N-CSRS

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06312

The Lazard Funds, Inc.
(Exact name of registrant as specified in charter)

30 Rockefeller Plaza
New York, New York 10112
(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.
Lazard Asset Management LLC
30 Rockefeller Plaza
New York, New York 10112
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 6/30/22

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Semi-Annual Report

June 30, 2022

Equity Funds

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

The Lazard Funds, Inc. Table of Contents

2	A Message from Lazard (unaudited)
4	Performance Overviews (unaudited)
24	Information About Your Portfolio’s Expenses (unaudited)
32	Portfolio Holdings (unaudited)
35	Portfolios of Investments (unaudited)
35	Lazard Developing Markets Equity Portfolio
39	Lazard Emerging Markets Core Equity Portfolio
43	Lazard Emerging Markets Equity Advantage Portfolio
51	Lazard Emerging Markets Equity Portfolio
55	Lazard Emerging Markets Strategic 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
71	Lazard International Equity Advantage Portfolio
78	Lazard International Equity Portfolio
83	Lazard International Equity Select Portfolio
88	Lazard International Quality Growth Portfolio
92	Lazard International Small Cap Equity Portfolio
97	Lazard International Strategic Equity Portfolio
101	Lazard Managed Equity Volatility Portfolio
109	Lazard US Equity Concentrated Portfolio
112	Lazard US Equity Focus Portfolio
115	Lazard US Small-Mid Cap Equity Portfolio
121	Lazard US Sustainable Equity Portfolio
125	Lazard US Systematic Small Cap Equity Portfolio
143	Notes to Portfolios of Investments (unaudited)
154	Statements of Assets and Liabilities (unaudited)
160	Statements of Operations (unaudited)
166	Statements of Changes in Net Assets (unaudited)
194	Financial Highlights (unaudited)
246	Notes to Financial Statements (unaudited)
291	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 a Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, 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 first six months of 2022 were a turbulent period for financial markets, as optimism about the global economic outlook, which remained resilient throughout 2021, gave way to growing anxiety about worsening inflationary pressure.

Events during the period conspired to create stiff macro headwinds for markets. The economic fallout from Russia’s invasion of Ukraine and the harsh retaliatory sanctions imposed by Western countries rippled across financial markets and the wider global economy because of Russia’s stature as one of the world’s largest producers of oil, natural gas, and other commodities. Energy prices rose sharply, and supply chains bottlenecks worsened due to shortages of Russian industrial metals. Supply chains were further snarled when the Chinese government imposed harsh lockdowns on some of China’s most important cities, including those that serve as global manufacturing hubs, in an attempt to stamp out a rapidly spreading coronavirus outbreak.

With inflation reaching levels not seen in decades, the global monetary landscape shifted dramatically in the period, as policymakers sought to rein in soaring prices by pulling back from the ultra-low interest-rate-policies they implemented to contain the economic fallout from the coronavirus pandemic. In all, central banks from at least 45 countries raised interest rates in the first six months of 2022. At the same time, investors grew nervous that interest rates hikes, especially from major central banks, would tip the fragile global economy into a recession. In the US, the Federal Reserve (the “Fed”) adopted an increasingly aggressive posture during the period, raising its benchmark short-term interest rate by 25 basis points (bps), 50 bps, and 75 bps in March, May, and June, respectively, with more hikes likely, as domestic inflation reached a 40-year high. The Fed also began reducing its $9 trillion balance sheet of Treasury and mortgage bonds in June, which further tightened financial conditions. Across the Atlantic, the European Central Bank stated that it was prepared to raise interest rates in July for the first time in over a decade amid soaring inflation in the euro zone. Elsewhere in Europe, the Bank of England increased its benchmark interest rate four times in the six-month period, as inflation in the UK reached a level not seen since 1982.

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Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, fell 20.2% in the period, as stock investors fretted about the impact soaring inflation would have on corporate earnings. Notably, the S&P 500 Index recorded its worst first-half performance since 1970. The Fed’s aggressive rate-hike campaign also drove up the yields of risk-free US Treasury bonds, which undercut the appeal of stocks.

Meanwhile, global bond markets also came under pressure as many central banks transitioned from ultra-accommodative monetary policies to tighter regimes to tame increasing inflationary pressures. Sovereign rates rose amid the faster-than-expected acceleration of central bank interest rate hikes and, in the case of the Fed, balance sheet shrinking. Although credit spreads initially did well in the first quarter of the year, the second quarter saw both investment grade and high yield spreads generally widen compared to historical levels. Consequently, many bond markets around the world suffered losses, with many indices posting outsized year-to-date negative returns through mid-year. Notable among this group of indices was the Bloomberg Global Aggregate Bond Index, which fell 13.9% in the period. Underscoring the high level of risk aversion in the markets, the US dollar continued to strengthen, asserting itself as the safe-haven global currency and further supported by a hawkish central bank determined to regain its inflation fighting credibility.

The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

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The Lazard Funds, Inc. Performance Overviews (unaudited)

Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares, Open Shares and R6 Shares, and the indexes shown below.

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 the MSCI Emerging Markets^® Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One	Five	Ten
	year	year	year
Institutional	-28.90%	0.95%	1.77%
Open	-29.10%	0.66%	1.44%
MSCI Emerging Markets Index	-25.28%	2.18%	3.06%

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Lazard Emerging Markets Core Equity Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-32.77%	-1.93%	-0.23%
Open	-32.96%	-2.28%	-0.58%
R6	-32.79%	N/A	-5.63%
MSCI Emerging Markets Index	-25.28%	2.18%	1.98% (Institutional and Open Shares) 1.10 (R6 Shares)

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

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Lazard Emerging Markets Equity Advantage Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-24.97%	2.82%	3.38%
Open	-25.26%	2.52%	3.07%
MSCI Emerging Markets Index	-25.28%	2.18%	2.37%

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

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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 the MSCI Emerging Markets Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-19.23%	-0.36%	1.36%	5.61%
Open	-19.42%	-0.61%	1.10%	5.24%
R6	-19.18%	-0.35%	N/A	0.81%
MSCI Emerging Markets Index	-25.28%	2.18%	3.06%	4.92% (Institutional Shares) 5.34% (Open Shares) 3.00% (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.

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Lazard Emerging Markets Strategic Equity Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One	Five	Ten
	year	year	year
Institutional	-25.84%	-0.01%	1.55%
Open	-25.97%	-0.27%	1.28%
MSCI Emerging Markets Index	-25.28%	2.18%	3.06%

Lazard Equity Franchise Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Since Inception	†
Institutional	-2.60%	7.12%
Open	-2.84%	6.86%
MSCI World Index	-14.34%	7.02%

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

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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 the MSCI ACWI^®

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-15.09%	7.62%	6.94%
Open	-15.37%	7.30%	6.63%
MSCI ACWI	-15.75%	7.00%	6.55%

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

Lazard Global Listed Infrastructure Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One	Five	Ten
	year	year	year
Institutional	9.96%	6.92%	12.43%
Open	9.67%	6.65%	12.13%
MSCI World Index	-14.34%	7.67%	9.51%
MSCI World Core Infrastructure (USD Hedged) Index	6.30%	8.64%	10.53%

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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 the MSCI ACWI

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-18.51%	7.32%	5.80%
Open	-18.99%	7.01%	5.48%
MSCI ACWI	-15.75%	7.00%	6.18%

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

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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 the MSCI EAFE^® Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-16.75%	1.03%	1.53%
Open	-16.98%	0.75%	1.24%
MSCI EAFE Index	-17.77%	2.20%	2.25%

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

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Lazard International Equity Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-16.92%	1.78%	4.68%	5.28%
Open	-17.10%	1.52%	4.40%	4.11%
R6	-16.88%	1.80%	N/A	1.66%
MSCI EAFE Index	-17.77%	2.20%	5.40%	4.84% (Institutional Shares) 4.37% (Open Shares) 2.67% (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.

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Lazard International Equity Select Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One	Five	Ten
	year	year	year
Institutional	-18.24%	1.17%	3.94%
Open	-18.41%	0.91%	3.62%
MSCI ACWI ex-US	-19.42%	2.50%	4.83%
MSCI EAFE/ACWI ex-US Linked Index	-19.42%	2.50%	4.83%

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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 the MSCI ACWI ex-US

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Since Inception	†
Institutional	-23.37%	9.28%
Open	-23.56%	8.99%
MSCI ACWI ex-US	-19.42%	4.91%

† 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 the MSCI EAFE Small Cap^® Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One	Five	Ten
	year	year	year
Institutional	-28.18%	0.19%	5.83%
Open	-28.31%	-0.06%	5.56%
MSCI EAFE Small Cap Index	-23.98%	1.72%	7.18%

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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 the MSCI EAFE Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-20.24%	2.99%	5.78%	5.15%
Open	-20.40%	2.73%	5.52%	4.04%
R6	-20.28%	2.99%	N/A	2.83%
MSCI EAFE Index	-17.77%	2.20%	5.40%	3.77% (Institutional Shares) 3.01% (Open Shares) 3.53% (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 the MSCI World Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Since Inception	†
Institutional	-2.77%	4.56%	5.21%
Open	-2.94%	4.28%	4.91%
MSCI World Index	-14.34%	7.67%	7.09%

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

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Lazard US Equity Concentrated Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-11.92%	8.09%	11.90%	8.11%
Open	-12.14%	7.79%	11.55%	7.80%
R6	-11.90%	8.08%	N/A	8.62%
S&P 500 Index	-10.62%	11.31%	12.96%	9.13% (Institutional and Open Shares) 12.33% (R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	-10.62%	11.31%	12.96%	8.53% (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.

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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 the S&P 500 Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-10.67%	11.31%	11.93%	7.99%
Open	-10.98%	10.99%	11.60%	7.67%
R6	-10.73%	11.30%	N/A	9.90%
S&P 500 Index	-10.62%	11.31%	12.96%	8.88% (Institutional and Open Shares) 11.07% (R6 Shares)

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

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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 the Russell 2500 Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-17.29%	4.90%	9.41%	9.94%
Open	-17.57%	4.56%	9.07%	7.58%
R6	-18.68%	N/A	N/A	0.56%
Russell 2500 Index	-21.00%	7.04%	10.49%	10.3% (Institutional Shares) 8.95% (Open Shares) 4.29% (R6 Shares)

† The inception date for the Institutional Shares was October 30, 1991, for the Open Shares was January 30, 1997 and for the R6 Shares was January 8, 2020.

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Lazard US Sustainable Equity Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One year	Since Inception	†
Institutional	-11.66%	11.48%
Open	-11.95%	11.14%
S&P 500 Index	-10.62%	12.18%

† The inception date for the Institutional Shares and Open Shares was June 30, 2020.

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Lazard US Systematic Small Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Systematic Small Cap Equity Portfolio and the Russell 2000 Index

Average Annual Total Returns

Periods Ended June 30, 2022

	Since Inception	†
Institutional	18.42%
Open	18.50%
Russell 2000 Index	24.98%

† The inception date for the Institutional Shares and Open Shares was October 29, 2021.

Notes to Performance Overviews:

Information About Portfolio Performance Shown Above

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 agent and dividend disbursement 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 the receipt of settlement proceeds by the Lazard International Equity, Lazard International Small Cap Equity and Lazard Developing Markets Equity Portfolios from a class action lawsuit. 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 an investment in a 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 graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio’s distributions or the redemption of Portfolio shares.

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The performance of Institutional Shares, Open Shares and R6 Shares of a Portfolio, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.

Information About Index Performance Shown Above

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 24 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 47 country indices comprising 23 developed and 24 emerging markets country indices.

The MSCI World Core Infrastructure (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. However, note that the Lazard Global Listed Infrastructure Portfolio invests in a range of companies globally, and is not limited to investing in developed markets countries.

The MSCI EAFE Index is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The 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 46 country indices comprising 22 developed and 24 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 the Lazard International Equity Select Portfolio’s benchmark index changed) and the MSCI ACWI ex-US for all periods thereafter.

The MSCI EAFE Small Cap Index targets all companies with market capitalizations below that of the companies in the MSCI EAFE Index and up to 99% coverage of the free-float-adjusted market capitalization in each market (subject to minimum investability criteria and a universal minimum size range). The MSCI EAFE Small Cap Index consists of 21 developed markets country indices.

The S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy.

The Russell 1000 Value/S&P 500 Linked Index is an unmanaged index created by the Investment Manager which links the performance of the Russell 1000^® Value Index for

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all periods through May 30, 2012 (when the 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 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest 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.

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The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio, 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, 2022 through June 30, 2022 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.

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Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
Developing Markets Equity
Institutional Shares
Actual	$1,000.00	$	812.30	$5.17	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%
Open Shares
Actual	$1,000.00	$	811.20	$6.29	1.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00	1.40%
Emerging Markets Core Equity
Institutional Shares
Actual	$1,000.00	$	783.70	$5.44	1.23%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.70	$6.16	1.23%
Open Shares
Actual	$1,000.00	$	783.20	$6.63	1.50%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.36	$7.50	1.50%
R6 Shares
Actual	$1,000.00	$	783.90	$5.31	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.84	$6.01	1.20%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$1,000.00	$	823.80	$4.12	0.91%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.28	$4.56	0.91%
Open Shares
Actual	$1,000.00	$	823.00	$5.24	1.16%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.04	$5.81	1.16%

Semi-Annual Report   25

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
Emerging Markets Equity
Institutional Shares
Actual	$1,000.00	$	849.30	$4.95	1.08%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.44	$5.41	1.08%
Open Shares
Actual	$1,000.00	$	848.10	$6.14	1.34%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.15	$6.71	1.34%
R6 Shares
Actual	$1,000.00	$	849.40	$5.00	1.09%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.39	$5.46	1.09%
Emerging Markets Strategic Equity
Institutional Shares
Actual	$1,000.00	$	822.10	$5.20	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%
Open Shares
Actual	$1,000.00	$	821.20	$6.32	1.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.85	$7.00	1.40%
Equity Franchise
Institutional Shares
Actual	$1,000.00	$	927.60	$4.54	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.08	$4.76	0.95%
Open Shares
Actual	$1,000.00	$	927.60	$5.74	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.84	$6.01	1.20%

26   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
Global Equity Select
Institutional Shares
Actual	$1,000.00	$	796.00	$3.87	0.87%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.48	$4.36	0.87%
Open Shares
Actual	$1,000.00	$	794.50	$5.12	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%
Global Listed Infrastructure
Institutional Shares
Actual	$1,000.00	$	995.90	$4.75	0.96%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.03	$4.81	0.96%
Open Shares
Actual	$1,000.00	$	994.00	$5.98	1.21%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.79	$6.06	1.21%
Global Strategic Equity
Institutional Shares
Actual	$1,000.00	$	774.60	$4.18	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.08	$4.76	0.95%
Open Shares
Actual	$1,000.00	$	772.80	$5.27	1.20%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.84	$6.01	1.20%
International Equity Advantage
Institutional Shares
Actual	$1,000.00	$	817.70	$4.06	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$	816.10	$5.18	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%

Semi-Annual Report   27

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
International Equity
Institutional Shares
Actual	$1,000.00	$	825.90	$3.85	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.58	$4.26	0.85%
Open Shares
Actual	$1,000.00	$	825.10	$4.98	1.10%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$5.51	1.10%
R6 Shares
Actual	$1,000.00	$	826.20	$3.62	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.83	$4.01	0.80%
International Equity Select
Institutional Shares
Actual	$1,000.00	$	829.70	$4.08	0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.33	$4.51	0.90%
Open Shares
Actual	$1,000.00	$	828.00	$5.21	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%
International Quality Growth
Institutional Shares
Actual	$1,000.00	$	769.00	$3.73	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.58	$4.26	0.85%
Open Shares
Actual	$1,000.00	$	768.30	$4.82	1.10%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.34	$5.51	1.10%

28   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
International Small Cap Equity
Institutional Shares
Actual	$1,000.00	$	718.80	$4.82	1.13%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.19	$5.66	1.13%
Open Shares
Actual	$1,000.00	$	718.00	$5.88	1.38%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,017.95	$6.90	1.38%
International Strategic Equity
Institutional Shares
Actual	$1,000.00	$	808.80	$3.63	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.78	$4.06	0.81%
Open Shares
Actual	$1,000.00	$	808.20	$4.80	1.07%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.49	$5.36	1.07%
R6 Shares
Actual	$1,000.00	$	808.90	$3.63	0.81%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.78	$4.06	0.81%
Managed Equity Volatility
Institutional Shares
Actual	$1,000.00	$	898.30	$3.53	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$	897.40	$4.70	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.84	$5.01	1.00%

Semi-Annual Report   29

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
US Equity Concentrated
Institutional Shares
Actual	$1,000.00	$	809.60	$3.45	0.77%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.98	$3.86	0.77%
Open Shares
Actual	$1,000.00	$	808.40	$4.66	1.04%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.64	$5.21	1.04%
R6 Shares
Actual	$1,000.00	$	809.20	$3.50	0.78%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.93	$3.91	0.78%
US Equity Focus
Institutional Shares
Actual	$1,000.00	$	818.90	$3.16	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.32	$3.51	0.70%
Open Shares
Actual	$1,000.00	$	817.50	$4.28	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.08	$4.76	0.95%
R6 Shares
Actual	$1,000.00	$	818.40	$3.16	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.32	$3.51	0.70%
US Small-Mid Cap Equity
Institutional Shares
Actual	$1,000.00	$	806.90	$4.52	1.01%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.79	$5.06	1.01%
Open Shares
Actual	$1,000.00	$	805.30	$5.86	1.31%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.30	$6.56	1.31%
R6 Shares
Actual	$1,000.00	$	793.10	$4.58	1.03%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.69	$5.16	1.03%

30   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22		Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
US Sustainable Equity
Institutional Shares
Actual	$1,000.00	$	785.20	$3.32	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.08	$3.76	0.75%
Open Shares
Actual	$1,000.00	$	783.50	$4.42	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.84	$5.01	1.00%
US Systematic Small Cap Equity
Institutional Shares
Actual	$1,000.00	$	793.40	$4.05	0.91%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.28	$4.56	0.91%
Open Shares
Actual	$1,000.00	$	792.80	$5.11	1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.09	$5.76	1.15%

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

Semi-Annual Report   31

Asset Class/Sector*	Lazard Global Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio
Equity
Communication Services		9.1	%		4.4	%		4.4	%		6.0	%
Consumer Discretionary		3.9			11.2			12.7			10.1
Consumer Staples		5.9			9.4			9.4			3.9
Energy		1.8			4.8			7.5			8.4
Financials		14.0			17.2			13.0			16.3
Health Care		22.7			14.4			12.9			10.0
Industrials		10.7			16.1			18.5			19.7
Information Technology		23.1			9.3			4.9			7.7
Materials		3.9			6.3			6.6			6.6
Real Estate		—			2.7			2.2			1.8
Utilities		1.6			3.9			6.1			5.3
Short-Term Investments		3.3			0.3			1.8			4.2
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Asset Class/Sector*	Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
Equity
Communication Services		8.2	%		2.7	%		3.0	%		10.5	%
Consumer Discretionary		14.2			11.4			9.7			4.8
Consumer Staples		11.5			6.9			10.3			20.1
Energy		—			3.1			2.4			1.1
Financials		22.4			14.3			17.3			9.3
Health Care		9.6			7.1			12.1			16.3
Industrials		17.4			21.1			23.2			8.5
Information Technology		14.2			11.2			7.4			8.9
8.Materials		—			5.6			5.8			2.1
Real Estate		—			10.3			2.7			5.7
Utilities		—			4.1			5.0			11.0
Short-Term Investments		2.5			2.2			1.1			1.7
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

32   Semi-Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Sector June 30, 2022 (unaudited)

Asset Class/Sector*	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Portfolio
Equity
Communication Services		9.6	%		10.6	%		10.8	%		5.2	%
Consumer Discretionary		21.7			15.2			14.7			10.5
Consumer Staples		3.6			3.9			6.0			6.6
Energy		2.2			8.6			5.2			8.3
Financials		19.1			20.1			21.1			25.8
Health Care		1.3			1.6			3.6			4.2
Industrials		12.0			8.9			4.9			4.4
Information Technology		25.7			20.9			20.4			20.1
Materials		3.4			8.6			7.5			8.0
Real Estate		—			—			1.4			3.1
Utilities		—			1.1			3.0			1.9
Short-Term Investments		1.4			0.5			1.4			1.9
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Asset Class/Sector*	Lazard Emerging Markets Strategic Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio
Equity
Communication Services		9.2	%		10.3	%		7.7	%		3.8	%
Consumer Discretionary		15.5			21.1			18.0			—
Consumer Staples		6.4			2.0			10.6			—
Energy		5.0			—			—			—
Financials		25.2			—			13.3			—
Health Care		3.4			23.2			13.4			—
Industrials		2.3			17.0			15.8			39.5
Information Technology		20.3			23.3			19.0			—
Materials		7.5			—			0.8			—
Real Estate		1.3			—			—			—
Utilities		1.5			—			—			48.9
Short-Term Investments		2.4			3.1			1.4			7.8
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Semi-Annual Report   33

Asset Class/Sector*	Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small-Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio
Equity
Communication Services		10.2	%		6.6	%		3.9	%		1.2	%
Consumer Discretionary		15.8			17.1			10.4			5.9
Consumer Staples		7.2			3.5			3.4			5.7
Energy		—			—			5.3			—
Financials		4.8			17.7			14.7			10.9
Health Care		9.6			18.9			12.6			25.7
Industrials		13.6			10.4			19.3			11.2
Information Technology		27.7			21.6			14.4			27.0
Materials		2.6			—			7.5			4.8
Real Estate		7.3			1.9			6.4			2.5
Utilities		—			—			2.1			—
Short-Term Investments		1.2			2.3			—			5.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%
Asset Class/Sector*	Lazard US Systematic Small Cap Equity Portfolio
Equity
Communication Services		3.2	%
Consumer Discretionary		11.6
Consumer Staples		5.8
Energy		2.1
Financials		6.9
Health Care		18.3
Industrials		23.0
Information Technology		16.6
Materials		5.5
Real Estate		4.7
Utilities		0.8
Short-Term Investments		1.5
Total Investments		100.0	%

* Represents percentage of total investments.

34   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments
June 30, 2022 (unaudited)

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  98.3%
Brazil  |  4.0%
Banco Bradesco SA ADR		327,045	$	1,066,167
Dexco SA		482,235		909,469
Pagseguro Digital, Ltd., Class A (*)		77,360		792,166
Rumo SA		340,144		1,037,958
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		368,300		824,082
				4,629,842
China  |  38.8%
Airtac International Group		31,765		1,057,241
Alibaba Group Holding, Ltd. Sponsored ADR (*)		38,880		4,419,879
Baidu, Inc., Class A (*)		122,400		2,300,699
China Tourism Group Duty Free Corp., Ltd., Class A		94,700		3,309,163
Chow Tai Seng Jewellery Co., Ltd., Class A		589,250		1,368,028
GoerTek, Inc., Class A		442,100		2,224,829
JD.com, Inc., Class A		88,859		2,873,175
Jiangsu King’s Luck Brewery JSC, Ltd., Class A		182,600		1,393,796
Minth Group, Ltd.		428,000		1,171,120
Ping An Insurance (Group) Co. of China, Ltd., Class H		294,000		2,034,959
Shanghai Liangxin Electrical Co., Ltd., Class A (*)		904,192		2,243,797
Tencent Holdings, Ltd.		127,300		5,781,138
Topsports International Holdings, Ltd.		1,365,000		1,243,470
Trip.com Group, Ltd. ADR (*)		85,594		2,349,555
Weibo Corp. Sponsored ADR (*)		43,267		1,000,766
Wuliangye Yibin Co., Ltd., Class A		91,900		2,776,606
Xiaomi Corp., Class B (*)		550,000		961,088
Yadea Group Holdings, Ltd.		948,000		1,862,479
Zhongsheng Group Holdings, Ltd.		388,500		2,743,951
ZTO Express Cayman, Inc. ADR		76,115		2,089,357
				45,205,096
Colombia  |  0.6%
Bancolombia SA Sponsored ADR		23,505		724,659

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

Semi-Annual Report   35

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
Hong Kong  |  0.9%
Techtronic Industries Co., Ltd.		104,002	$	1,087,294
Hungary  |  1.3%
Richter Gedeon Nyrt.		80,604		1,459,061
India  |  10.5%
Bajaj Finance, Ltd.		18,979		1,301,331
HDFC Bank, Ltd. ADR		52,868		2,905,625
ICICI Bank, Ltd. Sponsored ADR		160,083		2,839,872
Mphasis, Ltd.		25,699		748,455
Reliance Industries, Ltd.		79,155		2,606,329
UPL, Ltd.		228,177		1,830,290
				12,231,902
Indonesia  |  3.4%
PT Bank Central Asia Tbk		3,581,800		1,745,325
PT Bank Rakyat Indonesia (Persero) Tbk		7,871,349		2,195,539
				3,940,864
Mexico  |  2.0%
Grupo Financiero Banorte SAB de CV, Class O		408,257		2,277,241
Peru  |  0.9%
Credicorp, Ltd.		8,318		997,411
Philippines  |  2.2%
BDO Unibank, Inc.		785,285		1,578,024
International Container Terminal Services, Inc.		301,379		1,008,396
				2,586,420
Poland  |  0.7%
InPost SA (*)		148,808		864,205
South Africa  |  3.4%
Capitec Bank Holdings, Ltd.		6,583		803,788
Standard Bank Group, Ltd.		178,137		1,701,107
The Foschini Group, Ltd.		201,530		1,512,993
				4,017,888

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

36   Semi-Annual Report

Description	Shares		Fair Value
Lazard Developing Markets Equity Portfolio (continued)
South Korea  |  11.3%
AfreecaTV Co., Ltd.		14,919	$	923,359
CJ Logistics Corp. (*)		8,839		778,095
NAVER Corp.		6,254		1,160,294
Samsung Electronics Co., Ltd.		138,876		6,083,416
SK Hynix, Inc.		41,934		2,933,119
WONIK IPS Co., Ltd.		56,946		1,303,499
				13,181,782
Taiwan  |  15.2%
ASE Technology Holding Co., Ltd.		698,289		1,798,730
Bizlink Holding, Inc.		184,000		1,907,094
Chroma ATE, Inc.		278,000		1,428,878
Hiwin Technologies Corp.		126,844		1,020,379
Lotes Co., Ltd.		69,000		1,545,805
MediaTek, Inc.		68,000		1,480,987
RichWave Technology Corp.		197,000		1,041,239
Sercomm Corp.		360,000		978,442
Silicon Motion Technology Corp. ADR		19,716		1,650,229
Taiwan Semiconductor Manufacturing Co., Ltd.		307,000		4,889,474
				17,741,257
United States  |  2.0%
JS Global Lifestyle Co., Ltd.		1,765,000		2,304,633
Zambia  |  1.1%
First Quantum Minerals, Ltd.		64,784		1,229,044
Total Common Stocks (Cost $108,519,793)				114,478,599
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $1,674,713)		1,674,713		1,674,713

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

Semi-Annual Report   37

Description	Shares	Fair Value
Lazard Developing Markets Equity Portfolio (concluded)
Total Investments  |  99.7% (Cost $110,194,506)		$	116,153,312
Cash and Other Assets in Excess of Liabilities  |  0.3%			341,814
Net Assets  |  100.0%		$	116,495,126

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
Common Stocks  |  99.2%
Austria  |  1.4%
Mondi PLC		88,103	$	1,562,893
Brazil  |  7.6%
Banco BTG Pactual SA		293,696		1,252,015
Banco do Brasil SA		199,500		1,272,451
Centrais Eletricas Brasileiras SA		138,100		1,219,123
Itau Unibanco Holding SA Sponsored ADR		170,937		731,610
Lojas Renner SA		157,258		679,700
MercadoLibre, Inc. (*)		855		544,524
Pet Center Comercio e Participacoes SA		235,466		446,776
Petroleo Brasileiro SA Sponsored ADR		130,044		1,518,914
Rumo SA		272,158		830,497
				8,495,610
Canada  |  1.4%
Parex Resources, Inc.		93,209		1,578,586
China  |  28.6%
Alibaba Group Holding, Ltd. (*)		27,900		397,985
Alibaba Group Holding, Ltd. Sponsored ADR (*)		30,281		3,442,344
Bilibili, Inc. Sponsored ADR (*)		13,173		337,229
Budweiser Brewing Co. APAC, Ltd.		361,200		1,083,363
China Mengniu Dairy Co., Ltd.		177,000		884,591
Industrial & Commercial Bank of China, Ltd., Class H		6,999,633		4,160,773
Innovent Biologics, Inc. (*)		114,500		521,887
JD.com, Inc. ADR		24,489		1,572,684
JD.com, Inc., Class A		19,026		615,188
Meituan, Class B (*)		23,100		583,734
Midea Group Co., Ltd., Class A		60,200		545,841
NetEase, Inc.		30,800		576,422
NetEase, Inc. ADR		13,751		1,283,793
PICC Property & Casualty Co., Ltd., Class H		989,770		1,032,129

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 (continued)
Ping An Insurance (Group) Co. of China, Ltd., Class H		260,000	$	1,799,624
Prosus NV		14,338		947,574
Remegen Co., Ltd., Class H (*)		67,000		376,236
Shenzhen Inovance Technology Co., Ltd., Class A		62,400		614,700
Shenzhou International Group Holdings, Ltd.		68,591		843,031
Tencent Holdings, Ltd.		129,400		5,876,506
Wuxi Biologics Cayman, Inc. (*)		99,000		911,944
Wuxi Lead Intelligent Equipment Co., Ltd., Class A		136,000		1,287,948
XPeng, Inc., Class A		59,000		948,056
Yum China Holdings, Inc.		23,954		1,161,769
				31,805,351
Hong Kong  |  0.9%
Techtronic Industries Co., Ltd.		98,500		1,029,773
India  |  12.8%
HDFC Bank, Ltd. ADR		51,585		2,835,112
Hindalco Industries, Ltd.		217,105		933,455
ICICI Bank, Ltd. Sponsored ADR		52,250		926,915
Infosys, Ltd. Sponsored ADR		117,140		2,168,261
Larsen & Toubro, Ltd.		68,623		1,356,676
Reliance Industries, Ltd.		68,775		2,264,547
Star Health & Allied Insurance Co., Ltd.		153,400		951,267
UPL, Ltd.		235,516		1,889,159
WNS Holdings, Ltd. ADR (*)		12,601		940,539
				14,265,931
Indonesia  |  2.9%
PT Bank Mandiri (Persero) Tbk		3,249,900		1,735,025
PT Telkom Indonesia (Persero) Tbk ADR		54,605		1,476,519
				3,211,544
Malaysia  |  1.0%
Public Bank Berhad		1,129,800		1,120,606
Mexico  |  4.8%
Arca Continental SAB de CV		227,445		1,498,618
Cemex SAB de CV Sponsored ADR (*)		320,101		1,254,796

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

40   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Grupo Aeroportuario del Pacifico SAB de CV ADR		11,595	$	1,618,430
Grupo Financiero Banorte SAB de CV, Class O		166,800		930,404
				5,302,248
Philippines  |  1.5%
BDO Unibank, Inc.		477,201		958,932
PLDT, Inc.		24,170		737,824
				1,696,756
Poland  |  1.4%
CD Projekt SA		9,338		199,873
KGHM Polska Miedz SA		51,616		1,374,424
				1,574,297
Qatar  |  1.0%
Qatar National Bank QPSC		204,760		1,124,484
South Africa  |  2.3%
Anglo American PLC		38,967		1,391,313
Naspers, Ltd., N Shares		2,050		299,873
The Bidvest Group, Ltd.		70,801		912,378
				2,603,564
South Korea  |  11.0%
DB Insurance Co., Ltd.		15,624		738,425
KB Financial Group, Inc.		18,665		693,013
LG Chem, Ltd.		2,741		1,090,772
LG Electronics, Inc.		9,059		617,507
NAVER Corp.		3,493		648,050
Samsung Electronics Co., Ltd.		124,889		5,470,720
Samsung SDI Co., Ltd.		2,453		1,006,685
SK Hynix, Inc.		18,427		1,288,897
SM Entertainment Co., Ltd.		14,023		682,889
				12,236,958
Taiwan  |  13.0%
Accton Technology Corp.		82,000		663,416
ASE Technology Holding Co., Ltd.		358,000		922,176
Eclat Textile Co., Ltd.		58,789		822,327

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

Semi-Annual Report   41

Description	Shares		Fair Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Feng TAY Enterprise Co., Ltd.		120,000	$	707,451
Nien Made Enterprise Co., Ltd.		69,000		680,440
Realtek Semiconductor Corp.		51,000		621,805
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		123,495		10,095,716
				14,513,331
Thailand  |  3.2%
Home Product Center Public Co., Ltd. (‡)		2,965,700		1,065,320
PTT Exploration & Production Public Co., Ltd. (‡)		560,500		2,528,631
				3,593,951
United Arab Emirates  |  2.8%
Abu Dhabi Ports Co. PJSC		1,506,403		2,262,532
ADNOC Drilling Co. PJSC		891,901		826,036
				3,088,568
United Kingdom  |  0.8%
Unilever PLC Sponsored ADR		19,561		896,481
United States  |  0.8%
Tenaris SA ADR		32,741		841,116
Total Common Stocks (Cost $103,382,096)				110,542,048
Short-Term Investments  |  0.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $547,500)		547,500		547,500
Total Investments  |  99.7% (Cost $103,929,596)			$	111,089,548
Cash and Other Assets in Excess of Liabilities  |  0.3%				323,410
Net Assets  |  100.0%			$	111,412,958

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

42   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  97.4%
Brazil  |  2.5%
Banco do Brasil SA		19,400	$	123,737
Centrais Eletricas Brasileiras SA		11,700		103,286
Cia Paranaense de Energia		60,700		79,217
Marfrig Global Foods SA		51,300		118,706
TIM SA		58,900		143,608
Vale SA		54,309		794,485
				1,363,039
Chile  |  0.5%
Sociedad Quimica y Minera de Chile SA Sponsored ADR		2,873		239,982
China  |  35.4%
360 DigiTech, Inc. ADR		6,205		107,346
Agricultural Bank of China, Ltd., Class H		339,000		128,542
Alibaba Group Holding, Ltd. (*)		127,900		1,824,457
Baidu, Inc. Sponsored ADR (*)		2,876		427,747
Bank of China, Ltd., Class H		2,562,000		1,026,460
Bank of Communications Co., Ltd., Class H		237,000		163,708
Baoshan Iron & Steel Co., Ltd., Class A		130,100		117,109
Beijing Enterprises Holdings, Ltd.		60,000		213,676
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd.		4,800		111,325
Bosideng International Holdings, Ltd.		224,000		139,318
BYD Co., Ltd., Class H		10,000		402,803
China Construction Bank Corp., Class H		551,000		370,460
China Galaxy Securities Co., Ltd., Class H		463,500		268,068
China International Capital Corp., Ltd., Class H		65,200		141,226
China Longyuan Power Group Corp., Ltd., Class H		118,000		230,162
China Meidong Auto Holdings, Ltd.		42,000		132,526
China Modern Dairy Holdings, Ltd.		530,000		79,830
China National Building Material Co., Ltd., Class H		80,000		85,671
China Petroleum & Chemical Corp., Class H		1,258,000		565,322
China Resources Mixc Lifestyle Services, Ltd.		26,600		133,609
China Resources Power Holdings Co., Ltd.		104,000		215,388

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

Semi-Annual Report   43

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
China Taiping Insurance Holdings Co., Ltd.		122,200	$	151,093
China World Trade Center Co., Ltd., Class A		46,487		102,691
China Yongda Automobiles Services Holdings, Ltd.		114,000		107,928
Chongqing Brewery Co., Ltd., Class A		5,400		118,476
CITIC, Ltd.		119,000		120,792
Contemporary Amperex Technology Co., Ltd., Class A		1,400		112,102
COSCO SHIPPING Holdings Co., Ltd., Class H		130,300		182,314
Country Garden Services Holdings Co., Ltd.		23,000		104,670
CSPC Pharmaceutical Group, Ltd.		407,840		405,962
East Money Information Co., Ltd. Class A		51,294		194,998
G-bits Network Technology Xiamen Co., Ltd., Class A		1,700		98,714
GD Power Development Co., Ltd., Class A		336,200		196,592
GF Securities Co., Ltd., Class H		57,000		75,486
Gigadevice Semiconductor Beijing, Inc., Class A		5,600		119,218
Greattown Holdings, Ltd.		217,997		119,785
Haidilao International Holding, Ltd. (*)		41,000		97,975
Haier Smart Home Co., Ltd. Class H		48,200		181,044
Industrial &Commercial Bank of China, Ltd., Class H		498,000		296,025
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		30,200		175,857
JD Health International, Inc. (*)		8,600		69,165
JD.com, Inc., Class A		22,154		716,330
Kuaishou Technology (*)		9,100		102,058
Lenovo Group, Ltd.		328,000		307,246
Li Auto, Inc. ADR (*)		4,820		184,654
Li Ning Co., Ltd.		26,500		250,494
Meituan, Class B (*)		31,200		788,420
Metallurgical Corp. of China, Ltd., Class H		276,000		66,232
Midea Group Co., Ltd., Class A		12,700		115,152
NetEase, Inc.		33,400		625,080
New China Life Insurance Co., Ltd., Class H		34,000		96,650
NIO, Inc. ADR (*)		4,344		94,352
Nongfu Spring Co., Ltd.		31,800		184,879
Oppein Home Group, Inc., Class A		4,600		103,644
PetroChina Co., Ltd., Class H		1,016,000		478,218
Pharmaron Beijing Co., Ltd., Class H		8,400		84,452

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

44   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
PICC Property & Casualty Co., Ltd., Class H		366,000	$	381,664
Pinduoduo, Inc. ADR (*)		2,460		152,028
Power Construction Corp. of China, Ltd.		114,900		135,314
Shanghai Construction Group Co., Ltd.		283,700		128,558
Shanxi Taigang Stainless Steel Co., Ltd. Class A		94,100		76,655
Shenyang Xingqi Pharmaceutical Co., Ltd. Class A		6,000		137,572
Shenzhen Inovance Technology Co., Ltd., Class A		8,500		83,733
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A		1,800		84,389
Sunny Optical Technology Group Co., Ltd.		7,700		125,297
Tencent Holdings, Ltd.		51,000		2,316,088
The People’s Insurance Co. Group of China, Ltd., Class H		709,000		217,173
Tongwei Co., Ltd.		19,393		173,848
Vipshop Holdings, Ltd. ADR (*)		8,207		81,167
WuXi AppTec Co., Ltd., Class H		7,700		102,809
Wuxi Biologics Cayman, Inc. (*)		16,500		151,991
Yadea Group Holdings, Ltd.		90,000		176,818
Zhongsheng Group Holdings, Ltd.		43,500		307,238
				18,945,843
Colombia  |  0.4%
Bancolombia SA Sponsored ADR		7,349		226,570
Czech Republic  |  0.4%
CEZ AS		5,048		227,479
Greece  |  0.5%
Hellenic Telecommunications Organization SA		16,343		284,849
Hong Kong  |  0.3%
Orient Overseas International, Ltd.		5,500		146,300
Hungary  |  0.4%
MOL Hungarian Oil & Gas PLC		28,440		220,318

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

Semi-Annual Report   45

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
India  |  11.5%
Axis Bank, Ltd. GDR (*)		1,693	$	68,104
Dr Reddy’s Laboratories, Ltd. ADR		7,411		410,495
GAIL India, Ltd. GDR		19,616		203,979
HDFC Bank, Ltd. ADR		16,161		888,208
ICICI Bank, Ltd. Sponsored ADR		64,286		1,140,434
Infosys, Ltd. Sponsored ADR		54,608		1,010,794
Larsen & Toubro, Ltd. GDR		17,056		336,388
Larsen & Toubro, Ltd. GDR (United States)		795		15,661
Reliance Industries, Ltd. Sponsored GDR (#)		13,772		897,208
State Bank of India GDR		4,948		288,301
Tata Motors, Ltd. Sponsored ADR (*)		9,869		255,311
Tata Steel, Ltd. GDR		5,153		55,916
Wipro, Ltd. ADR		58,726		311,835
WNS Holdings, Ltd. ADR (*)		3,679		274,601
				6,157,235
Indonesia  |  3.8%
Kalbe Farma Tbk PT		1,221,500		136,107
PT Astra International Tbk		972,300		432,046
PT Bank Mandiri (Persero) Tbk		1,067,300		569,799
PT Bank Negara Indonesia (Persero) Tbk		201,100		106,069
PT Bank Rakyat Indonesia (Persero) Tbk		543,900		151,709
PT Telkom Indonesia (Persero) Tbk ADR		4,899		132,469
PT Unilever Indonesia Tbk		1,074,400		343,925
Sumber Alfaria Trijaya Tbk PT		1,039,100		142,331
				2,014,455
Malaysia  |  1.5%
CIMB Group Holdings Berhad		162,500		182,947
Hong Leong Financial Group Bhd		28,700		120,570
Inari Amertron Berhad		129,400		77,315
Petronas Chemicals Group Bhd		200,200		409,065
				789,897
Mexico  |  2.6%
America Movil SAB de CV, Series L		253,900		259,461
Arca Continental SAB de CV		41,100		270,805
Coca-Cola Femsa SAB de CV Sponsored ADR		4,992		275,958

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

46   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Gruma SAB de CV, Class B		11,765	$	130,202
Grupo Mexico SAB de CV, Series B		25,000		103,521
Wal-Mart de Mexico SAB de CV		107,200		369,585
				1,409,532
Philippines  |  0.6%
BDO Unibank, Inc.		77,160		155,052
International Container Terminal Services, Inc.		44,700		149,564
				304,616
Poland  |  0.4%
KGHM Polska Miedz SA		2,121		56,478
Orange Polska SA		67,304		94,372
Polski Koncern Naftowy ORLEN SA		5,041		77,273
				228,123
Russia  |  0.0%
PhosAgro PJSC (¢)		42		0
Severstal PJSC GDR (¢)		9,589		0
				0
Saudi Arabia  |  4.0%
Al Rajhi Bank		25,967		571,895
Arabian Internet & Communications Services Co.		3,116		164,494
Arriyadh Development Co.		12,133		72,895
Bank Al-Jazira		11,251		67,007
Leejam Sports Co. JSC		3,679		87,810
SABIC Agri-Nutrients Co.		5,102		187,483
Saudi Arabian Mining Co. (*)		6,426		85,546
Saudi Arabian Oil Co.		12,250		126,747
Saudi Basic Industries Corp.		18,813		509,765
Saudi Electricity Co.		21,744		140,667
Saudi Research & Media Group (*)		2,882		144,377
				2,158,686
South Africa  |  3.2%
Absa Group, Ltd.		17,855		170,021
Anglo American Platinum, Ltd.		845		74,162
FirstRand, Ltd.		61,494		236,292
Gold Fields, Ltd. Sponsored ADR		13,793		125,792
Harmony Gold Mining Co., Ltd. Sponsored ADR		29,396		92,010

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

Semi-Annual Report   47

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Impala Platinum Holdings, Ltd.		7,912	$	88,159
MTN Group, Ltd.		17,289		140,571
MultiChoice Group, Ltd.		10,480		74,598
Naspers, Ltd., N Shares		1,792		262,133
Sappi, Ltd. (*)		23,082		76,507
Sasol, Ltd. (*)		8,295		191,633
Sibanye Stillwater, Ltd.		41,868		104,047
Vodacom Group, Ltd.		11,058		89,261
				1,725,186
South Korea  |  12.4%
AfreecaTV Co., Ltd.		1,486		91,971
BGF retail Co., Ltd.		389		56,621
CJ CheilJedang Corp.		564		164,891
DB HiTek Co., Ltd.		2,059		79,510
DGB Financial Group, Inc.		22,382		131,462
Foosung Co., Ltd.		10,500		144,061
Hana Financial Group, Inc.		5,620		170,664
HMM Co., Ltd.		3,485		66,103
KB Financial Group, Inc.		9,127		338,876
Kia Corp.		9,993		596,196
Korean Reinsurance Co.		36,507		236,405
KT Corp.		25,187		707,916
KT&G Corp.		3,995		252,885
LG Chem, Ltd.		458		182,260
LG Electronics, Inc.		1,361		92,773
LG Innotek Co., Ltd.		729		192,019
POSCO Holdings Inc		326		58,004
Samsung Electro-Mechanics Co., Ltd.		1,988		199,255
Samsung Electronics Co., Ltd. GDR		1,856		2,027,160
Samsung SDI Co., Ltd.		543		222,841
SK Hynix, Inc.		3,354		234,599
Woori Financial Group, Inc.		42,023		392,459
				6,638,931
Taiwan  |  14.5%
Advanced Energy Solution Holding Co., Ltd.		2,000		65,268
Asia Vital Components Co., Ltd.		37,000		115,682

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

48   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
ASPEED Technology, Inc.		1,100	$	69,593
Bizlink Holding, Inc.		8,000		82,917
Chailease Holding Co., Ltd.		31,500		221,067
China Airlines, Ltd. (*)		79,000		62,499
Delta Electronics, Inc.		54,000		400,045
E Ink Holdings, Inc.		15,000		94,661
Eva Airways Corp. (*)		112,000		119,011
Evergreen Marine Corp. Taiwan, Ltd.		36,000		102,297
Faraday Technology Corp.		13,000		82,946
Global Unichip Corp.		8,000		129,562
Hiwin Technologies Corp.		26,000		209,154
International Games System Co., Ltd.		4,000		100,400
Kinik Co.		24,000		117,650
Lotes Co., Ltd.		8,000		179,224
MediaTek, Inc.		13,000		283,130
Nan Ya Plastics Corp.		44,000		122,757
Nan Ya Printed Circuit Board Corp.		16,000		139,269
Novatek Microelectronics Corp.		6,000		60,604
Realtek Semiconductor Corp.		7,000		85,346
Ruentex Development Co., Ltd.		39,000		96,206
SinoPac Financial Holdings Co., Ltd.		737,000		416,505
Taiwan Semiconductor Manufacturing Co., Ltd.		209,000		3,328,665
Tong Yang Industry Co., Ltd.		106,000		175,798
Unimicron Technology Corp.		42,000		222,728
United Microelectronics Corp.		119,000		155,932
Vanguard International Semiconductor Corp.		21,000		53,917
Voltronic Power Technology Corp.		2,000		97,091
Wan Hai Lines, Ltd.		20,400		81,717
Winbond Electronics Corp.		111,000		81,094
Yang Ming Marine Transport Corp.		39,000		107,809
Yuanta Financial Holding Co., Ltd.		110,000		72,836
				7,733,380
Thailand  |  2.1%
Bangkok Bank Public Co. Ltd.		56,900		215,278
Bumrungrad Hospital Public Co. Ltd. (‡)		37,600		190,366
Chularat Hospital Public Co., Ltd. NVDR		984,000		102,900

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

Semi-Annual Report   49

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Kasikornbank Public Co., Ltd. NVDR		36,500	$	155,659
Kiatnakin Phatra Bank Public Co., Ltd NVDR		49,900		87,625
Krung Thai Bank Public Co., Ltd. NVDR		285,200		125,030
Land & Houses Public Co., Ltd. (‡)		466,400		110,153
Osotspa Public Co., Ltd (‡)		167,900		162,652
				1,149,663
United States  |  0.4%
JBS SA		27,000		162,977
Parade Technologies, Ltd.		1,000		38,356
				201,333
Total Common Stocks (Cost $60,044,460)				52,165,417
Preferred Stocks  |  0.8%
Brazil  |  0.8%
Petroleo Brasileiro SA (Cost $372,929)		78,239		417,548
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $737,913)		737,913		737,913
Total Investments  |  99.6% (Cost $61,155,302)			$	53,320,878
Cash and Other Assets in Excess of Liabilities  |  0.4%				193,698
Net Assets  |  100.0%			$	53,514,576

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

50   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  97.3%
Austria  |  0.6%
Mondi PLC		1,021,953	$	18,128,817
Brazil  |  11.5%
Banco do Brasil SA		7,810,326		49,815,835
BB Seguridade Participacoes SA		15,288,217		75,835,656
CCR SA		21,489,317		51,450,027
Engie Brasil Energia SA		3,377,500		26,653,689
Petroleo Brasileiro SA Sponsored ADR		6,280,497		73,356,205
Vale SA Sponsored ADR		1,851,176		27,082,705
Vibra Energia SA		6,480,500		20,691,734
				324,885,851
China  |  26.2%
A-Living Smart City Services Co., Ltd.		22,067,750		36,069,767
AAC Technologies Holdings, Inc. (*)		5,066,165		11,707,978
Anhui Conch Cement Co., Ltd., Class H		9,664,951		42,252,856
China Construction Bank Corp., Class H		160,187,224		107,700,492
China Medical System Holdings, Ltd.		15,602,000		24,385,034
China Merchants Bank Co., Ltd., Class H		5,873,994		39,957,330
China Shenhua Energy Co., Ltd., Class H		8,736,110		25,320,181
China Vanke Co., Ltd., Class H		19,484,800		49,757,221
ENN Natural Gas Co., Ltd., Class A		9,410,280		26,163,291
Gree Electric Appliances, Inc. of Zhuhai, Class A		8,126,685		40,984,178
Hengan International Group Co., Ltd.		10,445,000		49,064,324
Huayu Automotive Systems Co., Ltd., Class A		7,281,480		25,054,284
Lenovo Group, Ltd.		53,190,000		49,824,371
Ping An Insurance (Group) Co. of China, Ltd., Class H		8,358,000		57,850,984
Sinopharm Group Co., Ltd., Class H		27,130,414		66,305,618
Tingyi (Cayman Islands) Holding Corp.		25,366,000		43,516,532
Weichai Power Co., Ltd., Class H		28,089,288		45,320,972
				741,235,413
Egypt  |  0.9%
Commercial International Bank Egypt SAE GDR		15,185,363		25,212,744

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

Semi-Annual Report   51

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Greece  |  1.1%
OPAP SA		2,219,980	$	31,894,451
Hong Kong  |  1.1%
ASM Pacific Technology, Ltd.		3,689,400		31,419,592
Hungary  |  1.1%
OTP Bank Nyrt		1,437,664		32,205,595
India  |  7.1%
Axis Bank, Ltd. (*)		3,232,451		26,129,099
Bajaj Auto, Ltd.		547,741		25,836,996
Bharat Petroleum Corp., Ltd.		4,876,648		19,069,594
Hero MotoCorp, Ltd.		667,337		23,025,500
Indus Towers, Ltd.		15,021,008		39,846,076
Petronet LNG, Ltd.		11,999,296		33,069,220
UPL, Ltd.		4,157,126		33,345,804
				200,322,289
Indonesia  |  4.3%
PT Astra International Tbk		73,689,600		32,744,347
PT Bank Mandiri (Persero) Tbk		87,316,042		46,615,436
PT Telkom Indonesia (Persero) Tbk ADR		1,282,358		34,674,960
PT United Tractors Tbk		4,522,700		8,606,488
				122,641,231
Mexico  |  4.9%
America Movil SAB de CV, Class L Sponsored ADR		1,588,639		32,455,895
Grupo Financiero Banorte SAB de CV, Class O		4,282,437		23,887,265
Grupo Mexico SAB de CV, Series B		9,248,572		38,296,755
Kimberly-Clark de Mexico SAB de CV, Series A		17,959,695		24,318,978
Ternium SA Sponsored ADR		571,549		20,627,203
				139,586,096
Portugal  |  2.6%
Galp Energia SGPS SA		6,269,390		73,490,084

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

52   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Russia  |  0.0%
Mobile TeleSystems PJSC Sponsored ADR (¢)		4,695,624	$	5
Sberbank of Russia PJSC (*), (¢)		13,596,421		13
				18
South Africa  |  7.6%
Anglo American PLC		688,266		24,574,479
Life Healthcare Group Holdings, Ltd.		24,270,257		26,773,527
Nedbank Group, Ltd.		4,649,803		59,331,688
Sanlam, Ltd.		6,341,029		20,630,991
Standard Bank Group, Ltd.		3,592,200		34,303,463
The Bidvest Group, Ltd.		2,103,486		27,106,596
Vodacom Group, Ltd.		2,632,775		21,251,840
				213,972,584
South Korea  |  14.3%
Coway Co., Ltd.		714,426		35,189,594
Hyundai Mobis Co., Ltd.		201,553		30,924,156
KB Financial Group, Inc.		1,343,045		49,865,934
Kia Corp.		467,127		27,869,415
KT Corp.		694,395		19,516,938
KT&G Corp.		387,589		24,534,537
Samsung Electronics Co., Ltd.		2,001,125		87,658,596
Shinhan Financial Group Co., Ltd.		1,648,998		47,181,262
SK Hynix, Inc.		1,181,109		82,613,953
				405,354,385
Taiwan  |  10.7%
ASE Technology Holding Co., Ltd.		19,064,000		49,107,166
Globalwafers Co., Ltd.		1,397,000		21,163,241
Hon Hai Precision Industry Co., Ltd.		14,684,425		53,717,223
MediaTek, Inc.		1,096,000		23,870,027
Novatek Microelectronics Corp.		3,745,000		37,826,953
Quanta Computer, Inc.		19,033,000		50,964,322
Taiwan Semiconductor Manufacturing Co., Ltd.		2,351,913		37,458,037
Wiwynn Corp.		1,181,000		27,554,435
				301,661,404

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

Semi-Annual Report   53

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Thailand  |  1.7%
Kasikornbank Public Co., Ltd.		6,405,454	$	27,509,328
The Siam Cement Public Co., Ltd. (‡)		2,014,200		21,307,051
				48,816,379
United Kingdom  |  1.6%
Unilever PLC		970,324		44,175,881
Total Common Stocks (Cost $2,815,462,147)				2,755,002,814
Short-Term Investments  |  1.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $54,058,325)		54,058,325		54,058,325
Total Investments  |  99.2% (Cost $2,869,520,472)			$	2,809,061,139
Cash and Other Assets in Excess of Liabilities  |  0.8%				22,207,137
Net Assets  |  100.0%			$	2,831,268,276

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

54   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio
Common Stocks  |  95.8%
Brazil  |  6.3%
Banco BTG Pactual SA		127,288	$	542,624
BB Seguridade Participacoes SA		112,800		559,533
Odontoprev SA		222,360		397,265
Petroleo Brasileiro SA Sponsored ADR		67,999		794,228
Vale SA Sponsored ADR		55,360		809,917
				3,103,567
China  |  28.8%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		11,429		1,299,249
Anhui Conch Cement Co., Ltd., Class H		117,500		513,682
ANTA Sports Products, Ltd.		54,000		675,820
China Construction Bank Corp., Class H		1,616,281		1,086,693
China Merchants Bank Co., Ltd., Class H		172,000		1,170,015
China Vanke Co., Ltd., Class H		243,900		622,833
CSPC Pharmaceutical Group, Ltd.		542,000		539,505
ENN Energy Holdings, Ltd.		43,600		717,212
Gree Electric Appliances, Inc. of Zhuhai, Class A		157,600		794,802
JD.com, Inc. ADR		13,866		890,474
JD.com, Inc., Class A		1,325		42,843
NetEase, Inc. ADR		9,733		908,673
Ping An Insurance (Group) Co. of China, Ltd., Class H		120,500		834,056
Sinopharm Group Co., Ltd., Class H		286,400		699,950
Tencent Holdings, Ltd.		27,192		1,234,884
Trip.com Group, Ltd. ADR (*)		28,735		788,776
Weichai Power Co., Ltd., Class H		313,000		505,013
Yum China Holdings, Inc.		16,738		811,793
				14,136,273
France  |  1.1%
Pernod Ricard SA Sponsored ADR		14,456		530,824
Greece  |  0.8%
OPAP SA		26,150		375,697

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

Semi-Annual Report   55

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (continued)
Hong Kong  |  1.3%
Techtronic Industries Co., Ltd.		60,782	$	635,448
India  |  14.1%
HDFC Bank, Ltd.		98,455		1,684,459
ITC, Ltd.		229,139		794,579
Reliance Industries, Ltd.		50,765		1,671,534
SBI Cards & Payment Services, Ltd.		37,816		368,550
State Bank of India		105,502		623,724
Tata Consultancy Services, Ltd.		31,482		1,304,764
UPL, Ltd.		62,985		505,225
				6,952,835
Indonesia  |  3.9%
PT Astra International Tbk		1,008,900		448,310
PT Bank Central Asia Tbk		1,795,700		875,001
PT Telkom Indonesia (Persero) Tbk ADR		21,191		573,005
				1,896,316
Macau  |  0.7%
Sands China, Ltd. (*)		144,800		353,582
Mexico  |  4.8%
America Movil SAB de CV, Class L Sponsored ADR		36,518		746,063
Grupo Financiero Banorte SAB de CV, Class O		92,877		518,064
Grupo Mexico SAB de CV, Series B		169,499		701,866
Kimberly-Clark de Mexico SAB de CV, Series A		289,074		391,431
				2,357,424
Russia  |  0.0%
Mobile TeleSystems PJSC Sponsored ADR (¢)		45,259		0
Sberbank of Russia PJSC (*), (¢)		213,889		0
				0
Saudi Arabia  |  2.5%
Arabian Internet & Communications Services Co.		10,492		553,872
The Saudi National Bank		38,614		679,310
				1,233,182

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

56   Semi-Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (continued)
South Africa  |  4.4%
Anglo American PLC		32,213	$	1,150,163
Capitec Bank Holdings, Ltd.		4,469		545,667
Vodacom Group, Ltd.		56,366		454,988
				2,150,818
South Korea  |  11.0%
Coway Co., Ltd.		11,597		571,219
Hyundai Mobis Co., Ltd.		3,172		486,678
NAVER Corp.		3,029		561,965
Samsung Electronics Co., Ltd.		34,832		1,525,804
Shinhan Financial Group Co., Ltd.		38,571		1,103,597
SK Hynix, Inc.		16,285		1,139,072
				5,388,335
Taiwan  |  13.3%
ASE Technology Holding Co., Ltd.		151,000		388,962
CTBC Financial Holding Co., Ltd.		1,385,000		1,176,794
Hon Hai Precision Industry Co., Ltd.		329,136		1,204,015
MediaTek, Inc.		32,000		696,935
Quanta Computer, Inc.		246,000		658,710
Taiwan Semiconductor Manufacturing Co., Ltd.		152,387		2,427,011
				6,552,427
Thailand  |  1.1%
CP ALL Public Co., Ltd.		328,700		564,801
United Kingdom  |  1.7%
Unilever PLC		18,701		851,399
Total Common Stocks (Cost $52,195,182)				47,082,928
Preferred Stocks  |  1.1%
Brazil  |  1.1%
Banco Bradesco SA (Cost $652,808)		161,810		531,797

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

Semi-Annual Report   57

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (concluded)
Short-Term Investments  |  2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $1,163,949)		1,163,949	$	1,163,949
Total Investments  |  99.3% (Cost $54,011,939)			$	48,778,674
Cash and Other Assets in Excess of Liabilities  |  0.7%				332,057
Net Assets  |  100.0%			$	49,110,731

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  |  95.2%
Belgium  |  2.0%
Anheuser-Busch InBev SA/NV		54,366	$	2,932,639
France  |  2.0%
Vinci SA		32,555		2,924,757
Germany  |  4.7%
Fresenius Medical Care AG & Co. KGaA		137,433		6,863,968
Japan  |  4.0%
Secom Co., Ltd.		95,801		5,921,937
Luxembourg  |  4.0%
SES SA		668,253		5,872,776
Spain  |  4.8%
Ferrovial SA		272,826		6,957,176
United States  |  73.7%
Cisco Systems, Inc.		160,842		6,858,303
Cognizant Technology Solutions Corp., Class A		64,650		4,363,228
CVS Health Corp.		94,852		8,788,986
DaVita, Inc. (*)		36,232		2,897,111
DENTSPLY SIRONA, Inc.		81,107		2,897,953
Fiserv, Inc. (*)		75,815		6,745,261
H&R Block, Inc.		128,028		4,521,949
Intel Corp.		184,701		6,909,664
International Game Technology PLC		461,167		8,559,259
MEDNAX, Inc. (*)		247,369		5,197,223
Medtronic PLC		76,312		6,849,002
Nielsen Holdings PLC		250,549		5,817,748
Norfolk Southern Corp.		12,995		2,953,634
Omnicom Group, Inc.		139,836		8,894,968
Ross Stores, Inc.		41,101		2,886,523

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

Semi-Annual Report   59

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio (concluded)
SS&C Technologies Holdings, Inc.		50,323	$	2,922,257
Starbucks Corp.		38,617		2,949,953
Tapestry, Inc.		283,704		8,658,646
The TJX Cos., Inc.		51,698		2,887,333
Visa, Inc., Class A		29,589		5,825,778
				108,384,779
Total Common Stocks (Cost $144,796,253)				139,858,032
Short-Term Investments  |  3.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $4,471,481)		4,471,481		4,471,481
Total Investments  |  98.2% (Cost $149,267,734)			$	144,329,513
Cash and Other Assets in Excess of Liabilities  |  1.8%				2,709,545
Net Assets  |  100.0%			$	147,039,058

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  |  98.5%
Brazil  |  0.8%
Banco Bradesco SA ADR		246,191	$	802,583
Canada  |  6.0%
Canadian National Railway Co.		9,868		1,109,997
Dollarama, Inc.		28,292		1,629,120
National Bank of Canada		23,403		1,535,776
Toromont Industries, Ltd.		17,881		1,445,816
				5,720,709
China  |  3.3%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		7,633		867,719
NXP Semiconductors NV		7,855		1,162,776
Tencent Holdings, Ltd.		25,523		1,159,089
				3,189,584
Denmark  |  0.9%
Carlsberg AS, Class B		6,688		853,126
France  |  4.3%
Legrand SA		9,675		720,057
LVMH Moet Hennessy Louis Vuitton SE		1,971		1,216,369
Pernod Ricard SA		5,764		1,067,699
Thales SA		9,080		1,113,810
				4,117,935
Germany  |  1.0%
Merck KGaA		5,553		937,229
Hong Kong  |  1.4%
AIA Group, Ltd.		117,383		1,289,353
India  |  1.3%
HDFC Bank, Ltd. ADR		22,865		1,256,660

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)
Japan  |  4.9%
BayCurrent Consulting, Inc.		2,700	$	719,400
Kadokawa Corp.		43,200		931,270
Nintendo Co., Ltd.		2,600		1,123,700
Olympus Corp.		55,300		1,112,126
Shimano, Inc.		4,800		811,961
				4,698,457
Netherlands  |  2.7%
Wolters Kluwer NV		26,374		2,565,705
Spain  |  0.7%
Industria de Diseno Textil SA		30,369		687,780
Sweden  |  2.0%
Assa Abloy AB, Class B		28,539		610,733
Hexagon AB, B Shares		120,781		1,255,902
				1,866,635
Switzerland  |  3.7%
ABB, Ltd.		46,904		1,253,559
Partners Group Holding AG		1,135		1,023,890
The Swatch Group AG		5,163		1,225,122
				3,502,571
Taiwan  |  1.8%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		20,735		1,695,086
United Kingdom  |  6.6%
Coca-Cola Europacific Partners PLC		22,375		1,154,774
Diageo PLC		36,213		1,562,294
RELX PLC		67,988		1,845,535
Unilever PLC		38,992		1,774,688
				6,337,291
United States  |  57.1%
Accenture PLC, Class A		8,895		2,469,697
Alphabet, Inc., Class A (*)		1,674		3,648,081
Amazon.com, Inc. (*)		26,360		2,799,696

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)
Amphenol Corp., Class A		16,034	$	1,032,269
Aon PLC, Class A		7,293		1,966,776
Avery Dennison Corp.		4,924		797,048
Booz Allen Hamilton Holding Corp.		19,473		1,759,580
Boston Scientific Corp. (*)		30,990		1,154,997
BRP, Inc.		11,638		716,254
Deere & Co.		3,065		917,876
Dollar General Corp.		8,599		2,110,539
Intercontinental Exchange, Inc.		18,055		1,697,892
IQVIA Holdings, Inc. (*)		12,406		2,691,978
Johnson & Johnson		13,625		2,418,574
Lowe’s Cos., Inc.		9,346		1,632,466
McDonald’s Corp.		7,187		1,774,327
Microsoft Corp.		14,405		3,699,636
Motorola Solutions, Inc.		9,791		2,052,194
NIKE, Inc., Class B		11,025		1,126,755
PTC, Inc. (*)		12,224		1,299,900
Rockwell Automation, Inc.		4,817		960,076
S&P Global, Inc.		4,757		1,603,394
Texas Instruments, Inc.		10,171		1,562,774
The Charles Schwab Corp.		23,939		1,512,466
The Coca-Cola Co.		31,942		2,009,471
The Procter & Gamble Co.		11,769		1,692,264
Thermo Fisher Scientific, Inc.		5,397		2,932,082
TopBuild Corp. (*)		3,556		594,421
Visa, Inc., Class A		9,531		1,876,559
Warner Music Group Corp., Class A		18,676		454,947
Zoetis, Inc.		8,746		1,503,350
				54,468,339
Total Common Stocks (Cost $77,582,642)				93,989,043
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $1,297,099)		1,297,099		1,297,099

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)
Total Investments  |  99.9% (Cost $78,879,741)		$	95,286,142
Cash and Other Assets in Excess of Liabilities  |  0.1%			85,621
Net Assets  |  100.0%		$	95,371,763

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

64   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  92.4%
Australia  |  5.6%
Atlas Arteria, Ltd. (^)		49,611,421	$	275,782,381
Transurban Group		20,330,512		201,899,463
				477,681,844
Canada  |  2.0%
Canadian National Railway Co.		1,495,073		168,172,483
France  |  6.2%
Eutelsat Communications SA (^)		12,131,887		137,062,503
Vinci SA		4,344,769		390,336,123
				527,398,626
Hong Kong  |  3.7%
CK Infrastructure Holdings, Ltd.		17,375,500		106,752,913
Power Assets Holdings, Ltd.		32,921,965		207,363,625
				314,116,538
Italy  |  19.9%
Atlantia SpA		15,872,900		372,541,160
Hera SpA		57,132,601		165,834,606
Italgas SpA		36,527,645		213,311,305
Snam SpA		104,204,480		546,930,139
Terna - Rete Elettrica Nazionale		48,607,996		382,041,894
				1,680,659,104
Luxembourg  |  2.2%
SES SA (^)		21,119,089		185,599,882
Portugal  |  0.9%
Redes Energeticas Nacionais SGPS SA		24,528,757		73,954,442
Spain  |  7.5%
Ferrovial SA		25,029,695		638,267,557
Switzerland  |  1.5%
Flughafen Zurich AG (*)		852,915		129,033,776

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

Semi-Annual Report   65

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio (continued)
United Kingdom  |  17.0%
National Grid PLC		50,190,700	$	643,207,363
Pennon Group PLC		12,879,212		149,834,186
Severn Trent PLC		8,058,555		266,851,924
United Utilities Group PLC		30,132,700		374,283,318
				1,434,176,791
United States  |  25.9%
Ameren Corp.		892,593		80,654,703
Consolidated Edison, Inc.		3,930,655		373,805,291
CSX Corp.		13,136,881		381,757,762
Norfolk Southern Corp.		1,742,219		395,988,957
NorthWestern Corp. (^)		2,858,238		168,435,965
Pinnacle West Capital Corp.		5,404,679		395,190,128
Union Pacific Corp.		1,842,400		392,947,072
				2,188,779,878
Total Common Stocks (Cost $7,541,240,819)				7,817,840,921
Short-Term Investments  |  7.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $662,580,630)		662,580,630		662,580,630
Total Investments  |  100.2% (Cost $8,203,821,449) (»)			$	8,480,421,551
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(20,206,806	)
Net Assets  |  100.0%			$	8,460,214,745

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, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD	50,414,850	USD	34,941,514	HSB	09/28/22		$	—		$	118,084
CAD	11,988,308	USD	9,295,952	HSB	09/28/22			18,830			—
CHF	4,585,439	USD	4,794,228	BNP	09/28/22			38,577			—
HKD	160,235,317	USD	20,474,727	HSB	09/28/22			—			5,921
USD	8,576,304	AUD	12,261,497	BNP	09/28/22			106,828			—
USD	117,680,776	AUD	168,234,120	CIT	09/28/22			1,475,152			—
USD	26,838,342	AUD	39,616,806	HSB	09/28/22			—			526,474
USD	131,604,268	AUD	188,097,459	HSB	09/28/22			1,678,289			—
USD	105,436,825	AUD	150,725,237	MSC	09/28/22			1,325,243			—
USD	128,482,918	AUD	183,700,548	SSB	09/28/22			1,594,051			—
USD	6,134,959	CAD	7,936,858	BNP	09/28/22			—			31,891
USD	92,730,299	CAD	119,999,971	CIT	09/28/22			—			508,340
USD	55,313,041	CAD	71,560,638	HSB	09/28/22			—			288,777
USD	5,104,763	CAD	6,604,134	MSC	09/28/22			—			26,575
USD	19,546,798	CAD	25,288,670	SCB	09/28/22			—			102,217
USD	39,954,356	CHF	38,214,344	BNP	09/28/22			—			321,493
USD	35,284,829	CHF	33,744,646	SCB	09/28/22			—			280,201
USD	62,869,881	CHF	60,137,242	SSB	09/28/22			—			511,516
USD	330,737,487	EUR	311,045,214	BNP	09/28/22			2,792,009			—
USD	428,407,285	EUR	402,598,695	CAN	09/28/22			3,933,879			—
USD	585,353,393	EUR	550,881,955	CIT	09/28/22			4,539,938			—
USD	183,402,425	EUR	172,432,283	HSB	09/28/22			1,601,244			—
USD	364,668,740	EUR	343,204,717	MEL	09/28/22			2,816,412			—
USD	518,701,382	EUR	487,948,432	RBC	09/28/22			4,240,866			—
USD	618,479,342	EUR	581,739,579	SSB	09/28/22			5,131,651			—
USD	296,155,983	GBP	240,616,811	CAN	09/28/22			2,771,952			—
USD	109,273,808	GBP	90,831,023	HSB	09/28/22			—			1,476,441
USD	142,079,463	GBP	115,440,898	HSB	09/28/22			1,322,397			—
USD	217,220,057	GBP	176,771,258	MSC	09/28/22			1,682,896			—
USD	427,268,659	GBP	347,705,051	RBC	09/28/22			3,311,957			—
USD	273,141,168	GBP	222,226,789	SSB	09/28/22			2,180,087			—
USD	89,277,100	HKD	699,287,435	BNP	09/28/22			—			51,392
USD	86,896,803	HKD	680,580,106	HSB	09/28/22			—			41,974
USD	38,086,871	HKD	298,311,611	MSC	09/28/22			—			20,100
USD	9,644,378	HKD	75,539,980	SCB	09/28/22			—			5,262
USD	96,416,971	HKD	755,234,134	SSB	09/28/22			—			58,274
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	42,562,258		$	4,374,932

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

Semi-Annual Report   67

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  96.9%
Canada  |  3.8%
Canadian Pacific Railway, Ltd.		1,747	$	122,026
TMX Group, Ltd.		1,417		144,210
Toromont Industries, Ltd.		2,573		208,047
				474,283
China  |  1.1%
Tencent Holdings, Ltd.		2,900		131,699
Denmark  |  1.7%
Genmab A/S (*)		636		206,300
France  |  2.8%
Legrand SA		2,127		158,301
Pernod Ricard SA		1,057		195,794
				354,095
Germany  |  4.5%
Continental AG		1,680		117,074
Hensoldt AG		3,065		77,415
Infineon Technologies AG		4,760		115,169
Merck KGaA		1,494		252,156
				561,814
Hong Kong  |  1.7%
AIA Group, Ltd.		19,400		213,093
India  |  1.4%
HDFC Bank, Ltd. ADR		3,178		174,663
Japan  |  4.4%
BayCurrent Consulting, Inc.		700		186,511
Digital Garage, Inc.		2,900		78,526
Kadokawa Corp.		2,800		60,360
Olympus Corp.		7,700		154,853
TechnoPro Holdings, Inc.		3,200		64,166
				544,416

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

68   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Netherlands  |  3.1%
Akzo Nobel NV		1,404	$	92,760
Universal Music Group NV		14,761		298,234
				390,994
Portugal  |  1.6%
Energias de Portugal SA		43,412		202,894
South Africa  |  1.2%
Anglo American PLC		4,180		149,247
South Korea  |  1.6%
Osstem Implant Co., Ltd.		2,511		193,972
Sweden  |  0.6%
Volvo Car AB, Class B		10,361		68,791
Switzerland  |  2.5%
ABB, Ltd.		8,638		230,860
Idorsia, Ltd. (*)		5,653		81,313
				312,173
Taiwan  |  1.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		15,000		238,899
United Kingdom  |  6.1%
Coca-Cola European Partners PLC		3,479		178,585
easyJet PLC (*)		9,808		43,849
Informa PLC (*)		9,192		59,238
Linde PLC (*)		800		229,669
RELX PLC		8,959		243,192
				754,533
United States  |  56.9%
Accenture PLC, Class A		886		245,998
Adobe, Inc. (*)		737		269,786
Alphabet, Inc., Class A (*)		270		588,400
Amphenol Corp., Class A		3,252		209,364
Analog Devices, Inc.		1,779		259,894

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

Semi-Annual Report   69

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Aon PLC, Class A		1,288	$	347,348
Applied Materials, Inc.		2,292		208,526
Bank of America Corp.		7,370		229,428
Boston Scientific Corp. (*)		6,914		257,685
CyberArk Software, Ltd. (*)		866		110,813
Danaher Corp.		1,154		292,562
Dollar General Corp.		1,201		294,773
Helmerich & Payne, Inc.		5,184		223,223
Intercontinental Exchange, Inc.		3,313		311,555
Intuit, Inc.		546		210,450
IQVIA Holdings, Inc. (*)		1,935		419,876
Johnson & Johnson		2,069		367,268
Microsoft Corp.		2,620		672,895
S&P Global, Inc.		971		327,285
The Coca-Cola Co.		3,860		242,833
The Estee Lauder Cos., Inc., Class A		480		122,242
UnitedHealth Group, Inc.		844		433,504
Visa, Inc., Class A		1,317		259,304
Zoetis, Inc.		937		161,061
				7,066,073
Total Common Stocks (Cost $13,260,591)				12,037,939
Short-Term Investments  |  3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $409,062)		409,062		409,062
Total Investments  |  100.2% (Cost $13,669,653)			$	12,447,001
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(23,338	)
Net Assets  |  100.0%			$	12,423,663

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

70   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  97.8%
Australia  |  8.6%
ALS Ltd.		781	$	5,762
Aristocrat Leisure, Ltd.		800		19,000
ASX, Ltd.		24		1,354
BHP Group, Ltd.		1,304		37,559
Brambles, Ltd.		2,561		18,918
CSL, Ltd.		40		7,432
Dexus REIT		4,847		29,677
Fortescue Metals Group, Ltd.		966		11,882
Grange Resources, Ltd.		2,836		2,479
JB Hi-Fi, Ltd.		634		16,844
Lovisa Holdings, Ltd.		207		1,971
Newcrest Mining, Ltd.		141		2,005
Pro Medicus, Ltd.		89		2,598
Rio Tinto PLC		458		27,386
West African Resources, Ltd. (*)		5,464		4,477
WiseTech Global, Ltd.		601		15,589
Woolworths Group, Ltd.		170		4,176
				209,109
Belgium  |  0.1%
Sofina SA		18		3,682
China  |  1.3%
Chow Tai Fook Jewellery Group, Ltd.		3,800		7,150
SITC International Holdings Co., Ltd.		6,000		17,000
VSTECS Holdings, Ltd.		4,000		3,200
Yangzijiang Shipbuilding Holdings, Ltd.		6,200		4,155
				31,505
Denmark  |  4.1%
AP Moller-Maersk A/S, Class B		8		18,790
Novo Nordisk A/S, Class B		684		75,918
Pandora A/S		52		3,286
				97,994

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

Semi-Annual Report   71

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Finland  |  0.5%
Nokia oyj. Sponsored ADR		2,225	$	10,257
Nordea Bank Abp		208		1,832
				12,089
France  |  10.2%
Airbus SE		133		13,059
AXA SA		681		15,476
BioMerieux		67		6,544
BNP Paribas SA		67		3,190
Capgemini SE		145		25,075
Carrefour SA		685		12,154
Cie de Saint-Gobain		718		31,189
Electricite de France SA		1,099		8,995
Gaztransport Et Technigaz SA		21		2,631
Kering SA		54		28,056
L’Oreal SA		27		9,329
La Francaise des Jeux SAEM		309		10,765
Nexity SA		53		1,428
Sanofi		141		14,259
Sartorius Stedim Biotech		16		5,065
Societe Generale SA		1,679		36,823
TotalEnergies SE		190		10,015
Vinci SA		138		12,398
				246,451
Germany  |  5.3%
Beiersdorf AG		59		6,027
Deutsche Bank AG		1,814		15,806
Deutsche Post AG		1,080		40,463
Hapag-Lloyd AG		20		5,179
Heidelberger Druckmaschinen AG (*)		1,341		2,004
Mercedes-Benz Group AG		210		12,153
Merck KGaA		95		16,034
Nemetschek SE		253		15,314
Rheinmetall AG		49		11,315
Siemens Energy AG (*)		221		3,241
				127,536

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)
Hong Kong  |  2.2%
Jardine Matheson Holdings, Ltd.		300	$	15,790
Kerry Properties, Ltd.		1,500		4,171
Swire Pacific, Ltd., Class A		1,500		9,013
WH Group, Ltd.		30,500		23,597
				52,571
Israel  |  0.4%
Check Point Software Technologies, Ltd. (*)		67		8,159
Perion Network, Ltd. (*)		131		2,382
				10,541
Italy  |  1.0%
Banco BPM SpA		905		2,597
Reply SpA		60		7,310
UniCredit SpA		1,579		15,141
				25,048
Japan  |  22.0%
AGC, Inc.		500		17,593
Canon, Inc.		700		15,925
Chugai Pharmaceutical Co., Ltd.		400		10,236
Dai-ichi Life Holdings, Inc.		800		14,769
Daikin Industries, Ltd.		100		16,050
Daiwa House Industry Co., Ltd.		600		13,994
Electric Power Development Co., Ltd.		1,000		16,535
Honda Motor Co., Ltd.		300		7,257
Iida Group Holdings Co., Ltd.		400		6,161
Japan Post Holdings Co., Ltd.		6,900		49,299
Japan Post Insurance Co., Ltd.		300		4,801
Japan Tobacco, Inc.		2,500		43,242
Kaneka Corp.		300		7,391
KDDI Corp.		200		6,324
Marubeni Corp.		500		4,513
Mitsubishi Electric Corp.		2,200		23,548
Mitsui & Co., Ltd.		2,200		48,582
Mitsui Chemicals, Inc.		400		8,528
MS&AD Insurance Group Holdings, Inc.		300		9,198
NEC Corp.		100		3,888

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)
Nintendo Co., Ltd. ADR		513	$	27,610
Nippon Telegraph & Telephone Corp.		200		5,742
Nishi-Nippon Financial Holdings, Inc.		500		2,766
Nisshinbo Holdings, Inc.		1,400		10,542
Okamura Corp.		300		2,682
Olympus Corp.		100		2,011
ORIX Corp.		800		13,430
Panasonic Holdings Corp.		2,900		23,460
Recruit Holdings Co., Ltd.		100		2,949
Shimano, Inc. ADR		409		6,908
Shin-Etsu Chemical Co., Ltd.		133		15,014
SKY Perfect JSAT Holdings, Inc.		1,000		3,981
Softbank Corp.		2,000		22,198
Sumco Corp.		600		7,721
Sumitomo Chemical Co., Ltd.		4,600		17,957
Sumitomo Mitsui Financial Group, Inc.		100		2,970
The 77 Bank, Ltd.		200		2,677
Tokyo Electron, Ltd. Sponsored ADR		184		14,998
Yamaha Corp.		400		16,464
ZOZO, Inc.		100		1,804
				531,718
Luxembourg  |  0.2%
Eurofins Scientific SE		57		4,506
Malta  |  0.0%
Kindred Group PLC		133		1,106
Netherlands  |  8.4%
Adyen NV (*)		15		22,050
Aegon NV		1,718		7,488
ASML Holding NV		100		48,263
Koninklijke Ahold Delhaize NV		237		6,177
NN Group NV		323		14,773
Shell PLC		2,664		69,518
Wolters Kluwer NV		360		35,021
				203,290

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)
New Zealand  |  0.1%
Fisher & Paykel Healthcare Corp., Ltd.		129	$	1,607
Norway  |  0.4%
Aker BP ASA		202		6,980
Grieg Seafood ASA		173		2,466
				9,446
Portugal  |  0.8%
Jeronimo Martins SGPS SA		856		18,606
Singapore  |  1.5%
DBS Group Holdings, Ltd.		700		14,983
Jardine Cycle & Carriage, Ltd.		600		12,226
STMicroelectronics NV		166		5,278
Yangzijiang Financial Holding Ltd. (*)		11,100		3,276
				35,763
South Africa  |  0.7%
Anglo American PLC		449		16,031
Spain  |  4.6%
Banco de Sabadell SA		13,639		11,008
Banco Santander SA		13,142		37,060
Iberdrola SA		3,601		37,367
Industria de Diseno Textil SA		909		20,586
Laboratorios Farmaceuticos Rovi SA		93		5,729
				111,750
Sweden  |  2.3%
Betsson AB		655		3,960
Electrolux AB		90		1,212
Evolution AB		29		2,640
Lundin Energy AB		406		277
Lundin Energy MergerCo AB (¢)		406		15,757
Telefonaktiebolaget LM Ericsson, B Shares		2,460		18,361
Volvo Car AB, Class B		2,089		13,870
				56,077

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)
Switzerland  |  7.1%
Novartis AG		249	$	21,064
Roche Holding AG		256		85,460
Sonova Holding AG		8		2,548
UBS Group AG		3,125		50,444
Zurich Insurance Group AG		29		12,622
				172,138
United Kingdom  |  9.9%
Barclays PLC		5,312		9,945
BP PLC Sponsored ADR		333		9,441
Compass Group PLC		128		2,621
Computacenter PLC		87		2,487
Halfords Group PLC		585		1,024
IMI PLC		142		2,028
Imperial Brands PLC		1,066		23,826
Natwest Group PLC		4,651		12,372
RELX PLC		52		1,404
Safestore Holdings PLC REIT		409		5,286
SSE PLC		1,486		29,378
Standard Chartered PLC		5,387		40,617
Unilever PLC		1,306		59,458
Virgin Money UK PLC		1,115		1,776
Vodafone Group PLC		24,430		37,687
				239,350
United States  |  6.1%
GSK PLC		3,565		76,656
International Game Technology PLC		336		6,236
Nestle SA		135		15,839
Schneider Electric SE		84		9,951
Stellantis NV		3,136		39,208
				147,890
Total Common Stocks (Cost $2,594,913)				2,365,804

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

76   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Preferred Stocks  |  0.9%
Germany  |  0.9%
Bayerische Motoren Werke AG		114	$	8,076
Sartorius AG		22		7,685
Volkswagen AG		53		7,077
Total Preferred Stocks (Cost $26,491)				22,838
Short-Term Investments  |  0.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $6,476)		6,476		6,476
Total Investments  |  99.0% (Cost $2,627,880)			$	2,395,118
Cash and Other Assets in Excess of Liabilities  |  1.0%				23,004
Net Assets  |  100.0%			$	2,418,122

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

Semi-Annual Report   77

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks  |  98.9%
Canada  |  4.9%
CAE, Inc. (*)		480,843	$	11,849,239
Suncor Energy, Inc.		831,872		29,185,316
TMX Group, Ltd.		175,862		17,897,702
				58,932,257
China  |  6.1%
Alibaba Group Holding, Ltd. (*)		1,331,000		18,986,331
Autohome, Inc. ADR		283,582		11,153,280
China Longyuan Power Group Corp., Ltd., Class H		6,367,000		12,418,996
ENN Energy Holdings, Ltd.		968,900		15,938,225
ESR Group, Ltd. (*)		5,748,400		15,557,354
				74,054,186
Denmark  |  2.2%
Carlsberg AS, Class B		153,940		19,636,699
Vestas Wind Systems A/S		351,070		7,439,714
				27,076,413
Finland  |  2.2%
Nordea Bank Abp		1,874,273		16,506,114
Sampo Oyj, A Shares		233,296		10,159,432
				26,665,546
France  |  12.5%
Air Liquide SA		184,526		24,940,875
Capgemini SE		116,913		20,217,654
Engie SA		2,510,526		29,138,207
Pernod Ricard SA		97,681		18,094,010
Sanofi		417,054		42,174,870
Thales SA		135,461		16,616,506
				151,182,122

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

78   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Germany  |  8.1%
Continental AG		232,211	$	16,182,072
Infineon Technologies AG		470,159		11,375,616
Merck KGaA		136,993		23,121,519
MTU Aero Engines AG		121,873		22,184,831
Rheinmetall AG		64,231		14,831,997
Vonovia SE		348,331		10,734,656
				98,430,691
Hong Kong  |  0.9%
Prudential PLC		901,566		11,214,565
India  |  1.3%
Reliance Industries, Ltd.		490,511		16,151,006
Ireland  |  3.3%
ICON PLC (*)		111,739		24,213,841
Ryanair Holdings PLC Sponsored ADR (*)		229,196		15,413,431
				39,627,272
Israel  |  1.4%
Bank Leumi Le-Israel BM		1,898,681		16,991,008
Italy  |  1.5%
Enel SpA		3,195,115		17,561,604
Japan  |  15.4%
Asics Corp.		925,900		16,757,204
Bandai Namco Holdings, Inc.		247,400		17,479,438
Daikin Industries, Ltd.		102,600		16,466,859
Disco Corp.		71,800		16,913,722
Hitachi, Ltd.		240,600		11,399,922
Makita Corp.		369,800		9,227,755
MatsukiyoCocokara & Co.		509,100		20,590,266
Nexon Co., Ltd.		519,082		10,635,471

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

Semi-Annual Report   79

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Olympus Corp.		1,101,600	$	22,154,025
Shimano, Inc.		79,000		13,363,520
Suzuki Motor Corp.		485,100		15,262,471
Yamaha Corp.		401,500		16,526,188
				186,776,841
Mexico  |  1.4%
Arca Continental SAB de CV		2,489,912		16,405,845
Netherlands  |  6.1%
Akzo Nobel NV		286,117		18,903,368
Koninklijke DSM NV		125,419		18,117,739
Universal Music Group NV		906,098		18,306,973
Wolters Kluwer NV		196,506		19,116,415
				74,444,495
Norway  |  2.4%
Equinor ASA		439,940		15,303,502
Telenor ASA		1,063,689		14,169,477
				29,472,979
Portugal  |  1.4%
Galp Energia SGPS SA		1,484,520		17,401,613
Singapore  |  1.4%
DBS Group Holdings, Ltd.		797,520		17,070,438
South Africa  |  1.5%
Anglo American PLC		516,154		18,429,235
South Korea  |  1.6%
Osstem Implant Co., Ltd.		91,543		7,071,598
SK Hynix, Inc.		167,290		11,701,281
				18,772,879

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

80   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Spain  |  1.2%
Industria de Diseno Textil SA		644,590	$	14,598,310
Sweden  |  1.0%
Sandvik AB		762,268		12,374,794
Switzerland  |  3.7%
ABB, Ltd.		854,666		22,841,848
Roche Holding AG		66,627		22,241,935
				45,083,783
United Kingdom  |  12.9%
3i Group PLC		1,058,490		14,299,820
Barclays PLC		8,568,082		16,040,782
BP PLC		2,940,760		13,850,651
Coca-Cola Europacific Partners PLC		405,254		20,802,635
Compass Group PLC		826,850		16,927,978
Petershill Partners PLC		2,410,130		6,308,248
RELX PLC		1,221,461		32,984,297
Smith & Nephew PLC		1,172,724		16,395,995
Unilever PLC		420,315		19,130,283
				156,740,689
United States  |  4.5%
Aon PLC, Class A		119,232		32,154,486
BRP, Inc.		135,614		8,346,287
Ferguson PLC		120,329		13,473,390
				53,974,163
Total Common Stocks (Cost $1,171,295,923)				1,199,432,734

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

Semi-Annual Report   81

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Short-Term Investments  |  1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield)  (Cost $21,684,274)		21,684,274	$	21,684,274
Total Investments  |  100.7% (Cost $1,192,980,197)			$	1,221,117,008
Liabilities in Excess of Cash and Other Assets  |  (0.7)%				(7,927,652	)
Net Assets  |  100.0%			$	1,213,189,356

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

82   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks  |  95.2%
Brazil  |  1.2%
Banco Bradesco SA ADR		247,908	$	808,180
Canada  |  2.3%
Suncor Energy, Inc.		43,600		1,529,658
China  |  9.8%
Alibaba Group Holding, Ltd. (*)		89,400		1,275,265
Autohome, Inc. ADR		14,891		585,663
China Longyuan Power Group Corp., Ltd., Class H		532,000		1,037,679
ENN Energy Holdings, Ltd.		66,200		1,088,978
ESR Group, Ltd. (*)		257,800		697,705
Sungrow Power Supply Co., Ltd., Class A		31,900		469,816
Tencent Holdings, Ltd.		28,000		1,271,578
				6,426,684
Denmark  |  1.9%
Carlsberg AS, Class B		6,678		851,850
Vestas Wind Systems A/S		19,290		408,785
				1,260,635
Finland  |  1.4%
Sampo Oyj, A Shares		21,039		916,194
France  |  12.6%
Air Liquide SA		8,673		1,172,259
Airbus SE		6,447		633,017
Bureau Veritas SA		27,540		706,099
Engie SA		112,610		1,306,998
Legrand SA		11,296		840,699
Pernod Ricard SA		4,110		761,319
Sanofi		19,133		1,934,837
Thales SA		6,900		846,398
				8,201,626

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

Semi-Annual Report   83

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Germany  |  5.9%
Continental AG		11,108	$	774,083
Infineon Technologies AG		18,573		449,378
Merck KGaA		7,147		1,206,262
MTU Aero Engines AG		5,109		930,003
Vonovia SE		15,008		462,508
				3,822,234
Hong Kong  |  2.9%
AIA Group, Ltd.		135,000		1,482,861
Prudential PLC		33,070		411,357
				1,894,218
India  |  4.1%
ICICI Bank, Ltd. Sponsored ADR		81,607		1,447,708
Reliance Industries, Ltd.		37,365		1,230,314
				2,678,022
Indonesia  |  2.3%
PT Bank Mandiri (Persero) Tbk		1,784,900		952,905
PT Telkom Indonesia (Persero) Tbk ADR		20,984		567,407
				1,520,312
Ireland  |  2.3%
ICON PLC (*)		3,764		815,659
Ryanair Holdings PLC Sponsored ADR (*)		10,411		700,140
				1,515,799
Japan  |  10.2%
Bandai Namco Holdings, Inc.		13,800		975,005
Daikin Industries, Ltd.		5,800		930,875
Disco Corp.		3,800		895,155
Makita Corp.		30,800		768,564
Nomura Research Institute, Ltd. N Ap		27,300		727,040
Olympus Corp.		60,400		1,214,691

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

84   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Shimano, Inc.		4,300	$	727,381
Suzuki Motor Corp.		14,200		446,768
				6,685,479
Mexico  |  1.3%
Grupo Financiero Banorte SAB de CV, Class O		149,600		834,463
Netherlands  |  6.2%
Akzo Nobel NV		13,589		897,807
IMCD NV		2,354		325,225
Koninklijke DSM NV		7,525		1,087,044
Universal Music Group NV		39,368		795,398
Wolters Kluwer NV		9,768		950,247
				4,055,721
Norway  |  2.1%
Equinor ASA		20,145		700,752
Telenor ASA		50,126		667,732
				1,368,484
Singapore  |  1.3%
DBS Group Holdings, Ltd.		38,300		819,789
South Africa  |  1.8%
Anglo American PLC		18,104		646,402
Mr Price Group, Ltd.		46,201		504,713
				1,151,115
South Korea  |  2.6%
KB Financial Group, Inc.		22,469		834,252
SK Hynix, Inc.		12,050		842,850
				1,677,102

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

Semi-Annual Report   85

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Switzerland  |  4.7%
ABB, Ltd.		43,430	$	1,160,713
Cie Financiere Richemont SA, Class A		5,355		570,286
Roche Holding AG		4,052		1,352,670
				3,083,669
Taiwan  |  1.9%
Taiwan Semiconductor Manufacturing Co., Ltd.		76,000		1,210,424
United Kingdom  |  10.9%
Barclays PLC		307,342		575,392
BP PLC		430,574		2,027,955
Compass Group PLC		56,725		1,161,323
Linde PLC (*)		1,756		504,123
RELX PLC		70,728		1,909,937
Unilever PLC		19,929		907,052
				7,085,782
United States  |  5.5%
Accenture PLC, Class A		3,182		883,482
Aon PLC, Class A		5,574		1,503,197
Clarivate PLC (*)		42,848		593,873
Ferguson PLC		5,736		642,267
				3,622,819
Total Common Stocks (Cost $63,075,877)				62,168,409
Preferred Stocks  |  0.2%
Germany  |  0.2%
Volkswagen AG (Cost $147,351)		938		125,256

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

86   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
Short-Term Investments  |  4.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield)  (Cost $2,745,664)		2,745,664	$	2,745,664
Total Investments  |  99.6% (Cost $65,968,892)			$	65,039,329
Cash and Other Assets in Excess of Liabilities  |  0.4%				284,476
Net Assets  |  100.0%			$	65,323,805

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

Semi-Annual Report   87

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks  |  95.8%
Brazil  |  1.8%
Banco Bradesco SA ADR		648,840	$	2,115,218
Canada  |  7.8%
Dollarama, Inc.		59,741		3,440,027
National Bank of Canada		41,105		2,697,436
Toromont Industries, Ltd.		34,210		2,766,141
				8,903,604
China  |  5.1%
Alibaba Group Holding, Ltd. Sponsored ADR (*)		23,267		2,644,993
Tencent Holdings, Ltd.		69,600		3,160,779
				5,805,772
Denmark  |  6.5%
Coloplast A/S, Class B		13,562		1,548,991
Demant A/S (*)		67,106		2,519,000
Genmab A/S (*)		10,329		3,350,432
				7,418,423
France  |  8.0%
Legrand SA		28,452		2,117,525
LVMH Moet Hennessy Louis Vuitton SE		6,078		3,750,935
Pernod Ricard SA		17,723		3,282,933
				9,151,393
Germany  |  4.1%
SAP SE		26,353		2,400,829
Scout24 SE		43,783		2,249,500
				4,650,329
Hong Kong  |  4.0%
AIA Group, Ltd.		253,600		2,785,581
Prudential PLC		139,861		1,739,729
				4,525,310

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

88   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (continued)
India  |  3.2%
HDFC Bank, Ltd. ADR		66,786	$	3,670,559
Israel  |  2.4%
Check Point Software Technologies, Ltd. (*)		22,885		2,786,935
Japan  |  5.7%
Pigeon Corp.		45,400		623,188
Shimano, Inc.		8,100		1,370,184
SMS Co., Ltd.		84,700		1,671,796
Toei Animation Co., Ltd.		21,800		1,737,461
Workman Co., Ltd.		27,900		1,090,911
				6,493,540
Netherlands  |  8.3%
ASML Holding NV		9,719		4,690,661
Universal Music Group NV		107,491		2,171,768
Wolters Kluwer NV		27,144		2,640,611
				9,503,040
Norway  |  2.3%
AutoStore Holdings, Ltd.		490,401		701,911
Gjensidige Forsikring ASA		95,525		1,940,045
				2,641,956
South Africa  |  2.4%
Clicks Group, Ltd.		163,953		2,767,325
Spain  |  1.7%
Industria de Diseno Textil SA		86,937		1,968,900
Sweden  |  4.6%
Assa Abloy AB, Class B		126,900		2,715,653
Hexagon AB, B Shares		242,545		2,522,024
				5,237,677

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

Semi-Annual Report   89

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (continued)
Switzerland  |  2.9%
Partners Group Holding AG		3,672	$	3,312,532
Taiwan  |  3.3%
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR		46,197		3,776,605
United Kingdom  |  16.0%
Dechra Pharmaceuticals PLC		45,224		1,904,677
Diageo PLC		77,223		3,331,541
Diploma PLC		29,575		802,167
Intertek Group PLC		41,176		2,109,961
London Stock Exchange Group PLC		28,436		2,643,387
RELX PLC		160,479		4,356,203
Unilever PLC		69,278		3,154,015
				18,301,951
United States  |  5.7%
Aon PLC, Class A		17,003		4,585,369
BRP, Inc.		31,284		1,925,356
				6,510,725
Total Common Stocks (Cost $132,028,158)				109,541,794
Preferred Stocks  |  1.4%
Germany  |  1.4%
Sartorius AG (Cost $1,837,103)		4,592		1,604,015
Short-Term Investments  |  2.5%
State Street Institutional Treasury  Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $2,809,520)		2,809,520		2,809,520

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

90   Semi-Annual Report

Description	Shares	Fair Value
Lazard International Quality Growth Portfolio (concluded)
Total Investments  |  99.7% (Cost $136,674,781)		$	113,955,329
Cash and Other Assets in Excess  of Liabilities  |  0.3%			289,979
Net Assets  |  100.0%		$	114,245,308

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

Semi-Annual Report   91

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  96.8%
Australia  |  5.0%
ALS Ltd.		22,325	$	164,706
Ansell, Ltd.		10,005		153,655
AUB Group, Ltd.		18,142		221,779
GUD Holdings, Ltd.		33,295		183,785
SmartGroup Corp., Ltd.		40,455		171,116
				895,041
Austria  |  2.6%
BAWAG Group AG		8,079		340,530
Schoeller-Bleckmann Oilfield Equipment AG		2,273		127,964
				468,494
Belgium  |  2.9%
Fagron		7,977		129,139
Recticel SA		11,626		173,606
Shurgard Self Storage SA		4,744		221,090
				523,835
Canada  |  3.4%
Dream Industrial REIT		20,412		191,561
Stelco Holdings, Inc.		10,621		265,525
The Descartes Systems Group, Inc. (*)		2,418		150,261
				607,347
China  |  0.9%
ESR Group, Ltd. (*)		57,200		154,805
Denmark  |  1.5%
Royal Unibrew A/S		2,983		265,854
Finland  |  1.0%
Kemira Oyj		14,189		173,501

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

92   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
France  |  1.5%
Gaztransport Et Technigaz SA		2,210	$	276,944
Germany  |  9.7%
Aroundtown SA		34,688		110,296
Covestro AG		6,296		217,599
CTS Eventim AG & Co. KGaA (*)		3,057		160,181
Dermapharm Holding SE		4,025		200,420
flatexDEGIRO AG (*)		8,859		84,298
Hensoldt AG		10,587		267,405
JOST Werke AG		5,727		213,825
LEG Immobilien SE		2,234		185,204
Sirius Real Estate, Ltd.		164,040		178,163
Stabilus SE		2,919		142,756
				1,760,147
Greece  |  1.4%
JUMBO SA		17,327		252,394
Ireland  |  1.9%
Dalata Hotel Group PLC (*)		56,097		204,299
Uniphar PLC		45,243		137,480
				341,779
Italy  |  5.7%
Ariston Holding NV		18,572		152,224
Banca Generali SpA		5,845		166,217
Italgas SpA		52,616		307,263
Sesa SpA		1,379		175,229
Tinexta Spa		9,859		231,349
				1,032,282
Japan  |  24.7%
Ariake Japan Co., Ltd.		4,000		164,168
ARTERIA Networks Corp.		16,200		145,975
Bell System24 Holdings, Inc.		21,200		216,577

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

Semi-Annual Report   93

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Daiseki Co., Ltd.		7,720	$	241,473
Digital Garage, Inc.		6,700		181,423
GMO internet, Inc.		10,200		173,756
Hulic Co., Ltd.		28,400		219,971
JAFCO Group Co., ltd.		18,300		220,889
MatsukiyoCocokara & Co.		6,800		275,022
Nihon Kohden Corp.		9,200		188,235
Nippon Gas Co., Ltd.		18,000		255,367
Nippon Shinyaku Co., Ltd.		3,100		188,631
Open House Group Co., Ltd.		5,000		199,152
Pigeon Corp.		11,800		161,974
Relo Group, Inc.		14,800		238,861
Roland Corp.		6,600		196,378
Rorze Corp.		3,100		191,737
TechnoPro Holdings, Inc.		10,135		203,224
Trend Micro, Inc.		4,700		228,775
Trusco Nakayama Corp.		9,400		118,995
USS Co., Ltd.		14,200		245,462
Zenkoku Hosho Co., Ltd.		6,742		211,302
				4,467,347
Jersey  |  1.2%
JTC PLC		31,342		225,211
Netherlands  |  5.0%
Aalberts NV		6,292		247,393
Arcadis NV		8,902		301,507
ASM International NV		620		156,573
Van Lanschot Kempen NV		8,650		201,800
				907,273
New Zealand  |  0.9%
Freightways, Ltd.		27,757		158,465
Norway  |  1.3%
Crayon Group Holding ASA (*)		17,976		229,839

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

94   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Portugal  |  0.8%
Galp Energia SGPS SA		12,996	$	152,340
Spain  |  4.1%
Bankinter SA		85,992		537,011
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		156,896		206,970
				743,981
Sweden  |  2.2%
Cibus Nordic Real Estate AB		7,805		120,516
Lindab International AB		10,127		146,960
Synsam AB		23,307		135,844
				403,320
Switzerland  |  1.0%
Logitech International SA		3,609		187,890
United Kingdom  |  17.3%
Auto Trader Group PLC		25,991		175,757
Britvic PLC		20,873		206,239
Bytes Technology Group PLC		23,392		119,152
ConvaTec Group PLC		102,254		280,700
Dr. Martens Plc		56,086		162,331
Genuit Group. PLC		40,350		189,109
IG Group Holdings PLC		15,947		134,632
JD Sports Fashion PLC		116,067		163,240
Jet2 PLC (*)		18,470		203,911
Life Science REIT PLC		195,426		228,374
Marlowe PLC (*)		22,050		198,616
Pennon Group PLC		14,741		171,494
RS GROUP PLC		18,925		200,367
Smart Metering Systems PLC		18,810		187,543
Synthomer PLC		65,056		178,323
Tate & Lyle PLC		18,114		165,253
Weir Group PLC		10,045		166,683
				3,131,724

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

Semi-Annual Report   95

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
United States  |  0.8%
BRP, Inc.		2,486	$	153,000
Total Common Stocks (Cost $20,338,782)				17,512,813
Short-Term Investments  |  2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $389,415)		389,415		389,415
Total Investments  |  99.0% (Cost $20,728,197)			$	17,902,228
Cash and Other Assets in Excess of Liabilities  |  1.0%				185,862
Net Assets  |  100.0%			$	18,088,090

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

96   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  98.2%
Australia  |  1.8%
Rio Tinto PLC		1,506,827	$	90,100,815
Canada  |  10.9%
CAE, Inc. (*)		6,086,985		149,999,351
Canadian Pacific Railway, Ltd.		980,336		68,475,769
National Bank of Canada		1,884,443		123,662,912
Suncor Energy, Inc.		3,383,474		118,705,474
TMX Group, Ltd.		732,592		74,556,830
				535,400,336
China  |  5.7%
China Longyuan Power Group Corp., Ltd., Class H		37,726,000		73,585,527
ESR Group, Ltd. (*)		28,749,200		77,806,254
Ming Yang Smart Energy Group, Ltd., Class A		18,201,579		92,050,230
Ping An Bank Co., Ltd., Class A		15,912,682		35,649,255
				279,091,266
Denmark  |  3.9%
Carlsberg AS, Class B		1,035,505		132,089,773
Genmab A/S (*)		187,928		60,958,456
				193,048,229
Finland  |  2.6%
Sampo Oyj, A Shares		2,208,654		96,181,116
Valmet Oyj		1,195,009		29,353,068
				125,534,184
France  |  12.3%
Airbus SE		987,700		96,980,087
Bureau Veritas SA		2,013,888		51,634,189
Engie SA		9,520,510		110,498,991
Pernod Ricard SA		484,230		89,696,692
Sanofi		1,722,280		174,166,739
Thales SA		648,558		79,556,242
				602,532,940

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

Semi-Annual Report   97

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Germany  |  5.7%
Continental AG		1,072,596	$	74,745,925
Infineon Technologies AG		3,385,761		81,919,344
Merck KGaA		430,918		72,729,837
Vonovia SE		1,710,511		52,713,503
				282,108,609
India  |  1.1%
Housing Development Finance Corp., Ltd.		2,030,275		55,965,127
Ireland  |  2.6%
ICON PLC (*)		254,991		55,256,550
Ryanair Holdings PLC Sponsored ADR (*)		1,072,044		72,094,959
				127,351,509
Israel  |  2.8%
Bank Leumi Le-Israel BM		15,289,198		136,820,711
Italy  |  1.2%
Enel SpA		11,142,395		61,242,970
Japan  |  11.1%
BayCurrent Consulting, Inc.		249,000		66,344,680
Daikin Industries, Ltd.		525,500		84,340,490
Kobe Bussan Co., Ltd.		2,218,000		54,294,398
Makita Corp.		839,071		20,937,647
Olympus Corp.		4,507,200		90,643,266
Shimano, Inc.		299,300		50,629,135
Suzuki Motor Corp.		1,493,272		46,982,107
Tokyo Electron, Ltd.		196,600		63,769,698
Yamaha Corp.		1,621,672		66,749,827
				544,691,248
Mexico  |  1.6%
Arca Continental SAB de CV		11,618,300		76,552,115

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

98   Semi-Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Netherlands  |  3.8%
Akzo Nobel NV		1,329,626	$	87,846,616
Universal Music Group NV		4,767,175		96,316,894
				184,163,510
South Korea  |  0.2%
NHN KCP Corp. (*)		927,255		8,954,663
Spain  |  3.8%
Bankinter SA		11,809,107		73,746,564
Industria de Diseno Textil SA		3,066,261		69,442,947
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		11,809,107		15,578,033
Siemens Gamesa Renewable Energy SA (*)		1,538,806		29,051,255
				187,818,799
Sweden  |  1.7%
Hexagon AB, B Shares		5,664,783		58,903,388
Volvo Car AB, Class B		3,743,752		24,856,226
				83,759,614
Switzerland  |  2.9%
ABB, Ltd.		4,632,508		123,808,652
Idorsia, Ltd. (*)		1,425,602		20,505,892
				144,314,544
Taiwan  |  0.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		2,609,000		41,552,565
United Kingdom  |  13.4%
Coca-Cola European Partners PLC		2,936,473		150,736,023
Compass Group PLC		4,876,733		99,840,638
Informa PLC (*)		7,692,296		49,572,989
Linde PLC (*)		361,091		103,664,239

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

Semi-Annual Report   99

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Petershill Partners PLC		7,804,388	$	20,427,120
RELX PLC		6,195,105		167,292,435
Smith & Nephew PLC		4,749,347		66,401,189
				657,934,633
United States  |  8.3%
Accenture PLC, Class A		381,035		105,794,368
Aon PLC, Class A		773,629		208,632,269
BRP, Inc.		681,236		41,926,286
Medtronic PLC		550,804		49,434,659
				405,787,582
Total Common Stocks (Cost $4,534,003,536)				4,824,725,969
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $54,373,698)		54,373,698		54,373,698
Total Investments  |  99.3% (Cost $4,588,377,234)			$	4,879,099,667
Cash and Other Assets in Excess of Liabilities  |  0.7%				35,663,608
Net Assets  |  100.0%			$	4,914,763,275

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

100   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  98.0%
Australia  |  2.0%
BHP Group, Ltd.		2,130	$	61,350
Charter Hall Long Wale REIT		20,830		61,319
CSL, Ltd.		764		141,958
Dexus REIT		15,842		96,998
Rio Tinto PLC		2,502		149,607
Shopping Centres Australasia Property Group REIT		36,389		69,006
				580,238
Belgium  |  0.2%
Warehouses De Pauw CVA REIT		1,972		62,048
Canada  |  4.6%
Empire Co., Ltd., Class A		5,845		180,045
Hydro One, Ltd.		6,983		187,758
Loblaw Cos., Ltd.		5,817		524,624
Metro, Inc.		7,787		417,964
				1,310,391
Denmark  |  1.7%
Novo Nordisk A/S, Class B		4,256		472,379
France  |  0.9%
Hermes International		52		58,746
Orange SA		17,560		206,503
				265,249
Germany  |  0.3%
Telefonica Deutschland Holding AG		32,618		93,682
Hong Kong  |  0.7%
Jardine Matheson Holdings, Ltd.		1,300		68,422
WH Group, Ltd.		166,000		128,433
				196,855

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

Semi-Annual Report   101

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Israel  |  0.2%
Bezeq The Israeli Telecommunication Corp., Ltd.		37,332	$	58,171
Japan  |  13.0%
Canon, Inc.		3,200		72,800
Daicel Corp.		12,600		77,976
Daiwa House Industry Co., Ltd.		5,400		125,943
Electric Power Development Co., Ltd.		10,400		171,966
ENEOS Holdings, Inc.		17,200		64,930
FUJIFILM Holdings Corp.		1,700		91,285
Hulic Co., Ltd.		8,900		68,935
Japan Post Bank Co., Ltd.		38,000		295,560
Japan Post Holdings Co., Ltd.		61,200		437,264
Japan Post Insurance Co., Ltd.		5,000		80,021
Japan Real Estate Investment Corp. REIT		23		105,789
Japan Tobacco, Inc.		8,700		150,481
Kaneka Corp.		3,900		96,083
KDDI Corp.		7,400		234,000
Lawson, Inc.		1,900		63,174
McDonald’s Holdings Co. Japan, Ltd.		5,100		185,669
Mitsubishi Electric Corp.		6,400		68,503
MS&AD Insurance Group Holdings, Inc.		3,000		91,976
Nihon Kohden Corp.		4,400		90,026
Nintendo Co., Ltd.		100		43,219
Nippon Building Fund, Inc. REIT		13		64,684
Nippon Telegraph & Telephone Corp.		2,900		83,265
Osaka Gas Co., Ltd.		11,800		226,631
Rengo Co., Ltd.		10,900		59,031
Softbank Corp.		6,100		67,704
The Hachijuni Bank, Ltd.		22,100		81,478
Tokyo Gas Co., Ltd.		22,400		463,443
Yamazaki Baking Co., Ltd.		7,100		86,721
				3,748,557

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

102   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Netherlands  |  2.0%
Koninklijke KPN NV		19,403	$	69,213
Shell PLC		5,802		151,406
Wolters Kluwer NV		3,472		337,761
				558,380
New Zealand  |  0.6%
Spark New Zealand, Ltd.		56,168		168,361
Norway  |  0.8%
Orkla ASA		20,469		163,841
Telenor ASA		4,197		55,908
				219,749
Portugal  |  0.2%
Jeronimo Martins SGPS SA		3,164		68,771
Singapore  |  0.8%
Jardine Cycle & Carriage, Ltd.		3,500		71,322
Singapore Technologies Engineering, Ltd.		50,100		147,411
				218,733
Spain  |  0.1%
Corporacion Financiera Alba SA		442		24,143
Sweden  |  0.6%
Securitas AB, B Shares		9,050		78,572
Telefonaktiebolaget LM Ericsson, B Shares		13,844		103,327
				181,899
Switzerland  |  2.7%
PSP Swiss Property AG		1,250		139,062
Roche Holding AG		1,043		348,183
Swisscom AG		522		288,941
				776,186

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

Semi-Annual Report   103

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
United Kingdom  |  4.0%
Barclays PLC		33,149	$	62,060
Howden Joinery Group PLC		6,549		48,353
HSBC Holdings PLC		15,137		98,751
J Sainsbury PLC		50,807		126,207
National Grid PLC		9,650		123,668
Segro PLC REIT		6,494		77,223
SSE PLC		6,171		122,001
Unilever PLC		8,980		408,717
Vodafone Group PLC		57,839		89,225
				1,156,205
United States  |  62.6%
A-Mark Precious Metals, Inc.		2,015		64,984
Activision Blizzard, Inc.		1,471		114,532
Airbnb, Inc.,Class A (*)		699		62,267
Alleghany Corp. (*)		110		91,641
Allison Transmission Holdings, Inc.		1,705		65,557
Alphabet, Inc., Class C (*)		131		286,556
Altria Group, Inc.		3,180		132,829
Amdocs, Ltd.		2,129		177,367
AMERCO		161		76,995
Ameren Corp.		2,021		182,618
American Electric Power Co., Inc.		2,276		218,359
AmerisourceBergen Corp.		1,148		162,419
AMN Healthcare Services, Inc. (*)		1,485		162,919
Aon PLC, Class A		727		196,057
Assurant, Inc.		577		99,734
Automatic Data Processing, Inc.		486		102,079
AutoZone, Inc. (*)		70		150,438
Becton, Dickinson & Co.		577		142,248
BJ’s Wholesale Club Holdings, Inc. (*)		1,225		76,342
Bristol-Myers Squibb Co.		3,037		233,849
Cadence Design Systems, Inc. (*)		814		122,124
Cboe Global Markets, Inc.		1,036		117,265
Charter Communications, Inc., Class A (*)		281		131,657

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

104   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Chubb, Ltd.		492	$	96,717
Cigna Corp.		269		70,887
CMS Energy Corp.		1,842		124,335
Colgate-Palmolive Co.		5,037		403,665
Comcast Corp., Class A		4,722		185,291
Corteva, Inc.		1,454		78,720
CorVel Corp. (*)		570		83,944
Costco Wholesale Corp.		311		149,056
Coterra Energy, Inc.		4,008		103,366
CSG Systems International, Inc.		1,445		86,238
CVS Health Corp.		2,229		206,539
Danaher Corp.		240		60,845
Digital Realty Trust, Inc. REIT		959		124,507
Duke Energy Corp.		954		102,278
Electronic Arts, Inc.		535		65,083
Eli Lilly & Co.		775		251,278
Everest Re Group, Ltd.		288		80,721
Exelon Corp.		3,890		176,295
Extra Space Storage, Inc. REIT		747		127,080
FactSet Research Systems, Inc.		357		137,291
Fiserv, Inc. (*)		758		67,439
Flowers Foods, Inc.		10,233		269,333
FOX Corp., Class B		1,986		58,984
General Mills, Inc.		1,545		116,570
Gilead Sciences, Inc.		4,683		289,456
Grand Canyon Education, Inc. (*)		951		89,575
GSK PLC		6,369		136,949
Henry Schein, Inc. (*)		1,258		96,539
Home Depot, Inc.		257		70,487
Houlihan Lokey, Inc.		745		58,803
Huntsman Corp.		2,191		62,115
Ingles Markets, Inc., Class A		1,087		94,297
Intel Corp.		4,229		158,207
Intercontinental Exchange, Inc.		1,507		141,718
Jack Henry & Associates, Inc.		895		161,118
JB Hunt Transport Services, Inc.		592		93,222

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

Semi-Annual Report   105

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Johnson & Johnson		2,272	$	403,303
Jones Lang LaSalle, Inc. (*)		340		59,452
Kellogg Co.		3,968		283,077
Keysight Technologies, Inc. (*)		1,312		180,859
Kforce, Inc.		1,035		63,487
Kimberly-Clark Corp.		3,337		450,996
Life Storage, Inc. REIT		1,329		148,396
Lockheed Martin Corp.		645		277,324
Markel Corp. (*)		61		78,888
Matson, Inc.		1,425		103,854
McDonald’s Corp.		1,382		341,188
Merck & Co., Inc.		4,800		437,616
Micron Technology, Inc.		1,049		57,989
Microsoft Corp.		942		241,934
Monolithic Power Systems, Inc.		417		160,145
Motorola Solutions, Inc.		421		88,242
National Fuel Gas Co.		2,747		181,439
NiSource, Inc.		5,325		157,034
Northrop Grumman Corp.		238		113,900
NorthWestern Corp.		1,200		70,716
NVR, Inc. (*)		21		84,087
Omnicom Group, Inc.		1,659		105,529
Otter Tail Corp.		1,565		105,058
Paychex, Inc.		1,586		180,598
PepsiCo, Inc.		1,924		320,654
Pinnacle West Capital Corp.		3,372		246,561
Portland General Electric Co.		1,557		75,250
Power Integrations, Inc.		726		54,457
Premier, Inc., Class A		2,125		75,820
Public Storage REIT		991		309,856
QIAGEN NV. (*)		1,591		74,718
QUALCOMM, Inc.		711		90,823
QuidelOrtho Corp. (*)		642		62,390
Regeneron Pharmaceuticals, Inc. (*)		167		98,719
Republic Services, Inc.		3,302		432,133
Service Corp. International		1,863		128,771

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

106   Semi-Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Sirius XM Holdings, Inc.		12,147	$	74,461
SLM Corp.		4,033		64,286
Sturm Ruger & Co., Inc.		1,391		88,537
Synopsys, Inc. (*)		518		157,317
Tetra Tech, Inc.		553		75,512
Texas Roadhouse, Inc.		934		68,369
The Coca-Cola Co.		1,203		75,681
The Hershey Co.		1,816		390,731
The Interpublic Group of Cos., Inc.		2,429		66,870
The Kroger Co.		1,324		62,665
The Procter & Gamble Co.		3,086		443,736
The TJX Cos., Inc.		1,075		60,039
The Toro Co.		739		56,009
The Travelers Cos., Inc.		404		68,328
Tyson Foods, Inc., Class A		1,817		156,371
UnitedHealth Group, Inc.		278		142,789
Veeva Systems, Inc.,Class A (*)		394		78,028
Verizon Communications, Inc.		9,005		457,004
Vertex Pharmaceuticals, Inc. (*)		582		164,002
Virtu Financial, Inc., Class A		2,405		56,301
Visa, Inc., Class A		944		185,864
Washington Federal, Inc.		4,964		149,019
Waste Management, Inc.		1,218		186,330
WEC Energy Group, Inc.		696		70,045
Werner Enterprises, Inc.		2,038		78,544
Xcel Energy, Inc.		2,074		146,756
Zoetis, Inc.		1,082		185,985
				18,004,626
Total Common Stocks (Cost $28,397,325)				28,164,623

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

Semi-Annual Report   107

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Short-Term Investments  |  1.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $470,792)		470,792	$	470,792
Total Investments  |  99.6%
(Cost $28,868,117)			$	28,635,415
Cash and Other Assets in Excess of Liabilities  |  0.4%				109,876
Net Assets  |  100.0%			$	28,745,291

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

108   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  99.6%
Building Products  |  2.1%
Armstrong World Industries, Inc.		391,081	$	29,315,432
Capital Markets  |  4.8%
S&P Global, Inc.		202,873		68,380,373
Commercial Services & Supplies  |  4.7%
Waste Management, Inc.		441,592		67,554,744
Construction Materials  |  2.7%
Vulcan Materials Co.		267,946		38,075,127
Distributors  |  5.2%
LKQ Corp.		1,508,256		74,040,287
Entertainment  |  1.0%
Electronic Arts, Inc.		121,223		14,746,778
Equity Real Estate Investment Trusts (REITs)  |  7.4%
Crown Castle International Corp. REIT		621,895		104,714,680
Food & Staples Retailing  |  7.3%
Sysco Corp.		1,221,346		103,460,220
Health Care Equipment & Supplies  |  6.7%
Envista Holdings Corp. (*)		731,905		28,207,619
Medtronic PLC		740,243		66,436,809
				94,644,428
Health Care Technology  |  1.5%
Omnicell, Inc. (*)		190,767		21,699,746
Hotels, Restaurants & Leisure  |  2.7%
Vail Resorts, Inc.		178,929		39,015,468

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

Semi-Annual Report   109

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (continued)
Interactive Media & Services  |  9.2%
Alphabet, Inc., Class A (*)		60,207	$	131,206,707
IT Services  |  14.2%
Fiserv, Inc. (*)		1,146,284		101,984,888
VeriSign, Inc. (*)		312,107		52,224,864
Visa, Inc., Class A		239,860		47,226,035
				201,435,787
Life Sciences Tools & Services  |  1.5%
Sotera Health Co. (*)		1,093,552		21,422,684
Machinery  |  4.7%
Otis Worldwide Corp.		943,734		66,693,682
Multiline Retail  |  4.7%
Dollar Tree, Inc. (*)		430,868		67,150,778
Professional Services  |  2.3%
Verisk Analytics, Inc., Class A		185,342		32,080,847
Semiconductors & Semiconductor Equipment  |  11.9%
Analog Devices, Inc.		722,834		105,598,819
Skyworks Solutions, Inc.		695,843		64,462,896
				170,061,715
Software  |  1.8%
Adobe, Inc. (*)		69,205		25,333,182
Specialty Retail  |  3.2%
Lowe’s Cos., Inc.		238,024		41,575,652
Warby Parker, Inc., Class A (*)		389,971		4,391,073
				45,966,725
Total Common Stocks (Cost $1,184,825,243)				1,416,999,390

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

110   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
Short-Term Investments  |  1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $17,519,949)	17,519,949	$	17,519,949
Total Investments  |  100.8% (Cost $1,202,345,192)		$	1,434,519,339
Liabilities in Excess of Cash and Other Assets  |  (0.8)%			(11,554,191	)
Net Assets  |  100.0%		$	1,422,965,148

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

Semi-Annual Report   111

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks  |  97.7%
Auto Components  |  0.9%
Aptiv PLC (*)		7,252	$	645,936
Banks  |  5.7%
Bank of America Corp.		90,348		2,812,533
Commerce Bancshares, Inc.		21,595		1,417,712
				4,230,245
Capital Markets  |  3.8%
Intercontinental Exchange, Inc.		29,814		2,803,708
Commercial Services & Supplies  |  3.0%
Waste Management, Inc.		14,665		2,243,452
Communications Equipment  |  2.5%
Cisco Systems, Inc.		43,351		1,848,487
Consumer Finance  |  4.2%
American Express Co.		22,401		3,105,227
Equity Real Estate Investment Trusts (REITs)  |  1.9%
Prologis, Inc.		12,133		1,427,447
Food & Staples Retailing  |  3.5%
Sysco Corp.		30,942		2,621,097
Health Care Equipment & Supplies  |  4.9%
Medtronic PLC		40,450		3,630,387
Health Care Providers & Services  |  1.8%
Humana, Inc.		2,901		1,357,871
Hotels, Restaurants & Leisure  |  4.1%
McDonald’s Corp.		12,432		3,069,212

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

112   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (continued)
Industrial Conglomerates  |  3.5%
Honeywell International, Inc.		14,988	$	2,605,064
Insurance  |  4.0%
Marsh & McLennan Cos., Inc.		19,348		3,003,777
Interactive Media & Services  |  6.6%
Alphabet, Inc., Class A (*)		2,256		4,916,410
Internet & Direct Marketing Retail  |  4.5%
Amazon.com, Inc. (*)		31,300		3,324,373
IT Services  |  5.1%
Visa, Inc., Class A		19,339		3,807,656
Life Sciences Tools & Services  |  6.8%
Danaher Corp.		12,409		3,145,930
IQVIA Holdings, Inc. (*)		8,702		1,888,247
				5,034,177
Multiline Retail  |  2.6%
Dollar General Corp.		7,992		1,961,556
Pharmaceuticals  |  5.4%
Johnson & Johnson		22,723		4,033,560
Road & Rail  |  3.9%
Norfolk Southern Corp.		12,731		2,893,629
Semiconductors & Semiconductor Equipment  |  5.0%
Analog Devices, Inc.		19,983		2,919,317
Applied Materials, Inc.		8,384		762,776
				3,682,093

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

Semi-Annual Report   113

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Software  |  9.1%
Microsoft Corp.		20,145	$	5,173,841
Salesforce, Inc. (*)		9,508		1,569,200
				6,743,041
Specialty Retail  |  3.1%
Lowe’s Cos., Inc.		13,376		2,336,386
Textiles, Apparel & Luxury Goods  |  1.8%
NIKE, Inc., Class B		13,391		1,368,560
Total Common Stocks (Cost $59,667,720)				72,693,351
Short-Term Investments  |  2.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $1,683,227)		1,683,227		1,683,227
Total Investments  |  100.0% (Cost $61,350,947)			$	74,376,578
Liabilities in Excess of Cash and Other Assets  |  0.0%				(8,781	)
Net Assets  |  100.0%			$	74,367,797

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

114   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  98.4%
Aerospace & Defense  |  2.5%
Curtiss-Wright Corp.		8,686	$	1,147,073
HEICO Corp.		4,501		590,171
				1,737,244
Airlines  |  1.0%
Alaska Air Group, Inc. (*)		17,625		705,881
Banks  |  9.4%
Commerce Bancshares, Inc.		20,314		1,333,614
East West Bancorp, Inc.		19,727		1,278,310
Home BancShares, Inc.		71,146		1,477,702
Pinnacle Financial Partners, Inc.		18,465		1,335,204
Wintrust Financial Corp.		14,334		1,148,870
				6,573,700
Biotechnology  |  1.8%
United Therapeutics Corp. (*)		5,249		1,236,874
Building Products  |  4.5%
Armstrong World Industries, Inc.		15,147		1,135,419
Carlisle Cos., Inc.		4,661		1,112,162
PGT Innovations, Inc. (*)		52,544		874,332
				3,121,913
Capital Markets  |  1.3%
Morningstar, Inc.		3,664		886,065
Chemicals  |  2.5%
Ashland Global Holdings, Inc.		9,570		986,188
Ingevity Corp. (*)		12,420		784,199
				1,770,387

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

Semi-Annual Report   115

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Communications Equipment  |  2.3%
Ciena Corp. (*)		18,437	$	842,571
F5, Inc. (*)		5,155		788,921
				1,631,492
Construction Materials  |  0.9%
Eagle Materials, Inc.		5,678		624,239
Containers & Packaging  |  2.9%
Avery Dennison Corp.		5,045		816,634
Graphic Packaging Holding Co.		59,495		1,219,648
				2,036,282
Electrical Equipment  |  4.0%
Array Technologies, Inc. (*)		46,249		509,202
Atkore, Inc. (*)		9,501		788,678
EnerSys		14,998		884,282
GrafTech International, Ltd.		85,763		606,344
				2,788,506
Electronic Equipment, Instruments & Components  |  1.9%
Cognex Corp.		17,590		747,927
Littelfuse, Inc.		2,352		597,502
				1,345,429
Energy Equipment & Services  |  2.1%
Cactus, Inc., Class A		14,315		576,465
Liberty Energy, Inc. (*)		67,987		867,514
				1,443,979
Entertainment  |  1.7%
Take-Two Interactive Software, Inc. (*)		9,688		1,187,071
Equity Real Estate Investment Trusts (REITs)  |  6.3%
Alexandria Real Estate Equities, Inc.		7,572		1,098,167
Brixmor Property Group, Inc.		46,306		935,844

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 (continued)
Camden Property Trust		7,869	$	1,058,223
Hudson Pacific Properties, Inc.		39,340		583,806
Summit Hotel Properties, Inc. (*)		104,851		762,267
				4,438,307
Food & Staples Retailing  |  1.0%
US Foods Holding Corp. (*)		23,199		711,745
Food Products  |  2.3%
Hostess Brands, Inc. (*)		39,066		828,590
Utz Brands, Inc.		56,549		781,507
				1,610,097
Gas Utilities  |  2.1%
New Jersey Resources Corp.		33,254		1,480,801
Health Care Equipment & Supplies  |  1.9%
Nevro Corp. (*)		8,303		363,921
QuidelOrtho Corp. (*)		9,800		952,364
				1,316,285
Health Care Providers & Services  |  1.4%
Henry Schein, Inc. (*)		12,962		994,704
Health Care Technology  |  1.1%
Certara, Inc. (*)		34,498		740,327
Hotels, Restaurants & Leisure  |  1.9%
Brinker International, Inc. (*)		25,879		570,114
Wyndham Hotels & Resorts, Inc.		11,582		761,169
				1,331,283
Household Durables  |  2.2%
Leggett & Platt, Inc.		27,078		936,357
Newell Brands, Inc.		32,534		619,448
				1,555,805

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)
Insurance  |  3.8%
Brown & Brown, Inc.		24,374	$	1,421,979
Reinsurance Group of America, Inc.		10,474		1,228,496
				2,650,475
Interactive Media & Services  |  2.1%
Cars.com, Inc. (*)		71,175		671,180
Ziff Davis, Inc. (*)		11,039		822,737
				1,493,917
IT Services  |  2.4%
Amdocs, Ltd.		10,308		858,760
Remitly Global, Inc. (*)		42,330		324,248
Squarespace, Inc., Class A (*)		22,883		478,712
				1,661,720
Leisure Products  |  2.5%
Brunswick Corp.		8,054		526,570
Hasbro, Inc.		15,134		1,239,172
				1,765,742
Life Sciences Tools & Services  |  4.5%
AbCellera Biologics, Inc. (*)		51,340		546,771
Charles River Laboratories International, Inc. (*)		1,590		340,212
ICON PLC (*)		4,829		1,046,444
Sotera Health Co. (*)		30,766		602,706
Stevanato Group SpA		38,207		604,053
				3,140,186
Machinery  |  4.4%
Altra Industrial Motion Corp.		20,993		740,003
Columbus McKinnon Corp.		26,930		764,004
Gates Industrial Corp. PLC (*)		48,348		522,642
The Middleby Corp. (*)		8,167		1,023,815
				3,050,464

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)
Oil, Gas & Consumable Fuels  |  3.1%
Antero Resources Corp. (*)		42,601	$	1,305,721
Magnolia Oil & Gas Corp., Class A		42,180		885,358
				2,191,079
Paper & Forest Products  |  1.0%
Neenah, Inc.		20,945		715,062
Pharmaceuticals  |  1.8%
Catalent, Inc. (*)		11,850		1,271,387
Professional Services  |  2.7%
Leidos Holdings, Inc.		12,262		1,234,906
Sterling Check Corp. (*)		39,814		649,366
				1,884,272
Semiconductors & Semiconductor Equipment  |  2.0%
MKS Instruments, Inc.		9,999		1,026,198
ON Semiconductor Corp. (*)		7,672		385,978
				1,412,176
Software  |  5.5%
CyberArk Software, Ltd. (*)		7,438		951,766
Dolby Laboratories, Inc., Class A		12,526		896,361
LiveRamp Holdings, Inc. (*)		20,450		527,815
N-Able, Inc. (*)		77,025		693,225
PTC, Inc. (*)		7,691		817,861
				3,887,028
Specialty Retail  |  2.5%
Five Below, Inc. (*)		5,869		665,721
Leslie’s, Inc. (*)		55,514		842,702
Warby Parker, Inc., Class A (*)		21,031		236,809
				1,745,232

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 (concluded)
Textiles, Apparel & Luxury Goods  |  1.1%
Tapestry, Inc.	25,359	$	773,957
Total Common Stocks (Cost $65,508,793)			68,911,113
Total Investments  |  98.4% (Cost $65,508,793)		$	68,911,113
Cash and Other Assets in Excess of Liabilities  |  1.6%			1,134,261
Net Assets  |  100.0%		$	70,045,374

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

120   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks  |  95.5%
Auto Components  |  0.9%
Aptiv PLC (*)		1,197	$	106,617
Banks  |  6.8%
Commerce Bancshares, Inc.		5,625		369,281
The PNC Financial Services Group, Inc.		2,937		463,371
				832,652
Biotechnology  |  0.8%
Vertex Pharmaceuticals, Inc. (*)		349		98,345
Building Products  |  0.5%
The AZEK Co., Inc. (*)		3,737		62,557
Capital Markets  |  4.2%
Intercontinental Exchange, Inc.		3,109		292,370
The Charles Schwab Corp.		3,427		216,518
				508,888
Chemicals  |  1.8%
Ecolab, Inc.		1,434		220,492
Commercial Services &Supplies  |  3.2%
MSA Safety, Inc.		722		87,412
Waste Management, Inc.		1,955		299,076
				386,488
Communications Equipment  |  1.8%
Cisco Systems, Inc.		5,119		218,274
Containers & Packaging  |  3.0%
Avery Dennison Corp.		747		120,917
Ball Corp.		3,639		250,254
				371,171

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

Semi-Annual Report   121

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Electrical Equipment  |  2.0%
Rockwell Automation, Inc.		1,232	$	245,550
Electronic Equipment, Instruments & Components  |  0.7%
Cognex Corp.		1,918		81,553
Entertainment  |  1.2%
The Walt Disney Co. (*)		1,494		141,034
Equity Real Estate Investment Trusts (REITs)  |  2.5%
Prologis, Inc.		2,615		307,655
Food & Staples Retailing  |  2.1%
Sysco Corp.		2,982		252,605
Health Care Equipment & Supplies  |  4.9%
Boston Scientific Corp. (*)		5,840		217,657
Medtronic PLC		4,237		380,270
				597,927
Health Care Providers & Services  |  6.4%
Humana, Inc.		447		209,228
Laboratory Corp. of America Holdings		773		181,160
UnitedHealth Group, Inc.		770		395,495
				785,883
Hotels, Restaurants & Leisure  |  1.0%
Starbucks Corp.		1,610		122,988
Household Products  |  2.7%
The Procter & Gamble Co.		2,266		325,828
IT Services  |  6.7%
Accenture PLC, Class A		1,419		393,985
Visa, Inc., Class A		2,164		426,070
				820,055

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

122   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Life Sciences Tools & Services  |  8.4%
Agilent Technologies, Inc.		1,417	$	168,297
Danaher Corp.		1,464		371,153
IQVIA Holdings, Inc. (*)		998		216,556
Thermo Fisher Scientific, Inc.		498		270,554
				1,026,560
Machinery  |  3.2%
Deere & Co.		795		238,079
Watts Water Technologies, Inc., Class A		696		85,496
Xylem, Inc.		865		67,626
				391,201
Personal Products  |  1.0%
The Estee Lauder Cos., Inc., Class A		476		121,223
Pharmaceuticals  |  5.3%
Johnson & Johnson		2,142		380,226
Zoetis, Inc.		1,521		261,445
				641,671
Road & Rail  |  2.3%
Norfolk Southern Corp.		1,245		282,976
Semiconductors & Semiconductor Equipment  |  4.4%
Analog Devices, Inc.		2,323		339,367
Applied Materials, Inc.		1,294		117,728
ON Semiconductor Corp. (*)		1,686		84,823
				541,918
Software  |  13.6%
Adobe, Inc. (*)		327		119,702
CyberArk Software, Ltd. (*)		705		90,212
Intuit, Inc.		423		163,041
Microsoft Corp.		4,010		1,029,888
Salesforce, Inc.		1,530		252,511
				1,655,354

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

Semi-Annual Report   123

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (concluded)
Specialty Retail  |  2.8%
Home Depot, Inc.		1,261	$	345,854
Textiles, Apparel & Luxury Goods  |  1.3%
NIKE, Inc., Class B		1,494		152,687
Total Common Stocks (Cost $10,336,521)				11,646,006
Short-Term Investments  |  5.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $625,851)		625,851		625,851
Total Investments  |  100.6% (Cost $10,962,372)			$	12,271,857
Liabilities in Excess of Cash and Other Assets  |  (0.6)%				(69,831	)
Net Assets  |  100.0%			$	12,202,026

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

124   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio
Common Stocks  |  98.8%
Aerospace & Defense  |  0.9%
Aerojet Rocketdyne Holdings, Inc. (*)		1,657	$	67,274
AerSale Corp. (*)		3,728		54,093
RADA Electronic Industries, Ltd. (*)		4,511		41,682
Vectrus, Inc. (*)		1,633		54,640
				217,689
Air Freight & Logistics  |  0.7%
Atlas Air Worldwide Holdings, Inc. (*)		1,285		79,297
Radiant Logistics, Inc. (*)		12,245		90,858
				170,155
Auto Components  |  0.6%
Fox Factory Holding Corp. (*)		473		38,095
LCI Industries		362		40,501
Modine Manufacturing Co. (*)		252		2,654
Patrick Industries, Inc.		1,019		52,825
				134,075
Automobiles  |  0.4%
Thor Industries, Inc.		854		63,820
Winnebago Industries, Inc.		643		31,224
				95,044
Banks  |  3.1%
Berkshire Hills Bancorp, Inc.		1,627		40,301
Capital Bancorp, Inc.		769		16,687
City Holding Co.		716		57,194
Coastal Financial Corp. (*)		1,244		47,421
CrossFirst Bankshares, Inc. (*)		3,096		40,867
FVCBankcorp, Inc. (*)		1,117		21,033
Hancock Whitney Corp.		910		40,340
HomeStreet, Inc.		1,773		61,470
Meta Financial Group, Inc.		995		38,477

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

Semi-Annual Report   125

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Metrocity Bankshares, Inc.		977	$	19,843
Midland States Bancorp, Inc.		1,864		44,811
Parke Bancorp, Inc.		959		20,101
Peapack-Gladstone Financial Corp.		1,366		40,570
Popular, Inc.		522		40,157
QCR Holdings, Inc.		1,020		55,070
RBB Bancorp		1,129		23,336
Red River Bancshares, Inc.		323		17,468
The First Bancorp, Inc.		400		12,052
Umpqua Holdings Corp.		2,756		46,218
Unity Bancorp, Inc.		977		25,871
West BanCorp, Inc.		588		14,312
				723,599
Beverages  |  1.0%
Coca-Cola Consolidated, Inc.		96		54,134
National Beverage Corp.		971		47,521
Primo Water Corp.		4,189		56,049
The Boston Beer Co., Inc., Class A (*)		85		25,753
The Duckhorn Portfolio, Inc. (*)		2,852		60,063
				243,520
Biotechnology  |  8.5%
ADC Therapeutics SA (*)		7,662		60,913
Adicet Bio, Inc. (*)		4,936		72,066
ADMA Biologics, Inc. (*)		37,858		74,959
Affimed NV (*)		13,413		37,154
Agenus, Inc. (*)		17,390		33,737
Alector, Inc. (*)		2,222		22,575
Amicus Therapeutics, Inc. (*)		4,766		51,187
Avid Bioservices, Inc. (*)		3,169		48,359
Biohaven Pharmaceutical Holding Co., Ltd. (*)		449		65,424
CareDx, Inc. (*)		2,538		54,516
Catalyst Pharmaceuticals, Inc. (*)		14,607		102,395
CRISPR Therapeutics AG (*)		1,020		61,985
Denali Therapeutics, Inc. (*)		2,544		74,870

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

126   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Dynavax Technologies Corp. (*)		4,717	$	59,387
Eagle Pharmaceuticals, Inc. (*)		2,014		89,482
Editas Medicine, Inc. (*)		3,442		40,719
Exelixis, Inc. (*)		1,808		37,643
Fate Therapeutics, Inc. (*)		1,773		43,935
Ideaya Biosciences, Inc. (*)		6,126		84,539
Immatics NV (*)		8,616		75,045
ImmunoGen, Inc. (*)		13,971		62,869
Ironwood Pharmaceuticals, Inc. (*)		5,543		63,911
iTeos Therapeutics, Inc. (*)		2,835		58,401
Kiniksa Pharmaceuticals, Ltd., Class A (*)		5,859		56,774
MeiraGTx Holdings PLC (*)		4,529		34,285
Organogenesis Holdings, Inc. (*)		7,067		34,487
Radius Health, Inc. (*)		7,231		74,985
REGENXBIO, Inc. (*)		3,654		90,254
uniQure NV (*)		4,632		86,340
United Therapeutics Corp. (*)		430		101,325
Vanda Pharmaceuticals, Inc. (*)		16		174
Veracyte, Inc. (*)		1,165		23,183
Vericel Corp. (*)		2,137		53,810
XOMA Corp. (*)		1,272		28,340
Zymeworks, Inc. (*)		8,992		47,658
				2,007,686
Building Products  |  2.8%
A O Smith Corp.		680		37,182
Advanced Drainage Systems, Inc.		461		41,522
Builders FirstSource, Inc. (*)		1,663		89,303
Gibraltar Industries, Inc. (*)		1,250		48,438
Insteel Industries, Inc.		2,820		94,950
Owens Corning		794		59,002
Quanex Building Products Corp.		3,372		76,713
Simpson Manufacturing Co., Inc.		364		36,622
Tecnoglass, Inc.		3,782		66,374
The AZEK Co., Inc. (*)		1,663		27,839
UFP Industries, Inc.		1,152		78,497
				656,442

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

Semi-Annual Report   127

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Capital Markets  |  1.3%
Affiliated Managers Group, Inc.		340	$	39,644
Artisan Partners Asset Management, Inc. Class A		418		14,868
Cboe Global Markets, Inc.		315		35,655
CI Financial Corp.		358		3,806
Donnelley Financial Solutions, Inc. (*)		2,313		67,748
Janus Henderson Group PLC		1,080		25,391
Open Lending Corp.,Class A (*)		1,718		17,575
Oppenheimer Holdings, Inc.,Class A		856		28,282
Saratoga Investment Corp.		1,862		44,632
TriplePoint Venture Growth BDC Corp.		3,175		40,449
				318,050
Chemicals  |  3.4%
AdvanSix, Inc.		2,970		99,317
CF Industries Holdings, Inc.		1,280		109,734
Ecovyst, Inc.		5,999		59,090
FutureFuel Corp.		10,249		74,613
Huntsman Corp.		1,669		47,316
Olin Corp.		2,525		116,857
The Chemours Co.		1,706		54,626
Tredegar Corp.		2,817		28,170
Valhi, Inc.		2,372		107,546
Valvoline, Inc.		1,548		44,629
Westlake Corp.		734		71,947
				813,845
Commercial Services & Supplies  |  2.7%
ABM Industries, Inc.		1,293		56,142
Brady Corp.,Class A		1,772		83,709
Civeo Corp. (*)		2,998		77,558
Ennis, Inc.		5,336		107,947
Heritage-Crystal Clean, Inc. (*)		3,919		105,656
Li-Cycle Holdings Corp. (*)		7,114		48,944
NL Industries, Inc.		789		7,788
SP Plus Corp. (*)		3,151		96,799
Steelcase, Inc.,Class A		4,927		52,867
				637,410

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

128   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Communications Equipment  |  1.2%
Clearfield, Inc. (*)		2,106	$	130,467
Digi International, Inc. (*)		3,691		89,396
Ituran Location and Control, Ltd.		2,061		50,474
Juniper Networks, Inc.		807		22,999
				293,336
Construction & Engineering  |  0.9%
API Group Corp. (*)		3,127		46,811
Concrete Pumping Holdings, Inc. (*)		5,091		30,851
IES Holdings, Inc. (*)		1,692		51,048
MYR Group, Inc. (*)		982		86,544
				215,254
Construction Materials  |  0.6%
Eagle Materials, Inc.		884		97,187
United States Lime & Minerals, Inc.		333		35,165
				132,352
Consumer Finance  |  0.2%
OneMain Holdings, Inc.		1,316		49,192
Containers & Packaging  |  0.6%
Greif, Inc.,Class A		1,771		110,475
O-I Glass, Inc. (*)		2,276		31,864
				142,339
Distributors  |  0.6%
Funko, Inc.,Class A (*)		5,166		115,305
Weyco Group, Inc.		1,188		29,047
				144,352
Diversified Consumer Services  |  0.7%
American Public Education, Inc. (*)		5,384		87,005
Service Corp. International		765		52,877
Vitru, Ltd. (*)		1,321		23,091
				162,973

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

Semi-Annual Report   129

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Diversified Telecommunication Services  |  0.6%
Anterix, Inc. (*)		1,602	$	65,794
IDT Corp.,Class B (*)		2,158		54,274
Ooma, Inc. (*)		2,362		27,966
				148,034
Electric Utilities  |  0.3%
Otter Tail Corp.		965		64,780
Electrical Equipment  |  1.5%
Allied Motion Technologies, Inc.		1,086		24,804
Atkore, Inc. (*)		1,018		84,504
Encore Wire Corp.		388		40,321
GrafTech International, Ltd.		9,112		64,422
nVent Electric PLC		2,094		65,605
Preformed Line Products Co.		1,133		69,680
Thermon Group Holdings, Inc. (*)		939		13,193
				362,529
Electronic Equipment, Instruments & Components  |  1.3%
Arrow Electronics, Inc. (*)		406		45,509
Belden, Inc.		1,201		63,977
Kimball Electronics, Inc. (*)		3,216		64,642
ScanSource, Inc. (*)		1,875		58,387
TD SYNNEX Corp.		298		27,148
Vishay Intertechnology, Inc.		2,872		51,179
				310,842
Energy Equipment & Services  |  0.1%
North American Construction Group, Ltd.		1,651		18,227
Entertainment  |  0.8%
Liberty Media Corp-Liberty Braves ,Class C (*)		3,982		95,568
Sciplay Corp.,Class A (*)		3,961		55,335
Skillz, Inc. (*)		24,943		30,930
				181,833

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

130   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Equity Real Estate Investment Trusts (REITs)  |  4.0%
American Assets Trust, Inc.		1,196	$	35,521
Brixmor Property Group, Inc.		1,973		39,874
Broadstone Net Lease, Inc.		2,726		55,910
CatchMark Timber Trust, Inc. Class A		6,594		66,336
City Office REIT, Inc.		3,212		41,595
Community Healthcare Trust, Inc.		1,171		42,402
CTO Realty Growth, Inc.		904		55,253
Douglas Emmett, Inc.		1,463		32,742
EastGroup Properties, Inc.		206		31,792
Federal Realty OP LP		364		34,849
Global Medical REIT, Inc.		2,926		32,859
Healthcare Trust of America, Inc., Class A		1,141		31,845
JBG SMITH Properties		1,718		40,614
Kimco Realty Corp.		1,961		38,769
Kite Realty Group Trust		1,754		30,327
Life Storage, Inc.		510		56,947
NexPoint Residential Trust, Inc.		588		36,756
One Liberty Properties, Inc.		1,876		48,738
Park Hotels & Resorts, Inc.		2,604		35,336
Phillips Edison & Co., Inc.		1,633		54,559
Rayonier, Inc.		1,396		52,182
Urstadt Biddle Properties, Inc. Class A		2,993		48,487
				943,693
Food & Staples Retailing  |  1.4%
Albertsons Cos., Inc., Class A		2,787		74,468
BJ’s Wholesale Club Holdings, Inc. (*)		1,068		66,558
Casey’s General Stores, Inc.		151		27,932
HF Foods Group, Inc. (*)		3,212		16,767
Ingles Markets, Inc., Class A		1,645		142,704
				328,429
Food Products  |  2.8%
Adecoagro SA		5,810		49,153
Ingredion, Inc.		576		50,780

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

Semi-Annual Report   131

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
John B Sanfilippo & Son, Inc.		728	$	52,773
Mission Produce, Inc. (*)		5,858		83,476
Pilgrim’s Pride Corp. (*)		2,064		64,459
Sanderson Farms, Inc.		556		119,835
Seaboard Corp.		12		46,591
Seneca Foods Corp.,Class A (*)		1,607		89,253
The Simply Good Foods Co. (*)		1,542		58,241
Whole Earth Brands, Inc. (*)		8,840		54,808
				669,369
Gas Utilities  |  0.3%
UGI Corp.		1,863		71,930
Health Care Equipment & Supplies  |  4.4%
AngioDynamics, Inc. (*)		1,912		36,997
Apollo Endosurgery, Inc. (*)		5,701		20,809
Axogen, Inc. (*)		2,234		18,297
Bioventus, Inc.,Class A (*)		4,639		31,638
Cerus Corp. (*)		7,395		39,120
Co-Diagnostics, Inc. (*)		7,192		40,347
CONMED Corp.		425		40,698
Cutera, Inc. (*)		1,414		53,025
Envista Holdings Corp. (*)		1,341		51,682
Globus Medical, Inc., Class A (*)		594		33,347
iRadimed Corp.		2,798		94,964
LeMaitre Vascular, Inc.		1,026		46,734
Masimo Corp. (*)		388		50,700
Meridian Bioscience, Inc. (*)		2,422		73,677
NuVasive, Inc. (*)		1,032		50,733
Omnicell, Inc. (*)		285		32,419
OrthoPediatrics Corp. (*)		1,099		47,422
Sanara Medtech, Inc. (*)		748		15,603
Senseonics Holdings, Inc. (*)		55,194		56,850
Shockwave Medical, Inc. (*)		460		87,938
Tandem Diabetes Care, Inc. (*)		891		52,738
Utah Medical Products, Inc.		680		58,412
				1,034,150

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

132   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Health Care Providers & Services  |  1.9%
agilon health, Inc. (*)		3,600	$	78,588
Apollo Medical Holdings, Inc. (*)		1,797		69,346
Cross Country Healthcare, Inc. (*)		5,551		115,627
DocGo, Inc. (*)		7,079		50,544
Innovage Holding Corp. (*)		8,466		37,081
Invitae Corp. (*)		5,367		13,096
ModivCare, Inc. (*)		601		50,785
Select Medical Holdings Corp.		1,402		33,115
				448,182
Health Care Technology  |  1.0%
Computer Programs and Systems, Inc. (*)		1,438		45,973
HealthStream, Inc. (*)		837		18,171
NextGen Healthcare, Inc. (*)		3,479		60,674
Phreesia, Inc. (*)		1,623		40,591
Schrodinger, Inc. (*)		2,507		66,210
Sharecare, Inc. (*)		11,488		18,151
				249,770
Hotels, Restaurants & Leisure  |  1.4%
Century Casinos, Inc. (*)		4,850		34,920
Dave & Buster’s Entertainment, Inc. (*)		2,257		73,984
Despegar.com Corp. (*)		6,697		54,246
Everi Holdings, Inc. (*)		2,744		44,755
RCI Hospitality Holdings, Inc.		771		37,286
Ruth’s Hospitality Group, Inc.		2,447		39,788
The Wendy’s Co.		2,106		39,761
				324,740
Household Durables  |  1.9%
Century Communities, Inc.		783		35,212
Ethan Allen Interiors, Inc.		1,821		36,802
KB Home		1,949		55,469
Landsea Homes Corp. (*)		9,824		65,428
Legacy Housing Corp. (*)		2,907		37,936

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

Semi-Annual Report   133

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
M/I Homes, Inc. (*)		1,541	$	61,116
Meritage Homes Corp. (*)		762		55,245
The Lovesac Co. (*)		1,872		51,480
Tri Pointe Homes, Inc. (*)		3,399		57,341
				456,029
Household Products  |  0.1%
Oil-Dri Corp. of America		425		13,026
Independent Power &Renewable Electricity Producers  |  0.3%
TransAlta Corp.		5,398		61,537
Industrial Conglomerates  |  0.1%
Brookfield Business Corp.,Class A		813		18,707
Insurance  |  1.0%
Brookfield Asset Management Reinsurance Partners, Ltd.		1,256		55,993
Palomar Holdings, Inc. (*)		922		59,377
Stewart Information Services Corp.		1,359		67,610
The Hanover Insurance Group, Inc.		352		51,480
				234,460
Interactive Media & Services  |  0.5%
Cargurus, Inc. (*)		2,294		49,298
QuinStreet, Inc. (*)		2,653		26,689
Yelp, Inc. (*)		1,934		53,707
				129,694
Internet & Direct Marketing Retail  |  0.5%
Betterware de Mexico S.A.B. de C.V.		904		7,811
Liquidity Services, Inc. (*)		5,033		67,643
Stitch Fix, Inc.,Class A (*)		8,628		42,622
				118,076

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

134   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
IT Services  |  3.8%
AvidXchange Holdings, Inc. (*)		3,133	$	19,237
Concentrix Corp.		397		53,849
CSG Systems International, Inc.		1,523		90,893
DigitalOcean Holdings, Inc. (*)		1,026		42,435
EVERTEC, Inc.		1,481		54,619
Exlservice Holdings, Inc. (*)		552		81,326
Grid Dynamics Holdings, Inc. (*)		9,083		152,776
I3 Verticals, Inc.,Class A (*)		3,023		75,635
IBEX Holdings, Ltd. (*)		852		14,373
Information Services Group, Inc.		15,256		103,131
International Money Express, Inc. (*)		3,862		79,055
Pagseguro Digital, Ltd., Class A (*)		4,966		50,852
Perficient, Inc. (*)		425		38,968
TTEC Holdings, Inc.		740		50,239
				907,388
Leisure Products  |  0.9%
Malibu Boats, Inc. ,Class A (*)		1,160		61,144
MasterCraft Boat Holdings, Inc. (*)		3,227		67,928
Smith & Wesson Brands, Inc.		819		10,753
Solo Brands, Inc.,Class A (*)		9,563		38,826
Vista Outdoor, Inc. (*)		1,000		27,900
				206,551
Life Sciences Tools & Services  |  1.0%
10X Genomics, Inc.,Class A (*)		1,262		57,106
Harvard Bioscience, Inc. (*)		4,869		17,528
Medpace Holdings, Inc. (*)		745		111,504
Syneos Health, Inc. (*)		752		53,903
				240,041
Machinery  |  2.6%
AGCO Corp.		552		54,482
Allison Transmission Holdings, Inc.		2,701		103,854
Gates Industrial Corp. PLC (*)		3,284		35,500

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

Semi-Annual Report   135

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Helios Technologies, Inc.		765	$	50,681
Mueller Industries, Inc.		1,590		84,731
Pentair PLC		1,815		83,073
Proto Labs, Inc. (*)		1,366		65,349
REV Group, Inc.		4,499		48,904
Titan International, Inc. (*)		5,385		81,314
				607,888
Marine  |  3.0%
Costamare, Inc.		4,256		51,497
Diana Shipping, Inc.		13,734		65,786
Eagle Bulk Shipping, Inc.		2,410		125,031
Genco Shipping & Trading, Ltd.		5,840		112,829
Grindrod Shipping Holdings, Ltd.		6,229		106,827
Matson, Inc.		1,043		76,014
Safe Bulkers, Inc.		13,534		51,700
Star Bulk Carriers Corp.		3,709		92,688
ZIM Integrated Shipping Services, Ltd.		449		21,206
				703,578
Media  |  1.3%
Boston Omaha Corp.,Class A (*)		4,304		88,878
Entravision Communications Corp., Class A		20,223		92,217
iHeartMedia, Inc.,Class A (*)		4,930		38,898
Perion Network, Ltd. (*)		1,402		25,488
Scholastic Corp.		1,530		55,034
				300,515
Oil, Gas & Consumable Fuels  |  2.0%
Brigham Minerals, Inc.,Class A		2,471		60,861
Crescent Point Energy Corp.		8,093		57,622
DTE Midstream LLC (*)		1,177		57,696
Enerplus Corp.		5,665		74,948
Flex LNG, Ltd. (*)		1,341		36,730
Magnolia Oil &Gas Corp., Class A		2,896		60,787
Sabine Royalty Trust		582		35,432

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

136   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
San Juan Basin Royalty Trust		9,569	$	83,059
World Fuel Services Corp.		886		18,128
				485,263
Paper & Forest Products  |  0.9%
Louisiana-Pacific Corp.		1,571		82,336
Resolute Forest Products, Inc. (*)		10,077		128,583
				210,919
Personal Products  |  0.4%
BellRing Brands, Inc. (*)		680		16,925
Herbalife Nutrition, Ltd. (*)		494		10,102
Medifast, Inc.		266		48,016
Nature’s Sunshine Products, Inc. (*)		1,811		19,324
				94,367
Pharmaceuticals  |  1.5%
Amphastar Pharmaceuticals, Inc. (*)		1,518		52,811
Arvinas, Inc. (*)		1,518		63,893
Atea Pharmaceuticals, Inc. (*)		4,851		34,442
Phibro Animal Health Corp., Class A		3,376		64,583
SIGA Technologies, Inc.		7,818		90,532
Supernus Pharmaceuticals, Inc. (*)		1,748		50,552
				356,813
Professional Services  |  3.2%
CRA International, Inc.		1,473		131,568
Franklin Covey Co. (*)		1,948		89,959
Heidrick & Struggles International, Inc.		2,786		90,155
HireQuest, Inc.		1,675		23,601
Kelly Services, Inc.,Class A		3,454		68,493
Korn Ferry		1,460		84,709
ManpowerGroup, Inc.		497		37,976
Resources Connection, Inc.		5,787		117,881
Science Applications International Corp.		522		48,598
TriNet Group, Inc. (*)		831		64,502
				757,442

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

Semi-Annual Report   137

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Real Estate Management & Development  |  0.8%
Forestar Group, Inc. (*)		1,712	$	23,437
Jones Lang LaSalle, Inc. (*)		145		25,355
Newmark Group, Inc., Class A		4,566		44,153
The RMR Group, Inc.,Class A		1,463		41,476
Zillow Group, Inc. Class A (*)		1,469		46,729
				181,150
Road & Rail  |  0.9%
AMERCO		121		57,866
ArcBest Corp.		788		55,451
Knight-Swift Transportation Holdings, Inc.		1,020		47,216
Ryder System, Inc.		771		54,787
				215,320
Semiconductors & Semiconductor Equipment  |  2.5%
Alpha & Omega Semiconductor, Ltd. (*)		1,457		48,577
Axcelis Technologies, Inc. (*)		2,354		129,093
Diodes, Inc. (*)		582		37,580
Kulicke & Soffa Industries, Inc.		673		28,811
Lattice Semiconductor Corp. (*)		910		44,135
Nova, Ltd. (*)		576		50,993
Onto Innovation, Inc. (*)		607		42,332
PDF Solutions, Inc. (*)		2,483		53,409
Semtech Corp. (*)		1,095		60,192
Tower Semiconductor, Ltd. (*)		631		29,140
Ultra Clean Holdings, Inc. (*)		2,671		79,516
				603,778
Software  |  7.2%
Absolute Software Corp.		3,272		28,303
Alarm.com Holdings, Inc. (*)		491		30,373
American Software, Inc.,Class A		4,381		70,797
Arteris, Inc. (*)		5,359		37,352
Blackbaud, Inc. (*)		698		40,533
Blackline, Inc. (*)		418		27,839

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

138   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Cerence, Inc. (*)		704	$	17,762
ChannelAdvisor Corp. (*)		2,753		40,139
Cognyte Software, Ltd. (*)		8,950		38,037
Coupa Software, Inc. (*)		406		23,183
Digital Turbine, Inc. (*)		813		14,203
Docebo, Inc. (*)		1,014		29,071
Dolby Laboratories, Inc., Class A		854		61,112
Domo, Inc.,Class B (*)		534		14,845
Elastic NV (*)		759		51,362
EngageSmart, Inc. (*)		2,932		47,147
Everbridge, Inc. (*)		856		23,874
EverCommerce, Inc. (*)		5,398		48,798
Gitlab, Inc.,Class A (*)		916		48,676
InterDigital, Inc.		763		46,390
Jamf Holding Corp. (*)		1,791		44,363
JFrog, Ltd. (*)		1,347		28,381
KnowBe4, Inc., Class A (*)		3,072		47,985
Magic Software Enterprises, Ltd.		1,872		33,265
nCino, Inc. (*)		1,129		34,909
PagerDuty, Inc. (*)		1,584		39,252
Progress Software Corp.		1,881		85,209
Q2 Holdings, Inc. (*)		655		25,263
Qualys, Inc. (*)		394		49,699
Rapid7, Inc. (*)		953		63,660
SEMrush Holdings, Inc.,Class A (*)		2,835		36,657
Smartsheet, Inc.,Class A (*)		777		24,421
Sprinklr, Inc. Class A (*)		4,866		49,195
Sprout Social, Inc.,Class A (*)		771		44,772
SPS Commerce, Inc. (*)		757		85,579
Tenable Holdings, Inc. (*)		1,748		79,377
The Descartes Systems Group, Inc. (*)		1,072		66,528
UserTesting, Inc. (*)		10,541		52,916
Verint Systems, Inc. (*)		1,260		53,361
Veritone, Inc. (*)		2,088		13,635
				1,698,223

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

Semi-Annual Report   139

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Specialty Retail  |  2.7%
Arhaus, Inc. (*)		4,985	$	22,432
AutoNation, Inc. (*)		552		61,692
Boot Barn Holdings, Inc. (*)		485		33,421
Five Below, Inc. (*)		436		49,455
Floor & Decor Holdings, Inc., Class A (*)		649		40,861
GameStop Corp.,Class A (*)		440		53,812
Group 1 Automotive, Inc.		297		50,431
MarineMax, Inc. (*)		1,632		58,948
Murphy USA, Inc.		352		81,970
RH (*)		133		28,231
Signet Jewelers, Ltd.		795		42,501
Sleep Number Corp. (*)		935		28,938
The Cato Corp.,Class A		5,082		59,002
Zumiez, Inc. (*)		1,111		28,886
				640,580
Technology Hardware, Storage & Peripherals  |  0.5%
Super Micro Computer, Inc. (*)		2,288		92,321
Xerox Holdings Corp.		2,641		39,219
				131,540
Textiles, Apparel & Luxury Goods  |  2.0%
Canada Goose Holdings, Inc. (*)		2,817		50,734
Crocs, Inc. (*)		806		39,228
Deckers Outdoor Corp. (*)		175		44,686
G-III Apparel Group, Ltd. (*)		2,222		44,951
Movado Group, Inc.		2,933		90,718
Oxford Industries, Inc.		1,061		94,153
Steven Madden, Ltd.		1,420		45,738
Tapestry, Inc.		1,870		57,073
				467,281

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

140   Semi-Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Thrifts & Mortgage Finance  |  1.2%
Bridgewater Bancshares, Inc. (*)		3,223	$	52,019
Essent Group Ltd		1,815		70,603
Greene County Bancorp, Inc.		552		25,000
Guild Holdings Co.,Class A		1,311		13,359
Luther Burbank Corp.		2,392		31,216
Mr Cooper Group, Inc. (*)		1,165		42,802
TrustCo Bank Corp. NY		1,402		43,238
				278,237
Tobacco  |  0.2%
Vector Group, Ltd.		3,691		38,756
Trading Companies & Distributors  |  3.7%
BlueLinx Holdings, Inc. (*)		886		59,194
Boise Cascade Co.		1,266		75,314
Core & Main, Inc.,Class A (*)		2,515		56,085
GMS, Inc. (*)		1,692		75,294
Hudson Technologies, Inc. (*)		4,651		34,929
MRC Global, Inc. (*)		7,098		70,696
MSC Industrial Direct Co., Inc. Class A		771		57,910
NOW, Inc. (*)		6,333		61,937
SiteOne Landscape Supply, Inc. (*)		709		84,279
Titan Machinery, Inc. (*)		2,857		64,025
Triton International, Ltd.		1,414		74,447
Univar Solutions, Inc. (*)		2,944		73,217
Veritiv Corp. (*)		739		80,218
				867,545
Transportation Infrastructure  |  0.1%
Corp. America Airports SA (*)		3,740		20,869
Total Common Stocks (Cost $25,351,450)				23,359,394

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

Semi-Annual Report   141

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (concluded)
Mortgage Real Estate Investment Trusts  |  0.2%
New Residential Investment Corp. (Cost $54,493)		4,869	$	45,379
Rights  |  0.0%
Biotechnology  |  0.0%
Adamas Pharmaceuticals, Inc. CVR
Expires 2024 (¢)		1,139		0
Expires 2025 (¢)		1,139		0
Total Rights (Cost $137)				0
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $346,027)		346,027		346,027
Total Investments  |  100.5% (Cost $25,752,107)			$	23,750,800
Liabilities in Excess of Cash and Other Assets  |  (0.5)%				(110,298	)
Net Assets  |  100.0%			$	23,640,502

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

142   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments

June 30, 2022 (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, 2022, these securities amounted to 1.7% of net assets of Lazard Emerging Markets Equity Advantage Portfolio.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(^)	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
CVR	—	Contingent Value Rights
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
CHF	—	Swiss Franc	USD	—	United States Dollar
EUR	—	Euro

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

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

Semi-Annual Report   143

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 Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		—	%		—	%		—	%
Air Freight & Logistics		2.5			—			—			—
Airlines		—			—			0.3			—
Auto Components		1.0			—			0.3			2.0
Automobiles		1.6			0.9			4.0			3.9
Banks		16.2			14.8			16.5			20.1
Beverages		3.6			2.3			1.9			—
Biotechnology		—			0.8			0.2			—
Building Products		—			—			—			—
Capital Markets		—			1.1			1.3			—
Chemicals		1.6			2.7			3.7			1.2
Commercial Services & Suppliers		—			—			—			—
Communications Equipment		0.8			0.6			—			—
Construction & Engineering		—			1.2			1.3			—
Construction Materials		—			1.1			0.2			2.3
Consumer Finance		1.1			—			0.2			—
Containers & Packaging		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified Financial Services		—			—			1.0			—
Diversified Telecommunication Services		—			1.3			2.3			3.3
Electric Utilities		—			1.1			1.0			—
Electrical Equipment		3.6			—			0.7			—
Electronic Equipment, Instruments & Components		4.5			0.9			3.3			2.3
Energy Equipment & Services		—			1.5			—			—
Entertainment		—			2.8			1.5			—
Food & Staples Retailing		—			—			1.1			—
Food Products		—			0.8			1.9			1.5
Gas Utilities		—			—			0.8			0.9
Health Care Equipment & Supplies		—			—			0.2			—
Health Care Providers & Services		—			—			0.6			3.3
Hotels, Restaurants & Leisure		2.0			1.0			0.3			1.1
Household Durables		2.0			1.7			0.9			2.7
Household Products		—			—			0.6			0.9
Independent Power & Renewable Electricity Producers		—			—			1.2			0.9
Industrial Conglomerates		—			0.8			0.2			1.0
Insurance		1.7			4.1			2.0			5.5
Interactive Media & Services		9.6			5.9			5.5			—

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

144   Semi-Annual Report

Lazard Emerging Markets Strategic Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	—	%		—	%		1.2	%		—	%		0.6	%
	—			—			—			—			—
	—			—			—			—			0.3
	1.0			—			—			—			0.9
	0.9			—			—			—			0.6
	20.4			—			3.8			—			3.2
	1.1			2.0			7.0			—			5.0
	—			—			—			—			2.3
	—			—			0.6			—			—
	1.1			—			6.1			—			6.3
	1.0			—			—			—			2.6
	—			4.0			—			—			—
	—			4.7			2.1			—			—
	—			6.7			—			12.2			—
	1.0			—			—			—			—
	0.8			—			—			—			—
	—			—			0.8			—			—
	—			3.1			—			—			—
	—			—			—			—			—
	1.2			—			—			—			—
	—			—			—			12.9			1.6
	—			—			3.1			—			3.1
	2.5			—			2.4			—			1.7
	—			—			—			—			1.8
	1.9			—			1.7			—			2.4
	1.1			—			—			—			—
	—			—			—			—			—
	1.5			—			—			9.0			—
	—			6.6			2.4			—			4.9
	2.2			16.2			—			—			3.5
	4.7			7.8			1.9			—			—
	2.8			—			0.6			—			—
	0.8			—			1.8			—			—
	—			—			—			—			—
	—			—			—			—			—
	2.8			—			3.4			—			4.5
	3.7			—			5.0			—			5.8

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

Semi-Annual Report   145

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 Portfolio
Internet & Direct Marketing Retail		6.3	%		7.5	%		7.3	%		—	%
IT Services		1.3			2.8			3.3			—
Leisure Products		—			—			—			—
Life Sciences Tools & Services		—			0.8			0.6			—
Machinery		2.7			2.6			0.8			1.6
Marine		—			—			1.3			—
Media		—			—			0.4			—
Metals & Mining		1.0			3.3			3.4			3.9
Multiline Retail		—			0.6			—			—
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		2.2			7.1			5.2			8.2
Paper & Forest Products		0.8			1.4			0.1			0.6
Personal Products		—			0.8			—			3.3
Pharmaceuticals		1.2			—			2.0			0.9
Professional Services		—			—			—			—
Real Estate Management & Development		—			—			1.4			3.0
Road & Rail		2.3			0.7			—			—
Semiconductors & Semiconductor Equipment		13.0			11.6			9.1			10.0
Software		—			—			—			—
Specialty Retail		7.6			1.4			1.0			0.7
Technology Hardware, Storage & Peripherals		6.0			4.9			4.6			7.6
Textiles, Apparel & Luxury Goods		1.2			2.1			0.7			—
Tobacco		—			—			0.5			0.9
Trading Companies & Distributors		—			—			—			—
Transportation Infrastructure		0.9			3.5			0.3			1.8
Water Utilities		—			—			—			—
Wireless Telecommunication Services		—			0.7			1.2			1.9
Subtotal		98.3			99.2			98.2			97.3
Short-Term Investments		1.4			0.5			1.4			1.9
Total Investments		99.7	%		99.7	%		99.6	%		99.2	%

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

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

146   Semi-Annual Report

Lazard Emerging Markets Strategic Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
	4.5	%		—	%		3.8	%		—	%		—	%
	3.8			13.5			4.6			—			4.7
	—			—			1.6			—			—
	—			—			5.9			—			5.7
	2.3			—			1.0			—			—
	—			—			—			—			—
	—			10.1			1.0			3.8			1.0
	5.4			—			—			—			1.2
	—			—			3.9			—			2.4
	—			—			—			17.8			—
	5.0			—			—			—			—
	—			—			—			—			—
	1.7			—			1.9			—			1.0
	1.1			—			5.1			—			6.3
	—			4.0			7.2			—			4.0
	1.3			—			—			—			—
	—			2.0			1.2			15.8			1.0
	9.5			4.7			4.6			—			6.6
	—			—			5.2			—			10.2
	—			3.9			2.4			—			—
	4.4			—			—			—			—
	1.4			5.9			3.7			—			—
	1.6			—			—			—			—
	—			—			1.5			—			1.7
	—			—			—			11.6			—
	—			—			—			9.3			—
	2.4			—			—			—			—
	96.9			95.2			98.5			92.4			96.9
	2.4			3.0			1.4			7.8			3.3
	99.3	%		98.2	%		99.9	%		100.2	%		100.2	%

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

Semi-Annual Report   147

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 Portfolio			Lazard International Equity Select Portfolio			Lazard International Quality Growth Portfolio
Common & Preferred Stocks
Aerospace & Defense		1.0	%		5.4	%		3.7	%		—	%
Air Freight & Logistics		1.7			—			—			—
Airlines		—			1.3			1.1			—
Auto Components		—			1.3			1.2			—
Automobiles		3.6			1.2			0.9			—
Banks		8.1			5.5			9.6			7.4
Beverages		—			6.2			2.5			5.8
Biotechnology		0.3			—			—			2.9
Building Products		2.7			1.3			1.4			2.4
Capital Markets		2.9			3.2			—			5.2
Chemicals		2.0			5.1			5.6			—
Commercial Services & Suppliers		0.9			—			—			—
Communications Equipment		1.2			—			—			—
Construction & Engineering		0.5			—			—			—
Construction Materials		—			—			—			—
Consumer Finance		—			—			—			—
Containers & Packaging		—			—			—			—
Distributors		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified Financial Services		0.7			—			—			—
Diversified Telecommunication Services		0.2			1.2			1.9			—
Electric Utilities		3.1			1.4			—			—
Electrical Equipment		1.5			2.5			4.4			1.9
Electronic Equipment, Instruments & Components		0.1			—			—			2.2
Energy Equipment & Services		—			—			—			—
Entertainment		1.1			2.4			1.2			3.4
Equity Real Estate Investment Trusts (REITs)		1.4			—			—			—
Food & Staples Retailing		1.7			1.7			—			2.4
Food Products		1.7			—			—			—
Gas Utilities		—			1.3			1.7			—
Health Care Equipment & Supplies		0.9			3.8			1.8			5.0
Health Care Providers & Services		—			—			—			—
Health Care Technology		0.1			—			—			—
Hotels, Restaurants & Leisure		1.9			1.4			1.8			—
Household Durables		1.3			—			—			—
Household Products		—			—			—			0.5

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

148   Semi-Annual Report

Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio
	1.5	%		6.7	%		1.9	%		—	%		—	%
	0.9			—			—			—			—
	1.1			1.5			—			—			—
	1.0			1.5			—			—			0.9
	—			1.5			—			—			—
	4.8			7.5			2.4			—			5.7
	2.6			9.1			1.4			—			—
	—			1.7			2.4			—			—
	1.9			1.7			—			2.1			—
	5.7			1.9			1.8			4.8			3.8
	4.1			3.9			1.1			—			—
	3.5			—			2.7			4.7			3.0
	—			—			0.7			—			2.5
	1.7			—			—			—			—
	—			—			—			2.7			—
	—			—			0.2			—			4.2
	—			—			0.2			—			—
	—			—			—			5.2			—
	—			—			0.8			—			—
	1.2			—			0.3			—			—
	0.8			—			5.1			—			—
	—			1.3			4.8			—			—
	—			5.0			0.2			—			—
	1.0			1.2			0.6			—			—
	0.7			—			—			—			—
	0.9			2.0			0.8			1.0			—
	2.3			—			4.3			7.4			1.9
	1.5			1.1			6.1			7.3			3.5
	1.8			—			5.5			—			—
	3.1			—			3.0			—			—
	3.4			4.2			1.0			6.7			4.9
	1.5			—			3.5			—			1.8
	—			—			0.3			1.5			—
	1.1			2.0			2.3			2.7			4.1
	1.9			—			0.3			—			—
	0.9			—			4.5			—			—

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

Semi-Annual Report   149

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 Portfolio			Lazard International Equity Select Portfolio			Lazard International Quality Growth Portfolio
Independent Power & Renewable Electricity Producers		0.7	%		1.0	%		1.6	%		—	%
Industrial Conglomerates		1.6			0.9			—			—
Insurance		5.3			4.4			6.6			9.7
Interactive Media & Services		—			0.9			2.8			4.7
Internet & Direct Marketing Retail		0.1			1.6			1.9			2.3
IT Services		2.5			1.7			2.4			—
Leisure Products		1.0			4.6			2.6			2.9
Life Sciences Tools & Services		0.4			2.0			1.2			—
Machinery		0.3			1.8			1.2			0.6
Marine		1.7			—			—			—
Media		0.3			—			—			—
Metals & Mining		4.2			1.5			1.0			—
Multiline Retail		—			—			—			3.0
Multi-Utilities		—			2.4			2.0			—
Oil, Gas & Consumable Fuels		4.7			7.6			8.4			—
Personal Products		3.1			1.6			1.4			2.8
Pharmaceuticals		12.6			7.2			6.9			1.7
Professional Services		1.9			4.3			6.4			9.4
Real Estate Management & Development		1.2			2.2			1.8			—
Road & Rail		—			—			—			—
Semiconductors & Semiconductor Equipment		3.2			3.3			5.2			7.4
Software		1.6			—			—			4.5
Specialty Retail		2.0			1.2			0.8			2.7
Technology Hardware, Storage & Peripherals		0.7			—			—			—
Textiles, Apparel & Luxury Goods		1.3			1.4			0.9			3.3
Thrifts & Mortgage Finance		—			—			—			—
Tobacco		2.8			—			—			—
Trading Companies & Distributors		2.2			1.1			1.5			3.1
Water Utilities		—			—			—			—
Wireless Telecommunication Services		2.7			—			—			—
Subtotal		98.7			98.9			95.4			97.2
Short-Term Investments		0.3			1.8			4.2			2.5
Total Investments		99.0	%		100.7	%		99.6	%		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.

150   Semi-Annual Report

Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio
	—	%		1.5	%		0.6	%		—	%		—	%
	—			—			0.5			—			3.5
	2.4			6.5			4.6			—			4.0
	1.0			—			1.0			9.2			6.6
	—			—			—			—			4.5
	3.2			2.3			3.3			14.2			5.1
	1.9			3.3			0.3			—			—
	—			1.1			0.5			1.5			6.8
	4.3			1.0			0.4			4.7			—
	—			—			0.4			—			—
	—			1.0			2.2			—			—
	1.5			1.8			0.7			—			—
	—			—			—			4.7			2.6
	—			2.3			2.5			—			—
	2.4			2.4			1.1			—			—
	—			—			1.4			—			—
	2.1			5.0			8.6			—			5.4
	4.3			5.8			1.4			2.3			—
	7.9			2.7			1.4			—			—
	—			1.4			0.9			—			3.9
	1.9			3.8			1.8			11.9			5.0
	4.0			—			1.8			1.8			9.1
	4.4			1.4			1.0			3.2			3.1
	1.0			—			0.6			—			—
	0.9			—			0.2			—			1.8
	—			1.1			—			—			—
	—			—			1.0			—			—
	1.8			—			0.2			—			—
	0.9			—			—			—			—
	—			—			1.4			—			—
	96.8			98.2			98.0			99.6			97.7
	2.2			1.1			1.6			1.2			2.3
	99.0	%		99.3	%		99.6	%		100.8	%		100.0	%

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

Semi-Annual Report   151

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

Industry†	Lazard US Small- Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		2.5	%		—	%		0.9	%
Air Freight & Logistics		—			—			0.7
Airlines		1.0			—			—
Auto Components		—			0.9			0.6
Automobiles		—			—			0.4
Banks		9.4			6.8			3.1
Beverages		—			—			1.0
Biotechnology		1.8			0.8			8.5
Building Products		4.5			0.5			2.8
Capital Markets		1.3			4.2			1.3
Chemicals		2.5			1.8			3.4
Commercial Services & Suppliers		—			3.2			2.7
Communications Equipment		2.3			1.8			1.2
Construction & Engineering		—			—			0.9
Construction Materials		0.9			—			0.6
Consumer Finance		—			—			0.2
Containers & Packaging		2.9			3.0			0.6
Distributors		—			—			0.6
Diversified Consumer Services		—			—			0.7
Diversified Telecommunication Services		—			—			0.6
Electric Utilities		—			—			0.3
Electrical Equipment		4.0			2.0			1.5
Electronic Equipment, Instruments & Components		1.9			0.7			1.3
Energy Equipment & Services		2.1			—			0.1
Entertainment		1.7			1.2			0.8
Equity Real Estate Investment Trusts (REITs)		6.3			2.5			4.0
Food & Staples Retailing		1.0			2.1			1.4
Food Products		2.3			—			2.8
Gas Utilities		2.1			—			0.3
Health Care Equipment & Supplies		1.9			4.9			4.4
Health Care Providers & Services		1.4			6.4			1.9
Health Care Technology		1.1			—			1.0
Hotels, Restaurants & Leisure		1.9			1.0			1.4
Household Durables		2.2			—			1.9
Household Products		—			2.7			0.1
Independent Power & Renewable Electricity Producers		—			—			0.3
Industrial Conglomerates		—			—			0.1
Insurance		3.8			—			1.0

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

152   Semi-Annual Report

Industry†	Lazard US Small- Mid Cap Equity Portfolio			Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap  Equity  Portfolio
Interactive Media & Services		2.1	%		—	%		0.5	%
Internet & Direct Marketing Retail		—			—			0.5
IT Services		2.4			6.7			3.8
Leisure Products		2.5			—			0.9
Life Sciences Tools & Services		4.5			8.4			1.0
Machinery		4.4			3.2			2.6
Marine		—			—			3.0
Media		—			—			1.3
Mortgage Real Estate Investment Trusts (REITs)		—			—			0.2
Oil, Gas & Consumable Fuels		3.1			—			2.0
Paper & Forest Products		1.0			—			0.9
Personal Products		—			1.0			0.4
Pharmaceuticals		1.8			5.3			1.5
Professional Services		2.7			—			3.2
Real Estate Management & Development		—			—			0.8
Road & Rail		—			2.3			0.9
Semiconductors & Semiconductor Equipment		2.0			4.4			2.5
Software		5.5			13.6			7.2
Specialty Retail		2.5			2.8			2.7
Technology Hardware, Storage & Peripherals		—			—			0.5
Textiles, Apparel & Luxury Goods		1.1			1.3			2.0
Thrifts & Mortgage Finance		—			—			1.2
Tobacco		—			—			0.2
Trading Companies & Distributors		—			—			3.7
Transportation Infrastructure		—			—			0.1
Subtotal		98.4			95.5			99.0
Short-Term Investments		—			5.1			1.5
Total Investments		98.4	%		100.6	%		100.5	%

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

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

Semi-Annual Report   153

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

June 30, 2022	Lazard Developing Markets Equity Portfolio				Lazard Emerging  Markets Core  Equity Portfolio
ASSETS
Investments in securities, at fair value		$	116,153,312			$	111,089,548
Foreign currency, at fair value			41,665				91,423
Receivables for:
Dividends			520,757				511,749
Capital stock sold			291,918				63,251
Investments sold			207,607				—
Other assets			3,972				2,709
Total assets			117,219,231				111,758,680
LIABILITIES
Foreign currency due to custodian			—				55,027
Payables for:
Management fees			93,012				95,204
Foreign capital gains taxes			153,488				105,829
Accrued custodian fees			30,475				32,898
Accrued administration fees			20,428				22,211
Accrued distribution fees			1,147				286
Accrued professional services			24,515				22,632
Accrued directors’ fees			935				565
Capital stock redeemed			63,744				10,208
Investments purchased			333,144				98
Other accrued expenses and payables			3,217				764
Total liabilities			724,105				345,722
Net assets		$	116,495,126			$	111,412,958
NET ASSETS
Paid in capital		$	222,053,536			$	123,197,141
Distributable earnings (Accumulated loss)			(105,558,410	)			(11,784,183	)
Net assets		$	116,495,126			$	111,412,958
Institutional Shares
Net assets		$	109,901,411			$	109,571,506
Shares of capital stock outstanding*			8,784,924				12,093,800
Net asset value, offering and redemption price per share		$	12.51			$	9.06
Open Shares
Net assets		$	6,593,715			$	1,504,843
Shares of capital stock outstanding*			530,842				166,677
Net asset value, offering and redemption price per share		$	12.42			$	9.03
R6 Shares
Net assets			—			$	336,609
Shares of capital stock outstanding*			—				37,107
Net asset value, offering and redemption price per share			—			$	9.07
Cost of investments in securities		$	110,194,506			$	103,929,596
Cost of foreign currency		$	41,717			$	91,405

* $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.

154    Semi-Annual Report

Lazard Emerging Markets Equity Advantage Portfolio				Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Strategic Equity Portfolio				Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio
	$	53,320,878			$	2,809,061,139			$	48,778,674			$	144,329,513		$	95,286,142
		39,257				3,419,337				43,038				24			29,162
		337,246				33,816,695				416,812				133,259			167,338
		200				3,122,889				21,709				42,785,001			30,393
		—				—				—				7,202			—
		17,352				—				17,545				—			—
		53,714,933				2,849,420,060				49,277,778				187,254,999			95,513,035
		2				—				—				—			—
		22,198				2,460,841				29,951				37,269			51,456
		—				905,494				16,501				—			—
		26,321				598,666				14,853				2,606			10,987
		15,573				246,726				14,541				17,588			18,358
		80				77,940				668				31			253
		35,311				52,307				64,030				24,718			25,977
		—				7,493				244				—			—
		611				13,120,608				24,692				—			33,535
		99,327				563,702				14				40,131,122			27
		934				118,007				1,553				2,607			679
		200,357				18,151,784				167,047				40,215,941			141,272
	$	53,514,576			$	2,831,268,276			$	49,110,731			$	147,039,058		$	95,371,763
	$	65,717,119			$	3,853,270,223			$	103,128,068			$	135,000,914		$	77,830,676
		(12,202,543	)			(1,022,001,947	)			(54,017,337	)			12,038,144			17,541,087
	$	53,514,576			$	2,831,268,276			$	49,110,731			$	147,039,058		$	95,371,763
	$	53,324,747			$	2,527,611,022			$	46,498,753			$	146,861,873		$	94,143,799
		5,023,529				164,233,260				4,394,676				14,679,929			6,302,544
	$	10.61			$	15.39			$	10.58			$	10.00		$	14.94
	$	189,829			$	296,249,421			$	2,611,978			$	177,185		$	1,227,964
		17,902				18,678,121				246,242				17,736			82,276
	$	10.60			$	15.86			$	10.61			$	9.99		$	14.92
		—			$	7,407,833				—				—			—
		—				481,060				—				—			—
		—			$	15.40				—				—			—
	$	61,155,302			$	2,869,520,472			$	54,011,939			$	149,267,734		$	78,879,741
	$	39,260			$	3,419,750			$	43,051			$	24		$	28,988

Semi-Annual Report    155

June 30, 2022	Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	7,713,540,820		$	12,447,001
Non-controlled affiliated issuers, at fair value (Note 5)			766,880,731			—
Foreign currency, at fair value			5,697,429			35
Receivables for:
Dividends			39,109,041			17,326
Tax reclaims			—			—
Capital stock sold			58,823,765			—
Amount due from Investment Manager (Note 3)			—			5,566
Investments sold			2,432,187			—
Gross unrealized appreciation on forward currency contracts			42,562,258			—
Other assets			—			4,730
Total assets			8,629,046,231			12,474,658
LIABILITIES
Foreign currency due to custodian			—			4
Payables for:
Management fees			6,208,316			—
Accrued distribution fees			74,844			33
Accrued directors’ fees			—			—
Accrued custodian fees			222,158			5,295
Accrued professional services			102,222			25,421
Accrued administration fees			477,253			11,859
Accrued registration fees			—			6,722
Capital stock redeemed			2,334,555			880
Investments purchased			155,020,142			—
Gross unrealized depreciation on forward currency contracts			4,374,932			—
Other accrued expenses and payables			17,064			781
Total liabilities			168,831,486			50,995
Net assets		$	8,460,214,745		$	12,423,663
NET ASSETS
Paid in capital		$	7,633,446,167		$	13,972,413
Distributable earnings (Accumulated loss)			826,768,578			(1,548,750	)
Net assets		$	8,460,214,745		$	12,423,663
Institutional Shares
Net assets		$	8,104,349,992		$	12,261,145
Shares of capital stock outstanding*			503,839,190			1,173,865
Net asset value, offering and redemption price per share		$	16.09		$	10.45
Open Shares
Net assets		$	355,864,753		$	162,518
Shares of capital stock outstanding*			22,111,775			15,713
Net asset value, offering and redemption price per share		$	16.09		$	10.34
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	7,180,126,887		$	13,669,653
Cost of non-controlled affiliated issuers		$	1,023,694,562		$	—
Cost of foreign currency		$	5,693,474		$	36

* $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.

156    Semi-Annual Report

Lazard International Equity Advantage Portfolio				Lazard International Equity Portfolio			Lazard International Equity Select Portfolio				Lazard International Quality Growth Portfolio				Lazard International Small Cap Equity Portfolio
	$	2,395,118			$	1,221,117,008		$	65,039,329			$	113,955,329			$	17,902,228
		—				—			—				—				—
		868				2,176,115			393,225				11,121				8,511
		11,766				8,609,951			287,979				194,715				159,647
		—				993,674			—				—				—
		—				1,654,595			242,608				91,367				1,502
		12,849				—			—				—				—
		26,273				596,143			510,657				—				86,958
		—				—			—				—				—
		18,463				—			—				87,673				5,059
		2,465,337				1,235,147,486			66,473,798				114,340,205				18,163,905
		1				—			—				—				—
		—				788,938			34,146				53,138				2,741
		23				14,388			598				55				2,243
		—				16,824			—				—				190
		7,930				175,978			21,502				—				12,021
		27,285				56,555			22,298				23,650				24,482
		10,803				135,055			16,068				17,917				12,170
		—				—			—				—				1,091
		—				1,931,477			49,609				—				3
		40				18,455,865			995,723				11				19,682
		—				—			—				—				—
		1,133				383,050			10,049				126				1,192
		47,215				21,958,130			1,149,993				94,897				75,815
	$	2,418,122			$	1,213,189,356		$	65,323,805			$	114,245,308			$	18,088,090
	$	2,612,011			$	1,121,366,151		$	66,176,425			$	135,557,958			$	20,497,425
		(193,889	)			91,823,205			(852,620	)			(21,312,650	)			(2,409,335	)
	$	2,418,122			$	1,213,189,356		$	65,323,805			$	114,245,308			$	18,088,090
	$	2,307,796			$	1,089,392,839		$	62,192,959			$	113,980,045			$	7,616,310
		252,321				73,336,052			6,514,030				8,822,560				963,671
	$	9.15			$	14.85		$	9.55			$	12.92			$	7.90
	$	110,326			$	58,568,365		$	3,130,846			$	265,263			$	10,471,780
		12,075				3,891,841			326,666				20,682				1,322,073
	$	9.14			$	15.05		$	9.58			$	12.83			$	7.92
		—			$	65,228,152			—				—				—
		—				4,397,927			—				—				—
		—			$	14.83			—				—				—
	$	2,627,880			$	1,192,980,197		$	65,968,892			$	136,674,781			$	20,728,197
	$	—			$	—		$	—			$	—			$	—
	$	864			$	2,174,716		$	393,034			$	11,046			$	8,516

Semi-Annual Report    157

June 30, 2022	Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
ASSETS
Investments in securities, at fair value		$	4,879,099,667		$	28,635,415
Cash			—			—
Foreign currency, at fair value			6,053,883			5,790
Receivables for:
Capital stock sold			18,656,417			48,169
Dividends			16,498,500			81,492
Investments sold			1,559,840			—
Amount due from Investment Manager (Note 3)			—			—
Deferred offering costs (Note 2(f))			—			—
Other assets			—			17,211
Total assets			4,921,868,307			28,788,077
LIABILITIES
Payables for:
Management fees			3,137,609			176
Foreign capital gains taxes			583,451			—
Accrued administration fees			376,663			12,807
Accrued custodian fees			265,054			3,619
Accrued distribution fees			77,867			21
Accrued professional services			27,659			25,137
Accrued directors’ fees			—			—
Offering costs (Note 2(f))			—			—
Capital stock redeemed			2,582,283			—
Investments purchased			6,676			5
Other accrued expenses and payables			47,770			1,021
Total liabilities			7,105,032			42,786
Net assets		$	4,914,763,275		$	28,745,291
NET ASSETS
Paid in capital		$	4,758,407,547		$	28,552,879
Distributable earnings (Accumulated loss)			156,355,728			192,412
Net assets		$	4,914,763,275		$	28,745,291
Institutional Shares
Net assets		$	4,495,721,906		$	28,666,976
Shares of capital stock outstanding*			339,501,193			2,422,439
Net asset value, offering and redemption price per share		$	13.24		$	11.83
Open Shares
Net assets		$	320,866,799		$	78,315
Shares of capital stock outstanding*			24,021,905			6,631
Net asset value, offering and redemption price per share		$	13.36		$	11.81
R6 Shares
Net assets		$	98,174,570			—
Shares of capital stock outstanding*			7,406,905			—
Net asset value, offering and redemption price per share		$	13.25			—
Cost of investments in securities		$	4,588,377,234		$	28,868,117
Cost of foreign currency		$	6,060,069		$	5,758

*	$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.

158    Semi-Annual Report

Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small-Mid Cap Equity Portfolio				Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
	$	1,434,519,339		$	74,376,578		$	68,911,113			$	12,271,857		$	23,750,800
		—			—			1,304,136				—			43
		—			—			—				—			7
		1,025,904			8			703				—			—
		1,455,003			64,147			60,636				7,705			13,823
		11,146,006			—			—				—			316,109
		—			—			—				6,991			5,063
		—			—			—				—			44,964
		33,079			4,710			3,316				15,515			—
		1,448,179,331			74,445,443			70,279,904				12,302,068			24,130,809
		847,337			25,198			46,033				—			—
		—			—			—				—			—
		142,967			18,411			17,237				14,271			14,019
		35,931			7,483			12,911				4,640			3,364
		6,191			257			1,805				92			22
		38,358			24,675			26,010				15,682			41,221
		—			—			46				—			—
		—			—			—				—			133,431
		2,338,788			1			128,637				—			—
		21,776,614			—			—				64,636			298,147
		27,997			1,621			1,851				721			103
		25,214,183			77,646			234,530				100,042			490,307
	$	1,422,965,148		$	74,367,797		$	70,045,374			$	12,202,026		$	23,640,502
	$	1,042,815,837		$	60,515,037		$	64,110,796			$	10,653,569		$	25,860,851
		380,149,311			13,852,760			5,934,578				1,548,457			(2,220,349	)
	$	1,422,965,148		$	74,367,797		$	70,045,374			$	12,202,026		$	23,640,502
	$	1,394,032,674		$	36,604,569		$	61,938,425			$	11,707,400		$	23,522,703
		87,416,107			2,782,072			5,127,308				967,851			2,889,205
	$	15.95		$	13.16		$	12.08			$	12.10		$	8.14
	$	26,726,402		$	1,261,911		$	8,105,935			$	494,626		$	117,799
		1,663,058			95,494			742,024				40,904			14,455
	$	16.07		$	13.21		$	10.92			$	12.09		$	8.15
	$	2,206,072		$	36,501,317		$	1,014			$	—			—
		137,926			2,772,619			85	†			—			—
	$	15.99		$	13.16		$	11.88			$	—			—
	$	1,202,345,192		$	61,350,947		$	65,508,793			$	10,962,372		$	25,752,107
	$	—		$	—		$	—			$	—		$	7

Semi-Annual Report   159

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

For the Six Months Ended June 30, 2022		Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
Investment Income (Loss)
Income
Dividends			$	1,595,110		$	1,525,270
Non-cash dividends				197,282			377,373
Total investment income*				1,792,392			1,902,643
Expenses
Management fees (Note 3)				680,340			675,545
Custodian fees				49,650			52,584
Distribution fees (Open Shares)				9,491			2,282
Administration fees				17,525			18,962
Professional services				32,798			32,118
Shareholders’ services				10,599			8,304
Shareholders’ reports				10,329			8,656
Directors’ fees and expenses				7,182			7,127
Registration fees				18,248			23,306
Other^				6,334			8,333
Total gross expenses				842,496			837,217
Management fees waived and expenses reimbursed				(49,645	)		(3,309	)
Total net expenses				792,851			833,908
Net investment income (loss)				999,541			1,068,735
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				1,775,062			(2,630,655	)
Foreign currency transactions				(4,832	)		(58,820	)
Total net realized gain (loss)				1,770,230			(2,689,475	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(31,215,456	)		(31,038,230	)
Foreign currency translations				(2,636	)		1,440
Total net change in unrealized appreciation (depreciation)				(31,218,092	)		(31,036,790	)
Net realized and unrealized gain (loss)				(29,447,862	)		(33,726,265	)
Net increase (decrease) in net assets resulting from operations			$	(28,448,321	)	$	(32,657,530	)
*	Net of foreign withholding taxes of		$	212,989		$	167,886
**	Net of foreign capital gains taxes of		$	105,011		$	1,674
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	240,141		$	169,361
^	Includes interest on line of credit of		$	216		$	947

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

160   Semi-Annual Report

Lazard Emerging Markets Equity Advantage Portfolio				Lazard Emerging Markets Equity Portfolio				Lazard Emerging Markets Strategic Equity Portfolio				Lazard Equity Franchise Portfolio				Lazard Global Equity Select Portfolio
	$	1,040,661			$	95,388,461			$	1,110,630			$	1,096,872			$	833,504
		80,386				—				—				—				—
		1,121,047				95,388,461				1,110,630				1,096,872				833,504
		229,398				16,506,391				277,080				369,804				331,964
		47,388				534,383				35,137				27,460				30,031
		449				424,245				3,571				148				1,676
		12,844				184,611				12,485				14,799				15,405
		35,763				171,468				39,585				23,020				24,387
		6,044				142,006				8,364				6,419				7,094
		6,445				112,512				8,808				5,403				6,490
		4,212				108,926				4,287				5,359				5,344
		19,149				42,080				18,216				17,341				22,222
		6,097				75,571				4,639				5,498				5,034
		367,789				18,302,193				412,172				475,251				449,647
		(89,982	)			(1,258	)			(89,879	)			(34,956	)			(2,158	)
		277,807				18,300,935				322,293				440,295				447,489
		843,240				77,087,526				788,337				656,577				386,015
		(5,174,982	)			(13,694,033	)			(4,328,453	)			14,927,233				1,010,182
		(47,326	)			(485,637	)			(3,638	)			(34,324	)			(13,467	)
		(5,222,308	)			(14,179,670	)			(4,332,091	)			14,892,909				996,715
		(7,533,779	)			(580,432,840	)			(7,341,512	)			(20,218,351	)			(24,927,141	)
		(2,374	)			(138,418	)			(5,330	)			(5,487	)			(3,241	)
		(7,536,153	)			(580,571,258	)			(7,346,842	)			(20,223,838	)			(24,930,382	)
		(12,758,461	)			(594,750,928	)			(11,678,933	)			(5,330,929	)			(23,933,667	)
	$	(11,915,221	)		$	(517,663,402	)		$	(10,890,596	)		$	(4,674,352	)		$	(23,547,652	)
	$	121,726			$	10,358,229			$	122,807			$	78,571			$	63,339
	$	—			$	480,237			$	1,055			$	—			$	—
	$	—			$	1,607,691			$	15,574			$	—			$	—
	$	1,789			$	46			$	—			$	565			$	21

Semi-Annual Report   161

For the Six Months Ended June 30, 2022		Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends#
Unaffiliated issuers			$	149,829,382		$	94,757
Non-controlled affiliated issuers (Note 5)				20,351,279			—
Non-cash dividends				—			5,544
Total investment income*				170,180,661			100,301
Expenses
Custodian fees				682,910			21,620
Management fees (Note 3)				35,237,138			55,808
Professional services				324,440			24,058
Registration fees				104,326			18,098
Shareholders’ services				265,160			4,695
Administration fees				364,391			9,951
Shareholders’ reports				182,681			5,242
Directors’ fees and expenses				214,730			2,877
Distribution fees (Open Shares)				393,285			226
Other^				143,876			3,365
Total gross expenses				37,912,937			145,940
Management fees waived and expenses reimbursed				—			(74,986	)
Total net expenses				37,912,937			70,954
Net investment income (loss)				132,267,724			29,347
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				39,633,445			(347,304	)
Foreign currency transactions				360,783			500
Forward currency contracts				332,056,533			—
Total net realized gain (loss)				372,050,761			(346,804	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(711,287,073	)		(3,604,245	)
Non-controlled affiliated issuers				36,436,188			—
Foreign currency translations				(1,280,549	)		(527	)
Forward currency contracts				117,435,643			—
Total net change in unrealized appreciation (depreciation)				(558,695,791	)		(3,604,772	)
Net realized and unrealized gain (loss)				(186,645,030	)		(3,951,576	)
Net increase (decrease) in net assets resulting from operations			$	(54,377,306	)	$	(3,922,229	)
*	Net of foreign withholding taxes of		$	10,902,744		$	7,299
**	Net of foreign capital gains taxes of		$	—		$	—
†	Includes net change in unrealized appreciation   (depreciation) of foreign capital gains taxes of		$	—		$	—
^	Includes interest on line of credit of		$	—		$	17

# Dividend income for Lazard Global Listed Infrastructure Portfolio and Lazard International Equity Portfolio includes $2,478,832 and $2,119,742, respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $13,381,576 and 2,756,067, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.

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

162   Semi-Annual Report

Lazard International Equity Advantage Portfolio				Lazard International Equity Portfolio				Lazard International Equity Select Portfolio				Lazard International Quality Growth Portfolio				Lazard International Small Cap Equity Portfolio
	$	58,811			$	28,038,716			$	1,221,365			$	1,045,853			$	396,425
		—				—				—				—				—
		10,703				—				—				—				—
		69,514				28,038,716				1,221,365				1,045,853				396,425
		26,725				246,996				31,416				25,148				27,603
		8,825				5,787,562				241,067				376,152				84,199
		22,397				117,314				26,519				21,858				24,710
		19,390				40,946				12,918				42,968				16,583
		4,444				60,433				6,915				5,952				6,101
		9,191				100,083				13,657				15,290				10,424
		5,121				71,003				8,070				5,072				6,183
		2,554				58,987				4,769				4,268				3,277
		154				101,531				4,573				364				13,375
		13				51,597				4,708				4,030				4,320
		98,814				6,636,452				354,612				501,102				196,775
		(86,447	)			(22,806	)			(15,872	)			(73,695	)			(56,086	)
		12,367				6,613,646				338,740				427,407				140,689
		57,147				21,425,070				882,625				618,446				255,736
		(25,330	)			3,569,949				(846,985	)			826,105				(142,498	)
		(1,898	)			(544,243	)			(21,165	)			22,230				(14,336	)
		—				—				—				—				—
		(27,228	)			3,025,706				(868,150	)			848,335				(156,834	)
		(574,825	)			(319,326,821	)			(13,780,540	)			(26,188,701	)			(7,349,275	)
		—				—				—				—				—
		(581	)			(502,672	)			(10,133	)			(928	)			(5,934	)
		—				—				—				—				—
		(575,406	)			(319,829,493	)			(13,790,673	)			(26,189,629	)			(7,355,209	)
		(602,634	)			(316,803,787	)			(14,658,823	)			(25,341,294	)			(7,512,043	)
	$	(545,487	)		$	(295,378,717	)		$	(13,776,198	)		$	(24,722,848	)		$	(7,256,307	)
	$	7,063			$	636,325			$	148,248			$	130,950			$	39,863
	$	—			$	53,713			$	194			$	—			$	—
	$	—			$	(6,198	)		$	2,293			$	—			$	—
	$	—			$	6,347			$	—			$	542			$	318

Semi-Annual Report   163

For the Six Months Ended June 30, 2022		Lazard International Strategic Equity Portfolio				Lazard Managed Equity Volatility Portfolio
Investment Income (Loss)
Income
Dividends#			$	90,004,007			$	412,627
Total investment income*				90,004,007				412,627
Expenses
Management fees (Note 3)				21,035,807				88,059
Custodian fees				636,917				31,960
Distribution fees (Open Shares)				478,491				102
Administration fees				277,051				10,856
Professional services				248,903				21,074
Directors’ fees and expenses				171,754				3,278
Shareholders’ services				153,932				5,109
Shareholders’ reports				88,137				5,288
Registration fees				85,874				17,346
Amortization of offering costs (Note 2(f))				—				—
Organization expenses (Note 2(f))				—				—
Other^				119,135				3,707
Total gross expenses				23,296,001				186,779
Management fees waived and expenses reimbursed				(1,993	)			(76,460	)
Total net expenses				23,294,008				110,319
Net investment income (loss)				66,709,999				302,308
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(140,786,778	)			(93,136	)
Foreign currency transactions				312,655				(4,857	)
Total net realized gain (loss)				(140,474,123	)			(97,993	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(1,119,593,497	)			(3,374,175	)
Foreign currency translations				(765,439	)			(2,119	)
Total net change in unrealized appreciation (depreciation)				(1,120,358,936	)			(3,376,294	)
Net realized and unrealized gain (loss)				(1,260,833,059	)			(3,474,287	)
Net increase (decrease) in net assets resulting from operations			$	(1,194,123,060	)		$	(3,171,979	)
*	Net of foreign withholding taxes of		$	2,620,148			$	25,221
**	Net of foreign capital gains taxes of		$	29,896			$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	1,245,919			$	—
^	Includes interest on line of credit of		$	—			$	7

# Dividend income for Lazard International Strategic Equity Portfolio includes $8,402,420 of refunds received as a result of European Union dividend withholding ax reclaim filings. The amounts of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been 11,022,568. Refer to Note 2(b) in the Notes to Financial statements further information.

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

164   Semi-Annual Report

Lazard US Equity Concentrated Portfolio				Lazard US Equity Focus Portfolio				Lazard US Small-Mid Cap Equity Portfolio				Lazard US Sustainable Equity Portfolio				Lazard US Systematic Small Cap Equity Portfolio
	$	11,468,630			$	549,797			$	435,334			$	90,038			$	86,656
		11,468,630				549,797				435,334				90,038				86,656
		5,879,422				215,687				327,085				40,320				26,488
		176,072				25,783				31,892				15,309				27,633
		38,318				1,752				11,787				670				137
		106,907				15,420				14,165				11,772				10,573
		86,010				21,885				23,911				20,835				34,767
		53,880				4,492				5,299				2,856				2,558
		53,712				6,760				7,592				4,571				7,583
		64,839				5,585				7,643				4,874				6,377
		36,184				15,078				21,188				18,828				4,200
		—				—				—				—				66,167
		—				—				—				—				1,958
		43,093				5,039				5,717				1,513				13
		6,538,437				317,481				456,279				121,548				188,454
		(1,378	)			(40,879	)			(633	)			(70,491	)			(154,073	)
		6,537,059				276,602				455,646				51,057				34,381
		4,931,571				273,195				(20,312	)			38,981				52,275
		114,978,375				304,142				1,053,113				164,159				(282,910	)
		—				—				—				—				2
		114,978,375				304,142				1,053,113				164,159				(282,908	)
		(475,962,564	)			(16,693,486	)			(19,476,627	)			(3,530,671	)			(2,063,197	)
		—				—				—				—				(2	)
		(475,962,564	)			(16,693,486	)			(19,476,627	)			(3,530,671	)			(2,063,199	)
		(360,984,189	)			(16,389,344	)			(18,423,514	)			(3,366,512	)			(2,346,107	)
	$	(356,052,618	)		$	(16,116,149	)		$	(18,443,826	)		$	(3,327,531	)		$	(2,293,832	)
	$	—			$	—			$	313			$	—			$	3,890
	$	—			$	—			$	—			$	—			$	—
	$	—			$	—			$	—			$	—			$	—
	$	5,178			$	—			$	—			$	—			$	—

Semi-Annual Report   165

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

	Lazard Developing Markets Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	999,541		$	535,821
Net realized gain (loss)			1,770,230			2,234,077
Net change in unrealized appreciation (depreciation)			(31,218,092	)		(23,292,772	)
Net increase (decrease) in net assets resulting from operations			(28,448,321	)		(20,522,874	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(1,516,068	)
Open Shares			—			(70,702	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			—			(1,586,770	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			13,755,773			52,260,422
Open Shares			734,754			4,865,685
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,208,264
Open Shares			—			62,092
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(25,412,202	)		(74,730,015	)
Open Shares			(1,747,709	)		(4,547,349	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(12,669,384	)		(20,880,901	)
Total increase (decrease) in net assets			(41,117,705	)		(42,990,545	)
Net assets at beginning of period			157,612,831			200,603,376
Net assets at end of period		$	116,495,126		$	157,612,831

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

166   Semi-Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	1,068,735		$	1,239,180		$	843,240		$	1,175,145
	(2,689,475	)		9,732,694			(5,222,308	)		3,733,999
	(31,036,790	)		(31,673,211	)		(7,536,153	)		(6,316,504	)
	(32,657,530	)		(20,701,337	)		(11,915,221	)		(1,407,360	)
	—			(1,210,128	)		—			(5,115,729	)
	—			(9,228	)		—			(118,907	)
	—			(3,617	)		—			—
	—			(1,222,973	)		—			(5,234,636	)
	18,647,531			50,845,441			7,595,543			47,141,565
	576,931			2,306,794			31,109			4,665,435
	98,993			36,357			—			—
	—			1,162,680			—			5,115,729
	—			8,896			—			118,907
	—			3,617			—			—
	(33,231,191	)		(83,623,051	)		(10,948,463	)		(4,956,704	)
	(728,757	)		(2,488,441	)		(765,693	)		(4,699,211
	(667	)		(211,190	)		—			—
	(14,637,160	)		(31,958,897	)		(4,087,504	)		47,385,721
	(47,294,690	)		(53,883,207	)		(16,002,725	)		40,743,725
	158,707,648			212,590,855			69,517,301			28,773,576
$	111,412,958		$	158,707,648		$	53,514,576		$	69,517,301

Semi-Annual Report   167

	Lazard Developing Markets Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		9,637,932			11,013,865
Shares sold		1,002,087			2,988,029
Shares issued to shareholders from reinvestment of distributions		—			78,503
Shares redeemed		(1,855,095	)		(4,442,465	)
Net increase (decrease)		(853,008	)		(1,375,933	)
Shares outstanding at end of period		8,784,924			9,637,932
Open Shares
Shares outstanding at beginning of period		600,534			575,985
Shares sold		55,442			295,291
Shares issued to shareholders from reinvestment of distributions		—			4,053
Shares redeemed		(125,134	)		(274,795	)
Net increase (decrease)		(69,692	)		24,549
Shares outstanding at end of period		530,842			600,534
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.

168   Semi-Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	13,520,650			15,971,095			5,322,452			2,022,986
	1,750,767			3,931,923			655,212			3,256,474
	—			100,591			—			397,695
	(3,177,617	)		(6,482,959	)		(954,135	)		(354,703	)
	(1,426,850	)		(2,450,445	)		(298,923	)		3,299,466
	12,093,800			13,520,650			5,023,529			5,322,452
	183,190			194,354			76,021			63,491
	53,964			176,646			2,506			329,650
	—			768			—			9,268
	(70,477	)		(188,578	)		(60,625	)		(326,388	)
	(16,513	)		(11,164	)		(58,119	)		12,530
	166,677			183,190			17,902			76,021
	26,865			41,454			—			—
	10,305			2,728			—			—
	—			313			—			—
	(63	)		(17,630	)		—			—
	10,242			(14,589	)		—			—
	37,107			26,865			—			—

Semi-Annual Report   169

	Lazard Emerging Markets Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	77,087,526		$	120,592,475
Net realized gain (loss)			(14,179,670	)		456,289,025
Net change in unrealized appreciation (depreciation)			(580,571,258	)		(330,831,004	)
Net increase (decrease) in net assets resulting from operations			(517,663,402	)		246,050,496
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(159,751,886	)
Open Shares			—			(16,684,053	)
R6 Shares			—			(689,358	)
Net decrease in net assets resulting from distributions			—			(177,125,297	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			436,865,038			956,710,099
Open Shares			9,657,995			68,488,391
R6 Shares			554,011			3,700,364
Net proceeds from reinvestment of distributions
Institutional Shares			—			151,053,474
Open Shares			—			16,468,567
R6 Shares			—			299,282
Cost of shares redeemed
Institutional Shares			(717,932,022	)		(1,822,322,913	)
Open Shares			(31,418,905	)		(141,191,852	)
R6 Shares			(1,712,419	)		(18,710,896	)
Net increase (decrease) in net assets from capital stock transactions			(303,986,302	)		(785,505,484	)
Total increase (decrease) in net assets			(821,649,704	)		(716,580,285	)
Net assets at beginning of period			3,652,917,980			4,369,498,265
Net assets at end of period		$	2,831,268,276		$	3,652,917,980

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

170   Semi-Annual Report

Lazard Emerging Markets Strategic Equity Portfolio						Lazard Equity Franchise Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	788,337		$	940,740		$	656,577		$	1,310,927
	(4,332,091	)		9,963,488			14,892,909			17,439,556
	(7,346,842	)		(14,182,731	)		(20,223,838	)		1,976,572
	(10,890,596	)		(3,278,503	)		(4,674,352	)		20,727,055
	—			(721,332	)		—			(14,253,601	)
	—			(29,982	)		—			(15,148	)
	—			—			—			—
	—			(751,314	)		—			(14,268,749	)
	4,479,776			8,602,187			89,130,435			8,142,721
	1,508,084			999,414			119,271			89,499
	—			—			—			—
	—			707,559			—			14,253,601
	—			29,167			—			15,148
	—			—			—			—
	(4,909,127	)		(22,613,433	)		(43,036,877	)		(15,135,877	)
	(1,295,206	)		(1,902,152	)		(20,990	)		(151,272	)
	—			—			—			—
	(216,473	)		(14,177,258	)		46,191,839			7,213,820
	(11,107,069	)		(18,207,075	)		41,517,487			13,672,126
	60,217,800			78,424,875			105,521,571			91,849,445
$	49,110,731		$	60,217,800		$	147,039,058		$	105,521,571

Semi-Annual Report   171

	Lazard Emerging Markets Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		180,498,233			217,598,338
Shares sold		25,531,565			50,172,346
Shares issued to shareholders from reinvestment of distributions		—			8,290,244
Shares redeemed		(41,796,538	)		(95,562,695	)
Net increase (decrease)		(16,264,973	)		(37,100,105	)
Shares outstanding at end of period		164,233,260			180,498,233
Open Shares
Shares outstanding at beginning of period		19,885,383			22,707,741
Shares sold		538,122			3,539,036
Shares issued to shareholders from reinvestment of distributions		—			876,315
Shares redeemed		(1,745,384	)		(7,237,709	)
Net increase (decrease)		(1,207,262	)		(2,822,358	)
Shares outstanding at end of period		18,678,121			19,885,383
R6 Shares
Shares outstanding at beginning of period		544,810			1,310,139
Shares sold		32,025			196,315
Shares issued to shareholders from reinvestment of distributions		—			16,436
Shares redeemed		(95,775	)		(978,080	)
Net increase (decrease)		(63,750	)		(765,329	)
Shares outstanding at end of period		481,060			544,810

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

172    Semi-Annual Report

Lazard Emerging Markets Strategic Equity Portfolio						Lazard Equity Franchise Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	4,450,374			5,390,573			9,780,445			9,016,463
	360,898			616,289			8,833,134			719,088
	—			55,484			—			1,336,289
	(416,596	)		(1,611,972	)		(3,933,650	)		(1,291,395	)
	(55,698	)		(940,199	)		4,899,484			763,982
	4,394,676			4,450,374			14,679,929			9,780,445
	228,303			290,075			8,621			12,708
	131,665			70,220			11,036			7,463
	—			2,278			—			1,421
	(113,726	)		(134,270	)		(1,921	)		(12,971	)
	17,939			(61,772	)		9,115			(4,087	)
	246,242			228,303			17,736			8,621
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Semi-Annual Report    173

	Lazard Global Equity Select Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	386,015		$	522,451
Net realized gain (loss)			996,715			3,093,668
Net change in unrealized appreciation (depreciation)			(24,930,382	)		15,157,447
Net increase (decrease) in net assets resulting from operations			(23,547,652	)		18,773,566
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(4,303,883	)
Open Shares			—			(58,304	)
Net decrease in net assets resulting from distributions			—			(4,362,187	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			14,632,755			15,911,457
Open Shares			115,862			421,016
Net proceeds from reinvestment of distributions
Institutional Shares			—			4,260,522
Open Shares			—			58,304
Cost of shares redeemed
Institutional Shares			(7,198,396	)		(16,880,543	)
Open Shares			(116,792	)		(271,978	)
Net increase (decrease) in net assets from capital stock transactions			7,433,429			3,498,778
Total increase (decrease) in net assets			(16,114,223	)		17,910,157
Net assets at beginning of period			111,485,986			93,575,829
Net assets at end of period		$	95,371,763		$	111,485,986

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

174    Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	132,267,724		$	306,182,281		$	29,347		$	274,422
	372,050,761			562,799,096			(346,804	)		450,537
	(558,695,791	)		564,898,117			(3,604,772	)		1,112,447
	(54,377,306	)		1,433,879,494			(3,922,229	)		1,837,406
	(158,714,377	)		(445,280,768	)		—			(723,599	)
	(6,292,520	)		(17,469,224	)		—			(8,321	)
	(165,006,897	)		(462,749,992	)		—			(731,920	)
	1,800,869,364			2,105,406,878			6,624			13,182,269
	98,446,597			45,133,550			—			39,814
	128,616,908			367,039,859			—			723,599
	6,198,324			17,173,844			—			8,321
	(924,250,752	)		(3,390,031,626	)		(1,372,645	)		(1,562,222	)
	(39,169,221	)		(104,401,284	)		—			(45,662	)
	1,070,711,220			(959,678,779	)		(1,366,021	)		12,346,119
	851,327,017			11,450,723			(5,288,250	)		13,451,605
	7,608,887,728			7,597,437,005			17,711,913			4,260,308
$	8,460,214,745		$	7,608,887,728		$	12,423,663		$	17,711,913

Semi-Annual Report   175

	Lazard Global Equity Select Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		5,857,479			5,662,503
Shares sold		880,675			893,399
Shares issued to shareholders from reinvestment of distributions		—			230,274
Shares redeemed		(435,610	)		(928,697	)
Net increase (decrease)		445,065			194,976
Shares outstanding at end of period		6,302,544			5,857,479
Open Shares
Shares outstanding at beginning of period		82,179			70,899
Shares sold		7,051			22,810
Shares issued to shareholders from reinvestment of distributions		—			3,150
Shares redeemed		(6,954	)		(14,680	)
Net increase (decrease)		97			11,280
Shares outstanding at end of period		82,276			82,179

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

176   Semi-Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	442,920,557			497,500,386			1,297,363			336,354
	109,531,504			135,453,262			591			1,024,819
	8,058,958			22,720,015			—			54,298
	(56,671,829	)		(212,753,106	)		(124,089	)		(118,108	)
	60,918,633			(54,579,829	)		(123,498	)		961,009
	503,839,190			442,920,557			1,173,865			1,297,363
	18,194,277			20,993,761			15,713			15,347
	5,918,825			2,904,083			—			3,136
	388,387			1,061,731			—			630
	(2,389,714	)		(6,765,298	)		—			(3,400	)
	3,917,498			(2,799,484	)		—			366
	22,111,775			18,194,277			15,713			15,713

Semi-Annual Report   177

	Lazard International Equity Advantage Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	57,147			$	72,425
Net realized gain (loss)			(27,228	)			363,319
Net change in unrealized appreciation (depreciation)			(575,406	)			(74,508	)
Net increase (decrease) in net assets resulting from operations			(545,487	)			361,236
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—				(136,304	)
Open Shares			—				(6,138	)
R6 Shares			—				—
Net decrease in net assets resulting from distributions			—				(142,442	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,793				40,901
Open Shares			—				5
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			—				136,304
Open Shares			—				6,138
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(29,313	)			(3,098	)
Open Shares			—				(5	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			(26,520	)			180,245
Total increase (decrease) in net assets			(572,007	)			399,039
Net assets at beginning of period			2,990,129				2,591,090
Net assets at end of period		$	2,418,122			$	2,990,129

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

178   Semi-Annual Report

Lazard International Equity Portfolio						Lazard International Equity Select Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	21,425,070		$	81,041,750		$	882,625		$	2,286,078
	3,025,706			389,206,211			(868,150	)		4,405,810
	(319,829,493	)		(306,922,993	)		(13,790,673	)		(3,727,110	)
	(295,378,717	)		163,324,968			(13,776,198	)		2,964,778
	—			(253,995,902	)		—			(2,615,190	)
	—			(15,297,137	)		—			(123,856	)
	—			(17,839,297	)		—			—
	—			(287,132,336	)		—			(2,739,046	)
	138,535,053			383,144,673			8,105,120			18,472,160
	7,231,892			21,198,302			620,077			3,372,556
	12,048,406			42,310,511			—			—
	—			213,278,530			—			2,516,085
	—			11,284,238			—			122,927
	—			17,766,875			—			—
	(355,229,767	)		(1,737,109,035	)		(11,598,733	)		(34,552,279	)
	(27,067,757	)		(51,535,133	)		(974,070	)		(2,198,410	)
	(43,443,449	)		(62,688,011	)		—			—
	(267,925,622	)		(1,162,349,050	)		(3,847,606	)		(12,266,961	)
	(563,304,339	)		(1,286,156,418	)		(17,623,804	)		(12,041,229	)
	1,776,493,695			3,062,650,113			82,947,609			94,988,838
$	1,213,189,356		$	1,776,493,695		$	65,323,805		$	82,947,609

Semi-Annual Report   179

	Lazard International Equity Advantage Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		255,051			239,526
Shares sold		253			3,462
Shares issued to shareholders from reinvestment of distributions		—			12,333
Shares redeemed		(2,983	)		(270	)
Net increase (decrease)		(2,730	)		15,525
Shares outstanding at end of period		252,321			255,051
Open Shares
Shares outstanding at beginning of period		12,075			11,520
Shares sold		—			—	#
Shares issued to shareholders from reinvestment of distributions		—			555
Shares redeemed		—			—	#
Net increase (decrease)		—			555
Shares outstanding at end of period		12,075			12,075
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		—			—

# Shares values are less than 1

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

180   Semi-Annual Report

Lazard International Equity Portfolio						Lazard International Equity Select Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	87,137,715			140,490,643			6,846,470			7,993,045
	8,408,065			18,535,338			761,778			1,557,162
	—			11,911,077			—			221,097
	(22,209,728	)		(83,799,343	)		(1,094,218	)		(2,924,834	)
	(13,801,663	)		(53,352,928	)		(332,440	)		(1,146,575	)
	73,336,052			87,137,715			6,514,030			6,846,470
	5,114,581			5,960,372			360,195			247,615
	436,081			1,039,570			58,112			286,138
	—			621,271			—			10,745
	(1,658,821	)		(2,506,632	)		(91,641	)		(184,303	)
	(1,222,740	)		(845,791	)		(33,529	)		112,580
	3,891,841			5,114,581			326,666			360,195
	6,472,435			6,473,822			—			—
	699,693			2,031,145			—			—
	—			995,068			—			—
	(2,774,201	)		(3,027,600	)		—			—
	(2,074,508	)		(1,387	)		—			—
	4,397,927			6,472,435			—			—

Semi-Annual Report   181

	Lazard International Quality Growth Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	618,446			$	139,783
Net realized gain (loss)			848,335				1,114,601
Net change in unrealized appreciation (depreciation)			(26,189,629	)			1,030,349
Net increase (decrease) in net assets resulting from operations			(24,722,848	)			2,284,733
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—				(1,250,451	)
Open Shares			—				(6,304	)
R6 Shares			—				—
Return of capital
Institutional Shares			—				—
Open Shares			—				—
R6 Shares			—				—
Net decrease in net assets resulting from distributions			—				(1,256,755	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			84,784,431				50,450,611
Open Shares			12,556				94,898
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			—				1,250,451
Open Shares			—				6,304
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(8,627,660	)			(713,404	)
Open Shares			(2,377	)			(79,883	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			76,166,950				51,008,977
Total increase (decrease) in net assets			51,444,102				52,036,955
Net assets at beginning of period			62,801,206				10,764,251
Net assets at end of period		$	114,245,308			$	62,801,206

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

182   Semi-Annual Report

Lazard International Small Cap Equity Portfolio						Lazard International Strategic Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	255,736		$	439,882		$	66,709,999		$	200,921,129
	(156,834	)		9,107,856			(140,474,123	)		243,245,427
	(7,355,209	)		(4,940,101	)		(1,120,358,936	)		(100,750,072	)
	(7,256,307	)		4,607,637			(1,194,123,060	)		343,416,484
	—			(4,264,944	)		—			(371,347,485	)
	—			(3,483,346	)		—			(30,723,600	)
	—			—			—			(7,937,887	)
	—			—			—			(101,625,202	)
	—			—			—			(8,228,846	)
	—			—			—			(2,172,377	)
	—			(7,748,290	)		—			(522,035,397	)
	1,597,611			4,617,643			496,769,845			1,150,537,246
	2,792,769			1,560,153			43,884,247			67,454,415
	—			—			2,945,373			7,162,815
	—			4,244,754			—			448,404,862
	—			3,417,384			—			36,546,493
	—			—			—			9,942,857
	(4,724,880	)		(22,623,777	)		(625,746,460	)		(990,293,303	)
	(831,801	)		(3,519,994	)		(102,088,076	)		(168,625,826	)
	—			—			(5,771,544	)		(8,192,483	)
	(1,166,301	)		(12,303,837	)		(190,006,615	)		552,937,076
	(8,422,608	)		(15,444,490	)		(1,384,129,675	)		374,318,163
	26,510,698			41,955,188			6,298,892,950			5,924,574,787
$	18,088,090		$	26,510,698		$	4,914,763,275		$	6,298,892,950

Semi-Annual Report   183

	Lazard International Quality Growth Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,718,473			671,884
Shares sold		5,664,203			3,014,033
Shares issued to shareholders from reinvestment of distributions		—			75,374
Shares redeemed		(560,116	)		(42,818	)
Net increase (decrease)		5,104,087			3,046,589
Shares outstanding at end of period		8,822,560			3,718,473
Open Shares
Shares outstanding at beginning of period		19,946			18,777
Shares sold		893			5,628
Shares issued to shareholders from reinvestment of distributions		—			382
Shares redeemed		(157	)		(4,841	)
Net increase (decrease)		736			1,169
Shares outstanding at end of period		20,682			19,946
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.

184   Semi-Annual Report

Lazard International Small Cap Equity Portfolio						Lazard International Strategic Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	1,322,884			2,175,223			349,026,972			313,114,237
	171,715			315,085			33,514,450			64,623,204
	—			387,502			—			27,801,571
	(530,928	)		(1,554,926	)		(43,040,229	)		(56,512,040	)
	(359,213	)		(852,339	)		(9,525,779	)		35,912,735
	963,671			1,322,884			339,501,193			349,026,972
	1,085,347			931,724			27,877,105			31,509,845
	324,944			109,245			2,927,846			3,784,216
	—			312,163			—			2,243,494
	(88,218	)		(267,785	)		(6,783,046	)		(9,660,450	)
	236,726			153,623			(3,855,200	)		(3,632,740	)
	1,322,073			1,085,347			24,021,905			27,877,105
	—			—			7,606,148			7,044,138
	—			—			201,274			405,424
	—			—			—			616,082
	—			—			(400,517	)		(459,496	)
	—			—			(199,243	)		562,010
	—			—			7,406,905			7,606,148

Semi-Annual Report   185

	Lazard Managed Equity Volatility Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	302,308		$	455,246
Net realized gain (loss)			(97,993	)		2,837,261
Net change in unrealized appreciation (depreciation)			(3,376,294	)		1,446,592
Net increase (decrease) in net assets resulting from operations			(3,171,979	)		4,739,099
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(1,898,603	)
Open Shares			—			(5,036	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			—			(1,903,639	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,052,755			7,970,630
Open Shares			25			955
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			—			1,682,281
Open Shares			—			5,036
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(1,263,074	)		(7,176,588	)
Open Shares			(12	)		(3,910	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			789,694			2,478,404
Total increase (decrease) in net assets			(2,382,285	)		5,313,864
Net assets at beginning of period			31,127,576			25,813,712
Net assets at end of period		$	28,745,291		$	31,127,576

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

186   Semi-Annual Report

Lazard US Equity Concentrated Portfolio						Lazard US Equity Focus Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	4,931,571		$	7,375,860		$	273,195		$	371,416
	114,978,375			298,140,654			304,142			2,732,490
	(475,962,564	)		140,441,179			(16,693,486	)		13,333,759
	(356,052,618	)		445,957,693			(16,116,149	)		16,437,665
	—			(262,821,100	)		—			(2,341,356	)
	—			(4,727,403	)		—			(83,281	)
	—			(363,056	)		—			(2,019,972	)
	—			(267,911,559	)		—			(4,444,609	)
	221,367,268			321,688,811			2,676,839			5,400,355
	1,607,891			5,568,105			364			16,560
	4,483			6,623			16,590,108			16,666,565
	—			244,348,427			—			2,316,382
	—			4,618,990			—			82,695
	—			362,958			—			2,018,035
	(421,628,611	)		(733,616,650	)		(807,999	)		(2,454,548	)
	(3,935,366	)		(12,293,864	)		(23,204	)		(75,448	)
	(154	)		(29,538	)		(8,341,071	)		(8,682,494	)
	(202,584,489	)		(169,346,138	)		10,095,037			15,288,102
	(558,637,107	)		8,699,996			(6,021,112	)		27,281,158
	1,981,602,255			1,972,902,259			80,388,909			53,107,751
$	1,422,965,148		$	1,981,602,255		$	74,367,797		$	80,388,909

Semi-Annual Report   187

	Lazard Managed Equity Volatility Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		2,357,213			2,184,318
Shares sold		166,457			614,142
Shares issued to shareholders from reinvestment of distributions		—			129,002
Shares redeemed		(101,231	)		(570,249	)
Net increase (decrease)		65,226			172,895
Shares outstanding at end of period		2,422,439			2,357,213
Open Shares
Shares outstanding at beginning of period		6,629			6,488
Shares sold		3			73
Shares issued to shareholders from reinvestment of distributions		—			387
Shares redeemed		(1	)		(319	)
Net increase (decrease)		2			141
Shares outstanding at end of period		6,631			6,629
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.

188   Semi-Annual Report

Lazard US Equity Concentrated Portfolio						Lazard US Equity Focus Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	98,646,155			107,284,843			2,660,294			2,323,580
	12,342,208			15,965,414			179,309			356,108
	—			12,544,478			—			146,606
	(23,572,256	)		(37,148,580	)		(57,531	)		(166,000	)
	(11,230,048	)		(8,638,688	)		121,778			336,714
	87,416,107			98,646,155			2,782,072			2,660,294
	1,793,445			1,888,783			97,056			95,597
	87,513			272,288			24			1,083
	—			234,873			—			5,208
	(217,900	)		(602,499	)		(1,586	)		(4,832	)
	(130,387	)		(95,338	)		(1,562	)		1,459
	1,663,058			1,793,445			95,494			97,056
	137,684			120,303			2,242,997			1,550,718
	250			325			1,098,289			1,137,911
	—			18,578			—			127,643
	(8	)		(1,522	)		(568,667	)		(573,275	)
	242			17,381			529,622			692,279
	137,926			137,684			2,772,619			2,242,997

Semi-Annual Report   189

	Lazard US Small-Mid Cap Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(20,312	)	$	19,235
Net realized gain (loss)			1,053,113			22,249,252
Net change in unrealized appreciation (depreciation)			(19,476,627	)		(2,365,273	)
Net increase (decrease) in net assets resulting from operations			(18,443,826	)		19,903,214
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			—			(13,165,718	)
Open Shares			—			(1,602,028	)
R6 Shares			—			(99,135	)
Net decrease in net assets resulting from distributions			—			(14,866,881	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,418,644			24,647,589
Open Shares			2,333,859			1,109,317
R6 Shares			9,242			151,641
Net proceeds from reinvestment of distributions
Institutional Shares			—			12,992,400
Open Shares			—			1,540,062
R6 Shares			—			99,135
Cost of shares redeemed
Institutional Shares			(22,621,368	)		(39,607,630	)
Open Shares			(2,993,300	)		(3,317,566	)
R6 Shares			(690,327	)		(251,244	)
Net increase (decrease) in net assets from capital stock transactions			(17,543,250	)		(2,636,296	)
Total increase (decrease) in net assets			(35,987,076	)		2,400,037
Net assets at beginning of period			106,032,450			103,632,413
Net assets at end of period		$	70,045,374		$	106,032,450

(a) The Portfolio commenced operations on October 29, 2021

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

190   Semi-Annual Report

Lazard US Sustainable Equity Portfolio						Lazard US Systematic Small Cap Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021(a)
$	38,981		$	57,578		$	52,275		$	8,620
	164,159			259,323			(282,908	)		11,440
	(3,530,671	)		3,120,821			(2,063,199	)		61,890
	(3,327,531	)		3,437,722			(2,293,832	)		81,950
	—			(299,354	)		—			(8,515	)
	—			(10,422	)		—			—
	—			—			—			—
	—			(309,776	)		—			(8,515	)
	210,000			12,000			21,810,500			3,903,086
	76,813			467,727			25,500			117,325
	—			—			—			—
	—			299,354			—			8,515
	—			10,422			—			—
	—			—			—			—
	—			(147,812	)		(2,977	)		—
	(99,519	)		(45,353	)		(1,050	)		—
	—			—			—			—
	187,294			596,338			21,831,973			4,028,926
	(3,140,237	)		3,724,284			19,538,141			4,102,361
	15,342,263			11,617,979			4,102,361			—
$	12,202,026		$	15,342,263		$	23,640,502		$	4,102,361

Semi-Annual Report   191

	Lazard US Small-Mid Cap Equity Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		6,312,789			6,377,893
Shares sold		455,241			1,504,750
Shares issued to shareholders from reinvestment of distributions		—			882,683
Shares redeemed		(1,640,722	)		(2,452,537	)
Net increase (decrease)		(1,185,481	)		(65,104	)
Shares outstanding at end of period		5,127,308			6,312,789
Open Shares
Shares outstanding at beginning of period		796,285			827,420
Shares sold		188,915			75,218
Shares issued to shareholders from reinvestment of distributions		—			115,620
Shares redeemed		(243,176	)		(221,973	)
Net increase (decrease)		(54,261	)		(31,135	)
Shares outstanding at end of period		742,024			796,285
R6 Shares
Shares outstanding at beginning of period		47,929			47,409
Shares sold		655			9,060
Shares issued to shareholders from reinvestment of distributions		—			6,731
Shares redeemed		(48,499	)		(15,271	)
Net increase (decrease)		(47,844	)		520
Shares outstanding at end of period		85			47,929

(a) The Portfolio commenced operations on October 29, 2021

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

192   Semi-Annual Report

Lazard US Sustainable Equity Portfolio						Lazard US Systematic Small Cap Equity Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021(a)
	952,893			942,026			388,111			—
	14,958			780			2,501,417			387,263
	—			19,972			—			848
	—			(9,885	)		(323	)		—
	14,958			10,867			2,501,094			388,111
	967,851			952,893			2,889,205			388,111
	42,453			10,495			11,650			—
	5,843			34,512			2,916			11,650
	—			695			—			—
	(7,392	)		(3,249	)		(111	)		—
	(1,549	)		31,958			2,805			11,650
	40,904			42,453			14,455			11,650
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Semi-Annual Report   193

The Lazard Funds, Inc. Financial Highlights (unaudited)

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	15.40		$	17.31		$	14.55		$	11.42		$	14.48		$	10.28
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.05			0.04			0.08			0.11			0.03
Net realized and unrealized gain (loss)			(2.99	)		(1.81	)		2.76			3.13			(3.08	)		4.20
Total from investment operations			(2.89	)		(1.76	)		2.80			3.21			(2.97	)		4.23
Less distributions from:
Net investment income			—			(0.15	)		(0.04	)		(0.08	)		(0.09	)		(0.03	)
Total distributions			—			(0.15	)		(0.04	)		(0.08	)		(0.09	)		(0.03	)
Net asset value, end of period		$	12.51		$	15.40		$	17.31		$	14.55		$	11.42		$	14.48
Total Return (b)			-18.77	%		-10.14	%		19.33	%		28.17	%		-20.58	%		41.15	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	109,901		$	148,419		$	190,689		$	226,067		$	215,120		$	268,730
Ratios to average net assets (c):
Net expenses			1.15	%		1.15	%		1.17	%		1.16	%		1.14	%		1.18	%
Gross expenses			1.22	%		1.15	%		1.21	%		1.16	%		1.14	%		1.18	%
Net investment income (loss)			1.48	%		0.28	%		0.33	%		0.63	%		0.83	%		0.24	%
Portfolio turnover rate			22	%		39	%		57	%		55	%		63	%		46	%

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

194   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	15.31		$	17.21		$	14.51		$	11.36		$	14.45		$	10.28
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			—	(d)		0.01			0.05			0.06			(0.02	)
Net realized and unrealized gain (loss)			(2.97	)		(1.78	)		2.73			3.11			(3.06	)		4.19
Total from investment operations			(2.89	)		(1.78	)		2.74			3.16			(3.00	)		4.17
Less distributions from:
Net investment income			—			(0.12	)		(0.04	)		(0.01	)		(0.09	)		—
Total distributions			—			(0.12	)		(0.04	)		(0.01	)		(0.09	)		—
Net asset value, end of period		$	12.42		$	15.31		$	17.21		$	14.51		$	11.36		$	14.45
Total Return (b)			-18.88	%		-10.37	%		18.97	%		27.79	%		-20.83	%#		40.56	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	6,594		$	9,193		$	9,914		$	9,341		$	7,263		$	12,569
Ratios to average net assets (c):
Net expenses			1.40	%		1.40	%		1.44	%		1.46	%		1.51	%		1.58	%
Gross expenses			1.54	%		1.45	%		1.53	%		1.55	%		1.51	%		1.58	%
Net investment income (loss)			1.23	%		—	%(e)		0.04	%		0.36	%		0.42	%		-0.17	%
Portfolio turnover rate			22	%		39	%		57	%		55	%		63	%		46	%

†	Unaudited.
#	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)	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.
(e)	Amount is less than 0.005%

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

Semi-Annual Report   195

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	11.56		$	13.12		$	11.79		$	9.89		$	12.30		$	8.83
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.08			0.08			0.20			0.16			0.11
Net realized and unrealized gain (loss)			(2.58	)		(1.55	)		1.33			1.93			(2.39	)		3.45
Total from investment operations			(2.50	)		(1.47	)		1.41			2.13			(2.23	)		3.56
Less distributions from:
Net investment income			—			(0.09	)		(0.08	)		(0.23	)		(0.18	)		(0.09	)
Total distributions			—			(0.09	)		(0.08	)		(0.23	)		(0.18	)		(0.09	)
Net asset value, end of period		$	9.06		$	11.56		$	13.12		$	11.79		$	9.89		$	12.30
Total Return (b)			-21.63	%		-11.21	%		11.98	%		21.59	%		-18.12	%		40.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	109,572		$	156,284		$	209,503		$	197,213		$	207,955		$	230,343
Ratios to average net assets (c):
Net expenses			1.23	%		1.16	%		1.20	%		1.18	%		1.18	%		1.20	%
Gross expenses			1.23	%		1.16	%		1.20	%		1.18	%		1.18	%		1.20	%
Net investment income (loss)			1.59	%		0.64	%		0.70	%		1.83	%		1.44	%		0.98	%
Portfolio turnover rate			17	%		31	%		23	%		19	%		30	%		15	%

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

196   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	11.53		$	13.09		$	11.76		$	9.87		$	12.27		$	8.81
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.04			0.04			0.16			0.11			0.06
Net realized and unrealized gain (loss)			(2.57	)		(1.55	)		1.33			1.92			(2.37	)		3.45
Total from investment operations			(2.50	)		(1.51	)		1.37			2.08			(2.26	)		3.51
Less distributions from:
Net investment income			—			(0.05	)		(0.04	)		(0.19	)		(0.14	)		(0.05	)
Total distributions			—			(0.05	)		(0.04	)		(0.19	)		(0.14	)		(0.05	)
Net asset value, end of period		$	9.03		$	11.53		$	13.09		$	11.76		$	9.87		$	12.27
Total Return (b)			-21.68	%		-11.53	%		11.66	%		21.08	%		-18.43	%		39.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,505		$	2,113		$	2,544		$	2,425		$	1,853		$	1,828
Ratios to average net assets (c):
Net expenses			1.50	%		1.50	%		1.50	%		1.55	%		1.58	%		1.60	%
Gross expenses			1.66	%		1.55	%		1.62	%		1.90	%		2.00	%		2.45	%
Net investment income (loss)			1.30	%		0.34	%		0.35	%		1.48	%		1.00	%		0.56	%
Portfolio turnover rate			17	%		31	%		23	%		19	%		30	%		15	%

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												For the Period 4/6/18* to
throughout each period	6/30/22†				12/31/21				12/31/20				12/31/19				12/31/18
R6 Shares
Net asset value, beginning of period		$	11.57			$	13.13			$	11.80			$	9.89			$	12.21
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09				0.09				0.07				0.20				0.14
Net realized and unrealized gain (loss)			(2.59	)			(1.56	)			1.34				1.94				(2.28	)
Total from investment operations			(2.50	)			(1.47	)			1.41				2.14				(2.14	)
Less distributions from:
Net investment income			—				(0.09	)			(0.08	)			(0.23	)			(0.18	)
Total distributions			—				(0.09	)			(0.08	)			(0.23	)			(0.18	)
Net asset value, end of period		$	9.07			$	11.57			$	13.13			$	11.80			$	9.89
Total Return (b)			-21.61	%			-11.19	%			11.97	%			21.69	%			-17.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	337			$	311			$	544			$	597			$	494
Ratios to average net assets (c):
Net expenses			1.20	%			1.16	%			1.20	%			1.18	%			1.16	%
Gross expenses			2.21	%			1.91	%			1.87	%			3.23	%			7.68	%
Net investment income (loss)			1.81	%			0.66	%			0.63	%			1.80	%			1.71	%
Portfolio turnover rate			17	%			31	%			23	%			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)	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.

198   Semi-Annual Report

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	12.88		$	13.79		$	11.84		$	10.03		$	12.27		$	8.71
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16			0.27			0.10			0.24			0.19			0.12
Net realized and unrealized gain (loss)			(2.43	)		(0.15	)		1.97			1.80			(2.19	)		3.58
Total from investment operations			(2.27	)		0.12			2.07			2.04			(2.00	)		3.70
Less distributions from:
Net investment income			—			(0.22	)		(0.10	)		(0.23	)		(0.22	)		(0.13	)
Net realized gains			—			(0.81	)		(0.02	)		—			(0.00	)(b)		—
Return of capital			—			—			—			—			(0.02	)		(0.01	)
Total distributions			—			(1.03	)		(0.12	)		(0.23	)		(0.24	)		(0.14	)
Net asset value, end of period		$	10.61		$	12.88		$	13.79		$	11.84		$	10.03		$	12.27
Total Return (c)			-17.62	%		0.96	%		17.50	%		20.34	%		-16.23	%		42.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	53,325		$	68,538		$	27,898		$	9,190		$	3,107		$	4,191
Ratios to average net assets (d):
Net expenses			0.91	%		0.93	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses			1.19	%		1.21	%		1.97	%		3.19	%		5.60	%		6.29	%
Net investment income (loss)			2.76	%		1.90	%		0.87	%		2.15	%		1.59	%		1.15	%
Portfolio turnover rate			41	%		88	%		91	%		59	%		61	%		52	%

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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	12.88		$	13.79		$	11.85		$	10.04		$	12.27		$	8.71
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.12			0.09			0.21			0.16			0.08
Net realized and unrealized gain (loss)			(2.39	)		(0.04	)		1.93			1.79			(2.18	)		3.58
Total from investment operations			(2.28	)		0.08			2.02			2.00			(2.02	)		3.66
Less distributions from:
Net investment income			—			(0.18	)		(0.06	)		(0.19	)		(0.19	)		(0.09	)
Net realized gains			—			(0.81	)		(0.02	)		—			(0.00	)(b)		—
Return of capital			—			—			—			—			(0.02	)		(0.01	)
Total distributions			—			(0.99	)		(0.08	)		(0.19	)		(0.21	)		(0.10	)
Net asset value, end of period		$	10.60		$	12.88		$	13.79		$	11.85		$	10.04		$	12.27
Total Return (c)			-17.70	%		0.63	%		17.10	%		19.97	%		-16.40	%		42.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	190		$	979		$	876		$	1,162		$	476		$	356
Ratios to average net assets (d):
Net expenses			1.16	%		1.25	%		1.35	%		1.38	%		1.40	%		1.40	%
Gross expenses			2.69	%		1.75	%		2.68	%		4.32	%		8.09	%		12.17	%
Net investment income (loss)			1.79	%		0.80	%		0.76	%		1.87	%		1.35	%		0.72	%
Portfolio turnover rate			41	%		88	%		91	%		59	%		61	%		52	%

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

200   Semi-Annual Report

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	18.12		$	18.03		$	18.48		$	16.06		$	20.02		$	15.96
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.40			0.56			0.37			0.42			0.39			0.33
Net realized and unrealized gain (loss)			(3.13	)		0.42			(0.44	)		2.45			(4.01	)		4.13
Total from investment operations			(2.73	)		0.98			(0.07	)		2.87			(3.62	)		4.46
Less distributions from:
Net investment income			—			(0.89	)		(0.38	)		(0.45	)		(0.34	)		(0.40	)
Total distributions			—			(0.89	)		(0.38	)		(0.45	)		(0.34	)		(0.40	)
Net asset value, end of period		$	15.39		$	18.12		$	18.03		$	18.48		$	16.06		$	20.02
Total Return (b)			-15.07	%		5.44	%		-0.10	%		18.04	%		-18.09	%		28.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,527,611		$	3,271,175		$	3,923,878		$	6,645,429		$	7,573,861		$	11,285,358
Ratios to average net assets (c):
Net expenses			1.08	%		1.07	%		1.09	%		1.08	%		1.07	%		1.08	%
Gross expenses			1.08	%		1.07	%		1.09	%		1.08	%		1.07	%		1.08	%
Net investment income (loss)			4.69	%		2.93	%		2.36	%		2.42	%		2.12	%		1.82	%
Portfolio turnover rate			12	%		34	%		39	%		20	%		16	%		14	%

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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	18.70		$	18.58		$	19.03		$	16.53		$	20.60		$	16.41
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.40			0.53			0.34			0.39			0.35			0.29
Net realized and unrealized gain (loss)			(3.24	)		0.43			(0.45	)		2.52			(4.12	)		4.25
Total from investment operations			(2.84	)		0.96			(0.11	)		2.91			(3.77	)		4.54
Less distributions from:
Net investment income			—			(0.84	)		(0.34	)		(0.41	)		(0.30	)		(0.35	)
Total distributions			—			(0.84	)		(0.34	)		(0.41	)		(0.30	)		(0.35	)
Net asset value, end of period		$	15.86		$	18.70		$	18.58		$	19.03		$	16.53		$	20.60
Total Return (b)			-15.19	%		5.19	%		-0.34	%		17.73	%		-18.32	%		27.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	296,249		$	371,863		$	421,990		$	969,347		$	1,004,569		$	1,515,715
Ratios to average net assets (c):
Net expenses			1.34	%		1.32	%		1.34	%		1.34	%		1.32	%		1.34	%
Gross expenses			1.34	%		1.32	%		1.34	%		1.34	%		1.32	%		1.34	%
Net investment income (loss)			4.48	%		2.68	%		2.08	%		2.19	%		1.85	%		1.55	%
Portfolio turnover rate			12	%		34	%		39	%		20	%		16	%		14	%

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

202   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout the period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
R6 Shares
Net asset value, beginning of period		$	18.13		$	18.04		$	18.47		$	16.06		$	20.02		$	15.96
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.40			0.54			0.40			0.40			0.40			0.35
Net realized and unrealized gain (loss)			(3.13	)		0.44			(0.45	)		2.46			(4.02	)		4.11
Total from investment operations			(2.73	)		0.98			(0.05	)		2.86			(3.62	)		4.46
Less distributions from:
Net investment income			—			(0.89	)		(0.38	)		(0.45	)		(0.34	)		(0.40	)
Total distributions			—			(0.89	)		(0.38	)		(0.45	)		(0.34	)		(0.40	)
Net asset value, end of period		$	15.40		$	18.13		$	18.04		$	18.47		$	16.06		$	20.02
Total Return (b)			-15.06	%		5.44	%		0.01	%		17.98	%		-18.09	%		28.02	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	7,408		$	9,880		$	23,631		$	184,337		$	232,507		$	372,568
Ratios to average net assets (c):
Net expenses			1.09	%		1.06	%		1.08	%		1.08	%		1.07	%		1.08	%
Gross expenses			1.12	%		1.08	%		1.09	%		1.08	%		1.07	%		1.08	%
Net investment income (loss)			4.61	%		2.83	%		2.52	%		2.30	%		2.15	%		1.91	%
Portfolio turnover rate			12	%		34	%		39	%		20	%		16	%		14	%

†	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. 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.

Semi-Annual Report   203

LAZARD EMERGING MARKETS STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	12.87		$	13.80		$	12.18		$	10.02		$	12.93		$	9.60
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.17			0.19			0.13			0.13			0.17			0.10
Net realized and unrealized gain (loss)			(2.46	)		(0.96	)		1.66			2.29			(2.89	)		3.35
Total from investment operations			(2.29	)		(0.77	)		1.79			2.42			(2.72	)		3.45
Less distributions from:
Net investment income			—			(0.16	)		(0.17	)		(0.26	)		(0.19	)		(0.12	)
Total distributions			—			(0.16	)		(0.17	)		(0.26	)		(0.19	)		(0.12	)
Net asset value, end of period		$	10.58		$	12.87		$	13.80		$	12.18		$	10.02		$	12.93
Total Return (b)			-17.79	%		-5.54	%		14.74	%		24.21	%		-21.05	%		35.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	46,499		$	57,269		$	74,406		$	96,399		$	291,404		$	385,492
Ratios to average net assets (c):
Net expenses			1.15	%		1.18	%		1.22	%		1.26	%		1.15	%		1.21	%
Gross expenses			1.47	%		1.33	%		1.46	%		1.26	%		1.15	%		1.21	%
Net investment income (loss)			2.85	%		1.33	%		1.18	%		1.16	%		1.39	%		0.90	%
Portfolio turnover rate			12	%		95	%		53	%		56	%		61	%		57	%

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

204   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period		6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	12.92		$	13.85		$	12.23		$	10.03		$	12.95		$	9.62
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.16			0.14			0.10			0.14			0.12			0.06
Net realized and unrealized gain (loss)			(2.47	)		(0.94	)		1.65			2.29			(2.89	)		3.34
Total from investment operations			(2.31	)		(0.80	)		1.75			2.43			(2.77	)		3.40
Less distributions from:
Net investment income			—			(0.13	)		(0.13	)		(0.23	)		(0.15	)		(0.07	)
Total distributions			—			(0.13	)		(0.13	)		(0.23	)		(0.15	)		(0.07	)
Net asset value, end of period		$	10.61		$	12.92		$	13.85		$	12.23		$	10.03		$	12.95
Total Return (b)			-17.88	%		-5.75	%		14.39	%		24.21	%		-21.39	%		35.38	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,612		$	2,949		$	4,019		$	5,977		$	6,200		$	9,728
Ratios to average net assets (c):
Net expenses			1.40	%		1.43	%		1.48	%		1.52	%		1.53	%		1.60	%
Gross expenses			1.87	%		1.71	%		1.83	%		1.77	%		1.53	%		1.61	%
Net investment income (loss)			2.73	%		1.01	%		0.88	%		1.27	%		1.01	%		0.50	%
Portfolio turnover rate			12	%		95	%		53	%		56	%		61	%		57	%

†	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. 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.

Semi-Annual Report   205

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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18				12/31/17
Institutional Shares
Net asset value, beginning of period		$	10.78		$	10.17		$	10.17		$	8.84		$	10.38			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.15			0.10			0.19			0.20				0.03
Net realized and unrealized gain (loss)			(0.86	)		2.14			0.02			1.73			(0.75	)			0.40
Total from investment operations			(0.78	)		2.29			0.12			1.92			(0.55	)			0.43
Less distributions from:
Net investment income			—			(0.15	)		(0.07	)		(0.15	)		(0.21	)			(0.03	)
Net realized gains			—			(1.53	)		(0.05	)		(0.44	)		(0.78	)			(0.02	)
Total distributions			—			(1.68	)		(0.12	)		(0.59	)		(0.99	)			(0.05	)
Net asset value, end of period		$	10.00		$	10.78		$	10.17		$	10.17		$	8.84			$	10.38
Total Return (b)			-7.24	%		22.76	%		1.15	%		21.70	%		-5.10	%			4.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	146,862		$	105,429		$	91,720		$	39,878		$	8,341			$	5,566
Ratios to average net assets (c):
Net expenses			0.95	%		0.95	%		0.95	%		0.95	%		0.95	%			0.95	%
Gross expenses			1.02	%		0.98	%		1.11	%		1.36	%		3.42	%			3.21	%
Net investment income (loss)			1.42	%		1.29	%		1.09	%		1.95	%		1.94	%			1.26	%
Portfolio turnover rate			79	%		73	%		79	%		95	%		97	%			10	%

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

206   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended												For the Period 9/29/17* to
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	10.77		$	10.17		$	10.17		$	8.84		$	10.38			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.12			0.09			0.16			0.19				0.03
Net realized and unrealized gain (loss)			(0.86	)		2.13			—	(d)		1.73			(0.77	)			0.39
Total from investment operations			(0.78	)		2.25			0.09			1.89			(0.58	)			0.42
Less distributions from:
Net investment income			—			(0.12	)		(0.04	)		(0.12	)		(0.18	)			(0.02	)
Net realized gains			—			(1.53	)		(0.05	)		(0.44	)		(0.78	)			(0.02	)
Total distributions			—			(1.65	)		(0.09	)		(0.56	)		(0.96	)			(0.04	)
Net asset value, end of period		$	9.99		$	10.77		$	10.17		$	10.17		$	8.84			$	10.38
Total Return (b)			-7.24	%		22.36	%		0.90	%		21.40	%		-5.34	%			4.18	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	177		$	93		$	129		$	312		$	190			$	111
Ratios to average net assets (c):
Net expenses			1.20	%		1.20	%		1.20	%		1.18	%		1.20	%			1.20	%
Gross expenses			5.00	%		4.45	%		3.64	%		5.78	%		10.19	%			23.62	%
Net investment income (loss)			1.48	%		1.05	%		1.00	%		1.64	%		1.75	%			1.14	%
Portfolio turnover rate			79	%		73	%		79	%		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.
(d)	Amount is less than $0.01 per share.

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

Semi-Annual Report   207

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	18.77		$	16.32		$	14.56		$	11.72		$	13.04		$	10.53
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.09			0.07			0.11			0.09			0.07
Net realized and unrealized gain (loss)			(3.89	)		3.11			2.24			2.84			(1.02	)		2.93
Total from investment operations			(3.83	)		3.20			2.31			2.95			(0.93	)		3.00
Less distributions from:
Net investment income			—			(0.09	)		(0.05	)		(0.10	)		(0.06	)		(0.10	)
Net realized gains			—			(0.66	)		(0.50	)		—			(0.32	)		(0.39	)
Return of capital			—			—			—			(0.01	)		(0.01	)		—
Total distributions			—			(0.75	)		(0.55	)		(0.11	)		(0.39	)		(0.49	)
Net asset value, end of period		$	14.94		$	18.77		$	16.32		$	14.56		$	11.72		$	13.04
Total Return (b)			-20.40	%		19.75	%		15.97	%		25.20	%		-7.12	%		28.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	94,144		$	109,943		$	92,418		$	82,057		$	65,382		$	58,201
Ratios to average net assets (c):
Net expenses			0.87	%		0.84	%		0.90	%		1.01	%		1.05	%		1.05	%
Gross expenses			0.87	%		0.84	%		0.95	%		1.08	%		1.08	%		1.30	%
Net investment income (loss)			0.76	%		0.50	%		0.46	%		0.85	%		0.70	%		0.60	%
Portfolio turnover rate			8	%		22	%		90	%		25	%		34	%		34	%

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

208   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	18.78		$	16.33		$	14.57		$	11.73		$	13.04		$	10.54
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04			0.03			0.05			0.08			0.05			0.04
Net realized and unrealized gain (loss)			(3.90	)		3.11			2.22			2.83			(1.01	)		2.91
Total from investment operations			(3.86	)		3.14			2.27			2.91			(0.96	)		2.95
Less distributions from:
Net investment income			—			(0.03	)		(0.01	)		(0.07	)		(0.02	)		(0.06	)
Net realized gains			—			(0.66	)		(0.50	)		—			(0.32	)		(0.39	)
Return of capital			—			—			—			—	(d)		(0.01	)		—
Total distributions			—			(0.69	)		(0.51	)		(0.07	)		(0.35	)		(0.45	)
Net asset value, end of period		$	14.92		$	18.78		$	16.33		$	14.57		$	11.73		$	13.04
Total Return (b)			-20.55	%		19.37	%		15.67	%		24.82	%		-7.33	%		28.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,228		$	1,543		$	1,158		$	933		$	763		$	711
Ratios to average net assets (c):
Net expenses			1.15	%		1.15	%		1.15	%		1.30	%		1.35	%		1.35	%
Gross expenses			1.47	%		1.40	%		1.74	%		2.36	%		2.80	%		3.70	%
Net investment income (loss)			0.47	%		0.18	%		0.35	%		0.56	%		0.41	%		0.32	%
Portfolio turnover rate			8	%		22	%		90	%		25	%		34	%		34	%

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

Semi-Annual Report   209

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	16.50		$	14.65		$	15.78		$	13.51		$	15.99		$	14.17
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.27	*		0.61	*		0.27			0.40			0.41			0.39
Net realized and unrealized gain (loss)			(0.34	)		2.27			(1.02	)		2.57			(0.96	)		2.54
Total from investment operations			(0.07	)		2.88			(0.75	)		2.97			(0.55	)		2.93
Less distributions from:
Net investment income			(0.34	)		(0.72	)		(0.04	)		(0.70	)		(0.72	)		(0.29	)
Net realized gains			—			(0.31	)		(0.27	)		—			(1.21	)		(0.82	)
Return of capital			—			—			(0.07	)		—			—			—
Total distributions			(0.34	)		(1.03	)		(0.38	)		(0.70	)		(1.93	)		(1.11	)
Net asset value, end of period		$	16.09		$	16.50		$	14.65		$	15.78		$	13.51		$	15.99
Total Return (b)			-0.41	%*		19.87	%*		-4.48	%		22.26	%		-3.68	%		20.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	8,104,350		$	7,308,516		$	7,289,680		$	7,277,512		$	4,924,359		$	4,778,042
Ratios to average net assets (c):
Net expenses			0.96	%		0.96	%		0.96	%		0.95	%		0.95	%		0.95	%
Gross expenses			0.96	%		0.96	%		0.96	%		0.95	%		0.95	%		0.95	%
Net investment income (loss)			3.38	%*		3.86	%*		1.87	%		2.63	%		2.65	%		2.44	%
Portfolio turnover rate			9	%		28	%		42	%		33	%		49	%		33	%

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

210   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	16.51		$	14.66		$	15.79		$	13.52		$	16.01		$	14.20
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.27	*		0.55	*		0.23			0.36			0.37			0.35
Net realized and unrealized gain (loss)			(0.37	)		2.29			(1.01	)		2.57			(0.97	)		2.55
Total from investment operations			(0.10	)		2.84			(0.78	)		2.93			(0.60	)		2.90
Less distributions from:
Net investment income			(0.32	)		(0.68	)		(0.03	)		(0.66	)		(0.68	)		(0.27	)
Net realized gains			—			(0.31	)		(0.25	)		—			(1.21	)		(0.82	)
Return of capital			—			—			(0.07	)		—			—			—
Total distributions			(0.32	)		(0.99	)		(0.35	)		(0.66	)		(1.89	)		(1.09	)
Net asset value, end of period		$	16.09		$	16.51		$	14.66		$	15.79		$	13.52		$	16.01
Total Return (b)			-0.60	%*		19.56	%*		-4.68	%		21.94	%		-3.98	%		20.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	355,865		$	300,372		$	307,757		$	448,387		$	426,749		$	633,243
Ratios to average net assets (c):
Net expenses			1.21	%		1.21	%		1.21	%		1.20	%		1.20	%		1.21	%
Gross expenses			1.21	%		1.21	%		1.21	%		1.20	%		1.20	%		1.21	%
Net investment income (loss)			3.28	%*		3.50	%*		1.57	%		2.39	%		2.36	%		2.16	%
Portfolio turnover rate			9	%		28	%		42	%		33	%		49	%		33	%

†	Unaudited.
*	Includes $0.01 and $0.04 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2022 and year ended December 31, 2021, respectively. There was a 0.06% and 0.29% impact on the total return of the Portfolio for period ended June 30, 2022 and year ended December 31, 2021, respectively. There was a 0.06% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2022 and year ended December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.
(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. Return for a period of less than one year is not annualized.
(c)	Annualized for a period of less than one year.

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

Semi-Annual Report   211

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Institutional Shares
Net asset value, beginning of period		$	13.49		$	12.12		$	10.30		$	8.20		$	11.55		$	47.95
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.02			0.26			0.02			0.10			0.05			0.40
Net realized and unrealized gain (loss)			(3.06	)		1.69			2.17			2.30			(0.90	)		11.20
Total from investment operations			(3.04	)		1.95			2.19			2.40			(0.85	)		11.60
Less distributions from:
Net investment income			—			(0.22	)		(0.01	)		(0.10	)		(0.05	)		(1.00	)
Net realized gains			—			(0.36	)		(0.36	)		(0.20	)		(2.45	)		(47.00	)
Total distributions			—			(0.58	)		(0.37	)		(0.30	)		(2.50	)		(48.00	)
Net asset value, end of period		$	10.45		$	13.49		$	12.12		$	10.30		$	8.20		$	11.55
Total Return (b)			-22.54	%		16.13	%		21.48	%		29.19	%		-9.16	%		24.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	12,261		$	17,502		$	4,076		$	3,185		$	2,505		$	2,750
Ratios to average net assets (c):
Net expenses			0.95	%		0.95	%		0.97	%		1.00	%		1.05	%		1.10	%
Gross expenses			1.93	%		1.88	%		5.74	%		6.07	%		6.41	%		2.06	%
Net investment income (loss)			0.40	%		1.97	%		0.23	%		1.01	%		0.60	%		0.76	%
Portfolio turnover rate			18	%		40	%		59	%		49	%		46	%		65	%

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

212   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Open Shares
Net asset value, beginning of period		$	13.38		$	12.02		$	10.25		$	8.15		$	11.50		$	47.95
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.01			0.19			—	(d)		0.05			0.05			0.15
Net realized and unrealized gain (loss)			(3.05	)		1.72			2.13			2.30			(0.95	)		11.25
Total from investment operations			(3.04	)		1.91			2.13			2.35			(0.90	)		11.40
Less distributions from:
Net investment income			—			(0.19	)		—	(d)		(0.05	)		—	(d)		(0.85	)
Net realized gains			—			(0.36	)		(0.36	)		(0.20	)		(2.45	)		(47.00	)
Total distributions			—			(0.55	)		(0.36	)		(0.25	)		(2.45	)		(47.85	)
Net asset value, end of period		$	10.34		$	13.38		$	12.02		$	10.25		$	8.15		$	11.50
Total Return (b)			-22.72	%		15.90	%		20.96	%		29.01	%		-9.39	%		23.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	163		$	210		$	184		$	144		$	131		$	149
Ratios to average net assets (c):
Net expenses			1.20	%		1.20	%		1.22	%		1.29	%		1.35	%		1.41	%
Gross expenses			4.57	%		4.09	%		8.76	%		13.26	%		14.05	%		12.33	%
Net investment income (loss)			0.15	%		1.47	%		-0.01	%		0.72	%		0.29	%		0.34	%
Portfolio turnover rate			18	%		40	%		59	%		49	%		46	%		65	%

†	Unaudited.
*	On December 17, 2020, the Fund effected a 1:5 reverse share split. All per share data prior to December 17, 2020 has been adjusted to reflect the reverse share split.
(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.
(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 EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	11.19		$	10.32		$	9.99		$	8.70		$	10.92		$	8.91
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.22			0.29			0.20			0.22			0.24			0.19
Net realized and unrealized gain (loss)			(2.26	)		1.15			0.33			1.29			(2.01	)		2.03
Total from investment operations			(2.04	)		1.44			0.53			1.51			(1.77	)		2.22
Less distributions from:
Net investment income			—			(0.29	)		(0.20	)		(0.22	)		(0.33	)		(0.21	)
Net realized gains			—			(0.28	)		—			—			(0.12	)		—
Total distributions			—			(0.57	)		(0.20	)		(0.22	)		(0.45	)		(0.21	)
Net asset value, end of period		$	9.15		$	11.19		$	10.32		$	9.99		$	8.70		$	10.92
Total Return (b)			-18.23	%		13.94	%		5.41	%		17.37	%		-16.26	%		24.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,308		$	2,855		$	2,472		$	2,408		$	2,051		$	2,508
Ratios to average net assets (c):
Net expenses			0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses			7.11	%		5.81	%		8.57	%		8.40	%		7.60	%		8.91	%
Net investment income (loss)			4.22	%		2.54	%		2.24	%		2.30	%		2.29	%		1.89	%
Portfolio turnover rate			43	%		99	%		109	%		66	%		72	%		88	%

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

214   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	11.20		$	10.32		$	9.99		$	8.70		$	10.92		$	8.91
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.20			0.26			0.18			0.19			0.21			0.16
Net realized and unrealized gain (loss)			(2.26	)		1.16			0.33			1.29			(2.01	)		2.03
Total from investment operations			(2.06	)		1.42			0.51			1.48			(1.80	)		2.19
Less distributions from:
Net investment income			—			(0.26	)		(0.18	)		(0.19	)		(0.30	)		(0.18	)
Net realized gains			—			(0.28	)		—			—			(0.12	)		—
Total distributions			—			(0.54	)		(0.18	)		(0.19	)		(0.42	)		(0.18	)
Net asset value, end of period		$	9.14		$	11.20		$	10.32		$	9.99		$	8.70		$	10.92
Total Return (b)			-18.39	%		13.75	%		5.14	%		17.03	%		-16.52	%		24.60	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	110		$	135		$	119		$	113		$	97		$	116
Ratios to average net assets (c):
Net expenses			1.15	%		1.15	%		1.15	%		1.18	%		1.20	%		1.20	%
Gross expenses			10.78	%		9.38	%		12.55	%		17.72	%		17.67	%		20.85	%
Net investment income (loss)			3.97	%		2.29	%		1.99	%		2.02	%		1.99	%		1.58	%
Portfolio turnover rate			43	%		99	%		109	%		66	%		72	%		88	%

†	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. 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.

Semi-Annual Report   215

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period	$	17.98		$	20.02		$	18.61		$	15.68		$	19.61		$	16.20
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.23	*		0.67	*		0.21			0.37			0.37			0.26
Net realized and unrealized gain (loss)		(3.36	)		0.49			1.41			2.95			(3.06	)		3.43
Total from investment operations		(3.13	)		1.16			1.62			3.32			(2.69	)		3.69
Less distributions from:
Net investment income		—			(1.07	)		(0.21	)		(0.39	)		(0.42	)		(0.28	)
Net realized gains		—			(2.13	)		—			—			(0.82	)		—
Total distributions		—			(3.20	)		(0.21	)		(0.39	)		(1.24	)		(0.28	)
Net asset value, end of period	$	14.85		$	17.98		$	20.02		$	18.61		$	15.68		$	19.61
Total Return (b)		-17.41	%*		6.00	%*		8.76	%		21.19	%		-13.61	%#		22.81	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,089,393		$	1,567,011		$	2,812,450		$	2,495,021		$	2,102,735		$	2,835,262
Ratios to average net assets (c):
Net expenses		0.85	%		0.82	%		0.82	%		0.82	%		0.81	%		0.81	%
Gross expenses		0.85	%		0.82	%		0.82	%		0.82	%		0.81	%		0.81	%
Net investment income (loss)		2.78	%*		3.21	%*		1.21	%		2.13	%		1.94	%		1.44	%
Portfolio turnover rate		18	%		34	%		38	%		37	%		36	%		31	%

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	6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period	$	18.24		$	20.26		$	18.84		$	15.87		$	19.83		$	16.38
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22	*		0.63	*		0.17			0.33			0.32			0.30
Net realized and unrealized gain (loss)		(3.41	)		0.50			1.41			2.98			(3.08	)		3.38
Total from investment operations		(3.19	)		1.13			1.58			3.31			(2.76	)		3.68
Less distributions from:
Net investment income		—			(1.02	)		(0.16	)		(0.34	)		(0.38	)		(0.23	)
Net realized gains		—			(2.13	)		—			—			(0.82	)		—
Total distributions		—			(3.15	)		(0.16	)		(0.34	)		(1.20	)		(0.23	)
Net asset value, end of period	$	15.05		$	18.24		$	20.26		$	18.84		$	15.87		$	19.83
Total Return (b)		-17.49	%*		5.76	%*		8.43	%		20.89	%		-13.83	%#		22.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	58,568		$	93,296		$	120,781		$	257,308		$	227,483		$	275,014
Ratios to average net assets (c):
Net expenses		1.10	%		1.07	%		1.08	%		1.07	%		1.06	%		1.06	%
Gross expenses		1.10	%		1.07	%		1.08	%		1.07	%		1.06	%		1.06	%
Net investment income (loss)		2.61	%*		2.98	%*		0.97	%		1.84	%		1.67	%		1.69	%
Portfolio turnover rate		18	%		34	%		38	%		37	%		36	%		31	%

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

Semi-Annual Report   217

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout the period	6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
R6 Shares
Net asset value, beginning of period	$	17.95		$	19.99		$	18.58		$	15.66		$	19.59		$	16.18
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.23	*		0.67	*		0.21			0.38			0.36			0.31
Net realized and unrealized gain (loss)		(3.35	)		0.50			1.41			2.93			(3.05	)		3.38
Total from investment operations		(3.12	)		1.17			1.62			3.31			(2.69	)		3.69
Less distributions from:
Net investment income		—			(1.08	)		(0.21	)		(0.39	)		(0.42	)		(0.28	)
Net realized gains		—			(2.13	)		—			—			(0.82	)		—
Total distributions		—			(3.21	)		(0.21	)		(0.39	)		(1.24	)		(0.28	)
Net asset value, end of period	$	14.83		$	17.95		$	19.99		$	18.58		$	15.66		$	19.59
Total Return (b)		-17.38	%*		6.03	%*		8.79	%		21.17	%		-13.62	%#		22.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	65,228		$	116,187		$	129,419		$	107,574		$	106,516		$	693,744
Ratios to average net assets (c):
Net expenses		0.80	%		0.80	%		0.81	%		0.80	%		0.80	%		0.80	%
Gross expenses		0.85	%		0.82	%		0.83	%		0.82	%		0.81	%		0.81	%
Net investment income (loss)		2.85	%*		3.20	%*		1.21	%		2.19	%		1.84	%		1.68	%
Portfolio turnover rate		18	%		34	%		38	%		37	%		36	%		31	%

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

218   Semi-Annual Report

†	Unaudited.
*	Includes $0.02 and $0.07 of refunds as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2022 and year ended December 31, 2021, respectively. There was a 0.11% impact on the total return of the Portfolio for period ended June 30, 2022 and 0.42% impact to the Institutional and R6 Share Class and a 0.40% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2021, respectively. There was a 0.27% and 0.31% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2022 and year ended December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.
#	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)	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.

Semi-Annual Report   219

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period	$	11.51		$	11.53		$	10.75		$	9.13		$	11.02		$	8.65
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.31			0.11			0.23			0.18			0.13
Net realized and unrealized gain (loss)		(2.09	)		0.06			0.78			1.62			(1.82	)		2.31
Total from investment operations		(1.96	)		0.37			0.89			1.85			(1.64	)		2.44
Less distributions from:
Net investment income		—			(0.32	)		(0.11	)		(0.23	)		(0.25	)		(0.07	)
Net realized gains		—			(0.07	)		—			—			—			—
Total distributions		—			(0.39	)		(0.11	)		(0.23	)		(0.25	)		(0.07	)
Net asset value, end of period	$	9.55		$	11.51		$	11.53		$	10.75		$	9.13		$	11.02
Total Return (b)		-17.03	%		3.24	%		8.33	%		20.32	%		-14.90	%		28.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	62,193		$	78,782		$	92,121		$	93,586		$	74,582		$	53,929
Ratios to average net assets (c):
Net expenses		0.90	%		0.87	%		0.90	%		0.97	%		1.05	%		1.05	%
Gross expenses		0.94	%		0.87	%		0.95	%		0.99	%		1.05	%		1.31	%
Net investment income (loss)		2.39	%		2.60	%		1.10	%		2.29	%		1.73	%		1.27	%
Portfolio turnover rate		24	%		35	%		34	%		42	%		32	%		30	%

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

220   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended			Year Ended
throughout each period	6/30/22†			12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period	$	11.57		$	11.58		$	10.80		$	9.17		$	11.03		$	8.66
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.24			0.08			0.19			0.15			0.10
Net realized and unrealized gain (loss)		(2.10	)		0.11			0.78			1.64			(1.82	)		2.31
Total from investment operations		(1.99	)		0.35			0.86			1.83			(1.67	)		2.41
Less distributions from:
Net investment income		—			(0.29	)		(0.08	)		(0.20	)		(0.19	)		(0.04	)
Net realized gains		—			(0.07	)		—			—			—			—
Total distributions		—			(0.36	)		(0.08	)		(0.20	)		(0.19	)		(0.04	)
Net asset value, end of period	$	9.58		$	11.57		$	11.58		$	10.80		$	9.17		$	11.03
Total Return (b)		-17.20	%		3.03	%		8.02	%		19.97	%		-15.16	%		27.89	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,131		$	4,166		$	2,868		$	2,502		$	1,502		$	2,831
Ratios to average net assets (c):
Net expenses		1.15	%		1.15	%		1.15	%		1.28	%		1.35	%		1.35	%
Gross expenses		1.31	%		1.26	%		1.38	%		1.74	%		1.83	%		2.07	%
Net investment income (loss)		2.15	%		2.03	%		0.80	%		1.87	%		1.42	%		1.01	%
Portfolio turnover rate		24	%		35	%		34	%		42	%		32	%		30	%

†	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. 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.

Semi-Annual Report   221

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended												For the Period 12/31/18* to
throughout each period	6/30/22†				12/31/21				12/31/20				12/31/19				12/31/18
Institutional Shares
Net asset value, beginning of period		$	16.80			$	15.59			$	12.69			$	9.98			$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09				0.07				0.03				0.08				—
Net realized and unrealized gain (loss)			(3.97	)			1.48				3.01				2.95				(0.02	)
Total from investment operations			(3.88	)			1.55				3.04				3.03				(0.02	)
Less distributions from:
Net investment income			—				(0.03	)			(0.01	)			(0.27	)			—
Net realized gains			—				(0.31	)			(0.13	)			(0.05	)			—
Total distributions			—				(0.34	)			(0.14	)			(0.32	)			—
Net asset value, end of period		$	12.92			$	16.80			$	15.59			$	12.69			$	9.98
Total Return (b)			-23.10	%			9.99	%			23.95	%			30.32	%			-0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	113,980			$	62,468			$	10,473			$	3,958			$	149
Ratios to average net assets (c):
Net expenses			0.85	%			0.85	%			0.85	%			0.85	%			0.00	%
Gross expenses			0.99	%			1.24	%			3.58	%			8.16	%			8.45	%
Net investment income (loss)			1.23	%			0.44	%			0.24	%			0.65	%			0.00	%
Portfolio turnover rate			10	%			7	%			12	%			20	%			0	%

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

222   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended												For the Period 12/31/18* to
throughout each period	6/30/22†				12/31/21				12/31/20				12/31/19				12/31/18
Open Shares
Net asset value, beginning of period		$	16.70			$	15.51			$	12.65			$	10.00		$		10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06				0.03				(0.02	)			0.07				—
Net realized and unrealized gain (loss)			(3.93	)			1.47				3.01				2.90				—	(d)
Total from investment operations			(3.87	)			1.50				2.99				2.97				—	(d)
Less distributions from:
Net investment income			—				—				—				(0.27	)			—
Net realized gains			—				(0.31	)			(0.13	)			(0.05	)			—
Total distributions			—				(0.31	)			(0.13	)			(0.32	)			—
Net asset value, end of period		$	12.83			$	16.70			$	15.51			$	12.65			$	10.00
Total Return (b)			-23.17	%			9.69	%			23.63	%			29.66	%			0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	265			$	333			$	291			$	10			$	1
Ratios to average net assets (c):
Net expenses			1.10	%			1.10	%			1.10	%			1.10	%			0.00	%
Gross expenses			2.74	%			2.76	%			9.57	%			142.50	%			0.40	%
Net investment income (loss)			0.81	%			0.18	%			-0.15	%			0.60	%			0.00	%
Portfolio turnover rate			10	%			7	%			12	%			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   223

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	10.99		$	13.50		$	12.19		$	9.95		$	13.79		$	10.10
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.20	*		0.06			0.13			0.12			0.10
Net realized and unrealized gain (loss)			(3.20	)		1.33			1.53			2.42			(3.51	)		3.59
Total from investment operations			(3.09	)		1.53			1.59			2.55			(3.39	)		3.69
Less distributions from:
Net investment income			—			(0.56	)		(0.28	)		(0.05	)		(0.27	)		—
Net realized gains			—			(3.48	)		—			(0.26	)		(0.18	)		—
Total distributions			—			(4.04	)		(0.28	)		(0.31	)		(0.45	)		—
Net asset value, end of period		$	7.90		$	10.99		$	13.50		$	12.19		$	9.95		$	13.79
Total Return (b)			-28.12	%		11.83	%*		13.44	%		26.01	%		-24.88	%#		36.53	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	7,616		$	14,542		$	29,374		$	37,677		$	35,121		$	41,267
Ratios to average net assets (c):
Net expenses			1.13	%		1.12	%		1.15	%		1.14	%		1.08	%		1.09	%
Gross expenses			1.63	%		1.24	%		1.29	%		1.15	%		1.08	%		1.09	%
Net investment income (loss)			2.22	%		1.34	%*		0.57	%		1.14	%		0.96	%		0.85	%
Portfolio turnover rate			25	%		47	%		50	%		37	%		59	%		35	%

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
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	11.03		$	13.50		$	12.19		$	9.97		$	13.82		$	10.15
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.15	*		0.04			0.10			0.11			0.07
Net realized and unrealized gain (loss)			(3.22	)		1.35			1.52			2.43			(3.54	)		3.60
Total from investment operations			(3.11	)		1.50			1.56			2.53			(3.43	)		3.67
Less distributions from:
Net investment income			—			(0.49	)		(0.25	)		(0.05	)		(0.24	)		—
Net realized gains			—			(3.48	)		—			(0.26	)		(0.18	)		—
Total distributions			—			(3.97	)		(0.25	)		(0.31	)		(0.42	)		—
Net asset value, end of period		$	7.92		$	11.03		$	13.50		$	12.19		$	9.97		$	13.82
Total Return (b)			-28.20	%		11.61	%*		13.15	%		25.76	%		-25.09	%#		36.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	10,472		$	11,969		$	12,581		$	19,780		$	20,265		$	42,362
Ratios to average net assets (c):
Net expenses			1.38	%		1.37	%		1.40	%		1.39	%		1.34	%		1.34	%
Gross expenses			1.88	%		1.51	%		1.56	%		1.43	%		1.34	%		1.34	%
Net investment income (loss)			2.34	%		1.05	%*		0.33	%		0.86	%		0.83	%		0.61	%
Portfolio turnover rate			25	%		47	%		50	%		37	%		59	%		35	%

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

Semi-Annual Report   225

†	Unaudited.
*	Includes $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.31% impact on the total return of the Portfolio. There was a 0.17% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2(b) in the Notes to Financial Statements for further information.
#	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 0.46% 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)	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.

226   Semi-Annual Report

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	16.37		$	16.83		$	15.38		$	12.89		$	15.70		$	12.44
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.18	*		0.56	*		0.17			0.24			0.21			0.17
Net realized and unrealized gain (loss)			(3.31	)		0.42			1.45			2.53			(1.85	)		3.29
Total from investment operations			(3.13	)		0.98			1.62			2.77			(1.64	)		3.46
Less distributions from:
Net investment income			—			(0.62	)		(0.17	)		(0.28	)		(0.21	)		(0.20	)
Net realized gains			—			(0.51	)		—			—			(0.96	)		—
Return of capital			—			(0.31	)		—			—			—			—
Total distributions			—			(1.44	)		(0.17	)		(0.28	)		(1.17	)		(0.20	)
Net asset value, end of period		$	13.24		$	16.37		$	16.83		$	15.38		$	12.89		$	15.70
Total Return (b)			-19.12	%*		5.99	%*		10.58	%		21.55	%		-10.35	%		27.85	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,495,722		$	5,713,405		$	5,270,611		$	5,505,271		$	4,630,334		$	5,911,184
Ratios to average net assets (c):
Net expenses			0.81	%		0.80	%		0.81	%		0.80	%		0.80	%		0.80	%
Gross expenses			0.81	%		0.80	%		0.81	%		0.80	%		0.80	%		0.80	%
Net investment income (loss)			2.40	%*		3.15	%*		1.18	%		1.66	%		1.36	%		1.20	%
Portfolio turnover rate			18	%		31	%		37	%		36	%		40	%		44	%

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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	16.53		$	16.99		$	15.52		$	13.01		$	15.83		$	12.55
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.15	*		0.52	*		0.14			0.21			0.17			0.14
Net realized and unrealized gain (loss)			(3.32	)		0.42			1.46			2.55			(1.86	)		3.30
Total from investment operations			(3.17	)		0.94			1.60			2.76			(1.69	)		3.44
Less distributions from:
Net investment income			—			(0.60	)		(0.13	)		(0.25	)		(0.17	)		(0.16	)
Net realized gains			—			(0.51	)		—			—			(0.96	)		—
Return of capital			—			(0.29	)		—			—			—			—
Total distributions			—			(1.40	)		(0.13	)		(0.25	)		(1.13	)		(0.16	)
Net asset value, end of period		$	13.36		$	16.53		$	16.99		$	15.52		$	13.01		$	15.83
Total Return (b)			-19.18	%*		5.67	%*		10.34	%		21.21	%		-10.55	%		27.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	320,867		$	460,862		$	535,285		$	682,035		$	832,548		$	1,216,861
Ratios to average net assets (c):
Net expenses			1.07	%		1.06	%		1.06	%		1.06	%		1.05	%		1.06	%
Gross expenses			1.07	%		1.06	%		1.06	%		1.06	%		1.05	%		1.06	%
Net investment income (loss)			2.05	%*		2.88	%*		0.94	%		1.47	%		1.10	%		0.97	%
Portfolio turnover rate			18	%		31	%		37	%		36	%		40	%		44	%

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

228   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
R6 Shares
Net asset value, beginning of period		$	16.38		$	16.85		$	15.39		$	12.90		$	15.71		$	12.45
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.18	*		0.56	*		0.17			0.23			0.21			0.16
Net realized and unrealized gain (loss)			(3.31	)		0.41			1.46			2.54			(1.85	)		3.30
Total from investment operations			(3.13	)		0.97			1.63			2.77			(1.64	)		3.46
Less distributions from:
Net investment income			—			(0.62	)		(0.17	)		(0.28	)		(0.21	)		(0.20	)
Net realized gains			—			(0.51	)		—			—			(0.96	)		—
Return of capital			—			(0.31	)		—			—			—			—
Total distributions			—			(1.44	)		(0.17	)		(0.28	)		(1.17	)		(0.20	)
Net asset value, end of period		$	13.25		$	16.38		$	16.85		$	15.39		$	12.90		$	15.71
Total Return (b)			-19.11	%*		5.93	%*		10.64	%		21.54	%		-10.35	%		27.82	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	98,175		$	124,625		$	118,678		$	120,118		$	97,394		$	110,383
Ratios to average net assets (c):
Net expenses			0.81	%		0.80	%		0.81	%		0.80	%		0.80	%		0.80	%
Gross expenses			0.82	%		0.81	%		0.82	%		0.81	%		0.81	%		0.82	%
Net investment income (loss)			2.39	%*		3.16	%*		1.16	%		1.61	%		1.34	%		1.15	%
Portfolio turnover rate			18	%		31	%		37	%		36	%		40	%		44	%

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

Semi-Annual Report   229

†	Unaudited.
*	Includes $0.02 and $0.06 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2022 and year ended December 31, 2021, respectively. There was a 0.12% impact on the total return of the Portfolio for period ended June 30, 2022 and 0.39% impact to the Institutional Share Class and R6 Share Class and a 0.38% impact to the Open Share Class on the total return of the Portfolio for the year ended December 31, 2021. There was a 0.30% and 0.33% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2022 and year ended December 31, 2021, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.
(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.

230   Semi-Annual Report

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	13.17		$	11.78		$	12.66		$	10.55		$	11.57		$	9.99
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.13			0.21			0.21			0.21			0.19			0.19
Net realized and unrealized gain (loss)			(1.47	)		2.01			(0.87	)		2.08			(1.03	)		1.87
Total from investment operations			(1.34	)		2.22			(0.66	)		2.29			(0.84	)		2.06
Less distributions from:
Net investment income			—			(0.39	)		(0.09	)		(0.18	)		(0.16	)		(0.17	)
Net realized gains			—			(0.44	)		(0.13	)		—	(b)		(0.02	)		(0.31	)
Total distributions			—			(0.83	)		(0.22	)		(0.18	)		(0.18	)		(0.48	)
Net asset value, end of period		$	11.83		$	13.17		$	11.78		$	12.66		$	10.55		$	11.57
Total Return (c)			-10.17	%		19.00	%		-5.18	%		21.69	%		-7.21	%		20.57	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	28,667		$	31,040		$	25,737		$	34,354		$	20,709		$	4,180
Ratios to average net assets (d):
Net expenses			0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses			1.26	%		1.20	%		1.23	%		1.36	%		1.64	%		6.51	%
Net investment income (loss)			2.06	%		1.62	%		1.83	%		1.72	%		1.66	%		1.71	%
Portfolio turnover rate			51	%		110	%		138	%		103	%		122	%		87	%

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

Semi-Annual Report   231

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	13.16		$	11.78		$	12.65		$	10.54		$	11.56		$	9.99
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11			0.18			0.19			0.17			0.15			0.16
Net realized and unrealized gain (loss)			(1.46	)		2.00			(0.87	)		2.08			(1.02	)		1.85
Total from investment operations			(1.35	)		2.18			(0.68	)		2.25			(0.87	)		2.01
Less distributions from:
Net investment income			—			(0.36	)		(0.06	)		(0.14	)		(0.13	)		(0.13	)
Net realized gains			—			(0.44	)		(0.13	)		—	(b)		(0.02	)		(0.31	)
Total distributions			—			(0.80	)		(0.19	)		(0.14	)		(0.15	)		(0.44	)
Net asset value, end of period		$	11.81		$	13.16		$	11.78		$	12.65		$	10.54		$	11.56
Total Return (c)			-10.26	%		18.62	%		-5.34	%		21.36	%		-7.50	%		20.11	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	78		$	87		$	76		$	231		$	183		$	315
Ratios to average net assets (d):
Net expenses			1.00	%		1.00	%		1.00	%		1.03	%		1.05	%		1.05	%
Gross expenses			6.92	%		6.85	%		4.39	%		5.81	%		5.86	%		12.07	%
Net investment income (loss)			1.81	%		1.39	%		1.63	%		1.46	%		1.28	%		1.42	%
Portfolio turnover rate			51	%		110	%		138	%		103	%		122	%		87	%

†	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.

232   Semi-Annual Report

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock	Six Months
outstanding	Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	19.70		$	18.05		$	16.84		$	12.89		$	15.31		$	14.16
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.08			0.12			0.13			0.18			0.14
Net realized and unrealized gain (loss)			(3.80	)		4.55			1.39			3.96			(1.11	)		2.05
Total from investment operations			(3.75	)		4.63			1.51			4.09			(0.93	)		2.19
Less distributions from:
Net investment income			—			(0.08	)		(0.11	)		(0.14	)		(0.20	)		(0.14	)
Net realized gains			—			(2.90	)		(0.19	)		—			(1.29	)		(0.90	)
Total distributions			—			(2.98	)		(0.30	)		(0.14	)		(1.49	)		(1.04	)
Net asset value, end of period		$	15.95		$	19.70		$	18.05		$	16.84		$	12.89		$	15.31
Total Return (b)			-19.04	%		26.02	%		8.98	%		31.72	%		-6.07	%		15.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,394,033		$	1,943,232		$	1,936,367		$	1,271,509		$	1,040,851		$	1,508,581
Ratios to average net assets (c):
Net expenses			0.77	%		0.76	%		0.76	%		0.76	%		0.75	%		0.75	%
Gross expenses			0.77	%		0.76	%		0.76	%		0.76	%		0.75	%		0.75	%
Net investment income (loss)			0.59	%		0.38	%		0.72	%		0.85	%		1.14	%		0.90	%
Portfolio turnover rate			23	%		32	%		43	%		33	%		69	%		86	%

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

Semi-Annual Report   233

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	19.88		$	18.19		$	16.98		$	12.99		$	15.42		$	14.25
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03			0.03			0.08			0.09			0.13			0.10
Net realized and unrealized gain (loss)			(3.84	)		4.58			1.38			3.99			(1.11	)		2.07
Total from investment operations			(3.81	)		4.61			1.46			4.08			(0.98	)		2.17
Less distributions from:
Net investment income			—			(0.02	)		(0.06	)		(0.09	)		(0.16	)		(0.10	)
Net realized gains			—			(2.90	)		(0.19	)		—			(1.29	)		(0.90	)
Total distributions			—			(2.92	)		(0.25	)		(0.09	)		(1.45	)		(1.00	)
Net asset value, end of period		$	16.07		$	19.88		$	18.19		$	16.98		$	12.99		$	15.42
Total Return (b)			-19.16	%		25.72	%		8.63	%		31.42	%		-6.35	%		15.22	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	26,726		$	35,649		$	34,358		$	46,840		$	50,981		$	87,603
Ratios to average net assets (c):
Net expenses			1.04	%		1.02	%		1.02	%		1.04	%		1.03	%		1.03	%
Gross expenses			1.04	%		1.02	%		1.02	%		1.04	%		1.03	%		1.03	%
Net investment income (loss)			0.33	%		0.13	%		0.47	%		0.55	%		0.85	%		0.62	%
Portfolio turnover rate			23	%		32	%		43	%		33	%		69	%		86	%

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

234   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
R6 Shares
Net asset value, beginning of period		$	19.76		$	18.09		$	16.89		$	12.92		$	15.34		$	14.18
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.08			0.12			0.13			0.17			0.14
Net realized and unrealized gain (loss)			(3.82	)		4.56			1.38			3.98			(1.10	)		2.06
Total from investment operations			(3.77	)		4.64			1.50			4.11			(0.93	)		2.20
Less distributions from:
Net investment income			—			(0.07	)		(0.11	)		(0.14	)		(0.20	)		(0.14	)
Net realized gains			—			(2.90	)		(0.19	)		—			(1.29	)		(0.90	)
Total distributions			—			(2.97	)		(0.30	)		(0.14	)		(1.49	)		(1.04	)
Net asset value, end of period		$	15.99		$	19.76		$	18.09		$	16.89		$	12.92		$	15.34
Total Return (b)			-19.08	%		26.06	%		8.90	%		31.79	%		-6.08	%		15.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,206		$	2,720		$	2,177		$	2,091		$	1,900		$	361
Ratios to average net assets (c):
Net expenses			0.78	%		0.76	%		0.76	%		0.76	%		0.75	%		0.75	%
Gross expenses			0.90	%		0.87	%		0.92	%		1.20	%		2.16	%		8.34	%
Net investment income (loss)			0.60	%		0.40	%		0.73	%		0.83	%		1.15	%		0.91	%
Portfolio turnover rate			23	%		32	%		43	%		33	%		69	%		86	%

†	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. 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.

Semi-Annual Report   235

LAZARD US EQUITY FOCUS PORTFOLIO

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	16.07		$	13.37		$	12.03		$	10.23		$	12.43		$	11.63
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.08			0.11			0.13			0.14			0.14
Net realized and unrealized gain (loss)			(2.96	)		3.54			1.94			3.11			(0.55	)		1.94
Total from investment operations			(2.91	)		3.62			2.05			3.24			(0.41	)		2.08
Less distributions from:
Net investment income			—			(0.05	)		(0.10	)		(0.23	)		(0.29	)		(0.21	)
Net realized gains			—			(0.87	)		(0.61	)		(1.21	)		(1.50	)		(1.07	)
Total distributions			—			(0.92	)		(0.71	)		(1.44	)		(1.79	)		(1.28	)
Net asset value, end of period		$	13.16		$	16.07		$	13.37		$	12.03		$	10.23		$	12.43
Total Return (b)			-18.11	%		27.36	%		17.29	%		31.67	%		-3.12	%		18.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	36,605		$	42,755		$	31,075		$	32,661		$	60,629		$	72,958
Ratios to average net assets (c):
Net expenses			0.70	%		0.70	%		0.70	%		0.75	%		0.75	%		0.75	%
Gross expenses			0.80	%		0.76	%		1.26	%		0.92	%		0.92	%		0.95	%
Net investment income (loss)			0.70	%		0.54	%		0.91	%		1.07	%		1.10	%		1.10	%
Portfolio turnover rate			16	%		27	%		54	%		45	%		62	%		74	%

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

236   Semi-Annual Report

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	16.16		$	13.45		$	12.09		$	10.28		$	12.48		$	11.68
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03			0.04			0.08			0.10			0.10			0.10
Net realized and unrealized gain (loss)			(2.98	)		3.55			1.96			3.11			(0.54	)		1.94
Total from investment operations			(2.95	)		3.59			2.04			3.21			(0.44	)		2.04
Less distributions from:
Net investment income			—			(0.01	)		(0.07	)		(0.19	)		(0.26	)		(0.17	)
Net realized gains			—			(0.87	)		(0.61	)		(1.21	)		(1.50	)		(1.07	)
Total distributions			—			(0.88	)		(0.68	)		(1.40	)		(1.76	)		(1.24	)
Net asset value, end of period		$	13.21		$	16.16		$	13.45		$	12.09		$	10.28		$	12.48
Total Return (b)			-18.25	%		26.96	%		17.08	%		31.25	%		-3.40	%		17.75	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,262		$	1,569		$	1,285		$	1,117		$	881		$	1,013
Ratios to average net assets (c):
Net expenses			0.95	%		0.95	%		0.95	%		1.03	%		1.05	%		1.05	%
Gross expenses			1.28	%		1.22	%		1.79	%		2.14	%		2.33	%		2.30	%
Net investment income (loss)			0.44	%		0.29	%		0.67	%		0.79	%		0.80	%		0.79	%
Portfolio turnover rate			16	%		27	%		54	%		45	%		62	%		74	%

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

Semi-Annual Report   237

Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
R6 Shares
Net asset value, beginning of period		$	16.08		$	13.38		$	12.04		$	10.23		$	12.43		$	11.63
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.05			0.08			0.11			0.13			0.14			0.14
Net realized and unrealized gain (loss)			(2.97	)		3.54			1.94			3.12			(0.55	)		1.94
Total from investment operations			(2.92	)		3.62			2.05			3.25			(0.41	)		2.08
Less distributions from:
Net investment income			—			(0.05	)		(0.10	)		(0.23	)		(0.29	)		(0.21	)
Net realized gains			—			(0.87	)		(0.61	)		(1.21	)		(1.50	)		(1.07	)
Total distributions			—			(0.92	)		(0.71	)		(1.44	)		(1.79	)		(1.28	)
Net asset value, end of period		$	13.16		$	16.08		$	13.38		$	12.04		$	10.23		$	12.43
Total Return (b)			-18.16	%		27.34	%		17.28	%		31.76	%		-3.13	%		18.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	36,501		$	36,066		$	20,747		$	10,609		$	10,056		$	11,394
Ratios to average net assets (c):
Net expenses			0.70	%		0.70	%		0.70	%		0.74	%		0.75	%		0.75	%
Gross expenses			0.80	%		0.76	%		1.27	%		1.00	%		1.01	%		1.05	%
Net investment income (loss)			0.71	%		0.52	%		0.91	%		1.09	%		1.10	%		1.12	%
Portfolio turnover rate			16	%		27	%		54	%		45	%		62	%		74	%

†	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. 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.

238   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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	14.97		$	14.42		$	13.64		$	10.83		$	14.65		$	14.50
Income (Loss) from investment operations:
Net investment income (loss) (a)			—			0.01			0.04			0.06			0.05			0.06
Net realized and unrealized gain (loss)			(2.89	)		2.81			0.82			3.19			(2.00	)		1.95
Total from investment operations			(2.89	)		2.82			0.86			3.25			(1.95	)		2.01
Less distributions from:
Net investment income			—			(0.03	)		(0.02	)		(0.03	)		(0.04	)		(0.09	)
Net realized gains			—			(2.24	)		(0.06	)		(0.41	)		(1.83	)		(1.77	)
Total distributions			—			(2.27	)		(0.08	)		(0.44	)		(1.87	)		(1.86	)
Net asset value, end of period		$	12.08		$	14.97		$	14.42		$	13.64		$	10.83		$	14.65
Total Return (b)			-19.31	%		19.91	%		6.44	%		30.00	%		-13.27	%		14.12	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	61,938		$	94,517		$	91,984		$	108,112		$	113,677		$	176,975
Ratios to average net assets (c):
Net expenses			1.01	%		0.94	%		0.98	%		0.92	%		0.87	%		0.87	%
Gross expenses			1.01	%		0.94	%		0.98	%		0.92	%		0.87	%		0.87	%
Net investment income (loss)			-0.02	%		0.05	%		0.31	%		0.46	%		0.35	%		0.39	%
Portfolio turnover rate			22	%		66	%		80	%		90	%		81	%		79	%

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

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Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended
throughout each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	13.56		$	13.25		$	12.58		$	10.03		$	13.72		$	13.68
Income (Loss) from investment operations:
Net investment income (loss) (a)			(0.02	)		(0.04	)		—	(d)		0.01			0.01			0.01
Net realized and unrealized gain (loss)			(2.62	)		2.59			0.75			2.95			(1.87	)		1.84
Total from investment operations			(2.64	)		2.55			0.75			2.96			(1.86	)		1.85
Less distributions from:
Net investment income			—			—	(d)		(0.02	)		—			—	(d)		(0.04	)
Net realized gains			—			(2.24	)		(0.06	)		(0.41	)		(1.83	)		(1.77	)
Total distributions			—			(2.24	)		(0.08	)		(0.41	)		(1.83	)		(1.81	)
Net asset value, end of period		$	10.92		$	13.56		$	13.25		$	12.58		$	10.03		$	13.72
Total Return (b)			-19.47	%		19.59	%		6.10	%		29.51	%		-13.49	%		13.82	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	8,106		$	10,798		$	10,965		$	14,643		$	13,726		$	25,973
Ratios to average net assets (c):
Net expenses			1.31	%		1.22	%		1.28	%		1.25	%		1.18	%		1.17	%
Gross expenses			1.31	%		1.22	%		1.28	%		1.25	%		1.18	%		1.17	%
Net investment income (loss)			-0.30	%		-0.24	%		—	%(e)		0.11	%		0.04	%		0.09	%
Portfolio turnover rate			22	%		66	%		80	%		90	%		81	%		79	%

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

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Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended			For the Period 1/8/2020*
throughout each period	6/30/22†				12/31/21			to 12/31/20
R6 Shares
Net asset value, beginning of period		$	14.98		$	14.42		$	13.62
Income (Loss) from investment operations:
Net investment income (loss) (a)			(0.02	)		0.01			0.04
Net realized and unrealized gain (loss)			(3.08	)		2.82			0.84
Total from investment operations			(3.10	)		2.83			0.88
Less distributions from:
Net investment income			—			(0.03	)		(0.02	)
Net realized gains			—			(2.24	)		(0.06	)
Total distributions			—			(2.27	)		(0.08	)
Net asset value, end of period		$	11.88		$	14.98		$	14.42
Total Return (b)			-20.69	%		19.95	%		6.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	718		$	684
Ratios to average net assets (c):
Net expenses			1.03	%		0.94	%		0.96	%
Gross expenses			1.53	%		2.53	%		1.65	%
Net investment income (loss)			-0.33	%		0.05	%		0.34	%
Portfolio turnover rate			22	%		66	%		80	%

†	Unaudited.
*	The inception date for the R6 shares was January 8, 2020.
(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.
(e)	Amount is less than 0.005%.

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	Six Months Ended				Year Ended			For the Period 6/30/20*
throughout each period	6/30/22†				12/31/21			to 12/31/20
Institutional Shares
Net asset value, beginning of period		$	15.41		$	12.20		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04			0.06			0.04
Net realized and unrealized gain (loss)			(3.35	)		3.47			2.23
Total from investment operations			(3.31	)		3.53			2.27
Less distributions from:
Net investment income			—			(0.08	)		(0.04	)
Net realized gains			—			(0.24	)		(0.03	)
Total distributions			—			(0.32	)		(0.07	)
Net asset value, end of period		$	12.10		$	15.41		$	12.20
Total Return (b)			-21.48	%		29.01	%		22.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	11,707		$	14,687		$	11,490
Ratios to average net assets (c):
Net expenses			0.75	%		0.75	%		0.75	%
Gross expenses			1.77	%		2.08	%		2.49	%
Net investment income (loss)			0.59	%		0.43	%		0.65	%
Portfolio turnover rate			9	%		8	%		5	%

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

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Selected data for a share of capital stock outstanding	Six Months Ended				Year Ended			For the Period 6/30/20*
throughout each period	6/30/22†				12/31/21			to 12/31/20
Open Shares
Net asset value, beginning of period		$	15.43		$	12.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.02			0.02			0.02
Net realized and unrealized gain (loss)			(3.36	)		3.48			2.23
Total from investment operations			(3.34	)		3.50			2.25
Less distributions from:
Net investment income			—			(0.04	)		(0.01	)
Net realized gains			—			(0.24	)		(0.03	)
Total distributions			—			(0.28	)		(0.04	)
Net asset value, end of period		$	12.09		$	15.43		$	12.21
Total Return (b)			-21.65	%		28.75	%		22.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	495		$	655		$	128
Ratios to average net assets (c):
Net expenses			1.00	%		1.00	%		1.00	%
Gross expenses			2.79	%		3.15	%		5.31	%
Net investment income (loss)			0.34	%		0.17	%		0.43	%
Portfolio turnover rate			9	%		8	%		5	%

†	Unaudited.
*	The Portfolio commenced operations on June 30, 2020.
(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.

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LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO

Selected data for a
share of capital stock	Six Months				For the Period
outstanding	Ended				10/29/21*
throughout each period	6/30/22†				to 12/31/21
Institutional Shares
Net asset value, beginning of period		$	10.26		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.02
Net realized and unrealized gain (loss)			(2.18	)		0.26
Total from investment operations			(2.12	)		0.28
Less distributions from:
Net investment income			—			(0.02	)
Total distributions			—			(0.02	)
Net asset value, end of period		$	8.14		$	10.26
Total Return (b)			-20.66	%		2.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	23,523		$	3,983
Ratios to average net assets (c):
Net expenses			0.91	%		0.90	%
Gross expenses			4.84	%		5.13	%
Net investment income (loss)			1.39	%		1.39	%
Portfolio turnover rate			26	%		22	%

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

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Selected data for a
share of capital stock	Six Months				For the Period
outstanding	Ended				10/29/21*
throughout each period	6/30/22†				to 12/31/21
Open Shares
Net asset value, beginning of period		$	10.28		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03			0.02
Net realized and unrealized gain (loss)			(2.16	)		0.26
Total from investment operations			(2.13	)		0.28
Net asset value, end of period		$	8.15		$	10.28
Total Return (b)			-20.72	%		2.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	118		$	120
Ratios to average net assets (c):
Net expenses			1.15	%		1.15	%
Gross expenses			14.34	%		13.16	%
Net investment income (loss)			0.73	%		1.14	%
Portfolio turnover rate			26	%		22	%

†	Unaudited.
*	The Portfolio commenced operations on October 29, 2021.
(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.

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The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2022 (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, 2022, the Fund was comprised of twenty nine no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Developing Markets Equity Portfolio (“Developing Markets Equity”), Lazard Emerging Markets Core Equity Portfolio (“Emerging Markets Core Equity”), Lazard Emerging Markets Equity Advantage Portfolio (“Emerging Markets Equity Advantage”), Lazard Emerging Markets Equity Portfolio (“Emerging Markets Equity”), Lazard Emerging Markets Strategic Equity Portfolio (“Emerging Markets Strategic Equity”), Lazard Equity Franchise Portfolio (“Equity Franchise”), Lazard Global Equity Select Portfolio (“Global Equity Select”), Lazard Global Listed Infrastructure Portfolio (“Global Listed Infrastructure”), Lazard Global Strategic Equity Portfolio (“Global Strategic Equity”), Lazard International Equity Advantage Portfolio (“International Equity Advantage”), Lazard International Equity Portfolio (“International Equity”), Lazard International Equity Select Portfolio (“International Equity Select”), Lazard International Small Cap Equity Portfolio (“International Small Cap Equity”), Lazard International Quality Growth Portfolio (“International Quality Growth”), Lazard International Strategic Equity Portfolio (“International Strategic Equity”), Lazard Managed Equity Volatility Portfolio (“Managed Equity Volatility”), Lazard US Equity Concentrated Portfolio (“US Equity Concentrated”), Lazard US Equity Focus Portfolio (“US Equity Focus”), Lazard US Small-Mid Cap Equity Portfolio (“US Small-Mid Cap Equity”), Lazard US Sustainable Equity Portfolio (“US Sustainable Equity”), and Lazard US Systematic Small Cap Equity Portfolio (“US Systematic Small Cap Equity”). The financial statements of the other eight Portfolios are presented separately.

The Portfolios, other than Equity Franchise, US Equity Concentrated and US Equity Focus, are operated as “diversified” funds, as defined in the 1940 Act.

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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 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 US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed 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,

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may not take place on all business days in New York and on which the NAV of a Portfolio is calculated.

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 Fund’s Board of Directors (the “Board”). The fair value of non-US equity 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. Certain 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 Valuation Committee of the Investment Manager, which is subject to the oversight of 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 management team also will be considered.

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 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 previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions’ tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the Statement of Operations. 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

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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.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency 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. 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.

During the period ended June 30, 2022, the Global Listed Infrastructure Portfolio traded in forward currency contracts.

(d) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (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.

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At December 31, 2021, 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	$	61,027,132	$	51,531,574
Emerging Markets Core Equity		6,876,277		9,280,949
Emerging Markets Equity		178,253,778		818,167,769
Emerging Markets Strategic Equity		9,706,202		34,953,494

During the year ended December 31, 2021, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Portfolio	Amounts
Developing Markets Equity	$	1,462,501
Emerging Markets Core Equity		9,749,820
Emerging Markets Equity		462,868,679
Emerging Markets Strategic Equity		9,813,141
International Equity Advantage		274,902
International Equity		63,023,310
International Equity Select		3,555,561
International Small Cap Equity		1,090,853
International Strategic Equity		68,613,914
Managed Equity Volatility		1,476,429
US Small-Mid Cap Equity		4,100,216

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, 2021, the following Portfolios elected to defer such losses as follows:

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Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Developing Markets Equity	$	—	$	126,847
Emerging Markets Equity		—		356,726
Emerging Markets Strategic Equity		—		13,726
Global Equity Select		3,363		1,312
International Quality Growth		—		6,730
International Small Cap Equity		—		19,273
International Strategic Equity		14,948,987		7,408,056

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	$	110,194,506	$	18,663,127	$	12,704,321	$	5,958,806
Emerging Markets Core Equity		103,929,596		22,541,398		15,381,446		7,159,952
Emerging Markets Equity Advantage		61,155,302		1,871,790		9,706,214		(7,834,424	)
Emerging Markets Equity		2,869,520,472		345,155,545		405,614,878		(60,459,333	)
Emerging Markets Strategic Equity		54,011,939		3,472,087		8,705,352		(5,233,265	)
Equity Franchise		149,267,734		2,346,873		7,285,094		(4,938,221	)
Global Equity Select		78,879,741		22,003,812		5,597,411		16,406,401
Global Listed Infrastructure		8,203,821,449		781,503,807		466,716,379		314,787,428
Global Strategic Equity		13,669,653		445,309		1,667,961		(1,222,652	)
International Equity Advantage		2,627,880		123,496		356,258		(232,762	)
International Equity		1,192,980,197		163,737,102		135,600,291		28,136,811
International Equity Select		65,968,892		7,199,597		8,129,160		(929,563	)
International Quality Growth		136,674,781		580,058		23,299,510		(22,719,452	)

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Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
International Small Cap Equity	$	20,728,197	$	879,228	$	3,705,197	$	(2,825,969	)
International Strategic Equity		4,588,377,234		813,535,259		522,812,826		290,722,433
Managed Equity Volatility		28,868,117		1,666,024		1,898,726		(232,702	)
US Equity Concentrated		1,202,345,192		278,979,465		46,805,318		232,174,147
US Equity Focus		61,350,947		16,069,092		3,043,461		13,025,631
US Small-Mid Cap Equity		65,508,793		12,400,474		8,998,154		3,402,320
US Sustainable Equity		10,962,372		1,694,977		385,492		1,309,485
US Systematic Small Cap Equity		25,752,107		535,015		2,536,322		(2,001,307	)

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—For each Portfolio, income dividends are normally declared each business day and paid monthly during any particular year, 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, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

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The Global Strategic Equity, US Equity Concentrated, International Equity, International Small Cap Equity, US Small-Mid Cap Equity, Emerging Markets Equity Advantage and Equity Franchise Portfolios, intend, on their 2021 tax returns, to elect to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents 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.

Real estate investment trust (“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 translations, wash sales, passive foreign investment companies, expiring capital loss carryovers, certain expenses, foreign capital gains taxes, non-deductible organization expenses, REIT basis adjustments, distributions in excess of current earnings, equalization accounting (as described above), non-REIT non-taxable dividend adjustment to income,

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distributions redesignations, adjustments in relation to merger, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships. The book/tax differences relating to shareholder distributions may result in reclassifications among certain capital accounts.

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

(g) Allocation of Expenses—Expenses common to the Fund, Lazard Retirement Series, Inc., 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 primarily on the basis of relative net assets. Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each 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.

(h) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

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(i) Net Asset Value—The 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. The NAV per share of a class 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 manages the investment operations of each Portfolio and the assets of each Portfolio including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, 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		0.75
Emerging Markets Equity		1.00
Emerging Markets Strategic 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		0.75
International Equity Select		0.65

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Portfolio	Annual Rate
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
US Systematic Small Cap Equity		0.70

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until April 29, 2023 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, 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 an applicable percentage 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
Developing Markets Equity		1.15	%		1.40	%		N/A	%
Emerging Markets Core Equity		1.20			1.45			1.15
Emerging Markets Equity Advantage		0.90			1.15			N/A
Emerging Markets Equity		1.20			1.45			1.15
Emerging Markets Strategic Equity		1.10			1.35			N/A
Equity Franchise		0.95			1.20			N/A
Global Equity Select		0.90			1.15			N/A
Global Listed Infrastructure (a)		1.20			1.45			N/A
Global Strategic Equity		0.90			1.15			N/A
International Equity Advantage		0.80			1.05			N/A
International Equity		0.85			1.10			0.80
International Equity Select (b)		0.90			1.15			N/A
International Quality Growth (e)		0.85			1.10			N/A
International Small Cap Equity		1.13			1.38			N/A
International Strategic Equity		1.05			1.30			1.00
Managed Equity Volatility		0.75			1.00			N/A
US Equity Concentrated (c)		0.90			1.15			0.85
US Equity Focus		0.70			0.95			0.70
US Small-Mid Cap Equity		1.05			1.30			1.00
US Sustainable Equity		0.75			1.00			N/A
US Systematic Small Cap Equity (d)		0.90			1.15			N/A

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(a)	This agreement will continue in effect until April 29, 2032.
(b)	This agreement will continue in effect until April 29, 2023 and from April 29, 2023 until April 29, 2032 at levels of 1.15%, 1.40% and 1.10%, respectively.
(c)	This agreement will continue in effect until April 29, 2023 and from April 29, 2023 until April 29, 2032 at levels of 1.10%, 1.35% and 1.05%, respectively.
(d)	This agreement will continue in effect until October 29, 2023.
(e)	This agreement will continue in effect until April 29, 2023 for Institutional Shares and until April 29, 2032 for Open Shares.

In addition, until April 29, 2023, 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, 2022, 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	$	44,370	$	—	$	5,275	$	—
Emerging Markets Core Equity		340		—		1,473		—
Emerging Markets Equity Advantage		87,226		—		1,348		1,408
Emerging Markets Strategic Equity		83,141		—		6,738		—
Equity Franchise		32,707		—		474		1,775
Global Equity Select		—		—		2,158		—
Global Strategic Equity		55,129		16,808		679		2,370
International Equity Advantage		8,425		72,095		400		5,527
International Equity Select		12,954		—		2,918		—
International Quality Growth		71,313		—		1,091		1,291
International Small Cap Equity		29,397		—		26,689		—
Managed Equity Volatility		74,040		—		245		2,175
US Equity Focus		20,409		—		2,288		—
US Small-Mid Cap Equity		39		—		44		—
US Sustainable Equity		38,713		26,971		1,607		3,200
US Systematic Small Cap Equity		26,104		120,726		384		6,859

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	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	1,491	$	5
Emerging Markets Equity		1,258		—
International Equity		22,806		—
International Strategic Equity		1,993		—
US Equity Concentrated		1,378		—
US Equity Focus		18,182		—
US Small-Mid Cap Equity		550		—

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

State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

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 certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

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

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 2022, the annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds

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in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 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) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are also 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 and expenses are allocated among the active Portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative 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, 2022 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	29,492,512	$	39,127,748
Emerging Markets Core Equity		23,498,805		35,600,086
Emerging Markets Equity Advantage		25,155,680		28,313,721
Emerging Markets Equity		379,880,321		586,011,963
Emerging Markets Strategic Equity		6,556,499		6,499,162
Equity Franchise		124,490,029		78,041,500
Global Equity Select		15,753,364		8,010,308
Global Listed Infrastructure		2,100,439,468		650,376,820
Global Strategic Equity		2,638,882		4,357,670
International Equity Advantage		1,169,446		1,190,826
International Equity		265,449,719		468,507,901
International Equity Select		17,467,278		19,207,549
International Quality Growth		84,497,848		9,808,267
International Small Cap Equity		5,463,725		6,865,949
International Strategic Equity		1,005,078,283		1,101,401,333
Managed Equity Volatility		15,421,033		15,184,869
US Equity Concentrated		393,880,901		576,970,553
US Equity Focus		23,251,536		12,801,856

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Portfolio	Purchases		Sales
US Small-Mid Cap Equity	$	18,994,610	$	34,654,274
US Sustainable Equity		1,244,147		1,241,325
US Systematic Small Cap Equity		24,271,353		2,572,819

For the period ended June 30, 2022, 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, 2022, the Investment Manager owned 21.03%, 92.01%, 13.70%, 50.92% and 93.47% of the outstanding shares of the Global Strategic Equity, International Equity Advantage, International Quality Growth, US Sustainable Equity and US Systematic Small Cap Equity Portfolio, 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 Global Listed Infrastructure Portfolio for the period ended June 30, 2022 were as follows:

	Value at			Purchase		Sales		Realized
Issue	December 31, 2021			cost		proceeds		gain (loss)
Global Listed Infrastructure
Atlas Arteria, Ltd.		$	249,880,072	$	—	$	—	$	—
Eutelsat Communications SA			142,933,220		5,225,241		—		—
SES SA			163,718,030		4,386,455		—		—
NorthWestern Corp.			94,352,412		69,949,113		—		—
Total Securities		$	650,883,734	$	79,560,809	$	—	$	—

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	Change in unrealized						Shares at		Values at
	appreciation				Dividend		June 30,		June 30,
Issue	(depreciation)				income		2022		2022
Atlas Arteria, Ltd.		$	25,902,309		$	7,565,209		49,611,421	$	275,782,381
Eutelsat Communications SA			(11,095,958	)		—		12,131,887		137,062,503
SES SA			17,495,397			9,454,960		21,119,089		185,599,882
NorthWestern Corp.			4,134,440			3,331,110		2,858,238		168,435,965
Total Securities		$	36,436,188		$	20,351,279		85,720,635	$	766,880,731

6. Line of Credit

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan 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 1.00% plus the “Applicable Rate,” which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, 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, 2022, the following Portfolios had borrowings under the Agreement as follows:

					Weighted			Number
	Average		Maximum		Average			of Days
	Daily Loan		Daily Loan		Interest			Borrowings
Portfolio	Balance*		Outstanding		Rate			were Outstanding
Developing Markets Equity	$	835,225	$	2,406,000		1.27	%		8
Emerging Markets Core Equity		613,235		2,785,000		1.57			17
Emerging Markets Equity Advantage		1,621,436		4,150,800		1.54			22
Equity Franchise		7,110,000		7,110,000		1.43			2
Global Strategic Equity		323,000		323,000		1.93			1
International Equity		5,765,982		18,689,100		1.88			17
International Quality Growth		4,136,600		4,136,600		1.18			4
International Small Cap Equity		479,550		543,400		1.93			4
Managed Equity Volatility		163,700		256,100		1.69			5
US Equity Concentrated		7,119,320		15,903,500		1.24			5

* For days borrowings were outstanding.

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

7. Investment Risks

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) Market Risk—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,

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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 the effects of 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 a Portfolio and its investments.

(b) 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.

(c) 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 and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(d) 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 investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency

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exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

(e) Forward Currency Contracts and Currency Hedging Risk—Forward currency contracts, 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 forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all of a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio’s performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. New Securities and Exchange Commission (the “SEC”) Rule 18f-4 under the 1940 Act, with which investment companies must comply beginning in August 2022, will regulate and, in some cases limit, the use of derivatives for certain funds and may require a Portfolio to alter, perhaps materially, its use of derivatives.

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(f) Country Risk—Implementation of certain Portfolios’ investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular country, such as China or Japan, and a Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

Specific risks associated with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Certain Portfolios may invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges (“China A-Shares”) through Hong Kong Stock Connect Program (“Stock Connect”). While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Portfolio’s ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance). Stock Connect is also subject to trading, clearance, settlement and operational risks.

Certain Portfolios may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities (“VIEs”). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications for failure to meet the requirements of the SEC, the

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Public Company Accounting Oversight Board or other United States regulators. If these risks materialize, the value of investments in VIEs could be adversely affected and the Portfolios could incur significant losses with no recourse available.

Over the last few decades, Japan’s economic growth rate had remained relatively low compared to that of its Asian neighbors and other major developed economies mainly due to deflation. Japan has few natural resources and limited land area and is reliant on imports for its commodity needs. Fluctuations or shortages in relevant commodity markets could have a negative impact on Japan’s economy. The Japanese economy also can be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries could have an adverse effect on Japan’s economy. The Japanese yen has fluctuated widely at times, and any increase in the yen’s value may cause a decline in Japan’s exports.

(g) Sector Risk—Implementation of certain Portfolios’ investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios’ assets in a particular market sector, and a Portfolio would be expected to be affected by developments in that sector.

(h) 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 a Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.

(i) Infrastructure Companies Risk—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, ports, telecommunications and other infrastructure companies, are more susceptible to adverse economic or regulatory occurrences affecting their industries.

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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.

(j) Sustainable Investing Risk—A Portfolio’s performance is dependent upon, among other things, the success of its investment strategy as implemented by the Investment Manager (i.e., the performance of the investments purchased pursuant to the investment strategy). A Portfolio’s investment strategy which focuses on investing in companies that satisfy the criteria for being considered a Sustainable Company (as described in the Prospectus), which may cause the Investment Manager to forgo investments for the Portfolio that the Investment Manager otherwise believes may be attractive but that are not considered to be Sustainable Companies.

(k) Other Equity Securities Risk—Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio’s entire investment.

(l) 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

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a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

(m) REIT Risk—REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

(n) ETF Risk—Shares of exchange-traded funds (“ETFs”) may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in ETFs are subject to the risks of the ETF’s investments, as well as to the general risks of investing in ETFs. A Portfolio investing in ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs (subject to certain exceptions). Rule 12d1-4 under the 1940 Act

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allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12, subject to certain limitations and conditions.

(o) Non-Diversification Risk—The net asset value of a Portfolio that is classified as “non-diversified” 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.

(p) Quantitative Model Risk—The success of certain Portfolios’ investment strategy depends largely upon the effectiveness of the Investment Manager’s quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager for certain Portfolios requires adherence to a systematic, disciplined process. The Investment Manager’s ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security’s value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value.

(q) 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 impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to

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calculate its NAV; 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 a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and 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.

(r) Geopolitical Risk—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios’ investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

8. Contractual Obligations

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

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9. Fair Value Measurements

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

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

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

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

Changes in valuation methodology or input 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, 2022:

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, 2022
Developing Markets Equity Portfolio
Common Stocks*
Brazil		$	4,629,842		$	—		$	—		$	4,629,842
China			9,859,557			35,345,539			—			45,205,096
Colombia			724,659			—			—			724,659
Hong Kong			—			1,087,294			—			1,087,294
Hungary			—			1,459,061			—			1,459,061
India			5,745,497			6,486,405			—			12,231,902
Indonesia			—			3,940,864			—			3,940,864
Mexico			2,277,241			—			—			2,277,241
Peru			997,411			—			—			997,411
Philippines			—			2,586,420			—			2,586,420
Poland			—			864,205			—			864,205
South Africa			—			4,017,888			—			4,017,888
South Korea			—			13,181,782			—			13,181,782
Taiwan			1,650,229			16,091,028			—			17,741,257
United States			—			2,304,633			—			2,304,633
Zambia			1,229,044			—			—			1,229,044
Short-Term Investments			1,674,713			—			—			1,674,713
Total		$	28,788,193		$	87,365,119		$	—		$	116,153,312

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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, 2022
Emerging Markets Core Equity Portfolio
Common Stocks*
Austria		$	—		$	1,562,893		$	—		$	1,562,893
Brazil			8,495,610			—			—			8,495,610
Canada			1,578,586			—			—			1,578,586
China			7,797,819			24,007,532			—			31,805,351
Hong Kong			—			1,029,773			—			1,029,773
India			6,870,827			7,395,104			—			14,265,931
Indonesia			1,476,519			1,735,025			—			3,211,544
Malaysia			—			1,120,606			—			1,120,606
Mexico			5,302,248			—			—			5,302,248
Philippines			—			1,696,756			—			1,696,756
Poland			—			1,574,297			—			1,574,297
Qatar			—			1,124,484			—			1,124,484
South Africa			—			2,603,564			—			2,603,564
South Korea			—			12,236,958			—			12,236,958
Taiwan			10,095,716			4,417,615			—			14,513,331
Thailand			—			3,593,951			—			3,593,951
United Arab Emirates			—			3,088,568			—			3,088,568
United Kingdom			896,481			—			—			896,481
United States			841,116			—			—			841,116
Short-Term Investments			547,500			—			—			547,500
Total		$	43,902,422		$	67,187,126		$	—		$	111,089,548

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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, 2022
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Brazil		$	1,363,039		$	—		$	—		$	1,363,039
Chile			239,982			—			—			239,982
China			1,047,294			17,898,549			—			18,945,843
Colombia			226,570			—			—			226,570
Czech Republic			—			227,479			—			227,479
Greece			—			284,849			—			284,849
Hong Kong			—			146,300			—			146,300
Hungary			—			220,318			—			220,318
India			4,307,339			1,849,896			—			6,157,235
Indonesia			132,469			1,881,986			—			2,014,455
Malaysia			—			789,897			—			789,897
Mexico			1,409,532			—			—			1,409,532
Philippines			—			304,616			—			304,616
Poland			—			228,123			—			228,123
Russia			—			—			—			—
Saudi Arabia			—			2,158,686			—			2,158,686
South Africa			217,802			1,507,384			—			1,725,186
South Korea			—			6,638,931			—			6,638,931
Taiwan			—			7,733,380			—			7,733,380
Thailand			—			1,149,663			—			1,149,663
United States			162,977			38,356			—			201,333
Preferred Stocks*
Brazil			417,548			—			—			417,548
Short-Term Investments			737,913			—			—			737,913
Total		$	10,262,465		$	43,058,413		$	—		$	53,320,878

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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, 2022
Emerging Markets Equity Portfolio
Common Stocks*
Austria		$	—		$	18,128,817		$	—		$	18,128,817
Brazil			324,885,851			—			—			324,885,851
China			—			741,235,413			—			741,235,413
Egypt			—			25,212,744			—			25,212,744
Greece			—			31,894,451			—			31,894,451
Hong Kong			—			31,419,592			—			31,419,592
Hungary			—			32,205,595			—			32,205,595
India			—			200,322,289			—			200,322,289
Indonesia			34,674,960			87,966,271			—			122,641,231
Mexico			139,586,096			—			—			139,586,096
Portugal			—			73,490,084			—			73,490,084
Russia			—			—			18			18
South Africa			—			213,972,584			—			213,972,584
South Korea			—			405,354,385			—			405,354,385
Taiwan			—			301,661,404			—			301,661,404
Thailand			—			48,816,379			—			48,816,379
United Kingdom			—			44,175,881			—			44,175,881
Short-Term Investments			54,058,325			—			—			54,058,325
Total		$	553,205,232		$	2,255,855,889		$	18		$	2,809,061,139

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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, 2022
Emerging Markets Strategic Equity Portfolio
Common Stocks*
Brazil		$	3,103,567		$	—		$	—		$	3,103,567
China			4,698,965			9,437,308			—			14,136,273
France			530,824			—			—			530,824
Greece			—			375,697			—			375,697
Hong Kong			—			635,448			—			635,448
India			—			6,952,835			—			6,952,835
Indonesia			573,005			1,323,311			—			1,896,316
Macau			—			353,582			—			353,582
Mexico			2,357,424			—			—			2,357,424
Russia			—			—			—			—
Saudi Arabia			—			1,233,182			—			1,233,182
South Africa			—			2,150,818			—			2,150,818
South Korea			—			5,388,335			—			5,388,335
Taiwan			—			6,552,427			—			6,552,427
Thailand			564,801			—			—			564,801
United Kingdom			—			851,399			—			851,399
Preferred Stocks*
Brazil			531,797			—			—			531,797
Short-Term Investments			1,163,949			—			—			1,163,949
Total		$	13,524,332		$	35,254,342		$	—		$	48,778,674
Lazard Equity Franchise Portfolio
Common Stocks*
Belgium		$	—		$	2,932,639		$	—		$	2,932,639
France			—			2,924,757			—			2,924,757
Germany			—			6,863,968			—			6,863,968
Japan			—			5,921,937			—			5,921,937
Luxembourg			—			5,872,776			—			5,872,776
Spain			—			6,957,176			—			6,957,176
United States			108,384,779			—			—			108,384,779
Short-Term Investments			4,471,481			—			—			4,471,481
Total		$	112,856,260		$	31,473,253		$	—		$	144,329,513

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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, 2022
Global Equity Select Portfolio
Common Stocks*
Brazil		$	802,583		$	—			$	—		$	802,583
Canada			5,720,709			—				—			5,720,709
China			2,030,495			1,159,089				—			3,189,584
Denmark			—			853,126				—			853,126
France			—			4,117,935				—			4,117,935
Germany			—			937,229				—			937,229
Hong Kong			—			1,289,353				—			1,289,353
India			1,256,660			—				—			1,256,660
Japan			—			4,698,457				—			4,698,457
Netherlands			—			2,565,705				—			2,565,705
Spain			—			687,780				—			687,780
Sweden			—			1,866,635				—			1,866,635
Switzerland			—			3,502,571				—			3,502,571
Taiwan			1,695,086			—				—			1,695,086
United Kingdom			1,154,774			5,182,517				—			6,337,291
United States			54,468,339			—				—			54,468,339
Short-Term Investments			1,297,099			—				—			1,297,099
Total		$	68,425,745		$	26,860,397			$	—		$	95,286,142
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—		$	477,681,844			$	—		$	477,681,844
Canada			168,172,483			—				—			168,172,483
France			—			527,398,626				—			527,398,626
Hong Kong			—			314,116,538				—			314,116,538
Italy			—			1,680,659,104				—			1,680,659,104
Luxembourg			—			185,599,882				—			185,599,882
Portugal			—			73,954,442				—			73,954,442
Spain			—			638,267,557				—			638,267,557
Switzerland			—			129,033,776				—			129,033,776
United Kingdom			—			1,434,176,791				—			1,434,176,791
United States			2,188,779,878			—				—			2,188,779,878
Short-Term Investments			662,580,630			—				—			662,580,630
Other Financial Instruments†
Forward Currency Contracts			—			42,562,258				—			42,562,258
Total		$	3,019,532,991		$	5,503,450,818			$	—		$	8,522,983,809
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(4,374,932	)		$	—		$	(4,374,932	)

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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, 2022
Global Strategic Equity Portfolio
Common Stocks*
Canada		$	474,283		$	—		$	—		$	474,283
China			—			131,699			—			131,699
Denmark			—			206,300			—			206,300
France			—			354,095			—			354,095
Germany			—			561,814			—			561,814
Hong Kong			—			213,093			—			213,093
India			174,663			—			—			174,663
Japan			—			544,416			—			544,416
Netherlands			—			390,994			—			390,994
Portugal			—			202,894			—			202,894
South Africa			—			149,247			—			149,247
South Korea			193,972			—			—			193,972
Sweden			—			68,791			—			68,791
Switzerland			—			312,173			—			312,173
Taiwan			—			238,899			—			238,899
United Kingdom			—			754,533			—			754,533
United States			7,066,073			—			—			7,066,073
Short-Term Investments			409,062			—			—			409,062
Total		$	8,318,053		$	4,128,948		$	—		$	12,447,001

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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, 2022
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—		$	209,109		$	—		$	209,109
Belgium			—			3,682			—			3,682
China			—			31,505			—			31,505
Denmark			—			97,994			—			97,994
Finland			10,257			1,832			—			12,089
France			—			246,451			—			246,451
Germany			—			135,612			—			135,612
Hong Kong			—			52,571			—			52,571
Israel			10,541			—			—			10,541
Italy			—			25,048			—			25,048
Japan			49,516			482,202			—			531,718
Luxembourg			—			4,506			—			4,506
Malta			—			1,106			—			1,106
Netherlands			—			203,290			—			203,290
New Zealand			—			1,607			—			1,607
Norway			—			9,446			—			9,446
Portugal			—			18,606			—			18,606
Singapore			3,276			32,487			—			35,763
South Africa			—			16,031			—			16,031
Spain			—			111,750			—			111,750
Sweden			—			40,320			15,757			56,077
Switzerland			—			172,138			—			172,138
United Kingdom			9,441			229,909			—			239,350
United States			6,236			141,654			—			147,890
Preferred Stocks*
Germany			—			14,762			—			14,762
Short-Term Investments			6,476			—			—			6,476
Total		$	95,743		$	2,283,618		$	15,757		$	2,395,118

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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, 2022
International Equity Portfolio
Common Stocks*
Canada		$	58,932,257		$	—		$	—		$	58,932,257
China			11,153,280			62,900,906			—			74,054,186
Denmark			—			27,076,413			—			27,076,413
Finland			—			26,665,546			—			26,665,546
France			—			151,182,122			—			151,182,122
Germany			—			98,430,691			—			98,430,691
Hong Kong			—			11,214,565			—			11,214,565
India			—			16,151,006			—			16,151,006
Ireland			39,627,272			—			—			39,627,272
Israel			—			16,991,008			—			16,991,008
Italy			—			17,561,604			—			17,561,604
Japan			—			186,776,841			—			186,776,841
Mexico			16,405,845			—			—			16,405,845
Netherlands			—			74,444,495			—			74,444,495
Norway			—			29,472,979			—			29,472,979
Portugal			—			17,401,613			—			17,401,613
Singapore			—			17,070,438			—			17,070,438
South Africa			—			18,429,235			—			18,429,235
South Korea			7,071,598			11,701,281			—			18,772,879
Spain			—			14,598,310			—			14,598,310
Sweden			—			12,374,794			—			12,374,794
Switzerland			—			45,083,783			—			45,083,783
United Kingdom			—			156,740,689			—			156,740,689
United States			40,500,773			13,473,390			—			53,974,163
Short-Term Investments			21,684,274			—			—			21,684,274
Total		$	195,375,299		$	1,025,741,709		$	—		$	1,221,117,008

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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, 2022
International Equity Select Portfolio
Common Stocks*
Brazil		$	808,180		$	—		$	—		$	808,180
Canada			1,529,658			—			—			1,529,658
China			585,663			5,841,021			—			6,426,684
Denmark			—			1,260,635			—			1,260,635
Finland			—			916,194			—			916,194
France			—			8,201,626			—			8,201,626
Germany			—			3,822,234			—			3,822,234
Hong Kong			—			1,894,218			—			1,894,218
India			1,447,708			1,230,314			—			2,678,022
Indonesia			567,407			952,905			—			1,520,312
Ireland			1,515,799			—			—			1,515,799
Japan			—			6,685,479			—			6,685,479
Mexico			834,463			—			—			834,463
Netherlands			—			4,055,721			—			4,055,721
Norway			—			1,368,484			—			1,368,484
Singapore			—			819,789			—			819,789
South Africa			—			1,151,115			—			1,151,115
South Korea			—			1,677,102			—			1,677,102
Switzerland			—			3,083,669			—			3,083,669
Taiwan			—			1,210,424			—			1,210,424
United Kingdom			—			7,085,782			—			7,085,782
United States			2,980,552			642,267			—			3,622,819
Preferred Stocks*
Germany			—			125,256			—			125,256
Short-Term Investments			2,745,664			—			—			2,745,664
Total		$	13,015,094		$	52,024,235		$	—		$	65,039,329

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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, 2022
Lazard International Quality Growth Portfolio
Common Stocks*
Brazil		$	2,115,218		$	—		$	—		$	2,115,218
Canada			8,903,604			—			—			8,903,604
China			2,644,993			3,160,779			—			5,805,772
Denmark			—			7,418,423			—			7,418,423
France			—			9,151,393			—			9,151,393
Germany			—			4,650,329			—			4,650,329
Hong Kong			—			4,525,310			—			4,525,310
India			3,670,559			—			—			3,670,559
Israel			2,786,935			—			—			2,786,935
Japan			—			6,493,540			—			6,493,540
Netherlands			—			9,503,040			—			9,503,040
Norway			—			2,641,956			—			2,641,956
South Africa			—			2,767,325			—			2,767,325
Spain			—			1,968,900			—			1,968,900
Sweden			—			5,237,677			—			5,237,677
Switzerland			—			3,312,532			—			3,312,532
Taiwan			3,776,605			—			—			3,776,605
United Kingdom			—			18,301,951			—			18,301,951
United States			6,510,725			—			—			6,510,725
Preferred Stocks*
Germany			—			1,604,015			—			1,604,015
Short-Term Investments			2,809,520			—			—			2,809,520
Total		$	33,218,159		$	80,737,170		$	—		$	113,955,329

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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, 2022
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—		$	895,041		$	—		$	895,041
Austria			—			468,494			—			468,494
Belgium			—			523,835			—			523,835
Canada			607,347			—			—			607,347
China			—			154,805			—			154,805
Denmark			—			265,854			—			265,854
Finland			—			173,501			—			173,501
France			—			276,944			—			276,944
Germany			—			1,760,147			—			1,760,147
Greece			—			252,394			—			252,394
Ireland			—			341,779			—			341,779
Italy			—			1,032,282			—			1,032,282
Japan			—			4,467,347			—			4,467,347
Jersey			—			225,211			—			225,211
Netherlands			—			907,273			—			907,273
New Zealand			—			158,465			—			158,465
Norway			—			229,839			—			229,839
Portugal			—			152,340			—			152,340
Spain			—			743,981			—			743,981
Sweden			—			403,320			—			403,320
Switzerland			—			187,890			—			187,890
United Kingdom			—			3,131,724			—			3,131,724
United States			153,000			—			—			153,000
Short-Term Investments			389,415			—			—			389,415
Total		$	1,149,762		$	16,752,466		$	—		$	17,902,228

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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, 2022
Lazard International Strategic Equity Portfolio
Common Stocks*
Australia		$	—		$	90,100,815		$	—		$	90,100,815
Canada			535,400,336			—			—			535,400,336
China			—			279,091,266			—			279,091,266
Denmark			—			193,048,229			—			193,048,229
Finland			—			125,534,184			—			125,534,184
France			—			602,532,940			—			602,532,940
Germany			—			282,108,609			—			282,108,609
India			—			55,965,127			—			55,965,127
Ireland			127,351,509			—			—			127,351,509
Israel			—			136,820,711			—			136,820,711
Italy			—			61,242,970			—			61,242,970
Japan			—			544,691,248			—			544,691,248
Mexico			76,552,115			—			—			76,552,115
Netherlands			—			184,163,510			—			184,163,510
South Korea			—			8,954,663			—			8,954,663
Spain			—			187,818,799			—			187,818,799
Sweden			—			83,759,614			—			83,759,614
Switzerland			—			144,314,544			—			144,314,544
Taiwan			—			41,552,565			—			41,552,565
United Kingdom			—			657,934,633			—			657,934,633
United States			405,787,582			—			—			405,787,582
Short-Term Investments			54,373,698			—			—			54,373,698
Total		$	1,199,465,240		$	3,679,634,427		$	—		$	4,879,099,667

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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, 2022
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—		$	580,238		$	—		$	580,238
Belgium			—			62,048			—			62,048
Canada			1,310,391			—			—			1,310,391
Denmark			—			472,379			—			472,379
France			—			265,249			—			265,249
Germany			—			93,682			—			93,682
Hong Kong			—			196,855			—			196,855
Israel			—			58,171			—			58,171
Japan			—			3,748,557			—			3,748,557
Netherlands			—			558,380			—			558,380
New Zealand			—			168,361			—			168,361
Norway			—			219,749			—			219,749
Portugal			—			68,771			—			68,771
Singapore			—			218,733			—			218,733
Spain			—			24,143			—			24,143
Sweden			—			181,899			—			181,899
Switzerland			—			776,186			—			776,186
United Kingdom			—			1,156,205			—			1,156,205
United States			17,792,959			211,667			—			18,004,626
Short-Term Investments			470,792			—			—			470,792
Total		$	19,574,142		$	9,061,273		$	—		$	28,635,415
US Equity Concentrated Portfolio
Common Stocks*		$	1,416,999,390		$	—		$	—		$	1,416,999,390
Short-Term Investments			17,519,949			—			—			17,519,949
Total		$	1,434,519,339		$	—		$	—		$	1,434,519,339
US Equity Focus Portfolio
Common Stocks*		$	72,693,351		$	—		$	—		$	72,693,351
Short-Term Investments			1,683,227			—			—			1,683,227
Total		$	74,376,578		$	—		$	—		$	74,376,578
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	68,911,113		$	—		$	—		$	68,911,113
Total		$	68,911,113		$	—		$	—		$	68,911,113
US Sustainable Equity Portfolio
Common Stocks*		$	11,646,006		$	—		$	—		$	11,646,006
Short-Term Investments			625,851			—			—			625,851
Total		$	12,271,857		$	—		$	—		$	12,271,857
US Systematic Small Cap Equity Portfolio
Common Stocks*		$	23,359,394		$	—		$	—		$	23,359,394
Mortgage Real Estate Investment Trusts*			45,379			—			—			45,379
Short-Term Investments			346,027			—			—			346,027
Total		$	23,750,800		$	—		$	—		$	23,750,800

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*	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).

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

10. Derivative Instruments

The Global Listed Infrastructure Portfolio used derivative instruments, including forward currency contracts.

The Global Listed Infrastructure Portfolio uses forward currency contracts primarily for hedging purposes.

During the period ended June 30, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$	118,800,000
Average amounts sold	$	5,502,700,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2022:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	42,562,258
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	4,374,932

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2022 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	332,056,533
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	117,435,643

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None of the other presented portfolios traded in derivative instruments during the period ended June 30, 2022.

As of June 30, 2022, the Global Listed Infrastructure Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2022:

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		$	42,562,258		$	—		$	42,562,258

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Assets Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Received		Net Amounts of Derivative Assets
BNP Paribas SA		$	2,937,414	$	(404,776	)	$	—		$  2,532,638
Canadian Imperial Bank of Commerce			6,705,831		—			—		6,705,831
Citibank NA			6,015,090		(508,340	)		—		5,506,750
HSBC Bank USA NA			4,620,760		(2,457,671	)		—		2,163,089
Morgan Stanley & Co.			3,008,139		(46,675	)		—		2,961,464
Royal Bank of Canada			7,552,823		—			—		7,552,823
State Street Bank and Trust Co.			8,905,789		(569,790	)		—		8,335,999
The Bank of New York Mellon Corp.			2,816,412		—			—		2,816,412
Total		$	42,562,258	$	(3,987,252	)	$	—		$38,575,006

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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		$	4,374,932		$	—		$	4,374,932

				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		$	404,776	$	(404,776	)	$	—		$             —
Citibank NA			508,340		(508,340	)		—		—
HSBC Bank USA NA			2,457,671		(2,457,671	)		—		—
Morgan Stanley & Co.			46,675		(46,675	)		—		—
Standard Chartered Bank			387,680		—			—		387,680
State Street Bank and Trust Co.			569,790		(569,790	)		—		—
Total		$	4,374,932	$	(3,987,252	)	$	—		$    387,680

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 No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides 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 reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020 and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. Management has adopted ASU No. 2020-04.

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12. Subsequent Events

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

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The Lazard Funds, Inc.

Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at https://www.sec.gov.

The Fund’s proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC’s website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

Schedule of Portfolio Holdings

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

Board Consideration of Management Agreement

All Portfolios except Lazard International Equity Value Portfolio¹

At meetings of the Board held on June 1, 2022 and June 28, 2022, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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.

¹ Developing Markets Equity, Emerging Markets Core Equity, Emerging Markets Equity, Emerging Markets Equity Advantage, Emerging Markets Strategic Equity, Equity Franchise, Global Equity Select, Global Listed Infrastructure, Global Strategic Equity, International Equity, International Equity Advantage, International Equity Concentrated, International Equity Select, International Quality Growth, International Small Cap Equity, International Strategic Equity, Managed Equity Volatility, US Equity Concentrated, US Equity Focus, US Small-Mid Cap Equity and US Sustainable Equity Portfolios. The Board previously had approved liquidation of the International Equity Value Portfolio on June 29, 2022, prior to the end of the term of the then-current Management Agreement for the Portfolio on June 30, 2022.

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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 28, 2022 meeting, additional information requested by the Independent Directors at the June 1, 2022 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. As of March 31, 2022, the Lazard Funds complex of 35 active funds comprised approximately $23 billion of the approximately $253 billion of total assets under the management of the Investment Manager and its global affiliates.

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 resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and

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shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition. 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 $23 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 that were selected by Strategic Insight as comparable to the Portfolio, for expense comparison purposes, based on Strategic Insight’s methodology (the “Expense Peer Group”); 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 Portfolios’ advisory fees were generally competitive within each Portfolio’s respective Expense Peer Group. For the Emerging Markets Core Equity, Emerging Markets Strategic Equity and Global Strategic Equity Portfolios, the Investment Manager proposed to lower the current expense limitation by 0.05%, and, for the International Equity Advantage and US Small-Mid Cap Equity Portfolios, the

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Investment Manager proposed to lower the current expense limitation by 0.10%. After giving effect to the proposed expense limitation reductions, the results of the Strategic Insight comparisons showed that the 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 for certain of the Portfolios. The Board also received a description of Strategic Insight’s methodology for its construction of Expense Peer Groups and a summary of how the methodology was applied.

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, among other performance information provided to the Board on a quarterly basis, 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, 2022, as applicable, compared to performance for the same time periods to that of:

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● a group of funds not advised by the Investment Manager that were selected by Strategic Insight as comparable to the Portfolio, for performance comparison purposes, based on Strategic Insight’s methodology (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.

The Board also received a description of Strategic Insight’s methodology for its construction of Performance Peer Groups and a summary of how the methodology was applied, including, for certain Portfolios, deviations from Strategic Insights’ stated methodology and the reasons therefor.

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 in certain periods and 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, 2021 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’

Semi-Annual Report   295

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 below or 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 percentage 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 percentage 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 most of the Portfolios as of the end of the most recently completed calendar year had either decreased (or not increased significantly) from Portfolio assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any material economies of scale with respect to these Portfolios was reduced.

296   Semi-Annual Report

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 $253 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 other 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.

Semi-Annual Report   297

Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; the expected pattern of performance for the Portfolios in different market conditions; 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.

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 liquidity risk. The rule is designed to promote effective liquidity risk management and reduce 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.

The Board 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 Valuation and Liquidity Committee comprised of various Fund officers and senior personnel of the Investment Manager. 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

298   Semi-Annual Report

by the Program Administrator that, among other things, addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation and any material changes to the LRMP. The Board received a written report in June 2022 (the “Annual Report”). The Annual Report included, among other things, a statement that the Investment Manager, as the Program Administrator, acting primarily through the Valuation and Liquidity Committee, has reviewed 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. There were no material compliance matters relating to compliance with Rule 22e-4 identified in the Annual Report.

Semi-Annual Report   299

The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

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 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169-0953

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

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, 2022

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

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
26	Lazard Global Fixed Income Portfolio
37	Lazard US Corporate Income Portfolio
51	Lazard US Short Duration Fixed Income Portfolio
53	Notes to Portfolios of Investments (unaudited)
56	Statements of Assets and Liabilities (unaudited)
60	Statements of Operations (unaudited)
62	Statements of Changes in Net Assets (unaudited)
68	Financial Highlights (unaudited)
78	Notes to Financial Statements (unaudited)
108	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 a Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and the Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, 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 first six months of 2022 were a turbulent period for financial markets, as optimism about the global economic outlook, which remained resilient throughout 2021, gave way to growing anxiety about worsening inflationary pressure.

Events during the period conspired to create stiff macro headwinds for markets. The economic fallout from Russia’s invasion of Ukraine and the harsh retaliatory sanctions imposed by Western countries rippled across financial markets and the wider global economy because of Russia’s stature as one of the world’s largest producers of oil, natural gas, and other commodities. Energy prices rose sharply, and supply chains bottlenecks worsened due to shortages of Russian industrial metals. Supply chains were further snarled when the Chinese government imposed harsh lockdowns on some of China’s most important cities, including those that serve as global manufacturing hubs, in an attempt to stamp out a rapidly spreading coronavirus outbreak.

With inflation reaching levels not seen in decades, the global monetary landscape shifted dramatically in the period, as policymakers sought to rein in soaring prices by pulling back from the ultra-low interest-rate-policies they implemented to contain the economic fallout from the coronavirus pandemic. In all, central banks from at least 45 countries raised interest rates in the first six months of 2022. At the same time, investors grew nervous that interest rates hikes, especially from major central banks, would tip the fragile global economy into a recession. In the US, the Federal Reserve (the “Fed”) adopted an increasingly aggressive posture during the period, raising its benchmark short-term interest rate by 25 basis points (bps), 50 bps, and 75 bps in March, May, and June, respectively, with more hikes likely, as domestic inflation reached a 40-year high. The Fed also began reducing its $9 trillion balance sheet of Treasury and mortgage bonds in June, which further tightened financial conditions. Across the Atlantic, the European Central Bank stated that it was prepared to raise interest rates in July for the first time in over a decade amid soaring inflation in the euro zone. Elsewhere in Europe, the Bank of England increased its benchmark interest rate four times in the six-month period, as inflation in the UK reached a level not seen since 1982.

2   Semi-Annual Report

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, fell 20.2% in the period, as stock investors fretted about the impact soaring inflation would have on corporate earnings. Notably, the S&P 500 Index recorded its worst first-half performance since 1970.The Fed’s aggressive rate-hike campaign also drove up the yields of risk-free US Treasury bonds, which undercut the appeal of stocks.

Meanwhile, global bond markets also came under pressure as many central banks transitioned from ultra-accommodative monetary policies to tighter regimes to tame increasing inflationary pressures. Sovereign rates rose amid the faster-than-expected acceleration of central bank interest rate hikes and, in the case of the Fed, balance sheet shrinking. Although credit spreads initially did well in the first quarter of the year, the second quarter saw both investment grade and high yield spreads generally widen compared to historical levels. Consequently, many bond markets around the world suffered losses, with many indices posting outsized year-to-date negative returns through mid-year. Notable among this group of indices was the Bloomberg Global Aggregate Bond Index, which fell 13.9% in the period. Underscoring the high level of risk aversion in the markets, the US dollar continued to strengthen, asserting itself as the safe-haven global currency and further supported by a hawkish central bank determined to regain its inflation fighting credibility.

The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares, Open Shares and R6 Shares, and the indexes shown below.

Lazard Emerging Markets Debt Portfolio

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

Average Annual Total Returns

Periods Ended June 30, 2022

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares	–22.64%	–2.72%	–0.60%	0.25%
Open Shares	–22.78%	–2.88%	–0.84%	0.00%
R6 Shares	–22.61%	–2.60%	N/A	–1.41%
JP Morgan EMBI Global Diversified Index	–21.22%	–1.19%	2.21%	3.24% (Institutional and Open Shares) –0.30% (R6 Shares)
JP Morgan GBI-EM Global Diversified Index	–19.28%	–2.31%	–1.49%	–0.88% (Institutional and Open Shares) –0.85% (R6 Shares)
Global Diversified Index	–20.23%	–1.70%	0.40%	1.23% (Institutional and Open Shares) –0.53% (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 the Bloomberg Barclays Global Aggregate^® Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One Year	Five Years	Ten Years
Institutional Shares	–19.22%	–1.87%	–0.88%
Open Shares	–19.40%	–2.13%	–1.16%
Bloomberg Global Aggregate Index	–15.25%	–0.55%	0.11%

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, 2022

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares	–11.45%	1.23%	3.38%	3.74%
Open Shares	–11.70%	0.93%	3.07%	3.27%
R6 Shares	–11.45%	0.75%	N/A	1.50%
Cash Pay Index	–12.14%	2.12%	4.36%	5.66% (Institutional Shares) 5.61% (Open Shares) 2.99% (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 the ICE BofAML 1-3 Year US Treasury^® Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One Year	Five Years	Ten Years
Institutional Shares	–2.59%	0.80%	0.57%
Open Shares	–2.58%	0.56%	0.42%
ICE BofAML 1-3 Year US Treasury Index	–3.30%	0.94%	0.79%

Notes to Performance Overviews:

Information About Portfolio Performance Shown Above

Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund’s investment manager (the “Investment Manager”), State Street Bank and Trust Company, the Fund’s administrator (“State Street”), or DST Asset Manager Solutions, Inc., the Fund’s transfer agent and dividend disbursing 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 the receipt of settlement proceeds by the US Corporate Income Portfolio from a class action lawsuit 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 an investment in a 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 graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio’s distributions or the redemption of Portfolio shares.

Semi-Annual Report   7

The performance of Institutional Shares, Open Shares and R6 Shares, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.

Information About Index Performance Shown Above

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 Bloomberg 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 JPMorgan Emerging Markets Bond Index (“EMBI”) Global Diversified Index is an unmanaged index of debt instruments of emerging countries. The JPMorgan Government Bond Index-Emerging Markets (“GBI-EM”) Global Diversified Index is a comprehensive Emerging Markets index that consists of regularly traded, liquid, fixed-rate, domestic currency government bonds to which international investors can gain exposure. 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 same countries are covered in both indices.

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 government-related debt, corporate debt, and securitized debt provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt and securitized debt.

The Cash Pay Index is The ICE Bank of America Merrill Lynch High Yield (“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 BofAML 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.

8   Semi-Annual Report

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio, 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, 2022 through June 30, 2022 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

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
Emerging Markets Debt
Institutional Shares
Actual	$1,000.00	$   808.40	$3.81	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.58	$4.26	0.85%
Open Shares
Actual	$1,000.00	$   808.40	$4.71	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.59	$5.26	1.05%
R6 Shares
Actual	$1,000.00	$   808.50	$3.59	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%
Global Fixed Income
Institutional Shares
Actual	$1,000.00	$   841.20	$3.20	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.32	$3.51	0.70%
Open Shares
Actual	$1,000.00	$   839.50	$4.33	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.08	$4.76	0.95%
US Corporate Income
Institutional Shares
Actual	$1,000.00	$   877.00	$2.56	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.07	$2.76	0.55%
Open Shares
Actual	$1,000.00	$   876.00	$3.72	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.83	$4.01	0.80%
R6 Shares
Actual	$1,000.00	$   877.40	$2.56	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.07	$2.76	0.55%

10   Semi-Annual Report

Portfolio	Beginning Account Value 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period* 1/1/22 - 6/30/22	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
US Short Duration Fixed Income
Institutional Shares
Actual	$1,000.00	$   978.00	$1.96	0.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.81	$2.01	0.40%
Open Shares
Actual	$1,000.00	$   977.10	$2.89	0.59%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.87	$2.96	0.59%

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

Semi-Annual Report   11

The Lazard Funds, Inc. Portfolio Holdings Presented by

Assets Class/Credit Rating and Region June 30, 2022 (unaudited)

Asset Class/S&P Credit Rating*	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio		Lazard US Corporate Income Portfolio		Lazard US Short Duration Fixed Income Portfolio
Fixed Income
AAA		0.1	%	26.7	%	—	%	87.7	%
AA+		—		4.8		—		—
AA		—		0.4		—		—
AA-		1.8		4.8		—		—
A+		0.1		12.0		—		—
A		3.3		5.2		—		—
A-		0.2		12.6		—		3.9
BBB+		6.4		10.1		—		8.0
BBB		12.2		5.4		1.9		—
BBB-		2.7		2.0		7.9		—
BB+		1.3		2.8		19.7		—
BB		7.3		1.2		18.8		—
BB-		12.5		—		15.4		—
B+		2.7		1.0		11.5		—
B		0.7		—		5.7		—
B-		3.5		—		4.5		—
CCC+		0.9		—		1.1		—
CCC		—		—		—		—
CCC-		—		—		0.2		—
C		0.1		—		—		—
D		1.4		—		—		—
Not Applicable		37.1		9.9		9.2		—
Short-Term Investments		5.7		1.1		4.1		0.4
Total Investments		100.0	%	100.0	%	100.0	%	100.0	%

* Represents percentage of total investments.

12   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2022 (unaudited)

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds  |  5.3%
Brazil  |  1.0%
MV24 Capital BV, 6.748%, 06/01/34	USD		178	$	159,092
China  |  0.7%
Country Garden Holdings Co., Ltd., 3.125%, 10/22/25	USD		200		98,500
Kuwait  |  1.2%
NBK Tier 1 Financing 2, Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶)	USD		200		186,000
Mexico  |  2.4%
Banco Mercantil del Norte SA, 6.750% (CMT 5 Year + 4.967%), 09/27/24 (§), (¶)	USD		200		187,750
Petroleos Mexicanos:
6.500%, 01/23/29	USD		35		28,464
8.750%, 06/02/29 (#)	USD		80		71,565
6.840%, 01/23/30	USD		70		55,125
6.700%, 02/16/32	USD		22		16,665
6.950%, 01/28/60	USD		20		12,310
					371,879
Total Corporate Bonds (Cost $980,474)					815,471
Foreign Government Obligations  |  88.2%
Angola  |  1.2%
Republic of Angola, 9.500%, 11/12/25	USD		200		183,750

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)
Argentina  |  0.5%
Republic of Argentina:
0.500%, 07/09/30 (Ø)	USD		94	$	20,539
1.125%, 07/09/35 (Ø)	USD		100		20,875
2.000%, 01/09/38 (Ø)	USD		63		18,335
2.500%, 07/09/41 (Ø)	USD		72		18,540
					78,289
Bahamas  |  0.2%
Commonwealth of Bahamas, 8.950%, 10/15/32	USD		50		34,650
Bahrain  |  1.4%
Bahrain Government International Bonds, 6.750%, 09/20/29	USD		230		219,621
Barbados  |  0.1%
Barbados Government International Bonds, 6.500%, 10/01/29 (#)	USD		10		9,592
Brazil  |  7.6%
Brazil Letras do Tesouro Nacional:
0.000%, 07/01/23	BRL		900		151,164
0.000%, 04/01/24	BRL		2,020		310,412
Brazil NTN-F:
10.000%, 01/01/25	BRL		420		71,570
10.000%, 01/01/27	BRL		330		57,218
10.000%, 01/01/29	BRL		860		143,879
10.000%, 01/01/31	BRL		590		96,102
Federal Republic of Brazil:
4.500%, 05/30/29	USD		25		22,403
3.875%, 06/12/30	USD		155		129,890
5.625%, 01/07/41	USD		110		88,536
5.000%, 01/27/45	USD		80		57,365
4.750%, 01/14/50	USD		40		27,145
					1,155,684

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)
Chile  |  2.8%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		65,000	$	66,476
2.300%, 10/01/28	CLP		25,000		21,509
5.000%, 10/01/28	CLP		80,000		80,615
6.000%, 01/01/43	CLP		10,000		10,457
Chile Government International Bond:
2.750%, 01/31/27	USD		75		70,125
4.000%, 01/31/52	USD		210		173,985
					423,167
China  |  4.3%
China Development Bank, 3.500%, 08/13/26	CNY		1,910		292,146
China Government Bonds:
3.120%, 12/05/26	CNY		610		93,068
2.680%, 05/21/30	CNY		1,360		199,908
3.810%, 09/14/50	CNY		460		73,896
					659,018
Colombia  |  4.3%
Colombian Titulos De Tesoreria:
6.250%, 11/26/25	COP		301,300		63,477
7.500%, 08/26/26	COP		757,000		161,749
5.750%, 11/03/27	COP		798,000		150,982
6.000%, 04/28/28	COP		217,800		40,901
7.000%, 06/30/32	COP		240,000		42,370
Republic of Colombia:
4.500%, 03/15/29	USD		100		86,394
3.125%, 04/15/31	USD		45		33,379
5.000%, 06/15/45	USD		125		83,656
					662,908
Costa Rica  |  0.7%
Republic of Costa Rica:
4.250%, 01/26/23	USD		25		24,879
4.375%, 04/30/25	USD		15		14,487
6.125%, 02/19/31	USD		5		4,651
7.000%, 04/04/44	USD		70		60,104
					104,121

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)
Czech Republic  |  0.9%
Czech Republic:
2.500%, 08/25/28	CZK		2,280	$	82,805
2.000%, 10/13/33	CZK		480		15,311
4.200%, 12/04/36	CZK		1,120		44,021
					142,137
Dominican Republic  |  2.0%
Dominican Republic:
5.500%, 01/27/25	USD		25		24,802
5.950%, 01/25/27	USD		10		9,549
5.500%, 02/22/29 (#)	USD		45		39,102
4.500%, 01/30/30 (#)	USD		120		95,760
6.000%, 02/22/33 (#)	USD		85		70,699
7.450%, 04/30/44	USD		15		12,814
6.850%, 01/27/45	USD		20		15,897
6.400%, 06/05/49	USD		50		37,181
					305,804
Ecuador  |  1.2%
Ecuador Government International Bonds:
0.000%, 07/31/30	USD		356		151,367
5.000%, 07/31/30 (Ø)	USD		37		24,230
					175,597
Egypt  |  1.0%
Arab Republic of Egypt, 7.500%, 01/31/27	USD		200		155,500
Gabon  |  0.9%
Gabon Government International Bond, 7.000%, 11/24/31 (#)	USD		200		144,500
Guatemala  |  0.4%
Republic of Guatemala:
4.875%, 02/13/28	USD		25		23,364
5.375%, 04/24/32 (#)	USD		10		9,208
5.375%, 04/24/32	USD		10		9,208
6.125%, 06/01/50 (#)	USD		15		12,580
					54,360

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)
Hungary  |  0.9%
Hungary Government Bonds:
3.000%, 10/27/27	HUF		34,330	$	70,556
2.250%, 04/20/33	HUF		18,510		29,314
3.000%, 04/25/41	HUF		3,940		5,512
Hungary Government International Bond, 5.500%, 06/16/34 (#)	USD		40		38,805
					144,187
Indonesia  |  6.0%
Indonesia Government International Bonds:
2.150%, 07/28/31	USD		350		287,038
3.550%, 03/31/32	USD		55		49,987
3.050%, 03/12/51	USD		50		37,943
3.350%, 03/12/71	USD		60		42,082
Indonesia Treasury Bonds:
8.375%, 09/15/26	IDR		386,000		28,009
9.000%, 03/15/29	IDR		818,000		60,537
8.250%, 05/15/29	IDR		1,545,000		110,294
7.000%, 09/15/30	IDR		1,032,000		68,650
8.750%, 05/15/31	IDR		324,000		23,619
8.375%, 03/15/34	IDR		912,000		65,106
8.250%, 05/15/36	IDR		648,000		45,890
8.375%, 04/15/39	IDR		920,000		65,708
Perusahaan Penerbit SBSN Indonesia III, 4.400%, 06/06/27 (#)	USD		35		34,737
					919,600
Iraq  |  1.3%
Republic of Iraq, 6.752%, 03/09/23	USD		200		194,850
Ivory Coast  |  1.0%
Ivory Coast, 6.125%, 06/15/33	USD		200		155,787
Kazakhstan  |  1.3%
Republic of Kazakhstan, 6.500%, 07/21/45	USD		200		199,000

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)
Lebanon  |  0.4%
Lebanese Republic:
6.375%, 03/09/20 («)	USD		97	$	6,354
8.250%, 04/12/21 («)	USD		106		6,545
6.000%, 01/27/23 («)	USD		67		4,116
6.650%, 04/22/24 («)	USD		87		5,671
6.250%, 11/04/24 («)	USD		49		3,041
6.200%, 02/26/25 («)	USD		37		2,273
6.600%, 11/27/26 («)	USD		104		6,390
6.850%, 03/23/27 («)	USD		61		3,595
6.750%, 11/29/27 («)	USD		41		2,532
6.650%, 02/26/30 («)	USD		55		3,242
7.000%, 03/23/32 («)	USD		49		3,026
7.050%, 11/02/35 («)	USD		60		3,686
7.250%, 03/23/37 («)	USD		44		2,428
					52,899
Malaysia  |  4.8%
Malaysia Government Bonds:
3.418%, 08/15/22	MYR		80		18,179
3.795%, 09/30/22	MYR		1,009		229,759
3.906%, 07/15/26	MYR		120		27,158
3.899%, 11/16/27	MYR		1,017		228,136
4.498%, 04/15/30	MYR		350		80,220
3.844%, 04/15/33	MYR		330		69,908
3.828%, 07/05/34	MYR		20		4,187
4.893%, 06/08/38	MYR		330		75,291
					732,838
Mexico  |  6.1%
Mexican Bonos:
5.750%, 03/05/26	MXN		5,220		230,701
7.500%, 06/03/27	MXN		1,990		92,449
8.500%, 05/31/29	MXN		2,998		144,798
10.000%, 11/20/36	MXN		1,250		67,055
7.750%, 11/13/42	MXN		3,100		134,862
Mexico Government International Bonds: 5.750%, 10/12/10	USD		88		73,661

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

18   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
2.659%, 05/24/31	USD		25	$	20,575
3.500%, 02/12/34	USD		125		103,375
4.280%, 08/14/41	USD		45		35,629
5.000%, 04/27/51	USD		20		16,566
4.400%, 02/12/52	USD		16		12,040
					931,711
Nigeria  |  1.0%
Republic of Nigeria, 8.747%, 01/21/31	USD		200		148,500
Oman  |  2.8%
Oman Government International Bonds:
4.750%, 06/15/26	USD		245		232,750
6.250%, 01/25/31	USD		200		193,250
					426,000
Panama  |  1.9%
Republic of Panama:
3.160%, 01/23/30	USD		105		93,535
3.298%, 01/19/33	USD		5		4,285
4.500%, 05/15/47	USD		10		8,258
4.500%, 04/16/50	USD		30		24,512
4.500%, 04/01/56	USD		75		59,733
3.870%, 07/23/60	USD		60		42,574
4.500%, 01/19/63	USD		80		61,880
					294,777
Paraguay  |  0.9%
Republic of Paraguay:
5.000%, 04/15/26	USD		25		24,544
4.700%, 03/27/27	USD		35		33,574
3.849%, 06/28/33 (#)	USD		53		43,288
6.100%, 08/11/44	USD		40		34,707
					136,113
Peru  |  4.5%
Republic of Peru:
3.230%, 07/28/21	USD		60		36,892
6.350%, 08/12/28	PEN		650		160,102

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

Semi-Annual Report   19

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
5.940%, 02/12/29	PEN		80	$	19,091
2.844%, 06/20/30	USD		100		87,175
2.783%, 01/23/31	USD		130		110,646
6.950%, 08/12/31	PEN		75		18,557
6.900%, 08/12/37	PEN		730		172,189
5.350%, 08/12/40	PEN		55		10,748
3.300%, 03/11/41	USD		85		64,005
					679,405
Philippines  |  2.1%
Republic of Philippines:
3.750%, 01/14/29	USD		105		101,862
3.556%, 09/29/32	USD		40		36,904
3.950%, 01/20/40	USD		35		30,323
3.700%, 03/01/41	USD		35		28,923
3.700%, 02/02/42	USD		35		28,923
2.950%, 05/05/45	USD		55		39,262
2.650%, 12/10/45	USD		40		27,404
3.200%, 07/06/46	USD		40		29,804
					323,405
Poland  |  1.8%
Republic of Poland Government Bonds:
2.500%, 07/25/26	PLN		190		35,325
3.750%, 05/25/27	PLN		92		17,601
2.500%, 07/25/27	PLN		790		141,177
2.750%, 04/25/28	PLN		300		53,643
1.250%, 10/25/30	PLN		220		32,158
					279,904
Qatar  |  1.8%
Qatar Government International Bond, 6.400%, 01/20/40	USD		235		278,475
Romania  |  0.5%
Romanian Government Bonds:
5.800%, 07/26/27	RON		170		31,754
4.150%, 01/26/28	RON		220		37,356
					69,110

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

20   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Saudi Arabia  |  2.3%
Saudi Government International Bond, 2.250%, 02/02/33	USD		415	$	344,450
Senegal  |  1.0%
Republic of Senegal, 6.250%, 05/23/33	USD		200		151,000
South Africa  |  7.3%
Republic of South Africa:
4.850%, 09/27/27	USD		60		54,686
4.850%, 09/30/29	USD		10		8,536
8.000%, 01/31/30	ZAR		4,660		248,847
5.875%, 06/22/30	USD		55		49,665
8.250%, 03/31/32	ZAR		1,510		77,692
8.875%, 02/28/35	ZAR		1,520		78,272
8.500%, 01/31/37	ZAR		6,840		332,104
5.375%, 07/24/44	USD		115		78,617
5.000%, 10/12/46	USD		25		16,200
5.650%, 09/27/47	USD		30		20,481
8.750%, 02/28/48	ZAR		1,445		68,398
6.300%, 06/22/48	USD		25		18,606
5.750%, 09/30/49	USD		90		61,650
					1,113,754
Sri Lanka  |  0.2%
Republic of Sri Lanka:
5.750%, 04/18/23	USD		15		4,662
6.125%, 06/03/25	USD		10		3,242
6.825%, 07/18/26	USD		5		1,642
6.200%, 05/11/27	USD		50		14,005
6.750%, 04/18/28	USD		35		9,804
7.850%, 03/14/29	USD		15		4,202
					37,557
Suriname  |  0.1%
Republic of Suriname, 9.250%, 10/26/26	USD		10		7,074

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

Semi-Annual Report   21

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Thailand  |  0.7%
Thailand Government Bonds:
3.400%, 06/17/36	THB		1,330	$	37,081
3.300%, 06/17/38	THB		2,690		72,882
					109,963
Turkey  |  1.7%
Hazine Mustesarligi Varlik Kiralama AS, 7.250%, 02/24/27 (#)	USD		125		117,172
Republic of Turkey:
7.375%, 02/05/25	USD		95		88,130
5.750%, 05/11/47	USD		95		58,384
					263,686
Ukraine  |  0.4%
Ukraine Government Bonds:
9.750%, 11/01/28	USD		200		49,000
0.000%, 05/31/40 (§)	USD		36		8,820
					57,820
United Arab Emirates  |  2.6%
United Arab Emirates International, 4.050%, 07/07/32	USD		400		402,500
Uruguay  |  1.6%
Republica Orient Uruguay:
4.375%, 10/27/27	USD		30		30,343
4.375%, 01/23/31	USD		55		55,595
4.125%, 11/20/45	USD		30		27,493
5.100%, 06/18/50	USD		85		85,255
4.975%, 04/20/55	USD		50		49,290
					247,976
Uzbekistan  |  0.9%
Republic of Uzbekistan International Bond, 3.900%, 10/19/31 (#)	USD		200		141,500
Zambia  |  0.8%
Republic of Zambia, 8.500%, 04/14/24	USD		200		120,000
Total Foreign Government Obligations (Cost $16,357,231)					13,472,539

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

22   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Emerging Markets Debt Portfolio (continued)
Quasi Government Bonds  |  0.2%
Mexico  |  0.1%
Petroleos Mexicanos, 6.750%, 09/21/47	USD		16	$	9,800
Venezuela  |  0.1%
Petroleos de Venezuela SA:
6.000%, 11/15/26 («)	USD		124		6,820
5.500%, 04/12/37 («)	USD		100		5,500
					12,320
Total Quasi Government Bonds (Cost $91,818)					22,120
Supranational Bonds  |  0.1%
International Finance Corp., 8.000%, 10/09/23 (Cost $14,152)	IDR		200,000		13,832
Description			Shares		Fair Value
Short-Term Investments  |  5.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $870,528)			870,528	$	870,528
Total Investments  |  99.5% (Cost $18,314,203) (»)				$	15,194,490
Cash and Other Assets in Excess of Liabilities  |  0.5%					81,951
Net Assets  |  100.0%				$	15,276,441

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

Semi-Annual Report   23

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
BRL	19,924	USD	4,112	BOA	07/05/22		$	—		$	305
BRL	613,956	USD	119,377	BOA	07/05/22			—			2,063
BRL	191,440	USD	36,548	BRC	07/05/22			32			—
BRL	210,860	USD	40,000	BRC	08/02/22			—			54
BRL	442,440	USD	84,467	SCB	07/05/22			73			—
CLP	73,728,000	USD	80,000	BOA	08/08/22			—			264
CNY	413,637	USD	61,603	BOA	07/20/22			185			—
CNY	413,637	USD	61,591	BRC	07/20/22			198			—
CNY	133,771	USD	20,000	SCB	07/20/22			—			18
COP	164,800,000	USD	40,000	BOA	07/13/22			—			360
COP	276,710,000	USD	70,000	CIT	07/13/22			—			3,442
CZK	5,285,261	USD	223,194	BRC	07/20/22			269			—
CZK	237,019	USD	10,000	SCB	07/20/22			21			—
HUF	48,125,110	USD	130,935	BOA	07/20/22			—			4,037
HUF	3,729,518	USD	10,000	SCB	07/20/22			—			166
IDR	438,000,000	USD	30,000	BRC	07/19/22			—			604
IDR	1,618,104,400	USD	110,000	SCB	07/19/22			—			1,401
IDR	6,545,809,710	USD	445,991	SCB	07/19/22			—			6,668
IDR	144,300,000	USD	10,000	SCB	09/02/22			—			324
MXN	1,922,757	USD	93,051	BOA	07/20/22			2,305			—
MXN	1,419,460	USD	70,000	BRC	07/20/22			395			—
MXN	1,922,757	USD	93,052	UBS	07/20/22			2,304			—
MYR	582,354	USD	134,285	BOA	08/23/22			—			2,142
PEN	76,650	USD	20,000	BRC	07/18/22			—			8
PLN	582,043	USD	129,461	BOA	07/20/22			145			—
PLN	582,043	USD	129,443	UBS	07/20/22			163			—
RON	611,955	USD	127,885	BRC	07/20/22			1,520			—
RON	232,475	USD	50,000	CIT	07/20/22			—			841
THB	23,539,078	USD	675,585	CIT	08/29/22			—			8,179
USD	3,804	BRL	19,924	BOA	07/05/22			—			3
USD	117,212	BRL	613,956	BOA	07/05/22			—			102
USD	118,425	BRL	613,956	BOA	08/02/22			2,116			—
USD	40,000	BRL	191,440	BRC	07/05/22			3,420			—
USD	90,000	BRL	442,440	SCB	07/05/22			5,459			—
USD	28,118	CLP	24,574,921	UBS	08/08/22			1,541			—
USD	60,000	CNY	402,342	SCB	07/20/22			—			101
USD	117,220	COP	469,689,860	BOA	07/13/22			4,245			—

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

24   Semi-Annual Report

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	40,000	COP	161,680,000	BRC	07/25/22		$	1,198		$	—
USD	117,283	COP	469,689,838	UBS	07/13/22			4,307			—
USD	10,000	CZK	232,202	SCB	07/20/22			182			—
USD	20,000	HUF	7,608,799	SCB	07/20/22			—			63
USD	141,700	IDR	2,091,492,000	BRC	07/19/22			1,329			—
USD	30,000	IDR	447,690,000	SCB	07/19/22			—			47
USD	38,300	IDR	565,346,300	SCB	07/19/22			357			—
USD	39,573	IDR	580,819,966	SCB	07/19/22			592			—
USD	80,000	IDR	1,175,600,000	SCB	07/19/22			1,099			—
USD	48,041	MXN	985,816	BRC	07/20/22			—			849
USD	50,000	MXN	994,975	BRC	07/20/22			656			—
USD	30,000	MYR	131,493	SCB	08/23/22			163			—
USD	90,000	MYR	396,090	SCB	08/23/22			122			—
USD	95,644	PEN	367,789	BOA	07/18/22			—			283
USD	30,000	PEN	111,630	BRC	07/18/22			885			—
USD	95,073	PEN	367,789	BRC	07/18/22			—			854
USD	50,000	PLN	225,273	SCB	07/20/22			—			162
USD	10,000	RON	46,501	SCB	07/20/22			167			—
USD	30,000	THB	1,058,775	SCB	08/29/22			—			20
USD	44,177	ZAR	709,824	BRC	07/20/22			612			—
USD	44,197	ZAR	709,824	UBS	07/20/22			633			—
UYU	353,959	USD	8,688	HSB	09/06/22			161			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	36,854		$	33,360

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

Semi-Annual Report   25

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  35.2%
Canada  |  1.8%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		110	$	99,220
Germany  |  1.1%
Mercedes-Benz Group AG MTN, 0.750%, 09/10/30	EUR		70		61,178
Netherlands  |  1.9%
ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§)	GBP		100		101,816
Switzerland  |  0.4%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		22		20,473
United Kingdom  |  2.0%
Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30	GBP		100		106,064
United States  |  28.0%
Adobe, Inc., 2.300%, 02/01/30	USD		65		57,401
Alphabet, Inc., 1.100%, 08/15/30	USD		35		28,725
Amazon.com, Inc., 3.150%, 08/22/27	USD		25		24,307
American Express Co., 4.050%, 05/03/29	USD		60		58,827
Amgen, Inc., 3.000%, 02/22/29	USD		60		55,343
Apple, Inc., 3.000%, 06/20/27	USD		30		29,331

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

26   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Ball Corp., 4.875%, 03/15/26	USD		25	$	24,594
Bank of America Corp.:
1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		50		48,862
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§)	CAD		85		58,756
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§)	USD		95		88,206
Clean Harbors, Inc., 4.875%, 07/15/27	USD		25		22,875
Dell International LLC, 5.300%, 10/01/29	USD		65		64,079
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		80		59,428
Johnson Controls International PLC, 1.750%, 09/15/30	USD		75		60,979
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		95		90,070
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		45		42,684
McDonald’s Corp., 3.125%, 03/04/25	CAD		70		52,957
Microsoft Corp., 3.500%, 11/15/42	USD		25		22,133
Morgan Stanley, 3.625%, 01/20/27	USD		55		53,271
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)	USD		15		13,085
PepsiCo, Inc., 2.875%, 10/15/49	USD		35		27,789
Pfizer, Inc., 2.625%, 04/01/30	USD		65		59,350
Prologis LP REIT, 1.250%, 10/15/30	USD		120		94,859

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

Semi-Annual Report   27

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Service Corp. International, 4.625%, 12/15/27	USD		30	$	28,200
Starbucks Corp., 4.450%, 08/15/49	USD		25		22,414
The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		75		59,246
The Home Depot, Inc., 5.875%, 12/16/36	USD		40		45,991
The Procter & Gamble Co., 1.200%, 10/29/30	USD		35		28,581
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		65		56,271
United Rentals North America, Inc., 4.875%, 01/15/28	USD		30		28,364
Verizon Communications, Inc., 3.875%, 02/08/29	USD		90		87,074
Visa, Inc., 0.750%, 08/15/27	USD		35		30,363
					1,524,415
Total Corporate Bonds (Cost $2,215,637)					1,913,166
Foreign Government Obligations  |  46.7%
Australia  |  2.6%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		100		54,993
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		160		87,366
					142,359
Bahamas  |  1.0%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		73		52,939

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

28   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Bermuda  |  3.5%
Government of Bermuda, 3.717%, 01/25/27	USD		200	$	192,913
Canada  |  4.6%
City of Vancouver, 2.900%, 11/20/25	CAD		80		60,978
Export Development Canada, 1.650%, 07/31/24	CAD		90		67,596
Province of British Columbia Canada, 3.200%, 06/18/44	CAD		55		36,537
Province of Quebec, 1.850%, 02/13/27	CAD		115		83,104
					248,215
Chile  |  3.5%
Bonos de la Tesoreria de la Republica en pesos:
5.800%, 06/01/24	CLP		50,000		53,029
2.300%, 10/01/28	CLP		65,000		55,923
Republic of Chile, 0.830%, 07/02/31	EUR		100		81,661
					190,613
Colombia  |  0.5%
Republic of Colombia, 9.850%, 06/28/27	COP		126,000		29,030
Czech Republic  |  1.8%
Czech Republic, 1.000%, 06/26/26	CZK		2,780		98,731
France  |  0.5%
Government of France, 1.750%, 06/25/39	EUR		30		29,277

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

Semi-Annual Report   29

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Fixed Income Portfolio (continued)
Hungary  |  1.3%
Hungary Government Bonds, 2.750%, 12/22/26	HUF		20,780	$	43,653
Hungary Government International Bond, 1.750%, 06/05/35	EUR		35		25,888
					69,541
Ireland  |  0.6%
Ireland Government Bonds, 1.350%, 03/18/31	EUR		30		30,295
Japan  |  3.6%
Japan International Cooperation Agency, 3.250%, 05/25/27	USD		200		197,396
Mexico  |  2.6%
Mexican Bonos:
8.000%, 09/05/24	MXN		1,110		53,697
7.500%, 06/03/27	MXN		1,220		56,677
United Mexican States, 6.750%, 02/06/24	GBP		25		31,475
					141,849
Morocco  |  1.3%
Morocco Government International Bond, 1.500%, 11/27/31	EUR		100		69,446
New Zealand  |  6.5%
Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28	NZD		120		70,980
New Zealand Local Government Funding Agency Bonds:
2.250%, 04/15/24	NZD		190		114,996
1.500%, 04/20/29	NZD		210		108,917
2.000%, 04/15/37	NZD		130		56,625
					351,518

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 (continued)
Norway  |  1.8%
Oslo Kommune, 2.350%, 09/04/24	NOK		1,000	$	99,002
Panama  |  2.2%
Republic of Panama, 8.875%, 09/30/27	USD		100		117,769
Peru  |  2.0%
Peru Government Bonds:
6.150%, 08/12/32 (#)	PEN		250		57,601
3.000%, 01/15/34	USD		65		53,333
					110,934
Poland  |  1.0%
Poland Government Bonds, 6.680% ((WIBOR 6 Month),), 05/25/28 (§)	PLN		255		53,587
Portugal  |  1.1%
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32	EUR		60		58,445
Singapore  |  1.0%
Singapore Government Bond, 3.375%, 09/01/33	SGD		75		55,766
Spain  |  1.0%
Spain Government Bond, 1.000%, 07/30/42	EUR		75		56,046
Thailand  |  1.2%
Thailand Government Bonds, 1.585%, 12/17/35	THB		2,745		62,672

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 Kingdom  |  1.5%
United Kingdom Gilt:
0.875%, 07/31/33	GBP		55	$	57,246
1.500%, 07/22/47	GBP		25		24,145
					81,391
Total Foreign Government Obligations (Cost $3,086,393)					2,539,734
Quasi Government Bonds  |  1.3%
Germany  |  1.3%
Kreditanstalt fuer Wiederaufbau, 1.750%, 09/14/29 (Cost $79,685)	USD		78		70,958
Supranational Bonds  |  11.3%
Asian Development Bank, 2.125%, 03/19/25	USD		50		48,738
European Investment Bank, 1.000%, 01/28/28	CAD		80		54,537
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,140,000		77,801
Inter-American Investment Corp., 1.100%, 06/30/26	AUD		41		25,129
International Bank for Reconstruction & Development:
1.900%, 01/16/25	CAD		115		86,122
2.900%, 11/26/25	AUD		100		66,889
1.250%, 03/16/26	NOK		660		62,572
1.125%, 09/13/28	USD		35		30,910
International Finance Corp.:
2.125%, 04/07/26	USD		105		101,085
1.500%, 04/15/35	AUD		132		62,519
Total Supranational Bonds (Cost $703,559)					616,302

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)
US Municipal Bonds  |  1.6%
California  |  1.6%
State of California:
4.500%, 04/01/33	USD		45	$	46,082
7.550%, 04/01/39	USD		30		40,695
					86,777
Total US Municipal Bonds (Cost $95,564)					86,777
US Treasury Securities  |  2.2%
U.S. Treasury Bond, 1.750%, 08/15/41 (Cost $134,180)	USD		160		121,706
Description			Shares		Fair Value
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $57,844)			57,844	$	57,844
Total Investments  |  99.4% (Cost $6,372,862) (»)				$	5,406,487
Cash and Other Assets in Excess of Liabilities  |  0.6%					31,511
Net Assets  |  100.0%				$	5,437,998

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

Semi-Annual Report   33

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
HUF	930,237	USD	2,511	JPM	07/13/22		$	—		$       56
IDR	637,120,000	USD	44,119	JPM	07/22/22			—		1,360
JPY	37,770,641	USD	302,194	CIT	07/13/22			—		23,692
JPY	2,498,163	USD	19,600	HSB	07/13/22			—		1,180
JPY	78,485,624	USD	627,954	HSB	07/13/22			—		49,238
JPY	1,774,771	USD	13,900	JPM	07/13/22			—		814
JPY	8,613,645	USD	66,700	JPM	07/13/22			—		3,187
KRW	39,988,220	USD	31,600	JPM	07/22/22			—		795
KRW	99,026,720	USD	79,806	JPM	07/22/22			—		3,521
MXN	432,023	USD	21,063	HSB	07/13/22			389		—
MXN	818,881	USD	40,423	HSB	07/13/22			240		—
MXN	138,509	USD	7,023	JPM	07/13/22			—		146
MXN	575,740	USD	28,300	JPM	07/13/22			289		—
NOK	37,943	USD	4,043	HSB	07/13/22			—		190
NOK	997,874	USD	103,733	JPM	07/13/22			—		2,413
NZD	47,328	USD	30,789	HSB	11/10/22			—		1,277
NZD	68,353	USD	43,917	HSB	11/10/22			—		1,295
PEN	32,052	USD	8,552	JPM	10/28/22			—		275
PLN	14,424	USD	3,347	JPM	07/13/22			—		132
PLN	53,351	USD	12,042	JPM	07/13/22			—		149
RON	77,070	USD	16,300	HSB	07/13/22			16		—
RON	157,463	USD	34,900	HSB	07/13/22			—		1,565
RON	167,390	USD	36,500	HSB	07/13/22			—		1,063
SEK	390,439	USD	41,272	JPM	07/13/22			—		3,096
SGD	21,184	USD	15,311	JPM	07/13/22			—		63
SGD	5,272	USD	3,835	JPM	10/12/22			—		37
USD	94,191	AUD	126,128	CIT	07/13/22			7,129		—
USD	28,291	AUD	41,102	HSB	07/13/22			—		80
USD	50,039	AUD	67,006	HSB	07/13/22			3,787		—
USD	8,143	AUD	11,036	JPM	07/13/22			525		—
USD	14,106	AUD	18,887	JPM	07/13/22			1,069		—
USD	19,763	AUD	26,614	JPM	07/13/22			1,392		—
USD	66,634	AUD	89,222	MSC	07/13/22			5,047		—
USD	190,516	CAD	239,796	CIT	07/13/22			4,216		—
USD	25,900	CAD	33,431	HSB	07/13/22			—		72
USD	245,536	CAD	309,029	HSB	07/13/22			5,448		—
USD	176,414	CAD	222,039	JPM	07/13/22			3,910		—
USD	46,300	CHF	43,466	HSB	07/13/22			749		—

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

34   Semi-Annual Report

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	130,099	CLP	107,058,110	CIT	07/13/22		$	13,613		$         —
USD	21,500	CNH	143,793	HSB	07/13/22			16		—
USD	30,100	CNH	192,932	HSB	07/13/22			1,274		—
USD	32,600	CNH	216,723	HSB	07/13/22			219		—
USD	62,189	COP	248,214,491	HSB	07/28/22			2,653		—
USD	141,848	CZK	3,211,306	JPM	07/13/22			5,938		—
USD	59,616	EUR	56,579	HSB	07/13/22			294		—
USD	75,000	EUR	69,723	HSB	07/13/22			1,897		—
USD	95,000	EUR	89,708	HSB	07/13/22			943		—
USD	251,303	EUR	229,900	HSB	07/13/22			10,258		—
USD	17,200	GBP	13,912	HSB	07/13/22			263		—
USD	21,700	GBP	17,285	HSB	07/13/22			657		—
USD	122,716	GBP	94,163	JPM	07/13/22			8,081		—
USD	6,666	HUF	2,351,239	HSB	07/13/22			459		—
USD	25,860	HUF	9,126,355	JPM	07/13/22			1,768		—
USD	32,288	IDR	464,944,448	JPM	07/22/22			1,084		—
USD	32,700	IDR	478,728,000	JPM	07/22/22			572		—
USD	54,305	JPY	6,787,525	CIT	07/13/22			4,257		—
USD	39,900	JPY	5,261,872	HSB	07/13/22			1,101		—
USD	45,300	JPY	5,893,625	HSB	07/13/22			1,843		—
USD	50,000	JPY	6,812,050	JPM	07/13/22			—		229
USD	56,000	JPY	7,366,688	JPM	07/13/22			1,682		—
USD	39,200	KRW	50,027,040	JPM	07/22/22			662		—
USD	128,036	MXN	2,593,743	HSB	07/13/22			—		760
USD	37,100	MXN	751,044	JPM	07/13/22			—		194
USD	32,700	NOK	307,750	HSB	07/13/22			1,452		—
USD	31,400	NOK	310,884	JPM	07/13/22			—		166
USD	226,139	NOK	1,990,995	JPM	07/13/22			23,980		—
USD	74,749	NZD	116,322	CIT	11/10/22			2,215		—
USD	185,018	NZD	287,965	HSB	11/10/22			5,456		—
USD	135,247	NZD	210,497	JPM	11/10/22			3,990		—
USD	67,409	PEN	262,186	JPM	10/28/22			—		292
USD	45,899	PLN	197,946	HSB	07/13/22			1,776		—
USD	8,552	SGD	11,641	HSB	10/12/22			166		—
USD	58,856	SGD	80,127	JPM	10/12/22			1,134		—
USD	45,477	THB	1,515,972	HSB	10/12/22			2,392		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	138,638		$177,656

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

Semi-Annual Report   35

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  86.8%
Aerospace & Defense  |  1.2%
Howmet Aerospace, Inc., 3.000%, 01/15/29	$	1,500	$	1,242,360
The Boeing Co., 4.875%, 05/01/25		1,500		1,494,463
Triumph Group, Inc., 6.250%, 09/15/24 (#)		500		445,920
				3,182,743
Airlines  |  0.4%
United Airlines Pass Through Trust ,Series A, 4.150%, 10/11/25		1,114		1,093,323
Auto Components  |  1.3%
Tenneco, Inc., 5.000%, 07/15/26		2,100		1,963,500
The Goodyear Tire & Rubber Co.,
5.000%, 05/31/26		250		230,216
5.250%, 07/15/31		1,500		1,205,625
				3,399,341
Automobiles  |  1.1%
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		749,540
Stellantis NV, 5.250%, 04/15/23		2,000		2,013,720
				2,763,260
Building Products  |  1.2%
Builders FirstSource, Inc., 4.250%, 02/01/32 (#)		2,000		1,522,340
Griffon Corp., 5.750%, 03/01/28		1,750		1,588,545
				3,110,885

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

36   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Capital Markets  |  1.2%
Icahn Enterprises LP, 6.250%, 05/15/26	$	1,500	$	1,404,240
MPT Operating Partnership LP, 3.500%, 03/15/31		500		394,080
MSCI, Inc., 3.250%, 08/15/33 (#)		1,750		1,394,908
				3,193,228
Chemicals  |  2.7%
Ashland LLC, 3.375%, 09/01/31 (#)		1,500		1,220,061
Methanex Corp., 5.125%, 10/15/27		1,750		1,544,375
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		844,242
NOVA Chemicals Corp., 4.250%, 05/15/29 (#)		1,750		1,367,328
Valvoline, Inc., 3.625%, 06/15/31 (#)		1,500		1,200,000
WR Grace Holdings LLC, 4.875%, 06/15/27 (#)		1,000		870,240
				7,046,246
Commercial Services & Supplies  |  5.3%
ACCO Brands Corp., 4.250%, 03/15/29 (#)		2,000		1,639,200
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		1,916,290
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,766,192
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		1,830,000
GFL Environmental, Inc., 3.500%, 09/01/28 (#)		1,750		1,500,625

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

Semi-Annual Report   37

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)	$	1,800	$	1,711,638
Pitney Bowes, Inc., 6.875%, 03/15/27 (#)		2,000		1,588,427
Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#)		1,500		1,235,625
The ADT Security Corp.:
4.125%, 06/15/23		500		491,120
4.125%, 08/01/29 (#)		250		202,891
				13,882,008
Construction Materials  |  0.6%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,566,400
Consumer Finance  |  0.7%
Ford Motor Credit Co. LLC:
2.700%, 08/10/26		1,000		852,150
4.125%, 08/17/27		1,000		880,500
				1,732,650
Containers & Packaging  |  3.3%
Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#)		1,200		963,000
Ardagh Packaging Finance PLC,  4.125%, 08/15/26 (#)		1,200		1,016,652
Ball Corp., 4.000%, 11/15/23		2,100		2,083,589
Crown Americas LLC, 4.250%, 09/30/26		500		461,250
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,376,020
Silgan Holdings, Inc., 4.125%, 02/01/28		1,996		1,789,873
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		818,046
				8,508,430

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

38   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Diversified Consumer Services  |  0.7%
Service Corp. International, 4.625%, 12/15/27	$	2,000	$	1,880,000
Diversified Financial Services  |  1.2%
Level 3 Financing, Inc.:
4.250%, 07/01/28 (#)		1,000		801,250
3.625%, 01/15/29 (#)		1,000		771,052
Suburban Propane Partners LP, 5.000%, 06/01/31 (#)		1,750		1,488,156
				3,060,458
Diversified Telecommunication Services  |  2.2%
Connect Finco SARL, 6.750%, 10/01/26 (#)		1,500		1,347,945
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		1,923,720
Lumen Technologies, Inc., 4.000%, 02/15/27 (#)		1,100		930,325
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		2,000		1,659,180
				5,861,170
Electric Utilities  |  0.4%
NRG Energy, Inc., 3.625%, 02/15/31 (#)		1,500		1,175,985
Electrical Equipment  |  1.5%
Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#)		2,000		1,566,970
Sensata Technologies, Inc.:
4.375%, 02/15/30 (#)		1,100		936,295
3.750%, 02/15/31 (#)		250		200,365
Vistra Operations Co. LLC, 4.375%, 05/01/29 (#)		1,500		1,254,945
				3,958,575

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

Semi-Annual Report   39

Description	Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Energy Equipment & Services  |  0.3%
DCP Midstream Operating LP, 3.250%, 02/15/32	$	1,050	$	823,599
Entertainment  |  1.9%
Cinemark USA, Inc., 5.250%, 07/15/28 (#)		1,500		1,205,475
Live Nation Entertainment, Inc.:
4.875%, 11/01/24 (#)		1,550		1,480,250
3.750%, 01/15/28 (#)		500		431,250
Netflix, Inc., 4.375%, 11/15/26		500		481,755
WMG Acquisition Corp., 3.000%, 02/15/31 (#)		1,800		1,396,188
				4,994,918
Equity Real Estate Investment Trusts (REITs)  |  3.3%
HAT Holdings I LLC, 3.375%, 06/15/26 (#)		1,500		1,290,000
Iron Mountain, Inc.:
4.875%, 09/15/29 (#)		500		424,965
4.500%, 02/15/31 (#)		1,250		1,021,431
Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#)		1,500		1,287,998
RHP Hotel Properties LP, 4.500%, 02/15/29 (#)		1,750		1,483,823
VICI Properties LP,
4.500%, 09/01/26 (#)		1,800		1,656,000
4.250%, 12/01/26 (#)		1,500		1,369,965
				8,534,182
Food & Staples Retailing  |  2.4%
Albertsons Cos, Inc., 3.500%, 03/15/29 (#)		1,500		1,213,971
Kraft Heinz Foods Co., 4.250%, 03/01/31		2,350		2,234,618

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 (continued)
Performance Food Group, Inc., 4.250%, 08/01/29 (#)	$	1,800	$	1,503,000
US Foods, Inc., 4.625%, 06/01/30 (#)		1,500		1,264,562
				6,216,151
Food Products  |  3.1%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,383,300
Darling Ingredients, Inc., 6.000%, 06/15/30 (#)		2,000		1,993,300
Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#)		2,000		1,731,120
Post Holdings, Inc., 4.500%, 09/15/31 (#)		2,000		1,635,700
TreeHouse Foods, Inc., 4.000%, 09/01/28		1,750		1,425,795
				8,169,215
Gas Utilities  |  0.6%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,495,636
Health Care Equipment & Supplies  |  1.7%
Avantor Funding, Inc., 3.875%, 11/01/29 (#)		1,500		1,311,975
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		1,871,500
Medline Borrower LP, 3.875%, 04/01/29 (#)		1,500		1,277,565
				4,461,040
Health Care Providers & Services  |  5.0%
Centene Corp., 3.375%, 02/15/30		1,500		1,272,075

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)
DaVita, Inc., 4.625%, 06/01/30 (#)	$	2,000	$	1,559,724
Encompass Health Corp., 4.625%, 04/01/31		1,849		1,497,181
HCA, Inc., 3.500%, 09/01/30		2,000		1,701,420
Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#)		1,250		1,071,025
Molina Healthcare, Inc., 3.875%, 05/15/32 (#)		1,750		1,467,526
PRA Health Sciences, Inc., 2.875%, 07/15/26 (#)		200		178,000
Tenet Healthcare Corp.:
4.625%, 07/15/24		309		296,556
4.875%, 01/01/26 (#)		1,000		920,000
4.375%, 01/15/30 (#)		1,500		1,269,045
Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25		1,900		1,851,803
				13,084,355
Hotels, Restaurants & Leisure  |  6.9%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		1,822,632
Boyd Gaming Corp.:
4.750%, 12/01/27		850		769,250
4.750%, 06/15/31 (#)		1,250		1,056,275
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,873,140
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,468,904
Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#)		2,000		1,588,750
International Game Technology PLC, 4.125%, 04/15/26 (#)		1,500		1,357,500
MGM Resorts International, 4.625%, 09/01/26		800		710,129

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)
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)	$	1,850	$	1,756,519
Station Casinos LLC, 4.625%, 12/01/31 (#)		1,750		1,365,000
Travel + Leisure Co., 4.500%, 12/01/29 (#)		1,500		1,160,386
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,830,000
Yum! Brands, Inc., 4.625%, 01/31/32		1,500		1,325,250
				18,083,735
Household Durables  |  0.5%
Tempur Sealy International, Inc., 4.000%, 04/15/29 (#)		1,750		1,409,695
Household Products  |  1.0%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)		1,200		952,464
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,777,325
				2,729,789
Independent Power & Renewable Electricity Producers  |  1.1%
Calpine Corp., 4.500%, 02/15/28 (#)		1,500		1,361,816
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,620,998
				2,982,814
Interactive Media & Services  |  1.3%
Twitter Inc,
3.875%, 12/15/27 (#)		1,250		1,178,444
5.000%, 03/01/30 (#)		1,000		948,750
Ziff Davis, Inc., 4.625%, 10/15/30 (#)		1,500		1,278,667
				3,405,861

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)
IT Services  |  0.4%
Block, Inc., 3.500%, 06/01/31 (#)	$	1,450	$	1,155,447
Machinery  |  2.8%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,641,849
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		705,000
4.625%, 05/15/30 (#)		1,000		852,500
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)		2,000		1,744,680
Terex Corp., 5.000%, 05/15/29 (#)		1,000		850,000
Vertiv Group Corp., 4.125%, 11/15/28 (#)		1,750		1,420,860
				7,214,889
Media  |  9.6%
AMC Networks, Inc., 4.250%, 02/15/29		1,000		810,190
CCO Holdings LLC:
5.125%, 05/01/27 (#)		500		471,875
4.750%, 03/01/30 (#)		1,500		1,282,875
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		1,688,660
CSC Holdings LLC:
7.500%, 04/01/28 (#)		1,690		1,411,150
4.500%, 11/15/31 (#)		1,000		771,150
DISH DBS Corp.:
5.250%, 12/01/26 (#)		1,000		783,840
5.750%, 12/01/28 (#)		750		555,308
GCI LLC, 4.750%, 10/15/28 (#)		250		216,612
Gray Escrow II, Inc., 5.375%, 11/15/31 (#)		1,000		801,230

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

44   Semi-Annual Report

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD		13,254	USD		9,200	HSB	07/13/22		$	—		$	51
AUD		8,118	USD		5,868	JPM	07/13/22			—			264
AUD		15,845	USD		10,939	JPM	07/13/22			—			2
AUD		18,050	USD		13,400	JPM	07/13/22			—			941
CAD		2,515	USD		2,000	HSB	07/13/22			—			46
CAD		17,717	USD		13,778	HSB	07/13/22			—			14
CAD		19,328	USD		15,200	HSB	07/13/22			—			184
CAD		25,406	USD		19,669	HSB	07/13/22			69			—
CAD		26,900	USD		21,475	HSB	07/13/22			—			576
CAD		48,629	USD		38,592	HSB	07/13/22			—			811
CAD		65,004	USD		50,058	HSB	07/13/22			445			—
CAD		77,882	USD		61,906	JPM	07/13/22			—			1,398
CHF		20,804	USD		22,436	HSB	07/13/22			—			634
CHF		56,032	USD		60,411	JPM	07/13/22			—			1,691
CLP		4,892,747	USD		5,976	CIT	07/13/22			—			652
CLP		8,746,600	USD		10,100	CIT	07/13/22			—			583
CLP		27,727,010	USD		33,400	CIT	07/13/22			—			3,231
CNH		422,530	USD		62,000	HSB	07/13/22			1,131			—
CNH		2,063,676	USD		322,208	HSB	07/13/22			—			13,872
CNH		1,154,651	USD		171,776	HSB	08/31/22			662			—
COP		36,244,930	USD		8,711	HSB	07/28/22			—			17
COP		38,284,000	USD		10,062	HSB	07/28/22			—			879
COP		49,415,560	USD		11,994	HSB	07/28/22			—			141
CZK		128,463	USD		5,549	JPM	07/13/22			—			112
CZK		1,579,672	USD		69,777	JPM	07/13/22			—			2,921
EUR		105,834	USD		115,691	CIT	07/13/22			—			4,727
EUR		14,093	USD		14,866	HSB	07/13/22			—			90
EUR		15,254	USD		15,963	HSB	07/13/22			30			—
EUR		898,785	USD		982,461	HSB	07/13/22			—			40,105
EUR		16,142	USD		17,324	JPM	07/13/22			—			400
EUR		8,439	USD		9,225	MSC	07/13/22			—			376
GBP		4,126	USD		5,158	HSB	07/13/22			—			135
GBP		4,329	USD		5,412	HSB	07/13/22			—			141
GBP		6,700	USD		8,400	HSB	07/13/22			—			244
GBP		59,210	USD		77,164	JPM	07/13/22			—			5,081

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)
Lamar Media Corp., 3.625%, 01/15/31	$	1,500	$	1,227,630
Nexstar Media, Inc., 5.625%, 07/15/27 (#)		1,500		1,368,750
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,009,625
Scripps Escrow II, Inc., 3.875%, 01/15/29 (#)		1,500		1,257,060
Sinclair Television Group, Inc.:
5.125%, 02/15/27 (#)		1,750		1,475,468
4.125%, 12/01/30 (#)		1,000		793,165
Sirius XM Radio, Inc.:
5.000%, 08/01/27 (#)		1,750		1,623,160
3.875%, 09/01/31 (#)		1,000		796,250
TEGNA, Inc., 5.000%, 09/15/29		1,750		1,655,238
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,882,000
Videotron, Ltd., 5.125%, 04/15/27 (#)		500		465,330
Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#)		2,000		1,643,420
				24,989,986
Metals & Mining  |  2.5%
Anglo American Capital PLC, 4.875%, 05/14/25 (#)		1,650		1,661,135
FMG Resources August 2006 Pty, Ltd., 4.500%, 09/15/27 (#)		1,750		1,561,875
Freeport-McMoRan, Inc., 4.550%, 11/14/24		2,200		2,189,242
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,246,770
				6,659,022

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)
Mortgage Real Estate Investment Trusts (REITs)  |  0.6%
Starwood Property Trust, Inc., 3.625%, 07/15/26 (#)	$	1,743	$	1,477,193
Oil, Gas & Consumable Fuels  |  6.6%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,263,186
Cheniere Energy Partners L.P., 3.250%, 01/31/32 (#)		1,750		1,378,125
DT Midstream, Inc., 4.375%, 06/15/31 (#)		1,350		1,130,625
EQT Corp., 3.625%, 05/15/31 (#)		1,750		1,512,105
Hess Midstream Operations LP, 4.250%, 02/15/30 (#)		1,850		1,549,310
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		1,000		856,440
Murphy Oil Corp.:
6.875%, 08/15/24		117		116,854
5.875%, 12/01/27		500		466,625
Occidental Petroleum Corp., 3.400%, 04/15/26		1,750		1,592,500
Range Resources Corp., 4.750%, 02/15/30 (#)		1,750		1,569,452
Southwestern Energy Co.:
5.950%, 01/23/25		1,800		1,778,202
4.750%, 02/01/32		250		213,631
Sunoco LP, 4.500%, 04/30/30 (#)		2,000		1,614,767
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,062,713
Targa Resources Partners LP, 4.000%, 01/15/32		1,500		1,283,640
				17,388,175

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)
Pharmaceuticals  |  0.3%
Bausch Health Cos., Inc., 5.000%, 02/15/29 (#)	$	1,500	$	780,000
Professional Services  |  0.7%
Nielsen Finance LLC:
5.625%, 10/01/28 (#)		1,000		928,700
5.875%, 10/01/30 (#)		1,000		918,160
				1,846,860
Software  |  1.5%
Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#)		1,200		1,002,610
Crowdstrike Holdings, Inc., 3.000%, 02/15/29		1,500		1,297,500
NCR Corp.:
5.750%, 09/01/27 (#)		1,000		887,530
5.125%, 04/15/29 (#)		750		634,305
				3,821,945
Specialty Retail  |  2.2%
Asbury Automotive Group, Inc.:
4.500%, 03/01/28		987		856,223
5.000%, 02/15/32 (#)		750		613,125
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		835,783
Penske Automotive Group, Inc., 3.750%, 06/15/29		1,750		1,457,155
QVC, Inc., 4.750%, 02/15/27		1,250		987,500
The Gap, Inc., 3.625%, 10/01/29 (#)		1,500		1,053,300
				5,803,086

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)
Technology Hardware, Storage & Peripherals  |  1.4%
Seagate HDD Cayman, 4.091%, 06/01/29	$	2,083	$	1,780,965
Western Digital Corp., 4.750%, 02/15/26		2,000		1,908,220
				3,689,185
Textiles, Apparel & Luxury Goods  |  0.7%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,713,093
Trading Companies & Distributors  |  2.5%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		942,161
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,343,250
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,369,351
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		1,475,236
United Rentals North America, Inc.:
5.500%, 05/15/27		500		490,333
3.875%, 11/15/27		1,100		1,023,000
				6,643,331
Wireless Telecommunication Services  |  0.9%
Sprint Corp., 7.125%, 06/15/24		500		513,125
T-Mobile USA, Inc., 3.500%, 04/15/31		2,000		1,726,860
				2,239,985
Total Corporate Bonds (Cost $261,034,328)				227,227,889

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

Semi-Annual Report   49

			Fair
Description	Shares		Value
Lazard US Corporate Income Portfolio (concluded)
Exchange-Traded Funds  |  7.9%
Invesco Fundamental High Yield Corporate Bond ETF (Cost $23,042,937)	1,222,805	$	20,604,265
Short-Term Investments  |  4.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $10,663,019)	10,663,019		10,663,019
Total Investments  |  98.8% (Cost $294,740,284)		$	258,495,173
Cash and Other Assets in Excess of Liabilities  |  1.2%			3,176,922
Net Assets  |  100.0%		$	261,672,095

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

50   Semi-Annual Report

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  0.5%
Specialty Retail  |  0.5%
Daimler Trucks Retail Trust, 1.220%, 09/15/23 (Cost $345,282)	$	348	$	347,048
Corporate Bonds  |  11.8%
Banks  |  3.8%
Bank of America Corp., 3.300%, 01/11/23		2,650		2,654,238
Biotechnology  |  3.0%
AbbVie, Inc., 2.900%, 11/06/22		2,041		2,040,759
Consumer Finance  |  2.8%
American Express Co., 2.500%, 07/30/24		1,975		1,921,554
Internet & Direct Marketing Retail  |  2.2%
eBay, Inc., 2.750%, 01/30/23		1,545		1,541,687
Total Corporate Bonds (Cost $8,290,472)				8,158,238

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

Semi-Annual Report   51

Description	Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
US Treasury Securities  |  86.8%
U.S. Treasury Notes:
0.875%, 01/31/24	$	35,335	$	34,192,134
1.500%, 02/29/24		8,070		7,879,914
2.250%, 03/31/24		17,155		16,939,222
2.500%, 04/30/24		795		788,075
Total US Treasury Securities (Cost $60,846,709)				59,799,345
			Fair
Description	Shares		Value
Short-Term Investments  |  0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $280,363)		280,363	$	280,363
Total Investments  |  99.5% (Cost $69,762,826)			$	68,584,994
Cash and Other Assets in Excess of Liabilities  |  0.5%				330,574
Net Assets  |  100.0%			$	68,915,568

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

52   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2022 (unaudited)

(§)	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, 2022.
(¶)	Date shown is the next perpetual call date.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2022, these securities amounted to the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Debt		5.4	%
Global Fixed Income		1.3	%
U.S. Corporate Income		60.1	%

(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, 2022 which may step up at a future date.
(«)	Issue in default.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

CDOR	—	Canadian Dollar Offered Rate
CMT	—	Constant Maturity Treasury
NTN- F	—	Brazil Sovereign “Nota do Tesouro Nacional” Series F
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Index Average
LIBOR	—	London Interbank Offered Rate
WIBOR	—	Warsaw Interbank Offered Rate

Currency Abbreviations:
AUD	—	Australian Dollar	KRW	—	South Korean Won
BRL	—	Brazilian Real	MXN	—	Mexican New Peso
CAD	—	Canadian Dollar	MYR	—	Malaysian Ringgit
CHF	—	Swiss Franc	NOK	—	Norwegian Krone
CLP	—	Chilean Peso	NZD	—	New Zealand Dollar
CNH	—	Chinese Yuan Renminbi	PEN	—	Peruvian Nuevo Sol
CNY	—	Chinese Yuan	PLN	—	Polish Zloty
COP	—	Colombian Peso	RON	—	New Romanian Leu
CZK	—	Czech Koruna	SEK	—	Swedish Krona
EUR	—	Euro	SGD	—	Singapore Dollar
GBP	—	British Pound Sterling	THB	—	Thai Baht
HUF	—	Hungarian Forint	USD	—	United States Dollar
IDR	—	Indonesian Rupiah	UYU	—	Uruguyan Peso
JPY	—	Japanese Yen	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   53

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		—	%		2.2	%
Banks		2.4			10.3
Beverages		—			0.5
Biotechnology		—			1.0
Building Products		—			1.1
Capital Markets		—			2.1
Commercial Services & Suppliers		—			0.4
Consumer Finance		—			1.1
Containers & Packaging		—			0.5
Diversified Consumer Services		—			0.5
Diversified Telecommunication Services		—			1.6
Electronic Equipment, Instruments & Components		—			0.4
Equity Real Estate Investment Trusts (REITs)		—			1.7
Food & Staples Retailing		—			2.0
Hotels, Restaurants & Leisure		—			1.4
Household Products		—			1.3
Interactive Media & Services		—			0.5
Internet & Direct Marketing Retail		—			0.4
IT Services		—			0.6
Machinery		—			1.3
Oil, Gas & Consumable Fuels		2.4			—
Pharmaceuticals		—			1.1
Real Estate Management & Development		0.7			—
Software		—			1.5
Specialty Retail		—			0.8
Technology Hardware, Storage & Peripherals		—			1.7
Trading Companies & Distributors		—			0.5
Subtotal		5.5			36.5
Foreign Government Obligations		88.2			46.7
Supranational Bonds		0.1			11.3
US Municipal Bonds		—			1.6
US Treasury Securities		—			2.2
Short-Term Investments		5.7			1.1
Total Investments		99.5	%		99.4	%

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

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

54   Semi-Annual Report

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Semi-Annual Report   55

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

June 30, 2022	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	15,194,490			$	5,406,487
Cash			—				20,822
Foreign currency, at fair value			41,651				14,458
Receivables for:
Dividends and interest			306,642				52,006
Capital stock sold			27				—
Investments sold			192,680				10,938
Amount due from Investment Manager (Note 3)			7,393				11,551
Gross unrealized appreciation on forward currency contracts			36,854				138,638
Other assets			9,385				9,830
Total assets			15,789,122				5,664,730
LIABILITIES
Foreign currency due to custodian			—				765
Payables for:
Management fees			—				—
Accrued administration fees			13,622				11,092
Accrued professional services			32,627				27,420
Accrued custodian fees			23,731				8,767
Accrued distribution fees			74				9
Capital stock redeemed			2,436				251
Dividends			4,726				—
Investments purchased			400,000				—
Gross unrealized depreciation on forward currency contracts			33,360				177,656
Other accrued expenses and payables			2,105				772
Total liabilities			512,681				226,732
Net assets		$	15,276,441			$	5,437,998
NET ASSETS
Paid in capital		$	60,317,352			$	7,093,060
Distributable earnings (Accumulated loss)			(45,040,911	)			(1,655,062	)
Net assets		$	15,276,441			$	5,437,998

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

56   Semi-Annual Report

Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
$	258,495,173		$	68,584,994
	—			—
	—			—
	3,401,150			359,134
	19,826			—
	—			—
	—			27,840
	—			—
	8,851			9,282
	261,925,000			68,981,250
	—			—
	90,155			—
	33,194			15,913
	29,790			27,267
	18,191			11,554
	465			—
	55,241			9,054
	25,447			628
	—			—
	—			—
	422			1,266
	252,905			65,682
$	261,672,095		$	68,915,568
$	306,874,485		$	71,196,987
	(45,202,390	)		(2,281,419	)
$	261,672,095		$	68,915,568

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

Semi-Annual Report   57

June 30, 2022	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Institutional Shares
Net assets		$	14,962,446		$	5,402,116
Shares of capital stock outstanding*			1,302,789			764,531
Net asset value, offering and redemption price per share		$	11.48		$	7.07
Open Shares
Net assets		$	313,061		$	35,882
Shares of capital stock outstanding*			26,975			5,062
Net asset value, offering and redemption price per share		$	11.61		$	7.09
R6 Shares
Net assets		$	934			—
Shares of capital stock outstanding*			76	†		—
Net asset value, offering and redemption price per share*		$	12.30			—
Cost of investments in securities		$	18,314,203		$	6,372,862
Cost of foreign currency		$	42,482		$	14,784

*	$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.

58   Semi-Annual Report

Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
$	258,715,190		$	68,899,650
	15,328,768			7,199,448
$	16.88		$	9.57
$	2,955,816		$	15,918
	174,325			1,662
$	16.96		$	9.58
$	1,089			—
	64	†		—
$	16.93			—
$	294,740,284		$	69,762,826
$	—		$	—

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

Semi-Annual Report   59

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

For the Six Months Ended June 30, 2022		Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Investment Income (Loss)
Income
Interest			$	461,707		$	85,336
Dividends				—			—
Total investment income*				461,707			85,336
Expenses
Management fees (Note 3)				61,014			17,584
Custodian fees				51,867			23,219
Professional services				29,692			22,552
Administration fees				11,403			9,254
Registration fees				14,082			21,462
Shareholders’ services				5,388			4,582
Directors’ fees and expenses				3,026			2,710
Shareholders’ reports				4,238			5,153
Distribution fees (Open Shares)				435			48
Other^				3,528			70
Total gross expenses				184,673			106,634
Management fees waived and expenses reimbursed				(110,102	)		(81,899	)
Total net expenses				74,571			24,735
Net investment income (loss)				387,136			60,601
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(2,264,291	)		(466,407	)
Foreign currency transactions				(24,529	)		4,638
Forward currency contracts				(117,104	)		(98,543	)
Total net realized gain (loss)				(2,405,924	)		(560,312	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(1,730,875	)		(648,144	)
Foreign currency translations				2,756			(1,062	)
Forward currency contracts				27,413			(75,285	)
Total net change in unrealized appreciation (depreciation)				(1,700,706	)		(724,491	)
Net realized and unrealized gain (loss)				(4,106,630	)		(1,284,803	)
Net increase (decrease) in net assets resulting from operations			$	(3,719,494	)	$	(1,224,202	)
*	Net of foreign withholding taxes of		$	3,668		$	120
**	Net of foreign capital gains taxes of		$	214		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	2,016		$	—
^	Includes interest on line of credit of		$	34		$	31

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

60   Semi-Annual Report

Lazard US Corporate Income Portfolio			Lazard US Short Duration Fixed Income Portfolio
$	5,928,828		$	466,337
	355,164			—
	6,283,992			466,337
	775,589			90,615
	58,610			24,752
	33,147			24,306
	27,940			13,346
	18,789			14,680
	11,277			6,015
	10,704			4,656
	9,983			6,325
	4,012			22
	8,582			4,644
	958,633			189,361
	(177,681	)		(44,605	)
	780,952			144,756
	5,503,040			321,581
	(349,940	)		(924,138	)
	—			—
	—			—
	(349,940	)		(924,138	)
	(42,441,273	)		(1,056,676	)
	—			—
	—			—
	(42,441,273	)		(1,056,676	)
	(42,791,213	)		(1,980,814	)
$	(37,288,173	)	$	(1,659,233	)
$	—		$	—
$	—		$	—
$	—		$	—
$	—		$	—

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

Semi-Annual Report   61

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

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	387,136		$	822,719
Net realized gain (loss)			(2,405,924	)		(218,170	)
Net change in unrealized appreciation (depreciation)			(1,700,706	)		(1,907,964	)
Net increase (decrease) in net assets resulting from operations			(3,719,494	)		(1,303,415	)
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(384,052	)		(266,178	)
Open Shares			(7,510	)		(4,732	)
R6 Shares			(23	)		(16	)
Return of capital
Institutional Shares			—			(533,368	)
Open Shares			—			(9,482	)
R6 Shares			—			(33	)
Net decrease in net assets resulting from distributions			(391,585	)		(813,809	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			201,508			2,366,868
Open Shares			13,709			24,820
Net proceeds from reinvestment of distributions
Institutional Shares			357,435			766,007
Open Shares			6,501			12,197
R6 Shares			23			49
Cost of shares redeemed
Institutional Shares			(1,478,349	)		(3,023,406	)
Open Shares			(9,382	)		(11,890	)
Net increase (decrease) in net assets from capital stock transactions			(908,555	)		134,645
Total increase (decrease) in net assets			(5,019,634	)		(1,982,579	)
Net assets at beginning of period			20,296,075			22,278,654
Net assets at end of period		$	15,276,441		$	20,296,075

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

62   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	60,601		$	126,182		$	5,503,040		$	11,005,178
	(560,312	)		(14,110	)		(349,940	)		719,953
	(724,491	)		(835,078	)		(42,441,273	)		(3,278,734	)
	(1,224,202	)		(723,006	)		(37,288,173	)		8,446,397
	(61,240	)		(368,209	)		(5,475,346	)		(11,000,996	)
	(292	)		(1,362	)		(58,869	)		(127,773	)
	—			—			(23	)		(45	)
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(61,532	)		(369,571	)		(5,534,238	)		(11,128,814	)
	102,539			2,233,371			7,471,205			29,161,114
	10,542			54,481			816,465			279,336
	61,208			368,163			5,334,717			10,709,114
	292			1,362			50,924			104,457
	—			—			23			45
	(1,955,928	)		(2,539,178	)		(11,249,291	)		(36,335,702	)
	(449	)		(66,257	)		(872,511	)		(662,564	)
	(1,781,796	)		51,942			1,551,532			3,255,800
	(3,067,530	)		(1,040,635	)		(41,270,879	)		573,383
	8,505,528			9,546,163			302,942,974			302,369,591
$	5,437,998		$	8,505,528		$	261,672,095		$	302,942,974

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

Semi-Annual Report   63

	Lazard Emerging Markets Debt Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		1,370,241			1,364,341
Shares sold		15,247			153,783
Shares issued to shareholders from reinvestment of distributions		28,126			50,324
Shares redeemed		(110,825	)		(198,207	)
Net increase (decrease)		(67,452	)		5,900
Shares outstanding at end of period		1,302,789			1,370,241
Open Shares
Shares outstanding at beginning of period		26,157			24,524
Shares sold		1,059			1,610
Shares issued to shareholders from reinvestment of distributions		507			793
Shares redeemed		(748	)		(770	)
Net increase (decrease)		818			1,633
Shares outstanding at end of period		26,975			26,157
R6 Shares
Shares outstanding at beginning of period		74			71
Shares issued to shareholders from reinvestment of distributions		2			3
Net increase (decrease)		2			3
Shares outstanding at end of period		76			74

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

64   Semi-Annual Report

Lazard Global Fixed Income Portfolio						Lazard US Corporate Income Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	999,178			989,793			15,258,202			15,080,446
	13,068			245,212			406,649			1,480,230
	7,997			41,364			294,188			544,180
	(255,712	)		(277,191	)		(630,271	)		(1,846,654	)
	(234,647	)		9,385			70,566			177,756
	764,531			999,178			15,328,768			15,258,202
	3,828			5,032			173,575			187,617
	1,257			5,704			46,300			14,131
	38			153			2,795			5,283
	(61	)		(7,061	)		(48,345	)		(33,456	)
	1,234			(1,204	)		750			(14,042	)
	5,062			3,828			174,325			173,575
	—			—			63			61
	—			—			1			2
	—			—			1			2
	—			—			64			63

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

Semi-Annual Report   65

	Lazard US Short Duration Fixed Income Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	321,581		$	183,895
Net realized gain (loss)			(924,138	)		228,109
Net change in unrealized appreciation (depreciation)			(1,056,676	)		(745,938	)
Net increase (decrease) in net assets resulting from operations			(1,659,233	)		(333,934	)
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(322,432	)		(183,904	)
Open Shares			(58	)		(29	)
Net decrease in net assets resulting from distributions			(322,490	)		(183,933	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			1,066,326			6,528,316
Open Shares			2,220			4,339
Net proceeds from reinvestment of distributions
Institutional Shares			318,123			167,563
Open Shares			57			27
Cost of shares redeemed
Institutional Shares			(9,750,697	)		(14,676,561	)
Open Shares			(8,341	)		(11,122	)
Net increase (decrease) in net assets from capital stock transactions			(8,372,312	)		(7,987,438	)
Total increase (decrease) in net assets			(10,354,035	)		(8,505,305	)
Net assets at beginning of period			79,269,603			87,774,908
Net assets at end of period		$	68,915,568		$	79,269,603

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

66   Semi-Annual Report

	Lazard US Short Duration Fixed Income Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		8,058,991			8,867,736
Shares sold		109,482			661,464
Shares issued to shareholders from reinvestment of distributions		33,047			16,960
Shares redeemed		(1,002,072	)		(1,487,169	)
Net increase (decrease)		(859,543	)		(808,745	)
Shares outstanding at end of period		7,199,448			8,058,991
Open Shares
Shares outstanding at beginning of period		2,279			2,964
Shares sold		230			439
Shares issued to shareholders from reinvestment of distributions		6			3
Shares redeemed		(853	)		(1,127	)
Net increase (decrease)		(617	)		(685	)
Shares outstanding at end of period		1,662			2,279

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

Semi-Annual Report   67

The Lazard Funds, Inc. Financial Highlights (unaudited)

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Institutional Shares
Net asset value, beginning of period		$	14.53		$	16.04		$	16.10		$	14.72		$	16.86		$	15.80
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.29			0.59			0.64			0.80			0.92			0.92
Net realized and unrealized gain (loss)			(3.05	)		(1.51	)		(0.18	)		1.36			(2.14	)		1.06
Total from investment operations			(2.76	)		(0.92	)		0.46			2.16			(1.22	)		1.98
Less distributions from:
Net investment income			(0.29	)		(0.20	)		—			(0.38	)		(0.44	)		(0.86	)
Return of capital			—			(0.39	)		(0.52	)		(0.40	)		(0.48	)		(0.06	)
Total distributions			(0.29	)		(0.59	)		(0.52	)		(0.78	)		(0.92	)		(0.92	)
Net asset value, end of period		$	11.48		$	14.53		$	16.04		$	16.10		$	14.72		$	16.86
Total Return (b)			–19.16	%		–5.86	%		3.19	%		15.03	%		–7.45	%		12.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	14,962		$	19,911		$	21,880		$	90,858		$	143,015		$	280,808
Ratios to average net assets (c):
Net expenses			0.85	%		0.85	%		0.92	%		0.98	%		0.93	%		0.93	%
Gross expenses			2.08	%		1.83	%		1.57	%		1.08	%		0.93	%		0.93	%
Net investment income (loss)			4.45	%		3.88	%		4.24	%		5.15	%		5.78	%		5.52	%
Portfolio turnover rate			49	%		81	%		133	%		106	%		97	%		88	%

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

68   Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Open Shares
Net asset value, beginning of period		$	14.68		$	16.21		$	16.26		$	14.86		$	17.00		$	15.96
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.28			0.57			0.61			0.78			0.94			0.88
Net realized and unrealized gain (loss)			(3.07	)		(1.54	)		(0.15	)		1.38			(2.20	)		1.02
Total from investment operations			(2.79	)		(0.97	)		0.46			2.16			(1.26	)		1.90
Less distributions from:
Net investment income			(0.28	)		(0.19	)		—			(0.38	)		(0.40	)		(0.80	)
Return of capital			—			(0.37	)		(0.51	)		(0.38	)		(0.48	)		(0.06	)
Total distributions			(0.28	)		(0.56	)		(0.51	)		(0.76	)		(0.88	)		(0.86	)
Net asset value, end of period		$	11.61		$	14.68		$	16.21		$	16.26		$	14.86		$	17.00
Total Return (b)			–19.16	%		–6.07	%		3.11	%		14.85	%		–7.59	%		12.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	313		$	384		$	397		$	532		$	670		$	6,520
Ratios to average net assets (c):
Net expenses			1.05	%		1.05	%		1.02	%		1.18	%		1.20	%		1.22	%
Gross expenses			3.23	%		2.84	%		2.59	%		2.91	%		1.62	%		1.36	%
Net investment income (loss)			4.26	%		3.68	%		4.05	%		4.91	%		5.49	%		5.21	%
Portfolio turnover rate			49	%		81	%		133	%		106	%		97	%		88	%

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

Semi-Annual Report    69

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
R6 Shares
Net asset value, beginning of period		$	15.56		$	17.19		$	17.28		$	15.76		$	17.76		$	15.80
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.33			0.67			0.41			0.86			0.96			0.90
Net realized and unrealized gain (loss)			(3.28	)		(1.63	)		0.09			1.50			(2.24	)		1.08
Total from investment operations			(2.95	)		(0.96	)		0.50			2.36			(1.28	)		1.98
Less distributions from:
Net investment income			(0.31	)		(0.22	)		—			(0.40	)		(0.22	)		(0.02	)
Return of capital			—			(0.45	)		(0.59	)		(0.44	)		(0.50	)		—	(d)
Total distributions			(0.31	)		(0.67	)		(0.59	)		(0.84	)		(0.72	)		(0.02	)
Net asset value, end of period		$	12.30		$	15.56		$	17.19		$	17.28		$	15.76		$	17.76
Total Return (b)			–19.15	%		–5.67	%		3.30	%		15.22	%		–7.24	%		12.61	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	1		$	1		$	1		$	99,952		$	1
Ratios to average net assets (c):
Net expenses			0.80	%		0.80	%		0.86	%		0.93	%		0.90	%		0.90	%
Gross expenses			284.98	%		245.32	%		265.72	%		1.09	%		0.94	%		43.88	%
Net investment income (loss)			4.82	%		4.06	%		2.60	%		5.18	%		5.97	%		5.71	%
Portfolio turnover rate			49	%		81	%		133	%		106	%		97	%		88	%

†	Unaudited.
*	On November 17, 2020, the Portfolio effected a 1:2 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split.
(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.
(d)	Amount is less than $0.01 per share.

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

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LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†					12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	8.48		$	9.60		$	9.08		$	8.65		$	9.04		$	8.57
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.12			0.14			0.19			0.20			0.20
Net realized and unrealized gain (loss)			(1.41	)		(0.87	)		0.72			0.43			(0.38	)		0.47
Total from investment operations			(1.34	)		(0.75	)		0.86			0.62			(0.18	)		0.67
Less distributions from:
Net investment income			(0.07	)		(0.26	)		(0.15	)		(0.06	)		(0.10	)		—
Net realized gains			—			(0.11	)		(0.19	)		—			—			—
Return of capital			—			—			—			(0.13	)		(0.11	)		(0.20	)
Total distributions			(0.07	)		(0.37	)		(0.34	)		(0.19	)		(0.21	)		(0.20	)
Net asset value, end of period		$	7.07		$	8.48		$	9.60		$	9.08		$	8.65		$	9.04
Total Return (b)			–15.88	%		–7.95	%		9.51	%		7.25	%		–2.06	%		7.87	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	5,402		$	8,473		$	9,498		$	6,456		$	5,495		$	4,705
Ratios to average net assets (c):
Net expenses			0.70	%		0.70	%		0.70	%		0.70	%		0.70	%		0.72	%
Gross expenses			2.97	%		2.34	%		2.73	%		3.51	%		3.61	%		4.39	%
Net investment income (loss)			1.72	%		1.38	%		1.53	%		2.14	%		2.33	%		2.23	%
Portfolio turnover rate			19	%		59	%		65	%		65	%		60	%		42	%

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

Semi-Annual Report    71

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	8.51		$	9.60		$	9.08		$	8.65		$	9.04		$	8.57
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.10			0.12			0.17			0.18			0.17
Net realized and unrealized gain (loss)			(1.42	)		(0.87	)		0.71			0.43			(0.39	)		0.47
Total from investment operations			(1.36	)		(0.77	)		0.83			0.60			(0.21	)		0.64
Less distributions from:
Net investment income			(0.06	)		(0.21	)		(0.12	)		(0.06	)		(0.08	)		—
Net realized gains			—			(0.11	)		(0.19	)		—			—			—
Return of capital			—			—			—			(0.11	)		(0.10	)		(0.17	)
Total distributions			(0.06	)		(0.32	)		(0.31	)		(0.17	)		(0.18	)		(0.17	)
Net asset value, end of period		$	7.09		$	8.51		$	9.60		$	9.08		$	8.65		$	9.04
Total Return (b)			–16.05	%		–8.13	%		9.23	%		6.98	%		–2.31	%		7.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	36		$	33		$	48		$	59		$	33		$	34
Ratios to average net assets (c):
Net expenses			0.95	%		0.95	%		0.95	%		0.95	%		0.98	%		1.02	%
Gross expenses			14.58	%		12.84	%		10.32	%		27.52	%		38.42	%		42.88	%
Net investment income (loss)			1.49	%		1.12	%		1.31	%		1.88	%		2.08	%		1.95	%
Portfolio turnover rate			19	%		59	%		65	%		65	%		60	%		42	%

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

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

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LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months  Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Institutional Shares
Net asset value, beginning of period		$	19.63		$	19.80		$	19.68		$	18.16		$	19.56		$	19.48
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.35			0.72			0.80			0.88			0.88			0.88
Net realized and unrealized gain (loss)			(2.74	)		(0.17	)		0.13			1.52			(1.40	)		0.08
Total from investment operations			(2.39	)		0.55			0.93			2.40			(0.52	)		0.96
Less distributions from:
Net investment income			(0.36	)		(0.72	)		(0.81	)		(0.88	)		(0.88	)		(0.88	)
Total distributions			(0.36	)		(0.72	)		(0.81	)		(0.88	)		(0.88	)		(0.88	)
Net asset value, end of period		$	16.88		$	19.63		$	19.80		$	19.68		$	18.16		$	19.56
Total Return (b)			–12.30	%		2.86	%		4.96	%		13.34	%		–2.73	%		5.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	258,715		$	299,518		$	298,636		$	297,219		$	308,285		$	344,508
Ratios to average net assets (c):
Net expenses			0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses			0.67	%		0.66	%		0.67	%		0.67	%		0.64	%		0.67	%
Net investment income (loss)			3.91	%		3.64	%		4.17	%		4.47	%		4.65	%		4.57	%
Portfolio turnover rate			7	%		30	%		26	%		21	%		16	%		21	%

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
each period	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
Open Shares
Net asset value, beginning of period		$	19.72		$	19.90		$	19.76		$	18.28		$	19.64		$	19.56
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.33			0.67			0.75			0.80			0.84			0.84
Net realized and unrealized gain (loss)			(2.75	)		(0.17	)		0.15			1.48			(1.36	)		0.08
Total from investment operations			(2.42	)		0.50			0.90			2.28			(0.52	)		0.92
Less distributions from:
Net investment income			(0.34	)		(0.68	)		(0.76	)		(0.80	)		(0.84	)		(0.84	)
Total distributions			(0.34	)		(0.68	)		(0.76	)		(0.80	)		(0.84	)		(0.84	)
Net asset value, end of period		$	16.96		$	19.72		$	19.90		$	19.76		$	18.28		$	19.64
Total Return (b)			–12.40	%		2.55	%		4.80	%		12.74	%		–2.78	%		4.77	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	2,956		$	3,423		$	3,733		$	4,170		$	4,314		$	5,708
Ratios to average net assets (c):
Net expenses			0.80	%		0.80	%		0.80	%		0.83	%		0.85	%		0.85	%
Gross expenses			1.03	%		1.00	%		1.03	%		1.19	%		1.11	%		1.13	%
Net investment income (loss)			3.65	%		3.39	%		3.94	%		4.18	%		4.34	%		4.28	%
Portfolio turnover rate			7	%		30	%		26	%		21	%		16	%		21	%

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	6/30/22†				12/31/21			12/31/20*			12/31/19*			12/31/18*			12/31/17*
R6 Shares
Net asset value, beginning of period		$	19.69		$	19.88		$	19.76		$	18.68		$	19.56		$	19.48
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.38			0.73			0.81			0.92			0.92			0.88
Net realized and unrealized gain (loss)			(2.77	)		(0.18	)		0.11			1.04			(1.40	)		0.08
Total from investment operations			(2.39	)		0.55			0.92			1.96			(0.48	)		0.96
Less distributions from:
Net investment income			(0.37	)		(0.74	)		(0.80	)		(0.88	)		(0.40	)		(0.88	)
Total distributions			(0.37	)		(0.74	)		(0.80	)		(0.88	)		(0.40	)		(0.88	)
Net asset value, end of period		$	16.93		$	19.69		$	19.88		$	19.76		$	18.68		$	19.56
Total Return (b)			–12.26	%		2.80	%		4.89	%		10.67	%		–2.43	%(d)		5.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	1		$	1		$	1		$	1		$	1,783
Ratios to average net assets (c):
Net expenses			0.55	%		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses			247.69	%		231.95	%		256.05	%		858.55	%		4.62	%		1.69	%
Net investment income (loss)			4.15	%		3.66	%		4.22	%		4.55	%		4.61	%		4.58	%
Portfolio turnover rate			7	%		30	%		26	%		21	%		16	%		21	%

†	Unaudited.
*	On November 17, 2020, the Portfolio effected a 1:4 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split.
(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.
(d)	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    75

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	9.83		$	9.89		$	9.77		$	9.70		$	9.79		$	9.86
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.04			0.02			0.12			0.21			0.19			0.14
Net realized and unrealized gain (loss)			(0.26	)		(0.06	)		0.12			0.07			(0.09	)		(0.07	)
Total from investment operations			(0.22	)		(0.04	)		0.24			0.28			0.10			0.07
Less distributions from:
Net investment income			(0.04	)		(0.02	)		(0.12	)		(0.20	)		(0.17	)		(0.11	)
Return of capital			—			—			—			(0.01	)		(0.02	)		(0.03	)
Total distributions			(0.04	)		(0.02	)		(0.12	)		(0.21	)		(0.19	)		(0.14	)
Net asset value, end of period		$	9.57		$	9.83		$	9.89		$	9.77		$	9.70		$	9.79
Total Return (b)			–2.20	%		–0.39	%		2.46	%		2.93	%		1.08	%		0.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	68,900		$	79,247		$	87,746		$	96,096		$	116,276		$	100,390
Ratios to average net assets (c):
Net expenses			0.40	%		0.36	%		0.40	%		0.40	%		0.40	%		0.40	%
Gross expenses			0.52	%		0.48	%		0.47	%		0.45	%		0.43	%		0.43	%
Net investment income (loss)			0.89	%		0.22	%		1.21	%		2.18	%		2.00	%		1.43	%
Portfolio turnover rate			102	%		100	%		97	%		175	%		170	%		108	%

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	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	9.84		$	9.90		$	9.78		$	9.71		$	9.79		$	9.87
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.03			0.01			0.09			0.19			0.16			0.11
Net realized and unrealized gain (loss)			(0.26	)		(0.06	)		0.12			0.06			(0.08	)		(0.08	)
Total from investment operations			(0.23	)		(0.05	)		0.21			0.25			0.08			0.03
Less distributions from:
Net investment income			(0.03	)		(0.01	)		(0.09	)		(0.17	)		(0.14	)		(0.09	)
Return of capital			—			—			—			(0.01	)		(0.02	)		(0.02	)
Total distributions			(0.03	)		(0.01	)		(0.09	)		(0.18	)		(0.16	)		(0.11	)
Net asset value, end of period		$	9.58		$	9.84		$	9.90		$	9.78		$	9.71		$	9.79
Total Return (b)			–2.29	%		–0.50	%		2.20	%		2.64	%		0.88	%		0.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	16		$	22		$	29		$	16		$	37		$	25
Ratios to average net assets (c):
Net expenses			0.59	%		0.48	%		0.65	%		0.69	%		0.70	%		0.70	%
Gross expenses			26.53	%		18.10	%		14.74	%		51.53	%		38.00	%		33.88	%
Net investment income (loss)			0.65	%		0.12	%		0.96	%		1.91	%		1.68	%		1.13	%
Portfolio turnover rate			102	%		100	%		97	%		175	%		170	%		108	%

†	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. 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.

Semi-Annual Report    77

The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2022 (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, 2022, the Fund was comprised of twenty-nine no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Emerging Markets Debt Portfolio (“Emerging Markets Debt”), the Lazard Global Fixed Income Portfolio (“Global Fixed Income”), the Lazard US Corporate Income Portfolio (“US Corporate Income”), and the Lazard US Short Duration Fixed Income Portfolio (“US Short Duration Fixed Income”).The financial statements of the other twenty-five Portfolios are presented separately.

The Portfolios, other than the 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 Fund’s prospectus).

2. Significant Accounting Policies

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

(a) Valuation of Investments—Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which

78   Semi-Annual Report

considers such factors as other security prices, yields and maturities. 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 US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. Over the counter swap agreements are valued by an independent pricing service and centrally cleared swaps are valued at the last reported sale on the clearing exchange. 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.

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 Fund’s Board of Directors (the “Board”). Certain 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.

Semi-Annual Report   79

The Valuation Committee of the Investment Manager, which is subject to the oversight of 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 management team also will be considered.

The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Interest income is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method and mortgage-backed securities using the level yield method.

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

(c) Foreign Currency Translation and Forward Currency Contracts—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

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The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency 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. 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 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.

During the period ended June 30, 2022, the Emerging Markets Debt and Global Fixed Income Portfolios traded in forward currency contracts.

(d) Futures Contracts—Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.

Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon

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entering into a futures contract, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash collateral pledged for futures contracts in the Statement of Assets and Liabilities.

Securities may be deposited as initial margin. If applicable, any cash deposited and held on margin is shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as receivables (or payables) for variation margin on open futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

During the period ended June 30, 2022, none of the portfolios traded in futures contracts.

(e) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. 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 a 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. When a Portfolio writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation.

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These amounts, which are considered restricted, are included in cash collateral in the Statement of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.

During the period ended June 30, 2022, none of the portfolios traded in options transactions.

(f) 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, 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. The change in value, if any, on swap agreements 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.

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Upon entering into a centrally cleared swap, the Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Portfolio of Investments and cash deposited is shown as cash collateral for swaps in the Statement of Assets and Liabilities. On these transactions, the Portfolio agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

During the period ended June 30, 2022, none of the portfolios traded in swap agreements.

(g) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (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, 2021, 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	$	18,945,566	$	19,545,754
US Corporate Income		4,140,402		4,329,460
US Short Duration Fixed Income		36,430		124,436

During the year ended December 31, 2021, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

Portfolio	Amounts
US Corporate Income	$	495,418
US Short Duration Fixed Income		239,997

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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, 2021, the following Portfolios elected to defer such losses as follows:

Portfolio	Post October Capital Loss Deferral		Late Year Ordinary Loss Deferral
Emerging Markets Debt	$	—	$	22,933
Global Fixed Income		12,869		2,811
US Short Duration Fixed Income		—		1,758

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

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Emerging Markets Debt	$	18,314,203	$	98,658	$	3,214,877	$	(3,116,219	)
Global Fixed Income		6,372,862		144,754		1,150,147		(1,005,393	)
US Corporate Income		294,740,284		442,305		36,687,416		(36,245,111	)
US Short Duration Fixed Income		69,762,826		1,766		1,179,598		(1,177,832	)

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—For each Portfolio, income dividends are normally declared each business day and paid monthly. During any particular year, net realized gains from

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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, but may be distributed more frequently. 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, 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.

(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 primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.

(j) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

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(k) Net Asset Value—The 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. The NAV per share of a class 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 manages the investment operations of each Portfolio and the assets of each Portfolio including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, 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	%
Global Fixed Income		0.50
US Corporate Income		0.55
US Short Duration Fixed Income		0.25

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until April 29, 2023 (or such other date as indicated below) if the aggregate direct expenses of each Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Fund” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable

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percentage 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
Emerging Markets Debt (a)		0.85	%		1.05	%		0.80	%
Global Fixed Income		0.70			0.95			N/A
US Corporate Income (b)		0.55			0.80			0.55
US Short Duration Fixed Income (c)		0.40			0.65			N/A

(a)	From April 29, 2023 until April 29, 2032, the annual rates are 1.10%, 1.35%, and 1.05%, respectively.
(b)	This agreement will continue in effect until April 29, 2032 for the R6 Shares.
(c)	This agreement will continue in effect until April 29, 2032 for Open Shares.

In addition, until April 29, 2023, 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. Further, the Investment Manager will bear the daily expenses incurred in excess of any income produced for the US Short Duration Fixed Income Portfolio.

During the period ended June 30, 2022, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt	$	59,792	$	45,037	$	1,218	$	2,581
Global Fixed Income		17,487		61,777		97		2,538
US Corporate Income		172,545		—		3,707		—
US Short Duration Fixed Income		42,377		—		22		2,206

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	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt	$	4	$	1,470
US Corporate Income		3		1,426

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

State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

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 certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

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

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 2022, the annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead

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Independent Director, and (3) an additional annual fee of $25,000 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) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative 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, 2022 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Debt	$	7,958,974	$	8,254,492
Global Fixed Income		1,121,646		3,078,810
US Corporate Income		18,430,468		17,733,797
US Short Duration Fixed Income		340,151		1,319,738

	US Government and Treasury Securities
Portfolio	Purchases		Sales
Global Fixed Income	$	252,134	$	184,988
US Short Duration Fixed Income		73,764,333		81,350,340

For the period ended June 30, 2022, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

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6. Line of Credit

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan 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 1.00% plus the “Applicable Rate,” which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, 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, 2022, the following Portfolios had borrowings under the Agreement as follows:

Portfolio	Average Daily Loan Balance*		Maximum Daily Loan Outstanding		Weighted Average Interest Rate			Number of  Days Borrowings were Outstanding
Emerging Markets Debt	$	205,300	$	273,500		1.18	%		5
Global Fixed Income		82,943		274,500		1.57			16

* For days borrowings were outstanding.

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

7. Investment Risks

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

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(a) 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 the effects of 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 a Portfolio and its investments.

(b) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

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Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices.

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 market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities 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 or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic

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adjustment rate. 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.

(c) 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.

(d) 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 and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

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(e) 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 investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

(f) Derivatives and Hedging Risk—Derivatives transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements; forward currency contracts; structured products; over-the-counter options on currencies and swap agreements; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of, and default, by the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of, or default by, the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference asset, index or rate. 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

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costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions or otherwise cover its obligations, in accordance with applicable regulations while the positions are open. New SEC Rule 18f-4 under the 1940 Act, with which investment companies must comply beginning in August 2022, relates to the use of derivatives and certain other transactions by registered investment companies, and will rescind and withdraw applicable guidance and relief regarding these asset segregation and coverage practices. Rule 18f-4 will regulate and, in some cases limit, the use of derivatives for certain Portfolios and may require a Portfolio to alter, perhaps materially, its use of derivatives.

(g) 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 asset, market or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. Use of derivatives transactions may cause a Portfolio to experience losses greater than if a Portfolio had not engaged in such transactions.

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(h) 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. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.

The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide a Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.

(i) 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.

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● 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 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.

(j) Non-Diversification Risk—A Portfolio that is classified as “non-diversified” 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.

(k) Government Securities Risk—Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by a Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

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(l) 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 impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; 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 a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and 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.

(m) Geopolitical Risk—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the

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Portfolios’ investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

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

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● 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 methodology or inputs 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, 2022:

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, 2022
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*		$	—	$	815,471		$	—	$	815,471
Foreign Government Obligations*			—		13,472,539			—		13,472,539
Quasi Government Bonds*			—		22,120			—		22,120
Supranational Bonds			—		13,832			—		13,832
Short-Term Investments			870,528		—			—		870,528
Other Financial Instruments†
Forward Currency Contracts			—		36,854			—		36,854
Total		$	870,528	$	14,360,816		$	—	$	15,231,344
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(33,360	)	$	—	$	(33,360	)

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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, 2022
Global Fixed Income Portfolio
Assets:
Corporate Bonds*		$	—	$	1,913,166		$	—	$	1,913,166
Foreign Government Obligations*			—		2,539,734			—		2,539,734
Quasi Government Bonds*			—		70,958			—		70,958
Supranational Bonds			—		616,302			—		616,302
US Municipal Bonds			—		86,777			—		86,777
US Treasury Securities			—		121,706			—		121,706
Short-Term Investments			57,844		—			—		57,844
Other Financial Instruments†
Forward Currency Contracts			—		138,638			—		138,638
Total		$	57,844	$	5,487,281		$	—	$	5,545,125
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(177,656	)	$	—	$	(177,656	)
US Corporate Income Portfolio
Corporate Bonds*		$	—	$	227,227,889		$	—	$	227,227,889
Exchange-Traded Funds			20,604,265		—			—		20,604,265
Short-Term Investments			10,663,019		—			—		10,663,019
Total		$	31,267,284	$	227,227,889		$	—	$	258,495,173
US Short Duration Fixed Income Portfolio
Asset-Backed Securities		$	—	$	347,048		$	—	$	347,048
Corporate Bonds*			—		8,158,238			—		8,158,238
US Treasury Securities			—		59,799,345			—		59,799,345
Short-Term Investments			280,363		—			—		280,363
Total		$	280,363	$	68,304,631		$	—	$	68,584,994

*	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).

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10. Derivative Instruments

Certain portfolios may use derivative instruments, including forward currency contracts.

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

During the period ended June 30, 2022, 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	$	4,300,000	$	3,900,000
Average amounts sold	$	2,900,000	$	3,400,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2022:

Emerging Markets Debt Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	36,854
Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	33,360

Global Fixed Income Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	138,638
Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	177,656

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The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2022 was:

Emerging Markets Debt Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(117,104	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward currency contracts	$	27,413

Global Fixed Income Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(98,543	)
Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	(75,285	)

As of June 30, 2022, the Emerging Markets Debt and Global Fixed Income Portfolios held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

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The required information for the affected Portfolios is presented in the below table, as of June 30, 2022:

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		$	36,854		$	—		$	36,854

				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		$	8,996	$	(8,996	)	$	—	$	—
Barclays Bank PLC			10,514		(2,369	)		—		8,145
HSBC Bank USA NA			161		—			—		161
Standard Chartered Bank			8,235		(8,235	)		—		—
UBS AG			8,948		—			—		8,948
Total		$	36,854	$	(19,600	)	$	—	$	17,254

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		$	33,360		$	—		$	33,360

				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		$	9,559	$	(8,996	)	$	—		$	563
Barclays Bank PLC			2,369		(2,369	)		—			—
Citibank NA			12,462		—			—			12,462
Standard Chartered Bank			8,970		(8,235	)		—			735
Total		$	33,360	$	(19,600	)	$	—		$	13,760

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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		$	138,638		$	—		$	138,638

				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		$	31,430	$	(31,430	)	$	—		$	—
HSBC Bank USA NA			46,085		(46,085	)		—			—
JPMorgan Chase Bank NA			56,076		(29,735	)		—			26,341
Morgan Stanley & Co.			5,047		(376	)		—			4,671
Total		$	138,638	$	(107,626	)	$	—		$	31,012

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		$	177,656		$	—		$	177,656

				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		$	32,885	$	(31,430	)	$	—		$	1,455
HSBC Bank USA NA			114,660		(46,085	)		—			68,575
JPMorgan Chase Bank NA			29,735		(29,735	)		—			—
Morgan Stanley & Co.			376		(376	)		—			—
Total		$	177,656	$	(107,626	)	$	—		$	70,030

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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 No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides 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 reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020 and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. Management has adopted ASU No. 2020-04.

12. Subsequent Events

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

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The Lazard Funds, Inc. Other Information (unaudited)

Tax Information

Year Ended December 31, 2021

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2021:

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.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

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 the complete schedule of each portfolio 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 Agreement

At meetings of the Board held on June 1, 2022 and June 28, 2022, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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 28, 2022 meeting, additional information requested by the Independent Directors at the June 1, 2022 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. As of March 31, 2022, the Lazard Funds complex of 35 active funds comprised approximately $23 billion of the approximately $253 billion of total assets under the management of the Investment Manager and its global affiliates.

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 resources relevant to providing services pursuant to the Management Agreement; the qual-

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ifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition. 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 $23 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 that were selected by Strategic Insight as comparable to the Portfolio, for expense comparison purposes, based on Strategic Insight’s methodology (the “Expense Peer Group”); 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 compar-

110    Semi-Annual Report

isons with the Board, which showed that the advisory fees and net expense ratios of the Portfolios were 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. The Board also received a description of Strategic Insight’s methodology for its construction of Expense Peer Groups and a summary of how the methodology was applied.

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, among other performance information provided to the Board on a quarterly basis, 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, 2022, as applicable, compared to performance for the same time periods to that of:

● a group of funds not advised by the Investment Manager that were selected by Strategic Insight as comparable to the Portfolio, for performance comparison purposes, based on Strategic Insight’s methodology (the “Performance Peer Group”);

Semi-Annual Report    111

● 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.

The Board also received a description of Strategic Insight’s methodology for its construction of Performance Peer Groups and a summary of how the methodology was applied, including, for certain Portfolios, deviations from Strategic Insights’ stated methodology and the reasons therefor.

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 the Portfolios’ relative underperformance in light of the Investment Manager’s performance expectations.

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, 2021 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 administrative and recordkeeping services, and noted

112    Semi-Annual Report

that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios’ Open Shares.

The profitability percentages were below 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 percentage 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 percentage 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 as of the most recently completed calendar year had either decreased (or not increased significantly) from the Portfolio’s assets as of the end of the previous calendar year and/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.

Semi-Annual Report    113

● 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 $253 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 other 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. Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; the expected pattern of performance for the Portfolios in different market conditions; 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 Man-

114    Semi-Annual Report

agement 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 liquidity risk. The rule is designed to promote effective liquidity risk management and reduce 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.

The Board 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 Valuation and Liquidity Committee comprised of various Fund officers and senior personnel of the Investment Manager. 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, among other things, addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation and any material changes to the LRMP. The Board received a written report in June 2022 (the “Annual Report”).The Annual Report included, among other things, a statement that the Investment Manager, as the Program Administrator, acting primarily through the Valuation and Liquidity Committee, has reviewed 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. There were no material compliance matters relating to compliance with Rule 22e-4 identified in the Annual Report.

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The Lazard Funds, Inc.

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

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 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.

2000 Crown Colony Drive

Quincy, Massachusetts 02169-0953

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

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, 2022

Multi-Asset Funds

Lazard Enhanced Opportunities Portfolio

Lazard Global Dynamic Multi-Asset Portfolio

Lazard Opportunistic Strategies Portfolio

Lazard Real Assets Portfolio

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)
11	Portfolio Holdings Presented by Asset Class/Sector (unaudited)
13	Portfolios of Investments (unaudited)
13	Lazard Enhanced Opportunities Portfolio
31	Lazard Global Dynamic Multi-Asset Portfolio
56	Lazard Opportunistic Strategies Portfolio
61	Lazard Real Assets Portfolio
69	Notes to Portfolios of Investments (unaudited)
76	Statements of Assets and Liabilities (unaudited)
80	Statements of Operations (unaudited)
82	Statements of Changes in Net Assets (unaudited)
88	Financial Highlights (unaudited)
98	Notes to Financial Statements (unaudited)
140	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 the Portfolio’s summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio’s summary prospectus carefully before you invest. The prospectus and a Portfolio’s summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, 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 first six months of 2022 were a turbulent period for financial markets, as optimism about the global economic outlook, which remained resilient throughout 2021, gave way to growing anxiety about worsening inflationary pressure.

Events during the period conspired to create stiff macro headwinds for markets. The economic fallout from Russia’s invasion of Ukraine and the harsh retaliatory sanctions imposed by Western countries rippled across financial markets and the wider global economy because of Russia’s stature as one of the world’s largest producers of oil, natural gas, and other commodities. Energy prices rose sharply, and supply chains bottlenecks worsened due to shortages of Russian industrial metals. Supply chains were further snarled when the Chinese government imposed harsh lockdowns on some of China’s most important cities, including those that serve as global manufacturing hubs, in an attempt to stamp out a rapidly spreading coronavirus outbreak.

With inflation reaching levels not seen in decades, the global monetary landscape shifted dramatically in the period, as policymakers sought to rein in soaring prices by pulling back from the ultra-low interest-rate-policies they implemented to contain the economic fallout from the coronavirus pandemic. In all, central banks from at least 45 countries raised interest rates in the first six months of 2022. At the same time, investors grew nervous that interest rates hikes, especially from major central banks, would tip the fragile global economy into a recession. In the US, the Federal Reserve (the “Fed”) adopted an increasingly aggressive posture during the period, raising its benchmark short-term interest rate by 25 basis points (bps), 50 bps, and 75 bps in March, May, and June, respectively, with more hikes likely, as domestic inflation reached a 40-year high. The Fed also began reducing its $9 trillion balance sheet of Treasury and mortgage bonds in June, which further tightened financial conditions. Across the Atlantic, the European Central Bank stated that it was prepared to raise interest rates in July for the first time in over a decade amid soaring inflation in the euro zone. Elsewhere in Europe, the Bank of England increased its benchmark interest rate four times in the six-month period, as inflation in the UK reached a level not seen since 1982.

2   Semi-Annual Report

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, fell 20.2% in the period, as stock investors fretted about the impact soaring inflation would have on corporate earnings. Notably, the S&P 500 Index recorded its worst first-half performance since 1970. The Fed’s aggressive rate-hike campaign also drove up the yields of risk-free US Treasury bonds, which undercut the appeal of stocks.

Meanwhile, global bond markets also came under pressure as many central banks transitioned from ultra-accommodative monetary policies to tighter regimes to tame increasing inflationary pressures. Sovereign rates rose amid the faster-than-expected acceleration of central bank interest rate hikes and, in the case of the Fed, balance sheet shrinking. Although credit spreads initially did well in the first quarter of the year, the second quarter saw both investment grade and high yield spreads generally widen compared to historical levels. Consequently, many bond markets around the world suffered losses, with many indices posting outsized year-to-date negative returns through mid-year. Notable among this group of indices was the Bloomberg Global Aggregate Bond Index, which fell 13.9% in the period. Underscoring the high level of risk aversion in the markets, the US dollar continued to strengthen, asserting itself as the safe-haven global currency and further supported by a hawkish central bank determined to regain its inflation fighting credibility.

The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Semi-Annual Report   3

The Lazard Funds, Inc. Performance Overviews (unaudited)

Please see the “Notes to the Performance Overviews” for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares and Open Shares, and the indexes shown below.

Lazard Enhanced Opportunities Portfolio

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

Average Annual Total Returns
Periods Ended June 30, 2022
	One Year	Five Year	Since Inception	†
Institutional Shares	–5.15%	3.21%	2.87%
Open Shares	–5.38%	2.98%	2.61%
ICE BofAML U.S. Convertible ex Mandatory Index	–22.73%	10.51%	9.29%
HFRX Global Hedge Fund Index	–5.12%	1.94%	1.46%

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

4   Semi-Annual Report

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, the MSCI^® World Index and GDMA Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One Year	Five Year	Since Inception	†
Institutional Shares	–12.72%	2.55%	3.75%
Open Shares	–12.92%	2.28%	3.47%
MSCI World Index	–14.34%	7.67%	8.99%
GDMA Index	–14.62%	3.77%	4.48%

† 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, 2022

	One Year	Five Year	Ten Year
Institutional Shares	–11.61%	2.65%	4.45%
Open Shares	–11.90%	2.37%	4.11%
MSCI World Index	–14.34%	7.67%	9.51%
Global Asset Allocation Blended Index	–12.51%	5.39%	6.56%

Semi-Annual Report   5

Lazard Real Assets Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Real Assets Portfolio, MSCI World Index and Real Assets Index, Real Assets Custom Index and Real Assets Linked Custom Index

Average Annual Total Returns

Periods Ended June 30, 2022

	One Year	Five Year	Since Inception	†
Institutional Shares	3.07%	5.83%	6.13%
Open Shares	2.72%	5.56%	5.83%
MSCI World Index	–14.34%	7.67%	8.94% (Institutional Shares) 8.68% (Open Shares))
Real Assets Index	5.19%	6.80%	6.92% (Institutional Shares) 6.91% (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:

Information About Portfolio Performance Shown Above

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 agent and dividend disbursing agent (“DST”); without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

6   Semi-Annual Report

Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles (“GAAP”), if any, and may differ from amounts reported in the financial highlights. For the Lazard Enhanced Opportunity Portfolio, a voluntary reimbursement by State Street increased the total return ratio by 0.11%, for year ended December 31, 2021 and 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 an investment in a 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 graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio’s distributions or the redemption of Portfolio shares.

The performance of Institutional Shares, Open Shares and R6 Shares, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.

Information About Portfolio Performance Shown Above

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 Global Aggregate^® Index and is rebalanced monthly. The Bloomberg 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 sovereign debt.

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 US 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 Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure USD Hedged Index, 33.3% MSCI ACWI IMI Core Real Estate Index, and 33.3% Bloomberg Barclays Commodity Total Return Index. The Real Assets Index was constructed by the Investment Manager for comparison to the performance of the Lazard Real Assets Portfolio pursuant to its investment strategy effective September 1, 2020. The Real Assets Index will replace the Real Assets Custom Index, which was created by the Investment Manager for comparison to the Portfolio’s performance pursuant to its investment strategy prior to September 1, 2020.

Semi-Annual Report   7

The Infrastructure Index captures large and mid-cap securities across the 23 developed market countries of the MSCI World Index and is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that the Investment Manager 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 24 emerging markets countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The Bloomberg Commodity Total Return index is composed of futures contracts and reflects the returns on a fully collateralized investment in the Bloomberg Commodity Indices (the “BCOM”). This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills. The Bloomberg Barclays World Government Inflation-Linked Bond 1–10 Year Index measures the performance of investment grade, government inflation-linked debt from 12 different developed market countries.

The 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.

8   Semi-Annual Report

The Lazard Funds, Inc.

Information About Your Portfolio’s Expenses (unaudited)

Expense Example

As a shareholder in a Portfolio, 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, 2022 through June 30, 2022 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

Portfolio	Beginning Account Value 1/1/22		Ending Account Value 6/30/22		Expenses Paid During Period 1/1/22 - 6/30/22		*	Annualized Expense Ratio During Period 1/1/22 - 6/30/22
Enhanced Opportunities
Institutional Shares
Actual		$1,000.00		$   924.10		$  9.40			1.97%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,015.03		$  9.84			1.97%
Open Shares
Actual		$1,000.00		$   922.10		$10.82			2.27%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,013.54		$11.33			2.27%
Global Dynamic Multi-Asset
Institutional Shares
Actual		$1,000.00		$   825.60		$ 4.07			0.90%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,020.33		$ 4.51			0.90%
Open Shares
Actual		$1,000.00		$   825.00		$ 5.20			1.15%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,019.09		$ 5.76			1.15%
Opportunistic Strategies
Institutional Shares
Actual		$1,000.00		$   845.40		$ 4.76			1.04%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,019.64		$ 5.21			1.04%
Open Shares
Actual		$1,000.00		$   844.50		$ 5.90			1.29%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,018.40		$ 6.46			1.29%
Real Assets
Institutional Shares
Actual		$1,000.00		$   961.70		$ 3.89			0.80%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,020.83		$ 4.01			0.80%
Open Shares
Actual		$1,000.00		$   960.60		$ 5.10			1.05%
Hypothetical (5% Return Before Expenses)		$1,000.00		$1,019.59		$ 5.26			1.05%

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

10   Semi-Annual Report

The Lazard Funds, Inc. Portfolio Holdings

Presented by Sector and Region June 30, 2022 (unaudited)

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector	Long		^	Short		†
Convertible Corporate Bonds
Communication Services		11.4	%		—	%
Consumer Discretionary		10.7			—
Consumer Staples		3.4			—
Energy		2.5			—
Financials		12.6			—
Health Care		15.9			—
Industrials		7.1			—
Information Technology		12.9			—
Materials		5.1			—
Real Estate		2.7			—
Equity
Communication Services		0.1			–4.7
Consumer Discretionary		0.0	#		–5.7
Consumer Staples		—			–2.4
Energy		—			–3.0
Financials		0.4			–2.6
Health Care		0.1			–19.4
Industrials		0.0	#		–12.1
Information Technology		0.1			–11.7
Materials		0.0	#		–7.3
Real Estate		—			–1.7
Exchange Traded Funds		—			–13.8
Purchased Option		0.1			—
US Treasury Securities		—			–15.6
Short-Term Investments		14.9			—
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%.

Semi-Annual Report   11

Asset Class/Sector*	Lazard Global Dynamic Multi-Asset Portfolio		**	Lazard Opportunistic Strategies Portfolio		**	Lazard Real Assets Portfolio
Equity
Communication Services		4.8	%		2.2	%		0.1	%
Consumer Discretionary		7.1			3.7			0.8
Consumer Staples		5.7			11.5			—
Energy		1.6			1.7			4.9
Financials		12.5			5.3			—
Health Care		7.8			14.2			—
Industrials		7.9			4.8			7.9
Information Technology		10.1			13.0			—
Materials		1.7			1.6			0.8
Real Estate		2.1			1.1			32.5
Utilities		2.1			4.3			13.9
Commodity		—			9.0			—
Exchange Traded Funds		—			—			5.4
Fixed Income		—			12.1			—
Foreign Government Obligations		23.0			—			—
Sovereign Debt		6.1			—			—
Specialty		—			3.7			—
US Municipal Bonds		1.1			—			—
US Treasury Securities		1.8			—			—
Short-Term Investments		4.6			11.8			33.7
Total Investments		100.0	%		100.0	%		100.0	%

*	Represents percentage of total investments.
**	Equity sector breakdown is based upon the underlying holdings of exchange- traded funds held by the Portfolio.

12   Semi-Annual Report

The Lazard Funds, Inc. Portfolios of Investments

June 30, 2022 (unaudited)

			Fair
Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  1.1%
Austria  |  0.1%
ams-OSRAM AG (*)		5,788	$	51,928
Canada  |  0.0%
Canopy Growth Corp. (*)		8,136		23,188
United States  |  1.0%
Arbor Realty Trust, Inc. (±)		11,822		154,986
Contra Zogenix, Inc. (*), (¢)		40,674		27,658
Guess?, Inc. (±)		1,719		29,309
Hope Bancorp, Inc. (±)		3,650		50,516
KKR Real Estate Finance Trust, Inc. REIT (±)		1,709		29,822
Mesa Laboratories, Inc. (±)		274		55,880
MP Materials Corp. (*), (±)		174		5,582
Patrick Industries, Inc. (±)		191		9,901
PennyMac Mortgage Investment Trust REIT (±)		5,060		69,980
Sirius XM Holdings, Inc. (±)		11,042		67,687
Starwood Property Trust, Inc. REIT (±)		1,767		36,913
The Greenbrier Cos., Inc. (±)		26		936
Two Harbors Investment Corp. (±)		911		4,537
				543,707
Total Common Stocks (Cost $642,457)				618,823

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Convertible Corporate Bonds  |  125.8%
Australia  |  0.1%
Zip Co., Ltd., 0.000%, 04/23/28 (±)	AUD		300	$	67,299

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)
Austria  |  0.7%
ams-OSRAM AG, 2.125%, 11/03/27 (±)	EUR		500	$	382,701
Brazil  |  1.0%
GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±)	USD		705		521,175
Canada  |  2.6%
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		221		201,110
Dye & Durham, Ltd., 3.750%, 03/01/26	CAD		636		405,158
Ivanhoe Mines, Ltd., 2.500%, 04/15/26 (±)	USD		293		302,523
Lithium Americas Corp., 1.750%, 01/15/27 (±)	USD		236		196,706
Osisko Gold Royalties, Ltd., 4.000%, 12/31/22	CAD		385		299,024
					1,404,521
China  |  2.5%
NIO Inc., 0.000%, 02/01/26 (±)	USD		644		543,858
Li Auto, Inc., 0.250%, 05/01/28 (±)	USD		527		787,736
					1,331,594
Hong Kong  |  0.5%
Cathay Pacific Finance III, Ltd., 2.750%, 02/05/26 (±)	HKD		2,000		276,355
Netherlands  |  0.5%
Pharming Group NV, 3.000%, 01/21/25 (±)	EUR		300		274,760
Panama  |  1.2%
Copa Holdings SA, 4.500%, 04/15/25 (±)	USD		449		639,151

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)
Singapore  |  1.0%
Sea, Ltd., 0.250%, 09/15/26 (±)	USD		729	$	535,815
South Korea  |  0.6%
Delivery Hero SE:
1.000%, 04/30/26 (±)	EUR		200		136,619
1.500%, 01/15/28 (±)	EUR		300		189,841
					326,460
United Kingdom  |  0.3%
Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±)	EUR		200		139,357
United States  |  114.8%
Aerie Pharmaceuticals, Inc., 1.500%, 10/01/24 (±)	USD		440		375,465
Affirm Holdings, Inc., 0.000%, 11/15/26 (±)	USD		464		265,533
Airbnb Inc., 0.000%, 03/15/26 (±)	USD		150		125,400
Altair Engineering, Inc., 1.750%, 06/15/27 (±)	USD		81		78,732
Alteryx, Inc., 0.500%, 08/01/24 (±)	USD		403		355,648
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD		329		347,319
Amyris, Inc., 1.500%, 11/15/26 (±)	USD		700		290,150
Anywhere Real Estate, Inc., 0.250%, 06/15/26 (±)	USD		445		325,963
Arbor Realty Trust, Inc., 4.750%, 11/01/22 (±)	USD		783		774,935
Array Technologies, Inc., 1.000%, 12/01/28 (±)	USD		240		170,880
Avadel Finance Cayman Ltd., 4.500%, 10/02/23 (±)	USD		610		427,000

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)
Avadel Finance Cayman, Ltd., 4.500%, 02/01/23 (±)	USD		426	$	379,406
Avid SPV LLC, 1.250%, 03/15/26 (±)	USD		416		412,100
Bandwidth, Inc. , 0.500%, 04/01/28 (±)	USD		363		216,711
Bentley Systems, Inc., 0.375%, 07/01/27 (±)	USD		351		273,780
Blackline Inc., 0.000%, 03/15/26 (±)	USD		248		197,656
Bloom Energy Corp., 2.500%, 08/15/25 (±)	USD		253		314,201
Braemar Hotels + Resorts , 4.500%, 06/01/26 (±)	USD		499		506,984
Century Aluminum Co., 2.750%, 05/01/28 (±)	USD		221		168,623
Chegg, Inc., 0.000%, 09/01/26 (±)	USD		419		313,622
Cinemark Holdings, Inc., 4.500%, 08/15/25 (±)	USD		490		633,325
CNX Resources Corp., 2.250%, 05/01/26 (±)	USD		98		143,717
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		376		246,092
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		295		259,979
Coupa Software, Inc.:
0.125%, 06/15/25 (±)	USD		336		279,048
0.375%, 06/15/26 (±)	USD		391		295,205
Cutera Inc.,
2.250%, 03/15/26 (±)	USD		175		230,686
2.250%, 06/01/28 (±)	USD		270		256,502
Danimer Scientific, Inc., 3.250%, 12/15/26 (±)	USD		642		456,462

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)
DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±)	USD		792	$	595,505
DISH Network Corp.:
0.000%, 12/15/25 (±)	USD		109		76,856
3.375%, 08/15/26 (±)	USD		317		214,926
Dynavax Technologies Corp., 2.500%, 05/15/26 (±)	USD		1,272		1,856,484
Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±)	USD		284		463,817
Envestnet, Inc., 0.750%, 08/15/25 (±)	USD		129		110,682
Envista Holdings Corp., 2.375%, 06/01/25 (±)	USD		459		878,755
Everbridge, Inc., 0.125%, 12/15/24 (±)	USD		511		446,826
Evolent Health Inc., 3.500%, 12/01/24 (±)	USD		207		367,942
EZCORP, Inc., 2.875%, 07/01/24 (±)	USD		1,108		1,157,306
Fisker, Inc., 2.500%, 09/15/26 (±)	USD		1,721		1,032,600
Fiverr International, Ltd., 0.000%, 11/01/25 (±)	USD		780		591,240
fuboTV, Inc., 3.250%, 02/15/26 (±)	USD		686		217,462
Global Blood Therapeutics, Inc., 1.875%, 12/15/28 (±)	USD		82		96,965
Gossamer Bio, Inc., 5.000%, 06/01/27 (±)	USD		165		123,338
Granite Construction, Inc., 2.750%, 11/01/24 (±)	USD		195		214,354
Groupon, Inc., 1.125%, 03/15/26 (±)	USD		565		360,187
Guess?, Inc., 2.000%, 04/15/24 (±)	USD		876		862,239

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

Semi-Annual Report   17

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Hat Holdings I LLC, 0.000%, 05/01/25 (±)	USD		161	$	154,459
Hci Group, Inc., 4.750%, 06/01/42 (±)	USD		228		235,752
Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±)	USD		1,302		1,251,222
Herbalife Nutrition, Ltd., 2.625%, 03/15/24 (±)	USD		886		788,097
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		921		900,830
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		542		516,255
Innoviva, Inc.,
2.125%, 01/15/23 (±)	USD		185		183,011
2.125%, 03/15/28 (±)	USD		272		232,016
Inotiv, Inc., 3.250%, 10/15/27 (±)	USD		428		264,080
Insmed, Inc., 0.750%, 06/01/28 (±)	USD		538		450,306
Intercept Pharmaceuticals, Inc., 3.500%, 02/15/26 (±)	USD		514		491,512
Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 (±)	USD		127		116,116
JetBlue Airways Corp., 0.500%, 04/01/26 (±)	USD		73		54,057
Kaman Corp., 3.250%, 05/01/24 (±)	USD		1,174		1,103,560
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		301		221,409
KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±)	USD		300		297,938
LendingTree, Inc., 0.500%, 07/15/25 (±)	USD		635		431,165

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

18   Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Liberty Broadband Corp.:
1.250%, 09/30/50 (±)	USD		850	$	798,150
2.750%, 09/30/50 (±)	USD		607		578,885
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		1,333		606,515
3.750%, 02/15/30 (±)	USD		1,974		898,170
Liberty Media Corp.:
2.125%, 03/31/48 (±)	USD		843		814,338
2.750%, 12/01/49 (±)	USD		534		499,290
Livent Corp., 4.125%, 07/15/25 (±)	USD		459		1,254,676
Lucid Group, Inc., 1.250%, 12/15/26 (±)	USD		1,149		679,404
Luminar Technologies, Inc., 1.250%, 12/15/26 (±)	USD		182		103,558
Magnite Inc., 0.250%, 03/15/26 (±)	USD		146		106,580
MannKind Corp., 2.500%, 03/01/26 (±)	USD		640		649,009
Mesa Laboratories, Inc., 1.375%, 08/15/25 (±)	USD		167		156,145
Mitek Systems, Inc., 0.750%, 02/01/26 (±)	USD		582		485,388
MP Materials Corp., 0.250%, 04/01/26 (±)	USD		301		292,534
NCL Corp., Ltd.,
1.125%, 02/15/27 (±)	USD		752		490,680
2.500%, 02/15/27 (±)	USD		200		138,000
Nutanix, Inc., 0.250%, 10/01/27 (±)	USD		218		151,793
NuVasive, Inc.:
1.000%, 06/01/23 (±)	USD		948		918,375
0.375%, 03/15/25 (±)	USD		274		244,374
Omeros Corp., 5.250%, 02/15/26 (±)	USD		200		116,740

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

Semi-Annual Report   19

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Opendoor Technologies, Inc., 0.250%, 08/15/26 (±)	USD		692	$	399,738
OSI Systems, Inc., 1.250%, 09/01/22 (±)	USD		363		364,270
Pacira BioSciences, Inc., 0.750%, 08/01/25 (±)	USD		118		122,484
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD		944		1,757,170
PAR Technology Corp., 1.500%, 10/15/27 (±)	USD		954		772,424
Parsons Corp., 0.250%, 08/15/25 (±)	USD		86		90,773
Patrick Industries, Inc., 1.000%, 02/01/23 (±)	USD		211		208,679
Peabody Energy Corp., 3.250%, 03/01/28 (±)	USD		487		643,327
Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±)	USD		522		467,451
PennyMac Corp.,
5.500%, 11/01/24 (±)	USD		669		649,766
5.500%, 03/15/26 (±)	USD		692		609,860
PetIQ, Inc., 4.000%, 06/01/26 (±)	USD		290		278,545
Plug Power, Inc., 3.750%, 06/01/25 (±)	USD		581		1,943,619
Porch Group, Inc., 0.750%, 09/15/26 (±)	USD		877		470,839
PRA Group, Inc., 3.500%, 06/01/23 (±)	USD		937		946,956
Radius Global Infrastructure, Inc., 2.500%, 09/15/26 (±)	USD		345		335,728
Redfin Corp., 0.500%, 04/01/27 (±)	USD		721		343,557
Redwood Trust, Inc.,
4.750%, 08/15/23 (±)	USD		2,114		2,010,942
7.750%, 06/15/27 (±)	USD		176		155,056

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

20    Semi-Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Repay Holdings Corp., 0.000%, 02/01/26 (±)	USD		526	$	408,307
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		656		533,820
RingCentral, Inc., 0.000%, 03/01/25 (±)	USD		306		251,685
Royal Caribbean Cruises, Ltd., 2.875%, 11/15/23 (±)	USD		696		632,929
Shift Technologies, Inc., 4.750%, 05/15/26 (±)	USD		850		245,508
Snap Inc., 0.000%, 05/01/27 (±)	USD		163		113,693
Snap Inc., 0.125%, 03/01/28 (±)	USD		864		605,232
SPOTIFY USA, Inc.,Co., 0.000%, 03/15/26 (±)	USD		363		288,222
Starwood Property Trust, Inc., 4.375%, 04/01/23 (±)	USD		337		334,473
Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±)	USD		150		127,500
SunPower Corp., 4.000%, 01/15/23 (±)	USD		368		382,168
Tandem Diabetes Care, Inc., 1.500%, 05/01/25 (±)	USD		255		237,405
TechTarget, Inc., 0.000%, 12/15/26 (±)	USD		557		449,753
The Beauty Health Co., 1.250%, 10/01/26 (±)	USD		802		648,016
The Chefs’ Warehouse, Inc., 1.875%, 12/01/24 (±)	USD		1,169		1,297,590
The Greenbrier Cos., Inc., 2.875%, 04/15/28 (±)	USD		31		28,985
The Marcus Corp., 5.000%, 09/15/25 (±)	USD		718		1,145,659

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

Semi-Annual Report   21

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
			’
Travere Therapeutics Inc., 2.250%, 03/01/29 (±)	USD		395	$	396,185
Two Harbors Investment Corp., 6.250%, 01/15/26 (±)	USD		354		317,977
United States Steel Corp., 5.000%, 11/01/26 (±)	USD		554		867,010
Upstart Holdings, Inc., 0.250%, 08/15/26 (±)	USD		409		230,676
Upwork, Inc., 0.250%, 08/15/26 (±)	USD		280		214,550
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD		592		719,640
Veeco Instruments Inc., 3.750%, 06/01/27 (±)	USD		430		688,559
Veritone, Inc., 1.750%, 11/15/26 (±)	USD		855		547,938
Virgin Galactic Holdings Inc., 2.500%, 02/01/27 (±)	USD		190		122,004
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		409		388,059
Wayfair, Inc., 0.625%, 10/01/25 (±)	USD		296		196,988
Xometry Inc., 1.000%, 02/01/27 (±)	USD		319		272,107
					61,726,819
Total Convertible Corporate Bonds (Cost $79,533,439)					67,626,007

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

22   Semi-Annual Report

			Number of		Exercise		Notional		Fair
Description	Counterparty		Contracts		Price		Amount		Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options  |  0.2%
Put
American Airlines Group, Inc., Expires 07/01/22		MSC		29	$	11	$	2,900	$	58
American Airlines Group, Inc., Expires 07/01/22		MSC		15		12		1,500		75
American Airlines Group, Inc., Expires 01/20/23		MSC		7		10		700		903
Danimer Scientific, Inc., Expires 11/18/22		MSC		15		2.5		1,500		300
Invesco QQQ Trust, Expires 7/29/22		MSC		19		282		1,900		22,629
iShares Russell 2000 ETF, Expires 7/29/22		MSC		77		166		7,700		35,343
Redfin Corp., Expires 11/18/22		MSC		22		5		2,200		1,628
SPDR S&P 500 ETF Trust, Expires 7/29/22		MSC		19		380		1,900		24,054
Total Purchased Options (Cost $71,337)										84,990

			Fair
Description	Shares		Value
Short-Term Investments  |  22.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $11,987,212)		11,987,212	$	11,987,212
Total Investments excluding Securities Sold Short  |  149.4% (Cost $92,234,445)			$	80,317,032

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

Semi-Annual Report   23

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Securities Sold Short  |  (56.8)%
Common Stocks  |  (40.1)%
Australia  |  0.0%
Zip Co., Ltd.		(8,817	)	$	(2,683	)
Austria  |  (0.1)%
ams-OSRAM AG		(8,078	)		(72,867	)
Brazil  |  0.0%
Gol Linhas Aereas Inteligentes SA ADR		(1,598	)		(5,449	)
Canada  |  (0.5)%
Canopy Growth Corp.		(565	)		(1,606	)
Dye & Durham, Ltd.		(2,988	)		(50,489	)
Ivanhoe Mines, Ltd., Class A		(26,826	)		(154,429	)
Lithium Americas Corp.		(3,115	)		(62,705	)
					(269,229	)
China  |  (1.2)%
Li Auto, Inc. ADR		(15,830	)		(606,447	)
NIO, Inc. ADR		(1,668	)		(36,229	)
					(642,676	)
Hong Kong  |  (0.4)%
Cathay Pacific Airways, Ltd.		(181,800	)		(199,316	)
Netherlands  |  0.0%
Pharming Group NV		(18,981	)		(15,024	)
Panama  |  (0.9)%
Copa Holdings SA, Class A		(7,102	)		(450,054	)
Singapore  |  0.0%
Sea, Ltd. ADR		(295	)		(19,724	)

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

24   Semi-Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
South Korea  |  (0.1)%
Delivery Hero SE		(904	)	$	(33,887	)
United Kingdom  |  0.0%
Just Eat Takeaway.com NV		(196	)		(3,134	)
United States  |  (36.9)%
Aerie Pharmaceuticals, Inc.		(4,225	)		(31,687	)
Affirm Holdings, Inc.		(639	)		(11,540	)
Airbnb, Inc., Class A		(53	)		(4,721	)
Altair Engineering, Inc., Class A		(757	)		(39,742	)
Alteryx, Inc., Class A		(240	)		(11,621	)
American Airlines Group, Inc.		(14,821	)		(187,930	)
Amyris, Inc.		(42,507	)		(78,638	)
Anywhere Real Estate, Inc.		(8,880	)		(87,290	)
Array Technologies, Inc.		(8,549	)		(94,124	)
Avadel Pharmaceuticals PLC ADR		(53,781	)		(131,226	)
Avid Bioservices, Inc.		(13,388	)		(204,301	)
Bandwidth, Inc., Class A		(676	)		(12,722	)
Bentley Systems, Inc., Class B		(993	)		(33,067	)
Blackline, Inc.		(562	)		(37,429	)
Bloom Energy Corp.		(12,231	)		(201,811	)
Braemar Hotels & Resorts, Inc. REIT		(55,473	)		(237,979	)
Century Aluminum Co.		(8,153	)		(60,088	)
Chegg, Inc.		(1,011	)		(18,987	)
Cinemark Holdings, Inc.		(7,631	)		(114,618	)
CNX Resources Corp.		(6,394	)		(105,245	)
Coherus Biosciences, Inc.		(9,760	)		(70,662	)
Collegium Pharmaceutical, Inc.		(6,580	)		(116,598	)
Coupa Software, Inc.		(1,147	)		(65,494	)
Cutera, Inc.		(8,389	)		(314,587	)
Cytokinetics, Inc.		(4,934	)		(193,857	)
Danimer Scientific, Inc.		(26,744	)		(121,953	)
DigitalOcean Holdings, Inc.		(2,130	)		(88,097	)
DISH Network Corp., Class A		(3,378	)		(60,568	)
Dynavax Technologies Corp.		(100,398	)		(1,264,011	)

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

Semi-Annual Report   25

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Eagle Bulk Shipping, Inc.		(7,641	)	$	(396,415	)
Envestnet, Inc.		(344	)		(18,153	)
Envista Holdings Corp.		(20,347	)		(784,173	)
Everbridge, Inc.		(628	)		(17,515	)
Evolent Health, Inc., Class A		(10,263	)		(315,177	)
EZCORP, Inc. Class A		(54,789	)		(411,465	)
Fisker, Inc.		(26,828	)		(229,916	)
Fiverr International, Ltd.		(445	)		(15,304	)
fuboTV, Inc.		(1,514	)		(3,740	)
Global Blood Therapeutics, Inc.		(2,163	)		(69,108	)
Gossamer Bio, Inc.		(9,607	)		(80,411	)
Granite Construction, Inc.		(3,640	)		(106,070	)
Groupon, Inc.		(3,443	)		(38,906	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(1,096	)		(41,495	)
HCI Group, Inc.		(2,118	)		(143,516	)
Helix Energy Solutions Group, Inc.		(111,151	)		(344,568	)
Herbalife Nutrition, Ltd.		(142	)		(2,904	)
I3 Verticals, Inc., Class A		(7,189	)		(179,869	)
Innoviva, Inc.		(8,232	)		(121,504	)
Inotiv, Inc.		(2,788	)		(26,765	)
Insmed, Inc.		(12,316	)		(242,871	)
Intercept Pharmaceuticals, Inc.		(18,830	)		(260,042	)
Ionis Pharmaceuticals, Inc.		(1,299	)		(48,089	)
JetBlue Airways Corp.		(302	)		(2,528	)
Kaman Corp.		(2,041	)		(63,781	)
Karyopharm Therapeutics, Inc.		(9,586	)		(43,233	)
LendingTree, Inc.		(75	)		(3,286	)
Livent Corp.		(49,947	)		(1,133,297	)
Lucid Group, Inc.		(11,358	)		(194,903	)
Luminar Technologies, Inc.		(6,081	)		(36,060	)
Magnite, Inc.		(707	)		(6,278	)
MannKind Corp.		(88,363	)		(336,663	)
Mitek Systems, Inc.		(11,751	)		(108,579	)
Norwegian Cruise Line Holdings, Ltd.		(14,669	)		(163,119	)
Nutanix, Inc., Class A		(187	)		(2,736	)

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

26   Semi-Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
NuVasive, Inc.		(2,449	)	$	(120,393	)
Omeros Corp.		(8,325	)		(22,894	)
Opendoor Technologies, Inc.		(22,069	)		(103,945	)
OSI Systems, Inc.		(22	)		(1,880	)
Pacira BioSciences, Inc.		(1,048	)		(61,098	)
Palo Alto Networks, Inc.		(3,399	)		(1,678,902	)
PAR Technology Corp.		(8,694	)		(325,938	)
Parsons Corp.		(472	)		(19,078	)
Peabody Energy Corp.		(21,804	)		(465,079	)
Pebblebrook Hotel Trust REIT		(996	)		(16,504	)
PetIQ, Inc.		(5,517	)		(92,630	)
Plug Power, Inc.		(111,521	)		(1,847,903	)
Porch Group, Inc.		(21,046	)		(53,878	)
PRA Group, Inc.		(3,867	)		(140,604	)
Radius Global Infrastructure, Inc.		(10,580	)		(161,451	)
Redfin Corp.		(2,786	)		(22,957	)
Redwood Trust, Inc. REIT		(4,939	)		(38,080	)
Repay Holdings Corp.		(6,618	)		(85,041	)
Revance Therapeutics, Inc.		(13,502	)		(186,598	)
RingCentral, Inc., Class A		(90	)		(4,703	)
Royal Caribbean Cruises, Ltd.		(1,947	)		(67,970	)
Shift Technologies, Inc.		(109,031	)		(73,389	)
Snap, Inc., Class A		(4,375	)		(57,444	)
Spotify Technology SA		(124	)		(11,635	)
Summit Hotel Properties, Inc. REIT (±)		(7,133	)		(51,857	)
SunPower Corp.		(4,086	)		(64,600	)
Tandem Diabetes Care, Inc.		(999	)		(59,131	)
TechTarget, Inc.		(2,309	)		(151,747	)
The Beauty Health Co.		(1,959	)		(25,193	)
The Chefs’ Warehouse, Inc.		(18,129	)		(705,037	)
The Marcus Corp.		(57,742	)		(852,849	)
Travere Therapeutics, Inc.		(10,127	)		(245,377	)
United States Steel Corp.		(34,662	)		(620,796	)
Upstart Holdings, Inc.		(103	)		(3,257	)
Upwork, Inc.		(1,310	)		(27,091	)
Varex Imaging Corp.		(22,177	)		(474,366	)

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

Semi-Annual Report   27

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Veeco Instruments, Inc.		(27,381	)	$	(531,191	)
Veritone, Inc.		(14,192	)		(92,674	)
Virgin Galactic Holdings, Inc.		(13,307	)		(80,108	)
Vishay Intertechnology, Inc.		(2,074	)		(36,959	)
Wayfair, Inc., Class A		(212	)		(9,235	)
Xometry, Inc.		(4,466	)		(151,531	)
					(19,836,025	)
Total Common Stock (Proceeds $25,157,332)					(21,550,068	)
Exchange-Traded Funds  |  (7.8)%
United States  |  (7.8)%
iShares iBoxx High Yield Corporate Bond ETF (Proceeds $4,327,609)		(57,045	)		(4,199,082	)

		Principal
	Security	Amount			Fair
Description	Currency	(000)			Value
US Treasury Securities  |  (8.9)%
U.S. Treasury Note
2.500%, 04/30/24	USD		(4,005,000	)	$	(3,970,113	)
2.750%, 04/30/27	USD		(805,000	)		(794,120	)
(Proceeds $4,786,851)						(4,764,233	)
Total Securities Sold Short (Proceeds $34,271,792)						(30,513,383	)
Total Investments  |  92.6% (Cost and short proceeds $57,962,653) (»)						49,803,649
Cash and Other Assets in Excess of Liabilities  |  7.4%						3,956,784
Net Assets  |  100.0%					$	53,760,433

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

28   Semi-Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

Forward Currency Contracts open at June 30, 2022:

Currency		Currency			Settlement	Unrealized		Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation		Depreciation
USD	320,539	AUD	462,000	SSB	09/28/22		$  1,418		$	—
USD	1,849,349	CAD	2,381,000	SSB	09/28/22		—		661
USD	1,123,393	EUR	1,053,000	SSB	09/28/22		13,179		—
USD	118,185	HKD	925,000	SSB	09/28/22		24		—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$14,621		$	661

Written Options open at June 30, 2022:

		Number of		Strike		Expiration	Notional				Fair
Description	Counterparty	Contracts		Price		Date	Amount		Premiums		Value
Put
Invesco QQQ Trust	MSC		39	$	272	07/29/2022	$	3,900	$	19,323	$	(32,994	)
Ishares Russell 2000 ETF	MSC		77		156	07/29/2022		7,700		15,310		(14,861	)
SPDR S&P 500 ETF Trust MSC			39		370	07/29/2022		3,900		19,986		(31,200	)
Total Written Options			155						$	54,619	$	(79,055	)

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

Semi-Annual Report   29

Lazard Enhanced Opportunities Portfolio (concluded)

Total Return Swap Agreements open at June 30, 2022:

		Notional		Expiration					Unrealized			Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate		*	Appreciation			Depreciation
USD	BOA	$	239,919	05/31/23	Arbor Realty Trust, Inc.		0.08	%		$	81,996		$  —
USD	BOA		177,280	05/31/23	The Beauty Health Co.		0.08				89,485		—
USD	BOA		54,078	05/31/23	Bentley Systems, Inc.		0.08				23,176		—
USD	BOA		368,258	05/31/23	Cinemark Holdings, Inc.		0.08				74,678		—
USD	BOA		253,109	05/31/23	Fisker, Inc.		0.08				105,019		—
USD	BOA		58,394	05/31/23	Gol Linhas Aereas Inteligentes SA ADR		0.08				34,162		—
USD	BOA		15,941	05/31/23	The Greenbrier Cos., Inc.		0.08				3,128		—
USD	BOA		345,527	05/31/23	Guess?, Inc.		0.08				56,461		—
USD	BOA		96,762	05/31/23	Hope Bancorp, Inc.		0.08				4,186		—
USD	BOA		663,355	05/31/23	iShares iBoxx High Yield Corporate Bond ETF		0.08				59,458		—
USD	BOA		67,657	05/31/23	KKR Real Estate Finance Trust, Inc.		0.08				14,429		—
USD	BOA		175,490	05/31/23	Mesa Laboratories, Inc.		0.08				58,225		—
USD	BOA		173,545	05/31/23	MP Materials Corp.		0.08				794		—
USD	BOA		33,272	05/31/23	Patrick Industries, Inc.		0.08				11,551		—
USD	BOA		249,979	05/31/23	Pebblebrook Hotel Trust		0.08				64,515		—
USD	BOA		245,917	05/31/23	PennyMac Mortgage Investment Trust		0.08				41,911		—
USD	BOA		36,832	05/31/23	Redwood Trust, Inc.		0.08				16,470		—
USD	BOA		223,785	05/31/23	Sirius XM Holdings, Inc.		0.08				—		824
USD	BOA		87,004	05/31/23	Starwood Property Trust, Inc.		0.08				14,731		—
USD	BOA		101,934	05/31/23	Two Harbors Investment Corp.		0.08				26,702		—
USD	BOA		24,440	05/31/23	Vishay Intertechnology, Inc.		0.08				2,664		—
Total gross unrealized appreciation/depreciation on Total Return Swap Agreements										$	783,741		$824

^	The Portfolio receives depreciation of the referenced entity.
*	The Portfolio pays appreciation and dividends, as well as financing charges at the referenced rate.

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

30   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks  |  39.4%
Australia  |  0.8%
Aristocrat Leisure, Ltd.		478	$	11,352
BHP Group, Ltd.		834		24,021
BlueScope Steel, Ltd.		899		9,863
Charter Hall Long Wale REIT		1,228		3,615
CSL, Ltd.		76		14,122
Dexus REIT		3,079		18,852
Fortescue Metals Group, Ltd.		432		5,314
Rio Tinto PLC		271		16,205
Rio Tinto, Ltd.		159		11,390
Shopping Centres Australasia Property Group REIT		2,144		4,066
WiseTech Global, Ltd.		159		4,124
Woodside Energy Group, Ltd.		151		3,307
				126,231
Austria  |  0.0%
Erste Group Bank AG		167		4,242
Belgium  |  0.0%
Warehouses De Pauw CVA REIT		116		3,650
Canada  |  1.6%
Alimentation Couche-Tard, Inc.		845		32,961
Birchcliff Energy, Ltd.		1,372		9,326
Canadian National Railway Co.		222		24,968
Canadian Natural Resources, Ltd.		106		5,696
Empire Co., Ltd., Class A		351		10,812
Fairfax Financial Holdings, Ltd.		9		4,769
Gildan Activewear, Inc.		224		6,448
H&R Real Estate Investment Trust		796		7,699
Hydro One, Ltd.		419		11,266
Loblaw Cos., Ltd.		572		51,588
Metro, Inc.		457		24,529
Suncor Energy, Inc.		805		28,243

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

Semi-Annual Report   31

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
The Toronto-Dominion Bank		391	$	25,642
Tourmaline Oil Corp.		227		11,803
				255,750
China  |  0.2%
NXP Semiconductors NV		145		21,464
SITC International Holdings Co., Ltd.		2,000		5,667
Yangzijiang Shipbuilding Holdings, Ltd.		5,400		3,619
				30,750
Denmark  |  0.6%
AP Moller-Maersk A/S, Class B		4		9,395
Carlsberg A/S, Class B Sponsored ADR		812		20,771
Novo Nordisk A/S, Class B		553		61,378
				91,544
France  |  0.8%
Bureau Veritas SA ADR (*)		297		15,215
Cie de Saint-Gobain		293		12,727
Cie Generale des Etablissements Michelin SCA		100		2,750
Hermes International		3		3,389
Legrand SA ADR		865		12,716
LVMH Moet Hennessy Louis Vuitton SE ADR		151		18,455
Orange SA		1,049		12,336
Pernod Ricard SA Sponsored ADR		475		17,442
Societe Generale SA		505		11,075
Thales SA ADR		832		20,376
TotalEnergies SE		121		6,378
				132,859
Germany  |  0.5%
Daimler Truck Holding AG (*)		158		4,124
Deutsche Bank AG		567		4,940
Deutsche Post AG		834		31,246
Mercedes-Benz Group AG		68		3,935
Merck KGaA Sponsored ADR		518		17,446
Nemetschek SE		62		3,753
Telefonica Deutschland Holding AG		1,916		5,503
				70,947

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

32   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Hong Kong  |  0.3%
AIA Group, Ltd. Sponsored ADR		465	$	20,376
Jardine Matheson Holdings, Ltd.		100		5,263
Swire Pacific, Ltd., Class A		500		3,005
WH Group, Ltd.		16,500		12,766
				41,410
Israel  |  0.1%
Bezeq The Israeli Telecommunication Corp., Ltd.		5,499		8,568
Perion Network, Ltd. (*)		351		6,381
ZIM Integrated Shipping Services, Ltd.		142		6,707
				21,656
Italy  |  0.0%
UniCredit SpA		448		4,296
Japan  |  3.0%
Advantest Corp.		100		5,313
AGC, Inc.		100		3,519
Canon, Inc.		100		2,275
Cosmo Energy Holdings Co., Ltd.		100		2,778
Dai-ichi Life Holdings, Inc.		600		11,076
Daicel Corp.		800		4,951
Daiwa House Industry Co., Ltd.		700		16,326
Electric Power Development Co., Ltd.		2,000		33,070
ENEOS Holdings, Inc.		3,900		14,722
FUJIFILM Holdings Corp.		100		5,370
H.U. Group Holdings, Inc.		300		6,517
Hulic Co., Ltd.		500		3,873
Japan Post Bank Co., Ltd.		3,100		24,111
Japan Post Holdings Co., Ltd.		8,400		60,017
Japan Post Insurance Co., Ltd.		900		14,404
Japan Real Estate Investment Corp. REIT		1		4,600
Japan Tobacco, Inc.		500		8,648
Kaneka Corp.		200		4,927
KDDI Corp.		400		12,649
Lawson, Inc.		100		3,325
McDonald’s Holdings Co. Japan, Ltd.		300		10,922

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

Semi-Annual Report   33

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Mitsubishi Electric Corp.		400	$	4,281
Mitsui & Co., Ltd.		200		4,417
Mitsui Chemicals, Inc.		200		4,264
Mizuho Financial Group, Inc.		1,700		19,331
MS&AD Insurance Group Holdings, Inc.		600		18,395
NGK Spark Plug Co., Ltd.		300		5,451
Nihon Kohden Corp.		300		6,138
Nintendo Co., Ltd. ADR		430		23,143
Nippon Building Fund, Inc. REIT		1		4,976
Nippon Telegraph & Telephone Corp.		100		2,871
Nisshinbo Holdings, Inc.		1,200		9,036
Olympus Corp. Sponsored ADR		1,001		20,140
Osaka Gas Co., Ltd.		900		17,285
Rengo Co., Ltd.		700		3,791
Shimano, Inc. ADR		833		14,069
Softbank Corp.		300		3,330
Sumco Corp.		300		3,860
Sumitomo Chemical Co., Ltd.		2,700		10,540
Sumitomo Mitsui Financial Group, Inc.		200		5,940
The Hachijuni Bank, Ltd.		1,300		4,793
The Shizuoka Bank, Ltd.		700		4,206
Tokyo Gas Co., Ltd.		1,300		26,896
Tokyu Fudosan Holdings Corp.		900		4,740
Toshiba Corp.		100		4,067
Yamazaki Baking Co., Ltd.		400		4,886
				484,239
Malta  |  0.0%
Kindred Group PLC		452		3,760
Netherlands  |  0.9%
Adyen NV (*)		5		7,350
ASML Holding NV		18		8,687
Eurocommercial Properties NV REIT		384		8,313
EXOR NV		113		7,092
ING Groep NV		463		4,595
Koninklijke KPN NV		1,154		4,117

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

34   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
NN Group NV		106	$	4,848
Shell PLC		1,631		42,562
Wolters Kluwer NV		207		20,137
Wolters Kluwer NV Sponsored ADR		443		43,117
				150,818
New Zealand  |  0.1%
Spark New Zealand, Ltd.		3,290		9,862
Norway  |  0.1%
Orkla ASA		1,218		9,749
Telenor ASA		248		3,304
				13,053
Portugal  |  0.0%
Jeronimo Martins SGPS SA		187		4,064
Puerto Rico  |  0.0%
OFG Bancorp		185		4,699
Singapore  |  0.1%
Jardine Cycle & Carriage, Ltd.		200		4,075
Singapore Technologies Engineering, Ltd.		3,000		8,827
				12,902
Spain  |  0.3%
Banco Santander SA		7,069		19,934
Corporacion Financiera Alba SA		27		1,475
Iberdrola SA		1,333		13,832
Industria de Diseno Textil SA ADR		1,076		12,170
				47,411
Sweden  |  0.6%
Assa Abloy AB ADR		1,257		13,349
Epiroc AB ADR		1,768		27,298
Hexagon AB ADR		2,276		23,511
Lundin Energy AB		349		238
Lundin Energy MergerCo AB (*), (¢)		349		13,544
Securitas AB, B Shares		533		4,628
Telefonaktiebolaget LM Ericsson, B Shares		813		6,068
				88,636

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

Semi-Annual Report   35

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Switzerland  |  0.9%
ABB, Ltd. Sponsored ADR		850	$	22,721
PSP Swiss Property AG		74		8,232
Roche Holding AG		220		73,442
Swatch Group AG ADR		1,755		20,832
Swisscom AG		31		17,159
				142,386
United Kingdom  |  1.6%
Barclays PLC		4,773		8,936
BP PLC		1,333		6,278
Coca-Cola Europacific Partners PLC		405		20,902
Diageo PLC Sponsored ADR		198		34,476
Howden Joinery Group PLC		388		2,865
HSBC Holdings PLC		890		5,806
J Sainsbury PLC		2,978		7,397
National Grid PLC		566		7,253
Natwest Group PLC		5,146		13,689
RELX PLC Sponsored ADR		1,255		33,810
Segro PLC REIT		382		4,543
SSE PLC		740		14,630
Standard Chartered PLC		3,558		26,827
Unilever PLC		534		24,305
Unilever PLC Sponsored ADR		688		31,531
Virgin Money UK PLC		3,097		4,723
Vodafone Group PLC		3,401		5,246
				253,217
United States  |  26.9%
A-Mark Precious Metals, Inc.		120		3,870
Academy Sports & Outdoors, Inc.		141		5,011
Accenture PLC, Class A		175		48,589
Activision Blizzard, Inc.		84		6,540
Adobe, Inc. (*)		12		4,393
AGCO Corp.		42		4,145
Airbnb, Inc.,Class A (*)		42		3,741
Akamai Technologies, Inc. (*)		45		4,110
Albertsons Cos., Inc., Class A		201		5,371

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

36   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Alleghany Corp. (*)		6	$	4,999
Allison Transmission Holdings, Inc.		101		3,883
Alphabet, Inc., Class A (*)		28		61,019
Alphabet, Inc., Class C (*)		35		76,561
Altria Group, Inc.		835		34,878
Amazon.com, Inc. (*)		460		48,857
Amdocs, Ltd.		127		10,580
AMERCO		9		4,304
Ameren Corp.		120		10,843
American Electric Power Co., Inc.		330		31,660
American Express Co.		86		11,921
American International Group, Inc.		141		7,209
AmerisourceBergen Corp.		101		14,289
AMN Healthcare Services, Inc. (*)		139		15,250
Amphenol Corp., Class A		413		26,589
Antero Resources Corp. (*)		151		4,628
Aon PLC, Class A		177		47,733
APA Corp.		164		5,724
Apple, Inc.		1,397		190,998
Assurant, Inc.		90		15,556
Automatic Data Processing, Inc.		59		12,392
AutoZone, Inc. (*)		14		30,088
Avery Dennison Corp.		88		14,245
Bank of America Corp.		679		21,137
Becton, Dickinson & Co.		34		8,382
Berkshire Hathaway, Inc., Class B (*)		25		6,826
BJ’s Wholesale Club Holdings, Inc. (*)		196		12,215
BlueLinx Holdings, Inc. (*)		72		4,810
Booking Holdings, Inc. (*)		5		8,745
Booz Allen Hamilton Holding Corp.		354		31,987
Boston Scientific Corp. (*)		580		21,617
Bristol-Myers Squibb Co.		410		31,570
Broadcom, Inc.		78		37,893
BRP, Inc.		276		16,977
Brunswick Corp.		75		4,904
Cadence Design Systems, Inc. (*)		323		48,460

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

Semi-Annual Report   37

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Cboe Global Markets, Inc.		239	$	27,052
CF Industries Holdings, Inc.		161		13,803
Charter Communications, Inc., Class A (*)		28		13,119
Chipotle Mexican Grill, Inc. (*)		3		3,922
Chubb, Ltd.		54		10,615
Cigna Corp.		67		17,656
Citigroup, Inc.		277		12,739
Citizens Financial Group, Inc.		68		2,427
CMS Energy Corp.		109		7,358
Coca-Cola Consolidated, Inc.		9		5,075
Cognizant Technology Solutions Corp., Class A		455		30,708
Colgate-Palmolive Co.		297		23,802
Comcast Corp., Class A		1,030		40,417
Corteva, Inc.		199		10,774
CorVel Corp. (*)		34		5,007
Costco Wholesale Corp.		18		8,627
Coterra Energy, Inc.		236		6,086
Crowdstrike Holdings, Inc., Class A (*)		29		4,888
CSG Systems International, Inc.		85		5,073
Cushman & Wakefield PLC (*)		401		6,111
CVS Health Corp.		501		46,423
D.R. Horton, Inc.		42		2,780
Danaher Corp.		14		3,549
Darden Restaurants, Inc.		50		5,656
Darling Ingredients, Inc. (*)		75		4,485
Dave & Buster’s Entertainment, Inc. (*)		116		3,802
Deere & Co.		56		16,770
Diamondback Energy, Inc.		97		11,752
Dick’s Sporting Goods, Inc.		50		3,769
Digital Realty Trust, Inc. REIT		57		7,400
DocuSign, Inc. (*)		36		2,066
Dollar General Corp.		155		38,043
Dow, Inc.		341		17,599
Duke Energy Corp.		57		6,111
Electronic Arts, Inc.		32		3,893
Elevance Health, Inc.		69		33,298

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

38   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Eli Lilly & Co.		210	$	68,088
Emerson Electric Co.		56		4,454
EnLink Midstream LLC		460		3,910
EOG Resources, Inc.		60		6,626
EPAM Systems, Inc. (*)		30		8,843
Equitable Holdings, Inc.		163		4,249
Everest Re Group, Ltd.		61		17,097
Evergy, Inc.		145		9,461
Exelon Corp.		636		28,824
Expedia Group, Inc. (*)		130		12,328
Extra Space Storage, Inc. REIT		44		7,485
FactSet Research Systems, Inc.		21		8,076
Fidelity National Financial, Inc.		168		6,209
Fiserv, Inc. (*)		45		4,004
Flagstar Bancorp, Inc.		143		5,069
Flowers Foods, Inc.		601		15,818
FNB Corp.		616		6,690
Fortinet, Inc. (*)		288		16,295
FOX Corp., Class B		118		3,505
Freeport-McMoRan, Inc.		237		6,935
Gartner, Inc. (*)		19		4,595
General Mills, Inc.		91		6,866
Gilead Sciences, Inc.		279		17,245
GoDaddy, Inc., Class A (*)		63		4,382
Grand Canyon Education, Inc. (*)		56		5,275
GSK PLC		2,578		55,433
HCA Healthcare, Inc.		51		8,571
Henry Schein, Inc. (*)		171		13,123
Home Depot, Inc.		15		4,114
Houlihan Lokey, Inc.		44		3,473
Huntsman Corp.		285		8,080
Ingles Markets, Inc., Class A		64		5,552
Intel Corp.		439		16,423
Intercontinental Exchange, Inc.		456		42,882
International Game Technology PLC		227		4,213
IQVIA Holdings, Inc. (*)		225		48,823

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

Semi-Annual Report   39

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Jack Henry & Associates, Inc.		51	$	9,181
Jackson Financial, Inc., Class A		242		6,474
JB Hunt Transport Services, Inc.		135		21,258
Johnson & Johnson		464		82,365
Jones Lang LaSalle, Inc. (*)		21		3,672
JPMorgan Chase & Co.		56		6,306
Kellogg Co.		233		16,622
Keysight Technologies, Inc. (*)		260		35,841
Kforce, Inc.		62		3,803
Kimberly-Clark Corp.		197		26,625
KLA Corp.		17		5,424
Lattice Semiconductor Corp. (*)		187		9,070
Life Storage, Inc. REIT		119		13,288
Lockheed Martin Corp.		168		72,233
Lowe’s Cos., Inc.		212		37,030
LPL Financial Holdings, Inc.		28		5,165
LyondellBasell Industries NV, Class A		46		4,023
Magnolia Oil & Gas Corp., Class A		349		7,326
Marathon Oil Corp.		367		8,250
Markel Corp. (*)		3		3,880
Masco Corp.		296		14,978
MasterCard, Inc., Class A		47		14,828
Matson, Inc.		84		6,122
MaxLinear, Inc. (*)		106		3,602
McDonald’s Corp.		236		58,264
Medtronic PLC		93		8,347
Merck & Co., Inc.		910		82,965
Meta Platforms, Inc., Class A (*)		110		17,737
MetLife, Inc.		281		17,644
Micron Technology, Inc.		62		3,427
Microsoft Corp.		833		213,939
Molina Healthcare, Inc. (*)		20		5,592
Monolithic Power Systems, Inc.		37		14,209
Motorola Solutions, Inc.		238		49,885
National Fuel Gas Co.		354		23,382
NetApp, Inc.		98		6,394

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

40   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
NIKE, Inc., Class B		227	$	23,199
NiSource, Inc.		312		9,201
Northrop Grumman Corp.		14		6,700
NorthWestern Corp.		71		4,184
NRG Energy, Inc.		62		2,367
Nucor Corp.		86		8,979
NVIDIA Corp.		135		20,465
NVR, Inc. (*)		1		4,004
O’Reilly Automotive, Inc. (*)		38		24,007
Oasis Petroleum, Inc.		39		4,744
Occidental Petroleum Corp.		128		7,537
Old Dominion Freight Line, Inc.		10		2,563
Omnicom Group, Inc.		98		6,234
Otter Tail Corp.		92		6,176
Ovintiv, Inc.		222		9,810
Owens Corning		70		5,202
Paychex, Inc.		266		30,289
Paycom Software, Inc. (*)		15		4,202
PepsiCo, Inc.		113		18,833
Pfizer, Inc.		705		36,963
Piedmont Office Realty Trust, Inc. REIT Class A		386		5,064
Pinnacle West Capital Corp.		338		24,715
Portland General Electric Co.		92		4,446
Power Integrations, Inc.		43		3,225
Premier, Inc., Class A		126		4,496
PTC, Inc. (*)		221		23,501
Public Storage REIT		58		18,135
QIAGEN NV		94		4,415
QUALCOMM, Inc.		318		40,621
QuidelOrtho Corp. (*)		38		3,693
Regeneron Pharmaceuticals, Inc. (*)		10		5,911
Regions Financial Corp.		367		6,881
Republic Services, Inc.		368		48,160
Rockwell Automation, Inc.		88		17,539
S&P Global, Inc.		98		33,032
SBA Communications Corp. REIT		30		9,602

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

Semi-Annual Report   41

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Sempra Energy		49	$	7,363
Service Corp. International		110		7,603
Sirius XM Holdings, Inc.		716		4,389
Six Flags Entertainment Corp. (*)		209		4,535
SLM Corp.		238		3,794
Southwestern Energy Co. (*)		544		3,400
SpartanNash Co.		153		4,616
State Street Corp.		66		4,069
Steel Dynamics, Inc.		106		7,012
Stellantis NV		1,436		17,883
Sturm Ruger & Co., Inc.		82		5,219
Synopsys, Inc. (*)		237		71,977
Target Corp.		17		2,401
Tesla, Inc. (*)		73		49,160
Tetra Tech, Inc.		32		4,370
Texas Instruments, Inc.		186		28,579
Texas Pacific Land Corp.		3		4,464
Texas Roadhouse, Inc.		133		9,736
The Charles Schwab Corp.		385		24,324
The Coca-Cola Co.		792		49,825
The Goldman Sachs Group, Inc.		33		9,802
The Hartford Financial Services Group, Inc.		73		4,776
The Hershey Co.		152		32,704
The Interpublic Group of Cos., Inc.		317		8,727
The Kroger Co.		79		3,739
The Mosaic Co.		230		10,863
The Procter & Gamble Co.		459		66,000
The TJX Cos., Inc.		147		8,210
The Toro Co.		43		3,259
The Travelers Cos., Inc.		23		3,890
Thermo Fisher Scientific, Inc.		90		48,895
TopBuild Corp. (*)		61		10,197
Tractor Supply Co.		70		13,569
Tyson Foods, Inc., Class A		198		17,040
Ulta Beauty, Inc. (*)		32		12,335
UMH Properties, Inc. REIT		237		4,185

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

42   Semi-Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
UnitedHealth Group, Inc.		133	$	68,313
Valero Energy Corp.		103		10,947
Veeva Systems, Inc.,Class A (*)		23		4,555
Verizon Communications, Inc.		1,207		61,255
Vertex Pharmaceuticals, Inc. (*)		34		9,581
Virtu Financial, Inc., Class A		141		3,301
Visa, Inc., Class A		237		46,663
Vistra Corp.		204		4,661
Warner Music Group Corp., Class A		345		8,404
Washington Federal, Inc.		373		11,197
Waste Management, Inc.		72		11,015
WEC Energy Group, Inc.		41		4,126
Wells Fargo & Co.		576		22,562
Werner Enterprises, Inc.		119		4,586
Westlake Corp.		40		3,921
Weyerhaeuser Co. REIT		270		8,942
WW Grainger, Inc.		20		9,089
Xcel Energy, Inc.		123		8,703
Zoetis, Inc.		222		38,160
				4,302,307
Total Common Stocks (Cost $5,567,577)				6,300,689

Description	Security Currency	Principal Amount (000)		Fair Value
Corporate Bonds  |  22.0%
Australia  |  0.8%
Telstra Corp., Ltd. MTN, 4.000%, 04/19/27	AUD		200	$	132,963
Canada  |  1.0%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		175		157,851

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

Semi-Annual Report   43

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Germany  |  0.6%
Mercedes-Benz Group AG, 0.750%, 09/10/30	EUR		110	$	96,137
Netherlands  |  0.6%
ING Groep NV MTN, 1.125% (SONIA + 0.905%), 12/07/28 (§)	GBP		100		101,816
Switzerland  |  0.3%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		57		53,043
United States  |  18.7%
Adobe, Inc., 2.300%, 02/01/30	USD		125		110,386
Alphabet, Inc., 1.100%, 08/15/30	USD		60		49,243
Amazon.com, Inc., 3.150%, 08/22/27	USD		50		48,614
American Express Co., 4.050%, 05/03/29	USD		100		98,045
Amgen, Inc., 3.000%, 02/22/29	USD		115		106,073
Apple, Inc., 3.000%, 06/20/27	USD		50		48,884
Ball Corp., 4.875%, 03/15/26	USD		70		68,863
Bank of America Corp.: 1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		70		68,407
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§)	CAD		150		103,688
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§)	USD		160		148,557

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

44   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Clean Harbors, Inc., 4.875%, 07/15/27	USD		70	$	64,050
Dell International LLC, 5.300%, 10/01/29	USD		95		93,654
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		180		133,713
Johnson Controls International PLC, 1.750%, 09/15/30	USD		125		101,632
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		155		146,956
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		113		107,185
McDonald’s Corp., 3.125%, 03/04/25	CAD		110		83,219
Microsoft Corp., 3.500%, 11/15/42	USD		55		48,693
Morgan Stanley, 3.625%, 01/20/27	USD		125		121,070
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)	USD		80		69,787
PepsiCo, Inc., 2.875%, 10/15/49	USD		65		51,608
Pfizer, Inc., 2.625%, 04/01/30	USD		115		105,004
Prologis LP REIT, 1.250%, 10/15/30	USD		190		150,193
Schneider Electric SE, 0.875%, 12/13/26	EUR		100		98,711
Service Corp. International, 4.625%, 12/15/27	USD		75		70,500
Starbucks Corp., 4.450%, 08/15/49	USD		55		49,311
The Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		145		114,541

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

Semi-Annual Report   45

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
The Home Depot, Inc., 5.875%, 12/16/36	USD		55	$	63,238
The Procter & Gamble Co., 1.200%, 10/29/30	USD		70		57,161
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		125		108,214
United Rentals North America, Inc., 4.875%, 01/15/28	USD		70		66,184
Verizon Communications, Inc., 3.875%, 02/08/29	USD		149		144,156
Visa, Inc., 0.750%, 08/15/27	USD		95		82,414
					2,981,954
Total Corporate Bonds (Cost $3,886,093)					3,523,764
Description		Shares		Fair Value
Exchange-Traded Funds  |  1.1%
iShares MSCI World ETF (Cost $134,914)			1,601	$	171,115
Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations  |  23.1%
Australia  |  1.5%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		165	$	90,738
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		260		141,970
					232,708

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

46   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Bahamas  |  0.4%
Commonwealth of Bahamas, 6.950%, 11/20/29	USD		95	$	68,893
Canada  |  3.6%
City of Vancouver, 2.900%, 11/20/25	CAD		115		87,656
Export Development Canada, 1.650%, 07/31/24	CAD		180		135,191
Province of British Columbia Canada, 3.200%, 06/18/44	CAD		135		89,682
Province of Quebec: 2.500%, 04/20/26	USD		115		111,666
1.850%, 02/13/27	CAD		210		151,756
					575,951
Chile  |  1.5%
Bonos de la Tesoreria de la Republica en pesos:
5.800%, 06/01/24	CLP		75,000		79,543
2.300%, 10/01/28	CLP		100,000		86,035
Republic of Chile, 0.830%, 07/02/31	EUR		100		81,662
					247,240
Colombia  |  0.3%
Republic of Colombia, 9.850%, 06/28/27	COP		205,000		47,231
Czech Republic  |  1.0%
Czech Republic, 1.000%, 06/26/26	CZK		4,620		164,078
France  |  0.3%
Government of France, 1.750%, 06/25/39	EUR		45		43,916

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

Semi-Annual Report   47

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Hungary  |  0.7%
Hungary Government Bonds, 2.750%, 12/22/26	HUF		31,740	$	66,676
Hungary Government International Bond, 1.750%, 06/05/35	EUR		50		36,983
					103,659
Ireland  |  0.3%
Ireland Government Bonds, 1.350%, 03/18/31	EUR		45		45,443
Japan  |  1.2%
Japan International Cooperation Agency, 3.250%, 05/25/27	USD		200		197,396
Mexico  |  1.3%
Mexican Bonos:
8.000%, 09/05/24	MXN		2,110		102,073
7.500%, 06/03/27	MXN		2,260		104,992
United Mexican States, 6.750%, 02/06/24	GBP		5		6,295
					213,360
Morocco  |  0.4%
Morocco Government International Bond, 1.500%, 11/27/31	EUR		100		69,446
New Zealand  |  3.7%
Housing New Zealand, Ltd. MTN, 3.420%, 10/18/28	NZD		130		76,895
New Zealand Local Government Funding Agency Bonds:
2.250%, 04/15/24	NZD		430		260,255
1.500%, 04/20/29	NZD		340		176,342
2.000%, 04/15/37	NZD		190		82,759
					596,251
Norway  |  0.6%
Oslo Kommune, 2.350%, 09/04/24	NOK		1,000		99,002

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

48   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Panama  |  1.1%
Republic of Panama, 8.875%, 09/30/27	USD		145	$	170,765
Peru  |  1.2%
Peru Government Bonds:
6.150%, 08/12/32	PEN		394		90,780
3.000%, 01/15/34	USD		115		94,357
					185,137
Poland  |  0.6%
Poland Government Bonds, 6.680% (WIBOR 6 Month), 05/25/28 (§)	PLN		450		94,566
Portugal  |  0.6%
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32	EUR		100		97,409
Singapore  |  0.6%
Singapore Government Bond, 3.375%, 09/01/33	SGD		125		92,942
Spain  |  0.7%
Spain Government Bond, 1.000%, 07/30/42	EUR		140		104,619
Thailand  |  0.6%
Thailand Government Bonds, 1.585%, 12/17/35	THB		4,265		97,375
United Kingdom  |  0.9%
United Kingdom Gilt:
0.875%, 07/31/33	GBP		90		93,676
1.500%, 07/22/47	GBP		50		48,290
					141,966
Total Foreign Government Obligations (Cost $4,266,409)					3,689,353

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

Semi-Annual Report   49

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Quasi Government Bonds  |  1.0%
Germany  |  1.0%
Kreditanstalt fuer Wiederaufbau, 1.750%, 09/14/29 (Cost $165,131)	USD		165	$	150,104
Supranational Bonds  |  6.1%
Asian Development Bank, 2.125%, 03/19/25	USD		103		100,400
European Investment Bank, 1.000%, 01/28/28	CAD		170		115,891
Inter-American Development Bank, 7.875%, 03/14/23	IDR		2,370,000		161,744
Inter-American Investment Corp., 1.100%, 06/30/26	AUD		62		38,000
International Bank for Reconstruction & Development:
1.900%, 01/16/25	CAD		205		153,522
2.900%, 11/26/25	AUD		135		90,300
1.250%, 03/16/26	NOK		990		93,858
1.125%, 09/13/28	USD		62		54,755
International Finance Corp.:
2.125%, 04/07/26	USD		90		86,645
1.500%, 04/15/35	AUD		172		81,464
Total Supranational Bonds (Cost $1,072,908)					976,579
US Municipal Bonds  |  1.1%
California  |  0.9%
State of California, 7.550%, 04/01/39	USD		105		142,432

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

50   Semi-Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
New York  |  0.2%
New York State Urban Development Corp., Series B, 3.900%, 03/15/33	USD		40	$	39,031
Total US Municipal Bonds (Cost $214,398)					181,463
US Treasury Securities  |  1.8%
U.S. Treasury Bond, 1.750%, 08/15/41 (Cost $334,077)	USD		375		285,249

Description	Shares		Fair Value
Short-Term Investments  |  4.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $738,918)		738,918	$	738,918
Total Investments  |  100.2% (Cost $16,380,425) (»)			$	16,017,234
Liabilities in Excess of Cash and Other Assets l (0.2)%				(26,679	)
Net Assets  |  100.0%			$	15,990,555

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

Semi-Annual Report   51

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
AUD		10,948	USD		7,600	HSB	07/13/22	$	—	$	43
AUD		51,289	USD		35,600	HSB	07/13/22		—		197
AUD		40,545	USD		30,100	JPM	07/13/22		—		2,113
CAD		14,837	USD		11,800	HSB	07/13/22		—		273
CAD		17,942	USD		13,900	HSB	07/13/22		39		—
CAD		26,703	USD		21,000	HSB	07/13/22		—		254
CAD		604,507	USD		480,292	JPM	07/13/22		—		10,644
CHF		2,682	USD		2,800	HSB	07/13/22		11		—
CHF		99,973	USD		107,817	HSB	07/13/22		—		3,047
CHF		7,328	USD		7,904	MSC	07/13/22		—		224
CLP		16,021,000	USD		18,500	CIT	07/13/22		—		1,068
CLP		40,096,245	USD		48,300	CIT	07/13/22		—		4,673
CNH		269,439	USD		40,300	HSB	07/13/22		—		43
CNH		675,367	USD		99,100	HSB	07/13/22		1,807		—
CNH		1,806,087	USD		281,990	HSB	07/13/22		—		12,140
CNH		1,428,430	USD		212,505	HSB	08/31/22		818		—
CNH		1,143,653	USD		178,566	JPM	07/13/22		—		7,692
COP		25,092,644	USD		6,030	HSB	07/28/22		—		12
COP		73,631,560	USD		17,872	HSB	07/28/22		—		211
CZK		65,771	USD		2,800	HSB	07/13/22		—		16
EUR		623,533	USD		681,609	CIT	07/13/22		—		27,848
EUR		14,318	USD		14,984	HSB	07/13/22		28		—
EUR		88,642	USD		93,600	HSB	07/13/22		—		661
EUR		887,718	USD		970,364	HSB	07/13/22		—		39,611
EUR		28,688	USD		30,871	JPM	08/24/22		—		704
EUR		57,335	USD		60,873	JPM	09/28/22		—		423
GBP		10,321	USD		13,450	HSB	07/13/22		—		885
GBP		19,550	USD		24,000	HSB	07/13/22		—		200
GBP		25,443	USD		31,900	HSB	07/13/22		—		925
GBP		63,491	USD		82,743	JPM	07/13/22		—		5,449
GBP		77,000	USD		100,149	JPM	07/13/22		—		6,408
IDR		468,175,562	USD		31,322	JPM	07/22/22		—		23
JPY		29,935,769	USD		239,509	CIT	07/13/22		—		18,777
JPY		6,028,730	USD		47,300	HSB	07/13/22		—		2,847

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

52   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
JPY		8,550,652	USD		63,300	HSB	07/13/22	$	—	$	252
JPY		104,307,425	USD		834,551	HSB	07/13/22		—		65,438
JPY		6,115,939	USD		47,900	JPM	07/13/22		—		2,804
JPY		12,449,106	USD		96,400	JPM	07/13/22		—		4,606
JPY		20,371,752	USD		162,975	JPM	07/13/22		—		12,764
KRW		59,855,785	USD		47,300	JPM	07/22/22		—		850
KRW		143,045,217	USD		115,280	JPM	07/22/22		—		4,272
MXN		65,770	USD		3,300	HSB	07/13/22		—		34
MXN		899,213	USD		44,200	JPM	07/13/22		452		—
NOK		742,645	USD		84,350	JPM	07/13/22		—		8,945
NZD		4,441	USD		2,800	HSB	11/10/22		—		31
NZD		109,986	USD		70,666	HSB	11/10/22		—		2,084
PLN		8,460	USD		1,900	HSB	07/13/22		—		14
RON		35,669	USD		7,600	HSB	07/13/22		—		49
RON		185,347	USD		39,200	HSB	07/13/22		38		—
RON		226,043	USD		50,100	HSB	07/13/22		—		2,247
RON		245,812	USD		53,600	HSB	07/13/22		—		1,562
SEK		24,297	USD		2,400	HSB	07/13/22		—		24
SEK		408,915	USD		43,240	HSB	07/13/22		—		3,257
SEK		73,529	USD		7,773	JPM	07/13/22		—		583
THB		46,523	USD		1,395	JPM	10/12/22		—		73
USD		45,265	AUD		65,762	HSB	07/13/22		—		128
USD		135,060	AUD		180,854	HSB	07/13/22		10,222		—
USD		11,535	AUD		15,634	JPM	07/13/22		744		—
USD		27,259	AUD		36,709	JPM	07/13/22		1,920		—
USD		307,018	AUD		411,085	JPM	07/13/22		23,260		—
USD		466,879	CAD		587,646	CIT	07/13/22		10,332		—
USD		15,781	CAD		20,397	CIT	09/28/22		—		67
USD		3,809	CAD		4,901	HSB	07/13/22		1		—
USD		39,574	CAD		51,039	JPM	07/13/22		—		79
USD		805,942	CAD		1,014,379	JPM	07/13/22		17,862		—
USD		1,942	CHF		1,801	HSB	07/13/22		55		—
USD		61,200	CHF		57,454	HSB	07/13/22		989		—
USD		6,768	CHF		6,443	SSB	09/28/22		—		23
USD		177,416	CLP		145,995,590	CIT	07/13/22		18,565		—
USD		73,267	COP		292,428,820	HSB	07/28/22		3,125		—

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

Semi-Annual Report   53

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD		42,575	CZK		1,000,287	HSB	07/13/22	$	240	$	—
USD		56,955	CZK		1,288,880	HSB	07/13/22		2,406		—
USD		15,930	CZK		360,641	JPM	07/13/22		667		—
USD		11,276	DKK		79,017	SSB	09/28/22		74		—
USD		243,243	EUR		222,518	CIT	07/13/22		9,938		—
USD		45,400	EUR		43,276	HSB	07/13/22		26		—
USD		74,386	EUR		70,519	HSB	07/13/22		448		—
USD		189,292	EUR		179,651	HSB	07/13/22		932		—
USD		19,703	GBP		16,122	HSB	07/13/22		77		—
USD		23,736	GBP		19,314	SSB	09/28/22		186		—
USD		17,200	HUF		6,066,830	HSB	07/13/22		1,184		—
USD		30,209	HUF		10,661,070	JPM	07/13/22		2,066		—
USD		47,200	IDR		691,008,000	JPM	07/22/22		1,003		—
USD		49,813	IDR		717,302,082	JPM	07/22/22		1,858		—
USD		73,000	JPY		9,945,593	JPM	07/13/22		—		334
USD		77,400	JPY		10,181,815	JPM	07/13/22		2,324		—
USD		28,268	JPY		3,584,394	JPM	08/24/22		1,764		—
USD		72,487	JPY		9,740,434	JPM	09/28/22		262		—
USD		15,229	JPY		2,046,351	SSB	09/28/22		55		—
USD		56,700	KRW		72,360,540	JPM	07/22/22		546		—
USD		79,209	MXN		1,604,607	HSB	07/13/22		—		470
USD		11,162	MXN		222,379	JPM	07/13/22		120		—
USD		47,421	MXN		961,266	JPM	07/13/22		—		313
USD		49,200	MXN		995,993	JPM	07/13/22		—		257
USD		47,200	NOK		444,215	HSB	07/13/22		2,096		—
USD		5,674	NOK		56,251	JPM	07/13/22		—		37
USD		44,500	NOK		440,584	JPM	07/13/22		—		235
USD		187,865	NOK		1,654,019	JPM	07/13/22		19,921		—
USD		401,472	NZD		624,858	HSB	11/10/22		11,839		—
USD		15,166	NZD		24,348	JPM	11/10/22		—		17
USD		207,800	NZD		323,419	JPM	11/10/22		6,130		—
USD		40,738	PEN		158,498	CIT	10/28/22		—		189
USD		42,610	PEN		165,520	HSB	10/28/22		—		129
USD		3,188	PLN		14,212	HSB	07/13/22		20		—
USD		42,517	PLN		183,360	HSB	07/13/22		1,645		—
USD		19,899	PLN		85,888	JPM	07/13/22		755		—

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

54   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity		Currency Sold	Quantity		Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD		6,832	SGD		9,300	HSB	10/12/22		$	132		$	—
USD		78,115	SGD		106,346	JPM	10/12/22			1,505			—
USD		69,982	THB		2,332,848	HSB	10/12/22			3,681			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts									$	164,168		$	259,578

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

Semi-Annual Report   55

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  89.0%
Commodity  |  9.1%
Invesco DB Agriculture Fund (*)		201,855	$	4,113,805
United States Oil Fund L.P. (*)		19,731		1,585,386
				5,699,191
Equity Funds  |  64.0%
First Trust NASDAQ Cybersecurity ETF		59,975		2,413,394
Franklin FTSE Japan ETF		80,286		1,877,087
Health Care Select Sector SPDR Fund		51,072		6,549,473
iShares Core Dividend Growth ETF		53,455		2,546,596
iShares Currency Hedged MSCI Eurozone ETF		63,259		1,982,537
iShares Expanded Tech Sector ETF		4,597		1,353,311
iShares Expanded Tech-Software Sector ETF		4,791		1,291,702
iShares MSCI Canada ETF		53,727		1,809,525
iShares Russell 2000 ETF		11,273		1,909,195
John Hancock Multi-Factor Mid Cap ETF		42,558		1,880,212
Utilities Select Sector SPDR Fund		27,824		1,951,297
Vanguard Consumer Staples ETF		31,731		5,881,024
Vanguard MSCI Pacific ETF		25,497		1,618,550
Vanguard S&P 500 ETF		5,322		1,846,095
Vanguard S&P 500 Growth ETF		7,231		1,573,755
Vanguard S&P 500 Value ETF		28,425		3,776,546
				40,260,299
Fixed-Income Funds  |  12.2%
iShares 1-3 Year Treasury Bond ETF		52,141		4,316,753
iShares 20+ Year Treasury Bond ETF		29,300		3,365,691
				7,682,444
Specialty  |  3.7%
Invesco DB US Dollar Index Bullish Fund (*)		83,474		2,333,933
Total Exchange-Traded Funds (Cost $54,196,435)				55,975,867

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

56   Semi-Annual Report

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio (continued)
Short-Term Investments  |  11.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Cost $7,480,422)		7,480,422	$	7,480,422
Total Investments  |  100.9% (Cost $61,676,857)			$	63,456,289
Liabilities in Excess of Cash and Other Assets  |  (0.9)%				(593,042	)
Net Assets  |  100.0%			$	62,863,247

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

Semi-Annual Report   57

Lazard Opportunistic Strategies Portfolio (continued)

Total Return Swap Agreements open at June 30, 2022:

Currency	Counterparty	Notional Amount	Expiration Date	Receive	Pay	Payable	Payment Frequency	Unrealized Depreciation
USD	GSC	$716,961	05/01/23	Appreciation, and dividends paid, on securities in a custom momentum basket	SOFR +0.29bps	Depreciation, and dividend expense (if applicable), on securities in a custom momentum basket	Upon Maturity(a)		$315,127
USD	GSC	706,956	05/01/23	Appreciation, and dividends paid, on securities in a custom momentum basket	SOFR +0.34bps	Depreciation, and dividend expense (if applicable), on securities in a custom momentum basket	Upon Maturity(a)		225,288
Total gross unrealized depreciation on Total Return Swap Agreements									$540,415	*

(a) For swap agreements, the net settlement will occur on the expiration date.

* Include accrued dividends and financing charges of $3,413.

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of June 30, 2022:

Securities within GSCBLZCL (SOFR+0.29bps)	Shares		Fair Value
Bill.com Holdings Inc		3,021	$	23,637
Cloudflare Inc., Class A		5,836		18,200
Crowdstrike Holdings Inc., Class A		3,197		38,432
Datadog Inc., Class A		4,693		31,810
DocuSign Inc		6,832		27,887
Elastic NV		7,719		37,219
HubSpot Inc		1,506		32,170
MongoDB Inc		1,700		31,400
Okta Inc		4,943		31,821
Shopify Inc., Class A		10,134		22,555
Snowflake Inc., Class A		3,138		31,010
Twilio Inc., A Shares		4,411		26,316
Unity Software Inc		7,159		18,778
Zscaler Inc		3,029		32,294
Total Fair Value			$	403,529

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

58   Semi-Annual Report

Lazard Opportunistic Strategies Portfolio (continued)

Securities within GSCBLZIP (SOFR+0.34bps)	Shares		Fair Value
Affirm Holdings Inc		4,634	$	6,032
Alkami Technology Inc		14,830		14,835
Bentley Systems Inc., Class B		4,946		11,855
BigCommerce Holdings Inc		9,490		11,065
Chewy Inc., Class A		4,523		11,319
CI&T Inc		11,878		8,627
Cloudflare Inc., Class A		1,696		5,338
Coinbase Global Inc., Class A		1,092		3,715
Confluent Inc., Class A		4,883		8,180
DoorDash Inc, A Shares		1,807		8,342
Doximity Inc., Class A		4,147		10,411
Duck Creek Technologies Inc		9,335		9,979
Enfusion Inc, Class A		13,641		10,026
Expensify Inc., A Shares		11,477		14,693
Fiverr International Ltd		2,735		6,775
ForgeRock Inc., A Shares		10,007		15,422
Freshworks Inc., Class A		10,615		10,047
HireRight Holdings Corp		12,660		12,960
JFrog Ltd		8,243		12,495
Lyft Inc., A Shares		5,327		5,100
Marqeta Inc., A Shares		17,160		10,016
MeridianLink Inc		11,085		13,327
Monday.com Ltd		1,231		9,181
nCino Inc		4,535		10,111
Nuvei Corp		2,828		7,379
Paya Holdings Inc		34,837		16,478
Payoneer Global Inc		45,633		12,881
Pinterest Inc., Class A		7,883		10,313
Poshmark Inc., Class A		14,694		10,696
PowerSchool Holdings Inc., A Shares		11,960		10,375
Procore Technologies Inc		3,445		11,257
Qualtrics International Inc., Class A		7,106		6,405
Remitly Global Inc		21,383		11,796
Riskified Ltd., A Shares		32,291		10,323
Robinhood Markets Inc., A Shares		16,020		9,478
Rocket Cos Inc., Class A		19,066		10,105
SentinelOne Inc., Class A		4,899		8,235
Shift4 Payments Inc., Class A		3,394		8,067

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

Semi-Annual Report   59

Lazard Opportunistic Strategies Portfolio (concluded)

Securities within GSCBLZIP (SOFR+0.34bps)	Shares		Fair Value
SoFi Technologies Inc		2,1924	$	8,321
Squarespace Inc., Class A		7,853		11,820
Thoughtworks Holding Inc		10,079		10,244
Toast Inc., Class A		10,381		9,666
Uber Technologies Inc		5,983		8,818
UiPath Inc., Class A		6,926		9,077
Unity Software Inc		2,082		5,523
Upstart Holdings Inc		1,799		4,111
Vertex Inc., Class A		14,096		11,500
Vimeo Inc		16,374		7,098
Zoom Video Communications Inc., A Shares		1,763		13,712
Total Fair Value			$	483,529

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

60   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets Portfolio (●)
Common Stocks  |  58.9%
Australia  |  1.3%
Atlas Arteria, Ltd.		7,805	$	43,387
Aurizon Holdings, Ltd.		43,120		113,315
Dexus REIT		17,040		104,334
Growthpoint Properties Australia, Ltd. REIT		23,094		54,314
Mirvac Group REIT		51,143		69,655
Stockland REIT		24,074		60,005
Transurban Group		3,109		30,875
				475,885
Belgium  |  0.2%
Warehouses De Pauw CVA REIT		1,783		56,101
Brazil  |  0.2%
Multiplan Empreendimentos Imobiliarios SA		14,600		61,235
Canada  |  6.7%
Agnico Eagle Mines, Ltd.		2,818		128,952
Allied Properties REIT		2,365		60,981
Atco, Ltd., Class I		2,937		100,623
Boardwalk Real Estate Investment Trust		1,451		47,209
Canadian Apartment Properties REIT		10,674		371,666
Canadian National Railway Co.		3,806		428,116
Canadian Utilities, Ltd., Class A		3,936		117,389
Choice Properties REIT		5,697		62,184
Dream Industrial REIT		16,425		154,144
Enbridge, Inc.		13,298		561,590
Granite Real Estate Investment Trust		3,415		209,458
Hydro One, Ltd.		2,374		63,832
Killam Apartment Real Estate Investment Trust		3,836		51,109
RioCan Real Estate Investment Trust		3,247		50,501
SmartCentres REIT		2,445		52,216
Summit Industrial Income REIT		4,221		56,107
				2,516,077

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

Semi-Annual Report   61

Description	Shares		Fair Value
Lazard Real Assets Portfolio (●) (continued)
France  |  1.8%
Eutelsat Communications SA		2,044	$	23,092
ICADE REIT		1,055		51,826
Vinci SA		6,771		608,310
				683,228
Hong Kong  |  0.8%
CK Infrastructure Holdings, Ltd.		27,500		168,957
Kerry Properties, Ltd.		31,500		87,582
Power Assets Holdings, Ltd.		6,500		40,941
				297,480
Italy  |  2.6%
Atlantia SpA		5,218		122,468
Enel SpA		12,875		70,766
Hera SpA		35,860		104,088
Italgas SpA		6,591		38,490
Snam SpA		20,771		109,019
Terna - Rete Elettrica Nazionale		66,469		522,423
				967,254
Japan  |  1.8%
Daiwa House Industry Co., Ltd.		4,500		104,952
Frontier Real Estate Investment Corp. REIT		27		104,088
GLP J-REIT		63		76,999
Japan Real Estate Investment Corp. REIT		11		50,595
Katitas Co., Ltd.		2,500		53,898
Nippon Building Fund, Inc. REIT		14		69,660
Osaka Gas Co., Ltd.		11,800		226,631
				686,823
Luxembourg  |  0.1%
SES SA		2,483		21,821
Singapore  |  0.2%
Parkway Life REIT		24,400		85,569
Spain  |  2.6%
Ferrovial SA		20,939		533,953
Iberdrola SA		41,368		429,268
				963,221

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

62   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets Portfolio (●) (continued)
Sweden  |  0.3%
Catena AB		1,288	$	46,769
Fastighets AB Balder, B Shares (*)		14,966		71,766
				118,535
Switzerland  |  0.1%
Flughafen Zurich AG (*)		225		34,039
United Kingdom  |  4.3%
Big Yellow Group PLC REIT		3,837		61,326
National Grid PLC		41,558		532,577
Pennon Group PLC		2,522		29,340
Safestore Holdings PLC REIT		7,884		101,899
Segro PLC REIT		12,366		147,049
Severn Trent PLC		1,348		44,638
SSE PLC		25,824		510,543
Tritax Big Box REIT PLC		54,748		121,015
United Utilities Group PLC		5,477		68,031
				1,616,418
United States  |  35.9%
Alexandria Real Estate Equities, Inc.		2,355		341,546
Ameren Corp.		1,487		134,365
American Electric Power Co., Inc.		2,897		277,938
American Homes 4 Rent, Class A REIT		1,768		62,658
American Tower Corp. REIT		1,357		346,836
AvalonBay Communities, Inc. REIT		3,235		628,399
Brixmor Property Group, Inc. REIT		3,110		62,853
Camden Property Trust REIT		1,416		190,424
CBRE Group, Inc., Class A (*)		842		61,980
CF Industries Holdings, Inc.		1,750		150,027
Consolidated Edison, Inc.		582		55,348
Cousins Properties, Inc. REIT		1,959		57,262
Crown Castle International Corp. REIT		2,063		347,368
CSX Corp.		14,856		431,715
Digital Realty Trust, Inc. REIT		2,705		351,190
Dominion Energy, Inc.		5,792		462,260
Duke Realty Corp. REIT		10,945		601,428
EastGroup Properties, Inc.REIT		366		56,485

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

Semi-Annual Report   63

Description	Shares		Fair Value
Lazard Real Assets Portfolio (●) (continued)
Energy Transfer Equity LP		28,837	$	287,793
Enterprise Products Partners LP		15,965		389,067
Equinix, Inc. REIT		521		342,307
Equity Lifestyle Properties, Inc. REIT		1,202		84,705
Equity Residential REIT		1,975		142,635
Essex Property Trust, Inc. REIT		343		89,698
Exelon Corp.		1,437		65,125
Extra Space Storage, Inc. REIT		2,548		433,466
First Industrial Realty Trust, Inc. REIT		1,396		66,282
Healthcare Trust of America, Inc. REIT, Class A		1,500		41,865
Highwoods Properties, Inc. REIT		2,240		76,586
Hilton Worldwide Holdings, Inc.		2,750		306,460
Innovative Industrial Properties, Inc. REIT		752		82,622
Invitation Homes, Inc., REIT		5,211		185,407
Iron Mountain, Inc. REIT		2,150		104,684
Kimco Realty Corp. REIT		15,444		305,328
Life Storage, Inc. REIT		2,529		282,388
Mid-America Apartment Communities, Inc. REIT		3,063		535,014
NiSource, Inc.		2,100		61,929
Norfolk Southern Corp.		1,182		268,657
NorthWestern Corp.		451		26,577
NRG Energy, Inc.		4,008		152,985
Pinnacle West Capital Corp.		8,129		594,392
Prologis, Inc. REIT		5,522		649,663
PS Business Parks, Inc. REIT		494		92,452
Public Storage REIT		1,647		514,967
SBA Communications Corp. REIT		2,540		812,927
Simon Property Group, Inc. REIT		5,541		525,952
SITE Centers Corp. REIT		4,560		61,423
SL Green Realty Corp. REIT		6,453		297,806
Sun Communities, Inc. REIT		395		62,947
Targa Resources Corp.		8,700		519,129
UDR, Inc. REIT		1,564		72,007
Union Pacific Corp.		1,122		239,300
				13,394,627
Total Common Stocks (Cost $22,838,102)				21,978,313

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

64   Semi-Annual Report

Description	Shares		Fair Value
Lazard Real Assets Portfolio (●) (continued)
Exchange-Traded Funds  |  5.2%
Aberdeen Standard Physical Silver Shares ETF (Δ)		15,700	$	305,679
SPDR Gold Shares (Δ)		9,724		1,638,105
Total Exchange-Traded Funds (Cost $2,068,735)				1,943,784
Short-Term Investments  |  32.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 1.04% (7 day yield) (Δ) (Cost $12,148,491)		12,148,491		12,148,491
Total Investments  |  96.7% (Cost $37,055,328) (»)			$	36,070,588
Cash and Other Assets in Excess of Liabilities  |  3.3%				1,243,376
Net Assets  |  100.0%			$	37,313,964

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

Semi-Annual Report   65

Lazard Real Assets Portfolio (●) (continued)

Forward Currency Contracts open at June 30, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD	21,504	USD	14,927	HSB	09/28/22		$	—		$	74
GBP	13,539	USD	16,642	JPM	09/28/22			—			133
HKD	25,275	USD	3,230	JPM	09/28/22			—			1
USD	5,143	AUD	7,351	HSB	09/28/22			66			—
USD	84,762	AUD	121,147	HSB	09/28/22			1,081			—
USD	9,639	CAD	12,470	HSB	09/28/22			—			50
USD	6,528	CAD	8,446	JPM	09/28/22			—			34
USD	14,566	CAD	18,845	JPM	09/28/22			—			77
USD	35,167	CHF	33,638	SSB	09/28/22			—			286
USD	47,807	EUR	44,979	JPM	09/28/22			384			—
USD	547,930	EUR	515,381	SSB	09/28/22			4,546			—
USD	30,924	GBP	25,125	JPM	09/28/22			289			—
USD	255,271	GBP	207,688	SSB	09/28/22			2,037			—
USD	7,966	HKD	62,400	JPM	09/28/22			—			5
USD	54,146	HKD	424,125	SSB	09/28/22			—			33
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	8,403		$	693

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

66   Semi-Annual Report

Lazard Real Assets Portfolio (●) (continued)

Futures Contracts open at June 30, 2022 (Δ):

Type	Number of Contracts	Notional Amount		Expiration Date	Notional Cost		Fair Value		Unrealized Appreciation			Unrealized Depreciation
Natural Gas	28		$280,000	08/29/2022		$2,394,787		$1,509,760		$	—		$	885,027
Low Sulphur Gasoil	6		600	09/12/2022		617,106		661,200			44,094			—
Sugar 11 (World)	4		448,000	09/30/2022		86,297		82,880			—			3,417
Cotton No. 2	3		150,000	12/07/2022		184,199		148,260			—			35,939
Soyabean Oil	1		60,000	12/14/2022		44,787		38,676			—			6,111
Total gross unrealized appreciation/depreciation on Futures Contracts										$	44,094		$	930,495

Total Return Swap Agreements open at June 30, 2022 (Δ):

Currency	Counterparty	Notional Amount		Expiration Date	Receive	Pay	Payable	Payment Frequency	Unrealized Appreciation
USD	GSC		$9,355,567	10/22/22	Appreciation, and dividends	0.00%	Depreciation, and dividend	Upon		$1,546,327
					paid, on commodities in a custom momentum basket		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   67

Lazard Real Assets 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, 2022:

Commodity	Commodity Index Ticker Symbol	Commodity Exposure Expressed as a Percentage of Notional Amount
Aluminum	BCOMAL		5.06	%
Bean Oil	BCOMBO		4.73
Brent Crude	BCOMCO		13.06
Coffee	BCOMKC		3.43
Copper	BCOMHG		5.35
Corn	BCOMCN		8.27
Cotton	BCOMCT		0.02
Crude Oil	BCOMCO		14.74
Gasoline (RBOB)	BCOMRB		2.95
Gold	BCOMGC		0.20
Heating Oil	BCOMHO		4.22
Kansas Wheat	BCOMKW		3.36
Lean Hogs	BCOMLH		1.35
Live Cattle	BCOMLC		3.72
Natural Gas	BCOMNG		1.49
Nickel	BCOMNI		3.22
Silver	BCOMSI		1.32
Soy Meal	BCOMSM		3.72
Soybeans	BCOMSY		8.02
Sugar	BCOMSB		3.60
Wheat	BCOMWH		5.45
Zinc	BCOMZS		2.72
Total			100.00	%

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

68   Semi-Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
June 30, 2022 (unaudited)

(*)	Non-income producing security.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At June 30, 2022, these securities amounted to 1.0% of net assets of Lazard Enhanced Opportunities Portfolio and 0.4% of 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.
(§)	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, 2022.
(●)	Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(Δ)	The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio.

Security Abbreviations:

ADR	—	American Depositary Receipt
CDOR	—	Canadian Dollar Offered Rate
ETF	—	Exchange-Traded Fund
LIBOR	—	London Interbank Offered Rate
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
SONIA	—	Sterling Overnight Index Average
WIBOR	—	Warsaw Interbank Offered Rate

Currency Abbreviations:
AUD	— Australian Dollar	JPY	— Japanese Yen
CAD	— Canadian Dollar	KRW	— South Korean Won
CHF	— Swiss Franc	MXN	— Mexican New Peso
CLP	— Chilean Peso	NOK	— Norwegian Krone
CNH	— Chinese Yuan Renminbi	NZD	— New Zealand Dollar
COP	— Colombian Peso	PEN	— Peruvian Nuevo Sol
CZK	— Czech Koruna	PLN	— Polish Zloty
DKK	— Danish Krone	RON	— 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

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

Semi-Annual Report   69

Counterparty Abbreviations:
BOA	— Bank of America NA
CIT	— Citibank NA
GSC	— Goldman Sachs International
HSB	— HSBC Bank USA NA
JPM	— JPMorgan Chase Bank NA
MSC	— Morgan Stanley & Co.
SSB	— State Street Bank and Trust Co.

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

70   Semi-Annual Report

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

	Lazard Enhanced Opportunities Portfolio
Industry†		Long		Short
Common Stocks and Convertible Corporate Bonds
Aerospace & Defense		2.4	%	–0.3	%
Airlines		2.9		–1.6
Auto Components		0.6		–0.1
Automobiles		5.7		–2.0
Banks		2.6		—
Biotechnology		9.9		–5.7
Chemicals		3.7		–2.5
Construction & Engineering		0.4		–0.2
Consumer Finance		5.3		–1.0
Diversified Consumer Services		0.6		—
Diversified Telecommunication Services		1.0		–0.3
Electrical Equipments		4.5		–4.0
Electronic Equipment, Instruments & Components		2.8		–0.7
Energy Equipment & Services		2.3		–0.6
Entertainment		4.8		–1.9
Equity Real Estate Investment Trusts (REITs)		2.0		–0.6
Food & Staples Retailing		2.4		–1.3
Health Care Equipment & Supplies		6.9		–3.3
Health Care Providers & Services		0.5		–0.2
Health Care Technology		0.7		–0.6
Hotels, Restaurants & Leisure		1.4		–0.4
Insurance		0.4		–0.3
Interactive Media & Services		1.7		–0.1
Internet & Direct Marketing Retail		4.4		–0.6
IT Services		3.3		–0.7
Leisure Products		1.2		—
Life Sciences Tools & Services		0.5		—
Machinery		0.1		—
Marine		0.9		–0.7
Media		9.5		–0.4
Metals & Mining		4.0		–1.7
Mortgage Real Estate Investment Trusts (REITs)		10.1		–0.1
Oil, Gas & Consumable Fuels		1.5		–1.1
Personal Products		2.7		–0.1
Pharmaceuticals		5.4		–1.3
Professional Services		0.4		—
Real Estate Management & Development		2.0		–0.4
Semiconductors & Semiconductor Equipment		2.8		–1.2
Software		10.5		–4.0
Specialty Retail		2.1		–0.1
Subtotal		126.9		–40.1

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

Semi-Annual Report   71

	Lazard Enhanced Opportunities Portfolio
Industry†	Long			Short
Exchange Traded Funds		—	%		–7.8	%
Purchased Options		0.2			—
US Treasury Securities		—			–8.9
Short-Term Investments		22.3			—
Total Investments		149.4	%		–56.8	%

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

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

72   Semi-Annual Report

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		0.7	%		—	%
Air Freight & Logistics		0.2			—
Auto Components		0.1			—
Automobiles		1.7			—
Banks		7.3			—
Beverages		1.4			—
Biotechnology		1.0			—
Building Products		0.9			—
Capital Markets		2.5			—
Chemicals		0.6			0.4
Commercial Services & Suppliers		0.8			—
Communications Equipment		0.3			—
Construction & Engineering		—			3.1
Consumer Finance		0.7			—
Containers & Packaging		0.5			—
Diversified Consumer Services		0.5			—
Diversified Financial Services		0.2			—
Diversified Telecommunication Services		2.5			—
Electric Utilities		1.0			7.8
Electrical Equipment		1.0			—
Electronic Equipment, Instruments & Components		0.9			—
Entertainment		0.3			—
Equity Real Estate Investment Trusts (REITs)		1.8			30.1
Food & Staples Retailing		1.1			—
Food Products		0.8			—
Gas Utilities		0.4			1.0
Health Care Equipment & Supplies		0.4			—
Health Care Providers & Services		1.5			—
Hotels, Restaurants & Leisure		1.7			0.8
Household Durables		0.1			—
Household Products		1.8			—
Independent Power & Renewable Electricity Producers		0.2			—
Industrial Conglomerates		0.1			—
Insurance		1.7			—
Interactive Media & Services		1.3			—
Internet & Direct Marketing Retail		0.7			—
IT Services		2.0			—
Leisure Products		0.3			—
Life Sciences Tools & Services		0.7			—
Machinery		1.7			—

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

Semi-Annual Report   73

Industry†	Lazard Global Dynamic Multi-Asset Portfolio			Lazard Real Assets Portfolio
Marine		0.2	%		—	%
Media		0.5			0.1
Metals & Mining		0.6			0.3
Multiline Retail		0.2			—
Multi-Utilities		0.3			4.3
Oil, Gas & Consumable Fuels		1.5			4.7
Personal Products		0.3			—
Pharmaceuticals		4.1			—
Professional Services		0.9			—
Real Estate Management & Development		0.3			1.3
Road & Rail		0.4			4.0
Semiconductors & Semiconductor Equipment		1.4			—
Software		3.5			—
Specialty Retail		1.3			—
Technology Hardware, Storage & Peripherals		2.2			—
Textiles, Apparel & Luxury Goods		0.4			—
Tobacco		0.3			—
Trading Companies & Distributors		0.5			—
Transportation Infrastructure		—			0.6
Water Utilities		—			0.4
Wireless Telecommunication Services		0.1			—
Subtotal		62.4			58.9
Exchange Traded Funds		1.1			5.2
Foreign Government Obligations		23.1			—
Supranationals		6.1			—
US Municipal Bonds		1.1			—
US Treasury Securities		1.8			—
Short-Term Investments		4.6			32.6
Total Investments		100.2	%		96.7	%

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

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

74   Semi-Annual Report

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Semi-Annual Report   75

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

June 30, 2022	Lazard Enhanced Opportunities Portfolio		Lazard Global Dynamic Multi-Asset Portfolio
ASSETS
Investments in securities, at fair value	$	80,317,032	$	16,017,234
Cash		—		4,556
Foreign currency, at fair value		66,902		5,877
Receivables for:
Investments sold		5,315,201		31,388
Dividends and interest		471,132		113,901
Capital stock sold		320,616		—
Terminated swap		127,052		—
Amount due from Investment Manager (Note 3)		—		6,001
Cash collateral due from broker on options, future contracts and swap agreements		4,655,000		—
Gross unrealized appreciation on:
Forward currency contracts		14,621		164,168
Swap agreements		783,741		—
Other assets		—		13,691
Total assets		92,071,297		16,356,816
LIABILITIES
Securities sold short, at fair value		30,513,383		—
Foreign currency due to custodian		12,130		—
Due to custodian		250		—
Cash collateral due to broker on swap agreements		—		—
Payables for:
Accrued custodian fees		62,088		26,017
Management fees		40,902		—
Accrued professional services		24,586		31,178
Accrued distribution fees		6		40
Accrued directors’ fees		—		444
Investments purchased		7,398,474		43,648
Capital stock redeemed		125,104		—
Dividends on securities sold short		14,711		—
Variation margin on open futures contracts		—		—
Gross unrealized depreciation on:
Forward currency contracts		661		259,578
Swap agreements		824		—
Written options, at fair value		79,055		—
Other accrued expenses and payables		38,690		5,356
Total liabilities		38,310,864		366,261
Net assets	$	53,760,433	$	15,990,555

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

76   Semi-Annual Report

Lazard Opportunistic Strategies Portfolio		Lazard Real Assets Portfolio (a)
$	63,456,289	$	36,070,588
	—		—
	—		6,231
	—		171,059
	12,930		71,267
	—		158,589
	—		—
	—		—
	—		282,098
	—		8,403
	—		1,546,327
	6,062		7,104
	63,475,281		38,321,666
	—		—
	—		—
	—		7,843
	—		390,000
	5,842		8,925
	37,309		5,865
	26,305		28,372
	—		252
	—		—
	—		238,238
	—		—
	—		—
	—		325,936
	—		693
	540,415		—
	—		—
	2,163		1,578
	612,034		1,007,702
$	62,863,247	$	37,313,964

Semi-Annual Report   77

June 30, 2022	Lazard Enhanced Opportunities Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
NET ASSETS
Paid in capital	$	61,755,319		$	15,747,675
Distributable earnings (Accumulated loss)		(7,994,886	)		242,880
Net assets	$	53,760,433		$	15,990,555
Institutional Shares
Net assets	$	53,556,798		$	15,812,056
Shares of capital stock outstanding*		6,191,105			1,898,581
Net asset value, offering and redemption price per share	$	8.65		$	8.33
Open Shares
Net assets	$	203,635		$	178,499
Shares of capital stock outstanding*		23,530			21,517
Net asset value, offering and redemption price per share	$	8.65		$	8.30
Cost of investments in securities	$	92,234,445		$	16,380,425
Proceeds received from securities sold short	$	34,271,792		$	—
Proceeds received from written options	$	54,619		$	—
Cost of foreign currency	$	66,890		$	5,878

*	$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.

78   Semi-Annual Report

Lazard Opportunistic Strategies Portfolio		Lazard Real Assets Portfolio (a)
$	57,817,383	$	38,614,648
	5,045,864		(1,300,684	)
$	62,863,247	$	37,313,964
$	62,726,574	$	36,019,626
	6,477,761		3,364,128
$	9.68	$	10.71
$	136,673	$	1,294,338
	14,215		120,769
$	9.61	$	10.72
$	61,676,857	$	37,055,328
$	—	$	—
$	—	$	—
$	—	$	6,220

Semi-Annual Report   79

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

For the Period Ended June 30, 2022		Lazard Enhanced Opportunities Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
Investment Income (Loss)
Income
Interest		$	2,216,110		$	108,436
Dividends			10,815			100,614
Total investment income*			2,226,925			209,050
Expenses
Management fees (Note 3)			508,637			67,564
Custodian fees			67,616			49,168
Professional services			25,346			29,359
Registration fees			23,080			16,651
Administration fees			15,507			10,077
Shareholders’ services			7,307			4,749
Directors’ fees and expenses			5,567			3,085
Shareholders’ reports			3,691			6,771
Distribution fees (Open Shares)			478			243
Other^			4,195			3,238
Total gross expenses before expenses on securities sold short			661,424			190,905
Broker expense on securities sold short			288,427			—
Dividend expense on securities sold short			108,617			—
Total gross expenses			1,058,468			190,905
Management fees waived and expenses reimbursed			(2,179	)		(114,563	)
Voluntary reimbursement by administrator			—			—
Total net expenses			1,056,289			76,342
Net investment income (loss)			1,170,636			132,708
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			(10,367,724	)		740,873
Securities sold short			8,418,510			—
Foreign currency transactions			(26,680	)		257
Forward currency contracts			324,089			(146,052	)
Futures contracts			—			—
Written options			35,466			—
Swap agreements			262,758			—
Total net realized gain (loss)			(1,353,581	)		595,078
Net change in unrealized appreciation (depreciation) on:
Investments			(6,833,612	)		(3,931,862	)
Securities sold short			356,412			—
Foreign currency translations			700			(3,309	)
Forward currency contracts			83,737			(101,177	)
Futures contracts			—			—
Written options			(21,806	)		—
Swap agreements			775,220			—
Total net change in unrealized appreciation (depreciation)			(5,639,349	)		(4,036,348	)
Net realized and unrealized gain (loss)			(6,992,930	)		(3,441,270	)
Net increase (decrease) in net assets resulting from operations		$	(5,822,294	)	$	(3,308,562	)
*	Net of foreign withholding taxes of	$	20		$	6,229
^	Includes interest on line of credit of	$	—		$	—
(a)	Consolidated Statement of Operations.

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

80   Semi-Annual Report

Lazard Opportunistic Strategies Portfolio			Lazard Real Assets Portfolio (a)
$	12,017		$	19,236
	355,789			330,245
	367,806			349,481
	349,970			123,217
	18,741			35,682
	24,378			27,966
	16,682			14,101
	13,396			11,391
	6,151			5,025
	4,599			8,389
	8,314			6,448
	182			758
	4,574			5,882
	446,987			238,859
	2,866			—
	2,186			—
	452,039			238,859
	(89,479	)		(85,928	)
	—			(739	)
	362,560			152,192
	5,246			197,289
	2,464,253			665,892
	105,837			—
	—			(7,783	)
	—			126,717
	—			1,698,310
	—			—
	—			(110,415	)
	2,570,090			2,372,721
	(13,818,914	)		(5,097,918	)
	(13,426	)		—
	—			(1,581	)
	—			108,209
	—			(913,426	)
	—			—
	(540,415	)		1,738,903
	(14,372,755	)		(4,165,813	)
	(11,802,665	)		(1,793,092	)
$	(11,797,419	)	$	(1,595,803	)
$	—		$	20,162
$	—		$	369

Semi-Annual Report   81

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

	Lazard Enhanced Opportunities Portfolio
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,170,636		$	750,640
Net realized gain (loss)			(1,353,581	)		4,011,613
Net change in unrealized appreciation (depreciation)			(5,639,349	)		(3,002,835	)
Net increase (decrease) in net assets resulting from operations			(5,822,294	)		1,759,418
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			—			(3,894,678	)
Open Shares			—			(25,718	)
Net decrease in net assets resulting from distributions			—			(3,920,396	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			40,463,754			144,578,146
Open Shares			82,179			1,339,923
Net proceeds from reinvestment of distributions
Institutional Shares			—			3,833,497
Open Shares			—			25,718
Cost of shares redeemed
Institutional Shares			(126,948,273	)		(19,956,225	)
Open Shares			(625,981	)		(754,032	)
Net increase (decrease) in net assets from capital stock transactions			(87,028,321	)		129,067,027
Total increase (decrease) in net assets			(92,850,615	)		126,906,049
Net assets at beginning of period			146,611,048			19,704,999
Net assets at end of period		$	53,760,433		$	146,611,048

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

82   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio						Lazard Opportunistic Strategies Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
$	132,708		$	242,193		$	5,246		$	322,031
	595,078			5,855,715			2,570,090			4,566,934
	(4,036,348	)		(3,742,606	)		(14,372,755	)		4,904,007
	(3,308,562	)		2,355,302			(11,797,419	)		9,792,972
	—			(2,767,564	)		—			(3,330,657	)
	—			(33,860	)		—			(6,195	)
	—			(2,801,424	)		—			(3,336,852	)
	3,095,787			1,620,610			81,275			6,166,257
	842			15,330			4,066			29,890
	—			2,767,530			—			3,164,811
	—			33,860			—			5,712
	(1,630,089	)		(44,259,435	)		(4,229,377	)		(15,244,058	)
	—			(60,231	)		—			(43,911	)
	1,466,540			(39,882,336	)		(4,144,036	)		(5,921,299	)
	(1,842,022	)		(40,328,458	)		(15,941,455	)		534,821
	17,832,577			58,161,035			78,804,702			78,269,881
$	15,990,555		$	17,832,577		$	62,863,247		$	78,804,702

Semi-Annual Report   83

	Lazard Enhanced Opportunities Portfolio
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		15,584,880			2,140,850
Shares sold		4,385,941			15,129,383
Shares issued to shareholders from reinvestment of distributions		—			409,533
Shares redeemed		(13,779,716	)		(2,094,886	)
Net increase (decrease)		(9,393,775	)		13,444,030
Shares outstanding at end of period		6,191,105			15,584,880
Open Shares
Shares outstanding at beginning of period		82,674			18,359
Shares sold		8,864			140,785
Shares issued to shareholders from reinvestment of distributions		—			2,738
Shares redeemed		(68,008	)		(79,208	)
Net increase (decrease)		(59,144	)		64,315
Shares outstanding at end of period		23,530			82,674

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

84   Semi-Annual Report

Lazard Global Dynamic Multi-Asset Portfolio						Lazard Opportunistic Strategies Portfolio
Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
	1,746,408			5,427,381			6,871,003			7,380,473
	331,713			148,571			7,815			552,009
	—			274,538			—			279,824
	(179,540	)		(4,104,082	)		(401,057	)		(1,341,303	)
	152,173			(3,680,973	)		(393,242	)		(509,470	)
	1,898,581			1,746,408			6,477,761			6,871,003
	21,426			22,108			13,824			14,614
	91			1,341			391			2,747
	—			3,369			—			508
	—			(5,392	)		—			(4,045	)
	91			(682	)		391			(790	)
	21,517			21,426			14,215			13,824

Semi-Annual Report   85

	Lazard Real Assets Portfolio (a)
	Six Months Ended June 30, 2022 (unaudited)				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	197,289		$	474,505
Net realized gain (loss)			2,372,721			3,723,742
Net change in unrealized appreciation (depreciation)			(4,165,813	)		1,889,765
Net increase (decrease) in net assets resulting from operations			(1,595,803	)		6,088,012
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			(245,110	)		(3,880,176	)
Open Shares			(4,940	)		(15,779	)
Net decrease in net assets resulting from distributions			(250,050	)		(3,895,955	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,298,835			9,676,948
Open Shares			1,679,630			94,863
Net proceeds from reinvestment of distributions
Institutional Shares			227,354			3,565,581
Open Shares			4,940			15,779
Cost of shares redeemed
Institutional Shares			(823,047	)		(3,364,570	)
Open Shares			(398,975	)		(83,834	)
Net increase (decrease) in net assets from capital stock transactions			2,988,737			9,904,767
Total increase (decrease) in net assets			1,142,884			12,096,824
Net assets at beginning of period			36,171,080			24,074,256
Net assets at end of period		$	37,313,964		$	36,171,080

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

86   Semi-Annual Report

	Lazard Real Assets Portfolio (a)
	Six Months Ended June 30, 2022 (unaudited)			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,212,708			2,319,287
Shares sold		202,402			875,067
Shares issued to shareholders from reinvestment of distributions		20,182			320,239
Shares redeemed		(71,164	)		(301,885	)
Net increase (decrease)		151,420			893,421
Shares outstanding at end of period		3,364,128			3,212,708
Open Shares
Shares outstanding at beginning of period		12,859			11,188
Shares sold		142,736			8,039
Shares issued to shareholders from reinvestment of distributions		449			1,417
Shares redeemed		(35,275	)		(7,785	)
Net increase (decrease)		107,910			1,671
Shares outstanding at end of period		120,769			12,859
(a) Consolidated Statements of Changes in Net Assets.

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

Semi-Annual Report   87

The Lazard Funds, Inc. Financial Highlights (unaudited)

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	9.36		$	9.13		$	8.84		$	8.31		$	8.67		$	9.16
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.10			0.14	#		0.20			0.10			0.06			0.11	^
Net realized and unrealized gain (loss)			(0.81	)		0.48			0.69			0.52			(0.20	)		0.40
Total from investment operations			(0.71	)		0.62			0.89			0.62			(0.14	)		0.51
Less distributions from:
Net investment income			—			(0.05	)		(0.22	)		—			(0.10	)		(0.17	)
Net realized gains			—			(0.34	)		(0.38	)		(0.09	)		(0.12	)		(0.83	)
Total distributions			—			(0.39	)		(0.60	)		(0.09	)		(0.22	)		(1.00	)
Net asset value, end of period		$	8.65		$	9.36		$	9.13		$	8.84		$	8.31		$	8.67
Total Return (b)			–7.59	%		6.81	%#		10.11	%		7.44	%		–1.66	%		5.56	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	53,557		$	145,836		$	19,537		$	9,223		$	16,184		$	15,206
Ratios to average net assets (c):
Net expenses			1.97	%		1.70	%#		2.23	%		2.71	%		2.36	%		2.78	%^
Gross expenses			1.97	%		2.05	%		3.79	%		5.52	%		3.80	%		5.02	%^
Gross expenses, excluding expenses on securities sold short			1.23	%		1.54	%		2.82	%		4.06	%		2.71	%		3.45	%
Net investment income (loss)			2.19	%		1.47	%#		2.22	%		1.19	%		0.73	%		1.20	%^
Portfolio turnover rate:
Excluding securities sold short			141	%		168	%		167	%		272	%		312	%		210	%
Including securities sold short			162	%		341	%		241	%		354	%		409	%		310	%

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

88    Semi-Annual Report

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	9.37		$	9.13		$	8.82		$	8.30		$	8.65		$	9.15
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.09			0.13	#		0.16			0.10			0.04			0.10	^
Net realized and unrealized gain (loss)			(0.81	)		0.47			0.70			0.51			(0.19	)		0.37
Total from investment operations			(0.72	)		0.60			0.86			0.61			(0.15	)		0.47
Less distributions from:
Net investment income			—			(0.02	)		(0.17	)		—			(0.08	)		(0.14	)
Net realized gains			—			(0.34	)		(0.38	)		(0.09	)		(0.12	)		(0.83	)
Total distributions			—			(0.36	)		(0.55	)		(0.09	)		(0.20	)		(0.97	)
Net asset value, end of period		$	8.65		$	9.37		$	9.13		$	8.82		$	8.30		$	8.65
Total Return (b)			–7.79	%		6.55	%#		9.83	%		7.33	%		–1.80	%		5.16	%^
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	204		$	775		$	168		$	123		$	105		$	117
Ratios to average net assets (c):
Net expenses			2.27	%		1.92	%#		2.45	%		2.83	%		2.60	%		3.01	%^
Gross expenses			3.41	%		2.99	%		4.94	%		13.76	%		14.49	%		16.40	%^
Gross expenses, excluding expenses on securities sold short			2.64	%		2.52	%		3.99	%		12.30	%		13.40	%		14.85	%
Net investment income (loss)			1.98	%		1.42	%#		1.75	%		1.10	%		0.48	%		1.06	%^
Portfolio turnover rate:
Excluding securities sold short			141	%		168	%		167	%		272	%		312	%		210	%
Including securities sold short			162	%		341	%		241	%		354	%		409	%		310	%

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

Semi-Annual Report    89

†	Unaudited.
#	A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.01 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.11%, decreased the net expense ratios by 0.07% and 0.06% respectively, and increased the net investment income (loss) ratio by 0.06%.
^	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. Returns for a period of less than one year are not annualized.
(c)	Annualized for a period of less than one year.

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

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LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Month Ended				Year Ended
the period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	10.09		$	10.67		$	10.78		$	9.27		$	11.49		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.07			0.10			0.08			0.14			0.16			0.15
Net realized and unrealized gain (loss)			(1.83	)		1.18			0.02			1.51			(0.92	)		1.92
Total from investment operations			(1.76	)		1.28			0.10			1.65			(0.76	)		2.07
Less distributions from:
Net investment income			—			(0.16	)		(0.21	)		(0.14	)		(0.20	)		(0.14	)
Net realized gains			—			(1.70	)		—			—			(1.26	)		(0.44	)
Total distributions			—			(1.86	)		(0.21	)		(0.14	)		(1.46	)		(0.58	)
Net asset value, end of period		$	8.33		$	10.09		$	10.67		$	10.78		$	9.27		$	11.49
Total Return (b)			–17.44	%		12.17	%		1.00	%		17.80	%		–6.35	%		20.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	15,812		$	17,617		$	57,925		$	47,481		$	42,577		$	68,761
Ratios to average net assets (c):
Net expenses			0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses			2.23	%		1.70	%		1.32	%		1.45	%		1.34	%		1.42	%
Net investment income (loss)			1.57	%		0.91	%		0.84	%		1.36	%		1.36	%		1.40	%
Portfolio turnover rate			64	%		83	%		173	%		125	%		120	%		102	%

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

Semi-Annual Report     91

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
the period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	10.06		$	10.68		$	10.78		$	9.27		$	11.49		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.08			0.06			0.11			0.12			0.12
Net realized and unrealized gain (loss)			(1.82	)		1.16			0.03			1.51			(0.91	)		1.91
Total from investment operations			(1.76	)		1.24			0.09			1.62			(0.79	)		2.03
Less distributions from:
Net investment income			—			(0.16	)		(0.19	)		(0.11	)		(0.17	)		(0.10	)
Net realized gains			—			(1.70	)		—			—			(1.26	)		(0.44	)
Total distributions			—			(1.86	)		(0.19	)		(0.11	)		(1.43	)		(0.54	)
Net asset value, end of period		$	8.30		$	10.06		$	10.68		$	10.78		$	9.27		$	11.49
Total Return (b)			–17.50	%		11.78	%		0.84	%		17.46	%		–6.64	%		20.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	178		$	216		$	236		$	293		$	225		$	414
Ratios to average net assets (c):
Net expenses			1.15	%		1.15	%		1.15	%		1.18	%		1.20	%		1.20	%
Gross expenses			4.74	%		3.95	%		3.09	%		5.45	%		4.20	%		5.79	%
Net investment income (loss)			1.30	%		0.69	%		0.61	%		1.10	%		1.07	%		1.09	%
Portfolio turnover rate			64	%		83	%		173	%		125	%		120	%		102	%

†	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. 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.

92    Semi-Annual Report

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	11.45		$	10.58		$	9.87		$	8.74		$	10.60		$	9.70
Income (Loss) from investment operations:
Net investment income (loss) (a)			—	(b)		0.05			0.05			0.10			0.14			0.10
Net realized and unrealized gain (loss)			(1.77	)		1.32			0.88			1.23			(1.48	)		1.62
Total from investment operations			(1.77	)		1.37			0.93			1.33			(1.34	)		1.72
Less distributions from:
Net investment income			—			(0.04	)		(0.05	)		(0.12	)		(0.02	)		(0.14	)
Net realized gains			—			(0.46	)		(0.17	)		(0.08	)		(0.48	)		(0.68	)
Return of capital			—			—			—			—			(0.02	)		—
Total distributions			—			(0.50	)		(0.22	)		(0.20	)		(0.52	)		(0.82	)
Net asset value, end of period		$	9.68		$	11.45		$	10.58		$	9.87		$	8.74		$	10.60
Total Return (c)			–15.46	%		12.96	%		9.47	%		15.16	%		–12.72	%		17.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	62,727		$	78,647		$	78,116		$	83,509		$	102,783		$	151,767
Ratios to average net assets (d):
Net expenses			1.04	%		1.11	%		1.04	%		1.22	%		1.02	%		1.05	%
Gross expenses			1.28	%		1.28	%		1.30	%		1.43	%		1.15	%		1.18	%
Gross expenses, excluding expenses on securities sold short			1.27	%		1.19	%		1.29	%		1.23	%		1.15	%*		1.15	%
Net investment income (loss)			0.02	%		0.40	%		0.55	%		1.08	%		1.32	%		0.99	%
Portfolio turnover rate:
Excluding securities sold short			59	%		65	%		88	%		82	%		227	%		142	%
Including securities sold short			61	%		65	%		94	%		99	%		NA	%*		153	%

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

Semi-Annual Report   93

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Open Shares
Net asset value, beginning of period		$	11.38		$	10.52		$	9.82		$	8.69		$	10.55		$	9.65
Income (Loss) from investment operations:
Net investment income (loss) (a)			(0.01	)		0.02			0.03			0.07			0.10			0.05
Net realized and unrealized gain (loss)			(1.76	)		1.31			0.86			1.23			(1.46	)		1.64
Total from investment operations			(1.77	)		1.33			0.89			1.30			(1.36	)		1.69
Less distributions from:
Net investment income			—			(0.01	)		(0.02	)		(0.09	)		—			(0.11	)
Net realized gains			—			(0.46	)		(0.17	)		(0.08	)		(0.48	)		(0.68	)
Return of capital			—			—			—			—			(0.02	)		—
Total distributions			—			(0.47	)		(0.19	)		(0.17	)		(0.50	)		(0.79	)
Net asset value, end of period		$	9.61		$	11.38		$	10.52		$	9.82		$	8.69		$	10.55
Total Return (c)			–15.55	%		12.65	%		9.14	%		14.91	%		–13.05	%		17.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	137		$	157		$	154		$	208		$	286		$	428
Ratios to average net assets (d):
Net expenses			1.29	%		1.36	%		1.28	%		1.51	%		1.32	%		1.34	%
Gross expenses			4.62	%		4.06	%		7.75	%		3.78	%		4.22	%		3.87	%
Gross expenses, excluding expenses on securities sold short			4.60	%		3.97	%		7.74	%		3.58	%		4.22	%*		3.85	%
Net investment income (loss)			–0.21	%		0.15	%		0.31	%		0.76	%		1.00	%		0.53	%
Portfolio turnover rate:
Excluding securities sold short			59	%		65	%		88	%		82	%		227	%		142	%
Including securities sold short			61	%		65	%		94	%		99	%		NA	%*		153	%

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

94   Semi-Annual Report

†	Unaudited.
*	No securities sold short during the year.
(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    95

LAZARD REAL ASSETS PORTFOLIO^

Selected data for a share of capital stock outstanding throughout	Six Months Ended				Year Ended
each period	6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			12/31/17
Institutional Shares
Net asset value, beginning of period		$	11.21		$	10.33		$	10.69		$	9.42		$	10.71		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.06			0.17			0.17			0.16			0.16			0.19
Net realized and unrealized gain (loss)			(0.49	)		2.04			(0.12	)		1.35			(0.96	)		0.78
Total from investment operations			(0.43	)		2.21			0.05			1.51			(0.80	)		0.97
Less distributions from:
Net investment income			(0.07	)		(1.26	)		(0.20	)		(0.24	)		(0.25	)		(0.13	)
Net realized gains			—			(0.07	)		(0.21	)		—	(b)		(0.24	)		(0.13	)
Total distributions			(0.07	)		(1.33	)		(0.41	)		(0.24	)		(0.49	)		(0.26	)
Net asset value, end of period		$	10.71		$	11.21		$	10.33		$	10.69		$	9.42		$	10.71
Total Return (c)			–3.83	%		21.60	%		0.61	%		16.07	%		–7.47	%		9.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	36,020		$	36,027		$	23,959		$	17,515		$	16,164		$	17,812
Ratios to average net assets (d):
Net expenses			0.80	%		0.80	%		0.86	%		0.90	%		0.90	%		0.90	%
Gross expenses			1.24	%		1.29	%		2.13	%		2.20	%		2.04	%		3.13	%
Net investment income (loss)			1.03	%		1.49	%		1.73	%		1.59	%		1.53	%		1.79	%
Portfolio turnover rate			61	%		35	%		109	%		44	%		72	%		76	%

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

96   Semi-Annual Report

Selected data for a					Year Ended
share of capital stock outstanding throughout each period	Six Months Ended 6/30/22†				12/31/21			12/31/20			12/31/19			12/31/18			For the Period 1/9/17* to 12/31/17
Open Shares
Net asset value, beginning of period		$	11.22		$	10.34		$	10.67		$	9.41		$	10.70			$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.08			0.13			0.17			0.14			0.14				0.18
Net realized and unrealized gain (loss)			(0.52	)		2.05			(0.14	)		1.33			(0.96	)			0.74
Total from investment operations			(0.44	)		2.18			0.03			1.47			(0.82	)			0.92
Less distributions from:
Net investment income			(0.06	)		(1.23	)		(0.15	)		(0.21	)		(0.23	)			(0.12	)
Net realized gains			—			(0.07	)		(0.21	)		—	(b)		(0.24	)			(0.13	)
Total distributions			(0.06	)		(1.30	)		(0.36	)		(0.21	)		(0.47	)			(0.25	)
Net asset value, end of period		$	10.72		$	11.22		$	10.34		$	10.67		$	9.41			$	10.70
Total Return (c)			–3.94	%		21.28	%		0.42	%		15.70	%		–7.70	%			9.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1,294		$	144		$	116		$	65		$	43			$	135
Ratios to average net assets (d):
Net expenses			1.05	%		1.05	%		1.13	%		1.10	%		1.15	%			1.15	%
Gross expenses			2.21	%		5.90	%		4.64	%		23.75	%		13.72	%			20.65	%
Net investment income (loss)			1.34	%		1.16	%		1.77	%		1.39	%		1.29	%			1.69	%
Portfolio turnover rate			61	%		35	%		109	%		44	%		72	%			76	%

^	Consolidated Financial Highlights.
†	Unaudited.
*	The inception date 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.

Semi-Annual Report   97

The Lazard Funds, Inc. Notes to Financial Statements
June 30, 2022 (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, 2022, the Fund was comprised of twenty nine no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard Enhanced Opportunities Portfolio (“Enhanced Opportunities”), the Lazard Global Dynamic Multi-Asset Portfolio (“Global Dynamic Multi-Asset”), the Lazard Opportunistic Strategies Portfolio (“Opportunistic Strategies”) and Lazard Real Assets Portfolio (“Real Assets”). The financial statements of the other twenty-five Portfolios are presented separately.

The Global Dynamic Multi-Asset, Opportunistic Strategies, and Real Assets Portfolios are operated as “diversified” funds, as defined in the 1940 Act. The Lazard Enhanced Opportunities Portfolio is operated as a “non-diversified” fund, as defined in the 1940 Act.

Each 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 Fund’s prospectus).

Lazard Real Assets Portfolio has a wholly-owned subsidiary, Lazard Real Assets Portfolio, Ltd. (the “Subsidiary”), organized under the laws of the Cayman Islands. 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 objective and policies as described in its prospectus. In addition to investing directly in commodity-linked instruments, the Portfolio may gain exposure to the commodities markets by investing 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, 2022, net assets of the Portfolio

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were $37,313,964 of which $6,389,169, or 17.12%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

2. Significant Accounting Policies

The accompanying financial statements are presented in conformity with GAAP. The Portfolio 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 US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed 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. Futures contracts are valued at the settlement price on the exchange on which the contract is principally traded. Over the counter swap agreements are valued by an independent pricing service and centrally cleared swaps are valued at the last reported sale on the clearing exchange. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund’s net asset value (“NAV”) per share.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers’ quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

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Calculation of a Portfolio’s NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on 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.

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 Fund’s Board of Directors (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. Certain 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 Valuation Committee of the Investment Manager, which is subject to the oversight of 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 management team also will be considered.

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The effect of using fair value pricing is that the NAV of a Portfolio will reflect the affected securities’ values as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios’ NAVs.

(b) Portfolio Securities Transactions and Investment Income—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income and dividend expenses on short sales are recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized 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

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fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency 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. 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.

During the period ended June 30, 2022, the Enhanced Opportunities, Global Dynamic Multi-Asset and Real Assets Portfolios traded in forward currency contracts.

(d) Futures Contracts—Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.

Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, a Portfolio is required to

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deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash collateral pledged for futures contracts in the Statement of Assets and Liabilities.

Securities may be deposited as initial margin. If applicable, any cash deposited and held on margin is shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, a Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as receivables (or payables) for variation margin on open futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

During the period ended June 30, 2022, the Real Assets 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.

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Commodity-linked swap agreements involve commitments to pay interest in exchange for a commodity-linked return based on a notional amount. To the extent the return of the reference commodity or commodity index or basket of reference commodities or commodity indexes underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.

Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the period ended June 30, 2022, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios traded in swap agreements.

(f) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities. 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 a 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. When a Portfolio writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash collateral in the Statement of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option.

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The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.

During the period ended June 30, 2022, the Enhanced Opportunities Portfolio traded in options.

(g) Short Sales—A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts are an expense of the Portfolio. The Portfolio 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, 2022, pursuant to short sale arrangements, a 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. At June 30, 2022, the

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Enhanced Opportunities Portfolio had pledged $66,543,143 of securities held long as collateral under such arrangements.

For the period ended June 30, 2022, the following Portfolios received proceeds from securities sold short and purchases to cover short positions as follows:

Portfolio	Proceeds from Securities Sold Short		Purchased to Cover Short Positions
Enhanced Opportunities	$	217,051,724	$	94,369,973
Opportunistic Strategies		—		1,542,866

(h) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (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, 2021, the Portfolios had no unused short-term 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, 2021, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Opportunistic Strategies	$	314,631	$	—
Real Assets		7,593		—

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)
Enhanced Opportunities	$	57,908,034	$	5,893,968	$	13,280,531	$	(7,386,563	)
Global Dynamic Multi-Asset		16,380,425		1,317,080		1,775,681		(458,601	)
Opportunistic Strategies		61,676,857		4,597,959		3,358,942		1,239,017
Real Assets		37,055,328		2,473,268		2,790,372		(317,104	)

Management has analyzed the Portfolios, tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(i) Dividends and Distributions—For each Portfolio, income dividends are normally declared each business day and paid annually, except that the Real Assets 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, but may be distributed more frequently. 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 Portfolio’s ordinary income and/or capital gains for that year, or any future tax year.

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The Lazard Global Dynamic Multi-Asset Portfolio used equalization during the year on its 2021 tax return, and has elected to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders’ portion of the Portfolio’s 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 Portfolio would otherwise be required to distribute as dividends to shareholders in order for the Portfolio 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 Portfolio’s shares, the total return on a shareholder’s investment is not affected by the Portfolio’s use of equalization.

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, Treasury Inflation-Protected Securities, currency straddles, passive foreign investment company gains and losses, deemed dividends on convertible debt, equalization accounting (as described above), straddles, certain fixed-income securities, expenses, derivatives, return of capital distributions and distributions from real estate investment trusts (“REITs”).

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

(j) 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

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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 primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio’s income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.

(k) Estimates—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

(l) Net Asset Value—The 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. The Fund values securities and other assets for which market quotations are readily available at market value. Securities and other assets for which current market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures approved by the Board.

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 manages the investment

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operations of each Portfolio and the assets of each Portfolio including the purchase, retention and disposition thereof, in accordance with the Portfolio’s investment objectives, policies, and restrictions, 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
Enhanced Opportunities		0.95	%
Global Dynamic Multi-Asset		0.80
Opportunistic Strategies		1.00
Real Assets		0.65

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 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 each Portfolio until April 29, 2023 if the aggregate direct expenses of a 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, exceed an applicable percentage 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.

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Portfolio	Institutional Shares			Open Shares
Enhanced Opportunities		1.25	%		1.50	%
Global Dynamic Multi-Asset		0.90			1.15
Opportunistic Strategies		1.02			1.27
Real Assets		0.80			1.05

During the period ended June 30, 2022, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Enhanced Opportunities	$	—	$	—	$	1,817	$	362
Global Dynamic Multi-Asset		66,788		44,292		776		2,707
Opportunistic Strategies		87,054		—		728		1,697
Real Assets		82,421		—		1,970		1,537

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

State Street serves as the Fund’s custodian and provides the Fund with certain administrative services.

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the “Distributor”), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, amongst other expenses, the cost of preparing and distributing materials used by the Distributor in connection with its offering Portfolio shares and other advertising and promotional expenses.

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 certain distribution activities and providing services to holders of the Portfolio’s Open Shares. The Distributor may make payments to third parties such as financial institutions, securities dealers and other industry professionals in respect of these services.

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

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. Effective January 2022, the annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 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) also may be paid additional fees for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations shows the Independent Directors’ compensation 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, 2022 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	185,984,162	$	256,303,544
Global Dynamic Multi-Asset		11,062,896		10,464,510
Opportunistic Strategies		38,509,957		50,004,503
Real Assets		18,746,231		14,927,838
	US Treasury Securities
Portfolio		Purchases		Sales
Global Dynamic Multi-Asset		$304,471		$32,412

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At June 30, 2022, the Investment Manager owned 30.25% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

For the period ended June 30, 2022, 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 committed line of credit pursuant to an Amended and Restated Loan 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 1.00% plus the “Applicable Rate,” which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, 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, 2022, 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
Real Assets	$	461,000	$	461,000		1.43	%		1

* For days borrowings were outstanding.

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

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7. Investment Risks

Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio’s investment strategy and related risks.

(a) 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 the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a

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prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

(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.

(c) Fixed-Income and Debt Securities Risk—The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices.

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

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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 market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and, during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities 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).

Structured notes 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 notes can have risks of both debt securities and derivatives transactions.

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. 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

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together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

(d) 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 a 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, a 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 not be able to be sold at the time desired by a

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Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.

(e) 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.

(f) Emerging Market Risk—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

(g) 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 investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

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

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position is unlimited because, theoretically, there is no limit to the potential price increase of a security. In addition, a Portfolio’s short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.

(i) 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. Swap agreements; forward currency contracts; over-the-counter options on securities, indexes, currencies and structured notes; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of, and default by, the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of, or default by, the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a 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 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

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asset or market and, for hedging activities, correlation of the derivative instruments used with the investments seeking to be hedged. Use of derivatives transactions, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. When the Portfolio enters into derivatives transactions, it may be required to segregate liquid assets or enter into offsetting positions or otherwise cover its obligations, in accordance with applicable regulations while the positions are open. The same risks, as applicable, apply to derivative transactions by the Subsidiary. New Securities and Exchange Commission (the “SEC”) Rule 18f-4 under the 1940 Act, with which investment companies must comply beginning in August 2022, relates to the use of derivatives and certain other transactions by registered investment companies, and will rescind and withdraw applicable guidance and relief regarding these asset segregation and coverage practices. Rule 18f-4 will regulate and, in some cases limit, the use of derivatives for certain funds and may require a Portfolio to alter, perhaps materially, its use of derivatives.

(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

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regulatory or competitive environment or to changes in investor perceptions.

(k) Real Estate Investments Risk—A Portfolio’s investments in Real Estate Investments (as defined in the prospectus) could lose money due to the performance of real estate-related securities even if securities markets generally are experiencing positive results. The performance of Real Estate Investments may be determined to a great extent by the current status of the real estate industry in general, or by other factors that may affect the real estate industry, even if other industries would not be so affected. Consequently, Real Estate Investments could lead to investment results that may be significantly different from investments in other real assets categories or investments in the broader securities markets. The risks related to investments in 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.

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 securities of other types of companies which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

(l) Infrastructure Companies Risk—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll

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roads, airports, railroads, ports, telecommunications and other 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.

(m) Commodities-Related Investments Risk—Exposure to the commodities markets may subject a Portfolio to greater volatility than other types of investments. The values of commodities and commodity-linked derivative instruments are affected by events that may have less impact on the values of equity and fixed income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.

(n) Subsidiary and Tax Status Risk—The Real Assets 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,

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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.

Income and gains from commodities or certain commodity-linked derivative instruments do not constitute “qualifying income” to the Real Assets 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 the Portfolio’s investments in the Subsidiary and commodity-linked derivative instruments could affect whether income derived from such investment is “qualifying income” under the Code, or otherwise affect the character, timing and/or amount of the Portfolio’s taxable income or any gains and distributions made by the Portfolio.

(o) Closed-End Funds and ETFs Risk—Shares of closed-end funds and ETFs in which a Portfolio may invest may trade at prices that vary from their net asset values, sometimes significantly. The shares of closed-end funds and ETFs may trade at prices at, below or above their net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in closed-end funds and ETFs are subject to the risks of the closed-end funds’ and ETFs’ investments, as well as to the general risks of investing in closed-end funds and ETFs, respectively. A Portfolio investing in closed-end funds or ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the closed-end funds and/or ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more closed-end funds and/or ETFs (subject to certain exceptions), Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of

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another investment company, including ETFs, in excess of the limitations imposed by Section 12, subject to certain limitations and conditions.

(p) Government Securities Risk—Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by a Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

(q) 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 impediments to a Portfolio’s investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio’s ability to calculate its NAV; 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 a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and

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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.

(r) Non-Diversification Risk—For a Portfolio that is classified as “non-diversified” under the 1940 Act, 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.

(s) Geopolitical Risk—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios’ investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

8. Contractual Obligations

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

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9. Fair Value Measurements

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of a Portfolio 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 methodology or inputs 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, 2022:

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, 2022
Enhanced Opportunities Portfolio
Assets:
Common Stocks*
Austria	$	—		$	51,928		$	—	$	51,928
Canada		23,188			—			—		23,188
United States		516,049			—			27,658		543,707
Convertible Corporate Bonds		—			67,626,007			—		67,626,007
Short-Term Investments		11,987,212			—			—		11,987,212
Purchased Options		84,990			—			—		84,990
Other Financial Instruments†
Forward Currency Contracts		—			14,621			—		14,621
Total Return Swap Agreements		—			783,741			—		783,741
Total	$	12,611,439		$	68,476,297		$	27,658	$	81,115,394
Liabilities:
Securities Sold Short
Common Stocks*
Australia	$	—		$	(2,683	)	$	—	$	(2,683	)
Austria		—			(72,867	)		—		(72,867	)
Brazil		(5,449	)		—			—		(5,449	)
Canada		(269,229	)		—			—		(269,229	)
China		(642,676	)		—			—		(642,676	)
Hong Kong		—			(199,316	)		—		(199,316	)
Netherlands		—			(15,024	)		—		(15,024	)
Panama		(450,054	)		—			—		(450,054	)
Singapore		(19,724	)		—			—		(19,724	)
South Korea		—			(33,887	)		—		(33,887	)
United Kingdom		—			(3,134	)		—		(3,134	)
United States		(19,836,025	)		—			—		(19,836,025	)
Exchange-Traded Funds United States		(4,199,082	)		—			—		(4,199,082	)
US Treasury Securities		—			(4,764,233	)		—		(4,764,233	)
Other Financial Instruments†
Forward Currency Contracts	$	—		$	(661	)	$	—	$	(661	)
Total Return Swap Agreements		—			(824	)		—		(824	)
Written Options		(79,055	)		—			—		(79,055	)
Total	$	(25,501,294	)	$	(5,092,629	)	$	—	$	(30,593,923	)

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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, 2022
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia	$	—	$	126,231		$	—	$	126,231
Austria		—		4,242			—		4,242
Belgium		—		3,650			—		3,650
Canada		255,750		—			—		255,750
China		21,464		9,286			—		30,750
Denmark		20,771		70,773			—		91,544
France		84,204		48,655			—		132,859
Germany		17,446		53,501			—		70,947
Hong Kong		20,376		21,034			—		41,410
Israel		13,088		8,568			—		21,656
Italy		—		4,296			—		4,296
Japan		57,352		426,887			—		484,239
Malta		—		3,760			—		3,760
Netherlands		43,117		107,701			—		150,818
New Zealand		—		9,862			—		9,862
Norway		—		13,053			—		13,053
Portugal		—		4,064			—		4,064
Puerto Rico		4,699		—			—		4,699
Singapore		—		12,902			—		12,902
Spain		12,170		35,241			—		47,411
Sweden		64,158		10,934			13,544		88,636
Switzerland		43,553		98,833			—		142,386
United Kingdom		120,719		132,498			—		253,217
United States		4,224,576		77,731			—		4,302,307
Corporate Bonds*		—		3,523,764			—		3,523,764
Exchange-Traded Funds		171,115		—			—		171,115
Foreign Government Obligations*		—		3,689,353			—		3,689,353
Quasi Government Bonds*		—		150,104			—		150,104
Supranational Bonds		—		976,579			—		976,579
US Municipal Bonds		—		181,463			—		181,463
US Treasury Securities		—		285,249			—		285,249
Short-Term Investments		738,918		—			—		738,918
Other Financial Instruments†
Forward Currency Contracts		—		164,168			—		164,168
Total	$	5,913,476	$	10,254,382		$	13,544	$	16,181,402
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—	$	(259,578	)	$	—	$	(259,578	)

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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, 2022
Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds	$	55,975,867		$	—		$	—	$	55,975,867
Short-Term Investments		7,480,422			—			—		7,480,422
Total	$	63,456,289		$	—		$	—	$	63,456,289
Liabilities:
Other Financial Instruments†
Total Return Swap Agreements	$	—		$	(540,415	)	$	—	$	(540,415	)
Real Assets Portfolio
Assets:
Common Stocks*
Australia	$	—		$	475,885		$	—	$	475,885
Belgium		—			56,101			—		56,101
Brazil		61,235			—			—		61,235
Canada		2,516,077			—			—		2,516,077
France		—			683,228			—		683,228
Hong Kong		—			297,480			—		297,480
Italy		—			967,254			—		967,254
Japan		—			686,823			—		686,823
Luxembourg		—			21,821			—		21,821
Singapore		—			85,569			—		85,569
Spain		—			963,221			—		963,221
Sweden		—			118,535			—		118,535
Switzerland		—			34,039			—		34,039
United Kingdom		—			1,616,418			—		1,616,418
United States		13,394,627			—			—		13,394,627
Exchange-Traded Funds		1,943,784			—			—		1,943,784
Short-Term Investments		12,148,491			—			—		12,148,491
Other Financial Instruments†
Forward Currency Contracts		—			8,403			—		8,403
Futures Contracts		44,094			—			—		44,094
Total Return Swap Agreements		—			1,546,327			—		1,546,327
Total	$	30,108,308		$	7,561,104		$	—	$	37,669,412
Liabilities:
Other Financial Instruments†
Forward Currency Contracts	$	—		$	(693	)	$	—	$	(693	)
Futures Contracts		(930,495	)		—			—		(930,495	)
Total	$	(930,495	)	$	(693	)	$	—	$	(931,188	)

*	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).

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10. Derivative Instruments

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

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

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

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

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

During the period ended June 30, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

	Enhanced			Global Dynamic		Opportunistic
	Opportunities			Multi-Asset		Strategic			Real Assets
Derivative Instruments	Portfolio			Portfolio		Portfolio			Portfolio
Forward currency contracts:
Average amounts purchased		$3,200,000	*		$5,300,000	$	—			$4,600,000	#
Average amounts sold		7,500,000			4,400,000		—			7,100,000
Futures contracts:
Average notional value of contracts – long		—			—		—			2,200,000
Total return swap agreements:
Average notional value		8,500,000	†		—		1,400,000	*		9,300,000

*	Represents average monthly notional exposure for three months the derivative instrument was open during the period.
#	Represents average monthly notional exposure for five months the derivative instrument was open during the period.
†	Represents average monthly notional exposure for less than one month the derivative instrument was open during the period.

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The Enhanced Opportunities Portfolio also purchased options having an average monthly notional exposure of less than $50,000. The Enhanced Opportunities Portfolio also wrote 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 30,2022:

Enhanced Opportunities Portfolio

			Foreign
			Currency
	Equity		Exchange
Assets – Derivative Financial Instruments	Contracts		Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	––	$	14,621	$	14,621
Swap agreements
Unrealized appreciation on swap agreements		783,741		––		783,741
Purchased options
Investment in securities, at fair value		84,990		––		84,990
Total	$	868,731	$	14,621	$	883,352

			Foreign
			Currency
	Equity		Exchange
Liabilities – Derivative Financial Instruments	Contracts		Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	––	$	661	$	661
Swap agreements
Unrealized appreciation on swap agreements		824		––		824
Written options
Written options, at fair value		79,055		––		79,055
Total	$	79,879	$	661	$	80,540

Global Dynamic Multi-Asset Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	164,168

Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	259,578

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Opportunistic Strategies Portfolio

Assets – Derivative Financial Instruments		Total
Swap Agreements	Unrealized appreciation on swap agreements	$	––

Liabilities – Derivative Financial Instruments		Total
Swap Agreements	Unrealized depreciation on swap agreements	$	540,415

Real Assets Portfolio

				Foreign
				Currency
	Commodity			Exchange
Assets – Derivative Financial Instruments	Contracts		Contracts			Total
Forward currency contracts
Unrealized appreciation on forward currency contracts	$	––		$	8,403	$	8,403
Swap agreements
Unrealized appreciation on swap agreements		1,546,327			––		1,546,327
Total	$	1,546,327		$	8,403	$	1,554,730

			Foreign
			Currency
	Commodity		Exchange
Liabilities – Derivative Financial Instruments	Contracts		Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts	$	––	$	693	$	693
Future Contracts
Variation margin on open futures contracts (a)		325,936		––		325,936
Total	$	325,936	$	693	$	326,629

(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).

132   Semi-Annual Report

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2022 was:

Enhanced Opportunities Portfolio

			Foreign
			Currency
	Equity		Exchange
Net Realized Gain (Loss) from:	Contracts		Contracts		Total
Forward currency contracts	$	––	$	324,089	$	324,089
Purchased options*		418,718		––		418,718
Swap agreements		262,758		––		262,758
Written options		35,466		––		35,466
Total	$	716,942	$	324,089	$	1,041,031

* Purchased options are included under realized gain/loss on investments on Statement of Operations.

				Foreign
				Currency
	Equity			Exchange
Net Change in Unrealized Appreciation (Depreciation) on:	Contracts			Contracts		Total
Forward currency contracts	$	––		$	83,737	$	83,737
Purchased options*		55,486			––		55,486
Swap agreements		775,220			––		775,220
Written options		(21,806	)		––		(21,806	)
Total	$	808,900		$	83,737	$	892,637

* Purchased options are included under unrealized gain/loss on investments on Statement of Operations.

Global Dynamic Multi-Asset Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(146,052)

Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	(101,177)

Opportunistic Strategies Portfolio

Net Realized Gain (Loss) from:	Total
Swap Agreements	$	––

Net Change in Unrealized Appreciation (Depreciation) on:	Total
Swap Agreements	$	(540,415)

Semi-Annual Report   133

Real Assets Portfolio

				Foreign
				Currency
	Commodity			Exchange
Net Realized Gain (Loss) from:	Contracts			Contracts		Total
Forward currency contracts	$	––		$	126,717	$	126,717
Futures Contracts		1,698,310			––		1,698,310
Swap agreements		(110,415	)		––		(110,415	)
Total	$	1,587,895		$	126,717	$	1,714,612

				Foreign
				Currency
	Commodity			Exchange
Net Change in Unrealized Appreciation (Depreciation) on:	Contracts			Contracts		Total
Forward currency contracts	$	––		$	108,209	$	108,209
Futures Contracts		(913,426	)		––		(913,426	)
Swap agreements		1,738,903			––		1,738,903
Total	$	825,477		$	108,209	$	933,686

As of June 30, 2022, the Enhanced Opportunities, Global Dynamic Multi-Asset, Opportunistic Strategies and Real Assets Portfolios held derivative instruments that are eligible for offset in their 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 is presented in the below table, as of June 30, 2022:

Enhanced Opportunities Portfolio

							Net Amounts of
				Gross Amounts Offset			Assets Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Assets			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	14,621		$	—		$	14,621
Total Return Swap Agreements			783,741			—			783,741
Total		$	798,362		$	—		$	798,362

134   Semi-Annual Report

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial				Collateral			Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Received			Derivative Assets
Bank of America NA		$	783,741		$	(824	)		$	—		$	782,917
State Street Bank and Trust Co.			14,621			(661	)			—			13,960
Total		$	798,362		$	(1,485	)		$	—		$	796,877

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	661		$	—		$	661
Total Return Swap Agreements			824			—			824
Total		$	1,485		$	—		$	1,485

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial				Collateral			Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Pledged			Derivative Liabilities
Bank of America NA		$	824		$	(824	)		$	—		$	—
State Street Bank and Trust Co.			661			(661	)			—			—
Total		$	1,485		$	(1,485	)		$	—		$	—

Global Dynamic Multi-Asset Portfolio

							Net Amounts of
				Gross Amounts Offset			Assets Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Assets			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	164,168		$	—		$	164,168

Semi-Annual Report   135

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial				Collateral			Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Received			Derivative Assets
Citibank NA		$	38,835		$	(38,835	)		$	—		$	—
HSBC Bank USA NA			41,859			(41,859	)			—			—
JPMorgan Chase Bank NA			83,159			(69,625	)			—			13,534
State Street Bank and Trust Co.			315			(23	)			—			292
Total		$	164,168		$	(150,342	)		$	—		$	13,826

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	259,578		$	—		$	259,578

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial				Collateral			Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Pledged			Derivative Liabilities
Citibank NA		$	52,622		$	(38,835	)		$	—		$	13,787
HSBC Bank USA NA			137,084			(41,859	)			—			95,225
JPMorgan Chase Bank NA			69,625			(69,625	)			—			—
Morgan Stanley & Co.			224			—				—			224
State Street Bank and Trust Co.			23			(23	)			—			—
Total		$	259,578		$	(150,342	)		$	—		$	109,236

136   Semi-Annual Report

Opportunistic Strategies Portfolio

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Total Return Swap Agreements		$	540,415		$	—		$	540,415

Amounts Not Offset

in the Statement of

Assets and Liabilities

Net Amounts of

Liabilities Presented

in the Statement of

Financial

Collateral

Net Amounts of

Counterparty

Assets and Liabilities

Instruments

Pledge

Derivative Liabilities

Goldman Sachs International

$

540,415

$

—

$

—

$

540,415

Real Assets Portfolio

							Net Amounts of
				Gross Amounts Offset			Assets Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Assets			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	8,403		$	—		$	8,403
Total Return Swap Agreements			1,546,327			—			1,546,327
Total		$	1,554,730		$	—		$	1,554,730

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Assets Presented
	in the Statement of			Financial				Collateral				Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Received (a)				Derivative Assets
Goldman Sachs International		$	1,546,327		$	—			$	(390,000	)		$	1,156,327
HSBC Bank USA NA			1,147			(124	)			—				1,023
JPMorgan Chase Bank NA			673			(250	)			—				423
State Street Bank and Trust Co.			6,583			(319	)			—				6,264
Total		$	1,554,730		$	(693	)		$	(390,000	)		$	1,164,037

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

Semi-Annual Report   137

							Net Amounts of
				Gross Amounts Offset			Liabilities Presented
	Gross Amounts of			in the Statement of			in the Statement of
Description	Recognized Liabilities			Assets and Liabilities			Assets and Liabilities
Forward Currency Contracts		$	693		$	—		$	693

				Amounts Not Offset
				in the Statement of
				Assets and Liabilities
	Net Amounts of
	Liabilities Presented
	in the Statement of			Financial				Collateral			Net Amounts of
Counterparty	Assets and Liabilities			Instruments				Pledged			Derivative Liabilities
HSBC Bank USA NA		$	124		$	(124	)		$	—		$	—
JPMorgan Chase Bank NA			250			(250	)			—			—
State Street Bank and Trust Co.			319			(319	)			—			—
Total		$	693		$	(693	)		$	—		$	—

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 No. 2020- 04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU No. 2020-04”). ASU No. 2020-04 provides 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 reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020 and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. Management has adopted ASU No. 2020-04.

138   Semi-Annual Report

12. Subsequent Events

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and, other than the following, no subsequent events require adjustment or disclosure. Management began to offer the R6 Shares in the Real Assets Portfolio on July 22, 2022. Each share class of this Portfolio 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 Fund’s prospectus).

Semi-Annual Report   139

The Lazard Funds, Inc.

Other Information (unaudited)

Proxy Voting

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the “SEC”) website at 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 the 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 1, 2022 and June 28, 2022, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each 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 28, 2022 meeting, additional information requested by the Independent Directors at the June 1, 2022 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. As of March 31, 2022, the

140   Semi-Annual Report

Lazard Funds complex of 35 active funds comprised approximately $23 billion of the approximately $253 billion of total assets under the management of the Investment Manager and its global affiliates.

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 resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager’s staffing to provide services pursuant to the Management Agreement; the Fund’s distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; Portfolio asset flows and the growth or decline in asset levels; and the Investment Manager’s financial condition. 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 $23 billion fund complex not managed by a large, global firm such as the Investment Manager.

Semi-Annual Report   141

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 that were selected by Strategic Insight as comparable to the Portfolio, for expense comparison purposes, based on Strategic Insight’s methodology (the “Expense Peer Group”); 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 fees and net expense ratios of the Portfolios were 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. The Board also received a description of Strategic Insight’s methodology for its construction of Expense Peer Groups and a summary of how the methodology was applied.

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,

142   Semi-Annual Report

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, among other performance information provided to the Board on a quarterly basis, 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, 2022, as applicable, compared to performance for the same time periods to that of:

● a group of funds not advised by the Investment Manager that were selected by Strategic Insight as comparable to the Portfolio, for performance comparison purposes, based on Strategic Insight’s methodology (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.

The Board also received a description of Strategic Insight’s methodology for its construction of Performance Peer Groups and a summary of how the methodology was applied, including, for each Portfolio, deviations from Strategic Insights’ stated methodology and the reasons therefor.

When evaluating the performance of each Portfolio, the Board considered Strategic Insight’s performance analysis along with

Semi-Annual Report   143

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 in certain periods and 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, 2021 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 below ranges determined by relevant court cases not to be so disproportionately large that they bore no reasonable relationship to the services rendered. The

144   Semi-Annual Report

Board (1) considered the Investment Manager’s estimated profitability percentage 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 percentage 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 average assets of each Portfolio over the most recently completed calendar year had either decreased (or not increased significantly) from the Portfolio’s assets as of the end of the previous calendar year and/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 $253 billion global asset management business.

Semi-Annual Report   145

● 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 other 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. Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; the expected pattern of performance for the Portfolios in different market conditions; 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

146   Semi-Annual Report

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 liquidity risk. The rule is designed to promote effective liquidity risk management and reduce 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.

The Board 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 Valuation and Liquidity Committee comprised of various Fund officers and senior personnel of the Investment Manager. 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, among other things, addresses the operation of the LRMP and assesses its adequacy and effectiveness of implementation and any material changes to the LRMP. The Board received a written report in June 2022 (the “Annual Report”). The Annual Report included, among other things, a statement that the Investment Manager, as the Program Administrator, acting primarily through the Valuation and Liquidity Committee, has reviewed 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. There were no material compliance matters relating to compliance with Rule 22e-4 identified in the Annual Report.

Semi-Annual Report   147

The Lazard Funds, Inc.

30 Rockefeller Plaza
New York, New York 10112-6300
Telephone: 800-823-6300
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 02210-1641

Transfer Agent and Dividend Disbursing Agent

DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
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
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 We Recycle This document is printed on recycled paper.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors during the period covered by this report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form

N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant’s internal control over financial reporting that occurred during the 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 23, 2022

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 23, 2022

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date August 23, 2022

EX-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-CSR 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 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 23, 2022

/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-CSR 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 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 23, 2022

/s/ Christopher Snively

Christopher Snively

Chief Financial Officer

EX-99.906 CERT

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certify, pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, 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 23, 2022

By: /s/ Christopher Snively
Christopher Snively
Chief Financial Officer

Date: August 23, 2022

This certificate is furnished pursuant to the requirements of Form N-CSR 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.