N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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: 6/30/20

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Semi-Annual Report
June 30, 2020

Alternatives Funds

Lazard Enhanced 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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Performance Overview (unaudited)
6	Information About Your Portfolio’s Expenses (unaudited)
8	Portfolio Holdings Presented by Asset Class/Sector (unaudited)
9	Portfolio of Investments (unaudited)
25	Notes to Portfolio of Investments (unaudited)
27	Statement of Assets and Liabilities (unaudited)
28	Statement of Operations (unaudited)
29	Statement of Changes in Net Assets (unaudited)
31	Financial Highlights (unaudited)
33	Notes to Financial Statements (unaudited)
57	Other Information (unaudited)

Please consider a Portfolio’s investment objective, 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 Portfolio’s summary prospectus carefully before you invest. The prospectus and Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about 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,

The global spread of COVID-19 created significant market volatility and caused an unprecedented collapse across global equity markets at the start of 2020.The pandemic led to worldwide lockdowns, which led to drastic unemployment, a wave of small businesses closures, and a significant decline in economic growth. However, an extremely aggressive monetary and fiscal response, as well as a slowdown in the spread of COVID-19 in many of the early hotspots, led to one of the sharpest rallies ever for global stocks during the second quarter.

US unemployment rose from a 50-year low to an 80-year high in just two months. While the economic weakness was extraordinary, the policy response was both dramatic and timely. The Federal Reserve, the US central bank, slashed rates to zero and announced unlimited quantitative easing within weeks of the crisis. The central bank subsequently announced almost $3 trillion in liquidity facilities for companies and municipalities. Credit markets responded, turning highly accommodative for a wide variety of companies, and debt issuance reached record highs.The federal government also delivered with a fiscal package more than double the size of the response to the 2008 global financial crisis.

COVID-19 exacerbated existing price dislocations not only in emerging markets compared to other markets, but in high-quality businesses trading at lower valuations. The course of the pandemic and related government actions, trade developments, and the US election will have a great deal of influence in how the region’s equities end the year.

In Europe, economic data suggested that the European Union and United Kingdom were mired in deep recessions. As in the United States, however, stimulus proved to be a potent salve. European equity markets calmed after the volatile first quarter as individual countries and the European Central Bank put forward an aggressive and globally coordinated monetary and fiscal response.

2   Semi-Annual Report

As economies across the world reopen, the shape of a potential recovery remains an open question. After all, there is little historical precedent for the global economy shutting down and then attempting to restart itself.

The performance dispersion between value and growth stocks has been at all-time highs, but we believe the differential will adjust. More than ever, we are confident that fundamental analysis and stock selection will be crucial drivers for performance. We feel privileged to handle your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance that are consistent with your expectations.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

Lazard Enhanced Opportunities Portfolio

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

Average Annual Total Returns*

Periods Ended June 30, 2020

	One Year		Five Years		Since Inception		†
Institutional Shares**		–1.29%		1.88%		1.88%
Open Shares**		–1.64%		1.60%		1.60%
ICE BofAML U.S. Convertible ex Mandatory Index		17.79%		10.43%		10.16%
HFRX Global Hedge Fund Index		3.09%		0.71%		0.88%

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

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, 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.

4   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 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 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   5

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in the 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 the 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, 2020 through June 30, 2020 and held for the entire period.

Actual Expenses

For each share class of the Portfolio, 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 Portfolio, 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.

6   Semi-Annual Report

					Expenses			Annualized
	Beginning		Ending		Paid During			Expense Ratio
	Account		Account		Period		*	During Period
	Value		Value		1/1/20 -			1/1/20 -
Portfolio	1/1/20		6/30/20		6/30/20			6/30/20
Enhanced Opportunities †
Institutional Shares
Actual		$1,000.00		$   972.90		$10.94			2.23%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,013.77		$11.17			2.23%
Open Shares
Actual		$1,000.00		$   970.50		$12.46			2.54%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,012.21		$12.73			2.54%

*	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 182/366 (to reflect one-half year period).
†	The expense ratios include broker expense and dividend expense on securities sold short.

Semi-Annual Report   7

The Lazard Funds, Inc. Portfolio Holdings Presented by
Asset Class/Sector June 30, 2020 (unaudited)

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector	Long*			Short†
Convertible Corporate Bonds
Communication Services		6.7	%		—	%
Consumer Discretionary		12.5			—
Consumer Staples		2.4			—
Energy		1.1			—
Financials		8.6			—
Health Care		18.8			—
Industrials		6.8			—
Information Technology		22.4			—
Materials		1.6			—
Real Estate		1.6			—
Equity
Communication Services		—			–6.4
Consumer Discretionary		—			–21.6
Consumer Staples		—			–2.0
Energy		—			–0.5
Financials		0.0	#		–4.9
Health Care		—			–20.4
Industrials		0.0	#		–7.9
Information Technology		0.1			–26.8
Materials		—			–2.0
Real Estate		—			–3.9
Utilities		0.3			–0.2
Exchange Traded Funds		—			–3.4
Short-Term Investments		17.1			—
Total Investments		100.0	%		–100.0	%

*	Represents percentage of total investments excluding securities sold short.
†	Represents percentage of total securities sold short.
#	Amount is less than 0.05%.

8   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2020 (unaudited)

			Fair
Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks | 0.2%
United States | 0.2%
Alder Biopharmaceuticals, Inc. (*), (‡)		3,247	$	2,857
Cardtronics PLC, Class A (*), (±)		780		18,705
				21,562
Total Common Stocks (Cost $20,817)				21,562
Preferred Stocks | 0.6%
United States | 0.6%
NextEra Energy, Inc. (±) (Cost $89,505)		1,836		77,938

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Convertible Corporate Bonds | 143.7%
Canada | 9.9%
Air Canada, 4.000%, 07/01/25 (±)	USD		161	$	170,257
Aphria, Inc., 5.250%, 06/01/24 (±)	USD		256		187,008
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		315		143,819
Canopy Growth Corp., 4.250%, 07/15/23 (±),(#)	CAD		206		124,425
Colliers International Group, Inc., 4.000%, 06/01/25 (±),(#)	USD		90		109,519
Element Fleet Management Corp., 4.250%, 06/30/24 (±)	CAD		77		61,675
First Majestic Silver Corp., 1.875%, 03/01/23 (±)	USD		125		154,613

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

Semi-Annual Report   9

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Pretium Resources, Inc., 2.250%, 03/15/22 (±)	USD		91	$	84,357
SSR Mining, Inc., 2.500%, 04/01/39 (±)	USD		43		59,006
Tilray, Inc., 5.000%, 10/01/23 (±)	USD		198		89,595
Tricon Capital Group, Inc., 5.750%, 03/31/22	USD		123		120,848
					1,305,122
Cayman Islands | 0.6%
Theravance Biopharma, Inc., 3.250%, 11/01/23 (±)	USD		77		74,159
Chile | 1.2%
Liberty Latin America, Ltd., 2.000%, 07/15/24 (±)	USD		207		163,918
Monaco | 0.6%
Endeavour Mining Corp., 3.000%, 02/15/23 (±),(#)	USD		64		74,320
Norway | 1.4%
SFL Corp., Ltd., 5.750%, 10/15/21 (±)	USD		193		182,580
Panama | 1.0%
Copa Holdings SA, 4.500%, 04/15/25 (±)	USD		118		134,130
United Kingdom | 1.3%
Farfetch, Ltd., 3.750%, 05/01/27 (±)	USD		123		166,588

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

10   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
United States | 127.7%
8x8, Inc., 0.500%, 02/01/24 (±)	USD		167	$	149,399
Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±)	USD		162		143,789
Air Transport Services Group, Inc., 1.125%, 10/15/24 (±)	USD		190		178,915
Allscripts Healthcare Solutions, Inc., 0.875%, 01/01/27 (±)	USD		110		84,095
Alteryx, Inc., 0.500%, 08/01/24 (±)	USD		158		178,202
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD		125		117,519
American Eagle Outfitters, Inc., 3.750%, 04/15/25 (±)	USD		176		250,301
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±),(#)	USD		123		136,870
Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±)	USD		184		166,486
Atlas Air Worldwide Holdings, Inc., 1.875%, 06/01/24 (±)	USD		243		233,697
Avaya Holdings Corp., 2.250%, 06/15/23 (±)	USD		199		162,707
Blackline, Inc., 0.125%, 08/01/24 (±),(#)	USD		93		118,364
Bloomin’ Brands, Inc., 5.000%, 05/01/25 (±)	USD		125		142,662
Booking Holdings, Inc., 0.750%, 05/01/25 (±)	USD		6		7,412
Bridgebio Pharma, Inc., 2.500%, 03/15/27 (±)	USD		131		133,747
Carnival Corp., 5.750%, 04/01/23 (±)	USD		374		602,115
Chart Industries, Inc., 1.000%, 11/15/24 (±)	USD		73		76,775

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

Semi-Annual Report   11

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Cloudflare, Inc., 0.750%, 05/15/25 (±)	USD		20	$	24,100
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		162		180,160
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		98		87,805
CONMED Corp., 2.625%, 02/01/24 (±)	USD		197		206,176
Coupa Software, Inc., 0.375%, 06/15/26 (±)	USD		115		132,797
CryoPort, Inc., 3.000%, 06/01/25 (±)	USD		56		77,595
CSG Systems International, Inc., 4.250%, 03/15/36 (±)	USD		174		176,854
Cytokinetics, Inc., 4.000%, 11/15/26 (±)	USD		26		61,757
Encore Capital Group, Inc.:
2.875%, 03/15/21 (±)	USD		145		139,316
3.250%, 03/15/22 (±)	USD		248		239,469
3.250%, 10/01/25 (±)	USD		77		77,824
Envestnet, Inc., 1.750%, 06/01/23 (±)	USD		122		150,075
Envista Holdings Corp., 2.375%, 06/01/25 (±)	USD		155		188,665
Everbridge, Inc., 0.125%, 12/15/24 (±)	USD		107		145,397
Evolent Health, Inc., 1.500%, 10/15/25 (±)	USD		19		11,851
EZCORP, Inc., 2.875%, 07/01/24 (±)	USD		102		96,170
Five9, Inc., 0.500%, 06/01/25 (±)	USD		123		131,687
Flexion Therapeutics, Inc., 3.375%, 05/01/24 (±)	USD		160		131,700
FTI Consulting, Inc., 2.000%, 08/15/23 (±)	USD		93		117,537

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

12   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Gossamer Bio, Inc., 5.000%, 06/01/27 (±)	USD		48	$	48,053
Halozyme Therapeutics, Inc., 1.250%, 12/01/24 (±)	USD		62		78,548
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD		82		94,741
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		293		288,605
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		183		150,298
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		118		111,549
II-VI, Inc., 0.250%, 09/01/22 (±)	USD		200		237,068
IIP Operating Partnership LP, 3.750%, 02/21/24 (±)	USD		185		264,212
Impinj, Inc., 2.000%, 12/15/26 (±)	USD		88		88,275
Innoviva, Inc., 2.125%, 01/15/23 (±)	USD		135		133,228
Inseego Corp., 3.250%, 05/01/25 (±)	USD		16		16,771
Insmed, Inc., 1.750%, 01/15/25 (±)	USD		98		95,244
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25 (±)	USD		56		50,908
Intercept Pharmaceuticals, Inc.:
3.250%, 07/01/23 (±)	USD		123		92,560
2.000%, 05/15/26 (±)	USD		64		45,914
Ironwood Pharmaceuticals, Inc.:
2.250%, 06/15/22 (±)	USD		92		96,286
1.500%, 06/15/26 (±)	USD		128		132,273
j2 Global, Inc., 1.750%, 11/01/26 (±)	USD		55		46,255
Kaman Corp., 3.250%, 05/01/24 (±)	USD		231		219,069

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

Semi-Annual Report   13

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		79	$	110,323
KBR, Inc., 2.500%, 11/01/23 (±)	USD		181		203,309
Knowles Corp., 3.250%, 11/01/21 (±)	USD		156		165,563
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		160		109,262
3.750%, 02/15/30 (±)	USD		42		28,803
Liberty Media Corp.:
2.250%, 12/01/48 (±)	USD		240		244,592
2.750%, 12/01/49 (±)	USD		283		264,592
Live Nation Entertainment, Inc.:
2.500%, 03/15/23 (±)	USD		163		165,343
2.000%, 02/15/25 (±)	USD		28		23,817
LivePerson, Inc., 0.750%, 03/01/24 (±)	USD		161		199,173
Marriott Vacations Worldwide Corp., 1.500%, 09/15/22 (±)	USD		211		194,278
Microchip Technology, Inc., 1.625%, 02/15/27 (±)	USD		67		98,828
National Vision Holdings, Inc., 2.500%, 05/15/25 (±)	USD		124		148,250
NCL Corp., Ltd., 6.000%, 05/15/24 (±)	USD		117		155,771
Nevro Corp., 2.750%, 04/01/25 (±)	USD		47		63,751
Nuance Communications, Inc., 1.000%, 12/15/35 (±)	USD		181		213,534
Nutanix, Inc., 0.000%, 01/15/23 (±)	USD		152		134,582
NuVasive, Inc.:
2.250%, 03/15/21 (±)	USD		135		147,244
1.000%, 06/01/23 (±)	USD		136		131,611
Okta, Inc., 0.375%, 06/15/26 (±)	USD		77		83,120

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

14   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		154	$	147,359
Pacira BioSciences, Inc., 2.375%, 04/01/22 (±)	USD		42		45,831
PagerDuty, Inc., 1.250%, 07/01/25 (±)	USD		54		53,325
Palo Alto Networks, Inc., 0.375%, 06/01/25 (±)	USD		185		184,167
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		116		115,940
Penn National Gaming, Inc., 2.750%, 05/15/26 (±)	USD		169		253,142
PennyMac Corp., 5.500%, 11/01/24 (±)	USD		121		114,122
Perficient, Inc., 2.375%, 09/15/23 (±)	USD		77		89,147
PetIQ, Inc., 4.000%, 06/01/26 (±)	USD		133		177,971
Pioneer Natural Resources Co., 0.250%, 05/15/25 (±)	USD		38		44,832
Pluralsight, Inc., 0.375%, 03/01/24 (±)	USD		110		96,562
PRA Group, Inc.:
3.000%, 08/01/20 (±)	USD		220		218,450
3.500%, 06/01/23 (±)	USD		234		239,660
PROS Holdings, Inc., 1.000%, 05/15/24 (±)	USD		64		61,471
Pure Storage, Inc., 0.125%, 04/15/23 (±)	USD		67		65,700
Radius Health, Inc., 3.000%, 09/01/24 (±)	USD		118		86,327
Rambus, Inc., 1.375%, 02/01/23 (±)	USD		15		15,617
Rapid7, Inc., 1.250%, 08/01/23 (±)	USD		104		139,761

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)
Redfin Corp., 1.750%, 07/15/23 (±)	USD		91	$	133,907
Redwood Trust, Inc., 4.750%, 08/15/23 (±)	USD		224		200,154
Repligen Corp., 0.375%, 07/15/24 (±)	USD		64		80,198
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		85		82,861
RH, 0.000%, 09/15/24 (±)	USD		122		160,899
Royal Caribbean Cruises, Ltd., 4.250%, 06/15/23 (±)	USD		123		114,390
Sabre GLBL, Inc., 4.000%, 04/15/25 (±)	USD		134		170,837
SailPoint Technologies Holding, Inc., 0.125%, 09/15/24 (±)	USD		125		140,418
SEACOR Holdings, Inc., 3.250%, 05/15/30 (±)	USD		22		16,474
Slack Technologies, Inc., 0.500%, 04/15/25 (±)	USD		121		148,981
SMART Global Holdings, Inc., 2.250%, 02/15/26 (±)	USD		100		89,430
Snap, Inc., 0.250%, 05/01/25 (±)	USD		198		252,429
Synaptics, Inc., 0.500%, 06/15/22 (±)	USD		155		165,163
Tabula Rasa HealthCare, Inc., 1.750%, 02/15/26 (±)	USD		184		188,299
Team, Inc., 5.000%, 08/01/23 (±)	USD		135		92,925
The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±)	USD		154		110,463
The Greenbrier Cos., Inc., 2.875%, 02/01/24 (±)	USD		107		88,058
TTM Technologies, Inc., 1.750%, 12/15/20 (±)	USD		150		188,250

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)
Turning Point Brands, Inc., 2.500%, 07/15/24 (±)		USD		184	$	149,838
Under Armour, Inc., 1.500%, 06/01/24 (±)		USD		136		153,899
Varex Imaging Corp., 4.000%, 06/01/25 (±)		USD		62		60,062
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)		USD		163		152,012
Wayfair, Inc.:
0.375%, 09/01/22 (±)		USD		111		210,815
1.125%, 11/01/24 (±)		USD		68		121,246
Western Digital Corp., 1.500%, 02/01/24 (±)		USD		118		110,924
Winnebago Industries, Inc., 1.500%, 04/01/25 (±)		USD		141		172,725
Workiva, Inc., 1.125%, 08/15/26 (±)		USD		62		56,705
Wright Medical Group NV, 2.250%, 11/15/21 (±)		USD		119		167,621
Xeris Pharmaceuticals, Inc., 5.000%, 07/15/25 (±)		USD		27		26,603
Zillow Group, Inc.:
1.500%, 07/01/23 (±)		USD		62		64,418
0.750%, 09/01/24 (±)		USD		141		201,899
Zscaler, Inc., 0.125%, 07/01/25 (±)		USD		73		74,563
						16,732,443
Total Convertible Corporate Bonds (Cost $18,636,952)						18,833,260

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

Semi-Annual Report   17

			Number of		Exercise		Notional		Fair
Description	Counterparty		Contracts		Price		Amount		Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options | 0.0%
Call
Atlas Air Worldwide Holdings, Inc., Expires 07/17/20		RBS		6	$	45	$	600	$	690
Cardtronics PLC, Expires 07/17/20		RBS		4		30		400		60
Nuance Communications, Inc., Expires 08/21/20		RBS		11		28		1,100		836
Sabre Corp., Expires 07/17/20		RBS		6		10		600		90
Put
Inseego Corp., Expires 09/18/20		RBS		4		8		400		228
Total Purchased Options (Cost $3,567)										1,904

			Fair
Description	Shares		Value
Short-Term Investments  |  29.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $3,913,016)		3,913,016		3,913,016
Total Investments excluding Securities Sold Short  |  174.4% (Cost $22,663,857)				22,847,680

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

18   Semi-Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Securities Sold Short  |  (75.1)%
Common Stocks  |  (72.5)%
Canada  |  (3.2)%
Air Canada		(2,791	)	$	(34,804	)
Air Canada		(6,542	)		(81,679	)
Aphria, Inc.		(7,108	)		(30,493	)
Aurora Cannabis, Inc.		(32	)		(397	)
Canopy Growth Corp.		(95	)		(1,539	)
Colliers International Group, Inc.		(1,250	)		(71,637	)
Element Fleet Management Corp.		(4,886	)		(36,458	)
First Majestic Silver Corp.		(9,535	)		(94,873	)
Pretium Resources, Inc.		(2,159	)		(18,136	)
SSR Mining, Inc.		(1,955	)		(41,700	)
Tricon Capital Group, Inc.		(1,101	)		(7,421	)
					(419,137	)
Cayman Islands  |  (0.2)%
Theravance Biopharma, Inc.		(1,533	)		(32,178	)
					(32,178	)
Chile  |  (0.3)%
Liberty Latin America, Ltd., Class C		(3,540	)		(33,418	)
					(33,418	)
Monaco  |  (0.3)%
Endeavour Mining Corp.		(1,696	)		(41,038	)
					(41,038	)
Norway  |  (0.1)%
SFL Corp., Ltd.		(1,957	)		(18,180	)
					(18,180	)
Panama  |  (0.8)%
Copa Holdings SA, Class A		(2,049	)		(103,597	)
					(103,597	)
United Kingdom  |  (0.9)%
Farfetch, Ltd., Class A		(6,514	)		(112,497	)
					(112,497	)

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

Semi-Annual Report   19

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
United States  |  (66.7)%
8x8, Inc.		(4,335	)	$	(69,360	)
Aerie Pharmaceuticals, Inc.		(3,992	)		(58,922	)
Air Transport Services Group, Inc.		(3,991	)		(88,880	)
Allscripts Healthcare Solutions, Inc.		(5,651	)		(38,257	)
Alteryx, Inc., Class A		(613	)		(100,704	)
American Airlines Group, Inc.		(6,768	)		(88,458	)
American Eagle Outfitters, Inc.		(17,341	)		(189,017	)
Apellis Pharmaceuticals, Inc.		(2,338	)		(76,359	)
Arbor Realty Trust, Inc. REIT		(1,104	)		(10,201	)
Atlas Air Worldwide Holdings, Inc.		(2,882	)		(124,012	)
Avaya Holdings Corp.		(3,569	)		(44,113	)
Blackline, Inc.		(1,040	)		(86,226	)
Bloomin’ Brands, Inc.		(8,873	)		(94,586	)
Booking Holdings, Inc.		(2	)		(3,185	)
Bridgebio Pharma, Inc.		(2,513	)		(81,949	)
Carnival Corp.		(35,100	)		(576,342	)
Chart Industries, Inc.		(930	)		(45,096	)
Cloudflare, Inc., Class A		(389	)		(13,985	)
Coherus Biosciences, Inc.		(7,038	)		(125,699	)
Collegium Pharmaceutical, Inc.		(2,518	)		(44,065	)
CONMED Corp.		(1,096	)		(78,901	)
Coupa Software, Inc.		(282	)		(78,125	)
CryoPort, Inc.		(1,931	)		(58,413	)
CSG Systems International, Inc.		(613	)		(25,372	)
Cytokinetics, Inc.		(2,334	)		(55,012	)
Encore Capital Group, Inc.		(6,109	)		(208,806	)
Envestnet, Inc.		(1,320	)		(97,073	)
Envista Holdings Corp.		(5,793	)		(122,174	)
Everbridge, Inc.		(805	)		(111,380	)
Evolent Health, Inc., Class A		(367	)		(2,613	)
EZCORP, Inc. Class A		(6,600	)		(41,580	)
Five9, Inc.		(666	)		(73,706	)
Flexion Therapeutics, Inc.		(3,605	)		(47,406	)
FTI Consulting, Inc.		(642	)		(73,541	)
Glaukos Corp.		(56	)		(2,151	)

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

20   Semi-Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Gossamer Bio, Inc.		(2,321	)	$	(30,173	)
Halozyme Therapeutics, Inc.		(2,052	)		(55,014	)
Health Catalyst, Inc.		(2,291	)		(66,828	)
Helix Energy Solutions Group, Inc.		(557	)		(1,933	)
Herbalife Nutrition, Ltd.		(2,947	)		(132,556	)
I3 Verticals, Inc., Class A		(2,203	)		(66,641	)
II-VI, Inc.		(3,295	)		(155,590	)
Impinj, Inc.		(2,098	)		(57,632	)
Innovative Industrial Properties, Inc. REIT		(2,334	)		(205,439	)
Innoviva, Inc.		(3,870	)		(54,103	)
Inseego Corp.		(507	)		(5,881	)
Insmed, Inc.		(1,490	)		(41,035	)
Integra LifeSciences Holdings Corp.		(409	)		(19,219	)
Intercept Pharmaceuticals, Inc.		(586	)		(28,075	)
Ironwood Pharmaceuticals, Inc.		(9,587	)		(98,938	)
j2 Global, Inc.		(217	)		(13,717	)
Kaman Corp.		(1,257	)		(52,291	)
Karyopharm Therapeutics, Inc.		(4,186	)		(79,283	)
KBR, Inc.		(5,061	)		(114,126	)
Knowles Corp.		(4,230	)		(64,550	)
Live Nation Entertainment, Inc.		(2,725	)		(120,799	)
LivePerson, Inc.		(3,439	)		(142,478	)
Marriott Vacations Worldwide Corp.		(431	)		(35,432	)
Microchip Technology, Inc.		(785	)		(82,668	)
National Vision Holdings, Inc.		(3,182	)		(97,115	)
Nevro Corp.		(360	)		(43,009	)
NextEra Energy, Inc.		(94	)		(22,576	)
Norwegian Cruise Line Holdings, Ltd.		(7,854	)		(129,041	)
Nuance Communications, Inc.		(5,640	)		(142,720	)
Nutanix, Inc., Class A		(928	)		(21,998	)
NuVasive, Inc.		(1,879	)		(104,585	)
Okta, Inc.		(231	)		(46,253	)
OSI Systems, Inc.		(607	)		(45,306	)
Pacira BioSciences, Inc.		(325	)		(17,053	)
PagerDuty, Inc.		(1,011	)		(28,935	)
Palo Alto Networks, Inc.		(164	)		(37,666	)

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

Semi-Annual Report   21

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Patrick Industries, Inc.		(854	)	$	(52,307	)
Penn National Gaming, Inc.		(6,122	)		(186,966	)
PennyMac Mortgage Investment Trust		(1,553	)		(27,224	)
Perficient, Inc.		(1,461	)		(52,275	)
PetIQ, Inc.		(3,680	)		(128,211	)
Pioneer Natural Resources Co.		(243	)		(23,741	)
Pluralsight, Inc., Class A		(1,684	)		(30,396	)
PRA Group, Inc.		(3,712	)		(143,506	)
PROS Holdings, Inc.		(614	)		(27,280	)
Pure Storage, Inc., Class A		(1,453	)		(25,180	)
Radius Health, Inc.		(1,222	)		(16,656	)
Rambus, Inc.		(514	)		(7,813	)
Rapid7, Inc.		(1,995	)		(101,785	)
Redfin Corp.		(2,405	)		(100,794	)
Redwood Trust, Inc. REIT		(2,037	)		(14,259	)
Repligen Corp.		(439	)		(54,265	)
Revance Therapeutics, Inc.		(1,996	)		(48,742	)
RH		(496	)		(123,454	)
Royal Caribbean Cruises, Ltd.		(1,277	)		(64,233	)
Sabre Corp.		(14,460	)		(116,548	)
SailPoint Technologies Holding, Inc.		(3,374	)		(89,310	)
SEACOR Holdings, Inc.		(145	)		(4,106	)
Sirius XM Holdings, Inc.		(18,922	)		(111,072	)
Slack Technologies, Inc., Class A		(3,079	)		(95,726	)
SMART Global Holdings, Inc.		(1,933	)		(52,539	)
Snap, Inc., Class A		(7,502	)		(176,222	)
Synaptics, Inc.		(1,067	)		(64,148	)
Tabula Rasa HealthCare, Inc.		(2,042	)		(111,759	)
Team, Inc.		(3,054	)		(17,011	)
The Chefs’ Warehouse, Inc.		(2,165	)		(29,401	)
The Greenbrier Cos., Inc.		(757	)		(17,222	)
TTM Technologies, Inc.		(12,787	)		(151,654	)
Turning Point Brands, Inc.		(1,375	)		(34,251	)
Under Armour, Inc., Class C		(9,334	)		(82,513	)
Varex Imaging Corp.		(2,062	)		(31,239	)
Vishay Intertechnology, Inc.		(1,441	)		(22,004	)

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

22   Semi-Annual Report

Description	Shares			Fair Value
Lazard Enhanced Opportunities Portfolio (continued)
Wayfair, Inc., Class A		(1,560	)	$	(308,272	)
Western Digital Corp.		(96	)		(4,238	)
Winnebago Industries, Inc.		(1,813	)		(120,782	)
Workiva, Inc.		(541	)		(28,938	)
Wright Medical Group NV		(3,620	)		(107,586	)
Xeris Pharmaceuticals, Inc.		(3,359	)		(8,935	)
Zillow Group, Inc. Class C		(3,291	)		(189,594	)
Zscaler, Inc.		(313	)		(34,273	)
					(8,734,757	)
Total Common Stocks (Proceeds $8,634,460)					(9,494,802	)
Exchange-Traded Fund | (2.6)%
United States | (2.6)%
iShares 7-10 Year Treasury Bond ETF		(2,772	)		(337,824	)
Total Exchange-Traded Funds (Proceeds $313,153)					(337,824	)
Total Securities Sold Short (Proceeds $8,947,613)					(9,832,626	)
Total Investments | 99.3%
(Cost and short proceeds $13,716,244) (»)				$	13,015,054
Cash and Other Assets in Excess of Liabilities | 0.7%					85,469
Net Assets | 100.0%				$	13,100,523

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

Semi-Annual Report   23

Lazard Enhanced Opportunities Portfolio (concluded)

Forward Currency Contracts open at June 30, 2020:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement  Date	Unrealized Depreciation
USD	195,041	CAD	265,000	SSB	09/23/20		$	189

Written Options open at June 30, 2020:

Description	Counterparty	Number of Contracts	Strike Price			Expiration Date	Notional Amount			Premiums			Fair Value
Put
Atlas Air Worldwide Holdings, Inc.	RBS	6		$	35.00	07/17/20		$	600		$	744		$	(180	)
Cardtronics PLC	RBS	5			20.00	09/18/20			500			741			(950	)
Nuance Communications, Inc.	RBS	11			23.00	08/21/20			1,100			920			(869	)
Total Written Options		22									$	2,405		$	(1,999	)

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

24    Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolio of Investments

June 30, 2020 (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 8 in the Notes to Financial Statements.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2020, these securities amounted to 4.3% of the net assets.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:
ETF	—	Exchange-Traded Fund
REIT	—	Real Estate Investment Trust

Currency Abbreviations:
CAD	—	Canadian Dollar	USD	—	United States Dollar

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

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

Industry†	Long			Short
Common Stocks, Preferred Stocks and Convertible Corporate Bonds
Aerospace & Defense		1.7	%		–0.4	%
Air Freight & Logistics		3.2			–1.6
Airlines		3.2			–2.4
Automobiles		1.3			–0.9
Banks		1.1			—
Biotechnology		10.9			–5.6
Building Products		0.9			–0.4
Commercial Services & Suppliers		0.7			–0.1
Communications Equipment		0.1			0.0	#
Consumer Finance		7.7			–3.0
Diversified Financial Services		0.5			–0.3
Diversified Telecommunication Services		—			–0.3
Electric Utilities		0.6			–0.2
Electronic Equipment, Instruments & Components		6.8			–3.4
Energy Equipment & Services		0.1			0.0	#
Entertainment		1.4			–0.9
Equity Real Estate Investment Trusts (REITs)		2.0			–1.6
Food & Staples Retailing		0.8			–0.2
Health Care Equipment & Supplies		8.4			–4.3
Health Care Providers & Services		1.4			–1.0

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

Semi-Annual Report   25

Industry†	Long			Short
Common Stocks, Preferred Stocks and Convertible Corporate Bonds (continued)
Health Care Technology		2.9	%		–1.7	%
Hotels, Restaurants & Leisure		11.2			–8.3
Interactive Media & Services		4.0			–2.8
Internet & Direct Marketing Retail		3.9			–3.2
IT Services		6.5			–3.2
Life Sciences Tools & Services		0.6			–0.4
Machinery		1.3			–0.5
Media		6.2			–0.9
Metals & Mining		2.8			–1.5
Mortgage Real Estate Investment Trusts (REITs)		3.7			–0.4
Oil, Gas & Consumable Fuels		1.7			–0.3
Personal Products		2.2			–1.0
Pharmaceuticals		8.7			–2.3
Professional Services		0.9			–0.6
Real Estate Management & Development		2.8			–1.4
Semiconductors & Semiconductor Equipment		3.5			–2.0
Software		20.9			–11.2
Specialty Retail		4.3			–3.1
Technology Hardware, Storage & Peripherals		1.3			–0.2
Textiles, Apparel & Luxury Goods		1.2			–0.6
Tobacco		1.1			–0.3
Subtotal		144.5			–72.5
Exchange Traded Funds		—			–2.6
Short-Term Investments		29.9			—
Total Investments		174.4	%		–75.1	%

†	Industry classifications may be different than those used for compliance monitoring purposes.
#	Amount is less than 0.05%.

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

26    Semi-Annual Report

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

	Lazard
	Enhanced
	Opportunities
June 30, 2020	Portfolio
ASSETS
Investments in securities, at fair value	$	22,847,680
Cash collateral due from broker on options		71,102
Foreign currency, at fair value		33,552
Receivables for:
Investments sold		767,278
Capital stock sold		395,300
Dividends and interest		103,785
Amount due from Investment Manager (Note 3)		5,104
Prepaid expenses		10,426
Total assets		24,234,227
LIABILITIES
Securities sold short, at fair value		9,832,626
Due to custodian		82,949
Payables for:
Accrued custodian fees		54,912
Accrued professional services		34,679
Accrued directors’ fees		369
Accrued distribution fees		361
Investments purchased		1,119,504
Dividends on securities sold short		4,139
Gross unrealized depreciation on forward currency contracts		189
Written options, at fair value		1,999
Other accrued expenses and payables		1,977
Total liabilities		11,133,704
Net assets	$	13,100,523
NET ASSETS
Paid in capital	$	13,922,971
Distributable earnings (Accumulated loss)		(822,448	)
Net assets	$	13,100,523
Institutional Shares
Net assets	$	12,991,324
Shares of capital stock outstanding*		1,510,380
Net asset value, offering and redemption price per share	$	8.60
Open Shares
Net assets	$	109,199
Shares of capital stock outstanding*		12,754
Net asset value, offering and redemption price per share	$	8.56
Cost of investments in securities	$	22,663,857
Proceeds received from securities sold short	$	8,947,613
Proceeds received from written options	$	2,405
Cost of foreign currency	$	33,446

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

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

Semi-Annual Report   27

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

	Lazard
	Enhanced
	Opportunities
For the Six Months Ended June 30, 2020	Portfolio
Investment Income (Loss)
Income
Interest	$	186,101
Dividends		1,496
Total investment income*		187,597
Expenses
Custodian fees		50,812
Management fees (Note 3)		44,547
Professional services		25,444
Registration fees		17,469
Administration fees		7,993
Shareholders’ services		3,753
Shareholders’ reports		3,293
Directors’ fees and expenses		3,076
Distribution fees (Open Shares)		844
Other		1,932
Total gross expenses before expenses on securities sold short		159,163
Broker expense on securities sold short		33,056
Dividend expense on securities sold short		13,739
Total gross expenses		205,958
Management fees waived and expenses reimbursed		(99,500	)
Total net expenses		106,458
Net investment income (loss)		81,139
Net Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Foreign Currency Transactions, Forward Currency Contracts and Options
Net realized gain (loss) on:
Investments		310,251
Securities sold short		42,743
Foreign currency transactions		(503	)
Forward currency contracts		7,465
Written options		1,191
Total net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts and options		361,147
Net change in unrealized appreciation (depreciation) on:
Investments		(67,235	)
Securities sold short		(519,810	)
Foreign currency translations		62
Forward currency contracts		1,625
Written options		627
Total net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts and options		(584,731	)
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts and options		(223,584	)
Net increase (decrease) in net assets resulting from operations	$	(142,445	)
* Net of foreign withholding taxes of	$	11

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

28   Semi-Annual Report

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

	Lazard
	Enhanced Opportunities Portfolio
	Six Months Ended
	June 30, 2020				Year Ended
	(unaudited)				December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	81,139			$	123,402
Net realized gain (loss) on investments, securities sold short, foreign currency transactions and forward currency contracts			361,147				205,536
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts and options			(584,731	)			473,630
Net increase (decrease) in net assets resulting from operations			(142,445	)			802,568
Distributions to shareholders (Note 2(g))
Net investment income and net realized gains
Institutional Shares			—				(90,507	)
Open Shares			—				(1,247	)
Net decrease in net assets resulting from distributions			—				(91,754	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,124,355				1,320,608
Open Shares			3,277,592				42,717
Net proceeds from reinvestment of distributions
Institutional Shares			—				90,507
Open Shares			—				1,247
Cost of shares redeemed
Institutional Shares			(2,117,950	)			(9,075,438	)
Open Shares			(3,386,679	)			(33,358	)
Net increase (decrease) in net assets from capital stock transactions			3,897,318				(7,653,717	)
Total increase (decrease) in net assets			3,754,873				(6,942,903	)
Net assets at beginning of period			9,345,650				16,288,553
Net assets at end of period		$	13,100,523			$	9,345,650

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

Semi-Annual Report   29

	Lazard
	Enhanced Opportunities Portfolio
	Six Months Ended
	June 30, 2020			Year Ended
	(unaudited)			December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		1,043,282			1,948,553
Shares sold		705,277			155,988
Shares issued to shareholders from reinvestment of distributions		—			10,308
Shares redeemed		(238,179	)		(1,071,567	)
Net increase (decrease)		467,098			(905,271	)
Shares outstanding at end of period		1,510,380			1,043,282
Open Shares
Shares outstanding at beginning of period		13,910			12,624
Shares sold		392,688			4,922
Shares issued to shareholders from reinvestment of distributions		—			142
Shares redeemed		(393,844	)		(3,778	)
Net increase (decrease)		(1,156	)		1,286
Shares outstanding at end of period		12,754			13,910

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

30   Semi-Annual Report

The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	8.84		$	8.31		$	8.67		$	9.16		$	8.89		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.10			0.06			0.11	^		0.05			(0.02	)
Net realized and unrealized gain (loss)			(0.31	)		0.52			(0.20	)		0.40			0.35			(0.21	)
Total from investment operations			(0.24	)		0.62			(0.14	)		0.51			0.40			(0.23	)
Less distributions from:
Net investment income			—			—			(0.10	)		(0.17	)		(0.08	)		(0.14	)
Net realized gains			—			(0.09	)		(0.12	)		(0.83	)		(0.05	)		(0.35	)
Return of capital			—			—			—			—			—			(0.39	)
Total distributions			—			(0.09	)		(0.22	)		(1.00	)		(0.13	)		(0.88	)
Net asset value, end of period		$	8.60		$	8.84		$	8.31		$	8.67		$	9.16		$	8.89
Total Return (b)			–2.71	%		7.44	%		–1.66	%		5.56	%^		4.50	%		–2.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	12,991		$	9,223		$	16,184		$	15,206		$	14,077		$	4,823
Ratios to average net assets (c):
Net expenses			2.23	%		2.71	%		2.36	%		2.78	%^		1.79	%		1.70	%
Gross expenses			4.36	%		5.52	%		3.80	%		5.02	%^		3.60	%		13.45	%
Gross expenses, excluding expenses on securities sold short			3.38	%		4.06	%		2.71	%		3.45	%		3.51	%		13.45	%
Net investment income (loss)			1.73	%		1.19	%		0.73	%		1.20	%		0.57	%		–0.22	%
Portfolio turnover rate:
Excluding securities sold short			95	%		272	%		312	%		210	%		247	%		639	%
Including securities sold short			152	%		354	%		409	%		310	%		340	%		NA	%

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
each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	8.82		$	8.30		$	8.65		$	9.15		$	8.89		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.10			0.04			0.10	^		0.04			(0.05	)
Net realized and unrealized gain (loss)			(0.33	)		0.51			(0.19	)		0.37			0.33			(0.21	)
Total from investment operations			(0.26	)		0.61			(0.15	)		0.47			0.37			(0.26	)
Less distributions from:
Net investment income			—			—			(0.08	)		(0.14	)		(0.06	)		(0.11	)
Net realized gains			—			(0.09	)		(0.12	)		(0.83	)		(0.05	)		(0.35	)
Return of capital			—			—			—			—			—			(0.39	)
Total distributions			—			(0.09	)		(0.20	)		(0.97	)		(0.11	)		(0.85	)
Net asset value, end of period		$	8.56		$	8.82		$	8.30		$	8.65		$	9.15		$	8.89
Total Return (b)			–2.95	%		7.33	%		–1.80	%		5.16	%^		4.13	%		–2.57	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	109		$	123		$	105		$	117		$	112		$	110
Ratios to average net assets (c):
Net expenses			2.54	%		2.83	%		2.60	%		3.01	%^		2.07	%		1.95	%
Gross expenses			4.43	%		13.76	%		14.49	%		16.40	%^		15.58	%		26.46	%
Gross expenses, excluding expenses on securities sold short			3.32	%		12.30	%		13.40	%		14.85	%		15.46	%		26.46	%
Net investment income (loss)			1.57	%		1.10	%		0.48	%		1.06	%		0.45	%		-0.46	%
Portfolio turnover rate:
Excluding securities sold short			95	%		272	%		312	%		210	%		247	%		639	%
Including securities sold short			152	%		354	%		409	%		310	%		340	%		NA	%

†	Unaudited.
^	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)	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.
(c)	Annualized for a period of less than one year.

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

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The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2020 (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, 2020, the Fund was comprised of thirty no-load portfolios (each referred to as a “Portfolio”).This report includes only the financial statements of the Enhanced Opportunities Portfolio. The financial statements of the other twenty-nine Portfolios are presented separately.

The Portfolio is operated as a ”non-diversified” fund, as defined in the 1940 Act.

The Portfolio currently offers Institutional Shares and Open Shares. Each share class is identical except as to minimum investment requirements; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Portfolio’s 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 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

Semi-Annual Report   33

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 the Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed 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, securities trading in a particular non-US country or countries, may not take place on all business days in New York and on which the NAV of the 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 the Portfolio’s NAV is calculated, or when current market quotations otherwise

34   Semi-Annual Report

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 the 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 the 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 the Portfolio. Interest income, if any, is accrued daily. The Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.

The 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.

Semi-Annual Report   35

(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 Portfolio does 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 Portfolio’s 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, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed.

36   Semi-Annual Report

During the period ended June 30, 2020, the Portfolio traded in forward currency contracts.

(d) Options Transactions—For hedging and investment purposes, the Portfolio 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 Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio 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 Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. The 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 Portfolio 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 Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written.

During the period ended June 30, 2020, the Portfolio traded in options.

(e) Short Sales—A short sale is a transaction in which the 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. The Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the coun-

Semi-Annual Report   37

terparty by way of purchase or delivery of a long position owned). Short sales by the 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, 2020, pursuant to short sale arrangements, the Portfolio has 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 Portfolio 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 Portfolio and State Street. At June 30, 2020, the portfolio had pledged $14,582,531 of long securities as collateral under such arrangements.

For the period ended June 30, 2020, proceeds from securities sold short and purchases to cover short positions for the Portfolio were $10,480,555 and $16,340,346, respectively.

(f) Federal Income Taxes—The Fund’s policy is to 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, 2019, the Portfolio had unused realized capital loss carryovers which, for federal income tax purposes, could be

38   Semi-Annual Report

used to offset future realized capital gains with no expiration date as follows:

Short-Term	Long-Term
$9,319	$96,863

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, 2019, the Portfolio 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)
Enhanced Opportunities	$13,713,839	$1,237,031	$1,938,004	$(700,973)

Management has analyzed the Portfolio’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on 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. The 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.

(g) Dividends and Distributions—Dividends from net investment income, if any, will be declared and paid annually. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolio, if not distributed. The Portfolio intends to declare and distribute these amounts, at least annually, to shareholders; however, to avoid taxation, a second distribution may be required. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Semi-Annual Report   39

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, passive foreign investment company gains and losses, 305c deemed dividends, wash sales, distribution re-designations, certain expenses and straddles. The book/tax differences relating to shareholder distributions resulted in reclassifications among capital accounts.

(h) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., and Lazard Global Total Return and 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. The Portfolio accrues distribution and service (12b-1) fees to Open Shares. The Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between the classes based upon the relative net assets of each class.

(i) Redemption Fee—Until August 15, 2016, the 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 Portfolio and are included as paid in capital on the Statement of Assets and Liabilities. As of August 15, 2016, redemption fees no longer apply to transactions in Portfolio shares.

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

40   Semi-Annual Report

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

(k) Net Asset Value—NAV per share for each class of the 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 Portfolio, has entered into a management agreement (the “Management Agreement”) with the Investment Manager. Pursuant to the Management Agreement, the Investment Manager regularly provides the Portfolio with investment research, advice and supervision and furnishes continuously an investment program for the Portfolio consistent with its investment objective and policies, including the purchase, retention and disposition of securities, and provides the Portfolio with administrative, operational and compliance assistance services. For its services provided to the Portfolio, the Investment Manager earns a management fee, accrued daily as a percentage of each Portfolio’s average daily net assets and payable by the Portfolio monthly, at the annual rate set forth below:

Portfolio	Annual Rate
Enhanced Opportunities	0.95	%

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse the Portfolio until May 1, 2021 if the aggregate direct expenses of the Portfolio, 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), fees and expenses related to filing foreign tax reclaims, and extraordinary expenses, on behalf of the Portfolio, exceed the percentages of the value of the Portfolio’s average

Semi-Annual Report   41

daily net assets set forth opposite the Portfolio’s name in the 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 expenses.

Portfolio	Institutional Shares		Open Shares
Enhanced Opportunities	1.25	%	1.50	%

During the period ended June 30, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolio for other expenses as follows:

	Institutional Shares		Open Shares
Portfolio	Management Fees Waived	Expenses Reimbursed	Management Fees Waived	Expenses Reimbursed
Enhanced Opportunities	$41,341	$51,258	$3,206	$3,695

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 the 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, the 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.

42   Semi-Annual Report

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2020, 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 $237,000, (2) an additional annual fee of $33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) 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 active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined net assets. The Statement of Operations shows the Independent Directors’ fees and expenses paid by the Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments and short sales) for the period ended June 30, 2020 were as follows:

Portfolio	Purchases	Sales
Enhanced Opportunities	$21,724,243	$12,420,248

For the period ended June 30, 2020, the Portfolio 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, 2020, the Investment Manager owned 42.32% of the outstanding shares of the Portfolio.

Semi-Annual Report   43

6. Line of Credit

The Fund has a $100 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 London Interbank Offered Rate (“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, 2020, the Portfolio had no borrowings under the Agreement.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with LIBOR. The 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—The 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) Convertible Securities Risk— The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (i.e., as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.

44   Semi-Annual Report

(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. The 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 the 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, the 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 the 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.

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

46   Semi-Annual Report

tion 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 the Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(e) Preferred Securities Risk—There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.

• Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.

• Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.

• Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.

• Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

• During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

• Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will

Semi-Annual Report   47

not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.

Securities and instruments of infrastructure companies are more susceptible to adverse economic or regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps.

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

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

When seeking to effect short sales of securities, the 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, the

48   Semi-Annual Report

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 the 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 the 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, over-the-counter options on securities (including options on ETFs), indexes and currencies and other over-the-counter derivatives transactions are subject to the risk of default by the counterparty and can be illiquid. 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 the Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related security, interest rate, index, commodity, currency or other reference asset. As such, a small investment could have a potentially large impact on the Portfolio’s performance. 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

Semi-Annual Report   49

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 the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(h) Cybersecurity Risk—The Portfolio and its service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the Portfolio’s ability to calculate its NAV; impediments to trading for the Portfolio’s portfolio managers; the inability of Portfolio shareholders to transact business with the Portfolio; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests, counterparties with which the Portfolio engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

(i) High Portfolio Turnover Risk—The Portfolio’s investment strategies may involve high portfolio turnover (such as 100% or more).

50   Semi-Annual Report

A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

(j) Investment Companies and ETF Risk—Any investments in other investment companies and ETFs are subject to the risks of the investments of the investment companies and ETFs, as well as to the general risks of investing in investment companies and ETFs. 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 any other investment companies and ETFs in which the Portfolio invests.

(k) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as

Semi-Annual Report   51

the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact Portfolios and their investments.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. The 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 the 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

52   Semi-Annual Report

• 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 Portfolio’s assets and liabilities by each fair value hierarchy level as of June 30, 2020:

	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, 2020
Enhanced Opportunities Portfolio
Assets:
Common Stocks*		$	18,705		$	2,857		$	—	$	21,562
Preferred Stocks*			77,938			—			—		77,938
Convertible Corporate Bonds*			—			18,833,260			—		18,833,260
Purchased Options			1,904			—			—		1,904
Short-Term Investments			3,913,016			—			—		3,913,016
Total		$	4,011,563		$	18,836,117		$	—	$	22,847,680
Liabilities:
Securities Sold Short
Common Stocks*		$	(9,494,802	)	$	—		$	—	$	(9,494,802	)
Exchange-Traded Fund			(337,824	)		—			—		(337,824	)
Other Financial Instruments†
Forward Currency Contracts			—			(189	)		—		(189	)
Written Options			(1,999	)		—			—		(1,999	)
Total		$	(9,834,625	)	$	(189	)	$	—	$	(9,834,814	)

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

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10. Derivative Instruments

The Portfolio may use derivative instruments, including forward currency contracts, to gain exposure to the local currency and interest rates of emerging markets or to hedge certain types of currency exposure.

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

The 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.

During the period ended June 30, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts sold	$200,000

The Portfolio also traded in forward currency contracts purchase having an average monthly notional exposure of less than $50,000.

The Portfolio also purchased options having an average monthly notional exposure of less than $50,000.

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

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020:

Assets – Derivative Financial Instruments		Total
Options purchased	Investments in securities, at fair value	$	1,904

Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	189
Options written	Written options, at fair value		1,999
Total		$	2,188

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The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020 was:

				Foreign
				Currency
	Equity			Exchange
Net Realized Gain (Loss) from:	Contracts			Contracts		Total
Forward currency contracts	$	—		$	7,465	$	7,465
Options purchased		(5,007	)		—		(5,007	)
Options written		1,191			—		1,191
Total	$	(3,816	)	$	7,465	$	3,649

				Foreign
				Currency
	Equity			Exchange
Net Change in Unrealized Appreciation (Depreciation) on:	Contracts			Contracts		Total
Forward currency contracts	$	—		$	1,625	$	1,625
Options purchased		(270	)		—		(270	)
Options written		627			—		627
Total	$	357		$	1,625	$	1,982

As of June 30, 2020, the Portfolio held derivative instruments that are eligible for offset in the Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the Portfolio is presented in the below table, as of June 30, 2020:

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		$189		$	—		$189

			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.		$189	$	—	$	—		$189

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11. Accounting Pronouncements

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update (ASU) No. 2020–04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. Subsequent Events

Management has evaluated subsequent events affecting the Portfolio 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. 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 the 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 June 2, 2020 and June 16, 2020, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of the Portfolio, 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 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 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 Investment Manager and its clients (of which the Lazard Funds complex

Semi-Annual Report   57

of 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

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 Portfolio; and Portfolio asset flows and decline in assets. 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 $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for the Portfolio, information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to those of:

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• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”¹); and

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fee and net expense ratio of the Portfolio were below the medians of those of the Expense Peer Group funds. The Board considered that the Investment Manager continues to voluntarily enter into an expense limitation agreement for the Portfolio, pursuant to which the Investment Manager was currently waiving advisory fees and/or reimbursing expenses.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to the Portfolio in terms of investment objectives, strategies and policies (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolio. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the

¹ The Strategic Insight materials outlined the process for constructing the Expense Peer Group, as well the Expense Category, Performance Peer Group and Performance Category (all as defined herein). 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 Expense Peer Group, Expense Category, Performance Peer Group and Performance Category, including how the methodologies could affect the results of the comparisons.

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significant differences in services provided, to evaluate the advisory fees of the Portfolio.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, the Portfolio’s performance for the one-, three- and five-year periods ended March 31, 2020 compared to performance for the same time periods of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and

• the Portfolio’s benchmark index.

When evaluating the performance of the Portfolio, the Board considered Strategic Insight’s performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, 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 from the Investment Manager with regard to any relative underperformance or if the Portfolio were otherwise not performing in accordance with expectations, as well as if the Board requested any additional information.

Investment Manager Profitability and Economies of Scale

The Board reviewed information prepared by the Investment Manager for the Portfolio concerning the estimated profitability percentage of the Management Agreement to the Investment Manager and its affiliates for the calendar year ended December 31, 2019 and the Investment Manager’s cost allocation methodology to compute an estimate of the Portfolio’s costs to the Investment Manager. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates receive any signif-

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

The profitability percentages were within ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. The Board (1) considered the Investment Manager’s estimated profitability with respect to the 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 the 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 the Portfolio’s management fee schedule as the Portfolio’s assets increase or by instituting management fees at inception that account for future scale. As the assets of the Portfolio had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

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

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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 $193 billion global asset management business.

• The Board concluded that the 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 the Portfolio, concluded that the investment performance of the Portfolio was acceptable.

• The Board recognized that economies of scale may be realized, particularly as the assets of the Portfolio increase and determined that it 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 Portfolio in comparison to similar mutual funds and benchmark performance indices over various time periods; general market outlook as applicable to the Portfolio; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the 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 the Portfolio. In deciding whether to vote to approve the Management Agreement for the 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.

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Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities

Semi-Annual Report   63

required by the LRMP to a Liquidity Committee comprised of various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

64   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

Lazard Funds

Semi-Annual Report

June 30, 2020

Equity Funds
Lazard Developing Markets Equity Portfolio	Lazard International Equity Portfolio
Lazard Emerging Markets Core Equity Portfolio	Lazard International Equity Select Portfolio
Lazard Emerging Markets Equity Advantage	Lazard International Equity Value Portfolio
Portfolio	Lazard International Quality Growth Portfolio
Lazard Emerging Markets Equity Blend Portfolio	Lazard International Small Cap Equity Portfolio
Lazard Emerging Markets Equity Portfolio	Lazard International Strategic Equity Portfolio
Lazard Equity Franchise Portfolio	Lazard Managed Equity Volatility Portfolio
Lazard Global Equity Select Portfolio	Lazard US Equity Concentrated Portfolio
Lazard Global Listed Infrastructure Portfolio	Lazard US Equity Focus Portfolio
Lazard Global Strategic Equity Portfolio	Lazard US Small-Mid Cap Equity Portfolio
Lazard International Equity Advantage Portfolio	Lazard US Sustainable Equity Portfolio
Lazard International Equity Concentrated 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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Performance Overviews (unaudited)
22	Information About Your Portfolio’s Expenses (unaudited)
30	Portfolio Holdings (unaudited)
33	Portfolios of Investments (unaudited)
33	Lazard Developing Markets Equity Portfolio
37	Lazard Emerging Markets Core Equity Portfolio
41	Lazard Emerging Markets Equity Advantage Portfolio
49	Lazard Emerging Markets Equity Blend Portfolio
55	Lazard Emerging Markets Equity Portfolio
59	Lazard Equity Franchise Portfolio
61	Lazard Global Equity Select Portfolio
65	Lazard Global Listed Infrastructure Portfolio
68	Lazard Global Strategic Equity Portfolio
72	Lazard International Equity Advantage Portfolio
79	Lazard International Equity Concentrated Portfolio
82	Lazard International Equity Portfolio
86	Lazard International Equity Select Portfolio
90	Lazard International Equity Value Portfolio
93	Lazard International Quality Growth Portfolio
96	Lazard International Small Cap Equity Portfolio
101	Lazard International Strategic Equity Portfolio
105	Lazard Managed Equity Volatility Portfolio
111	Lazard US Equity Concentrated Portfolio
114	Lazard US Equity Focus Portfolio
117	Lazard US Small-Mid Cap Equity Portfolio
122	Lazard US Sustainable Equity Portfolio
125	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)
183	Financial Highlights (unaudited)
234	Notes to Financial Statements
276	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,

The global spread of COVID-19 created significant market volatility and caused an unprecedented collapse across global equity markets at the start of 2020. The pandemic led to worldwide lockdowns, which led to drastic unemployment, a wave of small businesses closures, and a significant decline in economic growth. However, an extremely aggressive monetary and fiscal response, as well as a slowdown in the spread of COVID-19 in many of the early hotspots, led to one of the sharpest rallies ever for global stocks during the second quarter.

US unemployment rose from a 50-year low to an 80-year high in just two months. While the economic weakness was extraordinary, the policy response was both dramatic and timely. The Federal Reserve, the US central bank, slashed rates to zero and announced unlimited quantitative easing within weeks of the crisis. The central bank subsequently announced almost $3 trillion in liquidity facilities for companies and municipalities. Credit markets responded, turning highly accommodative for a wide variety of companies, and debt issuance reached record highs. The federal government also delivered with a fiscal package more than double the size of the response to the 2008 global financial crisis.

COVID-19 exacerbated existing price dislocations not only in emerging markets compared to other markets, but in high-quality businesses trading at lower valuations. The course of the pandemic and related government actions, trade developments, and the US election will have a great deal of influence in how the region’s equities end the year.

In Europe, economic data suggested that the European Union and United Kingdom were mired in deep recessions. As in the United States, however, stimulus proved to be a potent salve. European equity markets calmed after the volatile first quarter as individual countries and the European Central Bank put forward an aggressive and globally coordinated monetary and fiscal response.

2   Semi-Annual Report

As economies across the world reopen, the shape of a potential recovery remains an open question. After all, there is little historical precedent for the global economy shutting down and then attempting to restart itself.

The performance dispersion between value and growth stocks has been at all-time highs, but we believe the differential will adjust. More than ever, we are confident that fundamental analysis and stock selection will be crucial drivers for performance. We feel privileged to handle your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance that are consistent with your expectations.

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, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–2.57%	4.63%	2.51%
Open Shares**	–2.82%	4.26%	2.17%
MSCI Emerging Markets Index	–3.39%	2.86%	3.27%

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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–7.83%	0.98%	1.04%
Open Shares**	–8.12%	0.63%	0.67%
R6 Shares**	–7.82%	N/A	–6.77%
MSCI Emerging Markets Index	–3.39%	2.86%	1.80% (Institutional and Open Shares)
			–4.30% (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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–3.24%	3.70%	3.03%
Open Shares**	–3.52%	3.39%	2.73%
MSCI Emerging Markets Index	–3.39%	2.86%	2.28%

† 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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–4.92%	2.60%	2.06%
Open Shares**	–5.03%	2.36%	1.78%
MSCI Emerging Markets Index	–3.39%	2.86%	3.27%

† 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, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	–15.93%	–1.10%	1.32%	5.53%
Open Shares**	–16.19%	–1.35%	1.04%	5.14%
R6 Shares**	–15.93%	–1.09%	N/A	–1.27%
MSCI Emerging Markets Index	–3.39%	2.86%	3.27%	5.10% (Institutional Shares)
				5.57% (Open Shares)
				3.14% (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, 2020

	One	Since
	Year	Inception	†
Institutional Shares**	–14.78%	–1.78%
Open Shares**	–14.93%	–2.02%
MSCI World Index	2.84%	5.50%

† 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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–0.16%	7.35%	6.60%
Open Shares**	–0.45%	7.03%	6.29%
MSCI ACWI	2.11%	6.46%	6.02%

† 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 and MSCI World Index*

Average Annual Total Returns*

Periods Ended June 30, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–1.17%	8.72%	12.17%
Open Shares**	–1.50%	8.45%	11.83%
MSCI World Core Infrastructure (USD Hedged) Index	–2.45%	7.82%	10.64%
MSCI World Index	3.29%	7.16%	10.43%

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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	5.49%	6.80%	5.69%
Open Shares**	4.69%	6.44%	5.33%
MSCI ACWI	2.11%	6.46%	5.46%

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

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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–7.38%	0.42%	–0.05%
Open Shares**	–7.66%	0.12%	–0.34%
MSCI EAFE Index	–5.13%	2.05%	1.44%

† 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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	–12.90%	–0.88%	–1.18%
Open Shares**	–13.05%	–1.14%	–1.43%
MSCI ACWI ex-US	–4.80%	2.26%	1.07%

† 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, 2020

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	–7.81%	0.39%	5.92%		5.36%
Open Shares**	–8.01%	0.13%	5.63%		4.14%
R6 Shares**	–7.75%	0.40%	N/A		0.73%
MSCI EAFE Index	–5.13%	2.05%	5.73%		4.87% (Institutional Shares)
				4.38% (Open Shares)
					2.05% (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, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–8.12%	1.15%	5.47%
Open Shares**	–8.38%	0.83%	5.12%
MSCI ACWI ex-US	–4.80%	2.26%	4.97%
MSCI EAFE/ACWI ex-US Linked Index	–4.80%	2.26%	4.97%

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, 2020

	One	Since
	Year	Inception	†
Institutional Shares**	–19.12%	–12.29%
Open Shares**	–19.27%	–12.51%
MSCI EAFE Index	–5.13%	1.67%

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

Semi-Annual Report   13

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 ACWI ex-US*

Average Annual Total Returns*

Periods Ended June 30, 2020

		One	Since
		Year	Inception	†
Institutional Shares**		4.54%	16.56%
Open Shares**		4.29%	16.18%
MSCI ACWI ex-US		–4.80%	5.36%
†	The inception date for the Portfolio was December 31, 2018.

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, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–0.31%	1.93%	7.88%
Open Shares**	–0.58%	1.66%	7.57%
MSCI EAFE Small Cap Index	–3.52%	3.81%	8.02%

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, 2020

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	–6.89%	1.58%	7.32%		5.37%
Open Shares**	–7.13%	1.31%	7.04%		4.15%
R6 Shares**	–6.88%	1.57%	N/A		2.58%
MSCI EAFE Index	–5.13%	2.05%	5.73%		3.69% (Institutional Shares)
				2.83% (Open Shares)
					3.24% (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, 2020

	One	Five	Ten
	Year	Years	Years
Institutional Shares**	–8.04%	4.52%	4.13%
Open Shares**	–8.32%	4.20%	3.82%
MSCI World Index	2.84%	6.90%	6.29%

† 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, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	0.31%	7.94%	12.62%	7.92%
Open Shares**	0.03%	7.65%	12.27%	7.60%
R6 Shares**	0.30%	N/A	N/A	8.10%
S&P 500 Index	7.51%	10.73%	13.99%	8.73%
Russell 1000 Index/S&P 500 Linked Index	7.51%	10.73%	13.44%	8.04% (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 Focus 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, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	5.97%	8.53%	12.38%	7.33%
Open Shares**	5.73%	8.21%	12.05%	7.02%
R6 Shares**	5.96%	8.55%	N/A	8.95%
S&P 500 Index	7.51%	10.73%	13.99%	8.46% (Institutional and Open Shares)
				10.70% (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 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, 2020

	One	Five	Ten		Since
	Year	Years	Years		Inception	†
Institutional Shares**	-11.06%	2.76%	9.32%		9.84%
Open Shares**	-11.42%	2.44%	8.97%		7.29%
R6 Shares**	N/A	N/A	N/A		-16.81%
Russell 2500 Index	-4.70%	5.41%	11.46%		10.20% (Institutional Shares)
				8.72% (Open Shares)
					–10.98% (R6 Shares)

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 by the Lazard International Equity, Lazard International Small Cap Equity Portfolios, as well as by the Lazard Developing Markets Equity Portfolio. For the Lazard Developing Markets Equity Portfolio, these proceeds impacted the total return of Open Shares but did not impact that of Institutional Shares; amounts 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

Semi-Annual Report   19

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 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 MSCI World Core Infrastructure” (USD Hedged)” 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 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

20   Semi-Annual Report

	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 equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.
	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.

Semi-Annual Report   21

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2020 through June 30, 2020 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.

22   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	888.00	$	5.54		1.18	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.00	$	5.92		1.18	%
Open Shares
Actual	$	1,000.00	$	886.30	$	7.00		1.49	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.44	$	7.48		1.49	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	851.60	$	5.57		1.21	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.85	$	6.07		1.21	%
Open Shares
Actual	$	1,000.00	$	850.30	$	6.91		1.50	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.39	$	7.53		1.50	%
R6 Shares
Actual	$	1,000.00	$	851.70	$	5.48		1.19	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.95	$	5.97		1.19	%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	898.70	$	5.19		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	897.90	$	6.38		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15	$	6.78		1.35	%

Semi-Annual Report   23

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
Emerging Markets Equity Blend
Institutional Shares
Actual	$	1,000.00	$	879.30	$	5.84		1.25	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.27		1.25	%
Open Shares
Actual	$	1,000.00	$	878.20	$	7.00		1.50	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.41	$	7.51		1.50	%
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	786.30	$	4.89		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Open Shares
Actual	$	1,000.00	$	785.10	$	6.00		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15	$	6.78		1.35	%
R6 Shares
Actual	$	1,000.00	$	786.70	$	4.89		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.52		1.10	%
Equity Franchise
Institutional Shares
Actual	$	1,000.00	$	790.60	$	4.23		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%
Open Shares
Actual	$	1,000.00	$	789.60	$	5.33		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.91	$	6.01		1.20	%

24   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
Global Equity Select
Institutional Shares
Actual	$	1,000.00	$	946.40	$	4.36		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90	%
Open Shares
Actual	$	1,000.00	$	945.10	$	5.58		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.12	$	5.79		1.15	%
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	924.60	$	4.55		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%
Open Shares
Actual	$	1,000.00	$	923.30	$	5.75		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.88	$	6.04		1.20	%
Global Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	970.90	$	4.90		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.89	$	5.02		1.00	%
Open Shares
Actual	$	1,000.00	$	965.90	$	6.10		1.25	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.66	$	6.26		1.25	%
International Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	879.90	$	4.21		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90	%
Open Shares
Actual	$	1,000.00	$	878.90	$	5.37		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15	%

Semi-Annual Report   25

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
International Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	818.40	$	4.30		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%
Open Shares
Actual	$	1,000.00	$	817.80	$	5.41		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.91	$	6.01		1.20	%
International Equity
Institutional Shares
Actual	$	1,000.00	$	879.10	$	3.88		0.83	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.74	$	4.17		0.83	%
Open Shares
Actual	$	1,000.00	$	877.90	$	5.03		1.08	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.50	$	5.41		1.08	%
R6 Shares
Actual	$	1,000.00	$	879.40	$	3.79		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84	$	4.07		0.81	%
International Equity Select
Institutional Shares
Actual	$	1,000.00	$	879.10	$	4.20		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90	%
Open Shares
Actual	$	1,000.00	$	877.80	$	5.37		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15	%

26   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
International Equity Value
Institutional Shares
Actual	$	1,000.00	$	769.80	$	4.18		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%
Open Shares
Actual	$	1,000.00	$	768.80	$	5.40		1.23	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.17		1.23	%
International Quality Growth
Institutional Shares
Actual	$	1,000.00	$	966.90	$	4.16		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.64	$	4.27		0.85	%
Open Shares
Actual	$	1,000.00	$	965.20	$	5.36		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.51		1.10	%
International Small Cap Equity
Institutional Shares
Actual	$	1,000.00	$	904.00	$	5.44		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15	%
Open Shares
Actual	$	1,000.00	$	902.40	$	6.63		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90	$	7.03		1.40	%

Semi-Annual Report   27

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
International Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	884.30	$	3.79		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84	$	4.07		0.81	%
Open Shares
Actual	$	1,000.00	$	883.40	$	4.97		1.06	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.58	$	5.33		1.06	%
R6 Shares
Actual	$	1,000.00	$	885.00	$	3.80		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.84	$	4.07		0.81	%
Managed Equity Volatility
Institutional Shares
Actual	$	1,000.00	$	868.90	$	3.49		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.13	$	3.77		0.75	%
Open Shares
Actual	$	1,000.00	$	868.00	$	4.64		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.89	$	5.02		1.00	%
US Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	926.40	$	3.59		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.13	$	3.77		0.75	%
Open Shares
Actual	$	1,000.00	$	924.60	$	4.82		1.01	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.85	$	5.06		1.01	%
R6 Shares
Actual	$	1,000.00	$	926.00	$	3.59		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.13	$	3.77		0.75	%

28   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/20		Ending Account Value 6/30/20		Expenses Paid During Period* 1/1/20 - 6/30/20		Annualized Expense Ratio During Period 1/1/20 - 6/30/20
US Equity Focus
Institutional Shares
Actual	$	1,000.00	$	954.30	$	3.40		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.38	$	3.52		0.70	%
Open Shares
Actual	$	1,000.00	$	953.70	$	4.62		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.13	$	4.78		0.95	%
R6 Shares
Actual	$	1,000.00	$	954.30	$	3.40		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.38	$	3.52		0.70	%
US Small-Mid Cap Equity
Institutional Shares
Actual	$	1,000.00	$	831.40	$	4.33		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%
Open Shares
Actual	$	1,000.00	$	829.90	$	5.66		1.24	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.68	$	6.24		1.24	%
R6 Shares†
Actual	$	1,000.00	$	831.90	$	4.07		0.93	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.46	$	4.49		0.93	%

*	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 182/366 (to reflect one-half year period).
†	The inception date for the R6 shares was January 8, 2020.

Semi-Annual Report   29

The Lazard Funds, Inc.

Portfolio Holdings Presented by Asset Class/Sector June 30, 2020 (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		18.4	%		16.6	%		15.2	%		16.9	%
Consumer Discretionary		15.0			17.2			15.4			9.6
Consumer Staples		2.1			6.1			6.9			5.0
Energy		4.7			6.4			4.7			5.8
Financials		17.0			19.7			16.0			21.5
Health Care		2.4			1.2			6.0			1.9
Industrials		11.0			4.6			5.1			9.5
Information Technology		21.8			18.3			20.3			20.8
Materials		5.0			6.2			5.9			4.7
Real Estate		—			1.7			1.1			0.6
Utilities		1.9			0.8			1.5			0.9
Short-Term Investments		0.7			1.2			1.9			2.8
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		12.0	%		11.9	%		7.3	%		3.3	%
Consumer Discretionary		5.1			14.1			10.4			—
Consumer Staples		6.6			3.5			13.8			—
Energy		9.2			—			—			—
Financials		25.2			—			14.1			—
Health Care		1.9			21.7			15.7			—
Industrials		5.1			25.6			13.6			41.2
Information Technology		21.9			16.6			19.4			—
Materials		8.9			—			2.3			—
Real Estate		0.9			—			—			—
Utilities		0.7			2.2			1.3			41.4
Short-Term Investments		2.5			4.4			2.1			14.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

*	Represents percentage of total investments.
†	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds and closed-end management investment companies held by the Portfolio.

30   Semi-Annual Report

	Lazard			Lazard			Lazard
	Global			International			International			Lazard
	Strategic			Equity			Equity			International
	Equity			Advantage			Concentrated			Equity
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		13.2	%		5.9	%		4.6	%		10.7	%
Consumer Discretionary		6.7			8.8			6.5			5.1
Consumer Staples		5.6			14.3			10.6			8.3
Energy		—			2.7			7.4			2.8
Financials		18.7			15.2			11.2			15.2
Health Care		18.6			16.1			11.4			13.1
Industrials		8.7			14.0			6.5			18.9
Information Technology		20.9			9.9			17.8			8.4
Materials		3.5			6.0			3.3			6.0
Real Estate		—			3.3			7.3			3.5
Utilities		3.5			3.1			9.4			7.0
Short-Term Investments		0.6			0.7			4.0			1.0
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
										Lazard
	Lazard			Lazard			Lazard			International
	International			International			International			Small Cap
	Equity Select			Equity Value			Quality Growth			Equity
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		12.3	%		8.1	%		10.3	%		11.0	%
Consumer Discretionary		6.9			20.0			12.7			9.7
Consumer Staples		8.9			12.5			8.2			6.4
Energy		2.0			4.0			—			1.3
Financials		15.2			16.7			18.8			10.9
Health Care		9.8			3.9			8.6			8.2
Industrials		16.9			13.7			23.4			19.0
Information Technology		10.9			4.8			13.5			14.4
Materials		5.7			8.3			2.4			1.6
Real Estate		1.3			—			—			12.7
Utilities		6.3			5.1			—			3.1
Short-Term Investments		3.8			2.9			2.1			1.7
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report   31

	Lazard			Lazard
	International			Managed			Lazard US
	Strategic			Equity			Equity			Lazard US
	Equity			Volatility			Concentrated			Equity Focus
Asset Class/Sector*	Portfolio			Portfolio			Portfolio			Portfolio
Equity
Communication Services		10.3	%		9.2	%		9.6	%		8.9	%
Consumer Discretionary		10.6			5.1			14.8			15.0
Consumer Staples		11.5			23.6			—			7.3
Energy		2.0			0.5			—			1.6
Financials		17.2			7.6			9.9			13.3
Health Care		12.8			20.1			13.9			18.3
Industrials		15.6			9.9			9.4			8.0
Information Technology		5.8			10.8			27.3			26.4
Materials		3.9			2.5			4.7			—
Real Estate		3.0			2.8			9.4			—
Utilities		5.6			5.8			—			—
Short-Term Investments		1.7			2.1			1.0			1.2
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
	Lazard US			Lazard US
	Small-Mid			Sustainable
	Cap Equity			Equity
Asset Class/Sector*	Portfolio			Portfolio
Equity
Communication Services		2.3	%		1.5	%
Consumer Discretionary		10.0			11.9
Consumer Staples		2.6			3.1
Energy		1.3			—
Financials		13.1			10.3
Health Care		15.6			25.6
Industrials		16.9			11.9
Information Technology		18.8			28.8
Materials		7.0			4.3
Real Estate		9.5			2.6
Utilities		2.9			—
Total Investments		100.0	%		100.0	%

* Represents percentage of total investments.

32   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2020 (unaudited)

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  97.3%
Brazil  |  6.0%
Duratex SA		367,800	$	869,772
Notre Dame Intermedica Participacoes SA		119,195		1,490,677
Pagseguro Digital, Ltd., Class A (*)		37,814		1,336,347
Petroleo Brasileiro SA		506,160		2,005,801
Rumo SA (*)		722,261		2,987,008
StoneCo, Ltd., Class A (*)		29,611		1,147,723
				9,837,328
Canada  |  1.5%
First Quantum Minerals, Ltd.		304,669		2,428,196
China  |  34.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		48,925		10,553,123
Anhui Conch Cement Co., Ltd., Class H		143,000		961,820
Beijing Enterprises Water Group, Ltd.		3,152,000		1,236,013
China State Construction International Holdings, Ltd.		2,214,160		1,292,861
Chow Tai Seng Jewellery Co., Ltd., Class A		454,800		1,426,323
CNOOC, Ltd.		1,541,756		1,731,543
Minth Group, Ltd.		668,000		1,895,947
Momo, Inc. Sponsored ADR		57,148		998,947
NetEase, Inc. ADR		8,627		3,704,261
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		20,617		2,684,952
Ping An Insurance (Group) Co. of China, Ltd., Class H		274,500		2,741,447
Shenzhen Inovance Technology Co., Ltd., Class A		241,300		1,296,658
Shenzhen Sunway Communication Co., Ltd., Class A		201,200		1,510,115
Tencent Holdings, Ltd.		200,300		12,866,032
Tencent Music Entertainment Group ADR (*)		90,734		1,221,280
Trip.com Group, Ltd. ADR (*)		53,695		1,391,774
Weibo Corp. Sponsored ADR (*)		26,603		893,861
Wuliangye Yibin Co., Ltd. Class A		142,500		3,450,127
Xiabuxiabu Catering Management China Holdings Co., Ltd.		1,151,000		1,141,893
Zhongsheng Group Holdings, Ltd.		219,000		1,221,995

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

Semi-Annual Report   33

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
ZTO Express Cayman, Inc. ADR		57,613	$	2,114,973
				56,335,945
Colombia  |  1.1%
Bancolombia SA Sponsored ADR		65,982		1,735,986
Hong Kong  |  2.1%
China Gas Holdings, Ltd.		574,000		1,767,624
Techtronic Industries Co., Ltd.		167,502		1,634,104
				3,401,728
India  |  8.5%
HDFC Bank, Ltd. ADR		61,309		2,787,107
ICICI Bank, Ltd. Sponsored ADR		263,247		2,445,565
Motherson Sumi Systems, Ltd.		1,174,971		1,483,995
Mphasis, Ltd.		116,656		1,358,803
Reliance Industries, Ltd.		116,272		2,627,882
Shriram Transport Finance Co., Ltd.		102,241		943,120
UPL, Ltd.		384,605		2,172,046
				13,818,518
Indonesia  |  1.6%
PT Bank Rakyat Indonesia (Persero) Tbk		12,038,500		2,569,905
Macau  |  1.4%
SJM Holdings, Ltd.		2,029,000		2,268,282
Mexico  |  1.4%
Grupo Financiero Banorte SAB de CV, Class O (*)		669,257		2,321,267
Peru  |  1.4%
Credicorp, Ltd.		16,698		2,232,022
Philippines  |  2.1%
BDO Unibank, Inc.		1,088,715		2,148,045
International Container Terminal Services, Inc.		606,149		1,254,752
				3,402,797

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

34   Semi-Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
Russia  |  5.9%
Mail.Ru Group, Ltd. GDR (*)		140,343	$	3,155,658
Novatek OAO Sponsored GDR		8,349		1,185,296
Sberbank of Russia PJSC (‡)		812,633		2,325,512
Yandex NV Class A (*)		58,587		2,930,522
				9,596,988
South Africa  |  2.3%
Capitec Bank Holdings, Ltd.		42,819		2,117,905
Standard Bank Group, Ltd.		276,180		1,662,305
				3,780,210
South Korea  |  11.1%
NCSoft Corp.		5,134		3,829,877
Samsung Biologics Co., Ltd. (*)		3,641		2,363,413
Samsung Electronics Co., Ltd.		192,536		8,534,953
WONIK IPS Co., Ltd. (*)		110,425		3,313,889
				18,042,132
Taiwan  |  15.4%
Airtac International Group		157,000		2,769,068
ASE Technology Holding Co., Ltd.		1,113,289		2,542,548
Bizlink Holding, Inc.		396,000		2,838,841
Catcher Technology Co., Ltd.		251,670		1,889,645
Chroma ATE, Inc.		503,000		2,600,065
Hiwin Technologies Corp.		156,000		1,545,925
Largan Precision Co., Ltd.		15,860		2,188,658
MediaTek, Inc.		112,000		2,191,372
Silicon Motion Technology Corp. ADR		54,581		2,661,915
Taiwan Semiconductor Manufacturing Co., Ltd.		363,000		3,841,281
				25,069,318
United Kingdom  |  0.9%
KAZ Minerals PLC		252,011		1,557,919
Total Common Stocks (Cost $139,851,993)				158,398,541

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

Semi-Annual Report   35

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Preferred Stocks  |  0.9%
Brazil  |  0.9%
Banco Bradesco SA ADR (Cost $2,435,480)		359,774	$	1,370,739
Short-Term Investments  |  0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,103,789)		1,103,789		1,103,789
Total Investments  |  98.9% (Cost $143,391,262)			$	160,873,069
Cash and Other Assets in Excess of Liabilities  |  1.1%				1,870,783
Net Assets  |  100.0%			$	162,743,852

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

36   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks  |  98.1%
Argentina  |  0.7%
MercadoLibre, Inc. (*)		1,200	$	1,182,924
Brazil  |  6.5%
Azul SA ADR (*)		49,586		554,372
Banco BTG Pactual SA		138,300		1,945,523
Banco do Brasil SA		351,700		2,079,247
Braskem SA A Shares		178,142		760,644
C&A Modas Ltda		447,900		849,166
CCR SA		347,830		927,444
Lojas Renner SA		92,800		713,308
Rumo SA (*)		394,500		1,631,508
Telefonica Brasil SA ADR		159,060		1,409,272
				10,870,484
Canada  |  0.8%
Parex Resources, Inc. (*)		114,500		1,379,803
China  |  36.6%
Alibaba Group Holding, Ltd.		49,100		1,326,817
Alibaba Group Holding, Ltd. Sponsored ADR (*)		49,662		10,712,093
Bilibili, Inc. Sponsored ADR (*)		21,845		1,011,860
Budweiser Brewing Co. APAC, Ltd.		633,700		1,841,068
China National Building Material Co., Ltd., Class H		2,680,000		2,856,747
China Overseas Land & Investment, Ltd.		616,000		1,860,230
Industrial & Commercial Bank of China, Ltd., Class H		9,665,633		5,854,490
Midea Group Co., Ltd., Class A		129,400		1,094,607
NetEase, Inc.		54,800		944,620
NetEase, Inc. ADR		4,800		2,061,024
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		29,431		3,832,799
PICC Property & Casualty Co., Ltd., Class H		1,737,770		1,429,644
Ping An Insurance (Group) Co. of China, Ltd., Class H		458,000		4,574,072
Prosus NV (*)		10,556		979,705
Shenzhou International Group Holdings, Ltd.		177,191		2,130,139

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

Semi-Annual Report   37

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Sinopharm Group Co., Ltd., Class H		249,200	$	638,640
Tencent Holdings, Ltd.		223,000		14,324,139
Wuliangye Yibin Co., Ltd. Class A		84,800		2,053,129
Wuxi Biologics Cayman, Inc. (*)		76,000		1,392,544
				60,918,367
Colombia  |  0.6%
Bancolombia SA Sponsored ADR		40,209		1,057,899
Hong Kong  |  2.5%
China Gas Holdings, Ltd.		441,200		1,358,669
Techtronic Industries Co., Ltd.		281,000		2,741,360
				4,100,029
India  |  9.1%
HDFC Bank, Ltd. ADR		108,989		4,954,640
Hindalco Industries, Ltd.		793,851		1,554,178
Infosys, Ltd. Sponsored ADR		206,319		1,993,041
Maruti Suzuki India, Ltd.		19,329		1,502,404
Motherson Sumi Systems, Ltd.		555,281		701,323
Reliance Industries, Ltd.		120,586		2,725,383
UPL, Ltd.		309,342		1,747,001
				15,177,970
Indonesia  |  1.6%
PT Bank Mandiri (Persero) Tbk		4,363,500		1,513,282
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		54,136		1,184,495
				2,697,777
Luxembourg  |  0.8%
Ternium SA Sponsored ADR (*)		86,344		1,309,838
Mexico  |  2.8%
Arca Continental SAB de CV		280,245		1,228,423
Gruma SAB de CV, Class B		137,718		1,486,260
Grupo Aeroportuario del Pacifico SAB de CV ADR		11,722		841,874
Grupo Financiero Banorte SAB de CV, Class O (*)		292,600		1,014,861
				4,571,418

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

38   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Peru  |  0.7%
Credicorp, Ltd.		8,945	$	1,195,678
Philippines  |  1.7%
Ayala Land, Inc.		1,352,400		905,390
BDO Unibank, Inc.		953,871		1,881,996
				2,787,386
Poland  |  1.0%
CD Projekt SA (*)		16,268		1,622,595
Portugal  |  0.8%
Galp Energia SGPS SA		106,972		1,235,689
Russia  |  5.2%
LUKOIL PJSC Sponsored ADR		71,613		5,308,382
Sberbank of Russia PJSC Sponsored ADR (London) (*)		241,391		2,742,417
Sberbank of Russia PJSC Sponsored ADR (United States) (*)		53,682		608,754
				8,659,553
South Africa  |  2.9%
Mondi PLC		107,512		2,008,950
Naspers, Ltd., N Shares		10,028		1,829,411
The Bidvest Group, Ltd.		117,078		957,821
				4,796,182
South Korea  |  10.4%
DB Insurance Co., Ltd.		27,399		975,799
NCSoft Corp.		4,690		3,498,660
Samsung Electronics Co., Ltd.		212,586		9,423,753
SK Hynix, Inc.		46,561		3,330,807
				17,229,019
Taiwan  |  10.3%
Accton Technology Corp.		156,000		1,202,852
Far EasTone Telecommunications Co., Ltd.		662,000		1,524,285
Largan Precision Co., Ltd.		15,000		2,069,980
Micro-Star International Co., Ltd.		399,000		1,450,550
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		192,038		10,901,997
				17,149,664

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

Semi-Annual Report   39

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
United Kingdom  |  2.1%
Unilever NV NY Shares		66,145	$	3,523,544
United States  |  1.0%
Yum China Holdings, Inc.		33,295		1,600,491
Total Common Stocks (Cost $148,107,563)				163,066,310
Preferred Stocks  |  0.4%
Brazil  |  0.4%
Itau Unibanco Holding SA Sponsored ADR (Cost $1,253,349)		157,141		736,991
Short-Term Investments  |  1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $2,042,293)		2,042,293		2,042,293
Total Investments  |  99.7% (Cost $151,403,205)			$	165,845,594
Cash and Other Assets in Excess of Liabilities  |  0.3%				433,359
Net Assets  |  100.0%			$	166,278,953

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

40   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  98.1%
Argentina  |  0.2%
Globant SA (*)		167	$	25,025
Brazil  |  3.4%
Ambev SA		11,200		29,122
BB Seguridade Participacoes SA		13,100		65,691
IRB Brasil Resseguros S/A		5,600		11,327
JBS SA		4,300		16,724
Minerva SA (*)		13,100		31,677
Pagseguro Digital, Ltd., Class A (*)		952		33,644
Petroleo Brasileiro SA		25,939		102,791
Totvs SA		4,600		19,582
Vale SA		10,409		107,036
YDUQS Participacoes SA		2,800		17,326
				434,920
China  |  40.9%
A-Living Services Co., Ltd., Class H		3,250		16,400
Agricultural Bank of China, Ltd., Class H		89,000		35,866
Alibaba Group Holding, Ltd. Sponsored ADR (*)		4,462		962,453
Anhui Conch Cement Co., Ltd., Class H		14,000		94,164
Baidu, Inc. Sponsored ADR (*)		288		34,528
Bank of China, Ltd., Class H		99,000		36,614
Bank of Jiangsu Co., Ltd., Class A		34,400		27,498
Bank of Nanjing Co., Ltd., Class A		28,900		29,862
Beijing Chunlizhengda Medical Instruments Co., Ltd., Class H		3,000		20,460
Beijing Enterprises Holdings, Ltd.		6,500		21,860
C&S Paper Co., Ltd., Class A		8,100		25,599
Changchun High & New Technology Industry Group, Inc., Class A		600		36,946
China CITIC Bank Corp., Ltd., Class H		122,000		53,249
China Construction Bank Corp., Class H		164,000		132,525
China Everbright Bank Co., Ltd., Class H		133,000		49,970
China Lesso Group Holdings, Ltd.		28,000		36,351

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 (continued)
China Medical System Holdings, Ltd.		32,000	$	37,732
China Merchants Bank Co., Ltd., Class H		21,500		99,024
China Minsheng Banking Corp., Ltd., Class H		293,000		201,271
China Mobile, Ltd.		16,000		108,113
China Overseas Property Holdings, Ltd.		35,000		36,993
China Pacific Insurance Group Co., Ltd., Class A		5,800		22,363
China Resources Cement Holdings, Ltd.		36,000		44,434
China Resources Land, Ltd.		10,000		37,787
China Resources Power Holdings Co., Ltd.		20,000		23,634
China Unicom Hong Kong, Ltd.		24,000		12,991
China Yuhua Education Corp., Ltd.		30,000		24,585
CNOOC, Ltd.		64,000		71,878
Country Garden Holdings Co., Ltd.		15,000		18,460
Country Garden Services Holdings Co., Ltd.		10,000		46,501
CSC Financial Co., Ltd., Class H		33,000		37,386
CSPC Pharmaceutical Group, Ltd.		38,400		72,393
ENN Energy Holdings, Ltd.		2,700		30,324
Ever Sunshine Lifestyle Services Group, Ltd.		12,000		18,576
G-bits Network Technology Xiamen Co., Ltd., Class A		300		23,266
Gansu Shangfeng Cement Co., Ltd., Class A		9,800		32,743
Geely Automobile Holdings, Ltd.		13,000		20,411
Guangzhou Wondfo Biotech Co., Ltd., Class A		3,300		48,585
Hualan Biological Engineering, Inc., Class A		3,640		25,888
Huaxin Cement Co., Ltd., Class A		6,580		22,075
Hundsun Technologies, Inc., Class A		1,820		27,739
Industrial & Commercial Bank of China, Ltd., Class H		121,000		73,290
JD.com, Inc. ADR (*)		2,652		159,597
Jiangsu Expressway Co., Ltd., Class A		46,141		63,874
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,160		28,199
Jiangsu Nhwa Pharmaceutical Co., Ltd., Class A		11,300		26,949
Kweichow Moutai Co., Ltd., Class A		300		62,086
Li Ning Co., Ltd.		17,500		55,629
Longfor Group Holdings, Ltd.		3,500		16,671
Lonking Holdings, Ltd.		50,000		15,252
Luxshare Precision Industry Co., Ltd., Class A		6,629		48,186
Meituan Dianping Class B (*)		7,300		162,157

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)
NanJi E-Commerce Co., Ltd., Class A		10,300	$	30,820
NetEase, Inc. ADR		109		46,802
New China Life Insurance Co., Ltd. Class H		6,900		23,131
New Oriental Education & Technology Group, Inc. Sponsored ADR (*)		272		35,423
Pinduoduo, Inc. ADR (*)		541		46,439
Ping An Insurance (Group) Co. of China, Ltd., Class H		19,500		194,748
Postal Savings Bank of China Co., Ltd., Class H		69,000		39,660
Sany Heavy Industry Co., Ltd., Class A		11,200		29,730
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		700		30,271
Sinotruk Hong Kong, Ltd.		13,500		34,874
Sunny Optical Technology Group Co., Ltd.		2,800		44,684
Tencent Holdings, Ltd.		14,500		931,390
Tencent Music Entertainment Group ADR (*)		2,523		33,960
Topchoice Medical Corp., Class A (*)		2,000		47,182
Vipshop Holdings, Ltd. ADR (*)		3,444		68,570
Weichai Power Co., Ltd., Class A		8,800		17,083
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A		6,500		43,043
Xiaomi Corp. Class B (*)		28,600		47,449
Yealink Network Technology Corp., Ltd., Class A		1,800		17,384
YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H		16,800		34,294
Zhongsheng Group Holdings, Ltd.		5,500		30,689
				5,299,013
Colombia  |  0.4%
Ecopetrol SA Sponsored ADR		4,856		54,047
Greece  |  0.6%
Hellenic Telecommunications Organization SA		6,065		82,612
Hong Kong  |  0.5%
Shimao Property Holdings, Ltd.		8,500		36,021
Vinda International Holdings, Ltd.		8,000		28,561
				64,582

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)
Hungary  |  0.6%
Richter Gedeon Nyrt.		3,758	$	77,815
India  |  5.9%
Axis Bank, Ltd. GDR		921		24,674
Dr Reddy’s Laboratories, Ltd. ADR		2,243		118,902
GAIL India, Ltd. GDR		2,606		20,680
HDFC Bank, Ltd. ADR		4,628		210,389
ICICI Bank, Ltd. Sponsored ADR		3,729		34,642
Infosys, Ltd. Sponsored ADR		15,487		149,604
Reliance Industries, Ltd. Sponsored GDR (#)		1,580		72,882
State Bank of India GDR (*)		708		16,649
Wipro, Ltd. ADR		18,574		61,480
WNS Holdings, Ltd. ADR (*)		1,030		56,629
				766,531
Indonesia  |  1.7%
PT Bank Central Asia Tbk		42,300		84,357
PT Bank Mandiri (Persero) Tbk		52,000		18,034
PT Bank Rakyat Indonesia (Persero) Tbk		87,500		18,679
PT Gudang Garam Tbk		8,100		26,755
PT Indofood CBP Sukses Makmur Tbk (*)		57,300		37,516
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		1,819		39,800
				225,141
Luxembourg  |  0.2%
Reinet Investments SCA		1,126		19,760
Malaysia  |  2.9%
Carlsberg Brewery Malaysia Bhd		3,500		20,395
Hartalega Holdings Berhad		19,500		59,555
Kossan Rubber Industries		17,000		33,989
MISC Bhd		29,500		52,803
Nestle Malaysia Berhad		1,400		45,646
Petronas Chemicals Group Bhd		27,000		39,328
RHB Bank Bhd		21,200		23,832
Tenaga Nasional Bhd		19,000		51,611
Top Glove Corp. Berhad		12,000		45,371
				372,530

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)
Mexico  |  3.3%
America Movil SAB de CV, Class L Sponsored ADR		8,417	$	106,812
Arca Continental SAB de CV		5,900		25,862
Coca-Cola Femsa SAB de CV Sponsored ADR		1,308		57,356
Gruma SAB de CV, Class B		2,200		23,742
Grupo Aeroportuario del Centro Norte SAB de CV (*)		7,600		35,331
Grupo Mexico SAB de CV, Series B		10,400		24,176
Kimberly-Clark de Mexico SAB de CV, Series A		11,500		17,952
Qualitas Controladora SAB de CV		16,300		64,060
Wal-Mart de Mexico SAB de CV		31,800		76,302
				431,593
Philippines  |  0.7%
International Container Terminal Services, Inc.		15,150		31,361
JG Summit Holdings, Inc.		15,020		19,636
Metropolitan Bank & Trust Co.		18,700		13,913
Puregold Price Club, Inc.		29,400		27,488
				92,398
Poland  |  1.6%
CD Projekt SA (*)		320		31,917
Dino Polska SA (*)		770		39,020
KGHM Polska Miedz SA (*)		2,289		52,545
PLAY Communications SA		3,765		28,875
Polskie Gornictwo Naftowe i Gazownictwo SA		20,313		23,321
Powszechna Kasa Oszczednosci Bank Polski SA		5,199		30,100
				205,778
Russia  |  3.8%
Gazprom PJSC Sponsored ADR		11,786		63,477
LUKOIL PJSC Sponsored ADR		1,595		118,231
MMC Norilsk Nickel PJSC ADR		3,172		82,929
PhosAgro PJSC GDR		1,451		17,896
RusHydro PJSC ADR		23,996		23,487
Sberbank of Russia PJSC Sponsored ADR (*)		6,269		71,221
Tatneft PJSC Sponsored ADR (*)		1,235		57,577
VEON, Ltd. ADR		12,169		21,904
VTB Bank PJSC GDR (*)		18,850		17,660
Yandex NV Class A (*)		428		21,409
				495,791

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)
Singapore  |  0.2%
BOC Aviation, Ltd.		4,700	$	30,186
South Africa  |  1.9%
Anglo American Platinum, Ltd.		567		40,938
Clicks Group, Ltd.		2,241		27,155
Exxaro Resources, Ltd.		2,347		17,633
FirstRand, Ltd.		10,536		23,095
Naspers, Ltd., N Shares		638		116,391
Ninety One, Ltd. (*)		6,907		17,435
				242,647
South Korea  |  13.0%
BGF retail Co., Ltd.		142		16,404
BNK Financial Group, Inc.		5,308		22,056
Coway Co Ltd.		617		37,304
Daelim Industrial Co., Ltd.		372		25,690
DongKook Pharmaceutical Co., Ltd.		309		31,229
Hana Financial Group, Inc.		3,495		79,557
Hansol Chemical Co., Ltd.		216		22,797
Hyundai Mobis Co., Ltd.		271		43,238
Kakao Corp.		105		23,576
KB Financial Group, Inc. ADR		1,722		47,906
Kia Motors Corp.		2,214		59,702
Korea Electric Power Corp. (*)		1,276		20,840
Korea Zinc Co., Ltd.		165		46,288
Korean Reinsurance Co.		4,873		30,025
KT&G Corp.		430		28,100
LG Electronics, Inc.		341		18,101
LG Household & Health Care, Ltd.		92		81,904
LG Uplus Corp.		4,139		42,298
LOTTE Fine Chemical Co., Ltd.		1,176		34,011
NAVER Corp.		229		51,357
NCSoft Corp.		110		82,058
NHN KCP Corp.		511		21,112
Orion Corp.		206		23,122
Samsung Card Co., Ltd.		637		14,479

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)
Samsung Electro-Mechanics Co., Ltd.		190	$	20,617
Samsung Electronics Co., Ltd. GDR		521		573,795
Samsung Engineering Co., Ltd. (*)		2,349		24,276
Samsung SDS Co., Ltd.		202		28,571
Shinhan Financial Group Co., Ltd.		2,643		63,144
SK Hynix, Inc.		456		32,621
SK Telecom Co., Ltd.		188		32,972
				1,679,150
Taiwan  |  14.0%
Accton Technology Corp.		6,000		46,264
Advantech Co., Ltd.		6,000		59,959
Asia Cement Corp.		21,000		30,978
ASMedia Technology, Inc.		1,000		48,955
Chicony Electronics Co., Ltd.		25,000		72,105
Delta Electronics, Inc.		12,000		68,475
Elan Microelectronics Corp.		15,000		61,135
Feng TAY Enterprise Co., Ltd.		8,900		50,069
Gigabyte Technology Co., Ltd.		16,000		35,716
International Games System Co., Ltd.		3,000		74,980
Jentech Precision Industrial Co., Ltd.		2,000		19,153
Lotes Co., Ltd.		2,000		25,580
Micro-Star International Co., Ltd.		13,000		47,261
momo.com, Inc.		1,000		24,315
Nan Ya Plastics Corp.		9,000		19,647
Nien Made Enterprise Co., Ltd.		4,000		38,859
Parade Technologies, Ltd.		1,000		33,494
Simplo Technology Co., Ltd.		2,000		21,610
Standard Foods Corp.		17,000		36,256
Taiwan Cement Corp.		17,000		24,582
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		13,445		763,273
TXC Corp.		11,000		23,847
United Integrated Services Co., Ltd.		11,000		74,755
United Microelectronics Corp.		105,000		56,487
Voltronic Power Technology Corp.		2,000		57,239
				1,814,994

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 (concluded)
Thailand  |  1.2%
Airports of Thailand Public Co. Ltd. NVDR		12,400	$	24,319
Carabao Group Public Co. Ltd., Class F (‡)		7,100		23,891
CP ALL Public Co. Ltd. (*), (‡)		20,300		44,498
Hana Microelectronics Public Co. Ltd. NVDR		41,200		37,236
PTT Exploration & Production Public Co. Ltd. (‡)		6,900		20,483
				150,427
Turkey  |  0.9%
BIM Birlesik Magazalar AS		2,584		25,633
Koza Altin Isletmeleri AS (*)		2,383		28,969
Turk Telekomunikasyon AS (*)		22,575		26,702
Turkcell Iletisim Hizmetleri AS		16,795		40,275
				121,579
United States  |  0.2%
Yum China Holdings, Inc.		553		26,583
Total Common Stocks (Cost $11,685,878)				12,713,102
Short-Term Investments  |  1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $247,545)		247,545		247,545
Total Investments  |  100.0% (Cost $11,933,423)			$	12,960,647
Cash and Other Assets in Excess of Liabilities  |  0.0%				811
Net Assets  |  100.0%			$	12,961,458

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

48   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Blend Portfolio
Common Stocks  |  96.2%
Brazil  |  4.0%
Banco BMG SA (*)		80,800	$	80,234
Banco do Brasil SA		97,057		573,800
CCR SA		174,630		465,629
Cia de Saneamento do Parana		45,800		265,379
Cielo SA Sponsored ADR		158,739		128,579
Construtora Tenda SA		26,800		152,823
JSL SA		29,778		126,929
Log-in Logistica Intermodal SA (*)		51,200		137,836
Pagseguro Digital, Ltd., Class A (*)		22,820		806,459
Petrobras Distribuidora SA		40,900		162,078
				2,899,746
Canada  |  1.4%
First Quantum Minerals, Ltd.		123,463		983,994
Chile  |  0.2%
Geopark, Ltd.		14,903		145,900
China  |  31.6%
21Vianet Group, Inc. ADR (*)		12,241		292,070
Alibaba Group Holding, Ltd. Sponsored ADR (*)		15,091		3,255,129
Anhui Conch Cement Co., Ltd., Class H		102,500		689,416
Ausnutria Dairy Corp., Ltd.		134,883		301,990
Baidu, Inc. Sponsored ADR (*)		5,642		676,419
China Aoyuan Group, Ltd.		176,000		213,103
China Construction Bank Corp., Class H		1,537,281		1,242,245
China Meidong Auto Holdings, Ltd.		96,000		235,506
China Merchants Bank Co., Ltd., Class H		174,500		803,706
China Mobile, Ltd. Sponsored ADR		18,327		616,520
China Shenhua Energy Co., Ltd., Class H		323,500		505,224
China State Construction International Holdings, Ltd.		1,262,249		737,035
CNOOC, Ltd.		1,033,710		1,160,958
Huami Corp. ADR (*)		18,048		223,073
JNBY Design, Ltd.		211,000		211,694

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 (continued)
NetEase, Inc. ADR		6,173	$	2,650,563
Ping An Insurance (Group) Co. of China, Ltd., Class H		206,500		2,062,327
Precision Tsugami China Corp., Ltd.		186,000		148,758
Sinopharm Group Co., Ltd., Class H		185,200		474,623
Tencent Holdings, Ltd.		44,292		2,845,044
Tianyun International Holdings, Ltd.		1,582,000		194,634
West China Cement, Ltd.		1,276,000		232,387
Wuliangye Yibin Co., Ltd. Class A		58,000		1,404,262
Xiabuxiabu Catering Management China Holdings Co., Ltd.		197,500		195,937
Zhuzhou CRRC Times Electric Co., Ltd., Class H		64,900		165,793
ZTO Express Cayman, Inc. ADR		37,557		1,378,718
				22,917,134
Colombia  |  1.0%
Bancolombia SA Sponsored ADR		27,576		725,525
Egypt  |  1.1%
Commercial International Bank Egypt SAE GDR		123,830		478,199
Credit Agricole Egypt SAE		97,291		178,807
Six of October Development & Investment		237,220		130,962
				787,968
Estonia  |  0.2%
Tallinna Sadam AS (*)		66,919		144,341
Georgia  |  0.5%
Bank of Georgia Group PLC (*)		16,368		217,657
TBC Bank Group PLC (*)		12,688		141,309
				358,966
Greece  |  0.3%
OPAP SA		19,728		187,914
Hong Kong  |  2.3%
China Water Affairs Group, Ltd.		290,000		208,931
NewOcean Energy Holdings, Ltd. (*)		496,000		46,688
Techtronic Industries Co., Ltd.		139,782		1,363,675
TK Group Holdings, Ltd.		308,000		89,304
				1,708,598

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)
Hungary  |  0.9%
OTP Bank Nyrt. (*)		18,543	$	649,454
India  |  9.4%
Axis Bank, Ltd.		144,160		785,940
Bajaj Auto, Ltd.		15,119		568,635
Gujarat State Petronet, Ltd.		67,682		197,762
HCL Technologies, Ltd.		46,630		345,509
ICICI Bank, Ltd. Sponsored ADR		116,989		1,086,828
Infosys, Ltd. Sponsored ADR		60,092		580,489
Jubilant Life Sciences, Ltd.		24,525		214,299
Kiri Industries, Ltd.		29,310		162,246
Petronet LNG, Ltd.		74,363		255,183
Reliance Industries, Ltd.		58,838		1,329,807
Shriram Transport Finance Co., Ltd.		9,928		91,581
Tata Consultancy Services, Ltd.		21,734		601,609
The South Indian Bank, Ltd.		748,459		80,274
Uflex, Ltd.		47,212		131,474
UPL, Ltd.		65,168		368,034
				6,799,670
Indonesia  |  4.0%
PT Bank Mandiri (Persero) Tbk		1,594,400		552,945
PT Bank Pembangunan Daerah Jawa Timur Tbk		4,641,000		162,894
PT Bank Rakyat Indonesia (Persero) Tbk		5,409,059		1,154,693
PT Bekasi Fajar Industrial Estate Tbk (*)		9,411,600		75,709
PT Erajaya Swasembada Tbk (*)		1,270,800		111,731
PT Media Nusantara Citra Tbk		4,012,500		253,974
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		25,651		561,244
				2,873,190
Kenya  |  0.2%
KCB Group, Ltd.		442,400		150,955
Kuwait  |  0.3%
Human Soft Holding Co. KSC (*)		22,392		203,096

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)
Mexico  |  3.8%
America Movil SAB de CV, Class L Sponsored ADR		52,034	$	660,312
Credito Real SAB de CV (*)		164,400		85,474
Genomma Lab Internacional SAB de CV, B Shares (*)		207,500		211,883
Grupo Cementos de Chihuahua SAB de CV		63,800		268,418
Grupo Financiero Banorte SAB de CV, Class O (*)		160,990		558,382
Grupo Mexico SAB de CV, Series B		251,101		583,712
Kimberly-Clark de Mexico SAB de CV, Series A		262,700		410,088
				2,778,269
Oman  |  0.2%
Ooredoo		160,160		169,880
Pakistan  |  0.2%
Bank Alfalah, Ltd.		875,631		175,492
Philippines  |  0.5%
Bloomberry Resorts Corp.		1,256,900		188,673
International Container Terminal Services, Inc.		94,480		195,577
				384,250
Poland  |  0.3%
Eurocash SA (*)		24,650		107,876
Warsaw Stock Exchange		11,461		121,056
				228,932
Russia  |  5.8%
Detsky Mir PJSC (‡)		148,650		210,211
LUKOIL PJSC Sponsored ADR		11,001		816,494
Mobile TeleSystems PJSC Sponsored ADR		71,659		658,546
Sberbank of Russia PJSC (‡)		223,346		639,149
Sberbank of Russia PJSC Sponsored ADR (*)		80,526		913,165
TCS Group Holding PLC		14,238		288,612
Yandex NV Class A (*)		13,802		690,376
				4,216,553
South Africa  |  0.4%
Standard Bank Group, Ltd.		53,584		322,518

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)
South Korea  |  15.9%
BGF retail Co., Ltd.		1,547	$	178,709
ELP Corp.		8,031		63,559
HS Industries Co., Ltd.		32,537		189,175
Hyundai Mobis Co., Ltd.		3,514		560,662
InBody Co., Ltd.		12,049		161,844
Innocean Worldwide, Inc.		4,482		166,487
KT&G Corp.		4,711		307,853
MegaStudyEdu Co., Ltd.		6,320		188,175
NCSoft Corp.		3,076		2,294,644
Nice Information & Telecommunication, Inc.		8,438		181,779
Ray Co., Ltd.		5,008		185,284
Samjin Pharmaceutical Co., Ltd.		4,746		107,491
Samsung Electronics Co., Ltd.		91,608		4,060,903
SFA Engineering Corp.		9,193		252,432
Shinhan Financial Group Co., Ltd.		19,545		466,952
SK Hynix, Inc.		20,763		1,485,311
Tokai Carbon Korea Co., Ltd.		2,642		191,724
WONIK IPS Co., Ltd. (*)		7,094		212,893
Zinus, Inc.		3,800		255,679
				11,511,556
Taiwan  |  10.1%
Airtac International Group		46,000		811,319
Bizlink Holding, Inc.		28,000		200,726
Chailease Holding Co., Ltd.		47,840		201,998
Hon Hai Precision Industry Co., Ltd.		172,136		502,427
Largan Precision Co., Ltd.		4,614		636,726
Lotes Co., Ltd.		13,000		166,268
MediaTek, Inc.		46,000		900,028
Powertech Technology, Inc.		67,000		242,381
Poya International Co., Ltd.		9,000		177,281
Sercomm Corp.		77,000		203,481
Silicon Motion Technology Corp. ADR		22,166		1,081,036
Simplo Technology Co., Ltd.		17,000		183,684
Sunny Friend Environmental Technology Co., Ltd.		25,000		218,928
Taiwan Semiconductor Manufacturing Co., Ltd.		122,387		1,295,104

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 (concluded)
Taiwan Union Technology Corp.		42,000	$	203,781
Tripod Technology Corp.		48,000		212,529
TSC Auto ID Technology Co., Ltd.		18,700		119,194
				7,356,891
Turkey  |  0.6%
KOC Holding AS ADR		33,251		431,847
Ukraine  |  0.2%
Kernel Holding SA		15,235		160,533
United Kingdom  |  0.8%
Unilever NV		10,460		554,750
Total Common Stocks (Cost $70,393,815)				69,827,922
Preferred Stocks  |  0.8%
Brazil  |  0.8%
Banco Bradesco SA ADR (Cost $1,155,628)		154,351		588,077
Short-Term Investments  |  2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,999,484)		1,999,484		1,999,484
Total Investments  |  99.8% (Cost $73,548,927)			$	72,415,483
Cash and Other Assets in Excess of Liabilities  |  0.2%				154,265
Net Assets  |  100.0%			$	72,569,748

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

54   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  92.1%
Brazil  |  5.0%
Banco do Brasil SA		14,839,026	$	87,728,193
BB Seguridade Participacoes SA		12,415,600		62,259,504
CCR SA		20,225,845		53,929,636
Cielo SA		19,603,019		16,653,969
				220,571,302
China  |  22.2%
AAC Technologies Holdings, Inc.		6,731,165		41,211,302
Anhui Conch Cement Co., Ltd., Class H		12,241,951		82,339,495
Baidu, Inc. Sponsored ADR (*)		483,983		58,024,722
China Construction Bank Corp., Class H		230,621,224		186,360,308
China Merchants Bank Co., Ltd., Class H		16,926,494		77,959,463
China Mobile, Ltd. Sponsored ADR		2,651,185		89,185,863
China Shenhua Energy Co., Ltd., Class H		22,673,610		35,410,360
China Vanke Co., Ltd., Class H		11,746,200		37,057,160
CNOOC, Ltd.		53,084,532		59,619,125
CRRC Corp., Ltd., Class H		55,061,000		23,252,245
ENN Energy Holdings, Ltd.		2,705,400		30,384,792
Hengan International Group Co., Ltd.		7,502,500		58,687,862
NetEase, Inc. ADR		75,892		32,586,507
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,862,000		48,557,065
Sinopharm Group Co., Ltd., Class H		19,876,814		50,939,518
Weichai Power Co., Ltd., Class H		35,328,288		65,908,131
				977,483,918
Egypt  |  1.1%
Commercial International Bank Egypt SAE GDR		12,627,634		48,764,551
Hong Kong  |  1.2%
ASM Pacific Technology, Ltd.		5,078,200		53,672,203
Hungary  |  2.0%
OTP Bank Nyrt. (*)		2,504,525		87,719,016

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

Semi-Annual Report   55

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
India  |  11.6%
Axis Bank, Ltd.		8,159,261	$	44,483,155
Bajaj Auto, Ltd.		1,015,995		38,212,193
Bharat Petroleum Corp., Ltd.		6,954,382		34,614,435
Bharti Infratel, Ltd.		13,583,685		39,895,679
Coal India, Ltd.		13,649,572		24,173,651
HCL Technologies, Ltd.		9,421,400		69,808,752
Hero MotoCorp, Ltd.		1,015,325		34,416,478
Infosys, Ltd. Sponsored ADR		7,936,015		76,661,905
Oil and Natural Gas Corp., Ltd.		38,837,224		42,277,059
Tata Consultancy Services, Ltd.		2,319,363		64,201,237
UPL, Ltd.		7,654,105		43,226,357
				511,970,901
Indonesia  |  4.0%
PT Astra International Tbk		119,662,200		40,231,830
PT Bank Mandiri (Persero) Tbk		179,002,342		62,078,834
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		3,387,503		74,118,566
				176,429,230
Luxembourg  |  0.7%
Ternium SA Sponsored ADR (*)		1,906,556		28,922,454
Mexico  |  4.1%
America Movil SAB de CV, Class L Sponsored ADR		7,246,335		91,955,991
Grupo Mexico SAB de CV, Series B		24,649,793		57,301,157
Kimberly-Clark de Mexico SAB de CV, Series A		20,831,895		32,519,672
				181,776,820
Pakistan  |  0.3%
Habib Bank, Ltd.		2,159,655		1,247,288
Pakistan Petroleum, Ltd.		24,039,741		12,430,459
				13,677,747
Portugal  |  1.1%
Galp Energia SGPS SA		4,352,697		50,280,258

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

56   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Russia  |  8.4%
ALROSA PAO (*), (‡)		56,053,860	$	50,967,701
LUKOIL PJSC Sponsored ADR		1,238,524		91,806,780
Magnit PJSC Sponsored GDR		2,492,734		32,328,222
Mobile TeleSystems PJSC Sponsored ADR		7,916,330		72,751,073
Sberbank of Russia PJSC (‡)		42,707,891		122,217,172
				370,070,948
South Africa  |  5.4%
Life Healthcare Group Holdings, Ltd.		27,827,451		26,992,275
Mondi PLC		1,906,574		35,625,908
Nedbank Group, Ltd.		2,533,997		14,897,747
Sanlam, Ltd.		9,125,996		30,984,787
Shoprite Holdings, Ltd.		4,965,584		30,504,086
Standard Bank Group, Ltd.		3,849,770		23,171,446
The Bidvest Group, Ltd.		3,896,324		31,876,004
Vodacom Group, Ltd.		6,065,632		42,961,864
				237,014,117
South Korea  |  13.5%
Coway Co Ltd.		749,222		45,298,775
Hyundai Mobis Co., Ltd.		341,614		54,504,851
KB Financial Group, Inc.		2,035,715		58,206,265
KT&G Corp.		526,346		34,395,548
Samsung Electronics Co., Ltd.		4,186,891		185,601,237
Shinhan Financial Group Co., Ltd.		2,586,831		61,802,234
SK Hynix, Inc.		2,206,948		157,877,169
				597,686,079
Taiwan  |  5.6%
Catcher Technology Co., Ltd.		4,419,000		33,179,718
Hon Hai Precision Industry Co., Ltd.		22,974,425		67,057,281
Novatek Microelectronics Corp.		5,048,000		38,936,426
Taiwan Semiconductor Manufacturing Co., Ltd.		10,353,913		109,565,527
				248,738,952
Thailand  |  1.5%
Kasikornbank Public Co. Ltd. (‡)		11,280,354		34,092,734
The Siam Cement Public Co. Ltd. (‡)		2,723,700		32,429,721
				66,522,455

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

Semi-Annual Report   57

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Turkey  |  1.6%
KOC Holding AS		14,109,485	$	37,042,039
Tupras Turkiye Petrol Rafinerileri AS (*)		2,479,142		32,361,829
				69,403,868
United Kingdom  |  2.8%
Anglo American PLC		1,733,520		40,070,291
Unilever NV		1,578,756		83,729,873
				123,800,164
Total Common Stocks (Cost $4,196,754,741)				4,064,504,983
Exchange-Traded Funds  |  5.1%
iShares Core MSCI Emerging Markets ETF		2,377,730		113,179,948
Vanguard FTSE Emerging Markets ETF		2,836,706		112,361,925
Total Exchange-Traded Funds (Cost $208,632,355)				225,541,873
Short-Term Investments  |  2.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $109,293,677)		109,293,677		109,293,677
Total Investments  |  99.7% (Cost $4,514,680,773)			$	4,399,340,533
Cash and Other Assets in Excess of Liabilities  |  0.3%				11,780,736
Net Assets  |  100.0%			$	4,411,121,269

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

58   Semi-Annual Report

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks  |  95.5%
Belgium  |  3.5%
Anheuser-Busch InBev SA/NV		32,587	$	1,606,102
France  |  4.2%
Bureau Veritas SA (*)		92,269		1,944,033
Germany  |  5.6%
Fresenius Medical Care AG & Co. KGaA		30,418		2,593,366
Italy  |  1.0%
Atlantia SpA (*)		29,782		477,657
Luxembourg  |  5.6%
SES SA		384,328		2,622,024
Spain  |  2.9%
Ferrovial SA		51,267		1,363,115
United Kingdom  |  2.2%
United Utilities Group PLC		88,941		1,001,864
United States  |  70.5%
Alphabet, Inc., Class C (*)		323		456,596
Booking Holdings, Inc. (*)		288		458,594
Cisco Systems, Inc.		44,012		2,052,720
Cognizant Technology Solutions Corp., Class A		45,201		2,568,321
CSX Corp.		20,967		1,462,239
CVS Health Corp.		37,494		2,435,985
H&R Block, Inc.		148,071		2,114,454
Henry Schein, Inc. (*)		25,560		1,492,448
International Game Technology PLC		227,869		2,028,034
IPG Photonics Corp. (*)		6,000		962,340
MEDNAX, Inc. (*)		96,236		1,645,636
Medtronic PLC		20,663		1,894,797

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

Semi-Annual Report   59

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio (concluded)
Nielsen Holdings PLC		177,662	$	2,640,057
Norfolk Southern Corp.		8,081		1,418,781
Omnicom Group, Inc.		44,397		2,424,076
Oracle Corp.		38,444		2,124,800
Stericycle, Inc. (*)		45,972		2,573,513
Tapestry, Inc.		146,061		1,939,690
				32,693,081
Total Common Stocks (Cost $46,871,006)				44,301,242
Short-Term Investments  |  4.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $2,020,619)		2,020,619		2,020,619
Total Investments  |  99.9% (Cost $48,891,625)			$	46,321,861
Cash and Other Assets in Excess of Liabilities  |  0.1%				53,321
Net Assets  |  100.0%			$	46,375,182

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

60   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks  |  97.8%
Canada  |  4.2%
CAE, Inc.		32,486	$	526,916
Canadian National Railway Co.		8,864		784,219
Dollarama, Inc.		25,341		842,958
National Bank of Canada		21,021		952,572
				3,106,665
China  |  3.5%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		3,435		740,929
Tencent Holdings, Ltd.		28,723		1,844,988
				2,585,917
Denmark  |  1.0%
Vestas Wind Systems A/S		7,186		731,212
Germany  |  3.4%
Merck KGaA		4,958		574,778
Symrise AG		9,089		1,054,503
Teamviewer AG (*)		17,036		929,456
				2,558,737
Hong Kong  |  4.9%
AIA Group, Ltd.		134,383		1,250,712
China Gas Holdings, Ltd.		311,200		958,335
Hang Seng Bank, Ltd.		43,921		741,574
Sands China, Ltd.		180,800		707,511
				3,658,132
Israel  |  0.9%
Bank Leumi Le-Israel BM		129,921		654,643
Japan  |  4.3%
Kansai Paint Co., Ltd.		28,967		610,544
Nintendo Co., Ltd.		2,200		978,923
Shimano, Inc.		4,100		788,558
Yamaha Corp.		17,864		840,455
				3,218,480

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

Semi-Annual Report   61

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
Netherlands  |  4.0%
NXP Semiconductors NV		7,079	$	807,289
Wolters Kluwer NV		27,435		2,140,213
				2,947,502
South Africa  |  0.4%
Sanlam, Ltd.		88,494		300,457
South Korea  |  1.2%
LG Household & Health Care, Ltd.		827		925,226
Sweden  |  3.4%
Assa Abloy AB, Class B		25,687		521,554
Epiroc AB, Class A		86,351		1,074,418
Hexagon AB, B Shares (*)		15,540		905,772
				2,501,744
Switzerland  |  3.1%
ABB, Ltd.		42,092		946,125
Alcon, Inc. (*)		7,996		458,141
Partners Group Holding AG		1,013		917,323
				2,321,589
Taiwan  |  1.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		18,626		1,057,398
United Kingdom  |  11.7%
Bunzl PLC		18,966		508,493
Coca-Cola European Partners PLC		20,105		759,165
Compass Group PLC		41,989		577,648
Diageo PLC		41,449		1,375,856
Prudential PLC		53,498		805,662
RELX PLC		60,970		1,409,207
Tesco PLC		497,048		1,403,440
Unilever PLC		35,030		1,888,732
				8,728,203

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

62   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
United States  |  50.4%
Accenture PLC, Class A		7,990	$	1,715,613
Alphabet, Inc., Class A (*)		1,499		2,125,657
AmerisourceBergen Corp.		12,059		1,215,185
Aon PLC, Class A		10,091		1,943,527
Boston Scientific Corp. (*)		27,712		972,968
Dollar General Corp.		6,300		1,200,213
Honeywell International, Inc.		4,033		583,131
Intercontinental Exchange, Inc.		16,155		1,479,798
IQVIA Holdings, Inc. (*)		12,738		1,807,267
Johnson & Johnson		12,231		1,720,046
Kimberly-Clark Corp.		7,443		1,052,068
Lowe’s Cos., Inc.		6,424		868,011
McDonald’s Corp.		6,436		1,187,249
Microsoft Corp.		12,924		2,630,163
Motorola Solutions, Inc.		8,788		1,231,462
Palo Alto Networks, Inc. (*)		3,311		760,437
PTC, Inc. (*)		18,006		1,400,687
Rockwell Automation, Inc.		4,307		917,391
S&P Global, Inc.		4,272		1,407,539
Texas Instruments, Inc.		9,124		1,158,474
The Coca-Cola Co.		35,714		1,595,702
The Procter & Gamble Co.		10,495		1,254,887
Thermo Fisher Scientific, Inc.		7,547		2,734,580
Visa, Inc., Class A		9,545		1,843,808
Warner Music Group Corp., Class A (*)		16,946		499,907
Zoetis, Inc.		16,074		2,202,781
				37,508,551
Total Common Stocks (Cost $62,721,502)				72,804,456

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

Semi-Annual Report   63

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Short-Term Investments  |  2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,558,450)		1,558,450	$	1,558,450
Total Investments  |  99.9% (Cost $64,279,952)			$	74,362,906
Cash and Other Assets in Excess of Liabilities  |  0.1%				68,071
Net Assets  |  100.0%			$	74,430,977

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

64   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  85.6%
Australia  |  7.0%
Atlas Arteria, Ltd.		40,112,721	$	184,196,494
Spark Infrastructure Group		82,102,106		123,191,545
Transurban Group		20,231,074		197,558,229
				504,946,268
Canada  |  0.8%
Atco, Ltd., Class I		1,898,489		56,314,196
France  |  6.0%
Eutelsat Communications SA		10,630,687		97,952,293
Vinci SA		3,633,263		334,110,290
				432,062,583
Germany  |  1.8%
Fraport AG (*)		3,021,331		131,650,280
Hong Kong  |  2.2%
Power Assets Holdings, Ltd.		29,131,965		158,196,391
Italy  |  20.8%
ASTM SpA		3,980,113		91,072,158
Atlantia SpA (*)		20,708,892		332,138,682
Hera SpA		47,768,401		179,404,834
Italgas SpA		34,072,945		197,710,561
Snam SpA		71,925,224		349,833,246
Terna Rete Elettrica Nazionale SpA		50,949,201		349,799,079
				1,499,958,560
Luxembourg  |  1.9%
SES SA (^)		20,509,089		139,920,368
Portugal  |  0.8%
Redes Energeticas Nacionais SGPS SA		21,468,951		58,574,189
Spain  |  7.7%
Ferrovial SA		20,737,075		551,368,600

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

Semi-Annual Report   65

			Fair
Description	Shares		Value
Lazard Global Listed Infrastructure Portfolio (continued)
United Kingdom  |  19.2%
National Grid PLC		47,418,567	$	580,650,749
Pennon Group PLC (^)		21,323,608		295,323,795
Severn Trent PLC		5,722,288		175,568,126
United Utilities Group PLC		29,118,020		327,995,993
				1,379,538,663
United States  |  17.4%
CSX Corp.		8,530,211		594,896,915
Norfolk Southern Corp.		1,855,090		325,698,151
Southwest Gas Holdings, Inc.		1,725,700		119,159,585
Union Pacific Corp.		1,275,036		215,570,337
				1,255,324,988
Total Common Stocks (Cost $6,310,453,669)				6,167,855,086
Short-Term Investments  |  14.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $1,008,805,412)		1,008,805,412		1,008,805,412
Total Investments l 99.6% (Cost $7,319,259,081) (»)			$	7,176,660,498
Cash and Other Assets in Excess of Liabilities l 0.4%				29,284,377
Net Assets l 100.0%			$	7,205,944,875

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

66   Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at June 30, 2020:

Currency		Currency			Settlement	Unrealized		Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation		Depreciation
EUR	77,324,556	USD	86,874,139	RBC	09/25/20	$	163,140	$	—
USD	96,417,878	AUD	140,787,883	BNP	09/25/20		—		765,957
USD	115,245,419	AUD	168,234,120	CIT	09/25/20		—		884,155
USD	73,380,461	AUD	107,152,604	HSB	09/25/20		—		585,428
USD	88,912,834	AUD	129,849,044	SCB	09/25/20		—		720,078
USD	125,781,969	AUD	183,700,548	SSB	09/25/20		—		1,023,855
USD	5,839,961	CAD	7,936,858	BNP	09/25/20		—		7,254
USD	15,349,734	CAD	20,863,558	HSB	09/25/20		—		20,796
USD	12,205,447	CAD	16,590,656	RBC	09/25/20		—		17,166
USD	18,603,912	CAD	25,288,670	SCB	09/25/20		—		26,671
USD	349,919,645	EUR	311,045,214	BNP	09/25/20		—		195,898
USD	337,416,935	EUR	299,974,160	CAN	09/25/20		—		236,921
USD	402,750,136	EUR	357,965,120	CIT	09/25/20		—		178,913
USD	391,258,190	EUR	347,834,528	HSB	09/25/20		—		267,765
USD	386,002,345	EUR	343,204,717	MEL	09/25/20		—		312,249
USD	552,479,859	EUR	491,119,401	RBC	09/25/20		—		328,954
USD	479,262,589	EUR	426,077,469	SSB	09/25/20		—		334,388
USD	278,594,491	GBP	223,847,089	CAN	09/25/20		1,088,668		—
USD	451,938,282	GBP	363,322,184	HSB	09/25/20		1,523,571		—
USD	311,657,462	GBP	250,405,317	RBC	09/25/20		1,227,097		—
USD	379,009,999	GBP	304,633,685	SSB	09/25/20		1,352,100		—
USD	77,230,788	HKD	599,014,809	BNP	09/25/20		—		17,227
USD	43,643,253	HKD	338,487,470	HSB	09/25/20		—		7,563
USD	46,664,277	HKD	361,922,996	SSB	09/25/20		—		8,748
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	5,354,576	$	5,939,986

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

Semi-Annual Report   67

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  100.2%
Brazil  |  1.1%
Lojas Renner SA		4,400	$	33,821
Canada  |  3.4%
CAE, Inc.		1,568		25,433
TMX Group, Ltd.		429		42,416
Toromont Industries, Ltd.		812		40,295
				108,144
China  |  3.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		296		63,847
Tencent Holdings, Ltd.		900		57,811
				121,658
Denmark  |  2.1%
Genmab A/S (*)		200		66,904
France  |  2.7%
Safran SA (*)		254		25,408
Vivendi SA		2,368		60,695
				86,103
Germany  |  2.9%
Infineon Technologies AG		1,476		34,499
Teamviewer AG (*)		1,055		57,559
				92,058
Hong Kong  |  1.7%
AIA Group, Ltd.		5,800		53,981
India  |  1.0%
HDFC Bank, Ltd. ADR		731		33,231
Israel  |  1.0%
Bank Leumi Le-Israel BM		6,183		31,155
Italy  |  1.6%
Enel SpA		6,040		52,036

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

68   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio (continued)
Japan  |  4.0%
Digital Garage, Inc.		900	$	28,654
Menicon Co., Ltd.		700		34,372
Nintendo Co., Ltd.		100		44,496
Suzuki Motor Corp.		600		20,358
				127,880
Netherlands  |  2.5%
ASML Holding NV		75		27,493
Koninklijke DSM NV		366		50,590
				78,083
Portugal  |  1.9%
Energias de Portugal SA		13,006		62,027
Spain  |  1.3%
Siemens Gamesa Renewable Energy SA (*)		2,325		41,149
Switzerland  |  5.4%
ABB, Ltd.		1,947		43,764
Idorsia, Ltd. (*)		515		16,442
Novartis AG		703		61,084
Partners Group Holding AG		57		51,616
				172,906
United Kingdom  |  11.8%
Clarivate Analytics PLC (*)		2,100		46,893
Coca-Cola European Partners PLC		893		33,774
Dechra Pharmaceuticals PLC		900		31,710
Diageo PLC		885		29,377
Informa PLC		11,311		65,811
Linde PLC (*)		159		33,468
RELX PLC		2,393		55,310
Rio Tinto PLC		479		26,953
Tesco PLC		18,318		51,722
				375,018

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)
United States  |  52.0%
Accenture PLC, Class A		240	$	51,533
Adobe, Inc. (*)		128		55,720
Alphabet, Inc., Class A (*)		83		117,698
Aon PLC, Class A		394		75,884
Bank of America Corp.		1,727		41,016
Baxter International, Inc.		559		48,130
Danaher Corp.		358		63,305
Discover Financial Services		274		13,725
Dollar General Corp.		312		59,439
Electronic Arts, Inc. (*)		596		78,702
Fidelity National Information Services, Inc.		217		29,097
Intercontinental Exchange, Inc.		1,076		98,562
IPG Photonics Corp. (*)		122		19,568
IQVIA Holdings, Inc. (*)		550		78,034
MasterCard, Inc., Class A		108		31,936
Medtronic PLC		545		49,976
Microsoft Corp.		955		194,352
Palo Alto Networks, Inc. (*)		226		51,905
S&P Global, Inc.		299		98,514
Starbucks Corp.		535		39,371
Synopsys, Inc. (*)		224		43,680
The Coca-Cola Co.		1,451		64,831
The Progressive Corp.		753		60,323
Thermo Fisher Scientific, Inc.		192		69,569
UnitedHealth Group, Inc.		260		76,687
Visa, Inc., Class A		243		46,940
				1,658,497
Total Common Stocks (Cost $2,600,990)				3,194,651

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

70   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Global Strategic Equity Portfolio (concluded)
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $18,914)		18,914	$	18,914
Total Investments  |  100.8% (Cost $2,619,904)			$	3,213,565
Liabilities in Excess of Cash and Other Assets  |  (0.8)%				(24,663	)
Net Assets  |  100.0%			$	3,188,902

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

Semi-Annual Report   71

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  99.4%
Australia  |  6.2%
ASX, Ltd.		127	$	7,504
Aurizon Holdings, Ltd.		1,188		4,045
BHP Group, Ltd.		370		9,182
CIMIC Group, Ltd.		397		6,651
Coles Group, Ltd.		407		4,835
CSL, Ltd.		82		16,257
Fortescue Metals Group, Ltd.		3,971		38,102
IGO, Ltd.		642		2,167
Inghams Group, Ltd.		1,021		2,256
Kogan.com, Ltd.		349		3,550
Magellan Financial Group, Ltd.		136		5,536
Netwealth Group, Ltd.		404		2,504
Regis Resources, Ltd.		2,955		10,867
Santos, Ltd.		4,223		15,528
Technology One, Ltd.		1,547		9,407
				138,391
Austria  |  0.2%
OMV AG		69		2,304
Raiffeisen Bank International AG		96		1,707
				4,011
Belgium  |  0.7%
Galapagos NV (*)		50		9,816
Groupe Bruxelles Lambert SA		60		5,027
				14,843
China  |  0.2%
S-Enjoy Service Group Co., Ltd.		2,000		5,159
Denmark  |  4.7%
Coloplast A/S, Class B		263		40,773
Novo Nordisk A/S, Class B		965		62,446
				103,219

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

72   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Finland  |  2.1%
Metso Oyj		200	$	6,545
Neste Oyj		68		2,656
UPM-Kymmene Oyj		410		11,832
Valmet Oyj		1,008		26,272
				47,305
France  |  10.2%
BNP Paribas SA (*)		229		9,078
Cie de Saint-Gobain (*)		519		18,654
Cie Generale des Etablissements Michelin SCA		61		6,319
Elis SA (*)		125		1,457
Hermes International		23		19,196
L’Oreal SA (*)		172		55,142
La Francaise des Jeux SAEM		109		3,359
Legrand SA		112		8,498
Orange SA		746		8,912
Peugeot SA (*)		867		14,074
Schneider Electric SE		471		52,219
Total SA		785		29,900
				226,808
Germany  |  5.8%
Allianz SE		269		54,869
Continental AG (*)		28		2,735
Deutsche Bank AG (*)		244		2,314
DWS Group GmbH & Co. KGaA		221		8,015
Eckert & Ziegler Strahlen- und Medizintechnik AG		14		2,336
HelloFresh SE (*)		147		7,804
MTU Aero Engines AG (*)		63		10,888
Muenchener Rueckversicherungs AG		61		15,831
SAP SE		72		10,022
Schaeffler AG (Preference Shares)		713		5,338
Siltronic AG		24		2,445
Varta AG (*)		59		6,615
				129,212

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

Semi-Annual Report   73

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Hong Kong  |  3.2%
Man Wah Holdings, Ltd.		7,200	$	6,892
Sands China, Ltd.		4,800		18,784
Sun Hung Kai Properties, Ltd.		1,000		12,744
WH Group, Ltd.		37,000		31,753
				70,173
Israel  |  0.3%
Plus500, Ltd.		370		6,026
Italy  |  3.0%
Banca Generali SpA		78		2,333
Enel SpA		4,321		37,226
Ferrari NV		90		15,336
Intesa Sanpaolo SpA (*)		2,327		4,445
Poste Italiane SpA		896		7,780
				67,120
Japan  |  25.6%
Advantest Corp.		300		17,040
Asahi Group Holdings, Ltd.		400		14,013
Brother Industries, Ltd.		300		5,406
Chubu Electric Power Co., Inc.		400		5,031
Chugai Pharmaceutical Co., Ltd.		300		16,037
Dai-ichi Life Holdings, Inc.		2,600		30,965
Daito Trust Construction Co., Ltd. Sponsored ADR		601		13,740
Daiwa House Industry Co., Ltd.		1,600		37,737
Dip Corp.		100		2,016
East Japan Railway Co. ADR		2,054		23,600
Electric Power Development Co., Ltd.		200		3,792
Itochu Techno-Solutions Corp.		500		18,739
Japan Tobacco, Inc.		100		1,855
Kao Corp.		100		7,917
KDDI Corp.		400		11,993
Kureha Corp.		100		4,370
Mitsubishi UFJ Financial Group, Inc.		3,500		13,689
Murata Manufacturing Co., Ltd.		300		17,578
Nihon Unisys, Ltd.		100		3,147

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

74   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Nikkiso Co., Ltd.		200	$	1,904
Nintendo Co., Ltd. ADR		288		16,099
Nishi-Nippon Financial Holdings, Inc.		500		3,372
Nitto Denko Corp. ADR		149		4,221
NTT DOCOMO, Inc.		1,618		43,163
Omron Corp. Sponsored ADR		164		11,029
Open House Co., Ltd.		100		3,426
Oracle Corp. Japan		100		11,800
ORIX Corp.		1,600		19,729
Otsuka Corp.		200		10,534
Rohto Pharmaceutical Co., Ltd.		200		6,342
Sekisui Chemical Co., Ltd.		600		8,582
Sekisui House, Ltd.		100		1,904
Seven & I Holdings Co., Ltd.		900		29,371
Shin-Etsu Chemical Co., Ltd.		333		38,927
Shionogi & Co., Ltd.		100		6,260
Softbank Corp.		1,800		22,911
Sumitomo Forestry Co., Ltd.		300		3,765
Sumitomo Mitsui Financial Group, Inc.		400		11,249
Sumitomo Mitsui Trust Holdings, Inc.		200		5,613
Sumitomo Realty & Development Co., Ltd.		200		5,499
T&D Holdings, Inc.		1,400		11,969
The 77 Bank, Ltd.		200		2,975
The Gunma Bank, Ltd.		1,000		3,172
The Kansai Electric Power Co., Inc.		200		1,938
The Shizuoka Bank, Ltd.		300		1,928
TIS, Inc.		400		8,508
Tokyu Construction Co., Ltd.		400		2,070
Trend Micro, Inc. Sponsored ADR		84		4,709
West Japan Railway Co.		300		16,822
				568,456
Luxembourg  |  0.1%
ArcelorMittal SA (*)		130		1,365
Macau  |  0.1%
Wynn Macau, Ltd.		1,200		2,085

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

Semi-Annual Report   75

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Netherlands  |  3.7%
Alfen Beheer BV (*)		127	$	5,112
ASM International NV		178		27,453
ASML Holding NV		48		17,596
Koninklijke Ahold Delhaize NV		558		15,195
NN Group NV		240		8,048
Royal Dutch Shell PLC, A Shares		408		6,492
Signify NV (*)		80		2,063
				81,959
New Zealand  |  0.6%
Fisher & Paykel Healthcare Corp., Ltd., Class C		525		12,141
Norway  |  0.7%
DNB ASA		573		7,582
Orkla ASA		548		4,803
Telenor ASA		269		3,919
				16,304
Singapore  |  1.0%
AEM Holdings, Ltd.		1,900		4,306
DBS Group Holdings, Ltd.		400		5,983
Oversea-Chinese Banking Corp., Ltd.		1,200		7,766
United Overseas Bank, Ltd.		300		4,364
				22,419
South Africa  |  0.1%
Investec PLC		673		1,345
Spain  |  1.6%
Amadeus IT Group SA		127		6,608
Industria de Diseno Textil SA		1,111		29,374
				35,982
Sweden  |  4.2%
Axfood AB		601		13,112
Essity AB, Class B (*)		407		13,140
Evolution Gaming Group AB		241		14,353
Lundin Energy AB		116		2,791
Skandinaviska Enskilda Banken AB, Class A (*)		820		7,092

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

76   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
SKF AB, Class B		523	$	9,704
Swedish Match AB		258		18,115
Volvo AB, Class B (*)		968		15,131
				93,438
Switzerland  |  11.7%
Credit Suisse Group AG		685		7,068
Geberit AG		31		15,499
Logitech International SA		179		11,671
Nestle SA		378		41,760
Novartis AG		878		76,290
Partners Group Holding AG		13		11,772
Roche Holding AG		253		87,596
STMicroelectronics NV		309		8,383
				260,039
United Kingdom  |  13.0%
Anglo American PLC		189		4,369
AstraZeneca PLC		77		8,027
Auto Trader Group PLC		742		4,835
Barclays PLC		14,523		20,547
Dialog Semiconductor PLC (*)		150		6,837
Fiat Chrysler Automobiles NV (*)		470		4,715
GlaxoSmithKline PLC		1,015		20,566
Howden Joinery Group PLC		1,121		7,669
HSBC Holdings PLC		839		3,927
IMI PLC		452		5,160
Imperial Brands PLC		746		14,206
Lloyds Banking Group PLC		12,983		5,008
Persimmon PLC (*)		309		8,738
RELX PLC		2,249		52,054
Rio Tinto PLC		166		9,341
Royal Bank of Scotland Group PLC		4,568		6,871
Softcat PLC		190		2,564
Spectris PLC		42		1,312
Spirent Communications PLC		1,032		3,078
SSE PLC		1,249		21,088
Standard Chartered PLC		921		5,014

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

Semi-Annual Report   77

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Tate & Lyle PLC		2,015	$	16,652
Taylor Wimpey PLC		1,059		1,868
Unilever NV		545		28,904
Vistry Group PLC		721		6,340
Vodafone Group PLC		11,680		18,624
				288,314
United States  |  0.4%
Ferguson PLC		93		7,608
Total Common Stocks (Cost $2,153,832)				2,203,722
Preferred Stocks  |  0.5%
Germany  |  0.5%
Porsche Automobil Holding SE		128		7,336
Volkswagen AG		27		4,083
Total Preferred Stocks (Cost $14,135)				11,419
Short-Term Investments  |  0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $16,596)		16,596		16,596
Total Investments  |  100.6% (Cost $2,184,563)			$	2,231,737
Liabilities in Excess of Cash and Other Assets  |  (0.6)%				(13,316	)
Net Assets  |  100.0%			$	2,218,421

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

78   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Concentrated Portfolio
Common Stocks  |  93.3%
Canada  |  2.9%
Suncor Energy, Inc.		101,483	$	1,711,068
China  |  9.2%
Ping An Insurance (Group) Co. of China, Ltd., Class H		268,000		2,676,531
Tencent Holdings, Ltd.		42,218		2,711,823
				5,388,354
France  |  18.1%
Engie SA (*)		327,134		4,037,919
Safran SA (*)		29,582		2,959,154
Sanofi		35,665		3,628,522
				10,625,595
Germany  |  17.9%
Beiersdorf AG		22,799		2,586,657
SAP SE		25,722		3,580,387
Vonovia SE		70,591		4,324,181
				10,491,225
Hong Kong  |  2.5%
China Gas Holdings, Ltd.		478,200		1,472,609
India  |  4.5%
Reliance Industries, Ltd. Sponsored GDR		56,740		2,621,388
Japan  |  8.6%
Digital Garage, Inc.		51,800		1,649,182
Hitachi, Ltd.		108,100		3,412,656
				5,061,838
Luxembourg  |  3.3%
ArcelorMittal SA (*)		182,940		1,920,899
Mexico  |  6.2%
Arca Continental SAB de CV		828,896		3,633,373

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

Semi-Annual Report   79

			Fair
Description	Shares		Value
Lazard International Equity Concentrated Portfolio (continued)
South Korea  |  3.2%
Samsung Electronics Co., Ltd.		41,982	$	1,861,025
Spain  |  1.5%
Siemens Gamesa Renewable Energy SA (*)		50,594		895,440
Switzerland  |  2.9%
Novartis AG		19,638		1,706,359
United Kingdom  |  3.8%
Prudential PLC		150,369		2,264,507
United States  |  8.7%
Aon PLC, Class A		8,662		1,668,301
Medtronic PLC		14,813		1,358,352
Samsonite International SA (*)		2,026,403		2,056,406
				5,083,059
Total Common Stocks (Cost $56,078,988)				54,736,739
Preferred Stocks  |  3.0%
Germany  |  3.0%
Volkswagen AG (Cost $2,035,185)		11,523		1,742,602
Short-Term Investments  |  4.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $2,375,313)		2,375,313		2,375,313

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

80   Semi-Annual Report

	Fair
Description	Value
Lazard International Equity Concentrated Portfolio (concluded)
Total Investments  |  100.4% (Cost $60,489,486)	$	58,854,654
Liabilities in Excess of Cash and Other Assets  |  (0.4)%		(225,427	)
Net Assets  |  100.0%	$	58,629,227

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

Semi-Annual Report   81

			Fair
Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks  |  95.6%
Australia  |  1.3%
BHP Group PLC		1,615,523	$	33,166,153
Canada  |  3.7%
Canadian National Railway Co.		344,354		30,465,792
Suncor Energy, Inc.		2,031,143		34,246,364
TMX Group, Ltd.		311,451		30,794,098
				95,506,254
China  |  2.4%
ENN Energy Holdings, Ltd.		1,905,000		21,395,368
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,943,500		39,383,954
				60,779,322
Denmark  |  2.4%
Carlsberg A/S, Class B		297,178		39,257,200
Vestas Wind Systems A/S		206,652		21,027,896
				60,285,096
Finland  |  2.3%
Nordea Bank Abp (*)		4,172,760		28,758,241
Sampo Oyj, A Shares		842,065		28,930,108
				57,688,349
France  |  15.2%
Air Liquide SA		343,924		49,555,614
Alstom SA		537,354		24,959,020
BNP Paribas SA (*)		504,145		19,985,863
Engie SA (*)		5,528,095		68,235,040
Safran SA (*)		446,770		44,691,404
Sanofi		798,728		81,261,797
Vinci SA		304,573		28,008,150
Vivendi SA		2,768,787		70,967,246
				387,664,134
Germany  |  7.9%
Fresenius Medical Care AG & Co. KGaA		383,289		32,678,310
Infineon Technologies AG		958,991		22,414,774
Merck KGaA		160,180		18,569,586

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

82   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
SAP SE		692,767	$	96,430,051
Vonovia SE		499,655		30,607,283
				200,700,004
Hong Kong  |  0.8%
ESR Cayman, Ltd. (*)		8,414,200		19,961,175
Indonesia  |  0.3%
PT Bank Mandiri (Persero) Tbk		25,291,900		8,771,347
Ireland  |  0.8%
Ryanair Holdings PLC Sponsored ADR (*)		317,636		21,071,972
Israel  |  1.1%
Bank Leumi Le-Israel BM		5,394,026		27,179,293
Italy  |  2.4%
Enel SpA		7,064,817		60,864,599
Japan  |  13.8%
Daiwa House Industry Co., Ltd.		1,589,881		37,498,361
Hitachi, Ltd.		1,436,900		45,362,128
Kao Corp.		457,380		36,209,532
Makita Corp.		952,100		34,577,403
Nexon Co., Ltd.		2,651,800		59,892,827
Nintendo Co., Ltd.		133,600		59,447,323
Sumitomo Mitsui Financial Group, Inc.		1,220,100		34,313,048
Suzuki Motor Corp.		606,900		20,592,189
Yamaha Corp.		535,200		25,179,790
				353,072,601
Luxembourg  |  0.6%
ArcelorMittal SA (*)		1,595,882		16,757,010
Mexico  |  0.6%
Arca Continental SAB de CV		3,483,812		15,270,903

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

Semi-Annual Report   83

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Netherlands  |  4.2%
JDE Peet’s BV (*)		519,238	$	21,047,761
Koninklijke DSM NV		370,233		51,174,675
Wolters Kluwer NV		439,247		34,265,800
				106,488,236
Norway  |  2.4%
Equinor ASA		1,843,944		26,223,205
Telenor ASA		2,354,350		34,299,332
				60,522,537
Portugal  |  1.4%
Energias de Portugal SA		5,510,180		26,278,652
Galp Energia SGPS SA		870,746		10,058,438
				36,337,090
Singapore  |  1.7%
DBS Group Holdings, Ltd.		1,765,620		26,411,065
NetLink NBN Trust		23,991,900		16,797,894
				43,208,959
South Korea  |  1.4%
Samsung Electronics Co., Ltd.		839,105		37,196,795
Spain  |  1.2%
Banco Santander SA (*)		12,404,304		30,247,988
Sweden  |  2.6%
Assa Abloy AB, Class B		1,680,001		34,111,077
Epiroc AB, Class A		2,631,045		32,736,628
				66,847,705
Switzerland  |  7.2%
ABB, Ltd.		2,533,332		56,943,116
Novartis AG		1,171,085		101,756,350
Roche Holding AG		74,846		25,914,047
				184,613,513
United Arab Emirates  |  0.4%
Network International Holdings PLC (*)		1,916,437		10,457,496

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

84   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (concluded)
United Kingdom  |  11.4%
Compass Group PLC		1,840,827	$	25,324,485
Howden Joinery Group PLC		2,020,710		13,824,425
Informa PLC		4,849,232		28,214,435
Prudential PLC		2,508,291		37,774,026
RELX PLC		3,011,988		69,713,289
RSA Insurance Group PLC		3,790,494		19,214,988
Tesco PLC		16,809,916		47,463,632
Unilever PLC		932,165		50,260,057
				291,789,337
United States  |  6.1%
Aon PLC, Class A		265,501		51,135,492
Ferguson PLC		393,822		32,216,593
Medtronic PLC		785,850		72,062,445
				155,414,530
Total Common Stocks (Cost $2,332,070,128)				2,441,862,398
Preferred Stocks  |  2.3%
Germany  |  2.3%
Volkswagen AG (Cost $68,978,793)		382,389		57,827,978
Short-Term Investments  |  1.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $25,988,360)		25,988,360		25,988,360
Total Investments  |  98.9% (Cost $2,427,037,281)			$	2,525,678,736
Cash and Other Assets in Excess of Liabilities  |  1.1%				28,135,360
Net Assets  |  100.0%			$	2,553,814,096

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

Semi-Annual Report   85

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks  |  94.0%
Australia  |  1.2%
BHP Group, Ltd.		41,383	$	1,026,993
Brazil  |  1.9%
BB Seguridade Participacoes SA		123,700		620,308
Cia de Saneamento Basico do Estado de Sao Paulo		45,600		483,831
Lojas Renner SA		55,300		425,064
				1,529,203
Canada  |  2.2%
Canadian National Railway Co.		9,700		858,181
Suncor Energy, Inc.		57,000		961,056
				1,819,237
China  |  9.1%
58.com, Inc. ADR (*)		14,970		807,482
Autohome, Inc. ADR		7,154		540,127
ENN Energy Holdings, Ltd.		105,500		1,184,888
Ping An Insurance (Group) Co. of China, Ltd., Class H		192,500		1,922,508
Tencent Holdings, Ltd.		47,300		3,038,259
				7,493,264
Denmark  |  2.2%
Carlsberg A/S, Class B		7,969		1,052,704
Vestas Wind Systems A/S		7,152		727,753
				1,780,457
Finland  |  2.4%
Nordea Bank Abp (*)		111,626		769,315
Sampo Oyj, A Shares		36,447		1,252,178
				2,021,493
France  |  13.4%
Air Liquide SA		5,126		738,599
Alstom SA		14,945		694,165
BNP Paribas SA (*)		20,732		821,880
Engie SA (*)		152,370		1,880,752
Safran SA (*)		16,851		1,685,643
Sanofi		22,920		2,331,858

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

86   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Vinci SA		8,783	$	807,674
Vivendi SA		83,945		2,151,609
				11,112,180
Germany  |  6.2%
Beiersdorf AG		9,976		1,131,826
Knorr-Bremse AG		7,104		718,784
SAP SE		23,291		3,242,002
				5,092,612
Hong Kong  |  0.5%
ESR Cayman, Ltd. (*)		174,200		413,258
India  |  1.2%
ICICI Bank, Ltd. Sponsored ADR		109,835		1,020,367
Indonesia  |  1.2%
PT Bank Mandiri (Persero) Tbk		915,100		317,361
PT Telekomunikasi Indonesia (Persero) Tbk Sponsored ADR		28,858		631,413
				948,774
Ireland  |  0.9%
Ryanair Holdings PLC Sponsored ADR (*)		10,677		708,312
Italy  |  2.0%
Enel SpA		193,015		1,662,857
Japan  |  12.8%
Daiwa House Industry Co., Ltd.		28,600		674,549
Hitachi, Ltd.		40,000		1,262,778
Kao Corp.		15,800		1,250,843
Makita Corp.		30,500		1,107,668
Nintendo Co., Ltd.		4,500		2,002,343
Ryohin Keikaku Co., Ltd.		47,500		672,234
Shimano, Inc.		4,700		903,956
Shin-Etsu Chemical Co., Ltd.		9,000		1,052,087
Sumitomo Mitsui Financial Group, Inc.		36,576		1,028,632
Suzuki Motor Corp.		19,400		658,244
				10,613,334

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

Semi-Annual Report   87

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Mexico  |  1.0%
Grupo Financiero Banorte SAB de CV, Class O (*)		249,000	$	863,638
Netherlands  |  3.5%
JDE Peet’s BV (*)		17,684		716,836
Koninklijke DSM NV		8,658		1,196,734
Wolters Kluwer NV		13,096		1,021,623
				2,935,193
Norway  |  2.0%
Equinor ASA		49,671		706,384
Telenor ASA		67,805		987,817
				1,694,201
Singapore  |  0.9%
DBS Group Holdings, Ltd.		51,600		771,860
South Africa  |  0.8%
Mr Price Group, Ltd.		77,245		636,197
South Korea  |  3.4%
LG Household & Health Care, Ltd.		656		733,916
Samsung Electronics Co., Ltd.		45,958		2,037,278
				2,771,194
Sweden  |  1.8%
Assa Abloy AB, Class B		37,341		758,179
Hexagon AB, B Shares (*)		12,500		728,581
				1,486,760
Switzerland  |  7.7%
ABB, Ltd.		79,520		1,787,415
Flughafen Zuerich AG (*)		3,214		416,853
Lonza Group AG		1,899		1,001,332
Novartis AG		36,686		3,187,671
				6,393,271
Thailand  |  0.4%
Kasikornbank Public Co. Ltd. (‡)		106,300		321,272

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

88   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
United Kingdom  |  8.2%
Compass Group PLC		54,445	$	749,007
Linde PLC (*)		3,371		709,553
Prudential PLC		68,883		1,037,355
RELX PLC		79,675		1,844,100
Tesco PLC		461,142		1,302,057
Unilever PLC		21,581		1,163,595
				6,805,667
United States  |  7.1%
Accenture PLC, Class A		8,200		1,760,704
Aon PLC, Class A		9,055		1,743,993
Ferguson PLC		10,456		855,353
Medtronic PLC		16,970		1,556,149
				5,916,199
Total Common Stocks (Cost $78,576,132)				77,837,793
Preferred Stocks  |  1.9%
Germany  |  1.9%
Volkswagen AG (Cost $1,850,818)		10,703		1,618,595
Short-Term Investments  |  3.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $3,119,118)		3,119,118		3,119,118
Total Investments  |  99.7% (Cost $83,546,068)			$	82,575,506
Cash and Other Assets in Excess of Liabilities  |  0.3%				265,140
Net Assets  |  100.0%			$	82,840,646

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

Semi-Annual Report   89

Description	Shares		Fair Value
Lazard International Equity Value Portfolio
Common Stocks  |  93.7%
Austria  |  2.8%
BAWAG Group AG (*)		1,851	$	63,819
Canada  |  1.5%
Canadian Natural Resources, Ltd.		2,040		35,388
France  |  21.6%
Bollore SA		16,044		50,319
Carrefour SA		5,508		85,029
Credit Agricole SA (*)		8,091		76,426
Engie SA (*)		9,532		117,656
Sanofi		876		89,123
Thales SA		961		77,517
				496,070
Germany  |  11.9%
Allianz SE		456		93,012
KION Group AG		1,071		65,748
Siemens AG		975		114,531
				273,291
Japan  |  17.4%
Hitachi, Ltd.		3,500		110,493
Nexon Co., Ltd.		2,200		49,689
Shin-Etsu Chemical Co., Ltd.		600		70,139
Sony Corp. Sponsored ADR		686		47,423
Suzuki Motor Corp.		1,968		66,774
Universal Entertainment Corp. (*)		2,785		54,593
				399,111
Luxembourg  |  2.6%
B&M European Value Retail SA		12,160		59,830
Macau  |  3.6%
SJM Holdings, Ltd.		74,306		83,069

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

90   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Value Portfolio (continued)
Mexico  |  4.5%
Arca Continental SAB de CV		23,494	$	102,983
Netherlands  |  5.4%
Akzo Nobel NV		771		68,977
Koninklijke DSM NV		391		54,045
				123,022
Norway  |  2.5%
Equinor ASA		4,060		57,738
South Korea  |  2.4%
Kangwon Land, Inc.		3,125		56,374
Spain  |  3.6%
Banco Santander SA (*)		33,638		82,027
Sweden  |  1.1%
Sandvik AB (*)		1,345		25,087
Switzerland  |  4.3%
Coca-Cola HBC AG		3,984		99,990
United Kingdom  |  8.5%
easyJet PLC		4,127		34,708
Prudential PLC		4,780		71,985
Vodafone Group PLC		55,244		88,090
				194,783
Total Common Stocks (Cost $2,238,141)				2,152,582
Preferred Stocks  |  4.1%
Germany  |  4.1%
Volkswagen AG (Cost $107,006)		632		95,576

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

Semi-Annual Report   91

Description	Shares		Fair Value
Lazard International Equity Value Portfolio (concluded)
Short-Term Investments  |  2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $66,234)		66,234	$	66,234
Total Investments  |  100.7% (Cost $2,411,381)			$	2,314,392
Liabilities in Excess of Cash and Other Assets  |  (0.7)%				(17,054	)
Net Assets  |  100.0%			$	2,297,338

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

92   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio
Common Stocks  |  98.6%
Canada  |  8.0%
CAE, Inc.		3,701	$	60,029
Dollarama, Inc.		2,274		75,644
National Bank of Canada		1,558		70,601
Toromont Industries, Ltd.		2,106		104,509
				310,783
China  |  6.6%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		416		89,731
Tencent Holdings, Ltd.		2,600		167,008
				256,739
Denmark  |  7.1%
Coloplast A/S, Class B		513		79,530
Demant A/S (*)		2,548		67,146
Genmab A/S (*)		394		131,801
				278,477
France  |  4.7%
Legrand SA		1,084		82,252
LVMH Moet Hennessy Louis Vuitton SE		231		101,177
				183,429
Germany  |  10.5%
Rational AG		131		73,265
SAP SE		808		112,470
Scout24 AG		1,667		129,568
Symrise AG		807		93,628
				408,931
Hong Kong  |  2.2%
AIA Group, Ltd.		9,400		87,486
India  |  3.0%
HDFC Bank, Ltd. ADR		2,538		115,378
Israel  |  1.8%
Check Point Software Technologies, Ltd. (*)		646		69,400

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

Semi-Annual Report   93

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (continued)
Japan  |  10.8%
Pigeon Corp.		1,700	$	65,726
Shimano, Inc.		300		57,699
SMS Co., Ltd.		4,900		109,889
Toei Animation Co., Ltd.		2,300		107,252
Workman Co., Ltd.		900		79,077
				419,643
Netherlands  |  5.5%
ASML Holding NV		370		135,634
Wolters Kluwer NV		1,031		80,429
				216,063
Norway  |  1.7%
Gjensidige Forsikring ASA (*)		3,636		66,974
South Africa  |  1.9%
Clicks Group, Ltd.		6,211		75,260
South Korea  |  2.2%
LG Household & Health Care, Ltd.		75		83,908
Spain  |  1.3%
Industria de Diseno Textil SA		1,920		50,763
Sweden  |  4.5%
Assa Abloy AB, Class B		4,818		97,826
Hexagon AB, B Shares (*)		1,317		76,763
				174,589
Switzerland  |  5.3%
Geberit AG		162		80,993
Partners Group Holding AG		139		125,871
				206,864
Taiwan  |  3.4%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		2,369		134,488

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

94   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (concluded)
United Kingdom  |  14.9%
Bunzl PLC		2,448	$	65,633
Compass Group PLC		3,398		46,747
Dechra Pharmaceuticals PLC		1,685		59,368
Diageo PLC		2,934		97,391
Intertek Group PLC		1,108		74,587
London Stock Exchange Group PLC		1,081		111,823
Prudential PLC		2,258		34,005
RELX PLC		3,939		91,043
				580,597
United States  |  3.2%
Aon PLC, Class A		647		124,612
Total Common Stocks
(Cost $3,193,709)				3,844,384
Short-Term Investments  |  2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $83,352)		83,352		83,352
Total Investments  |  100.7%
(Cost $3,277,061)			$	3,927,736
Liabilities in Excess of Cash and Other Assets  |  (0.7)%				(27,605	)
Net Assets  |  100.0%			$	3,900,131

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

Semi-Annual Report   95

			Fair
Description	Shares		Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  98.3%
Australia  |  3.3%
Bravura Solutions, Ltd.		203,341	$	638,015
carsales.com, Ltd.		33,635		413,793
Domino’s Pizza Enterprises, Ltd.		6,756		320,651
				1,372,459
Austria  |  1.3%
BAWAG Group AG (*)		15,617		538,444
Belgium  |  5.0%
Barco NV		2,691		473,773
Fagron		24,763		520,427
Kinepolis Group NV (*)		10,809		488,176
Shurgard Self Storage SA		14,724		553,001
				2,035,377
Canada  |  3.5%
Altus Group, Ltd.		9,646		289,820
Stelco Holdings, Inc.		52,094		293,547
The Descartes Systems Group, Inc. (*)		6,562		346,419
WPT Industrial Real Estate Investment Trust		39,971		515,626
				1,445,412
Denmark  |  1.4%
Royal Unibrew A/S (*)		7,013		583,086
Finland  |  2.6%
Altia Oyj		54,503		488,493
Kojamo Oyj		26,858		566,798
				1,055,291
France  |  1.4%
Chargeurs SA		13,401		200,510
Kaufman & Broad SA		10,649		366,867
				567,377

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 (continued)
Germany  |  12.4%
Aroundtown SA (*)		107,663	$	616,235
CompuGroup Medical SE & Co. KgaA		4,864		382,478
Dermapharm Holding SE		15,956		794,110
Flatex AG (*)		22,219		1,134,999
JOST Werke AG (*)		15,115		509,788
LEG Immobilien AG		4,152		526,761
PATRIZIA AG		20,399		493,816
Teamviewer AG (*)		11,553		630,313
				5,088,500
Greece  |  0.9%
JUMBO SA		20,027		361,114
India  |  0.9%
Jubilant Life Sciences, Ltd.		44,640		390,063
Ireland  |  1.1%
Dalata Hotel Group PLC		143,273		458,129
Israel  |  0.9%
Israel Discount Bank, Ltd., Class A		117,455		359,398
Italy  |  3.8%
Banca Generali SpA		18,140		542,567
Cerved Group SpA (*)		54,912		394,110
Italgas SpA		105,373		611,434
				1,548,111
Japan  |  25.1%
Ariake Japan Co., Ltd.		7,300		464,234
ARTERIA Networks Corp.		41,800		741,893
Broadleaf Co., Ltd.		78,400		383,184
Curves Holdings Co., Ltd. (*)		41,900		230,638
Daiseki Co., Ltd.		17,600		468,724
Digital Garage, Inc.		15,100		480,746
GMO internet, Inc.		23,500		648,691
Industrial & Infrastructure Fund Investment Corp. REIT		374		602,199

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)
Jafco Co., Ltd.		16,000	$	539,614
Japan Lifeline Co., Ltd.		40,100		529,354
KOMEDA Holdings Co., Ltd.		27,700		469,687
Nippon Shinyaku Co., Ltd.		5,200		422,838
Open House Co., Ltd.		20,900		715,956
Sanwa Holdings Corp.		49,100		438,360
TechnoPro Holdings, Inc.		9,245		535,252
Trend Micro, Inc.		6,700		374,179
Trusco Nakayama Corp.		19,000		491,943
Tsuruha Holdings, Inc.		5,000		688,246
USS Co., Ltd.		31,300		500,050
Zenkoku Hosho Co., Ltd.		15,142		569,067
				10,294,855
Jersey  |  1.9%
JTC PLC		138,657		797,603
Luxembourg  |  1.1%
Stabilus SA		8,474		443,864
Netherlands  |  4.7%
Aalberts NV		12,062		394,859
Arcadis NV (*)		16,302		294,434
ASM International NV		5,607		864,754
Van Lanschot Kempen NV		26,842		389,115
				1,943,162
New Zealand  |  1.0%
Freightways, Ltd.		86,153		401,632
Norway  |  0.5%
TGS NOPEC Geophysical Co. ASA		13,059		189,450
Singapore  |  0.9%
XP Power, Ltd.		8,804		388,534
Spain  |  0.9%
Merlin Properties Socimi SA REIT		42,903		355,364

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)
Sweden  |  8.0%
Getinge AB, B Shares		20,680	$	383,283
Granges AB (*)		46,589		368,327
Karnov Group AB		158,756		945,155
Lifco AB, B Shares		6,327		400,105
Lindab International AB		40,357		472,279
Stillfront Group AB (*)		7,831		700,085
				3,269,234
Switzerland  |  1.1%
Kardex Holding AG		2,527		460,256
United Kingdom  |  13.8%
Ascential PLC		108,497		388,890
Auto Trader Group PLC		79,123		515,534
Bellway PLC		13,742		432,990
Britvic PLC		42,653		406,623
Dechra Pharmaceuticals PLC		9,040		318,510
Electrocomponents PLC		58,739		487,768
GB Group PLC		29,649		246,743
Hunting PLC		129,772		341,445
JD Sports Fashion PLC		40,253		309,939
Pennon Group PLC		47,897		663,355
Polypipe Group PLC		78,481		420,262
Rentokil Initial PLC		63,346		399,467
Rightmove PLC		47,656		322,066
Smart Metering Systems PLC		58,379		428,222
				5,681,814
United States  |  0.8%
Nexteer Automotive Group, Ltd.		479,000		331,726
Total Common Stocks (Cost $38,477,544)				40,360,255

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 (concluded)
Short-Term Investments  |  1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $680,379)		680,379	$	680,379
Total Investments  |  100.0% (Cost $39,157,923)			$	41,040,634
Liabilities in Excess of Cash and Other Assets  |  0.0%				(5,676	)
Net Assets  |  100.0%			$	41,034,958

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

100   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  93.2%
Brazil  |  0.5%
Lojas Renner SA		3,318,200	$	25,505,371
Canada  |  6.0%
CAE, Inc.		6,198,651		100,540,877
National Bank of Canada		1,988,901		90,127,570
Suncor Energy, Inc.		2,640,682		44,523,579
TMX Group, Ltd.		598,946		59,219,595
				294,411,621
China  |  4.3%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		288,337		62,194,291
Autohome, Inc. ADR		453,775		34,260,012
Ping An Bank Co., Ltd., Class A		19,564,647		35,245,346
Ping An Insurance (Group) Co. of China, Ltd., Class H		4,360,463		43,548,187
Tencent Holdings, Ltd.		598,440		38,440,080
				213,687,916
Denmark  |  3.1%
Carlsberg A/S, Class B		562,738		74,337,663
Genmab A/S (*)		231,997		77,607,934
				151,945,597
Finland  |  1.6%
Sampo Oyj, A Shares		2,331,083		80,087,028
France  |  10.0%
Alstom SA		533,721		24,790,275
Engie SA (*)		8,968,053		110,695,539
Safran SA (*)		710,159		71,038,795
Sanofi		1,817,749		184,935,985
Vivendi SA		4,048,406		103,765,377
				495,225,971

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

Semi-Annual Report   101

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Germany  |  7.6%
Beiersdorf AG		893,539	$	101,376,325
Infineon Technologies AG		1,789,011		41,815,072
Rational AG		57,577		32,201,453
SAP SE		804,899		112,038,320
Vonovia SE		1,447,887		88,692,971
				376,124,141
Hong Kong  |  1.8%
ESR Cayman, Ltd. (*)		22,635,400		53,698,412
Sands China, Ltd.		9,513,200		37,227,280
				90,925,692
India  |  0.8%
Housing Development Finance Corp., Ltd.		1,690,247		39,646,505
Ireland  |  1.2%
Ryanair Holdings PLC Sponsored ADR (*)		926,686		61,476,349
Israel  |  1.7%
Bank Leumi Le-Israel BM		16,136,704		81,309,250
Italy  |  2.5%
Enel SpA		14,115,460		121,607,087
Japan  |  13.2%
AEON Financial Service Co., Ltd.		2,838,275		30,958,990
en-japan, Inc.		148,197		3,654,794
FANUC Corp.		348,300		62,238,656
Kao Corp.		1,187,753		94,031,178
Makita Corp.		2,916,691		105,925,428
Nexon Co., Ltd.		3,933,035		88,830,449
Nintendo Co., Ltd.		346,750		154,291,612
Suzuki Motor Corp.		1,730,372		58,711,727
Yamaha Corp.		1,052,972		49,539,637
				648,182,471
Mexico  |  1.1%
Arca Continental SAB de CV		11,931,200		52,299,089

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

102   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Netherlands  |  1.0%
JDE Peet’s BV (*)		1,208,602	$	48,991,727
Norway  |  1.0%
Equinor ASA		3,580,636		50,921,151
Portugal  |  0.8%
Energias de Portugal SA		8,023,061		38,262,857
Spain  |  2.7%
Bankinter SA		2,144,170		10,208,045
Industria de Diseno Textil SA		2,164,644		57,231,576
Siemens Gamesa Renewable Energy SA (*)		3,646,306		64,534,298
				131,973,919
Sweden  |  0.8%
Hexagon AB, B Shares (*)		687,064		40,046,555
Switzerland  |  9.9%
ABB, Ltd.		5,599,783		125,869,445
Alcon, Inc. (*)		981,112		56,214,015
Idorsia, Ltd. (*)		788,811		25,183,949
Julius Baer Group, Ltd.		1,732,141		72,360,220
Novartis AG		1,692,518		147,064,008
Partners Group Holding AG		68,834		62,332,672
				489,024,309
United Kingdom  |  14.4%
Coca-Cola European Partners PLC		1,934,532		73,166,240
Compass Group PLC		3,268,888		44,970,497
Diageo PLC		612,385		20,327,479
Informa PLC		13,240,964		77,040,305
InterContinental Hotels Group PLC		1,056,906		46,845,715
Linde PLC (*)		245,462		51,666,690
Prudential PLC		4,979,033		74,982,576
RELX PLC		4,239,340		98,120,689
Rio Tinto PLC		2,372,898		133,522,873
Tesco PLC		31,484,310		88,897,511
				709,540,575

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

Semi-Annual Report   103

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
United States  |  7.2%
Accenture PLC, Class A		402,156	$	86,350,936
Aon PLC, Class A		754,880		145,389,888
Medtronic PLC		1,326,671		121,655,731
				353,396,555
Total Common Stocks (Cost $4,221,779,596)				4,594,591,736
Preferred Stocks  |  2.6%
Germany  |  2.6%
Volkswagen AG (Cost $151,473,410)		837,374		126,634,514
Short-Term Investments  |  1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $79,445,035)		79,445,035		79,445,035
Total Investments  |  97.4% (Cost $4,452,698,041)			$	4,800,671,285
Cash and Other Assets in Excess of Liabilities  |  2.6%				127,150,095
Net Assets  |  100.0%			$	4,927,821,380

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

104   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  97.2%
Australia  |  4.5%
AGL Energy, Ltd.		20,465	$	241,365
ASX, Ltd.		7,781		459,787
Aurizon Holdings, Ltd.		23,205		79,007
BHP Group, Ltd.		3,157		78,347
CSL, Ltd.		1,245		246,825
Fortescue Metals Group, Ltd.		21,455		205,865
Technology One, Ltd.		13,040		79,291
				1,390,487
Belgium  |  0.6%
Colruyt SA		1,664		91,500
Telenet Group Holding NV		1,969		80,968
				172,468
Canada  |  0.3%
Quebecor, Inc., Class B		4,134		88,825
Denmark  |  2.4%
Coloplast A/S, Class B		2,701		418,733
Novo Nordisk A/S, Class B		5,188		335,721
				754,454
Finland  |  0.3%
Elisa Oyj		1,558		94,703
France  |  0.6%
L’Oreal SA (*)		264		84,636
Orange SA		7,632		91,173
				175,809
Hong Kong  |  1.0%
Hysan Development Co., Ltd.		23,000		74,157
Sun Hung Kai Properties, Ltd.		12,500		159,303
WH Group, Ltd.		86,500		74,233
				307,693

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

Semi-Annual Report   105

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
Japan  |  16.4%
Ajinomoto Co., Inc.		9,000	$	149,526
Chubu Electric Power Co., Inc.		16,100		202,510
Dai-ichi Life Holdings, Inc.		9,000		107,188
Daito Trust Construction Co., Ltd.		2,200		202,136
Daiwa House Industry Co., Ltd.		6,800		160,382
Daiwa Securities Group, Inc.		22,100		92,195
East Japan Railway Co.		4,300		297,989
Electric Power Development Co., Ltd.		12,700		240,782
Fuji Media Holdings, Inc.		4,700		45,254
Japan Post Holdings Co., Ltd.		17,100		121,598
Kaken Pharmaceutical Co., Ltd.		1,400		71,543
Kandenko Co., Ltd.		7,800		66,321
Kao Corp.		2,800		221,668
KDDI Corp.		6,800		203,883
Kyudenko Corp.		4,000		117,976
Lawson, Inc.		1,800		90,253
McDonald’s Holdings Co. Japan, Ltd.		5,900		318,286
Mitsubishi Heavy Industries, Ltd.		3,400		80,208
Mitsubishi UFJ Financial Group, Inc.		17,700		69,228
MS&AD Insurance Group Holdings, Inc.		3,800		104,358
Nintendo Co., Ltd.		100		44,497
NTT DOCOMO, Inc.		14,000		373,470
Ono Pharmaceutical Co., Ltd.		2,600		75,627
Rengo Co., Ltd.		9,100		74,072
Resona Holdings, Inc.		21,900		74,729
Sankyu, Inc.		3,100		116,470
Seven & I Holdings Co., Ltd.		8,700		283,915
Sugi Holdings Co., Ltd.		1,800		121,765
Sumitomo Mitsui Trust Holdings, Inc.		2,300		64,551
Sundrug Co., Ltd.		2,100		69,386
The Chiba Bank, Ltd.		18,200		85,787
The Gunma Bank, Ltd.		26,600		84,376
The Hachijuni Bank, Ltd.		22,000		83,446
The Kansai Electric Power Co., Inc.		7,400		71,703
The Shizuoka Bank, Ltd.		11,700		75,203

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

106   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
Tohoku Electric Power Co., Inc.		12,600	$	119,826
West Japan Railway Co.		3,700		207,469
Yaoko Co., Ltd.		1,500		107,054
				5,096,630
Netherlands  |  1.9%
Flow Traders		4,479		160,152
Koninklijke Ahold Delhaize NV		13,325		362,857
Royal Dutch Shell PLC, A Shares		3,337		53,099
				576,108
New Zealand  |  0.6%
Fisher & Paykel Healthcare Corp., Ltd., Class C		8,405		194,366
Norway  |  1.3%
Orkla ASA		23,845		209,011
Telenor ASA		13,302		193,790
				402,801
Spain  |  0.4%
Corporacion Financiera Alba SA		556		22,563
Viscofan SA		1,535		100,113
				122,676
Sweden  |  0.9%
Axfood AB		7,733		168,703
Swedish Match AB		1,764		123,859
				292,562
Switzerland  |  4.4%
Galenica AG		1,494		106,804
Novartis AG		4,903		426,025
Roche Holding AG		1,990		689,001
Swisscom AG		303		158,474
				1,380,304
United Kingdom  |  2.4%
BT Group PLC		44,118		62,268
GlaxoSmithKline PLC		3,538		71,687
RELX PLC		17,431		403,445
SSE PLC		4,381		73,969
Wm Morrison Supermarkets PLC		57,922		136,643
				748,012

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

Semi-Annual Report   107

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
United States  |  59.2%
3M Co.		2,963	$	462,198
AbbVie, Inc.		2,023		198,618
Accenture PLC, Class A		915		196,469
Adobe, Inc. (*)		465		202,419
Akamai Technologies, Inc. (*)		1,817		194,583
Allegion PLC		1,263		129,104
Alphabet, Inc., Class C (*)		96		135,707
Amdocs, Ltd.		1,159		70,560
American States Water Co.		1,097		86,257
American Tower Corp. REIT		762		197,007
AmerisourceBergen Corp.		1,529		154,077
Amgen, Inc.		854		201,424
Aon PLC, Class A		1,556		299,686
Apple, Inc.		559		203,923
AT&T, Inc.		4,873		147,311
Baxter International, Inc.		1,726		148,609
Best Buy Co., Inc.		864		75,401
Booz Allen Hamilton Holding Corp.		3,713		288,834
Bristol-Myers Squibb Co.		4,487		263,836
Burlington Stores, Inc. (*)		399		78,575
Cabot Oil & Gas Corp.		4,999		85,883
Cadence Design Systems, Inc. (*)		1,728		165,819
Campbell Soup Co.		7,200		357,336
Cboe Global Markets, Inc.		592		55,222
Church & Dwight Co., Inc.		3,431		265,216
Ciena Corp. (*)		1,673		90,610
Cisco Systems, Inc.		6,917		322,609
Citrix Systems, Inc.		2,117		313,125
Comcast Corp., Class A		5,875		229,008
Costco Wholesale Corp.		260		78,835
Cummins, Inc.		450		77,967
CVS Health Corp.		1,778		115,517
DaVita, Inc. (*)		1,314		103,990
Dollar General Corp.		1,680		320,057
Easterly Government Properties, Inc. REIT		3,201		74,007

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

108   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (continued)
Edwards Lifesciences Corp. (*)		1,022	$	70,630
Electronic Arts, Inc. (*)		1,387		183,153
Eli Lilly & Co.		2,021		331,808
F5 Networks, Inc. (*)		1,134		158,170
Facebook, Inc., Class A (*)		1,155		262,266
FactSet Research Systems, Inc.		378		124,162
Flowers Foods, Inc.		3,166		70,792
General Mills, Inc.		7,441		458,738
Gilead Sciences, Inc.		3,035		233,513
Hormel Foods Corp.		7,950		383,746
Intuit, Inc.		701		207,629
Jack Henry & Associates, Inc.		1,322		243,288
Johnson & Johnson		3,447		484,752
Kellogg Co.		3,836		253,406
Kimberly-Clark Corp.		3,144		444,404
Lockheed Martin Corp.		1,219		444,837
McKesson Corp.		560		85,915
Merck & Co., Inc.		5,591		432,352
Microsoft Corp.		995		202,492
National Fuel Gas Co.		3,253		136,398
NIKE, Inc., Class B		1,248		122,366
Northrop Grumman Corp.		827		254,253
PepsiCo, Inc.		3,191		422,042
Pfizer, Inc.		6,376		208,495
Pool Corp.		477		129,682
Public Service Enterprise Group, Inc.		4,389		215,763
QUALCOMM, Inc.		1,837		167,553
Regeneron Pharmaceuticals, Inc. (*)		132		82,322
Republic Services, Inc.		1,830		150,152
S&P Global, Inc.		245		80,723
Silgan Holdings, Inc.		12,532		405,911
Southwest Gas Holdings, Inc.		1,136		78,441
Sprouts Farmers Market, Inc. (*)		2,950		75,491
Synopsys, Inc. (*)		1,103		215,085
Target Corp.		2,389		286,513
TD Ameritrade Holding Corp.		2,027		73,742

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

Semi-Annual Report   109

			Fair
Description	Shares		Value
Lazard Managed Equity Volatility Portfolio (concluded)
The Clorox Co.		2,209	$	484,588
The Hershey Co.		3,141		407,136
The Kroger Co.		4,597		155,608
The Procter & Gamble Co.		4,018		480,432
The Progressive Corp.		1,160		92,928
The TJX Cos., Inc.		1,709		86,407
Thermo Fisher Scientific, Inc.		218		78,990
Tractor Supply Co.		1,250		164,738
UnitedHealth Group, Inc.		438		129,188
Verizon Communications, Inc.		8,207		452,452
Vertex Pharmaceuticals, Inc. (*)		283		82,158
Walmart, Inc.		3,615		433,005
Waste Management, Inc.		663		70,218
WEC Energy Group, Inc.		2,780		243,667
Weis Markets, Inc.		2,002		100,340
West Pharmaceutical Services, Inc.		343		77,919
WW Grainger, Inc.		290		91,106
Xcel Energy, Inc.		1,331		83,188
Zoetis, Inc.		616		84,417
				18,369,269
Total Common Stocks (Cost $28,951,287)				30,167,167
Short-Term Investments  |  2.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $655,254)		655,254		655,254
Total Investments  |  99.3% (Cost $29,606,541)			$	30,822,421
Cash and Other Assets in Excess of Liabilities  |  0.7%				209,588
Net Assets  |  100.0%			$	31,032,009

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

110   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  99.0%
Building Products  |  4.3%
Armstrong World Industries, Inc.		953,658	$	74,347,178
Capital Markets  |  9.9%
Intercontinental Exchange, Inc.		886,001		81,157,692
S&P Global, Inc.		271,277		89,380,346
				170,538,038
Commercial Services & Supplies  |  3.1%
Waste Management, Inc.		505,892		53,579,022
Communications Equipment  |  3.6%
Motorola Solutions, Inc.		439,059		61,525,338
Construction Materials  |  4.7%
Vulcan Materials Co.		691,048		80,057,911
Electronic Equipment, Instruments & Components  |  3.0%
CDW Corp.		159,456		18,525,598
Zebra Technologies Corp., Class A (*)		131,000		33,529,450
				52,055,048
Entertainment  |  1.1%
Electronic Arts, Inc. (*)		138,937		18,346,631
Equity Real Estate Investment Trusts (REITs)  |  9.4%
Crown Castle International Corp.		432,029		72,300,053
Public Storagess		467,935		89,792,047
				162,092,100
Health Care Equipment & Supplies  |  13.9%
Baxter International, Inc.		1,094,720		94,255,392
Medtronic PLC		1,574,466		144,378,532
				238,633,924

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

Semi-Annual Report   111

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (continued)
Hotels, Restaurants & Leisure  |  6.8%
McDonald’s Corp.		449,745	$	82,964,460
Starbucks Corp.		466,733		34,346,882
				117,311,342
Interactive Media & Services  |  8.5%
Alphabet, Inc., Class A (*)		102,583		145,467,823
IT Services  |  9.7%
Fiserv, Inc. (*)		1,301,850		127,086,597
Visa, Inc., Class A		200,401		38,711,461
				165,798,058
Leisure Products  |  2.2%
Brunswick Corp.		593,422		37,984,942
Multiline Retail  |  1.1%
Dollar Tree, Inc. (*)		196,615		18,222,278
Road & Rail  |  1.9%
Norfolk Southern Corp.		188,062		33,018,045
Semiconductors & Semiconductor Equipment  |  11.1%
Analog Devices, Inc.		904,316		110,905,314
Skyworks Solutions, Inc.		617,079		78,899,721
				189,805,035
Specialty Retail  |  4.7%
Lowe’s Cos., Inc.		598,654		80,890,128
Total Common Stocks (Cost $1,375,361,616)				1,699,672,841

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

112   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
Short-Term Investments  |  1.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $16,448,079)		16,448,079	$	16,448,079
Total Investments  |  100.0% (Cost $1,391,809,695)			$	1,716,120,920
Cash and Other Assets in Excess of Liabilities  |  0.0%				55,541
Net Assets  |  100.0%			$	1,716,176,461

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

Semi-Annual Report   113

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks  |  98.8%
Auto Components  |  0.9%
Aptiv PLC		4,336	$	337,861
Banks  |  5.4%
Bank of America Corp.		34,186		811,918
Commerce Bancshares, Inc.		9,467		563,002
JPMorgan Chase & Co.		7,900		743,074
				2,117,994
Beverages  |  3.2%
The Coca-Cola Co.		28,168		1,258,546
Capital Markets  |  4.8%
Intercontinental Exchange, Inc.		20,816		1,906,746
Communications Equipment  |  3.2%
Cisco Systems, Inc.		27,570		1,285,865
Entertainment  |  1.6%
Electronic Arts, Inc. (*)		4,653		614,429
Health Care Equipment & Supplies  |  10.1%
Danaher Corp.		12,473		2,205,601
Medtronic PLC		19,690		1,805,573
				4,011,174
Hotels, Restaurants & Leisure  |  6.8%
McDonald’s Corp.		10,621		1,959,256
Starbucks Corp.		10,054		739,874
				2,699,130
Household Products  |  4.1%
The Procter & Gamble Co.		13,453		1,608,575
Industrial Conglomerates  |  3.9%
Honeywell International, Inc.		10,568		1,528,027

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

114   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (continued)
Insurance  |  3.2%
Marsh & McLennan Cos., Inc.		11,641	$	1,249,894
Interactive Media & Services  |  7.3%
Alphabet, Inc., Class A (*)		2,045		2,899,912
IT Services  |  4.3%
Visa, Inc., Class A		8,758		1,691,783
Life Sciences Tools & Services  |  1.8%
IQVIA Holdings, Inc. (*)		4,976		705,995
Oil, Gas & Consumable Fuels  |  1.6%
ConocoPhillips		14,640		615,173
Pharmaceuticals  |  6.4%
Johnson & Johnson		17,948		2,524,027
Road & Rail  |  4.1%
Norfolk Southern Corp.		9,327		1,637,541
Semiconductors & Semiconductor Equipment  |  4.6%
Analog Devices, Inc.		14,979		1,837,025
Software  |  7.7%
Microsoft Corp.		14,985		3,049,597
Specialty Retail  |  7.3%
Lowe’s Cos., Inc.		16,529		2,233,398
Ross Stores, Inc.		7,825		667,003
				2,900,401
Technology Hardware, Storage & Peripherals  |  6.5%
Apple, Inc.		7,066		2,577,677
Total Common Stocks (Cost $28,349,665)				39,057,372

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

Semi-Annual Report   115

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Short-Term Investments  |  1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $490,775)		490,775	$	490,775
Total Investments  |  100.0% (Cost $28,840,440)			$	39,548,147
Cash and Other Assets in Excess of Liabilities  |  0.0%				8,434
Net Assets  |  100.0%			$	39,556,581

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

116   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  96.4%
Aerospace & Defense  |  1.3%
Curtiss-Wright Corp.		15,326	$	1,368,305
Air Freight & Logistics  |  1.5%
Echo Global Logistics, Inc. (*)		74,605		1,612,960
Airlines  |  0.7%
Alaska Air Group, Inc.		20,980		760,735
Banks  |  6.5%
Citizens Financial Group, Inc.		42,022		1,060,635
Comerica, Inc.		24,313		926,326
Commerce Bancshares, Inc.		22,096		1,314,049
Home BancShares, Inc.		97,090		1,493,244
PacWest Bancorp		35,886		707,313
TCF Financial Corp.		49,690		1,461,880
				6,963,447
Biotechnology  |  3.9%
Emergent Biosolutions, Inc. (*)		15,770		1,247,092
Exelixis, Inc. (*)		65,531		1,555,706
United Therapeutics Corp. (*)		11,494		1,390,774
				4,193,572
Building Products  |  2.8%
Armstrong World Industries, Inc.		21,282		1,659,145
PGT Innovations, Inc. (*)		85,620		1,342,521
				3,001,666
Capital Markets  |  2.0%
Morningstar, Inc.		15,235		2,147,678
Chemicals  |  2.6%
Ingevity Corp. (*)		23,652		1,243,386
Innospec, Inc.		20,497		1,583,393
				2,826,779

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

Semi-Annual Report   117

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Communications Equipment  |  2.9%
Ciena Corp. (*)		23,935	$	1,296,320
F5 Networks, Inc. (*)		13,020		1,816,029
				3,112,349
Construction & Engineering  |  1.8%
Valmont Industries, Inc.		16,838		1,913,134
Construction Materials  |  1.1%
Eagle Materials, Inc.		16,737		1,175,272
Containers & Packaging  |  3.0%
Avery Dennison Corp.		13,296		1,516,941
Graphic Packaging Holding Co.		124,546		1,742,398
				3,259,339
Electric Utilities  |  1.5%
PNM Resources, Inc.		42,254		1,624,244
Electrical Equipment  |  2.0%
Atkore International Group, Inc. (*)		44,505		1,217,212
EnerSys		14,373		925,333
				2,142,545
Electronic Equipment, Instruments & Components  |  1.5%
Zebra Technologies Corp., Class A (*)		6,204		1,587,914
Energy Equipment & Services  |  1.2%
Cactus, Inc., Class A		62,401		1,287,333
Entertainment  |  1.6%
Take-Two Interactive Software, Inc. (*)		7,779		1,085,715
The Marcus Corp.		44,775		594,164
				1,679,879

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

118   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Equity Real Estate Investment Trusts (REITs)  |  9.2%
Alexandria Real Estate Equities, Inc.		13,025	$	2,113,306
Camden Property Trust		22,455		2,048,345
Healthcare Realty Trust, Inc.		61,765		1,809,097
Hudson Pacific Properties, Inc.		36,272		912,604
Kilroy Realty Corp.		14,910		875,217
PS Business Parks, Inc.		15,885		2,103,174
				9,861,743
Food & Staples Retailing  |  1.4%
Casey’s General Stores, Inc.		10,095		1,509,404
Food Products  |  1.1%
Flowers Foods, Inc.		53,814		1,203,281
Health Care Equipment & Supplies  |  1.6%
STERIS PLC		11,075		1,699,348
Health Care Providers & Services  |  3.1%
Henry Schein, Inc. (*)		28,272		1,650,802
Laboratory Corp. of America Holdings (*)		10,427		1,732,029
				3,382,831
Hotels, Restaurants & Leisure  |  1.4%
Wyndham Hotels & Resorts, Inc.		36,268		1,545,742
Household Durables  |  2.4%
Helen of Troy, Ltd. (*)		7,175		1,352,918
Leggett & Platt, Inc.		36,120		1,269,618
				2,622,536
Industrial Conglomerates  |  1.3%
Carlisle Cos., Inc.		11,742		1,405,165
Insurance  |  4.1%
Arch Capital Group, Ltd. (*)		59,458		1,703,472
Brown & Brown, Inc.		45,322		1,847,325
Reinsurance Group of America, Inc.		11,778		923,866
				4,474,663

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

Semi-Annual Report   119

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Interactive Media & Services  |  0.7%
Cars.com, Inc. (*)		128,394	$	739,549
IT Services  |  2.8%
Leidos Holdings, Inc.		20,086		1,881,456
NIC, Inc.		49,269		1,131,216
				3,012,672
Leisure Products  |  1.5%
Brunswick Corp.		25,139		1,609,147
Life Sciences Tools & Services  |  4.8%
Adaptive Biotechnologies Corp. (*)		39,685		1,919,960
Charles River Laboratories International, Inc. (*)		10,445		1,821,086
ICON PLC (*)		8,530		1,436,964
				5,178,010
Machinery  |  3.2%
Altra Industrial Motion Corp.		30,798		981,224
Ingersoll Rand, Inc. (*)		33,330		937,240
TriMas Corp. (*)		62,165		1,488,852
				3,407,316
Pharmaceuticals  |  1.6%
Catalent, Inc. (*)		23,664		1,734,571
Professional Services  |  0.8%
FTI Consulting, Inc. (*)		7,156		819,720
Semiconductors & Semiconductor Equipment  |  4.5%
Cabot Microelectronics Corp.		11,462		1,599,407
Maxim Integrated Products, Inc.		26,870		1,628,591
MKS Instruments, Inc.		14,099		1,596,571
				4,824,569
Software  |  6.5%
j2 Global, Inc. (*)		24,271		1,534,170
Palo Alto Networks, Inc. (*)		4,054		931,082
PTC, Inc. (*)		22,748		1,769,567

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

120   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
RealPage, Inc. (*)		17,617	$	1,145,281
SolarWinds Corp. (*)		89,451		1,580,599
				6,960,699
Specialty Retail  |  2.6%
Floor & Decor Holdings, Inc., Class A (*)		31,348		1,807,212
The Children’s Place, Inc.		25,352		948,672
				2,755,884
Textiles, Apparel & Luxury Goods  |  1.7%
Carter’s, Inc.		17,501		1,412,331
Tapestry, Inc.		34,671		460,431
				1,872,762
Trading Companies & Distributors  |  1.0%
Air Lease Corp.		37,895		1,109,945
Water Utilities  |  1.2%
California Water Service Group		28,069		1,338,891
Total Common Stocks (Cost $99,434,566)				103,725,599
Total Investments  |  96.4% (Cost $99,434,566)			$	103,725,599
Cash and Other Assets in Excess of Liabilities  |  3.6%				3,859,347
Net Assets  |  100.0%			$	107,584,946

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

Semi-Annual Report   121

			Fair
Description	Shares		Value
Lazard US Sustainable Equity Portfolio
Common Stocks  |  97.7%
Auto Components  |  0.8%
Aptiv PLC		504	$	39,271
Banks  |  6.0%
Commerce Bancshares, Inc.		2,349		139,695
The PNC Financial Services Group, Inc.		1,546		162,655
				302,350
Capital Markets  |  4.0%
Intercontinental Exchange, Inc.		1,598		146,377
The Charles Schwab Corp.		1,563		52,735
				199,112
Chemicals  |  2.1%
Ecolab, Inc.		538		107,035
Commercial Services & Supplies  |  3.3%
MSA Safety, Inc.		299		34,218
Waste Management, Inc.		1,230		130,269
				164,487
Communications Equipment  |  4.2%
Cisco Systems, Inc.		3,494		162,960
Motorola Solutions, Inc.		325		45,542
				208,502
Containers & Packaging  |  2.1%
Ball Corp.		1,504		104,513
Electrical Equipment  |  3.1%
Rockwell Automation, Inc.		735		156,555
Entertainment  |  1.4%
The Walt Disney Co.		649		72,370
Equity Real Estate Investment Trusts (REITs)  |  2.6%
Prologis, Inc.		1,393		130,009

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

122   Semi-Annual Report

			Fair
Description	Shares		Value
Lazard US Sustainable Equity Portfolio (continued)
Health Care Equipment & Supplies  |  7.7%
Danaher Corp.		923	$	163,214
Envista Holdings Corp. (*)		1,220		25,730
Medtronic PLC		2,110		193,487
				382,431
Health Care Providers & Services  |  4.8%
Humana, Inc.		171		66,305
Laboratory Corp. of America Holdings (*)		581		96,510
UnitedHealth Group, Inc.		256		75,507
				238,322
Hotels, Restaurants & Leisure  |  2.2%
Starbucks Corp.		1,478		108,766
Household Products  |  3.0%
The Procter & Gamble Co.		1,256		150,180
IT Services  |  6.8%
Accenture PLC, Class A		769		165,120
Visa, Inc., Class A		906		175,012
				340,132
Life Sciences Tools & Services  |  4.9%
Agilent Technologies, Inc.		743		65,659
IQVIA Holdings, Inc. (*)		487		69,095
Thermo Fisher Scientific, Inc.		299		109,237
				243,991
Machinery  |  2.6%
Deere & Co.		461		72,446
Watts Water Technologies, Inc., Class A		359		29,079
Xylem, Inc.		461		29,947
				131,472
Multiline Retail  |  2.9%
Dollar General Corp.		763		145,359

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

Semi-Annual Report   123

			Fair
Description	Shares		Value
Lazard US Sustainable Equity Portfolio (concluded)
Pharmaceuticals  |  7.7%
Johnson & Johnson		1,094	$	153,849
Pfizer, Inc.		3,955		129,329
Zoetis, Inc.		760		104,150
				387,328
Road & Rail  |  2.6%
Norfolk Southern Corp.		726		127,464
Semiconductors & Semiconductor Equipment  |  5.1%
Analog Devices, Inc.		948		116,263
Applied Materials, Inc.		923		55,795
Texas Instruments, Inc.		641		81,388
				253,446
Software  |  12.1%
Intuit, Inc.		231		68,420
Microsoft Corp.		1,991		405,189
Palo Alto Networks, Inc. (*)		154		35,369
salesforce.com, Inc. (*)		513		96,100
				605,078
Specialty Retail  |  5.7%
Ross Stores, Inc.		726		61,884
The Home Depot, Inc.		897		224,708
				286,592
Total Common Stocks (Cost $4,884,313)				4,884,765
Total Investments  |  97.7% (Cost $4,884,313)			$	4,884,765
Cash and Other Assets in Excess of Liabilities  |  2.3%				115,687
Net Assets  |  100.0%			$	5,000,452

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

124   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2020 (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, 2020, these securities amounted to 0.6% of the net assets of Emerging Markets Equity Advantage Portfolio.
(^)	Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies.
(»)	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 Depositary 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	MEL	— The Bank of New York Mellon Corp.
CAN	— Canadian Imperial Bank of Commerce	RBC	— Royal Bank of Canada
CIT	— Citibank NA	SCB	— Standard Chartered Bank
HSB	— HSBC Bank USA NA	SSB	— State Street Bank and Trust Co.

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

Semi-Annual Report   125

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		1.3			—			—			1.9
Airlines		—			0.3			—			—
Auto Components		2.1			0.4			0.3			0.8
Automobiles		—			0.9			0.6			0.8
Banks		14.6			14.2			12.0			17.9
Beverages		2.1			3.1			1.7			1.9
Biotechnology		—			—			0.2			—
Building Products		—			—			0.3			—
Capital Markets		—			1.2			0.6			0.2
Chemicals		1.3			1.5			1.0			0.7
Commercial Services & Suppliers		—			—			0.6			0.3
Communications Equipment		0.9			0.7			0.5			0.3
Construction & Engineering		0.8			—			1.0			1.0
Construction Materials		0.6			1.7			1.9			1.6
Consumer Finance		0.6			—			0.1			0.2
Containers & Packaging		—			—			—			0.2
Diversified Consumer Services		1.7			2.3			0.6			0.5
Diversified Financial Services		—			—			0.2			0.3
Diversified Telecommunication Services		—			1.6			1.6			0.8
Electric Utilities		—			—			0.7			—
Electrical Equipment		1.7			—			0.4			0.5
Electronic Equipment, Instruments & Components		2.9			1.2			2.2			3.1
Entertainment		5.4			5.5			2.6			6.8
Food & Staples Retailing		—			—			2.0			0.4
Food Products		—			0.9			1.7			0.9
Gas Utilities		1.1			0.8			0.6			0.3
Health Care Equipment & Supplies		—			—			1.8			0.5
Health Care Providers & Services		0.9			0.4			0.4			0.7
Hotels, Restaurants & Leisure		2.1			1.0			0.2			0.8
Household Durables		—			0.7			0.7			0.6
Household Products		—			—			0.6			0.6
Independent Power & Renewable Electricity Producers		—			—			0.2			—
Industrial Conglomerates		—			0.6			0.2			0.6
Insurance		1.7			4.2			3.2			2.8
Interactive Media & Services		12.8			8.6			8.2			5.8
Internet & Direct Marketing Retail		7.3			9.6			11.9			4.5
IT Services		2.4			1.2			2.7			4.0
Leisure Products		—			—			—			—

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

126   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
	—	%		—	%		0.7	%		—	%		1.6	%
	—			—			—			—			—
	—			—			—			—			—
	1.2			—			—			—			—
	2.6			—			—			—			0.6
	20.6			—			3.2			—			3.3
	—			3.5			5.0			—			4.0
	—			—			—			—			2.6
	—			—			0.7			—			—
	—			—			5.1			—			9.1
	1.0			—			2.2			—			2.6
	—			5.5			—			—			—
	—			4.4			1.7			—			—
	—			2.9			—			12.3			—
	2.6			—			—			—			—
	—			—			—			—			0.4
	—			—			—			—			—
	—			4.5			—			—			—
	—			—			—			—			—
	2.6			—			—			—			—
	—			—			—			8.8			3.6
	—			—			3.5			—			2.7
	2.5			2.1			1.2			—			0.6
	0.7			—			2.0			—			5.8
	1.4			—			1.9			—			1.6
	—			—			—			—			—
	0.7			—			1.3			9.2			—
	—			4.1			1.9			—			6.1
	1.8			17.6			1.6			—			2.4
	—			4.4			3.3			—			1.2
	1.0			—			—			—			—
	0.7			—			3.1			—			—
	—			—			—			—			—
	1.6			—			0.8			—			—
	3.2			—			5.8			—			6.0
	1.3			1.0			5.3			—			5.5
	—			1.0			1.0			—			2.0
	5.2			5.5			4.8			—			5.9
	—			—			2.2			—			—

Semi-Annual Report   127

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

Industry†	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Blend Portfolio
Life Sciences Tools & Services		1.5	%		0.8	%		—	%		—	%
Machinery		4.5			1.7			0.8			3.7
Marine		—			—			0.4			0.2
Media		—			—			0.2			0.6
Metals & Mining		2.4			1.7			3.0			2.2
Multiline Retail		—			0.4			—			0.2
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		4.6			6.4			4.6			5.9
Paper & Forest Products		0.5			1.2			—			—
Personal Products		—			2.1			0.6			0.8
Pharmaceuticals		—			—			3.6			0.7
Professional Services		—			—			—			—
Real Estate Management & Development		—			1.7			1.1			0.6
Road & Rail		1.8			1.0			—			0.2
Semiconductors & Semiconductor Equipment		8.9			8.6			7.8			7.5
Software		—			—			0.6			—
Specialty Retail		0.8			0.5			0.2			0.8
Technology Hardware, Storage & Peripherals		6.4			6.5			6.5			5.8
Textiles, Apparel & Luxury Goods		0.9			1.3			0.8			0.5
Tobacco		—			—			0.4			0.4
Trading Companies & Distributors		—			—			0.2			—
Transportation Infrastructure		0.8			1.1			1.2			1.1
Water Utilities		0.8			—			—			0.6
Wireless Telecommunication Services		—			0.9			2.6			2.9
Subtotal		98.2			98.5			98.1			97.0
Exchange Traded Fund		—			—			—			—
Short-Term Investments		0.7			1.2			1.9			2.8
Total Investments		98.9	%		99.7	%		100.0	%		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.

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
	—	%		—	%		6.1	%		—	%		4.6	%
	2.0			—			1.4			—			—
	—			—			—			—			—
	—			10.9			—			3.3			2.1
	4.0			—			—			—			0.9
	—			—			2.7			—			2.9
	—			—			—			12.1			—
	8.7			—			—			—			—
	0.8			—			—			—			—
	3.2			—			3.8			—			—
	—			—			6.0			—			2.9
	—			9.9			4.8			—			3.2
	0.8			—			—			—			—
	—			6.2			1.0			15.8			—
	8.2			—			4.1			—			2.0
	—			4.6			7.7			—			12.7
	—			—			1.2			—			—
	5.0			—			—			—			—
	—			4.2			—			—			—
	0.8			—			—			—			—
	—			—			0.7			—			1.3
	1.2			1.0			—			13.0			—
	—			2.2			—			11.1			—
	6.7			—			—			—			—
	92.1			95.5			97.8			85.6			100.2
	5.1			—			—			—			—
	2.5			4.4			2.1			14.0			0.6
	99.7	%		99.9	%		99.9	%		99.6	%		100.8	%

Semi-Annual Report   129

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

Industry†	Lazard International Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
Common & Preferred Stocks
Aerospace & Defense		0.5	%		5.0	%		1.7	%		2.0	%
Air Freight & Logistics		—			—			—			—
Airlines		—			—			0.8			0.9
Auto Components		0.7			—			—			—
Automobiles		2.1			3.0			3.1			2.7
Banks		5.9			—			6.9			7.1
Beverages		0.6			6.2			2.1			1.3
Biotechnology		1.2			—			—			—
Building Products		1.5			—			1.3			0.9
Capital Markets		2.2			—			1.2			—
Chemicals		2.1			—			3.9			4.5
Commercial Services & Suppliers		0.3			—			—			—
Communications Equipment		0.1			—			—			—
Construction & Engineering		0.4			—			1.1			1.0
Consumer Finance		—			—			—			—
Containers & Packaging		—			—			—			—
Distributors		—			—			—			—
Diversified Financial Services		1.4			—			—			—
Diversified Telecommunication Services		0.6			—			2.0			2.0
Electric Utilities		2.9			—			3.4			2.0
Electrical Equipment		3.4			1.5			3.1			3.0
Electronic Equipment, Instruments & Components		1.4			5.8			1.8			2.4
Energy Equipment & Services		—			—			—			—
Entertainment		0.7			—			7.4			5.0
Equity Real Estate Investment Trusts (REITs)		—			—			—			—
Food & Staples Retailing		2.8			—			1.9			1.6
Food Products		4.4			—			0.8			0.9
Gas Utilities		—			2.5			0.8			1.4
Health Care Equipment & Supplies		2.5			2.3			2.8			1.9
Health Care Providers & Services		—			—			1.3			—
Hotels, Restaurants & Leisure		1.7			—			1.0			0.9
Household Durables		1.7			—			—			—
Household Products		0.6			—			—			—
Independent Power & Renewable Electricity Producers		0.2			—			—			—
Industrial Conglomerates		—			—			—			—
Insurance		5.8			11.3			6.9			7.9
Interactive Media & Services		0.3			4.6			—			5.3
Internet & Direct Marketing Retail		0.5			—			—			—

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

130   Semi-Annual Report

Lazard International Equity Value Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	3.4	%		1.5	%		—	%		3.5	%		2.2	%
	—			—			1.0			—			—
	1.5			—			—			1.2			—
	—			—			0.8			—			—
	7.0			—			—			3.8			—
	9.7			4.8			3.1			4.4			1.7
	8.8			2.5			3.6			4.5			1.4
	—			3.4			—			2.1			3.4
	—			4.6			3.2			—			0.4
	—			6.1			5.4			3.9			3.4
	8.4			2.4			—			1.0			—
	—			—			2.1			—			0.7
	—			—			—			—			1.8
	—			—			0.7			—			0.6
	—			—			—			0.6			—
	—			—			—			—			1.5
	—			—			—			—			0.4
	—			—			2.3			—			0.1
	—			—			1.8			—			3.9
	—			—			—			3.2			1.8
	—			2.1			0.9			3.9			—
	4.8			2.0			2.2			0.8			—
	—			—			1.3			—			—
	4.3			2.7			2.9			7.0			0.7
	—			—			3.6			—			0.9
	3.7			1.9			1.7			1.8			7.3
	—			—			1.1			1.0			7.9
	—			—			1.5			—			0.7
	—			3.8			0.9			3.6			2.9
	—			—			2.6			—			2.2
	6.1			1.2			3.6			2.6			1.0
	2.1			—			1.9			—			—
	—			1.7			—			—			5.4
	—			—			—			—			0.8
	5.0			—			1.0			—			1.5
	7.2			8.0			—			7.0			2.3
	—			7.6			5.4			1.5			1.3
	—			2.3			—			1.3			—

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 Equity Advantage Portfolio			Lazard International Equity Concentrated Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
IT Services		2.3	%		2.8	%		0.4	%		2.1	%
Leisure Products		—			—			1.0			1.1
Life Sciences Tools & Services		—			—			—			1.2
Machinery		2.9			—			3.6			3.0
Media		—			—			1.1			—
Metals & Mining		3.4			3.3			2.0			1.2
Multiline Retail		—			—			—			1.3
Multi-Utilities		—			6.9			2.7			2.3
Oil, Gas & Consumable Fuels		2.7			7.4			2.8			2.0
Paper & Forest Products		0.5			—			—			—
Personal Products		4.4			4.4			3.4			5.2
Pharmaceuticals		12.5			9.1			8.9			6.7
Professional Services		2.4			—			4.1			3.5
Real Estate Management & Development		3.3			7.4			3.4			1.3
Road & Rail		2.0			—			1.2			1.0
Semiconductors & Semiconductor Equipment		3.8			—			0.9			—
Software		1.6			6.1			3.8			3.9
Specialty Retail		1.3			—			—			0.8
Technology Hardware, Storage & Peripherals		0.8			3.2			1.5			2.5
Textiles, Apparel & Luxury Goods		0.9			3.5			—			—
Thrifts & Mortgage Finance		—			—			—			—
Tobacco		1.5			—			—			—
Trading Companies & Distributors		0.7			—			1.8			1.0
Transportation Infrastructure		—			—			—			0.5
Water Utilities		—			—			—			0.6
Wireless Telecommunication Services		4.4			—			—			—
Subtotal		99.9			96.3			97.9			95.9
Short-Term Investments		0.7			4.1			1.0			3.8
Total Investments		100.6	%		100.4	%		98.9	%		99.7	%

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

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

132   Semi-Annual Report

Lazard International Equity Value Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
	—	%		—	%		3.7	%		1.8	%		3.2	%
	2.4			1.5			—			1.0			—
	—			—			—			—			0.3
	4.0			1.9			4.4			4.6			0.5
	—			—			0.9			1.6			1.4
	—			—			1.6			2.7			0.9
	2.6			1.9			—			0.5			2.0
	5.1			—			—			2.2			2.3
	4.0			—			—			1.9			0.4
	—			—			—			—			—
	—			2.2			—			4.0			1.0
	3.9			1.5			4.7			6.7			11.2
	—			9.1			3.3			2.1			1.3
	—			—			9.2			2.9			1.9
	—			—			—			—			2.3
	—			6.9			2.1			0.8			0.5
	—			4.7			6.4			2.3			4.5
	—			3.3			2.9			1.2			1.3
	—			—			—			—			0.7
	—			2.6			0.5			—			0.4
	—			—			—			0.8			—
	—			—			—			—			0.4
	—			4.4			2.4			—			0.3
	—			—			—			—			—
	—			—			1.6			—			0.3
	3.8			—			—			—			1.9
	97.8			98.6			98.3			95.8			97.2
	2.9			2.1			1.7			1.6			2.1
	100.7	%		100.7	%		100.0	%		97.4	%		99.3	%

Semi-Annual Report   133

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

Industry†	Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small- Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		—	%		1.3	%		—	%
Air Freight & Logistics		—			—			1.5			—
Airlines		—			—			0.7			—
Auto Components		—			0.9			—			0.8
Banks		—			5.4			6.5			6.0
Beverages		—			3.2			—			—
Biotechnology		—			—			3.9			—
Building Products		4.3			—			2.8			—
Capital Markets		9.9			4.8			2.0			4.0
Chemicals		—			—			2.6			2.1
Commercial Services & Suppliers		3.1			—			—			3.3
Communications Equipment		3.6			3.3			2.9			4.2
Construction & Engineering		—			—			1.8			—
Construction Materials		4.7			—			1.1			—
Containers & Packaging		—			—			3.0			2.1
Electric Utilities		—			—			1.5			—
Electrical Equipment		—			—			2.0			3.1
Electronic Equipment, Instruments & Components		3.0			—			1.5			—
Energy Equipment & Services		—			—			1.2			—
Entertainment		1.1			1.5			1.6			1.4
Equity Real Estate Investment Trusts (REITs)		9.4			—			9.2			2.6
Food & Staples Retailing		—			—			1.4			—
Food Products		—			—			1.1			—
Health Care Equipment & Supplies		13.9			10.1			1.6			7.7
Health Care Providers & Services		—			—			3.1			4.8
Hotels, Restaurants & Leisure		6.8			6.8			1.4			2.2
Household Durables		—			—			2.4			—
Household Products		—			4.1			—			3.0
Industrial Conglomerates		—			3.9			1.3			—
Insurance		—			3.2			4.1			—
Interactive Media & Services		8.5			7.3			0.7			—
IT Services		9.7			4.3			2.8			6.8
Leisure Products		2.2			—			1.5			—
Life Sciences Tools & Services		—			1.8			4.8			4.9
Machinery		—			—			3.2			2.6
Multiline Retail		1.1			—			—			2.9
Oil, Gas & Consumable Fuels		—			1.6			—			—
Pharmaceuticals		—			6.4			1.6			7.7

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

134   Semi-Annual Report

Industry†	Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small- Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio
Professional Services		—	%		—	%		0.8	%		—	%
Road & Rail		1.9			4.1			—			2.6
Semiconductors & Semiconductor Equipment		11.1			4.6			4.5			5.1
Software		—			7.7			6.5			12.1
Specialty Retail		4.7			7.3			2.6			5.7
Technology Hardware, Storage & Peripherals		—			6.5			—			—
Textiles, Apparel & Luxury Goods		—			—			1.7			—
Trading Companies & Distributors		—			—			1.0			—
Water Utilities		—			—			1.2			—
Subtotal		99.0			98.8			96.4			97.7
Short-Term Investments		1.0			1.2			—			—
Total Investments		100.0	%		100.0	%		96.4	%		97.7	%

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

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

Semi-Annual Report   135

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

June 30, 2020	Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
ASSETS
Investments in securities, at fair value		$	160,873,069			$	165,845,594
Foreign currency, at fair value			38,531				4,129
Receivables for:
Dividends			241,880				777,032
Capital stock sold			41,898				223,495
Investments sold			1,977,800				—
Amount due from Investment Manager (Note 3)			—				—
Prepaid expenses			542				1,402
Total assets			163,173,720				166,851,652
LIABILITIES
Payables for:
Management fees			129,058				135,990
Foreign capital gains taxes			—				160,406
Accrued custodian fees			8,615				30,276
Accrued shareholders’ reports			12,519				5,941
Accrued professional services			45,232				39,985
Accrued distribution fees			1,546				355
Accrued directors’ fees			162				445
Accrued registration fees			7,813				4,523
Capital stock redeemed			177,149				193,627
Investments purchased			42,878				—
Other accrued expenses and payables			4,896				1,151
Total liabilities			429,868				572,699
Net assets		$	162,743,852			$	166,278,953
NET ASSETS
Paid in capital		$	270,449,066			$	174,160,921
Distributable earnings (Accumulated loss)			(107,705,214	)			(7,881,968	)
Net assets		$	162,743,852			$	166,278,953
Institutional Shares
Net assets		$	155,391,225			$	164,183,834
Shares of capital stock outstanding*			12,025,875				16,354,559
Net asset value, offering and redemption price per share		$	12.92			$	10.04
Open Shares
Net assets		$	7,352,627			$	1,716,830
Shares of capital stock outstanding*			571,678				171,655
Net asset value, offering and redemption price per share		$	12.86			$	10.00
R6 Shares
Net assets			—			$	378,289
Shares of capital stock outstanding*			—				37,651
Net asset value, offering and redemption price per share			—			$	10.05
Cost of investments in securities		$	143,391,262			$	151,403,205
Cost of foreign currency		$	94,720			$	4,125

* $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
	$	12,960,647		$	72,415,483			$	4,399,340,533			$	46,321,861			$	74,362,906
		1,210			189				691				17				3,162
		41,347			330,906				21,771,071				116,499				105,861
		1,115			59,779				3,232,597				—				98,420
		—			—				888,200				—				—
		5,464			—				—				—				—
		18,600			8,985				—				3,723				2,656
		13,028,383			72,815,342				4,425,233,092				46,442,100				74,573,005
		—			44,163				4,063,284				23,815				37,635
		—			71,753				3,680,932				—				—
		16,602			7,165				931,708				6,068				4,507
		1,342			47,876				236,383				1,932				586
		48,126			55,110				138,515				28,592				33,128
		147			767				98,633				43				198
		370			—				5,051				—				366
		—			—				53,872				6,112				24,222
		—			15,142				4,597,751				—				40,925
		—			—				—				—				13
		338			3,618				305,694				356				448
		66,925			245,594				14,111,823				66,918				142,028
	$	12,961,458		$	72,569,748			$	4,411,121,269			$	46,375,182			$	74,430,977
	$	12,547,960		$	130,747,410			$	5,914,671,200			$	52,879,244			$	56,685,673
		413,498			(58,177,662	)			(1,503,549,931	)			(6,504,062	)			17,745,304
	$	12,961,458		$	72,569,748			$	4,411,121,269			$	46,375,182			$	74,430,977
	$	12,222,672		$	69,207,279			$	3,944,095,622			$	46,157,557			$	73,458,555
		1,147,333			6,459,907				271,506,714				5,739,437				5,332,174
	$	10.65		$	10.71			$	14.53			$	8.04			$	13.78
	$	738,786		$	3,362,469			$	411,574,566			$	217,625			$	972,422
		69,421			313,116				27,546,184				27,090				70,637
	$	10.64		$	10.74			$	14.94			$	8.03			$	13.77
		—			—			$	55,451,081				—				—
		—			—				3,817,219				—				—
		—			—			$	14.53				—				—
	$	11,933,423		$	73,548,927			$	4,514,680,773			$	48,891,625			$	64,279,952
	$	1,210		$	189			$	708			$	17			$	3,139

Semi-Annual Report   137

June 30, 2020	Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	6,741,416,335			$	3,213,565
Non-controlled affiliated issuers, at fair value (Note 5)			435,244,163				—
Foreign currency, at fair value			517,341				33
Receivables for:
Dividends			22,943,276				7,129
Capital stock sold			18,296,851				—
Investments sold			—				—
Amount due from Investment Manager (Note 3)			—				10,611
Gross unrealized appreciation on forward currency contracts			5,354,576				—
Prepaid expenses			187,659				4,042
Total assets			7,223,960,201				3,235,380
LIABILITIES
Payables for:
Management fees			5,376,469				—
Accrued custodian fees			159,082				7,026
Accrued distribution fees			74,880				28
Accrued professional services			27,632				30,922
Accrued directors’ fees			156				—
Accrued shareholders’ reports			—				1,017
Accrued registration fees			—				6,443
Capital stock redeemed			6,376,372				—
Investments purchased			2,072				939
Gross unrealized depreciation on forward currency contracts			5,939,986				—
Other accrued expenses and payables			58,677				103
Total liabilities			18,015,326				46,478
Net assets		$	7,205,944,875			$	3,188,902
NET ASSETS
Paid in capital		$	7,405,752,684			$	2,600,515
Distributable earnings (Accumulated loss)			(199,807,809	)			588,387
Net assets		$	7,205,944,875			$	3,188,902
Institutional Shares
Net assets		$	6,853,590,351			$	3,047,052
Shares of capital stock outstanding*			483,060,531				1,523,682
Net asset value, offering and redemption price per share		$	14.19			$	2.00
Open Shares
Net assets		$	352,354,524			$	141,850
Shares of capital stock outstanding*			24,807,530				71,475
Net asset value, offering and redemption price per share		$	14.20			$	1.98
R6 Shares
Net assets			—				—
Shares of capital stock outstanding*			—				—
Net asset value, offering and redemption price per share			—				—
Cost of investments in securities		$	6,700,764,521			$	2,619,904
Cost of non-controlled affiliated issuers		$	618,494,560				—
Cost of foreign currency		$	513,502			$	33

* $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 Equity Advantage Portfolio				Lazard International Equity Concentrated Portfolio				Lazard International Equity Portfolio			Lazard International Equity Select Portfolio				Lazard International Equity Value Portfolio
	$	2,231,737			$	58,854,654			$	2,525,678,736		$	82,575,506			$	2,314,392
		—				—				—			—				—
		1,019				1				126,404			3,604				1,124
		7,035				68,701				8,413,455			233,204				15,629
		—				—				3,035,101			155,329				8,400
		—				—				20,939,863			—				—
		12,899				—				—			—				10,043
		—				—				—			—				—
		17,691				3,286				—			9,472				3,694
		2,270,381				58,926,642				2,558,193,559			82,977,115				2,353,282
		—				28,083				1,610,627			36,139				—
		7,782				4,384				87,551			10,870				14,277
		21				74				46,539			431				4
		42,171				33,215				39,802			44,147				32,275
		—				491				1,674			4				—
		1,777				1,666				46,991			1,252				3,090
		—				8,245				—			—				6,021
		—				93,569				2,340,144			42,142				—
		—				127,076				35,805			14				2
		—				—				—			—				—
		209				612				170,330			1,470				275
		51,960				297,415				4,379,463			136,469				55,944
	$	2,218,421			$	58,629,227			$	2,553,814,096		$	82,840,646			$	2,297,338
	$	2,466,022			$	75,301,611			$	2,526,058,320		$	87,611,752			$	3,372,308
		(247,601	)			(16,672,384	)			27,755,776			(4,771,106	)			(1,074,970	)
	$	2,218,421			$	58,629,227			$	2,553,814,096		$	82,840,646			$	2,297,338
	$	2,119,061			$	58,277,458			$	2,230,809,153		$	80,566,718			$	2,266,049
		241,125				6,911,564				136,332,989			8,526,636				295,924
	$	8.79			$	8.43			$	16.36		$	9.45			$	7.66
	$	99,360			$	351,769			$	225,392,031		$	2,273,928			$	31,289
		11,318				41,695				13,623,587			239,787				4,090
	$	8.78			$	8.44			$	16.54		$	9.48			$	7.65
		—				—			$	97,612,912			—				—
		—				—				5,973,214			—				—
		—				—			$	16.34			—				—
	$	2,184,563			$	60,489,486			$	2,427,037,281		$	83,546,068			$	2,411,381
		—				—				—			—				—
	$	1,016			$	1			$	125,468		$	3,580			$	1,124

Semi-Annual Report   139

	Lazard				Lazard
	International				International
	Quality				Small Cap
June 30, 2020	Growth Portfolio				Equity Portfolio
ASSETS
Investments in securities, at fair value		$	3,927,736			$	41,040,634
Cash			—				—
Foreign currency, at fair value			—				61
Receivables for:
Investments sold			—				4,045
Capital stock sold			—				5,790
Dividends			5,558				142,369
Amount due from Investment Manager (Note 3)			10,187				—
Prepaid expenses			6,013				1,771
Total assets			3,949,494				41,194,670
LIABILITIES
Payables for:
Management fees			—				20,129
Accrued custodian fees			9,600				10,993
Accrued shareholders’ reports			3,086				6,658
Accrued distribution fees			3				2,808
Accrued professional services			30,351				46,936
Accrued directors’ fees			51				53
Accrued registration fees			5,935				2,903
Capital stock redeemed			—				31,370
Investments purchased			—				29,138
Other accrued expenses and payables			337				8,724
Total liabilities			49,363				159,712
Net assets		$	3,900,131			$	41,034,958
NET ASSETS
Paid in capital		$	3,210,884			$	41,729,529
Distributable earnings (Accumulated loss)			689,247				(694,571	)
Net assets		$	3,900,131			$	41,034,958
Institutional Shares
Net assets		$	3,885,939			$	28,347,973
Shares of capital stock outstanding*			316,824				2,573,366
Net asset value, offering and redemption price per share		$	12.27			$	11.02
Open Shares
Net assets		$	14,192			$	12,686,985
Shares of capital stock outstanding*			1,163	†			1,153,163
Net asset value, offering and redemption price per share		$	12.21			$	11.00
R6 Shares
Net assets			—				—
Shares of capital stock outstanding*			—				—
Net asset value, offering and redemption price per share			—				—
Cost of investments in securities		$	3,277,061			$	39,157,923
Cost of foreign currency			—			$	61

*	$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.

140   Semi-Annual Report

Lazard		Lazard			Lazard		Lazard		Lazard
International		Managed			US Equity		US Equity		US Small-Mid
Strategic		Equity			Concentrated		Focus		Cap Equity
Equity Portfolio		Volatility Portfolio			Portfolio		Portfolio		Portfolio
$	4,800,671,285	$	30,822,421		$	1,716,120,920	$	39,548,147	$	103,725,599
	—		—			—		—		3,887,338
	584,667		2,853			—		—		—
	97,759,790		266,129			—		—		291,426
	30,864,630		—			1,774,395		43		6,133
	14,147,036		41,741			1,466,355		24,455		102,139
	—		—			—		—		—
	—		16,313			—		7,928		9,465
	4,944,027,408		31,149,457			1,719,361,670		39,580,573		108,022,100
	3,087,284		2,961			996,965		3,064		67,051
	209,923		11,898			24,902		10,770		8,624
	151,150		1,527			—		4,307		6,875
	117,296		34			8,124		223		2,283
	57,928		35,728			25,933		—		29,737
	—		72			—		—		13
	13,371		—			15,551		4,286		—
	6,561,531		8,863			2,072,305		—		34,443
	5,862,629		55,960			—		—		287,645
	144,916		405			41,429		1,342		483
	16,206,028		117,448			3,185,209		23,992		437,154
$	4,927,821,380		$31,032,009		$	1,716,176,461	$	39,556,581	$	107,584,946
$	4,654,762,138	$	32,587,131		$	1,393,774,832	$	28,019,644	$	111,879,156
	273,059,242		(1,555,122	)		322,401,629		11,536,937		(4,294,210	)
$	4,927,821,380		$31,032,009		$	1,716,176,461	$	39,556,581	$	107,584,946
$	4,340,174,357	$	30,903,309		$	1,678,230,828	$	26,036,340	$	96,380,871
	319,051,571		2,808,696			107,586,677		2,267,482		8,502,098
$	13.60	$	11.00		$	15.60	$	11.48	$	11.34
$	490,865,539	$	128,700		$	35,973,080	$	1,065,301	$	10,657,345
	35,802,715		11,718			2,291,328		92,421		1,020,966
$	13.71	$	10.98		$	15.70	$	11.53	$	10.44
$	96,781,484		—		$	1,972,553	$	12,454,940	$	546,730
	7,108,283		—			126,138		1,084,272		48,254
$	13.62		—		$	15.64	$	11.49	$	11.33
$	4,452,698,041	$	29,606,541		$	1,391,809,695	$	28,840,440	$	99,434,566
$	572,429	$	2,846			—		—		—

Semi-Annual Report   141

	Lazard
	US Sustainable
	Equity
June 30, 2020	Portfolio
ASSETS
Investments in securities, at fair value		$	4,884,765
Receivables for:
Capital stock sold			5,000,000
Total assets			9,884,765
LIABILITIES
Payables for:
Investments purchased			4,884,313
Total liabilities			4,884,313
Net assets		$	5,000,452
NET ASSETS
Paid in capital		$	5,000,000
Distributable earnings (Accumulated loss)			452
Net assets		$	5,000,452
Institutional Shares
Net assets		$	4,900,443
Shares of capital stock outstanding*			490,000
Net asset value, offering and redemption price per share		$	10.00
Open Shares
Net assets		$	100,009
Shares of capital stock outstanding*			10,000
Net asset value, offering and redemption price per share		$	10.00
Cost of investments in securities		$	4,884,313

* $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)

For the Six Months Ended June 30, 2020		Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	1,524,715		$	1,896,686
Expenses
Management fees (Note 3)				923,747			846,772
Custodian fees				67,089			71,370
Distribution fees (Open Shares)				9,497			2,379
Shareholders’ reports				14,926			11,145
Administration fees				18,951			19,484
Professional services				33,223			31,455
Shareholders’ services				10,448			7,342
Directors’ fees and expenses				7,498			7,267
Registration fees				19,957			26,688
Other^				4,757			5,563
Total gross expenses				1,110,093			1,029,465
Management fees waived and expenses reimbursed				(5,728	)		(2,227	)
Total net expenses				1,104,365			1,027,238
Net investment income (loss)				420,350			869,448
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments**				(9,075,668	)		(11,287,361	)
Foreign currency transactions				(137,594	)		(44,238	)
Total net realized gain (loss) on investments and foreign currency transactions				(9,213,262	)		(11,331,599	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(23,207,478	)		(19,103,131	)
Foreign currency translations				(20,761	)		(5,962	)
Total net change in unrealized appreciation depreciation) on investments and foreign currency translations				(23,228,239	)		(19,109,093	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions				(32,441,501	)		(30,440,692	)
Net increase (decrease) in net assets resulting from operations			$	(32,021,151	)	$	(29,571,244	)
*	Net of foreign withholding taxes of		$	164,779		$	259,732
**	Net of foreign capital gains taxes of		$	907		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	79,376		$	(23,525	)
^	Includes interest on line of credit of		$	483		$	1,021

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

144   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
	$	124,264			$	1,008,399			$	103,937,474			$	495,696			$	433,070
		42,022				400,443				29,565,266				150,928				176,715
		38,183				53,445				1,577,969				19,900				26,804
		1,090				5,488				775,656				305				1,137
		2,121				27,499				357,242				1,884				2,978
		8,022				12,409				287,690				9,762				10,802
		24,618				35,386				225,040				21,461				23,096
		4,184				8,806				179,928				4,090				5,513
		3,066				4,969				170,604				3,156				4,244
		18,612				20,073				18,926				17,297				20,719
		1,885				2,893				122,337				2,105				3,550
		143,803				571,411				33,280,658				230,888				275,558
		(88,269	)			(66,506	)			(698	)			(51,253	)			(28,622	)
		55,534				504,905				33,279,960				179,635				246,936
		68,730				503,494				70,657,514				316,061				186,134
		(462,033	)			(4,248,467	)			(433,610,835	)			(3,727,113	)			9,029,769
		(4,830	)			(52,431	)			(6,653,340	)			4,807				(16,120	)
		(466,863	)			(4,300,898	)			(440,264,175	)			(3,722,306	)			9,013,649
		(324,465	)			(9,751,636	)			(1,316,852,606	)			(3,668,045	)			(8,007,741	)
		(528	)			(1,929	)			(14,788	)			(1,032	)			540
		(324,993	)			(9,753,565	)			(1,316,867,394	)			(3,669,077	)			(8,007,201	)
		(791,856	)			(14,054,463	)			(1,757,131,569	)			(7,391,383	)			1,006,448
	$	(723,126	)		$	(13,550,969	)		$	(1,686,474,055	)		$	(7,075,322	)		$	1,192,582
	$	17,918			$	129,351			$	13,270,338			$	23,801			$	25,210
	$	—			$	(34,465	)		$	9,940			$	—			$	—
	$	—			$	(988	)		$	7,378,684			$	—			$	—
	$	37			$	150			$	—			$	74			$	939

Semi-Annual Report   145

For the Six Months Ended June 30, 2020		Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends
Unaffiliated issuers			$	85,705,254		$	24,551
Non-controlled affiliated issuers (Note 5)				10,836,904			—
Non-cash dividends				8,182,374			—
Total investment income*				104,724,532			24,551
Expenses
Management fees (Note 3)				32,756,796			11,492
Custodian fees				556,089			19,021
Distribution fees (Open Shares)				486,149			167
Administration fees				340,843			7,595
Shareholders’ services				224,234			3,480
Professional services				178,534			20,497
Directors’ fees and expenses				173,130			2,561
Shareholders’ reports				170,104			1,921
Registration fees				119,863			20,746
Other^				79,537			8
Total gross expenses				35,085,279			87,488
Management fees waived and expenses reimbursed				—			(72,056	)
Total net expenses				35,085,279			15,432
Net investment income (loss)				69,639,253			9,119
Net Realized and Unrealized Gain (Loss) on Investments, Non-Controlled Affiliated Issuers, Foreign Currency Transactions and Forward Currency Contracts
Net realized gain (loss) on:
Investments				(35,061,672	)		(305	)
Non-controlled affiliated issuers				12,355,922			—
Foreign currency transactions				89,629			(782	)
Forward currency contracts				54,985,861			—
Total net realized gain (loss) on investments, non-controlled affiliated issuers, foreign currency transactions and forward currency contracts				32,369,740			(1,087	)
Net change in unrealized appreciation (depreciation) on:
Investments				(719,434,766	)		(112,408	)
Non-controlled affiliated issuers				(110,076,309	)		—
Foreign currency translations				(653,742	)		48
Forward currency contracts				58,661,385			—
Total net change in unrealized appreciation (depreciation) on investments, non-controlled affiliated issuers, foreign currency translations and forward currency contracts				(771,503,432	)		(112,360	)
Net realized and unrealized gain (loss) on investments, non-controlled affiliated issuers, foreign currency transactions and forward currency contracts				(739,133,692	)		(113,447	)
Net increase (decrease) in net assets resulting from operations			$	(669,494,439	)	$	(104,328	)
*	Net of foreign withholding taxes of		$	8,207,906		$	2,121
^	Includes interest on line of credit of		$	—		$	—

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

146   Semi-Annual Report

Lazard International Equity Advantage Portfolio				Lazard International Equity Concentrated Portfolio				Lazard International Equity Portfolio				Lazard International Equity Select Portfolio				Lazard International Equity Value Portfolio
	$	39,751			$	763,393			$	36,267,593			$	1,165,653			$	44,613
		—				—				—				—				—
		—				—				—				—				—
		39,751				763,393				36,267,593				1,165,653				44,613
		7,167				308,737				9,553,404				269,894				11,766
		31,382				29,617				270,151				38,298				17,336
		124				451				280,942				2,689				84
		7,542				12,228				148,710				12,594				7,588
		3,584				4,863				55,760				5,872				3,626
		22,685				22,861				217,819				27,764				22,996
		2,522				4,867				64,143				4,604				2,735
		1,690				2,595				135,274				5,679				2,424
		19,722				18,766				43,083				23,937				16,719
		6				2,685				32,009				2,517				819
		96,424				407,670				10,801,295				393,848				86,093
		(86,371	)			(41,342	)			(9,204	)			(17,244	)			(72,003	)
		10,053				366,328				10,792,091				376,604				14,090
		29,698				397,065				25,475,502				789,049				30,523
		(174,030	)			(13,156,092	)			(60,065,769	)			(2,474,517	)			27,804
		—				—				—				—				—
		(124	)			(8,834	)			(412,251	)			(23,451	)			8,328
		—				—				—				—				—
		(174,154	)			(13,164,926	)			(60,478,020	)			(2,497,968	)			36,132
		(158,353	)			(10,887,743	)			(296,016,853	)			(10,458,152	)			(779,109	)
		—				—				—				—				—
		23				346				121,210				3,424				(349	)
		—				—				—				—				—
		(158,330	)			(10,887,397	)			(295,895,643	)			(10,454,728	)			(779,458	)
		(332,484	)			(24,052,323	)			(356,373,663	)			(12,952,696	)			(743,326	)
	$	(302,786	)		$	(23,655,258	)		$	(330,898,161	)		$	(12,163,647	)		$	(712,803	)
	$	5,459			$	90,352			$	4,807,415			$	140,402			$	6,883
	$	—			$	252			$	—			$	—			$	262

Semi-Annual Report   147

For the Six Months Ended June 30, 2020		Lazard International Quality Growth Portfolio				Lazard International Small Cap Equity Portfolio
Investment Income (Loss)
Income
Dividends*			$	29,611			$	435,819
Expenses
Management fees (Note 3)				13,726				170,378
Distribution fees (Open Shares)				26				19,093
Custodian fees				14,234				33,643
Administration fees				7,632				10,243
Professional services				22,191				33,108
Shareholders’ reports				4,127				4,967
Directors’ fees and expenses				2,604				3,706
Shareholders’ services				3,602				6,244
Registration fees				18,108				18,003
Other^				3,958				2,595
Total gross expenses				90,208				301,980
Management fees waived and expenses reimbursed				(74,625	)			(21,404	)
Administration and shareholders’ services fees waived				—				—
Total net expenses				15,583				280,576
Net investment income (loss)				14,028				155,243
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Investments**				96,467				(1,487,223	)
Foreign currency transactions				130				(5,098	)
Total net realized gain (loss) on investments and foreign currency transactions				96,597				(1,492,321	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(233,167	)			(5,314,454	)
Foreign currency translations				27				(63	)
Total net change in unrealized appreciation (depreciation) on investments and foreign currency translations				(233,140	)			(5,314,517	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions				(136,543	)			(6,806,838	)
Net increase (decrease) in net assets resulting from operations			$	(122,515	)		$	(6,651,595	)
*	Net of foreign withholding taxes of		$	3,785			$	53,983
**	Net of foreign capital gains taxes of		$	—			$	(55	)
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	—			$	(4,202	)
^	Includes interest on line of credit of		$	—			$	273

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 Focus Portfolio				Lazard US Small-Mid Cap Equity Portfolio
	$	69,940,235			$	421,540			$	12,180,708			$	332,441			$	752,997
		19,839,758				92,911				5,147,196				107,784				404,099
		694,952				232				48,996				1,318				14,258
		587,485				34,537				82,155				23,096				24,359
		262,792				9,339				94,842				11,349				14,139
		184,334				21,314				47,741				30,703				23,517
		158,749				2,142				36,064				3,322				6,803
		144,203				3,202				32,071				3,542				5,118
		97,165				4,197				30,865				6,450				8,985
		38,378				18,618				33,854				20,379				24,072
		75,092				2,643				21,859				2,818				3,703
		22,082,908				189,135				5,575,643				210,761				529,053
		(3,448	)			(72,684	)			(1,302	)			(72,080	)			(790	)
		—				—				—				—				(353	)
		22,079,460				116,451				5,574,341				138,681				527,910
		47,860,775				305,089				6,606,367				193,760				225,087
		(64,400,736	)			(3,413,554	)			(5,193,634	)			98,107				(8,931,321	)
		(2,569,694	)			8,545				—				—				—
		(66,970,430	)			(3,405,009	)			(5,193,634	)			98,107				(8,931,321	)
		(749,556,207	)			(1,440,317	)			33,368,628				(1,372,723	)			(10,963,492	)
		131,700				406				—				—				—
		(749,424,507	)			(1,439,911	)			33,368,628				(1,372,723	)			(10,963,492	)
		(816,394,937	)			(4,844,920	)			28,174,994				(1,274,616	)			(19,894,813	)
	$	(768,534,162	)		$	(4,539,831	)		$	34,781,361			$	(1,080,856	)		$	(19,669,726	)
	$	8,185,114			$	27,211			$	—			$	—			$	—
	$	45,451			$	—			$	—			$	—			$	—
	$	1,314,644			$	—			$	—			$	—			$	—
	$	—			$	2			$	2,634			$	—			$	—

Semi-Annual Report   149

For the Six Months Ended June 30, 2020	Lazard US Sustainable Equity Portfolio (a)
Unrealized Gain (Loss) on Investments
Net change in unrealized appreciation (depreciation) on: Investments		$	452
Total net change in unrealized appreciation (depreciation) on investments			452
Net realized and unrealized gain (loss) on investments			452
Net increase (decrease) in net assets resulting from operations		$	452

(a) From the Portfolio’s commencement of operations on June 30, 2020

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

150   Semi-Annual Report

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Semi-Annual Report   151

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

	Lazard  Developing Markets Equity Portfolio
	Six Months Ended  June 30, 2020  (unaudited)				Year Ended  December 31,  2019
Increase (Decrease) in Net Assets Operations
Net investment income (loss)		$	420,350		$	1,472,917
Net realized gain (loss) on investments and foreign currency transactions			(9,213,262	)		10,699,901
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(23,228,239	)		46,727,992
Net increase (decrease) in net assets resulting from operations			(32,021,151	)		58,900,810
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(1,268,157	)
Open Shares			—			(3,920	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			—			(1,272,077	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			22,997,552			60,661,677
Open Shares			1,455,458			4,243,002
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			871,419
Open Shares			—			3,642
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(62,733,063	)		(106,223,710	)
Open Shares			(2,362,461	)		(4,159,882	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(40,642,514	)		(44,603,852	)
Total increase (decrease) in net assets			(72,663,665	)		13,024,881
Net assets at beginning of period			235,407,517			222,382,636
Net assets at end of period		$	162,743,852		$	235,407,517

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  June 30, 2020  (unaudited)				Year Ended  December 31,  2019				Six Months Ended  June 30, 2020  (unaudited)				Year Ended  December 31,  2019
	$	869,448			$	4,000,423			$	68,730			$	189,925
		(11,331,599	)			(7,673,952	)			(466,863	)			(136,829	)
		(19,109,093	)			42,879,231				(324,993	)			1,227,385
		(29,571,244	)			39,205,702				(723,126	)			1,280,481
		—				(3,951,746	)			—				(180,292	)
		—				(38,801	)			—				(18,695	)
		—				(11,560	)			—				—
		—				(4,002,107	)			—				(198,987	)
		37,852,447				52,118,039				4,039,282				5,720,662
		740,354				1,564,146				495,090				702,687
		20,315				29,966				—				—
		—				3,771,010				—				180,292
		—				37,924				—				18,695
		—				11,560				—				—
		(41,818,706	)			(101,386,896	)			(372,965	)			(784,072	)
		(1,021,674	)			(1,384,619	)			(828,838	)			(149,975	)
		(157,213	)			(32,195	)			—				—
		(4,384,477	)			(45,271,065	)			3,332,569				5,688,289
		(33,955,721	)			(10,067,470	)			2,609,443				6,769,783
		200,234,674				210,302,144				10,352,015				3,582,232
	$	166,278,953			$	200,234,674			$	12,961,458			$	10,352,015

Semi-Annual Report   153

	Lazard Developing Markets Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		15,534,848			18,836,550
Shares sold		1,823,524			4,748,515
Shares issued to shareholders from reinvestment of distributions		—			65,429
Shares redeemed		(5,332,497	)		(8,115,646	)
Net increase (decrease)		(3,508,973	)		(3,301,702	)
Shares outstanding at end of period		12,025,875			15,534,848
Open Shares
Shares outstanding at beginning of period		643,853			639,563
Shares sold		118,570			327,824
Shares issued to shareholders from reinvestment of distributions		—			293
Shares redeemed		(190,745	)		(323,827	)
Net increase (decrease)		(72,175	)		4,290
Shares outstanding at end of period		571,678			643,853
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.

154   Semi-Annual Report

Lazard Emerging Markets  Core Equity Portfolio						Lazard Emerging  Markets Equity Advantage Portfolio
Six Months Ended  June 30, 2020  (unaudited)			Year Ended  December 31,  2019			Six Months Ended  June 30, 2020  (unaudited)			Year Ended  December 31,  2019
	16,728,969			21,031,193			775,852			309,610
	3,955,627			4,828,636			405,077			519,700
	—			322,340			—			15,331
	(4,330,037	)		(9,453,200	)		(33,596	)		(68,789	)
	(374,410	)		(4,302,224	)		371,481			466,242
	16,354,559			16,728,969			1,147,333			775,852
	206,183			187,835			98,083			47,382
	70,976			143,185			48,919			63,649
	—			3,247			—			1,588
	(105,504	)		(128,084	)		(77,581	)		(14,536	)
	(34,528	)		18,348			(28,662	)		50,701
	171,655			206,183			69,421			98,083
	50,582			49,941			—			—
	1,954			2,722			—			—
	—			987			—			—
	(14,885	)		(3,068	)		—			—
	(12,931	)		641			—			—
	37,651			50,582			—			—

Semi-Annual Report   155

	Lazard Emerging Markets Equity Blend Portfolio
	Six Months Ended				Year Ended
	June 30, 2020				December 31,
	(unaudited)				2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	503,494		$	2,249,542
Net realized gain (loss) on investments and foreign currency transactions			(4,300,898	)		3,912,605
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(9,753,565	)		35,773,294
Net increase (decrease) in net assets resulting from operations			(13,550,969	)		41,935,441
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(2,027,625	)
Open Shares			—			(109,850	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			—			(2,137,475	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			8,283,682			18,596,727
Open Shares			135,661			671,088
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,963,352
Open Shares			—			108,503
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(22,800,059	)		(254,171,213	)
Open Shares			(1,874,705	)		(2,194,573	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(16,255,421	)		(235,026,116	)
Total increase (decrease) in net assets			(29,806,390	)		(195,228,150	)
Net assets at beginning of period			102,376,138			297,604,288
Net assets at end of period		$	72,569,748		$	102,376,138

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, 2020			December 31,			June 30, 2020			December 31,
(unaudited)			2019			(unaudited)			2019
$	70,657,514		$	202,889,114		$	316,061		$	553,844
	(440,264,175	)		(249,752,788	)		(3,722,306	)		1,129,637
	(1,316,867,394	)		1,440,971,114			(3,669,077	)		2,184,201
	(1,686,474,055	)		1,394,107,440			(7,075,322	)		3,867,682
	—			(169,041,662	)		—			(2,185,328	)
	—			(21,287,659	)		—			(16,362	)
	—			(4,559,729	)		—			—
	—			(194,889,050	)		—			(2,201,690	)
	599,089,178			1,241,319,671			15,336,217			32,121,208
	22,231,904			184,190,310			17,268			81,131
	12,769,239			23,433,026			—			—
	—			158,855,659			—			2,185,328
	—			21,088,746			—			16,362
	—			4,399,954			—			—
	(1,890,199,306	)		(3,359,204,875	)		(2,043,722	)		(4,408,143	)
	(350,124,387	)		(381,266,772	)		(48,537	)		(3,489	)
	(95,283,422	)		(103,858,799	)		—			—
	(1,701,516,794	)		(2,211,043,080	)		13,261,226			29,992,397
	(3,387,990,849	)		(1,011,824,690	)		6,185,904			31,658,389
	7,799,112,118			8,810,936,808			40,189,278			8,530,889
$	4,411,121,269		$	7,799,112,118		$	46,375,182		$	40,189,278

Semi-Annual Report   157

	Lazard Emerging Markets Equity Blend Portfolio
	Six Months Ended			Year Ended
	June 30, 2020			December 31,
	(unaudited)			2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		7,913,478			29,084,201
Shares sold		760,933			1,644,397
Shares issued to shareholders from reinvestment of distributions		—			162,664
Shares redeemed		(2,214,504	)		(22,977,784	)
Net increase (decrease)		(1,453,571	)		(21,170,723	)
Shares outstanding at end of period		6,459,907			7,913,478
Open Shares
Shares outstanding at beginning of period		488,799			617,871
Shares sold		12,486			59,566
Shares issued to shareholders from reinvestment of distributions		—			8,960
Shares redeemed		(188,169	)		(197,598	)
Net increase (decrease)		(175,683	)		(129,072	)
Shares outstanding at end of period		313,116			488,799
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, 2020			December 31,			June 30, 2020			December 31,
(unaudited)			2019			(unaudited)			2019
	359,649,575			471,588,782			3,919,193			943,047
	40,140,965			72,409,703			2,083,597			3,186,958
	—			9,054,452			—			214,812
	(128,283,826	)		(193,403,362	)		(263,353	)		(425,624	)
	(88,142,861	)		(111,939,207	)		1,820,244			2,976,146
	271,506,714			359,649,575			5,739,437			3,919,193
	50,941,578			60,776,573			30,624			21,455
	1,454,823			10,411,216			2,442			7,904
	—			1,171,555			—			1,608
	(24,850,217	)		(21,417,766	)		(5,976	)		(343	)
	(23,395,394	)		(9,834,995	)		(3,534	)		9,169
	27,546,184			50,941,578			27,090			30,624
	9,977,898			14,479,168			—			—
	882,481			1,342,114			—			—
	—			250,131			—			—
	(7,043,160	)		(6,093,515	)		—			—
	(6,160,679	)		(4,501,270	)		—			—
	3,817,219			9,977,898			—			—

Semi-Annual Report   159

	Lazard Global Equity Select Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	186,134		$	625,877
Net realized gain (loss) on investments, non-controlled affiliated issuers, foreign currency transactions and forward currency contracts			9,013,649			582,620
Net change in unrealized appreciation (depreciation) on investments, non-controlled affiliated issuers, foreign currency translations and forward currency contracts			(8,007,201	)		15,260,079
Net increase (decrease) in net assets resulting from operations			1,192,582			16,468,576
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(591,542	)
Open Shares			—			(4,254	)
Return of capital
Institutional Shares			—			(41,874	)
Open Shares			—			(301	)
Net decrease in net assets resulting from distributions			—			(637,971	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			52,823,389			23,902,011
Open Shares			162,048			300,952
Net proceeds from reinvestment of distributions
Institutional Shares			—			632,600
Open Shares			—			4,555
Cost of shares redeemed
Institutional Shares			(62,662,514	)		(23,506,223	)
Open Shares			(73,971	)		(319,957	)
Net increase (decrease) in net assets from capital stock transactions			(9,751,048	)		1,013,938
Total increase (decrease) in net assets			(8,558,466	)		16,844,543
Net assets at beginning of period			82,989,443			66,144,900
Net assets at end of period		$	74,430,977		$	82,989,443

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 June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	69,639,253		$	174,078,680		$	9,119		$	30,113
	32,369,740			166,388,366			(1,087	)		70,692
	(771,503,432	)		946,115,341			(112,360	)		666,188
	(669,494,439	)		1,286,582,387			(104,328	)		766,993
	(175,982,356	)		(297,455,372	)		—			(86,901	)
	(9,022,230	)		(20,318,540	)		—			(3,549	)
	—			—			—			—
	—			—			—			—
	(185,004,586	)		(317,773,912	)		—			(90,450	)
	1,530,771,814			2,399,951,864			6,500			10,597
	65,763,969			148,379,347			4,800			3,345
	133,288,099			231,028,647			—			86,901
	8,907,668			20,099,034			—			3,549
	(1,281,202,225	)		(1,175,735,705	)		(44,679	)		(62,241	)
	(122,983,884	)		(217,741,894	)		(1,849	)		(26,927	)
	334,545,441			1,405,981,293			(35,228	)		15,224
	(519,953,584	)		2,374,789,768			(139,556	)		691,767
	7,725,898,458			5,351,108,690			3,328,458			2,636,691
$	7,205,944,874		$	7,725,898,458		$	3,188,902		$	3,328,458

Semi-Annual Report   161

	Lazard Global Equity Select Portfolio
		Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period			5,634,353			5,577,806
Shares sold			3,939,283			1,750,065
Shares issued to shareholders from reinvestment of distributions			—			43,567
Shares redeemed			(4,241,462	)		(1,737,085	)
Net increase (decrease)			(302,179	)		56,547
Shares outstanding at end of period			5,332,174			5,634,353
Open Shares
Shares outstanding at beginning of period			64,021			65,049
Shares sold			11,918			22,134
Shares issued to shareholders from reinvestment of distributions			—			314
Shares redeemed			(5,302	)		(23,476	)
Net increase (decrease)			6,616			(1,028	)
Shares outstanding at end of period			70,637			64,021

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

162   Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	461,276,357			364,507,349			1,545,113			1,530,838
	105,157,626			160,154,321			3,067			6,239
	10,092,551			15,108,909			—			42,820
	(93,466,003	)		(78,494,222	)		(24,498	)		(34,784	)
	21,784,174			96,769,008			(21,431	)		14,275
	483,060,531			461,276,357			1,523,682			1,545,113
	28,396,647			31,560,099			70,230			80,778
	4,475,692			9,940,665			2,384			1,725
	676,197			1,315,681			—			1,769
	(8,741,006	)		(14,419,798	)		(1,139	)		(14,042	)
	(3,589,117	)		(3,163,452	)		1,245			(10,548	)
	24,807,530			28,396,647			71,475			70,230

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

Semi-Annual Report   163

	Lazard International Equity Advantage Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	29,698		$	53,796
Net realized gain (loss) on investments and foreign currency transactions		(174,154	)		(114,244	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(158,330	)		433,593
Net increase (decrease) in net assets resulting from operations		(302,786	)		373,145
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		—			(51,885	)
Open Shares		—			(2,117	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		—			(54,002	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		—			—
Open Shares		—			—
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		—			51,885
Open Shares		—			2,117
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		—			—
Open Shares		—			—
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		—			54,002
Total increase (decrease) in net assets		(302,786	)		373,145
Net assets at beginning of period		2,521,207			2,148,062
Net assets at end of period	$	2,218,421		$	2,521,207

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

164   Semi-Annual Report

Lazard International Equity Concentrated Portfolio						Lazard International Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	397,065		$	1,615,102		$	25,475,502		$	57,722,385
	(13,164,926	)		409,364			(60,478,020	)		11,065,023
	(10,887,397	)		14,997,265			(295,895,643	)		444,077,959
	(23,655,258	)		17,021,731			(330,898,161	)		512,865,367
	—			(1,603,404	)		—			(51,130,885	)
	—			(5,862	)		—			(4,599,789	)
	—			—			—			(2,207,785	)
	—			(1,609,266	)		—			(57,938,459	)
	20,764,184			39,506,689			464,064,008			624,890,241
	—			650			37,910,069			59,304,312
	—			—			22,918,670			39,351,180
	—			1,554,391			—			45,137,028
	—			5,862			—			4,082,937
	—			—			—			2,202,815
	(36,725,578	)		(7,673,168	)		(441,222,934	)		(673,719,289	)
	—			(65,223	)		(37,717,411	)		(74,619,091	)
	—			—			(21,143,386	)		(58,387,031	)
	(15,961,394	)		33,329,201			24,809,016			(31,756,898	)
	(39,616,652	)		48,741,666			(306,089,145	)		423,170,010
	98,245,879			49,504,213			2,859,903,241			2,436,733,231
$	58,629,227		$	98,245,879		$	2,553,814,096		$	2,859,903,241

Semi-Annual Report   165

	Lazard International Equity Advantage Portfolio
	Six Months Ended June 30, 2020 (unaudited)		Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		241,125		235,905
Shares sold		—		—
Shares issued to shareholders from reinvestment of distributions		—		5,220
Shares redeemed		—		—
Net increase (decrease)		—		5,220
Shares outstanding at end of period		241,125		241,125
Open Shares
Shares outstanding at beginning of period		11,318		11,106
Shares sold		—		—
Shares issued to shareholders from reinvestment of distributions		—		212
Shares redeemed		—		—
Net increase (decrease)		—		212
Shares outstanding at end of period		11,318		11,318
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.

166   Semi-Annual Report

Lazard International Equity Concentrated Portfolio						Lazard International Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	9,493,019			5,888,251			134,082,503			134,128,473
	2,282,715			4,243,583			31,221,762			35,978,227
	—			151,058			—			2,468,167
	(4,864,170	)		(789,873	)		(28,971,276	)		(38,492,364	)
	(2,581,455	)		3,604,768			2,250,486			(45,970	)
	6,911,564			9,493,019			136,332,989			134,082,503
	41,695			47,769			13,658,790			14,336,300
	—			67			2,349,981			3,324,184
	—			569			—			221,021
	—			(6,710	)		(2,385,184	)		(4,222,715	)
	—			(6,074	)		(35,203	)		(677,510	)
	41,695			41,695			13,623,587			13,658,790
	—			—			5,788,801			6,803,382
	—			—			1,441,180			2,243,161
	—			—			—			120,673
	—			—			(1,256,767	)		(3,378,415	)
	—			—			184,413			(1,014,581	)
	—			—			5,973,214			5,788,801

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

Semi-Annual Report   167

	Lazard International Equity Select Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	789,049		$	2,026,601
Net realized gain (loss) on investments and foreign currency transactions		(2,497,968	)		(1,249,040	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		10,454,728	)		15,192,386
Net increase (decrease) in net assets resulting from operations		(12,163,647	)		15,969,947
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		—			(1,961,509	)
Open Shares		—			(45,672	)
Net decrease in net assets resulting from distributions		—			(2,007,181	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		16,338,543			27,372,157
Open Shares		562,671			2,220,101
Net proceeds from reinvestment of distributions
Institutional Shares		—			1,894,543
Open Shares		—			45,594
Cost of shares redeemed
Institutional Shares		(17,442,060	)		(23,919,475	)
Open Shares		(542,682	)		(1,572,183	)
Net increase (decrease) in net assets from capital stock transactions		(1,083,528	)		6,040,737
Total increase (decrease) in net assets		(13,247,175	)		20,003,503
Net assets at beginning of period		96,087,821			76,084,318
Net assets at end of period	$	82,840,646		$	96,087,821
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		8,707,246			8,172,571
Shares sold		1,798,880			2,702,352
Shares issued to shareholders from reinvestment of distributions		—			177,060
Shares redeemed		(1,979,490	)		(2,344,737	)
Net increase (decrease)		(180,610	)		534,675
Shares outstanding at end of period		8,526,636			8,707,246
Open Shares
Shares outstanding at beginning of period		231,629			163,761
Shares sold		63,563			216,058
Shares issued to shareholders from reinvestment of distributions		—			4,241
Shares redeemed		(55,405	)		(152,431	)
Net increase (decrease)		8,158			67,868
Shares outstanding at end of period		239,787			231,629

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

168   Semi-Annual Report

Lazard International Equity Value Portfolio						Lazard International Quality Growth Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	30,523		$	620,073		$	14,028		$	22,481
	36,132			(332,938	)		96,597			908
	(779,458	)		2,145,026			(233,140	)		884,213
	(712,803	)		2,432,161			(122,515	)		907,602
	—			(632,861	)		—			(95,391	)
	—			(6,391	)		—			(236	)
	—			(639,252	)		—			(95,627	)
	2,543,613			386,965			95,907			2,920,464
	8,654			111,790			15,048			18,500
	—			632,861			—			95,391
	—			6,262			—			236
	(12,738,568	)		(12,619,880	)		(46,064	)		(17,321	)
	(77,061	)		(21,311	)		(9,952	)		(11,243	)
	(10,263,362	)		(11,503,313	)		54,939			3,006,027
	(10,976,165	)		(9,710,404	)		(67,576	)		3,818,002
	13,273,503			22,983,907			3,967,707			149,705
$	2,297,338		$	13,273,503		$	3,900,131		$	3,967,707
	1,319,964			2,509,997			311,939			14,900
	256,004			39,472			8,967			290,807
	—			63,925			—			7,589
	(1,280,044	)		(1,293,430	)		(4,082	)		(1,357	)
	(1,024,040	)		(1,190,033	)		4,885			297,039
	295,924			1,319,964			316,824			311,939
	14,189			4,211			771			100
	1,115			11,500			1,191			1,613
	—			633			—			19
	(11,214	)		(2,155	)		(799	)		(961	)
	(10,099	)		9,978			392			671
	4,090			14,189			1,163			771

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

Semi-Annual Report   169

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	155,243		$	597,260
Net realized gain (loss) on investments and foreign currency transactions		(1,492,321	)		(1,233,823	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(5,314,517	)		13,644,978
Net increase (decrease) in net assets resulting from operations		(6,651,595	)		13,008,415
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		—			(993,572	)
Open Shares		—			(532,378	)
R6 Shares		—			—
Net decrease in net assets resulting from distributions		—			(1,525,950	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		2,001,581			5,735,020
Open Shares		457,685			2,821,054
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		—			985,401
Open Shares		—			525,950
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(7,135,242	)		(11,597,241	)
Open Shares		(5,095,170	)		(7,881,149	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(9,771,146	)		(9,410,965	)
Total increase (decrease) in net assets		(16,422,741	)		2,071,500
Net assets at beginning of period		57,457,699			55,386,199
Net assets at end of period	$	41,034,958		$	57,457,699

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, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	47,860,775		$	101,146,547		$	305,089		$	444,759
	(66,970,430	)		(31,395,597	)		(3,405,009	)		716,348
	(749,424,507	)		1,109,551,562			(1,439,911	)		3,732,305
	(768,534,162	)		1,179,302,512			(4,539,831	)		4,893,412
	—			(100,719,323	)		—			(480,167	)
	—			(11,005,478	)		—			(2,562	)
	—			(2,219,743	)		—			—
	—			(113,944,544	)		—			(482,729	)
	530,244,973			792,681,193			2,964,175			9,905,800
	82,672,922			124,036,050			6,545			9,000
	3,691,583			21,028,905			—			—
	—			94,513,926			—			439,293
	—			10,047,508			—			2,562
	—			2,174,455			—			—
	(1,020,691,499	)		(911,120,127	)		(1,913,238	)		(1,072,923	)
	(193,199,006	)		(431,740,280	)		(71,550	)		(574	)
	(13,787,023	)		(19,831,488	)		—			—
	(611,068,050	)		(318,209,858	)		985,932			9,283,158
	(1,379,602,212	)		747,148,110			(3,553,899	)		13,693,841
	6,307,423,592			5,560,275,482			34,585,908			20,892,067
$	4,927,821,380		$	6,307,423,592		$	31,032,009		$	34,585,908

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

Semi-Annual Report   171

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,090,617			3,529,666
Shares sold		199,101			514,178
Shares issued to shareholders from reinvestment of distributions		—			92,962
Shares redeemed		(716,352	)		(1,046,189	)
Net increase (decrease)		(517,251	)		(439,049	)
Shares outstanding at end of period		2,573,366			3,090,617
Open Shares
Shares outstanding at beginning of period		1,622,591			2,031,598
Shares sold		44,065			254,632
Shares issued to shareholders from reinvestment of distributions		—			49,571
Shares redeemed		(513,493	)		(713,210	)
Net increase (decrease)		(469,428	)		(409,007	)
Shares outstanding at end of period		1,153,163			1,622,591
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.

172   Semi-Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	357,911,733			359,227,186			2,714,105			1,963,386
	41,723,795			55,219,621			273,141			804,074
	—			6,217,811			—			34,782
	(80,583,957	)		(62,752,885	)		(178,550	)		(88,137	)
	(38,860,162	)		(1,315,453	)		94,591			750,719
	319,051,571			357,911,733			2,808,696			2,714,105
	43,939,513			64,009,753			18,298			17,404
	6,389,074			8,545,569			587			736
	—			656,801			—			203
	(14,525,872	)		(29,272,610	)		(7,167	)		(45	)
	(8,136,798	)		(20,070,240	)		(6,580	)		894
	35,802,715			43,939,513			11,718			18,298
	7,802,421			7,549,275			—			—
	276,627			1,459,355			—			—
	—			142,878			—			—
	(970,765	)		(1,349,087	)		—			—
	(694,138	)		253,146			—			—
	7,108,283			7,802,421			—			—

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

Semi-Annual Report   173

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	155,243		$	597,260
Net realized gain (loss) on investments and foreign currency transactions			(1,492,321	)		(1,233,823	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(5,314,517	)		13,644,978
Net increase (decrease) in net assets resulting from operations			(6,651,595	)		13,008,415
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(993,572	)
Open Shares			—			(532,378	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			—			(1,525,950	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,001,581			5,735,020
Open Shares			457,685			2,821,054
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			985,401
Open Shares			—			525,950
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(7,135,242	)		(11,597,241	)
Open Shares			(5,095,170	)		(7,881,149	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(9,771,146	)		(9,410,965	)
Total increase (decrease) in net assets			(16,422,741	)		2,071,500
Net assets at beginning of period			57,457,699			55,386,199
Net assets at end of period		$	41,034,958		$	57,457,699

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

174   Semi-Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	47,860,775		$	101,146,547		$	305,089		$	444,759
	(66,970,430	)		(31,395,597	)		(3,405,009	)		716,348
	(749,424,507	)		1,109,551,562			(1,439,911	)		3,732,305
	(768,534,162	)		1,179,302,512			(4,539,831	)		4,893,412
	—			(100,719,323	)		—			(480,167	)
	—			(11,005,478	)		—			(2,562	)
	—			(2,219,743	)		—			—
	—			(113,944,544	)		—			(482,729	)
	530,244,973			792,681,193			2,964,175			9,905,800
	82,672,922			124,036,050			6,545			9,000
	3,691,583			21,028,905			—			—
	—			94,513,926			—			439,293
	—			10,047,508			—			2,562
	—			2,174,455			—			—
	(1,020,691,499	)		(911,120,127	)		(1,913,238	)		(1,072,923	)
	(193,199,006	)		(431,740,280	)		(71,550	)		(574	)
	(13,787,023	)		(19,831,488	)		—			—
	(611,068,050	)		(318,209,858	)		985,932			9,283,158
	(1,379,602,212	)		747,148,110			(3,553,899	)		13,693,841
	6,307,423,592			5,560,275,482			34,585,908			20,892,067
$	4,927,821,380		$	6,307,423,592		$	31,032,009		$	34,585,908

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

Semi-Annual Report   175

	Lazard International Small Cap Equity Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,090,617			3,529,666
Shares sold		199,101			514,178
Shares issued to shareholders from reinvestment of distributions		—			92,962
Shares redeemed		(716,352	)		(1,046,189	)
Net increase (decrease)		(517,251	)		(439,049	)
Shares outstanding at end of period		2,573,366			3,090,617
Open Shares
Shares outstanding at beginning of period		1,622,591			2,031,598
Shares sold		44,065			254,632
Shares issued to shareholders from reinvestment of distributions		—			49,571
Shares redeemed		(513,493	)		(713,210	)
Net increase (decrease)		(469,428	)		(409,007	)
Shares outstanding at end of period		1,153,163			1,622,591
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.

176   Semi-Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	357,911,733			359,227,186			2,714,105			1,963,386
	41,723,795			55,219,621			273,141			804,074
	—			6,217,811			—			34,782
	(80,583,957	)		(62,752,885	)		(178,550	)		(88,137	)
	(38,860,162	)		(1,315,453	)		94,591			750,719
	319,051,571			357,911,733			2,808,696			2,714,105
	43,939,513			64,009,753			18,298			17,404
	6,389,074			8,545,569			587			736
	—			656,801			—			203
	(14,525,872	)		(29,272,610	)		(7,167	)		(45	)
	(8,136,798	)		(20,070,240	)		(6,580	)		894
	35,802,715			43,939,513			11,718			18,298
	7,802,421			7,549,275			—			—
	276,627			1,459,355			—			—
	—			142,878			—			—
	(970,765	)		(1,349,087	)		—			—
	(694,138	)		253,146			—			—
	7,108,283			7,802,421			—			—

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

Semi-Annual Report   177

	Lazard US Equity Concentrated Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	6,606,367		$	10,746,418
Net realized gain (loss) on investments and foreign currency transactions		(5,193,634	)		16,675,749
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		33,368,628			316,438,020
Net increase (decrease) in net assets resulting from operations		34,781,361			343,860,187
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		—			(10,474,453	)
Open Shares		—			(251,259	)
R6 Shares		—			(16,815	)
Net decrease in net assets resulting from distributions		—			(10,742,527	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		650,121,106			239,444,709
Open Shares		4,475,486			10,485,661
R6 Shares		34,566			52,111
Net proceeds from reinvestment of distributions
Institutional Shares		—			9,489,994
Open Shares		—			245,698
R6 Shares		—			16,815
Cost of shares redeemed
Institutional Shares		(281,933,425	)		(337,781,398	)
Open Shares		(11,742,096	)		(27,918,973	)
R6 Shares		(500	)		(444,560	)
Net increase (decrease) in net assets from capital stock transactions		360,955,137			(106,409,943	)
Total increase (decrease) in net assets		395,736,498			226,707,717
Net assets at beginning of period		1,320,439,963			1,093,732,246
Net assets at end of period	$	1,716,176,461		$	1,320,439,963

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

178   Semi-Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small-Mid Cap Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31,    2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	193,760		$	775,182		$	225,087		$	528,891
	98,107			9,274,046			(8,931,321	)		9,996,563
	(1,372,723	)		8,829,523			(10,963,492	)		24,785,901
	(1,080,856	)		18,878,751			(19,669,726	)		35,311,355
	—			(3,507,462	)		—			(3,405,960	)
	—			(115,921	)		—			(467,265	)
	—			(1,131,458	)		—			—
	—			(4,754,841	)		—			(3,873,225	)
	632,325			2,432,592			28,919,815			43,497,892
	41,534			24,674			710,923			1,907,057
	5,295,671			5,577,813			668,684			—
	—			3,507,279			—			3,376,123
	—			115,887			—			439,046
	—			1,131,458			—			—
	(5,802,080	)		(46,017,010	)		(23,395,336	)		(80,591,007	)
	(40,664	)		(61,182	)		(2,384,089	)		(4,715,661	)
	(3,876,042	)		(8,015,687	)		(19,637	)		—
	(3,749,256	)		(41,304,176	)		4,500,360			(36,086,550	)
	(4,830,112	)		(27,180,266	)		(15,169,366	)		(4,648,420	)
	44,386,693			71,566,959			122,754,312			127,402,732
$	39,556,581		$	44,386,693		$	107,584,946		$	122,754,312

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

Semi-Annual Report   179

	Lazard US Equity Concentrated Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		75,485,283			80,772,130
Shares sold		51,111,450			16,233,590
Shares issued to shareholders from reinvestment of distributions		—			564,545
Shares redeemed		(19,010,056	)		(22,084,982	)
Net increase (decrease)		32,101,394			(5,286,847	)
Shares outstanding at end of period		107,586,677			75,485,283
Open Shares
Shares outstanding at beginning of period		2,759,073			3,925,727
Shares sold		292,120			683,831
Shares issued to shareholders from reinvestment of distributions		—			14,504
Shares redeemed		(759,865	)		(1,864,989	)
Net increase (decrease)		(467,745	)		(1,166,654	)
Shares outstanding at end of period		2,291,328			2,759,073
R6 Shares†
Shares outstanding at beginning of period		123,837			147,098
Shares sold		2,336			3,494
Shares issued to shareholders from reinvestment of distributions		—			998
Shares redeemed		(35	)		(27,753	)
Net increase (decrease)		2,301			(23,261	)
Shares outstanding at end of period		126,138			123,837

† The inception date for the US Small-Mid Cap Equity R6 Shares was January 08, 2020.

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

180   Semi-Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small-Mid Cap Equity Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	2,714,562			5,927,072			7,925,745			10,493,688
	55,156			202,537			2,762,435			3,337,117
	—			292,273			—			247,154
	(502,236	)		(3,707,320	)		(2,186,082	)		(6,152,214	)
	(447,080	)		(3,212,510	)		576,353			(2,567,943	)
	2,267,482			2,714,562			8,502,098			7,925,745
	92,372			85,762			1,164,098			1,368,812
	3,637			2,053			71,532			159,368
	—			9,609			—			34,845
	(3,588	)		(5,052	)		(214,664	)		(398,927	)
	49			6,610			(143,132	)		(204,714	)
	92,421			92,372			1,020,966			1,164,098
	881,361			982,747			—			—
	557,641			474,198			49,809			—
	—			94,367			—			—
	(354,730	)		(669,951	)		(1,555	)		—
	202,911			(101,386	)		48,254			—
	1,084,272			881,361			48,254			—

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

Semi-Annual Report   181

	Lazard US
	Sustainable
Six Months Ended June 30, 2020 (unaudited) (a)	Equity Portfolio
Increase (Decrease) in Net Assets
Operations
Net change in unrealized appreciation (depreciation) on investments	$	452
Net increase (decrease) in net assets resulting from operations		452
Capital stock transactions
Net proceeds from sales
Institutional Shares		4,900,000
Open Shares		100,000
Net increase (decrease) in net assets from capital stock transactions		5,000,000
Total increase (decrease) in net assets		5,000,452
Net assets at beginning of period		—
Net assets at end of period	$	5,000,452
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		—
Shares sold		490,000
Net increase (decrease)		490,000
Shares outstanding at end of period		490,000
Open Shares
Shares outstanding at beginning of period		—
Shares sold		10,000
Net increase (decrease)		10,000
Shares outstanding at end of period		10,000

(a) The Portfolio commenced operation on June 30, 2020.

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

182   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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	14.55		$	11.42		$	14.48		$	10.28		$	9.04		$	10.43
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.08			0.11			0.03			0.05	^		0.06
Net realized and unrealized gain (loss)		(1.66	)		3.13			(3.08	)		4.20			1.29			(1.40	)
Total from investment operations		(1.63	)		3.21			(2.97	)		4.23			1.34			(1.34	)
Less distributions from:
Net investment income		—			(0.08	)		(0.09	)		(0.03	)		(0.10	)		(0.05	)
Total distributions		—			(0.08	)		(0.09	)		(0.03	)		(0.10	)		(0.05	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	12.92		$	14.55		$	11.42		$	14.48		$	10.28		$	9.04
Total Return (c)		–11.20	%		28.17	%		–20.58	%		41.15	%		14.81	%^		–12.84	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	155,391		$	226,067		$	215,120		$	268,730		$	189,035		$	343,788
Ratios to average net assets (d):
Net expenses		1.18	%		1.16	%		1.14	%		1.18	%		1.21	%^		1.20	%
Gross expenses		1.19	%		1.16	%		1.14	%		1.18	%		1.23	%		1.20	%
Net investment income (loss)		0.47	%		0.63	%		0.83	%		0.24	%		0.48	%^		0.55	%
Portfolio turnover rate		31	%		55	%		63	%		46	%		56	%		66	%

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

Semi-Annual Report   183

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	14.51		$	11.36		$	14.45		$	10.28		$	9.05		$	10.43
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.05			0.06			(0.02	)		0.01	^		0.01
Net realized and unrealized gain (loss)		(1.66	)		3.11			(3.06	)		4.19			1.28			(1.38	)
Total from investment operations		(1.65	)		3.16			(3.00	)		4.17			1.29			(1.37	)
Less distributions from:
Net investment income		—			(0.01	)		(0.09	)		—			(0.06	)		(0.01	)
Total distributions		—			(0.01	)		(0.09	)		—			(0.06	)		(0.01	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	12.86		$	14.51		$	11.36		$	14.45		$	10.28		$	9.05
Total Return (c)		–11.37	%		27.79	%		–20.83	%#		40.56	%		14.31	%^		–13.11	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,353		$	9,341		$	7,263		$	12,569		$	7,272		$	10,903
Ratios to average net assets (d):
Net expenses		1.49	%		1.46	%		1.51	%		1.58	%		1.60	%^		1.57	%
Gross expenses		1.50	%		1.55	%		1.51	%		1.58	%		1.65	%		1.57	%
Net investment income (loss)		0.19	%		0.36	%		0.42	%		-0.17	%		0.06	%^		0.13	%
Portfolio turnover rate		31	%		55	%		63	%		46	%		56	%		66	%

†	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.
(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.

184   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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	11.79		$	9.89		$	12.30		$	8.83		$	8.60		$	9.62
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.20			0.16			0.11			0.08			0.03
Net realized and unrealized gain (loss)		(1.80	)		1.93			(2.39	)		3.45			0.22			(1.03	)
Total from investment operations		(1.75	)		2.13			(2.23	)		3.56			0.30			(1.00	)
Less distributions from:
Net investment income		—			(0.23	)		(0.18	)		(0.09	)		(0.07	)		(0.01	)
Return of capital		—			—			—			—			—			(0.01	)
Total distributions		—			(0.23	)		(0.18	)		(0.09	)		(0.07	)		(0.02	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	10.04		$	11.79		$	9.89		$	12.30		$	8.83		$	8.60
Total Return (c)		–14.84	%		21.59	%		–18.12	%		40.35	%		3.47	%		–10.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	164,184		$	197,213		$	207,955		$	230,343		$	122,995		$	102,421
Ratios to average net assets (d):
Net expenses		1.21	%		1.18	%		1.18	%		1.20	%		1.30	%		1.30	%
Gross expenses		1.21	%		1.18	%		1.18	%		1.20	%		1.31	%		1.52	%
Net investment income (loss)		1.03	%		1.83	%		1.44	%		0.98	%		0.89	%		0.32	%
Portfolio turnover rate		11	%		19	%		30	%		15	%		62	%		46	%

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

Semi-Annual Report   185

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	11.76		$	9.87		$	12.27		$	8.81		$	8.58		$	9.62
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.16			0.11			0.06			0.07			—	(b)
Net realized and unrealized gain (loss)		(1.79	)		1.92			(2.37	)		3.45			0.20			(1.04	)
Total from investment operations		(1.76	)		2.08			(2.26	)		3.51			0.27			(1.04	)
Less distributions from:
Net investment income		—			(0.19	)		(0.14	)		(0.05	)		(0.04	)		—
Total distributions		—			(0.19	)		(0.14	)		(0.05	)		(0.04	)		—
Net asset value, end of period	$	10.00		$	11.76		$	9.87		$	12.27		$	8.81		$	8.58
Total Return (c)		–14.97	%		21.08	%		–18.43	%		39.80	%		3.17	%		–10.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,717		$	2,425		$	1,853		$	1,828		$	729		$	2,344
Ratios to average net assets (d):
Net expenses		1.50	%		1.55	%		1.58	%		1.60	%		1.60	%		1.60	%
Gross expenses		1.61	%		1.90	%		2.00	%		2.45	%		2.14	%		2.35	%
Net investment income (loss)		0.66	%		1.48	%		1.00	%		0.56	%		0.85	%		–0.04	%
Portfolio turnover rate		11	%		19	%		30	%		15	%		62	%		46	%

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

186   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/20†			Year Ended 12/31/19			For the Period 4/6/18* to 12/31/18
R6 Shares
Net asset value, beginning of period	$	11.80		$	9.89		$	12.21
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.20			0.14
Net realized and unrealized gain (loss)		(1.80	)		1.94			(2.28	)
Total from investment operations		(1.75	)		2.14			(2.14	)
Less distributions from:
Net investment income		—			(0.23	)		(0.18	)
Total distributions		—			(0.23	)		(0.18	)
Net asset value, end of period	$	10.05		$	11.80		$	9.89
Total Return (c)		–14.83	%		21.69	%		–17.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	378		$	597		$	494
Ratios to average net assets (d):
Net expenses		1.19	%		1.18	%		1.16	%
Gross expenses		1.75	%		3.23	%		7.68	%
Net investment income (loss)		0.93	%		1.80	%		1.71	%
Portfolio turnover rate		11	%		19	%		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   187

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	6/30/20†				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Institutional Shares
Net asset value, beginning of period		$	11.84			$	10.03			$	12.27			$	8.71			$	8.06			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07				0.24				0.19				0.12				0.12				0.08
Net realized and unrealized gain (loss)			(1.26	)			1.80				(2.19	)			3.58				0.67				(1.88	)
Total from investment operations			(1.19	)			2.04				(2.00	)			3.70				0.79				(1.80	)
Less distributions from:
Net investment income			—				(0.23	)			(0.22	)			(0.13	)			(0.13	)			(0.14	)
Net realized gains			—				—				—	(b)			—				—				—
Return of capital			—				—				(0.02	)			(0.01	)			(0.01	)			—
Total distributions			—				(0.23	)			(0.24	)			(0.14	)			(0.14	)			(0.14	)
Net asset value, end of period		$	10.65			$	11.84			$	10.03			$	12.27			$	8.71			$	8.06
Total Return (c)			–10.13	%			20.34	%			–16.23	%			42.52	%			9.83	%			–17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	12,223			$	9,190			$	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	%			1.10	%
Gross expenses			2.85	%			3.19	%			5.60	%			6.29	%			9.57	%			11.47	%
Net investment income (loss)			1.44	%			2.15	%			1.59	%			1.15	%			1.41	%			1.54	%
Portfolio turnover rate			35	%			59	%			61	%			52	%			57	%			38	%

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

188   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	6/30/20†				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Open Shares
Net asset value, beginning of period		$	11.85			$	10.04			$	12.27			$	8.71			$	8.06			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05				0.21				0.16				0.08				0.09				0.06
Net realized and unrealized gain (loss)			(1.26	)			1.79				(2.18	)			3.58				0.68				(1.87	)
Total from investment operations			(1.21	)			2.00				(2.02	)			3.66				0.77				(1.81	)
Less distributions from:
Net investment income			—				(0.19	)			(0.19	)			(0.09	)			(0.11	)			(0.13	)
Net realized gains			—				—				—	(b)			—				—				—
Return of capital			—				—				(0.02	)			(0.01	)			(0.01	)			—
Total distributions			—				(0.19	)			(0.21	)			(0.10	)			(0.12	)			(0.13	)
Net asset value, end of period		$	10.64			$	11.85			$	10.04			$	12.27			$	8.71			$	8.06
Total Return (c)			–10.21	%			19.97	%			–16.40	%			42.09	%			9.51	%			–18.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	739			$	1,162			$	476			$	356			$	120			$	95
Ratios to average net assets (d):
Net expenses			1.35	%			1.38	%			1.40	%			1.40	%			1.40	%			1.40	%
Gross expenses			3.47	%			4.32	%			8.09	%			12.17	%			20.02	%			26.37	%
Net investment income (loss)			0.89	%			1.87	%			1.35	%			0.72	%			1.06	%			1.18	%
Portfolio turnover rate			35	%			59	%			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   189

LAZARD EMERGING MARKETS EQUITY BLEND PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19				12/31/18				12/31/17				12/31/16				12/31/15
Institutional Shares
Net asset value, beginning of period		$	12.18			$	10.02			$	12.93			$	9.60			$	8.53			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07				0.13				0.17				0.10				0.08	^			0.12
Net realized and unrealized gain (loss)			(1.54	)			2.29				(2.89	)			3.35				1.04				(1.39	)
Total from investment operations			(1.47	)			2.42				(2.72	)			3.45				1.12				(1.27	)
Less distributions from:
Net investment income			—				(0.26	)			(0.19	)			(0.12	)			(0.05	)			(0.19	)
Return of capital			—				—				—				—				—				(0.01	)
Total distributions			—				(0.26	)			(0.19	)			(0.12	)			(0.05	)			(0.20	)
Redemption fees			—				—				—				—				—	(b)			—	(b)
Net asset value, end of period		$	10.71			$	12.18			$	10.02			$	12.93			$	9.60			$	8.53
Total Return (c)			–12.07	%			24.21	%			–21.05	%			35.98	%			13.12	%^			–12.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	69,207			$	96,399			$	291,404			$	385,492			$	282,473			$	287,857
Ratios to average net assets (d):
Net expenses			1.25	%			1.26	%			1.15	%			1.21	%			1.25	%^			1.20	%
Gross expenses			1.41	%			1.26	%			1.15	%			1.21	%			1.26	%			1.20	%
Net investment income (loss)			1.27	%			1.16	%			1.39	%			0.90	%			0.88	%^			1.22	%
Portfolio turnover rate			30	%			56	%			61	%			57	%			47	%			38	%

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

190   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19†				12/31/18†				12/31/17†				12/31/16†				12/31/15†
Open Shares
Net asset value, beginning of period		$	12.23			$	10.03			$	12.95			$	9.62			$	8.55			$	9.99
Income (Loss) from investment operations:
Net investment income (loss)			0.05				0.14				0.12				0.06				0.05	^			0.11
Net realized and unrealized gain (loss)			(1.54	)			2.29				(2.89	)			3.34				1.04				(1.38	)
Total from investment operations			(1.49	)			2.43				(2.77	)			3.40				1.09				(1.27	)
Less distributions from:
Net investment income (a)			—				(0.23	)			(0.15	)			(0.07	)			(0.02	)			(0.17	)
Return of capital			—				—				—				—				—	(b)			—	(b)
Total distributions			—				(0.23	)			(0.15	)			(0.07	)			(0.02	)			(0.17	)
Redemption fees			—				—				—				—	(b)			—	(b)			—	(b)
Net asset value, end of period		$	10.74			$	12.23			$	10.03			$	12.95			$	9.62			$	8.55
Total Return (c)			–12.18	%			24.21	%			–21.39	%			35.38	%			12.74	%^			–12.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,362			$	5,977			$	6,200			$	9,728			$	6,804			$	7,107
Ratios to average net assets (d):
Net expenses			1.50	%			1.52	%			1.53	%			1.60	%			1.60	%^			1.54	%
Gross expenses			1.74	%			1.77	%			1.53	%			1.61	%			1.89	%			1.54	%
Net investment income (loss)			0.96	%			1.27	%			1.01	%			0.50	%			0.54	%^			1.10	%
Portfolio turnover rate			30	%			56	%			61	%			57	%			47	%			38	%

†	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. 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   191

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$  18.48			$  16.06			$  20.02			$  15.96			$  13.44			$  17.19
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.42			0.39			0.33			0.24	^		0.30
Net realized and unrealized gain (loss)		(4.13	)		2.45			(4.01	)		4.13			2.52			(3.76	)
Total from investment operations		(3.95	)		2.87			(3.62	)		4.46			2.76			(3.46	)
Less distributions from:
Net investment income		—			(0.45	)		(0.34	)		(0.40	)		(0.24	)		(0.23	)
Net realized gains		—			—			—			—			—			(0.06	)
Total distributions		—			(0.45	)		(0.34	)		(0.40	)		(0.24	)		(0.29	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$  14.53			$  18.48			$  16.06			$  20.02			$  15.96			$  13.44
Total Return (c)		–21.37	%		18.04	%		–18.09	%		28.02	%		20.52	%^		–20.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,944,096		$	6,645,429		$	7,573,861		$	11,285,358		$	9,311,693		$	8,238,638
Ratios to average net assets (d):
Net expenses		1.10	%		1.08	%		1.07	%		1.08	%		1.09	%^		1.10	%
Gross expenses		1.10	%		1.08	%		1.07	%		1.08	%		1.09	%		1.10	%
Net investment income (loss)		2.42	%		2.42	%		2.12	%		1.82	%		1.59	%^		1.83	%
Portfolio turnover rate		24	%		20	%		16	%		14	%		12	%		14	%

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

192   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$  19.03			$  16.53			$  20.60			$  16.41			$  13.82			$ 17.65
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.39			0.35			0.29			0.21	^		0.26
Net realized and unrealized gain (loss)		(4.26	)		2.52			(4.12	)		4.25			2.58			(3.84	)
Total from investment operations		(4.09	)		2.91			(3.77	)		4.54			2.79			(3.58	)
Less distributions from:
Net investment income		—			(0.41	)		(0.30	)		(0.35	)		(0.20	)		(0.19	)
Net realized gains		—			—			—			—			—			(0.06	)
Total distributions		—			(0.41	)		(0.30	)		(0.35	)		(0.20	)		(0.25	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$  14.94			$  19.03			$  16.53			$  20.60			$  16.41			$ 13.82
Total Return (c)		–21.49	%		17.73	%		–18.32	%		27.73	%		20.17	%^		–20.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	411,575		$	969,347		$	1,004,569		$	1,515,715		$	1,287,552		$	832,706
Ratios to average net assets (d):
Net expenses		1.35	%		1.34	%		1.32	%		1.34	%		1.35	%^		1.37	%
Gross expenses		1.35	%		1.34	%		1.32	%		1.34	%		1.35	%		1.37	%
Net investment income (loss)		2.13	%		2.19	%		1.85	%		1.55	%		1.35	%^		1.58	%
Portfolio turnover rate		24	%		20	%		16	%		14	%		12	%		14	%

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												For the Period 1/19/15* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period	$	18.47			$ 16.06			$ 20.02			$ 15.96			$ 13.44			$ 17.26
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.40			0.40			0.35			0.23^			0.27
Net realized and unrealized gain (loss)		(4.13	)		2.46			(4.02	)		4.11			2.53			(3.80	)
Total from investment operations		(3.94	)		2.86			(3.62	)		4.46			2.76			(3.53	)
Less distributions from:
Net investment income		—			(0.45	)		(0.34	)		(0.40	)		(0.24	)		(0.23	)
Net realized gains		—			—			—			—			—			(0.06	)
Total distributions		—			(0.45	)		(0.34	)		(0.40	)		(0.24	)		(0.29	)
Net asset value, end of period	$	14.53			$18.47			$ 16.06			$20.02			$ 15.96			$13.44
Total Return (c)		–21.33	%		17.98	%		–18.09	%		28.02	%		20.52	%^		–20.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	55,451		$	184,337		$	232,507		$	372,568			$197,959		$	144,626
Ratios to average net assets (d):
Net expenses		1.10	%		1.08	%		1.07	%		1.08	%		1.09	%^		1.12	%
Gross expenses		1.10	%		1.08	%		1.07	%		1.08	%		1.10	%		1.13	%
Net investment income (loss)		2.38	%		2.30	%		2.15	%		1.91	%		1.54	%^		1.79	%
Portfolio turnover rate		24	%		20	%		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.

194   Semi-Annual Report

LAZARD EQUITY FRANCHISE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended						For the Period 9/29/17* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period	$	10.17		$	8.84		$	10.38		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.19			0.20			0.03
Net realized and unrealized gain (loss)		(2.20	)		1.73			(0.75	)		0.40
Total from investment operations		(2.13	)		1.92			(0.55	)		0.43
Less distributions from:
Net investment income		—			(0.15	)		(0.21	)		(0.03	)
Net realized gains		—			(0.44	)		(0.78	)		(0.02	)
Total distributions		—			(0.59	)		(0.99	)		(0.05	)
Net asset value, end of period	$	8.04		$	10.17		$	8.84		$	10.38
Total Return (b)		–20.94	%		21.70	%		–5.10	%		4.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	46,158		$	39,878		$	8,341		$	5,566
Ratios to average net assets (c):
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		1.21	%		1.36	%		3.42	%		3.21	%
Net investment income (loss)		1.68	%		1.95	%		1.94	%		1.26	%
Portfolio turnover rate		70	%		95	%		97	%		10	%

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 9/29/17* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period	$	10.17		$	8.84		$	10.38		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.16			0.19			0.03
Net realized and unrealized gain (loss)		(2.19	)		1.73			(0.77	)		0.39
Total from investment operations		(2.14	)		1.89			(0.58	)		0.42
Less distributions from:
Net investment income		—			(0.12	)		(0.18	)		(0.02	)
Net realized gains		—			(0.44	)		(0.78	)		(0.02	)
Total distributions		—			(0.56	)		(0.96	)		(0.04	)
Net asset value, end of period	$	8.03		$	10.17		$	8.84		$	10.38
Total Return (b)		–21.04	%		21.40	%		–5.34	%		4.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	218		$	312		$	190		$	111
Ratios to average net assets (c):
Net expenses		1.20	%		1.18	%		1.20	%		1.20	%
Gross expenses		2.92	%		5.78	%		10.19	%		23.62	%
Net investment income (loss)		1.26	%		1.64	%		1.75	%		1.14	%
Portfolio turnover rate		70	%		95	%		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.

196   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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	14.56		$	11.72		$	13.04		$	10.53		$	10.33		$	10.32
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.11			0.09			0.07			0.09			0.04
Net realized and unrealized gain (loss)		(0.83	)		2.84			(1.02	)		2.93			0.18			0.01
Total from investment operations		(0.78	)		2.95			(0.93	)		3.00			0.27			0.05
Less distributions from:
Net investment income		—			(0.10	)		(0.06	)		(0.10	)		(0.07	)		(0.04	)
Net realized gains		—			—			(0.32	)		(0.39	)		—			—
Return of capital		—			(0.01	)		(0.01	)		—			—			—
Total distributions		—			(0.11	)		(0.39	)		(0.49	)		(0.07	)		(0.04	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	13.78		$	14.56		$	11.72		$	13.04		$	10.53		$	10.33
Total Return (c)		–5.36	%		25.20	%		–7.12	%		28.52	%		2.66	%		0.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	73,459		$	82,057		$	65,382		$	58,201		$	31,197		$	20,624
Ratios to average net assets (d):
Net expenses		0.90	%		1.01	%		1.05	%		1.05	%		1.07	%		1.10	%
Gross expenses		1.00	%		1.08	%		1.08	%		1.30	%		1.75	%		2.27	%
Net investment income (loss)		0.68	%		0.85	%		0.70	%		0.60	%		0.86	%		0.41	%
Portfolio turnover rate		92	%		25	%		34	%		34	%		40	%		55	%

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

Semi-Annual Report   197

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	14.57		$	11.73		$	13.04		$	10.54		$	10.34		$	10.32
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.08			0.05			0.04			0.06			0.01
Net realized and unrealized gain (loss)		(0.85	)		2.83			(1.01	)		2.91			0.18			0.02
Total from investment operations		(0.80	)		2.91			(0.96	)		2.95			0.24			0.03
Less distributions from:
Net investment income		—			(0.07	)		(0.02	)		(0.06	)		(0.04	)		(0.01	)
Net realized gains		—			—			(0.32	)		(0.39	)		—			—
Return of capital		—			—	(b)		(0.01	)		—			—			—
Total distributions		—			(0.07	)		(0.35	)		(0.45	)		(0.04	)		(0.01	)
Net asset value, end of period	$	13.77		$	14.57		$	11.73		$	13.04		$	10.54		$	10.34
Total Return (c)		–5.49	%		24.82	%		–7.33	%		28.01	%		2.35	%		0.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	972		$	933		$	763		$	711		$	515		$	290
Ratios to average net assets (d):
Net expenses		1.15	%		1.30	%		1.35	%		1.35	%		1.37	%		1.40	%
Gross expenses		1.71	%		2.36	%		2.80	%		3.70	%		5.38	%		7.42	%
Net investment income (loss)		0.69	%		0.56	%		0.41	%		0.32	%		0.56	%		0.09	%
Portfolio turnover rate		92	%		25	%		34	%		34	%		40	%		55	%

†	Unaudited
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio 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.

198   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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	15.78		$	13.51		$	15.99		$	14.17		$	13.42		$	13.72
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.40			0.41			0.39			0.31	^		0.33
Net realized and unrealized gain (loss)		(1.36	)		2.57			(0.96	)		2.54			0.92			0.89
Total from investment operations		(1.22	)		2.97			(0.55	)		2.93			1.23			1.22
Less distributions from:
Net investment income		(0.37	)		(0.70	)		(0.72	)		(0.29	)		(0.34	)		(1.17	)
Net realized gains		—			—			(1.21	)		(0.82	)		(0.14	)		(0.35	)
Total distributions		(0.37	)		(0.70	)		(1.93	)		(1.11	)		(0.48	)		(1.52	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	14.19		$	15.78		$	13.51		$	15.99		$	14.17		$	13.42
Total Return (c)		–7.54	%		22.26	%		–3.68	%		20.73	%		9.30	%^		9.30	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,853,590		$	7,277,512		$	4,924,359		$	4,778,042		$	2,931,161		$	2,156,325
Ratios to average net assets (d):
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.96	%^		0.96	%
Gross expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.96	%		0.96	%
Net investment income (loss)		1.93	%		2.63	%		2.65	%		2.44	%		2.29	%^		2.32	%
Portfolio turnover rate		24	%		33	%		49	%		33	%		35	%		34	%

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
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	15.79		$	13.52		$	16.01		$	14.20		$	13.45		$	13.74
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.36			0.37			0.35			0.29	^		0.31
Net realized and unrealized gain (loss)		(1.36	)		2.57			(0.97	)		2.55			0.91			0.88
Total from investment operations		(1.24	)		2.93			(0.60	)		2.90			1.20			1.19
Less distributions from:
Net investment income		(0.35	)		(0.66	)		(0.68	)		(0.27	)		(0.31	)		(1.13	)
Net realized gains		—			—			(1.21	)		(0.82	)		(0.14	)		(0.35	)
Total distributions		(0.35	)		(0.66	)		(1.89	)		(1.09	)		(0.45	)		(1.48	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$ 14.20		$	15.79		$	13.52		$	16.01		$	14.20		$	13.45
Total Return (c)		–7.67	%		21.94	%		–3.98	%		20.47	%		9.01	%^		9.06	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	352,355		$	448,387		$	426,749		$	633,243		$	462,613		$	393,786
Ratios to average net assets (d):
Net expenses		1.20	%		1.20	%		1.20	%		1.21	%		1.22	%^		1.23	%
Gross expenses		1.20	%		1.20	%		1.20	%		1.21	%		1.22	%		1.23	%
Net investment income (loss)		1.59	%		2.39	%		2.36	%		2.16	%		2.09	%^		2.19	%
Portfolio turnover rate		24	%		33	%		49	%		33	%		35	%		34	%

†	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. 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.

200   Semi-Annual Report

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	2.06		$	1.64		$	2.31		$	9.59		$	9.67		$	9.94
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.02			0.01			0.08			0.07			0.06
Net realized and unrealized gain (loss)		(0.07	)		0.46			(0.18	)		2.24			(0.08	)		(0.25	)
Total from investment operations		(0.06	)		0.48			(0.17	)		2.32			(0.01	)		(0.19	)
Less distributions from:
Net investment income		—			(0.02	)		(0.01	)		(0.20	)		(0.07	)		(0.08	)
Net realized gains		—			(0.04	)		(0.49	)		(9.40	)		—			—
Total distributions		—			(0.06	)		(0.50	)		(9.60	)		(0.07	)		(0.08	)
Net asset value, end of period	$	2.00		$	2.06		$	1.64		$	2.31		$	9.59		$	9.67
Total Return (b)		–2.91	%		29.19	%		–9.16	%		24.20	%		–0.15	%		–1.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,047		$	3,185		$	2,505		$	2,750		$	19,816		$	9,254
Ratios to average net assets (c):
Net expenses		1.00	%		1.00	%		1.05	%		1.10	%		1.10	%		1.10	%
Gross expenses		5.59	%		6.07	%		6.41	%		2.06	%		2.03	%		3.83	%
Net investment income (loss)		0.61	%		1.01	%		0.60	%		0.76	%		0.76	%		0.63	%
Portfolio turnover rate		35	%		49	%		46	%		65	%		67	%		65	%

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
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	2.05		$	1.63		$	2.30		$	9.59		$	9.67		$	9.94
Income (Loss) from investment operations:
Net investment income (loss) (a)		—			0.01			0.01			0.03			0.04			0.03
Net realized and unrealized gain (loss)		(0.07	)		0.46			(0.19	)		2.25			(0.08	)		(0.25	)
Total from investment operations		(0.07	)		0.47			(0.18	)		2.28			(0.04	)		(0.22	)
Less distributions from:
Net investment income		—			(0.01	)		—	(d)		(0.17	)		(0.04	)		(0.05	)
Net realized gains		—			(0.04	)		(0.49	)		(9.40	)		—			—
Total distributions		—			(0.05	)		(0.49	)		(9.57	)		(0.04	)		(0.05	)
Net asset value, end of period	$	1.98		$	2.05		$	1.63		$	2.30		$	9.59		$	9.67
Total Return (b)		–3.41	%		29.01	%		–9.39	%		23.72	%		–0.45	%		–2.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	142		$	144		$	131		$	149		$	114		$	114
Ratios to average net assets (c):
Net expenses		1.25	%		1.29	%		1.35	%		1.41	%		1.40	%		1.40	%
Gross expenses		8.33	%		13.26	%		14.05	%		12.33	%		13.31	%		14.12	%
Net investment income (loss)		0.36	%		0.72	%		0.29	%		0.34	%		0.39	%		0.30	%
Portfolio turnover rate		35	%		49	%		46	%		65	%		67	%		65	%

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

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

202   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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	9.99		$	8.70		$	10.92		$	8.91		$	9.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.22			0.24			0.19			0.18			0.04
Net realized and unrealized gain (loss)		(1.32	)		1.29			(2.01	)		2.03			(0.28	)		(0.70	)
Total from investment operations		(1.20	)		1.51			(1.77	)		2.22			(0.10	)		(0.66	)
Less distributions from:
Net investment income		—			(0.22	)		(0.33	)		(0.21	)		(0.20	)		(0.13	)
Net realized gains		—			—			(0.12	)		—			—			—
Total distributions		—			(0.22	)		(0.45	)		(0.21	)		(0.20	)		(0.13	)
Net asset value, end of period	$	8.79		$	9.99		$	8.70		$	10.92		$	8.91		$	9.21
Total Return (b)		–12.01	%		17.37	%		–16.26	%		24.98	%		–1.13	%		–6.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,119		$	2,408		$	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	%		0.90	%
Gross expenses		8.58	%		8.40	%		7.60	%		8.91	%		13.12	%		14.93	%
Net investment income (loss)		2.70	%		2.30	%		2.29	%		1.89	%		2.08	%		0.77	%
Portfolio turnover rate		53	%		66	%		72	%		88	%		92	%		58	%

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												For the Period 5/29/15* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	9.99		$	8.70		$	10.92		$	8.91		$	9.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.19			0.21			0.16			0.15			0.03
Net realized and unrealized gain (loss)		(1.32	)		1.29			(2.01	)		2.03			(0.28	)		(0.71	)
Total from investment operations		(1.21	)		1.48			(1.80	)		2.19			(0.13	)		(0.68	)
Less distributions from:
Net investment income		—			(0.19	)		(0.30	)		(0.18	)		(0.17	)		(0.11	)
Net realized gains		—			—			(0.12	)		—			—			—
Total distributions		—			(0.19	)		(0.42	)		(0.18	)		(0.17	)		(0.11	)
Net asset value, end of period	$	8.78		$	9.99		$	8.70		$	10.92		$	8.91		$	9.21
Total Return (b)		–12.11	%		17.03	%		–16.52	%		24.60	%		–1.42	%		–6.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	99		$	113		$	97		$	116		$	93		$	93
Ratios to average net assets (c):
Net expenses		1.15	%		1.18	%		1.20	%		1.20	%		1.20	%		1.20	%
Gross expenses		12.29	%		17.72	%		17.67	%		20.85	%		25.85	%		30.10	%
Net investment income (loss)		2.45	%		2.02	%		1.99	%		1.58	%		1.74	%		0.47	%
Portfolio turnover rate		53	%		66	%		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.

204   Semi-Annual Report

LAZARD INTERNATIONAL EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	10.30		$	8.34		$	10.43		$	8.54		$	8.27		$	9.53
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.19			0.14			0.13			0.14			0.10
Net realized and unrealized gain (loss)		(1.92	)		1.94			(1.84	)		1.86			0.25			(1.25	)
Total from investment operations		(1.87	)		2.13			(1.70	)		1.99			0.39			(1.15	)
Less distributions from:
Net investment income		—			(0.17	)		(0.17	)		(0.10	)		(0.12	)		(0.11	)
Net realized gains		—			—			(0.22	)		—			—			—
Total distributions		—			(0.17	)		(0.39	)		(0.10	)		(0.12	)		(0.11	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	8.43		$	10.30		$	8.34		$	10.43		$	8.54		$	8.27
Total Return (c)		–18.16	%		25.56	%		–16.20	%		23.29	%		4.74	%		–12.06	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	58,277		$	97,815		$	49,105		$	69,440		$	15,473		$	13,753
Ratios to average net assets (d):
Net expenses		0.95	%		0.95	%		1.00	%		1.05	%		1.05	%		1.06	%
Gross expenses		1.05	%		1.05	%		1.13	%		1.34	%		2.29	%		2.96	%
Net investment income (loss)		1.03	%		2.00	%		1.45	%		1.35	%		1.64	%		1.13	%
Portfolio turnover rate		56	%		72	%		76	%		81	%		92	%		91	%

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

Semi-Annual Report   205

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	10.32		$	8.35		$	10.45		$	8.56		$	8.29		$	9.53
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.18			0.09			0.10			0.11			0.06
Net realized and unrealized gain (loss)		(1.92	)		1.93			(1.82	)		1.86			0.26			(1.22	)
Total from investment operations		(1.88	)		2.11			(1.73	)		1.96			0.37			(1.16	)
Less distributions from:
Net investment income		—			(0.14	)		(0.15	)		(0.07	)		(0.10	)		(0.08	)
Net realized gains		—			—			(0.22	)		—			—			—
Total distributions		—			(0.14	)		(0.37	)		(0.07	)		(0.10	)		(0.08	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	8.44		$	10.32		$	8.35		$	10.45		$	8.56		$	8.29
Total Return (c)		–18.22	%		25.28	%		–16.47	%		22.87	%		4.41	%		–12.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	352		$	430		$	399		$	220		$	114		$	55
Ratios to average net assets (d):
Net expenses		1.20	%		1.24	%		1.29	%		1.35	%		1.35	%		1.39	%
Gross expenses		2.25	%		3.67	%		5.24	%		8.15	%		11.98	%		9.93	%
Net investment income (loss)		0.88	%		1.87	%		0.96	%		1.04	%		1.32	%		0.60	%
Portfolio turnover rate		56	%		72	%		76	%		81	%		92	%		91	%

†	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.

206   Semi-Annual Report

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	18.61		$	15.68		$	19.61		$	16.20		$	17.08		$	16.93
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16			0.37			0.37			0.26			0.27	^		0.27
Net realized and unrealized gain (loss)		(2.41	)		2.95			(3.06	)		3.43			(0.98	)		—
Total from investment operations		(2.25	)		3.32			(2.69	)		3.69			(0.71	)		0.27
Less distributions from:
Net investment income		—			(0.39	)		(0.42	)		(0.28	)		(0.17	)		(0.12	)
Net realized gains		—			—			(0.82	)		—			—			—
Total distributions		—			(0.39	)		(1.24	)		(0.28	)		(0.17	)		(0.12	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	16.36		$	18.61		$	15.68		$	19.61		$	16.20		$	17.08
Total Return (c)		–12.09	%		21.19	%		–13.61	%#		22.81	%		–4.18	%^		1.62	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,230,809		$	2,495,021		$	2,102,735		$	2,835,262		$	1,511,516		$	736,272
Ratios to average net assets (d):
Net expenses		0.83	%		0.82	%		0.81	%		0.81	%		0.82	%^		0.86	%
Gross expenses		0.83	%		0.82	%		0.81	%		0.81	%		0.84	%		0.87	%
Net investment income (loss)		2.03	%		2.13	%		1.94	%		1.44	%		1.62	%^		1.50	%
Portfolio turnover rate		19	%		37	%		36	%		31	%		25	%		30	%

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

Semi-Annual Report   207

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	18.84		$	15.87		$	19.83		$	16.38		$	17.23		$	17.07
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.33			0.32			0.30			0.13	^		0.23
Net realized and unrealized gain (loss)		(2.44	)		2.98			(3.08	)		3.38			(0.90	)		—
Total from investment operations		(2.30	)		3.31			(2.76	)		3.68			(0.77	)		0.23
Less distributions from:
Net investment income		—			(0.34	)		(0.38	)		(0.23	)		(0.08	)		(0.07	)
Net realized gains		—			—			(0.82	)		—			—			—
Total distributions		—			(0.34	)		(1.20	)		(0.23	)		(0.08	)		(0.07	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	16.54		$	18.84		$	15.87		$	19.83	$		16.38		$	17.23
Total Return (c)		–12.21	%		20.89	%		–13.83	%#		22.50	%		–4.46	%^		1.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	225,392		$	257,308		$	227,483		$	275,014		$	1,073,486		$	80,221
Ratios to average net assets (d):
Net expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.07	%^		1.14	%
Gross expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.10	%		1.14	%
Net investment income (loss)		1.74	%		1.84	%		1.67	%		1.69	%		0.80	%^		1.29	%
Portfolio turnover rate		19	%		37	%		36	%		31	%		25	%		30	%

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

208   Semi-Annual Report

Selected data for a
share of capital stock	Six Months																For the Period
outstanding	Ended				Year Ended												4/1/15* to
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period		$	18.58		$	15.66		$	19.59		$	16.18		$	17.07			$	17.94
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16			0.38			0.36			0.31			0.31	^			0.21
Net realized and unrealized gain (loss)			(2.40	)		2.93			(3.05	)		3.38			(1.02	)			(0.95	)
Total from investment operations			(2.24	)		3.31			(2.69	)		3.69			(0.71	)			(0.74	)
Less distributions from:
Net investment income			—			(0.39	)		(0.42	)		(0.28	)		(0.18	)			(0.13	)
Net realized gains			—			—			(0.82	)		—			—				—
Total distributions			—			(0.39	)		(1.24	)		(0.28	)		(0.18	)			(0.13	)
Net asset value, end of period		$	16.34		$	18.58		$	15.66		$	19.59		$	16.18			$	17.07
Total Return (c)			–12.06	%		21.17	%		–13.62	%#		22.85	%		–4.17	%^			–4.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	97,613		$	107,574		$	106,516		$	693,744		$	79,119			$	49,387
Ratios to average net assets (d):
Net expenses			0.81	%		0.80	%		0.80	%		0.80	%		0.80	%^			0.80	%
Gross expenses			0.83	%		0.82	%		0.81	%		0.81	%		0.86	%			0.92	%
Net investment income (loss)			2.01	%		2.19	%		1.84	%		1.68	%		1.88	%^			1.55	%
Portfolio turnover rate			19	%		37	%		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   209

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended				Year Ended
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	10.75		$	9.13		$	11.02		$	8.65		$	8.80		$	9.24
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.23			0.18			0.13			0.12			0.12
Net realized and unrealized gain (loss)			(1.39	)		1.62			(1.82	)		2.31			(0.17	)		(0.46	)
Total from investment operations			(1.30	)		1.85			(1.64	)		2.44			(0.05	)		(0.34	)
Less distributions from:
Net investment income			—			(0.23	)		(0.25	)		(0.07	)		(0.10	)		(0.10	)
Total distributions			—			(0.23	)		(0.25	)		(0.07	)		(0.10	)		(0.10	)
Redemption fees			—			—			—			—			—			—	(b)
Net asset value, end of period		$	9.45		$	10.75		$	9.13		$	11.02		$	8.65		$	8.80
Total Return (c)			–12.09	%		20.32	%		–14.90	%		28.31	%		–0.63	%		–3.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	80,567		$	93,586		$	74,582		$	53,929		$	28,299		$	18,757
Ratios to average net assets (d):
Net expenses			0.90	%		0.97	%		1.05	%		1.05	%		1.05	%		1.06	%
Gross expenses			0.94	%		0.99	%		1.05	%		1.31	%		1.79	%		2.13	%
Net investment income (loss)			1.91	%		2.29	%		1.73	%		1.27	%		1.36	%		1.25	%
Portfolio turnover rate			20	%		42	%		32	%		30	%		42	%		51	%

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	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	10.80		$	9.17		$	11.03		$	8.66		$	8.82		$	9.25
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.19			0.15			0.10			0.10			0.11
Net realized and unrealized gain (loss)			(1.40	)		1.64			(1.82	)		2.31			(0.19	)		(0.47	)
Total from investment operations			(1.32	)		1.83			(1.67	)		2.41			(0.09	)		(0.36	)
Less distributions from:
Net investment income			—			(0.20	)		(0.19	)		(0.04	)		(0.07	)		(0.07	)
Total distributions			—			(0.20	)		(0.19	)		(0.04	)		(0.07	)		(0.07	)
Net asset value, end of period		$	9.48		$	10.80		$	9.17		$	11.03		$	8.66		$	8.82
Total Return (c)			–12.22	%		19.97	%		–15.16	%		27.89	%		–1.03	%		–3.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,274		$	2,502		$	1,502		$	2,831		$	2,092		$	2,184
Ratios to average net assets (d):
Net expenses			1.15	%		1.28	%		1.35	%		1.35	%		1.35	%		1.37	%
Gross expenses			1.37	%		1.74	%		1.83	%		2.07	%		2.59	%		2.75	%
Net investment income (loss)			1.66	%		1.87	%		1.42	%		1.01	%		1.13	%		1.15	%
Portfolio turnover rate			20	%		42	%		32	%		30	%		42	%		51	%

†	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   211

LAZARD INTERNATIONAL EQUITY VALUE PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/20†				Year Ended 12/31/19			For the Period 10/31/18* to 12/31/18
Institutional Shares
Net asset value, beginning of period		$	9.95		$	9.14			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.28				0.01
Net realized and unrealized gain (loss)			(2.38	)		1.01				(0.86	)
Total from investment operations			(2.29	)		1.29				(0.85	)
Less distributions from:
Net investment income			—			(0.48	)			(0.01	)
Total distributions			—			(0.48	)			(0.01	)
Net asset value, end of period		$	7.66		$	9.95			$	9.14
Total Return (b)			–23.02	%		14.14	%			–8.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,266		$	13,132			$	22,945
Ratios to average net assets (c):
Net expenses			0.95	%		0.95	%			0.95	%
Gross expenses			5.73	%		2.01	%			1.34	%
Net investment income (loss)			2.08	%		2.87	%			0.72	%
Portfolio turnover rate			65	%		104	%			37	%

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

212   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/20†				Year Ended 12/31/19			For the Period 10/31/18* to 12/31/18
Open Shares
Net asset value, beginning of period		$	9.95		$	9.13			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.21				—	(d)
Net realized and unrealized gain (loss)			(2.39	)		1.06				(0.86	)
Total from investment operations			(2.30	)		1.27				(0.86	)
Less distributions from:
Net investment income			—			(0.45	)			(0.01	)
Total distributions			—			(0.45	)			(0.01	)
Net asset value, end of period			$7.65		$	9.95			$	9.13
Total Return (b)			–23.12	%		13.98	%			–8.63	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	31		$	141			$	38
Ratios to average net assets (c):
Net expenses			1.23	%		1.13	%			1.20	%
Gross expenses			11.26	%		15.82	%			7.91	%
Net investment income (loss)			2.00	%		2.15	%			0.03	%
Portfolio turnover rate			65	%		104	%			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   213

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/20†			Year Ended 12/31/19			Period Ended 12/31/18*
Institutional Shares
Net asset value, beginning of period	$	12.69		$	9.98		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.08			—
Net realized and unrealized gain (loss)		(0.46	)		2.95			(0.02	)
Total from investment operations		(0.42	)		3.03			(0.02	)
Less distributions from:
Net investment income		—			(0.27	)		—
Net realized gains		—			(0.05	)		—
Total distributions		—			(0.32	)		—
Net asset value, end of period	$	12.27		$	12.69		$	9.98
Total Return (b)		–3.31	%		30.32	%		–0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,886		$	3,958		$	149
Ratios to average net assets (c):
Net expenses		0.85	%		0.85	%		0.00	%
Gross expenses		4.84	%		8.16	%		8.45	%
Net investment income (loss)		0.77	%		0.65	%		0.00	%
Portfolio turnover rate		27	%		20	%		0	%

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

214   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout each period	Six Months Ended 6/30/20†			Year Ended 12/31/19			Period Ended 12/31/18*
Open Shares
Net asset value, beginning of period	$	12.65		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.07			—
Net realized and unrealized gain (loss)		(0.47	)		2.90			—	(d)
Total from investment operations		(0.44	)		2.97			—	(d)
Less distributions from:
Net investment income		—			(0.27	)		—
Net realized gains		—			(0.05	)		—
Total distributions		—			(0.32	)		—
Net asset value, end of period	$	12.21		$	12.65		$	10.00
Total Return (b)		–3.48	%		29.66	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	14		$	10		$	1
Ratios to average net assets (c):
Net expenses		1.10	%		1.10	%		0.00	%
Gross expenses		21.46	%		142.50	%		0.40	%
Net investment income (loss)		0.54	%		0.60	%		0.00	%
Portfolio turnover rate		27	%		20	%		0	%

†	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.

Semi-Annual Report   215

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	12.19		$	9.95		$	13.79		$	10.10		$	10.90		$	10.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.13			0.12			0.10			0.12^			0.10
Net realized and unrealized gain (loss)		(1.21	)		2.42			(3.51	)		3.59			(0.62	)		0.87
Total from investment operations		(1.17	)		2.55			(3.39	)		3.69			(0.50	)		0.97
Less distributions from:
Net investment income		—			(0.05	)		(0.27	)		—			(0.30	)		(0.08	)
Net realized gains		—			(0.26	)		(0.18	)		—			—			—
Total distributions		—			(0.31	)		(0.45	)		—			(0.30	)		(0.08	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	11.02		$	12.19		$	9.95		$	13.79		$	10.10		$	10.90
Total Return (c)		–9.60	%		26.01	%		–24.88	%#		36.53	%		–4.64	%^		9.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	28,348		$	37,677		$	35,121		$	41,267		$	37,049		$	51,828
Ratios to average net assets (d):
Net expenses		1.15	%		1.14	%		1.08	%		1.09	%		0.96	%^		1.11	%
Gross expenses		1.24	%		1.15	%		1.08	%		1.09	%		1.06	%		1.11	%
Net investment income (loss)		0.78	%		1.14	%		0.96	%		0.85	%		1.14	%^		0.91	%
Portfolio turnover rate		24	%		37	%		59	%		35	%		63	%		48	%

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

216   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	12.19		$	9.97		$	13.82		$	10.15		$	10.93		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.03			0.10			0.11			0.07			0.10	^		0.07
Net realized and unrealized gain (loss)		(1.22	)		2.43			(3.54	)		3.60			(0.63	)		0.88
Total from investment operations		(1.19	)		2.53			(3.43	)		3.67			(0.53	)		0.95
Less distributions from:
Net investment income		—			(0.05	)		(0.24	)		—			(0.25	)		(0.05	)
Net realized gains		—			(0.26	)		(0.18	)		—			—			—
Total distributions		—			(0.31	)		(0.42	)		—			(0.25	)		(0.05	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	11.00		$	12.19		$	9.97		$	13.82		$	10.15		$	10.93
Total Return (c)		–9.76	%		25.76	%		–25.09	%#		36.16	%		–4.92	%^		9.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,687		$	19,780		$	20,265		$	42,362		$	44,523		$	55,776
Ratios to average net assets (d):
Net expenses		1.40	%		1.39	%		1.34	%		1.34	%		1.21	%^		1.38	%
Gross expenses		1.50	%		1.43	%		1.34	%		1.34	%		1.30	%		1.38	%
Net investment income (loss)		0.50	%		0.86	%		0.83	%		0.61	%		0.91	%^		0.63	%
Portfolio turnover rate		24	%		37	%		59	%		35	%		63	%		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   217

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	15.38		$	12.89		$	15.70		$	12.44		$	13.33		$	13.72
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.24			0.21			0.17			0.20	^		0.16
Net realized and unrealized gain (loss)		(1.90	)		2.53			(1.85	)		3.29			(0.89	)		(0.40	)
Total from investment operations		(1.78	)		2.77			(1.64	)		3.46			(0.69	)		(0.24	)
Less distributions from:
Net investment income		—			(0.28	)		(0.21	)		(0.20	)		(0.20	)		(0.14	)
Net realized gains		—			—			(0.96	)		—			—			(0.01	)
Total distributions		—			(0.28	)		(1.17	)		(0.20	)		(0.20	)		(0.15	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	13.60		$	15.38		$	12.89		$	15.70		$	12.44		$	13.33
Total Return (c)		–11.57	%		21.55	%		–10.35	%		27.85	%		–5.17	%^		–1.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,340,174		$	5,505,271		$	4,630,334		$	5,911,184		$	5,114,357		$	4,923,328
Ratios to average net assets (d):
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%^		0.82	%
Gross expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%		0.82	%
Net investment income (loss)		1.84	%		1.66	%		1.36	%		1.20	%		1.56	%^		1.15	%
Portfolio turnover rate		24	%		36	%		40	%		44	%		47	%		37	%

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

218   Semi-Annual Report

Selected data for a
share of capital stock	Six Months
outstanding	Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	15.52		$	13.01		$	15.83		$	12.55		$	13.44		$	13.82
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.21			0.17			0.14			0.18	^		0.13
Net realized and unrealized gain (loss)		(1.92	)		2.55			(1.86	)		3.30			(0.90	)		(0.40	)
Total from investment operations		(1.81	)		2.76			(1.69	)		3.44			(0.72	)		(0.27	)
Less distributions from:
Net investment income		—			(0.25	)		(0.17	)		(0.16	)		(0.17	)		(0.10	)
Net realized gains		—			—			(0.96	)		—			—			(0.01	)
Total distributions		—			(0.25	)		(1.13	)		(0.16	)		(0.17	)		(0.11	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	13.71		$	15.52		$	13.01		$	15.83		$	12.55		$	13.44
Total Return (c)		–11.66	%		21.21	%		–10.55	%		27.44	%		–5.37	%^		–1.89	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	490,866		$	682,035		$	832,548		$	1,216,861		$	1,591,016		$	1,783,529
Ratios to average net assets (d):
Net expenses		1.06	%		1.06	%		1.05	%		1.06	%		1.06	%^		1.08	%
Gross expenses		1.06	%		1.06	%		1.05	%		1.06	%		1.06	%		1.08	%
Net investment income (loss)		1.55	%		1.47	%		1.10	%		0.97	%		1.34	%^		0.94	%
Portfolio turnover rate		24	%		36	%		40	%		44	%		47	%		37	%

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

Semi-Annual Report   219

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended												For the Period 1/19/15* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period	$	15.39		$	12.90		$	15.71		$	12.45		$	13.34		$	13.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.23			0.21			0.16			0.19	^		(0.03	)
Net realized and unrealized gain (loss)		(1.89	)		2.54			(1.85	)		3.30			(0.88	)		(0.21	)
Total from investment operations		(1.77	)		2.77			(1.64	)		3.46			(0.69	)		(0.24	)
Less distributions from:
Net investment income		—			(0.28	)		(0.21	)		(0.20	)		(0.20	)		(0.11	)
Net realized gains		—			—			(0.96	)		—			—			(0.01	)
Total distributions		—			(0.28	)		(1.17	)		(0.20	)		(0.20	)		(0.12	)
Redemption fees		—			—			—			—			—	(b)		—
Net asset value, end of period	$	13.62		$	15.39		$	12.90		$	15.71		$	12.45		$	13.34
Total Return (c)		–11.50	%		21.54	%		–10.35	%		27.82	%		–5.17	%^		–1.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	96,781		$	120,118		$	97,394		$	110,383		$	96,284		$	72,362
Ratios to average net assets (d):
Net expenses		0.81	%		0.80	%		0.80	%		0.80	%		0.81	%^		1.03	%
Gross expenses		0.81	%		0.81	%		0.81	%		0.82	%		0.82	%		1.09	%
Net investment income (loss)		1.84	%		1.61	%		1.34	%		1.15	%		1.46	%^		-0.22	%
Portfolio turnover rate		24	%		36	%		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.

220   Semi-Annual Report

LAZARD MANAGED EQUITY VOLATILITY 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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	12.66		$	10.55		$	11.57		$	9.99		$	9.59		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.21			0.19			0.19			0.18			0.09
Net realized and unrealized gain (loss)		(1.77	)		2.08			(1.03	)		1.87			0.44			(0.33	)
Total from investment operations		(1.66	)		2.29			(0.84	)		2.06			0.62			(0.24	)
Less distributions from:
Net investment income		—			(0.18	)		(0.16	)		(0.17	)		(0.22	)		(0.17	)
Net realized gains		—			—	(b)		(0.02	)		(0.31	)		—			—
Total distributions		—			(0.18	)		(0.18	)		(0.48	)		(0.22	)		(0.17	)
Net asset value, end of period	$	11.00		$	12.66		$	10.55		$	11.57		$	9.99		$	9.59
Total Return (c)		–13.11	%		21.69	%		–7.21	%		20.57	%		6.45	%		–2.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	30,903		$	34,354		$	20,709		$	4,180		$	2,431		$	2,206
Ratios to average net assets (d):
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.21	%		1.36	%		1.64	%		6.51	%		10.42	%		13.51	%
Net investment income (loss)		1.97	%		1.72	%		1.66	%		1.71	%		1.82	%		1.64	%
Portfolio turnover rate		81	%		103	%		122	%		87	%		91	%		56	%

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 5/29/15* to
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	12.65		$	10.54		$	11.56		$	9.99		$	9.59		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.17			0.15			0.16			0.15			0.08
Net realized and unrealized gain (loss)		(1.77	)		2.08			(1.02	)		1.85			0.44			(0.34	)
Total from investment operations		(1.67	)		2.25			(0.87	)		2.01			0.59			(0.26	)
Less distributions from:
Net investment income		—			(0.14	)		(0.13	)		(0.13	)		(0.19	)		(0.15	)
Net realized gains		—			—	(b)		(0.02	)		(0.31	)		—			—
Total distributions		—			(0.14	)		(0.15	)		(0.44	)		(0.19	)		(0.15	)
Net asset value, end of period	$	10.98		$	12.65		$	10.54		$	11.56		$	9.99		$	9.59
Total Return (c)		–13.20	%		21.36	%		–7.50	%		20.11	%		6.14	%		–2.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	129		$	231		$	183		$	315		$	172		$	175
Ratios to average net assets (d):
Net expenses		1.00	%		1.03	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses		3.39	%		5.81	%		5.86	%		12.07	%		17.27	%		23.94	%
Net investment income (loss)		1.75	%		1.46	%		1.28	%		1.42	%		1.52	%		1.33	%
Portfolio turnover rate		81	%		103	%		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)	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 EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	16.84		$	12.89		$	15.31		$	14.16		$	13.83		$	13.41
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.13			0.18			0.14			0.06	^		0.05
Net realized and unrealized gain (loss)		(1.31	)		3.96			(1.11	)		2.05			0.97			0.88
Total from investment operations		(1.24	)		4.09			(0.93	)		2.19			1.03			0.93
Less distributions from:
Net investment income		—			(0.14	)		(0.20	)		(0.14	)		(0.05	)		(0.04	)
Net realized gains		—			—			(1.29	)		(0.90	)		(0.65	)		(0.47	)
Total distributions		—			(0.14	)		(1.49	)		(1.04	)		(0.70	)		(0.51	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	15.60		$	16.84		$	12.89		$	15.31		$	14.16		$	13.83
Total Return (c)		–7.36	%		31.72	%		–6.07	%		15.49	%		7.37	%^		7.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,678,231		$	1,271,509		$	1,040,851		$	1,508,581		$	1,230,377		$	715,766
Ratios to average net assets (d):
Net expenses		0.75	%		0.76	%		0.75	%		0.75	%		0.77	%^		0.79	%
Gross expenses		0.75	%		0.76	%		0.75	%		0.75	%		0.77	%		0.79	%
Net investment income (loss)		0.91	%		0.85	%		1.14	%		0.90	%		0.39	%^		0.36	%
Portfolio turnover rate		32	%		33	%		69	%		86	%		84	%		74	%

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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	16.98		$	12.99		$	15.42		$	14.25		$	13.92		$	13.50
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.09			0.13			0.10			0.02	^		0.01
Net realized and unrealized gain (loss)		(1.33	)		3.99			(1.11	)		2.07			0.97			0.88
Total from investment operations		(1.28	)		4.08			(0.98	)		2.17			0.99			0.89
Less distributions from:
Net investment income		—			(0.09	)		(0.16	)		(0.10	)		(0.01	)		—	(b)
Net realized gains		—			—			(1.29	)		(0.90	)		(0.65	)		(0.47	)
Total distributions		—			(0.09	)		(1.45	)		(1.00	)		(0.66	)		(0.47	)
Redemption fees		—			—			—			—			—	(b)		—	(b)
Net asset value, end of period	$	15.70		$	16.98		$	12.99		$	15.42		$	14.25		$	13.92
Total Return (c)		–7.54	%		31.42	%		–6.35	%		15.22	%		7.06	%^		6.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	35,973		$	46,840		$	50,981		$	87,603		$	105,619		$	114,348
Ratios to average net assets (d):
Net expenses		1.01	%		1.04	%		1.03	%		1.03	%		1.03	%^		1.07	%
Gross expenses		1.01	%		1.04	%		1.03	%		1.03	%		1.03	%		1.07	%
Net investment income (loss)		0.62	%		0.55	%		0.85	%		0.62	%		0.17	%^		0.08	%
Portfolio turnover rate		32	%		33	%		69	%		86	%		84	%		74	%

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

224   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	6/30/20†			12/31/19			12/31/18			12/31/17				12/31/16
R6 Shares
Net asset value, beginning of period	$	16.89		$	12.92		$	15.34		$	14.18			$	14.77
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.13			0.17			0.14				—	^(b)
Net realized and unrealized gain (loss)		(1.32	)		3.98			(1.10	)		2.06				0.03
Total from investment operations		(1.25	)		4.11			(0.93	)		2.20				0.03
Less distributions from:
Net investment income		—			(0.14	)		(0.20	)		(0.14	)			(0.03	)
Net realized gains		—			—			(1.29	)		(0.90	)			(0.59	)
Total distributions		—			(0.14	)		(1.49	)		(1.04	)			(0.62	)
Net asset value, end of period	$	15.64		$	16.89		$	12.92		$	15.34			$	14.18
Total Return (c)		–7.40	%		31.79	%		–6.08	%		15.52	%			0.17	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,973		$	2,091		$	1,900		$	361			$	140
Ratios to average net assets (d):
Net expenses		0.75	%		0.76	%		0.75	%		0.75	%			0.77	%^
Gross expenses		0.89	%		1.20	%		2.16	%		8.34	%			15.38	%
Net investment income (loss)		0.90	%		0.83	%		1.15	%		0.91	%			0.19	%^
Portfolio turnover rate		32	%		33	%		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   225

LAZARD US EQUITY FOCUS PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	12.03		$	10.23		$	12.43		$	11.63		$	10.97		$	12.43
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.13			0.14			0.14			0.12			0.09
Net realized and unrealized gain (loss)			(0.61	)		3.11			(0.55	)		1.94			0.94			(0.69	)
Total from investment operations			(0.55	)		3.24			(0.41	)		2.08			1.06			(0.60	)
Less distributions from:
Net investment income			—			(0.23	)		(0.29	)		(0.21	)		(0.10	)		(0.10	)
Net realized gains			—			(1.21	)		(1.50	)		(1.07	)		(0.30	)		(0.76	)
Total distributions			—			(1.44	)		(1.79	)		(1.28	)		(0.40	)		(0.86	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	11.48		$	12.03		$	10.23		$	12.43		$	11.63		$	10.97
Total Return (c)			–4.57	%		31.67	%		–3.12	%		18.17	%		9.70	%		–4.75	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	26,036		$	32,661		$	60,629		$	72,958		$	72,151		$	110,243
Ratios to average net assets (d):
Net expenses			0.70	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses			1.06	%		0.92	%		0.92	%		0.95	%		0.94	%		0.90	%
Net investment income (loss)			1.00	%		1.07	%		1.10	%		1.10	%		1.08	%		0.77	%
Portfolio turnover rate			25	%		45	%		62	%		74	%		68	%		75	%

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

226   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	12.09		$	10.28		$	12.48		$	11.68		$	11.01		$	12.48
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04			0.10			0.10			0.10			0.09			0.06
Net realized and unrealized gain (loss)			(0.60	)		3.11			(0.54	)		1.94			0.94			(0.71	)
Total from investment operations			(0.56	)		3.21			(0.44	)		2.04			1.03			(0.65	)
Less distributions from:
Net investment income			—			(0.19	)		(0.26	)		(0.17	)		(0.06	)		(0.06	)
Net realized gains			—			(1.21	)		(1.50	)		(1.07	)		(0.30	)		(0.76	)
Total distributions			—			(1.40	)		(1.76	)		(1.24	)		(0.36	)		(0.82	)
Net asset value, end of period		$	11.53		$	12.09		$	10.28		$	12.48		$	11.68		$	11.01
Total Return (c)			–4.63	%		31.25	%		–3.40	%		17.75	%		9.46	%		–5.11	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,065		$	1,117		$	881		$	1,013		$	1,376		$	1,536
Ratios to average net assets (d):
Net expenses			0.95	%		1.03	%		1.05	%		1.05	%		1.05	%		1.05	%
Gross expenses			1.55	%		2.14	%		2.33	%		2.30	%		2.13	%		1.51	%
Net investment income (loss)			0.78	%		0.79	%		0.80	%		0.79	%		0.80	%		0.50	%
Portfolio turnover rate			25	%		45	%		62	%		74	%		68	%		75	%

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

Semi-Annual Report   227

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
R6 Shares
Net asset value, beginning of period		$	12.04		$	10.23		$	12.43		$	11.63		$	10.96		$	12.43
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.13			0.14			0.14			0.14			0.10
Net realized and unrealized gain (loss)			(0.60	)		3.12			(0.55	)		1.94			0.93			(0.71	)
Total from investment operations			(0.55	)		3.25			(0.41	)		2.08			1.07			(0.61	)
Less distributions from:
Net investment income			—			(0.23	)		(0.29	)		(0.21	)		(0.10	)		(0.10	)
Net realized gains			—			(1.21	)		(1.50	)		(1.07	)		(0.30	)		(0.76	)
Total distributions			—			(1.44	)		(1.79	)		(1.28	)		(0.40	)		(0.86	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	11.49		$	12.04		$	10.23		$	12.43		$	11.63		$	10.96
Total Return (c)			–4.57	%		31.76	%		–3.13	%		18.16	%		9.81	%		–4.78	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	12,455		$	10,609		$	10,056		$	11,394		$	13,297		$	12,359
Ratios to average net assets (d):
Net expenses			0.70	%		0.74	%		0.75	%		0.75	%		0.74	%		0.70	%
Gross expenses			1.06	%		1.00	%		1.01	%		1.05	%		1.02	%		1.00	%
Net investment income (loss)			0.98	%		1.09	%		1.10	%		1.12	%		1.27	%		0.82	%
Portfolio turnover rate			25	%		45	%		62	%		74	%		68	%		75	%

†	Unaudited
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio 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.

228   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	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	13.64		$	10.83		$	14.65		$	14.50		$	12.86		$	14.05
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03			0.06			0.05			0.06			0.11	^		0.02
Net realized and unrealized gain (loss)			(2.33	)		3.19			(2.00	)		1.95			1.96			(0.34	)
Total from investment operations			(2.30	)		3.25			(1.95	)		2.01			2.07			(0.32	)
Less distributions from:
Net investment income			—			(0.03	)		(0.04	)		(0.09	)		(0.09	)		—	(b)
Net realized gains			—			(0.41	)		(1.83	)		(1.77	)		(0.34	)		(0.87	)
Total distributions			—			(0.44	)		(1.87	)		(1.86	)		(0.43	)		(0.87	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	11.34		$	13.64		$	10.83		$	14.65		$	14.50		$	12.86
Total Return (c)			–16.86	%		30.00	%		–13.27	%		14.12	%		16.28	%^		–2.14	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	96,381		$	108,112		$	113,677		$	176,975		$	189,593		$	171,152
Ratios to average net assets (d):
Net expenses			0.95	%		0.92	%		0.87	%		0.87	%		0.86	%^		0.91	%
Gross expenses			0.95	%		0.92	%		0.87	%		0.87	%		0.90	%		0.91	%
Net investment income (loss)			0.45	%		0.46	%		0.35	%		0.39	%		0.84	%^		0.13	%
Portfolio turnover rate			44	%		90	%		81	%		79	%		91	%		91	%

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

Semi-Annual Report   229

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	12.58		$	10.03		$	13.72		$	13.68		$	12.16		$	13.38
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.01			0.01			0.01			0.01			0.06	^		(0.02	)
Net realized and unrealized gain (loss)			(2.15	)		2.95			(1.87	)		1.84			1.85			(0.33	)
Total from investment operations			(2.14	)		2.96			(1.86	)		1.85			1.91			(0.35	)
Less distributions from:
Net investment income			—			—			—	(b)		(0.04	)		(0.05	)		—	(b)
Net realized gains			—			(0.41	)		(1.83	)		(1.77	)		(0.34	)		(0.87	)
Total distributions			—			(0.41	)		(1.83	)		(1.81	)		(0.39	)		(0.87	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	10.44		$	12.58		$	10.03		$	13.72		$	13.68		$	12.16
Total Return (c)			–17.01	%		29.51	%		–13.49	%		13.82	%		15.92	%^		–2.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	10,657		$	14,643		$	13,726		$	25,973		$	30,332		$	36,860
Ratios to average net assets (d):
Net expenses			1.24	%		1.25	%		1.18	%		1.17	%		1.16	%^		1.20	%
Gross expenses			1.24	%		1.25	%		1.18	%		1.17	%		1.20	%		1.20	%
Net investment income (loss)			0.13	%		0.11	%		0.04	%		0.09	%		0.51	%^		-0.13	%
Portfolio turnover rate			44	%		90	%		81	%		79	%		91	%		91	%

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 each period	For the Period 1/8/16* to 6/30/20†
R6 Shares
Net asset value, beginning of period		$	13.62
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.02
Net realized and unrealized gain (loss)			(2.31	)
Total from investment operations			(2.29	)
Net asset value, end of period		$	11.33
Total Return (c)			–16.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	547
Ratios to average net assets (d):
Net expenses			0.93	%
Gross expenses			1.34	%
Net investment income (loss)			0.35	%
Portfolio turnover rate			44	%

†	Unaudited
*	The inception date for the R6 shares was January 08, 2020.
^	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. 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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LAZARD US SUSTAINABLE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding throughout the period	For the Period 6/30/20 to 6/30/20†*
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss)			—
Net realized and unrealized gain (loss)			—	(a)
Total from investment operations			—	(a)
Net asset value, end of period		$	10.00
Total Return (b)			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,900
Ratios to average net assets:
Net expenses			0.00	%
Gross expenses			0.00	%
Net investment income (loss)			0.00	%

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 the period	For the Period 6/30/20 to 6/30/20†*
Open Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss)			—
Net realized and unrealized gain (loss)			—	(a)
Total from investment operations			—	(a)
Net asset value, end of period		$	10.00
Total Return (b)			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	100
Ratios to average net assets:
Net expenses			0.00	%
Gross expenses			0.00	%
Net investment income (loss)			0.00	%

†	Unaudited
*	The Portfolio commenced operations on June 30, 2020.
(a)	Amount is less than $0.01 per share.
(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.

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

Semi-Annual Report   233

The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2020 (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, 2020, the Fund was comprised of thirty no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the 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 Focus (formerly US Equity Select), US Small-Mid Cap Equity and US Sustainable Equity (commenced operations on June 30, 2020) Portfolios. The financial statements of the other eight Portfolios are presented separately.

The Portfolios, other than Equity Franchise, International Equity Concentrated, International Equity Value, US Equity Concentrated and US Equity Focus, 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:

234   Semi-Annual Report

(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 NAS-DAQ 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 certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed 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, securities trading in a particular non-US 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 deter-

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mined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The effect of using fair value pricing is that the NAV of a Portfolios 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, 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 previ-

236    Semi-Annual Report

ously 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 on the value of assets and liabilities, other than investments in securities, during the period.

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

Semi-Annual Report    237

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, 2020, 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, 2019, 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	$	42,647,194	$	71,112,306
Emerging Markets Core Equity		4,850,360		5,833,798
Emerging Markets Equity Advantage		184,175		—
Emerging Markets Equity Blend		8,976,008		42,678,261
Emerging Markets Equity		105,373,683		931,069,125
Global Equity Select		467,956		969,329
Global Listed Infrastructure		9,760,289		—
International Equity Advantage		75,577		68,530
International Equity Concentrated		782,038		1,021,466
International Equity		37,949,244		—
International Equity Select		533,184		1,238,834
International Equity Value		871,484		32,024
International Small Cap Equity		622,537		899,809
International Strategic Equity		39,848,058		—
US Equity Concentrated		1,193,025		—

238    Semi-Annual Report

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 period ended December 31, 2019, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
International Equity Select		$         —	$	706
International Quality Growth		10,692		369

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	$	143,391,262	$	33,374,358	$	15,892,551	$	17,481,807
Emerging Markets Core Equity		151,403,205		34,501,666		20,059,277		14,442,389
Emerging Markets Equity Advantage		11,933,423		1,802,662		775,438		1,027,224
Emerging Markets Equity Blend		73,548,927		9,704,975		10,838,419		(1,133,444	)
Emerging Markets Equity		4,514,680,773		642,273,496		757,613,736		(115,340,240	)
Equity Franchise		48,891,625		2,059,709		4,629,473		(2,569,764	)
Global Equity Select		64,279,952		10,800,293		717,339		10,082,954
Global Listed Infrastructure		7,319,259,081		541,017,635		684,201,628		(143,183,993	)
Global Strategic Equity		2,619,904		659,643		65,982		593,661
International Equity Advantage		2,184,563		243,833		196,659		47,174
International Equity Concentrated		60,489,486		3,193,664		4,828,496		(1,634,832	)
International Equity		2,427,037,281		286,541,367		187,899,912		98,641,455
International Equity Select		83,546,068		7,744,695		8,715,257		(970,562	)
International Equity Value		2,411,381		119,067		216,056		(96,989	)
International Quality Growth		3,277,061		760,751		110,076		650,675

Semi-Annual Report    239

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Small Cap Equity	$	39,157,923	$	5,835,730	$	3,953,019	$	1,882,711
International Strategic Equity		4,452,698,041		594,638,063		246,664,819		347,973,244
Managed Equity Volatility		29,606,541		2,374,313		1,158,433		1,215,880
US Equity Concentrated		1,391,809,695		327,272,280		2,961,055		324,311,225
US Equity Focus		28,840,440		10,917,306		209,599		10,707,707
US Small-Mid Cap Equity		99,434,566		12,461,509		8,170,476		4,291,033
US Sustainable Equity		4,884,313		894		442		452

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

The US Equity Focus and US Small-Mid Cap Equity Portfolios intend, on their 2019 tax returns, to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that repre-

240    Semi-Annual Report

sents the redeeming shareholders’ portion of the Portfolios’ undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolios would otherwise be required to distribute as dividends to shareholders in order for the Portfolios to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable income by such shareholders. However, since the amount of any undistributed income will be reflected in the value of the Portfolios’ shares, the total return on a shareholder’s investment is not affected by the Portfolios’ use of equalization.

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 com-

Semi-Annual Report    241

mencement 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., and Lazard Global Total Return and 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 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

242   Semi-Annual Report

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
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		0.65
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		0.65
International Equity Value		0.80
International Quality Growth		0.75
International Small Cap Equity		0.75
International Strategic Equity		0.75
Managed Equity Volatility		0.60
US Equity Concentrated		0.70
US Equity Focus		0.55
US Small-Mid Cap Equity		0.75
US Sustainable Equity		0.60

Semi-Annual Report   243

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2021 (or such other date as indicated below) the aggregate direct expenses of the Portfolio(s), exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims, and extraordinary expenses, exceed the applicable percentage(s) of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the 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 expenses.

Portfolio	Institutional Shares			Open Shares			R6 Shares	Year
Developing Markets Equity		1.15	%		1.40	%	N/A%		2021	(a)
Emerging Markets Core Equity		1.25			1.50		1.20		2021
Emerging Markets Equity Advantage		1.10			1.35		N/A		2021
Emerging Markets Equity Blend		1.20			1.45		N/A		2021	(b)
Emerging Markets Equity		1.20			1.45		1.15		2021
Equity Franchise		0.95			1.20		N/A		2021
Global Equity Select		0.90			1.15		N/A		2021
Global Listed Infrastructure		1.20			1.45		N/A		2030	(c)
Global Strategic Equity		0.95			1.20		N/A		2021	(d)
International Equity Advantage		0.90			1.15		N/A		2021
International Equity Concentrated		0.90			1.10		N/A		2021	(e)
International Equity		0.85			1.10		0.80		2021
International Equity Select		0.90			1.15		N/A		2021	(f)
International Equity Value		0.95			1.20		N/A		2021
International Quality Growth		0.85			1.10	(c)	N/A		2021
International Small Cap Equity		1.13			1.38		N/A		2021
International Strategic Equity		1.05			1.30		1.00		2021
Managed Equity Volatility		0.75			1.00		N/A		2021
US Equity Concentrated		0.90			1.15		0.85		2021	(g)
US Equity Focus		0.70			0.95		0.70		2021
US Small-Mid Cap Equity		1.15			1.40		1.10		2021
US Sustainable Equity		0.75			1.00		N/A		2022	(h)

(a)	From January 1, 2020 to June 15, 2020, annual rates were 1.25% and 1.50%, respectively.
(b)	From January 1, 2020 to June 15, 2020, annual rates were 1.25% and 1.50%, respectively.
(c)	Agreement extends through May 1, 2030.
(d)	From January 1, 2020 to June 15, 2020, annual rates were 1.00% and 1.25%, respectively.
(e)	From January 1, 2020 to June 15, 2020, annual rates were 0.95% and 1.20%, respectively.
(f)	Agreement extends from May 1, 2021 through May 1, 2030 at levels of 1.15%, 1.40% and 1.10% respectively.
(g)	Agreement extends from May 1, 2021 through May 1, 2030 at levels of 1.10%, 1.35% and 1.05% respectively.
(h)	Agreement extends through June 30, 2022.

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In addition, until May 1, 2021, 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, 2020, 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
Developing Markets Equity	$	5,255	$	—	$	473	$	—
Emerging Markets Core Equity		—		—		1,028		—
Emerging Markets Equity Advantage		38,316		40,734		3,706		5,513
Emerging Markets Equity Blend		61,084		—		5,422		—
Equity Franchise		49,151		—		974		1,128
Global Equity Select		26,084		—		2,538		—
Global Strategic Equity		10,990		56,330		502		4,234
International Equity Advantage		6,845		74,021		321		5,184
International Equity Concentrated		39,450		—		1,444		448
International Equity Select		14,933		—		2,311		—
International Equity Value		11,496		57,119		270		3,118
International Quality Growth		13,650		58,896		76		2,003
International Small Cap Equity		13,676		—		7,728		—
Managed Equity Volatility		70,464		—		556		1,664
US Equity Focus		48,351		—		2,899		282

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	1,199	$	—
Emerging Markets Equity		698		—
International Equity		9,204		—
International Strategic Equity		3,448		—
US Equity Concentrated		1,302		—
US Equity Focus		20,548		—
US Small-Mid Cap Equity		790		—

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

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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. During the period ended June 30, 2020, DST waived $353 of its fees for the US Small-Mid Cap Equity Portfolio.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. For the period ended June 30, 2020, 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 $237,000, (2) an additional annual fee of

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$33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) 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 active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2020 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	56,830,087	$	96,301,912
Emerging Markets Core Equity		18,868,155		25,626,734
Emerging Markets Equity Advantage		6,430,065		3,405,259
Emerging Markets Equity Blend		23,551,727		35,505,233
Emerging Markets Equity		1,354,842,197		2,870,290,222
Equity Franchise		40,806,983		27,242,674
Global Equity Select		51,231,696		60,012,046
Global Listed Infrastructure		1,568,881,555		1,761,861,023
Global Strategic Equity		1,081,609		1,083,681
International Equity Advantage		1,240,006		1,189,011
International Equity Concentrated		41,904,896		55,522,845
International Equity		542,411,053		477,985,507
International Equity Select		16,252,238		16,457,545
International Equity Value		2,553,887		12,682,086
International Quality Growth		1,158,981		1,006,519
International Small Cap Equity		10,912,415		20,681,339
International Strategic Equity		1,276,140,298		1,946,186,020
Managed Equity Volatility		25,716,408		24,978,337
US Equity Concentrated		880,192,043		477,552,736
US Equity Focus		9,522,952		11,662,600
US Small-Mid Cap Equity		49,223,807		46,322,729
US Sustainable Equity		4,884,313		—

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For the period ended June 30, 2020, 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, 2020, the Investment Manager owned 18.73%, 95.95%, 89.88%, 83.73%, 92.33% and 99.99% of the outstanding shares of the Emerging Markets Equity Advantage, Global Strategic Equity, International Equity Advantage, International Equity Value, International Quality Growth and US Sustainable Equity 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, 2020 were as follows:

Issue	Value at December 31, 2019				Purchase cost		Sales proceeds			Realized gain (loss)
Global Listed Infrastructure
Pennon Group PLC		$	248,515,390		$	40,642,542	$	—		$	—
SES SA			255,862,642			20,098,446		(7,442,627	)		(12,355,922	)
Total Securities		$	504,378,032		$	60,740,988	$	(7,442,627	)	$	(12,355,922	)
Issue	Change in unrealized appreciation (depreciation)				Dividend income		Shares at June 30, 2020			Values at June 30, 2020
Pennon Group PLC		$	6,165,863		$	3,267,266	$	21,323,608		$	295,323,795
SES SA			(116,242,171	)		7,569,638		20,509,089			139,920,368
Total Securities		$	(110,076,308	)	$	10,836,904	$	41,832,697		$	435,244,163

6. Line of Credit

The Fund has a $100 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 London Interbank Offered Rate (“LIBOR”) rate

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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, 2020, 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
Developing Markets Equity	$	775,833	$	1,750,000		1.87	%		12
Emerging Markets Core Equity		870,000		3,400,000		1.84			24
Emerging Markets Equity Advantage		64,000		180,000		2.68			5
Emerging Markets Equity Blend		315,000		490,000		1.72			10
Emerging Markets Equity		2,660,000		5,025,000		1.19			2
Equity Franchise		1,375,000		1,375,000		1.77			1
Global Equity Select		2,983,333		6,490,000		1.89			6
International Equity Concentrated		2,313,333		3,435,000		1.31			3
International Equity Value		586,667		3,320,000		2.68			6
International Small Cap Equity		399,412		890,000		1.55			17
Managed Equity Volatility		70,000		70,000		1.17			1
US Equity Concentrated		8,725,000		11,860,000		1.87			6

* 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.

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(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, 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 Portfolios’ 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

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effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to: regulation by various government authorities, including rate regulation; service interruption due to environmental, operational or other mishaps; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; general changes in market sentiment towards infrastructure and utilities assets; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from a developing deregulatory environment; and technological innovations that may render existing plants, equipment or products obsolete.

(e) Sector Risk—Implementation of the Portfolio’s investment strategy may, during certain periods, result in the investment of a significant portion of the Portfolio’s assets in a particular market sector, such as information technology companies or companies in the financials sector, and the Portfolio would be expected to be affected by developments in that sector. Information technology companies generally operate in intensely competitive markets on a worldwide basis. This level of competition can put pressure on the prices of their products and services which could adversely affect their profitability. Also, because technological development in many areas increases at a rapid rate, these companies often produce products with very short life cycles and face the risk of product obsolescence. Other risks include changes in consumer preferences, competition for qualified personnel, the effects of economic slowdowns, dependence on intellectual property rights and the impact of government regulation.

Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt. Deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including the US and international credit and interbank markets generally, which could affect a wide range of financial

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institutions and markets. In addition, companies in the financials sector are often more highly leveraged than other companies, making them inherently riskier.

(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.

(h) Allocation Risk—A Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among asset categories. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.

(i) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for pur-

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poses of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with each Portfolio’s ability to calculate its NAV; impediments to trading for each Portfolio’s portfolio managers; the inability of Portfolio shareholders to transact business with the Portfolio; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests, counterparties with which the Portfolio engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

(j) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated. Certain countries may limit the ability to convert depositary receipts into the underlying non-US securities and vice versa, which may cause the securities of the non-US company to trade at a discount or premium to the market price of the related depositary receipt. The Portfolio may invest in depositary receipts through an unsponsored facility where the depositary issues the depositary receipts without an agreement with the company that issues the

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underlying securities. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of the depositary receipts with respect to the deposited securities. As a result, available information concerning the issuer may not be as current as for sponsored depositary receipts, and the prices of unsponsored depositary receipts may be more volatile than if such instruments were sponsored by the issuer.

(k) Franchise Companies Risk—Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact the Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.

(l) Growth Investing Risk—Growth investments are believed by the Investment Manager to have the potential for growth, but may not realize such perceived potential for extended periods of time or may never realize such perceived growth potential. Such stocks may be more volatile than other stocks because they can be more sensitive to investor perceptions of the issuing company’s growth potential. These stocks may respond differently to market and other developments than other types of stocks.

(m) High Portfolio Turnover Risk—The Portfolio’s investment strategies may involve high portfolio turnover (such as 100% or more). A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

(n) Preferred Securities Risk—There are various risks associated with investing in preferred securities, including credit risk; interest rate risk; deferral and omission of distributions; subordination; call

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and reinvestment risk; limited liquidity; limited voting rights and special issuer redemption rights. In addition, unlike common stock, participation in the growth of an issuer may be limited.

• Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.

• Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall. Securities with longer periods before maturity or effective durations may be more sensitive to interest rate changes.

• Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.

• Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.

• During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem, its issue at par earlier than the scheduled maturity, which is generally known as call risk. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates). This is known as reinvestment risk.

• Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US Government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.

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• Generally, traditional preferred securities offer no voting rights with respect to the issuer unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Hybrid-preferred security holders generally have no voting rights.

• In certain varying circumstances, an issuer of preferred securities may redeem the securities prior to a specified date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in US federal income tax or securities laws. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Portfolio

(o) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe

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negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Portfolios and their investments.

8. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio’s maximum exposure under these arrangements is unknown. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Fair Value Measurements

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

• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

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

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• 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, 2020:

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, 2020
Developing Markets Equity Portfolio
Common Stocks*
Brazil	$	9,837,328	$	—	$	—	$	9,837,328
Canada		2,428,196		—		—		2,428,196
China		23,563,171		32,772,774		—		56,335,945
Colombia		1,735,986		—		—		1,735,986
Hong Kong		—		3,401,728		—		3,401,728
India		5,232,672		8,585,846		—		13,818,518
Indonesia		—		2,569,905		—		2,569,905
Macau		—		2,268,282		—		2,268,282
Mexico		2,321,267		—		—		2,321,267
Peru		2,232,022		—		—		2,232,022
Philippines		—		3,402,797		—		3,402,797
Russia		2,930,522		6,666,466		—		9,596,988
South Africa		—		3,780,210		—		3,780,210
South Korea		—		18,042,132		—		18,042,132
Taiwan		2,661,915		22,407,403		—		25,069,318
United Kingdom		—		1,557,919		—		1,557,919
Preferred Stocks*
Brazil		1,370,739		—		—		1,370,739
Short-Term Investments		1,103,789		—		—		1,103,789
Total	$	55,417,607	$	105,455,462	$	—	$	160,873,069

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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, 2020
Emerging Markets Core Equity Portfolio
Common Stocks*
Argentina	$	1,182,924	$	—	$	—	$	1,182,924
Brazil		10,870,484		—		—		10,870,484
Canada		1,379,803		—		—		1,379,803
China		18,562,396		42,355,971		—		60,918,367
Colombia		1,057,899		—		—		1,057,899
Hong Kong		—		4,100,029		—		4,100,029
India		6,947,681		8,230,289		—		15,177,970
Indonesia		1,184,495		1,513,282		—		2,697,777
Luxembourg		1,309,838		—		—		1,309,838
Mexico		4,571,418		—		—		4,571,418
Peru		1,195,678		—		—		1,195,678
Philippines		—		2,787,386		—		2,787,386
Poland		—		1,622,595		—		1,622,595
Portugal		—		1,235,689		—		1,235,689
Russia		608,754		8,050,799		—		8,659,553
South Africa		—		4,796,182		—		4,796,182
South Korea		—		17,229,019		—		17,229,019
Taiwan		10,901,997		6,247,667		—		17,149,664
United Kingdom		3,523,544		—		—		3,523,544
United States		1,600,491		—		—		1,600,491
Preferred Stocks*
Brazil		736,991		—		—		736,991
Short-Term Investments		2,042,293		—		—		2,042,293
Total	$	67,676,686	$	98,168,908	$	—	$	165,845,594

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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, 2020
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Argentina	$	25,025	$	—	$	—	$	25,025
Brazil		434,920		—		—		434,920
China		1,387,772		3,911,241		—		5,299,013
Colombia		54,047		—		—		54,047
Greece		—		82,612		—		82,612
Hong Kong		—		64,582		—		64,582
Hungary		—		77,815		—		77,815
India		631,646		134,885		—		766,531
Indonesia		39,800		185,341		—		225,141
Luxembourg		—		19,760		—		19,760
Malaysia		—		372,530		—		372,530
Mexico		431,593		—		—		431,593
Philippines		—		92,398		—		92,398
Poland		—		205,778		—		205,778
Russia		43,313		452,478		—		495,791
Singapore		—		30,186		—		30,186
South Africa		—		242,647		—		242,647
South Korea		47,906		1,631,244		—		1,679,150
Taiwan		763,273		1,051,721		—		1,814,994
Thailand		—		150,427		—		150,427
Turkey		—		121,579		—		121,579
United States		26,583		—		—		26,583
Short-Term Investments		247,545		—		—		247,545
Total	$	4,133,423	$	8,827,224	$	—	$	12,960,647

260   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, 2020
Emerging Markets Equity Blend Portfolio
Common Stocks*
Brazil	$	2,899,746	$	—	$	—	$	2,899,746
Canada		983,994		—		—		983,994
Chile		145,900		—		—		145,900
China		9,092,492		13,824,642		—		22,917,134
Colombia		725,525		—		—		725,525
Egypt		—		787,968		—		787,968
Estonia		—		144,341		—		144,341
Georgia		—		358,966		—		358,966
Greece		—		187,914		—		187,914
Hong Kong		—		1,708,598		—		1,708,598
Hungary		—		649,454		—		649,454
India		1,667,317		5,132,353		—		6,799,670
Indonesia		561,244		2,311,946		—		2,873,190
Kenya		—		150,955		—		150,955
Kuwait		—		203,096		—		203,096
Mexico		2,778,269		—		—		2,778,269
Oman		—		169,880		—		169,880
Pakistan		—		175,492		—		175,492
Philippines		—		384,250		—		384,250
Poland		—		228,932		—		228,932
Russia		3,288,792		927,761		—		4,216,553
South Africa		—		322,518		—		322,518
South Korea		—		11,511,556		—		11,511,556
Taiwan		1,081,036		6,275,855		—		7,356,891
Turkey		431,847		—		—		431,847
Ukraine		—		160,533		—		160,533
United Kingdom		—		554,750		—		554,750
Preferred Stocks*
Brazil		588,077		—		—		588,077
Short-Term Investments		1,999,484		—		—		1,999,484
Total	$	26,243,723	$	46,171,760	$	—	$	72,415,483

Semi-Annual Report   261

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, 2020
Emerging Markets Equity Portfolio
Common Stocks*
Brazil		$	220,571,302	$	—	$	—	$	220,571,302
China			179,797,092		797,686,826		—		977,483,918
Egypt			—		48,764,551		—		48,764,551
Hong Kong			—		53,672,203		—		53,672,203
Hungary			—		87,719,016		—		87,719,016
India			76,661,905		435,308,996		—		511,970,901
Indonesia			74,118,566		102,310,664		—		176,429,230
Luxembourg			28,922,454		—		—		28,922,454
Mexico			181,776,820		—		—		181,776,820
Pakistan			—		13,677,747		—		13,677,747
Portugal			—		50,280,258		—		50,280,258
Russia			72,751,073		297,319,875		—		370,070,948
South Africa			—		237,014,117		—		237,014,117
South Korea			—		597,686,079		—		597,686,079
Taiwan			—		248,738,952		—		248,738,952
Thailand			—		66,522,455		—		66,522,455
Turkey			—		69,403,868		—		69,403,868
United Kingdom			—		123,800,164		—		123,800,164
Exchange-Traded Funds			225,541,873		—		—		225,541,873
Short-Term Investments			109,293,677		—		—		109,293,677
Total		$	1,169,434,762	$	3,229,905,771	$	—	$	4,399,340,533
Equity Franchise Portfolio
Common Stocks*
Belgium		$	—	$	1,606,102	$	—	$	1,606,102
France			—		1,944,033		—		1,944,033
Germany			—		2,593,366		—		2,593,366
Italy			—		477,657		—		477,657
Luxembourg			—		2,622,024		—		2,622,024
Spain			—		1,363,115		—		1,363,115
United Kingdom			—		1,001,864		—		1,001,864
United States			32,693,081		—		—		32,693,081
Short-Term Investments			2,020,619		—		—		2,020,619
Total		$	34,713,700	$	11,608,161	$	—	$	46,321,861

262   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, 2020
Global Equity Select Portfolio
Common Stocks*
Canada		$	3,106,665	$	—		$	—	$	3,106,665
China			740,929		1,844,988			—		2,585,917
Denmark			—		731,212			—		731,212
Germany			—		2,558,737			—		2,558,737
Hong Kong			—		3,658,132			—		3,658,132
Israel			—		654,643			—		654,643
Japan			—		3,218,480			—		3,218,480
Netherlands			807,289		2,140,213			—		2,947,502
South Africa			—		300,457			—		300,457
South Korea			—		925,226			—		925,226
Sweden			—		2,501,744			—		2,501,744
Switzerland			—		2,321,589			—		2,321,589
Taiwan			1,057,398		—			—		1,057,398
United Kingdom			759,165		7,969,038			—		8,728,203
United States			37,508,551		—			—		37,508,551
Short-Term Investments			1,558,450		—			—		1,558,450
Total		$	45,538,447	$	28,824,459		$	—	$	74,362,906
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—	$	504,946,268		$	—	$	504,946,268
Canada			56,314,196		—			—		56,314,196
France			—		432,062,583			—		432,062,583
Germany			—		131,650,280			—		131,650,280
Hong Kong			—		158,196,391			—		158,196,391
Italy			—		1,499,958,560			—		1,499,958,560
Luxembourg			—		139,920,368			—		139,920,368
Portugal			—		58,574,189			—		58,574,189
Spain			—		551,368,600			—		551,368,600
United Kingdom			—		1,379,538,663			—		1,379,538,663
United States			1,255,324,988		—			—		1,255,324,988
Short-Term Investments			1,008,805,412		—			—		1,008,805,412
Other Financial
Instruments†
Forward Currency Contracts			—		5,354,576			—		5,354,576
Total		$	2,320,444,596	$	4,861,570,478		$	—	$	7,182,015,074
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(5,939,986	)	$	—	$	(5,939,986	)

Semi-Annual Report   263

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, 2020
Global Strategic Equity Portfolio
Common Stocks*
Brazil		$	33,821	$	—	$	—	$	33,821
Canada			108,144		—		—		108,144
China			63,847		57,811		—		121,658
Denmark			—		66,904		—		66,904
France			—		86,103		—		86,103
Germany			—		92,058		—		92,058
Hong Kong			—		53,981		—		53,981
India			33,231		—		—		33,231
Israel			—		31,155		—		31,155
Italy			—		52,036		—		52,036
Japan			—		127,880		—		127,880
Netherlands			—		78,083		—		78,083
Portugal			—		62,027		—		62,027
Spain			—		41,149		—		41,149
Switzerland			—		172,906		—		172,906
United Kingdom			46,893		328,125		—		375,018
United States			1,658,497		—		—		1,658,497
Short-Term Investments			18,914		—		—		18,914
Total		$	1,963,347	$	1,250,218	$	—	$	3,213,565

264   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, 2020
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—	$	138,391	$	—	$	138,391
Austria			—		4,011		—		4,011
Belgium			—		14,843		—		14,843
China			—		5,159		—		5,159
Denmark			—		103,219		—		103,219
Finland			—		47,305		—		47,305
France			—		226,808		—		226,808
Germany			—		129,212		—		129,212
Hong Kong			—		70,173		—		70,173
Israel			—		6,026		—		6,026
Italy			—		67,120		—		67,120
Japan			73,398		495,058		—		568,456
Luxembourg			—		1,365		—		1,365
Macau			—		2,085		—		2,085
Netherlands			—		81,959		—		81,959
New Zealand			—		12,141		—		12,141
Norway			—		16,304		—		16,304
Singapore			—		22,419		—		22,419
South Africa			—		1,345		—		1,345
Spain			—		35,982		—		35,982
Sweden			—		93,438		—		93,438
Switzerland			—		260,039		—		260,039
United Kingdom			—		288,314		—		288,314
United States			—		7,608		—		7,608
Preferred Stocks*
Germany			—		11,419		—		11,419
Short-Term Investments			16,596		—		—		16,596
Total		$	89,994	$	2,141,743	$	—	$	2,231,737

Semi-Annual Report   265

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, 2020
International Equity Concentrated Portfolio
Common Stocks*
Canada		$	1,711,068	$	—	$	—	$	1,711,068
China			—		5,388,354		—		5,388,354
France			—		10,625,595		—		10,625,595
Germany			—		10,491,225		—		10,491,225
Hong Kong			—		1,472,609		—		1,472,609
India			2,621,388		—		—		2,621,388
Japan			—		5,061,838		—		5,061,838
Luxembourg			—		1,920,899		—		1,920,899
Mexico			3,633,373		—		—		3,633,373
South Korea			—		1,861,025		—		1,861,025
Spain			—		895,440		—		895,440
Switzerland			—		1,706,359		—		1,706,359
United Kingdom			—		2,264,507		—		2,264,507
United States			3,026,653		2,056,406		—		5,083,059
Preferred Stocks*
Germany			—		1,742,602		—		1,742,602
Short-Term Investments			2,375,313		—		—		2,375,313
Total		$	13,367,795	$	45,486,859	$	—	$	58,854,654

266   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, 2020
International Equity Portfolio
Common Stocks*
Australia		$	—	$	33,166,153	$	—	$	33,166,153
Canada			95,506,254		—		—		95,506,254
China			—		60,779,322		—		60,779,322
Denmark			—		60,285,096		—		60,285,096
Finland			—		57,688,349		—		57,688,349
France			—		387,664,134		—		387,664,134
Germany			—		200,700,004		—		200,700,004
Hong Kong			—		19,961,175		—		19,961,175
Indonesia			—		8,771,347		—		8,771,347
Ireland			21,071,972		—		—		21,071,972
Israel			—		27,179,293		—		27,179,293
Italy			—		60,864,599		—		60,864,599
Japan			—		353,072,601		—		353,072,601
Luxembourg			—		16,757,010		—		16,757,010
Mexico			15,270,903		—		—		15,270,903
Netherlands			21,047,761		85,440,475		—		106,488,236
Norway			—		60,522,537		—		60,522,537
Portugal			—		36,337,090		—		36,337,090
Singapore			—		43,208,959		—		43,208,959
South Korea			—		37,196,795		—		37,196,795
Spain			—		30,247,988		—		30,247,988
Sweden			—		66,847,705		—		66,847,705
Switzerland			—		184,613,513		—		184,613,513
United Arab Emirates			—		10,457,496		—		10,457,496
United Kingdom			—		291,789,337		—		291,789,337
United States			123,197,937		32,216,593		—		155,414,530
Preferred Stocks*
Germany			—		57,827,978		—		57,827,978
Short-Term Investments			25,988,360		—		—		25,988,360
Total		$	302,083,187	$	2,223,595,549	$	—	$	2,525,678,736

Semi-Annual Report   267

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, 2020
International Equity Select Portfolio
Common Stocks*
Australia		$	—	$	1,026,993	$	—	$	1,026,993
Brazil			1,529,203		—		—		1,529,203
Canada			1,819,237		—		—		1,819,237
China			1,347,609		6,145,655		—		7,493,264
Denmark			—		1,780,457		—		1,780,457
Finland			—		2,021,493		—		2,021,493
France			—		11,112,180		—		11,112,180
Germany			—		5,092,612		—		5,092,612
Hong Kong			—		413,258		—		413,258
India			1,020,367		—		—		1,020,367
Indonesia			631,413		317,361		—		948,774
Ireland			708,312		—		—		708,312
Italy			—		1,662,857		—		1,662,857
Japan			—		10,613,334		—		10,613,334
Mexico			863,638		—		—		863,638
Netherlands			716,836		2,218,357		—		2,935,193
Norway			—		1,694,201		—		1,694,201
Singapore			—		771,860		—		771,860
South Africa			—		636,197		—		636,197
South Korea			—		2,771,194		—		2,771,194
Sweden			—		1,486,760		—		1,486,760
Switzerland			—		6,393,271		—		6,393,271
Thailand			—		321,272		—		321,272
United Kingdom			—		6,805,667		—		6,805,667
United States			5,060,846		855,353		—		5,916,199
Preferred Stocks*
Germany			—		1,618,595		—		1,618,595
Short-Term Investments			3,119,118		—		—		3,119,118
Total		$	16,816,579	$	65,758,927	$	—	$	82,575,506

268   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, 2020
International Equity Value Portfolio
Common Stocks*
Austria		$	—	$	63,819	$	—	$	63,819
Canada			35,388		—		—		35,388
France			—		496,070		—		496,070
Germany			—		273,291		—		273,291
Japan			47,423		351,688		—		399,111
Luxembourg			—		59,830		—		59,830
Macau			—		83,069		—		83,069
Mexico			102,983		—		—		102,983
Netherlands			—		123,022		—		123,022
Norway			—		57,738		—		57,738
South Korea			—		56,374		—		56,374
Spain			—		82,027		—		82,027
Sweden			—		25,087		—		25,087
Switzerland			—		99,990		—		99,990
United Kingdom			—		194,783		—		194,783
Preferred Stocks*
Germany			—		95,576		—		95,576
Short-Term Investments			66,234		—		—		66,234
Total		$	252,028	$	2,062,364	$	—	$	2,314,392
International Quality Growth Portfolio
Common Stocks*
Canada		$	310,783	$	—	$	—	$	310,783
China			89,731		167,008		—		256,739
Denmark			—		278,477		—		278,477
France			—		183,429		—		183,429
Germany			—		408,931		—		408,931
Hong Kong			—		87,486		—		87,486
India			115,378		—		—		115,378
Israel			69,400		—		—		69,400
Japan			—		419,643		—		419,643
Netherlands			—		216,063		—		216,063
Norway			—		66,974		—		66,974
South Africa			—		75,260		—		75,260
South Korea			—		83,908		—		83,908
Spain			—		50,763		—		50,763
Sweden			—		174,589		—		174,589
Switzerland			—		206,864		—		206,864
Taiwan			134,488		—		—		134,488
United Kingdom			—		580,597		—		580,597
United States			124,612		—		—		124,612
Short-Term Investments			83,352		—		—		83,352
Total		$	927,744	$	2,999,992	$	—	$	3,927,736

Semi-Annual Report   269

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, 2020
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—	$	1,372,459	$	—	$	1,372,459
Austria			—		538,444		—		538,444
Belgium			—		2,035,377		—		2,035,377
Canada			1,445,412		—		—		1,445,412
Denmark			—		583,086		—		583,086
Finland			—		1,055,291		—		1,055,291
France			—		567,377		—		567,377
Germany			—		5,088,500		—		5,088,500
Greece			—		361,114		—		361,114
India			—		390,063		—		390,063
Ireland			—		458,129		—		458,129
Israel			—		359,398		—		359,398
Italy			—		1,548,111		—		1,548,111
Japan			—		10,294,855		—		10,294,855
Jersey			—		797,603		—		797,603
Luxembourg			—		443,864		—		443,864
Netherlands			—		1,943,162		—		1,943,162
New Zealand			—		401,632		—		401,632
Norway			—		189,450		—		189,450
Singapore			—		388,534		—		388,534
Spain			—		355,364		—		355,364
Sweden			—		3,269,234		—		3,269,234
Switzerland			—		460,256		—		460,256
United Kingdom			—		5,681,814		—		5,681,814
United States			—		331,726		—		331,726
Short-Term Investments			680,379		—		—		680,379
Total		$	2,125,791	$	38,914,843	$	—	$	41,040,634

270   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, 2020
International Strategic Equity Portfolio
Common Stocks*
Brazil		$	25,505,371	$	—	$	—	$	25,505,371
Canada			294,411,621		—		—		294,411,621
China			96,454,303		117,233,613		—		213,687,916
Denmark			—		151,945,597		—		151,945,597
Finland			—		80,087,028		—		80,087,028
France			—		495,225,971		—		495,225,971
Germany			—		376,124,141		—		376,124,141
Hong Kong			—		90,925,692		—		90,925,692
India			—		39,646,505		—		39,646,505
Ireland			61,476,349		—		—		61,476,349
Israel			—		81,309,250		—		81,309,250
Italy			—		121,607,087		—		121,607,087
Japan			—		648,182,471		—		648,182,471
Mexico			52,299,089		—		—		52,299,089
Netherlands			48,991,727		—		—		48,991,727
Norway			—		50,921,151		—		50,921,151
Portugal			—		38,262,857		—		38,262,857
Spain			—		131,973,919		—		131,973,919
Sweden			—		40,046,555		—		40,046,555
Switzerland			—		489,024,309		—		489,024,309
United Kingdom			—		709,540,575		—		709,540,575
United States			353,396,555		—		—		353,396,555
Preferred Stocks*
Germany			—		126,634,514		—		126,634,514
Short-Term Investments			79,445,035		—		—		79,445,035
Total		$	1,011,980,050	$	3,788,691,235	$	—	$	4,800,671,285

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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, 2020
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—	$	1,390,487	$	—	$	1,390,487
Belgium			—		172,468		—		172,468
Canada			88,825		—		—		88,825
Denmark			—		754,454		—		754,454
Finland			—		94,703		—		94,703
France			—		175,809		—		175,809
Hong Kong			—		307,693		—		307,693
Japan			—		5,096,630		—		5,096,630
Netherlands			—		576,108		—		576,108
New Zealand			—		194,366		—		194,366
Norway			—		402,801		—		402,801
Spain			—		122,676		—		122,676
Sweden			—		292,562		—		292,562
Switzerland			—		1,380,304		—		1,380,304
United Kingdom			—		748,012		—		748,012
United States			18,369,269		—		—		18,369,269
Short-Term Investments			655,254		—		—		655,254
Total		$	19,113,348	$	11,709,073	$	—	$	30,822,421
US Equity Concentrated Portfolio
Common Stocks*		$	1,699,672,841	$	—	$	—	$	1,699,672,841
Short-Term Investments			16,448,079		—		—		16,448,079
Total		$	1,716,120,920	$	—	$	—	$	1,716,120,920
US Equity Focus Portfolio
Common Stocks*		$	39,057,372	$	—	$	—	$	39,057,372
Short-Term Investments			490,775		—		—		490,775
Total		$	39,548,147	$	—	$	—	$	39,548,147
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	103,725,599	$	—	$	—	$	103,725,599
US Sustainable Equity Portfolio
Common Stocks*		$	4,884,765	$	—	$	—	$	4,884,765

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

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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, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$	83,500,000
Average amounts sold	$	5,075,400,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$5,354,576
Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$5,939,986

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$54,985,861
Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$58,661,385

None of the other Portfolios presented traded in derivative instruments during the period ended June 30, 2020.

As of June 30, 2020, 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

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two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2020:

Global Listed Infrastructure Portfolio

Description	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$5,354,576		$       —		$5,354,576

				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
Canadian Imperial Bank of Commerce		$	1,088,668	$	(236,921	)	$	—	$	851,747
HSBC Bank USA NA			1,523,571		(881,552	)		—		642,019
Royal Bank of Canada			1,390,237		(346,120	)		—		1,044,117
State Street Bank and Trust Co.			1,352,100		(1,352,100	)		—		—
Total		$	5,354,576	$	(2,816,693	)	$	—	$	2,537,883

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		$5,939,986		$       —		$5,939,986

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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
BNP Paribas SA		$	986,336	$	—		$	—	$	986,336
Canadian Imperial Bank of Commerce			236,921		(236,921	)		—		—
Citibank NA			1,063,068		—			—		1,063,068
HSBC Bank USA NA			881,552		(881,552	)		—		—
Royal Bank of Canada			346,120		(346,120	)		—		—
Standard Chartered Bank			746,749		—			—		746,749
State Street Bank and Trust Co.			1,366,991		(1,352,100	)		—		14,891
The Bank of New York Mellon Corp.			312,249		—			—		312,249
Total		$	5,939,986	$	(2,816,693	)	$	—	$	3,123,293

11. Accounting Pronouncements

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. Subsequent Events

Management has evaluated subsequent events affecting the Portfolio 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. 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 US 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 Agreements

All Portfolios except Lazard US Sustainable Equity Portfolio.

At meetings of the Board held on June 2, 2020 and June 16, 2020, 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 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 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 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

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 $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Strategic Insight, an independent provider of investment company

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data, including, among other information, each Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to those of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”¹); and

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio comparisons with the Board. For the Developing Markets Equity Portfolio, the Investment Manager proposed to lower the current expense limitation by 0.10%, and for each of the Emerging Markets Equity Blend, Global Strategic Equity and International Equity Concentrated Portfolios, the Investment Manager proposed to lower the current expense limitation by 0.05%. After giving effect to the proposed expense limitation reductions, the results of the Strategic Insight comparisons showed that the advisory fees and net expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer 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 was cur-

¹ The Strategic Insight materials outlined the process for constructing the Expense Peer Groups, as well the Expense Categories, Performance Peer Groups and Performance Categories (all as defined herein). 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 Expense Peer Groups, Expense Categories, Performance Peer Groups and Performance Categories, including how the methodologies could affect the results of the comparisons.

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rently waiving advisory fees and/or reimbursing expenses for certain Portfolios.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the advisory fees of the relevant Portfolios.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, each Portfolio’s performance for the one-, three-, five-and ten-year periods ended March 31, 2020, as applicable, compared to performance for the same time periods of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);

• the funds within the broad category of funds to which the Port -folio has been assigned by Morningstar (the “Performance Category”); and

• the Portfolio’s benchmark index.

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 information regarding performance expectations, as well as additional perspectives in information prepared by, and in

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discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance or Portfolios which otherwise are not performing in accordance with expectations, 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, 2019 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 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 Man-

280   Semi-Annual Report

ager (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, for Portfolios with generally stable or decreasing assets over the past calendar year, or Portfolios that had not reached a significant size (which was the case for most of the Portfolios), the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

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 $193 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

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	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 it 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.

Lazard US Sustainable Equity Portfolio

At meetings of the Board held on June 2, 2020 and June 16, 2020, the Board considered the approval of the Management Agreement between the Fund, on behalf of the Portfolio 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.

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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 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 meeting.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to the Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020). The Board also had received a presentation at a prior Board meeting on the Investment Manager’s US Sustainable Equity investment strategy, including the specific strategies that would be employed for the Portfolio.

The Board considered the various services to be 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 Portfolio and its shareholders will 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; and marketing and shareholder servicing activities on behalf of the portfolios of the Fund, which would include the Portfolio. The Board accepted the assertion of representatives of the Investment Manager that the Sustainable Equity Portfolio would be expected to benefit from the

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services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, comparing the Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to the Portfolio’s Expense Peer Group.

Other Accounts Advisory Fee Comparison. There were no Other Accounts of the Investment Manager that are comparable to the Portfolio in terms of investment objectives, strategies and policies.

Performance. As the Portfolio had not commenced investment operations and there were no Other Accounts of the Investment Manager, there was no performance information for the Board to consider.

Investment Manager Profitability and Economies of Scale

Representatives of the Investment Manager noted that because the Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to the Portfolio and the estimated profitability percentage of the Sustainable Equity Management Agreement, with respect to the Portfolio, to the Investment Manager and its affiliates from their relationships with the Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on the Portfolio initially, noting the Investment Manager’s agreement to waive its fees and/or reimburse expenses of the Portfolio for at least two years following the Portfolio’s commencement of operations to maintain the expense ratio reflected

284   Semi-Annual Report

in the Strategic Insight materials. The Board determined to revisit this issue no later than when it next reviewed the advisory fee in connection with the renewal of the Management Agreement for the Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant benefits from the Investment Manager acting as investment manager to the Portfolio other than the benefit of soft dollar commissions in connection with managing the Portfolio. The representatives of the Investment Manager stated that the Investment Manager intends to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and record-keeping services, and noted that the Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolio’s Open Shares.

Conclusions and Determinations

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 the evaluation of the approval of the Management Agreement for the Portfolio. 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 to be provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $193 billion global asset management business.

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

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● The Board recognized that economies of scale may be realized, particularly as the assets of the Portfolio increase and determined that it would continue to consider potential material economies of scale.

In evaluating the Management Agreement, with respect to the Portfolio, the Board relied on the information described above as well as other information provided by the Investment Manager. 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 Management Agreement for the Portfolio. In deciding whether to vote to approve the Management Agreement for the 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.

Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably

286   Semi-Annual Report

expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities required by the LRMP to a Liquidity Committee comprised of various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes

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that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

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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

Lazard Funds

Semi-Annual Report

June 30, 2020

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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
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
31	Lazard Global Fixed Income Portfolio
41	Lazard US Corporate Income Portfolio
54	Lazard US Short Duration Fixed Income Portfolio
57	Notes to Portfolios of Investments (unaudited)
60	Statements of Assets and Liabilities (unaudited)
64	Statements of Operations (unaudited)
66	Statements of Changes in Net Assets (unaudited)
72	Financial Highlights (unaudited)
82	Notes to Financial Statements (unaudited)
109	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,

The global spread of COVID-19 created significant market volatility and caused an unprecedented collapse across global equity markets at the start of 2020.The pandemic led to worldwide lockdowns, which led to drastic unemployment, a wave of small businesses closures, and a significant decline in economic growth. However, an extremely aggressive monetary and fiscal response, as well as a slowdown in the spread of COVID-19 in many of the early hotspots, led to one of the sharpest rallies ever for global stocks during the second quarter.

US unemployment rose from a 50-year low to an 80-year high in just two months. While the economic weakness was extraordinary, the policy response was both dramatic and timely.The Federal Reserve, the US central bank, slashed rates to zero and announced unlimited quantitative easing within weeks of the crisis.The central bank subsequently announced almost $3 trillion in liquidity facilities for companies and municipalities. Credit markets responded, turning highly accommodative for a wide variety of companies, and debt issuance reached record highs.The federal government also delivered with a fiscal package more than double the size of the response to the 2008 global financial crisis.

COVID-19 exacerbated existing price dislocations not only in emerging markets compared to other markets, but in high-quality businesses trading at lower valuations.The course of the pandemic and related government actions, trade developments, and the US election will have a great deal of influence in how the region’s equities end the year.

In Europe, economic data suggested that the European Union and United Kingdom were mired in deep recessions. As in the United States, however, stimulus proved to be a potent salve. European equity markets calmed after the volatile first quarter as individual countries and the European Central Bank put forward an aggressive and globally coordinated monetary and fiscal response.

2   Semi-Annual Report

As economies across the world reopen, the shape of a potential recovery remains an open question. After all, there is little historical precedent for the global economy shutting down and then attempting to restart itself.

The performance dispersion between value and growth stocks has been at all-time highs, but we believe the differential will adjust. More than ever, we are confident that fundamental analysis and stock selection will be crucial drivers for performance. We feel privileged to handle your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance that are consistent with your expectations.

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, 2020

	One Year	Five Years	Since Inception	†
Institutional Shares**	–3.18%	2.60%	2.18%
Open Shares**	–3.28%	2.36%	1.91%
R6 Shares**	–2.85%	N/A	2.26%
JPMorgan EMBI Global Diversified Index	0.49%	5.30%	5.81% (Institutional and Open Shares)
			3.84% (R6 Shares)
JPMorgan GBI-EM Global Diversified Index	–2.82%	2.34%	0.55% (Institutional and Open Shares)
			2.58% (R6 Shares)
Global Diversified Index	–1.10%	3.89%	3.22% (Institutional and Open Shares)
			3.27% (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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	4.39%	2.88%	1.30%
Open Shares**	4.01%	2.58%	1.01%
Bloomberg Barclays Global Aggregate Index	4.22%	3.56%	1.92%

† 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, 2020

	One	Five	Ten	Since
	Year	Years	Years	Inception	†
Institutional Shares**	0.60%	3.74%	5.58%	4.21%
Open Shares**	0.36%	3.44%	5.25%	3.71%
R6 Shares**	0.83%	N/A	N/A	3.11%
Cash Pay Index	0.90%	4.89%	6.61%	6.21% (Institutional Shares)
				6.16% (Open Shares)
				4.85% (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, 2020

	One	Five	Since
	Year	Years	Inception	†
Institutional Shares**	3.55%	1.60%	1.53%
Open Shares**	3.28%	1.51%	1.35%
ICE BofAML 1-3 Year US Treasury Index	4.08%	1.84%	1.37%

† 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 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 (“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 Emerging Markets Debt Portfolio and settlement proceeds received from a class action lawsuit by Lazard US Corporate Income Portfolio which impacted the total return of R6 Shares but did not impact that of Institutional or Open; amounts may differ from amounts reported in the financial highlights.
	The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of the Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on the Portfolio’s distributions or the redemption of Portfolio shares.

Semi-Annual Report   7

	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 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, 2020 through June 30, 2020 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		1/1/20 -		1/1/20 -
Portfolio	1/1/20		6/30/20		6/30/20		6/30/20
Emerging Markets Debt
Institutional Shares
Actual	$	1,000.00	$	932.90	$	4.57		0.95%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95%
Open Shares
Actual	$	1,000.00	$	933.00	$	5.53		1.15%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.14	$	5.77		1.15%
R6 Shares
Actual	$	1,000.00	$	934.50	$	4.33		0.90%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.52		0.90%
Global Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,029.80	$	3.53		0.70%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.38	$	3.52		0.70%
Open Shares
Actual	$	1,000.00	$	1,028.60	$	4.81		0.95%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.12	$	4.79		0.95%
US Corporate Income
Institutional Shares
Actual	$	1,000.00	$	972.40	$	2.70		0.55%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.13	$	2.77		0.55%
Open Shares
Actual	$	1,000.00	$	971.40	$	3.92		0.80%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.89	$	4.02		0.80%
R6 Shares
Actual	$	1,000.00	$	972.50	$	2.70		0.55%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.13	$	2.77		0.55%

10  Semi-Annual Report

					Expenses		Annualized
	Beginning		Ending		Paid During		Expense Ratio
	Account		Account		Period*		During Period
	Value		Value		1/1/20 -		1/1/20 -
Portfolio	1/1/20		6/30/20		6/30/20		6/30/20
US Short Duration Fixed Income
Institutional Shares
Actual	$	1,000.00	$	1,025.10	$	2.01		0.40%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.87	$	2.01		0.40%
Open Shares
Actual	$	1,000.00	$	1,022.80	$	3.27		0.65%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.63	$	3.27		0.65%

* 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 182/366 (to reflect one-half year period).

Semi-Annual Report  11

The Lazard Funds, Inc. Portfolio Holdings Presented by
Asset Class/Credit Rating and Region June 30, 2020 (unaudited)

	Lazard			Lazard US			Lazard US
	Global Fixed			Corporate			Short Duration
	Income			Income			Fixed Income
Asset Class/S&P Credit Rating*	Portfolio			Portfolio			Portfolio
Fixed Income
AAA		17.4	%		—	%		72.8	%
AA+		4.2			—			—
AA-		7.1			—			—
A+		8.1			—			—
A		7.8			—			—
A-		5.7			—			8.9
BBB+		10.7			0.5			15.3
BBB		4.7			0.7			1.5
BBB-		2			8.8			—
BB+		0.5			13.0			—
BB		1.9			18.7			—
BB-		0.5			25.5			—
B+		0.5			11.3			—
B		—			6.7			—
B-		—			5.5			—
CCC+		—			1.2			—
CCC		—			1.0			—
Not Applicable		22.5			3.7			1.0
Short-Term Investments		6.4			3.4			0.5
Total Investments		100.0	%		100.0	%		100.0	%

	Lazard
	Emerging
	Markets Debt
Asset Class/Region*	Portfolio
Fixed Income
Africa		14.2	%
Asia		31.7
Europe		16.8
North America		14.6
South America		20.7
Short-Term Investments		2.0
Total Investments		100.0	%

* Represents percentage of total investments.

12  Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments
June 30, 2020 (unaudited)

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds  |  6.2%
Chile  |  0.4%
Corp. Nacional del Cobre de Chile, 4.375%, 02/05/49 (#)	USD		104	$	117,260
Colombia  |  1.4%
AI Candelaria Spain SLU, 7.500%, 12/15/28 (#)	USD		375		378,750
Kazakhstan  |  0.9%
KazMunayGas National Co. JSC, 5.750%, 04/19/47	USD		210		244,650
Malaysia  |  1.1%
Petronas Capital, Ltd., 3.500%, 04/21/30 (#)	USD		280		310,279
Mexico  |  2.2%
Petroleos Mexicanos:
6.875%, 08/04/26	USD		70		66,133
6.490%, 01/23/27	USD		110		100,418
5.350%, 02/12/28	USD		130		108,907
6.840%, 01/23/30	USD		110		96,370
6.350%, 02/12/48	USD		40		29,456
7.690%, 01/23/50	USD		100		83,425
6.950%, 01/28/60 (#)	USD		135		103,646
					588,355
Peru  |  0.2%
Fondo MIVIVIENDA SA, 7.000%, 02/14/24	PEN		180		56,447
Total Corporate Bonds (Cost $1,612,433)					1,695,741

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)
Foreign Government Obligations | 87.6%
Angola  |  1.4%
Republic of Angola:
9.500%, 11/12/25	USD		102	$	92,310
8.000%, 11/26/29	USD		360		297,900
					390,210
Argentina  |  2.4%
Republic of Argentina:
6.875%, 04/22/21	USD		35		14,569
5.625%, 01/26/22	USD		162		66,825
4.625%, 01/11/23	USD		180		74,475
7.500%, 04/22/26	USD		200		80,375
6.875%, 01/26/27	USD		169		67,684
5.875%, 01/11/28	USD		138		54,924
6.625%, 07/06/28	USD		140		55,169
8.280%, 12/31/33	USD		154		68,823
7.125%, 07/06/36	USD		105		40,819
7.625%, 04/22/46	USD		110		42,625
6.875%, 01/11/48	USD		157		60,592
7.125%, 06/28/2117	USD		102		39,238
					666,118
Azerbaijan  |  0.7%
Republic of Azerbaijan, 3.500%, 09/01/32	USD		200		195,250
Bahrain  |  2.0%
Kingdom of Bahrain:
7.000%, 01/26/26	USD		290		322,444
7.000%, 10/12/28	USD		200		223,125
					545,569
Barbados  |  0.1%
Barbados Government International Bonds, 6.500%, 10/01/29 (#)	USD		25		22,523

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)
Belize  |  0.0%
Republic of Belize, 4.938%, 02/20/34 (Ø)	USD		15	$	6,272
Brazil  |  2.3%
Brazil NTN-B, 6.000%, 08/15/30	BRL		20		14,992
Brazil NTN-F, 10.000%, 01/01/25	BRL		2,240		482,667
Federal Republic of Brazil:
2.875%, 06/06/25	USD		25		24,650
3.875%, 06/12/30	USD		60		57,900
5.625%, 02/21/47	USD		25		26,078
4.750%, 01/14/50	USD		30		28,369
					634,656
Chile  |  1.8%
Bonos de la Tesoreria de la Republica en pesos:
4.000%, 03/01/23 (#)	CLP		35,000		46,760
4.500%, 03/01/26	CLP		65,000		92,630
5.000%, 03/01/35	CLP		50,000		74,617
6.000%, 01/01/43	CLP		35,000		62,884
Republic of Chile:
3.240%, 02/06/28	USD		15		16,491
2.450%, 01/31/31	USD		90		93,442
2.550%, 01/27/32	USD		70		72,844
3.500%, 01/25/50	USD		30		33,787
					493,455
China  |  2.2%
China Development Bank:
1.860%, 04/09/23	CNY		970		134,098
3.500%, 08/13/26	CNY		2,880		409,938
3.450%, 09/20/29	CNY		370		53,039
					597,075

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)
Colombia  |  4.2%
Colombian Titulos De Tesoreria:
10.000%, 07/24/24	COP		390,400	$	127,538
6.250%, 11/26/25	COP		755,300		216,876
7.500%, 08/26/26	COP		753,000		227,048
6.000%, 04/28/28	COP		289,800		77,998
7.000%, 06/30/32	COP		318,000		85,807
Republic of Colombia:
4.500%, 01/28/26	USD		65		70,789
3.875%, 04/25/27	USD		120		127,162
3.125%, 04/15/31	USD		15		14,895
6.125%, 01/18/41	USD		115		143,427
5.000%, 06/15/45	USD		45		50,590
					1,142,130
Costa Rica  |  0.4%
Republic of Costa Rica:
9.200%, 02/23/22	USD		30		31,152
4.250%, 01/26/23	USD		40		37,588
4.375%, 04/30/25	USD		55		49,070
					117,810
Czech Republic  |  1.3%
Czech Republic:
2.500%, 08/25/28	CZK		2,080		100,143
4.200%, 12/04/36	CZK		4,240		261,002
					361,145
Dominican Republic  |  2.6%
Dominican Republic:
8.900%, 02/15/23	DOP		2,850		45,165
5.500%, 01/27/25	USD		40		40,425
6.875%, 01/29/26	USD		145		152,023
11.375%, 07/06/29	DOP		1,200		19,367
10.750%, 11/08/29	DOP		4,800		76,781
4.500%, 01/30/30	USD		150		135,703
7.450%, 04/30/44	USD		15		15,413
6.850%, 01/27/45	USD		80		76,625
6.400%, 06/05/49	USD		170		155,603
					717,105

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)
Ecuador  |  1.1%
Republic of Ecuador:
7.950%, 06/20/24	USD		230	$	113,443
8.875%, 10/23/27	USD		265		109,975
10.650%, 01/31/29	USD		200		83,000
					306,418
Egypt  |  1.9%
Arab Republic of Egypt:
5.577%, 02/21/23	USD		200		204,312
6.200%, 03/01/24 (#)	USD		190		194,987
8.500%, 01/31/47 (#)	USD		135		131,963
					531,262
El Salvador  |  0.4%
Republic of El Salvador:
7.650%, 06/15/35	USD		65		55,819
7.125%, 01/20/50	USD		75		61,125
					116,944
Ghana  |  1.4%
Republic of Ghana:
6.375%, 02/11/27	USD		200		186,813
8.125%, 03/26/32	USD		200		188,312
					375,125
Guatemala  |  0.4%
Republic of Guatemala:
5.375%, 04/24/32 (#)	USD		50		55,141
6.125%, 06/01/50 (#)	USD		50		57,812
					112,953
Honduras  |  0.5%
Republic of Honduras:
6.250%, 01/19/27	USD		80		85,500
5.625%, 06/24/30 (#)	USD		50		50,812
					136,312

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)
Hungary  |  1.5%
Hungary, 7.625%, 03/29/41	USD		80	$	134,200
Hungary Government Bonds:
2.500%, 10/24/24	HUF		46,110		154,552
3.000%, 10/27/27	HUF		35,250		121,841
					410,593
Indonesia  |  6.8%
Indonesia Government Bonds:
8.375%, 09/15/26	IDR		3,867,000		291,006
7.000%, 05/15/27	IDR		2,666,000		186,909
9.000%, 03/15/29	IDR		1,275,000		98,849
8.250%, 05/15/29	IDR		1,545,000		115,077
8.750%, 05/15/31	IDR		2,590,000		197,174
7.500%, 08/15/32	IDR		3,513,000		242,848
8.375%, 03/15/34	IDR		1,165,000		85,673
8.250%, 05/15/36	IDR		622,000		45,240
8.375%, 04/15/39	IDR		920,000		67,623
Republic of Indonesia:
5.875%, 01/15/24	USD		60		67,969
4.125%, 01/15/25	USD		75		81,633
4.750%, 01/08/26	USD		160		180,450
4.625%, 04/15/43	USD		30		34,388
3.700%, 10/30/49	USD		125		129,785
3.500%, 02/14/50	USD		50		51,468
					1,876,092
Iraq  |  0.8%
Republic of Iraq, 5.800%, 01/15/28	USD		250		224,766
Ivory Coast  |  0.4%
Ivory Coast, 5.750%, 12/31/32 (Ø)	USD		112		110,159

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

18   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Jamaica  |  0.4%
Government of Jamaica:
6.750%, 04/28/28	USD		25	$	28,156
8.000%, 03/15/39	USD		30		37,003
7.875%, 07/28/45	USD		35		42,744
					107,903
Kazakhstan  |  0.9%
Republic of Kazakhstan, 4.875%, 10/14/44	USD		195		247,345
Kenya  |  0.9%
Republic of Kenya, 8.000%, 05/22/32	USD		250		246,172
Lebanon  |  1.4%
Lebanese Republic:
6.375%, 03/09/20 («)	USD		107		19,795
8.250%, 04/12/21 («)	USD		422		77,806
6.100%, 10/04/22 («)	USD		227		39,725
6.000%, 01/27/23 («)	USD		265		45,712
6.650%, 04/22/24 («)	USD		236		40,489
6.250%, 11/04/24 («)	USD		116		19,430
6.200%, 02/26/25 («)	USD		37		6,198
6.600%, 11/27/26 («)	USD		104		18,038
6.850%, 03/23/27 («)	USD		209		35,661
6.750%, 11/29/27 («)	USD		52		8,710
6.650%, 02/26/30 («)	USD		109		18,257
7.000%, 03/23/32 («)	USD		183		31,567
7.050%, 11/02/35 («)	USD		60		10,350
7.250%, 03/23/37 («)	USD		55		9,488
					381,226

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

Semi-Annual Report   19

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Malaysia  |  4.2%
Malaysia Government Bonds:
3.882%, 03/10/22	MYR		706	$	169,426
3.800%, 08/17/23	MYR		760		185,106
3.478%, 06/14/24	MYR		911		221,053
3.955%, 09/15/25	MYR		600		150,035
3.899%, 11/16/27	MYR		150		37,465
3.885%, 08/15/29	MYR		710		179,240
4.893%, 06/08/38	MYR		800		217,395
					1,159,720
Mexico  |  5.7%
Mexican Bonos:
5.750%, 03/05/26	MXN		15,940		710,363
8.500%, 05/31/29	MXN		5,698		292,728
10.000%, 11/20/36	MXN		3,270		191,481
7.750%, 11/13/42	MXN		670		31,727
United Mexican States:
4.125%, 01/21/26	USD		125		135,000
4.600%, 02/10/48	USD		70		72,297
4.500%, 01/31/50	USD		60		61,860
5.000%, 04/27/51	USD		60		64,710
					1,560,166
Mongolia  |  0.2%
Mongolia International Bonds:
10.875%, 04/06/21	USD		25		25,937
5.125%, 12/05/22	USD		35		34,694
					60,631
Nigeria  |  1.3%
Republic of Nigeria:
6.500%, 11/28/27	USD		200		189,312
7.625%, 11/28/47	USD		200		178,438
					367,750

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

20   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Oman  |  2.1%
Oman Government International Bonds:
4.750%, 06/15/26	USD		245	$	226,548
5.625%, 01/17/28	USD		200		186,500
6.750%, 01/17/48	USD		200		172,313
					585,361
Panama  |  1.3%
Republic of Panama:
4.000%, 09/22/24	USD		70		76,256
3.750%, 03/16/25	USD		75		81,234
4.500%, 05/15/47	USD		35		42,842
4.500%, 04/16/50	USD		120		146,513
					346,845
Paraguay  |  0.4%
Republic of Paraguay:
5.000%, 04/15/26	USD		25		27,773
4.950%, 04/28/31 (#)	USD		45		49,950
5.400%, 03/30/50	USD		40		45,363
					123,086
Peru  |  4.4%
Republic of Peru:
2.392%, 01/23/26	USD		80		83,100
8.200%, 08/12/26	PEN		1,110		404,680
4.125%, 08/25/27	USD		55		63,147
6.350%, 08/12/28	PEN		870		290,360
2.844%, 06/20/30	USD		10		10,712
2.783%, 01/23/31	USD		120		128,010
6.950%, 08/12/31	PEN		245		84,043
6.900%, 08/12/37	PEN		290		98,082
5.350%, 08/12/40	PEN		150		43,024
					1,205,158
Philippines  |  1.6%
Republic of Philippines:
4.200%, 01/21/24	USD		160		174,100
3.625%, 09/09/25	PHP		3,145		66,562
3.700%, 02/02/42	USD		175		200,484
					441,146

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

Semi-Annual Report   21

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Poland  |  0.7%
Poland Government Bonds, 2.500%, 07/25/27	PLN		650	$	179,343
Qatar  |  2.0%
State of Qatar:
3.400%, 04/16/25	USD		250		272,500
5.103%, 04/23/48	USD		200		271,937
					544,437
Romania  |  2.6%
Romanian Government Bonds:
4.250%, 06/28/23	RON		710		168,273
4.375%, 08/22/23	USD		48		51,060
4.750%, 02/24/25	RON		600		145,127
4.850%, 04/22/26	RON		320		78,386
5.800%, 07/26/27	RON		880		228,739
5.125%, 06/15/48	USD		34		40,162
					711,747
Russia  |  4.8%
Russia Foreign Bonds, 4.750%, 05/27/26	USD		200		227,600
Russia Government Bonds - OFZ:
7.950%, 10/07/26	RUB		29,900		477,642
7.050%, 01/19/28	RUB		10,153		155,681
8.500%, 09/17/31	RUB		27,760		471,370
					1,332,293
Senegal  |  0.7%
Republic of Senegal, 6.250%, 05/23/33	USD		200		203,562
South Africa  |  5.8%
Republic of South Africa:
4.665%, 01/17/24	USD		75		76,477
10.500%, 12/21/26	ZAR		7,840		515,577
8.000%, 01/31/30	ZAR		4,820		256,032
5.875%, 06/22/30	USD		105		106,444

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

22   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
8.250%, 03/31/32	ZAR		5,620	$	281,920
8.500%, 01/31/37	ZAR		2,050		95,310
8.750%, 02/28/48	ZAR		2,525		114,456
6.300%, 06/22/48	USD		150		141,516
					1,587,732
Sri Lanka  |  0.8%
Republic of Sri Lanka:
5.750%, 01/18/22	USD		60		46,950
5.875%, 07/25/22	USD		45		34,312
6.850%, 11/03/25	USD		80		53,000
6.200%, 05/11/27	USD		50		32,125
7.850%, 03/14/29	USD		20		13,000
7.550%, 03/28/30	USD		45		28,913
					208,300
Thailand  |  3.1%
Thailand Government Bonds:
3.650%, 06/20/31	THB		8,480		334,379
3.775%, 06/25/32	THB		6,260		251,720
3.400%, 06/17/36	THB		4,780		191,604
3.300%, 06/17/38	THB		2,190		87,693
					865,396
Turkey  |  1.3%
Republic of Turkey:
5.750%, 03/22/24	USD		60		59,625
7.375%, 02/05/25	USD		95		100,047
4.250%, 03/13/25	USD		200		186,375
					346,047
Ukraine  |  1.6%
Government of Ukraine, 15.840%, 02/26/25	UAH		2,290		97,725
Ukraine Government Bonds:
15.840%, 02/26/25	UAH		800		34,140
9.750%, 11/01/28	USD		260		297,050
					428,915

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

Semi-Annual Report   23

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
United Arab Emirates  |  1.3%
Emirate of Dubai Government International Bonds, 5.250%, 01/30/43	USD		310	$	345,456
Uruguay  |  1.3%
Republica Orient Uruguay:
4.375%, 10/27/27	USD		60		68,663
4.375%, 01/23/31	USD		100		116,812
4.975%, 04/20/55	USD		130		166,116
					351,591
Venezuela  |  0.2%
Republic of Venezuela:
8.250%, 10/13/24 («)	USD		1,038		62,280
7.000%, 03/31/38 («)	USD		58		3,480
					65,760
Total Foreign Government Obligations (Cost $24,504,317)					24,093,030
Quasi Government Bonds  |  1.6%
Mexico  |  0.2%
Petroleos Mexicanos, 6.750%, 09/21/47	USD		100		76,775
Turkey  |  0.4%
Export Credit Bank of Turkey, 5.375%, 02/08/21	USD		105		105,525
Ukraine  |  0.9%
Ukreximbank Via Biz Finance PLC, 9.750%, 01/22/25	USD		250		252,500

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)
Venezuela  |  0.1%
Petroleos de Venezuela SA:
12.750%, 02/17/22 («)	USD		273	$	8,190
6.000%, 11/15/26 («)	USD		124		3,596
5.500%, 04/12/37 («)	USD		100		3,000
					14,786
Total Quasi Government Bonds (Cost $666,867)					449,586
Supranational Bonds  |  0.1%
International Finance Corp., 8.000%, 10/09/23 (Cost $14,385)	IDR		200,000		14,417

			Fair
Description	Shares		Value
Short-Term Investments  |  1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $534,132)		534,132		534,132
Total Investments  |  97.4% (Cost $27,332,134) (»)			$	26,786,906
Cash and Other Assets in Excess of Liabilities  |  2.6%				714,578
Net Assets  |  100.0%			$	27,501,484

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

Semi-Annual Report   25

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2020:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
BRL	798,859	USD	145,884	BOA	07/02/20		$	1,017		$	—
BRL	968,519	USD	168,268	BOA	07/02/20			9,830			—
BRL	798,859	USD	152,437	BOA	08/04/20			—			5,778
BRL	389,055	USD	71,047	BRC	07/02/20			495			—
BRL	968,519	USD	167,947	BRC	07/02/20			10,151			—
BRL	389,055	USD	75,227	BRC	08/04/20			—			3,802
BRL	601,054	USD	119,399	BRC	08/04/20			—			9,054
BRL	1,071,600	USD	195,690	CIT	07/02/20			1,364			—
BRL	681,551	USD	118,410	SCB	07/02/20			6,919			—
BRL	943,976	USD	164,603	SCB	07/02/20			8,982			—
BRL	1,255,351	USD	229,246	SCB	07/02/20			1,598			—
BRL	405,182	USD	80,601	SCB	08/04/20			—			6,216
BRL	1,255,351	USD	236,700	SCB	08/04/20			—			6,236
BRL	217,360	USD	39,693	UBS	07/02/20			277			—
BRL	798,859	USD	145,884	UBS	07/02/20			1,017			—
BRL	968,519	USD	168,239	UBS	07/02/20			9,860			—
BRL	798,859	USD	150,495	UBS	08/04/20			—			3,837
CLP	63,048,000	USD	80,000	BOA	07/20/20			—			3,213
CLP	17,843,114	USD	21,934	UBS	07/20/20			—			202
CNH	5,106	USD	720	SCB	07/20/20			1			—
CNH	5,106	USD	720	UBS	07/20/20			1			—
COP	46,604,248	USD	12,889	UBS	07/21/20			—			507
CZK	3,633,237	USD	154,436	BOA	07/20/20			—			1,270
CZK	6,085,671	USD	259,677	BOA	07/20/20			—			3,125
CZK	3,633,237	USD	154,465	BRC	07/20/20			—			1,299
HUF	24,102,971	USD	74,246	BOA	07/14/20			2,216			—
HUF	30,358,782	USD	93,887	BOA	07/14/20			2,421			—
HUF	25,697,885	USD	81,163	BOA	09/25/20			335			—
HUF	14,991,991	USD	46,350	BRC	07/14/20			1,210			—
HUF	25,697,885	USD	81,155	SCB	09/25/20			342			—
HUF	18,057,973	USD	56,968	UBS	09/25/20			301			—
IDR	1,326,610,690	USD	77,853	BRC	07/07/20			14,961			—
IDR	5,661,731,557	USD	375,945	JPM	08/26/20			17,972			—
IDR	2,255,665,874	USD	158,197	UBS	07/07/20			—			383
INR	7,448,166	USD	97,266	BRC	09/08/20			742			—
INR	5,158,930	USD	67,358	CIT	09/08/20			527			—
INR	14,959,937	USD	195,376	JPM	09/08/20			1,478			—

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

26   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
MXN	3,892,476	USD	178,975	BRC	07/20/20		$	—		$	10,026
MXN	6,594,975	USD	291,259	BRC	07/20/20			—			5,011
MXN	4,237,950	USD	188,771	UBS	07/20/20			—			4,827
MYR	129,900	USD	30,000	SCB	07/24/20			287			—
MYR	170,608	USD	40,000	SCB	07/24/20			—			221
MYR	248,016	USD	57,961	SCB	07/24/20			—			134
MYR	298,760	USD	70,000	SCB	07/24/20			—			342
MYR	324,429	USD	74,325	SCB	07/24/20			1,318			—
MYR	734,213	USD	170,000	SCB	07/24/20			1,187			—
PEN	125,693	USD	36,459	CIT	08/21/20			—			1,001
PEN	607,076	USD	172,749	CIT	08/21/20			—			1,491
PLN	711,232	USD	178,930	BRC	09/17/20			885			—
PLN	774,762	USD	194,702	BRC	09/17/20			1,174			—
PLN	115,557	USD	29,097	CIT	09/17/20			118			—
PLN	1,009,773	USD	253,950	CIT	09/17/20			1,342			—
PLN	47,936	USD	12,084	HSB	09/17/20			35			—
PLN	1,009,773	USD	253,896	HSB	09/17/20			1,396			—
PLN	825,112	USD	210,000	UBS	07/20/20			—			1,432
PLN	29,102	USD	7,331	UBS	09/17/20			27			—
RON	152,689	USD	35,268	UBS	07/20/20			161			—
RUB	3,396,507	USD	47,868	BRC	07/08/20			—			171
RUB	11,232,608	USD	160,279	CIT	09/08/20			—			3,654
RUB	5,829,285	USD	82,132	JPM	07/08/20			—			270
RUB	3,819,087	USD	54,410	SCB	09/08/20			—			1,158
RUB	16,029,624	USD	222,003	UBS	07/08/20			3,104			—
RUB	7,413,521	USD	105,697	UBS	09/08/20			—			2,324
THB	318,125	USD	10,000	SCB	08/21/20			292			—
THB	19,027,165	USD	597,822	UBS	08/21/20			17,729			—
TRY	1,158,018	USD	168,238	BRC	07/06/20			591			—
TRY	175,357	USD	24,177	BRC	07/20/20			1,303			—
TRY	301,693	USD	41,555	BRC	07/20/20			2,282			—
TRY	321,157	USD	44,254	BRC	07/20/20			2,411			—
TRY	243,783	USD	35,167	BRC	07/30/20			167			—
TRY	1,706,754	USD	246,192	BRC	07/30/20			1,185			—
USD	152,600	BRL	798,859	BOA	07/02/20			5,699			—
USD	176,866	BRL	968,519	BOA	07/02/20			—			1,233
USD	75,311	BRL	389,055	BRC	07/02/20			3,768			—

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

Semi-Annual Report   27

Lazard Emerging Markets Debt Portfolio (continued)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	176,866	BRL	968,519	BRC	07/02/20		$	—		$	1,233
USD	28,519	BRL	156,911	BRC	08/04/20			—			288
USD	200,000	BRL	1,071,600	CIT	07/02/20			2,946			—
USD	31,481	BRL	173,146	JPM	08/04/20			—			306
USD	124,461	BRL	681,551	SCB	07/02/20			—			867
USD	172,384	BRL	943,976	SCB	07/02/20			—			1,201
USD	236,948	BRL	1,255,351	SCB	07/02/20			6,104			—
USD	40,000	BRL	217,360	UBS	07/02/20			30			—
USD	150,657	BRL	798,859	UBS	07/02/20			3,757			—
USD	176,866	BRL	968,519	UBS	07/02/20			—			1,233
USD	30,000	CLP	24,615,000	BRC	07/20/20			21			—
USD	43,753	CLP	33,660,431	UBS	07/20/20			2,758			—
USD	10,000	CNH	70,777	BRC	07/20/20			—			1
USD	63,665	CNH	450,177	SCB	07/20/20			56			—
USD	20,000	COP	75,240,000	BRC	07/21/20			11			—
USD	120,000	CZK	2,850,574	BRC	07/20/20			—			171
USD	81,207	HUF	25,697,885	BOA	07/14/20			—			316
USD	81,194	HUF	25,697,885	SCB	07/14/20			—			328
USD	56,997	HUF	18,057,973	UBS	07/14/20			—			289
USD	88,252	IDR	1,274,888,282	BRC	07/07/20			—			943
USD	50,000	IDR	730,400,000	BRC	08/26/20			—			818
USD	148,250	IDR	2,132,276,440	JPM	08/26/20			—			104
USD	152,772	IDR	2,197,777,711	JPM	08/26/20			—			139
USD	70,000	IDR	1,032,500,000	SCB	07/07/20			—			2,237
USD	88,240	IDR	1,274,888,282	SCB	07/07/20			—			956
USD	156,550	IDR	2,255,665,874	UBS	08/26/20			—			389
USD	80,000	INR	6,160,800	CIT	09/08/20			—			1,068
USD	10,000	INR	760,400	JPM	09/08/20			—			6
USD	140,000	MXN	3,177,619	SCB	07/20/20			2,079			—
USD	526,802	MYR	2,282,449	SCB	07/24/20			—			5,368
USD	71,602	PEN	253,149	BOA	08/21/20			188			—
USD	17,027	PEN	60,216	BRC	08/21/20			40			—
USD	30,000	PEN	103,905	BRC	08/21/20			688			—
USD	236,685	PEN	809,462	BRC	08/21/20			8,333			—
USD	67,477	PEN	230,757	CIT	08/21/20			2,379			—
USD	92,083	PEN	325,374	CIT	08/21/20			294			—
USD	236,699	PEN	809,462	SCB	08/21/20			8,347			—

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

28   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	10,000	PEN	35,400	UBS	08/21/20		$	14			—
USD	40,798	PHP	2,074,576	BOA	07/13/20			—			818
USD	30,000	PLN	118,644	SCB	09/17/20			4			—
USD	131,899	RON	576,663	BOA	07/20/20			—			1,909
USD	131,974	RON	576,663	BRC	07/20/20			—			1,834
USD	40,000	RUB	2,790,200	BRC	07/08/20			817			—
USD	161,411	RUB	11,232,608	CIT	07/08/20			3,670			—
USD	54,793	RUB	3,819,087	SCB	07/08/20			1,161			—
USD	106,438	RUB	7,413,521	UBS	07/08/20			2,329			—
USD	113,638	THB	3,615,989	HSB	08/21/20			—			3,344
USD	140,000	THB	4,318,790	SCB	08/21/20			282			—
USD	170,000	TRY	1,158,018	BRC	07/06/20			1,171			—
USD	35,275	TRY	243,783	BRC	07/20/20			—			148
USD	80,000	TRY	554,424	UBS	07/20/20			—			560
USD	89,893	UYU	4,330,130	JPM	09/14/20			—			11,269
USD	22,278	ZAR	371,045	BOA	07/20/20			938			—
USD	22,294	ZAR	371,045	BRC	07/20/20			954			—
USD	284,709	ZAR	4,913,359	HSB	07/20/20			2,123			—
UYU	4,330,130	USD	102,729	HSB	09/14/20			—			1,567
ZAR	511,521	USD	30,000	BRC	07/20/20			—			580
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	191,972		$	118,507

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

Semi-Annual Report   29

Lazard Emerging Markets Debt Portfolio (concluded)

Interest Rate Swap Agreements open at June 30, 2020:

					Receive/	Payment
		Notional		Expiration	(Pay)	Frequency	Variable	Unrealized
Currency	Counterparty	Amount		Date	Rate	Paid/Received	Rate	Appreciation
BRL	BRC	$	1,617,661	01/02/23	6.58%	Maturity	1 month Brazilian Interbank Deposit Average		$	10,739

Centrally Cleared Interest Rate Swap Agreements open at June 30, 2020:

				Receive/	Payment
	Notional		Expiration	(Pay)	Frequency	Variable	Unrealized
Currency	Amount		Date	Rate	Paid/Received	Rate	Appreciation
BRL	$	2,303,558	01/02/23	6.14%	Maturity	1 month Brazilian Interbank Deposit Average		$	21,497

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

30   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  36.2%
Australia  |  1.1%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		130	$	95,340
Canada  |  2.2%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		132		99,687
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		115		92,521
					192,208
France  |  1.3%
Schneider Electric SE, 2.950%, 09/27/22	USD		105		110,189
Germany  |  2.4%
BMW Finance NV, 0.875%, 08/16/22	GBP		60		73,980
Daimler AG, 0.107% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		100		107,674
Fresenius Medical Care US Finance II, Inc., 4.125%, 10/15/20	USD		25		25,030
					206,684
Switzerland  |  0.7%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		55		58,277
United Kingdom  |  1.3%
Unilever Capital Corp., 3.250%, 03/07/24	USD		100		108,838

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

Semi-Annual Report   31

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
United States  |  27.2%
Adobe, Inc., 2.300%, 02/01/30	USD		85	$	91,777
Amazon.com, Inc., 3.150%, 08/22/27	USD		80		91,542
American Express Co., 3.000%, 10/30/24	USD		95		102,841
Apple, Inc., 3.850%, 05/04/43	USD		115		142,630
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		95		97,257
1.486% (SOFRRATE + 1.460%), 05/19/24 (§)	USD		25		25,398
Citigroup, Inc., 1.649% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		165		114,566
Constellation Brands, Inc., 4.250%, 05/01/23	USD		65		71,373
DaVita, Inc., 5.125%, 07/15/24	USD		45		45,788
Dell International LLC, 7.125%, 06/15/24	USD		13		13,467
HCA, Inc., 5.000%, 03/15/24	USD		45		50,043
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		105		80,889
Johnson & Johnson, 3.625%, 03/03/37	USD		70		83,244
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		80		85,002
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		40		45,316
McDonald’s Corp., 3.125%, 03/04/25	CAD		120		94,739
Microsoft Corp., 2.525%, 06/01/50	USD		120		124,165

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

32   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Morgan Stanley, 3.625%, 01/20/27	USD		75	$	84,664
PepsiCo, Inc., 2.875%, 10/15/49	USD		125		135,277
Pfizer, Inc., 2.625%, 04/01/30	USD		60		66,006
Sealed Air Corp., 4.875%, 12/01/22	USD		45		46,237
Service Corp. International, 4.625%, 12/15/27	USD		45		46,687
Starbucks Corp., 4.450%, 08/15/49	USD		115		138,911
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		95		101,750
The Home Depot, Inc., 5.875%, 12/16/36	USD		60		89,528
The Procter & Gamble Co., 2.450%, 03/25/25	USD		68		73,800
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		45		47,319
United Rentals North America, Inc., 4.875%, 01/15/28	USD		45		46,125
Verizon Communications, Inc., 3.875%, 02/08/29	USD		95		112,426
					2,348,767
Total Corporate Bonds (Cost $2,962,203)					3,120,303
Foreign Government Obligations  |  37.7%
Australia  |  1.6%
New South Wales Treasury Corp., 3.000%, 02/20/30	AUD		110		87,442
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		64		48,217
					135,659

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

Semi-Annual Report   33

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Bahamas  |  1.2%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		118	$	105,020
Bermuda  |  2.4%
Government of Bermuda, 3.717%, 01/25/27	USD		200		212,250
Canada  |  4.8%
City of Vancouver, 2.900%, 11/20/25	CAD		85		68,365
Province of British Columbia, 4.700%, 06/18/37	CAD		85		89,360
Province of Quebec:
1.650%, 03/03/22	CAD		200		150,352
2.500%, 04/20/26	USD		95		104,191
					412,268
Chile  |  2.3%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		65,000		92,616
Republic of Chile, 0.830%, 07/02/31	EUR		100		109,998
					202,614
Colombia  |  0.6%
Republic of Colombia, 9.850%, 06/28/27	COP		148,000		48,550
Czech Republic  |  3.0%
Czech Republic:
0.270% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		2,010		84,041
2.000%, 10/13/33	CZK		3,630		173,338
					257,379

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

34   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
France  |  2.3%
Government of France, 1.750%, 06/25/39	EUR		139	$	198,739
Hungary  |  4.1%
Hungary, 6.375%, 03/29/21	USD		80		83,300
Hungary Government Bonds:
2.500%, 10/24/24	HUF		26,530		88,924
2.750%, 12/22/26	HUF		24,540		83,766
3.000%, 10/27/27	HUF		29,180		100,860
					356,850
Italy  |  0.8%
Italy Government International Bonds, 6.875%, 09/27/23	USD		60		69,352
Mexico  |  0.6%
United Mexican States, 6.750%, 02/06/24	GBP		35		48,979
New Zealand  |  2.1%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		225		178,209
Norway  |  2.5%
Oslo Kommune:
2.300%, 03/14/24	NOK		1,000		109,476
2.350%, 09/04/24	NOK		1,000		110,293
					219,769
Peru  |  1.0%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		270		86,880
Poland  |  2.9%
Poland Government Bonds:
2.500%, 07/25/27	PLN		310		85,533
0.690% (WIBOR 6 Month), 05/25/28 (§)	PLN		670		164,089
					249,622

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 (continued)
Romania  |  3.4%
Romanian Government Bonds:
4.000%, 10/27/21	RON		380	$	89,158
4.750%, 02/24/25	RON		520		125,776
2.375%, 04/19/27	EUR		72		82,409
					297,343
Spain  |  0.5%
Spain Government Bonds, 1.200%, 10/31/40	EUR		35		40,302
United Kingdom  |  1.6%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		67		99,496
1.500%, 07/22/47	GBP		25		37,598
					137,094
Total Foreign Government Obligations (Cost $3,221,027)					3,256,879
Quasi Government Bonds  |  1.6%
Canada  |  1.6%
Export Development Canada, 1.800%, 09/01/22 (Cost $136,778)	CAD		185		139,865
Supranational Bonds  |  11.8%
African Development Bank, 0.750%, 04/03/23	USD		115		116,371
Asian Development Bank:
1.000%, 12/15/22	GBP		80		101,042
2.125%, 03/19/25	USD		102		109,788
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		50		52,491
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		85		62,175

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)
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,160,000	$	82,146
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		70		45,940
2.500%, 08/03/23	CAD		200		155,840
1.900%, 01/16/25	CAD		65		50,442
2.900%, 11/26/25	AUD		60		45,908
International Finance Corp.:
2.700%, 03/15/23	AUD		125		91,180
2.125%, 04/07/26	USD		100		108,883
Total Supranational Bonds (Cost $1,002,216)					1,022,206
US Municipal Bonds  |  1.6%
California  |  1.6%
California State Build America Bonds, 7.500%, 04/01/34	USD		20		32,615
State of California,
4.500%, 04/01/33	USD		45		53,166
7.550%, 04/01/39	USD		30		53,421
					139,202
Total US Municipal Bonds (Cost $125,519)					139,202
US Treasury Securities  |  7.0%
US Treasury Notes:
1.750%, 05/15/23	USD		310		323,962
2.125%, 05/15/25	USD		80		87,106
2.875%, 08/15/28	USD		161		190,647
Total US Treasury Securities (Cost $586,622)					601,715

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

Semi-Annual Report   37

Description	Shares		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Short-Term Investments  |  6.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $566,593)		566,593	$	566,593
Total Investments  |  102.5% (Cost $8,600,958) (»)			$	8,846,763
Liabilities in Excess of Cash and Other Assets | (2.5)%				(217,985	)
Net Assets  |  100.0%			$	8,628,778

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

38   Semi-Annual Report

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2020:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
CHF		24,165	USD		25,497	HSB	09/23/20	$	71	$	—
CHF		86,443	USD		91,217	JPM	09/23/20		245		—
CLP		28,593,224	USD		33,427	CIT	07/20/20		1,397		—
CNH		1,180,775	USD		165,941	HSB	09/23/20		338		—
CZK		472,006	USD		18,728	JPM	07/22/20		1,170		—
CZK		776,015	USD		30,481	JPM	07/22/20		2,234		—
CZK		2,307,334	USD		98,154	JPM	07/22/20		—		883
EUR		71,274	USD		80,117	CIT	09/23/20		106		—
EUR		917,989	USD		1,031,682	HSB	09/23/20		1,568		—
EUR		14,997	USD		16,855	JPM	09/23/20		26		—
GBP		51,283	USD		64,634	JPM	09/23/20		—		1,058
JPY		44,497,629	USD		415,567	CIT	09/23/20		—		2,991
JPY		85,119,655	USD		794,998	HSB	09/23/20		—		5,780
JPY		11,594,747	USD		108,288	JPM	09/23/20		—		783
KRW		118,308,720	USD		96,545	JPM	09/03/20		1,849		—
MXN		535,448	USD		23,740	JPM	09/23/20		—		696
PHP		1,075,158	USD		21,200	HSB	07/20/20		361		—
PHP		5,878,476	USD		115,400	HSB	07/20/20		2,485		—
PLN		42,779	USD		10,743	JPM	09/23/20		73		—
RON		57,356	USD		12,779	HSB	07/22/20		528		—
RUB		1,118,958	USD		15,879	JPM	09/23/20		—		300
SEK		250,376	USD		26,768	JPM	09/23/20		129		—
SGD		138,385	USD		99,341	JPM	09/23/20		—		16
THB		885,374	USD		28,465	HSB	09/23/20		176		—
USD		66,515	AUD		96,649	CIT	09/23/20		—		200
USD		86,348	AUD		125,455	HSB	09/23/20		—		251
USD		224,314	AUD		325,906	JPM	09/23/20		—		654
USD		149,776	CAD		202,899	CIT	09/23/20		297		—
USD		302,437	CAD		409,656	HSB	09/23/20		637		—
USD		32,027	CAD		43,428	JPM	09/23/20		33		—
USD		298,446	CAD		404,358	JPM	09/23/20		550		—
USD		10,871	CAD		14,746	MSC	09/23/20		8		—
USD		46,048	CAD		62,375	MSC	09/23/20		95		—
USD		111,243	CLP		94,322,522	CIT	07/20/20		—		3,634
USD		51,330	COP		194,179,641	CIT	09/16/20		—		17

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

Semi-Annual Report   39

Lazard Global Fixed Income Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		14,300	CZK		366,631	JPM	07/22/20	$	—	$	1,156
USD		45,900	CZK		1,087,325	JPM	07/22/20		61		—
USD		88,138	CZK		2,199,566	JPM	07/22/20		—		4,590
USD		114,641	CZK		2,889,306	JPM	07/22/20		—		7,164
USD		148,691	EUR		132,409	MSC	09/23/20		—		342
USD		17,257	GBP		13,693	JPM	09/23/20		283		—
USD		277,434	HUF		85,072,356	JPM	07/22/20		7,576		—
USD		193,216	NOK		2,006,974	JPM	07/22/20		—		15,311
USD		75,014	NZD		116,322	CIT	09/23/20		—		43
USD		70,409	NZD		109,222	HSB	09/23/20		—		66
USD		70,221	NZD		108,900	JPM	09/23/20		—		47
USD		8,800	PEN		29,999	JPM	07/20/20		332		—
USD		76,107	PEN		260,705	JPM	07/20/20		2,518		—
USD		91,427	PHP		4,708,026	HSB	07/20/20		—		2,986
USD		121,350	PLN		482,469	HSB	09/23/20		—		631
USD		13,500	RON		60,820	HSB	07/22/20		—		611
USD		58,083	RON		262,558	HSB	07/22/20		—		2,833
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	25,146	$	53,043

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

40  Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds | 93.7%
Aerospace & Defense | 0.7%
The Boeing Co., 4.875%, 05/01/25	$	1,500	$	1,633,279
Triumph Group, Inc., 6.250%, 09/15/24 (#)		500		425,000
				2,058,279
Airlines | 0.4%
Continental Airlines Pass Through Trust, 4.150%, 04/11/24		1,311		1,228,332
Auto Components | 2.5%
Dana, Inc., 5.500%, 12/15/24		1,800		1,813,500
Delphi Technologies PLC, 5.000%, 10/01/25 (#)		1,925		2,064,562
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,363,698
The Goodyear Tire & Rubber Co.:
5.125%, 11/15/23		1,550		1,488,000
5.000%, 05/31/26		250		232,875
				6,962,635
Automobiles | 1.0%
Fiat Chrysler Automobiles NV, 5.250%, 04/15/23		2,000		2,066,400
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		785,000
				2,851,400
Building Products | 0.6%
Griffon Corp., 5.750%, 03/01/28		1,750		1,728,125
Capital Markets | 1.1%
Icahn Enterprises LP, 6.250%, 05/15/26		1,500		1,502,070

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

Semi-Annual Report   41

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
MPT Operating Partnership LP, 6.375%, 03/01/24	$	1,560	$	1,606,800
				3,108,870
Chemicals | 3.1%
CF Industries, Inc., 3.450%, 06/01/23		1,725		1,755,170
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		925,809
NOVA Chemicals Corp., 5.250%, 08/01/23 (#)		1,550		1,495,750
Valvoline, Inc., 4.375%, 08/15/25		1,500		1,507,500
WR Grace & Co-Conn:
5.125%, 10/01/21 (#)		1,700		1,790,100
4.875%, 06/15/27 (#)		1,000		1,013,030
				8,487,359
Commercial Services & Supplies | 4.1%
ACCO Brands Corp., 5.250%, 12/15/24 (#)		1,800		1,822,500
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		1,970,000
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,952,934
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		2,055,000
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,773,000
The ADT Security Corp.:
6.250%, 10/15/21		1,400		1,442,000
4.125%, 06/15/23		500		501,250
				11,516,684
Communications Equipment | 0.6%
CommScope, Inc., 5.000%, 06/15/21 (#)		115		115,000
Plantronics, Inc., 5.500%, 05/31/23 (#)		1,750		1,524,688
				1,639,688

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

42   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Construction Materials | 1.3%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)	$	1,760	$	1,795,200
Standard Industries, Inc., 5.375%, 11/15/24 (#)		1,750		1,798,125
				3,593,325
Containers & Packaging | 3.6%
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,187,340
Ball Corp., 4.000%, 11/15/23		2,100		2,173,500
Crown Americas LLC:
4.500%, 01/15/23		1,550		1,581,000
4.250%, 09/30/26		500		512,500
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,587,520
Owens-Brockway Glass Container, Inc., 5.000%, 01/15/22 (#)		339		339,000
Sealed Air Corp., 4.875%, 12/01/22 (#)		1,700		1,746,750
Silgan Holdings, Inc., 4.125%, 02/01/28 (#)		100		99,125
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		869,775
				10,096,510
Diversified Consumer Services | 1.4%
Service Corp. International, 4.625%, 12/15/27		2,000		2,075,000
The ServiceMaster Co. LLC, 5.125%, 11/15/24 (#)		1,800		1,824,750
				3,899,750
Diversified Financial Services | 1.5%
INEOS Group Holdings SA, 5.625%, 08/01/24 (#)		1,700		1,632,000

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

Semi-Annual Report   43

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Level 3 Financing, Inc.:
5.125%, 05/01/23	$	1,550	$	1,550,000
4.250%, 07/01/28 (#)		1,000		998,680
				4,180,680
Diversified Telecommunication Services | 2.8%
CenturyLink, Inc., 4.000%, 02/15/27 (#)		1,100		1,064,723
Connect Finco Sarl, 6.750%, 10/01/26 (#)		1,500		1,417,500
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,162,512
SBA Communications Corp., 4.875%, 09/01/24		2,000		2,050,180
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		1,000		949,060
				7,643,975
Electrical Equipment | 0.4%
Sensata Tech, Inc., 4.375%, 02/15/30		1,100		1,089,000
Energy Equipment & Services | 0.2%
Precision Drilling Corp., 5.250%, 11/15/24		1,000		668,010
Entertainment | 1.3%
Live Nation Entertainment, Inc., 4.875%, 11/01/24 (#)		1,550		1,395,000
Netflix, Inc.:
5.375%, 02/01/21		1,550		1,584,875
4.375%, 11/15/26		500		520,085
				3,499,960
Equity Real Estate Investment Trusts (REITs) | 4.0%
Equinix, Inc., 5.375%, 05/15/27		2,200		2,400,200
ESH Hospitality, Inc., 5.250%, 05/01/25 (#)		2,000		1,935,000

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

44   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Iron Mountain, Inc., 4.875%, 09/15/29 (#)	$	500	$	486,250
MGM Growth Properties Operating Partnership LP, 4.500%, 09/01/26		1,800		1,787,562
RHP Hotel Properties LP, 5.000%, 04/15/23		1,525		1,440,896
Uniti Group LP, 6.000%, 04/15/23 (#)		1,700		1,657,500
VICI Properties LP, 4.250%, 12/01/26 (#)		1,500		1,439,385
				11,146,793
Food & Staples Retailing | 1.7%
Albertsons Cos, Inc., 6.625%, 06/15/24		1,750		1,793,750
Ingles Markets, Inc., 5.750%, 06/15/23		1,168		1,173,840
Performance Food Group, Inc., 5.500%, 06/01/24 (#)		1,805		1,786,950
				4,754,540
Food Products | 2.5%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,511,250
Lamb Weston Holdings, Inc., 4.625%, 11/01/24 (#)		2,000		2,075,000
Post Holdings, Inc., 5.000%, 08/15/26 (#)		1,800		1,806,750
TreeHouse Foods, Inc., 4.875%, 03/15/22		1,500		1,500,000
				6,893,000
Gas Utilities | 1.2%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,607,660
Suburban Propane Partners LP, 5.500%, 06/01/24		1,800		1,782,000
				3,389,660

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 (continued)
Health Care Equipment & Supplies | 1.4%
Hill-Rom Holdings, Inc., 4.375%, 09/15/27 (#)	$	1,800	$	1,842,750
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		2,075,000
				3,917,750
Health Care Providers & Services | 5.1%
Centene Corp.:
4.750%, 01/15/25		500		511,835
3.375%, 02/15/30		1,500		1,514,565
DaVita, Inc.:
5.125%, 07/15/24		2,000		2,035,000
4.625%, 06/01/30 (#)		2,000		1,989,000
Encompass Health Corp., 5.125%, 03/15/23		1,551		1,558,755
HCA, Inc., 3.500%, 09/01/30		2,000		1,925,878
LifePoint Health, Inc., 4.375%, 02/15/27 (#)		1,250		1,181,250
Molina Healthcare, Inc., 5.375%, 11/15/22		1,700		1,734,000
Tenet Healthcare Corp.:
4.625%, 07/15/24		750		734,947
4.875%, 01/01/26 (#)		1,000		979,460
				14,164,690
Hotels, Restaurants & Leisure | 8.6%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		2,037,357
Boyd Gaming Corp.:
6.375%, 04/01/26		750		712,500
4.750%, 12/01/27 (#)		850		729,453
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,868,000
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,387,250

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)
Cinemark USA, Inc., 4.875%, 06/01/23	$	1,550	$	1,309,750
Diamond Resorts International, Inc., 7.750%, 09/01/23 (#)		1,500		1,436,250
Golden Nugget, Inc., 6.750%, 10/15/24 (#)		1,622		1,165,812
Hilton Worldwide Finance LLC, 4.625%, 04/01/25		2,015		1,970,086
International Game Technology PLC, 6.250%, 02/15/22 (#)		1,450		1,463,594
KFC Holding Co., 5.250%, 06/01/26 (#)		2,400		2,460,000
MGM Resorts International, 4.625%, 09/01/26		800		728,000
Scientific Games International, Inc., 5.000%, 10/15/25 (#)		1,750		1,615,705
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,653,456
Station Casinos LLC, 5.000%, 10/01/25 (#)		1,700		1,496,000
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,830,000
				23,863,213
Household Durables  |  0.6%
Tempur Sealy International, Inc., 5.625%, 10/15/23		1,750		1,767,500
Household Products  |  1.7%
Energizer Holdings, Inc.:
5.500%, 06/15/25 (#)		1,750		1,778,368
4.750%, 06/15/28 (#)		1,200		1,177,164
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,847,286
				4,802,818

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)
Independent Power & Renewable Electricity Producers  |  1.8%
Calpine Corp., 4.500%, 02/15/28 (#)	$	1,500	$	1,470,000
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,829,327
The AES Corp., 5.125%, 09/01/27		1,700		1,764,039
				5,063,366
Interactive Media & Services  |  0.5%
Twitter, Inc., 3.875%, 12/15/27 (#)		1,250		1,250,125
IT Services  |  0.6%
VeriSign, Inc., 4.625%, 05/01/23		1,550		1,559,688
Machinery  |  3.8%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,781,537
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		773,438
4.625%, 05/15/30 (#)		1,000		987,500
Meritor, Inc., 6.250%, 02/15/24		1,700		1,712,750
Mueller Water Products, Inc., 5.500%, 06/15/26 (#)		1,750		1,811,250
SPX FLOW, Inc., 5.625%, 08/15/24 (#)		1,750		1,789,375
Terex Corp., 5.625%, 02/01/25 (#)		1,790		1,628,900
				10,484,750
Media  |  10.4%
AMC Networks, Inc., 4.750%, 12/15/22		1,000		997,500

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)
CCO Holdings LLC:
5.125%, 05/01/27 (#)	$	500	$	517,300
4.750%, 03/01/30 (#)		1,500		1,534,785
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		1,920,000
CSC Holdings LLC:
5.500%, 05/15/26 (#)		1,000		1,026,370
7.500%, 04/01/28 (#)		1,690		1,844,212
Diamond Sports Group LLC, 5.375%, 08/15/26 (#)		1,500		1,087,260
Entercom Media Corp., 7.250%, 11/01/24 (#)		1,500		1,305,000
Lamar Media Corp., 5.750%, 02/01/26		1,726		1,780,576
Meredith Corp., 6.875%, 02/01/26		1,950		1,616,570
Nexstar Broadcasting, Inc., 5.625%, 07/15/27 (#)		1,500		1,500,090
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,070,000
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)		1,750		1,592,500
Sirius XM Radio, Inc.:
5.375%, 04/15/25 (#)		400		410,800
5.000%, 08/01/27 (#)		1,750		1,795,185
TEGNA, Inc., 5.000%, 09/15/29 (#)		250		235,550
The EW Scripps Co., 5.125%, 05/15/25 (#)		1,800		1,714,878
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,883,760
Videotron, Ltd.:
5.000%, 07/15/22		1,558		1,610,115
5.125%, 04/15/27 (#)		500		518,815
Virgin Media Secured Finance PLC, 5.500%, 08/15/26 (#)		1,750		1,790,145
				28,751,411

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)
Metals & Mining  |  4.1%
Alcoa Nederland Holding BV, 6.750%, 09/30/24 (#)	$	1,800	$	1,838,250
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,837,318
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,750,647
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,235,750
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,432,500
Steel Dynamics, Inc.:
4.125%, 09/15/25		500		511,374
5.000%, 12/15/26		1,550		1,640,527
				11,246,366
Oil, Gas & Consumable Fuels  |  6.6%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,410,000
Cheniere Energy Partners LP, 5.250%, 10/01/25		1,250		1,245,875
Energy Transfer Operating LP, 5.875%, 01/15/24		750		838,812
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		500		476,250
Murphy Oil Corp., 6.875%, 08/15/24		1,500		1,402,500
Newfield Exploration Co., 5.625%, 07/01/24		1,600		1,520,042
Parsley Energy LLC, 5.625%, 10/15/27 (#)		1,700		1,674,500
PBF Holding Co. LLC, 6.000%, 02/15/28 (#)		1,500		1,245,000
Range Resources Corp., 5.000%, 08/15/22		950		864,500
Southwestern Energy Co., 6.200%, 01/23/25		1,800		1,541,250
Sunoco LP, 5.500%, 02/15/26		1,700		1,649,000

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)
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)	$	1,250	$	1,081,250
Targa Resources Partners LP, 5.250%, 05/01/23		1,550		1,526,424
WPX Energy, Inc.:
6.000%, 01/15/22		900		904,500
5.750%, 06/01/26		1,000		970,000
5.250%, 10/15/27		100		93,419
				18,443,322
Professional Services  |  1.1%
IHS Markit, Ltd., 5.000%, 11/01/22 (#)		1,500		1,608,475
Nielsen Finance LLC, 5.000%, 04/15/22 (#)		1,550		1,545,660
				3,154,135
Semiconductors & Semiconductor Equipment  |  0.4%
Qorvo, Inc., 5.500%, 07/15/26		1,000		1,040,000
Software  |  1.5%
j2 Cloud Services LLC, 6.000%, 07/15/25 (#)		1,550		1,577,125
Nuance Communications, Inc., 5.625%, 12/15/26		1,500		1,560,000
Rackspace Hosting, Inc., 8.625%, 11/15/24 (#)		1,000		1,018,000
				4,155,125
Specialty Retail  |  2.0%
Asbury Automotive Group, Inc., 4.500%, 03/01/28 (#)		987		957,390
Group 1 Automotive, Inc., 5.000%, 06/01/22		1,662		1,651,646
Penske Automotive Group, Inc., 5.500%, 05/15/26		1,800		1,795,500
QVC, Inc., 4.750%, 02/15/27		1,250		1,208,750
				5,613,286

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)
Technology Hardware, Storage & Peripherals  |  2.5%
Dell International LLC, 7.125%, 06/15/24 (#)	$	1,525	$	1,579,805
NCR Corp., 5.750%, 09/01/27 (#)		1,000		1,000,000
Seagate HDD Cayman, 4.091%, 06/01/29 (#)		2,083		2,252,063
Western Digital Corp., 4.750%, 02/15/26		2,000		2,070,000
				6,901,868
Textiles, Apparel & Luxury Goods  |  0.6%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,741,250
Trading Companies & Distributors  |  3.4%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		1,068,947
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,148,265
HD Supply, Inc., 5.375%, 10/15/26 (#)		2,000		2,042,500
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,503,225
United Rentals North America, Inc.:
5.500%, 05/15/27		1,000		1,030,000
3.875%, 11/15/27		1,100		1,097,250
WESCO Distribution, Inc., 5.375%, 12/15/21		1,600		1,601,600
				9,491,787
Wireless Telecommunication Services  |  1.0%
Sprint Corp., 7.125%, 06/15/24		500		564,570
T-Mobile USA, Inc., 6.500%, 01/15/26		2,000		2,089,740
				2,654,310
Total Corporate Bonds (Cost $266,574,240)				260,503,335

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

52   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Corporate Income Portfolio (concluded)
Exchange-Traded Funds  |  2.1%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $6,043,972)		317,604	$	5,748,633
Short-Term Investments  |  3.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $9,419,855)		9,419,855	$	9,419,855
Total Investments  |  99.2% (Cost $282,038,067)			$	275,671,823
Cash and Other Assets in Excess of Liabilities  |  0.8%				2,192,108
Net Assets  |  100.0%			$	277,863,931

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

Semi-Annual Report   53

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities | 7.4%
Automobiles | 6.1%
Mercedes-Benz Auto Lease Trust, 3.100%, 11/15/21	$	2,350	$	2,372,767
Nissan Auto Lease Trust, 2.270%, 07/15/22		2,550		2,587,442
World Omni Automobile Lease Securitization Trust:
2.830%, 07/15/21		238		238,638
3.190%, 12/15/21		1,125		1,141,427
				6,340,274
Specialty Retail | 1.3%
Daimler Trucks Retail Trust, 1.220%, 09/15/23		1,400		1,415,937
Total Asset-Backed Securities (Cost $7,662,885)				7,756,211
Corporate Bonds | 25.5%
Banks | 12.4%
Bank of America Corp.:
2.625%, 10/19/20		1,473		1,483,009
3.300%, 01/11/23		2,150		2,289,492
Citigroup, Inc., 2.650%, 10/26/20		3,626		3,651,304
JPMorgan Chase & Co., 4.625%, 05/10/21		1,760		1,823,983
Wells Fargo & Co., 2.600%, 07/22/20		3,675		3,679,484
				12,927,272
Biotechnology | 1.9%
AbbVie, Inc., 2.300%, 05/14/21		1,997		2,022,352

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

54   Semi-Annual Report

Description	Principal Amount (000)			Fair Value
Lazard US Short Duration Fixed Income Portfolio (continued)
Capital Markets | 6.7%
Morgan Stanley:
5.500%, 07/28/21	$	3,475		$	3,659,279
2.750%, 05/19/22		200			207,937
The Goldman Sachs Group, Inc., 5.250%, 07/27/21		2,988			3,137,305
					7,004,521
Food & Staples Retailing | 1.5%
The Kroger Co., 3.300%, 01/15/21		1,584			1,604,317
Internet & Direct Marketing Retail | 1.3%
eBay, Inc., 3.250%, 10/15/20		1,329			1,331,033
Oil, Gas & Consumable Fuels | 1.7%
Enterprise Products Operating LLC, 5.200%, 09/01/20		1,821			1,834,784
Total Corporate Bonds (Cost $26,307,637)					26,724,279
US Government Securities | 1.0%
Mortgage-Backed Securities | 1.0%
Federal National Mortgage Association:
Pool# AE0315, 4.500%, 02/01/21		—	(‡‡)		86
Pool# FM1033, 4.500%, 01/01/27		934			995,830
Total US Government Securities (Cost $968,497)					995,916

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

Semi-Annual Report   55

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
US Treasury Securities | 64.8%
U.S. Treasury Notes:
1.125%, 08/31/21	$	20,260	$	20,482,385
1.125%, 09/30/21		9,775		9,890,315
2.000%, 10/31/21		20,430		20,927,981
1.500%, 01/31/22		3,850		3,930,459
1.875%, 01/31/22		12,290		12,619,814
Total US Treasury Securities (Cost $67,042,235)				67,850,954
Description	Shares		Fair Value
Short-Term Investments | 0.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $475,460)		475,460		475,460
Total Investments | 99.2% (Cost $102,456,714)			$	103,802,820
Cash and Other Assets in Excess of Liabilities | 0.8%				823,458
Net Assets | 100.0%			$	104,626,278

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

56   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2020 (unaudited)

(#) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2020, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Debt		5.5	%
Global Fixed Income		1.7	%
US Corporate Income		52.0	%

(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, 2020 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.
(§)	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, 2020.
(‡‡)	Amount is less than $1,000

Security Abbreviations:

BBSW	—	Bank Bill Swap Reference Rate
EURIBOR	—	Euro Interbank Offered 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
SOFRRATE	—	Secured Overnight Financing Rate
PRIBOR	—	Prague Interbank Offered Rate
WIBOR	—	Warsaw Interbank Offered Rate

Currency Abbreviations:

AUD	—	Australian Dollar	MXN	—	Mexican New Peso
BRL	—	Brazilian Real	MYR	—	Malaysian Ringgit
CAD	—	Canadian Dollar	NOK	—	Norwegian Krone
CHF	—	Swiss Franc	NZD	—	New Zealand Dollar
CLP	—	Chilean Peso	PEN	—	Peruvian Nuevo Sol
CNH	—	Chinese Yuan Renminbi	PHP	—	Philippine Peso
CNY	—	Chinese Yuan	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	UAH	—	Ukrainian hryvnia
INR	—	Indian Rupee	USD	—	United States Dollar
JPY	—	Japanese Yen	UYU	—	Uruguayan Peso
KRW	—	South Korean Won	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
HSB	—	HSBC Bank USA NA	UBS	—	UBS AG

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

Semi-Annual Report   57

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

Industry†	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio
Corporate & Quasi Government Bonds
Automobiles		—	%		2.7	%
Banks		1.3			4.9
Beverages		—			2.4
Capital Markets		—			2.2
Consumer Finance		—			1.2
Containers & Packaging		—			0.5
Diversified Consumer Services		—			0.5
Diversified Financial Services		—			2.3
Diversified Telecommunication Services		—			2.4
Electrical Equipment		—			1.3
Health Care Providers & Services		—			1.4
Hotels, Restaurants & Leisure		—			2.7
Household Products		—			1.4
Internet & Direct Marketing Retail		—			1.1
Machinery		—			0.9
Metals & Mining		0.4			—
Oil, Gas & Consumable Fuels		5.9			—
Personal Products		—			1.3
Pharmaceuticals		—			1.7
Software		—			2.5
Specialty Retail		—			1.0
Technology Hardware, Storage & Peripherals		—			1.8
Thrifts & Mortgage Finance		0.2			—
Trading Companies & Distributors		—			0.5
Wireless Telecommunication Services		—			1.1
Subtotal		7.8			37.8
Foreign Government Obligations		87.6			37.7
Supranational Bonds		0.1			11.8
US Municipal Bonds		—			1.6
US Treasury Securities		—			7.0
Short-Term Investments		1.9			6.6
Total Investments		97.4	%		102.5	%

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

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

58   Semi-Annual Report

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

June 30, 2020	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	26,786,906			$	8,846,763
Cash			167,780				—
Cash collateral due from broker on options			100,544				—
Foreign currency, at fair value			259,011				87,339
Receivables for:
Dividends and interest			456,834				75,512
Capital stock sold			60				—
Investments sold			148,998				338
Amount due from Investment Manager (Note 3)			8,762				9,113
Gross unrealized appreciation on:
Forward currency contracts			191,972				25,146
Swap agreements			10,739				—
Prepaid expenses			3,632				5,479
Total assets			28,135,238				9,049,690
LIABILITIES
Payables for:
Management fees			—				—
Accrued professional services			44,996				34,146
Accrued custodian fees			52,914				9,667
Accrued distribution fees			91				12
Accrued directors’ fees			258				—
Investments purchased			401,136				323,395
Capital stock redeemed			5,234				110
Dividends			—				—
Payable for variation margin on centrally cleared swap			5,675				—
Gross unrealized depreciation on forward currency contracts			118,507				53,043
Other accrued expenses and payables			4,943				539
Total liabilities			633,754				420,912
Net assets		$	27,501,484			$	8,628,778
NET ASSETS
Paid in capital		$	74,012,279			$	8,286,398
Distributable earnings (Accumulated loss)			(46,510,795	)			342,380
Net assets		$	27,501,484			$	8,628,778

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

60   Semi-Annual Report

				Lazard US
Lazard				Short Duration
US Corporate				Fixed Income
Income Portfolio				Portfolio
	$	275,671,823			$	103,802,820
		—				—
		—				—
		—				—
		3,652,032				637,207
		29,378				250,000
		—				—
		—				—
		—				—
		—				—
		1,038				17,686
		279,354,271				104,707,713
		100,862				17,365
		34,729				30,897
		18,725				8,688
		841				7
		196				444
		1,201,250				—
		85,087				16,196
		27,724				7,375
		—				—
		—				—
		20,926				463
		1,490,340				81,435
	$	277,863,931			$	104,626,278
	$	293,524,433			$	104,056,635
		(15,660,502	)			569,643
	$	277,863,931			$	104,626,278

Semi-Annual Report   61

	Lazard				Lazard
	Emerging Markets				Global Fixed
June 30, 2020	Debt Portfolio				Income Portfolio
Institutional Shares
Net assets		$	27,109,971			$	8,568,390
Shares of capital stock outstanding*			3,672,224				924,756
Net asset value, offering and redemption price per share		$	7.38			$	9.27
Open Shares
Net assets		$	390,405			$	60,388
Shares of capital stock outstanding*			52,358				6,516
Net asset value, offering and redemption price per share		$	7.46			$	9.27
R6 Shares
Net assets		$	1,108				—
Shares of capital stock outstanding*			140	†			—
Net asset value, offering and redemption price per share*		$	7.93				—
Cost of investments in securities		$	27,332,134			$	8,600,958
Cost of foreign currency		$	258,734			$	86,834

*	$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.

62   Semi-Annual Report

			Lazard US
	Lazard		Short Duration
	US Corporate		Fixed Income
Income Portfolio			Portfolio
	$	273,959,998		$	104,597,059
		58,507,574			10,527,626
	$	4.68		$	9.94
	$	3,902,815		$	29,219
		829,571			2,939
	$	4.70		$	9.94
	$	1,118			—
		238			—
	$	4.70			—
	$	282,038,067		$	102,456,714
		—			—

Semi-Annual Report   63

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

			Lazard				Lazard
		Emerging Markets				Global Fixed
For the Six Months Ended June 30, 2020		Debt Portfolio				Income Portfolio
Investment Income (Loss)
Income
Interest			$	1,378,791			$	91,333
Dividends				—				—
Total investment income*				1,378,791				91,333
Expenses
Management fees (Note 3)				207,681				18,895
Custodian fees				101,086				26,003
Professional services				34,096				24,836
Administration fees				12,370				7,876
Registration fees				22,663				21,035
Shareholders’ services				6,562				3,567
Directors’ fees and expenses				4,102				2,626
Shareholders’ reports				6,401				2,427
Distribution fees (Open Shares)				577				73
Other^				5,910				1,582
Total gross expenses				401,448				108,920
Management fees waived and expenses reimbursed				(136,752	)			(82,348	)
Total net expenses				264,696				26,572
Net investment income (loss)				1,114,095				64,761
Net Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions, Forward Currency Contracts and Swap Agreements
Net realized gain (loss) on:
Investments**				(3,644,554	)			84,807
Foreign currency transactions				(103,352	)			16,701
Forward currency contracts				(417,032	)			60,644
Swap agreements				(40,755	)			—
Total net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements				(4,205,693	)			162,152
Net change in unrealized appreciation (depreciation) on:
Investments†				(2,090,572	)			120,945
Foreign currency translations				(19,382	)			860
Forward currency contracts				(229,801	)			(24,214	)
Swap agreements				3,513				—
Total net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements				(2,336,242	)			97,591
Net realized and unrealized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements				(6,541,935	)			259,743
Net increase (decrease) in net assets resulting from operations			$	(5,427,840	)		$	324,504
*	Net of foreign withholding taxes of		$	41,060			$	335
**	Net of foreign capital gains taxes of		$	58,360			$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	41,033			$	—
^	Includes interest on line of credit of		$	1,531			$	32

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

64   Semi-Annual Report

			Lazard US
Lazard			Short Duration
US Corporate			Fixed Income
Income Portfolio			Portfolio
$	6,829,068		$	904,313
	119,143			—
	6,948,211			904,313
	777,120			117,951
	50,160			20,682
	28,652			24,219
	26,562			13,301
	23,607			21,756
	9,010			4,927
	8,951			4,998
	7,634			3,367
	4,937			37
	5,673			2,454
	942,306			213,692
	(159,597	)		(24,731	)
	782,709			188,961
	6,165,502			715,352
	(1,372,812	)		391,527
	—			—
	—			—
	—			—
	(1,372,812	)		391,527
	(13,644,582	)		1,177,098
	—			—
	—			—
	—			—
	(13,644,582	)		1,177,098
	(15,017,394	)		1,568,625
$	(8,851,892	)	$	2,283,977
	—			—
	—			—
	—			—
	—			—

Semi-Annual Report   65

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

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,114,095			$	7,816,357
Net realized gain (loss) on investments, foreign currency transactions, forward currency contracts and swap agreements			(4,205,693	)			(1,235,720	)
Net change in unrealized appreciation (depreciation) on investments, foreign currency translations, forward currency contracts and swap agreements			(2,336,242	)			19,422,686
Net increase (decrease) in net assets resulting from operations			(5,427,840	)			26,003,323
Distributions to shareholders (Note 2(f))
Net investment income
Institutional Shares			(1,068,641	)			(2,820,563	)
Open Shares			(7,892	)			(15,060	)
R6 Shares			(20	)			(1,054,209	)
Return of capital
Institutional Shares			—				(2,828,484	)
Open Shares			—				(15,103	)
R6 Shares			—				(1,057,170	)
Net decrease in net assets resulting from distributions			(1,076,553	)			(7,790,589	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			5,665,530				5,519,820
Open Shares			134,615				25,565
R6 Shares			—				3,000,000
Net proceeds from reinvestment of distributions
Institutional Shares			955,132				5,597,352
Open Shares			7,030				27,508
R6 Shares			20				1,895,822
Cost of shares redeemed
Institutional Shares			(63,915,182	)			(74,178,361	)
Open Shares			(232,735	)			(249,403	)
R6 Shares			—				(112,096,412	)
Net increase (decrease) in net assets from capital stock transactions			(57,385,590	)			(170,458,109	)
Total increase (decrease) in net assets			(63,889,983	)			(152,245,375	)
Net assets at beginning of period			91,391,467				243,636,842
Net assets at end of period		$	27,501,484			$	91,391,467

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

66   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
$	64,761		$	129,365		$	6,165,502		$	13,384,169
	162,152			(26,320	)		(1,372,812	)		(1,270,563	)
	97,591			311,848			(13,644,582	)		25,490,941
	324,504			414,893			(8,851,892	)		37,604,547
	(64,749	)		(41,983	)		(6,151,027	)		(13,329,897	)
	(442	)		(258	)		(82,283	)		(164,448	)
	—			—			(24	)		(50	)
	—			(86,802	)		—			—
	—			(534	)		—			—
	—			—			—			—
	(65,191	)		(129,577	)		(6,233,334	)		(13,494,395	)
	3,971,952			1,731,974			17,313,091			43,405,036
	5,915			28,292			282,895			793,277
	—			—			—			—
	64,749			128,783			6,004,560			12,992,902
	442			792			64,026			123,455
	—			—			24			50
	(2,182,326	)		(1,183,895	)		(31,707,623	)		(91,253,438	)
	(6,027	)		(4,575	)		(397,602	)		(1,381,443	)
	—			—			—			—
	1,854,705			701,371			(8,440,629	)		(35,320,161	)
	2,114,018			986,687			(23,525,855	)		(11,210,009	)
	6,514,760			5,528,073			301,389,786			312,599,795
$	8,628,778		$	6,514,760		$	277,863,931		$	301,389,786

Semi-Annual Report  67

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		11,283,061			19,428,100
Shares sold		801,787			708,856
Shares issued to shareholders from reinvestment of distributions		127,778			717,798
Shares redeemed		(8,540,402	)		(9,571,693	)
Net increase (decrease)		(7,610,837	)		(8,145,039	)
Shares outstanding at end of period		3,672,224			11,283,061
Open Shares
Shares outstanding at beginning of period		65,403			90,147
Shares sold		18,369			3,264
Shares issued to shareholders from reinvestment of distributions		951			3,493
Shares redeemed		(32,365	)		(31,501	)
Net increase (decrease)		(13,045	)		(24,744	)
Shares outstanding at end of period		52,358			65,403
R6 Shares
Shares outstanding at beginning of period		137			12,683,587
Shares sold		—			380,227
Shares issued to shareholders from reinvestment of distributions		3			228,635
Shares redeemed		—			(13,292,312	)
Net increase (decrease)		3			(12,683,450	)
Shares outstanding at end of period		140			137

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

68   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	710,971			635,449			60,413,135			67,838,982
	445,772			194,459			3,688,431			9,039,016
	7,092			14,404			1,286,525			2,687,353
	(239,079	)		(133,341	)		(6,880,517	)		(19,152,216	)
	213,785			75,522			(1,905,561	)		(7,425,847	)
	924,756			710,971			58,507,574			60,413,135
	6,518			3,789			843,620			944,746
	650			3,164			58,445			163,011
	48			88			13,649			25,394
	(700	)		(523	)		(86,143	)		(289,531	)
	(2	)		2,729			(14,049	)		(101,126	)
	6,516			6,518			829,571			843,620
	—			—			233			223
	—			—			—			—
	—			—			5			10
	—			—			—			—
	—			—			5			10
	—			—			238			233

Semi-Annual Report   69

	Lazard US Short Duration Fixed Income Portfolio
	Six Months Ended June 30, 2020 (unaudited)				Year Ended December 31, 2019
Increase in Net Assets
Operations
Net investment income (loss)		$	715,352			$	2,236,971
Net realized gain (loss) on investments			391,527				357,354
Net change in unrealized appreciation (depreciation) on investments			1,177,098				397,651
Net increase (decrease) in net assets resulting from operations			2,283,977				2,991,976
Distributions to shareholders (Note 2(f))
Net investment Income
Institutional Shares			(715,796	)			(2,093,618	)
Open Shares			(187	)			(356	)
Return of capital
Institutional Shares			—				(144,024	)
Open Shares			—				(25	)
Net decrease in net assets resulting from distributions			(715,983	)			(2,238,023	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			22,663,125				10,221,674
Open Shares			56,603				71
Net proceeds from reinvestment of distributions
Institutional Shares			669,742				2,113,226
Open Shares			178				381
Cost of shares redeemed
Institutional Shares			(16,399,199	)			(33,268,726	)
Open Shares			(43,378	)			(21,871	)
Net increase (decrease) in net assets from capital stock transactions			6,947,071				(20,955,245	)
Total increase (decrease) in net assets			8,515,065				(20,201,292	)
Net assets at beginning of period			96,111,213				116,312,505
Net assets at end of period		$	104,626,278			$	96,111,213

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

70   Semi-Annual Report

	Lazard US Short Duration Fixed Income Portfolio
	Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		9,832,361			11,984,211
Shares sold		2,290,130			1,048,374
Shares issued to shareholders from reinvestment of distributions		67,731			216,771
Shares redeemed		(1,662,596	)		(3,416,995	)
Net increase (decrease)		695,265			(2,151,850	)
Shares outstanding at end of period		10,527,626			9,832,361
Open Shares
Shares outstanding at beginning of period		1,587			3,789
Shares sold		5,724			7
Shares issued to shareholders from reinvestment of distributions		18			39
Shares redeemed		(4,390	)		(2,248	)
Net increase (decrease)		1,352			(2,202	)
Shares outstanding at end of period		2,939			1,587

Semi-Annual Report   71

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	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	8.05		$	7.36		$	8.43		$	7.90		$	7.71		$	8.84
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.15			0.40			0.46			0.46			0.48	^		0.39
Net realized and unrealized gain (loss)			(0.69	)		0.68			(1.07	)		0.53			0.19			(1.13	)
Total from investment operations			(0.54	)		1.08			(0.61	)		0.99			0.67			(0.74	)
Less distributions from:
Net investment income			(0.13	)		(0.19	)		(0.22	)		(0.43	)		(0.19	)		—	(b)
Return of capital			—			(0.20	)		(0.24	)		(0.03	)		(0.29	)		(0.39	)
Total distributions			(0.13	)		(0.39	)		(0.46	)		(0.46	)		(0.48	)		(0.39	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	7.38		$	8.05		$	7.36		$	8.43		$	7.90		$	7.71
Total Return (c)			–6.71	%		15.03	%		–7.45	%		12.69	%		8.64	%^		–8.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	27,110		$	90,858		$	143,015		$	280,808		$	240,833		$	258,517
Ratios to average net assets (d):
Net expenses			0.95	%		0.98	%		0.93	%		0.93	%		0.96	%^		0.96	%
Gross expenses			1.43	%		1.08	%		0.93	%		0.93	%		0.96	%		0.96	%
Net investment income (loss)			4.02	%		5.15	%		5.78	%		5.52	%		5.90	%^		4.69	%
Portfolio turnover rate			71	%		106	%		97	%		88	%		118	%		162	%

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

72  Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†					12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	8.13			$	7.43		$	8.50		$	7.98		$	7.79		$	8.91
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.13				0.39			0.47			0.44			0.46^			0.36
Net realized and unrealized gain (loss)			(0.68	)			0.69			(1.10	)		0.51			0.19			(1.11	)
Total from investment operations			(0.55	)			1.08			(0.63	)		0.95			0.65			(0.75	)
Less distributions from:
Net investment income			(0.12	)			(0.19	)		(0.20	)		(0.40	)		(0.18	)		—	(b)
Return of capital			—				(0.19	)		(0.24	)		(0.03	)		(0.28	)		(0.37	)
Total distributions			(0.12	)			(0.38	)		(0.44	)		(0.43	)		(0.46	)		(0.37	)
Redemption fees			—				—			—			—			—			—	(b)
Net asset value, end of period		$	7.46			$	8.13		$	7.43		$	8.50		$	7.98		$	7.79
Total Return (c)			–6.70	%			14.85	%		–7.59	%		12.16	%		8.27	%^		–8.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	390			$	532		$	670		$	6,520		$	6,801		$	6,910
Ratios to average net assets (d):
Net expenses			1.15	%			1.18	%		1.20	%		1.22	%		1.28	%^		1.30	%
Gross expenses			2.37	%			2.91	%		1.62	%		1.36	%		1.40	%		1.75	%
Net investment income (loss)			3.53	%			4.91	%		5.49	%		5.21	%		5.59	%^		4.54	%
Portfolio turnover rate			71	%			106	%		97	%		88	%		118	%		162	%

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

Semi-Annual Report  73

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended									For the Period 7/28/16 to
each period		6/30/20†			12/31/19			12/31/18			12/31/17				12/31/16*
R6 Shares
Net asset value, beginning of period		$	8.64		$	7.88		$	8.88		$	7.90			$	8.34
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.14			0.43			0.48			0.45				0.20^
Net realized and unrealized gain (loss)			(0.71	)		0.75			(1.12	)		0.54				(0.44	)
Total from investment operations			(0.57	)		1.18			(0.64	)		0.99				(0.24	)
Less distributions from:
Net investment income			(0.14	)		(0.20	)		(0.11	)		(0.01	)			(0.08	)
Return of capital			—			(0.22	)		(0.25	)		—	(b)			(0.12	)
Total distributions			(0.14	)		(0.42	)		(0.36	)		(0.01	)			(0.20	)
Net asset value, end of period		$	7.93		$	8.64		$	7.88		$	8.88			$	7.90
Total Return (c)			–6.55	%		15.22	%		–7.24	%		12.61	%			–2.93	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	1		$	99,952		$	1			$	1,145
Ratios to average net assets (d):
Net expenses			0.90	%		0.93	%		0.90	%		0.90	%			0.90	%^
Gross expenses			225.59	%		1.09	%		0.94	%		43.88	%			2.21	%
Net investment income (loss)			3.67	%		5.18	%		5.97	%		5.71	%			5.73	%^
Portfolio turnover rate			71	%		106	%		97	%		88	%			118	%

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

74  Semi-Annual Report

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	9.08		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.19			0.20			0.20			0.20			0.19
Net realized and unrealized gain (loss)			0.19			0.43			(0.38	)		0.47			(0.17	)		(0.56	)
Total from investment operations			0.27			0.62			(0.18	)		0.67			0.03			(0.37	)
Less distributions from:
Net investment income			(0.08	)		(0.06	)		(0.10	)		—			(0.12	)		—
Return of capital			—			(0.13	)		(0.11	)		(0.20	)		(0.08	)		(0.19	)
Total distributions			(0.08	)		(0.19	)		(0.21	)		(0.20	)		(0.20	)		(0.19	)
Redemption fees			—			—			—			—			—			—	(b)
Net asset value, end of period		$	9.27		$	9.08		$	8.65		$	9.04		$	8.57		$	8.74
Total Return (c)			2.98	%		7.25	%		–2.06	%		7.87	%		0.22	%		–4.03	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	8,568		$	6,456		$	5,495		$	4,705		$	4,266		$	5,795
Ratios to average net assets (d):
Net expenses			0.70	%		0.70	%		0.70	%		0.72	%		0.75	%		0.76	%
Gross expenses			2.83	%		3.51	%		3.61	%		4.39	%		4.70	%		4.26	%
Net investment income (loss)			1.72	%		2.14	%		2.33	%		2.23	%		2.18	%		2.08	%
Portfolio turnover rate			38	%		65	%		60	%		42	%		47	%		60	%

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

Semi-Annual Report   75

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	9.08		$	8.65		$	9.04		$	8.57		$	8.74		$	9.30
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.17			0.18			0.17			0.17			0.16
Net realized and unrealized gain (loss)			0.19			0.43			(0.39	)		0.47			(0.17	)		(0.56	)
Total from investment operations			0.26			0.60			(0.21	)		0.64			—	(b)		(0.40	)
Less distributions from:
Net investment income			(0.07	)		(0.06	)		(0.08	)		—			(0.10	)		—
Return of capital			—			(0.11	)		(0.10	)		(0.17	)		(0.07	)		(0.16	)
Total distributions			(0.07	)		(0.17	)		(0.18	)		(0.17	)		(0.17	)		(0.16	)
Net asset value, end of period		$	9.27		$	9.08		$	8.65		$	9.04		$	8.57		$	8.74
Total Return (c)			2.86	%		6.98	%		–2.31	%		7.55	%		–0.07	%		–4.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	60		$	59		$	33		$	34		$	34		$	56
Ratios to average net assets (d):
Net expenses			0.95	%		0.95	%		0.98	%		1.02	%		1.05	%		1.06	%
Gross expenses			9.05	%		27.52	%		38.42	%		42.88	%		27.52	%		27.72	%
Net investment income (loss)			1.49	%		1.88	%		2.08	%		1.95	%		1.88	%		1.80	%
Portfolio turnover rate			38	%		65	%		60	%		42	%		47	%		60	%

†	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 except for non-recurring expenses.

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

76   Semi-Annual Report

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	4.92		$	4.54		$	4.89		$	4.87		$	4.64		$	4.91
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.22			0.22			0.22			0.23			0.24
Net realized and unrealized gain (loss)			(0.24	)		0.38			(0.35	)		0.02			0.23			(0.27	)
Total from investment operations			(0.14	)		0.60			(0.13	)		0.24			0.46			(0.03	)
Less distributions from:
Net investment income			(0.10	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)		(0.24	)
Return of capital			—			—			—			—			—			—	(b)
Total distributions			(0.10	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)		(0.24	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	4.68		$	4.92		$	4.54		$	4.89		$	4.87		$	4.64
Total Return (c)			–2.76	%		13.34	%		–2.73	%		5.09	%		10.09	%		–0.71	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	273,960		$	297,219		$	308,285		$	344,508		$	302,997		$	243,712
Ratios to average net assets (d):
Net expenses			0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses			0.66	%		0.67	%		0.64	%		0.67	%		0.69	%		0.69	%
Net investment income (loss)			4.37	%		4.47	%		4.65	%		4.57	%		4.78	%		4.94	%
Portfolio turnover rate			12	%		21	%		16	%		21	%		14	%		17	%

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	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	4.94		$	4.57		$	4.91		$	4.89		$	4.66		$	4.93
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.20			0.21			0.21			0.21			0.23
Net realized and unrealized gain (loss)			(0.24	)		0.37			(0.34	)		0.02			0.24			(0.27	)
Total from investment operations			(0.14	)		0.57			(0.13	)		0.23			0.45			(0.04	)
Less distributions from:
Net investment income			(0.10	)		(0.20	)		(0.21	)		(0.21	)		(0.22	)		(0.23	)
Return of capital			—			—			—			—			—			—	(b)
Total distributions			(0.10	)		(0.20	)		(0.21	)		(0.21	)		(0.22	)		(0.23	)
Redemption fees			—			—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	4.70		$	4.94		$	4.57		$	4.91		$	4.89		$	4.66
Total Return (c)			–2.86	%		12.74	%		–2.78	%		4.77	%		9.74	%		–0.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	3,903		$	4,170		$	4,314		$	5,708		$	7,618		$	1,968
Ratios to average net assets (d):
Net expenses			0.80	%		0.83	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses			0.99	%		1.19	%		1.11	%		1.13	%		1.18	%		1.69	%
Net investment income (loss)			4.12	%		4.18	%		4.34	%		4.28	%		4.44	%		4.65	%
Portfolio turnover rate			12	%		21	%		16	%		21	%		14	%		17	%

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

78   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended			Year Ended									For the Period 11/3/16 to
each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16*
R6 Shares
Net asset value, beginning of period	$	4.94		$	4.67		$	4.89		$	4.87		$	4.84
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.23			0.23			0.22			0.04
Net realized and unrealized gain (loss)		(0.24	)		0.26			(0.35	)		0.02			0.03
Total from investment operations		(0.14	)		0.49			(0.12	)		0.24			0.07
Less distributions from:
Net investment income		(0.10	)		(0.22	)		(0.10	)		(0.22	)		(0.04	)
Total distributions		(0.10	)		(0.22	)		(0.10	)		(0.22	)		(0.04	)
Net asset value, end of period	$	4.70		$	4.94		$	4.67		$	4.89		$	4.87
Total Return (c)		–2.75	%		10.67	%		–2.43	%(e)		5.09	%		1.37	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1,783		$	1,697
Ratios to average net assets (d):
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		203.27	%		858.55	%		4.62	%		1.69	%		1.73	%
Net investment income (loss)		4.19	%		4.55	%		4.61	%		4.58	%		4.71	%
Portfolio turnover rate		12	%		21	%		16	%		21	%		14	%

†	Unaudited.
*	The inception date for the R6 Shares was November 3, 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.
(e)	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.

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

Semi-Annual Report   79

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended			Year Ended
each period	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period	$	9.77		$	9.70		$	9.79		$	9.86		$	9.89		$	9.99
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.21			0.19			0.14			0.13			0.10
Net realized and unrealized gain (loss)		0.17			0.07			(0.09	)		(0.07	)		(0.03	)		(0.09	)
Total from investment operations		0.24			0.28			0.10			0.07			0.10			0.01
Less distributions from:
Net investment income		(0.07	)		(0.20	)		(0.17	)		(0.11	)		(0.09	)		(0.06	)
Return of capital		—			(0.01	)		(0.02	)		(0.03	)		(0.04	)		(0.05	)
Total distributions		(0.07	)		(0.21	)		(0.19	)		(0.14	)		(0.13	)		(0.11	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	9.94		$	9.77		$	9.70		$	9.79		$	9.86		$	9.89
Total Return (c)		2.51	%		2.93	%		1.08	%		0.72	%		1.00	%		0.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	104,597		$	96,096		$	116,276		$	100,390		$	103,175		$	103,150
Ratios to average net assets (d):
Net expenses		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.45	%		0.45	%		0.43	%		0.43	%		0.50	%		0.48	%
Net investment income (loss)		1.52	%		2.18	%		2.00	%		1.43	%		1.30	%		1.05	%
Portfolio turnover rate		57	%		175	%		170	%		108	%		157	%		57	%

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	6/30/20†			12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period	$	9.78		$	9.71		$	9.79		$	9.87		$	9.90		$	10.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.06			0.19			0.16			0.11			0.10			0.17
Net realized and unrealized gain (loss)		0.16			0.06			(0.08	)		(0.08	)		(0.03	)		(0.09	)
Total from investment operations		0.22			0.25			0.08			0.03			0.07			0.08
Less distributions from:
Net investment income		(0.06	)		(0.17	)		(0.14	)		(0.09	)		(0.07	)		(0.14	)
Return of capital		—			(0.01	)		(0.02	)		(0.02	)		(0.03	)		(0.05	)
Total distributions		(0.06	)		(0.18	)		(0.16	)		(0.11	)		(0.10	)		(0.19	)
Redemption fees		—			—			—			—			—			—	(b)
Net asset value, end of period	$	9.94		$	9.78		$	9.71		$	9.79		$	9.87		$	9.90
Total Return (c)		2.28	%		2.64	%		0.88	%		0.32	%		0.70	%		0.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	29		$	16		$	37		$	25		$	44		$	27
Ratios to average net assets (d):
Net expenses		0.65	%		0.69	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses		12.50	%		51.53	%		38.00	%		33.88	%		31.22	%		42.51	%
Net investment income (loss)		1.26	%		1.91	%		1.68	%		1.13	%		1.00	%		1.68	%
Portfolio turnover rate		57	%		175	%		170	%		108	%		157	%		57	%

†	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 except for non-recurring expenses.

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

Semi-Annual Report   81

The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2020 (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, 2020, the Fund was comprised of thirty 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-six 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 using quotations from an independent pricing service. Invest-

82   Semi-Annual Report

ments 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 certain non-US securities exchanges or markets, such as those in Europe and Asia, may be completed 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, securities trading non-US in a particular country or countries, may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value as determined by, or in accordance with procedures approved by, the Board. Non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio’s assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to

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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 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 unre-

84   Semi-Annual Report

alized 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, 2020, 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, (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,

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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, 2020, 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, 2019, 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	$	19,781,338	$	17,527,559
US Corporate Income		3,297,379		4,414,322
US Short Duration Fixed Income		765,108		370,521

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, 2019, the Portfolios had no such losses to defer.

For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreci-

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ation 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	$	27,332,134	$	1,259,892	$	1,731,655	$	(471,763	)
Global Fixed Income		8,600,958		370,306		152,398		217,908
US Corporate Income		282,038,067		3,745,610		10,111,854		(6,366,244	)
US Short Duration Fixed Income		102,456,714		1,346,779		673		1,346,106

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—The 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 distribution may be required. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency and fixed-income transactions, distribution redesignations,

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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., and Lazard Global Total Return and 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 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 trad-

88   Semi-Annual Report

ing 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		0.70	%	(a)
Global Fixed Income		0.50
US Corporate Income		0.55
US Short Duration Fixed Income		0.25

(a) From January 1, 2020 to June 15, 2020, the annual rate was 0.75%

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2021 (or such other date as indicated below), if the aggregate direct expenses of the Portfolio(s), exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), including, for the purposes of the expense limitation agreement only, fees related to filing foreign tax reclaims and extraordinary expenses, exceed the applicable percentage(s) of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolios, may deduct from the payment to be made to the Investment

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Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

	Institutional			Open			R6
Portfolio	Shares			Shares			Shares
Emerging Markets Debt		0.85	%		1.05	%		0.80	%(a)
Global Fixed Income		0.70			0.95			N/A
US Corporate Income		0.55			0.80			0.55	(b)
US Short Duration Fixed Income		0.40			0.65	(b)		N/A

(a)	From January 1, 2020 to June 15, 2020, annual rates were 0.95%, 1.15% and 0.90%, respectively.
(b)	Agreement extends from May 1, 2021 to May 1, 2030.

In addition, until May 1, 2021, 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, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
Emerging Markets Debt	$	132,717	$	—	$	1,724	$	1,086
Global Fixed Income		18,749		61,233		146		2,220
US Corporate Income		154,754		—		3,730		—
US Short Duration Fixed Income		22,981		—		37		1,713

	R6 Shares
	Management		Expenses
Portfolio	Fees Waived		Reimbursed
Emerging Markets Debt		$4		$1,221
US Corporate Income		$3		$1,110

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

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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, the Lazard US Short Duration Fixed Income Portfolio 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, 2020, 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 $237,000, (2) an additional annual fee of $33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 to the Audit Committee Chair. The Independent Directors

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may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) 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 active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined net assets. The Statements of Operations show the Independent Directors’ fees and expenses paid by each Portfolio.

5. Securities Transactions and Transactions with Affiliates

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2020 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Debt	$	35,496,343	$	89,081,316
Global Fixed Income		3,866,214		1,781,604
US Corporate Income		31,844,455		31,095,662
US Short Duration Fixed Income		11,917,765		16,917,870

	US Government and Treasury Securities
Portfolio	Purchases		Sales
Global Fixed Income	$	915,260	$	957,853
US Short Duration Fixed Income		46,523,911		34,873,266

For the period ended June 30, 2020, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Line of Credit

The Fund has a $100 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 London Interbank Offered Rate (“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, 2020, the following Portfolios had borrowings under the Agreement as follows:

						Weighted
	Average			Maximum		Average			Number of
	Daily Loan			Daily Loan		Interest			Days Borrowings
Portfolio	Balance		*	Outstanding		Rate			were Outstanding
Emerging Markets Debt		$32,415,000			$5,440,000		1.32	%		10
Global Fixed Income		175,000			340,000		2.20			3

*  For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the line of credit is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with LIBOR. 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

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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 Portfolios’ foreign currency exposure.

(d) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect debt securities and, accordingly, will cause the value of a Portfolio’s investments in these securities to decline. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. During periods of reduced market liquidity, a Port-

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folio 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).

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although such securi-

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ties 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 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.

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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 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.

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(g) Non-Diversification Risk—The Portfolio’s net asset value 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.

(h) Structured Products Risk—Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions 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, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference assets, markets or rates. As such, a small investment could have a potentially large impact on the Portfolio’s performance. Use of derivatives transactions may cause the Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(i) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-security incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with the Portfolio’s ability to calculate its NAV; impediments to trading for each Portfolio’s portfolio managers; the inability of Portfolio shareholders to transact business with the Portfolio; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage;

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reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests, counterparties with which the Portfolio engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

(j) High Portfolio Turnover Risk—A Portfolio’s investment strategies may involve high portfolio turnover (such as 100% or more).

A portfolio turnover rate of 100%, for example, is equivalent to the Portfolio buying and selling all of its securities once during the course of the year. A high portfolio turnover rate could result in high transaction costs and an increase in taxable capital gains distributions to the Portfolio’s shareholders, which will reduce returns to shareholders.

(k) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative

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impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Portfolios and their investments.

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

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the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

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

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

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

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

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of June 30, 2020:

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, 2020
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*		$	—	$	1,695,741	$	—	$	1,695,741
Foreign Government Obligations*			—		24,093,030		—		24,093,030
Quasi Government Bonds*			—		449,586		—		449,586
Supranational Bonds			—		14,417		—		14,417
Short-Term Investments			534,132		—		—		534,132
Other Financial Instruments†
Forward Currency Contracts			—		191,972		—		191,972
Interest Rate Swap Agreements			—		32,236		—		32,236
Total		$	534,132	$	26,476,982	$	—	$	27,011,114

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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, 2020
Emerging Markets Debt Portfolio (continued)
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(118,507	)	$	—	$	(118,507	)
Global Fixed Income Portfolio
Assets:
Corporate Bonds*		$	—	$	3,120,303		$	—	$	3,120,303
Foreign Government Obligations*			—		3,256,879			—		3,256,879
Quasi Government Bonds*			—		139,865			—		139,865
Supranational Bonds			—		1,022,206			—		1,022,206
US Municipal Bonds			—		139,202			—		139,202
US Treasury Securities			—		601,715			—		601,715
Short-Term Investments			566,593		—			—		566,593
Other Financial Instruments†
Forward Currency Contracts			—		25,146			—		25,146
Total		$	566,593	$	8,305,316		$	—	$	8,871,909
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(53,043	)	$	—	$	(53,043	)

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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, 2020
US Corporate Income Portfolio
Corporate Bonds*		$	—	$	260,503,335	$	—	$	260,503,335
Exchange-Traded Funds			5,748,633		—		—		5,748,633
Short-Term Investments			9,419,855		—		—		9,419,855
Total		$	15,168,488	$	260,503,335	$	—	$	275,671,823
US Short Duration Fixed Income Portfolio
Asset-Backed Securities		$	—	$	7,756,211	$	—	$	7,756,211
Corporate Bonds*			—		26,724,279		—		26,724,279
US Government Securities			—		995,916		—		995,916
US Treasury Securities			—		67,850,954		—		67,850,954
Short-Term Investments			475,460		—		—		475,460
Total		$	475,460	$	103,327,360	$	—	$	103,802,820

*	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 or swap agreements.

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

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

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During the period ended June 30, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Emerging Markets Debt Portfolio		Global Fixed Income Portfolio
Forward currency contracts:
Average amounts purchased	$	18,200,000	$	3,200,000
Average amounts sold	$	13,900,000	$	2,700,000
Interest rate swap agreements:
Average notional value - receives fixed rate on centrally cleared	$	800,000		—
Average notional value - receives fixed rate on OTC	$	300,000		—

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2020:

Emerging Markets Debt Portfolio

Assets – Derivative Financial Instruments	Foreign Currency Contracts			Interest Rate Contracts			Total
Forward currency contracts
Unrealized appreciation on forward currency contracts		$	191,972		$	—	$	191,972
Swaps
Unrealized appreciation on swap agreements			—			10,739		10,739
Total		$	191,972		$	10,739	$	202,711

Liabilities – Derivative Financial Instruments	Foreign Currency Contracts		Interest Rate Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts	$	118,507	$	—	$	118,507
Swaps
Variation margin payable on centrally cleared swaps (a)		—		5,675		5,675
Total	$	118,507	$	5,675	$	124,182

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swap agreements, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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Global Fixed Income Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	25,146
Liabilities – Derivative Financial Instruments
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	53,043

Emerging Markets Debt Portfolio

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020 was:

Net Realized Gain (Loss) from:	Foreign Currency Contracts				Interest Rate Contracts				Total
Forward currency contracts		$	(417,032	)		$	—		$	(417,032	)
Swap agreements			—				(40,755	)		(40,755	)
Total		$	(417,032	)		$	(40,755	)	$	(457,787	)
Net Change in Unrealized Appreciation (Depreciation) on:		Foreign Currency Contracts				Interest Rate Contracts			Total
Forward currency contracts		$	(229,801	)		$	—		$	(229,801	)
Swap agreements			—				3,513			3,513
Total		$	(229,801	)		$	3,513		$	(226,288	)

Global Fixed Income Portfolio

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	60,644
Net Change in Unrealized Appreciation (Depreciation) on:
Forward currency contracts	$	(24,214	)

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As of June 30, 2020, 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, 2020:

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		$	191,972		$	—		$	191,972
Interest Rate Swap Agreements			10,739			—			10,739
Total		$	202,711		$	—		$	202,711

				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
Bank of America NA		$	22,644	$	(17,662	)	$	—	$	4,982
Barclays Bank PLC			64,099		(35,379	)		—		28,720
Citibank NA			12,640		(7,214	)		—		5,426
HSBC Bank USA NA			3,554		(3,554	)		—		—
JPMorgan Chase Bank NA			19,450		(12,094	)		—		7,356
Standard Chartered Bank			38,959		(25,264	)		—		13,695
UBS AG			41,365		(15,983	)		—		25,382
Total		$	202,711	$	(117,150	)	$	—	$	85,561

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		$	118,507		$	—		$	118,507

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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
Bank of America NA		$	17,662	$	(17,662	)	$	—	$	—
Barclays Bank PLC			35,379		(35,379	)		—		—
Citibank NA			7,214		(7,214	)		—		—
HSBC Bank USA NA			4,911		(3,554	)		—		1,357
JPMorgan Chase Bank NA			12,094		(12,094	)		—		—
Standard Chartered Bank			25,264		(25,264	)		—		—
UBS AG			15,983		(15,983	)		—		—
Total		$	118,507	$	(117,150	)	$	—	$	1,357

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		$	25,146		$	—		$	25,146

				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		$	1,800	$	(1,800	)	$	—	$	—
HSBC Bank USA NA			6,164		(6,164	)		—		—
JPMorgan Chase Bank NA			17,079		(17,079	)		—		—
Morgan Stanley Capital Services LLC.			103		(103	)		—		—
Total		$	25,146	$	(25,146	)	$	—	$	—

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		$	53,043		$	—		$	53,043

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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		$	6,885	$	(1,800	)	$	—	$	5,085
HSBC Bank USA NA			13,158		(6,164	)		—		6,994
JPMorgan Chase Bank NA			32,658		(17,079	)		—		15,579
Morgan Stanley Capital Services LLC.			342		(103	)		—		239
Total		$	53,043	$	(25,146	)	$	—	$	27,897

11. Accounting Pronouncements

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting.The amendments in the ASU provide elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021.The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

12. Subsequent Events

Management has evaluated subsequent events affecting the Portfolio 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. Other Information (unaudited)

Tax Information

Year Ended December 31, 2019

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2019:

Of the dividends paid by the Portfolios, none are qualified dividend income.

Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to US nonresident shareholders.

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.

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Board Consideration of Management Agreements

At meetings of the Board held on June 2, 2020 and June 16, 2020, 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 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 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 Investment Manager and its clients (of which the Lazard Funds complex of 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

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

¹ Emerging Markets Debt, Global Fixed Income, US Corporate Income and US Short Duration Fixed Income Portfolios.

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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 $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, each Portfolio’s contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to those of:

● a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”²); and

● the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

² The Strategic Insight materials outlined the process for constructing the Expense Peer Groups, as well the Expense Categories, Performance Peer Groups and Performance Categories (all as defined herein). 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 Expense Peer Groups, Expense Categories, Performance Peer Groups and Performance Categories, including how the methodologies could affect the results of the comparisons.

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Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio comparisons with the Board. For the Emerging Markets Debt Portfolio, the Investment Manager proposed to lower the fee in the Management Agreement by 0.05%, with no diminution in services there-under, and to lower the current expense limitation by 0.10%. After giving effect to the proposed advisory fee and expense limitation reductions, the results of the Strategic Insight comparisons showed that the advisory fees and net expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer 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 was currently waiving advisory fees and/or reimbursing expenses.

Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the advisory fees of the relevant Portfolios.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, each Portfolio’s performance for the one-, three-, five- and ten-year periods ended March 31, 2020, as applicable, compared to performance for the same time periods of:

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● a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);

● the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and

● the Portfolio’s benchmark index.

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 information regarding performance expectations, 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 from the Investment Manager in respect of Portfolios with relative underperformance or Portfolios which otherwise are not performing in accordance with expectations, 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, 2019 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 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

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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. As the assets of each Portfolio were either generally stable or decreasing over the past calendar year, or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

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

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	appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $193 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 it 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 (as proposed to be revised, as applicable) 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.

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Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities

116   Semi-Annual Report

required by the LRMP to a Liquidity Committee comprised of various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

Semi-Annual Report  117

NOTES

NOTES

NOTES

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

Lazard Funds

Semi-Annual Report

June 30, 2020

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.

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Performance Overviews (unaudited)
7	Information About Your Portfolio’s Expenses (unaudited)
9	Portfolio Holdings Presented by Asset Class/Sector (unaudited)
10	Portfolios of Investments (unaudited)
10	Lazard Global Dynamic Multi-Asset Portfolio
29	Lazard Opportunistic Strategies Portfolio
30	Lazard Real Assets and Pricing Opportunities Portfolio
47	Notes to Portfolios of Investments (unaudited)
50	Statements of Assets and Liabilities (unaudited)
52	Statements of Operations (unaudited)
56	Statements of Changes in Net Assets (unaudited)
60	Financial Highlights (unaudited)
67	Notes to Financial Statements (unaudited)
102	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,

The global spread of COVID-19 created significant market volatility and caused an unprecedented collapse across global equity markets at the start of 2020. The pandemic led to worldwide lockdowns, which led to drastic unemployment, a wave of small businesses closures, and a significant decline in economic growth. However, an extremely aggressive monetary and fiscal response, as well as a slowdown in the spread of COVID-19 in many of the early hotspots, led to one of the sharpest rallies ever for global stocks during the second quarter.

US unemployment rose from a 50-year low to an 80-year high in just two months. While the economic weakness was extraordinary, the policy response was both dramatic and timely. The Federal Reserve, the US central bank, slashed rates to zero and announced unlimited quantitative easing within weeks of the crisis. The central bank subsequently announced almost $3 trillion in liquidity facilities for companies and municipalities. Credit markets responded, turning highly accommodative for a wide variety of companies, and debt issuance reached record highs. The federal government also delivered with a fiscal package more than double the size of the response to the 2008 global financial crisis.

COVID-19 exacerbated existing price dislocations not only in emerging markets compared to other markets, but in high-quality businesses trading at lower valuations. The course of the pandemic and related government actions, trade developments, and the US election will have a great deal of influence in how the region’s equities end the year.

In Europe, economic data suggested that the European Union and United Kingdom were mired in deep recessions. As in the United States, however, stimulus proved to be a potent salve. European equity markets calmed after the volatile first quarter as individual countries and the European Central Bank put forward an aggressive and globally coordinated monetary and fiscal response.

2   Semi-Annual Report

As economies across the world reopen, the shape of a potential recovery remains an open question. After all, there is little historical precedent for the global economy shutting down and then attempting to restart itself.

The performance dispersion between value and growth stocks has been at all-time highs, but we believe the differential will adjust. More than ever, we are confident that fundamental analysis and stock selection will be crucial drivers for performance. We feel privileged to handle your investment needs and value your continued confidence in our investment management capabilities. We continue to strive for the long-term patterns of performance that are consistent with your expectations.

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, 2020
	One Year			Since Inception			†
Institutional Shares**		–5.44	%		4.62	%
Open Shares**		–5.72	%		4.32	%
MSCI World Index		2.84	%		8.89	%
GDMA Index		4.02	%		6.14	%

† 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, 2020
	One Year			Five Years			Ten Years
Institutional Shares**		3.65	%		3.83	%		5.89	%
Open Shares**		3.27	%		3.43	%		5.50	%
MSCI World Index		2.84	%		6.90	%		9.95	%
Global Asset Allocation Blended Index		6.45	%		6.27	%		7.82	%

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 and Real Assets Custom Index*

Average Annual Total Returns*
Periods Ended June 30, 2020
	One Year				Since Inception	†
Institutional Shares**		–4.87	%		2.01%
Open Shares**		–5.03	%		1.68%
MSCI World Index		2.84	%		8.82%
				(Institutional Shares 12.12% (Open Shares		) )
Real Assets Custom Index		–4.77	%		3.58%
				(Institutional Shares 3.47%% (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 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

Semi-Annual Report   5

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 Real Assets Custom Index is an unmanaged index created by the Investment Manager, and is comprised of 20% MSCI World Index, 20% MSCI World Core Infrastructure USD Hedged Index (the “Infrastructure Index”), 20% MSCI ACWI IMI Core Real Estate Index, 20% Bloomberg Commodity Total Return Index and 20% Bloomberg Barclays World Government Inflation-Linked 1–10 Year USD Hedged Index. The Infrastructure Index captures large and mid-cap securities across the 23 developed market countries and is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that Lazard invests in a range of companies globally, not specifically developed markets countries. The MSCI ACWI IMI Core Real Estate Index is a 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 Bloomberg Commodity Indices (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 performance of Institutional Shares and Open Shares may vary, primarily based on the differences in fees borne by shareholders investing in different classes.

6   Semi-Annual Report

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from January 1, 2020 through June 30, 2020 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   7

Portfolio	Beginning Account Value 1/1/20	Ending Account Value 6/30/20	Expenses Paid During Period 1/1/20 - 6/30/20	*	Annualized Expense Ratio During Period 1/1/20 - 6/30/20
Global Dynamic Multi-Asset
Institutional Shares
Actual	$1,000.00	$   898.90	$4.25		0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$4.52		0.90%
Open Shares
Actual	$1,000.00	$   898.00	$5.43		1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.14	$5.77		1.15%
Opportunistic Strategies†
Institutional Shares
Actual	$1,000.00	$1,000.00	$5.17		1.04%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.69	$5.22		1.04%
Open Shares
Actual	$1,000.00	$   998.00	$6.41		1.29%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,018.45	$6.47		1.29%
Real Assets and Pricing Opportunities
Institutional Shares
Actual	$1,000.00	$   909.30	$4.27		0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.39	$4.52		0.90%
Open Shares
Actual	$1,000.00	$   907.90	$5.48		1.16%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.12	$5.80		1.16%

*	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 182/366 (to reflect one-half year period).
†	The expense ratios include broker expense and dividend expense on securities sold short.

8  Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings

Presented by Asset Class/Sector June 30, 2020 (unaudited)

Asset Class/Sector*	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Equity
Communication Services		4.2	%		1.7	%
Consumer Discretionary		8.2			1.5
Consumer Staples		7.1			5.6
Energy		0.5			—
Financials		10.8			1.7
Health Care		6.6			4.0
Industrials		5.2			12.1
Information Technology		9.1			0.9
Materials		0.7			0.4
Real Estate		0.5			18.5
Utilities		0.9			10.2
Exchange Traded Funds		—			2.9
Sovereign Debt		27.1			9.0
US Municipal Bonds		0.7			—
US Treasury Securities		10.1			13.4
Short-Term Investments		8.3			18.1
Total Investments		100.0	%		100.0	%

	Lazard
	Opportunistic
	Strategies
Asset Class/Sector*	Portfolio
Equity†
Communication Services		5.1	%
Consumer Discretionary		4.9
Consumer Staples		6.7
Energy		0.9
Financials		3.9
Health Care		10.1
Industrials		3.6
Information Technology		18.9
Materials		1.3
Real Estate		0.9
Utilities		1.2
Fixed Income		30.9
Short-Term Investments		11.6
Total Investments		100.0	%

*	Represents percentage of total investments.
†	Equity sector breakdown is based upon the underlying holdings of exchange-traded funds and closed-end management investment companies held by the Portfolio.

Semi-Annual Report   9

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2020 (unaudited)

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks | 26.5%
Australia | 0.5%
AGL Energy, Ltd.		2,332	$	27,504
ASX, Ltd.		1,083		63,995
Aurizon Holdings, Ltd.		2,574		8,764
Beach Energy, Ltd.		23,609		24,928
BHP Group, Ltd.		360		8,934
CSL, Ltd.		138		27,359
Fortescue Metals Group, Ltd.		9,841		94,426
Santos, Ltd.		4,967		18,263
Technology One, Ltd.		1,421		8,641
				282,814
Belgium | 0.0%
Colruyt SA		185		10,173
Telenet Group Holding NV		221		9,088
				19,261
Canada | 0.7%
CAE, Inc.		3,498		56,633
Canadian National Railway Co.		982		86,976
Kirkland Lake Gold, Ltd.		379		15,605
Magna International, Inc.		528		23,514
Northland Power, Inc.		1,330		33,289
Quebecor, Inc., Class B		496		10,657
Real Matters, Inc. (*)		622		12,132
TFI International, Inc.		342		12,140
The Toronto-Dominion Bank		1,736		77,443
Wesdome Gold Mines, Ltd. (*)		1,893		16,356
				344,745
Denmark | 0.3%
Coloplast A/S, Class B		419		64,957
Novo Nordisk A/S, Class B		575		37,209
Vestas Wind Systems AS ADR		1,912		65,218
				167,384

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

10   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Finland | 0.1%
Elisa Oyj		173	$	10,516
Neste Oyj		264		10,310
Valmet Oyj		430		11,208
				32,034
France | 0.2%
Cie Generale des Etablissements Michelin SCA		194		20,098
L’Oreal SA (*)		30		9,618
Orange SA		870		10,393
Peugeot SA (*)		352		5,714
Schneider Electric SE		373		41,354
Total SA		305		11,617
Veolia Environnement SA		476		10,691
				109,485
Germany | 0.5%
Merck KGaA Sponsored ADR		2,299		53,613
SAP SE		86		11,971
Symrise AG ADR		3,292		96,192
Teamviewer AG ADR (*)		3,178		86,950
				248,726
Hong Kong | 0.4%
AIA Group, Ltd. Sponsored ADR		3,028		113,247
Hang Seng Bank, Ltd. Sponsored ADR		4,094		68,513
Hysan Development Co., Ltd.		3,000		9,673
Sun Hung Kai Properties, Ltd.		1,500		19,116
WH Group, Ltd.		9,500		8,153
				218,702
Israel | 0.1%
Israel Discount Bank, Ltd., ADR		1,829		57,065
Japan | 2.4%
Ajinomoto Co., Inc.		1,000		16,614
Brother Industries, Ltd.		300		5,406
Chubu Electric Power Co., Inc.		2,800		35,219
Credit Saison Co., Ltd.		800		9,147
Dai-ichi Life Holdings, Inc.		2,400		28,583

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)
Daito Trust Construction Co., Ltd.		455	$	41,805
Daiwa House Industry Co., Ltd.		1,600		37,737
Daiwa Securities Group, Inc.		2,500		10,429
Dip Corp.		300		6,048
East Japan Railway Co.		600		41,580
Electric Power Development Co., Ltd.		1,400		26,543
Fuji Media Holdings, Inc.		700		6,740
Hokkaido Electric Power Co., Inc.		3,600		13,820
Inpex Corp.		1,600		9,906
Japan Post Holdings Co., Ltd.		1,900		13,511
Kaken Pharmaceutical Co., Ltd.		200		10,221
Kandenko Co., Ltd.		900		7,652
Kao Corp.		300		23,750
KDDI Corp.		3,300		98,943
Kenedix, Inc.		2,100		10,348
Kureha Corp.		100		4,370
Kyudenko Corp.		400		11,798
Lawson, Inc.		200		10,028
McDonald’s Holdings Co. Japan, Ltd.		700		37,763
Mitsubishi Heavy Industries, Ltd.		400		9,436
Mitsubishi UFJ Financial Group, Inc.		7,077		27,679
MS&AD Insurance Group Holdings, Inc.		400		10,985
Nintendo Co., Ltd. ADR		1,604		89,664
Nishi-Nippon Financial Holdings, Inc.		2,200		14,838
NTT DOCOMO, Inc.		1,718		45,830
Ono Pharmaceutical Co., Ltd.		300		8,726
Open House Co., Ltd.		200		6,851
Optorun Co., Ltd.		500		11,745
Rengo Co., Ltd.		1,000		8,140
Resona Holdings, Inc.		2,400		8,190
Sankyu, Inc.		500		18,785
Sekisui House, Ltd.		500		9,519
Seven & I Holdings Co., Ltd.		1,800		58,741
Shikoku Electric Power Co., Inc.		1,800		13,267
Shimano, Inc. ADR		3,703		71,135
Softbank Corp.		1,500		19,093

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)
Sugi Holdings Co., Ltd.		200	$	13,529
Sumitomo Mitsui Financial Group, Inc.		500		14,062
Sumitomo Mitsui Trust Holdings, Inc.		700		19,646
Sumitomo Realty & Development Co., Ltd.		400		10,999
Sundrug Co., Ltd.		200		6,608
Suzuken Co., Ltd.		300		11,182
The Chiba Bank, Ltd.		4,700		22,154
The Gunma Bank, Ltd.		6,800		21,570
The Hachijuni Bank, Ltd.		2,400		9,103
The Kansai Electric Power Co., Inc.		1,900		18,410
The Shizuoka Bank, Ltd.		1,300		8,356
Tohoku Electric Power Co., Inc.		1,400		13,314
West Japan Railway Co.		400		22,429
Yamaha Corp. Sponsored ADR		2,370		112,589
Yaoko Co., Ltd.		200		14,274
				1,268,810
Macau | 0.1%
Sands China, Ltd. ADR		1,603		62,693
Netherlands | 0.7%
ASM International NV		86		13,263
Flow Traders		502		17,950
Koninklijke Ahold Delhaize NV		1,912		52,066
NXP Semiconductors NV		641		73,100
Royal Dutch Shell PLC, A Shares		380		6,047
Wolters Kluwer NV Sponsored ADR		2,469		194,113
				356,539
New Zealand | 0.0%
Fisher & Paykel Healthcare Corp., Ltd., Class C		942		21,784
Norway | 0.1%
Orkla ASA		2,645		23,184
Telenor ASA		1,449		21,110
				44,294

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)
Puerto Rico | 0.0%
Popular, Inc.		265	$	9,850
Singapore | 0.0%
AEM Holdings, Ltd.		9,600		21,757
Spain | 0.0%
Corporacion Financiera Alba SA		63		2,556
Viscofan SA		172		11,218
				13,774
Sweden | 0.6%
Assa Abloy AB ADR		5,578		56,562
Axfood AB		858		18,718
Boliden AB		455		10,334
Epiroc AB ADR		7,846		97,840
Hexagon AB ADR (*)		1,445		84,388
Lundin Energy AB		349		8,398
Swedish Match AB		201		14,113
				290,353
Switzerland | 0.8%
ABB, Ltd. Sponsored ADR		3,769		85,029
Alcon, Inc. (*)		748		42,875
Galenica AG		170		12,153
Novartis AG		1,572		136,592
Roche Holding AG		359		124,297
Swisscom AG		33		17,260
				418,206
United Kingdom | 1.9%
BT Group PLC		5,028		7,097
Bunzl PLC Sponsored ADR		2,801		76,243
Coca-Cola European Partners PLC		1,803		68,081
Compass Group PLC Sponsored ADR		3,850		52,784
Diageo PLC Sponsored ADR		1,185		159,252
Fiat Chrysler Automobiles NV (*)		215		2,157
GlaxoSmithKline PLC		393		7,963
Prudential PLC ADR		2,369		71,970

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)
RELX PLC		1,899	$	43,953
RELX PLC Sponsored ADR		5,572		131,276
SSE PLC		2,412		40,724
Tesco PLC Sponsored ADR		15,819		136,520
Unilever PLC Sponsored ADR		3,057		167,768
Wm Morrison Supermarkets PLC		6,490		15,310
				981,098
United States | 17.1%
3M Co.		385		60,056
AbbVie, Inc.		766		75,206
Accenture PLC, Class A		889		190,886
Adobe, Inc. (*)		243		105,780
Affiliated Managers Group, Inc.		148		11,035
Akamai Technologies, Inc. (*)		348		37,267
Allegion PLC		151		15,435
Alphabet, Inc., Class A (*)		130		184,346
Alphabet, Inc., Class C (*)		46		65,026
Amazon.com, Inc. (*)		81		223,464
Amdocs, Ltd.		138		8,401
American States Water Co.		131		10,301
American Tower Corp. REIT		180		46,537
Ameriprise Financial, Inc.		361		54,164
AmerisourceBergen Corp.		1,570		158,209
Amgen, Inc.		102		24,058
Anthem, Inc.		63		16,568
Aon PLC, Class A		1,087		209,356
Apple, Inc.		1,456		531,149
Applied Materials, Inc.		110		6,650
AT&T, Inc.		582		17,594
Baxter International, Inc.		377		32,460
Best Buy Co., Inc.		590		51,489
Booz Allen Hamilton Holding Corp.		515		40,062
Boston Scientific Corp. (*)		2,575		90,408
Bristol-Myers Squibb Co.		771		45,335
Brunswick Corp.		287		18,371
Burlington Stores, Inc. (*)		48		9,453

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)
Cabot Oil & Gas Corp.		1,072	$	18,417
Cadence Design Systems, Inc. (*)		622		59,687
Campbell Soup Co.		1,521		75,487
Cboe Global Markets, Inc.		71		6,623
Church & Dwight Co., Inc.		410		31,693
Ciena Corp. (*)		200		10,832
Cigna Corp. (*)		114		21,392
Cisco Systems, Inc.		830		38,711
Citigroup, Inc.		365		18,652
Citizens Financial Group, Inc.		727		18,349
Citrix Systems, Inc.		253		37,421
Comcast Corp., Class A		1,059		41,280
ConocoPhillips		486		20,422
Costco Wholesale Corp.		31		9,400
Cummins, Inc.		231		40,023
CVS Health Corp.		775		50,352
DaVita, Inc. (*)		282		22,317
Devon Energy Corp.		1,461		16,568
Dollar General Corp.		781		148,788
Easterly Government Properties, Inc. REIT		384		8,878
Eaton Corp. PLC		107		9,360
eBay, Inc.		268		14,057
Edwards Lifesciences Corp. (*)		257		17,761
Electronic Arts, Inc. (*)		392		51,764
Eli Lilly & Co.		399		65,508
EOG Resources, Inc.		232		11,753
F5 Networks, Inc. (*)		135		18,830
Facebook, Inc., Class A (*)		730		165,761
FactSet Research Systems, Inc.		151		49,599
Flowers Foods, Inc.		378		8,452
Fortinet, Inc. (*)		145		19,904
Gaming and Leisure Properties, Inc. REIT		274		9,480
General Mills, Inc.		888		54,745
Gilead Sciences, Inc.		362		27,852
Honeywell International, Inc.		504		72,873
Hormel Foods Corp.		949		45,808

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

16   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Humana, Inc.		70	$	27,142
Intel Corp.		1,238		74,070
Intercontinental Exchange, Inc.		1,624		148,758
Intuit, Inc.		178		52,722
IQVIA Holdings, Inc. (*)		1,146		162,594
Jack Henry & Associates, Inc.		158		29,077
Johnson & Johnson		1,783		250,743
Kellogg Co.		460		30,388
Keysight Technologies, Inc. (*)		48		4,837
Kimberly-Clark Corp.		1,387		196,052
Leidos Holdings, Inc.		52		4,871
Lockheed Martin Corp.		527		192,313
Lowe’s Cos., Inc.		877		118,500
LPL Financial Holdings, Inc.		155		12,152
Lululemon Athletica, Inc. (*)		65		20,281
MasterCard, Inc., Class A		198		58,549
McDonald’s Corp.		689		127,100
McKesson Corp.		67		10,279
MDU Resources Group, Inc.		451		10,003
Merck & Co., Inc.		667		51,579
Micron Technology, Inc. (*)		281		14,477
Microsoft Corp.		2,093		425,946
Molina Healthcare, Inc. (*)		75		13,349
Motorola Solutions, Inc.		953		133,544
National Fuel Gas Co.		388		16,269
Netflix, Inc. (*)		107		48,689
NIKE, Inc., Class B		816		80,009
Northrop Grumman Corp.		143		43,964
NVIDIA Corp.		288		109,414
Old Dominion Freight Line, Inc.		87		14,754
Palo Alto Networks, Inc. (*)		295		67,753
PepsiCo, Inc.		747		98,798
Pfizer, Inc.		761		24,885
Phillips 66		130		9,347
Pioneer Natural Resources Co.		357		34,879
Pool Corp.		123		33,440

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

Semi-Annual Report   17

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Primerica, Inc.		94	$	10,960
PTC, Inc. (*)		1,556		121,041
Public Service Enterprise Group, Inc.		524		25,760
QUALCOMM, Inc.		651		59,378
Quest Diagnostics, Inc.		184		20,969
Regeneron Pharmaceuticals, Inc. (*)		16		9,978
Regions Financial Corp.		1,289		14,334
Republic Services, Inc.		218		17,887
Rockwell Automation, Inc.		394		83,922
S&P Global, Inc.		427		140,688
Seattle Genetics, Inc. (*)		200		33,984
Silgan Holdings, Inc.		1,503		48,682
Southwest Gas Holdings, Inc.		136		9,391
Sprouts Farmers Market, Inc. (*)		352		9,008
Synopsys, Inc. (*)		644		125,580
Target Corp.		477		57,207
TD Ameritrade Holding Corp.		242		8,804
Tesla, Inc. (*)		9		9,718
Texas Instruments, Inc.		822		104,369
The Clorox Co.		265		58,133
The Coca-Cola Co.		3,167		141,502
The Hershey Co.		377		48,867
The Home Depot, Inc.		326		81,666
The Kroger Co.		549		18,584
The Procter & Gamble Co.		1,730		206,856
The Progressive Corp.		138		11,055
The Sherwin-Williams Co.		55		31,782
The TJX Cos., Inc.		204		10,314
Thermo Fisher Scientific, Inc.		717		259,798
Tractor Supply Co.		301		39,669
Union Pacific Corp.		67		11,328
UnitedHealth Group, Inc.		277		81,701
Verizon Communications, Inc.		1,496		82,474
Vertex Pharmaceuticals, Inc. (*)		153		44,417
Visa, Inc., Class A		965		186,409
Vistra Energy Corp.		1,530		28,489

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)
Walmart, Inc.			432	$	51,745
Warner Music Group Corp., Class A (*)			1,530		45,135
Waste Management, Inc.			79		8,367
WEC Energy Group, Inc.			332		29,100
Weis Markets, Inc.			240		12,029
West Pharmaceutical Services, Inc.			41		9,314
WW Grainger, Inc.			35		10,996
Xcel Energy, Inc.			159		9,938
Zoetis, Inc.			1,503		205,971
					9,066,691
Total Common Stocks (Cost $12,504,653)					14,036,065
			Principal
	Security		Amount		Fair
Description	Currency		(000)		Value
Corporate Bonds  |  21.1%
Australia  |  0.6%
Telstra Corp., Ltd., 4.000%, 09/16/22	AUD		410	$	300,686
Canada  |  1.5%
Canadian Imperial Bank of Commerce, 2.900%, 09/14/21	CAD		575		434,245
Rogers Communications, Inc., 3.250%, 05/01/29	CAD		440		353,993
					788,238
France  |  0.6%
Schneider Electric SE, 2.950%, 09/27/22	USD		325		341,062
Germany  |  1.2%
BMW Finance NV, 0.875%, 08/16/22	GBP		240		295,918

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

Semi-Annual Report   19

		Principal
	Security	Amount		Fair
Description	Currency		(000)	Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Daimler AG, 0.107% (Euribor 3 Month + 0.450%), 07/03/24 (§)	EUR		300	$	323,022
					618,940
Netherlands  |  0.6%
BNG Bank NV, 5.000%, 09/16/20	NZD		166		108,100
Nederlandse Waterschapsbank NV, 3.125%, 12/05/22 (#)	USD		200		212,842
					320,942
Switzerland  |  0.4%
ABB Finance USA, Inc., 3.375%, 04/03/23	USD		192		203,441
United Kingdom  |  1.0%
Unilever Capital Corp., 3.250%, 03/07/24	USD		500		544,190
United States  |  15.2%
Adobe, Inc., 2.300%, 02/01/30	USD		370		399,500
Amazon.com, Inc., 3.150%, 08/22/27	USD		325		371,890
American Express Co., 3.000%, 10/30/24	USD		305		330,173
Apple, Inc., 3.850%, 05/04/43	USD		415		514,707
Bank of America Corp.:
3.499% (USD LIBOR 3 Month + 0.630%), 05/17/22 (§)	USD		369		377,766
1.486% (SOFRRATE + 1.460%), 05/19/24 (§)	USD		90		91,434
Citigroup, Inc.,
1.649% (BBSW 3 Month + 1.550%), 05/04/21 (§)	AUD		533		370,082

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

20   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		625	$	481,479
Johnson & Johnson, 3.625%, 03/03/37	USD		298		354,381
JPMorgan Chase & Co., 4.500%, 01/24/22	USD		331		351,697
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		165		186,928
McDonald’s Corp., 3.125%, 03/04/25	CAD		575		453,956
Microsoft Corp., 2.525%, 06/01/50	USD		324		335,246
Morgan Stanley, 3.625%, 01/20/27	USD		325		366,876
PepsiCo, Inc., 2.875%, 10/15/49	USD		450		486,997
Pfizer, Inc., 2.625%, 04/01/30	USD		260		286,028
Starbucks Corp., 4.450%, 08/15/49	USD		460		555,645
The Goldman Sachs Group, Inc., 3.625%, 01/22/23	USD		333		356,660
The Home Depot, Inc., 5.875%, 12/16/36	USD		260		387,955
The Procter & Gamble Co., 2.450%, 03/25/25	USD		260		282,177
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		305		320,715
Verizon Communications, Inc., 3.875%, 02/08/29	USD		329		389,350
					8,051,642
Total Corporate Bonds (Cost $10,755,706)					11,169,141

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

Semi-Annual Report   21

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Foreign Government Obligations  |  21.8%
Australia  |  1.5%
New South Wales Treasury Corp., 3.000%, 02/20/30	AUD		810	$	643,892
Queensland Treasury Corp., 3.000%, 03/22/24	AUD		230		173,280
					817,172
Bermuda  |  1.6%
Government of Bermuda:
4.854%, 02/06/24	USD		600		657,000
3.717%, 01/25/27	USD		200		212,250
					869,250
Canada  |  4.2%
City of Vancouver, 2.900%, 11/20/25	CAD		213		171,315
Province of British Columbia, 4.700%, 06/18/37	CAD		465		488,849
Province of Quebec:
1.650%, 03/03/22	CAD		545		409,710
3.000%, 09/01/23	CAD		765		605,666
2.500%, 04/20/26	USD		495		542,890
					2,218,430
Chile  |  1.5%
Bonos de la Tesoreria de la Republica en pesos, 4.500%, 03/01/26	CLP		130,000		185,226
Republic of Chile:
3.125%, 01/21/26	USD		400		438,500
0.830%, 07/02/31	EUR		150		164,997
					788,723
Czech Republic  |  1.9%
Czech Republic:
0.270% (PRIBOR 6 Month -0.100%), 11/19/27 (Δ)	CZK		7,820		326,967
2.000%, 10/13/33	CZK		14,230		679,505
					1,006,472

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

22   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
France  |  1.3%
Government of France, 1.750%, 06/25/39	EUR		461	$	659,127
Hungary  |  2.5%
Hungary, 6.375%, 03/29/21	USD		356		370,685
Hungary Government Bonds:
2.500%, 10/24/24	HUF		91,380		306,288
2.750%, 12/22/26	HUF		90,790		309,908
3.000%, 10/27/27	HUF		93,820		324,287
					1,311,168
Japan  |  0.8%
Japan Bank for International Cooperation, 0.625%, 05/22/23	USD		200		200,667
Japan International Cooperation Agency, 2.125%, 10/20/26	USD		200		211,749
					412,416
Mexico  |  0.1%
United Mexican States, 6.750%, 02/06/24	GBP		30		41,982
New Zealand  |  1.3%
New Zealand Government Bonds, 4.500%, 04/15/27	NZD		895		708,876
Norway  |  0.8%
Oslo Kommune:
2.350%, 09/04/24	NOK		2,000		220,586
0.930% (NIBOR 3 Month + 0.460%), 05/06/26 (Δ)	NOK		2,000		209,714
					430,300
Panama  |  0.8%
Republic of Panama, 4.000%, 09/22/24	USD		400		435,750

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

Semi-Annual Report   23

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Poland  |  1.8%
Poland Government Bonds:
2.500%, 07/25/27	PLN		1,150	$	317,299
0.690% (WIBOR 6 Month + 0.000%), 05/25/28 (Δ)	PLN		2,670		653,908
					971,207
Slovakia  |  0.4%
Slovak Republic, 4.375%, 05/21/22	USD		200		211,625
Spain  |  0.3%
Spain Government Bonds, 1.200%, 10/31/40	EUR		140		161,206
United Kingdom  |  1.0%
United Kingdom Gilt:
1.750%, 09/07/37	GBP		240		356,403
1.500%, 07/22/47	GBP		105		157,911
					514,314
Total Foreign Government Obligations (Cost $11,266,827)					11,558,018
Quasi Government Bonds  |  1.3%
Canada  |  1.3%
Export Development Canada, 1.800%, 09/01/22 (Cost $666,117)	CAD		895		676,643
Supranational Bonds  |  4.9%
African Development Bank, 0.750%, 04/03/23	USD		485		490,783
Asian Development Bank:
1.000%, 12/15/22	GBP		135		170,509
2.125%, 03/19/25	USD		373		401,479

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

24   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
European Bank for Reconstruction & Development, 1.625%, 09/27/24	USD		120	$	125,978
European Investment Bank, 1.125%, 09/16/21 (#)	CAD		150		109,721
Inter-American Development Bank, 7.875%, 03/14/23	IDR		2,100,000		148,713
International Bank for Reconstruction & Development:
3.500%, 01/22/21	NZD		170		111,569
2.500%, 08/03/23	CAD		895		697,383
1.900%, 01/16/25	CAD		205		159,086
2.900%, 11/26/25	AUD		100		76,513
International Finance Corp., 2.700%, 03/15/23	AUD		152		110,875
Total Supranational Bonds (Cost $2,546,775)					2,602,609
US Municipal Bonds  |  0.8%
California  |  0.7%
California State Build America Bonds, 7.500%, 04/01/34	USD		35		57,076
State of California,
4.500%, 04/01/33	USD		100		118,147
7.550%, 04/01/39	USD		105		186,972
					362,195
New York  |  0.1%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		40		45,753
Total US Municipal Bonds (Cost $373,605)					407,948

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

Semi-Annual Report   25

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
US Treasury Securities  |  10.5%
US Treasury Notes:
1.750%, 05/15/23	USD		3,125	$	3,265,747
2.125%, 05/15/25	USD		920		1,001,722
2.875%, 08/15/28	USD		1,085		1,284,793
Total US Treasury Securities (Cost $5,426,799)					5,552,262
		Shares		Fair
Description		(000)		Value
Exchange-Traded Funds  |  8.0%
iShares MSCI World ETF (Cost $3,925,029)			46,000	$	4,238,440
Short-Term Investments  |  8.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $4,533,039)			4,533,039		4,533,039
Total Investments | 103.5% (Cost $51,998,550) (»)				$	54,774,165
Liabilities in Excess of Cash and Other Assets  |  (3.5)%					(1,852,087	)
Net Assets  |  100.0%				$	52,922,078

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

26   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2020:

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
CAD		136,229	USD		99,889	JPM	09/23/20	$	473	$	—
CAD		56,431	USD		41,315	SSB	09/23/20		259		—
CAD		60,869	USD		44,748	SSB	09/23/20		95		—
CHF		155,725	USD		164,307	HSB	09/23/20		461		—
CHF		287,406	USD		303,279	JPM	09/23/20		816		—
CNH		4,646,686	USD		653,024	HSB	09/23/20		1,332		—
CZK		1,271,709	USD		53,000	HSB	07/22/20		612		—
CZK		8,323,508	USD		354,082	JPM	07/22/20		—		3,184
EUR		703,541	USD		790,831	CIT	09/23/20		1,046		—
EUR		3,839,378	USD		4,314,885	HSB	09/23/20		6,559		—
EUR		778,344	USD		874,737	JPM	09/23/20		1,334		—
EUR		168,553	USD		189,837	SSB	09/23/20		—		121
GBP		288,237	USD		363,315	HSB	09/23/20		—		5,989
GBP		143,158	USD		180,427	JPM	09/23/20		—		2,954
GBP		45,075	USD		56,380	SSB	09/23/20		—		501
HKD		256,356	USD		33,048	SSB	09/23/20		11		—
ILS		7,893	USD		2,285	SSB	09/23/20		—		1
JPY		41,588,686	USD		388,400	CIT	09/23/20		—		2,795
JPY		485,433,660	USD		4,533,839	HSB	09/23/20		—		32,963
JPY		11,172,095	USD		104,341	JPM	09/23/20		—		754
KRW		405,734,820	USD		331,080	CIT	09/03/20		7,183		—
MXN		574,902	USD		25,496	HSB	09/23/20		—		754
MXN		852,102	USD		37,780	JPM	09/23/20		—		1,108
SEK		485,220	USD		51,904	HSB	09/23/20		221		—
SEK		306,575	USD		32,776	JPM	09/23/20		158		—
SGD		22,311	USD		16,020	HSB	09/23/20		—		7
SGD		524,963	USD		376,850	JPM	09/23/20		—		62
SGD		13,162	USD		9,451	SSB	09/23/20		—		4
THB		3,235,757	USD		104,032	HSB	09/23/20		644		—
USD		96,289	AUD		139,911	CIT	09/23/20		—		289
USD		91,044	AUD		132,278	HSB	09/23/20		—		265
USD		289,282	AUD		419,666	JPM	09/23/20		—		407
USD		646,720	AUD		939,619	JPM	09/23/20		—		1,884
USD		141,618	AUD		205,737	MSC	09/23/20		—		399
USD		102,230	AUD		149,282	SSB	09/23/20		—		817
USD		466,351	CAD		631,761	CIT	09/23/20		924		—

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

Semi-Annual Report   27

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency			Currency				Settlement	Unrealized		Unrealized
Purchased	Quantity		Sold	Quantity		Counterparty	Date	Appreciation		Depreciation
USD		743,176	CAD		1,006,647	HSB	09/23/20	$	1,565	$	—
USD		144,920	CAD		198,421	JPM	09/23/20		—		1,260
USD		245,279	CAD		332,593	JPM	09/23/20		253		—
USD		1,145,811	CAD		1,552,435	JPM	09/23/20		2,110		—
USD		519	CAD		705	MSC	09/23/20		0		—
USD		1,536,590	CAD		2,081,414	MSC	09/23/20		3,182		—
USD		68,700	CHF		65,333	SSB	09/23/20		—		426
USD		161,369	CLP		136,825,112	CIT	07/20/20		—		5,271
USD		100,278	CZK		2,374,829	HSB	07/22/20		161		—
USD		212,155	CZK		5,342,349	HSB	07/22/20		—		13,065
USD		294,733	CZK		7,353,198	HSB	07/22/20		—		15,259
USD		23,922	CZK		602,897	JPM	07/22/20		—		1,495
USD		35,837	CZK		851,623	JPM	07/22/20		—		66
USD		199,900	CZK		4,735,431	JPM	07/22/20		266		—
USD		60,883	DKK		403,051	SSB	09/23/20		4		—
USD		386,511	EUR		342,126	JPM	09/23/20		1,429		—
USD		269,912	EUR		240,355	MSC	09/23/20		—		621
USD		401,815	HUF		123,163,455	HSB	07/22/20		11,128		—
USD		565,354	HUF		173,360,043	JPM	07/22/20		15,439		—
USD		2,268	ILS		7,893	SSB	09/23/20		—		15
USD		298,887	JPY		32,060,722	SSB	09/23/20		1,624		—
USD		86,793	NOK		900,876	HSB	07/22/20		—		6,809
USD		276,368	NOK		2,870,693	JPM	07/22/20		—		21,900
USD		30,959	NOK		299,748	SSB	09/23/20		—		193
USD		173,202	NZD		268,582	CIT	09/23/20		—		99
USD		123,183	NZD		191,089	HSB	09/23/20		—		116
USD		607,385	NZD		941,948	JPM	09/23/20		—		402
USD		411,452	PLN		1,635,877	HSB	09/23/20		—		2,140
USD		14,720	PLN		58,616	JPM	09/23/20		—		99
Total gross unrealized appreciation/depreciation on Forward Currency Contracts								$	59,289	$	124,494

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

28   Semi-Annual Report

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  88.5%
Equity Funds  |  57.5%
Franklin FTSE Japan ETF		77,950	$	1,897,303
Health Care Select Sector SPDR Fund		39,455		3,948,262
iShares Core Dividend Growth ETF		51,900		1,951,440
iShares Core MSCI EAFE ETF		27,760		1,586,762
iShares Core MSCI Europe ETF		36,925		1,578,913
iShares Expanded Tech Sector ETF		17,045		4,757,941
iShares Expanded Tech-Software Sector ETF		17,008		4,834,524
iShares MSCI Eurozone ETF		44,995		1,641,417
Vanguard Consumer Staples ETF		19,900		2,976,443
Vanguard S&P 500 ETF		53,239		15,089,530
Vanguard S&P 500 Growth ETF		20,542		3,839,300
				44,101,835
Fixed-Income Funds  |  31.0%
Goldman Sachs Access Treasury 0-1 Year ETF		25,980		2,610,730
iShares 1-3 Year Treasury Bond ETF		89,400		7,742,934
Vanguard Intermediate-Term Corporate Bond ETF		40,215		3,826,055
Vanguard Intermediate-Term Treasury ETF		135,300		9,548,121
				23,727,840
Total Exchange-Traded Funds (Cost $60,805,739)				67,829,675
Short-Term Investments  |  11.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (Cost $8,914,800)		8,914,800		8,914,800
Total Investments  |  100.1% (Cost $69,720,539)			$	76,744,475
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(96,982	)
Net Assets | 100.0%			$	76,647,493

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

Semi-Annual Report   29

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•)
Common Stocks  |  57.5%
Australia  |  3.4%
AGL Energy, Ltd.		3,795	$	44,758
Altium, Ltd.		460		10,343
ASX, Ltd.		149		8,805
Atlas Arteria, Ltd.		24,235		111,286
BWP Trust REIT		3,718		9,838
Charter Hall Group REIT		6,271		42,655
Charter Hall Long Wale REIT		4,457		13,319
Coles Group, Ltd.		1,410		16,749
CSL, Ltd.		306		60,665
Goodman Group REIT		3,368		34,663
Ingenia Communities Group REIT		5,867		18,205
Inghams Group, Ltd.		7,487		16,547
Lendlease Group		2,700		23,172
Scentre Group REIT		19,783		29,789
Stockland REIT		14,745		33,869
Technology One, Ltd.		4,850		29,491
Transurban Group		12,387		120,960
Vicinity Centres REIT		7,952		7,886
Woolworths Group, Ltd.		2,126		54,825
				687,825
Belgium  |  0.1%
Warehouses De Pauw CVA REIT		522		14,234
Brazil  |  0.1%
JHSF Participacoes SA		10,200		13,317
Canada  |  2.4%
Agnico Eagle Mines, Ltd.		250		16,015
Alimentation Couche-Tard, Inc., Class B		1,325		41,548
Atco, Ltd., Class I		993		29,455
Barrick Gold Corp.		860		23,168
BCE, Inc.		1,019		42,498
Canadian National Railway Co.		230		20,349

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

30   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Capital Power Corp.		787	$	16,220
CI Financial Corp.		1,359		17,288
Empire Co., Ltd., Class A		474		11,351
Fairfax Financial Holdings, Ltd.		76		23,480
George Weston, Ltd.		126		9,230
Great-West Lifeco, Inc.		845		14,814
Loblaw Cos., Ltd.		556		27,075
Manulife Financial Corp.		1,146		15,591
Metro, Inc.		548		22,605
Northland Power, Inc.		2,878		72,035
Real Matters, Inc. (*)		729		14,219
Rogers Communications, Inc., Class B		313		12,577
Sun Life Financial, Inc.		217		7,974
TELUS Corp. (*)		300		5,032
The North West Co., Inc.		483		10,559
The Toronto-Dominion Bank		617		27,537
True North Commercial Real Estate Investment Trust		4,667		19,113
				499,733
China  |  1.4%
China Aoyuan Group, Ltd.		6,000		7,265
China Evergrande Group		6,000		15,682
China Overseas Property Holdings, Ltd.		15,000		15,854
CIFI Holdings Group Co., Ltd.		26,000		20,291
Country Garden Holdings Co., Ltd.		11,000		13,537
Gemdale Properties & Investment Corp., Ltd.		52,000		9,678
KWG Group Holdings, Ltd.		14,500		24,316
Logan Group Co., Ltd.		25,000		44,687
Longfor Group Holdings, Ltd.		8,000		38,105
Poly Property Development Co., Ltd., Class H		1,600		16,124
Powerlong Real Estate Holdings, Ltd.		45,000		25,230
Shenzhen Investment, Ltd.		68,000		21,514
Sunac China Holdings, Ltd.		5,000		20,973
Times China Holdings, Ltd.		6,000		11,102
Yuexiu Property Co., Ltd.		58,000		10,336
				294,694

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

Semi-Annual Report   31

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Denmark  |  0.7%
Coloplast A/S, Class B		399	$	61,856
Novo Nordisk A/S, Class B		781		50,539
Scandinavian Tobacco Group A/S		2,479		36,545
				148,940
Finland  |  0.0%
Citycon Oyj		1,307		9,082
France  |  1.9%
Eutelsat Communications SA		7,223		66,553
Gecina SA REIT		91		11,233
L’Oreal SA (*)		59		18,915
Unibail-Rodamco-Westfield REIT		213		11,993
Vinci SA		2,936		269,991
				378,685
Germany  |  0.9%
Allianz SE		56		11,422
Aroundtown SA (*)		3,790		21,693
Deutsche EuroShop AG (*)		687		9,685
Deutsche Wohnen SE		492		22,071
Fraport AG (*)		1,338		58,301
Sirius Real Estate, Ltd.		11,000		10,374
Vonovia SE		886		54,274
				187,820
Hong Kong  |  1.4%
CK Asset Holdings, Ltd.		1,500		8,920
Dairy Farm International Holdings, Ltd.		3,100		14,437
Henderson Land Development Co., Ltd.		6,000		22,721
Jardine Matheson Holdings, Ltd.		72		3,009
Link Real Estate Investment Trust		5,500		44,879
Power Assets Holdings, Ltd.		16,000		86,885
Sands China, Ltd.		2,400		9,392
Shimao Property Holdings, Ltd.		7,500		31,783
Sun Hung Kai Properties, Ltd.		2,500		31,861
VTech Holdings, Ltd.		2,600		15,626
WH Group, Ltd.		20,500		17,593

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

32   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Wharf Real Estate Investment Co., Ltd.		1,000	$	4,772
				291,878
Israel  |  0.3%
Adgar Investment and Development, Ltd.		3,261		3,693
Azrieli Group, Ltd.		268		12,139
Israel Canada T.R, Ltd.		2,954		3,273
Mivne Real Estate KD, Ltd. (*)		4,602		8,303
Property & Building Corp., Ltd.		127		7,611
Reit 1, Ltd. REIT		2,248		8,211
Sella Capital Real Estate, Ltd. REIT		6,239		10,217
				53,447
Italy  |  5.7%
ASTM SpA		3,512		80,361
Atlantia SpA (*)		14,114		226,367
Enel SpA		3,493		30,093
Hera SpA		24,348		91,444
Italgas SpA		19,562		113,510
Snam SpA		66,804		324,924
Terna Rete Elettrica Nazionale SpA		45,286		310,918
				1,177,617
Japan  |  2.9%
Advance Residence Investment Corp. REIT		14		41,723
Dai-ichi Life Holdings, Inc.		1,000		11,910
Daito Trust Construction Co., Ltd.		200		18,376
Daiwa House Industry Co., Ltd.		1,300		30,661
East Japan Railway Co.		200		13,860
GLP J-Reit		21		30,494
Invesco Office J-Reit, Inc. REIT		88		11,476
Japan Logistics Fund, Inc. REIT		3		8,145
Japan Prime Realty Investment Corp. REIT		3		8,842
Japan Real Estate Investment Corp.		2		10,258
Kao Corp.		200		15,833
KDDI Corp.		900		26,985
Keihanshin Building Co., Ltd.		1,100		14,146
Kenedix, Inc.		2,200		10,841
LaSalle Logiport REIT		13		20,048

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

Semi-Annual Report   33

Description	Shares		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
MCUBS MidCity Investment Corp. REIT		26	$	18,871
Mitsubishi Estate Co., Ltd.		3,100		46,099
Mitsui Fudosan Co., Ltd.		1,700		30,123
Nippon Accommodations Fund, Inc. REIT		6		34,715
Nippon Building Fund, Inc. REIT		3		17,077
Nippon Prologis REIT, Inc.		6		18,235
NIPPON REIT Investment Corp.		5		16,277
NTT DOCOMO, Inc.		1,300		34,679
Omron Corp.		200		13,399
Open House Co., Ltd.		300		10,277
Orix JREIT, Inc.		8		10,499
Seven & I Holdings Co., Ltd.		400		13,054
Softbank Corp.		600		7,637
Tokio Marine Holdings, Inc.		300		13,070
Tosei Corp.		1,100		11,604
United Urban Investment Corp. REIT		11		11,828
West Japan Railway Co.		300		16,822
				597,864
Luxembourg  |  0.4%
SES SA		12,499		85,273
Mexico  |  0.1%
Corp Inmobiliaria Vesta SAB de CV		8,500		12,611
Fibra Uno Administracion SA de CV REIT		10,700		8,463
				21,074
Netherlands  |  0.3%
Flow Traders		550		19,666
Koninklijke Ahold Delhaize NV		1,656		45,095
				64,761
New Zealand  |  0.2%
Fisher & Paykel Healthcare Corp., Ltd., Class C		590		13,644
Meridian Energy, Ltd.		4,069		12,623
Spark New Zealand, Ltd.		5,325		15,768
				42,035

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 (•) (continued)
Norway  |  0.4%
Entra ASA		750	$	9,585
Orkla ASA		3,671		32,178
Salmar ASA (*)		183		8,740
Telenor ASA		1,756		25,582
				76,085
Singapore  |  1.1%
DBS Group Holdings, Ltd.		559		8,362
Jardine Cycle & Carriage, Ltd.		1,800		26,099
Keppel DC REIT		11,000		20,070
Manulife US Real Estate Investment Trust		38,400		29,277
Mapletree Commercial Trust REIT		9,600		13,329
Mapletree Industrial Trust REIT		33,000		68,580
Sheng Siong Group, Ltd.		55,400		65,675
				231,392
South Africa  |  0.1%
Fortress REIT, Ltd., Class A		21,157		15,188
Spain  |  1.8%
Ferrovial SA		13,141		349,400
Iberdrola SA		2,099		24,311
				373,711
Sweden  |  0.9%
Axfood AB		1,376		30,019
Castellum AB		1,178		21,980
Catena AB		314		12,356
Fabege AB		760		8,871
Fastighets AB Balder, B Shares (*)		224		8,524
Hufvudstaden AB, Class A		950		11,791
Klovern AB, Class B		7,128		11,250
Nobina AB (*)		2,011		12,005
Nyfosa AB (*)		3,872		26,337
Sagax AB, Class D		2,971		9,287
Swedish Match AB		330		23,171
				175,591

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)
Switzerland  |  1.1%
Allreal Holding AG		328	$	64,902
Nestle SA		196		21,653
Novartis AG		571		49,615
Roche Holding AG		248		85,865
				222,035
United Arab Emirates  |  0.1%
Aldar Properties PJSC		50,574		24,532
United Kingdom  |  5.6%
Admiral Group PLC		1,149		32,699
AstraZeneca PLC		88		9,174
British American Tobacco PLC		278		10,681
GlaxoSmithKline PLC		1,200		24,314
Great Portland Estates PLC REIT		3,774		29,532
Howden Joinery Group PLC		4,429		30,300
Imperial Brands PLC		1,374		26,165
Linde PLC		80		16,969
National Grid PLC		28,841		353,164
Pennon Group PLC		12,176		168,633
RELX PLC		1,720		39,810
Savills PLC		1,110		11,340
Segro PLC REIT		6,688		74,086
Severn Trent PLC		1,969		60,412
SSE PLC		531		8,965
Unilever NV		384		20,366
United Utilities Group PLC		19,906		224,229
				1,140,839
United States  |  24.2%
AbbVie, Inc.		344		33,774
Agilent Technologies, Inc.		130		11,488
Agree Realty Corp. REIT		314		20,633
Alexandria Real Estate Equities, Inc.		250		40,562
American Tower Corp. REIT		928		239,925
Americold Realty Trust REIT		406		14,738
Amgen, Inc.		40		9,434

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)
Aon PLC, Class A		339	$	65,291
Apple, Inc.		152		55,450
AvalonBay Communities, Inc. REIT		125		19,330
Best Buy Co., Inc.		108		9,425
Biogen, Inc. (*)		37		9,899
Boston Properties, Inc. REIT		361		32,627
Bristol-Myers Squibb Co.		403		23,696
Brixmor Property Group, Inc. REIT		1,569		20,115
Brookfield Property REIT, Inc., Class A		877		8,735
Bunge, Ltd.		450		18,508
Camden Property Trust REIT		314		28,643
Campbell Soup Co.		411		20,398
Cboe Global Markets, Inc.		110		10,261
CBRE Group, Inc., Class A (*)		941		42,552
CF Industries Holdings, Inc.		385		10,834
Church & Dwight Co., Inc.		246		19,016
Cigna Corp. (*)		71		13,323
Colgate-Palmolive Co.		209		15,311
Community Healthcare Trust, Inc. REIT		314		12,843
Consolidated Edison, Inc.		383		27,549
Copart, Inc. (*)		151		12,574
CoreSite Realty Corp. REIT		250		30,265
Costco Wholesale Corp.		111		33,656
Crown Castle International Corp. REIT		1,099		183,918
CSX Corp.		5,255		366,484
Digital Realty Trust, Inc. REIT		596		84,698
Dollar General Corp.		160		30,482
Easterly Government Properties, In.		1,099		25,409
Eli Lilly & Co.		365		59,926
Equinix, Inc. REIT		150		105,345
Equity Lifestyle Properties, Inc. REIT		652		40,737
Equity Residential REIT		627		36,880
Essex Property Trust, Inc. REIT		175		40,105
Extra Space Storage, Inc. REIT		230		21,245
Facebook, Inc., Class A (*)		45		10,218
FactSet Research Systems, Inc.		57		18,723

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)
Fastenal Co.		356	$	15,251
Ferguson PLC		147		12,025
Gaming and Leisure Properties, Inc. REIT		851		29,445
General Mills, Inc.		396		24,413
Gilead Sciences, Inc.		207		15,927
HD Supply Holdings, Inc. (*)		304		10,534
Healthcare Trust of America, Inc., Class A REIT		686		18,193
Healthpeak Properties, Inc. REIT		833		22,957
Hilton Worldwide Holdings, Inc.		1,101		80,868
Hormel Foods Corp.		804		38,809
Host Hotels & Resorts, Inc. REIT		1,126		12,150
Humana, Inc.		30		11,633
Intel Corp.		210		12,564
Invitation Homes, Inc. REIT		479		13,187
Iron Mountain, Inc. REIT		627		16,365
Johnson & Johnson		484		68,065
Kimberly-Clark Corp.		536		75,764
Lamar Advertising Co., Class A REIT		388		25,903
Lamb Weston Holdings, Inc.		152		9,717
Life Storage, Inc. REIT		157		14,907
Lockheed Martin Corp.		102		37,222
McDonald’s Corp.		83		15,311
McGrath RentCorp		132		7,129
Medical Properties Trust, Inc. REIT		1,725		32,430
Merck & Co., Inc.		598		46,243
Mid-America Apartment Communities, Inc. REIT		512		58,711
Nasdaq, Inc.		93		11,111
National Retail Properties, Inc. REIT		526		18,662
NIKE, Inc., Class B		148		14,511
Norfolk Southern Corp.		2,114		371,155
Northrop Grumman Corp.		125		38,430
Office Properties Income Trust REIT		343		8,908
Omega Healthcare Investors, Inc. REIT		712		21,168
Outfront Media, Inc. REIT		535		7,581
Pennsylvania Real Estate Investment Trust		2,196		2,987
PepsiCo, Inc.		135		17,855

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)
Pfizer, Inc.		834	$	27,272
Prologis, Inc. REIT		1,647		153,715
PS Business Parks, Inc. REIT		157		20,787
Public Storage		407		78,099
Realty Income Corp. REIT		784		46,648
Regency Centers Corp. REIT		471		21,614
Regeneron Pharmaceuticals, Inc. (*)		17		10,602
Republic Services, Inc.		788		64,655
Retail Value, Inc. REIT		314		3,881
RLJ Lodging Trust REIT		800		7,552
Ross Stores, Inc.		237		20,202
S&P Global, Inc.		27		8,896
Sabra Health Care REIT, Inc.		955		13,781
SBA Communications Corp. REIT		157		46,773
Simon Property Group, Inc. REIT		685		46,840
Southwest Gas Holdings, Inc.		1,700		117,385
Starbucks Corp.		308		22,666
STORE Capital Corp. REIT		689		16,405
Summit Hotel Properties, Inc. REIT		1,372		8,136
Sun Communities, Inc. REIT		125		16,960
Sunstone Hotel Investors, Inc. REIT		1,627		13,260
Target Corp.		192		23,027
The Allstate Corp.		271		26,284
The Clorox Co.		322		70,637
The Coca-Cola Co.		254		11,349
The Hershey Co.		369		47,830
The Home Depot, Inc.		87		21,794
The Kroger Co.		284		9,613
The Procter & Gamble Co.		601		71,862
The Progressive Corp.		112		8,972
The TJX Cos., Inc.		465		23,510
Thermo Fisher Scientific, Inc.		204		73,917
Tupperware Brands Corp.		1,077		5,116
Tyson Foods, Inc., Class A		190		11,345
UniFirst Corp.		48		8,590
Union Pacific Corp.		688		116,320

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)
United Parcel Service, Inc., Class B		117	$	13,008
UnitedHealth Group, Inc.		144		42,473
Universal Health Realty Income Trust REIT		314		24,960
Ventas, Inc. REIT		784		28,710
VEREIT, Inc. REIT		3,845		24,723
Verizon Communications, Inc.		294		16,208
Vertex Pharmaceuticals, Inc. (*)		40		11,612
VICI Properties, Inc. REIT		501		10,115
Visa, Inc., Class A		256		49,452
Vulcan Materials Co.		150		17,377
Walmart, Inc.		567		67,915
Waste Management, Inc.		628		66,511
Waters Corp. (*)		37		6,675
Welltower, Inc. REIT		596		30,843
Weyerhaeuser Co. REIT		885		19,877
WP Carey, Inc. REIT		375		25,369
WW Grainger, Inc.		72		22,620
Xenia Hotels & Resorts, Inc. REIT		800		7,464
Zoetis, Inc.		90		12,334
				4,967,657
Total Common Stocks (Cost $11,366,563)				11,795,309

Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations  |  9.1%
Australia  |  0.4%
Australia Government Bonds, 3.000%, 09/20/25	AUD		84	$	84,705

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

40   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Canada  |  0.8%
Canadian Government Real Return Bonds:
4.250%, 12/01/21	CAD		57	$	44,467
4.250%, 12/01/26	CAD		53		50,216
2.000%, 12/01/41	CAD		73		77,148
					171,831
Denmark  |  0.6%
Denmark Inflation Linked Government Bonds (††), 0.100%, 11/15/23	DKK		714		112,561
France  |  1.2%
Government of France, 1.850%, 07/25/27	EUR		188		254,457
Germany  |  0.5%
Deutsche Bundesrepublik Inflation Linked Bonds (††), 0.100%, 04/15/23	EUR		88		100,597
Italy  |  1.3%
Italy Buoni Poliennali Del Tesoro:
0.100%, 05/15/22	EUR		69		76,539
2.600%, 09/15/23	EUR		42		50,621
2.350%, 09/15/24	EUR		105		127,890
					255,050
Japan  |  0.2%
Japanese Government CPI Linked Bonds (††), 0.100%, 03/10/26	JPY		5,385		49,591
New Zealand  |  1.2%
New Zealand Government Bonds:
2.000%, 09/20/25	NZD		65		50,922
3.000%, 09/20/30	NZD		215		195,556
					246,478

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

Semi-Annual Report   41

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Spain  |  1.4%
Spain Government Inflation Linked Bonds (††):
0.300%, 11/30/21	EUR		146	$	165,611
1.800%, 11/30/24	EUR		91		113,156
					278,767
Sweden  |  0.2%
Sweden Inflation Linked Bonds (††), 3.500%, 12/01/28	SEK		235		47,505
United Kingdom  |  1.3%
United Kingdom Gilt Inflation Linked (††):
1.875%, 11/22/22	GBP		121		166,256
0.750%, 03/22/34	GBP		48		94,819
					261,075
Total Foreign Government Obligations (Cost $1,812,019)					1,862,617
US Treasury Securities  |  13.7%
Treasury Inflation Protected Security (††):
1.125%, 01/15/21	USD		1,093		1,103,593
0.125%, 04/15/21	USD		481		484,236
0.125%, 01/15/23	USD		56		56,959
2.375%, 01/15/25	USD		320		368,475
2.500%, 01/15/29	USD		612		784,364
Total US Treasury Securities (Cost $2,694,102)					2,797,627

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

42   Semi-Annual Report

Description	Shares (000)		Fair Value
Lazard Real Assets and Pricing Opportunities Portfolio (•) (continued)
Exchange-Traded Funds  |  2.9%
SPDR Gold Shares (∆) (Cost $489,772)	3,596	$	601,863
Short-Term Investments  |  18.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 0.11% (7 day yield) (∆) (Cost $3,782,426)	3,782,426		3,782,426
Total Investments  |  101.6%
(Cost $20,144,882) (»)		$	20,839,842
Liabilities in Excess of Cash and Other Assets  |  (1.6)%			(329,713	)
Net Assets  |  100.0%		$	20,510,129

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

Semi-Annual Report   43

Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)

Forward Currency Contracts open at June 30, 2020:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
CAD	34,930	USD	25,514	MSC	09/23/20		$	145		$	—
EUR	83,840	USD	94,193	SSB	09/25/20			204			—
GBP	2,381	USD	3,001	HSB	09/23/20			—			55
USD	76,225	AUD	111,272	CIT	09/25/20			—			490
USD	34,496	AUD	50,119	HSB	09/23/20			—			58
USD	49,803	AUD	72,359	JPM	09/23/20			—			84
USD	163,119	AUD	238,230	SSB	09/25/20			—			1,125
USD	34,616	CAD	46,894	CIT	09/23/20			169			—
USD	27,197	CAD	36,969	CIT	09/25/20			41			—
USD	127,450	CAD	172,633	HSB	09/23/20			637			—
USD	29,081	CAD	39,392	MSC	09/23/20			144			—
USD	116,793	DKK	771,391	CIT	09/23/20			253			—
USD	851,292	EUR	756,630	CIT	09/25/20			—			611
USD	56,094	EUR	49,812	HSB	09/23/20			13			—
USD	829,128	EUR	737,757	HSB	09/23/20			—			1,487
USD	316,463	EUR	280,058	HSB	09/25/20			1,140			—
USD	897,339	EUR	797,759	SSB	09/25/20			—			872
USD	87,794	GBP	69,651	CIT	09/23/20			1,598			—
USD	179,939	GBP	142,755	HSB	09/23/20			3,274			—
USD	40,066	GBP	32,554	HSB	09/25/20			—			221
USD	762,546	GBP	613,026	HSB	09/25/20			3,895			—
USD	45,250	HKD	350,953	CIT	09/25/20			—			10
USD	40,590	HKD	314,811	SSB	09/25/20			—			9
USD	25,359	JPY	2,715,237	JPM	09/23/20			144			—
USD	68,426	NZD	106,107	CIT	09/23/20			47			—
USD	50,782	NZD	79,222	HSB	09/23/20			—			272
USD	74,911	NZD	116,206	HSB	09/23/20			23			—
USD	53,584	NZD	83,100	JPM	09/23/20			32			—
USD	35,121	SEK	328,325	HSB	09/23/20			—			191
USD	16,126	SEK	150,834	JPM	09/23/20			—			97
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	11,759		$	5,582

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

44   Semi-Annual Report

Lazard Real Assets and Pricing Opportunities Portfolio (·) (continued)

Futures Contracts open at June 30, 2020 (Δ):

Type	Number of Contracts	Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation			Unrealized Depreciation
Natural Gas	8	$	80,000	08/27/2020	$	154,018	$	143,120		$	—		$	10,898
Low Sulphur Gasoil	1		100	09/10/2020		33,128		35,900			2,772			—
Sugar 11	2		224,000	09/30/2020		25,925		26,790			865			—
Cotton No. 2	1		50,000	12/08/2020		29,784		30,440			656			—
Soybean Oil	1		60,000	12/14/2020		17,260		17,286			26			—
Total gross unrealized appreciation/depreciation on Futures Contracts										$	4,319		$	10,898

Total Return Swap Agreements open at June 30, 2020 (Δ):

		Notional		Expiration				Payment	Unrealized
Currency	Counterparty	Amount		Date	Receive	Pay	Payable	Frequency	Depreciation
USD	GSC	$	2,642,697	10/23/20	Appreciation,	0.00%	Depreciation,	Upon		$620,586
					and dividends paid, on commodities in a custom momentum basket		and dividend expense (if applicable), on commodities in a custom momentum basket	Maturity(a)

(a)  For swap agreements, the net settlement will occur on the expiration date.

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

Semi-Annual Report   45

Lazard Real Assets and Pricing Opportunities Portfolio (·) (concluded)

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of June 30, 2020:

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL		4.31	%
Bean Oil	BCOMBO		2.39
Brent Crude	BCOMCO		5.87
Coffee	BCOMKC		4.64
Copper	BCOMHG		12.89
Corn	BCOMCN		8.27
Cotton	BCOMCT		0.01
Crude Oil	BCOMCO		7.22
Gasoline (RBOB)	BCOMRB		0.79
Gold	BCOMGC		2.27
Heating Oil	BCOMHO		4.70
Kansas Wheat	BCOMKW		2.94
Lean Hogs	BCOMLH		0.73
Live Cattle	BCOMLC		4.39
Natural Gas	BCOMNG		3.97
Nickel	BCOMNI		3.71
Silver	BCOMSI		6.28
Soy Meal	BCOMSM		4.83
Soybeans	BCOMSY		8.48
Sugar	BCOMSB		2.46
Wheat	BCOMWH		5.13
Zinc	BCOMZS		3.72
Total			100.00	%

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

46   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments

June 30, 2020 (unaudited)

(*)	Non-income producing security.
(§)	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, 2020.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2020, these securities amounted to 0.6% of the net assets of Lazard Global Dynamic Multi-Asset Portfolio.
(»)	The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(·)	Lazard Real Assets and Pricing Opportunities Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(††)	A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation.
(Δ)	The security is owned by Lazard Real Assets and Pricing Opportunities Portfolio, Ltd., a wholly owned subsidiary of Lazard Real Assets and Pricing Opportunities Portfolio. See Note 1 in the Notes to the Financial Statements.

Security Abbreviations:

ADR	— American Depositary Receipt
BBSW	— Bank Bill Swap Reference Rate
CPI	— Consumer Price Index
ETF	— Exchange-Traded Fund
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
NIBOR	— Norway Interbank Offered Rate
PJSC	— Public Joint Stock Company
PRIBOR	— Prague Interbank Offered Rate
REIT	— Real Estate Investment Trust
SOFRRATE	— Secured Overnight Financing Rate
WIBOR	— Warsaw Interbank Offered Rate

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
CNH	— Chinese Yuan Renminbi	NOK	— Norwegian Krone
CZK	— Czech Koruna	NZD	— New Zealand Dollar
DKK	— Danish Krone	PLN	— Polish Zloty
EUR	— Euro	SEK	— Swedish Krona
GBP	— British Pound Sterling	SGD	— Singapore Dollar
HKD	— Hong Kong Dollar	THB	— Thai Baht
HUF	— Hungarian Forint	USD	— United States Dollar
IDR	— Indonesian Rupiah
Counterparty Abbreviations:
CIT	— Citibank NA	JPM	— JPMorgan Chase Bank NA
GSC	— Goldman Sachs International	MSC	— Morgan Stanley & Co.
HSB	— HSBC Bank USA NA	SSB	— State Street Bank and Trust Co.

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

Semi-Annual Report   47

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		0.6	%		0.4	%
Air Freight & Logistics		—			0.1
Auto Components		0.1			—
Automobiles		1.8			—
Banks		4.5			0.2
Beverages		1.8			0.1
Biotechnology		0.5			0.7
Building Products		0.1			—
Capital Markets		2.4			0.5
Chemicals		0.3			0.1
Commercial Services & Suppliers		—			0.8
Communications Equipment		0.4			0.1
Construction & Engineering		—			3.0
Construction Materials		—			0.1
Consumer Finance		0.6			—
Containers & Packaging		0.1			—
Distributors		0.1			0.1
Diversified Financial Services		1.7			—
Diversified Telecommunication Services		1.6			0.5
Electric Utilities		0.3			2.2
Electrical Equipment		1.2			—
Electronic Equipment, Instruments & Components		0.2			0.1
Entertainment		0.4			—
Equity Real Estate Investment Trusts (REITs)		0.1			13.6
Food & Staples Retailing		0.8			2.3
Food Products		0.6			1.3
Gas Utilities		—			2.7
Health Care Equipment & Supplies		0.5			0.4
Health Care Providers & Services		0.8			0.3
Hotels, Restaurants & Leisure		2.4			0.6
Household Products		1.8			1.2
Independent Power & Renewable Electricity Producers		0.2			0.5
Industrial Conglomerates		0.3			—
Insurance		0.9			1.1
Interactive Media & Services		0.8			0.1
Internet & Direct Marketing Retail		1.2			—
IT Services		1.0			0.2
Leisure Products		0.4			—
Life Sciences Tools & Services		0.8			0.4

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

48   Semi-Annual Report

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets and Pricing Opportunities Portfolio
Machinery		1.2	%		—	%
Media		0.1			0.7
Metals & Mining		0.3			0.2
Multiline Retail		0.4			0.3
Multi-Utilities		0.2			2.7
Oil, Gas & Consumable Fuels		0.4			—
Personal Products		1.4			0.3
Pharmaceuticals		3.1			2.2
Professional Services		0.7			0.2
Real Estate Management & Development		0.3			5.2
Road & Rail		0.4			4.5
Semiconductors & Semiconductor Equipment		0.9			0.1
Software		3.5			0.2
Specialty Retail		1.3			0.4
Technology Hardware, Storage & Peripherals		2.0			0.3
Textiles, Apparel & Luxury Goods		0.2			0.1
Tobacco		—			0.5
Trading Companies & Distributors		0.2			0.4
Transportation Infrastructure		—			2.9
Water Utilities		—			2.2
Wireless Telecommunication Services		1.0			0.4
Subtotal		48.9			57.5
Exchange Traded Funds		8.0			2.9
Foreign Government Obligations		21.8			9.1
Supranational Bonds		4.9			—
US Municipal Bonds		0.8			—
US Treasury Securities		10.5			13.7
Short-Term Investments		8.6			18.4
Total Investments		103.5	%		101.6	%

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

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

Semi-Annual Report   49

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

	Lazard				Lazard
	Global Dynamic			Opportunistic
	Multi-Asset				Strategies
June 30, 2020	Portfolio				Portfolio
ASSETS
Investments in securities, at fair value		$	54,774,165		$	76,744,475
Cash			330			—
Cash collateral due from broker on futures contracts swap agreements			—			—
Foreign currency, at fair value			519			—
Receivables for:
Dividends and interest			281,440			76,812
Capital stock sold			—			150
Investments sold			417,976			—
Amount due from Investment Manager (Note 3)			—			—
Receivable for variation margin on open futures contracts			—			—
Gross unrealized appreciation on forward currency contracts			59,289			—
Prepaid expenses			1,688			15,353
Total assets			55,535,407			76,836,790
LIABILITIES
Payables for:
Management fees			16,309			46,435
Accrued professional services			42,449			33,086
Accrued distribution fees			58			34
Accrued directors’ fees			—			—
Capital stock redeemed			—			100,525
Investments purchased			2,413,435			—
Gross unrealized depreciation on:
Forward currency contracts			124,494			—
Swap agreements			—			—
Other accrued expenses and payables			16,584			9,217
Total liabilities			2,613,329			189,297
Net assets		$	52,922,078		$	76,647,493
NET ASSETS
Paid in capital		$	52,389,513		$	71,607,881
Distributable earnings (Accumulated loss)			532,565			5,039,612
Net assets		$	52,922,078		$	76,647,493
Institutional Shares
Net assets		$	52,651,644		$	76,507,262
Shares of capital stock outstanding*			5,431,255			7,750,890
Net asset value, offering and redemption price per share		$	9.69		$	9.87
Open Shares
Net assets		$	270,434		$	140,231
Shares of capital stock outstanding*			27,925			14,304
Net asset value, offering and redemption price per share		$	9.68		$	9.80
Cost of investments in securities		$	51,998,550		$	69,720,539
Cost of foreign currency		$	518		$	—

*	$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.

50  Semi-Annual Report

Lazard Real Assets and Pricing Opportunities Portfolio (a)
	$	20,839,842
		—
		394,052
		4,373
		69,280
		—
		66,155
		5,547
		4,264
		11,759
		8,852
		21,404,124
		—
		47,759
		18 1,404
		—
		203,273
		5,582
		620,586
		15,373
		893,995
	$	20,510,129
	$	20,637,520
		(127,391	)
	$	20,510,129
	$	20,418,512
		2,111,626
	$	9.67
	$	91,617
		9,486
	$	9.66
	$	20,144,882
	$	4,369

Semi-Annual Report  51

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

	Lazard				Lazard
	Global Dynamic				Opportunistic
	Multi-Asset				Strategies
For the Period Ended June 30, 2020	Portfolio				Portfolio
Investment Income (Loss)
Income
Dividends		$	253,762			$	563,814
Interest			190,272				43,609
Total investment income*			444,034				607,423
Expenses
Management fees (Note 3)			186,123				381,804
Professional services			22,990				24,932
Registration fees			18,035				18,733
Custodian fees			74,442				16,649
Administration fees			10,312				12,176
Shareholders’ reports			2,193				9,662
Shareholders’ services			4,267				6,681
Directors’ fees and expenses			3,566				4,330
Distribution fees (Open Shares)			357				211
Other^			2,503				3,244
Total gross expenses before interest expense			324,788				478,422
Interest expense			—				7,179
Total gross expenses			324,788				485,601
Management fees waived and expenses reimbursed			(114,927	)			(88,455	)
Total net expenses			209,861				397,146
Net investment income (loss)			234,173				210,277
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**			(2,172,078	)			(2,091,463	)
Securities sold short			—				(146,392	)
Foreign currency transactions			(32,471	)			—
Forward currency contracts			290,544				—
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			(1,914,005	)			(2,237,855	)

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

52  Semi-Annual Report

Lazard Real Assets and Pricing Opportunities Portfolio (a)
	$	161,451
		25,688
		187,139
		59,799
		28,636
		18,187
		48,242
		8,472
		2,084
		3,583
		9,256
		327
		4,255
		182,841
		—
		182,841
		(105,540	)
		77,301
		109,838
		(320,713	)
		—
		350
		11,728
		(88,381	)
		187,406
		(209,610	)

Semi-Annual Report  53

	Lazard				Lazard
	Global Dynamic				Opportunistic
	Multi-Asset				Strategies
For the Period Ended June 30, 2020	Portfolio				Portfolio
Net change in unrealized appreciation (depreciation) on:
Investments		$	(2,694,719	)		$	1,215,400
Securities sold short			—				473,033
Foreign currency translations			2,074				—
Forward currency contracts			(62,034	)			—
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			(2,754,679	)			1,688,433
Net realized and unrealized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts and swap agreements			(4,668,684	)			(549,422	)
Net increase (decrease) in net assets resulting from operations		$	(4,434,511	)		$	(339,145	)
* Net of foreign withholding taxes of		$	10,654			$	—
** Net of foreign capital gains taxes of		$	—			$	—
^ Includes interest on line of credit of		$	26			$	72

(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)
	$	(775,024	)
		—
		(286	)
		67,889
		(4,251	)
		(633,987	)
		(1,345,659	)
		(1,555,269	)
	$	(1,445,431	)
	$	9,933
	$	86
	$	58

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

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, 2020				December 31,
	(unaudited)				2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	234,173			$	647,125
Net realized gain (loss) on investments, securities sold short, foreign currency transactions, forward currency contracts, futures contracts and swap agreements			(1,914,005	)			(34,410	)
Net change in unrealized appreciation (depreciation) on investments, securities sold short, foreign currency translations, forward currency contracts, futures contracts and swap agreements			(2,754,679	)			6,947,863
Net increase (decrease) in net assets resulting from operations			(4,434,511	)			7,560,578
Distributions to shareholders (Note 2(h))
Net investment Income and net realized gains
Institutional Shares			—				(607,408	)
Open Shares			—				(2,851	)
Net decrease in net assets resulting from distributions			—				(610,259	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			11,794,424				3,315,020
Open Shares			38,180				101,513
Net proceeds from reinvestment of distributions
Institutional Shares			—				607,408
Open Shares			—				2,851
Cost of shares redeemed
Institutional Shares			(2,222,342	)			(5,930,367	)
Open Shares			(28,182	)			(74,979	)
Net increase (decrease) in net assets from capital stock transactions			9,582,080				(1,978,554	)
Total increase (decrease) in net assets			5,147,569				4,971,765
Net assets at beginning of period			47,774,509				42,802,744
Net assets at end of period		$	52,922,078			$	47,774,509

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, 2020				December 31,				June 30, 2020				December 31,
(unaudited)				2019				(unaudited)				2019
	$	210,277			$	996,030			$	109,838			$	274,713
		(2,237,855	)			3,928,159				(209,610	)			(29,648	)
		1,688,433				9,164,208				(1,345,659	)			2,305,670
		(339,145	)			14,088,397				(1,445,431	)			2,550,735
		—				(1,640,929	)			(79,811	)			(392,070	)
		—				(3,453	)			(217	)			(1,189	)
		—				(1,644,382	)			(80,028	)			(393,259	)
		2,443,588				7,393,394				4,490,116				246,555
		1,333				6,169				1,040,255				15,632
		—				1,534,238				79,811				392,070
		—				3,285				217				1,189
		(9,112,509	)			(40,611,931	)			(90,349	)			(1,438,693	)
		(62,297	)			(121,466	)			(1,064,421	)			(653	)
		(6,729,885	)			(31,796,311	)			4,455,629				(783,900	)
		(7,069,030	)			(19,352,296	)			2,930,170				1,373,576
		83,716,523				103,068,819				17,579,959				16,206,383
	$	76,647,493			$	83,716,523			$	20,510,129			$	17,579,959

Semi-Annual Report   57

	Lazard Global Dynamic Multi-Asset Portfolio
		Six Months Ended June 30, 2020 (unaudited)		Year Ended December 31, 2019
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		4,403,915		4,593,006
Shares sold		1,256,879		324,728
Shares issued to shareholders from reinvestment of distributions		—		56,451
Shares redeemed		(229,539	)	(570,270	)
Net increase (decrease)		1,027,340		(189,091	)
Shares outstanding at end of period		5,431,255		4,403,915
Open Shares
Shares outstanding at beginning of period		27,210		24,305
Shares sold		3,705		9,879
Shares issued to shareholders from reinvestment of distributions		—		265
Shares redeemed		(2,990	)	(7,239	)
Net increase (decrease)		715		2,905
Shares outstanding at end of period		27,925		27,210

(a)  Consolidated Statements of Changes in Net Assets.

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, 2020 (unaudited)			Year Ended December 31, 2019			Six Months Ended June 30, 2020 (unaudited)			Year Ended December 31, 2019
	8,460,555			11,766,647			1,639,120			1,715,687
	270,550			781,937			473,487			23,075
	—			155,602			8,999			37,072
	(980,215	)		(4,243,631	)		(9,980	)		(136,714	)
	(709,665	)		(3,306,092	)		472,506			(76,567	)
	7,750,890			8,460,555			2,111,626			1,639,120
	21,180			32,902			6,050			4,528
	145			648			118,281			1,474
	—			335			24			112
	(7,021	)		(12,705	)		(114,870	)		(64	)
	(6,876	)		(11,722	)		3,435			1,522
	14,304			21,180			9,485			6,050

Semi-Annual Report   59

The Lazard Funds, Inc. Financial Highlights

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share	Six Months													For the Period
of capital stock outstanding	Ended				Year Ended										5/27/16* to
throughout the period	6/30/20†				12/31/19			12/31/18			12/31/17				12/31/16
Institutional Shares
Net asset value, beginning of period		$	10.78		$	9.27		$	11.49		$	10.00			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.14			0.16			0.15				0.06
Net realized and unrealized gain (loss)			(1.14	)		1.51			(0.92	)		1.92				(0.01	)
Total from investment operations			(1.09	)		1.65			(0.76	)		2.07				0.05
Less distributions from:
Net investment income			—			(0.14	)		(0.20	)		(0.14	)			(0.05	)
Net realized gains			—			—			(1.26	)		(0.44	)			—	(b)
Total distributions			—			(0.14	)		(1.46	)		(0.58	)			(0.05	)
Net asset value, end of period		$	9.69		$	10.78		$	9.27		$	11.49			$	10.00
Total Return (c)			–10.11	%		17.80	%		–6.35	%		20.69	%			0.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	52,652		$	47,481		$	42,577		$	68,761			$	48,544
Ratios to average net assets (d):
Net expenses			0.90	%		0.90	%		0.90	%		0.90	%			0.90	%
Gross expenses			1.39	%		1.45	%		1.34	%		1.42	%			2.14	%
Net investment income (loss)			1.01	%		1.36	%		1.36	%		1.40	%			0.95	%
Portfolio turnover rate			109	%		125	%		120	%		102	%			67	%

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

60   Semi-Annual Report

Selected data for a share	Six Months													For the Period
of capital stock outstanding	Ended				Year Ended										5/27/16* to
throughout the period	6/30/20†				12/31/19			12/31/18			12/31/17				12/31/16
Open Shares
Net asset value, beginning of period		$	10.78		$	9.27		$	11.49		$	10.00			$	10.00
Income (Loss) from Investment operations:
Net investment income (loss) (a)			0.04			0.11			0.12			0.12				0.04
Net realized and unrealized gain (loss)			(1.14	)		1.51			(0.91	)		1.91				(0.01	)
Total from investment operations			(1.10	)		1.62			(0.79	)		2.03				0.03
Less distributions from:
Net investment income			—			(0.11	)		(0.17	)		(0.10	)			(0.03	)
Net realized gains			—			—			(1.26	)		(0.44	)			—	(b)
Total distributions			—			(0.11	)		(1.43	)		(0.54	)			(0.03	)
Net asset value, end of period		$	9.68		$	10.78		$	9.27		$	11.49			$	10.00
Total Return (c)			–10.20	%		17.46	%		–6.64	%		20.33	%			0.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	270		$	293		$	225		$	414			$	210
Ratios to average net assets (d):
Net expenses			1.15	%		1.18	%		1.20	%		1.20	%			1.20	%
Gross expenses			2.91	%		5.45	%		4.20	%		5.79	%			9.43	%
Net investment income (loss)			0.76	%		1.10	%		1.07	%		1.09	%			0.72	%
Portfolio turnover rate			109	%		125	%		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. 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   61

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/20†					12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Institutional Shares
Net asset value, beginning of period		$	9.87			$	8.74		$	10.60		$	9.70		$	9.36		$	10.02
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03				0.10			0.14			0.10			0.16	^		0.07
Net realized and unrealized gain (loss)			(0.03	)			1.23			(1.48	)		1.62			0.34			(0.46	)
Total from investment operations			—				1.33			(1.34	)		1.72			0.50			(0.39	)
Less distributions from:
Net investment income			—				(0.12	)		(0.02	)		(0.14	)		(0.14	)		(0.03	)
Net realized gains			—				(0.08	)		(0.48	)		(0.68	)		—			(0.24	)
Return of capital			—				—			(0.02	)		—			(0.02	)		—	(b)
Total distributions			—				(0.20	)		(0.52	)		(0.82	)		(0.16	)		(0.27	)
Redemption fees			—				—			—			—			—	(b)		—	(b)
Net asset value, end of period		$	9.87			$	9.87		$	8.74		$	10.60		$	9.70		$	9.36
Total Return (c)			0.00	%			15.16	%		–12.72	%		17.74	%		5.36	%^		–3.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	76,507			$	83,509		$	102,783		$	151,767		$	141,494		$	170,626
Ratios to average net assets (d):
Net expenses			1.04	%			1.22	%		1.02	%		1.05	%		1.02	%^		1.02	%
Gross expenses			1.26	%			1.43	%		1.15	%		1.18	%		1.19	%		1.18	%
Gross expenses, excluding expenses on securities sold short			1.24	%			1.23	%		1.15	%*		1.15	%		1.19	%		1.18	%
Net investment income (loss)			0.55	%			1.08	%		1.32	%		0.99	%		1.72	%^		0.66	%
Portfolio turnover rate:
Excluding securities sold short			55	%			82	%		227	%		142	%		238	%		255	%
Including securities sold short			61	%			99	%		N/A	*		153	%		N/A	*		N/A	*

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	6/30/20†					12/31/19			12/31/18			12/31/17			12/31/16			12/31/15
Open Shares
Net asset value, beginning of period		$	9.82			$	8.69		$	10.55		$	9.65		$	9.32		$	10.02
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.01				0.07			0.10			0.05			0.13	^		0.01
Net realized and unrealized gain (loss)			(0.03	)			1.23			(1.46	)		1.64			0.33			(0.47	)
Total from investment operations			(0.02	)			1.30			(1.36	)		1.69			0.46			(0.46	)
Less distributions from:
Net investment income			—				(0.09	)		—			(0.11	)		(0.11	)		—	(b)
Net realized gains			—				(0.08	)		(0.48	)		(0.68	)		—			(0.24	)
Return of capital			—				—			(0.02	)		—			(0.02	)		—	(b)
Total distributions			—				(0.17	)		(0.50	)		(0.79	)		(0.13	)		(0.24	)
Net asset value, end of period		$	9.80			$	9.82		$	8.69		$	10.55		$	9.65		$	9.32
Total Return (c)			–0.20	%			14.91	%		–13.05	%		17.48	%		4.97	%^		–4.51	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	140			$	208		$	286		$	428		$	823		$	725
Ratios to average net assets (d):
Net expenses			1.29	%			1.51	%		1.32	%		1.34	%		1.32	%^		1.32	%
Gross expenses			5.64	%			3.78	%		4.22	%		3.87	%		3.31	%		1.66	%
Gross expenses, excluding expenses on securities sold short			5.62	%			3.58	%		4.22	%*		3.85	%		3.31	%*		1.66	%*
Net investment income (loss)			0.30	%			0.76	%		1.00	%		0.53	%		1.43	%^		0.15	%
Portfolio turnover rate:
Excluding securities sold short			55	%			82	%		227	%		142	%		238	%		255	%
Including securities sold short			61	%			99	%		N/A	*		153	%		N/A	*		N/A	*

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 a period of 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 of capital stock outstanding	Six Months Ended				Year Ended									For the Period 12/31/16* to
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17			12/31/16
Institutional Shares
Net asset value, beginning of period		$	10.69		$	9.42		$	10.71		$	10.00		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.16			0.16			0.19			—
Net realized and unrealized gain (loss)			(1.03	)		1.35			(0.96	)		0.78			—	(b)
Total from investment operations			(0.97	)		1.51			(0.80	)		0.97			—	(b)
Less distributions from:
Net investment income			(0.05	)		(0.24	)		(0.25	)		(0.13	)		—
Net realized gains			—			—	(b)		(0.24	)		(0.13	)		—
Total distributions			(0.05	)		(0.24	)		(0.49	)		(0.26	)		—
Net asset value, end of period		$	9.67		$	10.69		$	9.42		$	10.71		$	10.00
Total Return (c)			–9.07	%		16.07	%		–7.47	%		9.80	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	20,419		$	17,515		$	16,164		$	17,812		$	13,090
Ratios to average net assets (d):
Net expenses			0.90	%		0.90	%		0.90	%		0.90	%		0.00	%
Gross expenses			2.12	%		2.20	%		2.04	%		3.13	%		3.49	%
Net investment income (loss)			1.28	%		1.59	%		1.53	%		1.79	%		0.00	%
Portfolio turnover rate			33	%		44	%		72	%		76	%		0	%

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

Semi-Annual Report   65

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended						For the Period 1/9/17* to
throughout each period	6/30/20†				12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	10.67		$	9.41		$	10.70		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.14			0.14			0.18
Net realized and unrealized gain (loss)			(1.06	)		1.33			(0.96	)		0.74
Total from investment operations			(0.98	)		1.47			(0.82	)		0.92
Less distributions from:
Net investment income			(0.03	)		(0.21	)		(0.23	)		(0.12	)
Net realized gains			—			—	(b)		(0.24	)		(0.13	)
Total distributions			(0.03	)		(0.21	)		(0.47	)		(0.25	)
Net asset value, end of period		$	9.66		$	10.67		$	9.41		$	10.70
Total Return (c)			–9.21	%		15.70	%		–7.70	%		9.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	92		$	65		$	43		$	135
Ratios to average net assets (d):
Net expenses			1.15	%		1.10	%		1.15	%		1.15	%
Gross expenses			3.65	%		23.75	%		13.72	%		20.65	%
Net investment income (loss)			1.79	%		1.39	%		1.29	%		1.69	%
Portfolio turnover rate			33	%		44	%		72	%		76	%

†	Unaudited
^	Consolidated Financial Highlights.
*	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.

66  Semi-Annual Report

The Lazard Funds, Inc. Notes to Financial Statements

June 30, 2020 (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, 2020, the Fund was comprised of thirty no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Global Dynamic Multi-Asset, Opportunistic Strategies and Real Assets and Pricing Opportunities Portfolios. The financial statements of the other twenty-seven 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, 2020, net assets of the Portfolio were $20,510,129, of which $3,757,117, or 18.32%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

Semi-Annual Report   67

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.

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 certain non-US securities exchanges or markets, such as those in Europe and Asia, may be completed

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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, securities trading in a particular non-US country or countries, may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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

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

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price 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.

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(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 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 cur-

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rency 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, 2020, 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 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,

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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, 2020, 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 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.

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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, 2020, the Real Assets and Pricing Opportunities Portfolios traded in swap agreements.

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

At December 31, 2019, 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, 2019, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Global Dynamic Multi-Asset	$	—	$	136,947
Real Assets and Pricing Opportunities		—		24,110

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:

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Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Global Dynamic Multi-Asset		$51,998,550		$3,062,772	$	352,362		$2,710,410
Opportunistic Strategies		69,720,539		7,440,333		416,397		7,023,936
Real Assets and Pricing Opportunities		20,144,882		1,534,510		1,460,538		73,972

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 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.

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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, distributions redesignations, distributions in excess of current earnings, equalization, Treasury Inflation-Protected Securities, currency straddles, 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. and Lazard Global Total Return and 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 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

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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:

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

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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 a Portfolio until May 1, 2021 the aggregate direct expenses of the Portfolio(s), exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims, and extraordinary expenses, exceed the applicable percentage(s) of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the 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 expenses.

	Institutional			Open
Portfolio	Shares			Shares
Global Dynamic Multi-Asset		0.90	%		1.15	%
Opportunistic Strategies		1.02			1.27
Real Assets and Pricing Opportunities		0.90			1.15

During the period ended June 30, 2020, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
	Management		Expenses		Management		Expenses
Portfolio	Fees Waived		Reimbursed		Fees Waived		Reimbursed
Global Dynamic Multi-Asset	$	112,418	$	—	$	1,141	$	1,368
Opportunistic Strategies		84,778		—		845		2,832
Real Assets and Pricing Opportunities		58,884		43,400		915		2,341

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

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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, the Lazard Opportunistic Strategies Portfolio 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, 2020, 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 $237,000, (2) an additional annual fee of $33,700 to the lead Independent Director, and (3) an additional annual fee of $23,500 to the Audit Committee Chair. The Independent Directors (an “Independent Director” is a Director who is not an “interested person” (as defined in the 1940 Act) of the Fund) 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 meet-

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ings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated based upon each active portfolio’s proportionate share of combined net assets. The Statement of Operations shows 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, 2020 were as follows:

Portfolio	Purchases		Sales
Global Dynamic Multi-Asset		$47,922,343		$44,058,915
Opportunistic Strategies		43,387,017		43,891,606
Real Assets and Pricing Opportunities		7,254,275		4,122,954

	US Treasury Securities
Portfolio		Purchases	Sales
Global Dynamic Multi-Asset		$7,153,577	$2,422,218
Real Assets and Pricing Opportunities		770,477	736,993

For the period ended June 30, 2020, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

6. Line of Credit

The Fund has a $100 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 London Interbank Offered Rate (“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

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also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2020, 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
Global Dynamic Multi-Asset			$2,164		$790,000		1.20	%		1
Opportunistic Strategies			5,219		430,000		1.36			6
Real Assets and Pricing Opportunities			4,137		755,000		1.39			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 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

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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 a Portfolio’s foreign currency exposure.

(d) Real Estate Investments and REITs Risk—Portfolios that invest in Real Estate Investments and/or REITs could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of investments made by a Portfolio may be determined to a great extent by the current status of the real estate industry in general, or by other factors (such as interest rates and the availability of loan capital) that may affect the real estate industry, even if other industries would not be so affected. Consequently, the investment strategies of a Portfolio could lead to securities investment results that may be significantly different from investments in securities of other industries or sectors or in a more broad-based portfolio generally.

The risks related to investments in Realty Companies and Real Estate Investments include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.

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REITs are subject to similar risks as Real Estate Investments. 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 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 USTreasury 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.

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(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 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

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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 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 ETFs, closed-end funds and exchange-traded notes (ExchangeTraded Notes (“ETNs”) and collectively with ETFs and closed-end funds, “Underlying Funds”) in

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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 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 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

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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.

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.

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(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 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

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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.

(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 USTreasury 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

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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 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.

(n) Allocation Risk—A Portfolio’s ability to achieve its investment objective depends in part on the Investment Manager’s skill in determining the Portfolio’s allocation among real assets categories. The Investment Manager’s evaluations and assumptions underlying its allocation decisions may differ from actual market conditions.

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(o) 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, among other factors, regulation by various government authorities, including rate regulation, and service interruption due to environmental, operational or other mishaps

(p) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by interference with each Portfolio’s ability to calculate its NAV; impediments to trading for the Portfolio’s portfolio managers; the inability of Portfolio shareholders to transact business with the Portfolio; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which the Portfolio invests, counterparties with which the Portfolio engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and

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other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

(q) Market Risk—A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact the Portfolios and their investments.

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. Man-

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

9. Fair Value Measurements

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

● Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

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

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

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

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

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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, 2020:

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, 2020
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia		$	—	$	282,814		$	—	$	282,814
Belgium			—		19,261			—		19,261
Canada			344,745		—			—		344,745
Denmark			65,218		102,166			—		167,384
Finland			—		32,034			—		32,034
France			—		109,485			—		109,485
Germany			236,755		11,971			—		248,726
Hong Kong			181,760		36,942			—		218,702
Israel			57,065		—			—		57,065
Japan			273,388		995,422			—		1,268,810
Macau			62,693		—			—		62,693
Netherlands			267,213		89,326			—		356,539
New Zealand			—		21,784			—		21,784
Norway			—		44,294			—		44,294
Puerto Rico			9,850		—			—		9,850
Singapore			—		21,757			—		21,757
Spain			—		13,774			—		13,774
Sweden			238,790		51,563			—		290,353
Switzerland			127,904		290,302			—		418,206
United Kingdom			863,894		117,204			—		981,098
United States			9,066,691		—			—		9,066,691
Corporate Bonds*			—		11,169,141			—		11,169,141
Foreign Government Obligations			—		11,558,018			—		11,558,018
Quasi Government Bonds*			—		676,643			—		676,643
Supranational Bonds			—		2,602,609			—		2,602,609
US Municipal Bonds			—		407,948			—		407,948
US Treasury Securities			—		5,552,262			—		5,552,262
Exchange-Traded Funds			4,238,440		—			—		4,238,440
Short-Term Investments			4,533,039		—			—		4,533,039
Other Financial Instruments†
Forward Currency Contracts			—		59,289			—		59,289
Total		$	20,567,445	$	34,266,009		$	—	$	54,833,454
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(124,494	)	$	—	$	(124,494	)

Semi-Annual Report   93

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, 2020
Opportunistic Strategies Portfolio
Exchange-Traded Funds		$	67,829,675	$	—	$	—	$	67,829,675
Short-Term Investments			8,914,800		—		—		8,914,800
Other Financial Instruments†
Total		$	76,744,475	$	—	$	—	$	76,744,475
Lazard Real Assets and Pricing Opportunities Portfolio
Assets:
Common Stocks*
Australia		$	—	$	687,825	$	—	$	687,825
Belgium			—		14,234		—		14,234
Brazil			13,317		—		—		13,317
Canada			499,733		—		—		499,733
China			—		294,694		—		294,694
Denmark			—		148,940		—		148,940
Finland			—		9,082		—		9,082
France			6,199		372,486		—		378,685
Germany			—		187,820		—		187,820
Hong Kong			—		291,878		—		291,878
Israel			—		53,447		—		53,447
Italy			—		1,177,617		—		1,177,617
Japan			—		597,864		—		597,864
Luxembourg			—		85,273		—		85,273
Mexico			21,074		—		—		21,074
Netherlands			—		64,761		—		64,761
New Zealand			—		42,035		—		42,035
Norway			—		76,085		—		76,085
Singapore			—		231,392		—		231,392
South Africa			—		15,188		—		15,188
Spain			—		373,711		—		373,711
Sweden			—		175,591		—		175,591
Switzerland			—		222,035		—		222,035
United Arab Emirates			—		24,532		—		24,532
United Kingdom			16,969		1,123,870		—		1,140,839
United States			4,955,632		12,025		—		4,967,657
Foreign Government Obligations			—		1,862,617		—		1,862,617
US Treasury Securities			—		2,797,627		—		2,797,627
Exchange-Traded Funds			601,863		—		—		601,863
Short-Term Investments			3,782,426		—		—		3,782,426
Other Financial Instruments†
Forward Currency Contracts			—		11,759		—		11,759
Futures Contracts			4,319		—		—		4,319
Total		$	9,901,532	$	10,954,388	$	—	$	20,855,920

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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, 2020
Lazard Real Assets and Pricing Opportunities Portfolio
Liabilities: (continued)
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(5,582	)	$	—	$	(5,582	)
Futures Contracts			(10,898	)		—			—		(10,898	)
Total Return Swap Agreements			—			(620,586	)		—		(620,586	)
Total		$	(10,898	)	$	(626,168	)	$	—	$	(637,066	)

*	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.

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During the period ended June 30, 2020, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Global Dynamic Multi-Asset Portfolio		Real Assets and Pricing Opportunities Portfolio
Forward currency contracts:
Average amounts purchased	$	12,200,000	$	200,000
Average amounts sold		9,000,000		4,200,000
Futures contracts:
Average notional value of contracts – long				200,000
Total return swap agreements:
Average notional value				2,100,000

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, 2020:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	59,289
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	124,494

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, 2020:

Assets – Derivative Financial Instruments	Commodity Contracts		Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	—		$11,759	$	11,759
Future Contracts
Variation margin on open futures contracts (a)		4,264		—		4,264
Total	$	4,264		$11,759	$	16,023

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Liabilities – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—	$	5,582	$	5,582
Swap agreements
Unrealized appreciation on swap agreements			620,586		—		620,586
Total		$	620,586	$	5,582	$	626,168

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

Global Dynamic Multi-Asset Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended June 30, 2020 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	290,544
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	(62,034	)

Real Assets and Pricing Opportunities Portfolio

The effect of derivative instruments on the Statement of Operations for the year ended June 30, 2020 was

Net Realized Gain (Loss) from:	Commodity Contracts				Credit Contracts		Foreign Currency Exchange Contracts			Total
Forward currency contracts		$	—		$	—		$	11,728	$	11,728
Futures Contracts			(88,381	)		—			—		(88,381	)
Swap agreements			—			187,406			—		187,406
Total		$	(88,381	)	$	187,406		$	11,728	$	110,753

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Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts				Credit Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts		$	—		$	—			$	67,889	$	67,889
Futures Contracts			(4,251	)		—				—		(4,251	)
Swap agreements			—			(633,987	)			—		(633,987	)
Total		$	(4,251	)	$	(633,987	)		$	67,889	$	(570,349	)

As of June 30, 2020, the Global Dynamic Multi-Asset 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, 2020:

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		$	59,289		$	—		$	59,289

				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		$	9,153	$	(8,454	)	$	—	$	699
HSBC Bank USA NA			22,683		(22,683	)		—		—
JPMorgan Chase Bank NA			22,278		(22,278	)		—		—
Morgan Stanley Capital Services LLC.			3,182		(1,020	)		—		2,162
State Street Bank and Trust Co.			1,993		(1,993	)		—		—
Total		$	59,289	$	(56,428	)	$	—	$	2,861

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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		$	124,494		$	—		$	124,494

				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		$	8,454	$	(8,454	)	$	—	$	—
HSBC Bank USA NA			77,367		(22,683	)		—		54,684
JPMorgan Chase Bank NA			35,575		(22,278	)		—		13,297
Morgan Stanley Capital Services LLC.			1,020		(1,020	)		—		—
State Street Bank and Trust Co.			2,078		(1,993	)		—		85
Total		$	124,494	$	(56,428	)	$	—	$	68,066

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		$	11,759		$	—		$	11,759

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts of Derivative Assets
Citibank NA		$	2,108	$	(1,111	)	$	—	$	997
HSBC Bank USA NA			8,982		(2,284	)		—		6,698
JPMorgan Chase Bank NA			176		(176	)		—		—
Morgan Stanley Capital Services LLC.			289		—			—		289
State Street Bank and Trust Co.			204		(204	)		—		—
Total		$	11,759	$	(3,775	)	$	—	$	7,984

Semi-Annual Report   99

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		$	5,582		$	—		$	5,582
Total Return Swap Agreements			620,586			—			620,586
Total		$	626,168		$	—		$	626,168

				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		$	1,111	$	(1,111	)	$	—		$	—
Goldman Sachs International			620,586		—			(370,000	)		250,586
HSBC Bank USA NA			2,284		(2,284	)		—			—
JPMorgan Chase Bank NA			181		(176	)		—			5
State Street Bank and Trust Co.			2,006		(204	)		—			1,802
Total		$	626,168	$	(3,775	)	$	(370,000	)	$	252,393

(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

“On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered based reference rates as of the end of 2021.The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.”

12. Subsequent Events

Management has evaluated subsequent events affecting the Portfolios through the issuance of the financial statements and has noted that, as of September 1, 2020, the Lazard Real Assets and

100   Semi-Annual Report

Pricing Portfolio will be renamed the Lazard Real Assets Portfolio. At this time, the management fee as a percentage of average daily net assets will be 0.65%. Also effective at this time, the Investment Manager has voluntarily agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2021, to the extent that total annual portfolio operating expenses exceed 0.80% and 1.05% of the average daily net assets of the Portfolio’s Institutional Shares and Open Shares, respectively (exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds,” fees and expenses related to filing foreign tax reclaims and extraordinary expenses).

Semi-Annual Report   101

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 June 2, 2020 and June 16, 2020, 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 16, 2020 meeting, additional information requested by the Independent Directors at the June 2, 2020 meeting.

¹ The Board Consideration of Management Agreements included discusses the Global Dynamic Multi-Asset, Opportunistic Strategies and Real Assets and Pricing Opportunities Portfolios.

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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 35 active funds comprised approximately $22 billion of the approximately $193 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2020).

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 $22 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed, for each Portfolio, information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, each Portfolio’s contrac-

Semi-Annual Report   103

tual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio’s expense limitation agreed to by the Investment Manager) to those of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Expense Peer Group”²); and

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third party service that ranks and rates funds (“Morningstar”), with certain exclusions as specified by Strategic Insight (the “Expense Category”).

Representatives of the Investment Manager discussed the results of the Strategic Insight advisory fee and net expense ratio comparisons with the Board. For the Real Assets and Pricing Opportunities Portfolio, the Investment Manager proposed, effective September 1, 2020 in connection with a change to the Portfolio’s investment strategy, to lower the fee in the Management Agreement by 0.05%, with no diminution in services thereunder, and to lower the current expense limitation by 0.10%. After giving effect to the proposed advisory fee and expense limitation reductions, the results of the Strategic Insight comparisons showed that the advisory fees and net expense ratios of the Portfolios were generally competitive within each Portfolio’s respective Expense Peer 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 was currently waiving advisory fees and/or reimbursing expenses.

² The Strategic Insight materials outlined the process for constructing the Expense Peer Groups, as well the Expense Categories, Performance Peer Groups and Performance Categories (all as defined herein). 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 Expense Peer Groups, Expense Categories, Performance Peer Groups and Performance Categories, including how the methodologies could affect the results of the comparisons.

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Other Accounts Advisory Fee Comparisons. The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, “Other Accounts”). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. The Board considered the relevance of the fee information provided for Other Accounts, in light of the Investment Manager’s discussion of the significant differences in services provided, to evaluate the advisory fees of the relevant Portfolios.

Strategic Insight Performance Comparisons. The Board reviewed information prepared by Strategic Insight including, among other information, each Portfolio’s performance for the one-, three-, five-and ten-year periods ended March 31, 2020, as applicable, compared to performance for the same time periods of:

• a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for performance comparison purposes, to the Portfolio in terms of relevant criteria as appropriate (the “Performance Peer Group”);

• the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar (the “Performance Category”); and

• the Portfolio’s benchmark index.

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 information regarding performance expectations, 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 from the Investment Man-

Semi-Annual Report   105

ager in respect of Portfolios with regard to any relative underperformance or if a Portfolio were otherwise not performing in accordance with expectations, as well as if the Board requested any 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, 2019 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 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% 12b1 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 Man-

106   Semi-Annual Report

ager 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. As the assets of each Portfolio were either generally stable or decreasing over the past calendar year, or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale was reduced.

Conclusions and Determinations

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 $193 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 deter-

Semi-Annual Report   107

mined that it 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 (as proposed to be revised, as applicable) 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.

Statement Regarding Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “LRMP”) pursuant to the requirements of Rule 22e-4 under the 1940 Act, which requires registered open-end funds (other than money market funds) to adopt and implement a written liquidity risk management program that is reasonably designed to assess and manage fund liquidity risk. The rule is designed to promote effective liquidity risk management throughout the open-end fund industry, thereby reducing liquidity risk—i.e., the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

Pursuant to the requirements of Rule 22e-4, the LRMP is required to include policies and procedures reasonably designed to incorporate the following elements, and the LRMP complies with these requirements: (1) assessment, management and periodic review of liquidity

108   Semi-Annual Report

risk; (2) classification of each Portfolio’s investments into one of the four liquidity categories in Rule 22e-4; (3) if the Portfolio does not primarily hold assets that are considered highly liquid investments (cash and other investments reasonably expected to be convertible into cash in current market conditions in three business days or less without the conversion into cash significantly changing the market value of the investment), determination of a “highly liquid investment minimum” (as defined in Rule 22e-4 and in the LRMP, the “HLIM”) and compliance with additional related requirements; (4) prohibition on the acquisition of any “illiquid investment” (as defined in Rule 22e-4) if immediately after the acquisition the Portfolio would have invested more than 15% of its net assets in illiquid investments (or such lower percentage that may have been adopted by a Portfolio); and (5) if the Portfolios reserve the right to engage in redemptions in-kind, establishment of policies and procedures regarding how and when the Portfolios will engage in such redemptions in-kind. There have been no material changes to the LRMP since it was initially approved by the Board.

The Board has approved the Investment Manager to administer the LRMP (the “Program Administrator”). As Program Administrator, the Investment Manager delegates the day-to-day activities required by the LRMP to a Liquidity Committee comprised of various Fund officers and groups within the Investment Manager (the “Liquidity Committee”), and the Liquidity Committee seeks assistance from and works together with other groups within the Investment Manager in effectuating the requirements of the LRMP as necessary. In addition, the Fund has contracted with a third party liquidity assessment vendor to support the classification of Portfolio investments.

Pursuant to the requirements of Rule 22e-4, the Board must review, no less frequently than annually, a written report prepared by the Program Administrator that addresses the operation of the program and assesses its adequacy and effectiveness of implementation, including, if applicable, the operation of the HLIM, and any material changes to the program. The Board received a written report in June 2020 (the “Annual Report”).

Semi-Annual Report   109

The Annual Report states that the Investment Manager, as the Program Administrator, acting primarily through the Liquidity Committee, has assessed the operation of the LRMP and believes that the LRMP is reasonably designed to assess and manage the Portfolios’ liquidity risk and is adequate and effective in its implementation. The Program Administrator and the Liquidity Committee initially determined that each Portfolio primarily holds assets that are highly liquid investments, and the Annual Report states that this determination continues to be maintained so that no Portfolio needs to maintain a HLIM. In addition, the Annual Report states that, since the LRMP was implemented, no Portfolio has breached its limit on illiquid investments.

110   Semi-Annual Report

NOTES

NOTES

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-CSRS 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-CSRS 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 26, 2020

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 26, 2020

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date August 26, 2020

EX-99.CERT

Exhibit 99.cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSRS of The Lazard Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 26, 2020

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christopher Snively, certify that:

1. I have reviewed this report on Form N-CSRS of The Lazard Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 26, 2020

/s/ Christopher Snively

Christopher Snively

Chief Financial Officer

EX-99.906 CERT

Exhibit 99.906 Cert

Exhibit (b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSRS for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: August 26, 2020

By: /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: August 26, 2020

This certificate is furnished pursuant to the requirements of Form N-CSRS and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.