		0.95	%		1.00	%		1.05	%		1.05	%		1.06	%		1.15	%
Gross expenses		1.06	%		1.13	%		1.34	%		2.29	%		2.96	%		7.40	%
Net investment income (loss)		4.04	%		1.45	%		1.35	%		1.64	%		1.13	%		–0.41	%
Portfolio turnover rate		36	%		76	%		81	%		92	%		91	%		45	%

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

Semi-Annual Report   201

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 8/29/14* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	8.35		$	10.45		$	8.56		$	8.29		$	9.53		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16			0.09			0.10			0.11			0.06			(0.02	)
Net realized and unrealized gain (loss)		1.33			(1.82	)		1.86			0.26			(1.22	)		(0.45	)
Total from investment operations		1.49			(1.73	)		1.96			0.37			(1.16	)		(0.47	)
Less distributions from:
Net investment income		—			(0.15	)		(0.07	)		(0.10	)		(0.08	)		—
Net realized gains		—			(0.22	)		—			—			—			—	(b)
Total distributions		—			(0.37	)		(0.07	)		(0.10	)		(0.08	)		—	(b)
Redemption fees		—			—			—			—			—	(b)		—
Net asset value, end of period	$	9.84		$	8.35		$	10.45		$	8.56		$	8.29		$	9.53
Total Return (c)		17.84	%		–16.47	%		22.87	%		4.41	%		–12.18	%		–4.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	409		$	399		$	220		$	114		$	55		$	559
Ratios to average net assets (d):
Net expenses		1.25	%		1.29	%		1.35	%		1.35	%		1.39	%		1.45	%
Gross expenses		1.95	%		5.24	%		8.15	%		11.98	%		9.93	%		12.39	%
Net investment income (loss)		3.46	%		0.96	%		1.04	%		1.32	%		0.60	%		–0.55	%
Portfolio turnover rate		36	%		76	%		81	%		92	%		91	%		45	%

†	Unaudited.
*	The Portfolio commenced operations on August 29, 2014.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

202   Semi-Annual Report

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	15.68		$	19.61		$	16.20		$	17.08		$	16.93		$	17.85
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.30			0.37			0.26			0.27	^		0.27			0.26
Net realized and unrealized gain (loss)		2.14			(3.06	)		3.43			(0.98	)		—			(1.02	)
Total from investment operations		2.44			(2.69	)		3.69			(0.71	)		0.27			(0.76	)
Less distributions from:
Net investment income		—			(0.42	)		(0.28	)		(0.17	)		(0.12	)		(0.16	)
Net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.24	)		(0.28	)		(0.17	)		(0.12	)		(0.16	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	18.12		$	15.68		$	19.61		$	16.20		$	17.08		$	16.93
Total Return (c)		15.56	%		–13.61	%#		22.81	%		–4.18	%^		1.62	%		–4.29	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,501,284		$	2,102,735		$	2,835,262		$	1,511,516		$	736,272		$	378,488
Ratios to average net assets (d):
Net expenses		0.81	%		0.81	%		0.81	%		0.82	%^		0.86	%		0.90	%
Gross expenses		0.81	%		0.81	%		0.81	%		0.84	%		0.87	%		0.90	%
Net investment income (loss)		3.50	%		1.94	%		1.44	%		1.62	%^		1.50	%		1.46	%
Portfolio turnover rate		16	%		36	%		31	%		25	%		30	%		36	%

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

Semi-Annual Report   203

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	15.87		$	19.83		$	16.38		$	17.23		$	17.07		$	18.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			0.32			0.30			0.13	^		0.23			0.27
Net realized and unrealized gain (loss)		2.17			(3.08	)		3.38			(0.90	)		—			(1.09	)
Total from investment operations		2.44			(2.76	)		3.68			(0.77	)		0.23			(0.82	)
Less distributions from:
Net investment income		—			(0.38	)		(0.23	)		(0.08	)		(0.07	)		(0.11	)
Net realized gains		—			(0.82	)		—			—			—			—
Total distributions		—			(1.20	)		(0.23	)		(0.08	)		(0.07	)		(0.11	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	18.31		$	15.87		$	19.83		$	16.38		$	17.23		$	17.07
Total Return (c)		15.37	%		–13.83	%#		22.50	%		–4.46	%^		1.36	%		–4.57	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	259,583		$	227,483		$	275,014		$	1,073,486		$	80,221		$	57,350
Ratios to average net assets (d):
Net expenses		1.06	%		1.06	%		1.06	%		1.07	%^		1.14	%		1.17	%
Gross expenses		1.06	%		1.06	%		1.06	%		1.10	%		1.14	%		1.17	%
Net investment income (loss)		3.20	%		1.67	%		1.69	%		0.80	%^		1.29	%		1.49	%
Portfolio turnover rate		16	%		36	%		31	%		25	%		30	%		36	%

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

204   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended									For the Period 4/1/15 to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15*
R6 Shares
Net asset value, beginning of period	$	15.66		$	19.59		$	16.18		$	17.07		$	17.94
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.30			0.36			0.31			0.31^			0.21
Net realized and unrealized gain (loss)		2.13			(3.05	)		3.38			(1.02	)		(0.95	)
Total from investment operations		2.43			(2.69	)		3.69			(0.71	)		(0.74	)
Less distributions from:
Net investment income		—			(0.42	)		(0.28	)		(0.18	)		(0.13	)
Net realized gains		—			(0.82	)		—			—			—
Total distributions		—			(1.24	)		(0.28	)		(0.18	)		(0.13	)
Net asset value, end of period	$	18.09		$	15.66		$	19.59		$	16.18		$	17.07
Total Return (c)		15.52	%		–13.62	%#		22.85	%		–4.17	%^		–4.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	116,616		$	106,516		$	693,744		$	79,119		$	49,387
Ratios to average net assets (d):
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%^		0.80	%
Gross expenses		0.82	%		0.81	%		0.81	%		0.86	%		0.92	%
Net investment income (loss)		3.50	%		1.84	%		1.68	%		1.88	%^		1.55	%
Portfolio turnover rate		16	%		36	%		31	%		25	%		30	%

†	Unaudited.
*	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 period. The amount of the reimbursement was 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.
#	The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represent a realized gain and were recorded in the period received. There was a 0.16%, 0.16% and 0.33% impact on the total return of the Portfolio’s Institutional, Open and R6 Shares, respectively.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   205

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	9.13		$	11.02		$	8.65		$	8.80		$	9.24		$	9.76
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.18			0.13			0.12			0.12			0.15
Net realized and unrealized gain (loss)		1.23			(1.82	)		2.31			(0.17	)		(0.46	)		(0.58	)
Total from investment operations		1.38			(1.64	)		2.44			(0.05	)		(0.34	)		(0.43	)
Less distributions from:
Net investment income		—			(0.25	)		(0.07	)		(0.10	)		(0.10	)		(0.11	)
Total distributions		—			(0.25	)		(0.07	)		(0.10	)		(0.10	)		(0.11	)
Redemption fees		—			—			—			—			—	(b)		0.02
Net asset value, end of period	$	10.51		$	9.13		$	11.02		$	8.65		$	8.80		$	9.24
Total Return (c)		15.12	%		–14.90	%		28.31	%		–0.63	%		–3.63	%		–4.29	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	91,301		$	74,582		$	53,929		$	28,299		$	18,757		$	12,749
Ratios to average net assets (d):
Net expenses		1.00	%		1.05	%		1.05	%		1.05	%		1.06	%		1.15	%
Gross expenses		1.00	%		1.05	%		1.31	%		1.79	%		2.13	%		2.10	%
Net investment income (loss)		2.94	%		1.73	%		1.27	%		1.36	%		1.25	%		1.54	%
Portfolio turnover rate		18	%		32	%		30	%		42	%		51	%		80	%

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

206   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	9.17		$	11.03		$	8.66		$	8.82		$	9.25		$	9.79
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.15			0.10			0.10			0.11			0.11
Net realized and unrealized gain (loss)		1.24			(1.82	)		2.31			(0.19	)		(0.47	)		(0.57	)
Total from investment operations		1.37			(1.67	)		2.41			(0.09	)		(0.36	)		(0.46	)
Less distributions from:
Net investment income		—			(0.19	)		(0.04	)		(0.07	)		(0.07	)		(0.08	)
Total distributions		—			(0.19	)		(0.04	)		(0.07	)		(0.07	)		(0.08	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	10.54		$	9.17		$	11.03		$	8.66		$	8.82		$	9.25
Total Return (c)		14.94	%		–15.16	%		27.89	%		–1.03	%		–3.85	%		–4.76	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,582		$	1,502		$	2,831		$	2,092		$	2,184		$	3,048
Ratios to average net assets (d):
Net expenses		1.35	%		1.35	%		1.35	%		1.35	%		1.37	%		1.45	%
Gross expenses		1.42	%		1.83	%		2.07	%		2.59	%		2.75	%		2.70	%
Net investment income (loss)		2.59	%		1.42	%		1.01	%		1.13	%		1.15	%		1.11	%
Portfolio turnover rate		18	%		32	%		30	%		42	%		51	%		80	%

†	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 DST; 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   207

LAZARD INTERNATIONAL EQUITY VALUE PORTFOLIO

Selected data for a				For the
share of capital stock	Six Months			Period
outstanding	Ended			10/31/18* to
throughout each period	6/30/19†			12/31/18*
Institutional Shares
Net asset value, beginning of period	$	9.14		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22			0.01
Net realized and unrealized gain (loss)		0.57			(0.86	)
Total from investment operations		0.79			(0.85	)
Less distributions from:
Net investment income		—			(0.01	)
Total distributions		—			(0.01	)
Net asset value, end of period	$	9.93		$	9.14
Total Return (b)		8.64	%		–8.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,188		$	22,945
Ratios to average net assets (c):
Net expenses		0.95	%		0.95	%
Gross expenses		1.95	%		1.34	%
Net investment income (loss)		4.55	%		0.72	%
Portfolio turnover rate		88	%		37	%

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

208   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/19†			For the Period 10/31/18* to 12/31/18*
Open Shares
Net asset value, beginning of period	$	9.13		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.23			—	(d)
Net realized and unrealized gain (loss)		0.55			(0.86	)
Total from investment operations		0.78			(0.86	)
Less distributions from:
Net investment income		—			(0.01	)
Total distributions		—			(0.01	)
Net asset value, end of period	$	9.91		$	9.13
Total Return (b)		8.54	%		–8.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	72		$	38
Ratios to average net assets (c):
Net expenses		1.20	%		1.20	%
Gross expenses		23.09	%		7.91	%
Net investment income (loss)		4.84	%		0.03	%
Portfolio turnover rate		88	%		37	%

†	Unaudited.
*	The Portfolio commenced operations on October 31, 2018.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year except for non-recurring expenses.
(d)	Amount is less than $0.01 per share.

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

Semi-Annual Report   209

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	9.95		$	13.79		$	10.10		$	10.90		$	10.01		$	10.54
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.12			0.10			0.12	^		0.10			0.12
Net realized and unrealized gain (loss)		1.31			(3.51	)		3.59			(0.62	)		0.87			(0.40	)
Total from investment operations		1.42			(3.39	)		3.69			(0.50	)		0.97			(0.28	)
Less distributions from:
Net investment income		—			(0.27	)		—			(0.30	)		(0.08	)		(0.25	)
Net realized gains		—			(0.18	)		—			—			—			—
Total distributions		—			(0.45	)		—			(0.30	)		(0.08	)		(0.25	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	11.37		$	9.95		$	13.79		$	10.10		$	10.90		$	10.01
Total Return (c)		14.27	%		–24.88	%#		36.53	%		–4.64	%^		9.71	%		–2.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	37,672		$	35,121		$	41,267		$	37,049		$	51,828		$	46,329
Ratios to average net assets (d):
Net expenses		1.12	%		1.08	%		1.09	%		0.96	%^		1.11	%		1.13	%
Gross expenses		1.12	%		1.08	%		1.09	%		1.06	%		1.11	%		1.15	%
Net investment income (loss)		2.04	%		0.96	%		0.85	%		1.14	%^		0.91	%		1.13	%
Portfolio turnover rate		20	%		59	%		35	%		63	%		48	%		48	%

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

210   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	9.97		$	13.82		$	10.15		$	10.93		$	10.03		$	10.56
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.11			0.07			0.10	^		0.07			0.09
Net realized and unrealized gain (loss)		1.32			(3.54	)		3.60			(0.63	)		0.88			(0.40	)
Total from investment operations		1.41			(3.43	)		3.67			(0.53	)		0.95			(0.31	)
Less distributions from:
Net investment income		—			(0.24	)		—			(0.25	)		(0.05	)		(0.22	)
Net realized gains		—			(0.18	)		—			—			—			—
Total distributions		—			(0.42	)		—			(0.25	)		(0.05	)		(0.22	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	11.38		$	9.97		$	13.82		$	10.15		$	10.93		$	10.03
Total Return (c)		14.14	%		–25.09	%#		36.16	%		–4.92	%^		9.49	%		–3.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	19,924		$	20,265		$	42,362		$	44,523		$	55,776		$	19,994
Ratios to average net assets (d):
Net expenses		1.38	%		1.34	%		1.34	%		1.21	%^		1.38	%		1.43	%
Gross expenses		1.38	%		1.34	%		1.34	%		1.30	%		1.38	%		1.44	%
Net investment income (loss)		1.72	%		0.83	%		0.61	%		0.91	%^		0.63	%		0.85	%
Portfolio turnover rate		20	%		59	%		35	%		63	%		48	%		48	%

†	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 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.
#	The Portfolio received settlement proceeds from a foreign exchange trading classaction lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.46% and 0.53% impact on the total return of the Portfolio’s Institutional and Open Shares, respectively.
(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 DST; 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   211

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	12.89		$	15.70		$	12.44		$	13.33		$	13.72		$	14.46
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.21			0.17			0.20	^		0.16			0.19
Net realized and unrealized gain (loss)		1.80			(1.85	)		3.29			(0.89	)		(0.40	)		(0.39	)
Total from investment operations		1.99			(1.64	)		3.46			(0.69	)		(0.24	)		(0.20	)
Less distributions from:
Net investment income		—			(0.21	)		(0.20	)		(0.20	)		(0.14	)		(0.16	)
Net realized gains		—			(0.96	)		—			—			(0.01	)		(0.38	)
Total distributions		—			(1.17	)		(0.20	)		(0.20	)		(0.15	)		(0.54	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	14.88		$	12.89		$	15.70		$	12.44		$	13.33		$	13.72
Total Return (c)		15.44	%		–10.35	%		27.85	%		–5.17	%^		–1.70	%		–1.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,402,314		$	4,630,334		$	5,911,184		$	5,114,357		$	4,923,328		$	3,727,391
Ratios to average net assets (d):
Net expenses		0.80	%		0.80	%		0.80	%		0.81	%^		0.82	%		0.84	%
Gross expenses		0.80	%		0.80	%		0.80	%		0.81	%		0.82	%		0.84	%
Net investment income (loss)		2.75	%		1.36	%		1.20	%		1.56	%^		1.15	%		1.28	%
Portfolio turnover rate		15	%		40	%		44	%		47	%		37	%		33	%

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

212   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	13.01		$	15.83		$	12.55		$	13.44		$	13.82		$	14.57
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.17			0.14			0.18	^		0.13			0.16
Net realized and unrealized gain (loss)		1.82			(1.86	)		3.30			(0.90	)		(0.40	)		(0.41	)
Total from investment operations		1.99			(1.69	)		3.44			(0.72	)		(0.27	)		(0.25	)
Less distributions from:
Net investment income		—			(0.17	)		(0.16	)		(0.17	)		(0.10	)		(0.12	)
Net realized gains		—			(0.96	)		—			—			(0.01	)		(0.38	)
Total distributions		—			(1.13	)		(0.16	)		(0.17	)		(0.11	)		(0.50	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	15.00		$	13.01		$	15.83		$	12.55		$	13.44		$	13.82
Total Return (c)		15.30	%		–10.55	%		27.44	%		–5.37	%^		–1.89	%		–1.78	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	894,400		$	832,548		$	1,216,861		$	1,591,016		$	1,783,529		$	1,574,106
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.06	%		1.06	%^		1.08	%		1.09	%
Gross expenses		1.05	%		1.05	%		1.06	%		1.06	%		1.08	%		1.09	%
Net investment income (loss)		2.45	%		1.10	%		0.97	%		1.34	%^		0.94	%		1.06	%
Portfolio turnover rate		15	%		40	%		44	%		47	%		37	%		33	%

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

Semi-Annual Report   213

Selected data for a share	Six Months												For the Period
of capital stock outstanding	Ended			Year Ended									1/19/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period	$	12.90		$	15.71		$	12.45		$	13.34		$	13.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.21			0.16			0.19	^		(0.03	)
Net realized and unrealized gain (loss)		1.81			(1.85	)		3.30			(0.88	)		(0.21	)
Total from investment operations		2.00			(1.64	)		3.46			(0.69	)		(0.24	)
Less distributions from:
Net investment income		—			(0.21	)		(0.20	)		(0.20	)		(0.11	)
Net realized gains		—			(0.96	)		—			—			(0.01	)
Total distributions		—			(1.17	)		(0.20	)		(0.20	)		(0.12	)
Redemption fees		—			—			—			—	(b)		—
Net asset value, end of period	$	14.90		$	12.90		$	15.71		$	12.45		$	13.34
Total Return (c)		15.50	%		–10.35	%		27.82	%		–5.17	%^		–1.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	107,042		$	97,394		$	110,383		$	96,284		$	72,362
Ratios to average net assets (d):
Net expenses		0.80	%		0.80	%		0.80	%		0.81	%^		1.03	%
Gross expenses		0.81	%		0.81	%		0.82	%		0.82	%		1.09	%
Net investment income (loss)		2.71	%		1.34	%		1.15	%		1.46	%^		–0.22	%
Portfolio turnover rate		15	%		40	%		44	%		47	%		37	%

†	Unaudited.
*	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 period. The amount of the reimbursement was 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%.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

214   Semi-Annual Report

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

Selected data for a share	Six Months												For the Period
of capital stock outstanding	Ended			Year Ended									5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	10.55		$	11.57		$	9.99		$	9.59		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.19			0.19			0.18			0.09
Net realized and unrealized gain (loss)		1.46			(1.03	)		1.87			0.44			(0.33	)
Total from investment operations		1.58			(0.84	)		2.06			0.62			(0.24	)
Less distributions from:
Net investment income		—			(0.16	)		(0.17	)		(0.22	)		(0.17	)
Net realized gains		—			(0.02	)		(0.31	)		—			—
Total distributions		—			(0.18	)		(0.48	)		(0.22	)		(0.17	)
Net asset value, end of period	$	12.13		$	10.55		$	11.57		$	9.99		$	9.59
Total Return (b)		14.98	%		–7.21	%		20.57	%		6.45	%		–2.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	25,195		$	20,709		$	4,180		$	2,431		$	2,206
Ratios to average net assets (c):
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.39	%		1.64	%		6.51	%		10.42	%		13.51	%
Net investment income (loss)		2.04	%		1.66	%		1.71	%		1.82	%		1.64	%
Portfolio turnover rate		56	%		122	%		87	%		91	%		56	%

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

Semi-Annual Report   215

Selected data for a share	Six Months												For the Period
of capital stock outstanding	Ended			Year Ended									5/29/15* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	10.54		$	11.56		$	9.99		$	9.59		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.15			0.16			0.15			0.08
Net realized and unrealized gain (loss)		1.47			(1.02	)		1.85			0.44			(0.34	)
Total from investment operations		1.57			(0.87	)		2.01			0.59			(0.26	)
Less distributions from:
Net investment income		—			(0.13	)		(0.13	)		(0.19	)		(0.15	)
Net realized gains		—			(0.02	)		(0.31	)		—			—
Total distributions		—			(0.15	)		(0.44	)		(0.19	)		(0.15	)
Net asset value, end of period	$	12.11		$	10.54		$	11.56		$	9.99		$	9.59
Total Return (b)		14.90	%		–7.50	%		20.11	%		6.14	%		–2.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	211		$	183		$	315		$	172		$	175
Ratios to average net assets (c):
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		3.02	%		5.86	%		12.07	%		17.27	%		23.94	%
Net investment income (loss)		1.74	%		1.28	%		1.42	%		1.52	%		1.33	%
Portfolio turnover rate		56	%		122	%		87	%		91	%		56	%

†	Unaudited.
*	The Portfolio commenced operations on May 29, 2015.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

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

216   Semi-Annual Report

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	12.89		$	15.31		$	14.16		$	13.83		$	13.41		$	12.59
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.18			0.14			0.06	^		0.05			0.11
Net realized and unrealized gain (loss)		2.73			(1.11	)		2.05			0.97			0.88			2.23
Total from investment operations		2.79			(0.93	)		2.19			1.03			0.93			2.34
Less distributions from:
Net investment income		—			(0.20	)		(0.14	)		(0.05	)		(0.04	)		(0.09	)
Net realized gains		—			(1.29	)		(0.90	)		(0.65	)		(0.47	)		(1.43	)
Total distributions		—			(1.49	)		(1.04	)		(0.70	)		(0.51	)		(1.52	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	15.68		$	12.89		$	15.31		$	14.16		$	13.83		$	13.41
Total Return (c)		21.64	%		–6.07	%		15.49	%		7.37	%^		7.00	%		18.88	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,243,345		$	1,040,851		$	1,508,581		$	1,230,377		$	715,766		$	331,074
Ratios to average net assets (d):
Net expenses		0.76	%		0.75	%		0.75	%		0.77	%^		0.79	%		0.81	%
Gross expenses		0.76	%		0.75	%		0.75	%		0.77	%		0.79	%		0.81	%
Net investment income (loss)		0.83	%		1.14	%		0.90	%		0.39	%^		0.36	%		0.79	%
Portfolio turnover rate		23	%		69	%		86	%		84	%		74	%		63	%

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

Semi-Annual Report   217

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	12.99		$	15.42		$	14.25		$	13.92		$	13.50		$	12.68
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.13			0.10			0.02	^		0.01			0.05
Net realized and unrealized gain (loss)		2.75			(1.11	)		2.07			0.97			0.88			2.23
Total from investment operations		2.79			(0.98	)		2.17			0.99			0.89			2.28
Less distributions from:
Net investment income		—			(0.16	)		(0.10	)		(0.01	)		—	(b)		(0.03	)
Net realized gains		—			(1.29	)		(0.90	)		(0.65	)		(0.47	)		(1.43	)
Total distributions		—			(1.45	)		(1.00	)		(0.66	)		(0.47	)		(1.46	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	15.78		$	12.99		$	15.42		$	14.25		$	13.92		$	13.50
Total Return (c)		21.48	%		–6.35	%		15.22	%		7.06	%^		6.67	%		18.28	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	46,039		$	50,981		$	87,603		$	105,619		$	114,348		$	8,011
Ratios to average net assets (d):
Net expenses		1.04	%		1.03	%		1.03	%		1.03	%^		1.07	%		1.25	%
Gross expenses		1.04	%		1.03	%		1.03	%		1.03	%		1.07	%		1.46	%
Net investment income (loss)		0.51	%		0.85	%		0.62	%		0.17	%^		0.08	%		0.37	%
Portfolio turnover rate		23	%		69	%		86	%		84	%		74	%		63	%

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

218   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended						For the Period 11/15/16* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period	$	12.92		$	15.34		$	14.18		$	14.77
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.17			0.14			—	(b)^
Net realized and unrealized gain (loss)		2.74			(1.10	)		2.06			0.03
Total from investment operations		2.80			(0.93	)		2.20			0.03
Less distributions from:
Net investment income		—			(0.20	)		(0.14	)		(0.03	)
Net realized gains		—			(1.29	)		(0.90	)		(0.59	)
Total distributions		—			(1.49	)		(1.04	)		(0.62	)
Net asset value, end of period	$	15.72		$	12.92		$	15.34		$	14.18
Total Return (c)		21.67	%		–6.08	%		15.52	%		0.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,259		$	1,900		$	361		$	140
Ratios to average net assets (d):
Net expenses		0.77	%		0.75	%		0.75	%		0.77	%^
Gross expenses		0.90	%		2.16	%		8.34	%		15.38	%
Net investment income (loss)		0.80	%		1.15	%		0.91	%		0.19	%^
Portfolio turnover rate		23	%		69	%		86	%		84	%

†	Unaudited.
*	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 period. The amount of the reimbursement was 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%.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   219

LAZARD US EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	10.23		$	12.43		$	11.63		$	10.97		$	12.43		$	12.49
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.14			0.14			0.12			0.09			0.14
Net realized and unrealized gain (loss)		1.84			(0.55	)		1.94			0.94			(0.69	)		1.73
Total from investment operations		1.90			(0.41	)		2.08			1.06			(0.60	)		1.87
Less distributions from:
Net investment income		—			(0.29	)		(0.21	)		(0.10	)		(0.10	)		(0.13	)
Net realized gains		—			(1.50	)		(1.07	)		(0.30	)		(0.76	)		(1.80	)
Total distributions		—			(1.79	)		(1.28	)		(0.40	)		(0.86	)		(1.93	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	12.13		$	10.23		$	12.43		$	11.63		$	10.97		$	12.43
Total Return (c)		18.57	%		–3.12	%		18.17	%		9.70	%		–4.75	%		15.04	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	66,444		$	60,629		$	72,958		$	72,151		$	110,243		$	119,941
Ratios to average net assets (d):
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		0.90	%		0.92	%		0.95	%		0.94	%		0.90	%		0.90	%
Net investment income (loss)		1.11	%		1.10	%		1.10	%		1.08	%		0.77	%		1.05	%
Portfolio turnover rate		24	%		62	%		74	%		68	%		75	%		69	%

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

220   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	10.28		$	12.48		$	11.68		$	11.01		$	12.48		$	12.53
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.10			0.10			0.09			0.06			0.10
Net realized and unrealized gain (loss)		1.84			(0.54	)		1.94			0.94			(0.71	)		1.74
Total from investment operations		1.89			(0.44	)		2.04			1.03			(0.65	)		1.84
Less distributions from:
Net investment income		—			(0.26	)		(0.17	)		(0.06	)		(0.06	)		(0.09	)
Net realized gains		—			(1.50	)		(1.07	)		(0.30	)		(0.76	)		(1.80	)
Total distributions		—			(1.76	)		(1.24	)		(0.36	)		(0.82	)		(1.89	)
Net asset value, end of period	$	12.17		$	10.28		$	12.48		$	11.68		$	11.01		$	12.48
Total Return (c)		18.39	%		–3.40	%		17.75	%		9.46	%		–5.11	%		14.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,020		$	881		$	1,013		$	1,376		$	1,536		$	6,833
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		1.44	%		2.33	%		2.30	%		2.13	%		1.51	%		1.31	%
Net investment income (loss)		0.81	%		0.80	%		0.79	%		0.80	%		0.50	%		0.75	%
Portfolio turnover rate		24	%		62	%		74	%		68	%		75	%		69	%

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

Semi-Annual Report   221

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 5/19/14* to
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
R6 Shares
Net asset value, beginning of period	$	10.23		$	12.43		$	11.63		$	10.96		$	12.43		$	12.81
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.14			0.14			0.14			0.10			0.09
Net realized and unrealized gain (loss)		1.85			(0.55	)		1.94			0.93			(0.71	)		1.47
Total from investment operations		1.91			(0.41	)		2.08			1.07			(0.61	)		1.56
Less distributions from:
Net investment income		—			(0.29	)		(0.21	)		(0.10	)		(0.10	)		(0.14	)
Net realized gains		—			(1.50	)		(1.07	)		(0.30	)		(0.76	)		(1.80	)
Total distributions		—			(1.79	)		(1.28	)		(0.40	)		(0.86	)		(1.94	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	12.14		$	10.23		$	12.43		$	11.63		$	10.96		$	12.43
Total Return (c)		18.67	%		–3.13	%		18.16	%		9.81	%		–4.78	%		12.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11,450		$	10,056		$	11,394		$	13,297		$	12,359		$	14,951
Ratios to average net assets (d):
Net expenses		0.75	%		0.75	%		0.75	%		0.74	%		0.70	%		0.70	%
Gross expenses		0.91	%		1.01	%		1.05	%		1.02	%		1.00	%		1.06	%
Net investment income (loss)		1.12	%		1.10	%		1.12	%		1.27	%		0.82	%		1.14	%
Portfolio turnover rate		24	%		62	%		74	%		68	%		75	%		69	%

†	Unaudited.
*	The inception date for the R6 Shares was May 19, 2014.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

222   Semi-Annual Report

LAZARD US REALTY EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	16.69		$	18.85		$	19.37		$	18.93		$	19.71		$	16.05
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.24			0.28			0.31			0.29			0.33			0.28
Net realized and unrealized gain (loss)		3.20			(1.74	)		1.18			0.72			0.55			3.85
Total from investment operations		3.44			(1.46	)		1.49			1.01			0.88			4.13
Less distributions from:
Net investment income		—			(0.32	)		(0.37	)		(0.31	)		(0.38	)		(0.20	)
Net realized gains		—			(0.38	)		(1.64	)		(0.26	)		(1.28	)		(0.27	)
Total distributions		—			(0.70	)		(2.01	)		(0.57	)		(1.66	)		(0.47	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	20.13		$	16.69		$	18.85		$	19.37		$	18.93		$	19.71
Total Return (c)		20.61	%		–7.77	%		7.93	%		5.31	%		4.63	%		25.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	20,351		$	15,715		$	18,724		$	19,625		$	21,143		$	21,806
Ratios to average net assets (d):
Net expenses		1.00	%		1.00	%		1.02	%		1.05	%		1.05	%		1.05	%
Gross expenses		1.03	%		1.09	%		1.09	%		1.12	%		1.09	%		1.18	%
Net investment income (loss)		2.49	%		1.56	%		1.55	%		1.50	%		1.64	%		1.50	%
Portfolio turnover rate		11	%		52	%		32	%		41	%		51	%		43	%

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

Semi-Annual Report   223

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	16.77		$	18.94		$	19.44		$	19.00		$	19.78		$	16.11
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21			0.23			0.25			0.23			0.26			0.19
Net realized and unrealized gain (loss)		3.22			(1.75	)		1.20			0.72			0.56			3.90
Total from investment operations		3.43			(1.52	)		1.45			0.95			0.82			4.09
Less distributions from:
Net investment income		—			(0.27	)		(0.31	)		(0.25	)		(0.32	)		(0.15	)
Net realized gains		—			(0.38	)		(1.64	)		(0.26	)		(1.28	)		(0.27	)
Total distributions		—			(0.65	)		(1.95	)		(0.51	)		(1.60	)		(0.42	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	20.20		$	16.77		$	18.94		$	19.44		$	19.00		$	19.78
Total Return (c)		20.45	%		–8.06	%		7.69	%		4.99	%		4.34	%		25.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	45,318		$	43,946		$	47,811		$	59,307		$	75,907		$	88,897
Ratios to average net assets (d):
Net expenses		1.27	%		1.29	%		1.30	%		1.34	%		1.32	%		1.35	%
Gross expenses		1.27	%		1.29	%		1.30	%		1.34	%		1.32	%		1.42	%
Net investment income (loss)		2.16	%		1.27	%		1.24	%		1.17	%		1.32	%		1.01	%
Portfolio turnover rate		11	%		52	%		32	%		41	%		51	%		43	%

†	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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

224   Semi-Annual Report

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period	$	10.83		$	14.65		$	14.50		$	12.86		$	14.05		$	15.97
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.05			0.06			0.11	^		0.02			0.03
Net realized and unrealized gain (loss)		2.30			(2.00	)		1.95			1.96			(0.34	)		1.74
Total from investment operations		2.33			(1.95	)		2.01			2.07			(0.32	)		1.77
Less distributions from:
Net investment income		—			(0.04	)		(0.09	)		(0.09	)		—	(b)		(0.01	)
Net realized gains		—			(1.83	)		(1.77	)		(0.34	)		(0.87	)		(3.68	)
Total distributions		—			(1.87	)		(1.86	)		(0.43	)		(0.87	)		(3.69	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	13.16		$	10.83		$	14.65		$	14.50		$	12.86		$	14.05
Total Return (c)		21.51	%		–13.27	%		14.12	%		16.28	%^		–2.14	%		11.39	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	71,356		$	113,677		$	176,975		$	189,593		$	171,152		$	157,742
Ratios to average net assets (d):
Net expenses		0.90	%		0.87	%		0.87	%		0.86	%^		0.91	%		0.86	%
Gross expenses		0.90	%		0.87	%		0.87	%		0.90	%		0.91	%		0.86	%
Net investment income (loss)		0.51	%		0.35	%		0.39	%		0.84	%^		0.13	%		0.17	%
Portfolio turnover rate		35	%		81	%		79	%		91	%		91	%		91	%

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

Semi-Annual Report   225

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/19†			12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period	$	10.03		$	13.72		$	13.68		$	12.16		$	13.38		$	15.41
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.01			0.01			0.06	^		(0.02	)		(0.02	)
Net realized and unrealized gain (loss)		2.13			(1.87	)		1.84			1.85			(0.33	)		1.67
Total from investment operations		2.14			(1.86	)		1.85			1.91			(0.35	)		1.65
Less distributions from:
Net investment income		—			—	(b)		(0.04	)		(0.05	)		—	(b)		—
Net realized gains		—			(1.83	)		(1.77	)		(0.34	)		(0.87	)		(3.68	)
Total distributions		—			(1.83	)		(1.81	)		(0.39	)		(0.87	)		(3.68	)
Redemption fees		—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period	$	12.17		$	10.03		$	13.72		$	13.68		$	12.16		$	13.38
Total Return (c)		21.34	%		–13.49	%		13.82	%		15.92	%^		–2.47	%		11.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	14,396		$	13,726		$	25,973		$	30,332		$	36,860		$	15,851
Ratios to average net assets (d):
Net expenses		1.17	%		1.18	%		1.17	%		1.16	%^		1.20	%		1.20	%
Gross expenses		1.17	%		1.18	%		1.17	%		1.20	%		1.20	%		1.20	%
Net investment income (loss)		0.23	%		0.04	%		0.09	%		0.51	%^		–0.13	%		–0.15	%
Portfolio turnover rate		35	%		81	%		79	%		91	%		91	%		91	%

†	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 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.
(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. Returns for a period of less than one year are not annualized.
(d)	Annualized for a period of less than one year.

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

226   Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements

June 30, 2019 (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. As of June 30, 2019, the Fund was comprised of thirty-two no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of Developing Markets Equity, Emerging Markets Core Equity, Emerging Markets Equity Advantage, Emerging Markets Equity Blend, Emerging Markets Equity, Equity Franchise, Global Equity Select, Global Listed Infrastructure, Global Strategic Equity, International Equity Advantage, International Equity Concentrated, International Equity, International Equity Select, International Equity Value, International Small Cap Equity, International Strategic Equity, International Quality Growth (formerly International Compounders), Managed Equity Volatility, US Equity Concentrated, US Equity Select, US Realty Equity and US Small-Mid Cap Equity Portfolios. The financial statements of the other ten Portfolios are presented separately.

The Portfolios, other than Equity Franchise, International Equity Concentrated, International Equity Value, US Equity Concentrated, and US 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 Portfolios’ Prospectus).

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with US Generally Accepted Accounting Principles (“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:

Semi-Annual Report   227

(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 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 Lazard Asset Management LLC, the Fund’s investment manager (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.

228   Semi-Annual Report

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant American Depository Receipts (“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 and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income,

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net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union 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 a 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 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 represent 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

230   Semi-Annual Report

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, 2019, the Global Listed Infrastructure 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.

At December 31, 2018, 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
Developing Markets Equity	$	42,311,826	$	81,496,065
Emerging Markets Core Equity		2,480,814		—
Emerging Markets Equity Blend		11,274,953		38,896,176
Emerging Markets Equity		95,082,877		676,889,120
International Equity Value		525,300		—

Under current tax law, post- October capital losses or certain late year ordinary losses, as defined by the Code, within the taxable

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year may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended December 31, 2018, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Emerging Markets Equity Advantage	$	66,380	$	—
Global Equity Select		330,136		—
Global Listed Infrastructure		5,706,036		—
International Equity Advantage		28,394		2,517
International Equity Concentrated		1,810,394		313
International Equity		41,680,902		—
International Equity Select		363,804		9,494
International Equity Value		—		1,770
International Strategic Equity		1,231,230		—
Managed Equity Volatility		261,488		—
US Equity Concentrated		14,024,506		—
US Equity Select		228,014		—
US Small-Mid Cap Equity		1,910,623		—

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)
Developing Markets Equity	$	221,831,542	$	31,287,930	$	10,963,712	$	20,324,218
Emerging Markets Core Equity		220,741,602		25,236,185		15,324,582		9,911,603
Emerging Markets Equity Advantage		9,374,032		883,124		297,744		585,380
Emerging Markets Equity Blend		96,407,909		7,001,647		5,576,383		1,425,264
Emerging Markets Equity		7,884,933,417		1,350,359,295		904,326,516		446,032,779
Equity Franchise		37,858,698		1,060,241		1,931,310		(871,069	)
Global Equity Select		59,971,139		13,668,296		1,659,478		12,008,818
Global Listed Infrastructure		6,334,813,350		629,696,573		245,501,525		384,195,048
Global Strategic Equity		2,608,866		546,353		73,855		472,498
International Equity Advantage		2,388,914		176,539		162,853		13,686

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Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Equity Concentrated	$	83,716,564	$	5,540,055	$	2,313,310	$	3,226,745
International Equity		2,576,428,768		374,502,936		78,459,797		296,043,139
International Equity Select		86,773,009		8,354,741		3,778,223		4,576,518
International Equity Value		25,273,601		1,344,001		1,643,647		(299,646	)
International Small Cap Equity		53,912,384		6,428,113		4,288,510		2,139,603
International Strategic Equity		5,538,415,103		998,538,995		194,183,929		804,355,066
International Quality Growth		3,058,795		606,154		28,675		577,479
Managed Equity Volatility		23,975,017		2,140,304		572,474		1,567,830
US Equity Concentrated		1,090,007,758		207,076,637		9,756,083		197,320,554
US Equity Select		65,507,840		14,008,731		612,243		13,396,488
US Realty Equity		55,641,847		10,848,358		1,001,256		9,847,102
US Small-Mid Cap Equity		75,631,067		9,733,370		3,025,074		6,708,296

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. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(e) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually, except that the Global Listed Infrastructure Portfolio’s 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

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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, expiring capital loss carryovers, certain expenses, foreign capital gains taxes, distributions in excess of current earnings, equalization, non-REIT non-taxable dividend adjustment to income, distributions redesignations, adjustments in relation to merger, return of capital distributions and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

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

(g) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets.

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Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios 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. 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.

(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 invest-

Semi-Annual Report   235

ment 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 each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Developing Markets Equity		1.00	%
Emerging Markets Core Equity		1.00
Emerging Markets Equity Advantage		0.85
Emerging Markets Equity Blend		1.00
Emerging Markets Equity		1.00
Equity Franchise		0.80
Global Equity Select		0.80
Global Listed Infrastructure		0.90
Global Strategic Equity		0.75
International Equity Advantage		0.65
International Equity Concentrated		0.80
International Equity		0.75
International Equity Select		0.75
International Equity Value		0.80
International Small Cap Equity		0.75
International Strategic Equity		0.75
International Quality Growth		0.75
Managed Equity Volatility		0.60
US Equity Concentrated		0.70
US Equity Select		0.65
US Realty Equity		0.75
US Small-Mid Cap Equity		0.75

The Investment Manager has voluntarily agreed, until May 1 of the year shown below (except as noted), to waive its fees and, if necessary, reimburse the Portfolios if the aggregate direct expenses of the Portfolios, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims exceed the percentages of the value of the Port-

236   Semi-Annual Report

folio’s average daily net assets set forth opposite the Portfolio’s name on table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expense.

Portfolio	Institutional Shares			Open Shares			R6 Shares		Year
Developing Markets Equity		1.25	%		1.55	%	N/A	%		2020
Emerging Markets Core Equity		1.25			1.55		1.20			2020
Emerging Markets Equity Advantage		1.10			1.40		N/A			2020
Emerging Markets Equity Blend		1.25			1.55		N/A			2020
Emerging Markets Equity		1.20			1.50		1.15			2020
Equity Franchise		0.95			1.20		N/A			2020
Global Equity Select		1.05			1.35		N/A			2020
Global Listed Infrastructure		1.20			1.50		N/A			2029	(a)
Global Strategic Equity		1.00			1.30		N/A			2020
International Equity Advantage		0.90			1.20		N/A			2020
International Equity Concentrated		0.95			1.25		N/A			2020
International Equity		0.85			1.15		0.80			2020
International Equity Select		1.05			1.35		N/A			2020	(b)
International Equity Value		0.95			1.20		N/A			2020	(c)
International Small Cap Equity		1.13			1.43		N/A			2020
International Strategic Equity		1.05			1.35		1.00			2020
International Quality Growth		0.85			1.10		N/A			2020	(d)
Managed Equity Volatility		0.75			1.05		N/A			2020
US Equity Concentrated		0.90			1.20		0.85			2020	(e)
US Equity Select		0.75			1.05		0.75			2020
US Realty Equity		1.00			1.30		N/A			2029	(a)
US Small-Mid Cap Equity		1.15			1.45		N/A			2020

(a) Agreement is through May 1, 2029.

(b)	Agreement extends from May 1, 2020 through May 2029, at levels of 1.15% and 1.45%, respectively.
(c)	Agreement is until October 31, 2020.

(d) Agreement is until December 31, 2020.

(e) Agreement extends from May 1, 2020 through May 1 2029, at levels of 1.10%, 1.40%, and 1.05%, respectively.

In addition, until May 1, 2020, to the extent the “Total Annual Fund Operating Expenses” (as used in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodial 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.

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During the period ended June 30, 2019, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares					Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	—	$	—	$	34	$	—
Emerging Markets Equity Advantage		29,685		44,975		3,816		6,781
Equity Franchise		59,632		—		860		1,478
Global Equity Select		4,678		—		1,317		—
Global Strategic Equity		10,319		60,751		523		4,358
International Equity Advantage		7,185		73,361		338		4,725
International Equity Concentrated		37,529		—		1,495		—
International Equity Select		—		—		612		—
International Equity Value		98,430		19,061		246		1,407
International Quality Growth		12,092		73,893		23		1,524
Managed Equity Volatility		69,447		4,940		600		1,365
US Equity Select		46,646		—		1,908		—
US Realty Equity		2,277		—		—		—

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	2,654	$	251
International Equity		8,297		—
International Strategic Equity		2,537		—
US Equity Concentrated		1,274		—
US Equity Select		9,392		—

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

State Street provides the Fund with custody and certain fund administration and accounting 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 difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, certain Portfolios 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

238   Semi-Annual Report

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.

DST is the Fund’s transfer and dividend disbursing agent. During the period ended June 30, 2019, DST waived $6,107 and $10,167 of its fees for the International Quality Growth and International Equity Value Portfolio, respectively.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2019, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $232,000, (2) an additional annual fee of $33,000 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 $23,000 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

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Directors’ fees are allocated among the funds in the Lazard Fund Complex at a rate of $5,000 per fund with the remainder allocated based upon each fund’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, 2019 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	91,341,186	$	109,727,078
Emerging Markets Core Equity		24,385,527		29,318,392
Emerging Markets Equity Advantage		8,221,595		2,232,482
Emerging Markets Equity Blend		88,012,269		321,120,857
Emerging Markets Equity		748,125,794		2,129,264,938
Equity Franchise		37,724,013		–9,587,512
Global Equity Select		10,138,020		9,780,951
Global Listed Infrastructure		1,576,499,208		1,101,142,171
Global Strategic Equity		610,514		703,680
International Equity Advantage		734,777		790,998
International Equity Concentrated		47,770,368		23,485,971
International Equity		527,760,227		417,876,039
International Equity Select		19,988,928		15,473,634
International Equity Value		22,481,916		21,809,727
International Quality Growth		6,725,335		3,805,497
International Small Cap Equity		11,300,647		16,446,196
International Strategic Equity		870,884,889		956,851,409
Managed Equity Volatility		14,274,770		12,772,651
US Equity Concentrated		262,178,348		333,782,823
US Equity Select		18,312,995		25,911,447
US Realty Equity		7,391,082		13,303,682
US Small-Mid Cap Equity		44,648,990		115,518,517

For the period ended June 30, 2019, 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, 2019, the Investment Manager owned 24.85%, 15.06%, 94.30%, 95.10% and 89.85% of the outstanding shares of the

240   Semi-Annual Report

Emerging Markets Equity Advantage, Equity Franchise, Global Strategic Equity, International Quality Growth and International Equity Advantage 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, 2019 were as follows:

Non-Controlled Affiliates	Number of Shares Held at December 31, 2018		Gross Additions		Gross Reductions			Number of Shares Held at June 30, 2019
Imperial Logistics, Ltd. *		7,191,474		—		(5,181,391	)		2,010,083
Weichai Power Co., Ltd., Class H *		118,270,288		—		(23,471,000	)		94,799,288

Non-Controlled Affiliates	Fair Value at June 30, 2019		Investment Income		Realized Gain (Loss)
Imperial Logistics, Ltd.*	$	7,342,755	$	485,533	$	(11,393,823	)
Weichai Power Co., Ltd., Class H*		160,452,464		—		9,037,714
Total Securities	$	167,795,219	$	485,533	$	(2,356,109	)

* This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total change in unrealized depreciation of $(27,195,519) is included in the Statement of Operations.

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, 2019, the following Portfolios had borrowings under the Agreement as follows:

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Portfolio	Average Daily Loan Balance*			Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of Days Borrowings were Outstanding
Developing Markets Equity		$	7,303,333	$	13,375,000		3.44	%		3
Emerging Markets Core Equity			871,250		1,260,000		3.42			4
Emerging Markets Equity Blend			19,499,743		47,672,499		3.42			6
Equity Franchise			105,000		105,000		3.48			4
International Equity Concentrated			330,000		330,000		3.51			1
International Small Cap Equity			392,000		480,000		3.44			5
US Equity Select			255,000		255,000		3.48			1
US Realty Equity			605,000		1,190,000		3.49			4

* 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.

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. Investments in these countries may be subject to political,

242   Semi-Annual Report

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

(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 generally does not intend to actively hedge the Portfolio’s foreign currency exposure.

(d) 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, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to: 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 dereg-

Semi-Annual Report   243

ulatory environment; and technological innovations that may render existing plants, equipment or products obsolete.

(e) Realty Companies, Real Estate Investments and REITs Risk—Portfolios that invest in Realty Companies (as defined in the Fund’s prospectus), Real Estate Investments and/or Real Estate Investment Trusts (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

244   Semi-Annual Report

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.

(f) Non-Diversification Risk—A Portfolio’s NAV may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers.

(g) Forward Currency Contracts Risk—Forward currency contracts may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risk of default by the counterparty to the contracts and can be illiquid. These contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currency. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Derivatives transactions incur costs, either explicitly or implicitly, which reduce return. Successful use of derivatives is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market. Use of forward currency contracts, even when entered into for hedging purposes, may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of 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.

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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.

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2019:

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, 2019
Developing Markets Equity Portfolio
Common Stocks*
Brazil		$	18,913,775	$	—	$	—	$	18,913,775
Canada			2,631,869		—		—		2,631,869
China			22,782,049		46,875,926		—		69,657,975
Colombia			6,367,087		—		—		6,367,087
Hong Kong			—		4,085,461		—		4,085,461
India			13,890,222		8,847,786		—		22,738,008
Indonesia			—		6,515,012		—		6,515,012
Macau			—		1,784,448		—		1,784,448
Mexico			3,831,318		—		—		3,831,318
Peru			5,781,122		—		—		5,781,122
Philippines			—		3,598,668		—		3,598,668
Portugal			—		6,431,898		—		6,431,898
Russia			7,194,730		13,239,663		—		20,434,393
South Africa			—		9,164,773		—		9,164,773
South Korea			—		22,078,006		—		22,078,006
Taiwan			2,995,650		17,237,851		—		20,233,501
United Arab Emirates			—		3,054,209		—		3,054,209
United Kingdom			—		3,749,738		—		3,749,738
Preferred Stocks*
Brazil			5,321,095		—		—		5,321,095
Short-Term Investments			5,783,404		—		—		5,783,404
Total		$	95,492,321	$	146,663,439	$	—	$	242,155,760

Semi-Annual Report   247

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, 2019
Emerging Markets Core Equity Portfolio
Common Stocks*
Argentina		$	1,675,496	$	—	$	—	$	1,675,496
Brazil			20,266,041		—		—		20,266,041
Canada			2,390,508		—		—		2,390,508
China			19,046,027		43,923,827		—		62,969,854
Colombia			2,710,224		—		—		2,710,224
Hong Kong			—		2,810,596		—		2,810,596
Hungary			—		2,226,738		—		2,226,738
India			12,058,136		12,539,906		—		24,598,042
Indonesia			2,086,567		3,286,225		—		5,372,792
Luxembourg			3,862,900		—		—		3,862,900
Mexico			7,440,429		—		—		7,440,429
Peru			2,643,911		—		—		2,643,911
Philippines			—		4,604,249		—		4,604,249
Portugal			—		2,155,924		—		2,155,924
Russia			820,261		15,720,753		—		16,541,014
South Africa			—		12,564,219		—		12,564,219
South Korea			—		22,556,927		—		22,556,927
Taiwan			12,306,766		8,372,665		—		20,679,431
Thailand			—		3,169,967		—		3,169,967
United Kingdom			4,201,824		—		—		4,201,824
Preferred Stocks*
Brazil			1,922,085		—		—		1,922,085
Short-Term Investments			3,290,034		—		—		3,290,034
Total		$	96,721,209	$	133,931,996	$	—	$	230,653,205

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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, 2019
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Argentina		$	54,008	$	—	$	—	$	54,008
Brazil			532,124		—		—		532,124
Chile			71,981		—		—		71,981
China			571,524		2,545,378		—		3,116,902
Colombia			39,744		—		—		39,744
Egypt			35,620		—		—		35,620
Greece			—		12,915		—		12,915
Hong Kong			—		42,491		—		42,491
Hungary			—		93,404		—		93,404
India			453,466		254,211		—		707,677
Indonesia			—		252,675		—		252,675
Malaysia			—		216,507		—		216,507
Mexico			313,774		—		—		313,774
Peru			17,626		—		—		17,626
Philippines			—		166,965		—		166,965
Poland			—		91,751		—		91,751
Russia			—		522,528		—		522,528
South Africa			—		398,693		—		398,693
South Korea			49,705		1,315,450		—		1,365,155
Taiwan			489,508		729,562		—		1,219,070
Thailand			—		274,183		—		274,183
Turkey			29,644		67,261		—		96,905
United States			76,969		—		—		76,969
Preferred Stocks*
Brazil			58,105		—		—		58,105
Short-Term Investments			181,640		—		—		181,640
Total		$	2,975,438	$	6,983,974	$	—	$	9,959,412

Semi-Annual Report   249

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, 2019
Emerging Markets Equity Blend Portfolio
Common Stocks*
Argentina		$	1,132,662	$	—	$	—	$	1,132,662
Brazil			6,173,907		—		—		6,173,907
Canada			667,954		—		—		667,954
Chile			196,876		—		—		196,876
China			8,716,943		16,619,000		—		25,335,943
Colombia			1,714,536		—		—		1,714,536
Egypt			—		1,133,753		—		1,133,753
Estonia			—		79,744		—		79,744
Georgia			—		569,907		—		569,907
Greece			—		1,051,404		—		1,051,404
Hong Kong			—		1,619,862		—		1,619,862
Hungary			—		989,060		—		989,060
India			2,566,517		8,525,029		—		11,091,546
Indonesia			980,417		3,579,916		—		4,560,333
Kenya			—		164,974		—		164,974
Kuwait			—		233,211		—		233,211
Mexico			2,970,953		—		—		2,970,953
Oman			—		192,178		—		192,178
Pakistan			—		118,154		—		118,154
Philippines			473,615		785,075		—		1,258,690
Russia			5,023,877		1,899,614		—		6,923,491
Singapore			—		412,772		—		412,772
South Africa			—		1,067,223		—		1,067,223
South Korea			—		10,993,832		—		10,993,832
Taiwan			799,905		6,102,849		—		6,902,754
Thailand			—		423,787		—		423,787
Turkey			878,084		—		—		878,084
Ukraine			—		197,081		—		197,081
United Arab Emirates			—		1,427,534		—		1,427,534
Preferred Stocks*
Brazil			1,450,493		—		—		1,450,493
Short-Term Investments			5,900,475		—		—		5,900,475
Total		$	39,647,214	$	58,185,959	$	—	$	97,833,173

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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, 2019
Emerging Markets Equity Portfolio
Common Stocks*
Argentina		$	157,388,921	$	—	$	—	$	157,388,921
Brazil			737,455,656		—		—		737,455,656
China			436,454,622		1,158,768,322		—		1,595,222,944
Egypt			—		94,352,865		—		94,352,865
Hong Kong			—		83,882,613		—		83,882,613
Hungary			—		136,982,231		—		136,982,231
India			86,405,196		808,737,307		—		895,142,503
Indonesia			140,194,396		329,270,630		—		469,465,026
Luxembourg			62,644,007		—		—		62,644,007
Malaysia			—		51,814,813		—		51,814,813
Mexico			276,741,167		—		—		276,741,167
Pakistan			—		67,015,364		—		67,015,364
Philippines			67,696,078		—		—		67,696,078
Russia			124,936,876		684,615,683		—		809,552,559
South Africa			—		610,356,043		—		610,356,043
South Korea			—		1,182,552,396		—		1,182,552,396
Taiwan			—		388,782,739		—		388,782,739
Thailand			—		153,229,557		—		153,229,557
Turkey			—		182,392,746		—		182,392,746
Short-Term Investments			308,295,968		—		—		308,295,968
Total		$	2,398,212,887	$	5,932,753,309	$	—	$	8,330,966,196
Lazard Equity Franchise Portfolio
Common Stocks*
Belgium		$	—	$	1,726,929	$	—	$	1,726,929
France			—		1,996,081		—		1,996,081
Germany			—		1,109,581		—		1,109,581
Italy			—		2,041,550		—		2,041,550
Luxembourg			—		2,104,093		—		2,104,093
Spain			—		755,486		—		755,486
United Kingdom			—		2,539,774		—		2,539,774
United States			23,713,278		—		—		23,713,278
Short-Term Investments			1,000,857		—		—		1,000,857
Total		$	24,714,135	$	12,273,494	$	—	$	36,987,629

Semi-Annual Report   251

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, 2019
Global Equity Select Portfolio
Common Stocks*
Belgium		$	—	$	1,064,197	$	—	$	1,064,197
Canada			3,989,544		—		—		3,989,544
China			519,364		837,990		—		1,357,354
Finland			—		1,236,559		—		1,236,559
France			—		792,390		—		792,390
Germany			—		793,377		—		793,377
Hong Kong			—		2,301,967		—		2,301,967
India			382,706		—		—		382,706
Israel			—		880,962		—		880,962
Japan			—		3,707,764		—		3,707,764
Netherlands			—		1,895,123		—		1,895,123
Singapore			—		1,028,323		—		1,028,323
South Africa			—		1,072,882		—		1,072,882
South Korea			—		259,475		—		259,475
Sweden			—		2,190,510		—		2,190,510
Switzerland			—		2,278,414		—		2,278,414
Taiwan			690,019		—		—		690,019
United Kingdom			1,094,631		7,682,605		—		8,777,236
United States			33,590,525		—		—		33,590,525
Short-Term Investments			3,690,630		—		—		3,690,630
Total		$	43,957,419	$	28,022,538	$	—	$	71,979,957

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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, 2019
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—	$	595,817,712		$	—	$	595,817,712
Canada			63,990,916		—			—		63,990,916
France			—		497,928,959			—		497,928,959
Germany			—		206,859,697			—		206,859,697
Hong Kong			—		244,921,164			—		244,921,164
Italy			—		1,561,653,441			—		1,561,653,441
Luxembourg			—		247,735,433			—		247,735,433
Portugal			—		56,661,970			—		56,661,970
United Kingdom			—		1,303,598,447			—		1,303,598,447
United States			1,428,920,016		—			—		1,428,920,016
Short-Term Investments			522,234,791		—			—		522,234,791
Total		$	2,015,145,723	$	4,715,176,823		$	—	$	6,730,322,546
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(11,314,148	)	$	—	$	(11,314,148	)
Global Strategic Equity Portfolio
Common Stocks*
Belgium		$	—	$	45,168		$	—	$	45,168
Canada			141,943		—			—		141,943
China			40,837		40,717			—		81,554
Denmark			—		38,112			—		38,112
Finland			—		46,862			—		46,862
France			—		132,048			—		132,048
Germany			—		51,494			—		51,494
Hong Kong			—		54,053			—		54,053
India			47,628		—			—		47,628
Ireland			17,510		—			—		17,510
Israel			—		46,368			—		46,368
Japan			—		143,340			—		143,340
Netherlands			—		47,232			—		47,232
New Zealand			—		33,153			—		33,153
South Africa			—		73,345			—		73,345
Switzerland			—		160,975			—		160,975
United Kingdom			—		224,811			—		224,811
United States			1,559,742		—			—		1,559,742
Short-Term Investments			136,026		—			—		136,026
Total		$	1,943,686	$	1,137,678		$	—	$	3,081,364

Semi-Annual Report   253

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, 2019
Lazard International Quality Growth Portfolio
Common Stocks*
Australia		$	—	$	76,871	$	—	$	76,871
Canada			500,303		—		—		500,303
China			69,305		113,101		—		182,406
Denmark			—		153,902		—		153,902
France			—		141,061		—		141,061
Germany			—		183,554		—		183,554
India			159,949		—		—		159,949
Israel			73,759		—		—		73,759
Japan			—		287,332		—		287,332
Netherlands			—		146,558		—		146,558
Norway			—		70,743		—		70,743
Philippines			—		33,706		—		33,706
South Africa			—		161,249		—		161,249
Spain			—		55,524		—		55,524
Sweden			—		220,815		—		220,815
Switzerland			—		296,827		—		296,827
Taiwan			88,877		—		—		88,877
United Kingdom			—		472,460		—		472,460
United States			123,314		70,930		—		194,244
Short-Term Investments			136,134		—		—		136,134
Total		$	1,151,641	$	2,484,633	$	—	$	3,636,274

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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, 2019
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—	$	161,869	$	—	$	161,869
Austria			—		2,252		—		2,252
Belgium			—		5,556		—		5,556
China			—		34,185		—		34,185
Denmark			—		55,161		—		55,161
Finland			—		1,635		—		1,635
France			—		256,730		—		256,730
Germany			—		217,383		—		217,383
Hong Kong			—		95,884		—		95,884
Ireland			—		4,675		—		4,675
Israel			2,173		4,281		—		6,454
Italy			—		76,476		—		76,476
Japan			31,899		514,783		—		546,682
Luxembourg			—		2,328		—		2,328
Macau			—		2,696		—		2,696
Netherlands			—		141,127		—		141,127
Norway			—		56,277		—		56,277
Singapore			—		5,759		—		5,759
Spain			—		70,640		—		70,640
Sweden			—		48,572		—		48,572
Switzerland			—		234,758		—		234,758
United Kingdom			—		313,917		—		313,917
Short-Term Investments			61,584		—		—		61,584
Total		$	95,656	$	2,306,944	$	—	$	2,402,600
International Equity Concentrated Portfolio
Common Stocks*
Australia		$	2,271,112	$	—	$	—	$	2,271,112
Belgium			—		3,650,294		—		3,650,294
Canada			9,227,519		—		—		9,227,519
China			—		7,247,425		—		7,247,425
France			—		13,992,118		—		13,992,118
Germany			—		6,441,381		—		6,441,381
Japan			—		9,984,903		—		9,984,903
Mexico			4,681,199		—		—		4,681,199
Netherlands			—		2,249,320		—		2,249,320
South Korea			—		3,098,752		—		3,098,752
United Kingdom			—		9,173,524		—		9,173,524
United States			8,025,599		—		—		8,025,599
Preferred Stocks*
Germany			—		3,067,492		—		3,067,492
Short-Term Investments			3,832,671		—		—		3,832,671
Total		$	28,038,100	$	58,905,209	$	—	$	86,943,309

Semi-Annual Report   255

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, 2019
International Equity Portfolio
Common Stocks*
Australia		$	34,279,063	$	42,057,849	$	—	$	76,336,912
Belgium			—		76,136,306		—		76,136,306
Canada			152,991,907		—		—		152,991,907
China			—		48,498,012		—		48,498,012
Denmark			—		44,574,594		—		44,574,594
Finland			—		71,065,222		—		71,065,222
France			—		372,659,375		—		372,659,375
Germany			—		143,326,096		—		143,326,096
India			32,249,663		—		—		32,249,663
Ireland			30,937,223		—		—		30,937,223
Israel			—		33,711,602		—		33,711,602
Japan			—		368,083,825		—		368,083,825
Netherlands			—		212,346,156		—		212,346,156
Norway			—		67,222,737		—		67,222,737
Singapore			—		76,549,038		—		76,549,038
South Korea			—		35,095,375		—		35,095,375
Spain			—		41,097,428		—		41,097,428
Sweden			—		101,441,028		—		101,441,028
Switzerland			—		137,370,485		—		137,370,485
United Arab Emirates			—		14,798,852		—		14,798,852
United Kingdom			—		388,593,611		—		388,593,611
United States			165,720,908		28,409,225		—		194,130,133
Preferred Stocks*
Germany			—		50,322,906		—		50,322,906
Short-Term Investments			102,933,421		—		—		102,933,421
Total		$	519,112,185	$	2,353,359,722	$	—	$	2,872,471,907

256   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, 2019
International Equity Select Portfolio
Common Stocks*
Australia		$	—	$	1,207,675	$	—	$	1,207,675
Belgium			—		2,058,073		—		2,058,073
Brazil			1,793,041		—		—		1,793,041
Canada			4,313,340		—		—		4,313,340
China			797,330		3,016,529		—		3,813,859
Denmark			—		1,920,906		—		1,920,906
Finland			—		2,683,821		—		2,683,821
France			—		10,736,782		—		10,736,782
Germany			—		3,237,346		—		3,237,346
India			2,133,564		—		—		2,133,564
Indonesia			852,580		—		—		852,580
Ireland			859,284		—		—		859,284
Japan			—		7,422,873		—		7,422,873
Mexico			869,123		—		—		869,123
Netherlands			—		6,667,354		—		6,667,354
Norway			—		2,447,837		—		2,447,837
Russia			946,200		—		—		946,200
Singapore			—		1,733,453		—		1,733,453
South Africa			—		3,011,998		—		3,011,998
South Korea			—		1,101,904		—		1,101,904
Spain			—		993,313		—		993,313
Sweden			—		2,190,528		—		2,190,528
Switzerland			—		5,481,085		—		5,481,085
Taiwan			—		1,114,841		—		1,114,841
Thailand			—		663,026		—		663,026
United Kingdom			—		7,714,550		—		7,714,550
United States			7,181,699		755,414		—		7,937,113
Preferred Stocks*
Germany			—		1,621,884		—		1,621,884
Short-Term Investments			3,822,174		—		—		3,822,174
Total		$	23,568,335	$	67,781,192	$	—	$	91,349,527

Semi-Annual Report   257

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, 2019
International Equity Value Portfolio
Common Stocks*
Austria		$	—	$	470,817	$	—	$	470,817
Canada			337,998		—		—		337,998
France			—		4,691,374		—		4,691,374
Germany			—		875,368		—		875,368
India			1,089,035		—		—		1,089,035
Ireland			527,936		—		—		527,936
Italy			—		1,016,703		—		1,016,703
Japan			523,900		2,783,948		—		3,307,848
Mexico			755,322		—		—		755,322
Netherlands			—		1,988,474		—		1,988,474
South Korea			—		990,201		—		990,201
Spain			—		808,816		—		808,816
Switzerland			—		1,013,196		—		1,013,196
United Kingdom			—		4,159,162		—		4,159,162
United States			912,725		—		—		912,725
Preferred Stocks*
Germany			—		876,667		—		876,667
Short-Term Investments			1,152,313		—		—		1,152,313
Total		$	5,299,229	$	19,674,726	$	—	$	24,973,955

258   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, 2019
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—	$	2,009,748	$	—	$	2,009,748
Belgium			—		2,798,984		—		2,798,984
Brazil			406,307		—		—		406,307
Canada			3,234,807		—		—		3,234,807
China			—		905,437		—		905,437
Denmark			—		728,328		—		728,328
Finland			—		673,399		—		673,399
France			—		1,265,296		—		1,265,296
Germany			—		5,803,304		—		5,803,304
Greece			—		469,072		—		469,072
Hong Kong			—		518,032		—		518,032
India			—		762,225		—		762,225
Ireland			—		1,923,159		—		1,923,159
Italy			—		2,009,307		—		2,009,307
Japan			—		13,912,711		—		13,912,711
Jersey			—		839,973		—		839,973
Luxembourg			—		451,271		—		451,271
Netherlands			—		1,262,050		—		1,262,050
New Zealand			—		1,172,372		—		1,172,372
Singapore			—		450,247		—		450,247
Sweden			—		4,923,752		—		4,923,752
Switzerland			—		762,227		—		762,227
Thailand			—		250,300		—		250,300
United Kingdom			—		8,394,283		—		8,394,283
Short-Term Investments			125,396		—		—		125,396
Total		$	3,766,510	$	52,285,477	$	—	$	56,051,987

Semi-Annual Report   259

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, 2019
International Strategic Equity Portfolio
Common Stocks*
Canada		$	567,578,184	$	—	$	—	$	567,578,184
China			52,131,970		133,032,320		—		185,164,290
Denmark			—		195,413,627		—		195,413,627
Finland			—		175,569,569		—		175,569,569
France			—		681,096,599		—		681,096,599
Germany			—		109,182,253		—		109,182,253
Hong Kong			—		142,078,482		—		142,078,482
India			47,133,548		76,477,463		—		123,611,011
Ireland			64,463,009		—		—		64,463,009
Israel			—		85,469,906		—		85,469,906
Japan			—		862,377,956		—		862,377,956
Mexico			27,516,617		—		—		27,516,617
Netherlands			—		232,065,003		—		232,065,003
Norway			—		94,628,480		—		94,628,480
Philippines			—		44,563,165		—		44,563,165
Singapore			—		133,387,045		—		133,387,045
Sweden			—		210,722,062		—		210,722,062
Switzerland			—		463,060,432		—		463,060,432
United Kingdom			—		1,037,998,606		—		1,037,998,606
United States			531,942,902		—		—		531,942,902
Preferred Stocks*
Germany			—		152,384,833		—		152,384,833
Short-Term Investments			222,496,138		—		—		222,496,138
Total		$	1,513,262,368	$	4,829,507,801	$	—	$	6,342,770,169

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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, 2019
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—	$	1,415,777	$	—	$	1,415,777
Belgium			—		373,980		—		373,980
Canada			1,712,867		—		—		1,712,867
China			—		69,162		—		69,162
Denmark			—		351,387		—		351,387
France			—		294,400		—		294,400
Germany			—		354,876		—		354,876
Hong Kong			—		350,469		—		350,469
Israel			—		354,569		—		354,569
Italy			—		770,024		—		770,024
Japan			—		1,596,063		—		1,596,063
Netherlands			—		245,153		—		245,153
Norway			—		481,063		—		481,063
Puerto Rico			93,783		—		—		93,783
Singapore			—		268,536		—		268,536
Spain			—		157,265		—		157,265
Sweden			—		85,840		—		85,840
Switzerland			—		1,003,096		—		1,003,096
United Kingdom			—		980,152		—		980,152
United States			13,806,269		—		—		13,806,269
Short-Term Investments			778,116		—		—		778,116
Total		$	16,391,035	$	9,151,812	$	—	$	25,542,847
US Equity Concentrated Portfolio
Common Stocks*		$	1,210,539,759	$	—	$	—	$	1,210,539,759
Short-Term Investments			76,788,553		—		—		76,788,553
Total		$	1,287,328,312	$	—	$	—	$	1,287,328,312
US Equity Select Portfolio
Common Stocks*		$	76,611,315	$	—	$	—	$	76,611,315
Short-Term Investments			2,293,013		—		—		2,293,013
Total		$	78,904,328	$	—	$	—	$	78,904,328
US Realty Equity Portfolio
Common Stocks*		$	1,482,422	$	—	$	—	$	1,482,422
Real Estate Investment Trusts*			63,144,604		—		—		63,144,604
Short-Term Investments			947,672		—		—		947,672
Total		$	65,574,698	$	—	$	—	$	65,574,698
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	82,339,363	$	—	$	—	$	82,339,363

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10. Derivative Instruments

The Global Listed Infrastructure Portfolio may use derivative instruments, including forward currency contracts.

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

During the period ended June 30, 2019, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$	93,700,000
Average amounts sold	$	4,594,500,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$11,314,148

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$97,690,745

Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$(12,249,877)

None of the other Portfolios presented traded in derivative instruments during the period ended June 30, 2019.

As of June 30, 2019, the Global Listed Infrastructure 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.

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The required information for the affected Portfolio is presented in the below table, as of June 30, 2019:

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		$11,314,148		$       —		$11,314,148

				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		$	2,197,121	$	—	$	—	$	2,197,121
Canadian Imperial Bank of Commerce			266,258		—		—		266,258
Citibank NA			1,365,099		—		—		1,365,099
HSBC Bank USA NA			1,939,628		—		—		1,939,628
Royal Bank of Canada			1,773,377		—		—		1,773,377
Standard Chartered Bank			1,838,494		—		—		1,838,494
State Street Bank and Trust Co.			1,669,549		—		—		1,669,549
The Bank of New York Mellon Corp.			264,622		—		—		264,622
Total		$	11,314,148	$	—	$	—	$	11,314,148

11. Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has evaluated the impact of the amendments and has elected to adopt these amendments and incorporate the changes in the current financial statements.

Semi-Annual Report   263

12. Subsequent Events

Directors of the Fund approved the name change of Lazard International Compounders Portfolio to Lazard International Quality Growth Portfolio, which became effective on July 31, 2019. Management has evaluated subsequent events affecting the Portfolios through the issuance of the financial statements and has determined that, aside from items previously disclosed, there were no subsequent events that required adjustment or disclosure.

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The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) 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 (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – 2016, 2019)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (69 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	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. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

Semi-Annual Report   265

Name (Year of Birth) 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)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
	(February 2017; previously, Vice President and Secretary since April 2002)	Investment Manager, General Counsel (2002 – April 2017)

(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, 2019, 39 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), Chief Compliance Officer (since September 2014) and General Counsel (since April 2017) of the Investment Manager
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Christopher Snively (1984)	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 (1958)	Treasurer (May 2003)	Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance (since September 2015)) of the Investment Manager
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017; previously, Vice President and Secretary since April 2002), whose information is included in the Interested Directors section above.

Semi-Annual Report   267

The Lazard Funds, Inc. Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://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 https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Schedule of Portfolio Holdings

The Fund files its complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Board Consideration of Management Agreement

All Portfolios except Lazard International Equity Value Portfolio and Lazard International Quality Growth Portfolio.

At meetings of the Board held on May 22, 2019 and June 5, 2019, 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 sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 5, 2019 meeting, additional information requested by the Independent Directors at the May 22, 2019 meeting.

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Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 39 active funds comprised approximately $29 billion of the approximately $235 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2019).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading 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, as well as regular reporting to, and support of, the Board. 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, trading, operations, risk management, technology and legal and compliance infrastructure. The Board 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 and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $29 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, comparing, for the fiscal year ended December 31, 2018, each Portfolio’s:

Semi-Annual Report   269

• contractual management fee (i.e., without giving effect to any fee waivers), referred to in the Strategic Insight materials as “advisor fee,” expense ratio (net of any fee waivers or expense reimbursements) and performance (for one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to those of a group of comparison funds selected by Strategic Insight (a “Group”);

• advisor fee and expense ratio to a broader group of funds based on the Portfolio’s Morningstar category (an “Expense Universe”); and

• performance (for the one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to that of the funds in the Portfolio’s Morningstar category (a “Category”) and the benchmark index and the Portfolio’s performance for each of the four most recently completed calendar years, as applicable, and the first quarter of 2019, to that of the funds in the Portfolio’s Category and the benchmark index.

The Strategic Insight materials outlined the process of construction of the Groups, Expense Universes and Categories, and representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Groups, Expense Universes and Categories, including how the methodologies could affect the results of the comparisons.

Advisor Fees and Expense Ratios. Representatives of the Investment Manager discussed the results of the Strategic Insight advisor fee and expense ratio comparisons with the Board, which showed that the advisor fees and expense ratios of the Portfolios were competitive within each Portfolio’s respective Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager currently was waiving advisor fees and/or reimbursing expenses for certain Portfolios.

270   Semi-Annual Report

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

Performance. When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional performance information, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information (as requested by the Board) from the Investment Manager in respect of Portfolios with relative underperformance compared to the relevant Group, as well as any other Portfolios for which the Board requested additional information.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2018 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

Semi-Annual Report   271

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 manager 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. The Board (1) considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of 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 (2) evaluated the profitability in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. It was noted that each Portfolio had declining or generally stable assets over the past calendar year, or a relatively low asset level at which economies of scale would not ordinarily be expected to be realized, so that the potential that the Investment Manager may have realized any economies of scale was reduced.

At the conclusion of these discussions, the Board expressed the opinion that it 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

272   Semi-Annual Report

Agreement. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, 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 the significant services and infrastructure associated with an approximately $235 billion global asset management business.

• The Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.

• The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board accepted that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

• The Board recognized that economies of scale may be realized, particularly 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, in addition to information provided by the Investment Manager 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 over various time periods; 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 Investment Manager and the services provided to the Fund by the

Semi-Annual Report   273

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.

274   Semi-Annual Report

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300
Telephone: 800-823-6300
https://www.lazardassetmanagement.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

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169
Telephone: 617-483-7000

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

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS020		We Recycle This document is printed on recycled paper.

Lazard Funds

Semi-Annual Report

June 30, 2019

Fixed Income Funds

Lazard Emerging Markets Debt Portfolio

Lazard Global Fixed Income Portfolio

Lazard US Corporate Income Portfolio

Lazard US Short Duration Fixed Income Portfolio

Important Information on Paperless Delivery

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing up for paperless delivery at www.icsdelivery.com/lazardassetmanagement. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by following the instructions included with this disclosure and visiting www.fundreports.com. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.

PRIVACY NOTICE

WHAT DOES LAZARD DO WITH YOUR PERSONAL INFORMATION?

Financial companies choose how they share your personal information. U.S. federal law gives our clients the right to limit some but not all sharing. U.S. federal and other applicable 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.

We do not disclose nonpublic personal information about our clients or former clients to third parties other than as described below.

Personal information we collect. We collect personal information about you in connection with our providing advisory services to you. The legal basis for our collection of your personal information is our contract with you and our legitimate business interest to provide contractual services to you. The collection of this information is necessary for us to be able to provide advisory services to you and the failure to provide such information will result in our inability to provide our services. This information includes your social security number (for U.S. persons) and may include other information such as your:

● Assets and income;

● Investment experience;

● Transaction history;

● Credit history; and

● Wire transfer instructions.

How we collect this information. We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, direct us to buy or sell securities for your account, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates¹ or other non-affiliated companies (such as credit bureaus).

¹ Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

How we use this information. All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

● To provide advisory services to you;

● To open an account for you;

● To process a transaction for your account;

● To market products and services to you; and/or

● To respond to court orders and legal investigations.

If you are an investor located within a European Union country, please note that personal information may be collected, shared and/or stored outside of the European Union.

Disclosure to others. We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, counterparty, fund administrator or third party service provider that aggregates data in a central repository for access by a broker, counterparty or fund administrator to provide its services. We may also disclose such information to service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you. We require third party service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with applicable privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with non-affiliates for them to market to you). We may also share your personal information with non-affiliates (such as a government agency or regulatory authority) as required by applicable law.

How we protect your personal information. To protect your personal information from unauthorized access and use, we use security measures that comply with applicable law. These measures include computer safeguards and secured files and buildings.

How long we keep your personal information. We retain your personal information for the duration of your advisory relationship with us and for a period of time thereafter as required by applicable law.

Your rights with respect to this information. If you are an investor located within a European Union country, you have the following rights with respect to your personal information:

● The right to request and obtain a copy of your personal information that we maintain;

● The right to correct your personal information that we maintain;

● The right to request the erasure of your personal information from our systems, subject to applicable recordkeeping requirements applicable to us; and

● The right to lodge a complaint with a supervisory authority.

Who is providing this Privacy Notice. This Privacy Notice relates to the following entities:

● Lazard Asset Management LLC

● Lazard Asset Management (Canada), Inc.²

● Lazard Asset Management Securities LLC

Who to contact with questions. If you have any questions about this Privacy Notice, please call (800) 823-6300 or visit our website at http://www.lazardassetmanagement.com.

² Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
4	Performance Overviews (unaudited)
9	Information About Your Portfolio’s Expenses (unaudited)
12	Portfolio Holdings (unaudited)
13	Portfolios of Investments (unaudited)
13	Lazard Emerging Markets Debt Portfolio
36	Lazard Global Fixed Income Portfolio
46	Lazard US Corporate Income Portfolio
59	Lazard US Short Duration Fixed Income Portfolio
63	Notes to Portfolios of Investments (unaudited)
66	Statements of Assets and Liabilities (unaudited)
70	Statements of Operations (unaudited)
72	Statements of Changes in Net Assets (unaudited)
77	Financial Highlights (unaudited)
87	Notes to Financial Statements (unaudited)
112	Board of Directors and Officers Information (unaudited)
115	Other Information (unaudited)

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.lazardassetmanagement.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 (unaudited)

Dear Shareholder,

Global markets registered strong gains in the first half of 2019. They reached near-record highs in April, thanks to strong corporate earnings and better-than-expected quarterly US GDP growth. However, heightened trade tensions and mixed economic data gave investors pause in May as China and the United States again raised tariffs on each other’s imports after trade talks stalled.

The US equity market rose strongly during the period, boosted by hopes that renewed trade negotiations and a potential interest rate cut by the Federal Reserve in July would keep the United States on strong economic footing. Financials, materials, and technology outperformed, while energy lagged against a backdrop of falling oil prices, concerns about global demand, and rising inventories. Volatility as measured by the CBOE Volatility Index (VIX) rose mildly but remained well below levels at the end of 2018.

European equity markets have been caught in the middle of opposing forces, mainly growing tensions around global trade and increasingly dovish central banks. This has pushed European government bond yields to fresh lows and caused bond-sensitive sectors to climb higher, further stretching valuations.

Emerging markets equities gained more than 10% year to date. The asset class’s performance was volatile over the latter half of the period, reflecting extraordinary uncertainty among investors about the geopolitical environment, particularly US actions on trade in May and early June. Emerging markets debt also delivered strong year-to-date returns, supported by liquidity from central banks. However, the global growth outlook has become more uncertain and current valuations provide less compensation for the increased risks.

In this environment, we believe it is becoming increasingly important for investors to be discerning, to focus on fundamentals and not short-term macro drivers, particularly as sentiment is vulnerable to rapid shifts. We are privileged that you have turned to

2   Semi-Annual Report

Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

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, 2019

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	10.12%	0.87%	2.84%
Open Shares**	9.99%	0.60%	2.55%
R6 Shares**	10.12%	N/A	4.07%
JPMorgan EMBI Global Diversified Index	12.45%	5.30%	6.47% (Institutional and Open Shares)
			5.01% (R6 Shares)
JPMorgan GBI-EM Global Diversified Index	8.99%	–0.45%	0.96% (Institutional and Open Shares)
			4.49% (R6 Shares)
Global Diversified Index	10.77%	2.46%	3.75% (Institutional and Open Shares)
			4.81% (R6 Shares)

† The inception date for the Institutional and Open Shares was February 28, 2011 and for the R6 Shares was July 28, 2016.

4   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, 2019

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	5.99%	0.54%	0.88%
Open Shares**	5.84%	0.27%	0.60%
Bloomberg Barclays Global Aggregate Index	5.85%	1.20%	1.60%

† The inception date for the Portfolio was March 30, 2012.

Semi-Annual Report   5

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, 2019

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	8.12%	4.00%	7.22%	4.38%
Open Shares**	7.78%	3.65%	6.89%	3.87%
R6 Shares**	7.90%	N/A	N/A	3.98%
Cash Pay Index	8.82%	4.90%	8.42%	6.46% (Institutional Shares)
				6.42% (Open Shares)
				6.25% (R6 Shares)

† 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.   

6   Semi-Annual Report

Lazard US Short Duration Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Short Duration Fixed Income Portfolio and ICE BofAML 1-3 Year US Treasury^® Index*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	3.01%	0.97%	1.29%
Open Shares**	2.60%	0.85%	1.12%
ICE BofAML 1-3 Year US Treasury Index	3.96%	1.21%	1.05%

† The inception date for the Portfolio was February 28, 2011.

Notes to Performance Overviews:

*	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Funds’ investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Funds’ administrator (“State Street”) or DST Asset Manager Solutions, Inc., the Funds’ transfer and dividend distributing agent (“DST”); 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 US Generally Accepted Accounting principles, if any, and also exclude one-time adjustments related to reimbursed custodian out-of-pocket expenses (Note 3 in the Notes to Financial Statements) for Lazard Emerging Markets Debt Portfolio and settlement proceeds received from a class action lawsuit (Lazard US Corporate Income Portfolio R6 Shares), 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

Semi-Annual Report   7

	the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.
	The JPMorgan EMBI Global Diversified Index is a uniquely weighted version of the EMBI Global. Risks associated with the securities comprising this index include fixed income and emerging markets. The JPMorgan GBI-EM Global Diversified Index is a uniquely weighted version of the GBI-EM Global. Risks include fixed income, emerging markets and derivatives. 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 an unmanaged index created by the Investment Manager and is a 50/50 blend of the JPMorgan EMBI Global Diversified Index and the JPMorgan GBI-EM Global Diversified Index.
	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 Cash Pay Index is the ICE BofAML BB-B US Cash Pay Non-Distressed High Yield® Index. It is constructed to mirror the BB-B non-distressed sector of the public high yield corporate debt market and is a subset of the ICE Bank of America Merrill Lynch High Yield Cash Pay® Index.
	The ICE BofAML 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 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.

8   Semi-Annual Report

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur 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, 2019 through June 30, 2019 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the accompanying table 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 accompanying table 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   9

			Expenses	Annualized
	Beginning	Ending	Paid During	Expense Ratio
	Account	Account	Period*	During Period
	Value	Value	1/1/19 -	1/1/19 -
Portfolio	1/1/19	6/30/19	6/30/19	6/30/19
Emerging Markets Debt
Institutional Shares
Actual	$1,000.00	$1,108.40	$5.07	0.97%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.98	$4.86	0.97%
Open Shares
Actual	$1,000.00	$1,107.90	$6.11	1.17%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.99	$5.86	1.17%
R6 Shares
Actual	$1,000.00	$1,108.40	$4.81	0.92%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.23	$4.61	0.92%
Global Fixed Income
Institutional Shares
Actual	$1,000.00	$1,058.00	$3.57	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51	0.70%
Open Shares
Actual	$1,000.00	$1,057.90	$4.85	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76	0.95%
US Corporate Income
Institutional Shares
Actual	$1,000.00	$1,095.60	$2.86	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.07	$2.76	0.55%
Open Shares
Actual	$1,000.00	$1,091.20	$4.41	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26	0.85%
R6 Shares
Actual	$1,000.00	$1,067.30	$2.82	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.07	$2.76	0.55%

10   Semi-Annual Report

			Expenses	Annualized
	Beginning	Ending	Paid During	Expense Ratio
	Account	Account	Period*	During Period
	Value	Value	1/1/19 -	1/1/19 -
Portfolio	1/1/19	6/30/19	6/30/19	6/30/19
US Short Duration Fixed Income
Institutional Shares
Actual	$1,000.00	$1,019.00	$2.00	0.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.81	$2.01	0.40%
Open Shares
Actual	$1,000.00	$1,016.40	$3.50	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51	0.70%

* Expenses are equal to the annualized expense ratio, net of expenses 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, 2019 (unaudited)

	Lazard			Lazard US			Lazard US
	Global Fixed			Corporate			Short Duration
	Income			Income			Fixed Income
Asset Class/S&P Credit Rating*	Portfolio			Portfolio			Portfolio
AAA		19.2	%		—	%		5.6	%
AA+		11.9			—			56.5
AA-		5.0			—			—
A+		10.2			—			—
A		4.1			—			—
A-		5.1			—			13.3
BBB+		9.1			—			17.5
BBB		4.8			1.2			4.6
BBB-		7.2			7.7			—
BB+		3.2			13.9			—
BB		0.4			24.0			—
BB-		—			26.7			—
B+		0.5			10.3			—
B		—			6.1			—
B-		—			3.3			—
CCC+		—			1.1			—
CCC		—			0.6			—
Not Applicable		17.8			—			—
No Rating		1.1			4.3			1.9
Short-Term Investments		0.4			0.8			0.6
Total Investments		100.0	%		100.0	%		100.0	%
	Lazard
	Emerging
	Markets Debt
Asset Class/Region*	Portfolio
Africa		10.7	%
Asia		25.7
Europe		23.6
North America		12.0
South America		25.6
Short-Term Investments		2.4
Total Investments		100.0	%

* Represents percentage of total investments.

12   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2019 (unaudited)

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds  |  4.2%
Chile  |  0.6%
Corp. Nacional del Cobre de Chile:
4.500%, 09/16/25	USD		200	$	217,500
4.375%, 02/05/49 (#)	USD		200		211,886
Empresa Electrica Guacolda SA, 4.560%, 04/30/25	USD		600		563,437
					992,823
China  |  1.3%
Sinopec Group Overseas Development 2017, Ltd., 3.250%, 09/13/27	USD		640		646,000
Sinopec Group Overseas Development 2018, Ltd., 4.250%, 09/12/28	USD		215		232,267
State Grid Overseas Investment 2014, Ltd., 4.125%, 05/07/24	USD		200		212,687
State Grid Overseas Investment 2016, Ltd.:
2.875%, 05/18/26	USD		200		198,563
3.500%, 05/04/27	USD		410		423,906
4.250%, 05/02/28	USD		450		491,866
					2,205,289
Colombia  |  0.4%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		625		687,500
Guatemala  |  0.3%
Comcel Trust, 6.875%, 02/06/24	USD		520		537,063
India  |  0.2%
Greenko Dutch BV, 5.250%, 07/24/24	USD		325		319,293

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

Semi-Annual Report   13

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Kazakhstan  |  0.5%
Development Bank of Kazakhstan JSC, 4.125%, 12/10/22	USD		415	$	421,225
KazMunayGas National Co. JSC, 5.750%, 04/19/47	USD		410		462,275
					883,500
Nigeria  |  0.1%
IHS Netherlands Holdco BV, 9.500%, 10/27/21	USD		200		207,516
Panama  |  0.1%
Sable International Finance, Ltd., 6.875%, 08/01/22 (#)	USD		200		207,000
Peru  |  0.5%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		960		313,138
Hunt Oil Co. of Peru LLC Sucursal Del Peru, 6.375%, 06/01/28 (#)	USD		450		499,500
					812,638
Zambia  |  0.2%
First Quantum Minerals, Ltd., 7.250%, 05/15/22 (#)	USD		400		396,500
Total Corporate Bonds (Cost $6,991,782)					7,249,122
Foreign Government Obligations  |  90.0%
Angola  |  0.5%
Republic of Angola:
9.500%, 11/12/25	USD		302		345,790
8.250%, 05/09/28 (#)	USD		230		246,100
9.375%, 05/08/48	USD		200		220,375
					812,265

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

14   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Argentina  |  1.5%
Provincia de Buenos Aires, 7.875%, 06/15/27	USD		225	$	166,360
Republic of Argentina:
5.625%, 01/26/22	USD		650		547,625
4.625%, 01/11/23	USD		237		189,970
15.500%, 10/17/26	ARS		7,540		121,838
6.875%, 01/26/27	USD		960		764,400
6.625%, 07/06/28	USD		435		335,222
7.125%, 07/06/36	USD		225		172,406
6.875%, 01/11/48	USD		185		137,131
7.125%, 06/28/2117	USD		320		240,700
					2,675,652
Azerbaijan  |  0.5%
Republic of Azerbaijan, 4.750%, 03/18/24	USD		835		878,420
Bahrain  |  0.2%
Kingdom of Bahrain, 6.125%, 07/05/22	USD		370		390,350
Belarus  |  0.3%
Republic of Belarus, 7.625%, 06/29/27	USD		425		484,500
Belize  |  0.1%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD		185		112,214
Brazil  |  5.1%
Brazil Letras do Tesouro Nacional, 0.000%, 07/01/23	BRL		10,630		2,125,134
Brazil NTN-B, 6.000%, 08/15/50	BRL		330		390,486
Brazil NTN-F:
10.000%, 01/01/25	BRL		10,450		3,073,850
10.000%, 01/01/27	BRL		2,175		650,482

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

Semi-Annual Report   15

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Federal Republic of Brazil:
6.000%, 04/07/26	USD		440	$	507,320
4.625%, 01/13/28	USD		1,401		1,471,050
5.625%, 02/21/47	USD		565		603,138
					8,821,460
Chile  |  1.8%
Bonos de la Tesoreria de la Republica en pesos:
4.700%, 09/01/30 (#)	CLP		165,000		274,093
6.000%, 01/01/43	CLP		585,000		1,189,813
5.100%, 07/15/50	CLP		400,000		728,290
Republic of Chile:
3.240%, 02/06/28	USD		800		838,750
3.500%, 01/25/50	USD		120		122,160
					3,153,106
Colombia  |  4.4%
Colombian Titulos De Tesoreria:
6.250%, 11/26/25	COP		4,065,000		1,311,160
7.500%, 08/26/26	COP		5,460,000		1,879,610
6.000%, 04/28/28	COP		4,147,000		1,292,777
7.000%, 06/30/32	COP		3,499,000		1,150,358
Republic of Colombia:
4.500%, 01/28/26	USD		350		378,175
4.500%, 03/15/29	USD		390		426,806
7.375%, 09/18/37	USD		105		142,866
5.000%, 06/15/45	USD		1,055		1,167,358
					7,749,110
Costa Rica  |  1.2%
Republic of Costa Rica:
5.520%, 08/23/23	USD		1,140		1,056,612
5.625%, 04/30/43	USD		425		368,023
7.000%, 04/04/44	USD		205		203,719
7.158%, 03/12/45	USD		495		498,249
					2,126,603

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

16   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Czech Republic  |  1.3%
Czech Republic:
3.750%, 09/12/20	CZK		8,260	$	379,177
2.500%, 08/25/28	CZK		13,060		635,010
4.200%, 12/04/36	CZK		21,940		1,308,844
					2,323,031
Dominican Republic  |  1.5%
Dominican Republic:
8.900%, 02/15/23	DOP		25,900		506,147
6.875%, 01/29/26	USD		730		823,987
5.950%, 01/25/27	USD		475		510,625
6.000%, 07/19/28 (#)	USD		550		593,141
6.850%, 01/27/45	USD		60		65,625
6.500%, 02/15/48 (#)	USD		75		79,266
					2,578,791
Ecuador  |  1.3%
Republic of Ecuador:
10.750%, 03/28/22 (#)	USD		325		364,813
7.950%, 06/20/24	USD		565		591,308
9.650%, 12/13/26	USD		815		884,020
8.875%, 10/23/27 (#)	USD		460		479,550
					2,319,691
Egypt  |  1.7%
Arab Republic of Egypt:
5.577%, 02/21/23 (#)	USD		270		274,388
6.200%, 03/01/24 (#)	USD		740		768,675
5.875%, 06/11/25	USD		255		259,781
7.600%, 03/01/29	USD		405		427,275
7.600%, 03/01/29 (#)	USD		115		121,325
8.500%, 01/31/47 (#)	USD		615		651,131
7.903%, 02/21/48 (#)	USD		200		202,000
8.700%, 03/01/49 (#)	USD		270		289,575
					2,994,150

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

Semi-Annual Report   17

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
El Salvador  |  0.5%
Republic of El Salvador:
7.750%, 01/24/23	USD		75	$	80,531
5.875%, 01/30/25	USD		181		181,226
6.375%, 01/18/27	USD		180		180,169
8.625%, 02/28/29	USD		150		171,000
7.650%, 06/15/35	USD		65		67,600
7.625%, 02/01/41	USD		150		158,438
					838,964
Gabon  |  0.2%
Gabonese Republic, 6.375%, 12/12/24	USD		420		414,225
Ghana  |  0.6%
Republic of Ghana:
7.875%, 08/07/23	USD		130		140,887
8.125%, 03/26/32 (#)	USD		630		641,222
8.627%, 06/16/49	USD		255		257,152
					1,039,261
Guatemala  |  0.3%
Guatemala Government Bonds, 4.900%, 06/01/30 (#)	USD		420		430,631
Honduras  |  0.2%
Honduras Government Bonds, 7.500%, 03/15/24	USD		245		270,113
Republic of Honduras, 6.250%, 01/19/27	USD		105		113,006
					383,119
Hungary  |  5.2%
Hungary:
6.375%, 03/29/21	USD		938		1,001,006
5.375%, 02/21/23	USD		810		893,784
5.750%, 11/22/23	USD		1,150		1,304,531
5.375%, 03/25/24	USD		1,096		1,237,795
7.625%, 03/29/41	USD		768		1,230,720

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

18   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Hungary Government Bonds:
1.500%, 08/24/22	HUF		758,000	$	2,714,682
2.500%, 10/24/24	HUF		196,180		721,897
					9,104,415
Indonesia  |  8.1%
Indonesia Government Bonds:
7.000%, 05/15/22	IDR		4,821,000		342,710
5.625%, 05/15/23	IDR		5,962,000		404,891
8.375%, 03/15/24	IDR		7,060,000		528,969
8.125%, 05/15/24	IDR		20,599,000		1,533,169
8.375%, 09/15/26	IDR		15,272,000		1,148,575
7.000%, 05/15/27	IDR		2,543,000		177,124
9.000%, 03/15/29	IDR		5,083,000		396,224
8.250%, 05/15/29	IDR		12,943,000		971,824
8.750%, 05/15/31	IDR		16,071,000		1,235,684
7.500%, 08/15/32	IDR		26,327,000		1,819,270
8.375%, 03/15/34	IDR		16,579,000		1,243,938
8.250%, 05/15/36	IDR		12,883,000		952,945
Republic of Indonesia:
4.750%, 01/08/26	USD		445		484,633
3.500%, 01/11/28	USD		305		306,906
4.100%, 04/24/28	USD		595		628,469
4.750%, 02/11/29	USD		600		666,000
5.125%, 01/15/45	USD		610		686,441
5.250%, 01/08/47	USD		360		415,913
4.350%, 01/11/48	USD		215		222,592
					14,166,277
Iraq  |  0.6%
Republic of Iraq:
6.752%, 03/09/23	USD		575		590,812
6.752%, 03/09/23 (#)	USD		125		128,438
5.800%, 01/15/28	USD		305		300,234
					1,019,484

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

Semi-Annual Report   19

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Ivory Coast  |  0.4%
Ivory Coast:
5.750%, 12/31/32 (Ø)	USD		126	$	122,139
6.125%, 06/15/33	USD		525		488,578
					610,717
Jamaica  |  0.2%
Government of Jamaica:
6.750%, 04/28/28	USD		185		210,206
8.000%, 03/15/39	USD		170		209,525
					419,731
Kazakhstan  |  0.8%
Republic of Kazakhstan:
5.125%, 07/21/25	USD		765		864,450
4.875%, 10/14/44	USD		395		454,250
					1,318,700
Kenya  |  0.3%
Republic of Kenya:
6.875%, 06/24/24	USD		365		388,269
8.250%, 02/28/48 (#)	USD		170		177,331
					565,600
Malaysia  |  2.1%
Malaysia Government Bonds:
3.882%, 03/10/22	MYR		3,340		819,736
3.418%, 08/15/22	MYR		2,440		590,783
3.795%, 09/30/22	MYR		1,660		406,490
3.955%, 09/15/25	MYR		1,390		343,416
3.844%, 04/15/33	MYR		2,860		683,661
4.642%, 11/07/33	MYR		2,150		560,699
4.893%, 06/08/38	MYR		720		192,135
Malaysia Sovereign Sukuk Berhad, 4.236%, 04/22/45	USD		50		57,688
Malaysia Sukuk Global Berhad, 3.179%, 04/27/26	USD		50		51,250
					3,705,858

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

20   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Mexico  |  6.3%
Mexican Bonos:
8.000%, 12/07/23	MXN		12,480	$	665,357
10.000%, 12/05/24	MXN		106,047		6,171,421
8.500%, 05/31/29	MXN		14,680		813,675
7.750%, 05/29/31	MXN		18,020		947,940
7.750%, 11/13/42	MXN		34,580		1,780,342
United Mexican States, 5.750%, 10/12/2110	USD		590		644,575
					11,023,310
Mongolia  |  0.3%
Mongolia International Bonds:
10.875%, 04/06/21	USD		45		50,063
5.125%, 12/05/22	USD		285		287,939
8.750%, 03/09/24 (#)	USD		220		249,150
					587,152
Morocco  |  0.3%
Kingdom of Morocco:
4.250%, 12/11/22	USD		235		245,575
5.500%, 12/11/42	USD		240		273,000
					518,575
Mozambique  |  1.3%
Mozambique International Bonds, 10.500%, 01/18/23	USD		2,268		2,283,592
Namibia  |  0.1%
Republic of Namibia, 5.250%, 10/29/25	USD		95		95,653
Nigeria  |  1.0%
Republic of Nigeria:
6.375%, 07/12/23	USD		465		492,609
6.500%, 11/28/27 (#)	USD		375		375,469
7.625%, 11/28/47	USD		200		199,500
7.625%, 11/28/47 (#)	USD		695		693,263
					1,760,841

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

Semi-Annual Report   21

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Pakistan  |  0.5%
Islamic Republic of Pakistan:
8.250%, 04/15/24	USD		405	$	442,589
8.250%, 09/30/25	USD		200		218,812
6.875%, 12/05/27	USD		200		202,188
					863,589
Panama  |  1.6%
Republic of Panama:
3.750%, 03/16/25	USD		830		875,391
7.125%, 01/29/26	USD		210		261,975
8.875%, 09/30/27	USD		40		56,662
3.875%, 03/17/28	USD		455		486,566
9.375%, 04/01/29	USD		140		210,087
4.500%, 04/16/50	USD		860		965,081
					2,855,762
Paraguay  |  1.3%
Republic of Paraguay:
5.000%, 04/15/26	USD		350		382,375
6.100%, 08/11/44	USD		310		369,481
5.600%, 03/13/48	USD		600		679,313
5.600%, 03/13/48 (#)	USD		340		384,944
5.400%, 03/30/50 (#)	USD		435		484,753
					2,300,866
Peru  |  6.2%
Banco de Credito del Peru,
4.850%, 10/30/20 (#)	PEN		2,300		703,034
Republic of Peru:
7.350%, 07/21/25	USD		445		567,514
8.200%, 08/12/26	PEN		13,390		5,037,845
4.125%, 08/25/27	USD		635		708,620
6.350%, 08/12/28	PEN		3,560		1,212,844
2.844%, 06/20/30	USD		340		342,210
6.900%, 08/12/37	PEN		4,230		1,499,166
5.625%, 11/18/50	USD		590		814,200
					10,885,433

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

22   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Philippines  |  3.5%
Republic of Philippines:
4.200%, 01/21/24	USD		345	$	371,846
3.625%, 09/09/25	PHP		15,300		274,383
5.500%, 03/30/26	USD		120		141,525
3.000%, 02/01/28	USD		705		723,506
3.750%, 01/14/29	USD		2,625		2,861,250
7.750%, 01/14/31	USD		365		536,892
6.375%, 10/23/34	USD		380		529,625
3.700%, 03/01/41	USD		555		603,042
					6,042,069
Poland  |  2.1%
Poland Government Bonds, 3.250%, 07/25/25	PLN		12,760		3,631,815
Qatar  |  2.6%
State of Qatar:
4.500%, 04/23/28	USD		547		611,273
4.000%, 03/14/29	USD		835		901,278
4.000%, 03/14/29 (#)	USD		1,140		1,230,487
5.103%, 04/23/48	USD		665		792,389
4.817%, 03/14/49	USD		575		658,375
4.817%, 03/14/49 (#)	USD		295		337,775
					4,531,577
Romania  |  1.8%
Romanian Government Bonds:
4.250%, 06/28/23	RON		7,375		1,782,469
4.850%, 04/22/26	RON		5,580		1,374,971
					3,157,440
Russia  |  5.0%
Russia Foreign Bonds, 5.250%, 06/23/47	USD		1,400		1,548,750
Russia Government Bonds - OFZ:
7.400%, 07/17/24	RUB		172,820		2,752,357
7.950%, 10/07/26	RUB		145,380		2,382,842
7.050%, 01/19/28	RUB		49,670		775,672

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

Semi-Annual Report   23

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
6.900%, 05/23/29	RUB		17,730	$	272,827
8.500%, 09/17/31	RUB		29,610		511,206
Russian Foreign Bonds - Eurobond, 5.100%, 03/28/35	USD		400		434,400
					8,678,054
Saudi Arabia  |  0.5%
Saudi Government International Bonds, 4.375%, 04/16/29 (#)	USD		825		893,062
Senegal  |  0.3%
Republic of Senegal:
6.250%, 05/23/33	USD		360		348,750
6.750%, 03/13/48	USD		200		188,312
					537,062
South Africa  |  4.3%
Republic of South Africa:
7.750%, 02/28/23	ZAR		580		41,836
10.500%, 12/21/26	ZAR		10,670		858,248
8.000%, 01/31/30	ZAR		12,780		856,760
8.250%, 03/31/32	ZAR		26,830		1,772,956
8.500%, 01/31/37	ZAR		55,380		3,584,378
8.750%, 02/28/48	ZAR		5,050		326,248
					7,440,426
Sri Lanka  |  1.1%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		200		200,687
5.875%, 07/25/22	USD		200		200,188
6.125%, 06/03/25	USD		560		545,300
6.850%, 11/03/25	USD		150		150,375
6.825%, 07/18/26	USD		130		129,513
6.750%, 04/18/28 (#)	USD		770		745,937
					1,972,000
Suriname  |  0.1%
Republic of Suriname, 9.250%, 10/26/26	USD		150		139,500

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

24   Semi-Annual Report

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Tajikistan  |  0.1%
Tajikistan International Bonds, 7.125%, 09/14/27 (#)		USD		190	$	179,550
Thailand  |  2.6%
Thailand Government Bonds:
3.625%, 06/16/23		THB		4,210		146,591
3.850%, 12/12/25		THB		5,643		204,733
3.650%, 06/20/31		THB		36,620		1,365,436
3.775%, 06/25/32		THB		37,370		1,412,543
3.400%, 06/17/36		THB		15,930		589,258
3.300%, 06/17/38		THB		21,260		776,278
						4,494,839
Turkey  |  2.8%
Republic of Turkey:
6.250%, 09/26/22		USD		360		363,150
7.250%, 12/23/23		USD		355		366,981
5.750%, 03/22/24		USD		180		175,556
6.000%, 03/25/27		USD		185		176,155
6.000%, 01/14/41		USD		190		164,113
6.625%, 02/17/45		USD		325		299,203
5.750%, 05/11/47		USD		320		269,200
Turkey Government Bonds:
10.700%, 02/17/21		TRY		3,785		579,467
11.000%, 03/02/22		TRY		4,740		702,671
8.800%, 09/27/23		TRY		3,850		502,385
10.400%, 03/20/24		TRY		4,260		581,561
8.000%, 03/12/25		TRY		6,350		748,994
						4,929,436
Ukraine  |  1.8%
Ukraine Government Bonds:
7.750%, 09/01/20		USD		485		501,066
7.750%, 09/01/21		USD		145		151,598
7.750%, 09/01/22		USD		275		290,812
7.750%, 09/01/23		USD		235		248,630
7.750%, 09/01/25		USD		406		420,616

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

Semi-Annual Report   25

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
7.750%, 09/01/26		USD		105	$	108,360
9.750%, 11/01/28		USD		690		779,269
7.375%, 09/25/32		USD		230		226,262
7.375%, 09/25/32 (#)		USD		430		423,012
						3,149,625
United Arab Emirates  |  0.2%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43		USD		310		336,253
Venezuela  |  1.2%
Republic of Venezuela:
7.750%, 10/13/19 («)		USD		245		49,000
6.000%, 12/09/20 («)		USD		121		24,200
12.750%, 08/23/22 («)		USD		1,064		212,800
9.000%, 05/07/23 («)		USD		1,212		242,400
8.250%, 10/13/24 («)		USD		2,218		443,600
7.650%, 04/21/25 («)		USD		1,732		346,400
9.250%, 09/15/27 («)		USD		1,012		202,400
9.250%, 05/07/28 («)		USD		886		177,200
11.950%, 08/05/31 («)		USD		805		161,000
9.375%, 01/13/34 («)		USD		580		116,000
7.000%, 03/31/38 («)		USD		899		179,800
						2,154,800
Zambia  |  0.2%
Republic of Zambia, 8.500%, 04/14/24		USD		505		337,087
Total Foreign Government Obligations (Cost $152,942,453)						157,215,693

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

26   Semi-Annual Report

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Quasi Government Bonds  |  1.2%
Ecuador  |  0.0%
EP Petroecuador, 7.963% (USD LIBOR 3 Month + 5.630%), 09/24/19 (§)		USD		30	$	30,342
Mexico  |  0.2%
Petroleos Mexicanos, 6.500%, 03/13/27		USD		410		405,777
South Africa  |  0.3%
Eskom Holdings SOC, Ltd., 5.750%, 01/26/21		USD		597		602,970
Tunisia  |  0.1%
Banque Centrale de Tunisie SA, 5.750%, 01/30/25		USD		160		148,600
Turkey  |  0.2%
Export Credit Bank of Turkey, 5.375%, 02/08/21		USD		305		298,519
Ukraine  |  0.2%
Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25		USD		250		261,070
Venezuela  |  0.2%
Petroleos de Venezuela SA:
8.500%, 10/27/20		USD		135		100,875
9.000%, 11/17/21 («)		USD		251		37,650
12.750%, 02/17/22 («)		USD		273		40,950
6.000%, 05/16/24 («)		USD		346		51,900
6.000%, 11/15/26 («)		USD		414		62,100
5.375%, 04/12/27 («)		USD		292		43,800

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

Semi-Annual Report   27

			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
9.750%, 05/17/35 («)		USD		295	$	44,250
5.500%, 04/12/37 («)		USD		100		15,000
						396,525
Total Quasi Government Bonds (Cost $2,740,417)						2,143,803
Supranational Bonds  |  1.3%
European Bank for Reconstruction & Development:
27.500%, 11/23/20		TRY		9,310		1,716,590
7.500%, 05/15/22		IDR		1,223,000		88,130
International Bank for Reconstruction & Development, 7.450%, 08/20/21		IDR		5,610,000		403,015
International Finance Corp., 8.000%, 10/09/23		IDR		200,000		14,885
Total Supranational Bonds (Cost $2,017,021)						2,222,620
					Fair
Description			Shares		Value
Short-Term Investments  |  2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $4,103,690)				4,103,690	$	4,103,690
Total Investments  |  99.0% (Cost $168,795,363) (»)					$	172,934,928
Cash and Other Assets in Excess of Liabilities  |  1.0%						1,765,408
Net Assets  |  100.0%					$	174,700,336

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

28   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts Open at June 30, 2019:

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
ARS		34,999,400	USD		759,371	BOA	07/02/19	$	64,546	$	—
ARS		34,999,400	USD		824,460	HSB	07/02/19		—		543
ARS		13,253,000	USD		295,430	HSB	07/05/19		15,079		—
ARS		34,999,400	USD		804,584	HSB	07/16/19		1,424		—
ARS		13,253,000	USD		302,407	HSB	07/19/19		1,383		—
BRL		2,816,480	USD		734,951	BOA	07/02/19		—		1,483
BRL		2,816,480	USD		733,229	BOA	08/02/19		—		1,847
BRL		356,348	USD		92,988	BRC	07/02/19		—		188
BRL		463,800	USD		121,027	BRC	07/02/19		—		244
BRL		786,400	USD		205,209	BRC	07/02/19		—		414
BRL		1,643,280	USD		428,809	BRC	07/02/19		—		865
BRL		2,879,450	USD		751,383	BRC	07/02/19		—		1,517
BRL		2,879,450	USD		748,999	BRC	08/02/19		—		1,264
BRL		1,034,965	USD		270,071	CIT	07/02/19		—		545
BRL		4,736,457	USD		1,235,963	GSC	07/02/19		—		2,494
BRL		4,736,457	USD		1,232,778	GSC	08/02/19		—		2,817
BRL		1,101,183	USD		284,617	JPM	07/02/19		2,153		—
BRL		1,148,954	USD		299,851	JPM	07/02/19		—		640
BRL		1,692,323	USD		442,727	JPM	07/02/19		—		2,012
BRL		1,711,720	USD		445,749	JPM	07/02/19		17		—
BRL		1,941,593	USD		488,845	JPM	07/02/19		16,785		—
BRL		3,290,601	USD		858,671	JPM	07/02/19		—		1,733
BRL		5,278,123	USD		1,359,115	JPM	07/02/19		15,414		—
BRL		5,413,805	USD		1,400,943	JPM	07/02/19		8,920		—
BRL		3,124,403	USD		817,273	SCB	07/02/19		—		3,616
BRL		6,079,993	USD		1,586,554	SCB	07/02/19		—		3,202
BRL		9,872,952	USD		2,438,067	SCB	07/02/19		133,048		—
BRL		6,079,993	USD		1,582,857	SCB	08/02/19		—		4,008
BRL		3,020,256	USD		788,126	UBS	07/02/19		—		1,591
BRL		4,177,026	USD		1,089,981	UBS	07/02/19		—		2,200
BRL		3,020,256	USD		786,279	UBS	08/02/19		—		1,981
BRL		4,177,026	USD		1,086,918	UBS	08/02/19		—		2,230
CLP		76,791,425	USD		112,581	BRC	08/05/19		797		—
CLP		83,288,460	USD		120,012	BRC	08/05/19		2,959		—
CLP		125,438,730	USD		181,034	BRC	08/05/19		4,169		—

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

Semi-Annual Report   29

Lazard Emerging Markets Debt Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
CLP		135,626,532	USD		191,820	BRC	08/05/19	$	8,425	$	—
CLP		252,299,177	USD		363,858	BRC	08/05/19		8,648		—
CLP		77,027,593	USD		109,012	UBS	08/05/19		4,715		—
COP		2,230,138,207	USD		701,191	CIT	07/25/19		—		8,250
COP		564,740,000	USD		170,000	SCB	07/25/19		5,474		—
CZK		11,809,662	EUR		458,481	BOA	07/08/19		6,590		—
CZK		11,720,575	EUR		458,551	BOA	09/20/19		58		—
CZK		7,808,153	EUR		303,350	BRC	07/08/19		4,109		—
CZK		44,630,768	EUR		1,728,960	BRC	07/08/19		29,135		—
CZK		11,720,575	EUR		458,507	BRC	09/20/19		108		—
CZK		11,720,575	EUR		458,551	SCB	09/20/19		58		—
CZK		15,580,710	EUR		603,974	UBS	07/08/19		9,728		—
CZK		11,720,573	EUR		458,537	UBS	09/20/19		74		—
CZK		8,643,731	USD		375,994	BOA	07/08/19		10,603		—
CZK		9,305,597	USD		405,296	BRC	07/08/19		10,904		—
CZK		13,479,778	USD		595,094	BRC	09/20/19		8,411		—
CZK		19,934,352	USD		890,533	BRC	09/20/19		1,951		—
CZK		1,985,024	USD		86,928	CIT	07/08/19		1,853		—
EUR		460,624	CZK		11,720,575	BOA	07/08/19		—		167
EUR		174,673	CZK		4,452,045	BRC	07/08/19		—		399
EUR		460,579	CZK		11,720,575	BRC	07/08/19		—		218
EUR		860,000	CZK		22,247,082	BRC	07/08/19		—		16,610
EUR		460,624	CZK		11,720,575	SCB	07/08/19		—		167
EUR		245,222	CZK		6,247,868	UBS	07/08/19		—		455
EUR		460,601	CZK		11,720,573	UBS	07/08/19		—		194
EUR		380,000	PLN		1,621,688	JPM	07/22/19		—		1,768
EUR		27,558	USD		31,375	UBS	07/22/19		14		—
HUF		46,804,938	USD		165,283	BOA	07/22/19		—		330
HUF		46,804,939	USD		165,246	BRC	07/22/19		—		293
HUF		740,046,363	USD		2,608,507	BRC	07/22/19		—		387
HUF		46,804,939	USD		165,330	SCB	07/22/19		—		377
IDR		816,393,526	USD		54,444	BOA	11/15/19		2,470		—
IDR		2,009,000,000	USD		140,000	BRC	07/10/19		2,083		—
IDR		1,767,355,300	USD		118,281	BRC	11/18/19		4,887		—
IDR		3,943,666,712	USD		278,567	HSB	07/10/19		343		—

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

30   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
IDR	408,665,416		USD	27,253		JPM	11/15/19	$	1,236	$	—
IDR		816,782,863	USD		54,235	JPM	11/15/19		2,706		—
IDR		3,530,888,929	USD		249,269	SCB	07/10/19		448		—
IDR		816,260,263	USD		54,327	SCB	11/15/19		2,578		—
IDR		1,220,881,262	USD		81,719	SCB	11/18/19		3,365		—
MXN		91,991	USD		4,649	BRC	07/22/19		128		—
MXN		8,592,021	USD		446,443	BRC	07/22/19		—		252
MXN		4,943,575	USD		250,000	SCB	07/22/19		6,724		—
MYR		228,015	USD		54,747	SCB	07/29/19		408		—
MYR		688,857	USD		164,139	SCB	07/29/19		2,491		—
MYR		1,167,947	USD		280,399	SCB	07/29/19		2,119		—
MYR		5,424,828	USD		1,302,667	SCB	07/29/19		9,561		—
PEN		1,494,825	USD		452,812	CIT	07/08/19		1,055		—
PEN		18,161,773	USD		5,516,104	HSB	07/08/19		—		1,723
PHP		2,153,397	USD		40,470	BRC	08/22/19		1,472		—
PHP		4,111,200	USD		80,000	BRC	09/10/19		3		—
PHP		42,322,500	USD		810,000	HSB	09/10/19		13,586		—
PHP		91,346,319	USD		1,734,973	SCB	08/15/19		44,722		—
PHP		23,548,156	USD		442,427	SCB	08/22/19		16,219		—
PHP		41,783,800	USD		801,070	SCB	09/10/19		12,033		—
PHP		17,938,969	USD		337,104	UBS	08/22/19		12,292		—
PLN		1,191,884	USD		310,334	BOA	09/06/19		9,383		—
PLN		1,698,634	USD		451,758	BOA	09/17/19		3,982		—
PLN		1,929,995	USD		511,122	BOA	09/24/19		6,757		—
PLN		613,040	USD		159,633	BRC	09/06/19		4,812		—
PLN		2,495,322	USD		663,708	BRC	09/17/19		5,782		—
PLN		1,381,734	USD		365,784	BRC	09/24/19		4,979		—
PLN		1,804,204	USD		477,713	CIT	09/24/19		6,412		—
PLN		3,511,739	USD		914,766	HSB	09/06/19		27,242		—
PLN		1,872,366	USD		495,296	HSB	09/24/19		7,119		—
PLN		2,519,746	USD		670,493	SCB	09/17/19		5,550		—
PLN		1,786,578	USD		473,147	SCB	09/24/19		6,249		—
PLN		776,251	USD		202,156	UBS	09/06/19		6,070		—
PLN		2,544,171	USD		676,859	UBS	09/17/19		5,737		—
PLN		1,557,477	USD		412,435	UBS	09/24/19		5,486		—

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

Semi-Annual Report   31

Lazard Emerging Markets Debt Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
RON		458,852	USD		108,578	BOA	09/05/19	$	1,736	$	—
RON		80,701	USD		19,118	BRC	09/05/19		284		—
RON		458,852	USD		108,568	BRC	09/05/19		1,746		—
RON		458,852	USD		108,576	CIT	09/05/19		1,738		—
RON		458,852	USD		108,532	HSB	09/05/19		1,782		—
RON		458,852	USD		108,613	SCB	09/05/19		1,701		—
RON		458,849	USD		108,569	UBS	09/05/19		1,744		—
RUB		6,048,900	USD		90,000	BRC	07/31/19		5,261		—
RUB		22,791,390	USD		340,000	BRC	07/31/19		18,930		—
RUB		35,080,551	USD		519,231	CIT	07/31/19		33,234		—
RUB		30,652,490	USD		454,010	HSB	07/31/19		28,720		—
RUB		14,651,586	USD		224,202	UBS	07/31/19		6,538		—
THB		2,316,734	USD		74,421	BRC	09/23/19		1,268		—
TRY		480,960	USD		80,000	BRC	07/17/19		2,331		—
TRY		635,712	USD		110,000	BRC	07/17/19		—		1,178
TRY		692,653	USD		115,450	BRC	07/17/19		3,120		—
TRY		850,069	USD		147,249	BRC	07/17/19		—		1,733
TRY		1,078,350	USD		170,000	UBS	07/17/19		14,594		—
TWD		8,067,588	USD		257,011	BRC	08/16/19		3,411		—
TWD		15,473,434	USD		492,989	CIT	08/16/19		6,495		—
UAH		5,948,800	USD		220,000	BOA	09/25/19		—		348
UAH		5,948,800	USD		220,000	SCB	09/25/19		—		348
USD		824,460	ARS		34,999,400	BOA	07/02/19		543		—
USD		817,743	ARS		34,999,400	HSB	07/02/19		—		6,174
USD		308,209	ARS		13,253,000	HSB	07/05/19		—		2,300
USD		735,373	BRL		2,816,480	BOA	07/02/19		1,905		—
USD		92,187	BRL		356,348	BRC	07/02/19		—		613
USD		120,000	BRL		463,800	BRC	07/02/19		—		783
USD		200,000	BRL		786,400	BRC	07/02/19		—		4,794
USD		410,000	BRL		1,643,280	BRC	07/02/19		—		17,943
USD		751,128	BRL		2,879,450	BRC	07/02/19		1,262		—
USD		267,813	BRL		1,034,965	CIT	07/02/19		—		1,712
USD		1,236,350	BRL		4,736,457	GSC	07/02/19		2,882		—
USD		287,350	BRL		1,101,183	JPM	07/02/19		580		—
USD		299,816	BRL		1,148,954	JPM	07/02/19		605		—

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

32   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
USD		441,606	BRL		1,692,323	JPM	07/02/19	$	891	$	—
USD		446,668	BRL		1,711,720	JPM	07/02/19		901		—
USD		506,652	BRL		1,941,593	JPM	07/02/19		1,023		—
USD		821,418	BRL		3,290,601	JPM	07/02/19		—		35,520
USD		1,377,309	BRL		5,278,123	JPM	07/02/19		2,780		—
USD		1,412,715	BRL		5,413,805	JPM	07/02/19		2,851		—
USD		1,131,039	BRL		4,344,829	JPM	08/02/19		2,776		—
USD		815,303	BRL		3,124,403	SCB	07/02/19		1,645		—
USD		1,587,466	BRL		6,079,993	SCB	07/02/19		4,113		—
USD		2,576,314	BRL		9,872,952	SCB	07/02/19		5,200		—
USD		788,579	BRL		3,020,256	UBS	07/02/19		2,043		—
USD		1,089,981	BRL		4,177,026	UBS	07/02/19		2,200		—
USD		70,000	CLP		47,512,500	BRC	08/05/19		—		150
USD		266,193	CLP		186,388,185	BRC	08/05/19		—		8,999
USD		260,000	COP		844,740,000	BRC	07/25/19		—		2,475
USD		360,000	COP		1,157,760,000	BRC	07/25/19		264		—
USD		889,569	CZK		19,934,352	BRC	07/08/19		—		2,010
USD		849,058	EUR		747,739	BOA	07/22/19		—		2,611
USD		210,000	EUR		184,389	BRC	07/22/19		—		18
USD		849,075	EUR		747,738	BRC	07/22/19		—		2,593
USD		848,701	EUR		747,738	SCB	07/22/19		—		2,967
USD		31,339	EUR		27,558	UBS	07/08/19		—		14
USD		927,566	HUF		263,523,018	BRC	07/22/19		—		1,158
USD		65,906	HUF		18,627,507	SCB	07/22/19		257		—
USD		708,344	HUF		201,362,502	UBS	07/22/19		—		1,311
USD		1,021,905	HUF		289,175,009	UBS	07/22/19		2,775		—
USD		36,055	IDR		516,301,612	BOA	07/15/19		—		440
USD		53,774	IDR		777,842,847	BRC	07/10/19		—		1,238
USD		200,000	IDR		2,837,400,000	BRC	08/12/19		81		—
USD		191,599	IDR		2,858,102,068	BRC	11/15/19		—		7,652
USD		254,678	IDR		3,800,082,972	BRC	11/18/19		—		10,152
USD		84,361	IDR		1,211,761,062	CIT	07/17/19		—		1,272
USD		365,723	IDR		5,287,624,121	HSB	07/10/19		—		8,236
USD		124,475	IDR		1,783,480,917	HSB	07/15/19		—		1,588
USD		277,293	IDR		3,943,666,712	HSB	08/12/19		—		572

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

Semi-Annual Report   33

Lazard Emerging Markets Debt Portfolio (continued)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
USD		687,451	IDR		9,941,233,687	JPM	07/10/19	$	—	$	15,627
USD		251,793	IDR		3,641,682,235	SCB	07/10/19		—		5,759
USD		419,195	IDR		6,068,262,320	SCB	07/10/19		—		9,974
USD		120,313	IDR		1,724,081,922	SCB	07/15/19		—		1,552
USD		80,042	IDR		1,149,807,385	SCB	07/17/19		—		1,212
USD		84,155	IDR		1,210,153,785	SCB	07/17/19		—		1,364
USD		84,463	IDR		1,211,198,387	SCB	07/17/19		—		1,130
USD		5,718	IDR		82,418,100	SCB	07/19/19		—		106
USD		101,316	IDR		1,456,420,591	SCB	07/22/19		—		1,549
USD		248,130	IDR		3,530,888,929	SCB	08/12/19		—		652
USD		90,643	IDR		1,306,614,020	UBS	07/19/19		—		1,673
USD		651,701	MXN		12,568,370	BRC	07/22/19		—		986
USD		330,000	MXN		6,526,575	SCB	07/22/19		—		8,931
USD		652,072	MXN		12,568,370	SCB	07/22/19		—		614
USD		651,903	MXN		12,568,370	UBS	07/22/19		—		783
USD		171,457	MYR		709,781	SCB	07/29/19		—		234
USD		110,000	PEN		371,580	BRC	07/17/19		—		2,775
USD		120,000	PEN		400,200	BRC	07/17/19		—		1,462
USD		190,000	PEN		626,620	BRC	09/09/19		239		—
USD		5,837,669	PEN		19,656,598	HSB	07/08/19		—		130,580
USD		5,499,401	PEN		18,161,773	HSB	09/09/19		—		583
USD		64,658	RON		273,013	BRC	09/05/19		—		978
USD		155,602	RON		655,925	BRC	09/05/19		—		2,091
USD		280,808	RON		1,186,429	BRC	09/05/19		—		4,424
USD		556,808	RON		2,351,039	BRC	09/05/19		—		8,411
USD		190,000	RON		790,172	SCB	09/05/19		33		—
USD		74,566	RON		314,795	UBS	09/05/19		—		1,115
USD		216,533	RON		916,323	UBS	09/05/19		—		3,762
USD		219,956	RON		930,809	UBS	09/05/19		—		3,822
USD		48,015	RUB		3,146,777	BRC	07/31/19		—		1,542
USD		220,000	RUB		14,430,130	BRC	07/31/19		—		7,252
USD		690,000	RUB		46,314,525	BRC	07/31/19		—		39,383
USD		103,807	RUB		6,796,234	JPM	07/31/19		—		3,223
USD		437,900	RUB		28,578,018	JPM	07/31/19		—		12,160
USD		120,000	THB		3,676,200	SCB	09/23/19		—		104

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

34   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (concluded)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
USD		180,000	TRY		1,122,210	BRC	07/17/19	$	—	$	12,102
USD		207,378	TRY		1,226,186	BRC	07/17/19		—		2,522
USD		227,863	TRY		1,341,634	BRC	07/17/19		—		1,800
USD		386,035	TRY		2,380,870	BRC	07/17/19		—		21,526
USD		440,579	TRY		2,613,292	BRC	07/17/19		—		6,769
USD		54,619	TRY		318,435	HSB	07/17/19		109		—
USD		80,000	TRY		494,368	SCB	07/17/19		—		4,627
USD		410,000	TRY		2,392,957	SCB	07/17/19		370		—
USD		132,966	TRY		786,556	UBS	07/17/19		—		1,678
USD		270,000	TRY		1,580,354	UBS	07/17/19		—		527
USD		1,627,489	TWD		50,194,034	UBS	08/16/19		7,222		—
USD		98,390	ZAR		1,445,822	BRC	07/24/19		—		3,981
UYU		7,540,880	USD		212,001	CIT	09/13/19		—		640
ZAR		1,131,164	USD		80,000	SCB	07/24/19		92		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	806,316	$	529,911

Interest Rate Swap Agreements open at June 30, 2019:

					Receive		Payment
		Notional		Expiration	(Pay)		Frequency	Variable	Unrealized
Currency	Counterparty	Amount		Date	Rate		Paid/Received	Rate	Appreciation
BRL	GSC	$	10,986,507	07/01/21		7.55%	Maturity	Brazil Cetip Interbank Deposit Rate		$	81,488

Centrally Cleared Interest Rate Swap Agreements open at June 30, 2019:

					Receive		Payment
		Notional		Expiration	(Pay)		Frequency	Variable	Unrealized
Currency	Counterparty	Amount		Date	Rate		Paid/Received	Rate	Appreciation
BRL	GSC	$	18,724,202	07/01/21		7.42%	Maturity	Brazil Cetip Interbank Deposit Rate		$	142,134

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

Semi-Annual Report   35

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  30.2%
Australia  |  0.8%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		70	$	52,217
Canada  |  1.6%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		90		70,131
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		40		31,321
					101,452
France  |  1.2%
Schneider Electric SE, 2.950%, 09/27/22	USD		70		71,212
Germany  |  1.3%
BMW Finance NV, 0.875%, 08/16/22	GBP		45		56,217
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		25		25,345
					81,562
Netherlands  |  0.6%
BNG Bank NV, 5.000%, 09/16/20	NZD		55		38,340
Switzerland  |  0.9%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		55		56,888
United Kingdom  |  1.7%
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		104,014

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

36   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
United States  |  22.1%
American Express Co., 3.000%, 10/30/24	USD		60	$	61,472
Apple, Inc., 3.850%, 05/04/43	USD		110		116,731
Ball Corp., 4.000%, 11/15/23	USD		35		36,181
Bank of America Corp., 3.499%, 05/17/22 (§)	USD		70		71,383
Citigroup, Inc., 3.095% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		110		78,361
Constellation Brands, Inc., 4.250%, 05/01/23	USD		65		69,135
DaVita, Inc., 5.125%, 07/15/24	USD		30		30,009
HCA, Inc., 5.000%, 03/15/24	USD		45		49,003
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		85		64,955
Johnson & Johnson, 3.625%, 03/03/37	USD		65		69,512
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		45		47,402
McDonald’s Corp., 3.125%, 03/04/25	CAD		80		63,196
Microsoft Corp., 4.450%, 11/03/45	USD		95		113,797
Morgan Stanley, 3.625%, 01/20/27	USD		90		94,532
Nestle Holdings, Inc., 2.750%, 04/15/20	NOK		340		40,210
NIKE, Inc., 2.375%, 11/01/26	USD		90		90,196
Sealed Air Corp., 4.875%, 12/01/22	USD		30		31,463

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

Semi-Annual Report   37

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Service Corp. International, 4.625%, 12/15/27	USD		25	$	25,531
Starbucks Corp., 4.450%, 08/15/49	USD		60		65,622
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		35		36,294
United Rentals North America, Inc., 4.625%, 07/15/23	USD		35		35,726
Verizon Communications, Inc., 3.875%, 02/08/29	USD		75		80,406
					1,371,117
Total Corporate Bonds (Cost $1,836,058)					1,876,802
Foreign Government Obligations  |  45.2%
Australia  |  1.1%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		94		71,065
Bahamas  |  2.1%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118		131,570
Bermuda  |  3.3%
Government of Bermuda, 3.717%, 01/25/27	USD		200		203,250
Canada  |  1.6%
City of Vancouver, 2.900%, 11/20/25	CAD		60		48,072
Province of Quebec, 1.650%, 03/03/22	CAD		70		53,459
					101,531

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

38   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Chile  |  3.4%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		90,000	$	143,781
5.000%, 03/01/35	CLP		40,000		69,775
					213,556
Colombia  |  0.9%
Republic of Colombia, 9.850%, 06/28/27	COP		148,000		57,747
Croatia  |  1.7%
Croatia Government International Bonds, 6.625%, 07/14/20	USD		100		104,000
Czech Republic  |  3.1%
Czech Republic:
2.150% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		1,390		62,881
2.500%, 08/25/28	CZK		2,600		126,418
					189,299
France  |  2.3%
Government of France, 1.750%, 06/25/39	EUR		104		144,071
Hungary  |  3.2%
Hungary, 6.375%, 03/29/21	USD		60		64,030
Hungary Government Bonds:
3.000%, 10/27/27	HUF		19,650		73,270
3.000%, 08/21/30	HUF		17,280		63,027
					200,327
Ireland  |  3.1%
Ireland Government Bonds:
1.350%, 03/18/31	EUR		50		63,247
1.700%, 05/15/37	EUR		100		131,606
					194,853

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

Semi-Annual Report   39

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Italy  |  1.1%
Italy Government International Bonds, 6.875%, 09/27/23	USD		60	$	67,828
Mexico  |  2.0%
Mexican Bonos, 6.500%, 06/09/22	MXN		1,390		70,710
United Mexican States, 6.750%, 02/06/24	GBP		35		52,906
					123,616
New Zealand  |  1.1%
New Zealand Government Bonds, 6.000%, 05/15/21	NZD		90		65,396
Norway  |  1.9%
Oslo Kommune, 2.350%, 09/04/24	NOK		1,000		119,128
Peru  |  1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		190		63,198
Philippines  |  1.7%
Philippine Government Bonds, 4.250%, 04/11/20	PHP		5,460		105,957
Poland  |  2.2%
Poland Government Bonds, 2.500%, 07/25/26	PLN		490		133,340
Romania  |  3.2%
Romanian Government Bonds:
4.750%, 02/24/25	RON		505		123,824
2.375%, 04/19/27	EUR		60		73,897
					197,721

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

40   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Singapore  |  1.0%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		75	$	62,709
Spain  |  2.2%
Spain Government Bonds, 1.400%, 04/30/28	EUR		107		133,604
United Kingdom  |  2.0%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		47		63,525
1.500%, 07/22/47	GBP		45		57,467
					120,992
Total Foreign Government Obligations (Cost $2,756,256)					2,804,758
Quasi Government Bonds  |  1.5%
Canada  |  1.5%
Export Development Canada, 1.800%, 09/01/22 (Cost $94,163)	CAD		125		95,968
Supranational Bonds  |  12.4%
African Development Bank, 2.375%, 09/23/21	USD		90		91,034
Asian Development Bank:
1.000%, 12/15/22	GBP		55		70,045
2.125%, 03/19/25	USD		77		77,900
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		90		68,017
International Bank for Reconstruction & Development:
5.750%, 10/28/19	INR		1,500		21,554
3.500%, 01/22/21	NZD		50		34,574
2.500%, 08/03/23	CAD		135		106,227
2.900%, 11/26/25	AUD		40		30,321

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

Semi-Annual Report   41

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
International Finance Corp.:
3.625%, 05/20/20	NZD		85	$	58,138
2.700%, 03/15/23	AUD		85		62,544
2.125%, 04/07/26	USD		145		146,424
Total Supranational Bonds (Cost $760,884)					766,778
US Municipal Bonds  |  2.0%
California  |  2.0%
California State Build America Bonds, 7.500%, 04/01/34	USD		50		75,470
State of California, 4.500%, 04/01/33	USD		45		50,890
Total US Municipal Bonds (Cost $120,612)					126,360
US Treasury Securities  |  7.8%
Treasury Inflation Protected Security, 0.125%, 04/15/20	USD		55		53,980
US Treasury Notes:
2.125%, 05/15/25	USD		160		162,612
2.875%, 08/15/28	USD		186		199,776
3.125%, 11/15/41	USD		58		64,853
Total US Treasury Securities (Cost $456,501)					481,221

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

42   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Short-Term Investments  |  0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $23,436)		23,436	$	23,436
Total Investments  |  99.5% (Cost $6,047,910) (»)			$	6,175,323
Cash and Other Assets in Excess of Liabilities  |  0.5%				31,862
Net Assets  |  100.0%			$	6,207,185

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

Semi-Annual Report   43

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2019:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD		104,252	USD		72,993	HSB	08/14/19	$	301	$	—
AUD		29,049	USD		20,300	MSC	08/14/19		123		—
CAD		42,325	USD		31,700	JPM	08/14/19		649		—
CHF		43,414	USD		43,542	HSB	08/14/19		1,107		—
CZK		1,404,695	EUR		54,400	JPM	07/25/19		871		—
EUR		32,787	USD		37,000	CIT	07/11/19		310		—
EUR		58,705	USD		66,275	HSB	07/11/19		530		—
EUR		103,651	USD		116,776	HSB	07/11/19		1,176		—
EUR		582,862	USD		659,319	HSB	07/11/19		3,958		—
EUR		110,882	USD		125,452	JPM	07/11/19		728		—
GBP		10,915	USD		14,000	JPM	08/14/19		—		110
GBP		29,471	USD		38,344	JPM	08/14/19		—		840
HUF		2,536,231	USD		8,937	JPM	08/08/19		11		—
IDR		257,849,500	USD		17,900	HSB	09/11/19		206		—
JPY		3,951,680	USD		37,056	CIT	08/14/19		—		286
JPY		43,226,736	USD		398,786	CIT	08/14/19		3,438		—
JPY		80,809,595	USD		745,538	HSB	08/14/19		6,395		—
JPY		5,732,788	USD		53,600	JPM	08/14/19		—		256
KRW		87,334,260	USD		74,100	HSB	08/05/19		1,613		—
NOK		529,688	USD		60,726	HSB	08/14/19		1,451		—
NOK		1,005,889	USD		117,864	HSB	08/14/19		210		—
NZD		40,119	USD		26,500	HSB	08/14/19		477		—
SEK		261,870	USD		27,800	MSC	08/14/19		489		—
USD		134,560	AUD		192,839	CIT	08/14/19		—		1,014
USD		120,684	AUD		172,907	HSB	08/14/19		—		877
USD		21,469	AUD		30,758	JPM	08/14/19		—		155
USD		79,888	CAD		107,484	CIT	08/14/19		—		2,264
USD		270,638	CAD		363,919	HSB	08/14/19		—		7,511
USD		103,156	CAD		138,714	JPM	08/14/19		—		2,866
USD		197,729	CLP		132,195,416	CIT	07/25/19		2,575		—
USD		58,665	COP		194,179,641	CIT	09/10/19		—		1,508
USD		62,352	CZK		1,421,240	JPM	07/25/19		—		1,236
USD		55,373	EUR		48,884	HSB	07/11/19		—		255
USD		61,929	EUR		54,664	HSB	07/11/19		—		276
USD		111,334	EUR		98,423	HSB	07/11/19		—		668
USD		61,870	EUR		54,845	JPM	07/11/19		—		542
USD		1,645	GBP		1,264	JPM	08/14/19		36		—
USD		21,721	HUF		6,316,247	JPM	08/08/19		—		562
USD		106,805	HUF		30,687,094	JPM	08/08/19		—		1,460

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

44   Semi-Annual Report

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		20,097	INR		1,414,348	CIT	07/24/19	$	—	$	337
USD		162,733	JPY		17,638,750	HSB	08/14/19		—		1,396
USD		61,800	JPY		6,656,778	MSC	08/14/19		—		141
USD		33,264	MXN		648,669	HSB	08/14/19		—		294
USD		20,922	MXN		408,092	JPM	08/14/19		—		190
USD		87,848	NOK		766,267	HSB	08/14/19		—		2,099
USD		119,216	NOK		1,040,142	HSB	08/14/19		—		2,880
USD		49,813	NZD		75,646	CIT	08/14/19		—		1,052
USD		98,336	NZD		149,341	HSB	08/14/19		—		2,083
USD		35,067	NZD		53,252	JPM	08/14/19		—		740
USD		49,122	PEN		165,000	JPM	08/21/19		—		884
USD		105,240	PHP		5,488,806	HSB	07/24/19		—		1,800
USD		113,545	PLN		434,261	HSB	08/14/19		—		2,891
USD		125,279	RON		519,907	HSB	09/27/19		347		—
USD		10,374	SGD		14,193	HSB	08/14/19		—		123
USD		37,469	SGD		51,275	JPM	08/14/19		—		456
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	27,001	$	40,052

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

Semi-Annual Report   45

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  92.7%
Aerospace & Defense  |  0.5%
Triumph Group, Inc., 4.875%, 04/01/21	$	1,400	$	1,379,000
Auto Components  |  2.3%
Dana, Inc., 5.500%, 12/15/24		1,800		1,845,000
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		1,713,250
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,669,500
The Goodyear Tire & Rubber Co.: 5.125%, 11/15/23		1,550		1,569,375
5.000%, 05/31/26		250		246,250
				7,043,375
Automobiles  |  1.0%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,112,540
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		825,000
				2,937,540
Building Products  |  0.6%
Griffon Corp., 5.250%, 03/01/22		1,800		1,794,366
Capital Markets  |  1.0%
Icahn Enterprises LP, 6.000%, 08/01/20		1,500		1,502,700
MPT Operating Partnership LP, 6.375%, 03/01/24		1,560		1,634,100
				3,136,800
Chemicals  |  2.5%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,729,312

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

46   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Mosaic Global Holdings, Inc., 7.300%, 01/15/28	$	775	$	951,660
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,571,313
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,496,250
WR Grace & Co-Conn, 5.125%, 10/01/21 (#)		1,700		1,763,750
				7,512,285
Commercial Services & Supplies  |  4.3%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,822,500
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		2,030,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,902,375
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		1,600		1,626,160
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,831,500
Multi-Color Corp., 4.875%, 11/01/25 (#)		1,750		1,839,687
The ADT Security Corp.: 6.250%, 10/15/21		1,400		1,480,500
4.125%, 06/15/23		500		500,000
				13,032,722
Communications Equipment  |  1.1%
CommScope, Inc., 5.000%, 06/15/21 (#)		1,500		1,496,250
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,741,250
				3,237,500
Construction Materials  |  1.2%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,751,200

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

Semi-Annual Report   47

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Standard Industries, Inc., 5.375%, 11/15/24 (#)	$	1,750	$	1,811,250
				3,562,450
Containers & Packaging  |  4.0%
Ball Corp., 4.000%, 11/15/23		2,100		2,170,875
Cascades, Inc., 5.500%, 07/15/22 (#)		1,500		1,505,625
Crown Americas LLC: 4.500%, 01/15/23		1,550		1,613,937
4.250%, 09/30/26		500		510,000
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)		2,092		2,144,300
Reynolds Group Issuer, Inc., 5.750%, 10/15/20		1,454		1,457,296
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,782,875
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		871,875
				12,056,783
Diversified Consumer Services  |  1.2%
Service Corp. International, 4.625%, 12/15/27		1,750		1,787,188
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)		1,800		1,851,750
				3,638,938
Diversified Financial Services  |  1.5%
Herc Rentals, Inc., 7.750%, 06/01/24 (#)		1,189		1,259,389
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,734,000
Level 3 Financing, Inc., 5.125%, 05/01/23		1,550		1,562,942
				4,556,331

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

48   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Diversified Telecommunication Services  |  3.2%
CenturyLink, Inc., 5.625%, 04/01/20	$	1,550	$	1,567,438
CyrusOne LP, 5.000%, 03/15/24		2,000		2,055,000
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,148,502
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,060,000
Zayo Group LLC, 5.750%, 01/15/27 (#)		1,950		1,984,125
				9,815,065
Energy Equipment & Services  |  1.0%
Precision Drilling Corp., 5.250%, 11/15/24		1,500		1,387,500
Transocean, Inc., 9.000%, 07/15/23 (#)		1,500		1,597,500
				2,985,000
Entertainment  |  1.2%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,594,563
Netflix, Inc.: 5.375%, 02/01/21		1,550		1,602,312
4.375%, 11/15/26		500		511,400
				3,708,275
Equity Real Estate Investment Trusts (REITs)  |  3.6%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,358,334
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		2,050,000
Iron Mountain, Inc., 6.000%, 08/15/23		1,450		1,489,875
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,840,500
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,545,969

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

Semi-Annual Report   49

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Uniti Group LP, 6.000%, 04/15/23 (#)	$	1,700	$	1,615,000
				10,899,678
Food & Staples Retailing  |  1.7%
Albertsons Cos. LLC, 6.625%, 06/15/24		1,750		1,813,438
Ingles Markets, Inc., 5.750%, 06/15/23		1,500		1,533,750
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,843,356
				5,190,544
Food Products  |  2.3%
B&G Foods, Inc., 4.625%, 06/01/21		1,500		1,501,875
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,072,500
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,824,750
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,509,375
				6,908,500
Gas Utilities  |  1.1%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,650,750
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,809,000
				3,459,750
Health Care Equipment & Supplies  |  1.2%
Hill-Rom Holdings, Inc., 5.750%, 09/01/23 (#)		1,550		1,602,003
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		2,030,000
				3,632,003

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

50   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Health Care Providers & Services  |  3.1%
Centene Corp.:
6.125%, 02/15/24	$	1,500	$	1,571,250
4.750%, 01/15/25		500		516,105
DaVita, Inc., 5.125%, 07/15/24		2,000		2,000,600
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,578,142
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,768,000
Tenet Healthcare Corp.:
4.750%, 06/01/20		700		707,000
4.375%, 10/01/21		1,250		1,268,750
				9,409,847
Hotels, Restaurants & Leisure  |  9.6%
1011778 BC ULC, 4.625%, 01/15/22 (#)		1,550		1,550,000
Boyd Gaming Corp.:
6.875%, 05/15/23		1,450		1,497,125
6.375%, 04/01/26		750		793,410
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		2,037,500
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,608,125
Cinemark USA, Inc., 4.875%, 06/01/23		1,550		1,569,375
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,545,000
GLP Capital LP, 4.875%, 11/01/20		1,500		1,526,040
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,670,660
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		2,062,856
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,531,563

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

Semi-Annual Report   51

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
KFC Holding Co., 5.250%, 06/01/26 (#)	$	2,400	$	2,516,976
MGM Resorts International: 6.625%, 12/15/21		1,000		1,080,000
4.625%, 09/01/26		800		804,000
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,767,500
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,877,750
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,704,250
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		2,065,600
				29,207,730
Household Durables  |  0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,802,500
Household Products  |  1.2%
Energizer Holdings, Inc., 5.500%, 06/15/25 (#)		1,750		1,771,875
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,869,750
				3,641,625
Independent Power & Renewable Electricity Producers  |  1.7%
AES Corp., 5.125%, 09/01/27		1,700		1,793,500
Calpine Corp., 6.000%, 01/15/22 (#)		1,500		1,507,500
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,728,125
				5,029,125
IT Services  |  1.2%
First Data Corp.:
5.375%, 08/15/23 (#)		1,600		1,628,800
5.000%, 01/15/24 (#)		500		512,250

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

52   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
VeriSign, Inc., 4.625%, 05/01/23	$	1,550	$	1,575,265
				3,716,315
Machinery  |  3.0%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,781,537
Meritor, Inc., 6.250%, 02/15/24		1,700		1,751,000
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,806,875
SPX FLOW, Inc., 5.625%, 08/15/24 (#)		1,750		1,824,375
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,812,375
				8,976,162
Media  |  12.1%
AMC Networks, Inc., 4.750%, 12/15/22		1,500		1,518,840
CCO Holdings LLC: 5.250%, 03/15/21		1,650		1,657,219
5.125%, 05/01/27 (#)		500		517,680
Clear Channel Worldwide Holdings, Inc., 6.500%, 11/15/22		1,500		1,526,250
CSC Holdings LLC: 5.500%, 05/15/26 (#)		1,000		1,048,700
7.500%, 04/01/28 (#)		1,690		1,855,282
DISH DBS Corp., 5.125%, 05/01/20		1,600		1,607,984
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,580,625
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,814,457
Mediacom Broadband LLC, 5.500%, 04/15/21		375		373,125
Meredith Corp., 6.875%, 02/01/26		1,700		1,803,921

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

Semi-Annual Report   53

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Nexstar Broadcasting Inc., 5.875%, 11/15/22	$	1,500	$	1,533,750
Outfront Media Capital LLC, 5.250%, 02/15/22		1,500		1,520,100
Sinclair Television Group, Inc., 5.375%, 04/01/21		1,650		1,651,031
Sirius XM Radio, Inc.: 5.375%, 04/15/25 (#)		400		412,500
5.000%, 08/01/27 (#)		1,750		1,780,450
TEGNA, Inc., 6.375%, 10/15/23		1,650		1,699,500
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,728,000
Tribune Media Co., 5.875%, 07/15/22		1,550		1,576,970
Unitymedia Hessen GmbH & Co. KG, 5.000%, 01/15/25 (#)		1,700		1,751,000
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,902,500
Videotron, Ltd.: 5.000%, 07/15/22		1,558		1,632,005
5.125%, 04/15/27 (#)		500		521,875
Virgin Media Secured Finance PLC, 5.250%, 01/15/26 (#)		2,100		2,151,891
WMG Acquisition Corp., 4.875%, 11/01/24 (#)		1,600		1,638,000
				36,803,655
Metals & Mining  |  2.6%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)		1,800		1,901,250
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,776,972
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,248,950

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

54   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Steel Dynamics, Inc.:
4.125%, 09/15/25	$	500	$	497,500
5.000%, 12/15/26		1,550		1,615,875
				8,040,547
Oil, Gas & Consumable Fuels  |  9.3%
Antero Resources Corp., 5.125%, 12/01/22		1,600		1,536,000
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,292,188
Diamondback Energy, Inc., 4.750%, 11/01/24		1,550		1,590,687
Energy Transfer Operating LP:
7.500%, 10/15/20		1,250		1,325,737
5.875%, 01/15/24		750		833,534
Gulfport Energy Corp., 6.000%, 10/15/24		1,700		1,313,250
Holly Energy Partners LP, 6.000%, 08/01/24 (#)		2,040		2,121,600
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,575,000
Newfield Exploration Co., 5.625%, 07/01/24		1,600		1,770,625
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,776,500
PBF Holding Co. LLC, 7.000%, 11/15/23		1,400		1,452,514
Range Resources Corp., 5.000%, 08/15/22		1,700		1,619,250
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,647,000
Sunoco LP, 5.500%, 02/15/26		1,700		1,770,125
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,264,063
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,571,467

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

Semi-Annual Report   55

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Whiting Petroleum Corp.: 5.750%, 03/15/21	$	900	$	897,750
6.625%, 01/15/26		1,000		964,375
WPX Energy, Inc.: 6.000%, 01/15/22		900		932,625
5.750%, 06/01/26		1,000		1,035,000
				28,289,290
Personal Products  |  0.5%
First Quality Finance Co., Inc., 4.625%, 05/15/21 (#)		1,500		1,498,125
Pharmaceuticals  |  0.5%
Mallinckrodt International Finance SA, 5.750%, 08/01/22 (#)		1,700		1,453,500
Professional Services  |  1.0%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,589,250
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,550		1,548,063
				3,137,313
Road & Rail  |  0.6%
The Hertz Corp., 5.500%, 10/15/24 (#)		1,800		1,719,540
Semiconductors & Semiconductor Equipment  |  0.3%
Qorvo, Inc., 5.500%, 07/15/26		1,000		1,058,300
Software  |  1.3%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,623,625
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,564,200
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)		1,000		917,500
				4,105,325

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

56   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Specialty Retail  |  1.2%
Group 1 Automotive, Inc., 5.000%, 06/01/22	$	1,662	$	1,682,775
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,876,500
				3,559,275
Technology Hardware, Storage & Peripherals  |  2.3%
Dell International LLC, 7.125%, 06/15/24 (#)		1,525		1,609,980
NCR Corp., 4.625%, 02/15/21		1,568		1,571,920
Seagate HDD Cayman, 4.750%, 01/01/25		1,900		1,913,978
Western Digital Corp., 4.750%, 02/15/26		2,000		1,962,100
				7,057,978
Textiles, Apparel & Luxury Goods  |  0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,816,850
Trading Companies & Distributors  |  2.0%
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,000		1,007,500
HD Supply, Inc., 5.375%, 10/15/26 (#)		1,700		1,793,500
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		500		503,125
United Rentals North America, Inc., 4.625%, 07/15/23		1,100		1,122,825
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,612,000
				6,038,950
Wireless Telecommunication Services  |  1.5%
Inmarsat Finance PLC, 4.875%, 05/15/22 (#)		1,750		1,760,937

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

Semi-Annual Report   57

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Sprint Corp., 7.125%, 06/15/24	$	500	$	530,150
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,162,120
				4,453,207
Total Corporate Bonds (Cost $278,846,099)				281,302,064

Description	Shares		Fair Value
Exchange-Traded Funds  |  2.7%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $8,019,531)		424,383	$	8,042,058
Short-Term Investments  |  0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $2,476,235)		2,476,235		2,476,235
Total Investments  |  96.2% (Cost $289,341,865)			$	291,820,357
Cash and Other Assets in Excess of Liabilities  |  3.8%				11,546,585
Net Assets  |  100.0%			$	303,366,942

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

58   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  7.5%
Automobiles  |  7.5%
GM Financial Automobile Leasing Trust: 2.610%, 01/20/21	$	2,150	$	2,152,228
3.180%, 06/21/21		1,000		1,008,099
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21		2,350		2,375,046
World Omni Automobile Lease Securitization Trust: 2.830%, 07/15/21		750		753,568
3.190%, 12/15/21		1,125		1,143,050
Total Asset-Backed Securities (Cost $7,374,761)				7,431,991
Corporate Bonds  |  35.1%
Banks  |  13.5%
Bank of America Corp., 2.625%, 10/19/20		3,713		3,726,921
Citigroup, Inc., 2.650%, 10/26/20		3,295		3,306,386
JPMorgan Chase & Co., 4.400%, 07/22/20		2,887		2,950,914
Wells Fargo & Co., 2.600%, 07/22/20		3,425		3,436,074
				13,420,295
Biotechnology  |  3.0%
AbbVie, Inc., 2.500%, 05/14/20		3,020		3,019,397
Capital Markets  |  7.6%
Morgan Stanley, 5.500%, 01/26/20		3,700		3,763,483
The Goldman Sachs Group, Inc., 5.375%, 03/15/20		3,730		3,806,665
				7,570,148

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

Semi-Annual Report   59

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (continued)
Electronic Equipment, Instruments & Components  |  1.1%
Amphenol Corp., 2.200%, 04/01/20	$	1,115	$	1,112,599
Food & Staples Retailing  |  2.0%
The Kroger Co., 6.150%, 01/15/20		1,989		2,027,154
Internet & Direct Marketing Retail  |  1.2%
eBay, Inc., 3.250%, 10/15/20		1,129		1,138,801
IT Services  |  2.5%
Fiserv, Inc., 2.700%, 06/01/20		2,510		2,514,945
Life Sciences Tools & Services  |  1.6%
Thermo Fisher Scientific, Inc., 4.500%, 03/01/21		1,500		1,552,368
Oil, Gas & Consumable Fuels  |  2.6%
Enterprise Products Operating LLC, 2.550%, 10/15/19		2,525		2,524,194
Total Corporate Bonds (Cost $34,769,090)				34,879,901
US Government Securities  |  9.0%
Mortgage-Backed Securities  |  9.0%
Federal Home Loan Mortgage Corp.:
Pool# 848138, 4.794%, 07/01/38 (§)		489		516,715
Pool# 848514, 4.874%, 03/01/32 (§)		1,052		1,107,272
Pool# 848517, 4.629%, 12/01/34 (§)		628		661,936
Pool# 849414, 4.656%, 07/01/35 (§)		796		839,183
Pool# G13867, 5.000%, 06/01/25		178		183,908

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

60   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (continued)
Federal National Mortgage Association:
Pool# 725296, 4.703%, 03/01/34 (§)	$	394	$	412,844
Pool# 995609, 4.657%, 04/01/35 (§)		430		451,836
Pool# AD0701, 4.432%, 02/01/37 (§)		499		520,429
Pool# AE0149, 4.749%, 12/01/36 (§)		437		460,605
Pool# AE0315, 4.500%, 02/01/21		3		2,757
Pool# AL0345, 4.624%, 11/01/35 (§)		329		346,280
Pool# AL3739, 4.595%, 07/01/38 (§)		128		134,545
Pool# AL3746, 4.656%, 01/01/37 (§)		497		524,256
Pool# AL3941, 6.000%, 03/01/24		97		99,941
Pool# AL4118, 4.558%, 05/01/35 (§)		275		287,560
Pool# AL4545, 4.640%, 05/01/39 (§)		336		353,650
Pool# AL4660, 4.626%, 11/01/41 (§)		371		389,737
Pool# AL5574, 4.627%, 12/01/40 (§)		723		761,514
Pool# AL5642, 4.634%, 05/01/39 (§)		851		898,544
Total US Government Securities (Cost $8,947,576)				8,953,512
US Treasury Securities  |  47.1%
US Treasury Notes: 1.625%, 07/31/20		22,925		22,846,195
1.375%, 08/31/20		24,040		23,888,811
Total US Treasury Securities (Cost $46,496,772)				46,735,006

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

Semi-Annual Report   61

Description	Shares		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $551,254)		551,254	$	551,254
Total Investments  |  99.3% (Cost $98,139,453)			$	98,551,664
Cash and Other Assets in Excess of Liabilities  |  0.7%				726,725
Net Assets  |  100.0%			$	99,278,389

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

62   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2019 (unaudited)

(#) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2019, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Debt		8.3	%
Global Fixed Income		2.1
US Corporate Income		42.7

(§)	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, 2019.
(Ø)	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, 2019 which may step up at a future date.
(«)	Issue in default.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

BBSW	—	Bank Bill Swap Reference Rate
LIBOR	—	London Interbank Offered Rate
NTN- B	—	Brazil Sovereign “Nota do Tesouro Nacional” Series B
NTN- F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
PRIBOR	—	Prague Interbank Offered Rate

Currency Abbreviations:
ARS	—	Argentine Peso	MYR	—	Malaysian Ringgit
AUD	—	Australian Dollar	NOK	—	Norwegian Krone
BRL	—	Brazilian Real	NZD	—	New Zealand Dollar
CAD	—	Canadian Dollar	PEN	—	Peruvian Nuevo Sol
CHF	—	Swiss Franc	PHP	—	Philippine Peso
CLP	—	Chilean Peso	PLN	—	Polish Zloty
COP	—	Colombian Peso	RON	—	New Romanian Leu
CZK	—	Czech Koruna	RUB	—	Russian Ruble
DOP	—	Dominican Republic Peso	SEK	—	Swedish Krona
EUR	—	Euro	SGD	—	Singapore Dollar
GBP	—	British Pound Sterling	THB	—	Thai Baht
HUF	—	Hungarian Forint	TRY	—	New Turkish Lira
IDR	—	Indonesian Rupiah	TWD	—	Taiwan Dollar
INR	—	Indian Rupee	UAH	—	Ukrainian hryvnia
JPY	—	Japanese Yen	USD	—	United States Dollar
KRW	—	South Korean Won	UYU	—	Uruguayan Peso
MXN	—	Mexican New Peso	ZAR	—	South African Rand
Counterparty Abbreviations:
BOA	—	Bank of America NA	JPM	—	JPMorgan Chase Bank NA
BRC	—	Barclays Bank PLC	MSC	—	Morgan Stanley & Co.
CIT	—	Citibank NA	SCB	—	Standard Chartered Bank
GSC	—	Goldman Sachs International	UBS	—	UBS AG
HSB	—	HSBC Bank USA NA

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

Semi-Annual Report   63

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

Industry†	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio
Corporate & Quasi Government Bonds
Automobiles		—	%		0.9	%
Banks		0.7			4.9
Beverages		—			1.1
Capital Markets		—			2.1
Communication Equipment		0.1			—
Consumer Finance		—			1.0
Containers & Packaging		—			1.1
Diversified Consumer Services		—			0.4
Diversified Financial Services		—			2.5
Diversified Telecommunication Services		0.1			2.1
Electrical Equipment		—			1.1
Electric utilities		1.4			—
Food Products		—			0.6
Health Care Providers & Services		—			1.7
Hotels, Restaurants & Leisure		—			2.1
Independent Power and Renewable Electricity Producers		0.2			—
Machinery		—			1.0
Metal and Mining		0.5			—
Oil, Gas & Consumable Fuels		1.9			—
Personal Products		—			1.7
Pharmaceuticals		—			1.1
Software		—			1.8
Technology Hardware, Storage & Peripherals		—			1.9
Textiles, Apparel & Luxury Goods		—			1.5
Thrifts & Mortgage Finance		0.2			—
Trading Companies & Distributors		—			0.6
Wireless Telecommunication Services		0.3			0.5
Subtotal		5.4			31.7
Foreign Government Obligations		90.0			45.2
Supranational Bonds		1.3			12.4
US Municipal Bonds		—			2.0
US Treasury Securities		—			7.8
Short-Term Investments		2.3			0.4
Total Investments		99.0	%		99.5	%

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

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

64   Semi-Annual Report

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Semi-Annual Report   65

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

June 30, 2019	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	172,934,928			$	6,175,323
Cash			199,523				4,501
Cash collateral due from broker on swap agreements			126,621				—
Foreign currency, at fair value			304,234				10
Receivables for:
Capital stock sold			39,858				—
Dividends and interest			2,815,958				59,583
Investments sold			234,525				—
Amount due from Investment Manager (Note 3)			—				10,500
Receivable from broker – variation margin on centrally cleared swaps			4,454				—
Gross unrealized appreciation on:
Forward currency contracts			806,316				27,001
Swap agreements			81,488				—
Prepaid expenses			—				9,990
Total assets			177,547,905				6,286,908
LIABILITIES
Cash collateral due to broker on forward currency contracts			60,000				—
Payables for:
Management fees			95,841				—
Accrued professional services			38,648				27,515
Accrued custodian fees			35,402				5,009
Accrued distribution fees			136				—
Investments purchased			1,979,933				—
Capital stock redeemed			54,076				21
Dividends			2,499				—
Gross unrealized depreciation on forward currency contracts			529,911				40,052
Other accrued expenses and payables			51,123				7,126
Total liabilities			2,847,569				79,723
Net assets		$	174,700,336			$	6,207,185
NET ASSETS
Paid in capital		$	219,488,532			$	6,224,641
Distributable earnings (Accumulated loss)			(44,788,196	)			(17,456	)
Net assets		$	174,700,336			$	6,207,185

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

66   Semi-Annual Report

Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	291,820,357			$	98,551,664
		—				—
		—				—
		—				—
		9,639,841				—
		3,851,946				813,080
		1,998,898				—
		—				—
		—				—
		—				—
		—				—
		—				26,166
		307,311,042				99,390,910
		—				—
		105,541				17,457
		30,845				29,116
		21,029				7,577
		774				4
		3,115,000				—
		626,450				37,521
		31,014				11,045
		—				—
		13,447				9,801
		3,944,100				112,521
	$	303,366,942			$	99,278,389
	$	307,718,089			$	100,495,416
		(4,351,147	)			(1,217,027	)
	$	303,366,942			$	99,278,389

Semi-Annual Report   67

June 30, 2019	Lazard Emerging Markets Debt Portfolio		Lazard Global Fixed Income Portfolio
Institutional Shares
Net assets	$	107,645,458	$	6,166,833
Shares of capital stock outstanding*		13,537,890		681,144
Net asset value, offering and redemption price per share	$	7.95	$	9.05
Open Shares
Net assets	$	673,970	$	40,352
Shares of capital stock outstanding*		83,938		4,456
Net asset value, offering and redemption price per share	$	8.03	$	9.05	†
R6 Shares
Net assets	$	66,380,908		—
Shares of capital stock outstanding*		7,801,170		—
Net asset value, offering and redemption price per share*	$	8.51		—
Cost of investments in securities	$	168,795,363	$	6,047,910
Cost of foreign currency	$	296,731	$	10

*	$0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.
†	Shares values are rounded for presentation purposes.

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

68   Semi-Annual Report

Lazard US Corporate Income Portfolio		Lazard US Short Duration Fixed Income Portfolio
$	299,741,058	$	99,263,080
	61,699,619		10,164,590
$	4.86	$	9.77
$	3,624,774	$	15,309
	742,633		1,567
$	4.88	$	9.77
$	1,110		—
	228		—
$	4.87		—
$	289,341,865	$	98,139,453
$	—	$	—

Semi-Annual Report   69

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

		Lazard				Lazard
		Emerging Markets				Global Fixed
For the Six Months Ended June 30, 2019		Debt Portfolio				Income Portfolio
Investment Income (Loss)
Income
Interest *			$	6,104,385		$	85,202
Dividends				—			—
Total investment income				6,104,385			85,202
Expenses
Management fees (Note 3)				739,703			14,306
Custodian fees				113,471			22,439
Professional services				33,351			21,117
Administration fees				21,179			7,721
Registration fees				21,021			22,877
Shareholders’ services				6,518			2,778
Directors’ fees and expenses				8,031			2,610
Shareholders’ reports				7,184			2,650
Distribution fees (Open Shares)				841			45
Other^				30,555			2,701
Total gross expenses				981,854			99,244
Management fees waived and expenses reimbursed				(37,385	)		(79,155	)
Total net expenses				944,469			20,089
Net investment income (loss)				5,159,916			65,113
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts and Swap Agreements
Net realized gain (loss) on:
Investments**				(4,743,673	)		(34,712	)
Foreign currency transactions				60,691			(2,219	)
Forward currency contracts				100,729			4,381
Swap agreements				189			—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements				(4,582,064	)		(32,550	)
Net change in unrealized appreciation (depreciation) on:
Investments†				22,163,534			348,593
Foreign currency translations				22,486			1,083
Forward currency contracts				(430,911	)		(45,154	)
Swap agreements				223,622			—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements				21,978,731			304,522
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements				17,396,667			271,972
Net increase (decrease) in net assets resulting from operations			$	22,556,583		$	337,085
*	Net of foreign withholding taxes of		$	28,258		$	615
**	Net of foreign capital gains taxes of		$	6,442		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	(55,249	)	$	—
^	Includes interest on line of credit of		$	24,034		$	—

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

70   Semi-Annual Report

Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
$	7,663,581		$	1,469,239
	87,055			—
	7,750,636			1,469,239
	810,721			133,864
	55,746			22,618
	27,708			23,963
	27,276			14,056
	21,696			19,041
	11,457			3,392
	9,950			5,224
	6,203			2,731
	4,652			30
	7,825			4,281
	983,234			229,200
	(166,019	)		(14,695	)
	817,215			214,505
	6,933,421			1,254,734
	(432,352	)		39,041
	—			—
	—			—
	—			—
	(432,352	)		39,041
	20,751,831			640,800
	—			—
	—			—
	—			—
	20,751,831			640,800
	20,319,479			679,841
$	27,252,900		$	1,934,575
$	—		$	—
$	—		$	—
$	—		$	—
$	134		$	—

Semi-Annual Report   71

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

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2019 (unaudited)				Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	5,159,916			$	14,539,447
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements			(4,582,064	)			(11,020,379	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements			21,978,731				(21,451,917	)
Net increase (decrease) in net assets resulting from operations			22,556,583				(17,932,849	)
Distributions to shareholders (Note 2(f))
Institutional Shares			(3,334,142	)			(4,701,379	)
Open Shares			(17,050	)			(68,347	)
R6 Shares			(1,873,694	)			(2,107,177	)
Return of capital
Institutional Shares			—				(5,201,496	)
Open Shares			—				(75,617	)
R6 Shares			—				(2,331,332	)
Net decrease in net assets resulting from distributions			(5,224,886	)			(14,485,348	)
Capital stock transactions
Net proceeds from sales Institutional Shares			3,543,109				53,729,663
Open Shares			18,039				2,519,684
R6 Shares			3,000,000				110,381,409
Net proceeds from reinvestment of distributions
Institutional Shares			3,299,608				9,761,506
Open Shares			15,709				142,468
R6 Shares			1,664,669				4,438,509
Cost of shares redeemed
Institutional Shares			(52,226,407	)			(183,928,083	)
Open Shares			(82,201	)			(8,319,029	)
R6 Shares			(45,500,729	)			—
Net increase (decrease) in net assets from capital stock transactions			(86,268,203	)			(11,273,873	)
Total increase (decrease) in net assets			(68,936,506	)			(43,692,070	)
Net assets at beginning of period			243,636,842				287,328,912
Net assets at end of period		$	174,700,336			$	243,636,842

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

72   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
$	65,113		$	127,326		$	6,933,421		$	16,087,868
	(32,550	)		(81,191	)		(432,352	)		588,674
	304,522			(188,780	)		20,751,831			(25,354,375	)
	337,085			(142,645	)		27,252,900			(8,677,833	)
	(64,592	)		(59,363	)		(6,836,790	)		(15,821,900	)
	(364	)		(319	)		(81,804	)		(253,454	)
	—			—			(25	)		(13,162	)
	—			(67,280	)		—			—
	—			(362	)		—			—
	—			—			—			—
	(64,956	)		(127,324	)		(6,918,619	)		(16,088,516	)
	951,330			2,654,185			31,532,965			49,765,025
	9,792			—			175,194			2,569,673
	—			—			—			24,665
	64,590			126,631			6,651,342			14,673,547
	363			681			58,972			120,865
	—			—			25			6,762
	(614,727	)		(1,722,437	)		(66,793,003	)		(76,329,156	)
	(4,365	)		(9	)		(1,192,629	)		(3,681,834	)
	—			—			—			(1,782,867	)
	406,983			1,059,051			(29,567,134	)		(14,633,320	)
	679,112			789,082			(9,232,853	)		(39,399,669	)
	5,528,073			4,738,991			312,599,795			351,999,464
$	6,207,185		$	5,528,073		$	303,366,942		$	312,599,795

Semi-Annual Report   73

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		19,428,100			33,323,876
Shares sold		459,068			6,920,539
Shares issued to shareholders from reinvestment of distributions		426,774			1,230,443
Shares redeemed		(6,776,052	)		(22,046,758	)
Net increase (decrease)		(5,890,210	)		(13,895,776	)
Shares outstanding at end of period		13,537,890			19,428,100
Open Shares
Shares outstanding at beginning of period		90,147			766,577
Shares sold		2,329			298,747
Shares issued to shareholders from reinvestment of distributions		2,013			17,024
Shares redeemed		(10,551	)		(992,201	)
Net increase (decrease)		(6,209	)		(676,430	)
Shares outstanding at end of period		83,938			90,147
R6 Shares
Shares outstanding at beginning of period		12,683,587			125
Shares sold		380,227			12,137,545
Shares issued to shareholders from reinvestment of distributions		201,235			545,917
Shares redeemed		(5,463,879	)		—
Net increase (decrease)		(4,882,417	)		12,683,462
Shares outstanding at end of period		7,801,170			12,683,587

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

74   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
	635,449			520,489			67,838,982			70,514,409
	108,711			294,722			6,607,517			10,487,599
	7,325			14,452			1,389,070			3,108,656
	(70,341	)		(194,214	)		(14,135,950	)		(16,271,682	)
	45,695			114,960			(6,139,363	)		(2,675,427	)
	681,144			635,449			61,699,619			67,838,982
	3,789			3,712			944,746			1,162,735
	1,126			—			36,649			539,630
	41			78			12,257			25,492
	(500	)		(1	)		(251,019	)		(783,111	)
	667			77			(202,113	)		(217,989	)
	4,456			3,789			742,633			944,746
	—			—			223			364,469
	—			—			—			5,023
	—			—			5			1,389
	—			—			—			(370,658	)
	—			—			5			(364,246	)
	—			—			228			223

Semi-Annual Report   75

	Lazard US Short Duration Fixed Income Portfolio
	Six Months Ended June 30, 2019 (unaudited)				Year Ended December 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,254,734			$	2,205,642
Net realized gain (loss) on investments			39,041				(1,149,097	)
Net change in unrealized appreciation (depreciation) on investments			640,800				237,332
Net increase (decrease) in net assets resulting from operations			1,934,575				1,293,877
Distributions to shareholders (Note 2(f))
Institutional Shares			(1,255,002	)			(1,976,743	)
Open Shares			(247	)			(464	)
Return of capital
Institutional Shares			—				(228,383	)
Open Shares			—				(54	)
Net decrease in net assets resulting from distributions			(1,255,249	)			(2,205,644	)
Capital stock transactions
Net proceeds from sales Institutional Shares			4,861,022				40,433,005
Open Shares			—				47,508
Net proceeds from reinvestment of distributions Institutional Shares			1,188,654				2,000,809
Open Shares			247				514
Cost of shares redeemed Institutional Shares			(23,741,494	)			(25,637,022	)
Open Shares			(21,871	)			(35,952	)
Net increase (decrease) in net assets from capital stock transactions			(17,713,442	)			16,808,862
Total increase (decrease) in net assets			(17,034,116	)			15,897,095
Net assets at beginning of period			116,312,505				100,415,410
Net assets at end of period		$	99,278,389			$	116,312,505
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			11,984,211				10,259,235
Shares sold			499,924				4,157,165
Shares issued to shareholders from reinvestment of distributions			122,116				206,126
Shares redeemed			(2,441,661	)			(2,638,315	)
Net increase (decrease)			(1,819,621	)			1,724,976
Shares outstanding at end of period			10,164,590				11,984,211
Open Shares
Shares outstanding at beginning of period			3,789				2,561
Shares sold			—				4,869
Shares issued to shareholders from reinvestment of distributions			25				53
Shares redeemed			(2,247	)			(3,694	)
Net increase (decrease)			(2,222	)			1,228
Shares outstanding at end of period			1,567				3,789

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

76   Semi-Annual Report

The Lazard Funds, Inc. Financial Highlights

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	7.36		$	8.43		$	7.90		$	7.71		$	8.84		$	9.53
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.20			0.46			0.46			0.48	^		0.39			0.49
Net realized and unrealized gain (loss)			0.59			(1.07	)		0.53			0.19			(1.13	)		(0.66	)
Total from investment operations			0.79			(0.61	)		0.99			0.67			(0.74	)		(0.17	)
Less distributions from:
Net investment income			(0.20	)		(0.22	)		(0.43	)		(0.19	)		—	(b)		(0.15	)
Return of capital			—			(0.24	)		(0.03	)		(0.29	)		(0.39	)		(0.37	)
Total distributions			(0.20	)		(0.46	)		(0.46	)		(0.48	)		(0.39	)		(0.52	)
Redemption fees			—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	7.95		$	7.36		$	8.43		$	7.90		$	7.71		$	8.84
Total Return (c)			10.84	%		–7.45	%		12.69	%		8.64	%^		–8.55	%		–2.07	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	107,645		$	143,015		$	280,808		$	240,833		$	258,517		$	326,165
Ratios to average net assets (d):
Net expenses			0.97	%		0.93	%		0.93	%		0.96	%^		0.96	%		0.96	%
Gross expenses			0.99	%		0.93	%		0.93	%		0.96	%		0.96	%		0.96	%
Net investment income (loss)			5.25	%		5.78	%		5.52	%		5.90	%^		4.69	%		5.14	%
Portfolio turnover rate			59	%		97	%		88	%		118	%		162	%		204	%

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

Semi-Annual Report   77

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	7.43		$	8.50		$	7.98		$	7.79		$	8.91		$	9.59
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.19			0.47			0.44			0.46	^		0.36			0.46
Net realized and unrealized gain (loss)			0.60			(1.10	)		0.51			0.19			(1.11	)		(0.68	)
Total from investment operations			0.79			(0.63	)		0.95			0.65			(0.75	)		(0.22	)
Less distributions from:
Net investment income			(0.19	)		(0.20	)		(0.40	)		(0.18	)		—	(b)		(0.09	)
Return of capital			—			(0.24	)		(0.03	)		(0.28	)		(0.37	)		(0.37	)
Total distributions			(0.19	)		(0.44	)		(0.43	)		(0.46	)		(0.37	)		(0.46	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	8.03		$	7.43		$	8.50		$	7.98		$	7.79		$	8.91
Total Return (c)			10.79	%		–7.59	%		12.16	%		8.27	%^		–8.64	%		–2.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	674		$	670		$	6,520		$	6,801		$	6,910		$	1,107
Ratios to average net assets (d):
Net expenses			1.17	%		1.20	%		1.22	%		1.28	%^		1.30	%		1.30	%
Gross expenses			1.68	%		1.62	%		1.36	%		1.40	%		1.75	%		1.71	%
Net investment income (loss)			5.00	%		5.49	%		5.21	%		5.59	%^		4.54	%		4.80	%
Portfolio turnover rate			59	%		97	%		88	%		118	%		162	%		204	%

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

78   Semi-Annual Report

Selected data for a share of capital stock	Six Months										For the Period
outstanding throughout	Ended				Year Ended						7/28/16* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period		$	7.88		$	8.88		$	7.90		$	8.34
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.21			0.48			0.45			0.20	^
Net realized and unrealized gain (loss)			0.64			(1.12	)		0.54			(0.44	)
Total from investment operations			0.85			(0.64	)		0.99			(0.24	)
Less distributions from:
Net investment income			(0.22	)		(0.11	)		(0.01	)		(0.08	)
Return of capital			—			(0.25	)		—	(b)		(0.12	)
Total distributions			(0.22	)		(0.36	)		(0.01	)		(0.20	)
Net asset value, end of period		$	8.51		$	7.88		$	8.88		$	7.90
Total Return (c)			10.84	%		–7.24	%		12.61	%		–2.93	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	66,381		$	99,952		$	1		$	1,145
Ratios to average net assets (d):
Net expenses			0.92	%		0.90	%		0.90	%		0.90	%^
Gross expenses			0.99	%		0.94	%		43.88	%		2.21	%
Net investment income (loss)			5.20	%		5.97	%		5.71	%		5.73	%^
Portfolio turnover rate			59	%		97	%		88	%		118	%

†	Unaudited.
*	The inception date for the R6 Shares was July 28, 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 period. The amount of the reimbursement was 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 the period custodian fees was offset against the 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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   79

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30		$	9.51
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.20			0.20			0.20			0.19			0.22
Net realized and unrealized gain (loss)			0.40			(0.38	)		0.47			(0.17	)		(0.56	)		(0.21	)
Total from investment operations			0.50			(0.18	)		0.67			0.03			(0.37	)		0.01
Less distributions from:
Net investment income			(0.10	)		(0.10	)		—			(0.12	)		—			(0.17	)
Return of capital			—			(0.11	)		(0.20	)		(0.08	)		(0.19	)		(0.05	)
Total distributions			(0.10	)		(0.21	)		(0.20	)		(0.20	)		(0.19	)		(0.22	)
Redemption fees			—			—			—			—			—	(b)		—
Net asset value, end of period		$	9.05		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30
Total Return (c)			5.80	%		–2.06	%		7.87	%		0.22	%		–4.03	%		0.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	6,167		$	5,495		$	4,705		$	4,266		$	5,795		$	6,497
Ratios to average net assets (d):
Net expenses			0.70	%		0.70	%		0.72	%		0.75	%		0.76	%		0.80	%
Gross expenses			3.42	%		3.61	%		4.39	%		4.70	%		4.26	%		4.12	%
Net investment income (loss)			2.28	%		2.33	%		2.23	%		2.18	%		2.08	%		2.28	%
Portfolio turnover rate			39	%		60	%		42	%		47	%		60	%		78	%

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

80   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30		$	9.51
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.18			0.17			0.17			0.16			0.19
Net realized and unrealized gain (loss)			0.40			(0.39	)		0.47			(0.17	)		(0.56	)		(0.21	)
Total from investment operations			0.49			(0.21	)		0.64			—	(b)		(0.40	)		(0.02	)
Less distributions from:
Net investment income			(0.09	)		(0.08	)		—			(0.10	)		—			(0.14	)
Return of capital			—			(0.10	)		(0.17	)		(0.07	)		(0.16	)		(0.05	)
Total distributions			(0.09	)		(0.18	)		(0.17	)		(0.17	)		(0.16	)		(0.19	)
Redemption fees			—			—			—			—			—			—	(b)
Net asset value, end of period		$	9.05		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30
Total Return (c)			5.79	%		–2.31	%		7.55	%		–0.07	%		–4.31	%		–0.22	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	40		$	33		$	34		$	34		$	56		$	56
Ratios to average net assets (d):
Net expenses			0.95	%		0.98	%		1.02	%		1.05	%		1.06	%		1.10	%
Gross expenses			11.22	%		38.42	%		42.88	%		27.52	%		27.72	%		20.84	%
Net investment income (loss)			2.03	%		2.08	%		1.95	%		1.88	%		1.80	%		2.01	%
Portfolio turnover rate			39	%		60	%		42	%		47	%		60	%		78	%

†	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 DST; 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   81

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	4.54		$	4.89		$	4.87		$	4.64		$	4.91		$	5.01
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.22			0.22			0.23			0.24			0.26
Net realized and unrealized gain (loss)			0.32			(0.35	)		0.02			0.23			(0.27	)		(0.09	)
Total from investment operations			0.43			(0.13	)		0.24			0.46			(0.03	)		0.17
Less distributions from:
Net investment income			(0.11	)		(0.22	)		(0.22	)		(0.23	)		(0.24	)		(0.27	)
Return of capital			—			—			—			—			—	(b)		—
Total distributions			(0.11	)		(0.22	)		(0.22	)		(0.23	)		(0.24	)		(0.27	)
Redemption fees			—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	4.86		$	4.54		$	4.89		$	4.87		$	4.64		$	4.91
Total Return (c)			9.56	%		–2.73	%		5.09	%		10.09	%		–0.71	%		3.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	299,741		$	308,285		$	344,508		$	302,997		$	243,712		$	185,959
Ratios to average net assets (d):
Net expenses			0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses			0.66	%		0.64	%		0.67	%		0.69	%		0.69	%		0.71	%
Net investment income (loss)			4.71	%		4.65	%		4.57	%		4.78	%		4.94	%		5.28	%
Portfolio turnover rate			6	%		16	%		21	%		14	%		17	%		28	%

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

82   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	4.57		$	4.91		$	4.89		$	4.66		$	4.93		$	5.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.21			0.21			0.21			0.23			0.25
Net realized and unrealized gain (loss)			0.31			(0.34	)		0.02			0.24			(0.27	)		(0.10	)
Total from investment operations			0.41			(0.13	)		0.23			0.45			(0.04	)		0.15
Less distributions from:
Net investment income			(0.10	)		(0.21	)		(0.21	)		(0.22	)		(0.23	)		(0.25	)
Return of capital			—			—			—			—			—	(b)		—
Total distributions			(0.10	)		(0.21	)		(0.21	)		(0.22	)		(0.23	)		(0.25	)
Redemption fees			—			—			—			—	(b)		—	(b)		—
Net asset value, end of period		$	4.88		$	4.57		$	4.91		$	4.89		$	4.66		$	4.93
Total Return (c)			9.12	%		–2.78	%		4.77	%		9.74	%		–0.98	%		3.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,625		$	4,314		$	5,708		$	7,618		$	1,968		$	1,811
Ratios to average net assets (d):
Net expenses			0.85	%		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses			1.00	%		1.11	%		1.13	%		1.18	%		1.69	%		1.55	%
Net investment income (loss)			4.41	%		4.34	%		4.28	%		4.44	%		4.65	%		5.00	%
Portfolio turnover rate			6	%		16	%		21	%		14	%		17	%		28	%

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

Semi-Annual Report   83

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended						For the Period 11/3/16* to
each period	6/30/19†				12/31/18			12/31/17			12/31/16
R6 Shares
Net asset value, beginning of period		$	4.67		$	4.89		$	4.87		$	4.84
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.23			0.22			0.04
Net realized and unrealized gain (loss)			0.20			(0.35	)		0.02			0.03
Total from investment operations			0.31			(0.12	)		0.24			0.07
Less distributions from:
Net investment income			(0.11	)		(0.10	)		(0.22	)		(0.04	)
Total distributions			(0.11	)		(0.10	)		(0.22	)		(0.04	)
Net asset value, end of period		$	4.87		$	4.67		$	4.89		$	4.87
Total Return (c)			6.73	%		–2.43	%#		5.09	%		1.37	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	1		$	1,783		$	1,697
Ratios to average net assets (d):
Net expenses			0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses			248.65	%		4.62	%		1.69	%		1.73	%
Net investment income (loss)			4.50	%		4.61	%		4.58	%		4.71	%
Portfolio turnover rate			6	%		16	%		21	%		14	%

†	Unaudited.
*	The inception date for the R6 Shares was November 3, 2016.
#	The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.62% impact on the total return of the Portfolio’s R6 Shares.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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.

84   Semi-Annual Report

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	9.70		$	9.79		$	9.86		$	9.89		$	9.99		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.19			0.14			0.13			0.10			0.09
Net realized and unrealized gain (loss)			0.07			(0.09	)		(0.07	)		(0.03	)		(0.09	)		(0.04	)
Total from investment operations			0.18			0.10			0.07			0.10			0.01			0.05
Less distributions from:
Net investment income			(0.11	)		(0.17	)		(0.11	)		(0.09	)		(0.06	)		(0.05	)
Return of capital			—			(0.02	)		(0.03	)		(0.04	)		(0.05	)		(0.04	)
Total distributions			(0.11	)		(0.19	)		(0.14	)		(0.13	)		(0.11	)		(0.09	)
Redemption fees			—			—			—			—			—	(b)		—
Net asset value, end of period		$	9.77		$	9.70		$	9.79		$	9.86		$	9.89		$	9.99
Total Return (c)			1.90	%		1.08	%		0.72	%		1.00	%		0.05	%		0.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	99,263		$	116,276		$	100,390		$	103,175		$	103,150		$	114,705
Ratios to average net assets (d):
Net expenses			0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses			0.43	%		0.43	%		0.43	%		0.50	%		0.48	%		0.52	%
Net investment income (loss)			2.34	%		2.00	%		1.43	%		1.30	%		1.05	%		0.87	%
Portfolio turnover rate			65	%		170	%		108	%		157	%		57	%		46	%

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

Semi-Annual Report   85

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Open Shares
Net asset value, beginning of period		$	9.71		$	9.79		$	9.87		$	9.90		$	10.01		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.16			0.11			0.10			0.17			0.06
Net realized and unrealized gain (loss)			0.06			(0.08	)		(0.08	)		(0.03	)		(0.09	)		(0.02	)
Total from investment operations			0.16			0.08			0.03			0.07			0.08			0.04
Less distributions from:
Net investment income			(0.10	)		(0.14	)		(0.09	)		(0.07	)		(0.14	)		(0.02	)
Return of capital			—			(0.02	)		(0.02	)		(0.03	)		(0.05	)		(0.04	)
Total distributions			(0.10	)		(0.16	)		(0.11	)		(0.10	)		(0.19	)		(0.06	)
Redemption fees			—			—			—			—			—	(b)		—
Net asset value, end of period		$	9.77		$	9.71		$	9.79		$	9.87		$	9.90		$	10.01
Total Return (c)			1.64	%		0.88	%		0.32	%		0.70	%		0.77	%		0.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	15		$	37		$	25		$	44		$	27		$	36
Ratios to average net assets (d):
Net expenses			0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses			12.10	%		38.00	%		33.88	%		31.22	%		42.51	%		17.62	%
Net investment income (loss)			2.04	%		1.68	%		1.13	%		1.00	%		1.68	%		0.60	%
Portfolio turnover rate			65	%		170	%		108	%		157	%		57	%		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 DST; 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.

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The Lazard Funds, Inc. Notes to Financial Statements

June 30, 2019 (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. As of June 30, 2019, the Fund was comprised of thirty-two no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of Emerging Markets Debt, Global Fixed Income, US Corporate Income and US Short Duration Fixed Income Portfolios. The financial statements of the other twenty-eight Portfolios are presented separately.

The Portfolios, other than Emerging Markets Debt Portfolio, 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 Portfolios’ Prospectus).

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with US Generally Accepted Accounting Principles (“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. Swap agreements, such as credit default, interest rate and total return swap agreements, generally are valued by an independent pricing service. Forward currency contracts generally are valued

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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 Lazard Asset Management LLC, the Fund’s investment manager (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.

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

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Interest income is accrued daily. 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 and/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/or 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 represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates

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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, 2019, the Emerging Markets Debt and Global Fixed Income Portfolios traded in forward currency contracts.

(d) Swap Agreements—Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels,

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(iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as 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, 2019, the Emerging Markets Debt 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, 2018, 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 Debt	$	26,228,591	$	14,492,603
Global Fixed Income		21,530		20,133
US Corporate Income		3,242,094		3,076,895
US Short Duration Fixed Income		1,194,698		348,713

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

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the following tax year. For the tax year ended December 31, 2018, the following Portfolio elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
US Short Duration Fixed Income	$	—		$27,635

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 Debt	$	168,795,363	$	9,397,129		$ 4,757,537		$ 4,639,592
Global Fixed Income		6,047,910		219,390		105,028		114,362
US Corporate Income		289,341,865		5,466,358		2,987,866		2,478,492
US Short Duration Fixed Income		98,139,453		489,471		77,260		412,211

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. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(f) Dividends and Distributions—Emerging Markets Debt Portfolio intends 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 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 dis-

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tribution 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, certain fixed-income securities and expenses, derivatives, wash sales, return of capital distributions, currency straddles and paydown gain/loss. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(g) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios 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, other than the US Short Duration Fixed Income Portfolio, 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. 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 liabili-

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ties 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.

(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 each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Emerging Markets Debt		0.75	%
Global Fixed Income		0.50
US Corporate Income		0.55
US Short Duration Fixed Income		0.25

The Investment Manager has voluntarily agreed, until May 1, 2020 shown below, to waive its fees and, if necessary, reimburse the Portfolios if the aggregate direct expenses of the Portfolios, exclu-

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sive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses, including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims, exceed the percentages of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name on table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expense.

Portfolio	Institutional Shares			Open Shares			R6 Shares
Emerging Markets Debt		0.95	%		1.15	%		0.90	%(a)
Global Fixed Income		0.70			0.95			N/A
US Corporate Income		0.55			0.85			0.55
US Short Duration Fixed Income		0.40			0.70			N/A

(a) Agreement extends from May 1, 2020 to May 1, 2029, at levels of 1.10%, 1.35%, and 1.05%, respectively.

In addition, until May 1, 2020, to the extent the “Total Annual Fund Operating Expenses” (as used in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodial 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, 2019, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt	$	11,569	$	—	$	1,693	$	—
Global Fixed Income		14,216		63,088		90		1,761
US Corporate Income		162,009		—		2,687		—
US Short Duration Fixed Income		13,316		—		30		1,349

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt		$24,123	$	—
US Corporate Income		4		1,319

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

State Street provides the Fund with custody and certain fund administration and accounting 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 difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, certain Portfolios 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.

DST is the Fund’s transfer and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2019, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $232,000, (2) an additional annual fee of

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$33,000 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 $23,000 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 funds in the Lazard Fund Complex at a rate of $5,000 per fund with the remainder allocated based upon each fund’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, 2019 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Debt	$	114,890,108	$	190,381,656
Global Fixed Income		2,225,782		1,680,686
US Corporate Income		18,144,111		57,754,757
US Short Duration Fixed Income		15,857,779		22,040,366

	US Government and Treasury Securities
Portfolio	Purchases		Sales
Global Fixed Income	$	326,232	$	511,795
US Short Duration Fixed Income		51,028,439		59,495,110

For the period ended June 30, 2019, 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.

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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, 2019, the following Portfolios had borrowings under the Agreement as follows:

									Number
						Weighted			of Days
	Average			Maximum		Average			Borrowings
	Daily Loan			Daily Loan		Interest			were
Portfolio	Balance		*	Outstanding		Rate			Outstanding
Emerging Markets Debt	$	7,090,229		$	39,280,000		3.50	%		35
US Corporate Income		687,500			790,000		3.51			2

* 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.

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

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

(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 generally does not intend to actively hedge the Portfolio’s 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.

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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. During periods of reduced market liquidity, a Portfolio may not be able to readily sell debt securities at prices at or near their perceived value. An unexpected increase in Portfolio redemption requests, including a single large request for a significant percentage of a Portfolio’s shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Portfolio to sell its holdings at a loss or at undesirable prices and adversely affect the Portfolio’s share price and increase the Portfolio’s liquidity risk and/or Portfolio expenses. Economic and other developments can adversely affect debt securities markets.

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 a 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 prices of high yield securities can fall in response to negative news about the issuer or its industry, or the economy in general to a greater extent than those of higher-rated securities. 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

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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. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.” The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(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 securities 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

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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 (including options on exchange-traded funds and exchange-traded notes), 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 certain Portfolios 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 a 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 Invest-

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ment 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 when 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:

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● 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, 2019:

	Unadjusted
	Quoted Prices in
	Active Markets			Significant
	for Identical			Other			Significant
	Assets			Observable			Unobservable
	and Liabilities			Inputs			Inputs		Balance as of
Description	(Level 1)			(Level 2)			(Level 3)		June 30, 2019
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*		$	—	$	7,249,122		$	—	$	7,249,122
Foreign Government Obligations*			—		157,215,693			—		157,215,693
Quasi Government Bonds*			—		2,143,803			—		2,143,803
Supranational Bonds			—		2,222,620			—		2,222,620
Short-Term Investments			4,103,690		—			—		4,103,690
Other Financial Instruments†
Forward Currency Contracts			—		806,316			—		806,316
Interest Rate Swap Agreements			—		81,488			—		81,488
Centrally Cleared Swap Agreements			—		142,134			—		142,134
Total		$	4,103,690	$	169,861,176		$	—	$	173,964,866
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(529,911	)	$	—	$	(529,911	)

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	Unadjusted
	Quoted Prices in
	Active Markets			Significant
	for Identical			Other			Significant
	Assets			Observable			Unobservable
	and Liabilities			Inputs			Inputs		Balance as of
Description	(Level 1)			(Level 2)			(Level 3)		June 30, 2019
Global Fixed Income Portfolio
Assets:
Corporate Bonds*		$	—	$	1,876,802		$	—	$	1,876,802
Foreign Government Obligations*			—		2,804,758			—		2,804,758
Quasi Government Bonds*			—		95,968			—		95,968
Supranational Bonds			—		766,778			—		766,778
US Municipal Bonds			—		126,360			—		126,360
US Treasury Securities			—		481,221			—		481,221
Short-Term Investments			23,436		—			—		23,436
Other Financial Instruments†
Forward Currency Contracts			—		27,001			—		27,001
Total		$	23,436	$	6,178,888		$	—	$	6,202,324
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(40,052	)	$	—	$	(40,052	)
US Corporate Income Portfolio
Exchange-Traded Funds		$	8,042,058	$	—		$	—	$	8,042,058
Corporate Bonds*			—		281,302,064			—		281,302,064
Short-Term Investments			2,476,235		—			—		2,476,235
Total		$	10,518,293	$	281,302,064		$	—	$	291,820,357
US Short Duration Fixed Income Portfolio
Asset-Backed Securities		$	—	$	7,431,991		$	—	$	7,431,991
Corporate Bonds*			—		34,879,901			—		34,879,901
US Government Securities			—		8,953,512			—		8,953,512
US Treasury Securities			—		46,735,006			—		46,735,006
Short-Term Investments			551,254		—			—		551,254
Total		$	551,254	$	98,000,410		$	—	$	98,551,664

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, possi-

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bly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.

During the period ended June 30, 2019, the approximate average monthly notional exposure for derivative instruments was as follows:

During the period ended June 30, 2019, the approximate average monthly notional exposure for derivative instruments was as follows:

	Emerging			Global
	Markets			Fixed
	Debt			Income
Derivative Instruments	Portfolio			Portfolio
Forward currency contracts:
Average amounts purchased	$	60,300,000		$	2,500,000
Average amounts sold		55,700,000			2,400,000
Interest rate swap agreements:
Average notional value – receives fixed rate on centrally cleared		4,800,000	#
Average notional value – receives fixed rate on OTC		4,000,000	*		—

#	Represents average monthly notional exposure for the three month the derivative instrument was open during the period.
*	Represents average monthly notional exposure for the four 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, 2019:

Emerging Markets Debt Portfolio

	Foreign		Interest
	Currency		Rate
Assets – Derivative Financial Instruments	Contracts		Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	806,316	$	—	$	806,316
Swap agreements
Unrealized appreciation on centrally cleared swaps		—		142,134		142,134
Unrealized appreciation on OTC swaps		—		81,488		81,488
Total	$	806,316	$	223,622	$	1,029,938

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Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	529,911

Global Fixed Income Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	27,001

Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	40,052

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Emerging Markets Debt Portfolio

Net Realized Gain (Loss) from:	Foreign Currency Contracts		Interest Rate Contracts		Total
Forward currency contracts	$	100,729	$	—	$	100,729
Swap agreements		—		189		189
Total	$	100,729	$	189	$	100,918

Net Change in Unrealized Appreciation (Depreciation) on:	Foreign Currency Contracts			Interest Rate Contracts		Total
Forward currency contracts	$	(430,911	)	$	—	$	(430,911	)
Swap agreements		—			223,622		223,622
Total	$	(430,911	)	$	223,622	$	(207,289	)

Global Fixed Income Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	4,381
Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	(45,154	)

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None of the other Portfolios presented traded in derivative instruments during the period ended June 30, 2019.

As of June 30, 2019, the Emerging Markets Debt and Global Fixed 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.

The required information for the affected Portfolios are presented in the below table, as of June 30, 2019:

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		$	806,316		$	—		$	806,316
Interest Rate Swap Agreements			81,488			—			81,488
Total		$	887,804		$	—		$	887,804

				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		$	108,573	$	(7,226	)	$	(60,000	)	$	41,347
Barclays Bank PLC			141,959		(141,959	)		—			—
Citibank NA			50,787		(12,419	)		—			38,368
Goldman Sachs International			84,370		(5,311	)		—			79,059
HSBC Bank USA NA			96,787		(96,787	)		—			—
JPMorgan Chase Bank NA			59,638		(59,638	)		—			—
Standard Chartered Bank			264,458		(52,493	)		—			211,965
UBS AG			81,232		(23,336	)		—			57,896
Total		$	887,804	$	(399,169	)	$	(60,000	)	$	428,635

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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		$	529,911		$	—		$	529,911

				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		$	7,226	$	(7,226	)	$	—	$	—
Barclays Bank PLC			204,144		(141,959	)		—		62,185
Citibank NA			12,419		(12,419	)		—		—
Goldman Sachs International			5,311		(5,311	)		—		—
HSBC Bank USA NA			152,299		(96,787	)		—		55,512
JPMorgan Chase Bank NA			72,683		(59,638	)		—		13,045
Standard Chartered Bank			52,493		(52,493	)		—		—
UBS AG			23,336		(23,336	)		—		—
Total		$	529,911	$	(399,169	)	$	—	$	130,742

(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.

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		$	27,001		$	—		$	27,001

				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		$	6,323	$	(6,323	)	$	—	$	—
HSBC Bank USA NA			17,771		(17,771	)		—		—
JPMorgan Chase Bank NA			2,295		(2,295	)		—		—
Morgan Stanley Capital Services LLC.			612		(141	)		—		471
Total		$	27,001	$	(26,530	)	$	—	$	471

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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		$	40,052		$	—		$	40,052

				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
Citibank NA		$	6,461	$	(6,323	)	$	—	$	138
HSBC Bank USA NA			23,153		(17,771	)		—		5,382
JPMorgan Chase Bank NA			10,297		(2,295	)		—		8,002
Morgan Stanley Capital Services LLC.			141		(141	)		—		—
Total		$	40,052	$	(26,530	)	$	—	$	13,522

11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08, Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Management has evaluated the impact of the amendments and has adopted these amendments and incorporated the changes in the current financial statements and related disclosures. For public business entities, the amendments in this ASU became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU apply to all entities that are required, under existing GAAP, to make disclosures about recurring or nonrecurring fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is

110   Semi-Annual Report

permitted. Management has evaluated the impact of the amendments and has elected to adopt these amendments and incorporate the changes in the current financial statements.

12. Subsequent Events

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

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The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) 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 (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – 2016, 2019) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019) University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present) Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (69 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	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. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

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Name (Year of Birth) 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)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present) Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017; previously, Vice President and Secretary since April 2002)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present) Investment Manager, General Counsel (2002 – April 2017)

(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, 2019, 39 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), Chief Compliance Officer (since September 2014) and General Counsel (since April 2017) of the Investment Manager Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014) Assurance Manager at PricewaterhouseCoopers LLP (2008 – November 2015)
Christopher Snively (1984)	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 (1958)	Treasurer (May 2003)	Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance (since September 2015)) of the Investment Manager Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018) Associate at Schulte Roth & Zabel LLP (2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017; previously, Vice President and Secretary since April 2002), whose information is included in the Interested Directors section above.

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The Lazard Funds, Inc. Tax and Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://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 https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Schedule of Portfolio Holdings

The Fund files its complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Board Consideration of Management Agreement

At meetings of the Board held on May 22, 2019 and June 5, 2019, 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 sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 5, 2019 meeting, additional information requested by the Independent Directors at the May 22, 2019 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment

Semi-Annual Report   115

Manager provides the Fund, including a discussion of the Investment Manager and its clients (of which the Lazard Funds complex of 39 active funds comprised approximately $29 billion of the approximately $235 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2019).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading 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, as well as regular reporting to, and support of, the Board. 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, trading, operations, risk management, technology and legal and compliance infrastructure. The Board 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 and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $29 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, comparing, for the fiscal year ended December 31, 2018, each Portfolio’s:

• contractual management fee (i.e., without giving effect to any fee waivers), referred to in the Strategic Insight materials as “advisor fee,” expense ratio (net of any fee waivers or expense reimburse-

116   Semi-Annual Report

	ments) and performance (for one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to those of a group of comparison funds selected by Strategic Insight (a “Group”);
•	advisor fee and expense ratio to a broader group of funds based on the Portfolio’s Morningstar category (an “Expense Universe”); and
•	performance (for the one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to that of the funds in the Portfolio’s Morningstar category (a “Category”) and the benchmark index and the Portfolio’s performance for each of the four most recently completed calendar years, as applicable, and the first quarter of 2019, to that of the funds in the Portfolio’s Category and the benchmark index.

The Strategic Insight materials outlined the process of construction of the Groups, Expense Universes and Categories, and representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Groups, Expense Universes and Categories, including how the methodologies could affect the results of the comparisons.

Advisor Fees and Expense Ratios. Representatives of the Investment Manager discussed the results of the Strategic Insight advisor fee and expense ratio comparisons with the Board, which showed that the advisor fees and expense ratios of the Portfolios were competitive within each Portfolio’s respective Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager currently was waiving advisor fees and/or reimbursing expenses.

As applicable, the Board also considered fees paid to the Investment Manager by any funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios, as well as any separately managed accounts of the

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Investment Manager with similar investment objectives, policies and strategies (for each Portfolio, collectively with such funds, “Similar Accounts”). Representatives of the Investment Manager discussed the nature of the Similar Accounts and the significant differences in services provided by the Investment Manager to the different types of Similar Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Similar Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the fees paid to the Investment Manager by the Portfolios.

Performance. When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional performance information, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information (as requested by the Board) from the Investment Manager in respect of the Portfolios’ relative underperformance compared to the relevant Group.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2018 and the Investment Manager’s cost allocation methodology to compute an estimate of each Portfolio’s costs to the Investment Manager. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any significant indirect benefits from the Investment Manager acting as investment manager 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

118   Semi-Annual Report

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. The Board (1) considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of 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 (2) evaluated the profitability in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. It was noted that each Portfolio had declining or generally stable assets, and/or a low level of assets, over the past calendar year so that the potential that the Investment Manager may have realized any economies of scale was reduced.

At the conclusion of these discussions, the Board expressed the opinion that it 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, with the assistance of independent legal counsel and in the exercise of its business judgment, 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 the significant services and infrastructure associated with an approximately $235 billion global asset management business.

Semi-Annual Report   119

• The Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.

• The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, accepted the Investment Manager’s explanation that the Portfolio was performing in accordance with expectations or that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

• The Board recognized that economies of scale may be realized, particularly 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, in addition to information provided by the Investment Manager 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 over various time periods; 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 Investment Manager 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.

120   Semi-Annual Report

The Lazard Funds, Inc.

30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
https://www.lazardassetmanagement.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

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169
Telephone: 617-483-7000

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

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS026		We Recycle This document is printed on recycled paper.

Lazard Funds

Semi-Annual Report

June 30, 2019

Multi-Asset Funds

Lazard Global Dynamic Multi-Asset Portfolio

Lazard Opportunistic Strategies Portfolio

Lazard Real Assets and Pricing Opportunities Portfolio

Important Information on Paperless Delivery

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Shareholders who hold accounts directly with the Fund may elect to receive shareholder reports and other communications from the Fund electronically by signing up for paperless delivery at www.icsdelivery.com/lazardassetmanagement. If you own these shares through a financial intermediary, you may contact your financial intermediary.

You may elect to receive all future reports in paper free of charge.You can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by following the instructions included with this disclosure and visiting www.fundreports.com. If you own these shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this disclosure to elect to continue to receive paper copies of your shareholder reports.Your election to receive reports in paper will apply to all funds held with the fund complex or your financial intermediary.

PRIVACY NOTICE

WHAT DOES LAZARD DO WITH YOUR PERSONAL INFORMATION?

Financial companies choose how they share your personal information. U.S. federal law gives our clients the right to limit some but not all sharing. U.S. federal and other applicable 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.

We do not disclose nonpublic personal information about our clients or former clients to third parties other than as described below.

Personal information we collect. We collect personal information about you in connection with our providing advisory services to you. The legal basis for our collection of your personal information is our contract with you and our legitimate business interest to provide contractual services to you. The collection of this information is necessary for us to be able to provide advisory services to you and the failure to provide such information will result in our inability to provide our services. This information includes your social security number (for U.S. persons) and may include other information such as your:

● Assets and income;

● Investment experience;

● Transaction history;

● Credit history; and

● Wire transfer instructions.

How we collect this information. We collect this information from you through various means. For example, when you give us your contact information, enter into an investment advisory contract with us, buy securities (i.e., interests in a fund) from us, direct us to buy or sell securities for your account, tell us where to send money, or make a wire transfer. We also may collect your personal information from other sources, such as our affiliates¹ or other non-affiliated companies (such as credit bureaus).

¹ Our affiliates are companies related to us by common ownership or control and can include both financial and nonfinancial companies. Non-affiliates are companies not related to us by common ownership or control and can include both financial and nonfinancial companies.

How we use this information. All financial companies need to share customers’ personal information to run their everyday business and we use the personal information we collect from you for our everyday business purposes. These purposes may include for example:

● To provide advisory services to you;

● To open an account for you;

● To process a transaction for your account;

● To market products and services to you; and/or

● To respond to court orders and legal investigations.

If you are an investor located within a European Union country, please note that personal information may be collected, shared and/or stored outside of the European Union.

Disclosure to others. We may provide your personal information to our affiliates and to firms that assist us in servicing your account and have a need for such information, such as a broker, counterparty, fund administrator or third party service provider that aggregates data in a central repository for access by a broker, counterparty or fund administrator to provide its services. We may also disclose such information to service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you. We require third party service providers and financial institutions with which we have a formal agreement to provide services relating to our arrangements with you to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. These sharing practices are consistent with applicable privacy and related laws, and in general, you may not limit our use of your personal information for these purposes under such laws. We note that the U.S. federal privacy laws only give you the right to limit the certain types of information sharing that we do not engage in (e.g., sharing with our affiliates certain information relating to your transaction history or creditworthiness for their use in marketing to you, or sharing any personal information with non-affiliates for them to market to you). We may also share your personal information with non-affiliates (such as a government agency or regulatory authority) as required by applicable law.

How we protect your personal information. To protect your personal information from unauthorized access and use, we use security measures that comply with applicable law. These measures include computer safeguards and secured files and buildings.

How long we keep your personal information. We retain your personal information for the duration of your advisory relationship with us and for a period of time thereafter as required by applicable law.

Your rights with respect to this information. If you are an investor located within a European Union country, you have the following rights with respect to your personal information:

● The right to request and obtain a copy of your personal information that we maintain;

● The right to correct your personal information that we maintain;

● The right to request the erasure of your personal information from our systems, subject to applicable recordkeeping requirements applicable to us; and

● The right to lodge a complaint with a supervisory authority.

Who is providing this Privacy Notice. This Privacy Notice relates to the following entities:

● Lazard Asset Management LLC

● Lazard Asset Management (Canada), Inc.²

● Lazard Asset Management Securities LLC

Who to contact with questions. If you have any questions about this Privacy Notice, please call (800) 823-6300 or visit our website at http://www.lazardassetmanagement.com.

² Lazard Asset Management (Canada), Inc. does not disclose any non-public personal information about its customers to any third party, except as permitted by or required by any applicable law, including the laws of the United States and Canada.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard
4	Performance Overviews (unaudited)
8	Information About Your Portfolio’s Expenses (unaudited)
10	Portfolio Holdings Presented by Asset Class/Sector (unaudited)
11	Portfolios of Investments (unaudited)
11	Lazard Global Dynamic Multi-Asset Portfolio
33	Lazard Opportunistic Strategies Portfolio
35	Lazard Real Assets and Pricing Opportunities Portfolio
48	Notes to Portfolios of Investments (unaudited)
52	Statements of Assets and Liabilities (unaudited)
54	Statements of Operations (unaudited)
56	Statements of Changes in Net Assets (unaudited)
60	Financial Highlights (unaudited)
67	Notes to Financial Statements (unaudited)
102	Board of Directors and Officers Information (unaudited)
105	Other Information (unaudited)

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.lazardassetmanagement.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 (unaudited)

Dear Shareholder,

Global markets registered strong gains in the first half of 2019. They reached near-record highs in April, thanks to strong corporate earnings and better-than-expected quarterly US GDP growth. However, heightened trade tensions and mixed economic data gave investors pause in May as China and the United States again raised tariffs on each other’s imports after trade talks stalled.

The US equity market rose strongly during the period, boosted by hopes that renewed trade negotiations and a potential interest rate cut by the Federal Reserve in July would keep the United States on strong economic footing. Financials, materials, and technology outperformed, while energy lagged against a backdrop of falling oil prices, concerns about global demand, and rising inventories. Volatility as measured by the CBOE Volatility Index (VIX) rose mildly but remained well below levels at the end of 2018.

European equity markets have been caught in the middle of opposing forces, mainly growing tensions around global trade and increasingly dovish central banks. This has pushed European government bond yields to fresh lows and caused bond-sensitive sectors to climb higher, further stretching valuations.

Emerging markets equities gained more than 10% year to date. The asset class’s performance was volatile over the latter half of the period, reflecting extraordinary uncertainty among investors about the geopolitical environment, particularly US actions on trade in May and early June. Emerging markets debt also delivered strong year-to-date returns, supported by liquidity from central banks. However, the global growth outlook has become more uncertain and current valuations provide less compensation for the increased risks.

In this environment, we believe it is becoming increasingly important for investors to be discerning, to focus on fundamentals and not short-term macro drivers, particularly as sentiment is vulnerable to rapid shifts. We are privileged that you have turned to Lazard

2   Semi-Annual Report

for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

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, 2019

	One Year			Since Inception†
Institutional Shares**		5.42	%		8.09	%
Open Shares**		5.17	%		7.78	%
MSCI World Index		6.33	%		10.93	%
GDMA Index		6.47	%		6.84	%

† The inception date for the Portfolio was May 27, 2016.

Lazard Opportunistic Strategies Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2019

	One Year			Five Years			Ten Years
Institutional Shares**		–0.50	%		3.27	%		6.25	%
Open Shares**		–0.71	%		2.89	%		5.87	%
MSCI World Index		6.33	%		6.60	%		10.72	%
Global Asset Allocation Blended Index		7.41	%		5.29	%		8.22	%

4   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, MSCI World Index, 70% MSCI World (USD Hedged) Index | 30% Barclays World Inflation-Linked Bond (USD Hedged) Index and Real Assets Custom Index (USD Hedged)*

Average Annual Total Returns*

Periods Ended June 30, 2019

	One Year		Since Inception†
Institutional Shares**	3.52%		4.90%
Open Shares**	3.18%		4.52%
MSCI World Index	6.33%		11.31%
			(Institutional
			Shares)
			10.78%
		(Open Shares)
Real Assets Custom Index	7.45%		7.69%
			(Institutional
			Shares)
			7.58%
		(Open Shares)
70% MSCI World (US Hedged) Index | 30% Barclays World Inflation-Linked Bond (USD Hedged) Index	7.73%		9.34%
			(Institutional
			Shares)
			9.02%
			(Open Shares)
† The inception date for the Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.

Notes to Performance Overviews:

*

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the 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 DST Asset Manager Solutions, Inc., the Fund’s transfer and dividend distributing agent (“DST”); 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

Semi-Annual Report   5

in accordance with US Generally Accepted Accounting Principles, if any, 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 indices are unmanaged, have no fees or costs and are not available for investment.

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 GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Barclays Global Aggregate^® Index and is rebalanced monthly. 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 Global Asset Allocation Blended Index is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg Barclays US Aggregate Index and is rebalanced quarterly. 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, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities, with maturities of no less than one year.

The 70% MSCI World (USD Hedged) Index | 30% Barclays World Inflation-Linked Bond (USD Hedged) Index, formerly referred to as the Real Assets Index, (USD Hedged), 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 Bond^® Index (USD Hedged). The Bloomberg Barclays World Government Inflation-Linked Bond Index (USD Hedged) measures the performance of investment grade, government inflation-linked debt from 12 different developed markets countries.

The Real Assets Custom Index is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World (Net) Index, 20% MSCI World Core Infrastructure USD Hedged Index, 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Barclays Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1-10 Year USD Hedged Index. The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed market equity performance. The MSCI World Index consists of 23 developed market country indices. The MSCI World Core Infrastructure Index captures large and mid-cap securities across the 23 developed market countries. The Infrastructure Index is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that Lazard Infrastructure invests in a range of companies globally, not specifically developed markets countries. The MSCI ACWI IMI Core Real Estate Index is a

6   Semi-Annual Report

free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 23 developed markets and 26 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 Bloomberg Commodity Total Return index is composed of futures contracts and reflects the returns on a fully collateralized investment in the BCOM. This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills. The Bloomberg Barclays World Government Inflation-Linked Bond 1-10 Year Index measures the performance of investment grade, government inflation-linked debt from 12 different developed market countries. The indices are unmanaged and have no fees. One cannot invest directly in an index. The Portfolio considers the Real Assets Index to be a more suitable benchmark to compare the Portfolio’s performance given the Portfolio’s investment policies than the 70% MSCI World (USD Hedged) Index | 30% Barclays World Inflation-Linked Bond (USD Hedged) Index.

** The performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

Semi-Annual Report   7

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, 2019 through June 30, 2019 and held for the entire period.

Actual Expenses

For each Share class of the Portfolios, the first line of the accompanying table 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 accompanying table 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.

8   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/19	Ending Account Value 6/30/19		Expenses Paid During Period* 1/1/19 - 6/30/19	Annualized Expense Ratio During Period 1/1/19 - 6/30/19
Global Dynamic Multi-Asset
Institutional Shares
Actual	$1,000.00	$	1,119.70	$4.73	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$	1,118.70	$6.30	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.84	$6.01	1.20%
Opportunistic Strategies†
Institutional Shares
Actual	$1,000.00	$	1,111.00	$6.54	1.25%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.60	$6.26	1.25%
Open Shares
Actual	$1,000.00	$	1,110.50	$8.06	1.54%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.16	$7.70	1.54%
Real Assets and Pricing Opportunities
Institutional Shares
Actual	$1,000.00	$	1,109.40	$4.71	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$	1,107.10	$6.01	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%

*	Expenses are equal to the annualized expense ratio, net of expenses 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.

Semi-Annual Report   9

The Lazard Funds, Inc. Portfolio Holdings

Presented by Asset Class/Sector June 30, 2019 (unaudited)

Asset Class/Sector*	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Equity
Communication Services		5.9	%		2.2	%
Consumer Discretionary		8.7			2.6
Consumer Staples		8.8			3.7
Energy		2.9			0.2
Financials		13.6			3.5
Health Care		10.3			3.5
Industrials		10.4			11.3
Information Technology		11.1			1.4
Materials		2.2			0.9
Real Estate		3.0			16.4
Utilities		3.4			10.6
Exchange-Traded Funds		—			2.2
Sovereign Debt		14.1			9.3
US Government Securities		0.4			—
US Municipal Bonds		0.8			—
US Treasury Securities		2.4			16.3
Short-Term Investments		2.0			15.9
Total Investments		100.0	%		100.0	%
		Lazard Opportunistic Strategies Portfolio
Asset Class/Sector*	Long*				Short#
Equity†
Communication Services		3.1	%		–5.5	%
Consumer Discretionary		3.9			–6.8
Consumer Staples		2.5			–4.5
Energy		1.5			–2.7
Financials		9.7			–17.1
Health Care		3.7			–6.6
Industrials		10.5			–18.6
Information Technology		17.9			–31.6
Materials		1.7			–3.0
Real Estate		0.7			–1.3
Utilities		1.3			–2.3
Fixed Income		30.7			—
Short-Term Investments		12.8			—
Total Investments		100.0	%		–100.0	%

*	Represents percentage of total investments excluding securities sold short.
#	Represents percentage of total securities sold short.
†	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds and closed-end management investment companies held by the Portfolio.

10   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2019 (unaudited)

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks  |  72.8%
Australia  |  2.3%
AGL Energy, Ltd.		17,384	$	244,371
Appen, Ltd.		2,828		55,813
BHP Group, Ltd.		1,047		30,330
BlueScope Steel, Ltd.		3,191		27,087
CIMIC Group, Ltd.		3,422		107,767
Cochlear, Ltd.		180		26,184
CSL, Ltd.		573		86,686
Evolution Mining, Ltd.		11,383		34,912
Fortescue Metals Group, Ltd.		4,507		28,689
Iluka Resources, Ltd.		4,737		35,901
Inghams Group, Ltd.		8,868		25,058
JB Hi-Fi, Ltd.		1,975		35,886
Qantas Airways, Ltd.		19,339		73,394
Regis Resources, Ltd.		10,445		38,836
Sandfire Resources NL		4,885		23,021
Santos, Ltd.		6,214		30,967
Saracen Mineral Holdings, Ltd. (*)		31,448		81,398
Shopping Centres Australasia Property Group REIT		13,290		22,321
Vicinity Centres REIT		15,429		26,579
Whitehaven Coal, Ltd.		5,796		14,975
Woolworths Group, Ltd.		2,759		64,469
				1,114,644
Belgium  |  0.8%
Anheuser-Busch InBev SA Sponsored ADR		2,100		185,871
Colruyt SA		1,667		96,739
Proximus SADP		1,089		32,141
Telenet Group Holding NV		723		40,323
UCB SA		579		48,012
				403,086
Canada  |  3.3%
Air Canada (*)		1,256		38,067
B2Gold Corp. (*)		11,506		34,969
BRP, Inc.		1,743		62,291

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)
CAE, Inc.		6,020	$	161,697
Canadian National Railway Co.		2,555		236,286
Canadian Natural Resources, Ltd.		606		16,340
CGI, Inc. (*)		1,584		121,780
Colliers International Group, Inc.		407		29,100
Constellation Software, Inc.		94		88,595
Granite Real Estate Investment Trust		1,393		64,132
H&R Real Estate Investment Trust		3,206		55,916
Kirkland Lake Gold, Ltd.		1,154		49,718
National Bank of Canada		816		38,764
Parex Resources, Inc. (*)		3,843		61,656
Rogers Communications, Inc., Class B		4,141		221,667
Teck Resources, Ltd., Class B		2,924		67,476
The Toronto-Dominion Bank		4,723		275,760
				1,624,214
China  |  0.1%
Yangzijiang Shipbuilding Holdings, Ltd.		28,900		32,767
Denmark  |  0.5%
Coloplast A/S, Class B		333		37,715
H. Lundbeck A/S		748		29,580
Novo Nordisk A/S, Class B		2,135		108,906
SimCorp A/S fa1		480		46,422
				222,623
Finland  |  0.4%
Nordea Bank Abp Sponsored ADR		13,125		94,894
Sampo Oyj, A Shares ADR		4,910		115,606
				210,500
France  |  1.6%
Electricite de France SA		3,541		44,660
Engie SA		889		13,500
Faurecia SA		346		16,061
Hermes International		45		32,456
Ipsen SA		366		49,944
Peugeot SA		4,639		114,332
Total SA		6,543		366,088

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)
Ubisoft Entertainment SA ADR (*)		8,430	$	131,171
Veolia Environnement SA		742		18,090
				786,302
Germany  |  1.0%
Allianz SE		260		62,664
Covestro AG		278		14,131
CTS Eventim AG & Co. KGaA		526		24,478
Deutsche Lufthansa AG		4,428		75,879
Deutsche Telekom AG		1,090		18,863
Muenchener Rueckversicherungs AG		162		40,658
Rheinmetall AG		478		58,511
RWE AG		692		17,059
SAP SE		136		18,695
Siltronic AG		231		16,890
Symrise AG ADR		5,700		137,142
				484,970
Hong Kong  |  1.1%
AIA Group, Ltd. Sponsored ADR		5,220		225,243
CK Hutchison Holdings, Ltd.		2,500		24,597
Hang Seng Bank, Ltd. Sponsored ADR		7,020		174,166
Jardine Matheson Holdings, Ltd.		300		18,908
Swire Pacific, Ltd., Class A		10,000		123,043
				565,957
Israel  |  0.6%
Bank Leumi Le-Israel BM		9,643		69,679
Israel Discount Bank, Ltd., ADR		3,200		130,512
Israel Discount Bank, Ltd., Class A		24,036		98,278
				298,469
Italy  |  1.5%
Assicurazioni Generali SpA		901		16,945
Enel SpA		61,091		426,858
Hera SpA		10,633		40,695
Italgas SpA		10,402		69,837
Poste Italiane SpA		8,420		88,702
Terna SpA		12,337		78,603
UniCredit SpA		1,890		23,266
				744,906

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)
Japan  |  5.5%
Amano Corp.		1,195	$	33,060
ANA Holdings, Inc.		700		23,197
Canon, Inc.		700		20,502
Capcom Co., Ltd.		900		18,102
Daito Trust Construction Co., Ltd.		355		45,191
Daiwa House Industry Co., Ltd.		3,100		90,533
Daiwa House Industry Co., Ltd. ADR		4,445		130,861
Dip Corp.		1,500		25,169
East Japan Railway Co.		1,000		93,650
Fukuoka Financial Group, Inc.		3,700		68,007
Japan Airlines Co., Ltd.		1,600		51,186
Japan Post Holdings Co., Ltd.		8,000		90,639
Japan Prime Realty Investment Corp. REIT		7		30,323
JFE Holdings, Inc.		4,100		60,357
Juki Corp.		800		7,401
Kao Corp., ADR		8,475		128,396
Kinden Corp.		900		13,864
Kyushu Electric Power Co., Inc.		1,900		18,635
Marvelous, Inc.		1,800		13,707
McDonald’s Holdings Co. Japan, Ltd.		1,200		52,922
Mitsubishi Heavy Industries, Ltd.		600		26,156
Mitsubishi UFJ Financial Group, Inc.		14,577		69,686
Mizuho Financial Group, Inc.		17,500		25,389
Nintendo Co., Ltd.		100		36,763
Nissan Chemical Corp.		600		27,093
Nomura Holdings, Inc.		5,400		19,181
NTT DOCOMO, Inc.		17,918		418,181
ORIX Corp.		1,913		28,597
SAMTY Co., Ltd.		2,500		38,082
Seven & I Holdings Co., Ltd.		2,800		94,907
Shikoku Electric Power Co., Inc.		1,600		14,809
Shin-Etsu Chemical Co., Ltd.		1,000		93,369
Shionogi & Co., Ltd.		400		23,097
Showa Denko KK		700		20,759
SoftBank Group Corp.		500		24,094

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)
Sompo Holdings, Inc.		1,104	$	42,726
Stanley Electric Co., Ltd.		600		14,792
Sumitomo Heavy Industries, Ltd.		1,100		37,948
Sumitomo Mitsui Construction Co., Ltd.		5,900		32,746
Sumitomo Mitsui Trust Holdings, Inc.		1,000		36,325
Suzuken Co., Ltd.		400		23,510
Taisei Corp.		700		25,478
TechnoPro Holdings Inc., ADR		12,825		135,945
Teijin, Ltd.		1,095		18,695
The Chiba Bank, Ltd.		7,800		38,201
The Chugoku Electric Power Co., Inc.		1,231		15,536
The Dai-ichi Life Insurance Co., Ltd.		5,600		84,724
The Gunma Bank, Ltd.		7,100		24,943
Tosoh Corp.		1,500		21,167
Yamaha Corp. Sponsored ADR		4,100		195,980
				2,724,581
Netherlands  |  1.0%
Euronext NV		571		43,212
Koninklijke Ahold Delhaize NV		1,775		39,921
Royal Dutch Shell PLC, A Shares		3,359		109,990
Wolters Kluwer NV		173		12,595
Wolters Kluwer NV Sponsored ADR		4,270		310,258
				515,976
Norway  |  0.6%
Aker BP ASA		715		20,616
DNO ASA		10,756		19,557
Equinor ASA		3,147		62,348
Leroy Seafood Group ASA		3,807		25,231
Salmar ASA		915		39,792
Telenor ASA		4,797		101,940
TGS NOPEC Geophysical Co. ASA		604		16,954
				286,438
Puerto Rico  |  0.1%
EVERTEC, Inc.		1,372		44,864

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

Semi-Annual Report   15

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Singapore  |  0.6%
Jardine Cycle & Carriage, Ltd.		1,500	$	40,241
Oversea-Chinese Banking Corp., Ltd.		2,100		17,755
Oversea-Chinese Banking Corp., Ltd. ADR		10,480		175,121
Singapore Technologies Engineering, Ltd.		27,900		85,521
				318,638
Spain  |  0.2%
Amadeus IT Group SA		240		18,993
CIE Automotive SA		789		22,845
Corporacion Financiera Alba SA		204		10,694
Iberdrola SA		6,452		64,358
				116,890
Sweden  |  0.9%
Assa Abloy AB ADR		9,710		109,092
Axfood AB		2,075		41,060
Boliden AB		583		14,910
Epiroc AB ADR		13,660		141,053
Hexagon AB ADR		2,465		136,709
				442,824
Switzerland  |  1.9%
Alcon, Inc. (*)		1,283		79,610
Helvetia Holding AG		232		29,151
Novartis AG		1,201		109,852
Novartis AG Sponsored ADR		2,465		225,079
Partners Group Holding AG		81		63,647
Roche Holding AG		1,269		357,054
The Swatch Group AG		528		28,590
Zurich Insurance Group AG		175		60,937
				953,920
United Kingdom  |  4.5%
Admiral Group PLC		1,638		46,021
Anglo American PLC		2,237		63,987
Associated British Foods PLC		652		20,436
Auto Trader Group PLC		4,541		31,648
Britvic PLC		2,256		25,477
Bunzl PLC Sponsored ADR		4,825		129,262

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

16   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Centrica PLC		23,595	$	26,305
Coca-Cola European Partners PLC		3,100		175,150
Compass Group PLC		2,487		59,602
Compass Group PLC Sponsored ADR		6,597		158,064
Diageo PLC Sponsored ADR		2,030		349,810
Howden Joinery Group PLC		6,974		44,906
Imperial Brands PLC		1,708		40,104
International Consolidated Airlines Group SA		4,631		28,041
International Consolidated Airlines Group SA		3,180		19,290
National Grid PLC		4,155		44,156
Prudential PLC ADR		2,910		127,516
RELX PLC Sponsored ADR		9,570		233,604
Rio Tinto, Ltd.		1,155		84,279
Royal Bank of Scotland Group PLC		6,208		17,332
RSA Insurance Group PLC ADR		13,325		97,273
SSP Group PLC		5,096		44,450
The Weir Group PLC Sponsored ADR		6,985		69,571
Unilever PLC Sponsored ADR		4,195		259,964
WH Smith PLC		1,436		35,928
				2,232,176
United States  |  44.3%
3M Co.		217		37,615
AbbVie, Inc.		1,459		106,099
Accenture PLC, Class A		1,345		248,516
ACI Worldwide, Inc. (*)		877		30,116
AES Corp.		4,803		80,498
Aflac, Inc.		3,007		164,814
Akamai Technologies, Inc. (*)		2,030		162,684
Align Technology, Inc. (*)		138		37,771
Alphabet, Inc., Class A (*)		263		284,776
Alphabet, Inc., Class C (*)		32		34,589
Altria Group, Inc.		741		35,086
Amazon.com, Inc. (*)		191		361,683
American Express Co.		1,094		135,043
American Tower Corp. REIT		457		93,434
Ameriprise Financial, Inc.		627		91,015

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

Semi-Annual Report   17

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Amgen, Inc.		256	$	47,176
Aon PLC		2,599		501,555
Apple, Inc.		2,533		501,331
Applied Materials, Inc.		495		22,230
AutoZone, Inc. (*)		126		138,533
Avnet, Inc.		816		36,940
AXA Equitable Holdings, Inc.		3,048		63,703
Bank of America Corp.		4,305		124,845
Baxter International, Inc.		247		20,229
Best Buy Co., Inc.		283		19,734
Booking Holdings, Inc. (*)		13		24,371
BorgWarner, Inc.		471		19,773
Boston Scientific Corp. (*)		4,445		191,046
Brinker International, Inc.		944		37,146
Bristol-Myers Squibb Co.		2,127		96,459
Broadcom, Inc.		212		61,026
Broadridge Financial Solutions, Inc.		280		35,750
Burlington Stores, Inc. (*)		170		28,926
Cable One, Inc.		28		32,788
Cadence Design Systems, Inc. (*)		1,201		85,043
Cardinal Health, Inc.		552		25,999
Caterpillar, Inc.		808		110,122
CBRE Group, Inc., Class A (*)		2,878		147,641
CDW Corp.		355		39,405
Cerner Corp.		628		46,032
Chevron Corp.		2,354		292,932
Church & Dwight Co., Inc.		413		30,174
Cigna Corp.		618		97,366
Cisco Systems, Inc.		3,175		173,768
Citigroup, Inc.		957		67,019
Citizens Financial Group, Inc.		435		15,382
Colgate-Palmolive Co.		1,344		96,325
Comcast Corp., Class A		6,500		274,820
Comerica, Inc.		2,175		157,992
ConocoPhillips		3,342		203,862
CoreLogic, Inc. (*)		2,430		101,647

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

18   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Costco Wholesale Corp.		203	$	53,645
Cummins, Inc.		399		68,365
Darden Restaurants, Inc.		1,398		170,179
Delta Air Lines, Inc.		927		52,607
Discover Financial Services		797		61,839
Dollar General Corp.		1,005		135,836
E*TRADE Financial Corp.		646		28,812
Eaton Corp. PLC		1,205		100,352
eBay, Inc.		2,920		115,340
Edison International		2,436		164,211
Electronic Arts, Inc. (*)		280		28,353
Eli Lilly & Co.		2,229		246,951
Encompass Health Corp.		1,063		67,352
EPR Properties REIT		378		28,195
Exelon Corp.		1,947		93,339
Exponent, Inc.		505		29,563
F5 Networks, Inc. (*)		663		96,553
Facebook, Inc., Class A (*)		935		180,455
FactSet Research Systems, Inc.		116		33,241
Fidelity National Information Services, Inc.		577		70,786
GreenSky, Inc., Class A (*)		1,805		22,183
HCA Healthcare, Inc.		440		59,475
HEICO Corp., Class A		286		29,564
Honeywell International, Inc.		1,736		303,088
Huntsman Corp.		2,760		56,414
IDEXX Laboratories, Inc. (*)		262		72,136
Insperity, Inc.		271		33,100
Intel Corp.		4,262		204,022
Intercontinental Exchange, Inc.		2,830		243,210
International Business Machines Corp.		951		131,143
Intuit, Inc.		1,069		279,362
IQVIA Holdings, Inc. (*)		2,136		343,682
Johnson & Johnson		4,955		690,132
Jones Lang LaSalle, Inc.		491		69,079
JPMorgan Chase & Co.		150		16,770
Kellogg Co.		494		26,464

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

Semi-Annual Report   19

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Keysight Technologies, Inc. (*)		350	$	31,434
Kimberly-Clark Corp.		1,055		140,610
Kimco Realty Corp. REIT		1,594		29,457
Kohl’s Corp.		346		16,452
Laboratory Corp. of America Holdings (*)		1,037		179,297
Lamb Weston Holdings, Inc.		376		23,823
Life Storage, Inc. REIT		376		35,750
Lincoln National Corp.		813		52,398
Lockheed Martin Corp.		982		356,996
Lowe’s Cos., Inc.		1,230		124,119
LPL Financial Holdings, Inc.		716		58,404
Lululemon Athletica, Inc. (*)		905		163,090
MarketAxess Holdings, Inc.		113		36,320
MasterCard, Inc., Class A		1,806		477,741
Maxim Integrated Products, Inc.		341		20,399
McDonald’s Corp.		1,180		245,039
McGrath RentCorp		480		29,832
Mellanox Technologies, Ltd. (*)		360		39,841
Merck & Co., Inc.		4,160		348,816
MetLife, Inc.		1,557		77,336
Microsoft Corp.		4,469		598,667
MKS Instruments, Inc.		319		24,847
Moody’s Corp.		232		45,312
Morgan Stanley		1,221		53,492
Morningstar, Inc.		199		28,783
Motorola Solutions, Inc.		1,635		272,604
Nasdaq, Inc.		384		36,929
NetApp, Inc.		934		57,628
NIKE, Inc., Class B		1,223		102,671
Nordstrom, Inc.		866		27,591
Northrop Grumman Corp.		991		320,202
NVIDIA Corp.		452		74,232
NVR, Inc. (*)		6		20,222
Occidental Petroleum Corp.		1,386		69,688
Omnicom Group, Inc.		656		53,759
Paycom Software, Inc. (*)		117		26,526

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

20   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
PayPal Holdings, Inc. (*)		210	$	24,037
PepsiCo, Inc.		1,477		193,679
Philip Morris International, Inc.		2,208		173,394
Phillips 66		233		21,795
Pinnacle West Capital Corp.		1,870		175,948
Pioneer Natural Resources Co.		330		50,774
PotlatchDeltic Corp. REIT		391		15,241
Premier, Inc., Class A (*)		1,728		67,582
Prudential Financial, Inc.		758		76,558
Public Service Enterprise Group, Inc.		601		35,351
Radian Group, Inc.		840		19,194
Ralph Lauren Corp.		309		35,099
Raytheon Co.		131		22,778
Regions Financial Corp.		5,615		83,888
Republic Services, Inc.		2,001		173,367
Rockwell Automation, Inc.		1,185		194,139
Ross Stores, Inc.		682		67,600
S&P Global, Inc.		865		197,038
Schlumberger, Ltd.		2,240		89,018
Seagate Technology PLC		538		25,351
Simon Property Group, Inc. REIT		2,429		388,057
Skyworks Solutions, Inc.		224		17,308
Starbucks Corp.		4,441		372,289
Stryker Corp.		356		73,186
Synchrony Financial		2,871		99,538
Synovus Financial Corp.		1,584		55,440
Sysco Corp.		2,520		178,214
T-Mobile US, Inc. (*)		2,664		197,509
Taubman Centers, Inc. REIT		853		34,828
TE Connectivity, Ltd.		529		50,668
Teradyne, Inc.		468		22,422
Texas Instruments, Inc.		1,070		122,793
The Coca-Cola Co.		5,455		277,769
The Estee Lauder Cos., Inc., Class A		2,177		398,630
The Hershey Co.		1,317		176,518
The Kroger Co.		1,601		34,758

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

Semi-Annual Report   21

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
The Procter & Gamble Co.		3,856	$	422,810
The Progressive Corp.		499		39,885
The TJX Cos., Inc.		6,954		367,728
The Walt Disney Co.		752		105,009
Thermo Fisher Scientific, Inc.		1,185		348,011
Tractor Supply Co.		1,462		159,066
Tyson Foods, Inc., Class A		721		58,214
Ulta Salon Cosmetics & Fragrance, Inc. (*)		74		25,670
United Continental Holdings, Inc. (*)		553		48,415
United Rentals, Inc. (*)		106		14,059
UnitedHealth Group, Inc.		155		37,822
Universal Health Services, Inc., Class B		441		57,502
Unum Group		789		26,471
USANA Health Sciences, Inc. (*)		391		31,057
Varian Medical Systems, Inc. (*)		209		28,451
Verizon Communications, Inc.		4,850		277,081
Vertex Pharmaceuticals, Inc. (*)		115		21,089
Viacom, Inc., Class B		674		20,132
Visa, Inc., Class A		1,685		292,432
VMware, Inc., Class A		154		25,750
Vocera Communications, Inc. (*)		1,166		37,219
Vulcan Materials Co.		287		39,408
Walgreens Boots Alliance, Inc.		456		24,930
Walmart, Inc.		513		56,681
Waste Management, Inc.		1,609		185,630
WW Grainger, Inc.		165		44,258
Zions BanCorp.		403		18,530
Zoetis, Inc.		2,931		332,639
				21,966,641
Total Common Stocks (Cost $33,484,718)				36,091,386

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 Dynamic Multi-Asset Portfolio (continued)
Corporate Bonds  |  7.4%
Australia  |  0.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		80	$	59,677
Canada  |  0.5%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		210		163,638
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		85		66,557
					230,195
France  |  0.3%
Schneider Electric SE, 2.950%, 09/27/22	USD		170		172,943
Germany  |  0.3%
BMW Finance NV, 0.875%, 08/16/22	GBP		110		137,419
Netherlands  |  0.6%
BNG Bank NV, 5.000%, 09/16/20	NZD		163		113,626
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		200		208,141
					321,767
New Zealand  |  0.2%
Fonterra Cooperative Group, Ltd., 5.500%, 02/26/24	AUD		100		80,746
Switzerland  |  0.3%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		142		146,876

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

Semi-Annual Report   23

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
United Kingdom  |  0.8%
Ashtead Capital, Inc.,  4.125%, 08/15/25	USD		200	$	202,500
Unilever Capital Corp., 3.250%, 03/07/24	USD		200		208,028
					410,528
United States  |  4.3%
Apple, Inc., 3.850%, 05/04/43	USD		185		196,320
Bank of America Corp., 3.499%, 05/17/22 (§)	USD		160		163,162
Citigroup, Inc., 3.095% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		208		148,173
John Deere Canada Funding, Inc., 2.050%, 09/17/20	CAD		210		160,477
Johnson & Johnson, 3.625%, 03/03/37	USD		175		187,147
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		145		152,740
McDonald’s Corp., 3.125%, 03/04/25	CAD		200		157,989
Microsoft Corp., 4.450%, 11/03/45	USD		160		191,659
Morgan Stanley, 3.625%, 01/20/27	USD		180		189,063
NIKE, Inc., 2.375%, 11/01/26	USD		190		190,413
Starbucks Corp., 4.450%, 08/15/49	USD		125		136,713
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		80		82,958
Verizon Communications, Inc., 3.875%, 02/08/29	USD		150		160,812
					2,117,626
Total Corporate Bonds (Cost $3,528,878)					3,677,777

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

24   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Foreign Government Obligations  |  10.8%
Australia  |  0.3%
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		215	$	162,543
Bermuda  |  0.8%
Government of Bermuda:
4.854%, 02/06/24	USD		200		216,500
3.717%, 01/25/27	USD		200		203,250
					419,750
Canada  |  0.8%
City of Vancouver, 2.900%, 11/20/25	CAD		105		84,126
Province of Ontario, 2.450%, 06/29/22	USD		80		81,108
Province of Quebec:
1.650%, 03/03/22	CAD		105		80,188
2.500%, 04/20/26	USD		135		137,715
					383,137
Chile  |  0.7%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		100,000		159,757
Republic of Chile, 3.125%, 01/21/26	USD		200		208,250
					368,007
Czech Republic  |  0.8%
Czech Republic:
2.150% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		2,850		128,927
2.500%, 08/25/28	CZK		5,330		259,158
					388,085
France  |  0.6%
Government of France, 1.750%, 06/25/39	EUR		201		278,444

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

Semi-Annual Report   25

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Hungary  |  0.8%
Hungary, 6.375%, 03/29/21	USD		150	$	160,076
Hungary Government Bonds:
3.000%, 10/27/27	HUF		34,430		128,381
3.000%, 08/21/30	HUF		35,400		129,117
					417,574
Ireland  |  0.9%
Ireland Government Bonds:
1.350%, 03/18/31	EUR		105		132,818
1.700%, 05/15/37	EUR		220		289,533
					422,351
Italy  |  0.3%
Italy Government International Bonds, 6.875%, 09/27/23	USD		145		163,917
Japan  |  0.4%
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		196,564
Mexico  |  0.2%
United Mexican States, 6.750%, 02/06/24	GBP		60		90,696
New Zealand  |  0.2%
New Zealand Government Bonds, 6.000%, 05/15/21	NZD		170		123,526
Norway  |  1.4%
Kommunalbanken AS, 1.375%, 10/26/20 (#)	USD		200		198,280
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		118,717
2.350%, 09/04/24	NOK		2,000		238,256
1.870%, 05/06/26 (§)	NOK		1,000		118,415
					673,668

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

26   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Panama  |  0.4%
Republic of Panama, 4.000%, 09/22/24	USD		200	$	213,312
Poland  |  0.5%
Poland Government Bonds, 2.500%, 07/25/26	PLN		960		261,238
Romania  |  0.2%
Romania Government Bonds, 2.375%, 04/19/27	EUR		70		86,214
Singapore  |  0.3%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		155		129,599
Spain  |  0.6%
Spain Government Bonds, 1.400%, 04/30/28	EUR		220		274,700
United Kingdom  |  0.6%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		100		135,161
1.500%, 07/22/47	GBP		115		146,859
					282,020
Total Foreign Government Obligations (Cost $5,140,219)					5,335,345
Quasi Government Bonds  |  0.5%
Canada  |  0.5%
Export Development Canada, 1.800%, 09/01/22 (Cost $235,240)	CAD		315		241,840

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

Semi-Annual Report   27

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Supranational Bonds  |  2.8%
African Development Bank, 2.375%, 09/23/21	USD		174	$	175,998
Asian Development Bank:
1.000%, 12/15/22	GBP		145		184,664
2.125%, 03/19/25	USD		210		212,454
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		220		166,264
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		125		86,434
2.500%, 08/03/23	CAD		315		247,862
2.900%, 11/26/25	AUD		90		68,223
International Finance Corp.:
3.625%, 05/20/20	NZD		165		112,856
2.700%, 03/15/23	AUD		180		132,447
Total Supranational Bonds
(Cost $1,373,306)					1,387,202
US Government Securities  |  0.4%
Federal National Mortgage Association, 2.625%, 09/06/24 (Cost $203,415)			205		212,669
US Municipal Bonds  |  0.8%
California  |  0.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		120		181,128
State of California, 4.500%, 04/01/33	USD		100		113,088
					294,216

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

28   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Georgia  |  0.2%
Georgia State Build America Bonds Series B, 2.380%, 02/01/27	USD		100	$	99,170
Total US Municipal Bonds (Cost $375,352)					393,386
US Treasury Securities  |  2.4%
US Treasury Notes:
2.125%, 05/15/25	USD		645		655,532
2.875%, 08/15/28	USD		375		402,773
3.125%, 11/15/41	USD		120		134,180
Total US Treasury Securities (Cost $1,130,799)					1,192,485

Description	Shares		Fair Value
Short-Term Investments  |  2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $995,044)		995,044		995,044
Total Investments  |  99.9% (Cost $46,466,971) (»)			$	49,527,134
Cash and Other Assets in Excess of Liabilities  |  0.1%				26,853
Net Assets  |  100.0%			$	49,553,987

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

Semi-Annual Report   29

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2019:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD		161,771	USD		113,265	HSB	08/14/19	$	467	$	—
AUD		116,813	USD		81,686	JPM	08/14/19		439		—
AUD		73,839	USD		51,600	MSC	08/14/19		312		—
CAD		96,532	USD		72,300	JPM	08/14/19		1,481		—
CAD		251,387	USD		191,303	JPM	08/14/19		836		—
CAD		245,397	USD		187,687	SSB	09/26/19		—		9
CHF		47,229	USD		47,368	HSB	08/14/19		1,204		—
CLP		16,516,067	USD		24,303	CIT	07/25/19		79		—
CZK		3,276,761	EUR		126,900	JPM	07/25/19		2,032		—
CZK		1,196,354	USD		53,391	JPM	07/25/19		135		—
EUR		118,741	USD		134,000	CIT	07/11/19		1,123		—
EUR		385,215	USD		435,782	CIT	07/11/19		2,580		—
EUR		103,651	USD		116,776	HSB	07/11/19		1,176		—
EUR		109,565	USD		124,003	HSB	07/11/19		678		—
EUR		1,327,039	USD		1,501,113	HSB	07/11/19		9,013		—
EUR		126,053	USD		143,339	JPM	07/11/19		106		—
EUR		290,655	USD		328,847	JPM	07/11/19		1,909		—
EUR		225,378	USD		258,537	SSB	09/26/19		—		538
GBP		32,044	USD		41,100	JPM	08/14/19		—		322
GBP		189,695	USD		240,978	JPM	08/14/19		419		—
HUF		10,000,995	USD		35,208	JPM	08/08/19		76		—
HUF		14,552,891	USD		51,278	JPM	08/08/19		65		—
IDR		599,248,000	USD		41,600	HSB	09/11/19		447		—
JPY		13,062,497	USD		122,492	CIT	08/14/19		—		945
JPY		126,259,222	USD		1,164,799	CIT	08/14/19		10,043		—
JPY		165,413,455	USD		1,526,081	HSB	08/14/19		13,091		—
JPY		12,888,078	USD		120,500	JPM	08/14/19		—		576
JPY		3,026,139	USD		28,377	SSB	09/26/19		—		133
JPY		17,409,646	USD		162,618	SSB	09/26/19		—		131
KRW		203,072,780	USD		172,300	HSB	08/05/19		3,342		—
MXN		616,618	USD		31,621	HSB	08/14/19		279		—
NOK		128,804	USD		14,767	HSB	08/14/19		353		—
NOK		1,031,475	USD		118,329	HSB	08/14/19		2,749		—
NZD		86,900	USD		57,400	HSB	08/14/19		1,032		—
NZD		90,185	USD		60,331	JPM	08/14/19		310		—

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

30   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
PLN		135,881	USD		36,256	HSB	08/14/19	$	177	$	—
SEK		608,519	USD		64,600	MSC	08/14/19		1,137		—
SGD		4,049	USD		2,959	JPM	08/14/19		36		—
SGD		22,826	USD		16,870	JPM	08/14/19		13		—
SGD		39,498	USD		28,863	JPM	08/14/19		351		—
USD		108,723	AUD		155,812	CIT	08/14/19		—		820
USD		30,800	AUD		44,193	HSB	08/14/19		—		269
USD		262,425	AUD		375,983	HSB	08/14/19		—		1,908
USD		268,586	AUD		384,787	JPM	08/14/19		—		1,937
USD		361,975	AUD		518,536	SSB	09/26/19		—		2,987
USD		82,701	CAD		111,269	CIT	08/14/19		—		2,344
USD		46,200	CAD		60,824	HSB	08/14/19		—		288
USD		622,503	CAD		837,061	HSB	08/14/19		—		17,275
USD		504,304	CAD		678,141	JPM	08/14/19		—		14,009
USD		588,229	CAD		775,050	SSB	09/26/19		—		4,524
USD		174,992	CLP		116,994,297	CIT	07/25/19		2,278		—
USD		51,400	CZK		1,150,253	JPM	07/25/19		—		63
USD		145,337	CZK		3,312,819	JPM	07/25/19		—		2,882
USD		89,454	EUR		79,237	HSB	07/11/19		—		715
USD		98,721	EUR		87,152	HSB	07/11/19		—		455
USD		148,630	EUR		131,193	HSB	07/11/19		—		663
USD		332,500	EUR		292,061	HSB	07/11/19		144		—
USD		559,700	EUR		492,078	HSB	07/11/19		—		268
USD		16,159	EUR		14,324	JPM	07/11/19		—		142
USD		97,600	GBP		76,687	HSB	08/14/19		12		—
USD		105,290	GBP		80,931	HSB	08/14/19		2,301		—
USD		58,780	GBP		45,178	JPM	08/14/19		1,288		—
USD		49,879	GBP		39,041	SSB	09/26/19		111		—
USD		14,736	HUF		4,234,692	HSB	08/08/19		—		204
USD		44,018	HUF		12,794,066	HSB	08/08/19		—		1,120
USD		261,060	HUF		75,007,794	JPM	08/08/19		—		3,568
USD		61,339	ILS		219,857	SSB	09/26/19		—		589
USD		281,000	JPY		29,996,188	HSB	08/14/19		1,886		—
USD		436,607	JPY		47,324,276	HSB	08/14/19		—		3,745
USD		143,600	JPY		15,467,853	MSC	08/14/19		—		328

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

Semi-Annual Report   31

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity		Currency  Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		35,900	NOK		306,146	HSB	08/14/19	$	—	$	37
USD		119,216	NOK		1,040,142	HSB	08/14/19		—		2,880
USD		186,224	NOK		1,624,364	HSB	08/14/19		—		4,450
USD		287,720	NOK		2,437,561	SSB	09/26/19		1,309		—
USD		216,350	NZD		328,547	CIT	08/14/19		—		4,569
USD		64,196	NZD		97,494	HSB	08/14/19		—		1,360
USD		182,489	NZD		277,124	JPM	08/14/19		—		3,852
USD		256,208	PLN		979,882	HSB	08/14/19		—		6,524
USD		146,918	SGD		201,054	JPM	08/14/19		—		1,789
USD		56,327	SGD		76,163	SSB	09/26/19		—		37
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	66,819	$	89,255

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

32   Semi-Annual Report

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  97.8%
Equity Funds  |  61.8%
ETFMG Prime Mobile Payments ETF (*), (±)		93,000	$	4,361,700
Fidelity Low Volatility Factor ETF		124,700		4,450,543
Franklin FTSE Japan ETF		158,400		3,804,768
Invesco Russell 1000 Dynamic Multifactor ETF (±)		112,100		3,329,370
Invesco Water Resources ETF (±)		41,850		1,490,278
Invesco WilderHill Clean Energy ETF		36,450		1,082,930
iShares Core Dividend Growth ETF (±)		117,100		4,473,220
iShares Expanded Tech Sector ETF (±)		19,100		4,118,915
iShares Expanded Tech-Software Sector ETF (±)		18,800		4,107,048
iShares MSCI Brazil ETF		50,665		2,215,074
Vanguard Financials ETF (±)		57,500		3,968,075
Vanguard Industrials ETF		30,690		4,474,602
Vanguard S&P 500 ETF (±)		37,300		10,039,295
Vanguard Small-Cap ETF (±)		19,350		3,031,371
				54,947,189
Fixed-Income Funds  |  36.0%
Goldman Sachs Access Treasury 0-1 Year ETF (±)		74,380		7,464,777
iShares 1-3 Year Treasury Bond ETF (±)		89,400		7,579,332
Vanguard Intermediate-Term Corporate Bond ETF (±)		90,200		8,104,470
Vanguard Intermediate-Term Treasury ETF (±)		135,300		8,925,741
				32,074,320
Total Exchange-Traded Funds (Cost $82,166,172)				87,021,509
Closed-End Management Investment Companies  |  4.8%
Royce Value Trust, Inc. (±) (Cost $4,249,205)		304,500		4,238,640

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

Semi-Annual Report   33

Description	Shares			Fair Value
Lazard Opportunistic Strategies Portfolio (concluded)
Short-Term Investments  |  15.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Cost $13,341,147)		13,341,147		$	13,341,147
Total Investments excluding Securities Sold Short  |  117.6% (Cost $99,756,524)					104,601,296
Securities Sold Short  |  (10.1)%
Exchange-Traded Funds  |  (10.1)%
iShares Core S&P Small-Cap ETF		(39,650	)		(3,103,802	)
iShares MSCI ACWI ETF		(22,600	)		(1,665,846	)
iShares Russell 1000 ETF		(17,100	)		(2,783,709	)
SPDR S&P 500 ETF Trust		(5,050	)		(1,479,650	)
Total Securities Sold Short (Proceeds ($8,860,718))					(9,033,007	)
Total Investments  |  107.5% (Cost $90,895,806)				$	95,568,289
Liabilities in Excess of Cash and Other Assets  |  (7.5)%					(6,628,587	)
Net Assets  |  100.0%				$	88,939,702

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

34   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·)
Common Stocks  |  55.8%
Australia  |  3.5%
AGL Energy, Ltd.		2,051	$	28,831
Atlas Arteria, Ltd.		16,740		92,311
AusNet Services		71,328		93,985
CSL, Ltd.		332		50,227
Goodman Group REIT		11,250		118,898
IDP Education, Ltd.		1,031		12,810
Transurban Group		17,462		180,921
Wesfarmers, Ltd.		365		9,284
Woolworths Group, Ltd.		1,983		46,336
				633,603
Canada  |  3.3%
Agnico Eagle Mines, Ltd.		610		31,256
Alimentation Couche-Tard, Inc., Class B		663		41,723
Atco, Ltd., Class I		1,050		35,392
Bank of Montreal		552		41,697
BCE, Inc.		1,021		46,452
Boardwalk Real Estate Investment Trust		1,099		33,434
Canadian National Railway Co.		321		29,709
CI Financial Corp.		1,914		31,190
Fairfax Financial Holdings, Ltd.		21		10,307
Great-West Lifeco, Inc.		337		7,759
Kirkland Lake Gold, Ltd.		732		31,537
National Bank of Canada		165		7,838
Northland Power, Inc.		1,818		35,401
Nutrien, Ltd.		300		16,038
Rogers Communications, Inc., Class B		312		16,701
Royal Bank of Canada		846		67,232
Sun Life Financial, Inc.		219		9,069
TELUS Corp.		401		14,824
The Bank of Nova Scotia		178		9,561
The North West Co., Inc.		740		16,890
The Toronto-Dominion Bank		1,072		62,639
				596,649

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

Semi-Annual Report   35

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
China  |  0.4%
China Vanke Co., Ltd., Class H		19,400	$	72,817
Denmark  |  0.1%
Novo Nordisk A/S, Class B		169		8,621
Scandinavian Tobacco Group A/S		713		8,311
				16,932
Finland  |  0.1%
Cramo Oyj		496		11,773
France  |  2.2%
AXA SA		429		11,270
Engie SA		698		10,599
Eutelsat Communications SA		6,347		118,714
L’Oreal SA		163		46,430
Unibail-Rodamco-Westfield		276		41,350
Vinci SA		1,692		173,477
				401,840
Germany  |  1.6%
ADO Properties SA		1,427		59,031
Allianz SE		56		13,497
Aroundtown SA		3,323		27,379
Deutsche Lufthansa AG		831		14,240
Fraport AG		1,309		112,528
Vonovia SE		1,189		56,785
				283,460
Hong Kong  |  2.6%
Dairy Farm International Holdings, Ltd.		3,300		23,596
Jardine Matheson Holdings, Ltd.		72		4,538
Link Real Estate Investment Trust		9,000		110,700
Power Assets Holdings, Ltd.		18,000		129,417
Sun Hung Kai Properties, Ltd.		7,500		127,368
Wharf Real Estate Investment Co., Ltd.		11,000		77,276
				472,895

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

36   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Israel  |  0.2%
Azrieli Group, Ltd.		521	$	34,937
Italy  |  4.8%
ASTM SpA		1,464		47,278
Atlantia SpA		6,689		174,028
Enel SpA		5,251		36,690
Hera SpA		18,763		71,811
Italgas SpA		22,374		150,215
Poste Italiane SpA		1,424		15,001
Snam SpA		31,345		155,946
Societa Iniziative Autostradali e Servizi SpA		1,049		19,455
Terna SpA		30,634		195,179
				865,603
Japan  |  2.4%
East Japan Railway Co.		200		18,730
GLP J-Reit		54		61,537
Invincible Investment Corp. REIT		98		50,751
KDDI Corp.		400		10,190
Mitsubishi Estate Co., Ltd.		6,600		123,122
Mitsui Fudosan Co., Ltd.		4,200		101,981
NTT DOCOMO, Inc.		1,100		25,672
Tokio Marine Holdings, Inc.		300		15,056
West Japan Railway Co.		300		24,337
				431,376
Luxembourg  |  0.8%
SES SA		8,679		135,902
Mexico  |  0.3%
Alpek SAB de CV		12,855		16,148
Corp Inmobiliaria Vesta SAB de CV		25,700		37,933
				54,081
Netherlands  |  0.1%
Intertrust NV		498		10,280
NN Group NV		167		6,723
				17,003

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

Semi-Annual Report   37

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
New Zealand  |  0.1%
Spark New Zealand, Ltd.		4,267	$	11,470
Norway  |  0.1%
Mowi ASA		343		8,021
Salmar ASA		184		8,002
				16,023
Philippines  |  0.4%
Megaworld Corp.		581,400		69,213
Singapore  |  0.7%
CapitaLand, Ltd.		27,900		72,816
DBS Group Holdings, Ltd.		359		6,891
Jardine Cycle & Carriage, Ltd.		800		21,462
Singapore Airlines, Ltd.		900		6,177
Singapore Technologies Engineering, Ltd.		6,100		18,698
				126,044
South Korea  |  0.1%
S-Oil Corp.		187		13,552
Spain  |  0.4%
Iberdrola SA		1,155		11,521
Merlin Properties Socimi SA REIT		3,984		55,271
				66,792
Sweden  |  0.0%
Swedish Match AB		164		6,931
Switzerland  |  0.5%
Novartis AG		173		15,824
Roche Holding AG		259		72,874
				88,698
United Arab Emirates  |  0.2%
Emaar Properties PJSC		22,181		26,714

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

38   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
United Kingdom  |  5.1%
Admiral Group PLC		1,150	$	32,310
Ashtead Group PLC		386		11,071
Derwent London PLC REIT		1,069		42,314
Great Portland Estates PLC REIT		4,320		37,551
Howden Joinery Group PLC		3,687		23,741
Imperial Brands PLC		1,376		32,309
International Consolidated Airlines Group SA		1,761		10,682
National Grid PLC		16,540		175,773
Pennon Group PLC		11,565		109,103
Segro PLC REIT		8,022		74,408
Severn Trent PLC		6,104		158,836
The Go-Ahead Group PLC		298		7,463
Unilever NV		384		23,391
United Utilities Group PLC		16,954		168,686
				907,638
United States  |  25.8%
AbbVie, Inc.		106		7,708
Aflac, Inc.		321		17,594
Agilent Technologies, Inc.		131		9,782
Alexandria Real Estate Equities, Inc. REIT		652		91,991
American Electric Power Co., Inc.		1,900		167,219
American Express Co.		79		9,752
American Homes 4 Rent, Class A REIT		3,132		76,139
American Tower Corp. REIT		410		83,824
Americold Realty Trust REIT		2,637		85,492
Amgen, Inc.		40		7,371
Aon PLC		395		76,227
Apple, Inc.		153		30,282
AutoZone, Inc. (*)		15		16,492
Bank of America Corp.		411		11,919
Best Buy Co., Inc.		109		7,601
Biogen, Inc. (*)		41		9,589
Boston Properties, Inc. REIT		597		77,013
Bristol-Myers Squibb Co.		209		9,478
Broadridge Financial Solutions, Inc.		72		9,193

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

Semi-Annual Report   39

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Burlington Stores, Inc. (*)		48	$	8,167
Campbell Soup Co.		457		18,312
Cboe Global Markets, Inc.		109		11,296
CF Industries Holdings, Inc.		385		17,983
Charles River Laboratories International, Inc. (*)		106		15,041
Church & Dwight Co., Inc.		181		13,224
Cigna Corp.		172		27,099
Cisco Systems, Inc.		153		8,374
Colgate-Palmolive Co.		209		14,979
Consolidated Edison, Inc.		1,230		107,846
Copart, Inc. (*)		352		26,308
Costco Wholesale Corp.		136		35,939
Cracker Barrel Old Country Store, Inc.		64		10,927
CSX Corp.		1,389		107,467
Darden Restaurants, Inc.		187		22,764
Edison International		134		9,033
Eli Lilly & Co.		441		48,858
Equinix, Inc. REIT		310		156,330
Equity Lifestyle Properties, Inc. REIT		747		90,641
Essential Properties Realty Trust, Inc. REIT		3,007		60,260
Essex Property Trust, Inc. REIT		333		97,213
Exelon Corp.		333		15,964
Extra Space Storage, Inc. REIT		573		60,795
F5 Networks, Inc. (*)		173		25,194
Fastenal Co.		256		8,343
Ferguson PLC (*)		227		16,180
H&R Block, Inc.		382		11,193
HCP, Inc. REIT		927		29,645
Hilton Worldwide Holdings, Inc.		1,011		98,815
Honeywell International, Inc.		69		12,047
Hudson Pacific Properties, Inc. REIT		1,605		53,398
Humana, Inc.		72		19,102
IAA, Inc. (*)		149		5,778
Intel Corp.		566		27,094
Intercontinental Exchange, Inc.		243		20,883
IQVIA Holdings, Inc. (*)		153		24,618

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

40   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Johnson & Johnson		486	$	67,690
JPMorgan Chase & Co.		208		23,254
Kansas City Southern		1,420		172,984
KAR Auction Services, Inc.		149		3,725
Kimberly-Clark Corp.		304		40,517
Lamb Weston Holdings, Inc.		214		13,559
Lockheed Martin Corp.		101		36,718
Lowe’s Cos., Inc.		72		7,266
Marathon Petroleum Corp.		345		19,279
Marsh & McLennan Cos., Inc.		213		21,247
MasterCard, Inc., Class A		192		50,790
McDonald’s Corp.		101		20,974
Merck & Co., Inc.		550		46,117
MetLife, Inc.		171		8,494
Mettler-Toledo International, Inc. (*)		51		42,840
Nasdaq, Inc.		330		31,736
NIKE, Inc., Class B		291		24,429
Norfolk Southern Corp.		919		183,184
Northrop Grumman Corp.		125		40,389
Olin Corp.		682		14,943
Park Hotels & Resorts, Inc. REIT		997		27,477
Paychex, Inc.		465		38,265
PepsiCo, Inc.		136		17,834
Pfizer, Inc.		195		8,447
Pinnacle West Capital Corp.		87		8,186
Prologis, Inc. REIT		1,875		150,187
Quest Diagnostics, Inc.		105		10,690
Raytheon Co.		140		24,343
Republic Services, Inc.		828		71,738
Ross Stores, Inc.		272		26,961
Simon Property Group, Inc. REIT		771		123,175
Starbucks Corp.		727		60,944
Synchrony Financial		285		9,881
Synovus Financial Corp.		244		8,540
Sysco Corp.		844		59,688
Target Corp.		193		16,716

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

Semi-Annual Report   41

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Texas Instruments, Inc.		182	$	20,886
The Allstate Corp.		271		27,558
The Boeing Co.		35		12,740
The Estee Lauder Cos., Inc., Class A		54		9,888
The Hershey Co.		317		42,487
The Home Depot, Inc.		111		23,085
The Macerich Co. REIT		1,493		50,001
The Procter & Gamble Co.		749		82,128
The TJX Cos., Inc.		1,050		55,524
The Toro Co.		154		10,303
Thermo Fisher Scientific, Inc.		204		59,911
Tyson Foods, Inc., Class A		138		11,142
Union Pacific Corp.		970		164,037
UnitedHealth Group, Inc.		181		44,166
Verizon Communications, Inc.		126		7,198
Visa, Inc., Class A		258		44,776
Vulcan Materials Co.		225		30,895
Walgreens Boots Alliance, Inc.		162		8,857
Walmart, Inc.		205		22,650
Waste Connections, Inc.		199		19,020
Waste Management, Inc.		656		75,683
Waters Corp. (*)		31		6,672
Weyerhaeuser Co. REIT		3,245		85,473
WW Grainger, Inc.		52		13,948
Zoetis, Inc.		90		10,214
				4,614,225
Total Common Stocks (Cost $9,058,905)				9,976,171
Exchange-Traded Funds  |  2.1%
SPDR Gold Shares (*), (Δ) (Cost $344,912)		2,874		382,816

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

42   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Foreign Government Obligations  |  9.2%
Australia  |  0.3%
Australia Government Bonds, 3.000%, 09/20/25	AUD		56	$	57,966
Canada  |  0.8%
Canadian Government Real Return Bonds: 4.250%, 12/01/26	CAD		50		49,463
2.000%, 12/01/41	CAD		88		90,617
					140,080
Denmark  |  0.8%
Denmark Inflation Linked Government Bonds, 0.100%, 11/15/23	DKK		912		149,599
France  |  1.3%
Government of France, 1.850%, 07/25/27	EUR		171		242,626
Italy  |  1.5%
Italy Buoni Poliennali Del Tesoro: 0.100%, 05/15/22	EUR		148		166,341
2.350%, 09/15/24	EUR		79		96,581
					262,922
New Zealand  |  0.6%
New Zealand Government Bonds: 3.000%, 09/20/30	NZD		15		13,609
3.219%, 09/20/30	NZD		105		95,265
					108,874
Spain  |  1.5%
Spain Government Inflation Linked Bonds: 0.300%, 11/30/21	EUR		135		158,634
1.800%, 11/30/24	EUR		80		104,738
					263,372

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

Semi-Annual Report   43

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Sweden  |  0.3%
Sweden Inflation Linked Bonds, 3.500%, 12/01/28	SEK		215	$	47,245
United Kingdom  |  2.1%
United Kingdom Gilt Inflation Linked: 1.875%, 11/22/22	GBP		143		211,253
0.750%, 03/22/34	GBP		82		159,069
					370,322
Total Foreign Government Obligations (Cost $1,573,414)					1,643,006
US Treasury Securities  |  16.2%
Treasury Inflation Protected Securities: 0.125%, 04/15/20	USD		900		890,665
1.125%, 01/15/21	USD		1,001		1,008,678
2.375%, 01/15/25	USD		291		325,638
2.500%, 01/15/29	USD		550		661,433
Total US Treasury Securities (Cost $2,878,678)					2,886,414
Short-Term Investments  |  15.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 2.17% (7 day yield) (Δ) (Cost $2,817,949)			2,817,949	$	2,817,949

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

44   Semi-Annual Report

Description	Shares	Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)
Total Investments  |  99.1% (Cost $16,673,858) (»)		$	17,706,356
Cash and Other Assets in Excess of Liabilities  |  0.9%			168,154
Net Assets  |  100.0%		$	17,874,510

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

Semi-Annual Report   45

Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)

Forward Currency Contracts open at June 30, 2019:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
AUD	29,478	USD	20,600	MSC	08/14/19		$	92		$	—
GBP	25,573	USD	32,800	JPM	08/14/19			—			252
JPY	4,364,268	USD	40,262	JPM	08/14/19			334			—
JPY	4,376,175	USD	40,372	JPM	08/14/19			335			—
NZD	13,625	USD	9,000	HSB	08/14/19			154			—
NZD	93,992	USD	61,471	HSB	08/14/19			1,673			—
SEK	93,256	USD	9,900	MSC	08/14/19			173			—
USD	10,220	AUD	14,731	HSB	08/14/19			—			121
USD	44,552	AUD	63,832	HSB	08/14/19			—			254
USD	353,232	AUD	509,743	SSB	09/26/19			—			4,977
USD	23,956	CAD	32,232	CIT	08/14/19			—			687
USD	36,849	CAD	48,611	CIT	09/26/19			—			342
USD	20,325	CAD	26,726	HSB	08/14/19			—			109
USD	41,190	CAD	54,885	HSB	08/14/19			—			773
USD	46,049	CAD	61,920	HSB	08/14/19			—			1,294
USD	17,582	DKK	115,651	CIT	08/14/19			—			110
USD	131,997	DKK	870,195	CIT	08/14/19			—			1,125
USD	751,563	EUR	656,918	CIT	09/26/19			—			722
USD	94,261	EUR	83,280	HSB	07/11/19			—			545
USD	673,531	EUR	595,426	HSB	07/11/19			—			4,307
USD	592,775	EUR	518,110	SSB	09/26/19			—			551
USD	88,555	GBP	68,061	CIT	08/14/19			1,931			—
USD	44,288	GBP	34,846	HSB	08/14/19			—			63
USD	231,260	GBP	177,757	HSB	08/14/19			5,020			—
USD	605,611	GBP	475,266	SSB	09/26/19			—			320
USD	122,961	HKD	960,436	SSB	09/26/19			—			48
USD	80,038	JPY	8,675,840	JPM	08/14/19			—			664
USD	734	MXN	14,304	HSB	08/14/19			—			6
USD	132,977	NZD	201,938	CIT	08/14/19			—			2,687
USD	10,345	NZD	15,710	HSB	08/14/19			—			210
USD	13,419	NZD	20,346	HSB	08/14/19			—			250
USD	50,534	SEK	483,252	HSB	08/14/19			—			1,664
USD	5,618	SEK	51,768	JPM	08/14/19			27			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	9,739		$	22,081

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

46   Semi-Annual Report

Lazard Real Assets and Pricing Opportunities Portfolio (·) (concluded)

Futures Contracts open at June 30, 2019 (Δ):

	Number of	Notional		Expiration	Notional		Fair		Unrealized
Type	Contracts	Amount		Date	Cost		Value		Depreciation
Natural Gas	5		$50,000	08/28/19		$129,268		$114,100		$15,168
Low Sulphur Gasoil	1		100	09/12/19		61,511		60,050		1,461
Cotton No. 2	1		50,000	12/06/19		33,239		33,040		199
Total gross unrealized depreciation on Futures Contracts										$16,828

Total Return Swap Agreements open at June 30, 2019 (Δ):

			Notional		Expiration		Payment	Unrealized
Pay	Currency	Counterparty	Amount		Date	Receive	Frequency	Depreciation
0.00%	USD	GSC		$2,439,700	10/24/19	Appreciation, and dividends paid, on commodities in a custom momentum basket	Upon Maturity		$183,797

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

Semi-Annual Report   47

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2019 (unaudited)

(*)	Non-income producing security.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2019, these securities amounted to 1.2% of net assets of Lazard Global Dynamic Multi-Asset Portfolio.
(§)	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, 2019.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(·)	Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(Δ)	The security is owned by Lazard Real Assets and Pricing Opportunities Portfolio, Ltd., a wholly-owned subsidiary of the Lazard Real Assets and Pricing Opportunities Portfolio. See Note 1 in the Notes to Financial Statements.

Security Abbreviations:
ADR	—	American Depositary Receipt	PJSC	—	Public Joint Stock Company
BBSW	—	Bank Bill Swap Reference Rate	PRIBOR	—	Prague Interbank Offered Rate
ETF	—	Exchange-Traded Fund	REIT	—	Real Estate Investment Trust

Currency Abbreviations:
AUD	—	Australian Dollar	ILS	—	Israeli Shekel
CAD	—	Canadian Dollar	JPY	—	Japanese Yen
CHF	—	Swiss Franc	KRW	—	South Korean Won
CLP	—	Chilean Peso	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
IDR	—	Indonesian Rupiah

Counterparty Abbreviations:
CIT	—	Citibank NA
HSB	—	HSBC Bank USA NA
JPM	—	JPMorgan Chase Bank NA
MSC	—	Morgan Stanley & Co.
SSB	—	State Street Bank and Trust Co.

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

48   Semi-Annual Report

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

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		2.0	%		0.7	%
Airlines		0.8			0.2
Auto Components		0.1			—
Automobiles		0.5			—
Banks		5.8			1.3
Beverages		2.4			0.1
Biotechnology		0.5			0.4
Building Products		0.2			—
Capital Markets		2.5			0.5
Chemicals		0.8			0.4
Commercial Services & Suppliers		1.2			1.1
Communications Equipment		1.1			0.2
Construction & Engineering		0.4			1.0
Construction Materials		0.1			0.2
Consumer Finance		0.6			0.1
Distributors		0.1			0.1
Diversified Consumer Services		—			0.1
Diversified Financial Services		1.0			—
Diversified Telecommunication Services		1.3			0.5
Electric Utilities		2.2			3.7
Electrical Equipment		0.9			—
Electronic Equipment, Instruments & Components		0.7			—
Energy Equipment & Services		0.2			—
Equity Real Estate Investment Trusts (REITs)		1.7			11.3
Entertainment		0.8			—
Food & Staples Retailing		1.4			1.4
Food Products		1.0			0.6
Gas Utilities		0.1			1.7
Health Care Equipment & Supplies		1.1			—
Health Care Providers & Services		1.2			0.6
Health Care Technology		0.2			—
Hotels, Restaurants & Leisure		2.9			1.2
Household Products		1.4			0.8
Independent Power & Renewable Electricity Producers		0.2			0.2
Industrial Conglomerates		0.9			0.1
Insurance		4.2			1.5

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

Semi-Annual Report   49

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Interactive Media & Services		1.1	%		—	%
Internet & Direct Marketing Retail		1.0			—
IT Services		3.6			0.8
Leisure Products		0.5			—
Life Sciences Tools & Services		1.4			0.9
Machinery		1.3			0.1
Media		0.8			1.4
Metals & Mining		1.4			0.4
Multiline Retail		0.4			0.2
Multi-Utilities		0.9			2.4
Oil, Gas & Consumable Fuels		2.7			0.2
Personal Products		2.1			0.4
Pharmaceuticals		5.8			1.6
Professional Services		1.5			0.1
Real Estate Management & Development		1.4			5.0
Road & Rail		0.7			4.0
Semiconductors & Semiconductor Equipment		1.2			0.2
Software		2.8			—
Specialty Retail		2.0			0.8
Technology Hardware, Storage & Peripherals		1.6			0.2
Textiles, Apparel & Luxury Goods		1.1			0.1
Tobacco		0.5			0.3
Trading Companies & Distributors		0.5			0.5
Transportation Infrastructure		—			3.5
Water Utilities		—			2.4
Wireless Telecommunication Services		1.9			0.3
Subtotal		80.7			55.8
Exchange- Traded Funds		—			2.1
Foreign Government Obligations		10.8			9.2
Supranational Bonds		2.8			—
US Government Securities		0.4			—
US Municipal Bonds		0.8			—
US Treasury Securities		2.4			16.2
Short-Term Investments		2.0			15.8
Total Investments		99.9	%		99.1	%

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

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

50   Semi-Annual Report

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Semi-Annual Report   51

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

	Lazard			Lazard
	Global Dynamic			Opportunistic
	Multi-Asset			Strategies
June 30, 2019	Portfolio			Portfolio
ASSETS
Investments in securities, at fair value		$	49,527,134		$	104,601,296
Cash			1,268			—
Cash collateral due from broker on futures contracts and swap agreements			—			—
Foreign currency, at fair value			11,796			220
Receivables for:
Dividends and interest			177,889			107,108
Capital stock sold			—			50,891
Investments sold			194,467			—
Amount due from Investment Manager (Note 3)			—			—
Gross unrealized appreciation on forward currency contracts			66,819			—
Prepaid expenses			25,186			27,729
Total assets			50,004,559			104,787,244
LIABILITIES
Securities sold short, at fair value			—			9,033,007
Due to custodian			—			9,881
Payables for:
Management fees			13,048			59,817
Accrued professional services			36,871			29,530
Accrued custodian fees			29,846			12,229
Accrued distribution fees			60			—
Investments purchased			274,846			6,686,903
Dividends on securities sold short			—			7,230
Variation margin on open futures contracts			—			—
Gross unrealized depreciation on:
Forward currency contracts			89,255			—
Swap agreements			—			—
Other accrued expenses and payables			6,646			8,944
Total liabilities			450,572			15,847,541
Net assets		$	49,553,987		$	88,939,703
NET ASSETS
Paid in capital		$	46,235,000		$	84,672,247
Distributable earnings (Accumulated loss)			3,318,987			4,267,455
Net assets		$	49,553,987		$	88,939,702
Institutional Shares
Net assets		$	49,269,827		$	88,706,851
Shares of capital stock outstanding*			4,746,950			9,132,604
Net asset value, offering and redemption price per share		$	10.38		$	9.71
Open Shares
Net assets		$	284,160		$	232,851
Shares of capital stock outstanding*			27,410			24,140
Net asset value, offering and redemption price per share		$	10.37		$	9.65
Cost of investments in securities		$	46,466,971		$	99,756,524
Proceeds received from securities sold short		$	—		$	8,860,718
Cost of foreign currency		$	11,793		$	219

*	$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.    

52   Semi-Annual Report

Lazard
Real Assets and
Pricing Opportunities
Portfolio (a)
$	17,706,356
	—
	363,255
	4,566
	68,175
	20
	—
	5,315
	9,739
	24,902
	18,182,328
	—
	—
	—
	41,320
	11,719
	10
	41,965
	—
	1,517
	22,081
	183,797
	5,409
	307,818
$	17,874,510
$	17,245,478
	629,032
$	17,874,510
$	17,826,914
	1,714,377
$	10.40
$	47,596
	4,585
$	10.38
$	16,673,858
$	—
$	4,566

Semi-Annual Report   53

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

	Lazard				Lazard
	Global Dynamic				Opportunistic
	Multi-Asset				Strategies
For the Period Ended June 30, 2019	Portfolio				Portfolio
Investment Income (Loss)
Income
Dividends		$	383,018			$	814,357
Interest			202,900				215,642
Total investment income*			585,918				1,029,999
Expenses
Management fees (Note 3)			185,865				492,658
Professional services			24,540				24,243
Registration fees			17,608				18,819
Custodian fees			75,772				17,559
Administration fees			10,267				13,521
Directors’ fees and expenses			3,464				4,829
Shareholders’ services			2,809				3,952
Shareholders’ reports			2,042				3,522
Distribution fees (Open Shares)			330				327
Other			3,309				4,228
Total gross expenses before interest expense			326,006				583,658
Interest expense			—				30,307
Dividend expense			—				80,883
Total gross expenses			326,006				694,848
Management fees waived and expenses reimbursed			(116,408	)			(80,510	)
Total net expenses			209,598				614,338
Net investment income (loss)			376,320				415,661
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency Transactions, Forward Currency Contracts, Futures Contracts and Swap Agreements
Net realized gain (loss) on:
Investments			246,577				539,427
Securities sold short			—				1,566,028
Foreign currency transactions			(3,357	)			—
Forward currency contracts			22,579				—
Futures contracts			—				—
Swap agreements			—				—
Total net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts and swap agreements			265,799				2,105,455
Net change in unrealized appreciation (depreciation) on:
Investments			4,657,078				8,673,480
Securities sold short			—				(172,289	)
Foreign currency translations			726				(1	)
Forward currency contracts			(139,521	)			—
Futures contracts			—				—
Swap agreements			—				—
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, futures contracts and swap agreements			4,518,283				8,501,190
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts and swap agreements			4,784,082				10,606,645
Net increase (decrease) in net assets resulting from operations		$	5,160,402			$	11,022,306
* Net of foreign withholding taxes of		$	28,197			$	—

(a) Consolidated Statement of Operations.

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

54   Semi-Annual Report

Lazard
Real Assets and
Pricing Opportunities
Portfolio (a)
$	174,856
	76,159
	251,015
	60,445
	27,807
	12,438
	45,190
	8,442
	7,816
	2,717
	2,080
	57
	4,930
	171,922
	—
	—
	171,922
	(94,111	)
	77,811
	173,204
	(99,150	)
	—
	(1,107	)
	86,256
	(63,095	)
	(35,103	)
	(112,199	)
	1,623,594
	—
	68
	(21,404	)
	4,598
	98,858
	1,705,714
	1,593,515
$	1,766,719
$	13,147

Semi-Annual Report   55

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

	Lazard
	Global Dynamic Multi-Asset Portfolio
	Six Months Ended				Year Ended
	June 30, 2019				December 31,
	(unaudited)				2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	376,320			$	734,002
Net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts and swap agreements			265,799				5,372,312
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, futures contracts and swap agreements			4,518,283				(9,026,128	)
Net increase (decrease) in net assets resulting from operations			5,160,402				(2,919,814	)
Distributions to shareholders (Note 2(h))
Institutional Shares			—				(5,801,393	)
Open Shares			—				(57,021	)
Return of capital
Institutional Shares			—				—
Open Shares			—				—
Net decrease in net assets resulting from distributions			—				(5,858,414	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,384,805				4,837,074
Open Shares			36,625				64,758
Net proceeds from reinvestment of distributions
Institutional Shares			—				5,801,393
Open Shares			—				57,021
Cost of shares redeemed
Institutional Shares			(824,494	)			(28,135,810	)
Open Shares			(6,095	)			(218,269	)
Net increase (decrease) in net assets from capital stock transactions			1,590,841				(17,593,833	)
Total increase (decrease) in net assets			6,751,243				(26,372,061	)
Net assets at beginning of period			42,802,744				69,174,805
Net assets at end of period		$	49,553,987			$	42,802,744

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

56   Semi-Annual Report

Lazard								Lazard Real Assets and
Opportunistic Strategies Portfolio								Pricing Opportunities Portfolio (a)
Six Months Ended				Year Ended				Six Months Ended				Year Ended
June 30, 2019				December 31,				June 30, 2019				December 31,
(unaudited)				2018				(unaudited)				2018
	$	415,661			$	1,726,796			$	173,204			$	272,790
		2,105,455				(572,649	)			(112,199	)			541,686
		8,501,190				(16,944,250	)			1,705,714				(2,134,963	)
		11,022,306				(15,790,103	)			1,766,719				(1,320,487	)
		—				(6,028,662	)			(85,738	)			(831,453	)
		—				(17,872	)			(172	)			(2,339	)
		—				(262,110	)			—				—
		—				(777	)			—				—
		—				(6,309,421	)			(85,910	)			(833,792	)
		5,117,130				18,043,749				2,112				439,718
		6,119				96,400				511				3,168
		—				5,917,185				85,738				831,453
		—				18,147				172				2,339
		(30,185,127	)			(50,917,387	)			(101,112	)			(771,616	)
		(89,545	)			(184,943	)			(103	)			(91,095	)
		(25,151,423	)			(27,026,849	)			(12,682	)			413,967
		(14,129,117	)			(49,126,373	)			1,668,127				(1,740,312	)
		103,068,819				152,195,192				16,206,383				17,946,695
	$	88,939,702			$	103,068,819			$	17,874,510			$	16,206,383

Semi-Annual Report   57

	Lazard Global Dynamic Multi-Asset Portfolio
		Six Months Ended June 30, 2019 (unaudited)		Year Ended December 31, 2018
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		4,593,006		5,986,168
Shares sold		235,247		419,838
Shares issued to shareholders from reinvestment of distributions		—		636,322
Shares redeemed		(81,303	)	(2,449,322	)
Net increase (decrease)		153,944		(1,393,162	)
Shares outstanding at end of period		4,746,950		4,593,006
Open Shares
Shares outstanding at beginning of period		24,305		36,012
Shares sold		3,708		5,633
Shares issued to shareholders from reinvestment of distributions		—		6,247
Shares redeemed		(603	)	(23,587	)
Net increase (decrease)		3,105		(11,707	)
Shares outstanding at end of period		27,410		24,305

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

58   Semi-Annual Report

Lazard Opportunistic Strategies Portfolio						Lazard Real Assets and Pricing Opportunities Portfolio (a)
Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (unaudited)			Year Ended December 31, 2018
	11,766,647			14,316,598			1,715,687			1,662,975
	550,017			1,734,091			209			42,171
	—			648,666			8,265			86,381
	(3,184,060	)		(4,932,708	)		(9,784	)		(75,840	)
	(2,634,043	)		(2,549,951	)		(1,310	)		52,712
	9,132,604			11,766,647			1,714,377			1,715,687
	32,902			40,563			4,528			12,627
	643			9,206			50			299
	—			1,980			17			242
	(9,405	)		(18,847	)		(10	)		(8,640	)
	(8,762	)		(7,661	)		57			(8,099	)
	24,140			32,902			4,585			4,528

Semi-Annual Report   59

The Lazard Funds, Inc. Financial Highlights (unaudited)

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended						For the Period 5/27/16* to
throughout each period	6/30/19†				12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period		$	9.27		$	11.49		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.16			0.15			0.06
Net realized and unrealized gain (loss)			1.03			(0.92	)		1.92			(0.01	)
Total from investment operations			1.11			(0.76	)		2.07			0.05
Less distributions from:
Net investment income			—			(0.20	)		(0.14	)		(0.05	)
Net realized gains			—			(1.26	)		(0.44	)		—	(b)
Total distributions			—			(1.46	)		(0.58	)		(0.05	)
Net asset value, end of period		$	10.38		$	9.27		$	11.49		$	10.00
Total Return (c)			11.97	%		–6.35	%		20.69	%		0.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	49,270		$	42,577		$	68,761		$	48,544
Ratios to average net assets (d):
Net expenses			0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses			1.40	%		1.34	%		1.42	%		2.14	%
Net investment income (loss)			1.62	%		1.36	%		1.40	%		0.95	%
Portfolio turnover rate			51	%		120	%		102	%		67	%

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

60   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended						For the Period 5/27/16* to
throughout each period	6/30/19†				12/31/18			12/31/17			12/31/16
Open Shares
Net asset value, beginning of period		$	9.27		$	11.49		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.12			0.12			0.04
Net realized and unrealized gain (loss)			1.03			(0.91	)		1.91			(0.01	)
Total from investment operations			1.10			(0.79	)		2.03			0.03
Less distributions from:
Net investment income			—			(0.17	)		(0.10	)		(0.03	)
Net realized gains			—			(1.26	)		(0.44	)		—	(b)
Total distributions			—			(1.43	)		(0.54	)		(0.03	)
Net asset value, end of period		$	10.37		$	9.27		$	11.49		$	10.00
Total Return (c)			11.87	%		–6.64	%		20.33	%		0.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	284		$	225		$	414		$	210
Ratios to average net assets (d):
Net expenses			1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses			2.70	%		4.20	%		5.79	%		9.43	%
Net investment income (loss)			1.34	%		1.07	%		1.09	%		0.72	%
Portfolio turnover rate			51	%		120	%		102	%		67	%

†	Unaudited.
*	The Portfolio commenced operations on May 27, 2016.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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   61

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†					12/31/18			12/31/17			12/31/16			12/31/15			12/31/14
Institutional Shares
Net asset value, beginning of period		$	8.74		$	10.60		$	9.70		$	9.36		$	10.02		$	10.24
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04			0.14			0.10			0.16	^		0.07			0.04
Net realized and unrealized gain (loss)			0.93			(1.48	)		1.62			0.34			(0.46	)		0.41
Total from investment operations			0.97			(1.34	)		1.72			0.50			(0.39	)		0.45
Less distributions from:
Net investment income			—			(0.02	)		(0.14	)		(0.14	)		(0.03	)		(0.28	)
Net realized gains			—			(0.48	)		(0.68	)		—			(0.24	)		(0.39	)
Return of capital			—			(0.02	)		—			(0.02	)		—	(b)		—
Total distributions			—			(0.52	)		(0.82	)		(0.16	)		(0.27	)		(0.67	)
Redemption fees			—			—			—			—	(b)		—	(b)		—	(b)
Net asset value, end of period		$	9.71		$	8.74		$	10.60		$	9.70		$	9.36		$	10.02
Total Return (c)			11.10	%		–12.72	%		17.74	%		5.36	%^		–3.80	%		4.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	88,707		$	102,783		$	151,767		$	141,494		$	170,626		$	185,489
Ratios to average net assets (d):
Net expenses			1.25	%		1.02	%		1.05	%		1.02	%^		1.02	%		1.02	%
Gross expenses			1.41	%		1.15	%		1.18	%		1.19	%		1.18	%		1.15	%
Gross expenses, excluding expenses on securities sold short			1.18	%		1.15	%*		1.15	%		1.19	%		1.18	%		1.15	%
Net investment income (loss)			0.84	%		1.32	%		0.99	%		1.72	%^		0.66	%		0.35	%
Portfolio turnover rate:
Excluding securities sold short			48	%		227	%		142	%		238	%		255	%		265	%
Including securities sold short			59	%		—	%*		153	%		—	%		—	%		—	%

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

62   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/19†				12/31/18			12/31/17				12/31/16				12/31/15				12/31/14
Open Shares
Net asset value, beginning of period		$	8.69		$	10.55			$	9.65			$	9.32			$	10.02			$	10.24
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.02			0.10				0.05				0.13	^			0.01				0.01
Net realized and unrealized gain (loss)			0.94			(1.46	)			1.64				0.33				(0.47	)			0.41
Total from investment operations			0.96			(1.36	)			1.69				0.46				(0.46	)			0.42
Less distributions from:
Net investment income			—			—				(0.11	)			(0.11	)			—	(b)			(0.25	)
Net realized gains			—			(0.48	)			(0.68	)			—				(0.24	)			(0.39	)
Return of capital			—			(0.02	)			—				(0.02	)			—	(b)			—
Total distributions			—			(0.50	)			(0.79	)			(0.13	)			(0.24	)			(0.64	)
Redemption fees			—			—				—				—				—				—	(b)
Net asset value, end of period		$	9.65		$	8.69			$	10.55			$	9.65			$	9.32			$	10.02
Total Return (c)			11.05	%		–13.05	%			17.48	%			4.97	%^			–4.51	%			4.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	233		$	286			$	428			$	823			$	725			$	3,950
Ratios to average net assets (d):
Net expenses			1.54	%		1.32	%			1.34	%			1.32	%^			1.32	%			1.32	%
Gross expenses			2.73	%		4.22	%			3.87	%			3.31	%			1.66	%			1.81	%
Gross expenses, excluding expenses on securities sold short			2.51	%		4.22	%*			3.85	%			3.31	%			1.66	%			1.81	%
Net investment income (loss)			0.52	%		1.00	%			0.53	%			1.43	%^			0.15	%			0.14	%
Portfolio turnover rate:
Excluding securities sold short			48	%		227	%			142	%			238	%			255	%			265	%
Including securities sold short			59	%		—	%*			153	%			—	%			—	%			—	%

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

Semi-Annual Report   63

†	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 period. The amount of the reimbursement was 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 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 DST; 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 periods less than one year.
*	No securities sold short during the year.

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

64   Semi-Annual Report

LAZARD REAL ASSETS AND PRICING OPPORTUNITIES PORTFOLIO^

Selected data for a share	Six Months										For the Period
of capital stock outstanding	Ended				Year Ended						12/30/16* to
throughout each period	6/30/19†				12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period		$	9.42		$	10.71		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.16			0.19			—
Net realized and unrealized gain (loss)			0.93			(0.96	)		0.78			—	(b)
Total from investment operations			1.03			(0.80	)		0.97			—	(b)
Less distributions from:
Net investment income			(0.05	)		(0.25	)		(0.13	)		—
Net realized gains			—			(0.24	)		(0.13	)		—
Total distributions			(0.05	)		(0.49	)		(0.26	)		—
Net asset value, end of period		$	10.40		$	9.42		$	10.71		$	10.00
Total Return (c)			10.94	%		–7.47	%		9.80	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	17,827		$	16,164		$	17,812		$	13,090
Ratios to average net assets (d):
Net expenses			0.90	%		0.90	%		0.90	%		0.00	%
Gross expenses			1.97	%		2.04	%		3.13	%		3.49	%
Net investment income (loss)			2.01	%		1.53	%		1.79	%		0.00	%
Portfolio turnover rate			19	%		72	%		76	%		0	%

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

Semi-Annual Report   65

Selected data for a share	Six Months				Year			For the Period
of capital stock outstanding	Ended				Ended			12/30/16* to
throughout each period	6/30/19†				12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	9.41		$	10.70		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.14			0.18
Net realized and unrealized gain (loss)			0.92			(0.96	)		0.74
Total from investment operations			1.01			(0.82	)		0.92
Less distributions from:
Net investment income			(0.04	)		(0.23	)		(0.12	)
Net realized gains			—			(0.24	)		(0.13	)
Total distributions			(0.04	)		(0.47	)		(0.25	)
Net asset value, end of period		$	10.38		$	9.41		$	10.70
Total Return (c)			10.71	%		–7.70	%		9.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	48		$	43		$	135
Ratios to average net assets (d):
Net expenses			1.15	%		1.15	%		1.15	%
Gross expenses			8.20	%		13.72	%		20.65	%
Net investment income (loss)			1.77	%		1.29	%		1.69	%
Portfolio turnover rate			19	%		72	%		76	%

^	Consolidated Financial Highlights.
†	Unaudited.
*	The inception date for the Institutional Shares was December 30, 2016 and for the Open Shares was January 9, 2017.
(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 DST; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower. Returns for a period of less than one year are 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.

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The Lazard Funds, Inc. Notes to Financial Statements

June 30, 2019 (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. As of June 30, 2019, the Fund was comprised of thirty-two no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of Global Dynamic Multi-Asset, Opportunistic Strategies and Real Assets and Pricing Opportunities Portfolios. The financial statements of the other twenty-nine 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 Portfolios’ 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 inter-company balances and transactions have been eliminated in consolidation. As of June 30, 2019, net assets of the Portfolio were $17,874,510, of which $2,895,893, or 16.20%, represented

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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 US Generally Accepted Accounting Principles (“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, interest rate and total return 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.

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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 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.

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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 and/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/or 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

70   Semi-Annual Report

investments. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent 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, 2019, the Global Dynamic Multi-Asset and Real Assets and Pricing Opportunities Portfolios traded in forward currency contracts.

(d) Futures Contracts—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 prin-

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cipal 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, 2019, the Real Assets and Pricing Opportunities Portfolio traded in futures contracts.

(e) Swap Agreements—Swap agreements on equity securities involve commitments to pay interest in exchange for a market linked return based on a notional amount. The counterparty pays out the total return of the equity security or basket of equity securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the security or basket of securities underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a

72   Semi-Annual Report

Portfolio will receive a payment from (or make a payment to) the counterparty.

Commodity-linked swap agreements involve commitments to pay interest in exchange for a commodity-linked return based on a notional amount. To the extent the return of the reference commodity or commodity index or basket of reference commodities or commodity indexes 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 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, 2019, the Real Assets and Pricing Opportunities Portfolios traded in swap agreements.

(f) Short Sales—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 desig-

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nates 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, 2019, 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 State Street. At June 30, 2019, the Opportunistic Strategies Portfolio had pledged $11,651,031 of long securities as collateral under such arrangements.

For the period ended June 30, 2019, proceeds from securities sold short and purchases to cover short positions for the Opportunistic Strategies Portfolio were $22,398,722 and $13,620,788, respectively.

(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, 2018, the Portfolios had no unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains.

Under current tax law, 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, 2018, the following Portfolios elected to defer such losses as follows:

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	Post-October	Late-Year
	Capital Loss	Ordinary Loss
Portfolio	Deferral	Deferral
Opportunistic Strategies	$2,780,060	$50
Real Assets and Pricing Opportunities	43,215	—

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	Net
		Gross	Gross	Unrealized
	Aggregate	Unrealized	Unrealized	Appreciation
Portfolio	Cost	Appreciation	Depreciation	(Depreciation)
Global Dynamic Multi-Asset	$46,466,971	$4,158,294	$1,120,567	$3,037,727
Opportunistic Strategies	90,895,806	4,857,171	184,688	4,672,483
Real Assets and Pricing Opportunities	16,673,858	1,396,552	542,925	853,627

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. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(h) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually, except that the Real Assets and Pricing Opportunities Portfolio’s 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

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may be required. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Real Assets and Pricing Opportunities Portfolio’s ordinary income and/or capital gains for that year, or any future tax year.

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, certain fixed-income securities, expenses derivatives and distributions from real estate investment trusts. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

(i) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc. (each a “Lazard Fund” and collectively, the “Lazard Fund Complex”), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. The Portfolios’ income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

(j) Redemption Fee—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

76   Semi-Annual Report

as paid in capital on the Statements of Assets and Liabilities. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

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

3. Investment Management, Administration, 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 each Portfolio’s average daily net assets and payable by each Portfolio monthly, at the annual rate set forth below:

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Portfolio	Annual Rate
Global Dynamic Multi-Asset		0.80	%
Opportunistic Strategies		1.00
Real Assets and Pricing Opportunities		0.70

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 to waive its fees and, if necessary, reimburse the Portfolios until May 1, 2020 if the aggregate direct expenses of the Portfolios, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A) and extraordinary expenses including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims, exceed the percentages of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name on table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expense.

Portfolio	Institutional Shares			Open Shares
Global Dynamic Multi-Asset		0.90	%		1.20	%
Opportunistic Strategies		1.02			1.32
Real Assets and Pricing Opportunities		0.90			1.15

During the period ended June 30, 2019, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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	Institutional Shares					Open Shares
	Management		Expenses			Management			Expenses
Portfolio	Fees Waived		Reimbursed			Fees Waived			Reimbursed
Global Dynamic Multi-Asset	$	114,427		$	—		$	1,055		$	926
Opportunistic Strategies		78,951			—			1,307			252
Real Assets and Pricing Opportunities		60,285			32,218			160			1,448

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

State Street provides the Fund with custody and certain fund administration and accounting 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 difference between what was charged and what should have been charged, plus interest, was recorded as a reimbursement when determined in 2016. Pursuant to the expense limitations described above, certain Portfolios 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.

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DST is the Fund’s transfer and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2019, each Director who is not an affiliated person of the Investment Manager or any of its affiliates was paid by all of the funds in the Lazard Fund Complex: (1) an annual retainer of $232,000, (2) an additional annual fee of $33,000 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 $23,000 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 funds in the Lazard Fund Complex at a rate of $5,000 per fund with the remainder allocated based upon each fund’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, 2019 were as follows:

Portfolio	Purchases		Sales
Global Dynamic Multi-Asset	$	24,068,779	$	20,954,675
Opportunistic Strategies		55,902,004		79,167,016
Real Assets and Pricing Opportunities		2,394,779		2,978,152
	US Treasury Securities
Portfolio		Purchases		Sales
Real Assets and Pricing Opportunities		$267,393	$	—

For the period ended June 30, 2019, 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

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Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

At June 30, 2019, the Investment Manager owned 12.84% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

6. Line of Credit

The Fund has a $50 million Line of Credit Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings 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, 2019, the Portfolios did not borrow under the Agreement.

Management believes that the fair value of the liability 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.

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

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

(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 generally does not intend to actively hedge the Portfolio’s foreign currency exposure.

(d) Realty Companies, Real Estate Investments and REITs Risk—Portfolios that invest in Realty Companies (as defined in the Fund’s prospectus), Real Estate Investments and/or Real Estate Investment Trusts (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.

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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) 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

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with the Subsidiary’s investments, which generally include the risks of investing in commodity-related derivative instruments.

(f) 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.

(g) 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. During periods of reduced market liquidity, a Portfolio may not be able to readily sell debt securities at prices at or near their perceived value. An unexpected increase in Portfolio redemption requests, including requests from shareholders who may own a significant percentage of a Portfolio’s shares,

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which may be triggered by market turmoil or an increase in interest rates, could cause the Portfolio to sell its holdings at a loss or at undesirable prices and adversely affect the Portfolio’s share price and increase the Portfolio’s liquidity risk, Portfolio expenses and/or taxable distributions. Economic and other developments can adversely affect debt securities markets.

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 a 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 prices of high yield securities can fall in response to negative news about the issuer or its industry, or the economy in general to a greater extent than those of higher-rated securities. 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

Semi-Annual Report   85

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. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of “original issue discount” previously accrued thereon, i.e., purchased at a “market discount.“The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(h) Underlying Funds Risk—Shares of exchange-traded funds (“ETFs”), closed-end funds and exchange-traded notes (“ETNs” and collectively with ETFs and closed-end funds, “Underlying Funds”) in which certain Portfolios invest 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 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 sub-

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ject to the additional risk of the creditworthiness of the issuer. ETNs typically do not make periodic interest payments.

These Portfolios may be limited by the 1940 Act in the amount their 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 US Securities and Exchange Commission (the “SEC”) on which the Portfolios may rely or an exemption is available.

Many ETFs have received an exemptive order from the SEC providing an exemption from the 1940 Act limits on the amount of assets that may be invested in ETFs and closed-end funds, and a Portfolio’s reliance on an order is conditioned on compliance with certain conditions of the order. If an exemptive order has not been received and an exemption is not available under the 1940 Act, the Portfolio will be limited in the amount it can invest in Underlying Funds that are registered investment companies to: (1) 3% or less of an Underlying Fund’s voting shares, (2) an Underlying Fund’s shares in value equal to or less than 5% of the Portfolio’s assets and (3) shares of Underlying Funds in the aggregate in value equal to or less than 10% of the Portfolio’s total assets.

(i) Short Position Risk—Short sales or positions may involve substantial risks. If a short position appreciates in value during a period of the Portfolio’s investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, a 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 certain Portfolios may be unable to fully implement their investment strategies due to a lack of available securities to borrow to effect short sales or for some other reason.

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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.

(j) 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

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changes in such things as the regulatory or competitive environment or to changes in investor perceptions.

(k) Commodities-Related Investments Risk—Exposure to the commodities markets may subject the Real Assets and Pricing Opportunities 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.

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(l) 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 distributions 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.

(m) 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 (including options on ETFs and ETNs), 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 certain Portfolios 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 a Portfolio’s performance. Purchasing options will reduce returns by the amount of premiums paid for options that are not

90   Semi-Annual Report

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 when 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

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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.

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2019:

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, 2019
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia		$	—		$	1,114,644		$	—		$	1,114,644
Belgium			185,871			217,215			—			403,086
Canada			1,624,214			—			—			1,624,214
China			—			32,767			—			32,767
Denmark			—			222,623			—			222,623
Finland			210,500			—			—			210,500
France			131,171			655,131			—			786,302
Germany			137,142			347,828			—			484,970
Hong Kong			399,409			166,548			—			565,957
Israel			130,512			167,957			—			298,469
Italy			—			744,906			—			744,906
Japan			591,182			2,133,399			—			2,724,581
Netherlands			310,258			205,718			—			515,976
Norway			—			286,438			—			286,438
Puerto Rico			44,864			—			—			44,864
Singapore			175,121			143,517			—			318,638
Spain			—			116,890			—			116,890
Sweden			386,854			55,970			—			442,824
Switzerland			304,689			649,231			—			953,920
United Kingdom			1,600,214			631,962			—			2,232,176
United States			21,966,641			—			—			21,966,641
Corporate Bonds*			—			3,677,777			—			3,677,777
Foreign Government Obligations*			—			5,335,345			—			5,335,345
Quasi Government Bonds*			—			241,840			—			241,840
Supranational Bonds			—			1,387,202			—			1,387,202
US Government Securities			—			212,669			—			212,669
US Municipal Bonds			—			393,386			—			393,386
US Treasury Securities			—			1,192,485			—			1,192,485
Short-Term Investments			995,044			—			—			995,044
Other Financial Instruments†
Forward Currency Contracts			—			66,819			—			66,819
Total		$	29,193,686		$	20,400,267		$	—		$	49,593,953
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(89,255	)	$	—		$	(89,255	)

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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, 2019
Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds		$	87,021,509			$	—	$	—		$	87,021,509
Closed-End Management Investment Companies			4,238,640				—		—			4,238,640
Short-Term Investments			13,341,147				—		—			13,341,147
Total		$	104,601,296			$	—	$	—		$	104,601,296
Liabilities:
Securities Sold Short Exchange-Traded Funds		$	(9,033,007	)		$	—	$	—		$	(9,033,007	)
Lazard Real Assets and Pricing Opportunities Portfolio
Assets:
Common Stocks*
Australia		$	—			$	633,603	$	—		$	633,603
Canada			596,649				—		—			596,649
China			—				72,817		—			72,817
Denmark			—				16,932		—			16,932
Finland			—				11,773		—			11,773
France			—				401,840		—			401,840
Germany			—				283,460		—			283,460
Hong Kong			—				472,895		—			472,895
Israel			—				34,937		—			34,937
Italy			—				865,603		—			865,603
Japan			—				431,376		—			431,376
Luxembourg			—				135,902		—			135,902
Mexico			54,081				—		—			54,081
Netherlands			—				17,003		—			17,003
New Zealand			—				11,470		—			11,470
Norway			—				16,023		—			16,023
Philippines			—				69,213		—			69,213
Singapore			—				126,044		—			126,044
South Korea			—				13,552		—			13,552
Spain			—				66,792		—			66,792
Sweden			—				6,931		—			6,931
Switzerland			—				88,698		—			88,698
United Arab Emirates			—				26,714		—			26,714
United Kingdom			7,463				900,175		—			907,638
United States			4,598,045				16,180		—			4,614,225
Exchange-Traded Funds			382,816				—		—			382,816
Foreign Government Obligations*			—				1,643,006		—			1,643,006
US Treasury Securities			—				2,886,414		—			2,886,414
Short-Term Investments			2,817,949				—		—			2,817,949
Other Financial Instruments†
Forward Currency Contracts			—				9,739		—			9,739
Total		$	8,457,003			$	9,259,092	$	—		$	17,716,095

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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, 2019
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—			$	(22,081	)	$	—		$	(22,081	)
Futures Contracts			(16,828	)			—			—			(16,828	)
Swap Agreements			—				(183,797	)		—			(183,797	)
Total		$	(16,828	)		$	(205,878	)	$	—		$	(222,706	)

*	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).

10. Derivative Instruments

Certain Portfolios may use derivative instruments, including forward currency contracts, futures contracts 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 enters into swap agreements in an attempt to obtain a particular exposure when it is considered desirable to do so, possibly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.

During the period ended June 30, 2019, the approximate average monthly notional exposure for derivative instruments was as follows:

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Derivative Instruments	Global Dynamic Multi-Asset Portfolio		Real Assets and Pricing Opportunities Portfolio
Forward currency contracts:
Average amounts purchased	$	7,500,000	$	300,000
Average amounts sold		7,200,000		4,100,000
Futures contracts:
Average notional value of contracts – long				2,00,000
Total return swap agreements:
Average notional value				2,700,000

Global Dynamic Multi-Asset Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	66,819
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	89,255

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	22,579
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	(139,521	)

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Real Assets and Pricing Opportunities Portfolio

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2019:

Assets – Derivative Financial Instruments	Commodity Contracts		Equity Contracts		Foreign Currency Contracts		Total
Forward currency contracts Unrealized appreciation on forward currency contracts	$	—	$	—	$	9,739	$	9,739
Liabilities – Derivative Financial Instruments	Commodity Contracts		Equity Contracts		Foreign Currency Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts	$	—	$	—	$	22,081	$	22,081
Futures contracts Unrealized depreciation on futures contracts		16,828		—		—		16,828
Swap agreements Unrealized depreciation on swap agreements		—		183,797		—		183,797
Total	$	16,828	$	183,797	$	22,081	$	222,706

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019 was:

Net Realized Gain (Loss) from:	Commodity Contracts			Equity Contracts			Foreign Currency Contracts			Total
Forward currency contracts	$	—		$	—		$	86,256		$	86,256
Futures contracts		(63,095	)		—			—			(63,095	)
Swap agreements		—			(35,103	)		—			(35,103	)
Total	$	(63,095	)	$	(35,103	)	$	86,256		$	(11,942	)
Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts			Equity Contracts			Foreign Currency Contracts			Total
Forward currency contracts	$	—		$	—		$	(21,404	)	$	(21,404	)
Futures contracts		4,598			—			—			4,598
Swap agreements		—			98,858			—			98,858
Total		4,598		$	98,858		$	(21,404	)	$	82,052

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As of June 30, 2019, the Global Dynamic Multi-Asset, Opportunistic Strategies 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, 2019:

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		$	66,819		$	—		$	66,819

				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		$	16,103	$	(8,678	)	$	—	$	7,425
HSBC Bank USA NA			38,351		(38,351	)		—		—
JPMorgan Chase Bank NA			9,496		(9,496	)		—		—
Morgan Stanley Capital Services LLC.			1,449		(328	)		—		1,121
State Street Bank and Trust Co.			1,420		(1,420	)		—		—
Total		$	66,819	$	(58,273	)	$	—	$	8,546

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		$	89,255		$	—		$	89,255

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				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		$	8,678	$	(8,678	)	$	—	$	—
HSBC Bank USA NA			42,161		(38,351	)		—		3,810
JPMorgan Chase Bank NA			29,140		(9,496	)		—		19,644
Morgan Stanley Capital Services LLC.			328		(328	)		—		—
State Street Bank and Trust Co.			8,948		(1,420	)		—		7,528
Total		$	89,255	$	(58,273	)	$	—	$	30,982

Lazard 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		$	9,739		$	—		$	9,739

				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		$	1,931	$	(1,931	)	$	—	$	—
HSBC Bank USA NA			6,847		(6,847	)		—		—
JPMorgan Chase Bank NA			696		(696	)		—		—
Morgan Stanley Capital Services LLC.			265		—			—		265
Total		$	9,739	$	(9,474	)	$	—	$	265

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		$	22,081		$	—		$	22,081
Total Return Swap Agreements			183,797			—			183,797
Total		$	205,878		$	—		$	205,878

Semi-Annual Report   99

				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
Citibank NA		$	5,673	$	(1,931	)	$	—		$	3,742
Goldman Sachs International			183,797		—			(183,797	)		—
HSBC Bank USA NA			9,596		(6,847	)		—			2,749
JPMorgan Chase Bank NA			916		(696	)		—			220
State Street Bank and Trust Co.			5,896		—			—			5,896
Total		$	205,878	$	(9,474	)	$	(183,797	)	$	12,607

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

11. Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08, Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Management has evaluated the impact of the amendments and has adopted these amendments and incorporated the changes in the current financial statements and related disclosures. For public business entities, the amendments in this ASU became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018.

In August 2018, the FASB issued an ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (the “ASU”) which removes, modifies and adds disclosures to Topic 820. The amendments in this ASU apply to all entities that are required, under existing GAAP, to make disclosures about recurring or non-recurring fair value measurements. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has evaluated the impact of

100   Semi-Annual Report

the amendments and has elected to adopt these amendments and incorporate the changes in the current financial statements.

12. Subsequent Events

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

Semi-Annual Report   101

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) 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 (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present)
		Cornell Law School, Adjunct Professor (2013 – 2016, 2019)
		The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
		University of California, Berkeley School of Law, Adjunct Professor (Spring 2017)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
		Landseer Advisors LLC, an investment manager, Senior Advisor (2012 – 2014)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present)
		TIAA-CREF Funds (69 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present)
		TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	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. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present)
		Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

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Name (Year of Birth) 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)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(4):
Ashish Bhutani (1960)	Director (July 2005)	Investment Manager, Chief Executive Officer (2004 – present)
		Lazard Ltd, Vice Chairman and Director (2010 – present)
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
	(February 2017; previously, Vice President and Secretary since April 2002)	Investment Manager, General Counsel (2002 – April 2017)

(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, 2019, 39 active investment portfolios). Each Director serves an indefinite term, until his or her successor is elected, and each Director serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	“Independent Directors” are not “interested persons” (as defined in the 1940 Act) of the Fund.
(4)	Messrs. Bhutani and Paul are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager.

The Fund’s Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.

Semi-Annual Report   103

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Chief Compliance Officer (September 2014), Vice President and Secretary (February 2017)	Managing Director (since February 2017, previously Director), Chief Compliance Officer (since September 2014) and General Counsel (since April 2017) of the Investment Manager
		Senior Vice President, Counsel and Deputy Chief Compliance Officer of AllianceBernstein L.P. (2004 – August 2014)
Christopher Snively (1984)	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 (1958)	Treasurer (May 2003)	Vice President of the Investment Manager
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America (since January 2019, previously Senior Vice President, Legal and Compliance (since September 2015)) of the Investment Manager
		Vice President and Associate General Counsel of GE Asset Management (July 2011 – September 2015)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President, Legal and Compliance, of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.
(3)	In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017; previously, Vice President and Secretary since April 2002), whose information is included in the Interested Directors section above.

104   Semi-Annual Report

The Lazard Funds, Inc. Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://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 https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Schedule of Portfolio Holdings

The Fund files its complete schedule of each Portfolio’s holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at https://www.sec.gov.

Board Consideration of Management Agreement

At meetings of the Board held on May 22, 2019 and June 5, 2019, 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 sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager’s written materials provided in advance of the meetings, including, at the June 5, 2019 meeting, additional information requested by the Independent Directors at the May 22, 2019 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Fund, including a discussion of the Invest-

Semi-Annual Report   105

ment Manager and its clients (of which the Lazard Funds complex of 39 active funds comprised approximately $29 billion of the approximately $235 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2019).

The Board considered the various services provided by the Investment Manager including the Investment Manager’s research, portfolio management and trading 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, as well as regular reporting to, and support of, the Board. 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, trading, operations, risk management, technology and legal and compliance infrastructure. The Board 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 and shareholder servicing activities on behalf of the Portfolios; and Portfolio asset flows and the growth or decline in asset levels. The Board accepted the assertion of representatives of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $29 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, comparing, for the fiscal year ended December 31, 2018, each Portfolio’s:

· contractual management fee (i.e., without giving effect to any fee waivers), referred to in the Strategic Insight materials as “advisor fee,” expense ratio (net of any fee waivers or expense reimbursements) and performance (for one-, three-, five- and ten-year peri-

106   Semi-Annual Report

	ods ended March 31, 2019, as applicable) to those of a group of comparison funds selected by Strategic Insight (a “Group”);
·	advisor fee and expense ratio to a broader group of funds based on the Portfolio’s Morningstar category (an “Expense Universe”); and
·	performance (for the one-, three-, five- and ten-year periods ended March 31, 2019, as applicable) to that of the funds in the Portfolio’s Morningstar category (a “Category”) and the benchmark index and the Portfolio’s performance for each of the four most recently completed calendar years, as applicable, and the first quarter of 2019, to that of the funds in the Portfolio’s Category and the benchmark index.

The Strategic Insight materials outlined the process of construction of the Groups, Expense Universes and Categories, and representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodologies used by Strategic Insight in constructing the Groups, Expense Universes and Categories, including how the methodologies could affect the results of the comparisons.

Advisor Fees and Expense Ratios. Representatives of the Investment Manager discussed the results of the Strategic Insight advisor fee and expense ratio comparisons with the Board, which showed that the advisor fees and expense ratios of the Portfolios were competitive within each Portfolio’s respective Group. The Board considered the comparisons, additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager and that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager currently was waiving advisor fees and/or reimbursing expenses.

As applicable, the Board also considered fees paid to the Investment Manager by any funds advised or sub-advised by the Investment Manager utilizing the same investment strategies as the Portfolios, as well as any separately managed accounts of the Investment Manager with similar investment objectives, policies and strategies (for

Semi-Annual Report   107

each Portfolio, collectively with such funds, “Similar Accounts”). Representatives of the Investment Manager discussed the nature of the Similar Accounts and the significant differences in services provided by the Investment Manager to the different types of Similar Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Similar Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the fees paid to the Investment Manager by the Portfolios.

Performance. When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional performance information, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information (as requested by the Board) from the Investment Manager.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2018 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 manager 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 serv-

108   Semi-Annual Report

icing 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. The Board (1) considered the Investment Manager’s estimated profitability with respect to each Portfolio as part of their evaluation of 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 (2) evaluated the profitability in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways economies of scale could be realized and how they could be shared, including the Investment Manager’s reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio’s management fee schedule as a Portfolio’s assets increase or by instituting management fees at inception that account for future scale. It was noted that each Portfolio had declining or generally stable assets, and/or a low level of assets, over the past calendar year so that the potential that the Investment Manager may have realized any economies of scale was reduced.

At the conclusion of these discussions, the Board expressed the opinion that it 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, with the assistance of independent legal counsel and in the exercise of its business judgment, 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 the significant services and

Semi-Annual Report   109

	infrastructure associated with an approximately $235 billion global asset management business.
·	The Board concluded that each Portfolio’s fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors and the totality of the services provided.
·	The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable.
·	The Board recognized that economies of scale may be realized, particularly 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, in addition to information provided by the Investment Manager 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 over various time periods; 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 Investment Manager 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.

110   Semi-Annual Report

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

https://www.lazardassetmanagement.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

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169

Telephone: 617-483-7000

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

  

Lazard Asset Management LLC · 30 Rockefeller Plaza · New York, NY 10112 · www.lazardassetmanagement.com
Performance information as of the most recent month end is available online at www.lazardassetmanagement.com. LZDPS030

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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. 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 August 28, 2019

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 August 28, 2019

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date August 28, 2019