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: 12/31/22

Brief Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2022, originally filed with the Securities and Exchange Commission on February 27, 2023 (Accession Number 0000930413-23-000682), for the purpose of deleting the word “(unaudited)” from the Notes to the Financial Statements on page 264.

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Annual Report

December 31, 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	Investment Overviews (unaudited)
25	Performance Overviews (unaudited)
45	Information About Your Portfolio’s Expenses (unaudited)
53	Portfolio Holdings Presented by Asset Class/Sector
56	Portfolios of Investments
56	Lazard Developing Markets Equity Portfolio
60	Lazard Emerging Markets Core Equity Portfolio
65	Lazard Emerging Markets Equity Advantage Portfolio
75	Lazard Emerging Markets Equity Portfolio
79	Lazard Emerging Markets Strategic Equity Portfolio
83	Lazard Equity Franchise Portfolio
85	Lazard Global Equity Select Portfolio
89	Lazard Global Listed Infrastructure Portfolio
92	Lazard Global Strategic Equity Portfolio
96	Lazard International Equity Advantage Portfolio
104	Lazard International Equity Portfolio
108	Lazard International Equity Select Portfolio
112	Lazard International Quality Growth Portfolio
115	Lazard International Small Cap Equity Portfolio
120	Lazard International Strategic Equity Portfolio
124	Lazard Managed Equity Volatility Portfolio
131	Lazard US Equity Concentrated Portfolio
134	Lazard US Equity Focus Portfolio
137	Lazard US Small-Mid Cap Equity Portfolio
142	Lazard US Sustainable Equity Portfolio
146	Lazard US Systematic Small Cap Equity Portfolio
163	Notes to Portfolios of Investments
174	Statements of Assets and Liabilities
180	Statements of Operations
186	Statements of Changes in Net Assets
214	Financial Highlights
264	Notes to Financial Statements
314	Report of Independent Registered Public Accounting Firm
317	Board of Directors and Officers Information (unaudited)
320	Tax and 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.

Annual Report  1

The Lazard Funds, Inc. A Message from Lazard (unaudited)

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia’s invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the “Fed”), the world’s most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed’s actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the “ECB”), which lifted its benchmark rate four times, and the Bank of England (the “BoE”), which did so eight times. The Bank of Japan (the “BoJ”) was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan’s economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. 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 bottom-up 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. Investment Overviews (unaudited)

Market Overviews

Global Markets

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia’s invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the “Fed”), the world’s most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed’s interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed’s actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (“BoE”) did so eight times.

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Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed’s warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan’s central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded its worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about $8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energies companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

Emerging Markets Equities

The area encompassing emerging Europe, the Middle East, and Africa (“EMEA”) was the worst-performing region in 2022. In March, MSCI removed Russian stocks from its emerging markets

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indices after deeming them as “uninvestable” and wrote to zero the value of its Russia index after the country’s stock market was determined to not be operating under normal rules. Emerging Asia underperformed, with China’s stock market plummeting on bearish sentiment about the country’s economic outlook amid COVID-driven lockdowns, a beleaguered real estate sector, and news that Xi Jinping had secured an unprecedented third term as the country’s president. Stock markets in Korea and Taiwan both tumbled on concerns about the demand outlook for semiconductor chips, the flagship industry for both countries. The steep drops recorded by Chinese, Korean, and Taiwanese stocks, which, in the aggregate, account for about 58% of the MSCI Emerging Markets Index, had an outsize impact on the benchmark’s overall performance. Latin America was the best-performing region, with the stock markets of commodities-exporting countries such as Brazil and Chile outperforming thanks to the increase in raw materials prices.

Information technology was the worst-performing sector, as the Chinese government’s crackdown on the country’s technology companies led to a steep sell-off of sector stocks. Utilities was the best-performing sector, as mounting global economic uncertainty led investors to rotate to defensive stocks.

International Equities

International markets rallied sharply in the fourth quarter of 2022, reducing some of the significant year-to-date drawdown. This reversal was due mainly to two factors. First, signs of peaking inflation became evident and reduced investor expectations for significant future rate hikes by central banks. Second, the end of COVID lockdowns in China raised expectations for a pickup in global growth as the China economy reopened. The very strong returns in the fourth quarter were led by lower-quality stocks, as is normally the case in a strong absolute return period, and this extended the lead for low quality compared to high quality for the full year. Foreign currency strength added to already strong local market performance for international benchmarks as peaking inflation data drove dollar weakness. As a result, despite fears of significant macroeconomic headwinds to international markets,

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international benchmarks outperformed the US not only in local terms, but also in dollars for the fourth quarter and the full year for the first time since 2017.

US Equities

US equity markets sold off during the year as several factors, including supply chain bottlenecks, rising energy prices, a tight labor market, and sustained consumer demand, combined to drive US inflation to its highest level in 40 years. As a result, the Fed reversed its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign, resulting in its benchmark rate ending December at its highest level in 15 years. Stocks were volatile throughout the year as investors grappled with two competing sentiments—relief that the Fed was taking aggressive actions to rein in rising prices and concerns that these same actions could slow economic growth. Investors were encouraged towards the end of the year that domestic inflation was showing signs of moderating, with November marking the fifth consecutive month of declines.

Global Infrastructure

Listed infrastructure indices, as measured by the MSCI World Core Infrastructure^® (USD) Index, fell in 2022. The strongest performing areas of infrastructure in 2022 were regulated water utilities and North American freight railroads. The poorest performing areas were Japanese passenger railways and satellites. In an inflationary environment, infrastructure plays a key role in portfolio performance but understanding the nuances of infrastructure assets can prove difficult. The majority of infrastructure assets listed on public markets do not have either monopoly-like positions or guaranteed inflation protection in regulatory arrangements.

Portfolio Performance

Lazard Developing Markets Equity Portfolio

For the year ended December 31, 2022, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of -22.61%, while Open Shares posted a total return of -22.81%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

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Stock selection in the information technology sector detracted from relative performance for the period. Shares of GoerTek faltered on news that consumer electronics giant Apple suddenly stopped its high-end AirPods orders to the China-based electronic supplier due a to quality control issue. The fall in the stock price of Korea-based chipmaker Samsung Electronics was attributed to concerns that inventory adjustments were having a significant effect on memory pricing.

In contrast, stock selection in the financials sector contributed to relative performance. Shares of Banorte climbed after the Mexico-based lender reported better-than-expected results. Shares received another boost from bullish sentiment about the company’s financial discipline. The rise in the stock price of China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVD-19 restrictions and lifting lockdowns in major cities. Shares of HDFC traded higher after ethe India-based lender reported broad-based loan growth and improvement in its incremental market share in deposits.

Lazard Emerging Markets Core Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of -21.63%, while Open Shares posted a total return of -21.80% and R6 Shares posted a total return of -21.58%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Stock selection in certain geographies detracted from relative performance. Overweight exposure to Russian stocks, including those for energy company Lukoil and lender Sberbank, detracted when their valuations fell to zero following their removal from the MSCI Emerging Markets Index.

In contrast, stock selection in other regions contributed to relative performance. Shares of Thailand-based petroleum exploration and production company PTT Exploration gained in sympathy with the rally in crude oil futures prices. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits

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was expanding. The rise in the stock price of United Arab Emirate-based ports operator Abu Dhabi Ports was attributed to increased shipping volume and positive investor sentiment for the industry as it recovered from supply chain disruptions.

Lazard Emerging Markets Equity Advantage Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of -21.01%, while Open Shares posted a total return of -21.21%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Lack of exposure to Brazil-based Itau Unibanco, a large benchmark name which rose over 30% in 2022, in favor of Asian banks, detracted from relative performance. Shares of Wipro suffered from concerns that the information technology outsourcing company’s earnings outlook had weakened because higher employee expenses and a bleaker economic climate would likely reduce information technology spending from its clients.

In contrast, the rise in the stock price of India-based lender ICICI Bank, attributed in part to the country’s solid economic growth, contributed to relative performance. Shares of the lender also benefited from positive sentiment about the company’s strong loan growth and margin expansion due to higher interest rates. Shares of HDFC Bank also climbed on positive sentiment about the India-based lender’s aggressive growth path, which saw the opening of over 700 branches in India in 2022. Shares received another boost from the company’s strong growth in interest and fee income. Bank of China rebounded in the fourth quarter of 2022, as the lender benefited from favorable government action on revitalizing the troubled real estate sector and COVID reopening to boost economic growth.

Lazard Emerging Markets Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of -14.86%, while Open Shares posted a total return of -15.09% and R6 Shares posted a total return of -14.86%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

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Security selection in the energy and financials sectors and above-benchmark exposure in China, Brazil, Indonesia, and South Africa boosted relative performance. BB Seguridade, a Brazilian insurance company, reported positive earnings and an improving outlook with higher interest rates and a normalization of pandemic-related loss ratios. Shares of energy companies Petróleo Brasileiro S.A (Petrobras), based in Brazil and Galp, based in Portugal with global assets in Latin America and Africa, both jumped along with the rally in crude oil futures.

Security selection in the communication services sector and in Russia detracted from relative performance. A lower-than-benchmark exposure to India also undercut relative performance. Shares of Korea-based chipmakers Samsung Electronics and SK Hynix fell as part of a larger decline by semiconductor-related stocks on worries about a demand downcycle amid Chinese COVID-related lockdowns and rising concerns about a potential recession brought about by rising interest rates. These led to a sell-off in semiconductor-related stocks, including Samsung Electronics and SK Hynix in Korea.

Lazard Emerging Markets Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Strategic Equity Portfolio’s Institutional Shares posted a total return of -19.04%, while Open Shares posted a total return of -19.24%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Among top contributors to relative performance, the rise in the stock price China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVID restrictions and lifting lockdowns in major cities. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits was expanding. Shares of BB Seguridade also gained after the Brazil-based insurer reported solid quarterly earnings and an improving outlook, with higher interest rates and a normalization of pandemic-related loss ratios.

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Among top detractors from relative performance, shares of Taiwan-based chipmakers SK Hynix and MediaTek retreated as part of larger declines in semiconductors-related stocks due to worries about a demand downcycle stemming from China’s COVID-driven lockdowns and a global recession brought about by rising interest rates.

Lazard Equity Franchise Portfolio

For the year ended December 31, 2022, the Lazard Equity Franchise Portfolio’s Institutional Shares posted a total return of -5.21%, while Open Shares posted a total return of -5.45%, as compared with the -18.14% return for the MSCI World^® Index.

Among top contributors to relative performance, shares of H&R Block advanced after the US-based tax services company reported better-than-expected results for its fiscal year 2022 fourth-quarter, and guided future earnings significantly above consensus expectations. US-based television and internet ratings measurement company Nielsen saw its stock price climb on news of a takeover offer, and major shareholder Windacre’s agreement with the private equity bidders for an offer price of $28 per share. Shares of McKesson traded higher after the US-based drug distributor reported higher earnings from sales of COVID vaccines and personal protection equipment.

Among top detractors from relative performance, shares of Germany-based dialysis company Fresenius fell on news that the US Supreme Court found in favor of a small health fund that had reduced the amount it paid for dialysis services, in apparent contravention of the Medicare Secondary Payer Act of 1980. Shares of Intel fell after the US-based chipmaker reported disappointing earnings due to a weaker PC market, weak demand and market share loss in the data center segment, and a further delay to the launch of its Sapphire Rapids product for the data center market.

Lazard Global Equity Select Portfolio

For the year ended December 31, 2022, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of -17.28%, while Open Shares posted a total return of -17.50%, as compared with the -18.36% return for the MSCI ACWI.

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Stock selection in the information technology sector contributed to relative performance. Motorola Solutions, a leader in mission-critical communication devices, systems, and services for public safety and commercial verticals, saw its stock price climb on news that it was servicing a record-high backlog and on strength in the face of semiconductor and inflationary pressures. Stock selection in the consumer discretionary sector also boosted relative performance. Shares of US-based discount retailer Dollar General performed well as sales and earnings were strong during the year, bolstered by changes in consumer spending habits favoring lower-cost items amid an inflationary environment.

In contrast, lack of exposure to the energy sector detracted from relative performance. Stock selection in the healthcare sector also detracted from relative performance. The fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints.

Lazard Global Listed Infrastructure Portfolio

For the year ended December 31, 2022, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of -1.30%, while Open Shares posted a total return of -1.55%, as compared with the -4.13% return for the MSCI World Core Infrastructure^® (USD) Index and -18.14% return for the MSCI World Index.

Among top contributors to relative performance, shares of Italian toll road company Atlantia climbed after the Italy-based toll road operator became a €58 billion acquisition target (at a price of €23 per share) from private equity company Blackstone and the Benetton family. Shares of Consolidated Edison also rose after the US-based utility company reported solid quarterly earnings results and sold its unregulated Clean Energy assets. Shares received another boost from investors rotating to defensive stocks amid heightened economic uncertainty. Shares of Pinnacle West advanced as part of larger gains made by most US regulated utilities, as a result of the Russia-Ukraine conflict. Shares were bolstered in November after the company reported higher-than-expected results in the third quarter of 2022 due to warmer weather and raised its full year guidance.

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Among top detractors from relative performance, shares of Ferrovial faltered after the Spain-based infrastructure company reported that its key asset, H407 in Ontario, Canada, saw a 34% decline in the second quarter of 2022. Shares came under additional pressure in December after Ferrovial announced a number of asset transactions that hurt performance. Shares of Hera slid on concerns that the Italy-based energy company would either be unable to pass rising gas prices to customers or at least suffer substantial working capital pressures, though results have not validated this concern.

Lazard Global Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of -19.01%, while Open Shares posted a total return of -19.22%, as compared with the -18.36% return for the MSCI ACWI.

Stock selection in the healthcare, industrials, and financials detracted from relative performance. Shares of Adobe traded lower after the US-based design software company announced the acquisition of Figma, a cloud-based collaboration tool. The move was interpreted as a signal of potential competitive disruption to Adobe’s core market, particularly given the high price tag Adobe agreed to pay. Shares came under additional pressure due to a moderation in growth rate following a strong demand environment in 2020–21. Shares in Intuit faltered after the US-based financial software provider reported slowing topline growth in 2022 after enjoying strong demand in prior years. Investors were also concerned about the company’s exposure to small businesses in a weakening macro environment. Shares of US-based semiconductor equipment maker Applied Materials fell as part of a larger decline in semiconductor-related stocks due to concerns about a demand downcycle. This was the pattern in general for the semiconductor sector, which was one of the worst performing sectors in 2022.

Stock selection in the communication services, information technology, and consumer discretionary sectors boosted relative performance. Shares of UnitedHealth gained on positive

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sentiment about the US-based health insurer’s upside potential, with Optum Health, the company’s health services business that brings together physician services and data and analytics, continuing to deliver strong results and serving as a good illustration of management’s strategic vision. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment. Shares of Helmerich & Payne climbed after the US-based oil services provider delivered strong results through the course of the year, thanks to a high oil price environment that provided a more favorable demand environment for equipment and services. A lack of investment in the sector created a tight supply environment resulting in very favorable pricing dynamics for Helmerich & Payne as a result.

Lazard International Equity Advantage Portfolio

For the year ended December 31, 2022, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of -13.45%, while Open Shares posted a total return of -13.75%, as compared with the -14.45% return for the MSCI EAFE Index.

Among top contributors to relative performance, oil company Shell benefited from the surge in oil prices following the Ukraine invasion and led the big 5 oil companies in committing to carbon neutrality by 2050. Shares of Novo Nordisk traded higher on optimism that the Danish pharmaceutical company’s new treatment drugs will re-accelerate revenue growth. Japan Post, which generates 75% of its earnings from its finance operations, benefited from the favorable period for finance companies driven by higher global interest rates.

In contrast, detracting from relative performance, Deutsche Post gave back most of its relative gain from the COVID period as its struggled with weak advertising revenue, slowing newspaper sales and higher employee expenses. Nemetschek, the German building and infrastructure design firm, was adversely impacted by higher interest rates and slowing construction, along with recessionary concerns.

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Lazard International Equity Portfolio

For the year ended December 31, 2022, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of -14.83%, while Open Shares posted a total return of -15.05%, and R6 Shares posted a total return of -14.82%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the healthcare sector detracted from relative performance for the period. Shares of Olympus fell after the Japanese medical devices company reported second-quarter results that indicated cost inflation was running slightly higher than what management expected and operating profit guidance was revised down by 1%. Shares of Icon fell on concerns about the Ireland-based clinical research organization’s financial leverage in the aftermath of its acquisition of rival PRA Health Sciences, and its exposure to potentially weaker biotechnology funding. Shares of Roche declined on negative news relating to the Swiss pharmaceutical company’s Alzheimer’s drug (Gantenerumab) trial. Lower-than-index exposure to the financials sector also detracted, as did higher-than-index exposure to the industrials sector.

In contrast, stock selection in the consumer staples sector contributed to relative performance. Shares of MatsukiyoCocokara traded higher after the Japan-listed pharmacy operator reported first-quarter results indicating that operating profit beat consensus estimates. Shares received another boost after management affirmed its outlook and a share buyback was announced. Elsewhere in the sector, the rise in the stock price of Mexican bottler Arca Continental was attributed to strong fundamentals throughout the year against the backdrop of a solid Mexican economy that was helped by companies shifting production closer to the end consumer markets in North America. Management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Lower-than-index exposure to the information technology sector contributed, as did higher-than-index exposure to the energy sector.

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Lazard International Equity Select Portfolio

For the year ended December 31, 2022, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of -15.55%, while Open Shares posted a total return of -15.76%, as compared with the -16.00% return for the MSCI ACWI ex-US.

Stock selection in, and an overweight position to, the outperforming energy sector positively contributed to relative returns. Shares of Canada-based energy company Suncor advanced along with the rise in oil prices. Shares received another boost on news that an activist investor had built a stake in the company to unlock value in Suncor’s portfolio. Elsewhere, shares of BP rose after the UK-based integrated oil and gas company announced a 10% dividend increase and a $3.5 billion share buyback. Stock selection in the financials sector was also a significant driver of relative performance during the period, anchored by contributors Mexico-based Grupo Banorte, Indonesia-based Bank Mandiri and India-based ICICI Bank.

In contrast, stock selection in the utilities sector hurt relative returns. Shares of China Longyuan Power, the largest wind power producer in China and Asia, saw its stock price fell as part of a broad-based decline in Hong Kong stocks due to concerns about the impact of COVID restrictions in China. Shares were weighed down further by concerns that slightly weaker wind speeds in China during the first half of 2022 would hurt quarterly results, which ultimately were not heavily affected. In the materials sector, shares of Dutch multinational chemical company Royal DSM traded down as higher interest rates and a further rise in raw materials impacted valuations. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest costs limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

Lazard International Quality Growth Portfolio

For the year ended December 31, 2022, the Lazard International Quality Growth Portfolio’s Institutional Shares posted a total return of -20.10%, while Open Shares posted a total return of -20.31%, as compared with the -16.00% return for the MSCI ACW ex-US Index.

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The International Quality Growth Portfolio focuses on high-quality stocks; therefore, relative performance was hurt in 2022 when low-quality stocks led the market. The fall in the stock price of global private equity firm Partners Group was attributed to the more challenging market environment amid higher interest rates. Shares of UK-based animal pharmaceutical and pet health company Dechra reported fiscal year 2022 results that were in line with management expectations. Despite this, the stock underperformed as the market sold off higher valued growth stocks. Shares of Netherlands-based semiconductor equipment manufacturer ASML faltered as part of larger declines in the technology sector amid fears of a cyclical slowdown. Shares came under additional pressure after the company reported a slight decline in net bookings versus the previous quarter; however, operating margin came in slightly ahead of consensus.

Among top contributors to relative performance, shares of HDFC rose after the India-based lender reported better-than-expected net interest income, driven by loan growth. Shares also advanced as part of larger gains made by India’s stock market. Shares of Dollarama rose after the Canada-based discount retailer reported better-than-expected sales and margin growth and increased its full-year outlook. Lastly, shares of Danish biotech company Genmab rose as investors reacted positively to quarterly sales of Darzalex, its cancer treatment which is becoming the standard of care for multiple myeloma.

Lazard International Small Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of -26.32%, while Open Shares posted a total return of -26.49%, as compared with the -21.39% return for the MSCI EAFE Small Cap^® Index.

Detracting from relative performance, shares of Dermapharm, a Germany-listed Contract Development and Manufacturing Organization (CDMO) serving the pharmaceutical industry, performed poorly in 2022 as benefits from its COVID-19 vaccine operations faded. Shares of Lindab International, a Sweden-listed

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manufacturer of steel products serving construction and indoor climate customers also performed poorly in 2022 with mixed results, rising input costs, and demand uncertainty.

Contributing to relative performance, shares of Bankinter, a Spain-listed bank, performed well in 2022 with strong results and a favorable rate environment for the industry. Shares of MatsukiyoCocokara, a Japan-listed pharmacy operator, also performed well in 2022, with strong results that demonstrated continued benefits from the merger of Matsumotokiyoshi and Cocokara Fine. Shares of Gaztransport & Technigaz, a France-listed engineering company serving the LNG (Liquified Natural Gas) transport industry, also demonstrated strong performance in 2022, with strong results and continued demand tailwinds in the energy complex.

Lazard International Strategic Equity Portfolio

For the year ended December 31, 2022, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of -16.88%, while Open Shares posted a total return of -17.04%, and R6 Shares posted a total return of -16.87%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the real estate, information technology, and healthcare sectors detracted from relative performance. Shares of Ireland-domiciled professional services company Accenture tumbled early in 2022 due to the most dramatic rotation from growth to value since 1999. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest cost limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

Stock selection in consumer staples, communication services, and industrials boosted relative performance. Shares of Canada-based energy company Suncor advanced in accordance with the rise in oil prices. Shares received another boost on news that an activist

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investor had built a stake in the company to unlock value in the portfolio. Shares of Mexico-based bottler Arca Continental climbed, based on the strength of the Mexican economy and aided by companies shifting production closer to the end consumer market in North America. Shares were bolstered by news that management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment.

Lazard Managed Equity Volatility Portfolio

For the year ended December 31, 2022, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of -6.72%, while Open Shares posted a total return of -6.96%, as compared with the -18.14% return for the MSCI World Index.

Stock selection in the communication services and consumer discretionary sectors contributed to relative performance for the period, while the Portfolio’s underweighting of information technology stocks and overweighting consumer staples stocks contributed most to relative performance. Regionally, stock selection was strongest in the US and Japan, and weakest in Norway and Singapore. Stocks that provided the largest contribution to excess return included Gilead Sciences, which reported significant growth during 2022, especially in the fourth quarter. Gilead markets several single-tablet regimens for HIV and its next-generation products with better long-term safety profiles are booting the company’s market share. Coterra Energy helped relative performance, as the company’s real estate in the lowest-cost oil and natural gas basins amplified returns and boosted product and geographic diversification. The firm is one of the few oil and gas producers that can consistently generate excess returns on invested capital at midcycle commodity prices. Shares of Merck advanced after the drugmaker reported solid global revenue growth throughout the year.

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In contrast, the fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints. Lower-margin emerging market sales will make up an increasing portion of company sales, potentially creating a headwind to the company’s margins. Alphabet’s share price declined significantly, with disappointing quarterly updates from the Google parent. The results underscored growing pressure from IT budgets to digital advertisement spending and chips for industrial machinery. There is little revenue diversification within Alphabet, as it remains heavily dependent on Google and the state of the search advertising space. Shares of Verizon fell steadily through the year after the telecommunications company reported lower-than-expected earnings as it dealt with higher expenses prompted by inflationary pressures on labor, utility, and logistics costs.

Lazard US Equity Concentrated Portfolio

For the year ended December 31, 2022, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of -19.89%, while Open Shares posted a total return of -20.07% and R6 Shares posted a total return of -19.89%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the technology and REIT sectors detracted from relative performance. Alphabet, the parent company of internet search giant Google, saw its stock price fall after reporting disappointing quarterly results that included guidance for lower revenues and higher expenses. Despite solid demand trends for chipmaker Skyworks, shares of the company declined due to supply chain shortages and Chinese lockdowns, which impacted the company’s business during the year. Shares of cell tower operator Crown Castle fell along with those of REIT peers amid rising interest rates and weaker tower leasing activity.

In contract, stock selection in the food services and social media industries contributed to relative performance. Shares of Sysco advanced after the food services supplier reported strong quarterly

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results, helped by the company’s transformation initiatives, which drove market share to record levels. Sysco also exhibited strong pricing power and an ability to pass product inflation on to the consumer while still achieving gross margin expansion. Following weakness earlier in the year, shares of Meta rebounded after the social media company announced aggressive cost cutting measures after the Portfolio initiated its position in November. Shares of Fiserv traded higher after the payments processor reported broadly strong results throughout the year, rebounding from consumer-spending-related headwinds during the pandemic.

Lazard US Equity Focus Portfolio

For the year ended December 31, 2022, the Lazard US Equity Focus Portfolio’s Institutional Shares posted a total return of -16.94%, while Open Shares posted a total return of -17.18% and R6 Shares posted a total return of -17.00%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the information technology and consumer discretionary sectors boosted relative performance. Shares of Analog Devices climbed after the chipmaker reported broadly solid quarterly results as supply chain constraints eased, and management raised guidance toward the end of the year, citing a stabilizing bookings environment. Shares of McDonald’s advanced after the fast-food giant reported multiple quarters of stronger-than-expected same-store sales growth in the US, driven by continued benefits from its growth strategy emphasizing digital, drive-thru, and delivery.

Stock selection in the health care sector undercut relative performance. Shares of Medtronic fell after the medical device maker reported several disappointing operational and revenue shortcomings during the year, and management lowered guidance later in the year, citing weaker than expected procedure and supply chain recoveries. Lack of exposure to the energy sector provided to be detrimental to relative performance, as the sector was the best performer in the index during the period.

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Lazard US Small-Mid Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard US Small-Mid Cap Equity Portfolio’s Institutional Shares posted a total return of -15.23%, while Open Shares posted a total return of -15.49%, and R6 Shares posted a total return of -15.01%, as compared with the -18.37% return for the Russell 2500^® Index.

Stock selection in the industrials sector contributed to relative performance. Shares of Altra gained on news that the power transmission and motion control products maker agreed to be acquired by Regal Rexnord in an all-cash deal that represented a 54% premium to share price. The Portfolio subsequently exited its position during the period. Stock selection and overweighting of the energy sector also contributed to relative performance. Antero Resources, a natural gas-focused exploration and production company, saw its stock price benefit from higher prices for natural gas and natural gas liquids such as propane and ethane through most of 2022 as the company had outsized exposure to these markets. Shares received another boost when Antero was also able to return cash to shareholders earlier than expected in 2022.

Stock selection in the communication services sector detracted from relative performance. Shares of video game developer Take-Two Interactive fell, as investors were concerned about in-game consumer spending and changes in the company’s game release schedule. Stock selection in the real estate sector also detracted from relative performance. Shares of West-Coast focused office and studio real estate investment trust Hudson Pacific fell amid a challenging environment with unexpected large tenant move-outs creating occupancy pressure.

Lazard US Sustainable Equity Portfolio

For the year ended December 31, 2022, the Lazard US Sustainable Equity Portfolio’s Institutional Shares posted a total return of -18.07%, while Open Shares posted a total return of -18.32%, as compared with the -18.11% return for the S&P 500 Index for the period.

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Stock selection in the information technology sector boosted relative performance. Shares of Analog Devices traded higher after the chipmaker reported broadly solid quarterly results, due to easing supply chain disruptions, and management raised guidance toward the end of 2022, citing a stabilizing bookings environment. Shares of US-based discount retailer Dollar General performed well since sales and earnings were strong during the year, bolstered by changes in consumer spending habits that favored the purchase of lower priced items in an inflationary environment. The Portfolio sold its position in June.

Stock selection in the materials sector undercut relative performance. Shares of Ball faltered after the beverage packaging maker announced in the third quarter that it would be delaying several growth projects amid industry headwinds. Lack of exposure to the energy sector proved to be detrimental to relative performance, as the sector was the best performer in the index for the year.

Lazard US Systematic Small Cap Equity Portfolio

For the year ended December 31, 2022, the Lazard US Systematic Small Cap Equity Portfolio’s Institutional Shares posted a total return of -16.33%, while Open Shares posted a total return of -16.51%, as compared with the -20.44% return for the Russell 2000 Index for the period.

Stock selection in the healthcare and the industrials sectors were significant contributors to relative performance. Overweight exposure to the industrials sector also boosted relative performance. The rise in the stock price of biopharmaceutical company Catalyst Pharmaceuticals was attributed to an increase in new patients for its flagship offering of a Lambert-Eaton myasthenic syndrome (LEMS) drug. The company has beaten operating metrics, maintained a healthy pipeline for organic growth, and has generated cash on its balance sheet to continue its business development initiatives. Shares of SIGA Technologies traded higher on news that the commercial-stage pharmaceutical company continued to see demand for its flagship smallpox vaccine, TPOXX. Shares

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received a further boost from news that the company made strides towards its international expansion, most notably with an approval from Health Canada and significant revenue growth in Canada. ADMA Biologics, a biopharmaceutical company, saw its stock price climb, thanks to the ongoing achievement of goals and increased projections from its three commercialized products in the plasma-driven immunoglobulin (IG) space.

Underweight exposures to the energy and financials sectors detracted from relative performance. Stock detractors came from a variety of sectors. From the healthcare sector, Cano Health, an operator of primary care centers for seniors and underserved communities in US markets, saw its stock price fall after its anticipated acquisition by CVS Health was not announced. Shares also came under pressure when Cano missed estimates on both earnings and revenue. From the information technology sector, mobile application technology company AppLovin saw its stock price fall after a merger target, Unity Software, rejected its unsolicited bid, fueling investor concerns about a weaker mobile games market and overall negative trends in the apps business.

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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 December 31, 2022

	One year	Five year	Ten year
Institutional	-22.61%	-3.32%	0.29%
Open	-22.81%	-3.59%	-0.04%
MSCI Emerging Markets Index	-20.09%	-1.40%	1.44%

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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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-21.63%	-4.95%	-0.22%
Open	-21.80%	-5.27%	-0.56%
R6	-21.58%	N/A	-5.04%
MSCI Emerging Markets Index	-20.09%	-1.40%	1.54%
			(Institutional and Open Shares) -1.61% (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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-21.01%	-1.13%	2.57%
Open	-21.21%	-1.41%	2.28%
MSCI Emerging Markets Index	-20.09%	-1.40%	1.81%

† 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 December 31, 2022

	One year	Five year	Ten year		Since Inception	†
Institutional	-14.86%	-2.81%	0.15%		5.52%
Open	-15.09%	-3.06%	-0.11%		5.14%
R6	-14.86%	-2.80%	N/A		0.78%
MSCI Emerging Markets Index	-20.09%	-1.40%	1.44%		4.72%
				(Institutional Shares) 5.11% (Open Shares) 2.41% (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 December 31, 2022

	One year	Five year	Ten year
Institutional	-19.04%	-2.96%	0.42%
Open	-19.24%	-3.20%	0.15%
MSCI Emerging Markets Index	-20.09%	-1.40%	1.44%

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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-5.21%	6.33%	6.86%
Open	-5.45%	6.05%	6.57%
MSCI World Index	-18.14%	6.14%	6.92%

† 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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-17.28%	5.96%	7.00%
Open	-17.50%	5.67%	6.69%
MSCI ACWI	-18.36%	5.23%	6.45%

† 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 (USD) Index and the MSCI World Index

Average Annual Total Returns

Periods Ended December 31, 2022

	One year	Five year	Ten year
Institutional	-1.30%	5.87%	11.10%
Open	-1.55%	5.61%	10.82%
MSCI World Index	-18.14%	6.14%	8.85%
MSCI World Core Infrastructure (USD Hedged) Index	-4.13%	7.37%	9.74%

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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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-19.01%	6.05%	6.00%
Open	-19.22%	5.77%	5.70%
MSCI ACWI	-18.36%	5.23%	6.09%

† 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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-13.45%	0.43%	2.19%
Open	-13.75%	0.15%	1.90%
MSCI EAFE Index	-14.45%	1.54%	2.93%

† 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 December 31, 2022

	One year	Five year	Ten year		Since Inception	†
Institutional	-14.83%	0.55%	3.58%		5.29%
Open	-15.05%	0.30%	3.31%		4.15%
R6	-14.82%	0.56%	N/A		1.94%
MSCI EAFE Index	-14.45%	1.54%	4.67%		4.96%
				(Institutional Shares) 4.53% (Open Share) 3.31% (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 December 31, 2022

	One year	Five year	Ten year
Institutional	-15.55%	-0.66%	2.72%
Open	-15.76%	-0.93%	2.39%
MSCI ACWI ex-US	-16.00%	0.88%	3.80%
MSCI EAFE/ACWI ex-US Linked Index	-16.00%	0.88%	3.80%

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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 December 31, 2022

	One year	Since Inception	†
Institutional	-20.10%	9.10%
Open	-20.31%	8.80%
MSCI ACWI ex-US	-16.00%	5.05%

† 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 December 31, 2022

	One year	Five year	Ten year
Institutional	-26.32%	-2.42%	4.81%
Open	-26.49%	-2.65%	4.53%
MSCI EAFE Small Cap Index	-21.39%	-0.05%	6.21%

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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 December 31, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-16.88%	1.20%	4.54%	5.16%
Open	-17.04%	0.96%	4.28%	4.08%
R6	-16.87%	1.20%	N/A	3.00%
MSCI EAFE Index	-14.45%	1.54%	4.67%	4.03% (Institutional Shares) 3.30% (Open Shares) 4.11% (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.

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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 December 31, 2022

	One year	Five year	Since Inception	†
Institutional	-6.72%	3.51%	5.38%
Open	-6.96%	3.24%	5.07%
MSCI World Index	-18.14%	6.14%	7.02%

† 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 December 31, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-19.89%	6.36%	10.78%	7.80%
Open	-20.07%	6.08%	10.45%	7.49%
R6	-19.89%	6.36%	N/A	7.70%
S&P 500 Index	-18.11%	9.42%	12.56%	9.00% (Institutional and Open Shares) 11.68% (R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	-18.11%	9.43%	12.56%	8.41% (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 Focus Portfolio and the S&P 500 Index

Average Annual Total Returns

Periods Ended December 31, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-16.94%	9.62%	11.18%	7.84%
Open	-17.18%	9.31%	10.87%	7.53%
R6	-17.00%	9.61%	N/A	9.47%
S&P 500 Index	-18.11%	9.42%	12.56%	8.76% (Institutional and Open Shares) 10.68% (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 December 31, 2022

	One year	Five year	Ten year	Since Inception	†
Institutional	-15.23%	4.06%	9.13%	9.94%
Open	-15.49%	3.74%	8.80%	7.63%
R6	-15.01%	N/A	N/A	2.83%
Russell 2500 Index	-18.37%	5.89%	10.03%	10.27% (Institutional Shares) 8.95% (Open Shares) 5.06% (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 December 31, 2022

	One year	Since Inception	†
Institutional	-18.07%	10.94%
Open	-18.32%	10.63%
S&P 500 Index	-18.11%	10.64%

† 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 December 31, 2022

	One year	Since Inception	†
Institutional	-16.33%	-12.04%
Open	-16.51%	-12.22%
Russell 2000 Index	-20.44%	-19.22%

† 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 SS&C Global Investor and Distribution Solutions, the Fund’s transfer agent and dividend disbursement agent (“SS&C GIDS”); 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 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 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 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 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 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 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 Core Infrastructure (USD) 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 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 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.

Annual Report  43

The Russell 1000 Value/S&P 500 Linked Index is an unmanaged index created by the Investment Manager which links the performance of the Russell 1000^® Value Index for all periods through May 30, 2012 (when the Lazard US Equity Concentrated Portfolio’s investment strategy changed) and the S&P 500 Index for all periods thereafter.

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.

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

44  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 July 1, 2022 through December 31, 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.

Annual Report  45

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	952.70	$	5.66		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Open Shares
Actual	$	1,000.00	$	951.50	$	6.89		1.40	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.15	$	7.12		1.40	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	1,000.00	$	6.05		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Open Shares
Actual	$	1,000.00	$	998.50	$	7.30		1.45	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.90	$	7.38		1.45	%
R6 Shares
Actual	$	1,000.00	$	1,000.40	$	5.80		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	958.00	$	4.49		0.91	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Open Shares
Actual	$	1,000.00	$	957.40	$	5.72		1.16	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%

46  Annual Report

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,002.40	$	5.25		1.04	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.96	$	5.30		1.04	%
Open Shares
Actual	$	1,000.00	$	1,002.40	$	6.51		1.29	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.70	$	6.56		1.29	%
R6 Shares
Actual	$	1,000.00	$	1,001.10	$	5.20		1.03	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Emerging Markets Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	984.90	$	5.50		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
Open Shares
Actual	$	1,000.00	$	983.40	$	6.75		1.35	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.40	$	6.87		1.35	%
Equity Franchise
Institutional Shares
Actual	$	1,000.00	$	1,021.80	$	4.84		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Open Shares
Actual	$	1,000.00	$	1,019.30	$	6.11		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%

Annual Report  47

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
Global Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,039.20	$	4.52		0.88	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Open Shares
Actual	$	1,000.00	$	1,038.50	$	5.91		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	991.10	$	4.82		0.96	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Open Shares
Actual	$	1,000.00	$	989.80	$	6.07		1.21	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.11	$	6.16		1.21	%
Global Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,045.60	$	4.64		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Open Shares
Actual	$	1,000.00	$	1,045.30	$	5.93		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
International Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	1,058.40	$	4.15		0.80	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Open Shares
Actual	$	1,000.00	$	1,056.90	$	5.44		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%

48  Annual Report

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
					’
International Equity
Institutional Shares
Actual	$	1,000.00	$	1,030.60	$	4.15		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Open Shares
Actual	$	1,000.00	$	1,028.90	$	5.42		1.06	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.86	$	5.40		1.06	%
R6 Shares
Actual	$	1,000.00	$	1,030.30	$	4.09		0.80	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.17	$	4.08		0.80	%
International Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,017.90	$	4.58		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Open Shares
Actual	$	1,000.00	$	1,016.30	$	5.84		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
International Quality Growth
Institutional Shares
Actual	$	1,000.00	$	1,038.90	$	4.37		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Open Shares
Actual	$	1,000.00	$	1,037.30	$	5.65		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%

Annual Report  49

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
International Small Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,025.00	$	5.82		1.14	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Open Shares
Actual	$	1,000.00	$	1,023.70	$	7.09		1.39	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.20	$	7.07		1.39	%
International Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,027.80	$	4.14		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Open Shares
Actual	$	1,000.00	$	1,026.40	$	5.47		1.07	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
R6 Shares
Actual	$	1,000.00	$	1,027.70	$	4.14		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Managed Equity Volatility
Institutional Shares
Actual	$	1,000.00	$	1,038.40	$	3.85		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Open Shares
Actual	$	1,000.00	$	1,036.70	$	5.13		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%

50  Annual Report

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
					’
US Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	989.40	$	3.96		0.79	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Open Shares
Actual	$	1,000.00	$	988.80	$	5.26		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
R6 Shares
Actual	$	1,000.00	$	989.40	$	3.91		0.78	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.27	$	3.97		0.78	%
US Equity Focus
Institutional Shares
Actual	$	1,000.00	$	1,014.20	$	3.55		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Open Shares
Actual	$	1,000.00	$	1,013.10	$	4.82		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
R6 Shares
Actual	$	1,000.00	$	1,014.20	$	3.55		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
US Small-Mid Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,050.60	$	5.43		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%
Open Shares
Actual	$	1,000.00	$	1,049.40	$	6.72		1.30	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.65	$	6.61		1.30	%
R6 Shares
Actual	$	1,000.00	$	1,051.40	$	4.86		0.94	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.47	$	4.79		0.94	%

Annual Report  51

Portfolio	Beginning Account Value 7/1/22		Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22		Annualized Expense Ratio During Period 7/1/22 - 12/31/22
US Sustainable Equity
Institutional Shares
Actual	$	1,000.00	$	1,043.40	$	3.86		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Open Shares
Actual	$	1,000.00	$	1,042.50	$	5.15		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
US Systematic Small Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,054.60	$	4.66		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Open Shares
Actual	$	1,000.00	$	1,053.10	$	6.00		1.16	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.36	$	5.90		1.16	%

* Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).

52  Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Sector December 31, 2022

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		8.6	%		9.7	%		10.2	%		5.4	%
Consumer Discretionary		19.9			15.6			13.9			10.2
Consumer Staples		3.1			5.9			5.4			7.5
Energy		3.5			7.3			4.6			9.9
Financials		22.2			20.7			21.2			26.3
Health Care		2.1			2.0			3.9			4.0
Industrials		13.2			9.6			5.8			3.5
Information Technology		22.9			20.0			19.5			20.1
Marine Services		—			—			0.3			—
Materials		3.7			7.9			7.8			7.3
Real Estate		—			—			2.3			2.3
Utilities		—			1.0			2.7			1.8
Short-Term Investments		0.8			0.3			2.4			1.7
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		6.9	%		12.2	%		6.7	%		2.8	%
Consumer Discretionary		17.1			19.8			14.7			—
Consumer Staples		7.6			1.0			13.4			—
Energy		5.4			—			—			—
Financials		26.6			—			16.1			—
Health Care		3.5			25.4			12.0			—
Industrials		2.9			17.3			16.2			43.1
Information Technology		19.4			14.2			19.4			—
Materials		7.6			—			0.9			—
Real Estate		1.1			—			—			—
Utilities		1.3			4.0			—			48.6
Short-Term Investments		0.6			6.1			0.6			5.5
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Annual Report  53

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		8.7	%		3.7	%		2.7	%		5.1	%
Consumer Discretionary		4.2			11.3			13.0			11.1
Consumer Staples		8.6			10.6			11.3			6.1
Energy		1.3			5.1			6.4			7.3
Financials		17.6			18.3			15.4			15.7
Health Care		23.2			13.9			11.4			9.7
Industrials		10.7			15.5			20.7			22.0
Information Technology		19.3			8.1			5.1			8.5
Materials		1.9			7.1			6.7			6.3
Real Estate		—			2.4			1.9			1.7
Utilities		1.6			3.3			5.4			5.3
Short-Term Investments		2.9			0.7			—			1.2
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		8.0	%		3.0	%		3.7	%		8.9	%
Consumer Discretionary		13.8			11.4			8.5			9.2
Consumer Staples		11.7			6.6			11.9			19.7
Energy		—			3.0			2.2			1.4
Financials		20.3			13.1			19.8			9.3
Health Care		11.4			5.7			11.2			19.2
Industrials		18.2			25.7			21.0			7.9
Information Technology		16.6			11.0			8.0			8.3
Materials		—			6.3			4.1			0.6
Real Estate		—			8.7			2.0			4.8
Utilities		—			3.3			4.8			10.7
Short-Term Investments		—			2.2			2.8			—
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

54  Annual Report

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		13.0	%		5.5	%		4.3	%		1.0	%
Consumer Discretionary		14.0			14.2			10.5			4.8
Consumer Staples		4.6			4.5			3.3			6.2
Energy		—			—			5.2			—
Financials		6.0			19.0			15.7			12.5
Health Care		11.7			16.5			13.3			24.5
Industrials		15.1			11.3			17.6			12.7
Information Technology		25.7			22.0			14.7			27.0
Materials		3.3			—			6.9			3.8
Real Estate		6.2			2.3			6.1			2.4
Utilities		—			—			2.4			—
Short-Term Investments		0.4			4.7			—			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		3.8	%
Consumer Discretionary		12.7
Consumer Staples		4.3
Energy		2.5
Financials		5.4
Health Care		15.3
Industrials		23.9
Information Technology		20.5
Materials		5.7
Real Estate		4.9
Utilities		0.3
Short-Term Investments		0.7
Total Investments		100.0	%

* Represents percentage of total investments.

Annual Report  55

The Lazard Funds, Inc. Portfolios of Investments
December 31, 2022

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  97.9%
Brazil  |  4.2%
Dexco SA		476,408	$	610,414
Pagseguro Digital Ltd., Class A (*)		69,524		607,640
Petro Rio SA (*)		153,400		1,085,892
Rumo SA		305,444		1,075,634
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		293,800		702,875
				4,082,455
China  |  36.6%
Airtac International Group		27,765		840,368
Alibaba Group Holding Ltd. ADR (*)		38,127		3,358,607
Autohome, Inc. ADR		37,231		1,139,269
Baidu, Inc., Class A (*)		66,700		958,701
China Tourism Group Duty Free Corp. Ltd., Class A		93,900		2,919,794
Chow Tai Seng Jewellery Co. Ltd., Class A		529,250		1,068,502
JD.com, Inc., Class A		79,909		2,246,269
Jiangsu King’s Luck Brewery JSC Ltd., Class A		123,800		906,119
Minth Group Ltd.		656,000		1,767,905
Ping An Insurance (Group) Co. of China Ltd., Class H		263,500		1,739,150
Shanghai Liangxin Electrical Co. Ltd., Class A		812,392		1,712,677
Tencent Holdings Ltd.		124,800		5,304,275
Topsports International Holdings Ltd.		1,005,000		788,580
Trip.com Group Ltd. ADR (*)		56,317		1,937,305
Weibo Corp. ADR (*)		38,883		743,443
Wuliangye Yibin Co. Ltd., Class A		82,600		2,138,727
Xiaomi Corp., Class B (*)		493,000		686,133
Yadea Group Holdings Ltd.		848,000		1,412,395
Zhongsheng Group Holdings Ltd.		348,500		1,776,379
ZTO Express Cayman, Inc. ADR		83,594		2,246,171
				35,690,769

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

56  Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
Colombia  |  0.6%
Bancolombia SA ADR		21,122	$	602,822
Hong Kong  |  1.1%
Techtronic Industries Co. Ltd.		93,502		1,041,146
Hungary  |  2.1%
Richter Gedeon Nyrt.		92,852		2,062,876
India  |  12.6%
Bajaj Finance Ltd.		17,055		1,349,851
HDFC Bank Ltd. ADR		47,513		3,250,364
ICICI Bank Ltd. ADR		143,870		3,149,314
Mphasis Ltd.		23,096		550,927
Reliance Industries Ltd.		71,137		2,182,208
UPL Ltd.		205,069		1,775,457
				12,258,121
Indonesia  |  4.1%
PT Bank Central Asia Tbk		3,218,400		1,764,488
PT Bank Rakyat Indonesia (Persero) Tbk		7,073,549		2,242,394
				4,006,882
Mexico  |  2.7%
Grupo Financiero Banorte SAB de CV, Class O		366,757		2,633,257
Peru  |  0.7%
Credicorp Ltd.		4,961		673,009
Philippines  |  2.6%
BDO Unibank, Inc.		846,842		1,598,664
International Container Terminal Services, Inc.		270,829		974,744
				2,573,408
Poland  |  1.7%
InPost SA (*)		197,279		1,667,346

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

Annual Report  57

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
South Africa  |  3.0%
Capitec Bank Holdings Ltd.		5,917	$	647,231
Foschini Group Ltd.		115,883		691,140
Standard Bank Group Ltd.		160,094		1,581,075
				2,919,446
South Korea  |  8.6%
CJ Logistics Corp. (*)		7,943		592,008
Samsung Electronics Co. Ltd.		124,811		5,503,927
SK Hynix, Inc.		37,688		2,268,511
				8,364,446
Taiwan  |  14.7%
ASE Technology Holding Co. Ltd.		417,289		1,273,713
Bizlink Holding, Inc.		165,000		1,268,712
Chroma ATE, Inc.		251,000		1,476,598
Hiwin Technologies Corp.		118,714		704,334
Lotes Co. Ltd.		63,000		1,691,786
MediaTek, Inc.		62,000		1,259,349
RichWave Technology Corp.		177,000		647,096
Sercomm Corp.		324,000		805,744
Silicon Motion Technology Corp. ADR		17,718		1,151,493
Taiwan Semiconductor Manufacturing Co. Ltd.		276,000		4,022,603
				14,301,428
United States  |  1.3%
JS Global Lifestyle Co. Ltd.		1,131,500		1,271,631
Zambia  |  1.3%
First Quantum Minerals Ltd.		59,163		1,236,131
Total Common Stocks (Cost $87,833,020)				95,385,173

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

58  Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
Short-Term Investments  |  0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $731,270)		731,270	$	731,270
Total Investments  |  98.7% (Cost $88,564,290)			$	96,116,443
Cash and Other Assets in Excess of Liabilities  |  1.3%				1,281,125
Net Assets  |  100.0%			$	97,397,568

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

Annual Report  59

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks  |  92.5%
Brazil  |  5.8%
Banco BTG Pactual SA		227,896	$	1,032,455
Banco do Brasil SA		118,200		775,917
Centrais Eletricas Brasileiras SA		106,100		846,414
Lojas Renner SA		120,858		455,263
MercadoLibre, Inc. (*)		678		573,751
Pet Center Comercio e Participacoes SA		179,366		210,898
Petroleo Brasileiro SA ADR		76,653		816,354
Rumo SA		210,658		741,841
				5,452,893
Canada  |  0.9%
Parex Resources, Inc.		56,631		842,773
China  |  26.4%
Alibaba Group Holding Ltd. (*)		23,500		259,467
Alibaba Group Holding Ltd. ADR (*)		26,736		2,355,174
Bilibili, Inc. ADR (*)		10,813		256,160
Budweiser Brewing Co. APAC Ltd.		307,600		967,656
China Mengniu Dairy Co. Ltd.		154,000		692,693
Industrial & Commercial Bank of China Ltd., Class H		6,001,633		3,091,342
Innovent Biologics, Inc. (*)		97,500		418,599
JD.com, Inc. ADR		21,530		1,208,479
JD.com, Inc., Class A		15,726		442,063
Meituan, Class B (*)		52,400		1,158,636
Midea Group Co. Ltd., Class A		53,700		398,885
NetEase, Inc.		26,900		392,109
NetEase, Inc. ADR		8,760		636,239
PICC Property & Casualty Co. Ltd., Class H		839,770		794,866
Ping An Insurance (Group) Co. of China Ltd., Class H		225,000		1,485,043
Prosus NV		12,244		840,617
Remegen Co. Ltd., Class H (*)		53,500		397,001
Shenzhen Inovance Technology Co. Ltd., Class A		67,200		672,092
Shenzhou International Group Holdings Ltd.		58,091		653,689

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

60  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Tencent Holdings Ltd.		110,800	$	4,709,245
Wuxi Biologics Cayman, Inc. (*)		111,000		852,154
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		116,100		672,557
XPeng, Inc., Class A (*)		90,700		450,830
Yum China Holdings, Inc.		21,142		1,155,410
				24,961,006
Ghana  |  0.7%
Kosmos Energy Ltd. (*)		95,915		610,019
Hong Kong  |  0.9%
Techtronic Industries Co. Ltd.		74,000		823,991
India  |  13.2%
HDFC Bank Ltd. ADR		41,082		2,810,420
Hindalco Industries Ltd.		166,710		948,696
ICICI Bank Ltd. ADR		41,821		915,462
Infosys Ltd. ADR		93,785		1,689,068
Larsen & Toubro Ltd.		52,677		1,324,767
Reliance Industries Ltd.		53,275		1,634,271
Star Health & Allied Insurance Co. Ltd. (*)		117,720		805,930
UPL Ltd.		182,446		1,579,590
WNS Holdings Ltd. ADR (*)		10,039		803,020
				12,511,224
Indonesia  |  2.8%
PT Bank Mandiri (Persero) Tbk		2,089,500		1,327,882
PT Telkom Indonesia (Persero) Tbk ADR		54,992		1,311,559
				2,639,441
Malaysia  |  0.9%
Public Bank Berhad		870,500		852,694
Mexico  |  6.4%
Arca Continental SAB de CV		181,045		1,470,175
Cemex SAB de CV ADR (*)		256,294		1,037,991

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

Annual Report  61

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Grupo Aeroportuario del Centro Norte SAB de CV		11,608	$	717,839
Grupo Aeroportuario del Pacifico SAB de CV ADR		6,713		965,396
Grupo Financiero Banorte SAB de CV, Class O		132,800		953,483
Wal-Mart de Mexico SAB de CV		252,400		888,416
				6,033,300
Philippines  |  1.3%
BDO Unibank, Inc.		439,509		829,702
PLDT, Inc.		18,535		439,332
				1,269,034
Poland  |  1.2%
KGHM Polska Miedz SA		39,976		1,162,133
Qatar  |  0.8%
Qatar National Bank QPSC		158,469		783,333
Saudi Arabia  |  0.7%
Saudi National Bank		48,533		653,343
South Africa  |  2.0%
Anglo American PLC		31,393		1,227,864
Bidvest Group Ltd.		54,189		682,950
				1,910,814
South Korea  |  9.9%
DB Insurance Co. Ltd.		12,103		627,708
KB Financial Group, Inc.		14,440		550,005
LG Chem Ltd.		2,102		1,005,535
LG Electronics, Inc.		7,072		488,139
Samsung Electronics Co. Ltd.		97,147		4,283,997
Samsung SDI Co. Ltd.		1,907		898,585
SK Hynix, Inc.		14,273		859,119
SM Entertainment Co. Ltd.		10,847		661,994
				9,375,082

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

62  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Taiwan  |  11.6%
Accton Technology Corp.		67,000	$	510,630
ASE Technology Holding Co. Ltd.		282,000		860,763
Eclat Textile Co. Ltd.		49,789		802,027
Feng TAY Enterprise Co. Ltd.		94,000		630,994
Nien Made Enterprise Co. Ltd.		54,000		517,141
Realtek Semiconductor Corp.		40,000		365,393
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		97,273		7,245,866
				10,932,814
Thailand  |  2.3%
Home Product Center Public Co. Ltd. (‡)		2,305,800		1,031,901
PTT Exploration & Production PCL (‡)		213,600		1,088,506
				2,120,407
United Arab Emirates  |  2.5%
Abu Dhabi Ports Co. PJSC		1,151,076		1,799,176
ADNOC Drilling Co. PJSC		693,449		562,486
				2,361,662
United Kingdom  |  1.2%
Unilever PLC ADR		22,643		1,140,075
United States  |  1.0%
Tenaris SA ADR		25,885		910,117
Total Common Stocks (Cost $80,137,942)				87,346,155
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $232,210)		232,210		232,210

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

Annual Report  63

		Fair
Description	Shares	Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
Total Investments  |  92.7% (Cost $80,370,152)		$	87,578,365
Cash and Other Assets in Excess of Liabilities  |  7.3%			6,925,671
Net Assets  |  100.0%		$	94,504,036

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

64  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  95.8%
Brazil  |  2.3%
Banco do Brasil SA		32,900	$	215,970
Energisa SA		16,900		141,301
Suzano SA		14,700		136,440
Vale SA		81,709		1,387,804
				1,881,515
Chile  |  0.7%
Sociedad Quimica y Minera de Chile SA ADR		7,646		610,457
China  |  32.5%
360 DigiTech, Inc. ADR		8,192		166,789
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		42,800		111,189
Agricultural Bank of China Ltd., Class H		365,000		125,334
AIMA Technology Group Co. Ltd.		32,100		212,275
Alibaba Group Holding Ltd. (*)		203,000		2,241,356
Anhui Gujing Distillery Co. Ltd.		3,000		115,123
Baidu, Inc. ADR (*)		3,389		387,634
Bank of China Ltd., Class H		2,748,000		999,930
Bank of Communications Co. Ltd., Class H		367,000		210,262
Baoshan Iron & Steel Co. Ltd., Class A		172,300		138,575
Beijing Enterprises Holdings Ltd.		71,500		229,031
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A		6,200		112,766
BYD Co. Ltd., Class H		12,500		307,392
BYD Electronic International Co. Ltd.		33,500		107,758
China CITIC Bank Corp. Ltd., Class H		763,000		338,245
China Construction Bank Corp., Class H		459,000		287,591
China Datang Corp. Renewable Power Co. Ltd.		490,000		145,035
China Galaxy Securities Co. Ltd., Class H		898,500		438,651
China Life Insurance Co. Ltd., Class H		80,000		137,368
China Longyuan Power Group Corp. Ltd., Class H		359,000		439,184
China Meidong Auto Holdings Ltd.		76,000		155,607

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

Annual Report  65

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
China Merchants Bank Co. Ltd., Class H		92,000	$	509,994
China Pacific Insurance Group Co. Ltd., Class H		128,200		283,096
China Petroleum & Chemical Corp., Class H		1,214,000		586,719
China Resources Beer Holdings Co. Ltd.		16,000		111,841
China Resources Land Ltd.		46,000		208,932
China Resources Mixc Lifestyle Services Ltd.		28,600		145,303
China Taiping Insurance Holdings Co. Ltd.		144,600		180,100
China Tower Corp. Ltd., Class H		2,322,000		249,921
Chongqing Brewery Co. Ltd., Class A		6,600		120,996
Contemporary Amperex Technology Co. Ltd., Class A		1,600		90,594
COSCO SHIPPING Holdings Co. Ltd., Class H		173,800		177,276
CSPC Pharmaceutical Group Ltd.		543,840		571,447
G-bits Network Technology Xiamen Co. Ltd., Class A		2,400		107,770
Ganfeng Lithium Group Co. Ltd.		14,800		110,574
GD Power Development Co. Ltd., Class A (*)		396,400		243,219
GF Securities Co. Ltd., Class H		122,800		175,420
Greattown Holdings Ltd. Class A (*)		164,897		74,160
Haier Smart Home Co. Ltd. Class H		103,600		353,172
Industrial & Commercial Bank of China Ltd., Class H		536,000		276,085
JD Health International, Inc. (*)		22,200		203,024
JD.com, Inc., Class A		27,654		777,363
KE Holdings, Inc. ADR (*)		14,540		202,978
Kingnet Network Co. Ltd. (*)		135,300		127,218
Lenovo Group Ltd.		264,000		216,855
Li Auto, Inc. ADR (*)		5,154		105,142
Li Ning Co. Ltd.		18,500		158,753
Meihua Holdings Group Co. Ltd.		128,800		188,676
Meituan, Class B (*)		43,900		970,690
NetEase, Inc.		43,900		639,910
New China Life Insurance Co. Ltd., Class H		48,200		117,071
New Oriental Education & Technology Group, Inc. ADR (*)		5,515		192,032
NIO, Inc. ADR (*)		9,577		93,376
People’s Insurance Co. Group of China Ltd., Class H		1,397,000		463,603
PetroChina Co. Ltd., Class H		1,744,000		798,357
PICC Property & Casualty Co. Ltd., Class H		440,000		416,472

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

66  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Pinduoduo, Inc. ADR (*)		7,544	$	615,213
Ping An Insurance (Group) Co. of China Ltd., Class H		42,500		280,508
Power Construction Corp. of China Ltd. Class A		135,700		138,031
Shandong WIT Dyne Health Co. Ltd., Class A		34,700		226,625
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,700		167,941
Shenzhen Salubris Pharmaceuticals Co. Ltd.		38,200		180,545
Shenzhen YUTO Packaging Technology Co. Ltd.		31,000		147,488
Simcere Pharmaceutical Group Ltd.		107,000		159,330
Sunny Optical Technology Group Co. Ltd.		13,700		163,035
Suzhou TA&A Ultra Clean Technology Co. Ltd.		16,300		130,811
Tencent Holdings Ltd.		88,700		3,769,946
Tencent Music Entertainment Group ADR (*)		18,066		149,586
Tian Di Science & Technology Co. Ltd.		190,900		142,452
Tongwei Co. Ltd. Class A		46,493		258,142
Trip.com Group Ltd. ADR (*)		4,455		153,252
Vipshop Holdings Ltd. ADR (*)		11,458		156,287
Xuji Electric Co. Ltd., Class A		57,490		165,107
Yadea Group Holdings Ltd.		72,000		119,920
YongXing Special Materials Technology Co. Ltd.		7,800		103,466
Yum China Holdings, Inc.		12,390		677,114
Zhejiang Jiuzhou Pharmaceutical Co. Ltd.		25,100		152,828
Zhongsheng Group Holdings Ltd.		53,500		272,701
ZTO Express Cayman, Inc. ADR		8,516		228,825
				26,214,387
Colombia  |  0.3%
Bancolombia SA ADR		8,654		246,985
Czech Republic  |  0.5%
CEZ AS		13,036		443,911
Greece  |  0.5%
Danaos Corp.		1,989		104,741
Hellenic Telecommunications Organization SA		19,248		300,611
				405,352

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

Annual Report  67

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hong Kong  |  0.2%
Orient Overseas International Ltd.		8,500	$	153,281
Hungary  |  0.3%
MOL Hungarian Oil & Gas PLC		34,564		241,428
India  |  12.5%
Axis Bank Ltd. GDR		2,992		170,011
Dr Reddy’s Laboratories Ltd. ADR		13,922		720,463
GAIL India Ltd. GDR		31,520		222,277
HDFC Bank Ltd. ADR		15,885		1,086,693
ICICI Bank Ltd. ADR		78,351		1,715,103
Infosys Ltd. ADR		109,258		1,967,737
Larsen & Toubro Ltd. GDR		36,439		923,157
Mahindra & Mahindra Ltd. GDR		55,128		829,676
MakeMyTrip Ltd. (*)		4,085		112,623
Reliance Industries Ltd. GDR (#)		14,752		908,274
State Bank of India GDR		8,012		595,693
Tata Steel Ltd. GDR		6,282		85,296
Wipro Ltd. ADR		34,205		159,395
WNS Holdings Ltd. ADR (*)		7,066		565,209
				10,061,607
Indonesia  |  3.1%
PT Astra International Tbk		504,200		183,690
PT Bank Mandiri (Persero) Tbk		1,327,000		843,311
PT Bank Negara Indonesia (Persero) Tbk		237,500		140,206
PT Bank Rakyat Indonesia (Persero) Tbk		1,620,500		513,717
PT Kalbe Farma Tbk		1,142,100		153,342
PT Sumber Alfaria Trijaya Tbk		1,292,000		219,942
PT Telkom Indonesia (Persero) Tbk ADR		5,773		137,686
PT Unilever Indonesia Tbk		1,040,300		313,748
				2,505,642

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

68  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Malaysia  |  1.4%
CIMB Group Holdings Berhad		482,600	$	635,693
Petronas Chemicals Group Bhd		251,700		491,588
				1,127,281
Mexico  |  2.4%
Arca Continental SAB de CV		52,600		427,138
Coca-Cola Femsa SAB de CV ADR		10,313		700,047
Grupo Aeroportuario del Pacifico SAB de CV, B Shares		7,600		108,872
Grupo Bimbo SAB de CV, Series A		29,200		123,414
Grupo Mexico SAB de CV, Series B		29,400		103,213
Wal-Mart de Mexico SAB de CV		126,500		445,264
				1,907,948
Monaco  |  0.1%
Costamare, Inc.		9,147		84,884
Philippines  |  0.6%
BDO Unibank, Inc.		103,758		195,874
International Container Terminal Services, Inc.		76,900		276,772
				472,646
Poland  |  0.8%
KGHM Polska Miedz SA		9,979		290,097
Orange Polska SA		90,951		137,357
Polski Koncern Naftowy ORLEN SA		14,288		208,962
				636,416
Qatar  |  0.4%
Industries Qatar QSC		52,702		185,614
Qatar National Bank QPSC		20,910		103,361
				288,975
Russia  |  0.0%
PhosAgro PJSC (*), (¢)		42		0
Severstal PJSC GDR (*), (¢)		9,589		0
				0

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

Annual Report  69

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Saudi Arabia  |  3.0%
Al Rajhi Bank (*)		15,066	$	302,218
Arabian Internet & Communications Services Co.		4,376		283,033
Etihad Etisalat Co.		22,036		204,054
Nahdi Medical Co.		5,031		224,339
SABIC Agri-Nutrients Co.		8,581		333,788
Saudi Arabian Oil Co.		22,533		192,609
Saudi Basic Industries Corp.		17,518		416,792
Saudi Electricity Co.		41,124		252,646
Saudi Research & Media Group (*)		4,451		216,188
				2,425,667
South Africa  |  3.8%
Absa Group Ltd.		21,529		245,744
African Rainbow Minerals Ltd.		11,401		193,230
Anglo American Platinum Ltd.		1,442		120,974
FirstRand Ltd.		76,752		280,334
Gold Fields Ltd. ADR		24,904		257,756
Growthpoint Properties Ltd.		531,091		451,435
Harmony Gold Mining Co. Ltd. ADR		33,213		112,924
Impala Platinum Holdings Ltd.		8,935		111,712
MTN Group Ltd.		20,848		156,166
Naspers Ltd., N Shares		1,966		324,097
Sappi Ltd. (*)		51,200		148,169
Sasol Ltd.		7,651		121,018
Sibanye Stillwater Ltd.		47,302		125,589
Standard Bank Group Ltd.		12,439		122,846
Thungela Resources Ltd.		8,209		138,780
Vodacom Group Ltd.		16,508		118,423
				3,029,197
South Korea  |  11.5%
BGF retail Co. Ltd.		1,495		249,330
CJ CheilJedang Corp.		533		160,858
DB HiTek Co. Ltd.		2,449		72,794
DB Insurance Co. Ltd.		4,734		245,524

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

70  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
DGB Financial Group, Inc.		18,385	$	101,994
Hanwha Aerospace Co. Ltd.		1,974		114,276
HL Mando Co. Ltd.		6,050		194,343
HMM Co. Ltd.		8,781		136,938
Hyundai Rotem Co. Ltd. (*)		7,208		160,619
KB Financial Group, Inc.		3,394		129,274
Kia Corp.		16,422		774,546
Korean Reinsurance Co.		49,080		264,925
KT Corp.		28,217		756,274
KT&G Corp.		8,367		605,003
LG Chem Ltd.		516		246,839
LG Electronics, Inc.		1,526		105,331
LG Innotek Co. Ltd.		918		185,527
LIG Nex1 Co. Ltd.		1,572		113,873
Meritz Financial Group, Inc. (*)		8,724		297,480
NCSoft Corp.		767		274,261
Samsung Electro-Mechanics Co. Ltd.		2,985		311,059
Samsung Electronics Co. Ltd. GDR		2,515		2,789,477
Samsung SDI Co. Ltd.		580		273,298
SK Hynix, Inc.		3,757		226,141
Woori Financial Group, Inc.		52,752		484,594
				9,274,578
Taiwan  |  14.2%
Accton Technology Corp.		32,000		243,883
Advanced Energy Solution Holding Co. Ltd.		4,000		83,579
Advantech Co. Ltd.		20,000		215,130
Asia Vital Components Co. Ltd.		34,000		123,785
ASPEED Technology, Inc.		1,100		60,213
Chailease Holding Co. Ltd.		62,500		440,871
China Airlines Ltd.		170,000		105,011
Chung-Hsin Electric & Machinery Manufacturing Corp.		135,000		294,992
Delta Electronics, Inc.		102,000		950,212
E Ink Holdings, Inc.		24,000		125,593
Eva Airways Corp.		120,000		109,825

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

Annual Report  71

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Evergreen Marine Corp. Taiwan Ltd.		18,800	$	98,069
Faraday Technology Corp.		23,000		106,489
Feng TAY Enterprise Co. Ltd.		23,000		154,392
Global Unichip Corp.		12,000		249,932
Hiwin Technologies Corp.		32,000		189,857
Hua Nan Financial Holdings Co. Ltd.		240,000		175,232
International Games System Co. Ltd.		20,000		281,886
Lotes Co. Ltd.		13,000		349,099
MediaTek, Inc.		15,000		304,681
Nan Ya Printed Circuit Board Corp.		20,000		147,486
Novatek Microelectronics Corp.		24,000		246,141
Poya International Co. Ltd.		13,000		210,347
Realtek Semiconductor Corp.		11,000		100,483
Ruentex Development Co. Ltd.		105,500		148,353
SinoPac Financial Holdings Co. Ltd.		660,060		357,248
Taiwan Semiconductor Manufacturing Co. Ltd.		315,000		4,591,014
Tong Yang Industry Co. Ltd.		159,000		222,815
Unimicron Technology Corp.		55,000		214,420
United Microelectronics Corp.		217,000		285,095
Voltronic Power Technology Corp.		4,000		200,715
Yang Ming Marine Transport Corp.		34,000		72,390
				11,459,238
Thailand  |  2.5%
Bangkok Bank Public Co. Ltd.		67,200		291,035
Bangkok Dusit Medical Services PCL NVDR		235,500		197,223
Bumrungrad Hospital Public Co. Ltd. (‡)		60,600		370,931
Central Retail Corp. Public Co. Ltd (‡)		117,100		156,370
Chularat Hospital Public Co. Ltd. NVDR		1,702,300		180,686
Kasikornbank Public Co. Ltd. NVDR		38,500		163,508
Kiatnakin Phatra Bank Public Co. Ltd NVDR		59,000		125,314
Krung Thai Bank Public Co. Ltd. NVDR		595,800		303,855
Land & Houses Public Co. Ltd. (‡)		717,400		205,060
				1,993,982

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

72  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Turkey  |  1.0%
Akbank TAS		204,266	$	213,419
Haci Omer Sabanci Holding AS		69,406		167,347
Turk Hava Yollari AO (*)		38,791		291,928
Turkiye Is Bankasi AS, C Shares		255,696		174,713
				847,407
United Arab Emirates  |  1.1%
Abu Dhabi Islamic Bank PJSC		83,458		206,792
Emaar Properties PJSC		178,639		284,350
Fertiglobe PLC		113,753		130,909
National Marine Dredging Co. (*)		37,134		247,576
				869,627
Total Common Stocks (Cost $78,854,156)				77,182,411
Preferred Stocks  |  0.9%
Brazil  |  0.9%
Gerdau SA		22,900		126,564
Petroleo Brasileiro SA		136,239		637,697
Total Preferred Stocks (Cost $873,499)				764,261

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

Annual Report  73

Description	Shares		Fair Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Short-Term Investments  |  2.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $1,905,055)		1,905,055	$	1,905,055
Total Investments  |  99.1% (Cost $81,632,710)			$	79,851,727
Cash and Other Assets in Excess of Liabilities  |  0.9%				747,662
Net Assets  |  100.0%			$	80,599,389

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

74  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  98.0%
Brazil  |  11.0%
Banco do Brasil SA		6,867,126	$	45,078,872
BB Seguridade Participacoes SA		10,346,617		65,697,983
CCR SA		16,237,417		33,258,210
Engie Brasil Energia SA		2,979,600		21,303,441
Petroleo Brasileiro SA ADR		5,120,889		54,537,468
Vale SA ADR		2,272,351		38,561,796
Vibra Energia SA		7,121,800		20,975,464
				279,413,234
China  |  25.5%
A-Living Smart City Services Co. Ltd.		18,727,250		22,245,855
Anhui Conch Cement Co. Ltd., Class H		9,756,451		33,830,954
China Construction Bank Corp., Class H		141,988,224		88,964,110
China Medical System Holdings Ltd.		15,640,000		24,610,112
China Merchants Bank Co. Ltd., Class H		5,914,494		32,786,461
China Shenhua Energy Co. Ltd., Class H		6,588,610		18,966,816
China Vanke Co. Ltd., Class H		18,297,449		36,674,319
ENN Natural Gas Co. Ltd., Class A		9,555,253		22,096,870
Gree Electric Appliances, Inc. of Zhuhai, Class A		7,203,385		33,420,814
Hengan International Group Co. Ltd.		9,050,500		47,961,447
Huayu Automotive Systems Co. Ltd., Class A		12,869,648		32,091,187
Lenovo Group Ltd.		52,488,000		43,114,769
Midea Group Co. Ltd., Class A		3,069,799		22,802,566
Ping An Insurance (Group) Co. of China Ltd., Class H		8,994,000		59,362,124
Sinopharm Group Co. Ltd., Class H		21,654,414		54,915,990
Tingyi (Cayman Islands) Holding Corp.		22,302,000		39,278,035
Weichai Power Co. Ltd., Class H		25,461,288		33,927,022
				647,049,451
Czech Republic  |  0.1%
CEZ AS		57,731		1,965,898

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

Annual Report  75

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Egypt  |  1.0%
Commercial International Bank Egypt SAE GDR		21,653,490	$	25,842,206
Greece  |  1.1%
OPAP SA		2,073,359		29,393,984
Hong Kong  |  1.1%
ASMPT Ltd.		3,838,600		27,366,307
Hungary  |  2.4%
MOL Hungarian Oil & Gas PLC		2,641,461		18,450,460
OTP Bank Nyrt		1,561,763		42,228,610
				60,679,070
India  |  6.6%
Axis Bank Ltd.		2,268,911		25,502,227
Bajaj Auto Ltd.		483,215		21,080,593
Bharat Petroleum Corp. Ltd.		6,384,169		25,459,862
Indus Towers Ltd.		15,164,704		34,828,963
Petronet LNG Ltd.		10,585,729		27,508,168
UPL Ltd.		3,945,758		34,161,778
				168,541,591
Indonesia  |  4.2%
PT Astra International Tbk		60,138,900		21,909,803
PT Bank Mandiri (Persero) Tbk		65,714,642		41,761,799
PT Telkom Indonesia (Persero) Tbk ADR		1,127,502		26,890,923
PT United Tractors Tbk		9,232,700		15,459,784
				106,022,309
Mexico  |  5.0%
America Movil SAB de CV, Class L ADR		1,465,685		26,675,467
Grupo Financiero Banorte SAB de CV, Class O		3,765,337		27,034,526
Grupo Mexico SAB de CV, Series B		6,266,572		21,999,651
Kimberly-Clark de Mexico SAB de CV, Series A		18,696,695		31,729,644
Ternium SA ADR		679,091		20,753,021
				128,192,309

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

76  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Portugal  |  2.8%
Galp Energia SGPS SA		5,293,311	$	71,626,186
Russia  |  0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		4,695,624		5
Sberbank of Russia PJSC (*), (¢)		13,596,421		13
				18
South Africa  |  7.6%
Anglo American PLC		510,263		19,957,755
Bidvest Group Ltd.		1,849,471		23,309,087
Life Healthcare Group Holdings Ltd.		21,029,340		20,885,550
Nedbank Group Ltd.		4,109,120		51,412,934
Sanlam Ltd.		7,965,031		22,820,668
Standard Bank Group Ltd.		3,169,024		31,297,003
Vodacom Group Ltd.		3,183,969		22,840,710
				192,523,707
South Korea  |  13.9%
Coway Co. Ltd.		630,264		27,986,024
Hyundai Mobis Co. Ltd.		177,809		28,346,243
KB Financial Group, Inc.		1,238,906		47,188,658
Kia Corp.		414,057		19,529,057
KT Corp.		868,886		23,287,926
KT&G Corp.		341,929		24,724,280
Samsung Electronics Co. Ltd.		1,765,384		77,850,058
Shinhan Financial Group Co. Ltd.		1,454,740		40,536,710
SK Hynix, Inc.		1,041,969		62,718,067
				352,167,023
Taiwan  |  11.6%
ASE Technology Holding Co. Ltd.		18,490,000		56,437,999
Globalwafers Co. Ltd.		1,446,000		20,087,371
Hon Hai Precision Industry Co. Ltd.		7,567,425		24,585,654
MediaTek, Inc.		1,500,000		30,468,117

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

Annual Report  77

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Novatek Microelectronics Corp.		3,304,000	$	33,885,385
Quanta Computer, Inc.		16,791,000		39,480,296
Taiwan Semiconductor Manufacturing Co. Ltd.		5,060,913		73,761,028
Wiwynn Corp.		665,000		17,231,082
				295,936,932
Thailand  |  2.4%
Kasikornbank Public Co. Ltd.		4,638,154		19,739,657
PTT Exploration & Production PCL (‡)		4,497,800		22,920,794
Siam Cement Public Co. Ltd. (‡)		1,773,500		17,512,257
				60,172,708
United Kingdom  |  1.7%
Unilever PLC		847,062		42,506,756
Total Common Stocks (Cost $2,525,490,490)				2,489,399,689
Short-Term Investments  |  1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $43,692,631)		43,692,631		43,692,631
Total Investments  |  99.7% (Cost $2,569,183,121)			$	2,533,092,320
Cash and Other Assets in Excess of Liabilities  |  0.3%				7,335,532
Net Assets  |  100.0%			$	2,540,427,852

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

78  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio
Common Stocks  |  98.6%
Brazil  |  7.4%
Banco BTG Pactual SA		120,388	$	545,403
BB Seguridade Participacoes SA		81,500		517,501
Odontoprev SA		209,760		358,472
Petroleo Brasileiro SA ADR		88,024		937,456
Vale SA ADR		53,590		909,422
				3,268,254
China  |  24.7%
Alibaba Group Holding Ltd. ADR (*)		13,506		1,189,743
Anhui Conch Cement Co. Ltd., Class H		160,000		554,808
ANTA Sports Products Ltd.		51,200		671,264
China Merchants Bank Co. Ltd., Class H		162,500		900,804
China Vanke Co. Ltd., Class H		245,222		491,508
CSPC Pharmaceutical Group Ltd.		510,000		535,889
ENN Energy Holdings Ltd.		41,200		574,774
JD.com, Inc. ADR		13,100		735,303
JD.com, Inc., Class A		1,175		33,030
Midea Group Co. Ltd., Class A		73,300		544,475
NetEase, Inc. ADR		6,256		454,373
Sinopharm Group Co. Ltd., Class H		270,400		685,739
Tencent Holdings Ltd.		25,792		1,096,217
Trip.com Group Ltd. ADR (*)		27,144		933,754
Weichai Power Co. Ltd., Class H		484,000		644,927
Yum China Holdings, Inc.		16,697		912,491
				10,959,099
France  |  1.6%
Pernod Ricard SA ADR		17,462		686,780
Greece  |  0.8%
OPAP SA		25,552		362,250

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

Annual Report  79

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (continued)
Hong Kong  |  3.9%
AIA Group Ltd.		97,200	$	1,070,853
Techtronic Industries Co. Ltd.		57,782		643,403
				1,714,256
India  |  15.2%
HDFC Bank Ltd.		93,005		1,830,833
ITC Ltd.		174,063		697,703
Reliance Industries Ltd.		47,956		1,471,104
SBI Cards & Payment Services Ltd.		35,723		342,761
State Bank of India		99,660		736,396
Tata Consultancy Services Ltd.		29,740		1,171,026
UPL Ltd.		59,498		515,125
				6,764,948
Indonesia  |  5.2%
PT Astra International Tbk		1,181,200		430,335
PT Bank Central Asia Tbk		1,549,100		849,294
PT Bank Mandiri (Persero) Tbk		899,100		571,380
PT Telkom Indonesia (Persero) Tbk ADR		20,018		477,429
				2,328,438
Macau  |  1.0%
Sands China Ltd. (*)		136,400		451,889
Mexico  |  4.3%
America Movil SAB de CV, Class L ADR		34,497		627,845
Grupo Financiero Banorte SAB de CV, Class O		61,577		442,113
Grupo Mexico SAB de CV, Series B		110,499		387,922
Kimberly-Clark de Mexico SAB de CV, Series A		272,974		463,257
				1,921,137
Russia  |  0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		45,259		0
Sberbank of Russia PJSC (*), (¢)		213,889		0
				0

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

80  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (continued)
Saudi Arabia  |  2.4%
Arabian Internet & Communications Services Co.		9,912	$	641,094
Saudi National Bank		31,787		427,911
				1,069,005
South Africa  |  4.2%
Anglo American PLC		26,249		1,026,669
Capitec Bank Holdings Ltd.		4,222		461,824
Vodacom Group Ltd.		53,245		381,961
				1,870,454
South Korea  |  11.0%
Coway Co. Ltd.		10,956		486,486
Hyundai Mobis Co. Ltd.		3,219		513,172
Kia Corp.		7,300		344,306
Samsung Electronics Co. Ltd.		32,904		1,451,003
Shinhan Financial Group Co. Ltd.		42,317		1,179,174
SK Hynix, Inc.		15,384		925,992
				4,900,133
Taiwan  |  13.5%
ASE Technology Holding Co. Ltd.		142,000		433,434
Chailease Holding Co. Ltd.		126,000		888,795
CTBC Financial Holding Co. Ltd.		929,000		667,694
Hon Hai Precision Industry Co. Ltd.		235,136		763,929
MediaTek, Inc.		30,000		609,362
Quanta Computer, Inc.		231,000		543,145
Taiwan Semiconductor Manufacturing Co. Ltd.		144,387		2,104,390
				6,010,749
Thailand  |  1.4%
CP ALL Public Co. Ltd.		310,400		611,659

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

Annual Report  81

Description	Shares		Fair Value
Lazard Emerging Markets Strategic Equity Portfolio (concluded)
United Kingdom  |  2.0%
Unilever PLC		17,667	$	886,555
Total Common Stocks (Cost $47,696,545)				43,805,606
Preferred Stocks  |  1.0%
Brazil  |  1.0%
Banco Bradesco SA (Cost $614,633)		152,810		443,124
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $276,372)		276,372		276,372
Total Investments  |  100.2% (Cost $48,587,550)			$	44,525,102
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(90,278	)
Net Assets  |  100.0%			$	44,434,824

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

82  Annual Report

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks  |  91.7%
Belgium  |  1.0%
Anheuser-Busch InBev SA/NV		27,261	$	1,638,882
France  |  2.0%
Vinci SA		32,555		3,251,431
Germany  |  9.4%
Fresenius Medical Care AG & Co. KGaA		245,668		8,035,349
Knorr-Bremse AG		126,819		6,930,000
				14,965,349
Japan  |  3.7%
Secom Co. Ltd.		104,701		5,972,711
Luxembourg  |  3.9%
SES SA		949,360		6,197,366
Spain  |  3.9%
Ferrovial SA		239,154		6,256,113
United Kingdom  |  6.3%
National Grid PLC		389,919		4,683,465
Smith & Nephew PLC		290,578		3,882,054
United Utilities Group PLC		126,122		1,512,386
				10,077,905
United States  |  61.5%
Alphabet, Inc., Class C (*)		34,763		3,084,521
Cognizant Technology Solutions Corp., Class A		167,108		9,556,906
CVS Health Corp.		88,067		8,206,964
DaVita, Inc. (*)		44,633		3,332,746
DENTSPLY SIRONA, Inc.		147,614		4,700,030
eBay, Inc.		149,935		6,217,804
Fiserv, Inc. (*)		62,239		6,290,496

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

Annual Report  83

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio (concluded)
H&R Block, Inc.		156,351	$	5,708,375
International Game Technology PLC		424,669		9,631,493
Medtronic PLC		82,485		6,410,734
Norfolk Southern Corp.		12,995		3,202,228
Omnicom Group, Inc.		117,892		9,616,450
Pediatrix Medical Group, Inc. (*)		348,715		5,181,905
Stericycle, Inc. (*)		30,185		1,505,930
Tapestry, Inc.		248,329		9,456,368
Visa, Inc., Class A		30,501		6,336,888
				98,439,838
Total Common Stocks (Cost $148,709,059)				146,799,595
Short-Term Investments  |  6.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $9,542,459)		9,542,459		9,542,459
Total Investments  |  97.7% (Cost $158,251,518)			$	156,342,054
Cash and Other Assets in Excess of Liabilities  |  2.3%				3,712,102
Net Assets  |  100.0%			$	160,054,156

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

84  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks  |  99.7%
Canada  |  6.1%
Canadian National Railway Co.		9,265	$	1,100,578
Dollarama, Inc.		23,902		1,397,932
National Bank of Canada		28,075		1,891,641
Toromont Industries Ltd.		16,852		1,216,107
				5,606,258
China  |  3.0%
Alibaba Group Holding Ltd. ADR (*)		7,119		627,113
NXP Semiconductors NV		7,327		1,157,886
Tencent Holdings Ltd.		24,123		1,025,280
				2,810,279
Denmark  |  0.9%
Carlsberg AS, Class B		6,308		835,031
France  |  4.6%
Legrand SA		9,029		726,992
LVMH Moet Hennessy Louis Vuitton SE		1,860		1,351,188
Pernod Ricard SA		5,439		1,069,087
Thales SA		8,549		1,092,873
				4,240,140
Germany  |  1.1%
Merck KGaA		5,215		1,009,938
Hong Kong  |  1.3%
AIA Group Ltd.		110,583		1,218,293
India  |  1.6%
HDFC Bank Ltd. ADR		21,404		1,464,248
Japan  |  4.5%
BayCurrent Consulting, Inc.		25,800		806,737
Kadokawa Corp.		40,100		732,948

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

Annual Report  85

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
Nintendo Co. Ltd.		24,000	$	1,005,014
Olympus Corp.		51,800		915,601
Shimano, Inc.		4,300		685,110
				4,145,410
Netherlands  |  2.2%
Wolters Kluwer NV		19,857		2,074,244
Spain  |  0.8%
Industria de Diseno Textil SA		28,627		762,284
Sweden  |  1.9%
Assa Abloy AB, Class B		26,734		575,207
Hexagon AB, B Shares		113,366		1,191,676
				1,766,883
Switzerland  |  3.9%
ABB Ltd.		43,978		1,339,472
Partners Group Holding AG		1,065		946,668
Swatch Group AG		4,848		1,376,327
				3,662,467
Taiwan  |  1.6%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		19,390		1,444,361
United Kingdom  |  6.8%
Coca-Cola Europacific Partners PLC		21,099		1,167,197
Diageo PLC		33,628		1,484,988
RELX PLC		64,025		1,765,493
Unilever PLC		36,711		1,852,033
				6,269,711
United States  |  59.4%
Accenture PLC, Class A		8,341		2,225,712
Alphabet, Inc., Class A (*)		31,453		2,775,098
Amazon.com, Inc. (*)		24,447		2,053,548

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

86  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
Amphenol Corp., Class A		14,977	$	1,140,349
Aon PLC, Class A		6,868		2,061,361
Avery Dennison Corp.		4,593		831,333
Bank of America Corp.		35,297		1,169,037
Booz Allen Hamilton Holding Corp.		18,336		1,916,479
Boston Scientific Corp. (*)		29,050		1,344,143
BRP, Inc.		10,947		834,608
Charles Schwab Corp.		22,528		1,875,681
Coca-Cola Co.		29,662		1,886,800
Computershare Ltd.		55,692		993,539
Deere & Co.		2,866		1,228,826
Dollar General Corp.		6,275		1,545,219
Estee Lauder Cos., Inc., Class A		6,726		1,668,788
Intercontinental Exchange, Inc.		16,954		1,739,311
IQVIA Holdings, Inc. (*),		9,674		1,982,106
Johnson & Johnson		12,852		2,270,306
McDonald’s Corp.		5,093		1,342,158
Microsoft Corp.		13,550		3,249,561
Motorola Solutions, Inc.		6,877		1,772,272
NIKE, Inc., Class B		10,365		1,212,809
Procter & Gamble Co.		11,052		1,675,041
PTC, Inc. (*)		11,483		1,378,419
Rockwell Automation, Inc.		4,510		1,161,641
S&P Global, Inc.		4,474		1,498,522
Sysco Corp.		10,695		817,633
Texas Instruments, Inc.		9,548		1,577,520
Thermo Fisher Scientific, Inc.		4,333		2,386,140
TopBuild Corp. (*),		3,346		523,615
Visa, Inc., Class A		8,996		1,869,009
Warner Music Group Corp., Class A		17,636		617,613
Wells Fargo & Co.		27,763		1,146,334
Zoetis, Inc.		8,122		1,190,279
				54,960,810
Total Common Stocks (Cost $72,628,050)				92,270,357

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

Annual Report  87

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $536,883)		536,883	$	536,883
Total Investments(e)  |  100.3% (Cost $73,164,933)			$	92,807,240
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(249,672	)
Net Assets  |  100.0%			$	92,557,568

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

88  Annual Report

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  93.1%
Australia  |  8.0%
Atlas Arteria Ltd. (^)		79,017,229	$	355,284,219
Transurban Group		33,226,690		293,398,501
				648,682,720
Canada  |  2.0%
Canadian National Railway Co.		1,366,573		162,333,531
France  |  5.7%
Eutelsat Communications SA		12,325,587		92,035,457
Vinci SA		3,741,805		373,712,832
				465,748,289
Hong Kong  |  4.1%
CK Infrastructure Holdings Ltd.		24,321,500		127,306,214
Power Assets Holdings Ltd.		37,833,765		207,232,619
				334,538,833
Italy  |  14.8%
Hera SpA		69,843,401		188,831,238
Italgas SpA (^)		44,416,614		246,294,741
Snam SpA		78,641,300		381,819,179
Terna - Rete Elettrica Nazionale		52,237,996		386,653,446
				1,203,598,604
Luxembourg  |  1.6%
SES SA (^)		20,326,589		132,690,782
Portugal  |  0.9%
Redes Energeticas Nacionais SGPS SA		28,228,757		76,258,561
Spain  |  10.2%
Aena SME SA (*)		1,448,700		182,450,063
Ferrovial SA		24,740,985		647,208,067
				829,658,130

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

Annual Report  89

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio (continued)
Switzerland  |  2.0%
Flughafen Zurich AG (*)		1,044,956	$	161,919,563
United Kingdom  |  19.2%
National Grid PLC		54,202,879		651,051,303
Pennon Group PLC (^)		14,334,169		154,093,807
Severn Trent PLC		11,843,155		379,805,836
United Utilities Group PLC		31,151,853		373,555,935
				1,558,506,881
United States  |  24.6%
Consolidated Edison, Inc.		2,585,655		246,438,778
CSX Corp.		12,802,981		396,636,352
Exelon Corp.		3,887,400		168,052,302
Norfolk Southern Corp.		2,614,319		644,220,488
Pinnacle West Capital Corp.		3,974,278		302,204,099
Union Pacific Corp.		1,155,900		239,352,213
				1,996,904,232
Total Common Stocks (Cost $7,378,641,706)				7,570,840,126
Short-Term Investments  |  5.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $436,543,028)		436,543,028		436,543,028
Total Investments  |  98.5% (Cost $7,815,184,734) (»)			$	8,007,383,154
Cash and Other Assets in Excess of Liabilities  |  1.5%				118,038,467
Net Assets  |  100.0%			$	8,125,421,621

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

90  Annual Report

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at December 31, 2022:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
CAD	60,442,350	USD	44,545,529	SSB	03/29/23		$	125,768		$	—
EUR	202,487,827	USD	216,690,728	SSB	03/29/23			1,323,436			—
USD	64,733,427	AUD	93,788,696	BNP	03/29/23			658,853			—
USD	116,123,601	AUD	168,234,120	CIT	03/29/23			1,189,392			—
USD	251,986,759	AUD	364,928,472	HSB	03/29/23			2,674,876			—
USD	104,050,906	AUD	150,725,237	MSC	03/29/23			1,078,418			—
USD	186,747,654	AUD	270,591,127	SSB	03/29/23			1,885,171			—
USD	5,820,838	CAD	7,936,858	BNP	03/29/23			—			45,078
USD	87,963,620	CAD	119,999,971	CIT	03/29/23			—			725,094
USD	57,424,718	CAD	78,290,644	HSB	03/29/23			—			437,768
USD	37,928,309	CAD	51,721,014	MSC	03/29/23			—			297,286
USD	18,547,968	CAD	25,288,670	SCB	03/29/23			—			142,201
USD	36,608,468	CHF	33,628,905	BNP	03/29/23			—			95,239
USD	37,084,360	CHF	34,019,338	SCB	03/29/23			—			45,479
USD	89,918,526	CHF	82,528,122	SSB	03/29/23			—			155,417
USD	333,424,917	EUR	311,045,214	BNP	03/29/23			—			1,470,585
USD	432,068,920	EUR	402,598,695	CAN	03/29/23			—			1,400,190
USD	245,007,296	EUR	228,498,294	CIT	03/29/23			—			1,011,763
USD	488,742,168	EUR	455,383,081	HSB	03/29/23			—			1,558,722
USD	368,044,158	EUR	343,204,717	MEL	03/29/23			—			1,476,769
USD	523,602,824	EUR	487,948,432	RBC	03/29/23			—			1,760,460
USD	624,375,273	EUR	581,739,579	SSB	03/29/23			—			1,970,864
USD	173,830,032	GBP	141,628,060	CAN	03/29/23			2,252,160			—
USD	80,747,137	GBP	66,866,523	HSB	03/29/23			—			259,520
USD	497,035,290	GBP	405,400,571	HSB	03/29/23			5,905,442			—
USD	216,922,198	GBP	176,771,258	MSC	03/29/23			2,769,463			—
USD	352,397,596	GBP	287,543,579	RBC	03/29/23			4,047,731			—
USD	272,719,160	GBP	222,226,789	SSB	03/29/23			3,498,501			—
USD	89,861,913	HKD	699,287,435	BNP	03/29/23			135,552			—
USD	31,621,174	HKD	246,531,320	HSB	03/29/23			—			11,538
USD	32,564,820	HKD	253,400,182	HSB	03/29/23			50,756			—
USD	75,289,547	HKD	586,050,823	MSC	03/29/23			92,704			—
USD	9,708,012	HKD	75,539,980	SCB	03/29/23			15,392			—
USD	94,890,286	HKD	738,578,538	SSB	03/29/23			122,439			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	27,826,054		$	12,863,973

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

Annual Report  91

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  97.5%
Canada  |  4.6%
Canadian Pacific Railway Ltd.		2,109	$	157,241
TMX Group Ltd.		1,085		108,596
Toromont Industries Ltd.		2,051		148,008
Trisura Group Ltd. (*)		2,101		70,276
				484,121
China  |  1.0%
Tencent Holdings Ltd.		2,400		102,005
Denmark  |  3.3%
Genmab AS (*)		511		216,448
Vestas Wind Systems AS		4,729		138,163
				354,611
France  |  1.8%
Pernod Ricard SA		979		192,432
Germany  |  4.7%
Continental AG		1,364		81,493
Hensoldt AG		2,478		58,638
Infineon Technologies AG		4,206		128,105
Merck KGaA		1,199		232,199
				500,435
Hong Kong  |  2.2%
AIA Group Ltd.		20,800		229,154
India  |  1.6%
HDFC Bank Ltd. ADR		2,511		171,777
Ireland  |  1.0%
Ryanair Holdings PLC ADR (*)		1,418		106,010

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

92  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Japan  |  3.6%
BayCurrent Consulting, Inc.		4,000	$	125,075
Kadokawa Corp.		4,600		84,079
Olympus Corp.		5,900		104,287
TechnoPro Holdings, Inc.		2,500		66,094
				379,535
Mexico  |  1.9%
Arca Continental SAB de CV		25,200		204,636
Netherlands  |  3.3%
Akzo Nobel NV		1,119		74,667
Universal Music Group NV		11,420		275,669
				350,336
Portugal  |  1.6%
Energias de Portugal SA		34,813		173,431
South Africa  |  1.2%
Anglo American PLC		3,360		131,419
South Korea  |  2.5%
Osstem Implant Co. Ltd.		2,391		262,914
Sweden  |  0.3%
Volvo Car AB, Class B (*)		7,718		35,261
Switzerland  |  2.0%
ABB Ltd.		4,765		145,131
Idorsia Ltd. (*)		4,490		65,442
				210,573
Taiwan  |  1.5%
Taiwan Semiconductor Manufacturing Co. Ltd.		11,000		160,321
United Kingdom  |  5.6%
Berkeley Group Holdings PLC		2,349		106,953

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

Annual Report  93

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Coca-Cola Europacific Partners PLC		4,136	$	227,234
Informa PLC		7,389		55,398
RELX PLC		7,234		199,478
				589,063
United States  |  53.8%
Accenture PLC, Class A		709		189,190
Activision Blizzard, Inc.		1,394		106,711
Alphabet, Inc., Class A (*)		3,359		296,365
Amphenol Corp., Class A		2,514		191,416
Analog Devices, Inc.		1,408		230,954
Aon PLC, Class A		1,030		309,144
Applied Materials, Inc.		1,818		177,037
Bank of America Corp.		5,824		192,891
Boston Scientific Corp. (*)		5,498		254,392
Coca-Cola Co.		2,558		162,714
CyberArk Software Ltd. (*)		662		85,828
Danaher Corp.		926		245,779
Dollar General Corp.		950		233,937
Estee Lauder Cos., Inc., Class A		563		139,686
Helmerich & Payne, Inc.		2,817		139,639
Huntington Bancshares, Inc.		6,978		98,390
Intercontinental Exchange, Inc.		2,625		269,299
Intuit, Inc.		434		168,921
IQVIA Holdings, Inc. (*)		1,384		283,568
Johnson & Johnson		1,667		294,476
Marsh & McLennan Cos., Inc.		616		101,936
Microsoft Corp.		2,086		500,264
S&P Global, Inc.		931		311,829
UnitedHealth Group, Inc.		658		348,858
Visa, Inc., Class A		1,038		215,655
Zoetis, Inc.		1,087		159,300
				5,708,179
Total Common Stocks (Cost $10,915,215)				10,346,213

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

94  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
Short-Term Investments  |  2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $309,051)		309,051	$	309,051
Total Investments  |  100.4% (Cost $11,224,266)			$	10,655,264
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(41,073	)
Net Assets  |  100.0%			$	10,614,191

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

Annual Report  95

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  99.1%
Australia  |  6.5%
Altium Ltd.		135	$	3,219
Aristocrat Leisure Ltd.		1,030		21,271
BHP Group Ltd.		1,565		48,454
Brambles Ltd.		1,145		9,404
Charter Hall Group REIT		1,470		11,972
Coles Group Ltd.		197		2,231
Core Lithium Ltd. (*)		3,093		2,092
Coronado Global Resources, Inc.		2,412		3,217
Dexus REIT		849		4,463
Lovisa Holdings Ltd.		207		3,251
Mineral Resources Ltd.		111		5,839
Newcrest Mining Ltd.		141		1,966
Perseus Mining Ltd.		4,420		6,203
Pilbara Minerals Ltd. (*)		3,243		8,264
Pro Medicus Ltd.		89		3,342
Regis Resources Ltd.		2,829		3,917
West African Resources Ltd. (*)		5,464		4,362
Whitehaven Coal Ltd.		524		3,359
WiseTech Global Ltd.		256		8,828
Yancoal Australia Ltd.		2,849		11,641
				167,295
Austria  |  0.3%
Wienerberger AG		267		6,463
Belgium  |  0.1%
Warehouses De Pauw CVA REIT		95		2,717
China  |  0.5%
SITC International Holdings Co. Ltd.		6,000		13,244

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

96  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Denmark  |  4.5%
AP Moller - Maersk AS, Class B		10	$	22,461
Novo Nordisk AS, Class B		684		92,613
				115,074
Finland  |  0.7%
Nokia oyj ADR		2,225		10,324
Nordea Bank Abp		761		8,139
				18,463
France  |  11.5%
Airbus SE		133		15,814
AXA SA		949		26,449
BioMerieux		67		7,046
BNP Paribas SA		215		12,235
Capgemini SE		93		15,597
Cie de Saint-Gobain		718		35,249
Eiffage SA		31		3,057
Gaztransport Et Technigaz SA		21		2,244
Hermes International		18		27,777
Kering SA		18		9,212
L’Oreal SA		21		7,534
La Francaise des Jeux SAEM		309		12,414
Orange SA		2,060		20,483
Sanofi		59		5,709
Societe Generale SA		1,679		42,126
Thales SA		22		2,812
TotalEnergies SE		413		25,778
Vinci SA		230		22,971
				294,507
Germany  |  7.1%
Beiersdorf AG		59		6,770
BioNTech SE ADR		15		2,253
Carl Zeiss Meditec AG		54		6,816
Commerzbank AG (*)		386		3,650

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

Annual Report  97

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
CTS Eventim AG & Co. KGaA (*)		130	$	8,293
Deutsche Bank AG		2,090		23,689
Deutsche Post AG		1,080		40,653
Hapag-Lloyd AG		20		3,802
HUGO BOSS AG		509		29,507
Infineon Technologies AG		156		4,751
Mercedes-Benz Group AG		41		2,691
Merck KGaA		95		18,398
Nemetschek SE		253		12,922
Rational AG		24		14,224
Rheinmetall AG		14		2,789
				181,208
Hong Kong  |  2.3%
Futu Holdings Ltd. ADR (*)		127		5,162
Jardine Matheson Holdings Ltd.		200		10,170
Swire Pacific Ltd., Class A		2,500		21,926
United Energy Group Ltd.		24,000		2,367
WH Group Ltd.		30,500		17,744
				57,369
Ireland  |  0.4%
AerCap Holdings NV (*)		106		6,182
AIB Group PLC		1,143		4,406
				10,588
Israel  |  0.9%
Bezeq The Israeli Telecommunication Corp. Ltd.		4,806		8,292
Check Point Software Technologies Ltd. (*)		52		6,560
ICL Group Ltd.		694		5,005
Perion Network Ltd. (*)		131		3,314
				23,171
Italy  |  3.2%
Banco BPM SpA		905		3,232
Intesa Sanpaolo SpA		9,699		21,638

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

98  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Leonardo SpA		605	$	5,215
Moncler SpA		177		9,422
Poste Italiane SpA		1,124		10,961
Reply SpA		60		6,901
UniCredit SpA		1,766		25,113
				82,482
Japan  |  21.6%
77 Bank Ltd.		600		10,089
Canon, Inc.		1,200		25,948
Capcom Co. Ltd.		200		6,414
Chugai Pharmaceutical Co. Ltd.		500		12,705
Dai-ichi Life Holdings, Inc.		800		18,167
Electric Power Development Co. Ltd.		1,000		15,908
Honda Motor Co. Ltd.		1,900		43,442
ITOCHU Corp.		600		18,760
Japan Post Holdings Co. Ltd.		6,900		58,171
Japan Post Insurance Co. Ltd.		500		8,799
Japan Tobacco, Inc.		2,800		56,616
KDDI Corp.		500		15,112
Kyushu Financial Group, Inc.		900		3,089
Mitsubishi Estate Co. Ltd.		1,000		12,941
Mitsubishi Heavy Industries Ltd.		300		11,872
Mitsui & Co. Ltd.		1,400		40,708
MS&AD Insurance Group Holdings, Inc.		600		19,204
Nihon Kohden Corp.		200		4,880
Nintendo Co. Ltd. ADR		968		10,087
Nippon Building Fund, Inc. REIT		1		4,466
Nippon Telegraph & Telephone Corp.		200		5,709
Nishi-Nippon Financial Holdings, Inc.		500		3,658
Nissan Chemical Corp.		400		17,607
Nisshinbo Holdings, Inc.		700		5,149
Olympus Corp.		700		12,373
Shimano, Inc. ADR		409		6,419
Shin-Etsu Chemical Co. Ltd.		433		52,755
SKY Perfect JSAT Holdings, Inc.		1,000		3,664

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

Annual Report  99

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Softbank Corp.		1,000	$	11,307
Sumco Corp.		800		10,704
Tokyo Ohka Kogyo Co. Ltd.		100		4,505
Toshiba Corp.		200		7,011
Toyota Motor Corp.		900		12,300
ZOZO, Inc.		100		2,483
				553,022
Netherlands  |  8.5%
Aalberts NV		83		3,227
Adyen NV (*)		15		20,757
ASML Holding NV		90		48,717
BNP Paribas Emissions- und Handelsgesellschaft mbH		845		10,309
Koninklijke Ahold Delhaize NV		237		6,810
NN Group NV		143		5,840
Shell PLC		2,420		68,771
Wolters Kluwer NV		504		52,648
				217,079
Nigeria  |  0.1%
Airtel Africa PLC		2,157		2,914
Norway  |  0.6%
Equinor ASA		404		14,491
Portugal  |  0.7%
Jeronimo Martins SGPS SA		856		18,509
Singapore  |  1.8%
DBS Group Holdings Ltd.		100		2,532
Jardine Cycle & Carriage Ltd.		400		8,546
Oversea-Chinese Banking Corp. Ltd.		2,700		24,499
STMicroelectronics NV		312		11,092
				46,669

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

100  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Spain  |  3.5%
Banco de Sabadell SA		5,772	$	5,434
Iberdrola SA		3,180		37,198
Industria de Diseno Textil SA		1,742		46,386
				89,018
Sweden  |  2.3%
Assa Abloy AB, Class B		893		19,214
Betsson AB		655		5,327
Billerud AB		315		3,831
Hemnet Group AB		168		2,022
Hennes & Mauritz AB, B Shares		205		2,213
SSAB AB B Shares		1,227		6,399
Telefonaktiebolaget LM Ericsson, B Shares		2,460		14,407
Volvo Car AB, Class B (*)		944		4,313
				57,726
Switzerland  |  3.8%
Belimo Holding AG		20		9,555
Julius Baer Group Ltd.		44		2,558
Novartis AG		398		36,051
UBS Group AG		2,626		48,948
				97,112
United Kingdom  |  10.3%
3i Group PLC		536		8,703
Associated British Foods PLC		1,085		20,671
Barclays PLC		1,832		3,522
Coca-Cola Europacific Partners PLC		54		2,987
Compass Group PLC		361		8,342
Drax Group PLC		310		2,638
Endava PLC ADR (*)		62		4,743
HSBC Holdings PLC		799		4,983
IMI PLC		142		2,210
Imperial Brands PLC		1,066		26,634

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

Annual Report  101

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Investec PLC		1,348	$	8,335
NatWest Group PLC		4,318		13,784
RELX PLC		52		1,441
SSE PLC		1,486		30,650
Standard Chartered PLC		2,964		22,247
Tesco PLC		7,909		21,443
Unilever PLC		1,473		73,917
Virgin Money UK PLC		2,317		5,102
Wise PLC (*)		304		2,056
				264,408
United States  |  7.9%
CSL Ltd.		91		17,744
GSK PLC		2,852		49,596
Inmode Ltd. (*)		153		5,462
International Game Technology PLC		111		2,517
Nestle SA		85		9,816
Roche Holding AG		243		76,366
Schneider Electric SE		84		11,814
Stellantis NV		2,039		28,895
				202,210
Total Common Stocks (Cost $2,456,400)				2,535,739
Preferred Stocks  |  0.7%
Germany  |  0.7%
Bayerische Motoren Werke AG		172		14,649
Sartorius AG		10		3,954
Total Preferred Stocks (Cost $17,752)				18,603

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

102  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Short-Term Investments  |  0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $18,934)		18,934	$	18,934
Total Investments  |  100.5% (Cost $2,493,086)			$	2,573,276
Liabilities in Excess of Cash and Other Assets  |  (0.5)%				(12,610	)
Net Assets  |  100.0%			$	2,560,666

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

Annual Report  103

Description	Shares		Fair Value
Lazard International Equity Portfolio
Common Stocks  |  98.2%
Canada  |  3.5%
Suncor Energy, Inc.		653,652	$	20,734,382
TMX Group Ltd.		139,943		14,006,703
				34,741,085
China  |  5.4%
Alibaba Group Holding Ltd. (*)		1,047,800		11,568,932
Autohome, Inc. ADR		269,673		8,251,994
ENN Energy Holdings Ltd.		760,500		10,609,598
ESR Group Ltd.		4,525,800		9,499,519
Li Ning Co. Ltd.		984,500		8,448,238
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		902,387		5,227,446
				53,605,727
Denmark  |  3.2%
AP Moller - Maersk AS, Class B		3,330		7,479,394
Carlsberg AS, Class B		121,103		16,031,191
Vestas Wind Systems AS		274,433		8,017,874
				31,528,459
Finland  |  1.6%
Nordea Bank Abp		1,491,397		15,949,787
France  |  10.2%
Air Liquide SA		144,851		20,603,503
Capgemini SE		53,379		8,952,398
Engie SA		1,992,077		28,534,591
Pernod Ricard SA		77,364		15,206,635
Teleperformance		59,389		14,171,692
Thales SA		105,903		13,538,260
				101,007,079

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

104  Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Germany  |  10.3%
Continental AG		184,031	$	10,995,099
Infineon Technologies AG		587,155		17,883,380
Merck KGaA		107,248		20,769,668
MTU Aero Engines AG		95,386		20,645,378
Rheinmetall AG		65,791		13,104,568
Siemens Healthineers AG		183,502		9,179,863
Vonovia SE		366,558		8,638,805
				101,216,761
Hong Kong  |  1.5%
Prudential PLC		1,069,126		14,468,090
Ireland  |  1.4%
Ryanair Holdings PLC ADR (*)		179,368		13,409,552
Israel  |  1.7%
Bank Leumi Le-Israel BM		2,018,203		16,823,307
Italy  |  1.4%
Enel SpA		2,540,445		13,663,243
Japan  |  16.5%
Asics Corp.		636,200		14,117,890
Bandai Namco Holdings, Inc.		194,300		12,184,851
Daikin Industries Ltd.		80,700		12,414,043
Disco Corp.		57,000		16,385,665
Hitachi Ltd.		190,400		9,581,850
Hoya Corp.		129,400		12,520,122
MatsukiyoCocokara & Co.		399,300		20,076,138
Olympus Corp.		865,200		15,293,015
Shimano, Inc.		42,900		6,835,165
Sumitomo Mitsui Financial Group, Inc.		405,000		16,319,180

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

Annual Report  105

Description	Shares		Fair Value
Lazard International Equity Portfolio (continued)
Suzuki Motor Corp.		380,800	$	12,251,537
Yamaha Corp.		389,500		14,369,907
				162,349,363
Mexico  |  1.6%
Arca Continental SAB de CV		1,923,912		15,623,115
Netherlands  |  6.1%
Akzo Nobel NV		222,294		14,832,798
Koninklijke DSM NV		98,695		12,099,562
Universal Music Group NV		709,061		17,116,141
Wolters Kluwer NV		156,368		16,334,059
				60,382,560
Norway  |  0.6%
Equinor ASA		175,392		6,291,028
Portugal  |  1.6%
Galp Energia SGPS SA		1,168,506		15,811,583
Singapore  |  1.7%
DBS Group Holdings Ltd.		651,020		16,481,492
South Africa  |  1.7%
Anglo American PLC		439,163		17,176,844
South Korea  |  1.4%
Osstem Implant Co. Ltd.		75,090		8,256,875
SK Hynix, Inc.		97,663		5,878,519
				14,135,394
Spain  |  1.4%
Industria de Diseno Textil SA		512,670		13,651,453
Sweden  |  1.1%
Sandvik AB		603,488		10,896,112

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

106  Annual Report

Description	Shares		Fair Value
Lazard International Equity Portfolio (concluded)
Switzerland  |  1.7%
ABB Ltd.		548,276	$	16,699,268
United Kingdom  |  13.2%
3i Group PLC		842,261		13,675,525
Barclays PLC		6,725,238		12,929,849
BP PLC		3,179,982		18,492,339
Coca-Cola Europacific Partners PLC		321,170		17,645,229
Compass Group PLC		647,742		14,967,342
Petershill Partners PLC		586,218		1,198,764
RELX PLC		961,192		26,630,575
Unilever PLC		484,439		24,439,456
				129,979,079
United States  |  9.4%
Aon PLC, Class A		94,877		28,476,383
BRP, Inc.		107,917		8,227,675
Ferguson PLC		95,752		12,097,607
ICON PLC (*)		104,101		20,221,619
Roche Holding AG		76,782		24,129,653
				93,152,937
Total Common Stocks (Cost $894,910,357)				969,043,318
Total Investments  |  98.2% (Cost $894,910,357)			$	969,043,318
Cash and Other Assets in Excess of Liabilities  |  1.8%				18,185,064
Net Assets  |  100.0%			$	987,228,382

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

Annual Report  107

Description	Shares		Fair Value
Lazard International Equity Select Portfolio
Common Stocks  |  95.4%
Canada  |  2.1%
Suncor Energy, Inc.		35,854	$	1,137,319
China  |  11.3%
Alibaba Group Holding Ltd. (*)		103,400		1,141,656
Autohome, Inc. ADR		12,245		374,697
China Longyuan Power Group Corp. Ltd., Class H		438,000		535,829
ENN Energy Holdings Ltd.		66,300		924,939
ESR Group Ltd.		212,000		444,982
Li Ning Co. Ltd.		96,000		823,800
Sungrow Power Supply Co. Ltd., Class A		39,600		637,278
Tencent Holdings Ltd.		23,000		977,551
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		49,599		287,322
				6,148,054
Denmark  |  2.5%
Carlsberg AS, Class B		5,491		726,879
Vestas Wind Systems AS		21,684		633,523
				1,360,402
Finland  |  1.7%
Sampo Oyj, A Shares		17,301		904,640
France  |  12.8%
Air Liquide SA		7,131		1,014,308
Airbus SE		7,928		942,657
Bureau Veritas SA		32,626		858,661
Engie SA		92,604		1,326,463
Legrand SA		9,275		746,799
Pernod Ricard SA		4,589		902,012
Teleperformance		1,744		416,162
Thales SA		6,252		799,233
				7,006,295

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

108  Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Germany  |  8.5%
Continental AG		9,146	$	546,436
Infineon Technologies AG		26,994		822,175
Merck KGaA		5,855		1,133,881
MTU Aero Engines AG		5,012		1,084,799
Siemens Healthineers AG		11,332		566,894
Vonovia SE		21,160		498,685
				4,652,870
Hong Kong  |  2.7%
AIA Group Ltd.		136,000		1,498,312
India  |  3.6%
ICICI Bank Ltd. ADR		67,109		1,469,016
Reliance Industries Ltd.		16,620		509,837
				1,978,853
Indonesia  |  2.2%
PT Bank Mandiri (Persero) Tbk		1,206,800		766,924
PT Telkom Indonesia (Persero) Tbk ADR		17,255		411,532
				1,178,456
Ireland  |  1.5%
Ryanair Holdings PLC ADR (*)		10,830		809,651
Japan  |  9.5%
Bandai Namco Holdings, Inc.		6,800		426,438
Daikin Industries Ltd.		4,800		738,382
Disco Corp.		3,100		891,150
Hoya Corp.		6,200		599,882
Nomura Research Institute Ltd.		35,800		851,055
Olympus Corp.		49,700		878,482
Shimano, Inc.		2,500		398,320
Suzuki Motor Corp.		11,700		376,426
				5,160,135

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

Annual Report  109

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (continued)
Mexico  |  1.6%
Grupo Financiero Banorte SAB de CV, Class O		122,900	$	882,403
Netherlands  |  6.5%
Akzo Nobel NV		8,253		550,690
IMCD NV		3,064		437,649
Koninklijke DSM NV		6,181		757,763
Universal Music Group NV		40,163		969,501
Wolters Kluwer NV		8,032		839,015
				3,554,618
Singapore  |  1.8%
DBS Group Holdings Ltd.		37,700		954,429
South Africa  |  1.7%
Anglo American PLC		14,887		582,270
Mr Price Group Ltd.		37,993		355,623
				937,893
South Korea  |  0.7%
SK Hynix, Inc.		6,592		396,785
Switzerland  |  2.5%
ABB Ltd.		26,131		795,892
Cie Financiere Richemont SA, Class A		4,402		569,644
				1,365,536
Taiwan  |  1.7%
Taiwan Semiconductor Manufacturing Co. Ltd.		63,000		918,203
United Kingdom  |  13.1%
Barclays PLC		252,743		485,920
BP PLC		386,879		2,249,792
Compass Group PLC		52,571		1,214,755
Linde PLC (*)		1,441		471,165

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

110  Annual Report

Description	Shares		Fair Value
Lazard International Equity Select Portfolio (concluded)
RELX PLC		58,162	$	1,611,424
Unilever PLC		22,562		1,138,230
				7,171,286
United States  |  7.4%
Accenture PLC, Class A		2,616		698,053
Aon PLC, Class A		4,583		1,375,542
ICON PLC (*)		4,176		811,188
Roche Holding AG		3,665		1,151,770
				4,036,553
Total Common Stocks (Cost $49,563,852)				52,052,693
Preferred Stocks  |  0.8%
Germany  |  0.8%
Henkel AG & Co. KGaA (Cost $445,330)		6,716		467,527
Short-Term Investments  |  1.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $629,567)		629,567		629,567
Total Investments  |  97.4% (Cost $50,638,749)			$	53,149,787
Cash and Other Assets in Excess of Liabilities  |  2.6%				1,402,885
Net Assets  |  100.0%			$	54,552,672

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

Annual Report  111

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio
Common Stocks  |  95.9%
Canada  |  7.3%
Dollarama, Inc.		55,676	$	3,256,265
National Bank of Canada		38,310		2,581,256
Toromont Industries Ltd.		31,714		2,288,608
				8,126,129
China  |  4.2%
Alibaba Group Holding Ltd. ADR (*)		21,683		1,910,055
Tencent Holdings Ltd.		64,700		2,749,893
				4,659,948
Denmark  |  6.6%
Coloplast AS, Class B		12,637		1,480,660
Demant AS (*)		62,543		1,739,138
Genmab AS (*)		9,624		4,076,511
				7,296,309
France  |  8.6%
Legrand SA		26,515		2,134,920
LVMH Moet Hennessy Louis Vuitton SE		5,663		4,113,857
Pernod Ricard SA		16,516		3,246,378
				9,495,155
Germany  |  3.8%
SAP SE		24,561		2,534,681
Scout24 SE		33,890		1,702,731
				4,237,412
Hong Kong  |  2.3%
AIA Group Ltd.		235,600		2,595,606
India  |  3.8%
HDFC Bank Ltd. ADR		62,244		4,258,112

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

112  Annual Report

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (continued)
Israel  |  2.4%
Check Point Software Technologies Ltd. (*)		21,328	$	2,690,740
Japan  |  7.1%
Hoya Corp.		22,300		2,157,641
Pigeon Corp.		41,700		685,529
Shimano, Inc.		7,800		1,242,757
SMS Co. Ltd.		78,800		2,013,102
Toei Animation Co. Ltd.		17,700		1,790,133
				7,889,162
Netherlands  |  9.0%
ASML Holding NV		9,056		4,902,040
Universal Music Group NV		100,182		2,418,310
Wolters Kluwer NV		25,296		2,642,397
				9,962,747
Norway  |  2.4%
AutoStore Holdings Ltd. (*)		482,207		883,134
Gjensidige Forsikring ASA		89,028		1,747,061
				2,630,195
South Africa  |  2.2%
Clicks Group Ltd.		152,808		2,428,983
Spain  |  2.0%
Industria de Diseno Textil SA		81,024		2,157,519
Sweden  |  4.4%
Assa Abloy AB, Class B		118,271		2,544,709
Hexagon AB, B Shares		226,061		2,376,300
				4,921,009
Switzerland  |  2.7%
Partners Group Holding AG		3,423		3,042,671

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

Annual Report  113

Description	Shares		Fair Value
Lazard International Quality Growth Portfolio (concluded)
Taiwan  |  2.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		43,057	$	3,207,316
United Kingdom  |  15.9%
Allfunds Group PLC		106,830		746,493
Dechra Pharmaceuticals PLC		42,145		1,335,014
Diageo PLC		71,973		3,178,276
Diploma PLC		27,121		911,391
Intertek Group PLC		38,376		1,873,051
London Stock Exchange Group PLC		26,502		2,286,700
RELX PLC		149,572		4,124,456
Unilever PLC		64,567		3,240,062
				17,695,443
United States  |  8.3%
Aon PLC, Class A		15,845		4,755,718
BRP, Inc.		29,156		2,222,876
Computershare Ltd.		126,970		2,265,132
				9,243,726
Total Common Stocks (Cost $116,717,672)				106,538,182
Preferred Stocks  |  1.5%
Germany  |  1.5%
Sartorius AG (Cost $1,676,621)		4,241		1,677,126
Total Investments  |  97.4% (Cost $118,394,293)			$	108,215,308
Cash and Other Assets in Excess of Liabilities  |  2.6%				2,879,758
Net Assets  |  100.0%			$	111,095,066

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

114  Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  97.5%
Australia  |  5.9%
ALS Ltd.		18,406	$	153,073
AUB Group Ltd.		14,956		229,163
Domino’s Pizza Enterprises Ltd.		2,591		116,698
GUD Holdings Ltd.		27,449		141,457
National Storage REIT		64,704		101,754
SmartGroup Corp. Ltd.		33,352		115,699
				857,844
Austria  |  3.1%
BAWAG Group AG		6,313		335,667
Schoeller-Bleckmann Oilfield Equipment AG		1,778		111,166
				446,833
Belgium  |  3.2%
Azelis Group NV		4,603		130,523
Recticel SA		9,081		151,583
Shurgard Self Storage SA		4,184		192,324
				474,430
Canada  |  4.7%
Descartes Systems Group, Inc. (*)		1,455		101,431
Dream Industrial REIT		14,912		128,745
Gildan Activewear, Inc.		3,927		107,543
Stelco Holdings, Inc.		7,634		249,712
Trisura Group Ltd. (*)		3,109		103,993
				691,424
Denmark  |  1.1%
Royal Unibrew AS		2,333		166,649
Finland  |  1.3%
Kemira Oyj		12,418		190,974

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

Annual Report  115

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
France  |  1.3%
Gaztransport Et Technigaz SA		1,731	$	184,934
Germany  |  8.6%
AIXTRON SE		4,346		125,497
Covestro AG		4,920		192,486
CTS Eventim AG & Co. KGaA (*)		2,390		152,463
Hensoldt AG		8,809		208,450
JOST Werke AG		4,475		251,550
Sirius Real Estate Ltd.		187,935		167,457
Stabilus SE		2,282		153,592
				1,251,495
Greece  |  1.6%
JUMBO SA		13,537		231,087
Ireland  |  1.8%
Dalata Hotel Group PLC (*)		43,821		152,746
Uniphar PLC		35,343		116,670
				269,416
Israel  |  0.6%
Israel Discount Bank Ltd.		16,159		84,927
Italy  |  6.0%
Coca-Cola HBC AG		5,578		133,142
Italgas SpA		41,102		227,915
Moncler SpA		3,021		160,810
Sesa SpA		1,363		169,903
Tinexta SpA		7,703		188,548
				880,318
Japan  |  28.2%
Ariake Japan Co. Ltd.		3,800		125,682
ARTERIA Networks Corp.		16,600		156,578
Bell System24 Holdings, Inc.		18,000		186,881

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

116  Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Daiseki Co. Ltd.		6,520	$	224,504
GMO internet group, Inc.		8,700		163,396
Hulic Co. Ltd.		27,800		218,790
JAFCO Group Co. Ltd.		13,500		229,498
MatsukiyoCocokara & Co.		5,900		296,642
MISUMI Group, Inc.		7,300		160,021
Nihon Kohden Corp.		8,300		202,519
Nippon Gas Co. Ltd.		16,000		251,913
Nippon Shinyaku Co. Ltd.		2,600		148,136
Open House Group Co. Ltd.		4,300		155,971
Persol Holdings Co. Ltd.		6,700		142,286
Relo Group, Inc.		14,400		232,946
Roland Corp.		5,100		135,183
Rorze Corp.		1,700		92,027
Taiyo Yuden Co. Ltd.		4,400		128,319
TechnoPro Holdings, Inc.		7,035		185,990
Trend Micro, Inc.		3,200		149,639
Trusco Nakayama Corp.		8,000		122,740
USS Co. Ltd.		12,100		191,757
Zenkoku Hosho Co. Ltd.		5,842		223,718
				4,125,136
Jersey  |  1.5%
JTC PLC		24,484		221,398
Netherlands  |  4.9%
Aalberts NV		4,917		191,155
Akzo Nobel NV		2,178		145,329
Arcadis NV		6,955		273,726
ASM International NV		424		107,340
				717,550
New Zealand  |  1.0%
Freightways Ltd.		22,885		140,335

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

Annual Report  117

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Norway  |  1.1%
Crayon Group Holding ASA (*)		16,240	$	166,064
Portugal  |  0.9%
Galp Energia SGPS SA		10,151		137,358
Spain  |  1.8%
Bankinter SA		39,671		265,869
Sweden  |  1.5%
Cibus Nordic Real Estate AB		7,850		108,127
Lindab International AB		9,137		111,986
				220,113
Switzerland  |  1.4%
Logitech International SA		3,242		201,222
United Kingdom  |  14.1%
Allfunds Group PLC		12,387		86,556
Auto Trader Group PLC		20,303		126,696
Britvic PLC		14,319		134,646
ConvaTec Group PLC		79,877		224,605
Genuit Group. PLC		31,520		107,100
IG Group Holdings PLC		12,457		117,839
JD Sports Fashion PLC		90,669		138,404
Jet2 PLC		14,428		167,444
Life Science REIT PLC		152,664		133,467
Marlowe PLC (*)		17,224		97,871
RS GROUP PLC		14,784		160,264
Smart Metering Systems PLC		14,694		138,921
Tate & Lyle PLC		14,151		121,548
Volution Group PLC		34,173		150,076
Weir Group PLC		7,847		157,481
				2,062,918

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

118  Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
United States  |  1.9%
BRP, Inc.		1,713	$	130,601
ICON PLC (*)		753		146,270
				276,871
Total Common Stocks (Cost $15,358,701)				14,265,165
Short-Term Investments  |  2.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $321,509)		321,509		321,509
Total Investments  |  99.7% (Cost $15,680,210)			$	14,586,674
Cash and Other Assets in Excess of Liabilities  |  0.3%				45,639
Net Assets  |  100.0%			$	14,632,313

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

Annual Report  119

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  97.4%
Australia  |  2.2%
Rio Tinto PLC		1,447,983	$	101,599,483
Canada  |  10.4%
CAE, Inc. (*)		5,849,278		113,140,761
Canadian Pacific Railway Ltd.		942,052		70,236,447
National Bank of Canada		1,810,852		122,011,838
Suncor Energy, Inc.		3,251,343		103,135,290
TMX Group Ltd.		703,983		70,460,691
				478,985,027
China  |  1.3%
ESR Group Ltd.		27,626,400		57,986,990
Denmark  |  5.6%
Carlsberg AS, Class B		995,067		131,723,485
Genmab AS (*)		180,590		76,493,875
Vestas Wind Systems AS		1,737,192		50,754,055
				258,971,415
Finland  |  2.4%
Sampo Oyj, A Shares		2,122,402		110,976,783
France  |  11.0%
Airbus SE		949,129		112,853,591
Bureau Veritas SA		2,807,530		73,889,382
Engie SA		9,148,719		131,046,617
Pernod Ricard SA		538,992		105,944,036
Thales SA		623,231		79,671,617
				503,405,243
Germany  |  6.0%
Continental AG		1,030,709		61,580,645
Infineon Technologies AG		2,515,363		76,612,125

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

120  Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Merck KGaA		509,893	$	98,745,976
Vonovia SE		1,643,713		38,737,977
				275,676,723
Hong Kong  |  2.1%
AIA Group Ltd.		8,708,200		95,938,273
India  |  1.3%
Housing Development Finance Corp. Ltd.		1,950,989		62,121,180
Ireland  |  1.7%
Ryanair Holdings PLC ADR (*)		1,030,179		77,016,182
Israel  |  2.7%
Bank Leumi Le-Israel BM		14,692,128		122,470,425
Japan  |  11.5%
Advantest Corp.		721,400		46,573,660
BayCurrent Consulting, Inc.		1,906,600		59,617,204
Daikin Industries Ltd.		505,000		77,683,911
Kobe Bussan Co. Ltd.		2,131,400		61,524,566
Olympus Corp.		4,331,200		76,556,989
Shimano, Inc.		287,600		45,822,693
Suzuki Motor Corp.		1,434,972		46,167,573
Tokyo Electron Ltd.		188,900		56,115,288
Yamaha Corp.		1,558,372		57,493,353
				527,555,237
Mexico  |  2.0%
Arca Continental SAB de CV		11,164,600		90,662,064
Netherlands  |  4.3%
Akzo Nobel NV		1,277,702		85,255,991
Universal Music Group NV		4,581,009		110,581,736
				195,837,727

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

Annual Report  121

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Portugal  |  1.9%
Energias de Portugal SA		17,591,693	$	87,638,206
Singapore  |  1.8%
DBS Group Holdings Ltd.		3,365,400		85,199,862
Sweden  |  1.6%
Hexagon AB, B Shares		5,443,563		57,221,440
Volvo Car AB, Class B (*)		3,597,552		16,436,090
				73,657,530
Switzerland  |  2.5%
ABB Ltd.		2,841,366		86,541,690
Idorsia Ltd. (*)		1,804,829		26,305,368
				112,847,058
Taiwan  |  0.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,507,000		36,538,644
United Kingdom  |  11.1%
Coca-Cola Europacific Partners PLC		2,821,799		155,030,946
Compass Group PLC		4,686,288		108,285,821
HSBC Holdings PLC		2,412,096		15,042,963
Informa PLC		8,068,056		60,488,805
Petershill Partners PLC		1,898,271		3,881,796
RELX PLC		5,953,175		164,937,366
				507,667,697
United States  |  13.2%
Accenture PLC, Class A		366,155		97,704,800
Aon PLC, Class A		743,418		223,129,479
BRP, Inc.		660,041		50,322,033
ICON PLC (*)		467,122		90,738,448
Roche Holding AG		450,879		141,694,064
				603,588,824

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

122  Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
Total Common Stocks (Cost $4,011,866,172)			$	4,466,340,573
Short-Term Investments  |  2.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $130,945,380)		130,945,380		130,945,380
Total Investments  |  100.3% (Cost $4,142,811,552)			$	4,597,285,953
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(11,897,647	)
Net Assets  |  100.0%			$	4,585,388,306

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

Annual Report  123

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  99.6%
Australia  |  0.5%
Yancoal Australia Ltd.		35,843	$	146,448
Belgium  |  0.3%
Warehouses De Pauw CVA REIT		3,141		89,816
Canada  |  3.9%
Atco Ltd., Class I		2,188		68,484
Hydro One Ltd.		11,630		311,536
Loblaw Cos. Ltd.		4,222		373,307
Metro, Inc.		6,907		382,436
				1,135,763
Denmark  |  0.8%
Novo Nordisk AS, Class B		1,686		228,284
France  |  1.9%
Cie Generale des Etablissements Michelin SCA		3,490		97,046
Hermes International		57		87,959
Orange SA		37,029		368,194
				553,199
Germany  |  0.4%
Telefonica Deutschland Holding AG		43,163		106,349
Hong Kong  |  0.5%
Jardine Matheson Holdings Ltd.		1,300		66,102
Swire Pacific Ltd., Class A		9,000		78,934
				145,036
Israel  |  0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		37,332		64,405

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

124  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Japan  |  16.3%
ABC-Mart, Inc.		4,400	$	249,889
Canon, Inc.		7,100		153,523
Daiwa House Industry Co. Ltd.		2,700		61,954
Electric Power Development Co. Ltd.		10,400		165,442
FUJIFILM Holdings Corp.		1,500		75,680
Hachijuni Bank Ltd.		21,200		88,456
Hirose Electric Co. Ltd.		500		62,544
Honda Motor Co. Ltd.		5,700		130,326
Hulic Co. Ltd.		8,500		66,896
Japan Post Bank Co. Ltd.		9,700		83,344
Japan Post Holdings Co. Ltd.		52,200		440,075
Japan Post Insurance Co. Ltd.		4,900		86,235
Japan Real Estate Investment Corp. REIT		23		100,734
Japan Tobacco, Inc.		17,400		351,829
Kansai Electric Power Co., Inc.		7,400		71,832
KDDI Corp.		7,700		232,726
Lawson, Inc.		5,100		195,441
McDonald’s Holdings Co. Japan Ltd.		2,300		87,513
MS&AD Insurance Group Holdings, Inc.		3,000		96,018
Nihon Kohden Corp.		6,500		158,599
Nippon Building Fund, Inc. REIT		26		116,109
Nippon Telegraph & Telephone Corp.		8,300		236,916
Osaka Gas Co. Ltd.		11,800		190,855
Rengo Co. Ltd.		10,900		74,878
Sankyo Co. Ltd.		7,000		286,615
Sega Sammy Holdings, Inc.		4,400		66,243
Softbank Corp.		6,100		68,971
Sumitomo Mitsui Financial Group, Inc.		3,000		120,883
Tokyo Gas Co. Ltd.		22,000		432,495
Yamazaki Baking Co. Ltd.		10,700		128,321
				4,681,342
Netherlands  |  2.2%
Koninklijke Ahold Delhaize NV		2,584		74,248
Koninklijke KPN NV		19,486		60,289

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

Annual Report  125

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Shell PLC		6,107	$	173,547
Wolters Kluwer NV		3,157		329,778
				637,862
New Zealand  |  0.6%
Spark New Zealand Ltd.		54,039		185,229
Norway  |  0.5%
Orkla ASA		20,469		147,887
Singapore  |  1.1%
Jardine Cycle & Carriage Ltd.		4,800		102,555
Oversea-Chinese Banking Corp. Ltd.		7,800		70,776
Sembcorp Industries Ltd.		29,000		73,012
Singapore Telecommunications Ltd.		33,300		63,931
				310,274
Spain  |  0.6%
Corporacion Financiera Alba SA		442		20,413
Industria de Diseno Textil SA		5,377		143,180
				163,593
Sweden  |  0.3%
Telefonaktiebolaget LM Ericsson, B Shares		13,319		78,001
Switzerland  |  0.8%
Novartis AG		847		76,722
PSP Swiss Property AG		1,295		152,289
				229,011
United Kingdom  |  4.0%
Compass Group PLC		3,167		73,180
HSBC Holdings PLC		22,439		139,940
LXI REIT PLC REIT		24,283		33,028
National Grid PLC		9,475		113,808
Serco Group PLC		47,402		88,646

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

126  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
SSE PLC		3,802	$	78,420
Standard Chartered PLC		13,712		102,918
Unilever PLC		10,429		526,132
				1,156,072
United States  |  64.7%
3M Co.		529		63,438
Abbott Laboratories		3,924		430,816
Activision Blizzard, Inc.		1,404		107,476
Allison Transmission Holdings, Inc.		2,357		98,051
Altria Group, Inc.		2,811		128,491
Amdocs Ltd.		4,676		425,048
Ameren Corp.		1,641		145,918
American Electric Power Co., Inc.		2,228		211,549
AmerisourceBergen Corp.		1,391		230,503
AMN Healthcare Services, Inc. (*)		1,194		122,767
Aon PLC, Class A		715		214,600
AT&T, Inc.		19,714		362,935
Automatic Data Processing, Inc.		463		110,592
AutoZone, Inc. (*)		42		103,580
Biogen, Inc. (*)		235		65,076
BJ’s Wholesale Club Holdings, Inc. (*)		1,014		67,086
Bristol-Myers Squibb Co.		5,167		371,766
Cadence Design Systems, Inc. (*)		776		124,657
Cal-Maine Foods, Inc.		2,188		119,137
Campbell Soup Co.		2,718		154,247
Cardinal Health, Inc.		1,731		133,062
Cboe Global Markets, Inc.		492		61,731
Charter Communications, Inc., Class A (*)		304		103,086
Chubb Ltd.		540		119,124
Cigna Corp.		551		182,568
CME Group, Inc.		489		82,230
CMS Energy Corp.		2,497		158,135
Colgate-Palmolive Co.		4,965		391,192
Comcast Corp., Class A		1,660		58,050
Consolidated Edison, Inc.		746		71,101

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

Annual Report  127

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Copart, Inc. (*)		1,184	$	72,094
Corteva, Inc.		1,399		82,233
Coterra Energy, Inc.		3,922		96,364
CSL Ltd.		764		148,973
CVS Health Corp.		2,197		204,738
Danaher Corp.		240		63,701
Digital Realty Trust, Inc. REIT		1,098		110,096
Dillard’s, Inc. Class A		224		72,397
Dropbox, Inc. Class A (*)		2,967		66,401
Electronic Arts, Inc.		511		62,434
Elevance Health, Inc.		135		69,251
Eli Lilly & Co.		672		245,844
EMCOR Group, Inc.		508		75,240
Equinix, Inc. REIT		302		197,819
Everest Re Group Ltd.		453		150,065
FirstEnergy Corp.		2,652		111,225
Fiserv, Inc. (*)		1,081		109,257
Flowers Foods, Inc.		7,543		216,786
General Mills, Inc.		2,786		233,606
Gilead Sciences, Inc.		5,708		490,032
Grand Canyon Education, Inc. (*)		915		96,679
GSK PLC		4,901		85,227
H&R Block, Inc.		2,218		80,979
Haemonetics Corp. (*)		895		70,392
Haleon PLC (*)		6,369		25,475
Henry Schein, Inc. (*)		1,258		100,476
Hershey Co.		1,427		330,450
Hologic, Inc. (*)		917		68,601
Home Depot, Inc.		245		77,386
ICF International, Inc.		720		71,316
Ingles Markets, Inc., Class A		749		72,249
Intercontinental Exchange, Inc.		1,440		147,730
Jack Henry & Associates, Inc.		390		68,468
Johnson & Johnson		2,231		394,106
Kellogg Co.		3,897		277,622
Keysight Technologies, Inc. (*)		1,293		221,194

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

128  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Kforce, Inc.		1,368	$	75,007
Kimberly-Clark Corp.		3,073		417,160
Kroger Co.		2,630		117,245
Life Storage, Inc.		877		86,385
Lockheed Martin Corp.		157		76,379
MasterCard, Inc., Class A		305		106,058
McDonald’s Corp.		1,357		357,610
McKesson Corp.		213		79,901
Merck & Co., Inc.		4,143		459,666
Molina Healthcare, Inc. (*)		311		102,698
Motorola Solutions, Inc.		637		164,161
National Fuel Gas Co.		3,703		234,400
NVR, Inc. (*)		14		64,576
O’Reilly Automotive, Inc. (*)		235		198,347
Old Republic International Corp.		2,445		59,047
PACCAR, Inc.		759		75,118
Paychex, Inc.		1,553		179,465
PepsiCo, Inc.		2,090		377,579
Philip Morris International, Inc.		966		97,769
Pinnacle West Capital Corp.		739		56,194
PNM Resources, Inc.		2,403		117,242
Portland General Electric Co.		1,501		73,549
Premier, Inc., Class A		2,031		71,044
Procter & Gamble Co.		2,713		411,182
Public Storage REIT		974		272,905
QIAGEN NV (*)		2,909		146,406
Qualys, Inc. (*)		597		67,001
Regeneron Pharmaceuticals, Inc. (*)		209		150,791
Republic Services, Inc.		2,840		366,332
Roche Holding AG		571		179,444
Sempra Energy		418		64,598
Service Corp. International		2,190		151,417
Sirius XM Holdings, Inc.		11,608		67,791
SLM Corp.		3,854		63,976
Synopsys, Inc. (*)		258		82,377
Tetra Tech, Inc.		743		107,876

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

Annual Report  129

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Texas Instruments, Inc.		490	$	80,958
Texas Roadhouse, Inc.		898		81,673
TJX Cos., Inc.		1,520		120,992
Travelers Cos., Inc.		931		174,553
U-Haul Holding Co		2,317		132,099
United Therapeutics Corp. (*)		254		70,635
UnitedHealth Group, Inc.		265		140,498
Verizon Communications, Inc.		10,804		425,678
Vertex Pharmaceuticals, Inc. (*)		707		204,167
Virtu Financial, Inc., Class A		3,148		64,251
Visa, Inc., Class A		924		191,970
Waste Management, Inc.		2,660		417,301
WEC Energy Group, Inc.		600		56,256
Westamerica Ban Corp.		1,640		96,776
White Mountains Insurance Group Ltd.		119		168,305
Willis Towers Watson PLC		372		90,984
Xcel Energy, Inc.		3,450		241,879
				18,622,589
Total Common Stocks (Cost $27,375,628)				28,681,160
Total Investments  |  99.6% (Cost $27,375,628)			$	28,681,160
Cash and Other Assets in Excess of Liabilities  |  0.4%				112,387
Net Assets  |  100.0%			$	28,793,547

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

130  Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  99.6%
Building Products  |  1.9%
Armstrong World Industries, Inc.		332,492	$	22,805,626
Capital Markets  |  6.0%
S&P Global, Inc.		217,558		72,868,877
Commercial Services & Supplies  |  4.7%
Waste Management, Inc.		366,260		57,458,869
Construction Materials  |  3.3%
Vulcan Materials Co.		228,359		39,987,944
Distributors  |  6.1%
LKQ Corp.		1,390,193		74,250,208
Entertainment  |  3.3%
Electronic Arts, Inc.		327,129		39,968,621
Equity Real Estate Investment Trusts (REITs)  |  6.2%
Crown Castle, Inc.		553,110		75,023,840
Food & Staples Retailing  |  4.6%
Sysco Corp.		730,979		55,883,345
Health Care Equipment & Supplies  |  5.9%
Envista Holdings Corp. (*)		2,127,269		71,625,147
Health Care Providers & Services  |  5.8%
Laboratory Corp. of America Holdings		301,613		71,023,829
Hotels, Restaurants & Leisure  |  3.6%
Vail Resorts, Inc.		185,302		44,166,732

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

Annual Report  131

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (continued)
Interactive Media & Services  |  9.7%
Alphabet, Inc., Class A (*)		1,086,995	$	95,905,569
Meta Platforms, Inc., Class A (*)		190,195		22,888,066
				118,793,635
IT Services  |  13.0%
Fiserv, Inc. (*)		500,571		50,592,711
VeriSign, Inc. (*)		270,086		55,486,468
Visa, Inc., Class A		254,497		52,874,297
				158,953,476
Machinery  |  4.8%
Otis Worldwide Corp.		753,909		59,038,614
Multiline Retail  |  4.3%
Dollar Tree, Inc. (*)		369,577		52,272,971
Professional Services  |  3.7%
Verisk Analytics, Inc., Class A		256,801		45,304,832
Semiconductors & Semiconductor Equipment  |  12.7%
Analog Devices, Inc.		546,198		89,592,858
Skyworks Solutions, Inc.		718,643		65,489,937
				155,082,795
Total Common Stocks (Cost $988,615,303)				1,214,509,361

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

132  Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
Short-Term Investments  |  0.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $5,226,546)		5,226,546	$	5,226,546
Total Investments  |  100.0% (Cost $993,841,849)			$	1,219,735,907
Cash and Other Assets in Excess of Liabilities  |  0.0%				210,453
Net Assets  |  100.0%			$	1,219,946,360

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

Annual Report  133

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks  |  95.4%
Auto Components  |  1.1%
Aptiv PLC (*)		8,267	$	769,906
Banks  |  6.3%
Bank of America Corp.		95,308		3,156,601
Commerce Bancshares, Inc.		21,838		1,486,513
				4,643,114
Capital Markets  |  4.0%
Intercontinental Exchange, Inc.		28,858		2,960,542
Commercial Services & Supplies  |  3.0%
Waste Management, Inc.		14,195		2,226,912
Communications Equipment  |  1.6%
Cisco Systems, Inc.		24,802		1,181,567
Consumer Finance  |  4.4%
American Express Co.		21,682		3,203,515
Equity Real Estate Investment Trusts (REITs)  |  2.3%
Prologis, Inc.		14,975		1,688,132
Food & Staples Retailing  |  3.1%
Sysco Corp.		29,950		2,289,677
Health Care Equipment & Supplies  |  2.5%
Medtronic PLC		23,710		1,842,741
Health Care Providers & Services  |  2.0%
Humana, Inc.		2,808		1,438,230
Hotels, Restaurants & Leisure  |  4.3%
McDonald’s Corp.		12,011		3,165,259

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

134  Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (continued)
Industrial Conglomerates  |  4.2%
Honeywell International, Inc.		14,507	$	3,108,850
Insurance  |  4.3%
Marsh & McLennan Cos., Inc.		18,875		3,123,435
Interactive Media & Services  |  5.5%
Alphabet, Inc., Class A (*)		45,704		4,032,464
Internet & Direct Marketing Retail  |  3.8%
Amazon.com, Inc. (*)		33,381		2,804,004
IT Services  |  5.3%
Visa, Inc., Class A		18,719		3,889,059
Life Sciences Tools & Services  |  6.7%
Danaher Corp.		12,011		3,187,960
IQVIA Holdings, Inc. (*)		8,423		1,725,788
				4,913,748
Multiline Retail  |  2.8%
Dollar General Corp.		8,267		2,035,749
Personal Products  |  1.4%
Estee Lauder Cos., Inc., Class A		4,056		1,006,334
Pharmaceuticals  |  5.3%
Johnson & Johnson		21,994		3,885,240
Road & Rail  |  4.1%
Norfolk Southern Corp.		12,323		3,036,634
Semiconductors & Semiconductor Equipment  |  6.4%
Analog Devices, Inc.		21,682		3,556,498
Applied Materials, Inc.		11,699		1,139,249
				4,695,747

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

Annual Report  135

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Software  |  8.7%
Microsoft Corp.		21,058	$	5,050,130
Salesforce, Inc (*)		10,295		1,365,014
				6,415,144
Textiles, Apparel & Luxury Goods  |  2.3%
NIKE, Inc., Class B		14,507		1,697,464
Total Common Stocks (Cost $56,399,783)				70,053,467
Short-Term Investments  |  4.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $3,433,896)		3,433,896		3,433,896
Total Investments  |  100.1% (Cost $59,833,679)			$	73,487,363
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(45,740	)
Net Assets  |  100.0%			$	73,441,623

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

136  Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio
Common Stocks  |  98.3%
Aerospace & Defense  |  2.6%
Curtiss-Wright Corp.		4,019	$	671,133
HEICO Corp.		2,797		429,731
				1,100,864
Airlines  |  1.1%
Alaska Air Group, Inc. (*)		11,053		474,616
Banks  |  9.9%
Commerce Bancshares, Inc.		13,259		902,540
East West Bancorp, Inc.		12,958		853,932
Home BancShares, Inc.		42,015		957,522
Pinnacle Financial Partners, Inc.		8,368		614,211
Wintrust Financial Corp.		10,646		899,800
				4,228,005
Biotechnology  |  3.0%
Halozyme Therapeutics, Inc. (*)		10,432		593,581
United Therapeutics Corp. (*)		2,489		692,166
				1,285,747
Building Products  |  3.4%
Armstrong World Industries, Inc.		9,498		651,468
Carlisle Cos., Inc.		2,076		489,209
PGT Innovations, Inc. (*)		16,853		302,680
				1,443,357
Capital Markets  |  1.5%
Morningstar, Inc.		2,878		623,346
Chemicals  |  3.0%
Ashland, Inc.		6,001		645,288
Ingevity Corp. (*)		8,996		633,678
				1,278,966

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

Annual Report  137

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Communications Equipment  |  2.8%
Ciena Corp. (*)		13,918	$	709,540
F5, Inc. (*)		3,232		463,824
				1,173,364
Construction Materials  |  0.9%
Eagle Materials, Inc.		2,793		371,050
Containers & Packaging  |  2.9%
Avery Dennison Corp.		3,164		572,684
Graphic Packaging Holding Co.		30,108		669,903
				1,242,587
Electrical Equipment  |  3.4%
Array Technologies, Inc. (*)		11,492		222,140
Atkore, Inc. (*)		4,872		552,582
EnerSys		9,404		694,392
				1,469,114
Electronic Equipment, Instruments & Components  |  2.4%
Cognex Corp.		12,507		589,205
Littelfuse, Inc.		1,883		414,636
				1,003,841
Energy Equipment & Services  |  2.6%
Cactus, Inc., Class A		7,251		364,435
Liberty Energy, Inc.		45,340		725,894
				1,090,329
Entertainment  |  1.7%
Take-Two Interactive Software, Inc. (*)		6,818		709,958
Equity Real Estate Investment Trusts (REITs)  |  6.0%
Alexandria Real Estate Equities, Inc.		5,292		770,885
Brixmor Property Group, Inc.		29,037		658,269
Camden Property Trust		5,777		646,331

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

138  Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Summit Hotel Properties, Inc.		65,749	$	474,708
				2,550,193
Food & Staples Retailing  |  1.2%
US Foods Holding Corp. (*)		14,547		494,889
Food Products  |  2.1%
Hostess Brands, Inc. (*)		20,290		455,308
Utz Brands, Inc.		27,670		438,846
				894,154
Gas Utilities  |  2.4%
New Jersey Resources Corp.		20,687		1,026,489
Health Care Equipment & Supplies  |  2.1%
Envista Holdings Corp. (*)		10,369		349,124
QuidelOrtho Corp. (*)		6,405		548,717
				897,841
Health Care Providers & Services  |  1.5%
Henry Schein, Inc. (*)		8,128		649,183
Health Care Technology  |  0.9%
Certara, Inc. (*)		23,386		375,813
Hotels, Restaurants & Leisure  |  2.4%
Brinker International, Inc. (*)		16,229		517,867
Wyndham Hotels & Resorts, Inc.		7,263		517,925
				1,035,792
Household Durables  |  1.2%
Leggett & Platt, Inc.		16,456		530,377
Insurance  |  4.0%
Brown & Brown, Inc.		13,688		779,806
Reinsurance Group of America, Inc.		6,569		933,389
				1,713,195

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

Annual Report  139

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (continued)
Interactive Media & Services  |  2.5%
Cars.com, Inc. (*)		44,631	$	614,569
Ziff Davis, Inc. (*)		5,935		469,458
				1,084,027
IT Services  |  1.9%
Amdocs Ltd.		6,463		587,486
Thoughtworks Holding, Inc. (*)		23,020		234,574
				822,060
Leisure Products  |  2.2%
Brunswick Corp.		5,051		364,076
Hasbro, Inc.		9,489		578,924
				943,000
Life Sciences Tools & Services  |  4.3%
AbCellera Biologics, Inc. (*)		40,990		415,229
Charles River Laboratories International, Inc. (*)		1,495		325,761
ICON PLC (*)		3,028		588,189
Stevanato Group SpA		28,121		505,334
				1,834,513
Machinery  |  3.9%
Columbus McKinnon Corp.		16,888		548,353
Gates Industrial Corp. PLC (*)		30,317		345,917
Middleby Corp. (*)		5,808		777,691
				1,671,961
Oil, Gas & Consumable Fuels  |  2.6%
Antero Resources Corp. (*)		19,093		591,692
Magnolia Oil & Gas Corp., Class A		21,516		504,550
				1,096,242
Pharmaceuticals  |  1.2%
Catalent, Inc. (*)		11,267		507,128

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

140  Annual Report

Description	Shares		Fair Value
Lazard US Small-Mid Cap Equity Portfolio (concluded)
Professional Services  |  2.8%
Leidos Holdings, Inc.		7,689	$	808,806
Sterling Check Corp. (*)		24,966		386,224
				1,195,030
Semiconductors & Semiconductor Equipment  |  2.1%
MKS Instruments, Inc.		5,346		452,967
ON Semiconductor Corp. (*)		6,850		427,234
				880,201
Software  |  5.3%
CyberArk Software Ltd. (*)		3,428		444,440
Dolby Laboratories, Inc., Class A		5,561		392,273
N-Able, Inc. (*)		48,301		496,534
PTC, Inc. (*)		4,822		578,833
Tyler Technologies, Inc. (*)		1,138		366,903
				2,278,983
Specialty Retail  |  3.1%
Five Below, Inc. (*)		3,680		650,882
Leslie’s, Inc. (*)		34,811		425,042
Warby Parker, Inc., Class A (*)		18,992		256,202
				1,332,126
Textiles, Apparel & Luxury Goods  |  1.4%
Tapestry, Inc.		15,902		605,548
Total Common Stocks (Cost $34,495,611)				41,913,889
Total Investments  |  98.3% (Cost $34,495,611)			$	41,913,889
Cash and Other Assets in Excess of Liabilities  |  1.7%				742,419
Net Assets  |  100.0%			$	42,656,308

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

Annual Report  141

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks  |  95.1%
Auto Components  |  0.9%
Aptiv PLC (*)		1,197	$	111,477
Banks  |  6.8%
Commerce Bancshares, Inc.		5,906		402,022
PNC Financial Services Group, Inc.		2,947		465,449
				867,471
Building Products  |  0.6%
AZEK Co., Inc. (*)		3,737		75,936
Capital Markets  |  4.7%
Charles Schwab Corp.		3,427		285,332
Intercontinental Exchange, Inc.		3,109		318,952
				604,284
Chemicals  |  1.0%
Ecolab, Inc.		885		128,821
Commercial Services & Supplies  |  3.2%
MSA Safety, Inc.		722		104,105
Waste Management, Inc.		1,955		306,701
				410,806
Communications Equipment  |  1.9%
Cisco Systems, Inc.		5,119		243,869
Consumer Finance  |  1.0%
American Express Co.		844		124,701
Containers & Packaging  |  2.8%
Avery Dennison Corp.		954		172,674
Ball Corp.		3,639		186,098
				358,772

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

142  Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Electrical Equipment  |  2.2%
Rockwell Automation, Inc.		1,072	$	276,115
Electronic Equipment, Instruments & Components  |  1.7%
Amphenol Corp., Class A		1,313		99,972
Cognex Corp.		2,564		120,790
				220,762
Entertainment  |  1.0%
Walt Disney Co. (*)		1,494		129,799
Equity Real Estate Investment Trusts (REITs)  |  2.4%
Prologis, Inc.		2,777		313,051
Food & Staples Retailing  |  1.8%
Sysco Corp.		2,982		227,974
Health Care Equipment & Supplies  |  4.7%
Boston Scientific Corp. (*)		5,840		270,217
Medtronic PLC		3,417		265,569
Omnicell, Inc. (*)		1,215		61,260
				597,046
Health Care Providers & Services  |  6.4%
Humana, Inc.		447		228,949
Laboratory Corp. of America Holdings		773		182,026
UnitedHealth Group, Inc.		770		408,239
				819,214
Household Products  |  2.7%
Procter & Gamble Co.		2,273		344,496
IT Services  |  5.9%
Accenture PLC, Class A		1,125		300,195
Visa, Inc., Class A		2,173		451,462
				751,657

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

Annual Report  143

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Life Sciences Tools & Services  |  8.5%
Agilent Technologies, Inc.		1,417	$	212,054
Danaher Corp.		1,478		392,291
IQVIA Holdings, Inc. (*)		998		204,480
Thermo Fisher Scientific, Inc.		491		270,389
				1,079,214
Machinery  |  4.2%
Deere & Co.		795		340,864
Watts Water Technologies, Inc., Class A		696		101,776
Xylem, Inc.		874		96,638
				539,278
Personal Products  |  1.7%
Estee Lauder Cos., Inc., Class A		882		218,833
Pharmaceuticals  |  5.0%
Johnson & Johnson		2,142		378,384
Zoetis, Inc.		1,751		256,609
				634,993
Road & Rail  |  2.5%
Norfolk Southern Corp.		1,288		317,389
Semiconductors & Semiconductor Equipment  |  5.0%
Analog Devices, Inc.		2,364		387,767
Applied Materials, Inc.		1,474		143,538
ON Semiconductor Corp. (*)		1,686		105,156
				636,461
Software  |  12.5%
Adobe, Inc. (*)		420		141,343
CyberArk Software Ltd. (*)		705		91,403
Intuit, Inc.		423		164,640
Microsoft Corp.		4,010		961,678
Salesforce, Inc. (*)		1,781		236,143
				1,595,207

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

144  Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (concluded)
Specialty Retail  |  2.6%
Home Depot, Inc.		1,052	$	332,285
Textiles, Apparel & Luxury Goods  |  1.4%
NIKE, Inc., Class B		1,494		174,813
Total Common Stocks (Cost $10,391,952)				12,134,724
Short-Term Investments  |  5.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $646,276)		646,276		646,276
Total Investments  |  100.2% (Cost $11,038,228)			$	12,781,000
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(22,450	)
Net Assets  |  100.0%			$	12,758,550

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

Annual Report  145

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio
Common Stocks  |  99.3%
Aerospace & Defense  |  0.5%
AerSale Corp. (*)		3,728	$	60,468
V2X, Inc. (*)		1,633		67,427
				127,895
Air Freight & Logistics  |  0.4%
Atlas Air Worldwide Holdings, Inc. (*)		448		45,158
Radiant Logistics, Inc. (*)		12,245		62,327
				107,485
Auto Components  |  1.4%
Autoliv, Inc.		359		27,492
BorgWarner, Inc.		710		28,578
Dorman Products, Inc. (*)		668		54,021
Fox Factory Holding Corp. (*)		768		70,065
LCI Industries		362		33,467
Modine Manufacturing Co. (*)		1,201		23,852
Patrick Industries, Inc.		1,019		61,751
Standard Motor Products, Inc.		1,615		56,202
				355,428
Automobiles  |  0.3%
Harley-Davidson, Inc.		616		25,626
Thor Industries, Inc.		490		36,990
				62,616
Banks  |  2.6%
Berkshire Hills Bancorp, Inc.		1,627		48,647
Capital Bancorp, Inc.		769		18,102
City Holding Co.		716		66,652
Coastal Financial Corp. (*)		1,244		59,115
East West Bancorp, Inc.		729		48,041
First Bancorp, Inc.		400		11,976
Five Star Bancorp		1,411		38,436

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

146  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Hancock Whitney Corp.		910	$	44,035
Metrocity Bankshares, Inc.		977		21,133
Midland States Bancorp, Inc.		1,864		49,620
Pathward Financial, Inc.		995		42,835
Peapack-Gladstone Financial Corp.		1,366		50,843
Popular, Inc.		522		34,619
Red River Bancshares, Inc.		323		16,492
South Plains Financial, Inc.		1,051		28,934
Unity Bancorp, Inc.		977		26,701
Westamerica BanCorp		878		51,811
				657,992
Beverages  |  1.1%
Boston Beer Co. Inc., Class A (*)		85		28,009
Coca-Cola Consolidated, Inc.		96		49,186
Duckhorn Portfolio, Inc. (*)		2,852		47,258
National Beverage Corp. (*)		971		45,181
Primo Water Corp.		6,397		99,409
				269,043
Biotechnology  |  6.9%
2seventy bio, Inc. (*)		3,520		32,982
ADMA Biologics, Inc. (*)		37,858		146,889
Agenus, Inc. (*)		28,390		68,136
Alector, Inc. (*)		2,222		20,509
Amicus Therapeutics, Inc. (*)		4,766		58,193
Arcturus Therapeutics Holdings, Inc. (*)		3,520		59,699
Arcus Biosciences, Inc. (*)		3,466		71,677
Avid Bioservices, Inc. (*)		3,169		43,637
Biohaven Ltd. (*)		224		3,109
Catalyst Pharmaceuticals, Inc. (*)		14,607		271,690
Denali Therapeutics, Inc. (*)		2,544		70,749
Dynavax Technologies Corp. (*)		4,717		50,189
Eagle Pharmaceuticals, Inc. (*)		2,166		63,312
Editas Medicine, Inc. (*)		3,442		30,531
Epizyme, Inc. CVR (*), (¢)		41,136		823

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

Annual Report  147

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Exelixis, Inc. (*)		1,808	$	29,000
Fate Therapeutics, Inc. (*)		1,773		17,890
Halozyme Therapeutics, Inc. (*)		1,441		81,993
iTeos Therapeutics, Inc. (*)		2,835		55,368
Lineage Cell Therapeutics, Inc. (*)		39,978		46,774
MeiraGTx Holdings PLC (*)		4,529		29,529
Organogenesis Holdings, Inc. (*)		6,406		17,232
Radius Health, Inc. CVR (*), (¢)		7,231		578
REGENXBIO, Inc. (*)		3,654		82,873
Sutro Biopharma, Inc. (*)		9,014		72,833
United Therapeutics Corp. (*)		430		119,579
Vanda Pharmaceuticals, Inc. (*)		16		118
Veracyte, Inc. (*)		1,165		27,645
Vericel Corp. (*)		2,137		56,289
XOMA Corp. (*)		1,272		23,405
Zymeworks, Inc. (*)		8,992		70,677
				1,723,908
Building Products  |  2.8%
A O Smith Corp.		680		38,923
Advanced Drainage Systems, Inc.		461		37,788
Builders FirstSource, Inc. (*)		1,663		107,895
Gibraltar Industries, Inc. (*)		1,250		57,350
Insteel Industries, Inc.		2,930		80,634
Owens Corning		952		81,206
Quanex Building Products Corp.		3,489		82,620
Tecnoglass, Inc.		3,782		116,372
UFP Industries, Inc.		1,152		91,296
				694,084
Capital Markets  |  1.1%
Affiliated Managers Group, Inc.		340		53,866
Artisan Partners Asset Management, Inc., Class A		418		12,415
Carlyle Secured Lending, Inc.		4,028		57,641
CI Financial Corp.		358		3,576
Donnelley Financial Solutions, Inc. (*)		2,313		89,397

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

148  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Janus Henderson Group PLC		1,080	$	25,402
TriplePoint Venture Growth BDC Corp.		3,383		35,285
				277,582
Chemicals  |  3.0%
AdvanSix, Inc.		2,970		112,919
CF Industries Holdings, Inc.		1,280		109,056
Chemours Co.		1,706		52,238
Ecovyst, Inc. (*)		5,999		53,151
FutureFuel Corp.		10,249		83,324
Huntsman Corp.		1,669		45,864
Olin Corp.		2,525		133,674
Tredegar Corp.		2,817		28,790
Valhi, Inc.		2,372		52,184
Westlake Corp.		734		75,264
				746,464
Commercial Services & Supplies  |  3.2%
ABM Industries, Inc.		1,987		88,263
Civeo Corp. (*)		3,279		101,977
Ennis, Inc.		5,846		129,547
Heritage-Crystal Clean, Inc. (*)		4,017		130,472
Interface, Inc.		5,420		53,495
Kimball International, Inc.		8,016		52,104
Li-Cycle Holdings Corp. (*)		7,114		33,863
MillerKnoll, Inc.		1,408		29,582
Montrose Environmental Group, Inc. (*)		1,446		64,188
NL Industries, Inc.		789		5,373
SP Plus Corp. (*)		3,151		109,403
				798,267
Communications Equipment  |  1.4%
Clearfield, Inc. (*)		1,469		138,292
Digi International, Inc. (*)		3,691		134,906
Infinera Corp. (*)		4,065		27,398
Ituran Location & Control Ltd.		2,793		59,016
				359,612

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

Annual Report  149

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Construction & Engineering  |  0.7%
API Group Corp. (*)		3,127	$	58,819
Bowman Consulting Group Ltd. (*)		1,361		29,738
Concrete Pumping Holdings, Inc. (*)		4,048		23,681
IES Holdings, Inc. (*)		1,692		60,184
				172,422
Construction Materials  |  0.7%
Eagle Materials, Inc.		884		117,439
United States Lime & Minerals, Inc.		333		46,873
				164,312
Containers & Packaging  |  0.7%
Greif, Inc.,Class A		1,771		118,763
O-I Glass, Inc. (*)		2,276		37,714
Westrock Co.		400		14,064
				170,541
Distributors  |  0.2%
Funko, Inc.,Class A (*)		2,811		30,668
Weyco Group, Inc.		1,296		27,423
				58,091
Diversified Consumer Services  |  0.6%
American Public Education, Inc. (*)		5,384		66,169
Grand Canyon Education, Inc. (*)		529		55,894
Vitru Ltd. (*)		1,321		29,723
				151,786
Diversified Financial Services  |  0.2%
Jackson Financial, Inc., Class A		1,734		60,326
Diversified Telecommunication Services  |  0.6%
Anterix, Inc. (*)		1,602		51,536
Bandwidth, Inc., Class A (*)		1,549		35,550
IDT Corp., Class B (*)		2,158		60,791
				147,877

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

150  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Electrical Equipment  |  1.8%
Acuity Brands, Inc.		523	$	86,614
Allied Motion Technologies, Inc.		1,086		37,804
Atkore, Inc. (*)		1,018		115,461
ChargePoint Holdings, Inc. (*)		5,975		56,942
GrafTech International Ltd.		9,112		43,373
Preformed Line Products Co.		1,133		94,368
Thermon Group Holdings, Inc. (*)		939		18,855
				453,417
Electronic Equipment, Instruments & Components  |  4.5%
Arrow Electronics, Inc. (*)		683		71,421
Avnet, Inc.		1,795		74,636
Belden, Inc.		1,201		86,352
CTS Corp.		1,487		58,618
Fabrinet (*)		472		60,520
Flex Ltd. (*)		3,760		80,690
Insight Enterprises, Inc. (*)		565		56,653
Jabil, Inc.		1,094		74,611
Kimball Electronics, Inc. (*)		3,216		72,649
MICT, Inc. (*)		18,521		15,372
Novanta, Inc. (*)		613		83,288
PC Connection, Inc.		1,129		52,950
Plexus Corp. (*)		538		55,376
Sanmina Corp. (*)		889		50,931
ScanSource, Inc. (*)		2,338		68,316
TD SYNNEX Corp.		298		28,224
TTM Technologies, Inc. (*)		3,855		58,133
Vishay Intertechnology, Inc.		2,872		61,949
				1,110,689
Energy Equipment & Services  |  0.1%
North American Construction Group Ltd.		1,651		22,074
Entertainment  |  0.9%
Liberty Media Corp-Liberty Braves ,Class C (*)		3,982		128,340

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

Annual Report  151

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Reservoir Media, Inc. (*)		6,416	$	38,303
Sciplay Corp., Class A (*)		4,051		65,140
				231,783
Equity Real Estate Investment Trusts (REITs)  |  3.9%
American Assets Trust, Inc.		1,196		31,694
Americold Realty Trust, Inc.		1,744		49,373
Brixmor Property Group, Inc.		1,973		44,728
Corporate Office Properties Trust		2,009		52,113
CTO Realty Growth, Inc.		2,817		51,495
EastGroup Properties, Inc.		206		30,500
Farmland Partners, Inc.		3,652		45,504
Global Medical REIT, Inc.		2,926		27,738
Healthcare Realty Trust, Inc., Class A		1,141		21,987
Indus Realty Trust, Inc.		952		60,443
Innovative Industrial Properties, Inc.		564		57,161
Kilroy Realty Corp.		1,214		46,945
Kimco Realty Corp.		1,961		41,534
Life Storage, Inc.		510		50,235
Phillips Edison & Co., Inc.		1,633		51,995
Postal Realty Trust, Inc., Class A		3,196		46,438
Retail Opportunity Investments Corp.		3,528		53,026
Spirit Realty Capital, Inc.		1,296		51,749
STAG Industrial, Inc.,		1,573		50,824
STORE Capital Corp.		1,924		61,683
Terreno Realty Corp.		910		51,752
				978,917
Food & Staples Retailing  |  1.1%
BJ’s Wholesale Club Holdings, Inc. (*)		1,068		70,659
Casey’s General Stores, Inc.		151		33,877
Ingles Markets, Inc., Class A		1,645		158,676
				263,212
Food Products  |  1.9%
Dole PLC		5,559		53,644
Flowers Foods, Inc.		2,208		63,458

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

152  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Ingredion, Inc.		576	$	56,408
John B Sanfilippo & Son, Inc.		728		59,201
Pilgrim’s Pride Corp. (*)		2,064		48,979
Seaboard Corp.		12		45,302
Seneca Foods Corp., Class A (*)		1,607		97,947
Village Farms International, Inc. (*)		10,330		13,842
Whole Earth Brands, Inc. (*)		8,840		35,979
				474,760
Health Care Equipment & Supplies  |  4.4%
AngioDynamics, Inc. (*)		1,912		26,328
Apollo Endosurgery, Inc. (*)		5,701		56,839
Avanos Medical, Inc. (*)		3,285		88,892
Cerus Corp. (*)		7,395		26,992
CONMED Corp.		425		37,672
Haemonetics Corp. (*)		703		55,291
Inmode Ltd. (*)		2,691		96,069
iRadimed Corp.		2,798		79,155
Lantheus Holdings, Inc. (*)		1,273		64,872
Masimo Corp. (*)		388		57,405
Meridian Bioscience, Inc. (*)		1,845		61,272
Novocure Ltd. (*)		904		66,308
OrthoPediatrics Corp. (*)		1,099		43,663
Shockwave Medical, Inc. (*)		460		94,581
STAAR Surgical Co. (*)		1,596		77,470
Utah Medical Products, Inc.		825		82,937
ViewRay, Inc. (*)		17,797		79,731
				1,095,477
Health Care Providers & Services  |  1.6%
AMN Healthcare Services, Inc. (*)		875		89,968
Apollo Medical Holdings, Inc. (*)		1,797		53,173
Castle Biosciences, Inc. (*)		906		21,327
Cross Country Healthcare, Inc. (*)		4,314		114,623
Innovage Holding Corp. (*)		8,466		60,786
ModivCare, Inc. (*)		601		53,928
				393,805

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

Annual Report  153

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Health Care Technology  |  0.9%
Computer Programs & Systems, Inc. (*)		1,438	$	39,142
HealthStream, Inc. (*)		1,937		48,115
NextGen Healthcare, Inc. (*)		3,479		65,336
Phreesia, Inc. (*)		1,623		52,520
Simulations Plus, Inc.		750		27,428
				232,541
Hotels, Restaurants & Leisure  |  0.9%
Century Casinos, Inc. (*)		4,850		34,096
Despegar.com Corp. (*)		7,711		39,557
Dine Brands Global, Inc.		420		27,132
Hilton Grand Vacations, Inc. (*)		1,416		54,573
RCI Hospitality Holdings, Inc.		771		71,849
				227,207
Household Durables  |  2.5%
Century Communities, Inc.		783		39,158
Ethan Allen Interiors, Inc.		1,821		48,111
iRobot Corp. (*)		1,037		49,911
KB Home		2,920		93,002
M/I Homes, Inc. (*)		1,541		71,163
Meritage Homes Corp. (*)		801		73,852
Skyline Champion Corp. (*)		978		50,377
Sonos, Inc. (*)		3,826		64,659
Taylor Morrison Home Corp. (*)		1,913		58,060
Tri Pointe Homes, Inc. (*)		3,399		63,187
				611,480
Household Products  |  0.1%
Oil-Dri Corp. of America		425		14,254
Independent Power & Renewable Electricity Producers  |  0.3%
Montauk Renewables, Inc. (*)		6,051		66,742
Industrial Conglomerates  |  0.1%
Brookfield Business Corp., Class A		813		15,276

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

154  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Insurance  |  0.4%
Palomar Holdings, Inc. (*)		922	$	41,637
Unum Group		1,286		52,765
				94,402
Interactive Media & Services  |  0.6%
Bumble, Inc., Class A (*)		2,249		47,342
Cargurus, Inc. (*)		2,294		32,139
Yelp, Inc. (*)		2,130		58,234
				137,715
Internet & Direct Marketing Retail  |  0.3%
Liquidity Services, Inc. (*)		5,033		70,764
IT Services  |  3.8%
Amdocs Ltd.		686		62,357
AvidXchange Holdings, Inc. (*)		3,133		31,142
CSG Systems International, Inc.		1,523		87,116
DigitalOcean Holdings, Inc. (*)		1,026		26,132
Exlservice Holdings, Inc. (*)		552		93,525
Genpact Ltd.		643		29,784
Grid Dynamics Holdings, Inc. (*)		9,083		101,911
I3 Verticals, Inc., Class A (*)		3,023		73,580
IBEX Holdings Ltd. (*)		1,307		32,479
International Money Express, Inc. (*)		3,862		94,117
Kyndryl Holdings, Inc. (*)		2,936		32,648
Maximus, Inc.		832		61,011
Okta, Inc. (*)		921		62,932
Pagseguro Digital Ltd., Class A (*)		4,966		43,403
Perficient, Inc. (*)		425		29,678
TELUS International CDA, Inc. (*)		2,655		52,542
Verra Mobility Corp. (*)		1,835		25,378
				939,735
Leisure Products  |  2.0%
BRP, Inc.		1,151		87,879
Brunswick Corp.		833		60,043

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

Annual Report  155

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Malibu Boats, Inc. ,Class A (*)		1,319	$	70,303
Marine Products Corp.		815		9,592
MasterCraft Boat Holdings, Inc. (*)		3,464		89,614
Smith & Wesson Brands, Inc.		819		7,109
Solo Brands, Inc.,Class A (*)		9,563		35,574
Topgolf Callaway Brands Corp. (*)		1,302		25,714
Vista Outdoor, Inc. (*)		1,000		24,370
YETI Holdings, Inc. (*)		1,832		75,680
				485,878
Life Sciences Tools & Services  |  0.9%
10X Genomics, Inc.,Class A (*)		1,262		45,987
Medpace Holdings, Inc. (*)		784		166,530
				212,517
Machinery  |  3.2%
AGCO Corp.		453		62,826
Allison Transmission Holdings, Inc.		2,701		112,362
CIRCOR International, Inc. (*)		3,187		76,360
Desktop Metal, Inc., Class A (*)		22,763		30,958
Gates Industrial Corp. PLC (*)		3,284		37,470
Kornit Digital Ltd. (*)		2,013		46,239
Mueller Industries, Inc.		1,590		93,810
Pentair PLC		1,815		81,639
Proto Labs, Inc. (*)		1,366		34,874
REV Group, Inc.		4,499		56,777
Titan International, Inc. (*)		5,385		82,498
Toro Co.		659		74,599
				790,412
Marine  |  1.2%
Eagle Bulk Shipping, Inc.		2,410		120,355
Grindrod Shipping Holdings Ltd.		6,229		116,545
Matson, Inc.		1,125		70,324
				307,224

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

156  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Media  |  1.9%
Boston Omaha Corp., Class A (*)		4,304	$	114,056
Entravision Communications Corp., Class A		20,223		97,070
Gambling.com Group Ltd. (*)		2,912		26,645
Gannett Co., Inc. (*)		11,428		23,199
Gray Television, Inc.		3,200		35,808
iHeartMedia, Inc.,Class A (*)		4,930		30,221
Integral Ad Science Holding Corp. (*)		6,772		59,526
Nexstar Media Group, Inc., Class A		319		55,834
Perion Network Ltd. (*)		1,402		35,471
				477,830
Mortgage Real Estate Investment Trusts (REITs)  |  0.2%
Apollo Commercial Real Estate Finance, Inc.		4,413		47,484
Oil, Gas & Consumable Fuels  |  2.4%
Crescent Point Energy Corp.		8,093		57,865
DT Midstream, Inc. (*)		1,177		65,041
Enerplus Corp.		5,665		99,987
Flex LNG Ltd. (*)		1,341		43,837
Magnolia Oil & Gas Corp., Class A		2,896		67,911
Permian Basin Royalty Trust		3,283		82,732
Sabine Royalty Trust		582		49,732
San Juan Basin Royalty Trust		9,569		109,278
World Fuel Services Corp.		886		24,215
				600,598
Paper & Forest Products  |  1.3%
Louisiana-Pacific Corp.		1,831		108,395
Resolute Forest Products, Inc. (*)		10,077		217,563
				325,958
Personal Products  |  0.1%
Herbalife Nutrition Ltd. (*)		347		5,163
Medifast, Inc.		266		30,683
				35,846

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

Annual Report  157

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Pharmaceuticals  |  0.6%
Amphastar Pharmaceuticals, Inc. (*)		1,518	$	42,534
Arvinas, Inc. (*)		1,518		51,931
Supernus Pharmaceuticals, Inc. (*)		1,748		62,351
				156,816
Professional Services  |  4.6%
Barrett Business Services, Inc.		1,089		101,582
CRA International, Inc.		1,473		180,339
Forrester Research, Inc. (*)		669		23,924
Franklin Covey Co. (*)		1,948		91,108
Heidrick & Struggles International, Inc.		2,786		77,925
HireQuest, Inc.		1,099		17,375
Huron Consulting Group, Inc. (*)		434		31,508
Kelly Services, Inc.,Class A		3,454		58,373
Kforce, Inc.		1,965		107,741
Korn Ferry		1,488		75,323
ManpowerGroup, Inc.		497		41,355
Resources Connection, Inc.		5,787		106,365
Robert Half International, Inc.		1,123		82,911
TriNet Group, Inc. (*)		979		66,376
TrueBlue, Inc. (*)		3,819		74,776
				1,136,981
Real Estate Management & Development  |  1.0%
Forestar Group, Inc. (*)		1,712		26,382
FRP Holdings, Inc. (*)		595		32,047
Jones Lang LaSalle, Inc. (*)		145		23,109
Marcus & Millichap, Inc.		1,385		47,713
RMR Group, Inc., Class A		1,463		41,330
Stratus Properties, Inc.		1,771		34,162
Zillow Group, Inc., Class A (*)		1,469		45,847
				250,590
Road & Rail  |  1.2%
ArcBest Corp.		935		65,487
Hertz Global Holdings, Inc. (*)		4,248		65,377

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

158  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Ryder System, Inc.		664	$	55,491
Saia, Inc. (*)		262		54,936
U-Haul Holding Co.		1,089		59,873
				301,164
Semiconductors & Semiconductor Equipment  |  2.6%
Axcelis Technologies, Inc. (*)		2,354		186,813
Cirrus Logic, Inc. (*)		814		60,627
Diodes, Inc. (*)		582		44,313
Lattice Semiconductor Corp. (*)		910		59,041
MKS Instruments, Inc.		812		68,801
PDF Solutions, Inc. (*)		2,483		70,815
Semtech Corp. (*)		590		16,927
SkyWater Technology, Inc. (*)		3,541		25,177
Tower Semiconductor Ltd. (*)		631		27,259
Ultra Clean Holdings, Inc. (*)		2,671		88,544
				648,317
Software  |  7.2%
Agilysys, Inc. (*)		893		70,672
Alarm.com Holdings, Inc. (*)		491		24,295
American Software, Inc.,Class A		4,381		64,313
Blackline, Inc. (*)		418		28,119
Cellebrite DI Ltd. (*)		6,543		28,527
Descartes Systems Group, Inc. (*)		1,157		80,585
Docebo, Inc. (*)		1,014		33,604
Elastic NV (*)		1,253		64,529
EngageSmart, Inc. (*)		2,932		51,603
EverCommerce, Inc. (*)		5,398		40,161
Five9, Inc. (*)		558		37,866
Gitlab, Inc.,Class A (*)		916		41,623
HashiCorp, Inc. Class A (*)		2,026		55,391
InterDigital, Inc.		763		37,753
Jamf Holding Corp. (*)		1,791		38,148
JFrog Ltd. (*)		1,347		28,732
KnowBe4, Inc., Class A (*)		3,072		76,124

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

Annual Report  159

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Monday.com Ltd. (*)		548	$	66,856
N-Able, Inc. (*)		5,912		60,775
nCino, Inc. (*)		1,129		29,851
Open Text Corp.		1,043		30,915
PagerDuty, Inc. (*)		2,846		75,590
Progress Software Corp.		1,881		94,896
Q2 Holdings, Inc. (*)		655		17,600
Qualys, Inc. (*)		442		49,606
Samsara, Inc. Class A (*)		5,030		62,523
SEMrush Holdings, Inc.,Class A (*)		2,835		23,077
SentinelOne, Inc.,Class A (*)		3,965		57,849
Smartsheet, Inc.,Class A (*)		777		30,583
Sprinklr, Inc.,Class A (*)		4,866		39,755
Sprout Social, Inc.,Class A (*)		771		43,531
SPS Commerce, Inc. (*)		757		97,221
Tenable Holdings, Inc. (*)		1,748		66,686
UserTesting, Inc. (*)		10,541		79,163
WalkMe Ltd. (*)		4,676		52,278
				1,780,800
Specialty Retail  |  2.6%
AutoNation, Inc. (*)		552		59,230
Boot Barn Holdings, Inc. (*)		981		61,332
Buckle, Inc.		1,804		81,812
Floor & Decor Holdings, Inc., Class A (*)		649		45,190
Group 1 Automotive, Inc.		297		53,570
Lithia Motors, Inc., Class A		258		52,823
MarineMax, Inc. (*)		1,632		50,951
Murphy USA, Inc.		352		98,398
Signet Jewelers Ltd.		795		54,060
Sleep Number Corp. (*)		935		24,291
Vroom, Inc. (*)		17,815		18,171
Williams-Sonoma, Inc.		474		54,472
				654,300

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

160  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Technology Hardware, Storage & Peripherals  |  1.0%
Super Micro Computer, Inc. (*)		2,288	$	187,845
Western Digital Corp. (*)		1,840		58,052
Xerox Holdings Corp.		870		12,702
				258,599
Textiles, Apparel & Luxury Goods  |  1.7%
Crocs, Inc. (*)		806		87,395
Deckers Outdoor Corp. (*)		54		21,555
Gildan Activewear, Inc.		2,965		81,241
Movado Group, Inc.		2,933		94,589
Oxford Industries, Inc.		1,061		98,864
Steven Madden Ltd.		1,420		45,383
				429,027
Thrifts & Mortgage Finance  |  0.9%
Bridgewater Bancshares, Inc. (*)		3,223		57,176
Guild Holdings Co., Class A (*)		1,000		10,090
NMI Holdings, Inc., Class A (*)		2,726		56,974
Radian Group, Inc.		2,474		47,179
TrustCo Bank Corp.		1,402		52,701
				224,120
Trading Companies & Distributors  |  3.9%
Applied Industrial Technologies, Inc.		537		67,678
BlueLinx Holdings, Inc. (*)		886		63,004
Boise Cascade Co.		1,266		86,936
GMS, Inc. (*)		1,744		86,851
MRC Global, Inc. (*)		7,098		82,195
MSC Industrial Direct Co., Inc. Class A		771		62,991
NOW, Inc. (*)		6,333		80,429
SiteOne Landscape Supply, Inc. (*)		709		83,180
Titan Machinery, Inc. (*)		2,930		116,409
Triton International Ltd.		1,414		97,255
Univar Solutions, Inc. (*)		2,944		93,619
Veritiv Corp.		503		61,220
				981,767

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

Annual Report  161

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (concluded)
Transportation Infrastructure  |  0.3%
Corp. America Airports SA (*)		7,002	$	61,127
Total Common Stocks (Cost $24,966,107)				24,707,336
Rights  |  0.0%
Biotechnology  |  0.0%
Adamas Pharmaceuticals, Inc. CVR
Expires 2024 (¢)		1,139
Expires 2025 (¢)		1,139		0
Total Rights (Cost $137)				0
Short-Term Investments  |  0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $177,411)		177,411		177,411
Total Investments  |  100.0% (Cost $25,143,655)			$	24,884,747
Cash and Other Assets in Excess of Liabilities  |  0.0%				3,276
Net Assets  |  100.0%			$	24,888,023

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

162  Annual Report

The Lazard Funds, Inc. Notes to Portfolios of Investments
December 31, 2022

(*)	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 December 31, 2022, these securities amounted to 0.8% 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
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro

GBP	—	British Pound Sterling
HKD	—	Hong Kong Dollar
USD	—	United States Dollar

Counterparty Abbreviations:

BNP	—	BNP Paribas SA
CAN	—	Canadian Imperial Bank of Commerce
CIT	—	Citibank N.A.
HSB	—	HSBC Bank USA N.A.

MEL	—	Bank of New York Mellon Corp.
MSC	—	Morgan Stanley & Co.
RBC	—	Royal Bank of Canada
SCB	—	Standard Chartered Bank
SSB	—	State Street Bank & Trust Co.

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

Annual Report  163

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		—	%		—	%		0.2	%		—	%
Air Freight & Logistics		4.6			—			0.3			—
Airlines		—			—			0.6			—
Auto Components		1.8			—			0.5			2.4
Automobiles		1.5			0.5			3.2			2.5
Banks		18.6			14.3			15.9			20.4
Beverages		3.1			2.6			1.8			—
Biotechnology		—			0.8			0.1			—
Building Products		—			—			—			—
Capital Markets		—			1.1			0.7			—
Chemicals		1.8			2.8			3.2			1.3
Commercial Services & Suppliers		—			—			—			—
Communications Equipment		0.8			0.5			0.4			—
Construction & Engineering		—			1.4			1.3			—
Construction Materials		—			1.1			—			2.0
Consumer Finance		1.4			—			0.2			—
Containers & Packaging		—			—			0.2			—
Diversified Consumer Services		—			—			0.2			—
Diversified Financial Services		—			—			1.2			—
Diversified Telecommunication Services		—			1.4			2.0			3.4
Electric Utilities		—			0.9			1.1			0.1
Electrical Equipment		3.1			—			1.0			—
Electronic Equipment, Instruments & Components		3.2			1.0			3.3			1.0
Energy Equipment & Services		—			1.6			—			—
Entertainment		—			2.1			2.0			—
Equity Real Estate Investment Trusts (REITs)		—			—			0.6			—
Food & Staples Retailing		—			0.9			1.5			—
Food Products		—			0.7			0.9			1.5
Gas Utilities		—			—			0.6			0.9
Health Care Equipment & Supplies		—			—			0.2			—
Health Care Providers & Services		—			—			0.9			3.0
Hotels, Restaurants & Leisure		2.0			1.2			1.1			1.2
Household Durables		1.3			1.4			0.5			3.3
Household Products		—			—			0.4			1.2
Independent Power & Renewable Electricity Producers		—			—			1.0			0.8
Industrial Conglomerates		—			0.7			0.2			0.9
Insurance		1.8			4.0			2.9			5.8

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

164  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	%
	—			—			—			—			—
	—			—			—			—			1.0
	1.2			—			—			—			0.8
	1.8			—			—			—			0.3
	19.2			—			6.1			—			4.3
	1.5			1.1			7.0			—			7.4
	—			—			—			—			2.6
	—			—			0.6			—			—
	1.2			—			6.5			—			6.4
	1.2			—			—			—			0.7
	—			4.6			—			—			—
	—			—			1.9			—			—
	—			5.9			—			12.6			—
	1.2			—			—			—			—
	0.8			—			—			—			—
	—			—			0.9			—			—
	—			3.6			—			—			—
	2.0			—			—			—			—
	1.1			—			—			—			—
	—			—			—			14.7			1.6
	—			—			3.5			—			2.7
	1.7			—			2.5			—			1.8
	—			—			—			—			1.3
	1.0			—			1.8			—			3.6
	—			—			—			—			—
	1.4			—			0.9			—			—
	—			—			—			—			—
	1.3			—			—			7.7			—
	—			9.3			2.5			—			5.9
	2.3			15.5			—			—			3.3
	6.0			6.0			1.5			—			—
	2.3			—			0.6			—			1.0
	1.0			—			1.8			—			—
	—			—			—			—			—
	—			—			—			—			—
	3.6			—			3.5			—			6.8

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

Annual Report  165

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
Interactive Media & Services		8.4	%		5.0	%		5.2	%		—	%
Internet & Direct Marketing Retail		5.7			7.3			6.6			—
IT Services		1.2			2.6			3.7			—
Leisure Products		—			—			—			—
Life Sciences Tools & Services		—			0.9			—			—
Machinery		2.7			2.3			0.6			1.3
Marine		—			—			1.0			—
Media		—			—			0.3			—
Metals & Mining		1.3			3.5			4.2			4.0
Multiline Retail		—			—			0.5			—
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		3.4			5.3			4.6			9.9
Paper & Forest Products		0.6			—			0.4			—
Personal Products		—			1.2			—			3.6
Pharmaceuticals		2.1			—			2.7			1.0
Professional Services		—			—			—			—
Real Estate Management & Development		—			—			1.7			2.3
Road & Rail		1.8			0.8			—			—
Semiconductors & Semiconductor Equipment		10.9			9.9			7.8			12.0
Software		—			—			—			—
Specialty Retail		6.3			1.8			0.5			0.8
Technology Hardware, Storage & Peripherals		6.4			4.5			4.2			7.1
Textiles, Apparel & Luxury Goods		1.1			2.2			0.4			—
Tobacco		—			—			0.8			1.0
Trading Companies & Distributors		—			—			—			—
Transportation Infrastructure		1.0			3.7			0.7			1.3
Water Utilities		—			—			—			—
Wireless Telecommunication Services		—			0.5			0.6			2.0
Subtotal		97.9			92.5			96.7			98.0
Short-Term Investments		0.8			0.2			2.4			1.7
Total Investments		98.7	%		92.7	%		99.1	%		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.

166 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
	2.5	%		1.9	%		4.1	%		—	%		3.8	%
	4.4			3.9			2.8			—			—
	4.0			13.9			5.5			—			3.8
	—			—			1.6			—			—
	—			—			4.7			—			5.0
	2.9			4.4			1.3			—			—
	—			—			—			—			—
	—			9.9			0.8			2.7			1.3
	5.2			—			—			—			1.2
	—			—			3.2			—			2.2
	—			2.9			—			14.3			—
	5.4			—			—			—			—
	—			—			—			—			—
	2.0			—			3.8			—			1.3
	1.2			—			4.9			—			6.5
	—			—			7.1			—			3.7
	1.1			—			—			—			—
	—			2.0			1.2			17.7			1.5
	9.2			—			4.5			—			6.6
	—			—			5.0			—			7.1
	—			—			0.8			—			—
	4.5			—			—			—			—
	1.5			5.9			4.3			—			—
	1.6			—			—			—			—
	—			—			1.3			—			1.4
	—			—			—			12.2			—
	—			0.9			—			11.2			—
	2.3			—			—			—			—
	99.6			91.7			99.7			93.1			97.5
	0.6			6.0			0.6			5.4			2.9
	100.2	%		97.7	%		100.3	%		98.5	%		100.4	%

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

Annual Report  167

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	%		4.8	%		5.2	%		—	%
Air Freight & Logistics		1.6			—			—			—
Airlines		—			1.4			1.5			—
Auto Components		—			1.1			1.0			—
Automobiles		4.2			1.2			0.7			—
Banks		8.9			8.0			8.3			6.1
Beverages		0.1			6.5			3.0			5.8
Biotechnology		0.8			—			—			3.7
Building Products		2.6			1.3			1.4			2.3
Capital Markets		3.8			3.0			—			5.5
Chemicals		3.2			4.8			5.2			—
Commercial Services & Suppliers		0.4			—			—			—
Communications Equipment		1.0			—			—			—
Construction & Engineering		1.0			—			—			—
Construction Materials		0.3			—			—			—
Consumer Finance		—			—			—			—
Containers & Packaging		0.1			—			—			—
Distributors		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified Financial Services		—			—			—			—
Diversified Telecommunication Services		1.3			—			0.8			—
Electric Utilities		2.7			1.4			—			—
Electrical Equipment		0.5			2.5			5.2			1.9
Electronic Equipment, Instruments & Components		—			—			—			2.1
Energy Equipment & Services		—			—			—			—
Entertainment		1.0			1.7			1.8			3.8
Equity Real Estate Investment Trusts (REITs)		1.0			—			—			—
Food & Staples Retailing		1.9			2.0			—			2.2
Food Products		1.9			—			—			—
Gas Utilities		—			1.1			1.6			—
Health Care Equipment & Supplies		1.5			4.5			3.7			4.8
Health Care Providers & Services		—			—			—			—
Health Care Technology		0.1			—			—			—
Hotels, Restaurants & Leisure		1.9			1.5			2.2			—
Household Durables		—			—			—			—
Household Products		—			—			0.9			0.6
Independent Power & Renewable Electricity Producers		0.7			—			0.9			—
Industrial Conglomerates		1.2			1.0			—			—

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

168  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
	1.4	%		6.6	%		0.3	%		—	%		—	%
	1.0			—			—			—			—
	1.1			1.7			—			—			—
	1.0			1.3			0.3			—			1.1
	—			1.4			0.5			—			—
	4.7			7.5			2.5			—			6.3
	3.0			10.6			1.3			—			—
	—			2.2			3.9			—			—
	2.5			1.7			—			1.9			—
	4.5			1.6			1.2			6			4.0
	4.7			1.9			0.3			—			—
	3.1			—			3.8			4.7			3.0
	—			—			0.9			—			1.6
	1.9			—			0.3			—			—
	—			—			—			3.3			—
	—			—			0.2			—			4.4
	—			—			0.3			—			—
	—			—			—			6.1			—
	—			—			1.1			—			—
	1.5			1.4			0.1			—			—
	1.1			—			6.5			—			—
	—			1.9			4.4			—			—
	—			3.0			—			—			—
	2.1			1.2			1.0			—			—
	0.8			—			—			—			—
	1.0			2.4			0.6			3.3			—
	2.5			—			3.5			6.2			2.3
	2.0			1.3			4.6			4.6			3.1
	1.7			—			5.6			—			—
	3.3			—			3.0			—			—
	2.9			1.7			2.5			5.9			2.5
	0.8			—			4.9			5.8			2.0
	—			—			—			—			—
	1.8			2.4			2.1			3.6			4.3
	1.1			—			0.2			—			—
	—			—			4.2			—			—
	—			—			0.6			—			—
	—			—			0.9			—			4.2

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

Annual Report  169

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
Insurance		5.6	%		4.4	%		6.9	%		8.2	%
Interactive Media & Services		0.1			0.8			2.4			4.1
Internet & Direct Marketing Retail		0.1			1.2			2.1			1.8
IT Services		2.0			0.9			2.9			2.0
Leisure Products		0.3			4.2			1.5			3.1
Life Sciences Tools & Services		0.2			2.0			1.5			1.5
Machinery		1.3			1.6			0.5			0.8
Marine		1.5			0.8			—			—
Media		0.2			—			—			—
Metals & Mining		3.4			1.7			1.1			—
Multiline Retail		—			—			—			2.9
Multi-Utilities		—			2.9			2.4			—
Oil, Gas & Consumable Fuels		5.1			6.2			7.1			—
Personal Products		3.5			2.5			2.1			2.9
Pharmaceuticals		11.3			4.5			4.2			1.2
Professional Services		2.2			5.8			6.9			9.6
Real Estate Management & Development		1.4			1.9			1.7			—
Road & Rail		—			—			—			—
Semiconductors & Semiconductor Equipment		2.9			4.1			5.5			7.3
Software		1.2			—			—			4.7
Specialty Retail		2.0			1.4			0.7			1.9
Technology Hardware, Storage & Peripherals		1.0			—			—			—
Textiles, Apparel & Luxury Goods		3.0			2.3			2.5			3.7
Tobacco		3.2			—			—			—
Trading Companies & Distributors		2.5			1.2			0.8			2.9
Wireless Telecommunication Services		1.1			—			—			—
Subtotal		99.8			98.2			96.2			97.4
Short-Term Investments		0.7			—			1.2			—
Total Investments		100.5	%		98.2	%		97.4	%		97.4	%

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

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

170  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
	2.3	%		9.4	%		5.0	%		—	%		4.3	%
	0.9			—			—			9.7			5.5
	—			—			—			—			3.8
	2.4			2.1			4.2			13.0			5.3
	1.8			3.4			1.2			—			—
	1.0			2.0			0.7			—			6.7
	6.2			—			0.6			4.8			—
	—			—			—			—			—
	—			1.3			0.8			—			—
	1.7			2.2			—			—			—
	—			—			0.3			4.3			2.8
	—			2.9			2.6			—			—
	2.2			2.2			1.5			—			—
	—			—			1.9			—			1.4
	1.0			5.3			7.2			—			5.3
	5.5			6.5			1.6			3.7			—
	6.2			2.1			1.2			—			—
	—			1.5			0.5			—			4.1
	2.2			4.7			0.3			12.7			6.4
	2.8			—			1.1			—			8.7
	3.8			—			3.2			—			—
	1.4			—			0.8			—			—
	1.8			—			0.3			—			2.3
	—			—			1.9			—			—
	2.8			—			—			—			—
	—			—			1.1			—			—
	97.5			97.4			99.6			99.6			95.4
	2.2			2.9			—			0.4			4.7
	99.7	%		100.3	%		99.6	%		100.0	%		100.1	%

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

Annual Report  171

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		2.6	%		—	%		0.5	%
Air Freight & Logistics		—			—			0.4
Airlines		1.1			—			—
Auto Components		—			0.9			1.4
Automobiles		—			—			0.3
Banks		9.9			6.8			2.6
Beverages		—			—			1.1
Biotechnology		3.0			—			6.9
Building Products		3.4			0.6			2.8
Capital Markets		1.5			4.7			1.1
Chemicals		3.0			1.0			3.0
Commercial Services & Suppliers		—			3.2			3.2
Communications Equipment		2.8			1.9			1.4
Construction & Engineering		—			—			0.7
Construction Materials		0.9			—			0.7
Consumer Finance		—			1.0			—
Containers & Packaging		2.9			2.8			0.7
Distributors		—			—			0.2
Diversified Consumer Services		—			—			0.6
Diversified Financial Services		—			—			0.2
Diversified Telecommunication Services		—			—			0.6
Electrical Equipment		3.4			2.2			1.8
Electronic Equipment, Instruments & Components		2.4			1.7			4.5
Energy Equipment & Services		2.6			—			0.1
Entertainment		1.7			1.0			0.9
Equity Real Estate Investment Trusts (REITs)		6.0			2.4			3.9
Food & Staples Retailing		1.2			1.8			1.1
Food Products		2.1			—			1.9
Gas Utilities		2.4			—			—
Health Care Equipment & Supplies		2.1			4.7			4.4
Health Care Providers & Services		1.5			6.4			1.6
Health Care Technology		0.9			—			0.9
Hotels, Restaurants & Leisure		2.4			—			0.9
Household Durables		1.2			—			2.5
Household Products		—			2.7			0.1
Independent Power & Renewable Electricity Producers		—			—			0.3
Industrial Conglomerates		—			—			0.1
Insurance		4.0			—			0.4

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

172  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		2.5	%		—	%		0.6	%
Internet & Direct Marketing Retail		—			—			0.3
IT Services		1.9			5.9			3.8
Leisure Products		2.2			—			2.0
Life Sciences Tools & Services		4.3			8.5			0.9
Machinery		3.9			4.2			3.2
Marine		—			—			1.2
Media		—			—			1.9
Mortgage Real Estate Investment Trusts (REITs)		—			—			0.2
Oil, Gas & Consumable Fuels		2.6			—			2.4
Paper & Forest Products		—			—			1.3
Personal Products		—			1.7			0.1
Pharmaceuticals		1.2			5.0			0.6
Professional Services		2.8			—			4.6
Real Estate Management & Development		—			—			1.0
Road & Rail		—			2.5			1.2
Semiconductors & Semiconductor Equipment		2.1			5.0			2.6
Software		5.3			12.5			7.2
Specialty Retail		3.1			2.6			2.6
Technology Hardware, Storage & Peripherals		—			—			1.0
Textiles, Apparel & Luxury Goods		1.4			1.4			1.7
Thrifts & Mortgage Finance		—			—			0.9
Trading Companies & Distributors		—			—			3.9
Transportation Infrastructure		—			—			0.3
Subtotal		98.3			95.1			99.3
Short-Term Investments		—			5.1			0.7
Total Investments		98.3	%		100.2	%		100.0	%

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

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

Annual Report  173

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2022	Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
ASSETS
Investments in securities, at fair value		$	96,116,443			$	87,578,365
Cash			—				—
Foreign currency, at fair value			4,857				1,227,882
Receivables for:
Investments sold			1,443,741				672,791
Dividends			99,564				153,296
Capital stock sold			101,125				7,031,294
Total assets			97,765,730				96,663,628
LIABILITIES
Foreign currency due to custodian			—				—
Payables for:
Management fees			75,624				80,337
Foreign capital gains taxes			155,692				158,548
Accrued professional services			30,708				26,744
Accrued distribution fees			971				298
Accrued directors’ fees			91				83
Capital stock redeemed			80,999				164,637
Investments purchased			213				1,698,871
Other accrued expenses and payables			23,864				30,074
Total liabilities			368,162				2,159,592
Net assets		$	97,397,568			$	94,504,036
NET ASSETS
Paid in capital		$	209,183,574			$	108,415,193
Distributable earnings (Accumulated loss)			(111,786,006	)			(13,911,157	)
Net assets		$	97,397,568			$	94,504,036
Institutional Shares
Net assets		$	91,910,097			$	92,730,429
Shares of capital stock outstanding*			7,777,673				10,455,241
Net asset value, offering and redemption price per share		$	11.82			$	8.87
Open Shares
Net assets		$	5,487,471			$	1,426,949
Shares of capital stock outstanding*			467,111				161,234
Net asset value, offering and redemption price per share		$	11.75			$	8.85
R6 Shares
Net assets			—			$	346,658
Shares of capital stock outstanding*			—				39,040
Net asset value, offering and redemption price per share			—			$	8.88
Cost of investments in securities		$	88,564,290			$	80,370,152
Cost of foreign currency		$	4,856			$	1,222,694

* $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.

174  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
$	79,851,727			$	2,533,092,320			$	44,525,102			$	156,342,054			$	92,807,240
	—				458,498				10,199				—				—
	3,010,976				4,876,296				245				115				71
	5,178				12,245,011				—				—				—
	94,711				7,024,665				158,472				389,356				135,107
	4,731,729				4,533,414				22,738				3,500,205				23,603
	87,694,321				2,562,230,204				44,716,756				160,231,730				92,966,021
	7				—				—				—				3
	29,150				2,218,775				25,066				113,665				52,052
	—				2,069,786				99,313				—				—
	28,818				96,470				34,856				26,481				26,373
	64				69,934				630				38				267
	43				1,375				33				—				66
	—				14,881,266				109,278				25,716				317,542
	7,026,080				2,246,046				—				—				—
	10,770				218,700				12,756				11,674				12,150
	7,094,932				21,802,352				281,932				177,574				408,453
$	80,599,389			$	2,540,427,852			$	44,434,824			$	160,054,156			$	92,557,568
$	97,649,930			$	3,715,621,370			$	100,645,910			$	166,559,278			$	72,639,396
	(17,050,541	)			(1,175,193,518	)			(56,211,086	)			(6,505,122	)			19,918,172
$	80,599,389			$	2,540,427,852			$	44,434,824			$	160,054,156			$	92,557,568
$	80,506,493			$	2,281,186,574			$	42,053,275			$	159,863,993			$	91,303,478
	8,186,529				156,565,118				4,163,047				17,653,491				5,938,494
$	9.83			$	14.57			$	10.10			$	9.06			$	15.37
$	92,896			$	251,237,315			$	2,381,549			$	190,163			$	1,254,090
	9,443				16,682,124				234,852				21,010				81,524
$	9.84			$	15.06			$	10.14			$	9.05			$	15.38
	—			$	8,003,963				—				—				—
	—				548,994				—				—				—
	—			$	14.58				—				—				—
$	81,632,710			$	2,569,183,121			$	48,587,550			$	158,251,518			$	73,164,933
$	3,010,680			$	4,878,520			$	263			$	115			$	71

Annual Report  175

December 31, 2022	Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
ASSETS
Investments in securities, at fair value		$	7,119,019,605			$	10,655,264
Non-controlled affiliated issuers, at fair value (Note 5)			888,363,549				—
Cash			—				—
Foreign currency, at fair value			4,101				38
Receivables for:
Capital stock sold			61,734,668				—
Investments sold			35,601,964				1,984,449
Dividends			31,587,694				15,338
Amount due from Investment Manager (Note 3)			—				—
Gross unrealized appreciation on forward currency contracts			27,826,054				—
Total assets			8,164,137,635				12,655,089
LIABILITIES
Foreign currency due to custodian			—				—
Payables for:
Management fees			6,463,419				3,782
Accrued professional services			162,357				27,849
Accrued custodian fees			133,114				2,946
Accrued distribution fees			75,980				36
Accrued directors’ fees			3,817				27
Foreign capital gains taxes			—				—
Capital stock redeemed			18,607,212				2,000,000
Investments purchased			90,761				2,566
Gross unrealized depreciation on forward currency contracts			12,863,973				—
Line of credit outstanding			—				—
Other accrued expenses and payables			315,381				3,692
Total liabilities			38,716,014				2,040,898
Net assets		$	8,125,421,621			$	10,614,191
NET ASSETS
Paid in capital		$	8,353,353,917			$	11,674,387
Distributable earnings (Accumulated loss)			(227,932,296	)			(1,060,196	)
Net assets		$	8,125,421,621			$	10,614,191
Institutional Shares
Net assets		$	7,789,194,694			$	10,441,552
Shares of capital stock outstanding*			548,675,033				960,139
Net asset value, offering and redemption price per share		$	14.20			$	10.88
Open Shares
Net assets		$	336,226,927			$	172,639
Shares of capital stock outstanding*			23,667,566				16,012
Net asset value, offering and redemption price per share		$	14.21			$	10.78
R6 Shares
Net assets			—				—
Shares of capital stock outstanding*			—				—
Net asset value, offering and redemption price per share			—				—
Cost of investments in securities		$	6,716,679,295			$	11,224,266
Cost of non-controlled affiliated issuers		$	1,098,505,439			$	—
Cost of foreign currency		$	4,099			$	38

* $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.

176  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
$	2,573,276			$	969,043,318		$	53,149,787			$	108,215,308			$	14,586,674
	—				—			—				—				—
	—				130			—				152				—
	834				309			62,832				180				1,883
	—				2,413,409			129,617				46,309				173
	—				30,877,255			1,199,923				9,590,502				—
	9,141				7,946,988			150,237				143,151				119,508
	9,753				—			—				—				—
	—				—			—				—				—
	2,593,004				1,010,281,409			54,692,396				117,995,602				14,708,238
	1				—			4				—				—
	—				674,460			31,570				52,057				3,452
	24,823				49,870			28,359				26,522				26,635
	3,845				21,347			4,048				3,879				3,513
	24				14,188			562				77				1,672
	25				1,266			38				121				22
	—				—			13,145				—				—
	—				4,920,143			54,561				138,795				35,095
	—				35,604			813				27,190				—
	—				—			—				—				—
	—				17,261,000			—				6,646,000				—
	3,620				75,149			6,624				5,895				5,536
	32,338				23,053,027			139,724				6,900,536				75,925
$	2,560,666			$	987,228,382		$	54,552,672			$	111,095,066			$	14,632,313
$	2,704,844			$	933,605,839		$	55,694,733			$	128,240,046			$	17,619,213
	(144,178	)			53,622,543			(1,142,061	)			(17,144,980	)			(2,986,900	)
$	2,560,666			$	987,228,382		$	54,552,672			$	111,095,066			$	14,632,313
$	2,444,051			$	869,013,759		$	51,642,940			$	110,722,952			$	6,940,459
	261,804				60,292,364			5,427,143				8,337,316				902,119
$	9.34			$	14.41		$	9.52			$	13.28			$	7.69
$	116,615			$	54,780,667		$	2,909,732			$	372,114			$	7,691,854
	12,488				3,743,668			304,184				28,191				996,438
$	9.34			$	14.63		$	9.57			$	13.20			$	7.72
	—			$	63,433,956			—				—				—
	—				4,410,047			—				—				—
	—			$	14.38			—				—				—
$	2,493,086			$	894,910,357		$	50,638,749			$	118,394,293			$	15,680,210
$	—			$	—		$	—			$	—			$	—
$	832			$	309		$	62,960			$	180			$	1,916

Annual Report  177

December 31, 2022	Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio
ASSETS
Investments in securities, at fair value		$	4,597,285,953		$	28,681,160
Cash			—			—
Foreign currency, at fair value			5,538			3,200
Receivables for:
Dividends			14,975,065			87,449
Capital stock sold			4,705,228			—
Investments sold			116,460			103,398
Amount due from Investment Manager (Note 3)			—			—
Other assets			—			—
Total assets			4,617,088,244			28,875,207
LIABILITIES
Due to custodian			—			42,088
Foreign currency due to custodian			—			1
Payables for:
Management fees			3,055,502			5,287
Foreign capital gains taxes			1,679,441			—
Accrued professional services			117,625			25,274
Accrued distribution fees			76,256			23
Accrued shareholders’ reports			72,937			1,341
Accrued custodian fees			63,923			4,597
Accrued administration fees			46,542			1,674
Accrued directors’ fees			1,404			37
Investments purchased			20,544,576			—
Capital stock redeemed			5,967,907			—
Other accrued expenses and payables			73,825			1,338
Total liabilities			31,699,938			81,660
Net assets		$	4,585,388,306		$	28,793,547
NET ASSETS
Paid in capital		$	4,366,437,337		$	28,397,745
Distributable earnings (Accumulated loss)			218,950,969			395,802
Net assets		$	4,585,388,306		$	28,793,547
Institutional Shares
Net assets		$	4,180,621,619		$	28,712,351
Shares of capital stock outstanding*			311,507,437			2,406,396
Net asset value, offering and redemption price per share		$	13.42		$	11.93
Open Shares
Net assets		$	308,242,871		$	81,196
Shares of capital stock outstanding*			22,739,287			6,810
Net asset value, offering and redemption price per share		$	13.56		$	11.92
R6 Shares
Net assets		$	96,523,816			—
Shares of capital stock outstanding*			7,185,282			—
Net asset value, offering and redemption price per share		$	13.43			—
Cost of investments in securities		$	4,142,811,552		$	27,375,628
Cost of foreign currency		$	5,523		$	3,199

* $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.

178  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
$	1,219,735,907		$	73,487,363		$	41,913,889		$	12,781,000		$	24,884,747
	—			—			773,344			—			—
	—			—			—			—			—
	381,848			36,054			35,271			7,203			22,506
	2,542,083			20			3,738			—			—
	—			—			—			—			—
	—			—			—			4,081			25,462
	—			—			466			—			—
	1,222,659,838			73,523,437			42,726,708			12,792,284			24,932,715
	—			—			—			—			2,322
	—			—			—			—			—
	752,971			30,964			33,247			—			—
	—			—			—			—			—
	46,578			25,139			24,924			22,934			24,552
	5,800			243			1,742			105			20
	46,528			1,706			2,100			1,249			4,212
	25,353			4,300			4,108			3,104			5,662
	18,139			4,063			2,093			5,041			5,255
	680			62			114			29			—
	—			—			—			—			1,366
	1,798,747			13,690			62			—			—
	18,682			1,647			2,010			1,272			1,303
	2,713,478			81,814			70,400			33,734			44,692
$	1,219,946,360		$	73,441,623		$	42,656,308		$	12,758,550		$	24,888,023
$	948,291,819		$	60,692,589		$	35,275,816		$	10,952,673		$	26,045,450
	271,654,541			12,749,034			7,380,492			1,805,877			(1,157,427	)
$	1,219,946,360		$	73,441,623		$	42,656,308		$	12,758,550		$	24,888,023
$	1,193,491,674		$	38,037,188		$	34,882,473		$	12,221,560		$	24,786,250
	80,188,463			2,928,944			2,857,788			989,077			2,910,165
$	14.88		$	12.99		$	12.21		$	12.36		$	8.52
$	24,268,209		$	1,160,028		$	7,750,127		$	536,990		$	101,773
	1,614,946			88,816			705,847			43,416			11,923
$	15.03		$	13.06		$	10.98		$	12.37		$	8.54
$	2,186,477		$	34,244,407		$	23,708			—			—
	146,418			2,635,291			1,936			—			—
$	14.93		$	12.99		$	12.25			—			—
$	993,841,849		$	59,833,679		$	34,495,611		$	11,038,228		$	25,143,655
$	—		$	—		$	—		$	—		$	—

Annual Report  179

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2022		Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
Investment Income (Loss)
Income
Dividends			$	2,412,085			$	3,087,402
Non-cash income				197,282				447,356
Total investment income*				2,609,367				3,534,758
Expenses
Management fees (Note 3)				1,202,300				1,192,211
Distribution fees (Open Shares)				16,901				4,090
Custodian fees				76,396				75,914
Administration fees				36,018				35,618
Professional services				64,997				64,748
Shareholders’ services				20,677				15,600
Directors’ fees and expenses				12,778				13,055
Shareholders’ reports				20,909				18,796
Registration fees				39,058				46,703
Other^				12,276				14,371
Total gross expenses				1,502,310				1,481,106
Management fees waived and expenses reimbursed				(101,076	)			(24,197	)
Total net expenses				1,401,234				1,456,909
Net investment income (loss)				1,208,133				2,077,849
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(5,470,574	)			(3,803,615	)
Foreign currency transactions				(49,732	)			(95,727	)
Total net realized gain (loss)				(5,520,306	)			(3,899,342	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(29,624,313	)			(31,042,688	)
Foreign currency translations				(2,052	)			7,176
Total net change in unrealized appreciation (depreciation)				(29,626,365	)			(31,035,512	)
Net realized and unrealized gain (loss)				(35,146,671	)			(34,934,854	)
Net increase (decrease) in net assets resulting from operations			$	(33,938,538	)		$	(32,857,005	)
*	Net of foreign withholding taxes of		$	327,918			$	331,007
**	Net of foreign capital gains taxes of		$	133,324			$	73,704
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	237,937			$	116,642
^	Includes interest on line of credit of		$	563			$	1,859

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

180  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
$	2,295,357			$	179,168,218			$	1,956,893			$	2,629,570			$	1,445,961
	—				—				108,193				149,216				—
	2,295,357				179,168,218				2,065,086				2,778,786				1,445,961
	472,758				29,910,467				506,689				967,176				645,632
	619				766,637				6,619				387				3,301
	69,993				390,128				56,618				61,202				56,238
	26,654				350,615				25,755				34,799				32,210
	50,718				285,646				35,720				46,675				46,708
	12,513				265,620				16,732				14,139				14,920
	8,877				202,110				8,212				11,469				11,254
	10,401				175,975				16,239				10,373				13,185
	37,036				76,769				35,773				35,055				44,607
	12,688				153,340				8,218				12,360				10,178
	702,257				32,577,307				716,575				1,193,635				878,233
	(129,106	)			(3,087	)			(138,070	)			(41,422	)			(4,493	)
	573,151				32,574,220				578,505				1,152,213				873,740
	1,722,206				146,593,998				1,486,581				1,626,573				572,221
	(15,052,103	)			(114,175,572	)			(6,917,033	)			13,863,104				1,079,815
	(44,149	)			(1,518,317	)			(12,114	)			(44,992	)			(39,489	)
	(15,096,252	)			(115,693,889	)			(6,929,147	)			13,818,112				1,040,326
	(1,480,338	)			(557,228,600	)			(6,253,507	)			(17,189,594	)			(21,691,235	)
	(1,724	)			(187,238	)			(7,586	)			(4,189	)			(873	)
	(1,482,062	)			(557,415,838	)			(6,261,093	)			(17,193,783	)			(21,692,108	)
	(16,578,314	)			(673,109,727	)			(13,190,240	)			(3,375,671	)			(20,651,782	)
$	(14,856,108	)		$	(526,515,729	)		$	(11,703,659	)		$	(1,749,098	)		$	(20,079,561	)
$	243,188			$	18,205,789			$	221,093			$	87,950			$	91,544
$	—			$	693,248			$	12,742			$	—			$	—
$	—			$	443,399			$	(67,238	)		$	—			$	—
$	4,629			$	46			$	398			$	2,146			$	267

Annual Report  181

For the Year Ended December 31, 2022		Lazard Global Listed Infrastructure Portfolio				Lazard Global Strategic Equity Portfolio
Investment Income (Loss)
Income
Dividends#
Unaffiliated issuers			$	220,941,626			$	177,369
Non-controlled affiliated issuers (Note 5)				49,850,591				—
Non-cash income				17,201,441				—
Total investment income*				287,993,658				177,369
Expenses
Management fees (Note 3)				74,054,444				103,018
Custodian fees				1,516,539				40,849
Distribution fees (Open Shares)				849,607				436
Administration fees				776,223				20,276
Professional services				619,143				47,091
Shareholders’ services				589,154				9,523
Directors’ fees and expenses				485,945				5,931
Shareholders’ reports				345,193				10,042
Registration fees				260,064				36,190
Other^				394,971				5,894
Total gross expenses				79,891,283				279,250
Management fees waived and expenses reimbursed				—				(151,375	)
Total net expenses				79,891,283				127,875
Net investment income (loss)				208,102,375				49,494
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(14,176,819	)			(465,002	)
Non-controlled affiliated issuers				(39,522,841	)			—
Foreign currency transactions				3,899,269				(2,375	)
Forward currency contracts				372,705,509				—
Total net realized gain (loss)				322,905,118				(467,377	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(597,358,206	)			(2,950,595	)
Non-controlled affiliated issuers				(161,894,361	)			—
Foreign currency translations				(630,286	)			(102	)
Forward currency contracts				94,210,398				—
Total net change in unrealized appreciation (depreciation)				(665,672,455	)			(2,950,697	)
Net realized and unrealized gain (loss)				(342,767,337	)			(3,418,074	)
Net increase (decrease) in net assets resulting from operations			$	(134,664,962	)		$	(3,368,580	)
*#	Net of foreign withholding taxes of		$	13,673,777			$	10,401
**	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 includes $2,478,832 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 $16,152,609. 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.

182  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
$	87,490			$	36,145,101			$	1,635,634			$	1,736,406			$	550,921
	—				—				—				—				—
	11,843				—				—				—				—
	99,333				36,145,101				1,635,634				1,736,406				550,921
	16,734				9,916,008				431,825				838,793				143,736
	48,792				254,045				43,675				65,169				43,655
	293				173,406				8,287				740				23,605
	18,828				182,910				27,914				32,605				21,394
	40,376				155,819				56,053				47,055				49,607
	8,577				102,836				13,798				14,344				12,170
	5,190				89,639				9,487				11,026				6,247
	10,322				101,296				15,295				9,825				11,547
	36,952				82,666				35,316				144,708				33,634
	25				91,796				8,588				10,370				7,741
	186,089				11,150,421				650,238				1,174,635				353,336
	(163,839	)			(24,044	)			(43,342	)			(221,467	)			(112,126	)
	22,250				11,126,377				606,896				953,168				241,210
	77,083				25,018,724				1,028,738				783,238				309,711
	(219,274	)			(17,260,410	)			(3,504,127	)			(6,299,191	)			(1,595,992	)
	—				—				—				—				—
	(265	)			(855,430	)			(32,713	)			8,920				(15,681	)
	—				—				—				—				—
	(219,539	)			(18,115,840	)			(3,536,840	)			(6,290,271	)			(1,611,673	)
	(261,873	)			(273,011,101	)			(10,322,053	)			(13,648,234	)			(5,616,842	)
	—				—				—				—				—
	(374	)			(272,854	)			(9,759	)			(978	)			(2,924	)
	—				—				—				—				—
	(262,247	)			(273,283,955	)			(10,331,812	)			(13,649,212	)			(5,619,766	)
	(481,786	)			(291,399,795	)			(13,868,652	)			(19,939,483	)			(7,231,439	)
$	(404,703	)		$	(266,381,071	)		$	(12,839,914	)		$	(19,156,245	)		$	(6,921,728	)
$	9,723			$	1,488,153			$	179,434			$	208,319			$	54,302
$	—			$	416,369			$	21,442			$	—			$	—
$	—			$	313,372			$	20,179			$	—			$	—
$	—			$	12,116			$	53			$	701			$	864

# Dividend income for Lazard International Equity Portfolio and Lazard International Equity Select Portfolio includes $2,036,374 and $10,539, respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amounts of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $3,524,527 and $189,973, respectively, Refer to Note 2 (b) in the Notes to Financial Statements for further information.

Annual Report  183

For the Year Ended December 31, 2022		Lazard International Strategic Equity Portfolio				Lazard Managed Equity Volatility Portfolio
Investment Income (Loss)
Income
Dividends#			$	123,801,825			$	740,542
Total investment income*				123,801,825				740,542
Expenses
Management fees (Note 3)				39,185,604				174,591
Custodian fees				1,002,394				63,207
Distribution fees (Open Shares)				872,726				201
Administration fees				531,596				22,427
Professional services				461,856				42,069
Directors’ fees and expenses				347,097				6,822
Shareholders’ services				288,771				10,255
Shareholders’ reports				275,836				9,614
Registration fees				145,651				32,148
Amortization of offering costs (Note 2(f))				—				—
Other^				253,637				6,525
Total gross expenses				43,365,168				367,859
Management fees waived and expenses reimbursed				(4,913	)			(149,098	)
Total net expenses				43,360,255				218,761
Net investment income (loss)				80,441,570				521,781
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(190,364,499	)			(791,855	)
Foreign currency transactions				(887,156	)			(2,486	)
Total net realized gain (loss)				(191,251,655	)			(794,341	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(956,937,519	)			(1,835,941	)
Foreign currency translations				(309,993	)			(528	)
Total net change in unrealized appreciation (depreciation)				(957,247,512	)			(1,836,469	)
Net realized and unrealized gain (loss)				(1,148,499,167	)			(2,630,810	)
Net increase (decrease) in net assets resulting from operations			$	(1,068,057,597	)		$	(2,109,029	)
*#	Net of foreign withholding taxes of		$	5,136,032			$	37,053
**	Net of foreign capital gains taxes of		$	108,133			$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	149,929			$	—
^	Includes interest on line of credit of		$	—			$	37

# Dividend income for Lazard International Strategic Equity Portfolio includes $5,476,987 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 $10,613,019. 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.

184  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
$	20,802,087			$	1,102,976			$	701,804			$	181,903			$	314,290
	20,802,087				1,102,976				701,804				181,903				314,290
	10,739,885				425,747				523,778				78,587				115,334
	338,471				52,827				54,575				31,329				68,559
	71,424				3,265				22,074				1,331				289
	204,470				30,392				28,392				23,083				22,401
	136,782				43,549				43,767				48,278				37,188
	107,548				9,789				10,255				5,850				5,569
	104,448				14,602				13,712				9,386				6,717
	190,162				10,445				11,881				7,881				13,073
	62,239				34,975				43,930				34,489				33,221
	—				—				—				—				139,722
	88,227				9,343				10,065				5,814				335
	12,043,656				634,934				762,429				246,028				442,408
	(3,819	)			(89,052	)			(20,487	)			(146,431	)			(293,052	)
	12,039,837				545,882				741,942				99,597				149,356
	8,762,250				557,094				(40,138	)			82,306				164,934
	106,367,493				405,396				752,825				216,045				(892,276	)
	—				—				—				—				—
	106,367,493				405,396				752,825				216,045				(892,276	)
	(482,242,653	)			(16,065,433	)			(15,460,669	)			(3,097,384	)			(320,798	)
	—				—				—				—				—
	(482,242,653	)			(16,065,433	)			(15,460,669	)			(3,097,384	)			(320,798	)
	(375,875,160	)			(15,660,037	)			(14,707,844	)			(2,881,339	)			(1,213,074	)
$	(367,112,910	)		$	(15,102,943	)		$	(14,747,982	)		$	(2,799,033	)		$	(1,048,140	)
$	—			$	—			$	302			$	—			$	5,538
$	—			$	—			$	—			$	—			$	—
$	—			$	—			$	—			$	—			$	—
$	9,723			$	—			$	442			$	—			$	—

Annual Report  185

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

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,208,133		$	535,821
Net realized gain (loss)			(5,520,306	)		2,234,077
Net change in unrealized appreciation (depreciation)			(29,626,365	)		(23,292,772	)
Net increase (decrease) in net assets resulting from operations			(33,938,538	)		(20,522,874	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(707,448	)		(1,516,068	)
Open Shares			(29,962	)		(70,702	)
R6 Shares			—			—
Return of capital
Institutional Shares			60,003			—
Open Shares			2,541			—
R6 Shares			—			—
Net decrease in net assets resulting from distributions			(799,954	)		(1,586,770	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			22,986,526			52,260,422
Open Shares			1,330,724			4,865,685
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			635,859			1,208,264
Open Shares			28,854			62,092
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(47,316,675	)		(74,730,015	)
Open Shares			(3,142,059	)		(4,547,349	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(25,476,771	)		(20,880,901	)
Total increase (decrease) in net assets			(60,215,263	)		(42,990,545	)
Net assets at beginning of period			157,612,831			200,603,376
Net assets at end of period		$	97,397,568		$	157,612,831
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			9,637,932			11,013,865
Shares sold			1,776,812			2,988,029
Shares issued to shareholders from reinvestment of distributions			53,569			78,503
Shares redeemed			(3,690,640	)		(4,442,465	)
Net increase (decrease)			(1,860,259	)		(1,375,933	)
Shares outstanding at end of period			7,777,673			9,637,932

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

186  Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	2,077,849		$	1,239,180		$	1,722,206		$	1,175,145
	(3,899,342	)		9,732,694			(15,096,252	)		3,733,999
	(31,035,512	)		(31,673,211	)		(1,482,062	)		(6,316,504	)
	(32,857,005	)		(20,701,337	)		(14,856,108	)		(1,407,360	)
	(1,910,920	)		(1,210,128	)		(1,903,988	)		(5,115,729	)
	(28,218	)		(9,228	)		(3,123	)		(118,907	)
	(7,388	)		(3,617	)		—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	(1,946,526	)		(1,222,973	)		(1,907,111	)		(5,234,636	)
	34,798,642			50,845,441			81,225,276			47,141,565
	1,088,647			2,306,794			34,560			4,665,435
	109,702			36,357			—			—
	1,842,661			1,162,680			1,895,534			5,115,729
	26,946			8,896			3,123			118,907
	7,388			3,617			—			—
	(65,949,462	)		(83,623,051	)		(54,457,517	)		(4,956,704	)
	(1,323,071	)		(2,488,441	)		(855,669	)		(4,699,211	)
	(1,534	)		(211,190	)		—			—
	(29,400,081	)		(31,958,897	)		27,845,307			47,385,721
	(64,203,612	)		(53,883,207	)		11,082,088			40,743,725
	158,707,648			212,590,855			69,517,301			28,773,576
$	94,504,036		$	158,707,648		$	80,599,389		$	69,517,301
	13,520,650			15,971,095			5,322,452			2,022,986
	3,561,761			3,931,923			8,040,599			3,256,474
	207,099			100,591			190,232			397,695
	(6,834,269	)		(6,482,959	)		(5,366,754	)		(354,703	)
	(3,065,409	)		(2,450,445	)		2,864,077			3,299,466
	10,455,241			13,520,650			8,186,529			5,322,452

Annual Report  187

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
Open Shares
Shares outstanding at beginning of period		600,534			575,985
Shares sold		107,434			295,291
Shares issued to shareholders from reinvestment of distributions		2,445			4,053
Shares redeemed		(243,302	)		(274,795	)
Net increase (decrease)		(133,423	)		24,549
Shares outstanding at end of period		467,111			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.

188  Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	183,190			194,354			76,021			63,491
	112,096			176,646			2,836			329,650
	3,036			768			312			9,268
	(137,088	)		(188,578	)		(69,726	)		(326,388	)
	(21,956	)		(11,164	)		(66,578	)		12,530
	161,234			183,190			9,443			76,021
	26,865			41,454			—			—
	11,507			2,728
	830			313			—			—
	(162	)		(17,630	)		—			—
	12,175			(14,589	)		—			—
	39,040			26,865			—			—

Annual Report  189

	Lazard Emerging Markets Equity Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	146,593,998		$	120,592,475
Net realized gain (loss)			(115,693,889	)		456,289,025
Net change in unrealized appreciation (depreciation)			(557,415,838	)		(330,831,004	)
Net increase (decrease) in net assets resulting from operations			(526,515,729	)		246,050,496
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(130,416,173	)		(159,751,886	)
Open Shares			(13,490,474	)		(16,684,053	)
R6 Shares			(437,125	)		(689,358	)
Net decrease in net assets resulting from distributions			(144,343,772	)		(177,125,297	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			861,849,990			956,710,099
Open Shares			18,453,232			68,488,391
R6 Shares			1,763,892			3,700,364
Net proceeds from reinvestment of distributions
Institutional Shares			125,423,797			151,053,474
Open Shares			13,288,409			16,468,567
R6 Shares			286,165			299,282
Cost of shares redeemed
Institutional Shares			(1,376,698,620	)		(1,822,322,913	)
Open Shares			(83,795,159	)		(141,191,852	)
R6 Shares			(2,202,333	)		(18,710,896	)
Net increase (decrease) in net assets from capital stock transactions			(441,630,627	)		(785,505,484	)
Total increase (decrease) in net assets			(1,112,490,128	)		(716,580,285	)
Net assets at beginning of period			3,652,917,980			4,369,498,265
Net assets at end of period		$	2,540,427,852		$	3,652,917,980

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

190  Annual Report

Lazard Emerging Markets Strategic Equity Portfolio						Lazard Equity Franchise Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	1,486,581		$	940,740		$	1,626,573		$	1,310,927
	(6,929,147	)		9,963,488			13,818,112			17,439,556
	(6,261,093	)		(14,182,731	)		(17,193,783	)		1,976,572
	(11,703,659	)		(3,278,503	)		(1,749,098	)		20,727,055
	(1,312,421	)		(721,332	)		(17,924,812	)		(14,253,601	)
	(68,265	)		(29,982	)		(22,496	)		(15,148	)
	—			—			—			—
	(1,380,686	)		(751,314	)		(17,947,308	)		(14,268,749	)
	6,212,599			8,602,187			103,212,766			8,142,721
	1,520,512			999,414			262,175			89,499
	—			—			—			—
	1,237,322			707,559			17,923,480			14,253,601
	67,063			29,167			22,496			15,148
	—			—			—			—
	(10,241,716	)		(22,613,433	)		(47,036,929	)		(15,135,877	)
	(1,494,411	)		(1,902,152	)		(154,997	)		(151,272	)
	—			—			—			—
	(2,698,631	)		(14,177,258	)		74,228,991			7,213,820
	(15,782,976	)		(18,207,075	)		54,532,585			13,672,126
	60,217,800			78,424,875			105,521,571			91,849,445
$	44,434,824		$	60,217,800		$	160,054,156		$	105,521,571

Annual Report  191

	Lazard Emerging Markets Equity Portfolio
		Year Ended December 31, 2022			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			54,007,278			50,172,346
Shares issued to shareholders from reinvestment of distributions			8,549,679			8,290,244
Shares redeemed			(86,490,072	)		(95,562,695	)
Net increase (decrease)			(23,933,115	)		(37,100,105	)
Shares outstanding at end of period			156,565,118			180,498,233
Open Shares
Shares outstanding at beginning of period			19,885,383			22,707,741
Shares sold			1,102,283			3,539,036
Shares issued to shareholders from reinvestment of distributions			875,966			876,315
Shares redeemed			(5,181,508	)		(7,237,709	)
Net increase (decrease)			(3,203,259	)		(2,822,358	)
Shares outstanding at end of period			16,682,124			19,885,383
R6 Shares
Shares outstanding at beginning of period			544,810			1,310,139
Shares sold			113,210			196,315
Shares issued to shareholders from reinvestment of distributions			19,494			16,436
Shares redeemed			(128,520	)		(978,080	)
Net increase (decrease)			4,184			(765,329	)
Shares outstanding at end of period			548,994			544,810

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

192  Annual Report

Lazard Emerging Markets Strategic Equity Portfolio						Lazard Equity Franchise Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	4,450,374			5,390,573			9,780,445			9,016,463
	539,153			616,289			10,269,246			719,088
	122,024			55,484			1,943,345			1,336,289
	(948,504	)		(1,611,972	)		(4,339,545	)		(1,291,395	)
	(287,327	)		(940,199	)		7,873,046			763,982
	4,163,047			4,450,374			17,653,491			9,780,445
	228,303			290,075			8,621			12,708
	132,915			70,220			25,489			7,463
	6,588			2,278			2,436			1,421
	(132,954	)		(134,270	)		(15,536	)		(12,971	)
	6,549			(61,772	)		12,389			(4,087	)
	234,852			228,303			21,010			8,621
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Annual Report  193

	Lazard Global Equity Select Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	572,221		$	522,451
Net realized gain (loss)			1,040,326			3,093,668
Net change in unrealized appreciation (depreciation)			(21,692,108	)		15,157,447
Net increase (decrease) in net assets resulting from operations			(20,079,561	)		18,773,566
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(923,404	)		(4,303,883	)
Open Shares			(9,233	)		(58,304	)
Net decrease in net assets resulting from distributions			(932,637	)		(4,362,187	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			17,480,453			15,911,457
Open Shares			274,863			421,016
Net proceeds from reinvestment of distributions
Institutional Shares			907,395			4,260,522
Open Shares			9,199			58,304
Cost of shares redeemed
Institutional Shares			(16,294,375	)		(16,880,543	)
Open Shares			(293,755	)		(271,978	)
Net increase (decrease) in net assets from capital stock transactions			2,083,780			3,498,778
Total increase (decrease) in net assets			(18,928,418	)		17,910,157
Net assets at beginning of period			111,485,986			93,575,829
Net assets at end of period		$	92,557,568		$	111,485,986

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

194  Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	208,102,375		$	306,182,281		$	49,494		$	274,422
	322,905,118			562,799,096			(467,377	)		450,537
	(665,672,455	)		564,898,117			(2,950,697	)		1,112,447
	(134,664,962	)		1,433,879,494			(3,368,580	)		1,837,406
	(1,060,685,044	)		(445,280,768	)		(65,039	)		(723,599	)
	(45,255,213	)		(17,469,224	)		(462	)		(8,321	)
	(1,105,940,257	)		(462,749,992	)		(65,501	)		(731,920	)
	3,221,367,011			2,105,406,878			23,595			13,182,269
	165,287,456			45,133,550			2,503			39,814
	921,958,886			367,039,859			65,039			723,599
	44,558,966			17,173,844			462			8,321
	(2,475,584,828	)		(3,390,031,626	)		(3,755,240	)		(1,562,222	)
	(120,448,379	)		(104,401,284	)		—			(45,662	)
	1,757,139,112			(959,678,779	)		(3,663,641	)		12,346,119
	516,533,893			11,450,723			(7,097,722	)		13,451,605
	7,608,887,728			7,597,437,005			17,711,913			4,260,308
$	8,125,421,621		$	7,608,887,728		$	10,614,191		$	17,711,913

Annual Report  195

	Lazard Global Equity Select Portfolio
	Year Ended December 31, 2022			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		1,063,144			893,399
Shares issued to shareholders from reinvestment of distributions		59,230			230,274
Shares redeemed		(1,041,359	)		(928,697	)
Net increase (decrease)		81,015			194,976
Shares outstanding at end of period		5,938,494			5,857,479
Open Shares
Shares outstanding at beginning of period		82,179			70,899
Shares sold		17,597			22,810
Shares issued to shareholders from reinvestment of distributions		600			3,150
Shares redeemed		(18,852	)		(14,680	)
Net increase (decrease)		(655	)		11,280
Shares outstanding at end of period		81,524			82,179

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

196  Annual Report

Lazard Global Listed Infrastructure Portfolio						Lazard Global Strategic Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	442,920,557			497,500,386			1,297,363			336,354
	200,638,035			135,453,262			2,146			1,024,819
	62,415,191			22,720,015			5,923			54,298
	(157,298,750	)		(212,753,106	)		(345,293	)		(118,108	)
	105,754,476			(54,579,829	)		(337,224	)		961,009
	548,675,033			442,920,557			960,139			1,297,363
	18,194,277			20,993,761			15,713			15,347
	10,096,310			2,904,083			258			3,136
	3,013,473			1,061,731			41			630
	(7,636,494	)		(6,765,298	)		—			(3,400	)
	5,473,289			(2,799,484	)		299			366
	23,667,566			18,194,277			16,012			15,713

Annual Report  197

	Lazard International Equity Advantage Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	77,083		$	72,425
Net realized gain (loss)			(219,539	)		363,319
Net change in unrealized appreciation (depreciation)			(262,247	)		(74,508	)
Net increase (decrease) in net assets resulting from operations			(404,703	)		361,236
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(87,197	)		(136,304	)
Open Shares			(3,876	)		(6,138	)
R6 Shares			—			—
Net decrease in net assets resulting from distributions			(91,073	)		(142,442	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,179			40,901
Open Shares			1			5
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			87,197			136,304
Open Shares			3,876			6,138
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(30,940	)		(3,098	)
Open Shares			—			(5	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			66,313			180,245
Total increase (decrease) in net assets			(429,463	)		399,039
Net assets at beginning of period			2,990,129			2,591,090
Net assets at end of period		$	2,560,666		$	2,990,129

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

198  Annual Report

Lazard International Equity Portfolio						Lazard International Equity Select Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	25,018,724		$	81,041,750		$	1,028,738		$	2,286,078
	(18,115,840	)		389,206,211			(3,536,840	)		4,405,810
	(273,283,955	)		(306,922,993	)		(10,331,812	)		(3,727,110	)
	(266,381,071	)		163,324,968			(12,839,914	)		2,964,778
	(62,703,347	)		(253,995,902	)		(1,170,958	)		(2,615,190	)
	(3,381,347	)		(15,297,137	)		(56,701	)		(123,856	)
	(3,944,721	)		(17,839,297	)		—			—
	(70,029,415	)		(287,132,336	)		(1,227,659	)		(2,739,046	)
	231,789,310			383,144,673			12,959,753			18,472,160
	16,567,209			21,198,302			900,081			3,372,556
	17,349,084			42,310,511			—			—
	53,823,523			213,278,530			1,124,727			2,516,085
	3,000,121			11,284,238			55,731			122,927
	3,868,531			17,766,875			—			—
	(685,382,215	)		(1,737,109,035	)		(27,840,410	)		(34,552,279	)
	(41,438,157	)		(51,535,133	)		(1,527,246	)		(2,198,410	)
	(52,432,233	)		(62,688,011	)		—			—
	(452,854,827	)		(1,162,349,050	)		(14,327,364	)		(12,266,961	)
	(789,265,313	)		(1,286,156,418	)		(28,394,937	)		(12,041,229	)
	1,776,493,695			3,062,650,113			82,947,609			94,988,838
$	987,228,382		$	1,776,493,695		$	54,552,672		$	82,947,609

Annual Report  199

	Lazard International Equity Advantage Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		255,051			239,526
Shares sold		606			3,462
Shares issued to shareholders from reinvestment of distributions		9,310			12,333
Shares redeemed		(3,163	)		(270	)
Net increase (decrease)		6,753			15,525
Shares outstanding at end of period		261,804			255,051
Open Shares
Shares outstanding at beginning of period		12,075			11,520
Shares sold		—	#		—	#
Shares issued to shareholders from reinvestment of distributions		413			555
Shares redeemed		—			—	#
Net increase (decrease)		413			555
Shares outstanding at end of period		12,488			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.

200  Annual Report

Lazard International Equity Portfolio						Lazard International Equity Select Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	87,137,715			140,490,643			6,846,470			7,993,045
	14,992,421			18,535,338			1,281,616			1,557,162
	3,670,842			11,911,077			117,646			221,097
	(45,508,614	)		(83,799,343	)		(2,818,589	)		(2,924,834	)
	(26,845,351	)		(53,352,928	)		(1,419,327	)		(1,146,575	)
	60,292,364			87,137,715			5,427,143			6,846,470
	5,114,581			5,960,372			360,195			247,615
	1,084,863			1,039,570			87,983			286,138
	201,768			621,271			5,796			10,745
	(2,657,544	)		(2,506,632	)		(149,790	)		(184,303	)
	(1,370,913	)		(845,791	)		(56,011	)		112,580
	3,743,668			5,114,581			304,184			360,195
	6,472,435			6,473,822			—			—
	1,082,972			2,031,145			—			—
	264,440			995,068			—			—
	(3,409,800	)		(3,027,600	)		—			—
	(2,062,388	)		(1,387	)		—			—
	4,410,047			6,472,435			—			—

Annual Report  201

	Lazard International Quality Growth Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	783,238			$	139,783
Net realized gain (loss)			(6,290,271	)			1,114,601
Net change in unrealized appreciation (depreciation)			(13,649,212	)			1,030,349
Net increase (decrease) in net assets resulting from operations			(19,156,245	)			2,284,733
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(1,289,849	)			(1,250,451	)
Open Shares			(2,960	)			(6,304	)
R6 Shares			—				—
Return of capital
Institutional Shares			—				—
Open Shares			—				—
R6 Shares			—				—
Net decrease in net assets resulting from distributions			(1,292,809	)			(1,256,755	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			123,139,916				50,450,611
Open Shares			123,452				94,898
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			1,280,322				1,250,451
Open Shares			2,960				6,304
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(55,785,156	)			(713,404	)
Open Shares			(18,580	)			(79,883	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			68,742,914				51,008,977
Total increase (decrease) in net assets			48,293,860				52,036,955
Net assets at beginning of period			62,801,206				10,764,251
Net assets at end of period		$	111,095,066			$	62,801,206

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

202  Annual Report

Lazard International Small Cap Equity Portfolio						Lazard International Strategic Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	309,711		$	439,882		$	80,441,570		$	200,921,129
	(1,611,673	)		9,107,856			(191,251,655	)		243,245,427
	(5,619,766	)		(4,940,101	)		(957,247,512	)		(100,750,072	)
	(6,921,728	)		4,607,637			(1,068,057,597	)		343,416,484
	(491,400	)		(4,264,944	)		(58,103,198	)		(371,347,485	)
	(416,934	)		(3,483,346	)		(3,427,089	)		(30,723,600	)
	—			—			(1,330,359	)		(7,937,887	)
	—			—			—			(101,625,202	)
	—			—			—			(8,228,846	)
	—			—			—			(2,172,377	)
	(908,334	)		(7,748,290	)		(62,860,646	)		(522,035,397	)
	3,781,732			4,617,643			777,632,896			1,150,537,246
	3,039,558			1,560,153			66,219,213			67,454,415
	—			—			5,029,916			7,162,815
	488,585			4,244,754			53,856,863			448,404,862
	410,676			3,417,384			3,161,280			36,546,493
	—			—			1,318,843			9,942,857
	(7,824,261	)		(22,623,777	)		(1,333,389,496	)		(990,293,303	)
	(3,944,613	)		(3,519,994	)		(144,164,460	)		(168,625,826	)
	—			—			(12,251,456	)		(8,192,483	)
	(4,048,323	)		(12,303,837	)		(582,586,401	)		552,937,076
	(11,878,385	)		(15,444,490	)		(1,713,504,644	)		374,318,163
	26,510,698			41,955,188			6,298,892,950			5,924,574,787
$	14,632,313		$	26,510,698		$	4,585,388,306		$	6,298,892,950

Annual Report  203

	Lazard International Quality Growth Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		3,718,473			671,884
Shares sold		8,546,737			3,014,033
Shares issued to shareholders from reinvestment of distributions		96,628			75,374
Shares redeemed		(4,024,522	)		(42,818	)
Net increase (decrease)		4,618,843			3,046,589
Shares outstanding at end of period		8,337,316			3,718,473
Open Shares
Shares outstanding at beginning of period		19,946			18,777
Shares sold		9,406			5,628
Shares issued to shareholders from reinvestment of distributions		225			382
Shares redeemed		(1,386	)		(4,841	)
Net increase (decrease)		8,245			1,169
Shares outstanding at end of period		28,191			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.

204  Annual Report

Lazard International Small Cap Equity Portfolio						Lazard International Strategic Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	1,322,884			2,175,223			349,026,972			313,114,237
	457,072			315,085			54,862,222			64,623,204
	61,362			387,502			4,019,169			27,801,571
	(939,199	)		(1,554,926	)		(96,400,926	)		(56,512,040	)
	(420,765	)		(852,339	)		(37,519,535	)		35,912,735
	902,119			1,322,884			311,507,437			349,026,972
	1,085,347			931,724			27,877,105			31,509,845
	356,944			109,245			4,602,491			3,784,216
	51,468			312,163			233,477			2,243,494
	(497,321	)		(267,785	)		(9,973,786	)		(9,660,450	)
	(88,909	)		153,623			(5,137,818	)		(3,632,740	)
	996,438			1,085,347			22,739,287			27,877,105
	—			—			7,606,148			7,044,138
	—			—			362,304			405,424
	—			—			98,274			616,082
	—			—			(881,444	)		(459,496	)
	—			—			(420,866	)		562,010
	—			—			7,185,282			7,606,148

Annual Report  205

	Lazard Managed Equity Volatility Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	521,781			$	455,246
Net realized gain (loss)			(794,341	)			2,837,261
Net change in unrealized appreciation (depreciation)			(1,836,469	)			1,446,592
Net increase (decrease) in net assets resulting
from operations			(2,109,029	)			4,739,099
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(857,387	)			(1,898,603	)
Open Shares			(2,173	)			(5,036	)
R6 Shares			—				—
Net decrease in net assets resulting from distributions			(859,560	)			(1,903,639	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,791,357				7,970,630
Open Shares			27				955
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			739,992				1,682,281
Open Shares			2,173				5,036
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(2,898,965	)			(7,176,588	)
Open Shares			(24	)			(3,910	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			634,560				2,478,404
Total increase (decrease) in net assets			(2,334,029	)			5,313,864
Net assets at beginning of period			31,127,576				25,813,712
Net assets at end of period		$	28,793,547			$	31,127,576

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

206  Annual Report

Lazard US Equity Concentrated Portfolio						Lazard US Equity Focus Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	8,762,250		$	7,375,860		$	557,094		$	371,416
	106,367,493			298,140,654			405,396			2,732,490
	(482,242,653	)		140,441,179			(16,065,433	)		13,333,759
	(367,112,910	)		445,957,693			(15,102,943	)		16,437,665
	(75,915,293	)		(262,821,100	)		(1,030,597	)		(2,341,356	)
	(1,426,093	)		(4,727,403	)		(28,357	)		(83,281	)
	(130,953	)		(363,056	)		(934,656	)		(2,019,972	)
	(77,472,339	)		(267,911,559	)		(1,993,610	)		(4,444,609	)
	299,519,389			321,688,811			5,096,150			5,400,355
	3,057,412			5,568,105			4,948			16,560
	20,296			6,623			17,385,917			16,666,565
	64,966,405			244,348,427			1,020,920			2,316,382
	1,380,759			4,618,990			28,354			82,695
	130,919			362,958			933,440			2,018,035
	(678,550,658	)		(733,616,650	)		(2,237,446	)		(2,454,548	)
	(7,581,357	)		(12,293,864	)		(155,508	)		(75,448	)
	(13,811	)		(29,538	)		(11,927,508	)		(8,682,494	)
	(317,070,646	)		(169,346,138	)		10,149,267			15,288,102
	(761,655,895	)		8,699,996			(6,947,286	)		27,281,158
	1,981,602,255			1,972,902,259			80,388,909			53,107,751
$	1,219,946,360		$	1,981,602,255		$	73,441,623		$	80,388,909

Annual Report  207

	Lazard Managed Equity Volatility Portfolio
	Year Ended December 31, 2022			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		229,042			614,142
Shares issued to shareholders from reinvestment of distributions		61,309			129,002
Shares redeemed		(241,168	)		(570,249	)
Net increase (decrease)		49,183			172,895
Shares outstanding at end of period		2,406,396			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		180			387
Shares redeemed		(2	)		(319	)
Net increase (decrease)		181			141
Shares outstanding at end of period		6,810			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.

208  Annual Report

Lazard US Equity Concentrated Portfolio						Lazard US Equity Focus Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	98,646,155			107,284,843			2,660,294			2,323,580
	17,278,360			15,965,414			352,454			356,108
	4,122,800			12,544,478			77,763			146,606
	(39,858,852	)		(37,148,580	)		(161,567	)		(166,000	)
	(18,457,692	)		(8,638,688	)		268,650			336,714
	80,188,463			98,646,155			2,928,944			2,660,294
	1,793,445			1,888,783			97,056			95,597
	176,728			272,288			351			1,083
	86,753			234,873			2,145			5,208
	(441,980	)		(602,499	)		(10,736	)		(4,832	)
	(178,499	)		(95,338	)		(8,240	)		1,459
	1,614,946			1,793,445			88,816			97,056
	137,684			120,303			2,242,997			1,550,718
	1,199			325			1,157,609			1,137,911
	8,321			18,578			70,977			127,643
	(786	)		(1,522	)		(836,292	)		(573,275	)
	8,734			17,381			392,294			692,279
	146,418			137,684			2,635,291			2,242,997

Annual Report  209

	Lazard US Small-Mid Cap Equity Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(40,138	)		$	19,235
Net realized gain (loss)			752,825				22,249,252
Net change in unrealized appreciation (depreciation)			(15,460,669	)			(2,365,273	)
Net increase (decrease) in net assets resulting from operations			(14,747,982	)			19,903,214
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(1,956,102	)			(13,165,718	)
Open Shares			(379,075	)			(1,602,028	)
R6 Shares			(45	)			(99,135	)
Net decrease in net assets resulting from distributions			(2,335,222	)			(14,866,881	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			6,969,138				24,647,589
Open Shares			2,467,056				1,109,317
R6 Shares			31,192				151,641
Net proceeds from reinvestment of distributions
Institutional Shares			1,912,237				12,992,400
Open Shares			364,429				1,540,062
R6 Shares			45				99,135
Cost of shares redeemed
Institutional Shares			(53,469,937	)			(39,607,630	)
Open Shares			(3,876,758	)			(3,317,566	)
R6 Shares			(690,340	)			(251,244	)
Net increase (decrease) in net assets from capital stock transactions			(46,292,938	)			(2,636,296	)
Total increase (decrease) in net assets			(63,376,142	)			2,400,037
Net assets at beginning of period			106,032,450				103,632,413
Net assets at end of period		$	42,656,308			$	106,032,450

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

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

210  Annual Report

Lazard US Sustainable Equity Portfolio						Lazard US Systematic Small Cap Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021(a)
$	82,306		$	57,578		$	164,934		$	8,620
	216,045			259,323			(892,276	)		11,440
	(3,097,384	)		3,120,821			(320,798	)		61,890
	(2,799,033	)		3,437,722			(1,048,140	)		81,950
	(260,667	)		(299,354	)		(185,529	)		(8,515	)
	(10,089	)		(10,422	)		(515	)		—
	—			—			—			—
	(270,756	)		(309,776	)		(186,044	)		(8,515	)
	224,750			12,000			22,096,992			3,903,086
	100,309			467,727			25,500			117,325
	—			—			—			—
	260,667			299,354			185,529			8,515
	10,089			10,422			515			—
	—			—			—			—
	(9,186	)		(147,812	)		(264,652	)		—
	(100,553	)		(45,353	)		(24,038	)		—
	—			—			—			—
	486,076			596,338			22,019,846			4,028,926
	(2,583,713	)		3,724,284			20,785,662			4,102,361
	15,342,263			11,617,979			4,102,361			—
$	12,758,550		$	15,342,263		$	24,888,023		$	4,102,361

Annual Report  211

	Lazard US Small-Mid Cap Equity Portfolio
	Year Ended December 31, 2022			Year Ended December 31, 2021(a)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		6,312,789			6,377,893
Shares sold		499,222			1,504,750
Shares issued to shareholders from reinvestment of distributions		143,892			882,683
Shares redeemed		(4,098,115	)		(2,452,537	)
Net increase (decrease)		(3,455,001	)		(65,104	)
Shares outstanding at end of period		2,857,788			6,312,789
Open Shares
Shares outstanding at beginning of period		796,285			827,420
Shares sold		200,453			75,218
Shares issued to shareholders from reinvestment of distributions		30,447			115,620
Shares redeemed		(321,338	)		(221,973	)
Net increase (decrease)		(90,438	)		(31,135	)
Shares outstanding at end of period		705,847			796,285
R6 Shares
Shares outstanding at beginning of period		47,929			47,409
Shares sold		2,503			9,060
Shares issued to shareholders from reinvestment of distributions		4			6,731
Shares redeemed		(48,500	)		(15,271	)
Net increase (decrease)		(45,993	)		520
Shares outstanding at end of period		1,936			47,929

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

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

212  Annual Report

Lazard US Sustainable Equity Portfolio						Lazard US Systematic Small Cap Equity Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021(a)
	952,893			942,026			388,111			—
	16,152			780			2,532,339			387,263
	20,769			19,972			21,769			848
	(737	)		(9,885	)		(32,054	)		—
	36,184			10,867			2,522,054			388,111
	989,077			952,893			2,910,165			388,111
	42,453			10,495			11,650			—
	7,636			34,512			2,915			11,650
	801			695			60			—
	(7,474	)		(3,249	)		(2,702	)		—
	963			31,958			273			11,650
	43,416			42,453			11,923			11,650
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Annual Report  213

The Lazard Funds, Inc. Financial Highlights

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	15.40		$	17.31		$	14.55		$	11.42		$	14.48
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.05			0.04			0.08			0.11
Net realized and unrealized gain (loss)		(3.61	)		(1.81	)		2.76			3.13			(3.08	)
Total from investment operations		(3.48	)		(1.76	)		2.80			3.21			(2.97	)
Less distributions from:
Net investment income		(0.09	)		(0.15	)		(0.04	)		(0.08	)		(0.09	)
Return of capital		(0.01	)		—			—			—			—
Total distributions		(0.10	)		(0.15	)		(0.04	)		(0.08	)		(0.09	)
Net asset value, end of period	$	11.82		$	15.40		$	17.31		$	14.55		$	11.42
Total Return (b)		–22.61	%		–10.14	%		19.33	%		28.17	%		–20.58	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	91,910		$	148,419		$	190,689		$	226,067		$	215,120
Ratios to average net assets:
Net expenses		1.15	%		1.15	%		1.17	%		1.16	%		1.14	%
Gross expenses		1.23	%		1.15	%		1.21	%		1.16	%		1.14	%
Net investment income (loss)		1.02	%		0.28	%		0.33	%		0.63	%		0.83	%
Portfolio turnover rate		30	%		39	%		57	%		55	%		63	%

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

214  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	15.31		$	17.21		$	14.51		$	11.36		$	14.45
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			—	(c)		0.01			0.05			0.06
Net realized and unrealized gain (loss)		(3.59	)		(1.78	)		2.73			3.11			(3.06	)
Total from investment operations		(3.49	)		(1.78	)		2.74			3.16			(3.00	)
Less distributions from:
Net investment income		(0.07	)		(0.12	)		(0.04	)		(0.01	)		(0.09	)
Return of capital		—	(c)		—			—			—			—
Total distributions		(0.07	)		(0.12	)		(0.04	)		(0.01	)		(0.09	)
Net asset value, end of period	$	11.75		$	15.31		$	17.21		$	14.51		$	11.36
Total Return (b)		–22.81	%		–10.37	%		18.97	%		27.79	%		–20.83	%#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,487		$	9,193		$	9,914		$	9,341		$	7,263
Ratios to average net assets:
Net expenses		1.40	%		1.40	%		1.44	%		1.46	%		1.51	%
Gross expenses		1.56	%		1.45	%		1.53	%		1.55	%		1.51	%
Net investment income (loss)		0.76	%		—	%(d)		0.04	%		0.36	%		0.42	%
Portfolio turnover rate		30	%		39	%		57	%		55	%		63	%

#	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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.
(d)	Amount is less than 0.005%.

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

Annual Report  215

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	11.56		$	13.12		$	11.79		$	9.89		$	12.30
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.08			0.08			0.20			0.16
Net realized and unrealized gain (loss)		(2.67	)		(1.55	)		1.33			1.93			(2.39	)
Total from investment operations		(2.50	)		(1.47	)		1.41			2.13			(2.23	)
Less distributions from:
Net investment income		(0.19	)		(0.09	)		(0.08	)		(0.23	)		(0.18	)
Total distributions		(0.19	)		(0.09	)		(0.08	)		(0.23	)		(0.18	)
Net asset value, end of period	$	8.87		$	11.56		$	13.12		$	11.79		$	9.89
Total Return (b)		–21.63	%		–11.21	%		11.98	%		21.59	%		–18.12	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	92,730		$	156,284		$	209,503		$	197,213		$	207,955
Ratios to average net assets (c):
Net expenses		1.22	%		1.16	%		1.20	%		1.18	%		1.18	%
Gross expenses		1.23	%		1.16	%		1.20	%		1.18	%		1.18	%
Net investment income (loss)		1.75	%		0.64	%		0.70	%		1.83	%		1.44	%
Portfolio turnover rate		28	%		31	%		23	%		19	%		30	%

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

216  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.53		$	13.09		$	11.76		$	9.87		$	12.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.04			0.04			0.16			0.11
Net realized and unrealized gain (loss)		(2.65	)		(1.55	)		1.33			1.92			(2.37	)
Total from investment operations		(2.51	)		(1.51	)		1.37			2.08			(2.26	)
Less distributions from:
Net investment income		(0.17	)		(0.05	)		(0.04	)		(0.19	)		(0.14	)
Total distributions		(0.17	)		(0.05	)		(0.04	)		(0.19	)		(0.14	)
Net asset value, end of period	$	8.85		$	11.53		$	13.09		$	11.76		$	9.87
Total Return (b)		–21.80	%		–11.53	%		11.66	%		21.08	%		–18.43	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,427		$	2,113		$	2,544		$	2,425		$	1,853
Ratios to average net assets (c):
Net expenses		1.48	%		1.50	%		1.50	%		1.55	%		1.58	%
Gross expenses		1.69	%		1.55	%		1.62	%		1.90	%		2.00	%
Net investment income (loss)		1.46	%		0.34	%		0.35	%		1.48	%		1.00	%
Portfolio turnover rate		28	%		31	%		23	%		19	%		30	%

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

Annual Report  217

Selected data for a share of capital stock outstanding	Year Ended												For the Period 4/6/18* to
throughout each period	12/31/22			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)		0.18			0.09			0.07			0.20			0.14
Net realized and unrealized gain (loss)		(2.68	)		(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		(0.19	)		(0.09	)		(0.08	)		(0.23	)		(0.18	)
Total distributions		(0.19	)		(0.09	)		(0.08	)		(0.23	)		(0.18	)
Net asset value, end of period	$	8.88		$	11.57		$	13.13		$	11.80		$	9.89
Total Return (b)		–21.58	%		–11.19	%		11.97	%		21.69	%		–17.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	347		$	311		$	544		$	597		$	494
Ratios to average net assets (c):
Net expenses		1.18	%		1.16	%		1.20	%		1.18	%		1.16	%
Gross expenses		2.11	%		1.91	%		1.87	%		3.23	%		7.68	%
Net investment income (loss)		1.87	%		0.66	%		0.63	%		1.80	%		1.71	%
Portfolio turnover rate		28	%		31	%		23	%		19	%		30	%

*	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 SS&C GIDS; 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.

218  Annual Report

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	12.88		$	13.79		$	11.84		$	10.03		$	12.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.29			0.27			0.10			0.24			0.19
Net realized and unrealized gain (loss)		(3.01	)		(0.15	)		1.97			1.80			(2.19	)
Total from investment operations		(2.72	)		0.12			2.07			2.04			(2.00	)
Less distributions from:
Net investment income		(0.29	)		(0.22	)		(0.10	)		(0.23	)		(0.22	)
Net realized gains		(0.04	)		(0.81	)		(0.02	)		—			—	(b)
Return of capital		—			—			—			—			(0.02	)
Total distributions		(0.33	)		(1.03	)		(0.12	)		(0.23	)		(0.24	)
Net asset value, end of period	$	9.83		$	12.88		$	13.79		$	11.84		$	10.03
Total Return (c)		–21.09	%		0.96	%		17.50	%		20.34	%		–16.23	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	80,506		$	68,538		$	27,898		$	9,190		$	3,107
Ratios to average net assets:
Net expenses		0.91	%		0.93	%		1.10	%		1.10	%		1.10	%
Gross expenses		1.11	%		1.21	%		1.97	%		3.19	%		5.60	%
Net investment income (loss)		2.73	%		1.90	%		0.87	%		2.15	%		1.59	%
Portfolio turnover rate		122	%		88	%		91	%		59	%		61	%

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

Annual Report  219

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	12.88		$	13.79		$	11.85		$	10.04		$	12.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.25			0.12			0.09			0.21			0.16
Net realized and unrealized gain (loss)		(2.98	)		(0.04	)		1.93			1.79			(2.18	)
Total from investment operations		(2.73	)		0.08			2.02			2.00			(2.02	)
Less distributions from:
Net investment income		(0.27	)		(0.18	)		(0.06	)		(0.19	)		(0.19	)
Net realized gains		(0.04	)		(0.81	)		(0.02	)		—			—	(b)
Return of capital		—			—			—			—			(0.02	)
Total distributions		(0.31	)		(0.99	)		(0.08	)		(0.19	)		(0.21	)
Net asset value, end of period	$	9.84		$	12.88		$	13.79		$	11.85		$	10.04
Total Return (c)		–21.21	%		0.63	%		17.10	%		19.97	%		–16.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	93		$	979		$	876		$	1,162		$	476
Ratios to average net assets:
Net expenses		1.16	%		1.25	%		1.35	%		1.38	%		1.40	%
Gross expenses		3.20	%		1.75	%		2.68	%		4.32	%		8.09	%
Net investment income (loss)		2.11	%		0.80	%		0.76	%		1.87	%		1.35	%
Portfolio turnover rate		122	%		88	%		91	%		59	%		61	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

220  Annual Report

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	18.12		$	18.03		$	18.48		$	16.06		$	20.02
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.80			0.56			0.37			0.42			0.39
Net realized and unrealized gain (loss)		(3.49	)		0.42			(0.44	)		2.45			(4.01	)
Total from investment operations		(2.69	)		0.98			(0.07	)		2.87			(3.62	)
Less distributions from:
Net investment income		(0.86	)		(0.89	)		(0.38	)		(0.45	)		(0.34	)
Total distributions		(0.86	)		(0.89	)		(0.38	)		(0.45	)		(0.34	)
Net asset value, end of period	$	14.57		$	18.12		$	18.03		$	18.48		$	16.06
Total Return (b)		–14.86	%		5.44	%		–0.10	%		18.04	%		–18.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,281,187		$	3,271,175		$	3,923,878		$	6,645,429		$	7,573,861
Ratios to average net assets:
Net expenses		1.06	%		1.07	%		1.09	%		1.08	%		1.07	%
Gross expenses		1.06	%		1.07	%		1.09	%		1.08	%		1.07	%
Net investment income (loss)		4.92	%		2.93	%		2.36	%		2.42	%		2.12	%
Portfolio turnover rate		23	%		34	%		39	%		20	%		16	%

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

Annual Report  221

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	18.70		$	18.58		$	19.03		$	16.53		$	20.60
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.78			0.53			0.34			0.39			0.35
Net realized and unrealized gain (loss)		(3.60	)		0.43			(0.45	)		2.52			(4.12	)
Total from investment operations		(2.82	)		0.96			(0.11	)		2.91			(3.77	)
Less distributions from:
Net investment income		(0.82	)		(0.84	)		(0.34	)		(0.41	)		(0.30	)
Total distributions		(0.82	)		(0.84	)		(0.34	)		(0.41	)		(0.30	)
Net asset value, end of period	$	15.06		$	18.70		$	18.58		$	19.03		$	16.53
Total Return (b)		–15.09	%		5.19	%		–0.34	%		17.73	%		–18.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	251,237		$	371,863		$	421,990		$	969,347		$	1,004,569
Ratios to average net assets:
Net expenses		1.32	%		1.32	%		1.34	%		1.34	%		1.32	%
Gross expenses		1.32	%		1.32	%		1.34	%		1.34	%		1.32	%
Net investment income (loss)		4.71	%		2.68	%		2.08	%		2.19	%		1.85	%
Portfolio turnover rate		23	%		34	%		39	%		20	%		16	%

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

222  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	18.13		$	18.04		$	18.47		$	16.06		$	20.02
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.78			0.54			0.40			0.40			0.40
Net realized and unrealized gain (loss)		(3.47	)		0.44			(0.45	)		2.46			(4.02	)
Total from investment operations		(2.69	)		0.98			(0.05	)		2.86			(3.62	)
Less distributions from:
Net investment income		(0.86	)		(0.89	)		(0.38	)		(0.45	)		(0.34	)
Total distributions		(0.86	)		(0.89	)		(0.38	)		(0.45	)		(0.34	)
Net asset value, end of period	$	14.58		$	18.13		$	18.04		$	18.47		$	16.06
Total Return (b)		–14.86	%		5.44	%		0.01	%		17.98	%		–18.09	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	8,004		$	9,880		$	23,631		$	184,337		$	232,507
Ratios to average net assets:
Net expenses		1.06	%		1.06	%		1.08	%		1.08	%		1.07	%
Gross expenses		1.10	%		1.08	%		1.09	%		1.08	%		1.07	%
Net investment income (loss)		4.83	%		2.83	%		2.52	%		2.30	%		2.15	%
Portfolio turnover rate		23	%		34	%		39	%		20	%		16	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

Annual Report  223

LAZARD EMERGING MARKETS STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	12.87		$	13.80		$	12.18		$	10.02		$	12.93
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.32			0.19			0.13			0.13			0.17
Net realized and unrealized gain (loss)		(2.77	)		(0.96	)		1.66			2.29			(2.89	)
Total from investment operations		(2.45	)		(0.77	)		1.79			2.42			(2.72	)
Less distributions from:
Net investment income		(0.32	)		(0.16	)		(0.17	)		(0.26	)		(0.19	)
Total distributions		(0.32	)		(0.16	)		(0.17	)		(0.26	)		(0.19	)
Net asset value, end of period	$	10.10		$	12.87		$	13.80		$	12.18		$	10.02
Total Return (b)		–19.04	%		–5.54	%		14.74	%		24.21	%		–21.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	42,053		$	57,269		$	74,406		$	96,399		$	291,404
Ratios to average net assets:
Net expenses		1.13	%		1.18	%		1.22	%		1.26	%		1.15	%
Gross expenses		1.39	%		1.33	%		1.46	%		1.26	%		1.15	%
Net investment income (loss)		2.94	%		1.33	%		1.18	%		1.16	%		1.39	%
Portfolio turnover rate		23	%		95	%		53	%		56	%		61	%

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

224  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period		$12.92		$	13.85		$	12.23		$	10.03		$	12.95
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.31			0.14			0.10			0.14			0.12
Net realized and unrealized gain (loss)		(2.79	)		(0.94	)		1.65			2.29			(2.89	)
Total from investment operations		(2.48	)		(0.80	)		1.75			2.43			(2.77	)
Less distributions from:
Net investment income		(0.30	)		(0.13	)		(0.13	)		(0.23	)		(0.15	)
Total distributions		(0.30	)		(0.13	)		(0.13	)		(0.23	)		(0.15	)
Net asset value, end of period		$10.14		$	12.92		$	13.85		$	12.23		$	10.03
Total Return (b)		–19.24	%		–5.75	%		14.39	%		24.21	%		–21.39	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$2,382		$	2,949		$	4,019		$	5,977		$	6,200
Ratios to average net assets:
Net expenses		1.38	%		1.43	%		1.48	%		1.52	%		1.53	%
Gross expenses		1.81	%		1.71	%		1.83	%		1.77	%		1.53	%
Net investment income (loss)		2.77	%		1.01	%		0.88	%		1.27	%		1.01	%
Portfolio turnover rate		23	%		95	%		53	%		56	%		61	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

Annual Report  225

LAZARD EQUITY FRANCHISE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period		$    10.78		$	10.17		$	10.17		$	8.84		$	10.38
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.15			0.10			0.19			0.20
Net realized and unrealized gain (loss)		(0.70	)		2.14			0.02			1.73			(0.75	)
Total from investment operations		(0.56	)		2.29			0.12			1.92			(0.55	)
Less distributions from:
Net investment income		(0.10	)		(0.15	)		(0.07	)		(0.15	)		(0.21	)
Net realized gains		(1.06	)		(1.53	)		(0.05	)		(0.44	)		(0.78	)
Total distributions		(1.16	)		(1.68	)		(0.12	)		(0.59	)		(0.99	)
Net asset value, end of period		$      9.06		$	10.78		$	10.17		$	10.17		$	8.84
Total Return (b)		–5.21	%		22.76	%		1.15	%		21.70	%		–5.10	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$159,864		$	105,429		$	91,720		$	39,878		$	8,341
Ratios to average net assets:
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		0.98	%		0.98	%		1.11	%		1.36	%		3.42	%
Net investment income (loss)		1.35	%		1.29	%		1.09	%		1.95	%		1.94	%
Portfolio turnover rate		115	%		73	%		79	%		95	%		97	%

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

226  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	10.77		$	10.17		$	10.17		$	8.84		$	10.38
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.12			0.09			0.16			0.19
Net realized and unrealized gain (loss)		(0.70	)		2.13			—	(c)		1.73			(0.77	)
Total from investment operations		(0.58	)		2.25			0.09			1.89			(0.58	)
Less distributions from:
Net investment income		(0.08	)		(0.12	)		(0.04	)		(0.12	)		(0.18	)
Net realized gains		(1.06	)		(1.53	)		(0.05	)		(0.44	)		(0.78	)
Total distributions		(1.14	)		(1.65	)		(0.09	)		(0.56	)		(0.96	)
Net asset value, end of period	$	9.05		$	10.77		$	10.17		$	10.17		$	8.84
Total Return (b)		–5.45	%		22.36	%		0.90	%		21.40	%		–5.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	190		$	93		$	129		$	312		$	190
Ratios to average net assets:
Net expenses		1.20	%		1.20	%		1.20	%		1.18	%		1.20	%
Gross expenses		4.13	%		4.45	%		3.64	%		5.78	%		10.19	%
Net investment income (loss)		1.17	%		1.05	%		1.00	%		1.64	%		1.75	%
Portfolio turnover rate		115	%		73	%		79	%		95	%		97	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.

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

Annual Report  227

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	18.77		$	16.32		$	14.56		$	11.72		$	13.04
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.09			0.07			0.11			0.09
Net realized and unrealized gain (loss)		(3.33	)		3.11			2.24			2.84			(1.02	)
Total from investment operations		(3.24	)		3.20			2.31			2.95			(0.93	)
Less distributions from:
Net investment income		(0.09	)		(0.09	)		(0.05	)		(0.10	)		(0.06	)
Net realized gains		(0.07	)		(0.66	)		(0.50	)		—			(0.32	)
Return of capital		—			—			—			(0.01	)		(0.01	)
Total distributions		(0.16	)		(0.75	)		(0.55	)		(0.11	)		(0.39	)
Net asset value, end of period	$	15.37		$	18.77		$	16.32		$	14.56		$	11.72
Total Return (b)		–17.28	%		19.75	%		15.97	%		25.20	%		–7.12	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	91,303		$	109,943		$	92,418		$	82,057		$	65,382
Ratios to average net assets:
Net expenses		0.88	%		0.84	%		0.90	%		1.01	%		1.05	%
Gross expenses		0.88	%		0.84	%		0.95	%		1.08	%		1.08	%
Net investment income (loss)		0.58	%		0.50	%		0.46	%		0.85	%		0.70	%
Portfolio turnover rate		19	%		22	%		90	%		25	%		34	%

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

228  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period		$ 18.78		$	16.33		$	14.57		$	11.73		$	13.04
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.03			0.05			0.08			0.05
Net realized and unrealized gain (loss)		(3.33	)		3.11			2.22			2.83			(1.01	)
Total from investment operations		(3.28	)		3.14			2.27			2.91			(0.96	)
Less distributions from:
Net investment income		(0.05	)		(0.03	)		(0.01	)		(0.07	)		(0.02	)
Net realized gains		(0.07	)		(0.66	)		(0.50	)		—			(0.32	)
Return of capital		—			—			—			—	(c)		(0.01	)
Total distributions		(0.12	)		(0.69	)		(0.51	)		(0.07	)		(0.35	)
Net asset value, end of period		$ 15.38		$	18.78		$	16.33		$	14.57		$	11.73
Total Return (b)		–17.50	%		19.37	%		15.67	%		24.82	%		–7.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$ 1,254		$	1,543		$	1,158		$	933		$	763
Ratios to average net assets:
Net expenses		1.15	%		1.15	%		1.15	%		1.30	%		1.35	%
Gross expenses		1.49	%		1.40	%		1.74	%		2.36	%		2.80	%
Net investment income (loss)		0.30	%		0.18	%		0.35	%		0.56	%		0.41	%
Portfolio turnover rate		19	%		22	%		90	%		25	%		34	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.

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

Annual Report  229

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	16.50		$	14.65		$	15.78		$	13.51		$	15.99
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.41	*		0.61	*		0.27			0.40			0.41
Net realized and unrealized gain (loss)		(0.60	)		2.27			(1.02	)		2.57			(0.96	)
Total from investment operations		(0.19	)		2.88			(0.75	)		2.97			(0.55	)
Less distributions from:
Net investment income		(0.84	)		(0.72	)		(0.04	)		(0.70	)		(0.72	)
Net realized gains		(1.27	)		(0.31	)		(0.27	)		—			(1.21	)
Return of capital		—			—			(0.07	)		—			—
Total distributions		(2.11	)		(1.03	)		(0.38	)		(0.70	)		(1.93	)
Net asset value, end of period	$	14.20		$	16.50		$	14.65		$	15.78		$	13.51
Total Return (b)		–1.30	%*		19.87	%*		–4.48	%		22.26	%		–3.68	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,789,195		$	7,308,516		$	7,289,680		$	7,277,512		$	4,924,359
Ratios to average net assets:
Net expenses		0.96	%		0.96	%		0.96	%		0.95	%		0.95	%
Gross expenses		0.96	%		0.96	%		0.96	%		0.95	%		0.95	%
Net investment income (loss)		2.54	%*		3.86	%*		1.87	%		2.63	%		2.65	%
Portfolio turnover rate		39	%		28	%		42	%		33	%		49	%

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

230  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	16.51		$	14.66		$	15.79		$	13.52		$	16.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.37	*		0.55	*		0.23			0.36			0.37
Net realized and unrealized gain (loss)		(0.61	)		2.29			(1.01	)		2.57			(0.97	)
Total from investment operations		(0.24	)		2.84			(0.78	)		2.93			(0.60	)
Less distributions from:
Net investment income		(0.79	)		(0.68	)		(0.03	)		(0.66	)		(0.68	)
Net realized gains		(1.27	)		(0.31	)		(0.25	)		—			(1.21	)
Return of capital		—			—			(0.07	)		—			—
Total distributions		(2.06	)		(0.99	)		(0.35	)		(0.66	)		(1.89	)
Net asset value, end of period	$	14.21		$	16.51		$	14.66		$	15.79		$	13.52
Total Return (b)		–1.55	%*		19.56	%*		–4.68	%		21.94	%		–3.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	336,227		$	300,372		$	307,757		$	448,387		$	426,749
Ratios to average net assets:
Net expenses		1.21	%		1.21	%		1.21	%		1.20	%		1.20	%
Gross expenses		1.21	%		1.21	%		1.21	%		1.20	%		1.20	%
Net investment income (loss)		2.31	%*		3.50	%*		1.57	%		2.39	%		2.36	%
Portfolio turnover rate		39	%		28	%		42	%		33	%		49	%

*	Includes $0.00 and $0.04 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.00% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.03% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2022 and 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.

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

Annual Report  231

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
Institutional Shares
Net asset value, beginning of period	$	13.49		$	12.12		$	10.30		$	8.20		$	11.55
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.26			0.02			0.10			0.05
Net realized and unrealized gain (loss)		(2.59	)		1.69			2.17			2.30			(0.90	)
Total from investment operations		(2.55	)		1.95			2.19			2.40			(0.85	)
Less distributions from:
Net investment income		(0.04	)		(0.22	)		(0.01	)		(0.10	)		(0.05	)
Net realized gains		(0.02	)		(0.36	)		(0.36	)		(0.20	)		(2.45	)
Total distributions		(0.06	)		(0.58	)		(0.37	)		(0.30	)		(2.50	)
Net asset value, end of period	$	10.88		$	13.49		$	12.12		$	10.30		$	8.20
Total Return (b)		–18.93	%		16.13	%		21.48	%		29.19	%		–9.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,442		$	17,502		$	4,076		$	3,185		$	2,505
Ratios to average net assets:
Net expenses		0.93	%		0.95	%		0.97	%		1.00	%		1.05	%
Gross expenses		2.00	%		1.88	%		5.74	%		6.07	%		6.41	%
Net investment income (loss)		0.36	%		1.97	%		0.23	%		1.01	%		0.60	%
Portfolio turnover rate		32	%		40	%		59	%		49	%		46	%

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

232  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20*			12/31/19		*	12/31/18		*
Open Shares
Net asset value, beginning of period	$	13.38		$	12.02		$	10.25		$	8.15		$	11.50
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			0.19			—	(c)		0.05			0.05
Net realized and unrealized gain (loss)		(2.58	)		1.72			2.13			2.30			(0.95	)
Total from investment operations		(2.57	)		1.91			2.13			2.35			(0.90	)
Less distributions from:
Net investment income		(0.01	)		(0.19	)		—	(c)		(0.05	)		—	(c)
Net realized gains		(0.02	)		(0.36	)		(0.36	)		(0.20	)		(2.45	)
Total distributions		(0.03	)		(0.55	)		(0.36	)		(0.25	)		(2.45	)
Net asset value, end of period	$	10.78		$	13.38		$	12.02		$	10.25		$	8.15
Total Return (b)		–19.22	%		15.90	%		20.96	%		29.01	%		–9.39	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	173		$	210		$	184		$	144		$	131
Ratios to average net assets:
Net expenses		1.18	%		1.20	%		1.22	%		1.29	%		1.35	%
Gross expenses		4.79	%		4.09	%		8.76	%		13.26	%		14.05	%
Net investment income (loss)		0.12	%		1.47	%		–0.01	%		0.72	%		0.29	%
Portfolio turnover rate		32	%		40	%		59	%		49	%		46	%

*	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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.

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

Annual Report  233

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	11.19		$	10.32		$	9.99		$	8.70		$	10.92
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.29			0.29			0.20			0.22			0.24
Net realized and unrealized gain (loss)		(1.79	)		1.15			0.33			1.29			(2.01	)
Total from investment operations		(1.50	)		1.44			0.53			1.51			(1.77	)
Less distributions from:
Net investment income		(0.30	)		(0.29	)		(0.20	)		(0.22	)		(0.33	)
Net realized gains		(0.05	)		(0.28	)		—			—			(0.12	)
Total distributions		(0.35	)		(0.57	)		(0.20	)		(0.22	)		(0.45	)
Net asset value, end of period	$	9.34		$	11.19		$	10.32		$	9.99		$	8.70
Total Return (b)		–13.45	%		13.94	%		5.41	%		17.37	%		–16.26	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,444		$	2,855		$	2,472		$	2,408		$	2,051
Ratios to average net assets :
Net expenses		0.85	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		7.06	%		5.81	%		8.57	%		8.40	%		7.60	%
Net investment income (loss)		3.01	%		2.54	%		2.24	%		2.30	%		2.29	%
Portfolio turnover rate		85	%		99	%		109	%		66	%		72	%

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

234  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.20		$	10.32		$	9.99		$	8.70		$	10.92
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			0.26			0.18			0.19			0.21
Net realized and unrealized gain (loss)		(1.81	)		1.16			0.33			1.29			(2.01	)
Total from investment operations		(1.54	)		1.42			0.51			1.48			(1.80	)
Less distributions from:
Net investment income		(0.27	)		(0.26	)		(0.18	)		(0.19	)		(0.30	)
Net realized gains		(0.05	)		(0.28	)		—			—			(0.12	)
Total distributions		(0.32	)		(0.54	)		(0.18	)		(0.19	)		(0.42	)
Net asset value, end of period	$	9.34		$	11.20		$	10.32		$	9.99		$	8.70
Total Return (b)		–13.75	%		13.75	%		5.14	%		17.03	%		–16.52	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	117		$	135		$	119		$	113		$	97
Ratios to average net assets :
Net expenses		1.10	%		1.15	%		1.15	%		1.18	%		1.20	%
Gross expenses		10.77	%		9.38	%		12.55	%		17.72	%		17.67	%
Net investment income (loss)		2.76	%		2.29	%		1.99	%		2.02	%		1.99	%
Portfolio turnover rate		85	%		99	%		109	%		66	%		72	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

Annual Report  235

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	17.98		$	20.02		$	18.61		$	15.68		$	19.61
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.29	*		0.67	*		0.21			0.37			0.37
Net realized and unrealized gain (loss)		(2.96	)		0.49			1.41			2.95			(3.06	)
Total from investment operations		(2.67	)		1.16			1.62			3.32			(2.69	)
Less distributions from:
Net investment income		(0.26	)		(1.07	)		(0.21	)		(0.39	)		(0.42	)
Net realized gains		(0.64	)		(2.13	)		—			—			(0.82	)
Total distributions		(0.90	)		(3.20	)		(0.21	)		(0.39	)		(1.24	)
Net asset value, end of period	$	14.41		$	17.98		$	20.02		$	18.61		$	15.68
Total Return (b)		–14.83	%*		6.00	%*		8.76	%		21.19	%		–13.61	%	#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	869,014		$	1,567,011		$	2,812,450		$	2,495,021		$	2,102,735
Ratios to average net assets:
Net expenses		0.83	%		0.82	%		0.82	%		0.82	%		0.81	%
Gross expenses		0.83	%		0.82	%		0.82	%		0.82	%		0.81	%
Net investment income (loss)		1.89	%*		3.21	%*		1.21	%		2.13	%		1.94	%
Portfolio turnover rate		31	%		34	%		38	%		37	%		36	%

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

236  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	18.24		$	20.26		$	18.84		$	15.87		$	19.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27	*		0.63	*		0.17			0.33			0.32
Net realized and unrealized gain (loss)		(3.01	)		0.50			1.41			2.98			(3.08	)
Total from investment operations		(2.74	)		1.13			1.58			3.31			(2.76	)
Less distributions from:
Net investment income		(0.23	)		(1.02	)		(0.16	)		(0.34	)		(0.38	)
Net realized gains		(0.64	)		(2.13	)		—			—			(0.82	)
Total distributions		(0.87	)		(3.15	)		(0.16	)		(0.34	)		(1.20	)
Net asset value, end of period	$	14.63		$	18.24		$	20.26		$	18.84		$	15.87
Total Return (b)		–15.05	%*		5.76	%*		8.43	%		20.89	%		–13.83	%	#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	54,781		$	93,296		$	120,781		$	257,308		$	227,483
Ratios to average net assets:
Net expenses		1.09	%		1.07	%		1.08	%		1.07	%		1.06	%
Gross expenses		1.09	%		1.07	%		1.08	%		1.07	%		1.06	%
Net investment income (loss)		1.70	%*		2.98	%*		0.97	%		1.84	%		1.67	%
Portfolio turnover rate		31	%		34	%		38	%		37	%		36	%

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

Annual Report  237

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	17.95		$	19.99		$	18.58		$	15.66		$	19.59
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.31	*		0.67	*		0.21			0.38			0.36
Net realized and unrealized gain (loss)		(2.97	)		0.50			1.41			2.93			(3.05	)
Total from investment operations		(2.66	)		1.17			1.62			3.31			(2.69	)
Less distributions from:
Net investment income		(0.27	)		(1.08	)		(0.21	)		(0.39	)		(0.42	)
Net realized gains		(0.64	)		(2.13	)		—			—			(0.82	)
Total distributions		(0.91	)		(3.21	)		(0.21	)		(0.39	)		(1.24	)
Net asset value, end of period	$	14.38		$	17.95		$	19.99		$	18.58		$	15.66
Total Return (b)		–14.82	%*		6.03	%*		8.79	%		21.17	%		–13.62	%	#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	63,434		$	116,187		$	129,419		$	107,574		$	106,516
Ratios to average net assets:
Net expenses		0.80	%		0.80	%		0.81	%		0.80	%		0.80	%
Gross expenses		0.83	%		0.82	%		0.83	%		0.82	%		0.81	%
Net investment income (loss)		2.02	%*		3.20	%*		1.21	%		2.19	%		1.84	%
Portfolio turnover rate		31	%		34	%		38	%		37	%		36	%

#	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.
*	Includes $0.02 and $0.07 of refunds as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.12% impact on the total return of the Portfolio for year ended December 31, 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 0.15% and 0.31% 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.
(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

238  Annual Report

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	11.51		$	11.53		$	10.75		$	9.13		$	11.02
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16	*		0.31			0.11			0.23			0.18
Net realized and unrealized gain (loss)		(1.94	)		0.06			0.78			1.62			(1.82	)
Total from investment operations		(1.78	)		0.37			0.89			1.85			(1.64	)
Less distributions from:
Net investment income		(0.17	)		(0.32	)		(0.11	)		(0.23	)		(0.25	)
Net realized gains		(0.04	)		(0.07	)		—			—			—
Total distributions		(0.21	)		(0.39	)		(0.11	)		(0.23	)		(0.25	)
Net asset value, end of period	$	9.52		$	11.51		$	11.53		$	10.75		$	9.13
Total Return (b)		–15.46	%*		3.24	%		8.33	%		20.32	%		–14.90	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	51,643		$	78,782		$	92,121		$	93,586		$	74,582
Ratios to average net assets:
Net expenses		0.90	%		0.87	%		0.90	%		0.97	%		1.05	%
Gross expenses		0.96	%		0.87	%		0.95	%		0.99	%		1.05	%
Net investment income (loss)		1.56	%*		2.60	%		1.10	%		2.29	%		1.73	%
Portfolio turnover rate		41	%		35	%		34	%		42	%		32	%

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

Annual Report  239

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.57		$	11.58		$	10.80		$	9.17		$	11.03
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13	*		0.24			0.08			0.19			0.15
Net realized and unrealized gain (loss)		(1.94	)		0.11			0.78			1.64			(1.82	)
Total from investment operations		(1.81	)		0.35			0.86			1.83			(1.67	)
Less distributions from:
Net investment income		(0.15	)		(0.29	)		(0.08	)		(0.20	)		(0.19	)
Net realized gains		(0.04	)		(0.07	)		—			—			—
Total distributions		(0.19	)		(0.36	)		(0.08	)		(0.20	)		(0.19	)
Net asset value, end of period	$	9.57		$	11.57		$	11.58		$	10.80		$	9.17
Total Return (b)		–15.68	%*		3.03	%		8.02	%		19.97	%		–15.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,910		$	4,166		$	2,868		$	2,502		$	1,502
Ratios to average net assets:
Net expenses		1.15	%		1.15	%		1.15	%		1.28	%		1.35	%
Gross expenses		1.35	%		1.26	%		1.38	%		1.74	%		1.83	%
Net investment income (loss)		1.30	%*		2.03	%		0.80	%		1.87	%		1.42	%
Portfolio turnover rate		41	%		35	%		34	%		42	%		32	%

*	There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022. There was a 0.02% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2022. 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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

240  Annual Report

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended												For the Period 12/31/18* to
throughout each period	12/31/22			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)		0.10			0.07			0.03			0.08			—
Net realized and unrealized gain (loss)		(3.47	)		1.48			3.01			2.95			(0.02	)
Total from investment operations		(3.37	)		1.55			3.04			3.03			(0.02	)
Less distributions from:
Net investment income		(0.09	)		(0.03	)		(0.01	)		(0.27	)		—
Net realized gains		(0.06	)		(0.31	)		(0.13	)		(0.05	)		—
Total distributions		(0.15	)		(0.34	)		(0.14	)		(0.32	)		—
Net asset value, end of period	$	13.28		$	16.80		$	15.59		$	12.69		$	9.98
Total Return (b)		–20.10	%		9.99	%		23.95	%		30.32	%		–0.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	110,723		$	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		1.05	%		1.24	%		3.58	%		8.16	%		8.45	%
Net investment income (loss)		0.70	%		0.44	%		0.24	%		0.65	%		0.00	%
Portfolio turnover rate		43	%		7	%		12	%		20	%		0	%

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

Annual Report  241

Selected data for a share of capital stock outstanding	Year Ended												For the Period 12/31/18* to
throughout each period	12/31/22			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)		(3.45	)		1.47			3.01			2.90			—	(d)
Total from investment operations		(3.39	)		1.50			2.99			2.97			—	(d)
Less distributions from:
Net investment income		(0.05	)		—			—			(0.27	)		—
Net realized gains		(0.06	)		(0.31	)		(0.13	)		(0.05	)		—
Total distributions		(0.11	)		(0.31	)		(0.13	)		(0.32	)		—
Net asset value, end of period	$	13.20		$	16.70		$	15.51		$	12.65		$	10.00
Total Return (b)		–20.31	%		9.69	%		23.63	%		29.66	%		0.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	372		$	333		$	291		$	10		$	1
Ratios to average net assets(c):
Net expenses		1.10	%		1.10	%		1.10	%		1.10	%		0.00	%
Gross expenses		2.81	%		2.76	%		9.57	%		142.50	%		0.40	%
Net investment income (loss)		0.42	%		0.18	%		-0.15	%		0.60	%		0.00	%
Portfolio turnover rate		43	%		7	%		12	%		20	%		0	%

*	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 SS&C GIDS; 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.

242  Annual Report

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	10.99		$	13.50		$	12.19		$	9.95		$	13.79
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.20	*		0.06			0.13			0.12
Net realized and unrealized gain (loss)		(3.02	)		1.33			1.53			2.42			(3.51	)
Total from investment operations		(2.88	)		1.53			1.59			2.55			(3.39	)
Less distributions from:
Net investment income		(0.05	)		(0.56	)		(0.28	)		(0.05	)		(0.27	)
Net realized gains		(0.37	)		(3.48	)		—			(0.26	)		(0.18	)
Total distributions		(0.42	)		(4.04	)		(0.28	)		(0.31	)		(0.45	)
Net asset value, end of period	$	7.69		$	10.99		$	13.50		$	12.19		$	9.95
Total Return (b)		–26.32	%		11.83	%*		13.44	%		26.01	%		–24.88	%	#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	6,940		$	14,542		$	29,374		$	37,677		$	35,121
Ratios to average net assets:
Net expenses		1.14	%		1.12	%		1.15	%		1.14	%		1.08	%
Gross expenses		1.72	%		1.24	%		1.29	%		1.15	%		1.08	%
Net investment income (loss)		1.65	%		1.34	%*		0.57	%		1.14	%		0.96	%
Portfolio turnover rate		44	%		47	%		50	%		37	%		59	%

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

Annual Report  243

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.03		$	13.50		$	12.19		$	9.97		$	13.82
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14			0.15	*		0.04			0.10			0.11
Net realized and unrealized gain (loss)		(3.05	)		1.35			1.52			2.43			(3.54	)
Total from investment operations		(2.91	)		1.50			1.56			2.53			(3.43	)
Less distributions from:
Net investment income		(0.03	)		(0.49	)		(0.25	)		(0.05	)		(0.24	)
Net realized gains		(0.37	)		(3.48	)		—			(0.26	)		(0.18	)
Total distributions		(0.40	)		(3.97	)		(0.25	)		(0.31	)		(0.42	)
Net asset value, end of period	$	7.72		$	11.03		$	13.50		$	12.19		$	9.97
Total Return (b)		–26.49	%		11.61	%*		13.15	%		25.76	%		–25.09	%	#
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,692		$	11,969		$	12,581		$	19,780		$	20,265
Ratios to average net assets:
Net expenses		1.39	%		1.37	%		1.40	%		1.39	%		1.34	%
Gross expenses		1.97	%		1.51	%		1.56	%		1.43	%		1.34	%
Net investment income (loss)		1.58	%		1.05	%*		0.33	%		0.86	%		0.83	%
Portfolio turnover rate		44	%		47	%		50	%		37	%		59	%

#	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.
*	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.
(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

244  Annual Report

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	16.37		$	16.83		$	15.38	$		12.89		$	15.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22	*		0.56	*		0.17			0.24			0.21
Net realized and unrealized gain (loss)		(2.98	)		0.42			1.45			2.53			(1.85	)
Total from investment operations		(2.76	)		0.98			1.62			2.77			(1.64	)
Less distributions from:
Net investment income		(0.19	)		(0.62	)		(0.17	)		(0.28	)		(0.21	)
Net realized gains		—			(0.51	)		—			—			(0.96	)
Return of capital		—			(0.31	)		—			—			—
Total distributions		(0.19	)		(1.44	)		(0.17	)		(0.28	)		(1.17	)
Net asset value, end of period	$	13.42		$	16.37		$	16.83		$	15.38		$	12.89
Total Return (b)		–16.88	%*		5.99	%*		10.58	%		21.55	%		–10.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,180,622		$	5,713,405		$	5,270,611		$	5,505,271		$	4,630,334
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.81	%		0.80	%		0.80	%
Gross expenses		0.81	%		0.80	%		0.81	%		0.80	%		0.80	%
Net investment income (loss)		1.56	%*		3.15	%*		1.18	%		1.66	%		1.36	%
Portfolio turnover rate		33	%		31	%		37	%		36	%		40	%

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

Annual Report  245

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	16.53		$	16.99		$	15.52		$	13.01		$	15.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18	*		0.52	*		0.14			0.21			0.17
Net realized and unrealized gain (loss)		(3.00	)		0.42			1.46			2.55			(1.86	)
Total from investment operations		(2.82	)		0.94			1.60			2.76			(1.69	)
Less distributions from:
Net investment income		(0.15	)		(0.60	)		(0.13	)		(0.25	)		(0.17	)
Net realized gains		—			(0.51	)		—			—			(0.96	)
Return of capital		—			(0.29	)		—			—			—
Total distributions		(0.15	)		(1.40	)		(0.13	)		(0.25	)		(1.13	)
Net asset value, end of period	$	13.56		$	16.53		$	16.99		$	15.52		$	13.01
Total Return (b)		–17.04	%*		5.67	%*		10.34	%		21.21	%		–10.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	308,243		$	460,862		$	535,285		$	682,035		$	832,548
Ratios to average net assets:
Net expenses		1.07	%		1.06	%		1.06	%		1.06	%		1.05	%
Gross expenses		1.07	%		1.06	%		1.06	%		1.06	%		1.05	%
Net investment income (loss)		1.27	%*		2.88	%*		0.94	%		1.47	%		1.10	%
Portfolio turnover rate		33	%		31	%		37	%		36	%		40	%

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

246  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout the period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	16.38		$	16.85		$	15.39		$	12.90		$	15.71
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22	*		0.56	*		0.17			0.23			0.21
Net realized and unrealized gain (loss)		(2.98	)		0.41			1.46			2.54			(1.85	)
Total from investment operations		(2.76	)		0.97			1.63			2.77			(1.64	)
Less distributions from:
Net investment income		(0.19	)		(0.62	)		(0.17	)		(0.28	)		(0.21	)
Net realized gains		—			(0.51	)		—			—			(0.96	)
Return of capital		—			(0.31	)		—			—			—
Total distributions		(0.19	)		(1.44	)		(0.17	)		(0.28	)		(1.17	)
Net asset value, end of period	$	13.43		$	16.38		$	16.85		$	15.39		$	12.90
Total Return (b)		–16.87	%*		5.93	%*		10.64	%		21.54	%		–10.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	96,524		$	124,625		$	118,678		$	120,118		$	97,394
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.81	%		0.80	%		0.80	%
Gross expenses		0.82	%		0.81	%		0.82	%		0.81	%		0.81	%
Net investment income (loss)		1.54	%*		3.16	%*		1.16	%		1.61	%		1.34	%
Portfolio turnover rate		33	%		31	%		37	%		36	%		40	%

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

Annual Report  247

*	Includes $0.01 and $0.06 of refunds as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and year ended December 31, 2021, respectively. There was a 0.06% and 0.39% impact to the Institutional and R6 Share Class and a 0.06% and 0.38% impact to the Open Class on the total return of the Portfolio. There was a 0.10% and 0.33% 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.
(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

248  Annual Report

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	13.17		$	11.78		$	12.66		$	10.55		$	11.57
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22			0.21			0.21			0.21			0.19
Net realized and unrealized gain (loss)		(1.10	)		2.01			(0.87	)		2.08			(1.03	)
Total from investment operations		(0.88	)		2.22			(0.66	)		2.29			(0.84	)
Less distributions from:
Net investment income		(0.21	)		(0.39	)		(0.09	)		(0.18	)		(0.16	)
Net realized gains		(0.15	)		(0.44	)		(0.13	)		—	(b)		(0.02	)
Total distributions		(0.36	)		(0.83	)		(0.22	)		(0.18	)		(0.18	)
Net asset value, end of period	$	11.93		$	13.17		$	11.78		$	12.66		$	10.55
Total Return (c)		–6.72	%		19.00	%		–5.18	%		21.69	%		–7.21	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	28,712		$	31,040		$	25,737		$	34,354		$	20,709
Ratios to average net assets:
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.25	%		1.20	%		1.23	%		1.36	%		1.64	%
Net investment income (loss)		1.79	%		1.62	%		1.83	%		1.72	%		1.66	%
Portfolio turnover rate		97	%		110	%		138	%		103	%		122	%

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

Annual Report  249

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	13.16		$	11.78		$	12.65		$	10.54		$	11.56
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.18			0.19			0.17			0.15
Net realized and unrealized gain (loss)		(1.10	)		2.00			(0.87	)		2.08			(1.02	)
Total from investment operations		(0.91	)		2.18			(0.68	)		2.25			(0.87	)
Less distributions from:
Net investment income		(0.18	)		(0.36	)		(0.06	)		(0.14	)		(0.13	)
Net realized gains		(0.15	)		(0.44	)		(0.13	)		—	(b)		(0.02	)
Total distributions		(0.33	)		(0.80	)		(0.19	)		(0.14	)		(0.15	)
Net asset value, end of period	$	11.92		$	13.16		$	11.78		$	12.65		$	10.54
Total Return (c)		–6.96	%		18.62	%		–5.34	%		21.36	%		–7.50	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	81		$	87		$	76		$	231		$	183
Ratios to average net assets:
Net expenses		1.00	%		1.00	%		1.00	%		1.03	%		1.05	%
Gross expenses		6.80	%		6.85	%		4.39	%		5.81	%		5.86	%
Net investment income (loss)		1.55	%		1.39	%		1.63	%		1.46	%		1.28	%
Portfolio turnover rate		97	%		110	%		138	%		103	%		122	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

250  Annual Report

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	19.70		$	18.05		$	16.84		$	12.89		$	15.31
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.08			0.12			0.13			0.18
Net realized and unrealized gain (loss)		(3.98	)		4.55			1.39			3.96			(1.11	)
Total from investment operations		(3.88	)		4.63			1.51			4.09			(0.93	)
Less distributions from:
Net investment income		(0.10	)		(0.08	)		(0.11	)		(0.14	)		(0.20	)
Net realized gains		(0.84	)		(2.90	)		(0.19	)		—			(1.29	)
Total distributions		(0.94	)		(2.98	)		(0.30	)		(0.14	)		(1.49	)
Net asset value, end of period	$	14.88		$	19.70		$	18.05		$	16.84		$	12.89
Total Return (b)		–19.89	%		26.02	%		8.98	%		31.72	%		–6.07	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,193,492		$	1,943,232		$	1,936,367		$	1,271,509		$	1,040,851
Ratios to average net assets:
Net expenses		0.78	%		0.76	%		0.76	%		0.76	%		0.75	%
Gross expenses		0.78	%		0.76	%		0.76	%		0.76	%		0.75	%
Net investment income (loss)		0.58	%		0.38	%		0.72	%		0.85	%		1.14	%
Portfolio turnover rate		69	%		32	%		43	%		33	%		69	%

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

Annual Report  251

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	19.88		$	18.19		$	16.98		$	12.99		$	15.42
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.03			0.08			0.09			0.13
Net realized and unrealized gain (loss)		(4.01	)		4.58			1.38			3.99			(1.11	)
Total from investment operations		(3.96	)		4.61			1.46			4.08			(0.98	)
Less distributions from:
Net investment income		(0.05	)		(0.02	)		(0.06	)		(0.09	)		(0.16	)
Net realized gains		(0.84	)		(2.90	)		(0.19	)		—			(1.29	)
Total distributions		(0.89	)		(2.92	)		(0.25	)		(0.09	)		(1.45	)
Net asset value, end of period	$	15.03		$	19.88		$	18.19		$	16.98		$	12.99
Total Return (b)		–20.07	%		25.72	%		8.63	%		31.42	%		-6.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	24,268		$	35,649		$	34,358		$	46,840		$	50,981
Ratios to average net assets:
Net expenses		1.04	%		1.02	%		1.02	%		1.04	%		1.03	%
Gross expenses		1.04	%		1.02	%		1.02	%		1.04	%		1.03	%
Net investment income (loss)		0.31	%		0.13	%		0.47	%		0.55	%		0.85	%
Portfolio turnover rate		69	%		32	%		43	%		33	%		69	%

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

252  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	19.76		$	18.09		$	16.89		$	12.92		$	15.34
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.08			0.12			0.13			0.17
Net realized and unrealized gain (loss)		(3.99	)		4.56			1.38			3.98			(1.10	)
Total from investment operations		(3.89	)		4.64			1.50			4.11			(0.93	)
Less distributions from:
Net investment income		(0.10	)		(0.07	)		(0.11	)		(0.14	)		(0.20	)
Net realized gains		(0.84	)		(2.90	)		(0.19	)		—			(1.29	)
Total distributions		(0.94	)		(2.97	)		(0.30	)		(0.14	)		(1.49	)
Net asset value, end of period	$	14.93		$	19.76		$	18.09		$	16.89		$	12.92
Total Return (b)		-19.89	%		26.06	%		8.90	%		31.79	%		–6.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,186		$	2,720		$	2,177		$	2,091		$	1,900
Ratios to average net assets:
Net expenses		0.78	%		0.76	%		0.76	%		0.76	%		0.75	%
Gross expenses		0.94	%		0.87	%		0.92	%		1.20	%		2.16	%
Net investment income (loss)		0.59	%		0.40	%		0.73	%		0.83	%		1.15	%
Portfolio turnover rate		69	%		32	%		43	%		33	%		69	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

Annual Report  253

LAZARD US EQUITY FOCUS PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	16.07		$	13.37		$	12.03		$	10.23		$	12.43
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.08			0.11			0.13			0.14
Net realized and unrealized gain (loss)		(2.82	)		3.54			1.94			3.11			(0.55	)
Total from investment operations		(2.72	)		3.62			2.05			3.24			(0.41	)
Less distributions from:
Net investment income		(0.10	)		(0.05	)		(0.10	)		(0.23	)		(0.29	)
Net realized gains		(0.26	)		(0.87	)		(0.61	)		(1.21	)		(1.50	)
Total distributions		(0.36	)		(0.92	)		(0.71	)		(1.44	)		(1.79	)
Net asset value, end of period	$	12.99		$	16.07		$	13.37		$	12.03		$	10.23
Total Return (b)		–16.94	%		27.36	%		17.29	%		31.67	%		–3.12	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	38,037		$	42,755		$	31,075		$	32,661		$	60,629
Ratios to average net assets:
Net expenses		0.70	%		0.70	%		0.70	%		0.75	%		0.75	%
Gross expenses		0.81	%		0.76	%		1.26	%		0.92	%		0.92	%
Net investment income (loss)		0.72	%		0.54	%		0.91	%		1.07	%		1.10	%
Portfolio turnover rate		29	%		27	%		54	%		45	%		62	%

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

254  Annual Report

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	16.16		$	13.45		$	12.09		$	10.28		$	12.48
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.04			0.08			0.10			0.10
Net realized and unrealized gain (loss)		(2.84	)		3.55			1.96			3.11			(0.54	)
Total from investment operations		(2.77	)		3.59			2.04			3.21			(0.44	)
Less distributions from:
Net investment income		(0.07	)		(0.01	)		(0.07	)		(0.19	)		(0.26	)
Net realized gains		(0.26	)		(0.87	)		(0.61	)		(1.21	)		(1.50	)
Total distributions		(0.33	)		(0.88	)		(0.68	)		(1.40	)		(1.76	)
Net asset value, end of period	$	13.06		$	16.16		$	13.45		$	12.09		$	10.28
Total Return (b)		–17.18	%		26.96	%		17.08	%		31.25	%		–3.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,160		$	1,569		$	1,285		$	1,117		$	881
Ratios to average net assets:
Net expenses		0.95	%		0.95	%		0.95	%		1.03	%		1.05	%
Gross expenses		1.31	%		1.22	%		1.79	%		2.14	%		2.33	%
Net investment income (loss)		0.46	%		0.29	%		0.67	%		0.79	%		0.80	%
Portfolio turnover rate		29	%		27	%		54	%		45	%		62	%

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

Annual Report  255

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
R6 Shares
Net asset value, beginning of period	$	16.08		$	13.38		$	12.04		$	10.23		$	12.43
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.08			0.11			0.13			0.14
Net realized and unrealized gain (loss)		(2.83	)		3.54			1.94			3.12			(0.55	)
Total from investment operations		(2.73	)		3.62			2.05			3.25			(0.41	)
Less distributions from:
Net investment income		(0.10	)		(0.05	)		(0.10	)		(0.23	)		(0.29	)
Net realized gains		(0.26	)		(0.87	)		(0.61	)		(1.21	)		(1.50	)
Total distributions		(0.36	)		(0.92	)		(0.71	)		(1.44	)		(1.79	)
Net asset value,end of period	$	12.99		$	16.08		$	13.38		$	12.04		$	10.23
Total Return (b)		–17.00	%		27.34	%		17.28	%		31.76	%		–3.13	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	34,244		$	36,066		$	20,747		$	10,609		$	10,056
Ratios to average net assets:
Net expenses		0.70	%		0.70	%		0.70	%		0.74	%		0.75	%
Gross expenses		0.81	%		0.76	%		1.27	%		1.00	%		1.01	%
Net investment income (loss)		0.72	%		0.52	%		0.91	%		1.09	%		1.10	%
Portfolio turnover rate		29	%		27	%		54	%		45	%		62	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

256  Annual Report

LAZARD US SMALL-MID CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	14.97		$	14.42		$	13.64		$	10.83		$	14.65
Income (Loss) from investment operations:
Net investment income (loss) (a)		—	(b)		0.01			0.04			0.06			0.05
Net realized and unrealized gain (loss)		(2.24	)		2.81			0.82			3.19			(2.00	)
Total from investment operations		(2.24	)		2.82			0.86			3.25			(1.95	)
Less distributions from:
Net investment income		—			(0.03	)		(0.02	)		(0.03	)		(0.04	)
Net realized gains		(0.52	)		(2.24	)		(0.06	)		(0.41	)		(1.83	)
Total distributions		(0.52	)		(2.27	)		(0.08	)		(0.44	)		(1.87	)
Net asset value, end of period	$	12.21		$	14.97		$	14.42		$	13.64		$	10.83
Total Return (c)		–15.23	%		19.91	%		6.44	%		30.00	%		–13.27	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	34,882		$	94,517		$	91,984		$	108,112		$	113,677
Ratios to average net assets:
Net expenses		1.03	%		0.94	%		0.98	%		0.92	%		0.87	%
Gross expenses		1.05	%		0.94	%		0.98	%		0.92	%		0.87	%
Net investment income (loss)		–0.03	%		0.05	%		0.31	%		0.46	%		0.35	%
Portfolio turnover rate		35	%		66	%		80	%		90	%		81	%

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

Annual Report  257

Selected data for a share of capital stock outstanding	Year Ended
throughout each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period		$13.56		$	13.25		$	12.58		$	10.03		$	13.72
Income (Loss) from investment operations:
Net investment income (loss) (a)		(0.03	)		(0.04	)		—	(b)		0.01			0.01
Net realized and unrealized gain (loss)		(2.03	)		2.59			0.75			2.95			(1.87	)
Total from investment operations		(2.06	)		2.55			0.75			2.96			(1.86	)
Less distributions from:
Net investment income		—			—	(b)		(0.02	)		—			—	(b)
Net realized gains		(0.52	)		(2.24	)		(0.06	)		(0.41	)		(1.83	)
Total distributions		(0.52	)		(2.24	)		(0.08	)		(0.41	)		(1.83	)
Net asset value, end of period		$10.98		$	13.56		$	13.25		$	12.58		$	10.03
Total Return (c)		–15.49	%		19.59	%		6.10	%		29.51	%		–13.49	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$7,750		$	10,798		$	10,965		$	14,643		$	13,726
Ratios to average net assets:
Net expenses		1.31	%		1.22	%		1.28	%		1.25	%		1.18	%
Gross expenses		1.36	%		1.22	%		1.28	%		1.25	%		1.18	%
Net investment income (loss)		–0.27	%		–0.24	%		—	%(d)		0.11	%		0.04	%
Portfolio turnover rate		35	%		66	%		80	%		90	%		81	%

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

258  Annual Report

Selected data for a share of capital stock outstanding	Year Ended						For the Period 1/8/20*
throughout each period	12/31/22			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)		(0.04	)		0.01			0.04
Net realized and unrealized gain (loss)		(2.17	)		2.82			0.84
Total from investment operations		(2.21	)		2.83			0.88
Less distributions from:
Net investment income		—			(0.03	)		(0.02	)
Net realized gains		(0.52	)		(2.24	)		(0.06	)
Total distributions		(0.52	)		(2.27	)		(0.08	)
Net asset value, end of period	$	12.25		$	14.98		$	14.42
Total Return (c)		–15.01	%		19.95	%		6.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	24		$	718		$	684
Ratios to average net assets (e):
Net expenses		1.03	%		0.93	%		0.96	%
Gross expenses		1.51	%		2.53	%		1.65	%
Net investment income (loss)		–0.31	%		0.05	%		0.34	%
Portfolio turnover rate		35	%		66	%		80	%

*	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)	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, SS&C GIDS; 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)	Amount is less than 0.005%
(e)	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.

Annual Report  259

LAZARD US SUSTAINABLE EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended						For the Period 6/30/20*
throughout each period	12/31/22			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)		0.08			0.06			0.04
Net realized and unrealized gain (loss)		(2.86	)		3.47			2.23
Total from investment operations		(2.78	)		3.53			2.27
Less distributions from:
Net investment income		(0.08	)		(0.08	)		(0.04	)
Net realized gains		(0.19	)		(0.24	)		(0.03	)
Total distributions		(0.27	)		(0.32	)		(0.07	)
Net asset value, end of period	$	12.36		$	15.41		$	12.20
Total Return (b)		–18.07	%		29.01	%		22.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,222		$	14,687		$	11,490
Ratios to average net assets (c):
Net expenses		0.75	%		0.75	%		0.75	%
Gross expenses		1.84	%		2.08	%		2.49	%
Net investment income (loss)		0.64	%		0.43	%		0.65	%
Portfolio turnover rate		23	%		8	%		5	%

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

260  Annual Report

Selected data for a share of capital stock outstanding	Year Ended						For the Period 6/30/20*
throughout each period	12/31/22			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)		0.05			0.02			0.02
Net realized and unrealized gain (loss)		(2.87	)		3.48			2.23
Total from investment operations		(2.82	)		3.50			2.25
Less distributions from:
Net investment income		(0.05	)		(0.04	)		(0.01	)
Net realized gains		(0.19	)		(0.24	)		(0.03	)
Total distributions		(0.24	)		(0.28	)		(0.04	)
Net asset value, end of period	$	12.37		$	15.43		$	12.21
Total Return (b)		–18.32	%		28.75	%		22.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	537		$	655		$	128
Ratios to average net assets (c):
Net expenses		1.00	%		1.00	%		1.00	%
Gross expenses		2.88	%		3.15	%		5.31	%
Net investment income (loss)		0.39	%		0.17	%		0.43	%
Portfolio turnover rate		23	%		8	%		5	%

*	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, SS&C GIDS; 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.

Annual Report  261

LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO

Selected data for a share of capital stock outstanding	Year Ended				For the Period 10/29/21*
throughout each period	12/31/22				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)			0.09			0.02
Net realized and unrealized gain (loss)			(1.77	)		0.26
Total from investment operations			(1.68	)		0.28
Less distributions from:
Net investment income			(0.06	)		(0.02	)
Total distributions			(0.06	)		(0.02	)
Net asset value, end of period		$	8.52		$	10.26
Total Return (b)			–16.33	%		2.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	24,786		$	3,983
Ratios to average net assets (c):
Net expenses			0.90	%		0.90	%
Gross expenses			2.67	%		5.13	%
Net investment income (loss)			1.00	%		1.39	%
Portfolio turnover rate			74	%		22	%

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

262  Annual Report

Selected data for a share of capital stock outstanding	Year Ended			For the Period 10/29/21*
throughout each period	12/31/22			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)		0.06			0.02
Net realized and unrealized gain (loss)		(1.76	)		0.26
Total from investment operations		(1.70	)		0.28
Less distributions from:
Net investment income		(0.04	)		—
Total distributions		(0.04	)		—
Net asset value, end of period	$	8.54		$	10.28
Total Return (b)		–16.51	%		2.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	102		$	120
Ratios to average net assets (c):
Net expenses		1.15	%		1.15	%
Gross expenses		5.52	%		13.16	%
Net investment income (loss)		0.66	%		1.14	%
Portfolio turnover rate		74	%		22	%

*	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, SS&C GIDS; 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.

Annual Report  263

The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2022

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 December 31, 2022, the Fund was comprised of thirty 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 nine 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.

264  Annual Report

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, and exchange traded funds, 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 in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

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If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio’s NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value 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 Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which 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. 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 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 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 year ended December 31, 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.

At December 31, 2022, the following Portfolios had unused realized capital loss carryovers which, for federal income tax

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purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Short-Term		Long-Term
Developing Markets Equity	$	68,237,024	$	49,567,394
Emerging Markets Core Equity		11,595,277		7,258,236
Emerging Markets Equity Advantage		4,187,565		2,653,096
Emerging Markets Equity		221,374,883		890,018,802
Emerging Markets Strategic Equity		10,805,537		40,750,279
Global Strategic Equity		456,687		—
International Equity Advantage		183,346		30,970
International Equity		14,397,188		—
International Equity Select		2,175,714		925,790
International Small Cap Equity		1,428,452		248,497
International Strategic Equity		203,989,809		8,765,565
Managed Equity Volatility		763,453		—
US Systematic Small Cap Equity		851,305		39,653

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, 2022, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Developing Markets Equity	$	—	$	123,100
Emerging Markets Equity		—		375,217
Equity Franchise		1,000,315		—
Global Listed Infrastructure		339,418,309		—
Global Strategic Equity		—		1,444
International Quality Growth		1,087,968		3,198
US Equity Focus		562,243		—

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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	$	89,816,058	$	17,539,831	$	11,239,446	$	6,300,385
Emerging Markets Core Equity		82,447,211		16,645,830		11,514,676		5,131,154
Emerging Markets Equity Advantage		90,141,438		2,416,321		12,706,032		(10,289,711	)
Emerging Markets Equity		2,594,302,837		343,376,206		404,586,723		(61,210,517	)
Emerging Markets Strategic Equity		49,184,573		3,230,413		7,889,884		(4,659,471	)
Equity Franchise		161,838,186		8,081,992		13,578,124		(5,496,132	)
Global Equity Select		73,284,305		24,122,667		4,599,732		19,522,935
Global Listed Infrastructure		7,895,941,532		633,888,700		522,447,078		111,441,622
Global Strategic Equity		11,236,542		453,695		1,034,973		(581,278	)
International Equity Advantage		2,503,750		213,836		144,310		69,526
International Equity		903,561,911		149,914,397		84,432,990		65,481,407
International Equity Select		51,170,421		7,003,833		5,024,467		1,979,366
International Quality Growth		124,229,363		2,349,357		18,363,412		(16,014,055	)
International Small Cap Equity		15,916,308		1,064,808		2,394,442		(1,329,634	)
International Strategic Equity		4,167,142,337		802,418,454		372,274,838		430,143,616
Managed Equity Volatility		27,572,236		2,140,834		1,031,910		1,108,924
US Equity Concentrated		997,627,880		234,733,503		12,625,476		222,108,027
US Equity Focus		60,176,087		16,982,697		3,671,421		13,311,276
US Small-Mid Cap Equity		35,263,668		9,297,714		2,647,493		6,650,221
US Sustainable Equity		11,047,100		2,158,413		424,513		1,733,900
US Systematic Small Cap Equity		25,151,216		2,134,748		2,401,217		(266,469	)

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Management has analyzed the Portfolios’ tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(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.

The Global Strategic Equity, US Equity Concentrated, International Small Cap Equity, US Small-Mid Cap Equity, Emerging Markets Equity Advantage and Equity Franchise Portfolios, intend, on their 2022 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

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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 gains and losses, wash sales, passive foreign investment companies, expiring capital loss carryovers, forward currency mark to market, net operating loss, certain expenses, foreign capital gains taxes, non-deductible organization expenses, REIT basis adjustments, distribution in excess of current earnings, equalization accounting (as described above), non-REIT non-taxable dividend adjustment to income, distributions redesignations, return of capital distributions, receivable from tax reclaim and distributions from real estate investment trusts and partnerships.

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The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Developing Markets Equity	$	(62,575	)	$	62,575
Emerging Markets Core Equity		(19,027	)		19,027
Emerging Markets Equity		(4,528	)		4,528
Equity Franchise		3,521,212			(3,521,212	)
Global Equity Select		158,369			(158,369	)
Global Listed Infrastructure		33,479,858			(33,479,858	)
Global Strategic Equity		(406	)		406
International Equity		(2,831,107	)		2,831,107
International Equity Select		(1,934	)		1,934
International Quality Growth		106,124			(106,124	)
International Small Cap Equity		3,810			(3,810	)
International Strategic Equity		609,576			(609,576	)
US Equity Concentrated		19,962,139			(19,962,139	)
US Equity Focus		123,322			(123,322	)
US Small-Mid Cap Equity		(85,292	)		85,292
US Sustainable Equity		322			(322	)
US Systematic Small Cap Equity		(3,274	)		3,274

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The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income				Long-Term Capital Gain
Portfolio	2022		2021		2022		2021
Developing Markets Equity*	$	737,410	$	1,586,770	$	—	$	—
Emerging Markets Core Equity		1,946,526		1,222,973		—		—
Emerging Markets Equity Advantage		1,632,469		3,005,745		274,642		2,228,891
Emerging Markets Equity		144,343,772		177,125,297		—		—
Emerging Markets Strategic Equity		1,380,686		751,314		—		—
Equity Franchise		5,741,616		9,587,732		12,205,692		4,681,017
Global Equity Select		531,256		2,605,796		401,381		1,756,391
Global Listed Infrastructure		617,886,544		352,046,276		488,053,713		110,703,716
Global Strategic Equity		46,028		311,725		19,473		420,195
International Equity Advantage		78,363		72,246		12,710		70,196
International Equity		18,675,321		97,589,556		51,354,094		189,542,780
International Equity Select		980,492		2,266,536		247,167		472,510
International Quality Growth		775,087		525,975		517,722		730,780
International Small Cap Equity		110,815		1,373,820		797,519		6,374,470
International Strategic Equity*		62,860,646		225,230,543		—		184,778,429
Managed Equity Volatility		629,794		1,074,482		229,766		829,157
US Equity Concentrated		10,886,247		25,162,588		66,586,092		242,748,971
US Equity Focus		556,355		2,212,803		1,492,055		2,231,806
US Small-Mid Cap Equity		—		897,074		2,335,222		13,969,807
US Sustainable Equity		80,977		270,923		189,779		38,853
US Systematic Small Cap Equity		185,691		8,515		353		—

* Developing Markets Equity and International Strategic Equity Portfolios had return of capital distributions of $62,544 and $0 in 2022 and $0 and $112,026,425 in 2021, respectively.

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At December 31, 2022, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)			Undistributed Long-Term Capital Gain (Deferred Capital Losses)			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Developing Markets Equity	$	(123,100	)	$	(117,804,418	)	$	6,141,512
Emerging Markets Core Equity		—			(18,853,513	)		4,942,356
Emerging Markets Equity Advantage		87,840			(6,840,661	)		(10,297,720	)
Emerging Markets Equity		(375,217	)		(1,111,393,685	)		(63,424,616	)
Emerging Markets Strategic Equity		116,007			(51,555,816	)		(4,771,277	)
Equity Franchise		11,250			(1,000,315	)		(5,516,057	)
Global Equity Select		3,096			396,627			19,518,449
Global Listed Infrastructure		—			(339,418,309	)		111,486,013
Global Strategic Equity		(1,444	)		(456,687	)		(602,065	)
International Equity Advantage		857			(214,316	)		69,281
International Equity		2,648,511			(14,397,188	)		65,371,220
International Equity Select		—			(3,101,504	)		1,959,443
International Quality Growth		(3,198	)		(1,087,968	)		(16,053,814	)
International Small Cap Equity		22,449			(1,676,949	)		(1,332,400	)
International Strategic Equity		3,482,760			(212,755,374	)		428,223,583
Managed Equity Volatility		50,020			(763,453	)		1,109,235
US Equity Concentrated		—			49,546,514			222,108,027
US Equity Focus		—			(562,243	)		13,311,277
US Small-Mid Cap Equity		—			729,805			6,650,221
US Sustainable Equity		78,493			15,103			1,712,281
US Systematic Small Cap Equity		—			(890,958	)		(266,469	)

(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. The Investment Manager will generally pay for any offering costs

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incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period. 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.

(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.

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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
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),

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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 (a)		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 (b)		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 (c)		1.20			1.45			N/A
Global Strategic Equity (d)		0.90			1.15			N/A
International Equity Advantage (e)		0.80			1.05			N/A
International Equity		0.85			1.10			0.80
International Equity Select (f)		0.90			1.15			N/A
International Quality Growth (g)		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 (h)		0.90			1.15			0.85
US Equity Focus		0.70			0.95			0.70
US Small-Mid Cap Equity (i)		1.05			1.30			1.00
US Sustainable Equity		0.75			1.00			N/A
US Systematic Small Cap Equity (j)		0.90			1.15			N/A

(a)	From January 1, 2022 to June 28, 2022, annual rates were 1.25%, 1.50%, and 1.20%, respectively.
(b)	From January 1, 2022 to June 28, 2022, annual rates were 1.15% and 1.40%, respectively.
(c)	This agreement will continue in effect until April 29, 2032.
(d)	From January 1, 2022 to June 28, 2022, annual rates were 0.95% and 1.20%, respectively.
(e)	From January 1, 2022 to June 28, 2022, annual rates were 0.90% and 1.15%, respectively.
(f)	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.
(g)	This agreement will continue in effect until April 29, 2023 for Institutional Shares and until April 29, 2032 for Open Shares.
(h)	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.
(i)	From January 1, 2022 to June 28, 2022, annual rates were 1.15%, 1.40%, and 1.10%, respectively.
(j)	This agreement will continue in effect until October 29, 2023.

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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 year ended December 31, 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	$	90,464	$	—	$	10,612	$	—
Emerging Markets Core Equity		17,734		—		3,508		—
Emerging Markets Equity Advantage		124,061		—		1,856		3,189
Emerging Markets Strategic Equity		126,574		—		11,496		—
Equity Franchise		36,882		—		1,240		3,300
Global Equity Select		—		—		4,493		—
Global Strategic Equity		101,709		43,355		1,309		5,002
International Equity Advantage		15,973		136,551		761		10,554
International Equity Select		36,807		—		6,535		—
International Quality Growth		216,413		—		2,219		2,835
International Small Cap Equity		57,141		—		54,985		—
Managed Equity Volatility		144,432		—		483		4,183
US Equity Focus		43,758		—		4,659		—
US Small-Mid Cap Equity		15,186		—		4,747		—
US Sustainable Equity		75,393		61,001		3,195		6,842
US Systematic Small Cap Equity		114,525		173,477		809		4,241

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	2,955	$	—
Emerging Markets Equity		3,087		—
International Equity		24,044		—
International Strategic Equity		4,913		—
US Equity Concentrated		3,819		—
US Equity Focus		40,635		—
US Small-Mid Cap Equity		554		—

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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.

SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. 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 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

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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 year ended December 31, 2022 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	35,714,055	$	58,818,620
Emerging Markets Core Equity		33,265,683		67,580,143
Emerging Markets Equity Advantage		102,389,379		76,359,973
Emerging Markets Equity		662,672,262		1,058,880,748
Emerging Markets Strategic Equity		11,332,734		13,279,837
Equity Franchise		187,300,146		135,970,622
Global Equity Select		21,883,371		19,164,541
Global Listed Infrastructure		4,259,353,156		2,889,180,074
Global Strategic Equity		4,212,552		8,158,991
International Equity Advantage		2,231,507		2,206,934
International Equity		404,581,215		863,557,038
International Equity Select		26,162,547		38,480,837
International Quality Growth		111,629,815		45,285,800
International Small Cap Equity		8,301,740		13,230,540
International Strategic Equity		1,664,336,798		2,233,295,079
Managed Equity Volatility		28,001,803		28,088,613
US Equity Concentrated		1,057,423,020		1,428,111,204
US Equity Focus		29,065,938		21,975,823
US Small-Mid Cap Equity		23,953,252		70,325,338
US Sustainable Equity		2,981,926		2,975,560
US Systematic Small Cap Equity		34,216,782		12,357,484

For the year ended December 31, 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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At December 31, 2022, the Investment Manager owned 24.90%, 6.89%, 91.96%, 6.35%, 50.81% and 93.62% of the outstanding shares of the Emerging Markets Equity Advantage, 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 year ended December 31, 2022 were as follows:

Issue	Value at December 31, 2021		Purchase cost		Sales proceeds			Realized gain (loss)
Global Listed Infrastructure
Atlas Arteria, Ltd.	$	249,880,072	$	123,989,169	$	—		$	—
Eutelsat Communications SA*		142,933,220		9,253,369		(2,513,334	)		(4,761,393	)
Italgas SpA#		221,345,110		71,593,834		(6,379,525	)		(663,344	)
Pennon Group PLC#		59,347,419		194,939,253		(46,065,078	)		(19,490,114	)
SES SA		163,718,030		6,567,810		(6,793,141	)		(14,607,990	)
Total Securities	$	837,223,851	$	406,343,435	$	(61,751,078	)	$	(39,522,841	)

Issue	Change in unrealized appreciation (depreciation)			Dividend income		Shares at December 31, 2022		Values at December 31, 2022
Atlas Arteria, Ltd.	$	(18,585,022	)	$	14,172,955		79,017,229	$	355,284,219
Eutelsat Communications SA*		(52,876,405	)		12,102,510		—		—
Italgas SpA#		(39,601,334	)		9,170,006		44,416,614		246,294,741
Pennon Group PLC#		(34,637,673	)		4,950,159		14,334,169		154,093,807
SES SA		(16,193,927	)		9,454,961		20,326,589		132,690,782
Total Securities	$	(161,894,361	)	$	49,850,591		158,094,601	$	888,363,549

*

This security was deemed to no longer meet the criteria of an affiliated company at the reporting date and is therefore excluded from non-controlled affiliated issuers, at fair value on the Statement of Assets and Liabilities. Dividend income, realized gain/loss, and change in unrealized appreciation (depreciation) earned during the period is reported within the respective non-controlled affiliated issuers financial statement categories on the Statement of Operations.

#

This security is deemed to meet the criteria of an affiliated company at the reporting date.

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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 year ended December 31, 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
Developing Markets Equity	$	549,058	$	2,406,000		2.42	%		19
Emerging Markets Core Equity		663,923		2,785,000		3.79			47
Emerging Markets Equity Advantage		2,073,414		11,034,700		2.61			29
Emerging Markets Strategic Equity		331,877		680,800		4.39			13
Equity Franchise		5,910,133		7,110,000		2.18			6
Global Equity Select		1,058,850		1,699,400		4.18			2
Global Strategic Equity		323,000		323,000		1.93			1
International Equity		6,352,913		18,689,100		3.23			30
International Equity Select		714,400		714,400		2.68			1
International Quality Growth		10,248,618		12,900,000		5.06			22
International Small Cap Equity		849,378		1,257,200		3.05			9
International Strategic Equity		47,395,000		47,580,000		5.43			4
Managed Equity Volatility		126,688		256,100		2.32			8
US Equity Concentrated		4,334,687		15,903,500		3.79			30
US Small-Mid Cap Equity		4,639,800		4,639,800		3.43			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—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) 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. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

(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

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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 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

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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.

(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

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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 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

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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.

(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

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investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

(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

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that may be invested in one or more ETFs (subject to certain exceptions). Rule 12d1-4 under the 1940 Act 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

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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.

(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.

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Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

9. Fair Value Measurements

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

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

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

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

Changes in valuation methodology or input may result in transfers into or out of the current assigned level within the hierarchy.

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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 December 31, 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 December 31, 2022
Developing Markets Equity Portfolio
Common Stocks*
Brazil		$	607,640	$	3,474,815	$	—	$	4,082,455
China			9,424,795		26,265,974		—		35,690,769
Colombia			602,822		—		—		602,822
Hong Kong			—		1,041,146		—		1,041,146
Hungary			—		2,062,876		—		2,062,876
India			6,399,678		5,858,443		—		12,258,121
Indonesia			—		4,006,882		—		4,006,882
Mexico			2,633,257		—		—		2,633,257
Peru			673,009		—		—		673,009
Philippines			—		2,573,408		—		2,573,408
Poland			—		1,667,346		—		1,667,346
South Africa			—		2,919,446		—		2,919,446
South Korea			—		8,364,446		—		8,364,446
Taiwan			1,151,493		13,149,935		—		14,301,428
United States			—		1,271,631		—		1,271,631
Zambia			1,236,131		—		—		1,236,131
Short-Term Investments			731,270		—		—		731,270
Total		$	23,460,095	$	72,656,348	$	—	$	96,116,443

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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 December 31, 2022
Emerging Markets Core Equity Portfolio
Common Stocks*
Brazil		$	1,390,105	$	4,062,788	$	—	$	5,452,893
Canada			842,773		—		—		842,773
China			5,611,462		19,349,544		—		24,961,006
Ghana			610,019		—		—		610,019
Hong Kong			—		823,991		—		823,991
India			6,217,970		6,293,254		—		12,511,224
Indonesia			1,311,559		1,327,882		—		2,639,441
Malaysia			—		852,694		—		852,694
Mexico			6,033,300		—		—		6,033,300
Philippines			—		1,269,034		—		1,269,034
Poland			—		1,162,133		—		1,162,133
Qatar			—		783,333		—		783,333
Saudi Arabia			—		653,343		—		653,343
South Africa			—		1,910,814		—		1,910,814
South Korea			—		9,375,082		—		9,375,082
Taiwan			7,245,866		3,686,948		—		10,932,814
Thailand			—		2,120,407		—		2,120,407
United Arab Emirates			—		2,361,662		—		2,361,662
United Kingdom			1,140,075		—		—		1,140,075
United States			910,117		—		—		910,117
Short-Term Investments			232,210		—		—		232,210
Total		$	31,545,456	$	56,032,909	$	—	$	87,578,365

Annual Report  295

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 December 31, 2022
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Brazil		$	—	$	1,881,515	$	—	$	1,881,515
Chile			610,457		—		—		610,457
China			3,128,228		23,086,159		—		26,214,387
Colombia			246,985		—		—		246,985
Czech Republic			—		443,911		—		443,911
Greece			104,741		300,611		—		405,352
Hong Kong			—		153,281		—		153,281
Hungary			—		241,428		—		241,428
India			8,388,822		1,672,785		—		10,061,607
Indonesia			137,686		2,367,956		—		2,505,642
Malaysia			—		1,127,281		—		1,127,281
Mexico			1,907,948		—		—		1,907,948
Monaco			84,884		—		—		84,884
Philippines			—		472,646		—		472,646
Poland			—		636,416		—		636,416
Qatar			—		288,975		—		288,975
Russia			—		—		—		—
Saudi Arabia			—		2,425,667		—		2,425,667
South Africa			370,680		2,658,517		—		3,029,197
South Korea			1,024,335		8,250,243		—		9,274,578
Taiwan			—		11,459,238		—		11,459,238
Thailand			291,035		1,702,947		—		1,993,982
Turkey			—		847,407		—		847,407
United Arab Emirates			—		869,627		—		869,627
Preferred Stocks*
Brazil			—		764,261		—		764,261
Short-Term Investments			1,905,055		—		—		1,905,055
Total		$	18,200,856	$	61,650,871	$	—	$	79,851,727

296  Annual Report

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks
Beginning Balance		$	—
Purchases			871
Sales			(13,726	)
Amortization of discount			—
Transfers in			221,192
Transfers out			—
Corporate actions			—
Change in unrealized appreciation (depreciation)			(204,352	)
Realized gain (loss)			(3,985	)
Ending Balance		$	—
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022		$	(204,352	)

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 December 31, 2022
Emerging Markets Equity Portfolio
Common Stocks*
Brazil		$	93,099,264	$	186,313,970	$	—	$	279,413,234
China			—		647,049,451		—		647,049,451
Czech Republic			—		1,965,898		—		1,965,898
Egypt			—		25,842,206		—		25,842,206
Greece			—		29,393,984		—		29,393,984
Hong Kong			—		27,366,307		—		27,366,307
Hungary			—		60,679,070		—		60,679,070
India			—		168,541,591		—		168,541,591
Indonesia			26,890,923		79,131,386		—		106,022,309
Mexico			128,192,309		—		—		128,192,309
Portugal			—		71,626,186		—		71,626,186
Russia			—		—		18		18
South Africa			—		192,523,707		—		192,523,707
South Korea			—		352,167,023		—		352,167,023
Taiwan			—		295,936,932		—		295,936,932
Thailand			—		60,172,708		—		60,172,708
United Kingdom			—		42,506,756		—		42,506,756
Short-Term Investments			43,692,631		—		—		43,692,631
Total		$	291,875,127	$	2,241,217,175	$	18	$	2,533,092,320

Annual Report  297

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks
Beginning Balance		$	—
Purchases			—
Sales			(2,377,369	)
Amortization of discount			—
Transfers in			103,976,992
Transfers out			—
Corporate actions			—
Change in unrealized appreciation (depreciation)			(88,846,091	)
Realized gain (loss)			(12,753,514	)
Ending Balance		$	18
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022		$	(88,846,091	)

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 December 31, 2022
Emerging Markets Strategic Equity Portfolio
Common Stocks*
Brazil		$	1,846,878	$	1,421,376	$	—	$	3,268,254
China			4,225,664		6,733,435		—		10,959,099
France			686,780		—		—		686,780
Greece			—		362,250		—		362,250
Hong Kong			—		1,714,256		—		1,714,256
India			—		6,764,948		—		6,764,948
Indonesia			477,429		1,851,009		—		2,328,438
Macau			—		451,889		—		451,889
Mexico			1,921,137		—		—		1,921,137
Russia			—		—		—		—
Saudi Arabia			—		1,069,005		—		1,069,005
South Africa			—		1,870,454		—		1,870,454
South Korea			—		4,900,133		—		4,900,133
Taiwan			—		6,010,749		—		6,010,749
Thailand			611,659		—		—		611,659
United Kingdom			—		886,555		—		886,555
Preferred Stocks*
Brazil			—		443,124		—		443,124
Short-Term Investments			276,372		—		—		276,372
Total		$	10,045,919	$	34,479,183	$	—	$	44,525,102

298  Annual Report

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks
Beginning Balance		$	—
Purchases			4,954
Sales			(10,237	)
Amortization of discount			—
Transfers in			1,305,244
Transfers out			—
Corporate actions			—
Change in unrealized appreciation (depreciation)			(1,186,558	)
Realized gain (loss)			(113,403	)
Ending Balance		$	—
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022		$	(1,186,558	)

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 December 31, 2022
Lazard Equity Franchise Portfolio
Common Stocks*
Belgium		$	—	$	1,638,882	$	—	$	1,638,882
France			—		3,251,431		—		3,251,431
Germany			—		14,965,349		—		14,965,349
Japan			—		5,972,711		—		5,972,711
Luxembourg			—		6,197,366		—		6,197,366
Spain			—		6,256,113		—		6,256,113
United Kingdom			—		10,077,905		—		10,077,905
United States			98,439,838		—		—		98,439,838
Short-Term Investments			9,542,459		—		—		9,542,459
Total		$	107,982,297	$	48,359,757	$	—	$	156,342,054

Annual Report  299

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 December 31, 2022
Global Equity Select Portfolio
Common Stocks*
Canada		$	5,606,258	$	—		$	—	$	5,606,258
China			1,784,999		1,025,280			—		2,810,279
Denmark			—		835,031			—		835,031
France			—		4,240,140			—		4,240,140
Germany			—		1,009,938			—		1,009,938
Hong Kong			—		1,218,293			—		1,218,293
India			1,464,248		—			—		1,464,248
Japan			—		4,145,410			—		4,145,410
Netherlands			—		2,074,244			—		2,074,244
Spain			—		762,284			—		762,284
Sweden			—		1,766,883			—		1,766,883
Switzerland			—		3,662,467			—		3,662,467
Taiwan			1,444,361		—			—		1,444,361
United Kingdom			1,167,197		5,102,514			—		6,269,711
United States			53,967,271		993,539			—		54,960,810
Short-Term Investments			536,883		—			—		536,883
Total		$	65,971,217	$	26,836,023		$	—	$	92,807,240
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—	$	648,682,720		$	—	$	648,682,720
Canada			162,333,531		—			—		162,333,531
France			—		465,748,289			—		465,748,289
Hong Kong			—		334,538,833			—		334,538,833
Italy			—		1,203,598,604			—		1,203,598,604
Luxembourg			—		132,690,782			—		132,690,782
Portugal			—		76,258,561			—		76,258,561
Spain			—		829,658,130			—		829,658,130
Switzerland			—		161,919,563			—		161,919,563
United Kingdom			—		1,558,506,881			—		1,558,506,881
United States			1,996,904,232		—			—		1,996,904,232
Short-Term Investments			436,543,028		—			—		436,543,028
Other Financial Instruments†
Forward Currency Contracts			—		27,826,054			—		27,826,054
Total		$	2,595,780,791	$	5,439,428,417		$	—	$	8,035,209,208
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(12,863,973	)	$	—	$	(12,863,973	)

300  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Global Strategic Equity Portfolio
Common Stocks*
Canada		$	484,121	$	—	$	—	$	484,121
China			—		102,005		—		102,005
Denmark			—		354,611		—		354,611
France			—		192,432		—		192,432
Germany			—		500,435		—		500,435
Hong Kong			—		229,154		—		229,154
India			171,777		—		—		171,777
Ireland			106,010		—		—		106,010
Japan			—		379,535		—		379,535
Mexico			204,636		—		—		204,636
Netherlands			—		350,336		—		350,336
Portugal			—		173,431		—		173,431
South Africa			—		131,419		—		131,419
South Korea			—		262,914		—		262,914
Sweden			—		35,261		—		35,261
Switzerland			—		210,573		—		210,573
Taiwan			—		160,321		—		160,321
United Kingdom			—		589,063		—		589,063
United States			5,708,179		—		—		5,708,179
Short-Term Investments			309,051		—		—		309,051
Total		$	6,983,774	$	3,671,490	$	—	$	10,655,264

Annual Report  301

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 December 31, 2022
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—	$	167,295	$	—	$	167,295
Austria			—		6,463		—		6,463
Belgium			—		2,717		—		2,717
China			—		13,244		—		13,244
Denmark			—		115,074		—		115,074
Finland			10,324		8,139		—		18,463
France			—		294,507		—		294,507
Germany			2,253		178,955		—		181,208
Hong Kong			5,162		52,207		—		57,369
Ireland			6,182		4,406		—		10,588
Israel			9,874		13,297		—		23,171
Italy			—		82,482		—		82,482
Japan			16,506		536,516		—		553,022
Netherlands			—		217,079		—		217,079
Nigeria			—		2,914		—		2,914
Norway			—		14,491		—		14,491
Portugal			—		18,509		—		18,509
Singapore			—		46,669		—		46,669
Spain			—		89,018		—		89,018
Sweden			—		57,726		—		57,726
Switzerland			—		97,112		—		97,112
United Kingdom			7,730		256,678		—		264,408
United States			7,979		194,231		—		202,210
Preferred Stocks*
Germany			—		18,603		—		18,603
Short-Term Investments			18,934		—		—		18,934
Total		$	84,944	$	2,488,332	$	—	$	2,573,276

302  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
International Equity Portfolio
Common Stocks*
Canada		$	34,741,085	$	—	$	—	$	34,741,085
China			8,251,994		45,353,733		—		53,605,727
Denmark			—		31,528,459		—		31,528,459
Finland			—		15,949,787		—		15,949,787
France			—		101,007,079		—		101,007,079
Germany			—		101,216,761		—		101,216,761
Hong Kong			—		14,468,090		—		14,468,090
Ireland			13,409,552		—		—		13,409,552
Israel			—		16,823,307		—		16,823,307
Italy			—		13,663,243		—		13,663,243
Japan			—		162,349,363		—		162,349,363
Mexico			15,623,115		—		—		15,623,115
Netherlands			—		60,382,560		—		60,382,560
Norway			—		6,291,028		—		6,291,028
Portugal			—		15,811,583		—		15,811,583
Singapore			—		16,481,492		—		16,481,492
South Africa			—		17,176,844		—		17,176,844
South Korea			—		14,135,394		—		14,135,394
Spain			—		13,651,453		—		13,651,453
Sweden			—		10,896,112		—		10,896,112
Switzerland			—		16,699,268		—		16,699,268
United Kingdom			—		129,979,079		—		129,979,079
United States			56,925,677		36,227,260		—		93,152,937
Total		$	128,951,423	$	840,091,895	$	—	$	969,043,318

Annual Report  303

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 December 31, 2022
International Equity Select Portfolio
Common Stocks*
Canada		$	1,137,319	$	—	$	—	$	1,137,319
China			374,697		5,773,357		—		6,148,054
Denmark			—		1,360,402		—		1,360,402
Finland			—		904,640		—		904,640
France			—		7,006,295		—		7,006,295
Germany			—		4,652,870		—		4,652,870
Hong Kong			—		1,498,312		—		1,498,312
India			1,469,016		509,837		—		1,978,853
Indonesia			411,532		766,924		—		1,178,456
Ireland			809,651		—		—		809,651
Japan			—		5,160,135		—		5,160,135
Mexico			882,403		—		—		882,403
Netherlands			—		3,554,618		—		3,554,618
Singapore			—		954,429		—		954,429
South Africa			—		937,893		—		937,893
South Korea			—		396,785		—		396,785
Switzerland			—		1,365,536		—		1,365,536
Taiwan			—		918,203		—		918,203
United Kingdom			—		7,171,286		—		7,171,286
United States			2,884,783		1,151,770		—		4,036,553
Preferred Stocks*
Germany			—		467,527		—		467,527
Short-Term Investments			629,567		—		—		629,567
Total		$	8,598,968	$	44,550,819	$	—	$	53,149,787

304  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
Lazard International Quality Growth Portfolio
Common Stocks*
Canada		$	8,126,129	$	—	$	—	$	8,126,129
China			1,910,055		2,749,893		—		4,659,948
Denmark			—		7,296,309		—		7,296,309
France			—		9,495,155		—		9,495,155
Germany			—		4,237,412		—		4,237,412
Hong Kong			—		2,595,606		—		2,595,606
India			4,258,112		—		—		4,258,112
Israel			2,690,740		—		—		2,690,740
Japan			—		7,889,162		—		7,889,162
Netherlands			—		9,962,747		—		9,962,747
Norway			—		2,630,195		—		2,630,195
South Africa			—		2,428,983		—		2,428,983
Spain			—		2,157,519		—		2,157,519
Sweden			—		4,921,009		—		4,921,009
Switzerland			—		3,042,671		—		3,042,671
Taiwan			3,207,316		—		—		3,207,316
United Kingdom			—		17,695,443		—		17,695,443
United States			6,978,594		2,265,132		—		9,243,726
Preferred Stocks*
Germany			—		1,677,126		—		1,677,126
Total		$	27,170,946	$	81,044,362	$	—	$	108,215,308

Annual Report  305

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 December 31, 2022
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—	$	857,844	$	—	$	857,844
Austria			—		446,833		—		446,833
Belgium			—		474,430		—		474,430
Canada			691,424		—		—		691,424
Denmark			—		166,649		—		166,649
Finland			—		190,974		—		190,974
France			—		184,934		—		184,934
Germany			—		1,251,495		—		1,251,495
Greece			—		231,087		—		231,087
Ireland			—		269,416		—		269,416
Israel			—		84,927		—		84,927
Italy			—		880,318		—		880,318
Japan			—		4,125,136		—		4,125,136
Jersey			—		221,398		—		221,398
Netherlands			—		717,550		—		717,550
New Zealand			—		140,335		—		140,335
Norway			—		166,064		—		166,064
Portugal			—		137,358		—		137,358
Spain			—		265,869		—		265,869
Sweden			—		220,113		—		220,113
Switzerland			—		201,222		—		201,222
United Kingdom			—		2,062,918		—		2,062,918
United States			276,871		—		—		276,871
Short-Term Investments			321,509		—		—		321,509
Total		$	1,289,804	$	13,296,870	$	—	$	14,586,674

306  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2022
International Strategic Equity Portfolio
Common Stocks*
Australia		$	—	$	101,599,483	$	—	$	101,599,483
Canada			478,985,027		—		—		478,985,027
China			—		57,986,990		—		57,986,990
Denmark			—		258,971,415		—		258,971,415
Finland			—		110,976,783		—		110,976,783
France			—		503,405,243		—		503,405,243
Germany			—		275,676,723		—		275,676,723
Hong Kong			—		95,938,273		—		95,938,273
India			—		62,121,180		—		62,121,180
Ireland			77,016,182		—		—		77,016,182
Israel			—		122,470,425		—		122,470,425
Japan			—		527,555,237		—		527,555,237
Mexico			90,662,064		—		—		90,662,064
Netherlands			—		195,837,727		—		195,837,727
Portugal			—		87,638,206		—		87,638,206
Singapore			—		85,199,862		—		85,199,862
Sweden			—		73,657,530		—		73,657,530
Switzerland			—		112,847,058		—		112,847,058
Taiwan			—		36,538,644		—		36,538,644
United Kingdom			—		507,667,697		—		507,667,697
United States			461,894,760		141,694,064		—		603,588,824
Short-Term Investments			130,945,380		—		—		130,945,380
Total		$	1,239,503,413	$	3,357,782,540	$	—	$	4,597,285,953

Annual Report  307

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 December 31, 2022
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—	$	146,448	$	—	$	146,448
Belgium			—		89,816		—		89,816
Canada			1,135,763		—		—		1,135,763
Denmark			—		228,284		—		228,284
France			—		553,199		—		553,199
Germany			—		106,349		—		106,349
Hong Kong			—		145,036		—		145,036
Israel			—		64,405		—		64,405
Japan			—		4,681,342		—		4,681,342
Netherlands			—		637,862		—		637,862
New Zealand			—		185,229		—		185,229
Norway			—		147,887		—		147,887
Singapore			—		310,274		—		310,274
Spain			—		163,593		—		163,593
Sweden			—		78,001		—		78,001
Switzerland			—		229,011		—		229,011
United Kingdom			—		1,156,072		—		1,156,072
United States			18,037,064		585,525		—		18,622,589
Total		$	19,172,827	$	9,508,333	$	—	$	28,681,160
US Equity Concentrated Portfolio
Common Stocks*		$	1,214,509,361	$	—	$	—	$	1,214,509,361
Short-Term Investments			5,226,546		—		—		5,226,546
Total		$	1,219,735,907	$	—	$	—	$	1,219,735,907
US Equity Focus Portfolio
Common Stocks*		$	70,053,467	$	—	$	—	$	70,053,467
Short-Term Investments			3,433,896		—		—		3,433,896
Total		$	73,487,363	$	—	$	—	$	73,487,363
US Small-Mid Cap Equity Portfolio
Common Stocks*		$	41,913,889	$	—	$	—	$	41,913,889
Total		$	41,913,889	$	—	$	—	$	41,913,889
US Sustainable Equity Portfolio
Common Stocks*		$	12,134,724	$	—	$	—	$	12,134,724
Short-Term Investments			646,276		—		—		646,276
Total		$	12,781,000	$	—	$	—	$	12,781,000
US Systematic Small Cap Equity Portfolio
Common Stocks*		$	24,705,935	$	—	$	1,401	$	24,707,336
Rights*			—		—		—		—
Short-Term Investments			177,411		—		—		177,411
Total		$	24,883,346	$	—	$	1,401	$	24,884,747

308  Annual Report

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks
Beginning Balance		$	—
Purchases			1,401
Sales			—
Amortization of discount			—
Transfers in			—
Transfers out			—
Corporate actions			—
Change in unrealized appreciation (depreciation)			—
Realized gain (loss)			—
Ending Balance		$	1,401
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022		$	—

*	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.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”).The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

Annual Report  309

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

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 year ended December 31, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average amounts purchased	$	227,300,000
Average amounts sold	$	5,677,400,000

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	27,826,054
Liabilities – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	12,863,973

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	372,705,509
Net Change in Unrealized Appreciation (Depreciation) on:	Total
Forward currency contracts	$	94,210,398

310  Annual Report

None of the other presented portfolios traded in derivative instruments during the year ended December 31, 2022.

As of December 31, 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 December 31, 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		$	27,826,054		$	—		$	27,826,054

				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		$	794,405		$	(794,405	)		$	—		$	—
Canadian Imperial Bank of Commerce			2,252,160			(1,400,190	)			—			851,970
Citibank N.A.			1,189,392			(1,189,392	)			—			—
HSBC Bank USA N.A.			8,631,074			(2,267,548	)			—			6,363,526
Morgan Stanley & Co.			3,940,585			(297,286	)			—			3,643,299
Royal Bank of Canada			4,047,731			(1,760,460	)			—			2,287,271
Standard Chartered Bank			15,392			(15,392	)			—			—
State Street Bank and Trust Co.			6,955,315			(2,126,281	)			—			4,829,034
Total		$	27,826,054		$	(9,850,954	)		$	—		$	17,975,100

Annual Report  311

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		$	12,863,973		$	—		$	12,863,973

				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 New York Mellon Corp.		$	1,476,769		$	—			$	—		$	1,476,769
BNP Paribas SA			1,610,902			(794,405	)			—			816,497
Canadian Imperial Bank of Commerce			1,400,190			(1,400,190	)			—			—
Citibank N.A.			1,736,857			(1,189,392	)			—			547,465
HSBC Bank USA N.A.			2,267,548			(2,267,548	)			—			—
Morgan Stanley & Co.			297,286			(297,286	)			—			—
Royal Bank of Canada			1,760,460			(1,760,460	)			—			—
Standard Chartered Bank			187,680			(15,392	)			—			172,288
State Street Bank and Trust Co.			2,126,281			(2,126,281	)			—			—
Total		$	12,863,973		$	(9,850,954	)		$	—		$	3,013,019

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

312  Annual Report

intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, “Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”) to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

12. Subsequent Events

Management began to offer R6 Shares in the Emerging Markets Equity Advantage, International Quality Growth, and US Systematic Small Cap Equity Portfolios on February 22, 2023. Each share class of these Portfolios are 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).

Additionally, on February 23, 2023, the Board approved a Plan of Reorganization providing for the tax-free reorganization of the Emerging Markets Strategic Equity Portfolio into the Emerging Markets Core Equity Portfolio (the “Reorganization”).The Reorganization does not require the approval of the shareholders of the Portfolios, and is anticipated to close on or about June 2023.

Annual Report  313

The Lazard Funds, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of 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 and Lazard US Systematic Small Cap Equity Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of 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, and Lazard US Systematic Small Cap Equity Portfolio, (collectively the “Portfolios”), certain of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Portfolios, except for Lazard International Quality

314  Annual Report

Growth Portfolio, Lazard US Sustainable Equity Portfolio, and Lazard US Systematic Small Cap Equity Portfolio where the financial statements and periods audited are included in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Portfolio Name	Statement of Operations	Statements of Changes in Net Assets	Financial Highlights
Lazard International Quality Growth Portfolio	For the year ended December 31, 2022	For the years ended December 31, 2022 and 2021	For the years ended December 31, 2022, 2021, 2020, 2019, and for the period from December 31, 2018 (commencement of operations) through December 31, 2018
Lazard US Sustainable Equity Portfolio	For the year ended December 31, 2022	For the years ended December 31, 2022 and 2021	For the years ended December 31, 2022, 2021, and for the period from June 30, 2020 (commencement of operations) through December 31, 2020
Lazard US Systematic Small Cap Equity Portfolio	For the year ended December 31, 2022	For the year ended December 31, 2022, and for the period from October 29, 2021 (commencement of operations) through December 31, 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Annual Report  315

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
New York, New York
February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

316  Annual Report

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors:
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – present) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (April 2014)	New York University School of Law, Eric M. and Laurie B. Roth Professor of Law (2013 – present, previously Dean from 2013 – 2022)
Richard Reiss, Jr. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present) Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

Annual Report  317

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(3):
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
Evan L. Russo (1974)	Director (July 2022)	Investment Manager, Chief Executive Officer (June 2022 – present)
		Lazard Ltd, Chief Financial Officer (October 2017 – October 2022) and Managing Director (2009 – present)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.
(3)	Messrs. Paul and Russo are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager (“Interested Directors”).

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

318  Annual Report

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers:
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022)
Nargis Hilal (1984)	Chief Compliance Officer (July 2020)	Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President)
Christopher Snively (1984)	Chief Financial Officer (March 2016)	Director of the Investment Manager (since January 2021, previously Senior Vice President)
Christina Kennedy (1990)	Treasurer (April 2022)	Vice President of the Investment Manager (since July 2019) Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President and Counsel of the Investment Manager (since March 2018)
		Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

(1)	The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.

Annual Report  319

The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2022

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Portfolio	Percentage
Developing Markets Equity		100.00	%
Emerging Markets Core Equity		100.00
Emerging Markets Equity Advantage		66.92
Emerging Markets Equity		87.65
Emerging Markets Strategic Equity		96.38
Equity Franchise		53.52
Global Equity Select		100.00
Global Listed Infrastructure		53.55
Global Strategic Equity		100.00
International Equity Advantage		100.00
International Equity		100.00
International Equity Select		100.00
International Quality Growth		100.00
International Small Cap Equity		100.00
International Strategic Equity		100.00
Managed Equity Volatility		94.86
US Equity Concentrated		85.97
US Equity Focus		100.00
US Small-Mid Cap Equity		0.00
US Sustainable Equity		99.72
US Systematic Small Cap Equity		98.06

320  Annual Report

Of the dividends paid by the Portfolios, the corresponding percentage represents the amount of each dividend that qualifies for the dividends received deduction available to corporate shareholders.

Portfolio	Percentage
Developing Markets Equity		0.00	%
Emerging Markets Core Equity		0.51
Emerging Markets Equity Advantage		0.10
Emerging Markets Equity		0.00
Emerging Markets Strategic Equity		0.47
Equity Franchise		26.67
Global Equity Select		100.00
Global Listed Infrastructure		9.16
Global Strategic Equity		99.81
International Equity Advantage		0.37
International Equity		0.00
International Equity Select		0.00
International Quality Growth		0.00
International Small Cap Equity		0.00
International Strategic Equity		0.00
Managed Equity Volatility		56.61
US Equity Concentrated		83.14
US Equity Focus		100.00
US Small-Mid Cap Equity		0.00
US Sustainable Equity		93.11
US Systematic Small Cap Equity		85.71

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.

Annual Report  321

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.

Portfolio	Foreign Source Income		Foreign Tax Paid/Credit
Developing Markets Equity	$	2,937,286	$	461,242
Emerging Markets Core Equity		3,854,867		404,684
Emerging Markets Equity Advantage		2,516,191		243,184
Emerging Markets Equity		197,374,081		18,899,042
Emerging Markets Strategic Equity		2,238,294		233,835
Equity Franchise		—		—
Global Equity Select		—		—
Global Listed Infrastructure		301,682,340		13,670,199
Global Strategic Equity		—		—
International Equity Advantage		108,446		9,702
International Equity		37,447,471		1,904,521
International Equity Select		1,788,132		200,859
International Quality Growth		1,893,842		208,270
International Small Cap Equity		601,489		54,282
International Strategic Equity		126,400,240		4,543,531
Managed Equity Volatility		—		—
US Equity Concentrated		—		—
US Equity Focus		—		—
US Small-Mid Cap Equity		—		—
US Sustainable Equity		—		—
US Systematic Small Cap Equity		—		—

322  Annual Report

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Developing Markets Equity	$	—
Emerging Markets Core Equity		—
Emerging Markets Equity Advantage		274,642
Emerging Markets Equity		—
Emerging Markets Strategic Equity		—
Equity Franchise		15,729,166
Global Equity Select		559,750
Global Listed Infrastructure		513,662,950
Global Strategic Equity		19,473
International Equity Advantage		12,710
International Equity		51,354,094
International Equity Select		247,167
International Quality Growth		623,846
International Small Cap Equity		797,519
International Strategic Equity		—
Managed Equity Volatility		229,766
US Equity Concentrated		86,578,894
US Equity Focus		1,437,255
US Small-Mid Cap Equity		2,335,222
US Sustainable Equity		190,101
US Systematic Small Cap Equity		353

Annual Report  323

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

Lazard US Convertibles Portfolio

At a meeting of the Board held on September 22, 2022, the Board considered the approval of the Management Agreement between The Lazard Funds, Inc. (“LFI”), on behalf of the Lazard US Convertibles Portfolio (the “US Convertibles Portfolio”), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in an executive session 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 meeting relating to the organization of the Convertibles Portfolio. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board’s consideration of renewal of the

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Management Agreement between LFI, on behalf of its existing Portfolios, and the Investment Manager at the Board meeting held on June 28, 2022.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to the US Convertibles Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 35 active funds comprised approximately $21 billion of the approximately $217 billion of total assets under the management of the Investment Manager and its global affiliates as of June 30, 2022). The Board also received a presentation at the Board meeting on the Investment Manager’s US Convertibles investment strategy to be employed for the US Convertibles Portfolio.

The Board considered the various services to be provided by the Investment Manager, including the Investment Manager’s research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that the US Convertibles Portfolio and its shareholders will be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its 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

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to the Management Agreement; the distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activitieson behalf of LFI’s Portfolios, which would include the US Convertibles Portfolio; and the Investment Manager’s financial condition. The Board accepted the assertion of representatives of the Investment Manager that the US Convertibles Portfolio would be expected to benefit from the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $21 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the US Convertibles Portfolio’s proposed contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the US Convertibles Portfolio’s expense limitation agreed to by the Investment Manager) compared to those of a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the US Convertibles Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by Strategic Insight (the “LFI US Convertibles Expense Peer Group”¹). The results of the Strategic Insight comparisons showed that the advisory fee and net expense ratio of the US Convertibles Portfolio were generally competitive within the LFI US Convertibles Expense Peer Group.

1 The Strategic Insight materials outlined the process for constructing the Expense Peer Group. Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodology used by Strategic Insight in constructing the Peer Groups, including how the methodology could affect the results of the comparisons.

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Other Accounts Advisory Fee Comparison and Performance. The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as the US Convertibles Portfolio. Consequently, there was no advisory fee or performance information of such funds or accounts for the Board to consider.

Investment Manager Profitability and Economies of Scale

Representatives of the Investment Manager noted that because the US Convertibles Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the US Convertibles Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to the US Convertibles Portfolio and the estimated profitability percentage of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, to the Investment Manager and its affiliates from their relationships with the US Convertibles Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on the US Convertibles Portfolio initially, noting the Investment Manager’s agreement to waive its fees and/or reimburse expenses of the US Convertibles Portfolio for at least two years following the US Convertibles Portfolio’s commencement of operations to maintain the expense ratio reflected in the materials presented to the Board. The Board determined to revisit this issue no later than when it next reviewed the advisory fee in connection with the renewal of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the US Convertibles Portfolio other than the benefit of soft dollar commissions in connection with managing the US Convertibles Portfolio. The representatives of the Investment Manager stated that the

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Investment Manager intends to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the US Convertibles Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the US Convertibles Portfolio’s Open Shares.

Conclusions and Determinations

At the conclusion of these discussions, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $217 billion global asset management business.

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

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

In evaluating the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, the Board relied on the information described above as well as other information provided by the

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Investment Manager. The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to LFI by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. In deciding whether to vote to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

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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

SS&C Global Investor and Distribution Solutions
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

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797

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

Annual Report

December 31, 2022

Fixed Income Funds

Lazard Emerging Markets Debt Portfolio

Lazard Global Fixed Income Portfolio

Lazard US Convertibles 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	Investment Overviews (unaudited)
11	Performance Overviews (unaudited)
16	Information About Your Portfolio’s Expenses (unaudited)
19	Portfolio Holdings Presented by Asset Class/Credit Rating
20	Portfolios of Investments
20	Lazard Emerging Markets Debt Portfolio
35	Lazard Global Fixed Income Portfolio
45	Lazard US Convertibles Portfolio
50	Lazard US Corporate Income Portfolio
62	Lazard US Short Duration Fixed Income Portfolio
64	Notes to Portfolios of Investments
66	Statements of Assets and Liabilities
70	Statements of Operations
72	Statements of Changes in Net Assets
80	Financial Highlights
91	Notes to Financial Statements
123	Report of Independent Registered Public Accounting Firm
125	Board of Directors and Officers Information (unaudited)
128	Tax and 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.

Annual Report  1

The Lazard Funds, Inc. A Message from Lazard (unaudited)

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia’s invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the “Fed”), the world’s most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed’s actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the “ECB”), which lifted its benchmark rate four times, and the Bank of England (the “BoE”), which did so eight times. The Bank of Japan (the “BoJ”) was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan’s economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. 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 bottom-up 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. Investment Overviews (unaudited)

MARKET OVERVIEW

Global Fixed Income

Global bond markets plummeted in 2022 as soaring inflation and central bank actions to contain it led to an historic sell-off.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia’s invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the Fed), the world’s most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed’s interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953.

The Fed’s actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (BoE) did so eight times.

Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed’s warning was quickly echoed by the ECB and the

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BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession rippled across financial markets in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan’s central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global bond markets, as measured by the Bloomberg Global Aggregate Index, fell 16.3%, its worst yearly return on record, losing roughly US$12 trillion in value. Central bank tightening, led by the Fed, and the resulting higher interest rates drove most of the negative returns experienced across fixed income sectors. After ending 2021 at 1.51%, the yield on the benchmark 10-year US Treasury note surged to over 4% during the year before settling in at 3.88%. Amid the tighter monetary regimes, many yield curves inverted with short-term rates materially higher than longer-term rates. The US dollar was exceptionally strong, reaching multi-decade highs versus the euro and yen. Credit spreads were weaker, with the ICE BofA Global HY Index and ICE BofA Corporate Index spread widening 136 basis points and 53 basis points, respectively. Given the higher interest rate sensitivity, the investment grade ICE BofA Corporate Index fell 11.63%, more than the ICE BofA Global High Yield Index’s fall of 11.84%.

Emerging Markets Debt

Emerging markets debt suffered the worst calendar year return in its 20-year history, with a loss of 14.75% in 2022 (measured in US dollar terms). The JPMorgan EMBI Global Diversified Index, which measures hard currency debt, lost 17.78% while the JPMorgan GBI-EM Global Diversified Index, which measures local currency debt, declined 11.69%.

In hard currency debt, the vast majority of the decline — around 14% — was driven by US Treasury yields, which rose over 220 basis points at the 10-year maturity. Meanwhile, sovereign credit spreads widened around 85 basis points to end the year around 450 basis points. In local debt, the increase in local yields and spot currency depreciation contributed roughly equally to losses. Notably, around 7% of the loss can be attributed to the first

Annual Report  5

quarter drop in Russian debt prior to the country’s removal from the index. In other words, excluding Russia, local currency debt was down less than 5%, which is significantly better than the double-digit losses suffered in developed fixed income markets.

US Fixed Income

The US bond market, as measured by the Bloomberg Aggregate US Bond Index, fell 13.0% in 2022, its worst annual performance since inception in 1976. Supply chain bottlenecks, rising oil and commodity prices partly due to Russia’s invasion of Ukraine, a tight labor market, and sustained consumer demand combined to create the highest US inflation in 40 years. As a result, the Fed abandoned its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to the short-term interest rate during the year, lifting this rate to its highest level in 15 years.

US High Yield

US high yield bonds posted negative returns for the year, driven primarily by higher interest rates as the Fed accelerated the tightening of monetary policy amid accelerating inflation. Although defaults were contained, 2022 was the second worst performance year on record, trailing only 2008, dating back to 1984.

The ICE BofA BB-B US Cash Pay Non-Distressed High Yield^® Index (“Cash Pay Index”) finished the year down 10.41%. The option-adjusted spread (“OAS”) widened and finished 2022 106 basis points wider at 370 basis points. Lower-quality credit fell substantially as well with the ICE BofA CCC & Lower Cash Pay High Yield Index down 15.43%, ICE BofA B Cash Pay High Yield Index losing 10.61%, and the ICE BofA BB Cash Pay High Yield Index falling 10.57%.

Amid tighter monetary policy and the higher rate environment, gross year-to-date high yield issuance totaled $106.5 billion, cementing 2022 as the lightest year for primary issuances since 2008. Refinancing (48%) was the leading use of proceeds, followed by acquisition financing (28%), and general corporate purposes (22%).

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High yield funds experienced a record $47 billion of outflows for the year, of which $8.7 billion was from ETFs and the balance from dedicated high yield mutual funds.

Defaults picked up marginally but were still well below long term averages. As of year-end, the US high yield default rate was 1.65% including distressed exchanges according to JP Morgan, well below the 3.2% long term default rate. However, JPMorgan is estimating 2023’s default rate to trend upward.

US Short Duration Fixed Income

High domestic inflation led the Fed to retreat from its accommodative monetary policy stance and pursue a rate-hiking campaign.

With data indicating that domestic inflation had potentially peaked in June, bond traders were hopeful in the latter part of 2022 that the Fed would not only moderate its monetary tightening but perhaps even begin cutting its interest rate in the second half of 2023. While the Fed did indeed downshift to a 50-basis point rate increase in December after four consecutive 75-basis point rate hikes in earlier months, the Fed also made clear that its fight against high inflation was not over, warning that because domestic inflation remained elevated, the Fed expected to raise rates higher than it had previously anticipated. Consequently, the short end of the US yield curve came under pressure amid a steady drumbeat of Fed rate increases, with bond prices falling in anticipation of more to come. The yield on the 2-year Treasury bond, which tracks market expectations for Fed actions on interest rates, ended the year at 4.42%.

PORTFOLIO PERFORMANCE

Lazard Funds Annual Report

Lazard Emerging Markets Debt Portfolio

For the year ended December 31, 2022, the Lazard Emerging Markets Debt Portfolio’s Institutional Shares posted a total return of -17.27%, while Open Shares posted a total return of -17.42% and R6 Shares posted a total return of -17.27%, as compared with the -14.75% return for the 50% JPMorgan EMBI Global Diversified / 50% JPMorgan GBI-EM Global Diversified.

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Sovereign credit selection was the main detractor from relative performance. Specifically, underweight positions in some of the highest quality and tightest spread credits, such as China and United Arab Emirates, detracted as these markets outperformed amid market volatility.

The Portfolio’s overweight position in Zambia also detracted as the government’s restructuring negotiations with creditors progressed slower than expected.

In local debt, the Portfolio benefited from an underweight position in Egypt, which raised rates in March for the first time since 2017 and allowed the pound to depreciate by around 15% in both March and October.

The Portfolio’s overweight duration position in Brazil also contributed to relative performance. Brazil was the top performing country among the major index constituents in 2022 largely due to the expectation that Banco Central do Brasil may soon begin to ease rates after one of the most aggressive tightening campaigns as inflation is falling and growth is expected to slow.

The Portfolio’s off-index position in corporate credit also contributed to relative performance as corporates outperformed sovereigns by over 5% during the year.

The Portfolio management team uses currency forwards and interest rates swaps, both opportunistically, for direct currency and rates exposure, and defensively, for hedging purposes. For the year, the use of derivatives detracted from the Portfolio’s relative performance.

Lazard Global Fixed Income Portfolio

For the year ended December 31, 2022, the Lazard Global Fixed Income Portfolio’s Institutional Shares posted a total return of -17.45%, while Open Shares posted a total return of -17.73%, as compared with the -16.25% return for the Bloomberg Global Aggregate^® Index.

Overweight exposure to bonds in Canada, Australia and New Zealand detracted from relative performance. Small exposures

8  Annual Report

to the Norwegian dollar, British pound and Japanese yen, as well as some volatility in the euro proxy trades also detracted.

Underweight exposure to bonds in the eurozone, Japan and South Korea contributed to performance. Underweight government securities in favor of diversified spread product (corporate and emerging market securities) also contributed to relative performance.

Overall positive carry (a strategy that relies on investing borrowed money and earning a profit on the difference between the return and the interest owed) from higher-yielding securities versus the benchmark and select currency hedges helped performance. Strong recovery in the fourth quarter (in absolute and relative returns) across different alpha sources and importantly for country allocations helped to counteract underperformance in the first nine months of 2022.

Lazard US Convertibles Portfolio

We are pleased to announce the December 30, 2022 launch of the Lazard US Convertibles Portfolio. Fund commentary is not available at this time due to the short interval between the Portfolio’s inception date and the end date of the period covered by this annual report. However, we look forward to providing you with a performance review of this Portfolio in the next Lazard Funds annual report.

Lazard US Corporate Income Portfolio

For the year ended December 31, 2022, the Lazard US Corporate Income Portfolio’s Institutional Shares posted a total return of -10.11%, while Open Shares posted a total return of -10.32% and R6 Shares posted a total return of -9.98%, as compared with the -10.41% return for the “Cash Pay Index”.

Underweight exposures to the financial services and telecommunication sectors, as well as to lower-quality rated debt, contributed to relative performance. Overweight exposure to lower duration, higher rated securities, and security selection, especially with an eye towards event-driven catalysts in Twitter and Tenneco, helped relative performance. The Portfolio benefited from a higher average credit quality profile than the index (BB vs BB-), with an overweight to BBB and BB credits and underweights to B credits.

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Overweight exposure to the information technology sector detracted. Overweight exposures to the services and capital goods sectors undercut relative performance. Security selection in the information technology sector was also a headwind to performance in the case of Rackspace Technology 3.5% due 02/15/2028, which moved lower in response to weaker earnings.

Lazard US Short Duration Fixed Income Portfolio

For the year ended December 31, 2022, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of -2.68%, while Open Shares posted a total return of -2.89%, as compared with the -3.65% return for the ICE BofAML 1-3 Year US Treasury^® Index.

Contributors to relative performance included: shorter duration positioning versus the benchmark as interest rates moved higher; overweight exposure to consumer-focused asset-backed securities, which outperformed; underweight exposure to 2-3 year US Treasuries, which underperformed as the Fed raised interest rates.

Persistent, elevated inflation spurred the Fed to engage in aggressive interest rate hikes that were felt in the short end of the US yield curve. The team lowered the interest rate risk in the fund by positioning in shorter term securities, as the 2-3 year US Treasuries underperformed.

The overweight exposure to US corporate bonds detracted since such bonds underperformed the benchmark as both rates rose and spreads moved marginally higher.

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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 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 December 31, 2022

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares	–17.27%	–3.07%	–1.37%	0.44%
Open Shares	–17.42%	–3.25%	–1.61%	0.19%
R6 Shares	–17.27%	–2.94%	N/A	–0.94%
JP Morgan EMBI Global Diversified Index	–17.78%	–1.31%	1.59%	3.37% (Institutional and Open Shares) 0.20% (R6 Shares)
JP Morgan GBI-EM Global Diversified Index	–11.69%	–2.51%	–2.03%	–0.56% (Institutional and Open Shares) –0.28% (R6 Shares)
Global Diversified Index	–14.75%	–1.86%	–0.18%	1.45% (Institutional and Open Shares) 0.01% (R6 Shares)

† The inception date for the Institutional and Open Shares was February 28, 2011 and for the R6 Shares was July 28, 2016.

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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 Global Aggregate^® Index

Average Annual Total Returns

Periods Ended December 31, 2022

	One Year	Five Years	Ten Years
Institutional Shares	–17.45%	–2.66%	–1.38%
Open Shares	–17.73%	–2.91%	–1.66%
Bloomberg Global Aggregate Index	–16.25%	–1.66%	–0.44%

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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 December 31, 2022

	One Year	Five Years	Ten Years	Since Inception	†
Institutional Shares	–10.11%	1.36%	3.03%	3.77%
Open Shares	–10.32%	1.10%	2.73%	3.30%
R6 Shares	–9.98%	0.94%	N/A	1.80%
Cash Pay Index	–10.41%	2.37%	4.00%	5.69% (Institutional Shares) 5.65% (Open Shares) 3.35% (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.

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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 December 31, 2022

	One Year	Five Years	Ten Years
Institutional Shares	–2.68%	0.66%	0.41%
Open Shares	–2.89%	0.44%	0.27%
ICE BofAML 1-3 Year US Treasury Index	–3.65%	0.77%	0.67%

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 SS&C Global Investor and Distribution Solutions, the Fund’s transfer agent and dividend disbursing agent (“SS&C GIDS”); 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.

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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 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 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 ICE BofAML 1-3 Year US Treasury Index tracks the performance of the direct sovereign debt of the US government having a maturity of at least one year and less than three years.

The 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.

Annual Report  15

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 July 1, 2022 through December 31, 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.

16  Annual Report

Portfolio	Beginning Account Value 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22	Annualized Expense Ratio During Period 7/1/22 - 12/31/22
Emerging Markets Debt
Institutional Shares
Actual	$1,000.00	$	1,023.30	$4.33	0.85%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.92	$4.33	0.85%
Open Shares
Actual	$1,000.00	$	1,022.40	$5.35	1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.91	$5.35	1.05%
R6 Shares
Actual	$1,000.00	$	1,024.20	$4.08	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.17	$4.08	0.80%
Global Fixed Income
Institutional Shares
Actual	$1,000.00	$	981.30	$3.50	0.70%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.68	$3.57	0.70%
Open Shares
Actual	$1,000.00	$	980.00	$4.74	0.95%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.42	$4.84	0.95%
US Convertibles Portfolio†
Institutional Shares
Actual	$1,000	$	1,004.00	$0.04	0.75%
Hypothetical (5% Return Before Expenses)	$1,000	$	1,021.42	$3.82	0.75%
Open Shares
Actual	$1,000	$	1,004.00	$0.05	1.00%
Hypothetical (5% Return Before Expenses)	$1,000	$	1,020.16	$5.09	1.00%

Annual Report  17

Portfolio	Beginning Account Value 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period* 7/1/22 - 12/31/22	Annualized Expense Ratio During Period 7/1/22 - 12/31/22
US Corporate Income
Institutional Shares
Actual	$1,000.00	$	1,025.00	$2.81	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.43	$2.80	0.55%
Open Shares
Actual	$1,000.00	$	1,023.70	$4.08	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.17	$4.08	0.80%
R6 Shares
Actual	$1,000.00	$	1,026.00	$2.81	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,022.43	$2.80	0.55%
US Short Duration Fixed Income
Institutional Shares
Actual	$1,000.00	$	995.10	$2.01	0.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,023.19	$2.04	0.40%
Open Shares
Actual	$1,000.00	$	993.80	$3.27	0.65%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.93	$3.31	0.65%

*	Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).
†	The Portfolio commenced operations on December 30, 2022.

18  Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by

Assets Class/Credit Rating December 31, 2022

Asset Class/S&P Credit Rating*	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio			Lazard US Convertibles Portfolio			Lazard US Corporate Income Portfolio
Fixed Income
AAA		0.1	%		23.8	%		—	%		—	%
AA+		—			7.1			—			—
AA		2.8			0.6			—			—
AA-		—			5.1			—			—
A+		0.2			4.3			—			—
A		2.2			6.4			—			—
A-		0.8			10.5			—			—
BBB+		8.6			11.6			—			0.4
BBB		11.5			5.3			8.3			0.5
BBB-		1.0			2.4			3.6			9.6
BB+		1.8			3.7			4.7			18.4
BB		11.0			1.6			1.5			20.0
BB-		7.4			—			1.6			18.6
B+		2.1			1.3			—			11.7
B		4.6			—			—			8.8
B-		0.7			—			—			2.3
C		1.0			—			—			—
CCC+		1.6			—			—			1.3
CCC-		—			—			—			0.2
D		0.9			—			—			—
Not Applicable		39.7			16.3			80.3			1.5
Short- Term Investments		2.0			—			—			6.7
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

Asset Class/S&P Credit Rating*	Lazard US Short Duration Fixed Income Portfolio
Fixed Income
AAA		86.6	%
A-		4.5
BBB+		8.7
Short- Term Investments		0.2
Total Investments		100.0	%

* Represents percentage of total investments.

Annual Report  19

The Lazard Funds, Inc. Portfolios of Investments

December 31, 2022

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio
Corporate Bonds  |  5.7%
Brazil  |  1.1%
MV24 Capital BV, 6.748%, 06/01/34	USD		171	$	156,523
China  |  0.8%
Country Garden Holdings Co. Ltd., 3.125%, 10/22/25	USD		200		121,750
Kuwait  |  1.3%
NBK Tier 1 Financing 2 Ltd., 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶)	USD		200		183,475
Mexico  |  2.5%
Banco Mercantil del Norte SA, 6.750% (CMT 5 Year + 4.967%), 09/27/24 (§), (¶)	USD		200		194,787
Petroleos Mexicanos:
6.500%, 01/23/29	USD		35		29,885
8.750%, 06/02/29	USD		80		74,865
6.840%, 01/23/30	USD		50		41,350
6.700%, 02/16/32	USD		22		17,243
6.950%, 01/28/60	USD		20		12,655
					370,785
Total Corporate Bonds (Cost $956,924)					832,533
Foreign Government Obligations  |  82.5%
Angola  |  1.4%
Angolan Government International Bonds, 9.500%, 11/12/25	USD		200		206,000

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

20  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Argentina  |  1.0%
Argentina Government International Bonds:
1.500%, 07/09/35 (Ø)	USD		325	$	81,900
3.875%, 01/09/38 (Ø)	USD		63		19,908
3.500%, 07/09/41 (Ø)	USD		177		50,091
					151,899
Azerbaijan  |  1.0%
Azerbaijan International Bonds, 3.500%, 09/01/32	USD		175		145,228
Brazil  |  9.3%
Brazil Government International Bonds:
3.875%, 06/12/30	USD		125		108,188
5.000%, 01/27/45	USD		40		29,595
4.750%, 01/14/50	USD		40		27,795
Brazil Letras do Tesouro Nacional:
0.000%, 07/01/23	BRL		1,920		341,192
0.000%, 04/01/24	BRL		2,020		328,313
Brazil Notas do Tesouro Nacional:
10.000%, 01/01/25	BRL		420		76,079
10.000%, 01/01/27	BRL		590		103,171
10.000%, 01/01/29	BRL		930		157,476
10.000%, 01/01/31	BRL		590		97,489
6.000%, 05/15/35	BRL		120		89,905
					1,359,203
Chile  |  1.2%
Bonos de la Tesoreria de la Republica en pesos:
4.500%, 03/01/26	CLP		55,000		61,058
2.300%, 10/01/28	CLP		25,000		24,617
5.000%, 10/01/28	CLP		50,000		57,040
5.000%, 03/01/35	CLP		15,000		17,213
6.000%, 01/01/43	CLP		10,000		13,005
					172,933

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

Annual Report  21

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
China  |  1.3%
China Government Bonds:
3.120%, 12/05/26	CNY		490	$	71,860
2.680%, 05/21/30	CNY		480		68,280
3.810%, 09/14/50	CNY		360		56,629
					196,769
Colombia  |  3.4%
Colombia Government International Bonds:
3.875%, 04/25/27	USD		75		66,202
4.500%, 03/15/29	USD		30		25,862
8.000%, 04/20/33	USD		105		104,790
5.000%, 06/15/45	USD		45		30,876
Colombia TES:
6.250%, 11/26/25	COP		301,300		53,176
5.750%, 11/03/27	COP		257,000		39,957
6.000%, 04/28/28	COP		217,800		33,414
7.000%, 03/26/31	COP		772,000		112,471
7.000%, 06/30/32	COP		240,000		33,501
					500,249
Costa Rica  |  0.9%
Costa Rica Government International Bonds:
4.250%, 01/26/23	USD		25		24,849
4.375%, 04/30/25	USD		15		14,459
6.125%, 02/19/31	USD		50		48,384
5.625%, 04/30/43	USD		35		28,433
7.000%, 04/04/44	USD		10		9,386
					125,511
Cote d’Ivoire  |  0.4%
Ivory Coast Government International Bonds, 5.750%, 12/31/32 (Ø)	USD		63		58,930
Czech Republic  |  1.5%
Czech Republic Government Bonds:
2.500%, 08/25/28	CZK		2,280		87,968

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

22  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
0.950%, 05/15/30	CZK		1,790	$	59,466
2.000%, 10/13/33	CZK		480		15,930
4.200%, 12/04/36	CZK		1,120		45,607
1.500%, 04/24/40	CZK		550		14,477
					223,448
Dominican Republic  |  1.7%
Dominican Republic International Bonds:
4.500%, 01/30/30	USD		40		33,933
4.500%, 01/30/30 (#)	USD		75		63,623
4.875%, 09/23/32	USD		50		41,337
6.000%, 02/22/33 (#)	USD		35		31,474
7.450%, 04/30/44	USD		15		13,925
6.850%, 01/27/45	USD		20		17,285
6.400%, 06/05/49	USD		50		40,259
					241,836
Ecuador  |  0.7%
Ecuador Government International Bonds, 0.000%, 07/31/30	USD		251		97,153
Egypt  |  2.2%
Egypt Government International Bond MTN:
5.875%, 02/16/31	USD		275		190,145
8.750%, 09/30/51	USD		200		133,350
					323,495
El Salvador  |  0.2%
El Salvador Government International Bonds:
8.625%, 02/28/29	USD		24		10,377
7.625%, 02/01/41	USD		23		8,809
9.500%, 07/15/52	USD		23		9,887
					29,073

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

Annual Report  23

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Ghana  |  1.0%
Ghana Government International Bonds:
6.375%, 02/11/27	USD		200	$	75,000
8.627%, 06/16/49	USD		200		68,500
					143,500
Guatemala  |  0.7%
Guatemala Government Bonds:
5.250%, 08/10/29 (#)	USD		35		33,574
5.375%, 04/24/32 (#)	USD		55		53,601
6.125%, 06/01/50 (#)	USD		15		14,060
					101,235
Hungary  |  1.9%
Hungary Government Bonds:
3.000%, 10/27/27	HUF		34,330		66,760
6.750%, 10/22/28	HUF		11,020		25,553
3.250%, 10/22/31	HUF		22,860		40,121
2.250%, 04/20/33	HUF		18,510		28,738
3.000%, 04/25/41	HUF		3,940		5,270
Hungary Government International Bonds:
5.375%, 03/25/24	USD		44		43,898
5.500%, 06/16/34 (#)	USD		40		37,258
7.625%, 03/29/41	USD		32		34,886
					282,484
Indonesia  |  6.8%
Indonesia Government International Bonds:
3.850%, 07/18/27	USD		105		101,205
2.150%, 07/28/31	USD		215		178,474
3.550%, 03/31/32	USD		55		49,918
6.750%, 01/15/44	USD		55		61,675
3.050%, 03/12/51	USD		50		36,130
3.350%, 03/12/71	USD		60		40,132

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

24  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Indonesia Treasury Bonds:
8.375%, 09/15/26	IDR		386,000	$	26,345
9.000%, 03/15/29	IDR		818,000		58,352
6.375%, 08/15/28	IDR		113,000		7,182
8.250%, 05/15/29	IDR		1,545,000		106,391
7.000%, 09/15/30	IDR		1,032,000		66,756
8.750%, 05/15/31	IDR		324,000		23,112
7.000%, 02/15/33	IDR		896,000		57,585
8.375%, 03/15/34	IDR		912,000		64,032
8.250%, 05/15/36	IDR		648,000		45,184
8.375%, 04/15/39	IDR		920,000		65,096
					987,569
Jamaica  |  0.6%
Jamaica Government International Bonds, 6.750%, 04/28/28	USD		90		94,995
Kenya  |  1.2%
Kenya Government International Bonds, 8.000%, 05/22/32	USD		200		171,500
Malaysia  |  4.4%
Malaysia Government Bonds:
3.906%, 07/15/26	MYR		120		27,327
3.899%, 11/16/27	MYR		937		213,104
3.733%, 06/15/28	MYR		500		112,066
4.498%, 04/15/30	MYR		230		53,663
4.127%, 04/15/32	MYR		97		22,000
3.844%, 04/15/33	MYR		500		110,498
3.828%, 07/05/34	MYR		20		4,383
4.893%, 06/08/38	MYR		270		64,955
3.757%, 05/22/40	MYR		80		16,719
4.696%, 10/15/42	MYR		100		23,553
					648,268

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

Annual Report  25

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Mexico  |  7.1%
Mexico Bonos:
5.750%, 03/05/26	MXN		4,810	$	223,080
7.500%, 06/03/27	MXN		1,990		96,170
8.500%, 05/31/29	MXN		4,638		231,131
7.750%, 05/29/31	MXN		2,200		104,343
10.000%, 11/20/36	MXN		1,250		68,717
8.500%, 11/18/38	MXN		280		13,612
7.750%, 11/13/42	MXN		3,100		138,975
Mexico Government International Bonds:
3.500%, 02/12/34	USD		65		52,163
3.771%, 05/24/61	USD		45		28,499
5.750%, 10/12/10	USD		104		87,477
					1,044,167
Mongolia  |  0.2%
Mongolia Government International Bond, 4.450%, 07/07/31	USD		40		30,804
Oman  |  2.8%
Oman Government International Bonds,
5.625%, 01/17/28	USD		200		196,788
7.375%, 10/28/32	USD		200		216,287
					413,075
Panama  |  1.4%
Panama Government International Bonds:
3.160%, 01/23/30	USD		105		90,156
3.298%, 01/19/33	USD		5		4,046
6.400%, 02/14/35	USD		25		25,356
4.500%, 05/15/47	USD		10		7,668
4.500%, 04/16/50	USD		30		22,628
4.500%, 04/01/56	USD		75		54,998
					204,852

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

26  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Paraguay  |  0.7%
Paraguay Government International Bonds:
3.849%, 06/28/33 (#)	USD		28	$	24,514
6.100%, 08/11/44	USD		75		71,873
					96,387
Peru  |  3.9%
Peruvian Government International Bonds:
6.350%, 08/12/28	PEN		650		162,618
5.940%, 02/12/29	PEN		140		33,769
6.950%, 08/12/31	PEN		585		145,168
1.862%, 12/01/32	USD		30		21,896
6.900%, 08/12/37	PEN		670		158,118
5.350%, 08/12/40	PEN		55		10,789
3.230%, 07/28/21	USD		60		34,980
					567,338
Poland  |  2.8%
Poland Government Bonds:
2.500%, 07/25/26	PLN		190		37,464
3.750%, 05/25/27	PLN		92		18,566
2.500%, 07/25/27	PLN		710		135,016
2.750%, 04/25/28	PLN		460		86,270
1.250%, 10/25/30	PLN		350		53,668
Poland Government International Bond, 5.750%, 11/16/32	USD		80		84,783
					415,767
Qatar  |  2.7%
Qatar Government International Bonds, 6.400%, 01/20/40	USD		340		395,633
Romania  |  2.3%
Romanian Government Bonds:
3.250%, 06/24/26	RON		560		105,565
5.800%, 07/26/27	RON		170		34,148
4.150%, 01/26/28	RON		400		73,663

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

Annual Report  27

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Romanian Government International Bonds:
3.000%, 02/27/27	USD		56	$	49,448
3.625%, 03/27/32	USD		38		30,134
5.125%, 06/15/48	USD		50		39,650
					332,608
South Africa  |  8.8%
South Africa Government Bonds:
10.500%, 12/21/26	ZAR		950		59,099
8.000%, 01/31/30	ZAR		3,490		183,110
7.000%, 02/28/31	ZAR		4,290		203,846
8.250%, 03/31/32	ZAR		3,470		174,355
8.875%, 02/28/35	ZAR		1,750		86,812
8.500%, 01/31/37	ZAR		6,460		301,586
8.750%, 02/28/48	ZAR		1,445		66,479
South Africa Government International Bonds:
4.850%, 09/27/27	USD		60		56,767
4.300%, 10/12/28	USD		40		35,532
4.850%, 09/30/29	USD		10		8,874
5.875%, 06/22/30	USD		20		18,547
5.875%, 04/20/32	USD		10		8,988
5.375%, 07/24/44	USD		45		33,801
5.000%, 10/12/46	USD		30		20,902
5.650%, 09/27/47	USD		30		22,050
					1,280,748
Sri Lanka  |  0.3%
Sri Lanka Government International Bonds:
5.750%, 04/18/23	USD		15		4,451
6.125%, 06/03/25	USD		10		3,080
6.825%, 07/18/26	USD		5		1,504
6.200%, 05/11/27	USD		50		14,431
6.750%, 04/18/28	USD		35		10,452
7.850%, 03/14/29	USD		15		4,320
					38,238

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

28  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Suriname  |  0.0%
Suriname Government International Bonds, 9.250%, 10/26/26	USD		10	$	7,114
Thailand  |  0.5%
Thailand Government Bonds:
3.400%, 06/17/36	THB		830		24,751
3.300%, 06/17/38	THB		1,480		42,784
					67,535
Turkey  |  2.8%
Hazine Mustesarligi Varlik Kiralama AS, 7.250%, 02/24/27 (#)	USD		125		121,820
Turkey Government International Bonds:
7.375%, 02/05/25	USD		95		95,237
5.950%, 01/15/31	USD		140		116,200
6.000%, 01/14/41	USD		115		83,088
					416,345
Ukraine  |  0.3%
Ukraine Government International Bonds, 9.750%, 11/01/30	USD		200		42,975
Uruguay  |  2.5%
Uruguay Government International Bonds:
4.375%, 12/15/28	UYU		2,641		69,310
7.625%, 03/21/36	USD		46		58,259
4.125%, 11/20/45	USD		65		60,125
5.100%, 06/18/50	USD		125		123,250
4.975%, 04/20/55	USD		50		48,125
					359,069
Zambia  |  0.6%
Zambia Government International Bonds, 8.500%, 04/14/24	USD		200		90,000

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

Annual Report  29

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
Total Foreign Government Obligations (Cost $13,498,167)				$	12,063,933
Quasi Government Bonds  |  0.2%
Indonesia  |  0.1%
Pertamina Persero PT, 6.450%, 05/30/44	USD		25		24,661
Mexico  |  0.1%
Petroleos Mexicanos, 6.750%, 09/21/47	USD		16		10,190
Total Quasi Government Bonds (Cost $35,742)					34,851
Sovereign Bonds  |  2.5%
Indonesia  |  0.2%
Indonesia Government International Bonds, 3.850%, 10/15/2030	USD		35		32,819
Jordan  |  1.3%
Jordan Government International Bonds, 6.125%, 01/29/2026	USD		200		196,850
Serbia  |  1.0%
Serbia International Bonds, 2.125%, 12/01/2030	USD		200		142,975
Total Sovereign Bonds (Cost $359,563)					372,644
Supranational Bonds  |  0.1%
International Finance Corp., 8.000%, 10/09/23 (Cost $14,091)	IDR		200,000		13,037

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

30  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Emerging Markets Debt Portfolio (continued)
U.S. Treasury Securities  |  5.0%
U.S. Treasury Note, 2.750%, 08/15/32 (Cost $720,724)	USD		795	$	723,947

			Fair
Description	Shares		Value
Short-Term Investments  |  2.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $290,757)		290,757	$	290,757
Total Investments   |  98.0% (Cost $15,875,968) (»)			$	14,331,702
Cash and Other Assets in Excess of Liabilities  |  2.0%				296,639
Net Assets  |  100.0%			$	14,628,341

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

Annual Report  31

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
BRL	159,585	USD	30,000	BRC	02/02/23		$	61		$	—
BRL	183,641	USD	33,893	SSB	02/02/23			700			—
BRL	52,400	USD	10,000	UBS	02/02/23			—			129
CNY	55,195	USD	7,752	BRC	01/20/23			197			—
CNY	280,844	USD	40,000	BRC	01/20/23			449			—
CNY	498,533	USD	70,000	BRC	01/20/23			1,802			—
CNY	3,008,739	USD	418,432	CIT	01/20/23			14,906			—
CNY	131,807	USD	18,470	SCB	01/20/23			514			—
CNY	153,673	USD	21,530	SCB	01/20/23			603			—
CNY	213,378	USD	30,000	SCB	01/20/23			732			—
CNY	498,321	USD	70,763	SCB	01/20/23			1,008			—
COP	1,079,562,696	USD	222,889	SSB	01/17/23			—			731
CZK	4,363,810	USD	178,673	UBS	01/20/23			14,241			—
EUR	146,722	USD	150,000	HSB	01/20/23			7,228			—
EUR	140,469	USD	150,000	SCB	01/20/23			528			—
HUF	15,924,000	USD	40,000	BRC	01/20/23			2,485			—
HUF	23,099,984	USD	56,423	BRC	01/20/23			5,208			—
IDR	441,420,000	USD	28,000	BOA	01/24/23			349			—
IDR	155,580,000	USD	10,000	BRC	01/27/23			—			8
IDR	652,566,894	USD	41,783	BRC	01/27/23			125			—
IDR	1,934,375,000	USD	125,000	BRC	01/27/23			—			773
IDR	1,934,375,000	USD	125,000	CIT	01/27/23			—			773
IDR	1,707,608,755	USD	108,855	JPM	01/17/23			821			—
IDR	475,202,400	USD	30,540	JPM	01/27/23			—			22
IDR	608,289,864	USD	38,948	JPM	01/27/23			117			—
IDR	156,160,000	USD	10,038	SCB	01/17/23			—			8
IDR	1,707,608,755	USD	108,606	SCB	01/17/23			1,071			—
IDR	914,950,000	USD	58,000	SCB	01/24/23			761			—
IDR	458,132,460	USD	29,460	SCB	01/27/23			—			38
IDR	495,453,125	USD	31,709	SCB	01/27/23			109			—
IDR	1,009,472,000	USD	64,000	UBS	01/24/23			831			—
IDR	586,799,880	USD	37,560	UBS	01/27/23			125			—
MXN	164,920	USD	8,326	BRC	01/20/23			113			—
MXN	594,405	USD	30,000	BRC	01/20/23			416			—
MXN	587,034	USD	30,000	CIT	01/20/23			39			—
MXN	195,377	USD	10,000	SCB	01/20/23			—			2
MYR	754,444	USD	162,564	BOA	01/25/23			8,856			—

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

32  Annual Report

Lazard Emerging Markets Debt Portfolio (continued)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
MYR	46,985	USD	10,000	SCB	01/25/23		$	676		$	—
PEN	270,900	USD	70,000	BOA	01/17/23			1,249			—
PEN	194,515	USD	50,000	BRC	01/17/23			1,159			—
PLN	318,839	USD	70,000	BRC	01/20/23			2,683			—
PLN	852,898	USD	179,716	CIT	01/20/23			14,712			—
RON	109,814	USD	22,247	BRC	01/20/23			1,523			—
THB	1,168,872	USD	32,737	BOA	03/13/23			1,234			—
THB	2,064,168	USD	60,000	BOA	03/13/23			—			10
THB	8,483,472	USD	241,729	BOA	03/13/23			4,823			—
THB	500,078	USD	14,282	BRC	03/13/23			251			—
THB	8,024,470	USD	230,000	CIT	03/13/23			3,212			—
THB	11,420,059	USD	325,590	CIT	03/13/23			6,307			—
THB	12,725,208	USD	360,436	CIT	03/13/23			9,392			—
USD	40,000	BRL	214,440	BOA	02/02/23			—			394
USD	78,219	BRL	424,070	BOA	02/02/23			—			1,664
USD	60,000	BRL	322,350	BRC	02/02/23			—			721
USD	14,407	BRL	78,501	SSB	02/02/23			—			381
USD	14,845	BRL	79,455	SSB	02/02/23			—			122
USD	22,546	BRL	117,729	SSB	02/02/23			369			—
USD	22,870	BRL	118,639	SSB	02/02/23			522			—
USD	7,276	BRL	39,385	UBS	02/02/23			—			143
USD	71,068	BRL	384,686	UBS	02/02/23			—			1,395
USD	9,244	CLP	8,617,009	BRC	02/13/23			—			874
USD	10,000	CNY	69,849	SCB	01/20/23			—			60
USD	150,786	CNY	1,096,681	SCB	01/30/23			—			7,282
USD	10,000	COP	48,190,000	BRC	01/17/23			83			—
USD	109,317	COP	565,274,955	BRC	01/17/23			—			7,009
USD	109,002	COP	565,274,955	SCB	01/17/23			—			7,323
USD	10,000	CZK	228,775	SCB	01/20/23			—			114
USD	287,396	EUR	285,827	SCB	01/20/23			—			18,897
USD	20,000	HUF	7,633,926	SCB	01/20/23			—			367
USD	30,000	IDR	467,370,000	JPM	01/24/23			—			16
USD	56,360	IDR	885,525,760	SCB	01/17/23			—			516
USD	64,185	MXN	1,245,466	BOA	01/20/23			453			—
USD	80,000	MXN	1,590,520	BRC	01/20/23			—			1,389
USD	21,448	MYR	96,528	JPM	01/25/23			—			484
USD	90,000	MYR	396,756	SCB	01/25/23			—			148

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

Annual Report  33

Lazard Emerging Markets Debt Portfolio (concluded)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	105,695	PEN	421,352	BOA	01/17/23		$	—		$	5,125
USD	105,794	PEN	421,352	BRC	01/17/23			—			5,025
USD	105,650	PEN	421,352	SCB	01/17/23			—			5,170
USD	30,000	THB	1,035,825	SCB	03/13/23			—			104
USD	80,000	THB	2,782,000	SCB	03/13/23			—			852
USD	152,488	THB	5,389,545	SCB	03/13/23			—			4,146
USD	28,415	ZAR	506,241	BOA	01/20/23			—			1,339
USD	101,833	ZAR	1,782,295	BOA	01/20/23			—			2,919
USD	24,800	ZAR	439,729	BRC	01/20/23			—			1,044
USD	28,431	ZAR	506,241	BRC	01/20/23			—			1,323
USD	40,000	ZAR	715,460	BRC	01/20/23			—			2,050
USD	58,040	ZAR	1,008,706	BRC	01/20/23			—			1,245
USD	113,657	ZAR	2,024,964	CIT	01/20/23			—			5,358
USD	25,200	ZAR	446,431	SCB	01/20/23			—			1,038
UYU	353,959	USD	8,736	HSB	03/06/23			10			—
ZAR	687,800	USD	40,000	SCB	01/20/23			424			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	113,477		$	88,531

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

34  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio
Corporate Bonds  |  35.6%
Canada  |  1.6%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		75	$	67,397
Germany  |  1.1%
Mercedes-Benz Group AG, 0.750%, 09/10/30	EUR		55		48,115
Netherlands  |  2.3%
ING Groep NV, 1.125% (SONIA + 0.905%), 12/07/28 (§)	GBP		100		96,721
Switzerland  |  0.5%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		22		18,931
United Kingdom  |  2.3%
Tesco Corporate Treasury Services PLC, 2.750%, 04/27/30	GBP		100		99,209
United States  |  27.8%
Adobe, Inc., 2.300%, 02/01/30	USD		25		21,317
Alphabet, Inc., 1.100%, 08/15/30	USD		35		27,390
Amazon.com, Inc., 3.150%, 08/22/27	USD		25		23,492
American Express Co., 4.050%, 05/03/29	USD		45		42,851
Amgen, Inc., 3.000%, 02/22/29	USD		25		22,138
Apple, Inc., 1.125%, 05/11/25	USD		50		46,033
Ball Corp., 4.875%, 03/15/26	USD		25		24,216

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

Annual Report  35

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Bank of America Corp.:
1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		28	$	27,561
1.978% (CDOR 03 Month + 0.600%), 09/15/27 (§)	CAD		70		46,004
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§)	USD		70		64,501
Clean Harbors, Inc., 4.875%, 07/15/27	USD		25		23,687
Dell International LLC, 5.300%, 10/01/29	USD		45		44,010
Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		30		22,855
Home Depot, Inc., 5.875%, 12/16/36	USD		20		21,388
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		95		66,654
Johnson Controls International PLC, 1.750%, 09/15/30	USD		65		51,920
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		80		73,617
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		30		27,389
McDonald’s Corp., 3.125%, 03/04/25	CAD		70		49,911
Microsoft Corp., 3.500%, 11/15/42	USD		25		20,948
Morgan Stanley, 3.625%, 01/20/27	USD		70		66,011
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)	USD		15		13,181
PepsiCo, Inc., 2.875%, 10/15/49	USD		35		25,005
Pfizer, Inc., 2.625%, 04/01/30	USD		30		26,353

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

36  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Procter & Gamble Co., 1.200%, 10/29/30	USD		15	$	11,769
Prologis LP REIT, 1.250%, 10/15/30	USD		100		75,807
Service Corp. International, 4.625%, 12/15/27	USD		30		28,021
Starbucks Corp., 4.450%, 08/15/49	USD		25		21,248
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		55		46,273
United Rentals North America, Inc., 4.875%, 01/15/28	USD		30		28,429
Verizon Communications, Inc., 3.875%, 02/08/29	USD		75		70,370
Visa, Inc., 0.750%, 08/15/27	USD		25		21,273
					1,181,622
Total Corporate Bonds (Cost $1,800,524)					1,511,995
Foreign Government Obligations  |  45.9%
Australia  |  3.2%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		100		53,292
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		160		84,418
					137,710
Bahamas  |  1.3%
Bahamas Government International Bonds, 6.950%, 11/20/29	USD		73		54,809
Canada  |  5.3%
British Columbia, 3.200%, 06/18/44	CAD		100		62,308

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

Annual Report  37

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Export Development Canada, 1.650%, 07/31/24	CAD		70	$	49,614
Quebec, 1.850%, 02/13/27	CAD		85		58,103
Vancouver, 2.900%, 11/20/25	CAD		80		57,128
					227,153
Chile  |  2.9%
Bonos de la Tesoreria de la Republica en pesos:
5.800%, 06/01/24	CLP		50,000		57,618
2.300%, 10/01/28	CLP		65,000		64,003
					121,621
Colombia  |  0.5%
Colombia Government International Bonds, 9.850%, 06/28/27	COP		126,000		22,274
Czech Republic  |  1.7%
Czech Republic Government Bonds, 7.210% (PRIBOR 6 Month), 11/19/27 (§)	CZK		1,650		72,273
Denmark  |  0.5%
Denmark Government Bond, 0.000%, 11/15/31	DKK		180		20,476
France  |  1.0%
French Republic Government Bonds OAT, 1.750%, 06/25/39	EUR		49		42,778
Hungary  |  0.6%
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		35		24,559
Ireland  |  1.0%
Ireland Government Bonds, 1.350%, 03/18/31	EUR		45		42,832

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

38  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Mexico  |  2.8%
Mexico Bonos:
8.000%, 09/05/24	MXN		860	$	42,685
7.500%, 06/03/27	MXN		970		46,877
Mexico Government International Bonds, 6.750%, 02/06/24	GBP		25		30,526
					120,088
Morocco  |  1.8%
Morocco Government International Bonds, 1.500%, 11/27/31	EUR		100		78,698
New Zealand  |  8.1%
Housing New Zealand Ltd., 3.420%, 10/18/28	NZD		120		69,551
New Zealand Local Government Funding Agency Bonds:
2.250%, 04/15/24	NZD		190		115,760
1.500%, 04/20/29	NZD		210		106,573
2.000%, 04/15/37	NZD		130		52,945
					344,829
Norway  |  2.3%
Oslo, 2.350%, 09/04/24	NOK		1,000		99,521
Panama  |  2.2%
Panama Government International Bonds, 8.875%, 09/30/27	USD		80		91,990
Peru  |  2.2%
Peru Government Bonds, 6.150%, 08/12/32 (#)	PEN		250		57,876
Peruvian Government International Bonds, 3.000%, 01/15/34	USD		45		35,432
					93,308

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

Annual Report  39

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Poland  |  1.8%
Poland Government Bonds, 7.560% (WIBOR 6 Month), 05/25/28 (§)	PLN		355	$	76,584
Portugal  |  1.0%
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32	EUR		45		40,979
Singapore  |  1.1%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		60		45,827
Spain  |  1.0%
Spain Government Bonds, 1.000%, 07/30/42	EUR		65		42,450
Switzerland  |  0.5%
Swiss Confederation Government Bonds, 0.500%, 06/27/32	CHF		20		19,592
Thailand  |  2.0%
Thailand Government Bonds, 1.585%, 12/17/35	THB		3,440		84,625
United Kingdom  |  1.1%
U.K. Gilts, 0.875%, 07/31/33	GBP		50		45,119
Total Foreign Government Obligations (Cost $2,393,150)					1,950,095
Quasi Government Bonds  |  1.8%
Germany  |  1.8%
Kreditanstalt fuer Wiederaufbau:
0.000%, 09/15/28	EUR		25		22,549
1.750%, 09/14/29	USD		63		54,311
(Cost $86,872)					76,860

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

40  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Fixed Income Portfolio (continued)
Supranational Bonds  |  10.4%
Asian Development Bank, 2.125%, 03/19/25	USD		40	$	37,891
European Investment Bank, 1.000%, 01/28/28	CAD		80		51,625
Inter-American Development Bank, 7.875%, 03/14/23	IDR		1,140,000		73,530
Inter-American Investment Corp., 1.100%, 06/30/26	AUD		41		24,719
International Bank for Reconstruction & Development:
2.900%, 11/26/25	AUD		100		65,713
1.250%, 03/16/26	NOK		660		63,442
1.125%, 09/13/28	USD		35		29,625
International Finance Corp.:
2.125%, 04/07/26	USD		40		37,353
1.500%, 04/15/35	AUD		132		59,797
Total Supranational Bonds (Cost $534,802)					443,695
U.S. Municipal Bonds  |  1.9%
California  |  1.9%
California:
4.500%, 04/01/33	USD		45		43,256
7.550%, 04/01/39	USD		30		37,549
(Cost $95,045)					80,805
U.S. Treasury Securities  |  3.3%
U.S. Treasury Bonds, 1.750%, 08/15/41 (Cost $159,473)	USD		206		140,973

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

Annual Report  41

		Principal
	Security	Amount	Fair
Description	Currency	(000)	Value
Lazard Global Fixed Income Portfolio (continued)
Total Investments  |  98.9% (Cost $5,069,866) (»)			$	4,204,423
Cash and Other Assets in Excess of Liabilities  |  1.1%				45,523
Net Assets  |  100.0%			$	4,249,946

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

42  Annual Report

Lazard Global Fixed Income Portfolio (continued)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
AUD	20,700	USD	14,022	CIT	02/08/23		$	91		$	—
AUD	11,687	USD	7,500	JPM	02/08/23			468			—
CAD	18,892	USD	13,842	CIT	02/08/23			114			—
CAD	13,288	USD	9,959	HSB	02/08/23			—			143
CAD	28,624	USD	20,870	HSB	02/08/23			275			—
CHF	23,051	USD	23,816	JPM	02/08/23			1,208			—
CNH	1,154,651	USD	162,438	HSB	02/08/23			4,843			—
CNH	1,683,302	USD	236,313	HSB	02/08/23			7,558			—
CNH	48,395	USD	6,800	HSB	02/28/23			223			—
COP	23,168,244	USD	4,400	HSB	04/25/23			277			—
CZK	294,759	USD	11,732	JPM	01/11/23			1,305			—
CZK	614,690	USD	25,800	JPM	01/11/23			1,388			—
CZK	1,120,925	USD	45,026	JPM	01/11/23			4,554			—
EUR	105,834	USD	106,476	CIT	02/08/23			7,077			—
EUR	30,264	USD	32,400	HSB	02/08/23			72			—
EUR	56,794	USD	57,100	HSB	02/08/23			3,836			—
EUR	319,433	USD	321,426	HSB	02/08/23			21,305			—
EUR	8,439	USD	8,491	MSC	02/08/23			563			—
GBP	3,792	USD	4,569	HSB	02/08/23			20			—
GBP	10,560	USD	12,600	JPM	02/08/23			178			—
GBP	19,558	USD	22,500	JPM	02/08/23			1,166			—
HUF	5,685,778	USD	14,800	HSB	02/08/23			291			—
JPY	9,540,681	USD	65,612	CIT	02/08/23			7,409			—
JPY	629,881	USD	4,700	HSB	02/08/23			121			—
JPY	2,668,284	USD	19,000	HSB	02/08/23			1,422			—
JPY	66,659,333	USD	458,481	HSB	02/08/23			51,706			—
KRW	74,813,620	USD	52,466	JPM	04/18/23			6,909			—
NOK	266,657	USD	26,300	HSB	02/08/23			957			—
PEN	16,110	USD	4,000	JPM	04/25/23			202			—
RON	401,924	USD	77,850	HSB	02/08/23			9,050			—
SEK	240,172	USD	22,600	JPM	02/08/23			462			—
SEK	390,439	USD	35,163	JPM	02/08/23			2,327			—
SGD	35,130	USD	25,700	JPM	02/08/23			544			—
USD	81,869	AUD	126,128	CIT	02/08/23			—			4,125
USD	78,851	AUD	121,303	HSB	02/08/23			—			3,854
USD	9,436	AUD	14,523	JPM	02/08/23			—			466
USD	7,000	AUD	10,270	MSC	02/08/23			—			2
USD	57,995	AUD	89,222	MSC	02/08/23			—			2,838
USD	177,385	CAD	239,796	CIT	02/08/23			248			—
USD	67,522	CAD	91,265	HSB	02/08/23			105			—
USD	14,000	CAD	18,988	JPM	02/08/23			—			26

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

Annual Report  43

Lazard Global Fixed Income Portfolio (concluded)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	35,357	CAD	46,940	JPM	02/08/23		$	682		$	—
USD	81,811	CAD	110,580	JPM	02/08/23			125			—
USD	23,555	CHF	23,051	JPM	02/08/23			—			1,468
USD	69,464	CLP	65,691,753	CIT	03/15/23			—			7,283
USD	22,090	CLP	20,877,270	HSB	03/15/23			—			2,301
USD	41,000	CNH	283,066	HSB	02/08/23			—			10
USD	24,474	COP	124,270,000	HSB	04/25/23			—			613
USD	8,240	CZK	201,814	JPM	01/11/23			—			687
USD	23,686	CZK	540,868	JPM	01/11/23			—			237
USD	30,300	CZK	746,919	JPM	01/11/23			—			2,737
USD	60,370	CZK	1,503,170	JPM	01/11/23			—			6,117
USD	13,287	EUR	12,484	HSB	02/08/23			—			107
USD	86,000	EUR	80,192	HSB	02/08/23			—			40
USD	40,172	EUR	39,820	JPM	02/08/23			—			2,552
USD	38,915	GBP	33,834	HSB	02/08/23			—			2,026
USD	20,000	GBP	16,558	JPM	02/08/23			—			37
USD	68,512	GBP	59,577	JPM	02/08/23			—			3,579
USD	31,968	IDR	495,791,848	JPM	01/20/23			125			—
USD	59,000	JPY	7,687,694	CIT	02/08/23			161			—
USD	31,094	MXN	637,136	HSB	02/08/23			—			1,398
USD	28,682	MXN	587,793	JPM	02/08/23			—			1,294
USD	25,740	NOK	269,807	HSB	02/08/23			—			1,838
USD	124,390	NOK	1,304,005	JPM	02/08/23			—			8,900
USD	69,242	NZD	116,322	CIT	02/08/23			—			4,647
USD	37,000	NZD	58,087	HSB	02/08/23			103			—
USD	102,550	NZD	172,284	HSB	02/08/23			—			6,886
USD	115,096	NZD	193,331	JPM	02/08/23			—			7,710
USD	56,669	PEN	230,134	JPM	04/25/23			—			3,353
USD	42,567	PLN	215,666	HSB	02/08/23			—			6,517
USD	8,000	RON	37,091	HSB	02/08/23			—			19
USD	17,807	SEK	197,723	JPM	02/08/23			—			1,179
USD	8,151	SGD	11,641	HSB	02/08/23			—			545
USD	24,000	SGD	32,494	JPM	02/08/23			—			275
USD	26,930	SGD	38,439	JPM	02/08/23			—			1,786
USD	21,494	THB	772,718	HSB	03/13/23			—			963
USD	40,801	THB	1,515,972	HSB	03/13/23			—			3,257
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	139,470		$	91,815

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

44  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio
Convertible Corporate Bonds  |  78.7%
Airlines  |  4.5%
JetBlue Airways Corp. 0.500%, 04/01/26	$	136	$	99,833
Southwest Airlines Co., 1.250%, 05/01/25		104		125,294
				225,127
Auto Components  |  1.0%
Luminar Technologies, Inc. 1.250%, 12/15/26		87		49,268
Automobiles  |  2.5%
Ford Motor Co. 0.000%, 03/15/26		133		126,150
Biotechnology  |  6.2%
BioMarin Pharmaceutical, Inc. 0.599%, 08/01/24		94		99,997
Exact Sciences Corp. 0.375%, 03/01/28		157		123,842
Sarepta Therapeutics, Inc., 1.250%, 09/15/27		76		87,970
				311,809
Commercial Services & Supplies  |  1.5%
Sabre GLBL, Inc., 4.000%, 04/15/25		70		75,383
Communications Equipment  |  1.0%
Lumentum Holdings, Inc., 0.500%, 06/15/28		66		50,285

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

Annual Report  45

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Entertainment  |  3.4%
Cinemark Holdings, Inc. 4.500%, 08/15/25	$	51	$	48,964
Live Nation Entertainment, Inc. 2.000%, 02/15/25		125		123,313
				172,277
Equity Real Estate Investment Trusts (REITs)  |  1.5%
Pebblebrook Hotel Trust 1.750%, 12/15/26		90		74,475
Health Care Equipment & Supplies  |  5.0%
Dexcom, Inc., 0.250%, 11/15/25		160		174,800
Insulet Corp., 0.375%, 09/01/26		53		75,101
				249,901
Hotels, Restaurants & Leisure  |  7.2%
Carnival Corp., 5.750%, 10/01/24		45		50,220
Marriott Vacations Worldwide Corp., 0.000%, 01/15/26		103		100,940
NCL Corp. Ltd. 5.375%, 08/01/25		72		72,972
Royal Caribbean Cruises Ltd. 6.000%, 08/15/25		68		85,748
Vail Resorts, Inc., 0.000%, 01/01/26		54		50,355
				360,235
Independent Power & Renewable Electricity Producers  |  1.5%
NextEra Energy Partners LP 0.000%, 11/15/25		74		73,926

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

46  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Interactive Media & Services  |  1.5%
Snap, Inc., 0.750%, 08/01/26	$	88	$	74,866
Internet & Direct Marketing Retail  |  3.6%
Etsy, Inc., 0.125%, 09/01/27		99		99,248
Wayfair, Inc. 3.250%, 09/15/27		111		85,193
				184,441
IT Services  |  8.4%
Akamai Technologies, Inc. 0.375%, 09/01/27		103		99,704
Block, Inc., 0.125%, 03/01/25		105		100,406
Cloudflare, Inc., 0.000%, 08/15/26		91		74,620
MongoDB, Inc., 0.250%, 01/15/26		63		74,104
Okta, Inc. 0.125%, 09/01/25		84		74,214
				423,048
Oil, Gas & Consumable Fuels  |  2.0%
Pioneer Natural Resources Co., 0.250%, 05/15/25		43		100,491
Real Estate Management & Development  |  1.5%
Zillow Group, Inc., 1.375%, 09/01/26		74		75,295
Road & Rail  |  2.0%
Uber Technologies, Inc. 0.000%, 12/15/25		118		99,976

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

Annual Report  47

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Semiconductors & Semiconductor Equipment  |  8.4%
Enphase Energy, Inc., 0.000%, 03/01/26	$	66	$	74,679
Microchip Technology, Inc., 0.125%, 11/15/24		93		100,208
ON Semiconductor Corp., 0.000%, 05/01/27		56		74,480
Wolfspeed, Inc., 0.250%, 02/15/28		201		174,267
				423,634
Software  |  16.0%
Bill.com Holdings, Inc., 0.000%, 12/01/25		98		100,744
Coupa Software, Inc. 0.125%, 06/15/25		52		50,508
Five9, Inc., 0.500%, 06/01/25		109		100,116
HubSpot, Inc., 0.375%, 06/01/25		61		75,305
Palo Alto Networks, Inc., 0.375%, 06/01/25		119		176,298
Splunk, Inc. 1.125%, 09/15/25		79		74,576
Tyler Technologies, Inc., 0.250%, 03/15/26		80		74,720
Ziff Davis, Inc. 1.750%, 11/01/26		75		75,150
Zscaler, Inc., 0.125%, 07/01/25		71		74,905
				802,322
Total Convertible Corporate Bonds (Cost $3,937,967)				3,952,909

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

48  Annual Report

Description	Shares		Fair Value
Lazard US Convertibles Portfolio (concluded)
Preferred Stocks  |  17.3%
Auto Components  |  1.5%
Aptiv PLC Series A	694	$	74,481
Banks  |  1.9%
Wells Fargo & Co. Series L	83		98,355
Diversified Financial Services  |  3.4%
AMG Capital Trust II	1,426		73,439
Bank of America Corp. Series L	85		98,600
			172,039
Electric Utilities  |  4.5%
NextEra Energy, Inc.	3,496		175,464
PG&E Corp.	346		49,907
			225,371
Health Care Equipment & Supplies  |  2.5%
Becton Dickinson & Co. Series B	982		49,179
Boston Scientific Corp. Series A	648		74,403
			123,582
Independent Power & Renewable Electricity Producers  |  1.5%
AES Corp.	724		73,855
Life Sciences Tools & Services  |  2.0%
Danaher Corp. Series B	73		99,028
Total Preferred Stocks (Cost $861,456)			866,711
Total Investments  |  96.0% (Cost $4,799,423)		$	4,819,620
Cash and Other Assets in Excess of Liabilities  |  4.0%			200,370
Net Assets l 100.0%		$	5,019,990

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

Annual Report  49

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio
Corporate Bonds  |  90.6%
Aerospace & Defense  |  0.8%
Howmet Aerospace, Inc., 3.000%, 01/15/29	$	1,500	$	1,275,000
Triumph Group, Inc., 6.250%, 09/15/24 (#)		500		473,975
				1,748,975
Airlines  |  0.5%
United Airlines Pass-Through Trust , Series A, 4.150%, 10/11/25		1,065		1,031,268
Auto Components  |  0.6%
Goodyear Tire & Rubber Co.
5.000%, 05/31/26		250		235,865
5.250%, 07/15/31		1,500		1,226,910
				1,462,775
Automobiles  |  0.3%
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		761,806
Building Products  |  1.4%
Builders FirstSource, Inc., 4.250%, 02/01/32 (#)		2,000		1,621,456
Griffon Corp., 5.750%, 03/01/28		1,750		1,601,250
				3,222,706
Capital Markets  |  1.4%
Icahn Enterprises LP, 6.250%, 05/15/26		1,500		1,441,344
MPT Operating Partnership LP, 3.500%, 03/15/31		500		342,742
MSCI, Inc., 3.250%, 08/15/33 (#)		1,750		1,351,452
				3,135,538

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

50  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Chemicals  |  3.2%
Ashland LLC, 3.375%, 09/01/31 (#)	$	1,500	$	1,198,906
Methanex Corp., 5.125%, 10/15/27		1,750		1,623,125
Mosaic Global Holdings, Inc., 7.300%, 01/15/28		775		825,822
NOVA Chemicals Corp., 4.250%, 05/15/29 (#)		1,750		1,430,625
Valvoline, Inc., 3.625%, 06/15/31 (#)		1,500		1,230,795
WR Grace Holdings LLC, 4.875%, 06/15/27 (#)		1,000		886,130
				7,195,403
Commercial Services & Supplies  |  5.6%
ACCO Brands Corp., 4.250%, 03/15/29 (#)		2,000		1,650,000
ADT Security Corp.
4.125%, 06/15/23		500		495,027
4.125%, 08/01/29 (#)		250		212,614
Aramark Services, Inc., 5.000%, 04/01/25 (#)		2,000		1,951,574
Ashtead Capital, Inc., 4.375%, 08/15/27 (#)		1,900		1,775,643
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		1,895,000
GFL Environmental, Inc., 3.500%, 09/01/28 (#)		1,750		1,538,534
KAR Auction Services, Inc., 5.125%, 06/01/25 (#)		1,800		1,758,492
Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#)		1,500		1,294,777
				12,571,661

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

Annual Report  51

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Construction Materials  |  0.7%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)	$	1,760	$	1,614,800
Consumer Finance  |  0.8%
Ford Motor Credit Co. LLC
2.700%, 08/10/26		1,000		868,400
4.125%, 08/17/27		1,000		895,000
				1,763,400
Containers & Packaging  |  2.9%
Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#)		1,200		951,033
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)		1,200		1,039,444
Crown Americas LLC, 4.250%, 09/30/26		500		476,790
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,392,499
Silgan Holdings, Inc., 4.125%, 02/01/28		1,996		1,846,614
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		808,658
				6,515,038
Diversified Consumer Services  |  0.8%
Service Corp. International, 4.625%, 12/15/27		2,000		1,868,100
Diversified Financial Services  |  1.3%
Level 3 Financing, Inc.
4.250%, 07/01/28 (#)		1,000		787,700
3.625%, 01/15/29 (#)		1,000		732,241
Suburban Propane Partners LP, 5.000%, 06/01/31 (#)		1,750		1,487,469
				3,007,410

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

52  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Diversified Telecommunication Services  |  2.6%
Connect Finco SARL, 6.750%, 10/01/26 (#)	$	1,500	$	1,396,710
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		2,005,687
Lumen Technologies, Inc., 4.000%, 02/15/27 (#)		1,100		932,198
Zayo Group Holdings, Inc., 4.000%, 03/01/27 (#)		2,000		1,477,140
				5,811,735
Electric Utilities  |  0.5%
NRG Energy, Inc., 3.625%, 02/15/31 (#)		1,500		1,140,296
Electrical Equipment  |  1.3%
Rackspace Technology Global, Inc., 3.500%, 02/15/28 (#)		1,000		581,120
Sensata Technologies, Inc.
4.375%, 02/15/30 (#)		1,100		957,555
3.750%, 02/15/31 (#)		250		205,660
Vistra Operations Co. LLC, 4.375%, 05/01/29 (#)		1,500		1,292,425
				3,036,760
Energy Equipment & Services  |  0.4%
DCP Midstream Operating LP, 3.250%, 02/15/32		1,050		868,487
Entertainment  |  2.2%
Cinemark USA, Inc., 5.250%, 07/15/28 (#)		1,500		1,113,885
Live Nation Entertainment, Inc.
4.875%, 11/01/24 (#)		1,550		1,500,779
3.750%, 01/15/28 (#)		500		426,039
Netflix, Inc., 4.375%, 11/15/26		500		481,250

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

Annual Report  53

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
WMG Acquisition Corp., 3.000%, 02/15/31 (#)	$	1,800	$	1,438,362
				4,960,315
Equity Real Estate Investment Trusts (REITs)  |  3.8%
HAT Holdings I LLC, 3.375%, 06/15/26 (#)		1,500		1,303,200
Iron Mountain, Inc.
4.875%, 09/15/29 (#)		500		436,100
4.500%, 02/15/31 (#)		1,250		1,027,425
Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#)		1,500		1,269,750
RHP Hotel Properties LP, 4.500%, 02/15/29 (#)		1,750		1,509,539
VICI Properties LP / VICI Note Co. Inc.
4.500%, 09/01/26 (#)		1,800		1,693,939
4.250%, 12/01/26 (#)		1,500		1,399,386
				8,639,339
Food & Staples Retailing  |  2.8%
Albertsons Cos, Inc., 3.500%, 03/15/29 (#)		1,500		1,258,485
Kraft Heinz Foods Co., 4.250%, 03/01/31		2,350		2,196,909
Performance Food Group, Inc., 4.250%, 08/01/29 (#)		1,800		1,559,916
US Foods, Inc., 4.625%, 06/01/30 (#)		1,500		1,320,922
				6,336,232
Food Products  |  3.6%
B&G Foods, Inc., 5.250%, 04/01/25		1,500		1,315,362
Darling Ingredients, Inc., 6.000%, 06/15/30 (#)		2,000		1,955,000
Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#)		2,000		1,766,400

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

54  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Post Holdings, Inc., 4.500%, 09/15/31 (#)	$	2,000	$	1,681,321
TreeHouse Foods, Inc., 4.000%, 09/01/28		1,750		1,487,500
				8,205,583
Gas Utilities  |  0.7%
AmeriGas Partners LP, 5.625%, 05/20/24		1,550		1,504,553
Health Care Equipment & Supplies  |  1.9%
Avantor Funding, Inc., 3.875%, 11/01/29 (#)		1,500		1,259,625
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		1,884,590
Medline Borrower LP, 3.875%, 04/01/29 (#)		1,500		1,208,940
				4,353,155
Health Care Providers & Services  |  5.2%
Centene Corp., 3.375%, 02/15/30		1,500		1,268,055
Encompass Health Corp., 4.625%, 04/01/31		1,849		1,589,247
HCA, Inc., 3.500%, 09/01/30		2,000		1,724,952
Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#)		1,250		1,057,275
Molina Healthcare, Inc., 3.875%, 05/15/32 (#)		1,750		1,453,269
PRA Health Sciences, Inc., 2.875%, 07/15/26 (#)		200		181,011
Tenet Healthcare Corp.
4.625%, 07/15/24		309		301,354
4.875%, 01/01/26 (#)		1,000		945,643
4.375%, 01/15/30 (#)		1,500		1,298,347
Teva Pharmaceutical Finance Netherlands III BV, 7.125%, 01/31/25		1,900		1,889,341
				11,708,494

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

Annual Report  55

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Hotels, Restaurants & Leisure  |  8.2%
1011778 BC ULC / New Red Finance Inc. 3.875%, 01/15/28 (#)	$	2,100	$	1,878,546
Boyd Gaming Corp.
4.750%, 12/01/27		850		791,673
4.750%, 06/15/31 (#)		1,250		1,087,500
Brinker International, Inc., 5.000%, 10/01/24 (#)		2,000		1,927,781
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,480,250
Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#)		2,000		1,601,600
International Game Technology PLC, 4.125%, 04/15/26 (#)		1,500		1,398,982
MGM Resorts International, 4.625%, 09/01/26		800		733,379
Six Flags Entertainment Corp., 4.875%, 07/31/24 (#)		1,850		1,781,226
Station Casinos LLC, 4.625%, 12/01/31 (#)		1,750		1,403,803
Travel + Leisure Co., 4.500%, 12/01/29 (#)		1,500		1,222,245
Wynn Las Vegas LLC, 5.500%, 03/01/25 (#)		2,000		1,898,692
Yum! Brands, Inc., 4.625%, 01/31/32		1,500		1,325,890
				18,531,567
Household Durables  |  0.7%
Tempur Sealy International, Inc., 4.000%, 04/15/29 (#)		1,750		1,470,280
Household Products  |  1.2%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)		1,200		1,039,924
Spectrum Brands, Inc., 5.750%, 07/15/25		1,800		1,779,632
				2,819,556

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

56  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Independent Power & Renewable Electricity Producers  |  1.3%
Calpine Corp., 4.500%, 02/15/28 (#)	$	1,500	$	1,337,967
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,605,219
				2,943,186
Interactive Media & Services  |  0.6%
Ziff Davis, Inc., 4.625%, 10/15/30 (#)		1,500		1,269,270
IT Services  |  0.5%
Block, Inc., 3.500%, 06/01/31		1,450		1,156,991
Machinery  |  3.3%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,664,573
Amsted Industries, Inc.
5.625%, 07/01/27 (#)		750		711,495
4.625%, 05/15/30 (#)		1,000		852,500
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)		2,000		1,757,500
Terex Corp., 5.000%, 05/15/29 (#)		1,000		898,750
Vertiv Group Corp., 4.125%, 11/15/28 (#)		1,750		1,487,500
				7,372,318
Media  |  10.0%
AMC Networks, Inc., 4.250%, 02/15/29		1,000		623,098
CCO Holdings LLC
5.125%, 05/01/27 (#)		500		466,035
4.750%, 03/01/30 (#)		1,500		1,293,623
Clear Channel Worldwide Holdings, Inc., 5.125%, 08/15/27 (#)		2,000		1,733,000

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

Annual Report  57

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
DISH DBS Corp.
5.250%, 12/01/26 (#)	$	1,000	$	842,335
5.750%, 12/01/28 (#)		750		598,594
GCI LLC, 4.750%, 10/15/28 (#)		250		210,020
Gray Escrow II, Inc., 5.375%, 11/15/31 (#)		1,000		720,650
Lamar Media Corp., 3.625%, 01/15/31		1,500		1,240,091
Nexstar Media, Inc., 5.625%, 07/15/27 (#)		1,500		1,376,036
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,070,567
Scripps Escrow II, Inc., 3.875%, 01/15/29 (#)		1,500		1,203,750
Sinclair Television Group, Inc.
5.125%, 02/15/27 (#)		1,750		1,427,321
4.125%, 12/01/30 (#)		1,000		749,686
Sirius XM Radio, Inc.
5.000%, 08/01/27 (#)		1,750		1,617,632
3.875%, 09/01/31 (#)		1,000		780,169
TEGNA, Inc., 5.000%, 09/15/29		1,750		1,660,400
Univision Communications, Inc., 5.125%, 02/15/25 (#)		2,000		1,904,780
Videotron Ltd., 5.125%, 04/15/27 (#)		500		472,265
Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#)		2,000		1,670,850
				22,660,902
Metals & Mining  |  1.3%
FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#)		1,750		1,614,375
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,329,847
				2,944,222

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

58  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Mortgage Real Estate Investment Trusts (REITs)  |  0.7%
Starwood Property Trust, Inc., 3.625%, 07/15/26 (#)	$	1,743	$	1,525,125
Oil, Gas & Consumable Fuels  |  7.8%
Buckeye Partners LP, 4.500%, 03/01/28 (#)		1,500		1,318,494
Cheniere Energy Partners LP, 3.250%, 01/31/32		1,750		1,390,737
DT Midstream, Inc., 4.375%, 06/15/31 (#)		1,350		1,132,515
EQT Corp., 3.625%, 05/15/31 (#)		1,750		1,483,013
Hess Midstream Operations LP, 4.250%, 02/15/30 (#)		1,850		1,581,604
Holly Energy Partners LP, 5.000%, 02/01/28 (#)		1,000		910,506
Murphy Oil Corp., 5.875%, 12/01/27		500		481,145
Occidental Petroleum Corp., 3.400%, 04/15/26		1,750		1,637,597
Range Resources Corp., 4.750%, 02/15/30 (#)		1,750		1,541,938
Southwestern Energy Co.
5.700%, 01/23/25		1,800		1,768,497
4.750%, 02/01/32		250		213,648
Sunoco LP / Sunoco Finance Corp., 4.500%, 04/30/30		2,000		1,736,100
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,108,550
Targa Resources Partners LP, 4.000%, 01/15/32		1,500		1,262,085
				17,566,429
Software  |  1.7%
Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#)		1,200		1,039,675

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

Annual Report  59

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (continued)
Crowdstrike Holdings, Inc., 3.000%, 02/15/29	$	1,500	$	1,265,647
NCR Corp.
5.750%, 09/01/27 (#)		1,000		956,925
5.125%, 04/15/29 (#)		750		627,243
				3,889,490
Specialty Retail  |  1.7%
Asbury Automotive Group, Inc.
4.500%, 03/01/28		987		868,955
5.000%, 02/15/32 (#)		750		617,025
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		846,430
Penske Automotive Group, Inc., 3.750%, 06/15/29		1,750		1,420,377
				3,752,787
Technology Hardware, Storage & Peripherals  |  1.6%
Seagate HDD Cayman, 4.091%, 06/01/29		2,083		1,726,286
Western Digital Corp., 4.750%, 02/15/26		2,000		1,883,440
				3,609,726
Textiles, Apparel & Luxury Goods  |  0.7%
Hanesbrands, Inc., 4.625%, 05/15/24 (#)		1,750		1,694,923
Trading Companies & Distributors  |  3.0%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		981,420
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		1,500		1,360,500
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		1,500		1,399,125
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		1,505,007

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

60  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Corporate Income Portfolio (concluded)
United Rentals North America, Inc.
5.500%, 05/15/27	$	500	$	493,600
3.875%, 11/15/27		1,100		1,018,039
				6,757,691
Wireless Telecommunication Services  |  1.0%
Sprint Corp, 7.125%, 06/15/24		500		509,770
T-Mobile USA, Inc., 3.500%, 04/15/31		2,000		1,727,599
				2,237,369
Total Corporate Bonds (Cost $233,164,016)				204,665,661
Description		Shares		Fair Value
Short-Term Investments  |  6.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $14,660,321)		14,660,321	$	14,660,321
Total Investments  |  97.1% (Cost $247,824,337)			$	219,325,982
Cash and Other Assets in Excess of Liabilities  |  2.9%				6,493,484
Net Assets  |  100.0%			$	225,819,466

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

Annual Report  61

Description		Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Corporate Bonds  |  13.2%
Banks  |  4.5%
Bank of America Corp., 3.300%, 01/11/23	$	2,650	$	2,649,093
Capital Markets  |  2.8%
Goldman Sachs Group, Inc., 4.000%, 03/03/24		1,650		1,629,134
Consumer Finance  |  3.3%
American Express Co., 2.500%, 07/30/24		1,975		1,899,386
Internet & Direct Marketing Retail  |  2.6%
eBay, Inc., 2.750%, 01/30/23		1,545		1,542,453
Total Corporate Bonds (Cost $7,848,098)				7,720,066
U.S. Treasury Securities  |  86.1%
U.S. Treasury Notes:
0.875%, 01/31/24		12,735		12,219,133
1.500%, 02/29/24		8,070		7,778,724
2.250%, 03/31/24		13,965		13,549,323
2.500%, 04/30/24		795		772,392
3.000%, 06/30/24		3,420		3,338,107
3.250%, 08/31/24		4,890		4,787,998
4.375%, 10/31/24		8,005		7,982,173
Total U.S. Treasury Securities (Cost $51,564,696)				50,427,850

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

62  Annual Report

Description	Shares		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $134,985)	134,985	$	134,985
Total Investments  |  99.5% (Cost $59,547,779)		$	58,282,901
Cash and Other Assets in Excess of Liabilities  |  0.5%			307,602
Net Assets  |  100.0%		$	58,590,503

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

Annual Report  63

The Lazard Funds, Inc. Notes to Portfolios of Investments
December 31, 2021

(§)	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 December 31, 2022.
(¶)	Date shown is the next perpetual call date.
(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 December 31, 2022 which may step up at a future date.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2022, these securities amounted to the percentage of net assets for each Portfolio as follows:

Portfolio	Percentage of Net Assets
Emerging Markets Debt		2.6	%
Global Fixed Income		1.7	%
U.S. Corporate Income		62.4	%

(») 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
SOFR	—  Secured Overnight Financing Rate
SONIA	—  Sterling Overnight Index Average
LIBOR	—  London Interbank Offered Rate
PRIBOR	—  Prague 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
DKK	—  Danish Krone	SGD	—  Singapore Dollar
EUR	—  Euro	THB	—  Thai Baht
GBP	—  British Pound Sterling	USD	—  United States Dollar
HUF	—  Hungarian Forint	UYU	—  Uruguyan Peso
IDR	—  Indonesian Rupiah	ZAR	—  South African Rand
JPY	—  Japanese Yen
Counterparty Abbreviations:
BOA	—  Bank of America N.A.	MSC	—  Morgan Stanley & Co.
BRC	—  Barclays Bank PLC	SCB	—  Standard Chartered Bank
CIT	—  Citibank N.A.	SSB	—  State Street Bank & Trust Co.
HSB	—  HSBC Bank USA N.A.	UBS	—  UBS AG
JPM	—  JPMorgan Chase Bank N.A.

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

64  Annual Report

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

Industry†	Lazard Emerging Markets Debt Portfolio			Lazard Global Fixed Income Portfolio
Corporate & Quasi Government Bonds
Automobiles		—	%		2.2	%
Banks		2.6			10.6
Beverages		—			0.6
Biotechnology		—			0.5
Building Products		—			1.2
Capital Markets		—			2.1
Commercial Services & Suppliers		—			0.6
Consumer Finance		—			1.0
Containers & Packaging		—			0.6
Diversified Consumer Services		—			0.7
Diversified Telecommunication Services		—			1.7
Electronic Equipment, Instruments & Components		—			0.4
Equity Real Estate Investment Trusts (REITs)		—			1.8
Food & Staples Retailing		—			2.3
Hotels, Restaurants & Leisure		—			1.7
Household Products		—			0.9
Interactive Media & Services		—			0.6
Internet & Direct Marketing Retail		—			0.6
IT Services		—			0.5
Machinery		—			1.9
Oil, Gas & Consumable Fuels		2.5			—
Pharmaceuticals		—			0.6
Real Estate Management & Development		0.8			—
Software		—			1.0
Specialty Retail		—			0.5
Technology Hardware, Storage & Peripherals		—			2.1
Trading Companies & Distributors		—			0.7
Subtotal		5.9			37.4
Foreign Government Obligations		82.5			45.9
Supranational Bonds		0.1			10.4
Sovereign Bonds		2.5			—
U.S. Municipal Bonds		—			1.9
U.S. Treasury Securities		5.0			3.3
Short-Term Investments		2.0			—
Total Investments		98.0	%		98.9	%

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

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

Annual Report  65

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2022	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
ASSETS
Investments in securities, at fair value		$	14,331,702			$	4,204,423
Cash			—				111
Foreign currency, at fair value			33,640				15
Receivables for:
Capital stock sold			—				—
Dividends and interest			295,765				46,274
Investments sold			—				453,153
Amount due from Investment Manager (Note 3)			782				9,124
Deferred offering costs (Note 2(i))			—				—
Gross unrealized appreciation on forward currency contracts			113,477				139,470
Total assets			14,775,366				4,852,570
LIABILITIES
Payables for:
Management fees			—				—
Accrued professional services			33,170				27,644
Accrued shareholders’ reports			2,195				1,653
Accrued distribution fees			68				9
Accrued directors’ fees			27				24
Offering costs (Note 2(i))			—				—
Capital stock redeemed			3,595				126
Dividends			5,358				—
Investments purchased			—				—
Gross unrealized depreciation on forward currency contracts			88,531				91,815
Line of credit outstanding			—				473,000
Other accrued expenses and payables			14,081				8,353
Total liabilities			147,025				602,624
Net assets		$	14,628,341			$	4,249,946
NET ASSETS
Paid in capital		$	59,339,937			$	5,684,058
Distributable earnings (Accumulated loss)			(44,711,596	)			(1,434,112	)
Net assets		$	14,628,341			$	4,249,946

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

66  Annual Report

Lazard US Convertibles Portfolio			Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	4,819,620		$	219,325,982			$	58,282,901
		—			—				—
		—			—				—
		5,000,000			3,667,756				—
		10,846			3,043,019				438,813
		—			—				—
		23,731			—				22,454
		121,035			—				—
		—			—				—
		9,975,232			226,036,757				58,744,168
		—			73,485				—
		22,582			31,195				27,103
		27			11,537				4,111
		1			482				—
		27			118				47
		121,733			—				—
		—			48,119				114,473
		—			22,475				221
		4,810,269			—				—
		—			—				—
		—			—				—
		603			29,880				7,710
		4,955,242			217,291				153,665
	$	5,019,990		$	225,819,466			$	58,590,503
	$	4,999,793		$	268,325,745			$	61,745,046
		20,197			(42,506,279	)			(3,154,543	)
	$	5,019,990		$	225,819,466			$	58,590,503

Annual Report  67

December 31, 2022	Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Institutional Shares
Net assets		$	14,400,386			$	4,214,489
Shares of capital stock outstanding*			1,261,203				614,291
Net asset value, offering and redemption price per share		$	11.42			$	6.86
Open Shares
Net assets		$	226,999			$	35,457
Shares of capital stock outstanding*			19,678				5,151
Net asset value, offering and redemption price per share		$	11.54			$	6.88
R6 Shares
Net assets		$	956				—
Shares of capital stock outstanding*			78	†			—
Net asset value, offering and redemption price per share*		$	12.24				—
Cost of investments in securities		$	15,875,968			$	5,069,866
Cost of foreign currency		$	35,947			$	14

*	$0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.
†	Shares values are rounded for presentation purposes.

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

68  Annual Report

Lazard US Convertibles Portfolio			Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	4,919,592		$	222,883,758			$	58,573,898
		490,000			13,164,575				6,203,400
	$	10.04		$	16.93			$	9.44
	$	100,398		$	2,934,592			$	16,605
		10,000			172,536				1,757
	$	10.04		$	17.01			$	9.45
		—		$	1,116				—
		—			66	†			—
		—		$	16.99				—
	$	4,799,423		$	247,824,337			$	59,547,779
	$	—		$	—			$	—

Annual Report  69

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2022		Lazard Emerging Markets Debt Portfolio				Lazard Global Fixed Income Portfolio
Investment Income (Loss)
Income
Interest			$	941,250		$	157,457
Dividends				16			—
Total investment income*				941,266			157,457
Expenses
Management fees (Note 3)				113,125			29,970
Custodian fees				84,225			45,162
Professional services				55,736			44,908
Administration fees				22,375			19,225
Registration fees				26,200			41,146
Shareholders’ reports				10,650			8,870
Shareholders’ services				10,701			9,315
Directors’ fees and expenses				6,093			5,447
Distribution fees (Open Shares)				817			92
Shareholders’ meeting				—			—
Amortization of offering costs (Note 2(i))				—			—
Organization expenses (Note 2(i))				—			—
Other^				1,958			2,100
Total gross expenses				331,880			206,235
Management fees waived and expenses reimbursed				(193,674	)		(163,999	)
Total net expenses				138,206			42,236
Net investment income (loss)				803,060			115,221
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(3,907,995	)		(708,810	)
Foreign currency transactions				(47,771	)		2,514
Forward currency contracts				(117,069	)		(208,234	)
Futures contracts				(7,925	)		—
Swap agreements				(9,156	)		—
Total net realized gain (loss)				(4,089,916	)		(914,530	)
Net change in unrealized appreciation (depreciation) on:
Investments†				(156,302	)		(547,212	)
Foreign currency translations				7,775			574
Forward currency contracts				48,865			11,388
Total net change in unrealized appreciation (depreciation)				(99,662	)		(535,250	)
Net realized and unrealized gain (loss)				(4,189,578	)		(1,449,780	)
Net increase (decrease) in net assets resulting from operations			$	(3,386,518	)	$	(1,334,559	)
*	Net of foreign withholding taxes of		$	7,102		$	830
**	Net of foreign capital gains taxes of		$	214		$	—
†	Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of		$	1,142		$	—
^	Includes interest on line of credit of		$	34		$	127

(a) From the Portfolio’s commencement of operations on December 30, 2022.

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

70  Annual Report

Lazard US Convertibles Portfolio (a)				Lazard US Corporate Income Portfolio				Lazard US Short Duration Fixed Income Portfolio
	$	—			$	11,591,163			$	1,148,469
		—				402,673				—
		—				11,993,836				1,148,469
		164				1,431,084				171,008
		229				114,563				37,652
		22,582				60,521				46,400
		141				53,905				27,949
		44				50,893				23,179
		27				38,114				15,996
		167				22,240				12,306
		—				22,029				9,449
		1				7,936				56
		27				—				—
		698				—				—
		22				—				—
		—				26,235				8,507
		24,102				1,827,520				352,502
		(23,895	)			(385,963	)			(78,565	)
		207				1,441,557				273,937
		(207	)			10,552,279				874,532
		—				(5,353,386	)			(1,716,118	)
		—				—				—
		—				—				—
		—				—				—
		—				—				—
		—				(5,353,386	)			(1,716,118	)
		20,197				(34,694,517	)			(1,143,722	)
		—				—				—
		—				—				—
		20,197				(34,694,517	)			(1,143,722	)
		20,197				(40,047,903	)			(2,859,840	)
	$	19,990			$	(29,495,624	)		$	(1,985,308	)
	$	—			$	—			$	—
	$	—			$	—			$	—
	$	—			$	—			$	—
	$	—			$	—			$	239

Annual Report  71

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

	Lazard Emerging Markets Debt Portfolio
	Year Ended				Year Ended
	December 31,				December 31,
		2022			2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	803,060		$	822,719
Net realized gain (loss)			(4,089,916	)		(218,170	)
Net change in unrealized appreciation (depreciation)			(99,662	)		(1,907,964	)
Net increase (decrease) in net assets resulting from operations			(3,386,518	)		(1,303,415	)
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(370,469	)		(266,178	)
Open Shares			(7,351	)		(4,732	)
R6 Shares			(23	)		(16	)
Return of capital
Institutional Shares			(422,947	)		(533,368	)
Open Shares			(8,392	)		(9,482	)
R6 Shares			(26	)		(33	)
Net decrease in net assets resulting from distributions			(809,208	)		(813,809	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			229,792			2,366,868
Open Shares			19,210			24,820
Net proceeds from reinvestment of distributions
Institutional Shares			740,808			766,007
Open Shares			13,625			12,197
R6 Shares			49			49
Cost of shares redeemed
Institutional Shares			(2,369,045	)		(3,023,406	)
Open Shares			(106,447	)		(11,890	)
Net increase (decrease) in net assets from capital stock transactions			(1,472,008	)		134,645
Total increase (decrease) in net assets			(5,667,734	)		(1,982,579	)
Net assets at beginning of period			20,296,075			22,278,654
Net assets at end of period		$	14,628,341		$	20,296,075

(a) The Portfolio commenced operations on December 30, 2022.

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

72  Annual Report

Lazard						Lazard US
Global Fixed Income Portfolio						Convertibles Portfolio
Year Ended			Year Ended			Period Ended
December 31,			December 31,			December 31,
2022			2021			2022 (a)
$	115,221		$	126,182		$	(207	)
	(914,530	)		(14,110	)		—
	(535,250	)		(835,078	)		20,197
	(1,334,559	)		(723,006	)		19,990
	—			(368,209	)		—
	—			(1,362	)		—
	—			—			—
	(116,000	)		—			—
	(633	)		—			—
	—			—			—
	(116,633	)		(369,571	)		—
	124,021			2,233,371			4,900,000
	10,802			54,481			100,000
	115,939			368,163			—
	633			1,362			—
	—			—			—
	(3,055,335	)		(2,539,178	)		—
	(450	)		(66,257	)		—
	(2,804,390	)		51,942			5,000,000
	(4,255,582	)		(1,040,635	)		5,019,990
	8,505,528			9,546,163			—
$	4,249,946		$	8,505,528		$	5,019,990

Annual Report  73

	Lazard Emerging Markets Debt Portfolio
	Year Ended			Year Ended
	December 31,			December 31,
	2022			2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		1,370,241			1,364,341
Shares sold		17,782			153,783
Shares issued to shareholders from reinvestment of distributions		62,393			50,324
Shares redeemed		(189,213	)		(198,207	)
Net increase (decrease)		(109,038	)		5,900
Shares outstanding at end of period		1,261,203			1,370,241
Open Shares
Shares outstanding at beginning of period		26,157			24,524
Shares sold		1,547			1,610
Shares issued to shareholders from reinvestment of distributions		1,138			793
Shares redeemed		(9,164	)		(770	)
Net increase (decrease)		(6,479	)		1,633
Shares outstanding at end of period		19,678			26,157
R6 Shares
Shares outstanding at beginning of period		74			71
Shares issued to shareholders from reinvestment of distributions		4			3
Net increase (decrease)		4			3
Shares outstanding at end of period		78			74

(a) The Portfolio commenced operations on December 30, 2022.

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

74  Annual Report

Lazard						Lazard US
Global Fixed Income Portfolio						Convertibles Portfolio
Year Ended			Year Ended			Period Ended
December 31,			December 31,			December 31,
2022			2021			2022 (a)
	999,178			989,793			—
	16,335			245,212			490,000
	16,077			41,364			—
	(417,299	)		(277,191	)		—
	(384,887	)		9,385			490,000
	614,291			999,178			490,000
	3,828			5,032			—
	1,296			5,704			10,000
	88			153			—
	(61	)		(7,061	)		—
	1,323			(1,204	)		10,000
	5,151			3,828			10,000
	—			—			—
	—			—			—
	—			—			—
	—			—			—

Annual Report  75

	Lazard US
	Corporate Income Portfolio
	Year Ended				Year Ended
	December 31,				December 31,
	2022				2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	10,552,279		$	11,005,178
Net realized gain (loss)			(5,353,386	)		719,953
Net change in unrealized appreciation (depreciation)			(34,694,517	)		(3,278,734	)
Net increase (decrease) in net assets resulting from operations			(29,495,624	)		8,446,397
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(10,508,568	)		(11,000,996	)
Open Shares			(122,060	)		(127,773	)
R6 Shares			(48	)		(45	)
Net decrease in net assets resulting from distributions			(10,630,676	)		(11,128,814	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			22,312,710			29,161,114
Open Shares			2,265,403			279,336
Net proceeds from reinvestment of distributions
Institutional Shares			10,233,107			10,709,114
Open Shares			105,656			104,457
R6 Shares			48			45
Cost of shares redeemed
Institutional Shares			(69,521,576	)		(36,335,702	)
Open Shares			(2,392,556	)		(662,564	)
Net increase (decrease) in net assets from capital stock transactions			(36,997,208	)		3,255,800
Total increase (decrease) in net assets			(77,123,508	)		573,383
Net assets at beginning of period			302,942,974			302,369,591
Net assets at end of period		$	225,819,466		$	302,942,974

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

76  Annual Report

Lazard US Short Duration Fixed Income Portfolio
Year Ended			Year Ended
December 31,			December 31,
2022			2021
$	874,532		$	183,895
	(1,716,118	)		228,109
	(1,143,722	)		(745,938	)
	(1,985,308	)		(333,934	)
	(876,024	)		(183,904	)
	(180	)		(29	)
	—			—
	(876,204	)		(183,933	)
	1,477,636			6,528,316
	3,020			4,339
	834,132			167,563
	179			27
	—			—
	(20,124,194	)		(14,676,561	)
	(8,361	)		(11,122	)
	(17,817,588	)		(7,987,438	)
	(20,679,100	)		(8,505,305	)
	79,269,603			87,774,908
$	58,590,503		$	79,269,603

Annual Report  77

	Lazard US
	Corporate Income Portfolio
	Year Ended			Year Ended
	December 31,			December 31,
	2022			2021
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		15,258,202			15,080,446
Shares sold		1,268,115			1,480,230
Shares issued to shareholders from reinvestment of distributions		581,324			544,180
Shares redeemed		(3,943,066	)		(1,846,654	)
Net increase (decrease)		(2,093,627	)		177,756
Shares outstanding at end of period		13,164,575			15,258,202
Open Shares
Shares outstanding at beginning of period		173,575			187,617
Shares sold		127,720			14,131
Shares issued to shareholders from reinvestment of distributions		5,993			5,283
Shares redeemed		(134,752	)		(33,456	)
Net increase (decrease)		(1,039	)		(14,042	)
Shares outstanding at end of period		172,536			173,575
R6 Shares
Shares outstanding at beginning of period		63			61
Shares issued to shareholders from reinvestment of distributions		3			2
Net increase (decrease)		3			2
Shares outstanding at end of period		66			63

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

78  Annual Report

Lazard US Short
Duration Fixed Income Portfolio
Year Ended			Year Ended
December 31,			December 31,
2022			2021
	8,058,991			8,867,736
	152,656			661,464
	87,541			16,960
	(2,095,788	)		(1,487,169	)
	(1,855,591	)		(808,745	)
	6,203,400			8,058,991
	2,279			2,964
	314			439
	19			3
	(855	)		(1,127	)
	(522	)		(685	)
	1,757			2,279
	—			—
	—			—
	—			—
	—			—

Annual Report  79

The Lazard Funds, Inc. Financial Highlights

LAZARD EMERGING MARKETS DEBT PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period		12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
Institutional Shares
Net asset value, beginning of period		$	14.53		$	16.04		$	16.10		$	14.72		$	16.86
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.60			0.59			0.64			0.80			0.92
Net realized and unrealized gain (loss)			(3.10	)		(1.51	)		(0.18	)		1.36			(2.14	)
Total from investment operations			(2.50	)		(0.92	)		0.46			2.16			(1.22	)
Less distributions from:
Net investment income			(0.29	)		(0.20	)		—			(0.38	)		(0.44	)
Return of capital			(0.32	)		(0.39	)		(0.52	)		(0.40	)		(0.48	)
Total distributions			(0.61	)		(0.59	)		(0.52	)		(0.78	)		(0.92	)
Net asset value, end of period		$	11.42		$	14.53		$	16.04		$	16.10		$	14.72
Total Return (b)			–17.27	%		–5.86	%		3.19	%		15.03	%		–7.45	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	14,400		$	19,911		$	21,880		$	90,858		$	143,015
Ratios to average net assets:
Net expenses			0.85	%		0.85	%		0.92	%		0.98	%		0.93	%
Gross expenses			2.01	%		1.83	%		1.57	%		1.08	%		0.93	%
Net investment income (loss)			4.97	%		3.88	%		4.24	%		5.15	%		5.78	%
Portfolio turnover rate			110	%		81	%		133	%		106	%		97	%

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

80  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended
each period		12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
Open Shares
Net asset value, beginning of period		$	14.68		$	16.21		$	16.26		$	14.86		$	17.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.59			0.57			0.61			0.78			0.94
Net realized and unrealized gain (loss)			(3.14	)		(1.54	)		(0.15	)		1.38			(2.20	)
Total from investment operations			(2.55	)		(0.97	)		0.46			2.16			(1.26	)
Less distributions from:
Net investment income			(0.28	)		(0.19	)		—			(0.38	)		(0.40	)
Return of capital			(0.31	)		(0.37	)		(0.51	)		(0.38	)		(0.48	)
Total distributions			(0.59	)		(0.56	)		(0.51	)		(0.76	)		(0.88	)
Net asset value, end of period		$	11.54		$	14.68		$	16.21		$	16.26		$	14.86
Total Return (b)			–17.42	%		–6.07	%		3.11	%		14.85	%		–7.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	227		$	384		$	397		$	532		$	670
Ratios to average net assets:
Net expenses			1.05	%		1.05	%		1.02	%		1.18	%		1.20	%
Gross expenses			3.24	%		2.84	%		2.59	%		2.91	%		1.62	%
Net investment income (loss)			4.78	%		3.68	%		4.05	%		4.91	%		5.49	%
Portfolio turnover rate			110	%		81	%		133	%		106	%		97	%

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

Annual Report  81

Selected data for a share of capital stock outstanding throughout	Year Ended
each period		12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
R6 Shares
Net asset value, beginning of period		$	15.56		$	17.19		$	17.28		$	15.76		$	17.76
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.66			0.67			0.41			0.86			0.96
Net realized and unrealized gain (loss)			(3.34	)		(1.63	)		0.09			1.50			(2.24	)
Total from investment operations			(2.68	)		(0.96	)		0.50			2.36			(1.28	)
Less distributions from:
Net investment income			(0.30	)		(0.22	)		—			(0.40	)		(0.22	)
Return of capital			(0.34	)		(0.45	)		(0.59	)		(0.44	)		(0.50	)
Total distributions			(0.64	)		(0.67	)		(0.59	)		(0.84	)		(0.72	)
Net asset value, end of period		$	12.24		$	15.56		$	17.19		$	17.28		$	15.76
Total Return (b)			–17.27	%		–5.67	%		3.30	%		15.22	%		–7.24	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1		$	1		$	1		$	1		$	99,952
Ratios to average net assets:
Net expenses			0.80	%		0.80	%		0.86	%		0.93	%		0.90	%
Gross expenses			286.96	%		245.32	%		265.72	%		1.09	%		0.94	%
Net investment income (loss)			5.08	%		4.06	%		2.60	%		5.18	%		5.97	%
Portfolio turnover rate			110	%		81	%		133	%		106	%		97	%

*	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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

82  Annual Report

LAZARD GLOBAL FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period		12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period		$	8.48		$	9.60		$	9.08		$	8.65		$	9.04
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.14			0.12			0.14			0.19			0.20
Net realized and unrealized gain (loss)			(1.62	)		(0.87	)		0.72			0.43			(0.38	)
Total from investment operations			(1.48	)		(0.75	)		0.86			0.62			(0.18	)
Less distributions from:
Net investment income			—			(0.26	)		(0.15	)		(0.06	)		(0.10	)
Net realized gains			—			(0.11	)		(0.19	)		—			—
Return of capital			(0.14	)		—			—			(0.13	)		(0.11	)
Total distributions			(0.14	)		(0.37	)		(0.34	)		(0.19	)		(0.21	)
Net asset value, end of period		$	6.86		$	8.48		$	9.60		$	9.08		$	8.65
Total Return (b)			–17.45	%		–7.95	%		9.51	%		7.25	%		–2.06	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,214		$	8,473		$	9,498		$	6,456		$	5,495
Ratios to average net assets:
Net expenses			0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Gross expenses			3.36	%		2.34	%		2.73	%		3.51	%		3.61	%
Net investment income (loss)			1.92	%		1.38	%		1.53	%		2.14	%		2.33	%
Portfolio turnover rate			32	%		59	%		65	%		65	%		60	%

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

Annual Report  83

Selected data for a share of capital stock outstanding throughout	Year Ended
each period		12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period		$	8.51		$	9.60		$	9.08		$	8.65		$	9.04
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.13			0.10			0.12			0.17			0.18
Net realized and unrealized gain (loss)			(1.63	)		(0.87	)		0.71			0.43			(0.39	)
Total from investment operations			(1.50	)		(0.77	)		0.83			0.60			(0.21	)
Less distributions from:
Net investment income			—			(0.21	)		(0.12	)		(0.06	)		(0.08	)
Net realized gains			—			(0.11	)		(0.19	)		—			—
Return of capital			(0.13	)		—			—			(0.11	)		(0.10	)
Total distributions			(0.13	)		(0.32	)		(0.31	)		(0.17	)		(0.18	)
Net asset value, end of period		$	6.88		$	8.51		$	9.60		$	9.08		$	8.65
Total Return (b)			–17.73	%		–8.13	%		9.23	%		6.98	%		–2.31	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	35		$	33		$	48		$	59		$	33
Ratios to average net assets:
Net expenses			0.95	%		0.95	%		0.95	%		0.95	%		0.98	%
Gross expenses			15.80	%		12.84	%		10.32	%		27.52	%		38.42	%
Net investment income (loss)			1.72	%		1.12	%		1.31	%		1.88	%		2.08	%
Portfolio turnover rate			32	%		59	%		65	%		65	%		60	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

84  Annual Report

LAZARD US CONVERTIBLES PORTFOLIO

Selected data for a
share of capital stock outstanding throughout each period	For the period 12/30/22* to 12/31/22
Institutional Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			—	(d)
Net realized and unrealized gain (loss)			0.04
Total from investment operations			0.04
Net asset value, end of period		$	10.04
Total Return (b)			0.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	4,920
Ratios to average net assets (c):
Net expenses			0.75	%
Gross expenses			3.08	%
Net investment income (loss)			–0.75	%
Portfolio turnover rate			0	%
Open Shares
Net asset value, beginning of period		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)			—	(d)
Net realized and unrealized gain (loss)			0.04
Total from investment operations			0.04
Net asset value, end of period		$	10.04
Total Return (b)			0.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	100
Ratios to average net assets (c):
Net expenses			1.00	%
Gross expenses			18.24	%
Net investment income (loss)			–1.00	%
Portfolio turnover rate			0	%

*	The Portfolio commenced operations on December 30, 2022.
(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 SS&C GIDS; 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.

Annual Report  85

LAZARD US CORPORATE INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
Institutional Shares
Net asset value, beginning of period	$	19.63		$	19.80		$	19.68		$	18.16		$	19.56
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.72			0.72			0.80			0.88			0.88
Net realized and unrealized gain (loss)		(2.69	)		(0.17	)		0.13			1.52			(1.40	)
Total from investment operations		(1.97	)		0.55			0.93			2.40			(0.52	)
Less distributions from:
Net investment income		(0.73	)		(0.72	)		(0.81	)		(0.88	)		(0.88	)
Total distributions		(0.73	)		(0.72	)		(0.81	)		(0.88	)		(0.88	)
Net asset value, end of period	$	16.93		$	19.63		$	19.80		$	19.68		$	18.16
Total Return (b)		–10.11	%		2.86	%		4.96	%		13.34	%		–2.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	222,884		$	299,518		$	298,636		$	297,219		$	308,285
Ratios to average net assets:
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.70	%		0.66	%		0.67	%		0.67	%		0.64	%
Net investment income (loss)		4.06	%		3.64	%		4.17	%		4.47	%		4.65	%
Portfolio turnover rate		7	%		30	%		26	%		21	%		16	%

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	Year Ended
each period	12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
Open Shares
Net asset value, beginning of period	$	19.72		$	19.90		$	19.76		$	18.28		$	19.64
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.68			0.67			0.75			0.80			0.84
Net realized and unrealized gain (loss)		(2.70	)		(0.17	)		0.15			1.48			(1.36	)
Total from investment operations		(2.02	)		0.50			0.90			2.28			(0.52	)
Less distributions from:
Net investment income		(0.69	)		(0.68	)		(0.76	)		(0.80	)		(0.84	)
Total distributions		(0.69	)		(0.68	)		(0.76	)		(0.80	)		(0.84	)
Net asset value, end of period	$	17.01		$	19.72		$	19.90		$	19.76		$	18.28
Total Return (b)		–10.32	%		2.55	%		4.80	%		12.74	%		–2.78	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,935		$	3,423		$	3,733		$	4,170		$	4,314
Ratios to average net assets:
Net expenses		0.80	%		0.80	%		0.80	%		0.83	%		0.85	%
Gross expenses		1.06	%		1.00	%		1.03	%		1.19	%		1.11	%
Net investment income (loss)		3.81	%		3.39	%		3.94	%		4.18	%		4.34	%
Portfolio turnover rate		7	%		30	%		26	%		21	%		16	%

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

Annual Report  87

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20		*	12/31/19		*	12/31/18		*
R6 Shares
Net asset value, beginning of period	$	19.69		$	19.88		$	19.76		$	18.68		$	19.56
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.77			0.73			0.81			0.92			0.92
Net realized and unrealized gain (loss)		(2.72	)		(0.18	)		0.11			1.04			(1.40	)
Total from investment operations		(1.95	)		0.55			0.92			1.96			(0.48	)
Less distributions from:
Net investment income		(0.75	)		(0.74	)		(0.80	)		(0.88	)		(0.40	)
Total distributions		(0.75	)		(0.74	)		(0.80	)		(0.88	)		(0.40	)
Net asset value, end of period	$	16.99		$	19.69		$	19.88		$	19.76		$	18.68
Total Return (b)		–9.98	%		2.80	%		4.89	%		10.67	%		–2.43	%(c)
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1		$	1		$	1		$	1		$	1
Ratios to average net assets:
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		241.56	%		231.95	%		256.05	%		858.55	%		4.62	%
Net investment income (loss)		4.30	%		3.66	%		4.22	%		4.55	%		4.61	%
Portfolio turnover rate		7	%		30	%		26	%		21	%		16	%

*	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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	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.

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LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	9.83		$	9.89		$	9.77		$	9.70		$	9.79
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.02			0.12			0.21			0.19
Net realized and unrealized gain (loss)		(0.38	)		(0.06	)		0.12			0.07			(0.09	)
Total from investment operations		(0.26	)		(0.04	)		0.24			0.28			0.10
Less distributions from:
Net investment income		(0.13	)		(0.02	)		(0.12	)		(0.20	)		(0.17	)
Return of capital		—			—			—			(0.01	)		(0.02	)
Total distributions		(0.13	)		(0.02	)		(0.12	)		(0.21	)		(0.19	)
Net asset value, end of period	$	9.44		$	9.83		$	9.89		$	9.77		$	9.70
Total Return (b)		–2.68	%		–0.39	%		2.46	%		2.93	%		1.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	58,574		$	79,247		$	87,746		$	96,096		$	116,276
Ratios to average net assets:
Net expenses		0.40	%		0.36	%		0.40	%		0.40	%		0.40	%
Gross expenses		0.51	%		0.48	%		0.47	%		0.45	%		0.43	%
Net investment income (loss)		1.28	%		0.22	%		1.21	%		2.18	%		2.00	%
Portfolio turnover rate		135	%		100	%		97	%		175	%		170	%

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

Annual Report  89

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	9.84		$	9.90		$	9.78		$	9.71		$	9.79
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.01			0.09			0.19			0.16
Net realized and unrealized gain (loss)		(0.38	)		(0.06	)		0.12			0.06			(0.08	)
Total from investment operations		(0.28	)		(0.05	)		0.21			0.25			0.08
Less distributions from:
Net investment income		(0.11	)		(0.01	)		(0.09	)		(0.17	)		(0.14	)
Return of capital		—			—			—			(0.01	)		(0.02	)
Total distributions		(0.11	)		(0.01	)		(0.09	)		(0.18	)		(0.16	)
Net asset value, end of period	$	9.45		$	9.84		$	9.90		$	9.78		$	9.71
Total Return (b)		–2.89	%		–0.50	%		2.20	%		2.64	%		0.88	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	17		$	22		$	29		$	16		$	37
Ratios to average net assets :
Net expenses		0.62	%		0.48	%		0.65	%		0.69	%		0.70	%
Gross expenses		28.11	%		18.10	%		14.74	%		51.53	%		38.00	%
Net investment income (loss)		1.06	%		0.12	%		0.96	%		1.91	%		1.68	%
Portfolio turnover rate		135	%		100	%		97	%		175	%		170	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

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The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2022

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 December 31, 2022, the Fund was comprised of thirty 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 Convertibles Portfolio (“US Convertibles,” which commenced operations on December 30, 2022), 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

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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, and exchange-traded funds, 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 in non-US countries, may not trade 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 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.

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The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which 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. 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 year ended December 31, 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 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

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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 year ended December 31, 2022, the Emerging Markets Debt Portfolio traded in futures contracts, but there were no open futures contracts at year end.

(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

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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. 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 year ended December 31, 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

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

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 year ended December 31, 2022, the Emerging Markets Debt Portfolio traded in swap agreements, but there were no open swap agreements at year end.

(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, 2022, 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	$	20,844,723	$	22,046,235
Global Fixed Income		190,930		340,295
US Corporate Income		4,578,308		9,291,225
US Short Duration Fixed Income		1,739,599		135,475

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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, 2022, the following Portfolios elected to defer such losses as follows:

	Post-October		Late-Year
	Capital Loss		Ordinary Loss
Portfolio	Deferral		Deferral
Emerging Markets Debt	$	—	$	8,641

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

			Aggregate		Aggregate		Net
			Gross		Gross		Unrealized
	Aggregate		Unrealized		Unrealized		Appreciation
Portfolio	Cost		Appreciation		Depreciation		(Depreciation)
Emerging Markets Debt	$	16,129,902	$	150,173	$	1,948,373	$	(1,798,200	)
Global Fixed Income		5,100,896		4,271		900,744		(896,473	)
US Convertibles Portfolio		4,799,423		23,990		3,793		20,197
US Corporate Income		247,974,464		191,579		28,840,061		(28,648,482	)
US Short Duration Fixed Income		59,551,348		—		1,268,447		(1,268,447	)

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, net operating losses, currency straddles and paydown gain/loss.

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

				Distributable
				Earnings
Portfolio	Paid in Capital			(Accumulated Loss)
Emerging Markets Debt	$	17,403		$	(17,403	)
Global Fixed Income		(269,775	)		269,775
US Convertibles Portfolio		(207	)		207
US Short Duration Fixed Income		(6,665	)		6,665

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

					Long-Term
	Ordinary Income				Capital Gain
Portfolio	2022		2021		2022		2021
Emerging Markets Debt*	$	377,843	$	270,926	$	—	$	—
Global Fixed Income*		—		235,392		—		134,179
US Convertibles Portfolio		—		—		—		—
US Corporate Income		10,630,676		11,128,814		—		—
US Short Duration Fixed Income		876,204		163,365		—		—

* Emerging Markets Debt and Global Fixed Income Portfolios had return of capital distributions of $431,365 and $116,633 in 2022, and $542,883 and $0 in 2021, respectively.

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At December 31, 2022, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income/Deferred Ordinary Losses			Undistributed Long-Term Capital Gain/ Deferred Capital Losses			Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Emerging Markets Debt	$	(8,641	)	$	(42,890,958	)	$	(1,811,997	)
Global Fixed Income		—			(531,225	)		(902,887	)
US Convertibles Portfolio		—			—			20,197
US Corporate Income		11,736			(13,869,533	)		(28,648,482	)
US Short Duration Fixed Income		—			(1,875,074	)		(1,279,469	)

(i) 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. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period. Organizational costs are expensed as incurred.

(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 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

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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 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 Convertibles		0.60
US Corporate Income		0.55
US Short Duration Fixed Income		0.25

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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 an “Acquired Fund” (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
Emerging Markets Debt (a)		0.85	%		1.05	%		0.80	%
Global Fixed Income		0.70			0.95			N/A
US Convertibles (b)		0.75			1.00			N/A
US Corporate Income (c)		0.55			0.80			0.55
US Short Duration Fixed Income (d)		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 December 30, 2024.
(c)	This agreement will continue in effect until April 29, 2032 for the R6 Shares.
(d)	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 year ended December 31, 2022, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt	$	110,831	$	72,865	$	2,287	$	4,876
Global Fixed Income		29,785		128,736		184		5,294
US Convertibles		161		23,176		3		555
US Corporate Income		375,087		—		8,128		—
US Short Duration Fixed Income		73,956		—		42		4,567

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Debt		$7		$2,808
US Corporate Income		6		2,742

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.

SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not

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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 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 year ended December 31, 2022 were as follows:

Portfolio	Purchases		Sales
Emerging Markets Debt	$	15,450,798	$	16,495,918
Global Fixed Income		1,527,046		4,518,552
US Convertibles		4,799,423		—
US Corporate Income		18,430,468		63,558,710
US Short Duration Fixed Income		1,991,139		3,483,221
	US Government and Treasury Securities
Portfolio	Purchases		Sales
Emerging Markets Debt	$	1,086,833	$	364,705
Global Fixed Income		373,450		267,007
US Short Duration Fixed Income		90,139,372		106,358,991

At December 31, 2022, the Investment Manager owned 100.00% of the outstanding shares of the Lazard US Convertibles Portfolio.

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For the year ended December 31, 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 year ended December 31, 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		115,596			473,000		3.23			26
US Short Duration Fixed Income		2,512,300			2,512,300		3.43			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.

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

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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 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

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perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.

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

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).

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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 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. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

(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

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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.

(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 and other similar 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

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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 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 post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

(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

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transactions may cause a Portfolio to experience losses greater than if a Portfolio had not engaged in such transactions.

(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.

(l) Cybersecurity Risk—The Portfolios and their service providers are susceptible to operational and information security and related risks

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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 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.

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8. Contractual Obligations

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

9. Fair Value Measurements

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

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

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

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

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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 December 31, 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 December 31, 2022
Emerging Markets Debt Portfolio
Assets:
Corporate Bonds*		$	—		$	832,533			$	—		$	832,533
Foreign Government Obligations*			—			12,063,933				—			12,063,933
Quasi Government Bonds*			—			34,851				—			34,851
Sovereign Bonds			—			372,644				—			372,644
Supranational Bonds			—			13,037				—			13,037
U.S. Treasury Securities			—			723,947				—			723,947
Short-Term Investments			290,757			—				—			290,757
Other Financial Instruments†
Forward Currency Contracts			—			113,477				—			113,477
Total		$	290,757		$	14,154,422			$	—		$	14,445,179
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(88,531	)		$	—		$	(88,531	)

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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 December 31, 2022
Global Fixed Income Portfolio
Assets:
Corporate Bonds*		$	—		$	1,511,995			$	—		$	1,511,995
Foreign Government Obligations*			—			1,950,095				—			1,950,095
Quasi Government Bonds*			—			76,860				—			76,860
Supranational Bonds			—			443,695				—			443,695
U.S. Municipal Bonds			—			80,805				—			80,805
U.S. Treasury Securities			—			140,973				—			140,973
Other Financial Instruments†
Forward Currency Contracts			—			139,470				—			139,470
Total		$	—		$	4,343,893			$	—		$	4,343,893
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(91,815	)		$	—		$	(91,815	)
US Convertibles Portfolio
Convertible Corporate Bonds*		$	—		$	3,952,909			$	—		$	3,952,909
Preferred Stocks*			866,711			—				—			866,711
Total		$	866,711		$	3,952,909			$	—		$	4,819,620
US Corporate Income Portfolio
Corporate Bonds*		$	—		$	204,665,661			$	—		$	204,665,661
Short-Term Investments			14,660,321			—				—			14,660,321
Total		$	14,660,321		$	204,665,661			$	—		$	219,325,982
US Short Duration Fixed Income Portfolio
Corporate Bonds*		$	—		$	7,720,066			$	—		$	7,720,066
U.S. Treasury Securities			—			50,427,850				—			50,427,850
Short-Term Investments			134,985			—				—			134,985
Total		$	134,985		$	58,147,916			$	—		$	58,282,901

*	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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Certain Level 2 securities were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities. When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

10. Derivative Instruments

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

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

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

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

During the year ended December 31, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Emerging Markets Debt Portfolio			Global Fixed Income Portfolio
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	500,000	*
Average notional amount of sell contracts	$	400,000	#
Forward currency contracts:
Average amounts purchased	$	4,100,000		$	3,100,000
Average amounts sold	$	2,800,000		$	2,800,000
Futures:
Average notional value of contracts — long	$	300,000	†

*	Represents average monthly notional exposure for the one month the derivative instrument was open during the period.
#	Represents average monthly notional exposure for the two months the derivative instrument was open during the period.
†	Positions were open for less than one month during the period.

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2022:

Emerging Markets Debt Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	113,477
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	88,531

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Global Fixed Income Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	139,470
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	91,815

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022 was:

Emerging Markets Debt Portfolio

Net Realized Gain (Loss) from:	Credit Contracts				Foreign Currency Contracts				Interest Rate Contracts				Total
Forward currency contracts		$	—			$	(117,069	)		$	—			$	(117,069	)
Futures contracts			—				—				(7,925	)			(7,925	)
Swaps agreements			(9,156	)			—				—				(9,156	)
Total		$	(9,156	)		$	(117,069	)		$	(7,925	)		$	(134,150	)
Net Change in Unrealized Appreciation (Depreciation) on:														Total
Forward currency contracts														$	48,865

Global Fixed Income Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(208,234	)
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	11,388

As of December 31, 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 December 31, 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		$	113,477		$	—		$	113,477

					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 N.A.		$	16,964		$	(11,451	)		$	—		$	5,513
Barclays Bank PLC			16,555			(16,555	)			—			—
Citibank N.A.			48,568			(6,131	)			—			42,437
HSBC Bank USA N.A.			7,238			—				—			7,238
JPMorgan Chase Bank N.A.			938			(522	)			—			416
Standard Chartered Bank			6,426			(6,426	)			—			—
State Street Bank & Trust Co.			1,591			(1,234	)			—			357
UBS AG			15,197			(1,667	)			—			13,530
Total		$	113,477		$	(43,986	)		$	—		$	69,491

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		$	88,531		$	—		$	88,531

					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 N.A.		$	11,451		$	(11,451	)		$	—		$	—
Barclays Bank PLC			21,461			(16,555	)			—			4,906
Citibank N.A.			6,131			(6,131	)			—			—
JPMorgan Chase Bank N.A.			522			(522	)			—			—
Standard Chartered Bank			46,065			(6,426	)			—			39,639
State Street Bank & Trust Co.			1,234			(1,234	)			—			—
UBS AG			1,667			(1,667	)			—			—
Total		$	88,531		$	(43,986	)		$	—		$	44,545

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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		$	139,470		$	—		$	139,470

					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 N.A.		$	15,100		$	(15,100	)		$	—		$	—
HSBC Bank USA N.A.			102,164			(30,517	)			—			71,647
JPMorgan Chase Bank N.A.			21,643			(21,643	)			—			—
Morgan Stanley & Co.			563			(563	)			—			—
Total		$	139,470		$	(67,823	)		$	—		$	71,647

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	91,815		$	—		$	91,815

					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 N.A.		$	16,055		$	(15,100	)		$	—		$	955
HSBC Bank USA N.A.			30,517			(30,517	)			—			—
JPMorgan Chase Bank N.A.			42,403			(21,643	)			—			20,760
Morgan Stanley & Co.			2,840			(563	)			—			2,277
Total		$	91,815		$	(67,823	)		$	—		$	23,992

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

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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. FASB issued Accounting Standards Update No. 2022-06, “Deferral of the Subset Date of Topic 848” (“ASU 2022-06”) to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

12. Subsequent Events

On February 23, 2023, the Board approved a liquidation of the Lazard Emerging Markets Debt Portfolio. The liquidation does not require the approval of the shareholders of the Portfolio, and is anticipated to take place on or about April 28, 2023.

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The Lazard Funds, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of Lazard Emerging Markets Debt Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Convertibles Portfolio, Lazard US Corporate Income Portfolio and Lazard US Short Duration Fixed Income Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Lazard Emerging Markets Debt Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Convertibles Portfolio, Lazard US Corporate Income Portfolio, and Lazard US Short Duration Fixed Income Portfolio, (collectively the “Portfolios”), five of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for the Portfolios, except for Lazard US Convertibles Portfolio; the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from December 30, 2022 (commencement of operations) through December 31, 2022, for Lazard US Convertibles Portfolio; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios, except Lazard US Convertibles Portfolio, as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Lazard US Convertibles Portfolio as of December 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the period from December 30, 2022 (commencement of operations) through December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is

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to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
New York, New York
February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

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The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors:
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – present) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (April 2014)	New York University School of Law, Eric M. and Laurie B. Roth Professor of Law (2013 – present, previously Dean from 2013 – 2022)
Richard Reiss, Jr. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present) Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(3):
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
Evan L. Russo (1974)	Director (July 2022)	Investment Manager, Chief Executive Officer (June 2022 – present) Lazard Ltd, Chief Financial Officer (October 2017 – October 2022) and Managing Director (2009 – present)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.
(3)	Messrs. Paul and Russo are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager (“Interested Directors”).

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

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Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014-April 2022)
Nargis Hilal (1984)	Chief Compliance Officer (July 2020)	Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President)
Christopher Snively (1984)	Chief Financial Officer (March 2016)	Director of the Investment Manager (since January 2021, previously Senior Vice President)
Christina Kennedy (1990)	Treasurer (April 2022)	Vice President of the Investment Manager (since July 2019) Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President and Counsel of the Investment Manager (since March 2018) Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

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The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2022

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

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.

Portfolio	Foreign Source Income	Foreign Tax Paid/Credit
Emerging Markets Debt	$930,679	$7,316
Global Fixed Income	159,700	830
US Convertibles Portfolio	—	—
US Corporate Income	—	—
US Short Duration Fixed Income	—	—

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.

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Emerging Markets Debt	$	—
Global Fixed Income		—
US Convertibles Portfolio		—
US Corporate Income		—
US Short Duration Fixed Income		—

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.

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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.

Board Consideration of Management Agreement for US Convertibles

Lazard US Convertibles Portfolio

At a meeting of the Board held on September 22, 2022, the Board considered the approval of the Management Agreement between The Lazard Funds, Inc. (“LFI”), on behalf of the Lazard US Convertibles Portfolio (the “US Convertibles Portfolio”), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in an executive session 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 meeting relating to the organization of the Convertibles Portfolio. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board’s consideration of renewal of the

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Management Agreement between LFI, on behalf of its existing Portfolios, and the Investment Manager at the Board meeting held on June 28, 2022.

Services Provided

The Investment Manager’s materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to the US Convertibles Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 35 active funds comprised approximately $21 billion of the approximately $217 billion of total assets under the management of the Investment Manager and its global affiliates as of June 30, 2022). The Board also received a presentation at the Board meeting on the Investment Manager’s US Convertibles investment strategy to be employed for the US Convertibles Portfolio.

The Board considered the various services to be provided by the Investment Manager, including the Investment Manager’s research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager’s representatives stated that the Investment Manager believes that the US Convertibles Portfolio and its shareholders will be able to obtain significant benefits as a result of the resources and support of the Investment Manager’s global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its 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 distribution channels and the

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relationships with various intermediaries; marketing and shareholder servicing activities on behalf of LFI’s Portfolios, which would include the US Convertibles Portfolio; and the Investment Manager’s financial condition. The Board accepted the assertion of representatives of the Investment Manager that the US Convertibles Portfolio would be expected to benefit from the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $21 billion fund complex not managed by a large, global firm such as the Investment Manager.

Comparative Fee, Expense Ratio and Performance Information

Strategic Insight Advisory Fee and Expense Ratio Comparisons. The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the US Convertibles Portfolio’s proposed contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the US Convertibles Portfolio’s expense limitation agreed to by the Investment Manager) compared to those of a group of funds not advised by the Investment Manager selected by Strategic Insight as comparable, for expense comparison purposes, to the US Convertibles Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by Strategic Insight (the “LFI US Convertibles Expense Peer Group”¹). The results of the Strategic Insight comparisons showed that the advisory fee and net expense ratio of the US Convertibles Portfolio were generally competitive within the LFI US Convertibles Expense Peer Group.

Other Accounts Advisory Fee Comparison and Performance. The Investment Manager reported to the Board that it did not manage any other funds or accounts that utilize the same investment strategy as the US Convertibles Portfolio. Consequently, there was no advisory fee or performance information of such funds or accounts for the Board to consider.

1 The Strategic Insight materials outlined the process for constructing the Expense Peer Group. Representatives of the Investment Manager and independent legal counsel had previously discussed with the Board in further detail the methodology used by Strategic Insight in constructing the Peer Groups, including how the methodology could affect the results of the comparisons.

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Investment Manager Profitability and Economies of Scale

Representatives of the Investment Manager noted that because the US Convertibles Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the US Convertibles Portfolio’s assets was uncertain, specific information concerning the cost of services to be provided to the US Convertibles Portfolio and the estimated profitability percentage of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, to the Investment Manager and its affiliates from their relationships with the US Convertibles Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on the US Convertibles Portfolio initially, noting the Investment Manager’s agreement to waive its fees and/or reimburse expenses of the US Convertibles Portfolio for at least two years following the US Convertibles Portfolio’s commencement of operations to maintain the expense ratio reflected in the materials presented to the Board. The Board determined to revisit this issue no later than when it next reviewed the advisory fee in connection with the renewal of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager’s brokerage and soft dollar practices. The Investment Manager’s representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the US Convertibles Portfolio other than the benefit of soft dollar commissions in connection with managing the US Convertibles Portfolio. The representatives of the Investment Manager stated that the Investment Manager intends to support distribution relationships through direct payments from its or its affiliates’ own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the US Convertibles Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the US Convertibles Portfolio’s Open Shares.

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Conclusions and Determinations

At the conclusion of these discussions, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

● The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $217 billion global asset management business.

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

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

In evaluating the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, the Board relied on the information described above as well as other information provided by the Investment Manager. The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to LFI by the Investment Manager. The Board considered these conclusions and determinations in their totality and determined to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. In deciding whether to vote to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

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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

SS&C Global Investor and Distribution Solutions
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

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797

 

 

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

Annual Report

December 31, 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	Investment Overviews (unaudited)
11	Performance Overviews (unaudited)
16	Information About Your Portfolio’s Expenses (unaudited)
18	Portfolio Holdings Presented by Asset Class/Sector
20	Portfolios of Investments
20	Lazard Enhanced Opportunities Portfolio
41	Lazard Global Dynamic Multi-Asset Portfolio
65	Lazard Opportunistic Strategies Portfolio
70	Lazard Real Assets Portfolio
78	Notes to Portfolios of Investments
84	Statements of Assets and Liabilities
88	Statements of Operations
90	Statements of Changes in Net Assets
96	Financial Highlights
107	Notes to Financial Statements
149	Report of Independent Registered Public Accounting Firm
151	Board of Directors and Officers Information (unaudited)
154	Tax and 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.

Annual Report   1

The Lazard Funds, Inc. A Message from Lazard (unaudited)

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia’s invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the “Fed”), the world’s most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed’s actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the “ECB”), which lifted its benchmark rate four times, and the Bank of England (the “BoE”), which did so eight times. The Bank of Japan (the “BoJ”) was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan’s economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. 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 bottom-up 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

Annual Report   3

Investment Overviews (unaudited)

MARKET OVERVIEW

Lazard Funds Annual Report

Global Markets

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia’s invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the “Fed”), the world’s most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed’s interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed’s actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (BoE) did so eight times.

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Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed’s warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan’s central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded their worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about US$8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energies companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

Multi-Asset

Global equity markets fell sharply during 2022 as high inflation and softening company profits curbed investor appetite for stocks and riskier asset classes, leading the MSCI World Index to record its

Annual Report   5

worst annual performance since 2008. Amid soaring inflation and the resulting global monetary tightening cycle, bond markets suffered their worst annual performance on record, sending yields surging. The Fed embarked on an aggressive rate-hiking campaign, taking the policy rate from 0.25% to 4.50% over the year, and markets responded as the yield on the benchmark US 10-year Treasury note ended the year at 3.88%, having traded throughout the year in a range of 1.73% to 4.24%. Across the Atlantic, the ECB pivoted to a hawkish stance and ended an eight-year experiment with zero interest (and negative deposit) rates, moving its main policy rate from 0.00% to 2.50%; the yield on the 10-year German bund, Europe’s principal safe-haven asset, ended the year at 2.57%, with a range of –0.18% to 2.57%. Commodities was the major asset class to buck the negative trend, finishing the period up 15.79% on higher energy and grain prices, largely driven by the ongoing conflict in Ukraine.

PORTFOLIO PERFORMANCE

Lazard Enhanced Opportunities Portfolio

For the year ended December 31, 2022, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of –7.39%, while Open Shares posted a total return of –7.45%, as compared with the –19.58% return for the ICE BofAML US Convertible ex Mandatory^® Index and the –4.41% return for the HFRX Global Hedge Fund^® Index.

The Portfolio delivered meaningful downside risk mitigation in 2022, outperforming major market equity and fixed income indices on both an absolute and risk-adjusted basis. Positive returns during the year were driven by volatility yield and special situations. To be more specific, the notable pickup in equity volatility observed in 2022 (which at points in time led to a doubling of the Chicago Board Options Exchange’s CBOE Volatility Index), caused realized volatility across underlying stocks in the convertible securities marketplace to increase by approximately +50% to +75% on average. Elevated equity volatility allowed the Portfolio management team to execute trades (adjusting position-level hedges) after more significant moves in underlying equity securities than in a less volatile

6   Annual Report

markets. This shift led to a more than a doubling of volatility yield across the Portfolio, as compared to the start of the year. Special situations attribution, while muted for much of the year, accelerated into year-end, with issuers largely focused on repurchasing debt and/or extending maturities (i.e., buybacks and exchange offers). Carry, which can be described as the weighted average yield of the Portfolio net of the financing costs associated with borrowed funds used for leverage, and Portfolio-level hedges, also contributed positively to returns. Portfolio performance in 2022 was primarily impacted by basis cheapening, associated with long-only selling, in response to the dramatic resetting of the short-end of the Treasury curve, which is a line chart depicting the yields of short-term Treasury bills compared to the yields of long-term Treasury notes and bonds, the significant repricing of equities across the convertible securities marketplace, and the widening of corporate credit spreads.

Along with Portfolio-level hedges, the Peabody Energy Corp (“BTU”) 3.25% bonds were a top positive contributor. The BTU convertible bonds were issued in February 2022 with particularly attractive terms. The bonds improved as the stock price of this coal company more than doubled during the year. Performance detractors included the Liberty Interactive 3.75% and 4% convertible securities, two high-premium convertibles, that were negatively by the poor performance within the retail sector.

Derivatives, including Portfolio-level hedges, like options on index exchange-traded funds (ETF), forward foreign currency contracts, and both purchased and written options were a positive contributor to Portfolio returns.

Lazard Global Dynamic Multi-Asset Portfolio

For the year ended December 31, 2022, the Lazard Global Dynamic Multi-Asset Portfolio’s Institutional Shares posted a total return of –17.05%, while Open Shares posted a total return of –17.20%, as compared with the –18.14% return for the MSCI World Index and –16.97% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and Bloomberg Global Aggregate^® Index (the “GDMA Index”).

Annual Report   7

Within the equity sleeve, stock selection in the information technology, consumer discretionary, and communication services sectors contributed to relative performance, as did stock selection in the US, Japan, and Canada. Within the fixed income sleeve, underweight exposure to bonds in the eurozone, Japan, and South Korea also boosted relative performance.

Detracting from relative performance was overweight exposure to fixed income versus equity relative to the benchmark, as equities outperformed fixed income in the Portfolio during the year. Overweight exposure to Australia, Canada, Norway, and New Zealand within fixed income also undercut relative performance.

Derivatives were used during the year for foreign exchange hedging purposes only, and they marginally detracted during the year.

Lazard Opportunistic Strategies Portfolio

For the year ended December 31, 2022, the Lazard Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of –14.93%, while Open Shares posted a total return of –15.06%, as compared with the –18.14% return for the MSCI World Index and –15.90% return for the Global Asset Allocation Blended Index, a 60%/40% split of the MSCI World Index and the Bloomberg US Aggregate Bond Index.

The Portfolio’s investments are generally grouped by the Portfolio management team into the following three categories: trending, diversifying and contrarian. The Portfolio management team makes allocation changes based on a forward-looking assessment of capital markets using a risk/reward analysis.

Trending investments, which are investments currently perceived favorably by the market, represented approximately 39% of the Portfolio at year-end. They outperformed both the Global Asset Allocation Blended Index and the MSCI World Index. Positions in infrastructure, healthcare, the minimum volatility factor through the iShares MSCI USA Minimum Volatility Factor ETF, and US oil boosted relative performance. Conversely, exposure to cybersecurity through the First Trust NASDAQ Cybersecurity ETF and the quality factor

8   Annual Report

through the iShares MSCI USA Quality Factor ETF detracted from performance.

Diversifying investments, which provide hedges to market risks, represented 36% of the Portfolio at year-end. They outperformed US fixed income, as represented by the Bloomberg US Aggregate Index and outperformed the Global Asset Allocation Blended Index. Exposure to short-term US treasury bonds were helpful, while positioning in long-term US treasury bonds detracted.

Contrarian investments, which are out-of-favor investments that have rebound potential, represented 25% of the Portfolio at year-end. They underperformed the Global Asset Allocation Blended Index as well as the MSCI World Index. Exposure to Pacific ex-Japan stocks was helpful within the segment. Meanwhile, the technology sector detracted the most, followed by US growth stocks.

Investments within the infrastructure, health care, and the minimum volatility factor contributed strongly to performance. The top three performance contributors were the SPDR S&P Global Infrastructure ETF, the Health Care Select Sector SPDR Fund, and the iShares MSCI USA Min Vol Factor ETF.

Investments in cybersecurity and long-term US treasuries detracted from performance. The top two performance detractors were the First Trust NASDAQ Cybersecurity ETF and the iShares 20+Year Treasury Bond ETF.

Lazard Real Assets Portfolio

For the year ended December 31, 2022, the Lazard Real Assets Portfolio’s Institutional Shares posted a total return of –8.45%, while Open Shares posted a total return of –8.68%, as compared with the –5.00% return for the Real Assets Index, an equal weighted blend of the MSCI World Core Infrastructure USD Hedged Index, MSCI ACW IMI Core Real Estate and Bloomberg Commodity Total Return Indices, and the –18.14% return for the MSCI World Index.

Annual Report   9

The Portfolio’s holdings are classified according to three segments—infrastructure, real estate, and commodities.

Infrastructure stocks detracted from performance in 2022. The top detractors were specialized real estate investment trusts (“REITs”) SBA Communications and Crown Castle, both based in the US. Although the infrastructure segment detracted from overall returns, the solid stock price appreciation of Canada-based energy infrastructure company TC Energy and France-based multi-utilities company Engie offset some of the negative impact.

Real estate performance also detracted in the year. The top detractors were US-based REITs Prologis and SL Green. Although real estate detracted on the whole, performance was slightly helped by share gains in US-based REIT Stag Industrial and France-based REIT Unibail-Rodamco-Westfield.

The Portfolio’s commodities allocation contributed to overall performance, primarily driven by exposure to heating oil, crude oil, corn, and soybean futures. Conversely, allocations to nickel, copper, and aluminum detracted. Commodity-related equities had favorable performance in the year, led by exposure to UK-based miner Anglo American and Canada-based gold mining company Agnico Eagle Mines.

The Portfolio used futures and total return swaps to gain commodities exposure. The combined contribution of these instruments was positive for the Portfolio during the year. There was no material impact on investment performance related to the use of currency forward contracts during the period.

10   Annual Report

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 December 31, 2022

	One Year	Five Year	Since Inception	†
Institutional Shares	–7.39%	2.90%	2.72%
Open Shares	–7.45%	2.68%	2.49%
ICE BofAML U.S. Convertible ex Mandatory Index	–19.58%	9.49%	8.90%
HFRX Global Hedge Fund Index	–4.41%	1.41%	1.46%

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

Annual Report   11

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 December 31, 2022

	One Year	Five Year	Since Inception	†
Institutional Shares	–17.05%	0.72%	3.54%
Open Shares	–17.20%	0.46%	3.26%
MSCI World Index	–18.14%	6.14%	8.76%
GDMA Index	–16.97%	2.49%	4.17%

† 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 December 31, 2022

	One Year	Five Year	Ten Year
Institutional Shares	–14.93%	1.12%	3.98%
Open Shares	–15.06%	0.86%	3.65%
MSCI World Index	–18.14%	6.14%	8.85%
Global Asset Allocation Blended Index	–15.90%	4.14%	5.97%

12   Annual Report

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

Average Annual Total Returns

Periods Ended December 31, 2022

	One Year	Five Year	Since Inception	†
Institutional Shares	–8.45%	3.75%	4.74%
Open Shares	–8.68%	3.48%	4.44%
R6 Shares	N/A	N/A	–5.92%
MSCI World Index	–18.14%	6.14%	8.69% (Institutional Shares) 8.45% (Open Shares) –1.14% (R6 Shares)
Real Assets Index	–5.00%	4.86%	5.81% (Institutional Shares) 5.79% (Open Shares) –4.06% (R6 Shares)

† The inception date for the Institutional Shares was December 30, 2016, for the Open Shares was January 9, 2017 and for the R6 Shares was July 22, 2022.

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 Portfolios 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 SS&C Global Investor and Distribution Solutions, the Fund’s transfer agent and dividend disbursing agent (“SS&C GIDS”); without such waiver/reimbursement of expenses, the Portfolios’ returns would have been lower.

Annual Report   13

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.

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 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 US Aggregate Index and is rebalanced quarterly. The Bloomberg 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 HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event-driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.

The 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.

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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 Real Assets Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure USD Index, 33.3% MSCI ACWI IMI Core Real Estate Index, and 33.3% Bloomberg 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 MSCI World Core Infrastructure USD 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.

Annual Report   15

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 July 1, 2022 through December 31, 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 7/1/22	Ending Account Value 12/31/22		Expenses Paid During Period 7/1/22 - 12/31/22	*	Annualized Expense Ratio During Period 7/1/22 - 12/31/22
Enhanced Opportunities
Institutional Shares
Actual	$1,000.00	$	1,003.30	$17.37		3.44%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,007.86	$17.41		3.44%
Open Shares
Actual	$1,000.00	$	1,003.70	$18.64		3.69%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,006.60	$18.66		3.69%
Global Dynamic Multi-Asset
Institutional Shares
Actual	$1,000.00	$	1,004.80	$ 4.55		0.90%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.67	$ 4.58		0.90%
Open Shares
Actual	$1,000.00	$	1,003.60	$ 5.81		1.15%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.41	$ 5.85		1.15%
Opportunistic Strategies
Institutional Shares
Actual	$1,000.00	$	1,006.20	$ 5.16		1.02%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,020.06	$ 5.19		1.02%
Open Shares
Actual	$1,000.00	$	1,005.90	$ 6.42		1.27%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,018.80	$ 6.46		1.27%
Real Assets
Institutional Shares
Actual	$1,000.00	$	951.90	$ 3.94		0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.17	$ 4.08		0.80%
Open Shares
Actual	$1,000.00	$	950.70	$ 5.16		1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,019.91	$ 5.35		1.05%
R6 Shares†
Actual	$1,000.00	$	940.80	$ 3.19		0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$	1,021.42	$ 3.82		0.75%

*	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 184/365 (to reflect one-half year period).
†	The inception date for the R6 shares was July 22, 2022.

Annual Report   17

The Lazard Funds, Inc. Portfolio Holdings

Presented by Sector and Region December 31, 2022

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector		Long	^	Short	†
Convertible Corporate Bonds
Communication Services		10.1	%	—	%
Consumer Discretionary		15.4		—
Consumer Staples		1.3		—
Energy		2.5		—
Financials		9.0		—
Health Care		18.0		—
Industrials		11.7		—
Information Technology		12.7		—
Materials		5.5		—
Real Estate		2.8		—
Utilities		0.5
Equity
Communication Services		—		–2.9
Consumer Discretionary		0.4		–9.6
Consumer Staples		—		–1.5
Energy		—		–2.9
Financials		—	#	–2.1
Health Care		—	#	–14.9
Industrials		—	#	–16.0
Information Technology		—	#	–7.9
Materials		—		–6.5
Real Estate		—		–1.1
Utilities		—		–0.5
U.S. Treasury Securities		4.4		–26.4
Exchange-Traded Funds		—		–7.7
Purchased Options		0.1		—
Short-Term Investments		5.6		—
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%.

18   Annual Report

Asset Class/Sector	Lazard Global Dynamic Multi-Asset Portfolio		**	Lazard Opportunistic Strategies Portfolio		**	Lazard Real Assets Portfolio
Equity*
Communication Services		3.9	%		1.5	%		0.2	%
Consumer Discretionary		7.4			3.1			0.9
Consumer Staples		6.0			13.4			—
Energy		1.0			1.9			6.1
Financials		11.9			4.6			—
Health Care		6.6			16.9			—
Industrials		7.7			6.1			8.2
Information Technology		6.9			9.5			—
Materials		1.6			1.5			0.7
Real Estate		2.3			1.2			33.7
Utilities		2.5			2.7			16.8
Commodity		—			8.4			—
Exchange-Traded Funds		—			—			4.7
Fixed Income		—			15.6			—
Sovereign Debt		36.3			—			—
Specialty		—			3.0			—
U.S. Treasury Securities		2.4			—			5.0
Short-Term Investments		3.5			10.6			23.7
Total Investments		100.0	%		100.0	%		100.0	%

*	Represents percentage of total investments.
**	The sector breakdown includes the underlying holdings of exchange-traded funds held by the Portfolio.

Annual Report   19

The Lazard Funds, Inc. Portfolios of Investments
December 31, 2022

			Fair
Description	Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  0.8%
Brazil  |  0.0%
Gol Linhas Aereas Inteligentes SA ADR (*), (±)		3,305	$	8,824
United States  |  0.8%
Blackline, Inc. (*)		64		4,305
Cloudflare, Inc. Class A (*), (±)		82		3,707
Dynavax Technologies Corp. (*)		696		7,406
Fisker, Inc. (*)		362		2,632
Lucid Group, Inc. (*), (±)		1,559		10,648
Marriott Vacations Worldwide Corp. (±)		1,793		241,320
PennyMac Mortgage Investment Trust REIT (±)		1,093		13,542
Porch Group, Inc. (*), (±)		6,563		12,339
Zogenix, Inc. CVR (¢)		40,674		27,658
				323,557
Total Common Stocks (Cost $349,679)				332,381

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Convertible Corporate Bonds  |  162.8%
Australia  |  0.1%
Zip Co. Ltd., 0.000%, 04/23/28 (±)	AUD		300	$	45,957
Austria  |  1.1%
ams-OSRAM AG, 2.125%, 11/03/27 (±)	EUR		600		452,640
Brazil  |  0.3%
GOL Equity Finance SA, 3.750%, 07/15/24 (±)	USD		244		117,486

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

20  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Canada  |  3.6%
Aurora Cannabis, Inc., 5.500%, 02/28/24 (±)	USD		315	$	302,400
Dye & Durham Ltd., 3.750%, 03/01/26	CAD		897		516,736
Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±)	USD		293		360,243
Lithium Americas Corp., 1.750%, 01/15/27 (±)	USD		236		185,024
StorageVault Canada, Inc., 5.000%, 03/31/28	CAD		58		42,836
					1,407,239
China  |  4.4%
NIO Inc., 0.000%, 02/01/26 (±)	USD		494		433,485
Li Auto, Inc., 0.250%, 05/01/28 (±)	USD		977		987,258
ZTO Express Cayman, Inc., 1.500%, 09/01/27 (±)	USD		290		307,110
					1,727,853
Hong Kong  |  2.1%
Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±)	HKD		6,000		830,766
Netherlands  |  1.2%
Pharming Group NV, 3.000%, 01/21/25 (±)	EUR		500		486,737
Panama  |  5.8%
Copa Holdings SA, 4.500%, 04/15/25 (±)	USD		1,335		2,277,575

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

Annual Report  21

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Singapore  |  2.0%
Sea Ltd.,
2.375%, 12/01/25 (±)	USD		483	$	476,673
0.250%, 09/15/26 (±)	USD		443		326,712
					803,385
South Korea  |  1.2%
Delivery Hero SE:
1.500%, 01/15/28 (±)	EUR		300		221,163
1.000%, 04/30/26 (±)	EUR		300		241,601
					462,764
United Kingdom  |  0.4%
Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±)	EUR		200		169,166
United States  |  140.6%
8x8, Inc., 4.000%, 02/01/28 (±)	USD		475		393,775
Affirm Holdings, Inc., 0.000%, 11/15/26 (±)	USD		13		7,215
Airbnb, Inc., 0.000%, 03/15/26 (±)	USD		463		382,206
Altair Engineering, Inc., 1.750%, 06/15/27 (±)	USD		356		326,808
American Airlines Group, Inc., 6.500%, 07/01/25 (±)	USD		579		613,161
Amyris, Inc., 1.500%, 11/15/26 (±)	USD		639		207,036
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±)	USD		712		1,099,595
Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±)	USD		506		505,241
Array Technologies, Inc., 1.000%, 12/01/28 (±)	USD		555		566,932

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

22  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Avadel Finance Cayman Ltd.,
4.500%, 02/01/23 (±)	USD		426	$	415,350
4.500%, 10/02/23	USD		610		590,175
Avid SPV LLC, 1.250%, 03/15/26 (±)	USD		604		577,968
Axon Enterprise, Inc., 0.500%, 12/15/27 (±)	USD		151		150,396
Bentley Systems, Inc., 0.375%, 07/01/27 (±)	USD		317		259,623
Bloom Energy Corp., 2.500%, 08/15/25 (±)	USD		785		1,060,221
Braemar Hotels & Resorts, Inc., 4.500%, 06/01/26 (±)	USD		499		473,242
Burlington Stores, Inc., 2.250%, 04/15/25 (±)	USD		724		836,220
Carnival Corp., 5.750%, 12/01/27 (±)	USD		338		303,524
Century Aluminum Co., 2.750%, 05/01/28 (±)	USD		293		211,546
Chefs’ Warehouse, Inc., 2.375%, 12/15/28 (±)	USD		522		524,297
Cinemark Holdings, Inc., 4.500%, 08/15/25 (±)	USD		966		927,436
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		873		573,997
Collegium Pharmaceutical, Inc., 2.625%, 02/15/26 (±)	USD		811		825,192
Confluent, Inc., 0.000%, 01/15/27 (±)	USD		0		0
Coupa Software, Inc.:
0.125%, 06/15/25 (±)	USD		175		169,978
0.375%, 06/15/26 (±)	USD		24		23,196
Cutera, Inc.:
2.250%, 03/15/26 (±)	USD		175		259,613
2.250%, 06/01/28 (±)	USD		705		752,940
4.000%, 06/01/29 (±)	USD		98		100,264

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

Annual Report  23

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Danimer Scientific, Inc., 3.250%, 12/15/26 (±)	USD		264	$	102,564
Desktop Metal, Inc., 6.000%, 05/15/27 (±)	USD		358		342,069
DISH Network Corp.:
0.000%, 12/15/25 (±)	USD		258		165,894
3.375%, 08/15/26 (±)	USD		52		32,708
Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±)	USD		604		1,000,649
Envestnet, Inc., 0.750%, 08/15/25 (±)	USD		210		190,575
Etsy, Inc., 0.250%, 06/15/28 (±)	USD		250		215,325
EZCORP, Inc.,
2.875%, 07/01/24 (±)	USD		637		676,621
3.750%, 12/15/29 (±)	USD		338		328,705
Fisker, Inc., 2.500%, 09/15/26 (±)	USD		738		361,620
Fiverr International Ltd., 0.000%, 11/01/25 (±)	USD		51		41,638
Ford Motor Co., 0.000%, 03/15/26 (±)	USD		562		533,057
fuboTV, Inc., 3.250%, 02/15/26 (±)	USD		303		142,410
Gossamer Bio, Inc., 5.000%, 06/01/27 (±)	USD		390		126,165
Granite Construction, Inc., 2.750%, 11/01/24 (±)	USD		470		571,261
Greenbrier Cos., Inc., 2.875%, 04/15/28 (±)	USD		386		342,189
Guess?, Inc., 2.000%, 04/15/24 (±)	USD		1,013		1,079,478
Guidewire Software, Inc., 1.250%, 03/15/25 (±)	USD		483		449,431
Halozyme Therapeutics, Inc., 1.000%, 08/15/28 (±)	USD		260		307,613

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

24  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Hat Holdings I LLC, 0.000%, 05/01/25 (±)	USD		529	$	486,997
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD		528		462,792
Helix Energy Solutions Group, Inc., 6.750%, 02/15/26 (±)	USD		703		974,792
Herbalife Nutrition Ltd.,
2.625%, 03/15/24 (±)	USD		207		191,372
4.250%, 06/15/28 (±)	USD		281		308,819
Hope Bancorp, Inc., 2.000%, 05/15/38 (±)	USD		1,259		1,236,338
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		542		491,865
Infinera Corp., 3.750%, 08/01/28 (±)	USD		104		129,418
Innoviva, Inc., 2.125%, 03/15/28 (±)	USD		706		573,978
Inotiv, Inc., 3.250%, 10/15/27 (±)	USD		376		154,160
Insmed, Inc., 0.750%, 06/01/28 (±)	USD		864		717,120
Intercept Pharmaceuticals, Inc., 3.500%, 02/15/26 (±)	USD		84		85,911
Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26 (±)	USD		127		117,872
Kaman Corp., 3.250%, 05/01/24 (±)	USD		222		207,459
KKR Real Estate Finance Trust, Inc., 6.125%, 05/15/23 (±)	USD		195		192,352
Liberty Broadband Corp.:
1.250%, 09/30/50 (±)	USD		622		603,340
2.750%, 09/30/50 (±)	USD		764		746,009
Liberty Media Corp.:
2.125%, 03/31/48 (±)	USD		786		741,198
2.750%, 12/01/49 (±)	USD		970		889,005
Livent Corp., 4.125%, 07/15/25 (±)	USD		459		1,103,665

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

Annual Report  25

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Luminar Technologies, Inc., 1.250%, 12/15/26 (±)	USD		153	$	86,644
Magnite, Inc., 0.250%, 03/15/26 (±)	USD		121		94,610
MannKind Corp., 2.500%, 03/01/26 (±)	USD		1,452		1,734,414
Marriott Vacations Worldwide Corp., 3.250%, 12/15/27 (±)	USD		201		198,990
Marcus Corp., 5.000%, 09/15/25 (±)	USD		405		593,578
Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±)	USD		724		644,812
Mitek Systems, Inc., 0.750%, 02/01/26 (±)	USD		582		483,060
MP Materials Corp., 0.250%, 04/01/26 (±)	USD		483		424,436
National Vision Holdings, Inc., 2.500%, 05/15/25 (±)	USD		795		1,094,782
NCL Corp. Ltd.,
5.375%, 08/01/25 (±)	USD		250		253,375
2.500%, 02/15/27 (±)	USD		483		347,760
1.125%, 02/15/27 (±)	USD		546		373,355
NextGen Healthcare, Inc., 3.750%, 11/15/27 (±)	USD		520		543,528
Okta, Inc.:
0.125%, 09/01/25 (±)	USD		628		554,838
0.375%, 06/15/26 (±)	USD		290		245,050
Opendoor Technologies, Inc., 0.250%, 08/15/26 (±)	USD		2		796
Pacira BioSciences, Inc., 0.750%, 08/01/25 (±)	USD		118		106,864
Palo Alto Networks, Inc., 0.750%, 07/01/23 (±)	USD		483		764,347
PAR Technology Corp., 1.500%, 10/15/27 (±)	USD		395		285,585
Peabody Energy Corp., 3.250%, 03/01/28 (±)	USD		525		826,087

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

26  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
Pebblebrook Hotel Trust, 1.750%, 12/15/26 (±)	USD		952	$	787,780
PennyMac Corp. , 5.500%, 03/15/26 (±)	USD		870		712,856
PennyMac Corp., 5.500%, 11/01/24 (±)	USD		403		361,693
Plug Power, Inc., 3.750%, 06/01/25 (±)	USD		318		800,915
Post Holdings, Inc., 2.500%, 08/15/27 (±)	USD		209		220,537
Radius Global Infrastructure, Inc., 2.500%, 09/15/26 (±)	USD		623		549,390
Realogy Group LLC 0.250%, 06/15/26 (±)	USD		638		449,152
Redfin Corp., 0.000%, 10/15/25 (±)	USD		44		26,428
Redwood Trust, Inc., 7.750%, 06/15/27 (±)	USD		315		268,160
Revance Therapeutics, Inc., 1.750%, 02/15/27 (±)	USD		582		537,186
RingCentral, Inc., 0.000%, 03/15/26 (±)	USD		325		256,750
Royal Caribbean Cruises Ltd., 6.000%, 08/15/25 (±)	USD		1,083		1,365,663
Semtech Corp., 1.625%, 11/01/27 (±)	USD		520		534,300
Shift4 Payments, Inc., 0.000%, 12/15/25 (±)	USD		741		737,758
Snap Inc., 0.125%, 03/01/28 (±)	USD		51		34,298
Spotify USA, Inc.,Co., 0.000%, 03/15/26 (±)	USD		14		11,340
Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±)	USD		238		204,442
Sunnova Energy International, Inc., 2.625%, 02/15/28 (±)	USD		468		380,250

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

Annual Report  27

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Enhanced Opportunities Portfolio (continued)
TechTarget, Inc., 0.000%, 12/15/26 (±)	USD		370	$	284,530
Travere Therapeutics Inc., 2.250%, 03/01/29 (±)	USD		634		580,110
Two Harbors Investment Corp., 6.250%, 01/15/26 (±)	USD		604		521,363
United States Steel Corp., 5.000%, 11/01/26 (±)	USD		728		1,459,640
Upstart Holdings, Inc., 0.250%, 08/15/26 (±)	USD		433		229,490
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD		907		1,060,646
Veeco Instruments Inc., 3.750%, 06/01/27 (±)	USD		805		1,244,127
Veritone, Inc., 1.750%, 11/15/26 (±)	USD		227		137,902
Virgin Galactic Holdings Inc., 2.500%, 02/01/27 (±)	USD		88		39,556
Vishay Intertechnology, Inc., 2.250%, 06/15/25 (±)	USD		370		358,013
Wayfair, Inc.:
0.625%, 10/01/25 (±)	USD		334		219,271
1.000%, 08/15/26 (±)	USD		703		401,624
3.250%, 09/15/27 (±)	USD		253		194,178
Wolfspeed, Inc., 1.875%, 12/01/29 (±)	USD		38		34,409
Xometry Inc., 1.000%, 02/01/27 (±)	USD		505		429,045
					55,651,294
Total Convertible Corporate Bonds (Cost $69,275,972)					64,432,862

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

28  Annual Report

		Number of	Exercise		Notional		Fair
Description	Counterparty	Contracts	Price		Amount		Value
Lazard Enhanced Opportunities Portfolio (continued)
Purchased Options  |  0.2%
Call
Cinemark Holdings, Inc., Expires 02/17/23	MSC	48	$	13	$	4,800	$	480
Cinemark Holdings, Inc., Expires 01/20/23	MSC	19		10		1,900		380
Cinemark Holdings, Inc., Expires 01/20/23	MSC	36		15		3,600		180
Gol Linhas Aereas Inteligentes, Expires 04/21/23	MSC	18		4		1,800		90
Gol Linhas Aereas Inteligentes, Expires 01/20/23	MSC	36		5		3,600		360
Health Catalyst, Inc., Expires 01/20/23	MSC	10		13		1,000		150
Invesco QQQ Trust Series, Expires 02/17/23	MSC	48		274		4,800		35,472
iShares Russell 2000 ETF, Expires 02/17/23	MSC	48		184		4,800		14,112
Sirius XM Holdings, Inc., Expires 01/20/23	MSC	12		7		1,200		36
Put
8X8, Inc., Expires 01/20/23	MSC	40		3		4,000		200
American Airlines Group, Inc., Expires 01/20/23	MSC	19		12		1,900		608
American Airlines Group, Inc., Expires 01/20/23	MSC	38		13		3,800		2,850
American Airlines Group, Inc., Expires 01/20/23	MSC	7		10		700		42
Amyris, Inc., Expires 01/20/23	MSC	78		2		7,800		4,290
Danimer Scientific, Inc., Expires 01/20/23	MSC	31		3		3,100		2,697
Gol Linhas Aereas Inteligentes, Expires 01/20/23	MSC	40		3		4,000		1,200
Guess?, Inc., Expires 01/20/23	MSC	19		18		1,900		285

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

Annual Report  29

		Number of	Exercise		Notional		Fair
Description	Counterparty	Contracts	Price		Amount		Value
Lazard Enhanced Opportunities Portfolio (continued)
Li Auto, Inc., Expires 01/20/23	MSC	19	$	18	$	1,900	$	912
Norwegian Cruise Line Holdings, Expires 02/03/23	MSC	29		12		2,900		2,291
Norwegian Cruise Line Holdings, Expires 01/20/23	MSC	26		13		2,600		2,210
Royal Caribbean Cruises, Ltd., Expires 01/20/23	MSC	8		47		800		1,280
Shift Technologies, Inc., Expires 02/17/23	MSC	39		3		3,900		7,410
Shift Technologies, Inc., Expires 01/20/23	MSC	8		3		800		1,880
Total Purchased Options (Cost $80,770)								79,415

			Fair
Description	Shares		Value
Short-Term Investments  |  10.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $4,016,023)		4,016,023	$	4,016,023

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
U.S. Treasury Securities  |  8.1%
U.S. Treasury Note, 4.125%, 10/31/27 (±) (Cost $3,185,135)	USD		3,181	$	3,192,680
Total Investments excluding Securities Sold Short  |  182.0% (Cost $76,907,579)				$	72,053,361

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

30  Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Securities Sold Short  |  (105.3)%
Common Stocks  |  (69.5)%
Austria  |  (0.1)%
ams-OSRAM AG		(6,292	)	$	(46,302	)
Canada  |  (0.9)%
Dye & Durham Ltd.		(2,281	)		(27,645	)
Ivanhoe Mines Ltd., Class A		(31,883	)		(251,956	)
Lithium Americas Corp.		(3,058	)		(57,949	)
StorageVault Canada, Inc.		(2,507	)		(11,146	)
					(348,696	)
China  |  (1.6)%
Li Auto, Inc. ADR		(22,346	)		(455,858	)
ZTO Express Cayman, Inc. ADR		(6,381	)		(171,458	)
					(627,316	)
Hong Kong  |  (1.4)%
Cathay Pacific Airways Ltd.		(514,800	)		(559,640	)
Netherlands  |  (0.2)%
Pharming Group NV		(82,385	)		(95,439	)
Panama  |  (4.9)%
Copa Holdings SA, Class A		(23,327	)		(1,940,107	)
Singapore  |  (0.4)%
Sea Ltd.		(2,774	)		(144,331	)
South Korea  |  (0.3)%
Delivery Hero SE		(2,087	)		(99,983	)
United Kingdom  |  0.0%
Just Eat Takeaway.com NV		(519	)		(11,052	)

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

Annual Report  31

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
United States  |  (59.7)%
8x8, Inc.		(53,185	)	$	(229,759	)
Airbnb, Inc., Class A		(128	)		(10,944	)
Altair Engineering, Inc., Class A		(2,998	)		(136,319	)
American Airlines Group, Inc.		(24,704	)		(314,235	)
Amyris, Inc.		(36,340	)		(55,600	)
Anywhere Real Estate, Inc.		(7,526	)		(48,091	)
Apellis Pharmaceuticals, Inc.		(14,721	)		(761,223	)
Arbor Realty Trust, Inc. REIT		(12,159	)		(160,377	)
Array Technologies, Inc.		(20,242	)		(391,278	)
Avadel Pharmaceuticals PLC ADR		(23,881	)		(170,988	)
Avid Bioservices, Inc.		(18,032	)		(248,301	)
Axon Enterprise, Inc.		(428	)		(71,018	)
Bandwidth, Inc., Class A		(325	)		(7,459	)
Bentley Systems, Inc., Class B		(720	)		(26,611	)
Bloom Energy Corp.		(38,512	)		(736,349	)
Braemar Hotels & Resorts, Inc. REIT		(49,642	)		(204,029	)
Burlington Stores, Inc.		(2,051	)		(415,861	)
Carnival Corp.		(20,931	)		(168,704	)
Century Aluminum Co.		(11,461	)		(93,751	)
Chefs’ Warehouse, Inc.		(8,819	)		(293,496	)
Cinemark Holdings, Inc.		(17,516	)		(151,689	)
Coherus Biosciences, Inc.		(25,647	)		(203,124	)
Collegium Pharmaceutical, Inc.		(19,968	)		(463,258	)
Cutera, Inc.		(16,496	)		(729,453	)
Danimer Scientific, Inc.		(9,138	)		(16,357	)
Desktop Metal, Inc., Class A		(191,606	)		(260,584	)
DISH Network Corp., Class A		(2,470	)		(34,679	)
Eagle Bulk Shipping, Inc.		(17,428	)		(870,354	)
Envestnet, Inc.		(719	)		(44,362	)
Etsy, Inc.		(624	)		(74,743	)
EZCORP, Inc. Class A		(58,237	)		(474,631	)
Fiverr International Ltd.		(49	)		(1,428	)
Ford Motor Co.		(17,316	)		(201,385	)
fuboTV, Inc.		(574	)		(999	)
Gossamer Bio, Inc.		(24,028	)		(52,141	)

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

32  Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Granite Construction, Inc.		(10,873	)	$	(381,316	)
Greenbrier Cos., Inc.		(3,820	)		(128,085	)
Groupon, Inc.		(1,024	)		(8,786	)
Guess?, Inc.		(8,222	)		(170,113	)
Guidewire Software, Inc.		(425	)		(26,588	)
Halozyme Therapeutics, Inc.		(3,687	)		(209,790	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(2,049	)		(59,380	)
Health Catalyst, Inc.		(4,077	)		(43,338	)
Helix Energy Solutions Group, Inc.		(80,150	)		(591,507	)
Herbalife Nutrition Ltd.		(13,139	)		(195,508	)
I3 Verticals, Inc., Class A		(6,647	)		(161,788	)
Infinera Corp.		(13,439	)		(90,579	)
Innoviva, Inc.		(13,262	)		(175,721	)
Inotiv, Inc.		(4,022	)		(19,869	)
Insmed, Inc.		(20,019	)		(399,980	)
Intercept Pharmaceuticals, Inc.		(2,440	)		(30,183	)
Ionis Pharmaceuticals, Inc.		(1,274	)		(48,119	)
Livent Corp.		(49,480	)		(983,168	)
Luminar Technologies, Inc.		(3,943	)		(19,518	)
Magnite, Inc.		(1,186	)		(12,560	)
MannKind Corp.		(213,430	)		(1,124,776	)
Marcus Corp.		(32,654	)		(469,891	)
Match Group, Inc.		(3,310	)		(137,332	)
Mitek Systems, Inc.		(13,817	)		(133,887	)
MP Materials Corp.		(1,408	)		(34,186	)
National Vision Holdings, Inc.		(20,889	)		(809,658	)
NextGen Healthcare, Inc.		(13,540	)		(254,281	)
Norwegian Cruise Line Holdings Ltd.		(27,159	)		(332,426	)
Okta, Inc.		(869	)		(59,379	)
Omeros Corp.		(406	)		(918	)
Pacira BioSciences, Inc.		(575	)		(22,201	)
Palo Alto Networks, Inc.		(5,234	)		(730,352	)
PAR Technology Corp.		(2,561	)		(66,765	)
Peabody Energy Corp.		(23,567	)		(622,640	)
Pebblebrook Hotel Trust REIT		(9,240	)		(123,724	)
PetIQ, Inc.		(911	)		(8,399	)

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

Annual Report  33

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Plug Power, Inc.		(59,936	)	$	(741,408	)
Post Holdings, Inc.		(1,354	)		(122,212	)
PRA Group, Inc.		(2,165	)		(73,134	)
Radius Global Infrastructure, Inc.		(13,771	)		(162,773	)
Redwood Trust, Inc. REIT		(10,956	)		(74,063	)
Repay Holdings Corp.		(2,722	)		(21,912	)
Revance Therapeutics, Inc.		(12,253	)		(226,190	)
Royal Caribbean Cruises Ltd.		(17,152	)		(847,823	)
Semtech Corp.		(9,985	)		(286,470	)
Shift4 Payments, Inc., Class A		(5,413	)		(302,749	)
Sirius XM Holdings, Inc.		(7,801	)		(45,558	)
Summit Hotel Properties, Inc. REIT		(10,992	)		(79,362	)
Sunnova Energy International, Inc.		(11,064	)		(199,263	)
TechTarget, Inc.		(1,019	)		(44,897	)
Travere Therapeutics, Inc.		(15,496	)		(325,881	)
Two Harbors Investment Corp. REIT		(1,865	)		(29,411	)
United States Steel Corp.		(49,256	)		(1,233,863	)
Unity Software, Inc.		(15	)		(429	)
Upwork, Inc.		(199	)		(2,078	)
Varex Imaging Corp.		(32,097	)		(651,569	)
Veeco Instruments, Inc.		(50,044	)		(929,817	)
Virgin Galactic Holdings, Inc.		(6,663	)		(23,187	)
Vishay Intertechnology, Inc.		(374	)		(8,067	)
Wayfair, Inc., Class A		(5,560	)		(182,868	)
Wolfspeed, Inc.		(232	)		(16,017	)
Xometry, Inc.		(6,025	)		(194,186	)
					(23,635,478	)
Total Common Stock (Proceeds $28,722,503)					(27,508,344	)
Exchange-Traded Funds  |  (8.0)%
Invesco QQQ Trust Series 1		(101	)		(26,894	)
iShares iBoxx High Yield Corporate Bond ETF		(42,797	)		(3,151,143	)
Total Exchange-Traded Funds (Proceeds $3,181,010)					(3,178,037	)

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

34  Annual Report

		Principal
	Security	Amount			Fair
Description	Currency	(000)			Value
Lazard Enhanced Opportunities Portfolio (continued)
U.S. Treasury Securities | (27.8)%
U.S. Treasury Bill 0.010%, 01/10/23 (Proceeds $10,989,867)	USD		(11,000	)	$	(10,992,262	)
Total Securities Sold Short (Proceeds $42,893,380)						(41,678,643	)
Total Investments | 76.7% (Cost and short proceeds $34,014,199) (»)						30,374,718
Cash and Other Assets in Excess of Liabilities | 23.3%						9,198,222
Net Assets | 100.0%					$	39,572,940

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	56,484	AUD	84,000	SSB	03/29/23		$	—		$	903
USD	501,393	CAD	684,000	SSB	03/29/23			—			4,132
USD	1,385,027	EUR	1,297,000	SSB	03/29/23			—			11,424
USD	118,827	HKD	925,000	SSB	03/29/23			139			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	139		$	16,459

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

Annual Report  35

Lazard Enhanced Opportunities Portfolio (continued)

Written Options open at December 31, 2022:

		Number of		Strike		Expiration	Notional						Fair
Description	Counterparty	Contracts		Price		Date	Amount			Premiums			Value
Put
Invesco QQQ Trust Series 1	MSC		48		$254	02/17/23		$	4,800		$	30,262	$	(26,976	)
Ishares Russell 2000 ETF	MSC		48		164	02/17/23			4,800			12,048		(12,912	)
Sirius XM Holdings, Inc.	MSC		154		6.75	01/20/23			15,400			11,595		(16,170	)
Total Written Options			250								$	53,905	$	(56,058	)

Total Return Swap Agreements open at December 31, 2022:

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate*			Appreciation		Depreciation
Long Position Contract
USD	BNP	$	207,605	09/22/23	Affirm Holdings, Inc. 0.000%, 11/15/26		4.32	%	$	—	$	32,780
USD	NIP		109,947	11/30/27	Alteryx Inc 0.500%, 08/01/24		4.32			—		244
USD	NIP		212,524	11/30/27	Bandwidth, Inc. 0.500%, 04/01/28		4.32			16,855		—
USD	BNP		512,096	09/22/23	Beauty Health Co. 1.250%, 10/01/26		4.32			—		38,754
USD	BNP		416,169	09/22/23	Blackline, Inc. 0.000%, 03/15/26		4.32			1,129		—
USD	NIP		242,653	11/30/27	Cloudflare, Inc. 0.000%, 08/15/26		4.32			887		—
USD	BNP		376,118	09/22/23	Confluent, Inc. 0.000%, 01/15/27		4.32			16,803		—
USD	BNP		362,304	09/22/23	Coupa Software, Inc. 0.125%, 06/15/25		4.32			30,101		—
USD	BNP		130,822	09/22/23	Coupa Software, Inc. 0.375%, 06/15/26		4.32			32,517		—
USD	BNP		598,684	09/22/23	DigitalOcean Holdings, Inc. 0.000%, 12/01/26		4.32			18,366		—
USD	NIP		318,556	11/30/27	DISH Network Corp. 3.375%, 08/15/26		4.32			—		47,457

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

36  Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate*			Appreciation		Depreciation
USD	NIP	$	1,719,857	11/30/27	Dynavax Technologies 2.500%, 05/15/26		4.32	%	$	—	$	179,607
USD	BNP		659,291	09/22/23	Fiverr International, Ltd. 0.000%, 11/01/25		4.32			7,734		—
USD	BNP		474,874	09/22/23	GOL Equity Finance SA 3.750%, 07/15/24		4.32			—		111,341
USD	BNP		366,385	09/22/23	Groupon, Inc. 1.125%, 03/15/26		4.32			—		35,860
USD	NIP		402,008	11/30/27	JetBlue Airways Corp. 0.500%, 04/01/26		4.32			—		12,213
USD	BNP		1,143,548	09/22/23	Kaman Corp. 3.250%, 05/01/24		4.32			—		46,445
USD	BNP		609,572	09/22/23	Karyopharm Therapeutics 3.000%, 10/15/25		4.32			—		31,319
USD	BNP		486,676	09/22/23	LendingTree, Inc. 0.500%, 07/15/25		4.32			—		21,475
USD	BNP		452,703	09/22/23	Liberty Interactive LLC 4.000%, 11/15/29		4.32			—		140,823
USD	BNP		944,024	09/22/23	Liberty Interactive LLC 3.750%, 02/15/30		4.32			—		262,994
USD	NIP		506,222	11/30/27	Lucid Group, Inc. 1.250%, 12/15/26		4.32			—		97,431
USD	BNP		89,683	09/22/23	Magnite, Inc. 0.250%, 03/15/26		4.32			5,709		—
USD	NIP		634,804	11/30/27	NuVasive, Inc. 1.000%, 06/01/23		4.32			5,617		—
USD	NIP		117,735	11/30/27	NuVasive, Inc. 0.375%, 03/15/25		4.32			—		2,651
USD	NIP		122,462	11/30/27	Omeros Corp 5.250%, 06/01/23		4.32			—		17,936
USD	BNP		539,785	09/22/23	Opendoor Technologies, Inc. 0.250%, 08/15/26		4.32			—		160,291
USD	BNP		421,520	09/22/23	PetIQ, Inc. 4.000%, 06/01/26		4.32			—		11,535
USD	BNP		386,856	09/22/23	Porch Group, Inc. 0.750%, 09/15/26		4.32			—		14,895
USD	BNP		1,099,603	09/22/23	PRA Group, Inc. 3.500%, 06/01/23		4.32			—		8,184
USD	BNP		283,340	09/22/23	Redfin Corp. 0.500%, 04/01/27		4.32			—		22,310

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

Annual Report  37

Lazard Enhanced Opportunities Portfolio (continued)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate*			Appreciation		Depreciation
USD	BNP	$	1,271,984	09/22/23	Redwood Trust, Inc. 4.750%, 08/15/23		4.32	%	$	—	$	21,034
USD	BNP		478,276	09/22/23	Repay Holdings Corp. 0.000%, 02/01/26		4.32			—		13,561
USD	NIP		399,892	11/30/27	RingCentral, Inc. 0.000%, 03/01/25		4.32			6,934		—
USD	BNP		236,566	09/22/23	Shift Technologies Inc 4.750%, 05/15/26		4.32			—		107,791
USD	BNP		565,114	09/22/23	Shopify, Inc. 0.125%, 11/01/25		4.32			—		2,632
USD	NIP		848,012	11/30/27	Snap, Inc. 0.125%, 03/01/28		4.32			—		62,532
USD	BNP		433,917	09/22/23	Spotify USA, Inc. 0.000%, 03/15/26		4.32			—		7,047
USD	NIP		389,875	11/30/27	Unity Software, Inc. 0.000%, 11/15/26		4.32			10,233		—
USD	BNP		388,293	09/22/23	Upwork, Inc. 0.250%, 08/15/26		4.32			3,584		—
Short Position Contract
USD	BNP		4,391	09/19/23	Anywhere Real Estate, Inc.		4.32			340
USD	BNP		11,092	09/19/23	Apellis Pharmaceuticals, Inc.		4.32			—		180
USD	BOA		4,440	05/31/23	Arbor Realty Trust, Inc.		4.32			1,485		—
USD	BNP		1,060	09/19/23	Bandwidth, Inc.		4.32			—		340
USD	NIP		6,614	11/30/27	Bandwidth, Inc.		4.32			—		3,185
USD	BNP		53,061	09/19/23	Beauty Health Co.		4.32			781		—
USD	BOA		54,078	05/31/23	Bentley Systems, Inc.		4.32			19,779		—
USD	BNP		35,451	09/19/23	Blackline, Inc.		4.32			—		135
USD	BOA		368,258	05/31/23	Cinemark Holdings, Inc.		4.32			198,990		—
USD	NIP		38,703	11/30/27	Cloudflare, Inc.		4.32			6,695		—
USD	BNP		44,324	09/19/23	Confluent, Inc.		4.32			2,491		—
USD	BNP		35,904	09/19/23	Coupa Software, Inc.		4.32			—		5,660
USD	BNP		25,365	09/19/23	DigitalOcean Holdings, Inc.		4.32			4,964		—
USD	NIP		65,861	11/30/27	DISH Network Corp.		4.32			14,994		—
USD	NIP		1,091,418	11/30/27	Dynavax Technologies Corp.		4.32			137,212		—
USD	BOA		253,109	05/31/23	Fisker, Inc.		4.32			127,483		—

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

38  Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate*			Appreciation		Depreciation
USD	BOA	$	58,394	05/31/23	Gol Linhas Aereas Inteligentes SA		4.32	%	$	39,421	$	—
USD	BNP		18,048	09/19/23	Gol Linhas Aereas Inteligentes SA		4.32			7,069		—
USD	BOA		14,553	05/31/23	Greenbrier Cos. Inc.		4.32			3,655		—
USD	BNP		17,992	09/19/23	Groupon, Inc.		4.32			857		—
USD	BNP		174,167	09/19/23	Guess?, Inc.		4.32			—		68,382
USD	BOA		378,090	05/31/23	iShares iBoxx High Yield Corporate Bond ETF		4.32			33,796		—
USD	NIP		45,164	11/30/27	JetBlue Airways Corp.		4.32			7,295		—
USD	BNP		102,938	09/19/23	Karyopharm Therapeutics, Inc.		4.32			29,392		—
USD	NIP		117,032	11/30/27	Lucid Group, Inc.		4.32			69,311		—
USD	BNP		329	09/19/23	Magnite, Inc.		4.32			—		148
USD	BOA		341,365	05/31/23	Marriott Vacations Worldwide Corp.		4.32			18,651
USD	BOA		167,938	05/31/23	MP Materials Corp.		4.32			41,414		—
USD	NIP		13,368	11/30/27	NuVasive, Inc.		4.32			1,491		—
USD	NIP		30,380	11/30/27	Omeros Corp.		4.32			15,697		—
USD	BNP		42,937	09/19/23	Opendoor Technologies, Inc.		4.32			26,542		—
USD	BNP		19,505	09/19/23	Peabody Energy Corp.		4.32			2,121		—
USD	BOA		249,979	05/31/23	Pebblebrook Hotel Trust		4.32			100,087		—
USD	BOA		113,116	05/31/23	PennyMac Mortgage Investment Trust		4.32			21,966		—
USD	BNP		85,722	09/19/23	PennyMac Mortgage Investment Trust		4.32			11,960		—
USD	BNP		39,075	09/19/23	PetIQ, Inc.		4.32			—		4,194
USD	BNP		25,339	09/19/23	Porch Group, Inc.		4.32			5,757		—
USD	BNP		7,609	09/19/23	PRA Group, Inc.		4.32			—		431
USD	BNP		2,826	09/19/23	Redfin Corp.		4.32			689		—
USD	BOA		36,832	05/31/23	Redwood Trust, Inc.		4.32			18,979		—
USD	BNP		24,792	09/19/23	Repay Holdings Corp.		4.32			4,386		—
USD	BNP		4,956	09/19/23	Sea, Ltd.		4.32			169		—
USD	BNP		14,172	09/19/23	Shopify, Inc.		4.32			1,850		—
USD	BOA		127,549	05/31/23	Sirius XM Holdings, Inc.		4.32			5,586		—
USD	NIP		71,980	11/30/27	Snap, Inc.		4.32			11,612		—

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

Annual Report  39

Lazard Enhanced Opportunities Portfolio (concluded)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate*			Appreciation		Depreciation
USD	BOA	$	32,509	05/31/23	Two Harbors Investment Corp.		4.32	%	$	13,522	$	—
USD	BNP		1,138	09/19/23	Two Harbors Investment Corp.		4.32			—		155
USD	NIP		3,794	11/30/27	Unity Software, Inc.		4.32			564		—
USD	BNP		15,506	09/19/23	Upwork, Inc.		4.32			3,928		—
USD	BNP		24,225	09/19/23	Veritone, Inc.		4.32			7,869		—
USD	BOA		24,440	05/31/23	Vishay Intertechnology, Inc.		4.32			—		1,919
USD	BNP		20,385	09/19/23	Vishay Intertechnology, Inc.		4.32			1,167		—
Total gross unrealized appreciation/depreciation on Total Return Swap Agreements									$	1,178,486	$	1,595,871

^ For long position contracts the Portfolio receives appreciation and dividends/interest and pays depreciation of the referenced entity as well as financing charges at the referenced rate. For short position contracts, the Portfolio pays appreciation and dividends/interest and receives depreciation of the referenced entity as well as financing charges at the referenced rate.

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

40  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks  |  32.4%
Australia  |  0.3%
AGL Energy Ltd.		381	$	2,092
Allkem Ltd. (*)		579		4,399
Aristocrat Leisure Ltd.		47		971
BHP Group Ltd.		116		3,591
Coronado Global Resources, Inc.		1,635		2,181
GrainCorp Ltd., Class A		429		2,165
Incitec Pivot Ltd.		800		2,021
Northern Star Resources Ltd.		276		2,021
Pilbara Minerals Ltd. (*)		585		1,491
WiseTech Global Ltd.		78		2,690
Yancoal Australia Ltd.		3,954		16,155
				39,777
Belgium  |  0.1%
Warehouses De Pauw CVA REIT		238		6,805
Canada  |  1.2%
Agnico Eagle Mines Ltd.		43		2,234
Alimentation Couche-Tard, Inc.		109		4,790
ARC Resources Ltd.		179		2,413
Atco Ltd., Class I		167		5,227
Birchcliff Energy Ltd.		280		1,950
Canadian National Railway Co.		74		8,797
Element Fleet Management Corp.		296		4,033
H&R Real Estate Investment Trust REIT		390		3,488
Hydro One Ltd.		908		24,323
International Petroleum Corp. (*)		346		3,893
Loblaw Cos. Ltd.		447		39,524
Metro, Inc.		598		33,111
Nutrien Ltd.		34		2,482
Toronto-Dominion Bank		168		10,880
Tourmaline Oil Corp.		115		5,803
				152,948

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

Annual Report  41

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
China  |  0.1%
NXP Semiconductors NV		48	$	7,586
SITC International Holdings Co. Ltd.		1,000		2,207
				9,793
Denmark  |  0.3%
AP Moller - Maersk AS, Class B		1		2,246
Carlsberg AS, Class B ADR		267		7,083
Novo Nordisk AS, Class B		284		38,454
				47,783
Finland  |  0.0%
Neste Oyj		48		2,217
France  |  0.8%
BNP Paribas SA		131		7,455
Bureau Veritas SA ADR		98		5,158
Cie de Saint-Gobain		148		7,266
Cie Generale des Etablissements Michelin SCA		266		7,397
Hermes International		4		6,172
Legrand SA ADR		285		4,551
LVMH Moet Hennessy Louis Vuitton SE ADR		50		7,243
Orange SA		2,890		28,736
Pernod Ricard SA ADR		157		6,175
Societe Generale SA		248		6,222
Thales SA ADR		274		6,990
TotalEnergies SE		207		12,920
Vinci SA		59		5,893
				112,178
Germany  |  0.4%
Bayerische Motoren Werke AG		76		6,783
Deutsche Bank AG		525		5,951
Deutsche Post AG		422		15,885
Mercedes-Benz Group AG		32		2,100
Mercer International, Inc.		336		3,911
Merck KGaA ADR		171		6,597
Telefonica Deutschland Holding AG		3,294		8,116
				49,343

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

42  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Hong Kong  |  0.2%
AIA Group Ltd. ADR		154	$	6,842
Jardine Matheson Holdings Ltd.		100		5,085
Swire Pacific Ltd., Class A		1,500		13,156
				25,083
Ireland  |  0.0%
AerCap Holdings NV (*)		49		2,858
Israel  |  0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		4,472		7,715
Perion Network Ltd. (*)		64		1,619
				9,334
Italy  |  0.1%
Poste Italiane SpA		429		4,184
UniCredit SpA		468		6,655
				10,839
Japan  |  3.7%
ABC-Mart, Inc.		300		17,038
Canon, Inc.		600		12,974
Cosmo Energy Holdings Co. Ltd.		100		2,645
Daiwa House Industry Co. Ltd.		200		4,589
Electric Power Development Co. Ltd.		1,500		23,862
FUJIFILM Holdings Corp.		100		5,045
Hachijuni Bank Ltd.		1,700		7,093
Honda Motor Co. Ltd.		800		18,291
Hulic Co. Ltd.		700		5,509
Japan Post Bank Co. Ltd.		700		6,015
Japan Post Holdings Co. Ltd.		6,500		54,799
Japan Post Insurance Co. Ltd.		700		12,319
Japan Real Estate Investment Corp. REIT		2		8,760
Japan Tobacco, Inc.		1,500		30,330
Kansai Electric Power Co., Inc.		600		5,824
KDDI Corp.		600		18,134
Lawson, Inc.		400		15,329
McDonald’s Holdings Co. Japan Ltd.		200		7,610
Mizuho Financial Group, Inc.		1,000		14,134

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

Annual Report  43

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
MS&AD Insurance Group Holdings, Inc.		200	$	6,401
NGK Spark Plug Co. Ltd.		100		1,845
Nihon Kohden Corp.		500		12,200
Nintendo Co. Ltd. ADR		593		6,179
Nippon Building Fund, Inc. REIT		2		8,931
Nippon Steel Corp.		200		3,482
Nippon Telegraph & Telephone Corp.		700		19,981
Nisshinbo Holdings, Inc.		600		4,413
Nomura Real Estate Holdings, Inc.		100		2,138
Olympus Corp. ADR		330		5,900
Osaka Gas Co. Ltd.		900		14,557
Rengo Co. Ltd.		800		5,496
Sankyo Co. Ltd.		500		20,473
Sega Sammy Holdings, Inc. NA		300		4,517
Shimano, Inc. ADR		274		4,300
Shin-Etsu Chemical Co. Ltd.		100		12,184
Shizuoka Financial Group, Inc.		400		3,215
Softbank Corp.		500		5,653
Sumco Corp.		200		2,676
Sumitomo Mitsui Financial Group, Inc.		300		12,088
Tokyo Gas Co. Ltd.		1,700		33,420
Tokyo Ohka Kogyo Co. Ltd.		100		4,505
Tokyu Fudosan Holdings Corp.		500		2,373
Toshiba Corp.		100		3,505
Yamazaki Baking Co. Ltd.		800		9,594
				480,326
Monaco  |  0.0%
Scorpio Tankers, Inc.		41		2,205
Netherlands  |  0.9%
Adyen NV (*)		2		2,768
ASML Holding NV		26		14,074
BNP Paribas Emissions- und Handelsgesellschaft mbH		485		5,917
Eurocommercial Properties NV REIT		188		4,535
Koninklijke Ahold Delhaize NV		386		11,091
Koninklijke KPN NV		1,483		4,588

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

44  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
NN Group NV		51	$	2,083
Shell PLC		1,273		36,176
Wolters Kluwer NV		243		25,384
Wolters Kluwer NV ADR		108		11,313
				117,929
New Zealand  |  0.1%
Spark New Zealand Ltd.		4,217		14,454
Norway  |  0.1%
Orkla ASA		1,575		11,379
Puerto Rico  |  0.0%
OFG Bancorp		36		992
Singapore  |  0.3%
Jardine Cycle & Carriage Ltd.		600		12,819
Oversea-Chinese Banking Corp. Ltd.		900		8,166
Sembcorp Industries Ltd.		3,100		7,805
Singapore Telecommunications Ltd. NA		2,500		4,800
STMicroelectronics NV		89		3,164
				36,754
Spain  |  0.2%
Banco Bilbao Vizcaya Argentaria SA		382		2,307
Banco Santander SA		472		1,413
Corporacion Financiera Alba SA		33		1,524
Iberdrola SA		94		1,100
Industria de Diseno Textil SA		412		10,971
Industria de Diseno Textil SA ADR		355		4,734
				22,049
Sweden  |  0.2%
Assa Abloy AB ADR		414		4,430
Epiroc AB ADR		584		10,652
Hexagon AB ADR		751		7,818
Telefonaktiebolaget LM Ericsson, B Shares		1,039		6,085
				28,985

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

Annual Report  45

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Switzerland  |  0.2%
ABB Ltd. ADR		280	$	8,529
Novartis AG		62		5,616
PSP Swiss Property AG		99		11,642
Swatch Group AG		579		8,216
				34,003
United Kingdom  |  1.3%
Barclays PLC		3,690		7,094
Coca-Cola Europacific Partners PLC		134		7,413
Compass Group PLC		243		5,615
Diageo PLC ADR		65		11,583
HSBC Holdings PLC		1,713		10,683
Investec PLC		583		3,605
Linde PLC		7		2,283
LXI REIT PLC REIT		1,852		2,519
National Grid PLC		725		8,708
NatWest Group PLC		2,418		7,719
RELX PLC ADR		414		11,476
Serco Group PLC		3,579		6,693
SSE PLC		344		7,095
Standard Chartered PLC		2,846		21,361
Unilever PLC		814		41,066
Unilever PLC ADR		228		11,480
				166,393
United States  |  21.8%
3M Co.		40		4,797
Abbott Laboratories		414		45,453
Academy Sports & Outdoors, Inc.		68		3,573
Accenture PLC, Class A		57		15,210
Activision Blizzard, Inc.		110		8,420
Adobe, Inc. (*)		4		1,346
Affiliated Managers Group, Inc.		32		5,070
Allison Transmission Holdings, Inc.		179		7,446
Alphabet, Inc., Class A (*)		184		16,234
Alphabet, Inc., Class C (*)		328		29,103
Altria Group, Inc.		515		23,541

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

46  Annual Report

			Fair
Description	Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Amazon.com, Inc. (*)		152	$	12,768
Amdocs Ltd.		357		32,451
Ameren Corp.		129		11,471
American Electric Power Co., Inc.		271		25,731
American Express Co.		6		886
American International Group, Inc.		77		4,869
AmerisourceBergen Corp.		109		18,062
AMN Healthcare Services, Inc. (*)		94		9,665
Amphenol Corp., Class A		136		10,355
Aon PLC, Class A		101		30,314
Apple, Inc.		693		90,041
Applied Materials, Inc.		106		10,322
AT&T, Inc.		2,759		50,793
Automatic Data Processing, Inc.		50		11,943
AutoZone, Inc. (*)		7		17,263
Avery Dennison Corp.		29		5,249
Bank of America Corp.		236		7,816
Bath & Body Works, Inc.		103		4,340
Biogen, Inc. (*)		18		4,985
BJ’s Wholesale Club Holdings, Inc. (*)		137		9,064
BlueLinx Holdings, Inc. (*)		36		2,560
Booking Holdings, Inc. (*)		1		2,015
Booz Allen Hamilton Holding Corp.		117		12,229
Boston Scientific Corp. (*)		191		8,838
Bristol-Myers Squibb Co.		519		37,342
Broadcom, Inc.		30		16,774
BRP, Inc.		79		6,032
Cadence Design Systems, Inc. (*)		102		16,385
Cal-Maine Foods, Inc.		167		9,093
Campbell Soup Co.		238		13,506
Cardinal Health, Inc.		164		12,607
Caterpillar, Inc.		13		3,114
Cboe Global Markets, Inc.		48		6,023
Charles Schwab Corp.		127		10,574
Charter Communications, Inc., Class A (*)		39		13,225
Chegg, Inc. (*)		76		1,921

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

Annual Report  47

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Cheniere Energy, Inc.		12	$	1,800
Chesapeake Energy Corp.		26		2,454
Chipotle Mexican Grill, Inc. (*)		5		6,937
Chubb Ltd.		52		11,471
Cigna Corp.		83		27,501
Cisco Systems, Inc.		102		4,859
Citizens Financial Group, Inc.		32		1,260
CME Group, Inc.		37		6,222
CMS Energy Corp.		195		12,349
Coca-Cola Co.		239		15,203
Cognizant Technology Solutions Corp., Class A		136		7,778
Colgate-Palmolive Co.		433		34,116
Comcast Corp., Class A		275		9,617
Computershare Ltd. ADR		350		6,216
Comstock Resources, Inc.		120		1,645
Consolidated Edison, Inc.		57		5,433
Copart, Inc. (*)		90		5,480
Corteva, Inc.		189		11,109
Coterra Energy, Inc.		299		7,346
Crowdstrike Holdings, Inc., Class A (*)		14		1,474
CSL Ltd.		74		14,429
CVS Health Corp.		277		25,814
D.R. Horton, Inc.		19		1,694
Danaher Corp.		18		4,778
Darden Restaurants, Inc.		15		2,075
Darling Ingredients, Inc. (*)		36		2,253
Dave & Buster’s Entertainment, Inc. (*)		60		2,126
Deere & Co.		18		7,718
Diamondback Energy, Inc.		22		3,009
Dick’s Sporting Goods, Inc.		24		2,887
Digital Realty Trust, Inc. REIT		84		8,423
Dillard’s, Inc. Class A		17		5,494
Dollar General Corp.		40		9,850
Donnelley Financial Solutions, Inc. (*)		59		2,280
Dropbox, Inc. Class A (*)		226		5,058
Electronic Arts, Inc.		40		4,887

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

48  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Elevance Health, Inc.		17	$	8,720
Eli Lilly & Co.		115		42,072
EMCOR Group, Inc.		58		8,590
Equinix, Inc. REIT		35		22,926
Equitable Holdings, Inc.		80		2,296
Estee Lauder Cos., Inc., Class A		43		10,669
Everest Re Group Ltd.		51		16,895
Exxon Mobil Corp.		72		7,942
Fair Isaac Corp. N Ap (*)		3		1,796
Fidelity National Financial, Inc.		144		5,417
FirstEnergy Corp. N Ap		202		8,472
Fiserv, Inc. (*)		82		8,288
Flowers Foods, Inc.		585		16,813
FNB Corp.		302		3,941
Fortinet, Inc. (*)		216		10,560
Gartner, Inc. (*)		9		3,025
General Mills, Inc.		217		18,195
Gilead Sciences, Inc.		496		42,582
GMS, Inc. (*)		50		2,490
Goldman Sachs Group, Inc.		16		5,494
Grand Canyon Education, Inc. (*)		71		7,502
GSK PLC		739		12,851
H&R Block, Inc.		170		6,207
Haemonetics Corp. (*)		64		5,034
Haleon PLC (*)		478		1,912
Hartford Financial Services Group, Inc.		35		2,654
HCA Healthcare, Inc.		41		9,838
Henry Schein, Inc. (*)		93		7,428
Hershey Co.		111		25,704
Hologic, Inc. (*)		70		5,237
Home Depot, Inc.		19		6,001
ICF International, Inc. N Ap		55		5,448
IDEX Corp.		11		2,512
Ingles Markets, Inc., Class A		82		7,910
Intercontinental Exchange, Inc.		255		26,160
International Game Technology PLC		111		2,517

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

Annual Report  49

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
IQVIA Holdings, Inc. (*)		56	$	11,474
Jack Henry & Associates, Inc.		30		5,267
Jackson Financial, Inc., Class A		126		4,384
JB Hunt Transport Services, Inc.		49		8,544
Johnson & Johnson		288		50,875
JPMorgan Chase & Co.		53		7,107
Kellogg Co.		304		21,657
Keysight Technologies, Inc. (*)		180		30,793
Kforce, Inc.		104		5,702
Kimberly-Clark Corp.		240		32,580
Kroger Co.		257		11,457
Lattice Semiconductor Corp. (*)		15		973
Life Storage, Inc.		69		6,796
Lockheed Martin Corp.		21		10,216
Magnolia Oil & Gas Corp., Class A		112		2,626
Marathon Oil Corp.		135		3,654
Marathon Petroleum Corp.		23		2,677
MasterCard, Inc., Class A		71		24,689
McDonald’s Corp.		143		37,685
McKesson Corp.		16		6,002
Medpace Holdings, Inc. (*)		9		1,912
Medtronic PLC		31		2,409
Merck & Co., Inc.		605		67,125
Meta Platforms, Inc., Class A (*)		74		8,905
Microsoft Corp.		173		41,489
Molina Healthcare, Inc. (*)		27		8,916
Mosaic Co.		93		4,080
Motorola Solutions, Inc.		98		25,256
Mueller Industries, Inc.		35		2,065
Nasdaq, Inc.		152		9,325
National Fuel Gas Co.		461		29,181
Netflix, Inc. (*)		10		2,949
News Corp. Class B		550		10,142
NIKE, Inc., Class B		75		8,776
NiSource, Inc.		86		2,358
NRG Energy, Inc.		35		1,114

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

50  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Nucor Corp.		61	$	8,040
NVIDIA Corp.		8		1,169
NVR, Inc. (*)		1		4,613
O’Reilly Automotive, Inc. (*)		52		43,890
O-I Glass, Inc. (*)		129		2,138
Occidental Petroleum Corp.		30		1,890
Old Republic International Corp.		187		4,516
ON Semiconductor Corp. (*)		36		2,245
Ovintiv, Inc.		57		2,890
PACCAR, Inc. N Ap		60		5,938
Paychex, Inc.		228		26,348
Paycom Software, Inc. (*)		8		2,482
PepsiCo, Inc.		294		53,114
Pfizer, Inc.		309		15,833
Philip Morris International, Inc.		76		7,692
Piedmont Office Realty Trust, Inc. REIT Class A		190		1,742
Pinnacle West Capital Corp.		107		8,136
Pinterest, Inc. Class A (*)		90		2,185
Pioneer Natural Resources Co.		9		2,056
PNM Resources, Inc.		188		9,173
Portland General Electric Co.		114		5,586
Premier, Inc., Class A		154		5,387
Procter & Gamble Co.		299		45,316
PTC, Inc. (*)		73		8,763
Public Storage REIT		76		21,294
QIAGEN NV (*)		223		11,223
QUALCOMM, Inc.		66		7,256
Qualys, Inc. (*)		46		5,163
Regeneron Pharmaceuticals, Inc. (*)		16		11,544
Republic Services, Inc.		293		37,794
Roche Holding AG		102		32,055
Rockwell Automation, Inc.		29		7,470
S&P Global, Inc.		33		11,053
SBA Communications Corp. REIT		44		12,334
Schlumberger Ltd.		45		2,406
Sempra Energy		103		15,918

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

Annual Report  51

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Service Corp. International		171	$	11,823
ServiceNow, Inc. (*)		6		2,330
Simon Property Group, Inc. REIT		61		7,166
Sirius XM Holdings, Inc.		912		5,326
SLM Corp.		303		5,030
Southwestern Energy Co. (*)		269		1,574
Starbucks Corp.		105		10,416
Steel Dynamics, Inc.		97		9,477
Stellantis NV		727		10,298
Stewart Information Services Corp.		49		2,094
Synchrony Financial		53		1,742
Synopsys, Inc. (*)		128		40,869
Sysco Corp.		69		5,275
Target Corp.		9		1,341
Tesla, Inc. (*)		87		10,717
Tetra Tech, Inc.		57		8,276
Texas Instruments, Inc.		99		16,357
Texas Roadhouse, Inc.		95		8,640
Thermo Fisher Scientific, Inc.		24		13,217
TJX Cos., Inc.		159		12,656
TopBuild Corp. (*)		20		3,130
Tractor Supply Co.		18		4,049
Travelers Cos., Inc.		73		13,687
U-Haul Holding Co.		209		12,017
UFP Industries, Inc.		58		4,596
Ulta Beauty, Inc. (*)		16		7,505
UMH Properties, Inc. REIT		117		1,884
United Parcel Service, Inc., Class B		13		2,260
United Therapeutics Corp. (*)		19		5,284
UnitedHealth Group, Inc.		89		47,186
Unum Group		60		2,462
Valero Energy Corp.		53		6,724
Verizon Communications, Inc.		990		39,006
Vertex Pharmaceuticals, Inc. (*)		70		20,215
Virtu Financial, Inc., Class A		240		4,898
Visa, Inc., Class A		136		28,255

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

52  Annual Report

				Fair
Description		Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Vistra Corp.			50	$	1,160
Warner Music Group Corp., Class A			113		3,957
Waste Management, Inc.			233		36,553
WEC Energy Group, Inc.			46		4,313
Wells Fargo & Co.			230		9,497
Westamerica BanCorp			125		7,376
Westlake Corp.			20		2,051
Weyerhaeuser Co. REIT			33		1,023
White Mountains Insurance Group Ltd.			9		12,729
Williams-Sonoma, Inc.			17		1,954
Willis Towers Watson PLC			48		11,740
WW Grainger, Inc.			34		18,912
Xcel Energy, Inc.			299		20,963
Zoetis, Inc.			52		7,621
					2,851,405
Total Common Stocks (Cost $3,597,755)					4,235,832
		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Corporate Bonds  |  22.0%
Canada  |  1.0%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		150	$	134,793
Germany  |  0.9%
Mercedes-Benz Group AG, 0.750%, 09/10/30	EUR		135		118,101
Switzerland  |  0.5%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		72		61,956

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

Annual Report  53

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
United States  |  19.6%
Adobe, Inc., 2.300%, 02/01/30	USD		55	$	46,897
Alphabet, Inc., 1.100%, 08/15/30	USD		75		58,693
Amazon.com, Inc., 3.150%, 08/22/27	USD		60		56,380
American Express Co., 4.050%, 05/03/29	USD		45		42,851
Amgen, Inc., 3.000%, 02/22/29	USD		55		48,703
Apple, Inc., 1.125%, 05/11/25	USD		110		101,272
Ball Corp., 4.875%, 03/15/26	USD		75		72,647
Bank of America Corp.:
1.486% (SOFR + 1.460%), 05/19/24 (§)	USD		60		59,059
1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§)	CAD		155		101,866
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§)	USD		145		133,608
Clean Harbors, Inc., 4.875%, 07/15/27	USD		75		71,062
Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		105		79,991
Home Depot, Inc., 5.875%, 12/16/36	USD		40		42,777
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		215		150,848
Johnson Controls International PLC, 1.750%, 09/15/30	USD		105		83,872
JPMorgan Chase & Co., 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§)	USD		150		138,032

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

54  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		48	$	43,823
McDonald’s Corp., 3.125%, 03/04/25	CAD		135		96,257
Microsoft Corp., 3.500%, 11/15/42	USD		65		54,464
Morgan Stanley, 3.625%, 01/20/27	USD		140		132,022
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)	USD		80		70,300
PepsiCo, Inc., 2.875%, 10/15/49	USD		80		57,155
Pfizer, Inc., 2.625%, 04/01/30	USD		60		52,705
Procter & Gamble Co., 1.200%, 10/29/30	USD		40		31,384
Prologis LP REIT, 1.250%, 10/15/30	USD		165		125,081
Schneider Electric SE, 0.875%, 12/13/26	EUR		100		97,354
Service Corp. International, 4.625%, 12/15/27	USD		80		74,724
Starbucks Corp., 4.450%, 08/15/49	USD		65		55,246
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		95		79,927
United Rentals North America, Inc., 4.875%, 01/15/28	USD		75		71,074
Verizon Communications, Inc., 3.875%, 02/08/29	USD		144		135,110
Visa, Inc., 0.750%, 08/15/27	USD		115		97,855
					2,563,039
Total Corporate Bonds (Cost $3,166,620)					2,877,889

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

Annual Report  55

				Fair
Description		Shares		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Exchange-Traded Funds  |  1.2%
iShares MSCI World ETF (Cost $119,493)			1,418	$	154,917
		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Foreign Government Obligations  |  28.9%
Australia  |  2.1%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		200	$	106,585
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		315		166,197
					272,782
Bahamas  |  0.7%
Bahamas Government International Bonds, 6.950%, 11/20/29	USD		115		86,343
Canada  |  4.1%
British Columbia, 3.200%, 06/18/44	CAD		245		152,654
Export Development Canada, 1.650%, 07/31/24	CAD		150		106,315
Quebec, 1.850%, 02/13/27	CAD		255		174,308
Vancouver, 2.900%, 11/20/25	CAD		140		99,975
					533,252
Chile  |  1.8%
Bonos de la Tesoreria de la Republica en pesos:
5.800%, 06/01/24	CLP		90,000		103,713
2.300%, 10/01/28	CLP		130,000		128,006
					231,719

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

56  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Colombia  |  0.3%
Colombia Government International Bonds, 9.850%, 06/28/27	COP		205,000	$	36,240
Czech Republic  |  1.2%
Czech Republic Government Bonds, 7.210%, 11/19/27	CZK		3,590		157,249
Denmark  |  0.4%
Denmark Government Bond, 0.000%, 11/15/31	DKK		440		50,053
France  |  0.8%
French Republic Government Bonds OAT, 1.750%, 06/25/39	EUR		125		109,127
Hungary  |  0.3%
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		60		42,101
Ireland  |  0.6%
Ireland Government Bonds, 1.350%, 03/18/31	EUR		85		80,904
Japan  |  1.4%
Japan International Cooperation Agency, 3.250%, 05/25/27	USD		200		189,538
Mexico  |  2.0%
Mexico Bonos:
8.000%, 09/05/24	MXN		2,480		123,091
7.500%, 06/03/27	MXN		2,640		127,583
Mexico Government International Bonds, 6.750%, 02/06/24	GBP		5		6,105
					256,779

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

Annual Report  57

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Morocco  |  0.6%
Morocco Government International Bonds, 1.500%, 11/27/31	EUR		100	$	78,698
New Zealand  |  2.8%
Housing New Zealand Ltd., 3.420%, 10/18/28	NZD		180		104,327
New Zealand Local Government Funding Agency Bonds:
2.250%, 04/15/24	NZD		285		173,640
2.000%, 04/15/37	NZD		225		91,635
					369,602
Norway  |  1.5%
Oslo:
2.300%, 03/14/24	NOK		1,000		100,221
2.350%, 09/04/24	NOK		1,000		99,521
					199,742
Panama  |  1.5%
Panama Government International Bonds, 8.875%, 09/30/27	USD		170		195,479
Peru  |  1.2%
Peru Government Bonds, 6.150%, 08/12/32	PEN		394		91,213
Peruvian Government International Bonds, 3.000%, 01/15/34	USD		85		66,927
					158,140
Poland  |  1.1%
Poland Government Bonds, 7.560% (WIBOR 6 Months), 05/25/28 (§)	PLN		660		142,382
Portugal  |  0.6%
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32	EUR		90		81,958
Singapore  |  0.9%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		150		114,566

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

58  Annual Report

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Spain  |  0.6%
Spain Government Bonds, 1.000%, 07/30/42	EUR		125	$	81,635
Switzerland  |  0.4%
Swiss Confederation Government Bonds, 0.500%, 06/27/32	CHF		55		53,877
Thailand  |  1.4%
Thailand Government Bonds, 1.585%, 12/17/35	THB		7,255		178,475
United Kingdom  |  0.6%
U.K. Gilts, 0.875%, 07/31/33	GBP		90		81,213
Total Foreign Government Obligations (Cost $4,191,793)					3,781,854
Quasi Government Bonds  |  1.7%
Germany  |  1.7%
Kreditanstalt fuer Wiederaufbau:
0.000%, 09/15/28	EUR		55		49,609
1.750%, 09/14/29	USD		200		172,416
Total Quasi Government Bonds (Cost $241,274)					222,025
Supranational Bonds  |  7.1%
Asian Development Bank, 2.125%, 03/19/25	USD		73		69,151
European Investment Bank, 1.000%, 01/28/28	CAD		205		132,289
Inter-American Development Bank, 7.875%, 03/14/23	IDR		2,370,000		152,864

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

Annual Report  59

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Inter-American Investment Corp., 1.100%, 06/30/26	AUD		62	$	37,381
International Bank for Reconstruction & Development:
1.900%, 01/16/25	CAD		205		144,443
2.900%, 11/26/25	AUD		135		88,712
1.250%, 03/16/26	NOK		990		95,163
1.125%, 09/13/28	USD		62		52,479
International Finance Corp.:
2.125%, 04/07/26	USD		80		74,706
1.500%, 04/15/35	AUD		172		77,917
Total Supranational Bonds (Cost $1,052,001)					925,105
U.S. Treasury Securities  |  2.4%
U.S. Treasury Bond, 2.250%, 05/15/41 (Cost $296,610)	USD		415		311,979
				Fair
Description		Shares		Value
Short-Term Investments  |  3.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $456,557)			456,557	$	456,557
Total Investments  |  99.2% (Cost $13,122,103) (»)				$	12,966,158
Cash and Other Assets in Excess of Liabilities  |  0.8%					110,692
Net Assets  |  100.0%				$	13,076,850

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

60  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
AUD	12,346	USD	7,800	HSB	02/08/23		$	618		$	—
AUD	23,735	USD	16,000	HSB	02/08/23			183			—
AUD	38,333	USD	24,600	JPM	02/08/23			1,535			—
AUD	190,180	USD	123,299	JPM	02/08/23			6,366			—
AUD	23,605	USD	15,884	SSB	03/29/23			243			—
CAD	32,136	USD	23,772	CIT	02/08/23			—			33
CAD	4,429	USD	3,320	HSB	02/08/23			—			48
CAD	19,220	USD	14,000	HSB	02/08/23			198			—
CAD	20,407	USD	15,000	HSB	02/08/23			75			—
CAD	35,467	USD	26,600	JPM	02/08/23			—			400
CHF	2,605	USD	2,600	HSB	02/08/23			227			—
CHF	43,400	USD	44,869	HSB	02/08/23			2,244			—
CHF	7,328	USD	7,573	MSC	02/08/23			382			—
CHF	22,255	USD	24,158	SSB	03/29/23			132			—
CNH	321,665	USD	44,200	HSB	02/08/23			2,402			—
CNH	401,789	USD	58,000	HSB	02/08/23			210			—
CNH	1,428,430	USD	200,954	HSB	02/08/23			5,992			—
CNH	2,750,893	USD	386,188	HSB	02/08/23			12,351			—
CNH	202,831	USD	28,500	HSB	02/28/23			933			—
CNH	1,143,653	USD	160,595	JPM	02/08/23			5,093			—
COP	36,332,019	USD	6,900	HSB	04/25/23			435			—
CZK	78,092	USD	3,100	HSB	01/11/23			354			—
CZK	1,048,309	USD	44,000	JPM	01/11/23			2,368			—
CZK	2,241,851	USD	90,051	JPM	01/11/23			9,108			—
EUR	373,835	USD	376,103	CIT	02/08/23			24,998			—
EUR	59,034	USD	63,200	HSB	02/08/23			140			—
EUR	90,458	USD	88,900	HSB	02/08/23			8,155			—
EUR	111,599	USD	112,200	HSB	02/08/23			7,538			—
EUR	122,042	USD	129,000	HSB	02/08/23			1,943			—
EUR	398,824	USD	401,313	HSB	02/08/23			26,600			—
EUR	81,184	USD	86,730	JPM	02/08/23			376			—
EUR	54,979	USD	58,734	JPM	03/29/23			461			—
EUR	20,194	USD	21,572	SSB	03/29/23			170			—
GBP	14,989	USD	18,083	CIT	02/08/23			55			—
GBP	17,595	USD	19,700	HSB	02/08/23			1,591			—

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

Annual Report  61

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
GBP	25,345	USD	31,000	JPM	02/08/23		$	—		$	331
GBP	31,429	USD	37,500	JPM	02/08/23			531			—
GBP	42,071	USD	48,400	JPM	02/08/23			2,508			—
GBP	77,702	USD	90,099	JPM	02/08/23			3,924			—
GBP	120,288	USD	138,328	JPM	02/08/23			7,227			—
HUF	12,293,574	USD	32,000	HSB	02/08/23			630			—
JPY	12,330,904	USD	91,000	CIT	02/08/23			3,376			—
JPY	27,965,431	USD	192,320	CIT	02/08/23			21,717			—
JPY	4,255,210	USD	30,300	HSB	02/08/23			2,268			—
JPY	127,825,492	USD	879,180	HSB	02/08/23			99,151			—
KRW	26,220,000	USD	20,000	JPM	04/18/23			885			—
KRW	130,296,332	USD	91,375	JPM	04/18/23			12,410			—
MXN	61,968	USD	3,100	HSB	02/08/23			60			—
NOK	522,162	USD	51,500	HSB	02/08/23			1,873			—
NZD	221,478	USD	140,229	HSB	02/08/23			456			—
NZD	267,350	USD	155,067	JPM	02/08/23			14,756			—
PLN	17,580	USD	3,600	HSB	02/08/23			401			—
PLN	163,073	USD	36,974	HSB	02/08/23			141			—
RON	42,079	USD	8,300	HSB	02/08/23			798			—
RON	692,870	USD	134,204	HSB	02/08/23			15,600			—
SEK	22,210	USD	2,000	HSB	02/08/23			133			—
SEK	288,391	USD	25,969	HSB	02/08/23			1,723			—
SEK	73,529	USD	6,622	JPM	02/08/23			438			—
SEK	488,845	USD	46,000	JPM	02/08/23			939			—
SGD	80,923	USD	59,200	JPM	02/08/23			1,253			—
THB	46,523	USD	1,250	JPM	03/13/23			102			—
USD	22,411	AUD	32,987	HSB	02/08/23			—			79
USD	148,831	AUD	228,958	HSB	02/08/23			—			7,274
USD	22,000	AUD	32,455	JPM	02/08/23			—			128
USD	25,521	AUD	39,332	JPM	02/08/23			—			1,295
USD	285,433	AUD	439,309	JPM	02/08/23			—			14,090
USD	394,326	CAD	533,066	CIT	02/08/23			550			—
USD	14,946	CAD	20,397	CIT	03/29/23			—			128
USD	6,609	CAD	9,019	HSB	02/08/23			—			53
USD	7,152	CAD	9,695	HSB	02/08/23			—			10
USD	43,000	CAD	58,253	HSB	02/08/23			—			32

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

62  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	59,065	CAD	79,946	HSB	02/08/23		$	9		$	—
USD	26,216	CAD	35,389	JPM	02/08/23			74			—
USD	48,213	CAD	64,009	JPM	02/08/23			930			—
USD	62,219	CAD	84,782	JPM	02/08/23			—			410
USD	347,507	CAD	469,709	JPM	02/08/23			532			—
USD	4,769	CHF	4,721	HSB	02/08/23			—			355
USD	5,139	CHF	4,775	HSB	02/08/23			—			45
USD	44,325	CHF	43,400	HSB	02/08/23			—			2,788
USD	7,488	CHF	7,328	MSC	02/08/23			—			466
USD	95,039	CLP	89,878,345	CIT	03/15/23			—			9,965
USD	41,154	CLP	38,894,640	HSB	03/15/23			—			4,286
USD	46,503	CLP	40,248,524	HSB	03/15/23			—			519
USD	130,000	CNH	904,671	HSB	02/08/23			—			1,065
USD	38,149	COP	193,704,616	HSB	04/25/23			—			956
USD	9,944	CZK	247,465	HSB	01/11/23			—			1,001
USD	89,343	CZK	2,223,395	HSB	01/11/23			—			9,001
USD	7,802	CZK	180,091	JPM	01/11/23			—			164
USD	14,484	CZK	360,641	JPM	01/11/23			—			1,468
USD	22,211	CZK	544,020	JPM	01/11/23			—			1,852
USD	44,741	CZK	1,021,639	JPM	01/11/23			—			447
USD	45,900	CZK	1,131,471	JPM	01/11/23			—			4,146
USD	11,352	DKK	79,017	SSB	03/29/23			—			96
USD	53,733	EUR	50,727	CIT	02/08/23			—			693
USD	49,793	EUR	46,782	HSB	02/08/23			—			401
USD	51,401	EUR	51,802	HSB	02/08/23			—			4,179
USD	25,221	EUR	25,000	JPM	02/08/23			—			1,602
USD	274,000	EUR	256,155	JPM	02/08/23			—			837
USD	9,721	GBP	7,932	CIT	02/08/23			123			—
USD	8,602	GBP	7,621	HSB	02/08/23			—			620
USD	30,464	GBP	26,491	JPM	02/08/23			—			1,592
USD	63,000	GBP	52,156	JPM	02/08/23			—			111
USD	23,557	GBP	19,314	SSB	03/29/23			159			—
USD	60,619	IDR	940,134,520	JPM	01/20/23			126			—
USD	189,000	JPY	25,059,838	HSB	02/08/23			—			2,799
USD	166,464	JPY	22,522,486	JPM	03/29/23			—			7,105
USD	62,966	JPY	8,518,758	SSB	03/29/23			—			2,683

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

Annual Report  63

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
USD	19,335	MXN	383,983	HSB	02/08/23		$	—		$	247
USD	53,908	MXN	1,104,590	HSB	02/08/23			—			2,423
USD	16,995	MXN	337,984	JPM	02/08/23			—			241
USD	104,314	MXN	2,137,763	JPM	02/08/23			—			4,706
USD	42,379	NOK	444,215	HSB	02/08/23			—			3,026
USD	228,996	NOK	2,400,613	JPM	02/08/23			—			16,384
USD	58,000	NZD	91,055	HSB	02/08/23			161			—
USD	62,482	NZD	105,727	HSB	02/08/23			—			4,677
USD	300,118	NZD	504,200	HSB	02/08/23			—			20,153
USD	28,265	NZD	44,209	JPM	02/08/23			183			—
USD	185,108	NZD	310,934	JPM	02/08/23			—			12,399
USD	38,989	PEN	158,498	CIT	04/25/23			—			2,350
USD	40,738	PEN	165,520	HSB	04/25/23			—			2,432
USD	12,550	PLN	56,214	HSB	02/08/23			—			244
USD	15,788	PLN	76,330	HSB	02/08/23			—			1,585
USD	58,155	PLN	294,642	HSB	02/08/23			—			8,904
USD	16,930	PLN	85,888	JPM	02/08/23			—			2,618
USD	22,000	RON	102,181	HSB	02/08/23			—			92
USD	6,512	SGD	9,300	HSB	02/08/23			—			436
USD	7,735	SGD	10,459	HSB	02/08/23			—			78
USD	10,635	SGD	14,974	HSB	02/08/23			—			551
USD	49,000	SGD	66,343	JPM	02/08/23			—			561
USD	74,503	SGD	106,346	JPM	02/08/23			—			4,942
USD	12,349	THB	423,440	HSB	03/13/23			43			—
USD	13,600	THB	499,800	HSB	03/13/23			—			926
USD	40,835	THB	1,468,025	HSB	03/13/23			—			1,829
USD	62,786	THB	2,332,848	HSB	03/13/23			—			5,012
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	319,666		$	182,369

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

64  Annual Report

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  89.8%
Commodity  |  8.4%
Invesco DB Agriculture Fund		201,855	$	4,067,378
United States Oil Fund L.P.		8,534		598,319
				4,665,697
Equity Funds  |  62.8%
Consumer Staples Select Sector SPDR Fund		80,467		5,998,815
First Trust NASDAQ Cybersecurity ETF		51,456		1,991,862
Franklin FTSE Japan ETF		119,267		2,867,179
Health Care Select Sector SPDR Fund		51,072		6,938,131
Invesco Russell 1000 Dynamic Multifactor ETF		26,178		1,124,083
iShares Core Dividend Growth ETF		53,455		2,672,750
iShares Currency Hedged MSCI Eurozone ETF		63,259		1,757,335
iShares Expanded Tech-Software Sector ETF		4,791		1,225,777
iShares MSCI Pacific ex Japan ETF		17,374		743,433
iShares MSCI USA Minimum Volatility ETF		25,962		1,871,860
SPDR S&P Global Infrastructure ETF		34,858		1,827,256
Vanguard Mid-Cap ETF		9,466		1,929,266
Vanguard S&P 500 Value ETF		13,820		1,935,629
Vanguard Small-Cap ETF		10,677		1,959,657
				34,843,033
Fixed-Income Funds  |  15.6%
iShares 20+ Year Treasury Bond ETF		14,955		1,488,920
iShares iBoxx Investment Grade Corporate Bond ETF		16,545		1,744,339
iShares U.S. Treasury Bond ETF		72,814		1,654,334
Vanguard Short-Term Treasury ETF		65,157		3,767,378
				8,654,971
Specialty  |  3.0%
Invesco DB US Dollar Index Bullish Fund		59,896		1,665,708
Total Exchange-Traded Funds (Cost $45,601,575)				49,829,409

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

Annual Report  65

Description	Shares		Fair Value
Lazard Opportunistic Strategies Portfolio (continued)
Short-Term Investments  |  10.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $5,893,448)		5,893,448	$	5,893,448
Total Investments  |  100.4% (Cost $51,495,023)			$	55,722,857
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(203,678	)
Net Assets  |  100.0%			$	55,519,179

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

66  Annual Report

Lazard Opportunistic Strategies Portfolio (continued)

Total Return Swap Agreements open at December 31, 2022:

Currency	Counterparty	Notional Amount	Expiration Date	Receive	Pay	Rate	Payment Frequency	Unrealized Depreciation
USD	GSC	$525,658	10/23/23	Net appreciation and dividends paid, on securities in a custom momentum basket	Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate	SOFR +0.34bps	Upon Maturity(a)		$	66,984
USD	GSC	425,679	10/23/23	Net appreciation and dividends paid, on securities in a custom momentum basket	Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate	SOFR +0.29bps	Upon Maturity(a)			83,624
Total gross unrealized depreciation on Total Return Swap Agreements									$	150,608	*

(a)	For swap agreements, the net settlement will occur on the expiration date.
*	Includes accrued dividends and financing charges of $10,210.

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 December 31, 2022:

Securities within GSCBLZIP (SOFR+0.34bps)	Shares		Fair Value
Affirm Holdings, Inc.		476	$	4,603
Alkami Technology, Inc.		746		10,884
Bentley Systems Inc., Class B		324		11,975
Bigcommerce Holdings, Series 1		658		5,751
Chewy Inc., Class A		302		11,198
Ci&T Inc., Class A		1,169		7,599
Cloudflare Inc., Class A		175		7,912
Coinbase Global Inc., Class A		155		5,485
Confluent Inc., Class A		427		9,496
Doordash Inc., Class A		182		8,885
Doximity Inc., Class A		343		11,511

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

Annual Report  67

Lazard Opportunistic Strategies Portfolio (continued)

Securities within GSCBLZIP (SOFR+0.34bps)	Shares		Fair Value
Duck Creek Technologies Inc.		898	$	10,821
Enfusion Inc., Class A		857		8,287
Expensify Inc., Class A		674		5,951
Fiverr International Ltd.		335		9,762
Forgerock Inc., Class A		657		14,960
Freshworks Inc., Class A		720		10,591
Hireright Holdings Corp.		668		7,922
Jfrog Ltd.		536		11,433
Lyft Inc., Class A		656		7,229
Marqeta Inc., Class A		1,477		9,024
Meridianlink Inc.		637		8,746
Monday.Com Ltd.		80		9,760
Ncino Inc.		307		8,117
Nuvei Corp-Subordinate Vtg		339		8,614
Paya Holdings Inc.		1,779		14,001
Payoneer Global Inc.		1,758		9,616
Pinterest Inc., Class A		420		10,198
Poshmark Inc., Class A		744		13,303
Powerschool Holdings Inc., Class A		583		13,456
Procore Technologies Inc.		201		9,483
Qualtrics International, Class A		954		9,903
Remitly Global Inc.		1,014		11,610
Riskified Ltd., Class A		2,476		11,439
Robinhood Markets Inc., Class A		1,043		8,490
Rocket Cos Inc., Class A		1,409		9,863
Sentinelone Inc., Class A		391		5,705
Shift4 Payments Inc., Class A		223		12,472
Sofi Technologies Inc.		1,768		8,150
Squarespace Inc., Class A		488		10,819
Thoughtworks Holding Inc.		850		8,662
Toast Inc., Class A		566		10,205
Uber Technologies Inc.		339		8,383
Uipath Inc., Class A		766		9,736
Unity Software Inc.		292		8,320
Upstart Holdings Inc.		458		6,055
Vertex Inc., Class A		778		11,289
Vimeo Inc.		2,170		7,443
Zoom Video Communications., Class A		137		9,280
Total Fair Value			$	464,397

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

68  Annual Report

Lazard Opportunistic Strategies Portfolio (concluded)

Securities within GSCBLZCL (SOFR+0.29bps)	Shares		Fair Value
Bill.Com Holdings Inc.		208	$	22,664
Cloudflare Inc., Class A		496		22,424
Crowdstrike Holdings Inc., Class A		173		18,215
Datadog Inc., Class A		325		23,888
Docusign Inc.		535		29,650
Elastic Nv		370		19,055
Hubspot Inc.		104		30,070
Mongodb Inc.		138		27,164
Okta Inc.		515		35,190
Shopify Inc., Class A		925		32,107
Snowflake Inc., Class A		162		23,253
Twilio Inc., Class A		400		19,584
Unity Software Inc.		826		23,615
Zscaler Inc.		175		19,583
Total Fair Value			$	346,462

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

Annual Report  69

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•)
Common Stocks  |  64.6%
Australia  |  3.0%
Atlas Arteria Ltd.		12,842	$	57,741
Aurizon Holdings Ltd.		136,087		343,249
Dexus REIT		71,575		376,255
Goodman Group REIT		19,824		232,905
Transurban Group		3,261		28,795
				1,038,945
Brazil  |  1.5%
CCR SA		69,800		142,968
Cia de Saneamento Basico do Estado de Sao Paulo		9,500		101,629
Multiplan Empreendimentos Imobiliarios SA		64,600		268,245
				512,842
Canada  |  5.5%
Agnico Eagle Mines Ltd.		2,302		119,681
Atco Ltd., Class I		2,937		91,928
Canadian National Railway Co.		5,776		686,124
Canadian Utilities Ltd., Class A		9,455		255,927
Enbridge, Inc.		11,053		431,997
Hydro One Ltd.		9,080		243,229
SmartCentres REIT		4,604		91,060
				1,919,946
China  |  0.4%
C&D International Investment Group Ltd.		44,000		128,270
France  |  4.1%
Aeroports de Paris (*)		1,424		191,503
Engie SA		27,713		396,962
Eutelsat Communications SA		2,787		20,811
Unibail-Rodamco-Westfield REIT (*)		4,144		215,720
Vinci SA		6,135		612,733
				1,437,729
Hong Kong  |  0.2%
CK Infrastructure Holdings Ltd.		3,200		16,750
Power Assets Holdings Ltd.		6,500		35,603
				52,353

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

70  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Italy  |  1.8%
Hera SpA		7,836	$	21,186
Italgas SpA		6,251		34,662
Snam SpA		18,640		90,501
Terna - Rete Elettrica Nazionale		66,665		493,439
				639,788
Japan  |  2.4%
Hankyu Hanshin Holdings, Inc.		9,100		270,540
Hulic Co. Ltd.		16,300		128,284
Industrial & Infrastructure Fund Investment Corp. REIT		176		203,548
Japan Prime Realty Investment Corp. REIT		33		92,801
Katitas Co. Ltd.		2,500		57,498
Tokyo Gas Co. Ltd.		3,300		64,874
				817,545
Luxembourg  |  0.1%
SES SA		3,184		20,785
Portugal  |  0.8%
Energias de Portugal SA		54,602		272,016
Singapore  |  0.2%
Parkway Life REIT		24,400		68,458
South Africa  |  0.9%
Growthpoint Properties Ltd.		360,174		306,153
Spain  |  0.4%
Aena SME SA (*)		242		30,478
Ferrovial SA		4,332		113,322
				143,800
Switzerland  |  0.1%
Flughafen Zurich AG (*)		204		31,610

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

Annual Report  71

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Taiwan  |  0.2%
Ruentex Development Co. Ltd.		57,000	$	80,153
United Kingdom  |  4.2%
LondonMetric Property PLC REIT		29,670		61,757
National Grid PLC		45,990		552,403
Pennon Group PLC		2,573		27,660
Segro PLC REIT		19,688		182,006
Severn Trent PLC		1,930		61,894
SSE PLC		25,305		521,939
United Utilities Group PLC		5,236		62,787
				1,470,446
United States  |  38.8%
Alexandria Real Estate Equities, Inc.		2,261		329,360
Ameren Corp.		1,313		116,752
American Electric Power Co., Inc.		5,655		536,942
American Homes 4 Rent, Class A REIT		11,077		333,861
American Tower Corp. REIT		1,612		341,518
Apartment Income REIT Corp. REIT		9,521		326,666
Apple Hospitality REIT, Inc.		15,801		249,340
AvalonBay Communities, Inc. REIT		2,894		467,439
Brixmor Property Group, Inc.		3,110		70,504
CF Industries Holdings, Inc.		1,429		121,751
Cheniere Energy, Inc.		3,138		470,574
Consolidated Edison, Inc.		256		24,399
Crown Castle, Inc.		3,368		456,836
CSX Corp.		3,128		96,905
Duke Energy Corp.		1,608		165,608
EastGroup Properties, Inc.		2,200		325,732
Edison International		3,156		200,785
Energy Transfer Equity LP		28,837		342,295
Enterprise Products Partners LP		12,024		290,019
Equinix, Inc. REIT		1,216		796,516
Essex Property Trust, Inc. REIT		1,365		289,271
Evergy, Inc.		1,139		71,677

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

72  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Exelon Corp.		7,673	$	331,704
Extra Space Storage, Inc. REIT		1,640		241,375
Federal Realty Investment Trust		684		69,111
First Industrial Realty Trust, Inc. REIT		2,175		104,965
Hilton Worldwide Holdings, Inc.		2,479		313,246
Host Hotels & Resorts, Inc. REIT		17,758		285,016
Iron Mountain, Inc. REIT		5,520		275,172
Mid-America Apartment Communities, Inc. REIT		2,726		427,955
National Health Investors, Inc. REIT		4,376		228,515
National Storage Affiliates Trust		3,182		114,934
NiSource, Inc.		15,247		418,073
Norfolk Southern Corp.		501		123,456
Pinnacle West Capital Corp.		601		45,700
Prologis, Inc.		5,479		617,648
Public Storage REIT		551		154,385
SBA Communications Corp. REIT		3,127		876,529
Simon Property Group, Inc. REIT		3,671		431,269
SL Green Realty Corp. REIT		9,382		316,361
STAG Industrial, Inc., REIT		11,586		374,344
Sun Communities, Inc. REIT		1,127		161,161
Sunstone Hotel Investors, Inc. REIT		20,468		197,721
Targa Resources Corp.		6,946		510,531
Union Pacific Corp.		219		45,348
Xcel Energy, Inc.		5,871		411,616
				13,500,885
Total Common Stocks (Cost $21,855,149)				22,441,724
Exchange-Traded Funds  |  4.5%
iShares Gold Trust (∆)		36,900		1,276,371
iShares Silver Trust (∆)		13,365		294,297
Total Exchange-Traded Funds (Cost $1,408,378)				1,570,668

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

Annual Report  73

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Real Assets Portfolio (•) (continued)
U.S. Treasury Securities  |  4.8%
U.S. Treasury Bill, 0.000%, 02/09/23 (Cost $1,687,486)	USD		1,695	$	1,688,238
				Fair
Description		Shares		Value
Short-Term Investments  |  23.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (∆) (Cost $7,986,638)			7,986,638	$	7,986,638
Total Investments (»)  |  96.9% (Cost $ 32,937,651)				$	33,687,268
Cash and Other Assets in Excess of Liabilities  |  3.1%					1,067,984
Net Assets  |  100.0%				$	34,755,252

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

74  Annual Report

Lazard Real Assets Portfolio (•) (continued)

Forward Currency Contracts open at December 31, 2022:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
CHF	3,119	USD	3,384	HSB	03/29/23		$	20		$	—
EUR	50,480	USD	54,017	HSB	03/29/23			333			—
USD	78,189	AUD	113,234	HSB	03/29/23			830			—
USD	14,519	AUD	21,038	SSB	03/29/23			147			—
USD	6,097	CAD	8,313	HSB	03/29/23			—			46
USD	20,015	CAD	27,291	JPM	03/29/23			—			155
USD	2,501	CAD	3,410	SSB	03/29/23			—			19
USD	3,133	CHF	2,880	JPM	03/29/23			—			10
USD	32,263	CHF	29,611	SSB	03/29/23			—			56
USD	48,243	EUR	44,979	JPM	03/29/23			—			185
USD	564,760	EUR	526,195	SSB	03/29/23			—			1,783
USD	14,217	GBP	11,586	JPM	03/29/23			181			—
USD	271,673	GBP	221,374	SSB	03/29/23			3,485			—
USD	4,276	HKD	33,335	HSB	03/29/23			—			2
USD	4,771	HKD	37,125	JPM	03/29/23			7			—
USD	43,321	HKD	337,192	SSB	03/29/23			56			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	5,059		$	2,256

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

Annual Report  75

Lazard Real Assets Portfolio (•) (continued)

Futures Contracts open at December 31, 2022 (∆):

	Number of	Notional	Expiration	Notional		Fair		Unrealized			Unrealized
Type	Contracts	Amount	Date	Cost		Value		Appreciation			Depreciation
Natural Gas	23	$230,000	02/24/2023	$	1,362,673	$	943,920		$	—		$	418,753
Sugar 11	4	448,000	02/28/2023		80,160		89,779			9,619			—
Cotton No. 2	3	150,000	03/09/2023		130,149		125,055			—			5,094
Low Sulphur Gasoil	4	400	03/10/2023		333,604		353,000			19,396			—
Soybean Oil	4	240,000	03/14/2023		149,016		153,768			4,752			—
Total gross unrealized appreciation/depreciation on Futures Contracts									$	33,767		$	423,847

Total Return Swap Agreements open at December 31, 2022 (∆):

		Notional	Expiration						Payment	Unrealized
Currency	Counterparty	Amount	Date	Receivable	Pay			Payable	Frequency	Appreciation
USD	GSC	$7,436,085	10/20/23	Appreciation, and dividends paid, on commodities in a custom momentum basket		0.00	%	Depreciation and dividend expense (if applicable), on commodities in a custom momentum basket	Upon Maturity(a)		$81,521

(a) For swap agreements, the net settlement will occur on the expiration date.

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

76  Annual Report

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 December 31, 2022:

	Commodity Index	Commodity Exposure Expressed as
Commodity	Ticker Symbol	a Percentage of Notional Amount
Aluminum	BCOMAL		5.54	%
Bean Oil	BCOMBO		2.81
Brent Crude	BCOMCO		11.18
Coffee	BCOMKC		1.98
Copper	BCOMHG		6.43
Corn	BCOMCN		9.76
Cotton	BCOMCT		0.02
Crude Oil	BCOMCL		12.47
Gasoline (RBOB)	BCOMRB		1.85
Gold	BCOMGC		0.21
Heating Oil	BCOMHO		4.30
Kansas Wheat	BCOMKW		3.16
Lean Hogs	BCOMLH		0.29
Live Cattle	BCOMLC		6.55
Natural Gas	BCOMNG		0.42
Nickel	BCOMNI		3.86
Silver	BCOMSI		1.86
Soy Meal	BCOMSM		5.70
Soybeans	BCOMSY		9.50
Sugar	BCOMSB		3.17
Wheat	BCOMWH		4.71
Zinc	BCOMZS		4.23
Total			100.00	%

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

Annual Report  77

The Lazard Funds, Inc. Notes to Portfolios of Investments

December 31, 2022

(*)	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.
(»)	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 December 31, 2022.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2022, these securities amounted to 0.5% of net assets of Lazard Retirement Global Dynamic Multi-Assets Portfolio.
(•)	Lazard Real Assets Portfolio’s Portfolio of Investments and accompanying notes are presented on a consolidated basis.
(∆)	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
CVA	—	Certificaten Van Aandelen
CVR	—	Contingent Value Rights
WIBOR	—	Warsaw Interbank Offered Rate

LIBOR	—	London Interbank Offered Rate
REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
ETF	—	Exchange-Traded Fund

Currency Abbreviations:

AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNH	—	Chinese Yuan Renminbi
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EUR	—	Euro
GBP	—	British Pound Sterling
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah

JPY	—	Japanese Yen
KRW	—	South Korean Won
MXN	—	Mexican New Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PEN	—	Peruvian Nuevo Sol
PLN	—	Polish Zloty
RON	—	New Romanian Leu
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
THB	—	Thai Baht
USD	—	United States Dollar

Counterparty Abbreviations: 

BNP	—	BNP Paribas SA
BOA	—	Bank of America N.A.
CIT	—	Citibank N.A.
GSC	—	Goldman Sachs International
HSB	—	HSBC Bank USA N.A.

JPM	—	JPMorgan Chase Bank N.A.
NIP	—	Nomura International Plc
MSC	—	Morgan Stanley & Co.
SSB	—	State Street Bank and Trust Co.

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

78  Annual Report

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

	Lazard Enhanced
	Opportunities Portfolio
Industry†		Long		Short
Common Stocks and Convertible Corporate Bonds
Aerospace & Defense		1.0	%	–0.3	%
Air Freight & Logistics		0.8		–0.4
Airlines		7.6		–7.1
Auto Components		0.2		—
Automobiles		5.8		–1.7
Banks		6.4		—
Biotechnology		16.4		–8.6
Chemicals		3.6		–2.7
Construction Equipment		0.3		–0.2
Construction & Engineering		1.4		–1.0
Consumer Finance		3.2		–1.4
Diversified Telecommunication Services		1.4		–0.5
Electrical Equipments		6.1		–4.8
Electronic Equipment, Instruments & Components		1.6		–0.2
Energy Equipment & Services		2.5		–1.5
Entertainment		5.8		–2.0
Equity Real Estate Investment Trusts (REITs)		3.7		–1.0
Food & Staples Retailing		1.3		–0.7
Food Products		0.6		–0.3
Health Care Equipment & Supplies		5.6		–3.4
Health Care Technology		2.6		–0.7
Hotels, Restaurants & Leisure		7.9		–3.4
Independent Power & Renewable Electricity Producers		1.0		–0.5
Interactive Media & Services		2.1		–0.3
Internet & Direct Marketing Retail		5.3		–1.6
IT Services		5.1		–1.5
Leisure Products		0.9		—
Life Sciences Tools & Services		0.4		–0.1
Machinery		1.8		–1.0
Marine		2.5		–2.2
Media		8.9		–0.3
Metals & Mining		6.7		–4.2
Mortgage Real Estate Investment Trusts (REITs)		6.5		–0.9
Oil, Gas & Consumable Fuels		2.1		–1.6
Personal Products		0.5		–0.5
Pharmaceuticals		9.5		–2.7
Real Estate Management & Development		1.3		–0.2
Semiconductors & Semiconductor Equipment		5.7		–3.1
Software		9.9		–3.4
Specialty Retail		7.6		–3.5
Subtotal		163.6		–69.5

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

Annual Report  79

	Lazard Enhanced
	Opportunities Portfolio
Industry†		Long		Short
Exchange-Traded Funds		—	%	–8.0	%
Purchased Options		0.2		—
U.S. Treasury Securities		8.1		–27.8
Short-Term Investments		10.1		—
Total Investments		182.0	%	–105.3	%

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

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

80  Annual Report

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

	Lazard
	Global			Lazard
	Dynamic			Real
	Multi-Asset				Assets
Industry†	Portfolio				Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		0.2	%		—	%
Air Freight & Logistics		0.1			—
Airlines		—			—
Auto Components		0.1			—
Automobiles		2.0			—
Banks		7.6			—
Beverages		1.2			—
Biotechnology		1.1			—
Building Products		0.7			—
Capital Markets		2.2			—
Chemicals		0.4			0.4
Commercial Services & Suppliers		1.3			—
Communications Equipment		0.2			—
Construction & Engineering		0.1			2.1
Consumer Finance		0.3			—
Containers & Packaging		0.6			—
Diversified Consumer Services		0.8			—
Diversified Financial Services		0.1			—
Diversified Telecommunication Services		2.4			—
Electric Utilities		1.0			9.6
Electrical Equipment		1.0			—
Electronic Equipment, Instruments & Components		0.9			—
Energy Equipment & Services		—			—
Entertainment		0.1			—
Equity Real Estate Investment Trusts (REITs)		2.2			30.6
Food & Staples Retailing		1.3			—
Food Products		1.0			—
Gas Utilities		0.6			0.6
Health Care Equipment & Supplies		0.5			—
Health Care Providers & Services		1.4			—
Health Care Technology		—			—
Hotels, Restaurants & Leisure		1.9			0.9
Household Durables		—			—
Household Products		1.3			—
Independent Power & Renewable Electricity Producers		0.2			—
Industrial Conglomerates		0.1			—
Insurance		1.3			—
Interactive Media & Services		0.8			—

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

Annual Report  81

		Lazard
		Global			Lazard
		Dynamic			Real
	Multi-Asset					Assets
Industry†		Portfolio				Portfolio
Internet & Direct Marketing Retail			0.5	%		—	%
IT Services			1.9			—
Leisure Products			0.2			—
Life Sciences Tools & Services			0.3			—
Machinery			2.0			—
Marine			0.1			—
Media			0.3			0.2
Metals & Mining			0.6			0.3
Mortgage Real Estate Investment Trusts (REITs)			—			—
Multiline Retail			0.1			—
Multi-Utilities			0.7			5.4
Oil, Gas & Consumable Fuels			1.3			5.9
Paper & Forest Products			0.1			—
Personal Products			0.5			—
Pharmaceuticals			2.8			—
Professional Services			0.6			—
Real Estate Management & Development			0.2			2.0
Road & Rail			0.2			4.4
Semiconductors & Semiconductor Equipment			0.6			—
Software			1.8			—
Specialty Retail			1.1			—
Technology Hardware, Storage & Peripherals			1.6			—
Textiles, Apparel & Luxury Goods			0.4			—
Tobacco			0.5			—
Trading Companies & Distributors			0.6			—
Transportation Infrastructure			—			1.4
Water Utilities			—			0.8
Wireless Telecommunication Services			0.1			—
Subtotal			56.1			64.6
Exchange-Traded Funds			1.2			4.5
Foreign Government Obligations			28.9			—
Supranational Bonds			7.1			—
U.S. Treasury Securities			2.4			4.8
Short-Term Investments			3.5			23.0
Total Investments			99.2	%		96.9	%

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

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

82  Annual Report

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Annual Report  83

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2022	Lazard Enhanced Opportunities Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
ASSETS
Investments in securities, at fair value		$	72,053,361	$	12,966,158
Cash			—		—
Foreign currency, at fair value			11,717		5,077
Receivables for:
Investments sold			2,539,070		4,498
Dividends and interest			499,683		109,738
Capital stock sold			40,976		—
Cash collateral due from broker on options and swap agreements			10,129,034		—
Amount due from Investment Manager (Note 3)			—		—
Gross unrealized appreciation on:
Forward currency contracts			139		319,666
Swap agreements			1,178,486		—
Other assets			—		—
Total assets			86,452,466		13,405,137
LIABILITIES
Securities sold short, at fair value			41,678,643		—
Due to custodian			788		—
Foreign currency due to custodian			881		3
Payables for:
Accrued custodian fees			38,505		7,683
Accrued professional services			30,257		26,525
Management fees			17,741		1,175
Accrued shareholders’ reports			3,910		4,654
Accrued directors’ fees			171		25
Accrued distribution fees			48		38
Investments purchased			2,338,424		—
Capital stock redeemed			706,253		102,689
Dividends on securities sold short			16,538		—
Variation margin on open futures contracts			—		—
Gross unrealized depreciation on:
Forward currency contracts			16,459		182,369
Swap agreements			1,595,871		—
Line of credit outstanding			323,000		—
Written options, at fair value			56,058		—
Other accrued expenses and payables			55,979		3,126
Total liabilities			46,879,526		328,287
Net assets		$	39,572,940	$	13,076,850

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

84  Annual Report

Lazard Opportunistic Strategies Portfolio			Lazard Real Assets Portfolio (a)
	$	55,722,857		$	33,687,268
		—			100
		—			2,860
		—			365
		22,762			108,016
		99			311
		—			1,487,356
		—			18,328
		—			5,059
		—			81,521
		—			15,099
		55,745,718			35,406,283
		—			—
		—			—
		—			—
		2,838			8,620
		27,239			31,936
		30,608			—
		11,591			5,199
		43			45
		1			171
		—			482,565
		—			100,720
		—			—
		—			3,633
		—			2,256
		150,608			—
		—			—
		—			—
		3,611			15,886
		226,539			651,031
	$	55,519,179		$	34,755,252

Annual Report  85

December 31, 2022	Lazard Enhanced Opportunities Portfolio				Lazard Global Dynamic Multi-Asset Portfolio
NET ASSETS
Paid in capital		$	51,150,527		$	13,231,752
Distributable earnings (Accumulated loss)			(11,577,587	)		(154,902	)
Net assets		$	39,572,940		$	13,076,850
Institutional Shares
Net assets		$	39,139,198		$	12,911,233
Shares of capital stock outstanding*			5,067,123			1,600,084
Net asset value, offering and redemption price per share		$	7.72		$	8.07
Open Shares
Net assets		$	433,742		$	165,617
Shares of capital stock outstanding*			55,974			20,637
Net asset value, offering and redemption price per share		$	7.75		$	8.03
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	76,907,579		$	13,122,103
Proceeds received from securities sold short		$	42,893,380		$	—
Proceeds received from written options		$	53,905		$	—
Cost of foreign currency		$	11,625		$	5,037

*	$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.

86  Annual Report

Lazard Opportunistic Strategies Portfolio			Lazard Real Assets Portfolio (a)
	$	52,094,173		$	41,900,474
		3,425,006			(7,145,222	)
	$	55,519,179		$	34,755,252
	$	55,411,141		$	33,888,283
		5,885,634			3,552,832
	$	9.41		$	9.54
	$	108,038		$	866,029
		11,545			90,697
	$	9.36		$	9.55
		—		$	940.41
		—			98.61
		—		$	9.54
	$	51,495,023		$	32,937,651
	$	—		$	—
	$	—		$	—
	$	—		$	2,831

Annual Report  87

The Lazard Funds, Inc. Statements of Operations

For the Period Ended December 31, 2022	Lazard Enhanced Opportunities Portfolio				Lazard Global Dynamic Multi-Asset Portfolio
Investment Income (Loss)
Income
Interest		$	3,369,048		$	265,363
Dividends			24,836			161,341
Total investment income*			3,393,884			426,704
Expenses
Management fees (Note 3)			725,960			129,311
Custodian fees			135,531			84,814
Professional services			57,684			46,166
Registration fees			47,058			32,559
Administration fees			28,085			21,159
Shareholders’ services			13,850			9,784
Directors’ fees and expenses			11,710			5,683
Shareholders’ reports			7,375			17,917
Distribution fees (Open Shares)			847			462
Amortization of offering costs (Note 2(i))			—			—
Other^			12,091			6,247
Total gross expenses before expenses on securities sold short			1,040,191			354,102
Interest and broker expense on securities sold short			585,489			—
Dividend expense on securities sold short			298,830			—
Total gross expenses			1,924,510			354,102
Management fees waived and expenses reimbursed			(81,568	)		(208,008	)
Voluntary reimbursement by administrator			—			—
Total net expenses			1,842,942			146,094
Net investment income (loss)			1,550,942			280,610
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			(16,774,368	)		397,632
Securities sold short			10,675,814			—
Foreign currency transactions			(18,784	)		980
Forward currency contracts			378,598			(381,148	)
Futures contracts			—			—
Written options			144,564			—
Swap agreements			927,048			—
Total net realized gain (loss)			(4,667,128	)		17,464
Net change in unrealized appreciation (depreciation) on:
Investments			229,583			(3,724,616	)
Securities sold short			(2,187,260	)		—
Foreign currency translations			341			(1,514	)
Forward currency contracts			53,457			131,530
Futures contracts			—			—
Written options			477			—
Swap agreements			(425,082	)		—
Total net change in unrealized appreciation (depreciation)			(2,328,484	)		(3,594,600	)
Net realized and unrealized gain (loss)			(6,995,612	)		(3,577,136	)
Net increase (decrease) in net assets resulting from operations		$	(5,444,670	)	$	(3,296,526	)
*  Net of foreign withholding taxes of		$	(145	)	$	10,327
^  Includes interest on line of credit of		$	1,635		$	—

(a) Consolidated Statement of Operations.

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

88  Annual Report

Lazard Opportunistic Strategies Portfolio				Lazard Real Assets Portfolio (a)
	$	126,056			$	163,988
		1,220,677				745,827
		1,346,733				909,815
		654,781				244,589
		36,462				77,664
		50,242				60,466
		33,294				43,924
		27,612				23,538
		12,339				12,269
		9,285				17,316
		33,351				21,217
		422				2,216
		—				2,179
		8,462				11,458
		866,250				516,836
		2,866				—
		2,186				—
		871,302				516,836
		(197,406	)			(212,849	)
		—				(739	)
		673,896				303,248
		672,837				606,567
		(50,881	)			(2,697,469	)
		101,531				—
		—				1,427
		—				133,511
		—				968,474
		—				—
		(483,396	)			928,856
		(432,746	)			(665,201	)
		(11,370,512	)			(3,363,561	)
		(13,426	)			—
		—				(753	)
		—				103,302
		—				(417,105	)
		—				—
		(150,608	)			274,097
		(11,534,546	)			(3,404,020	)
		(11,967,292	)			(4,069,221	)
	$	(11,294,455	)		$	(3,462,654	)
	$	—			$	38,621
	$	—			$	369

Annual Report  89

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

	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,550,942		$	750,640
Net realized gain (loss)			(4,667,128	)		4,011,613
Net change in unrealized appreciation (depreciation)			(2,328,484	)		(3,002,835	)
Net increase (decrease) in net assets resulting from operations			(5,444,670	)		1,759,418
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			(3,931,443	)		(3,894,678	)
Open Shares			(28,882	)		(25,718	)
Return of capital
Institutional Shares			(629,300	)		—
Open Shares			(4,623	)		—
Net decrease in net assets resulting from distributions			(4,594,248	)		(3,920,396	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			56,827,363			144,578,146
Open Shares			356,167			1,339,923
Net proceeds from reinvestment of distributions
Institutional Shares			4,560,743			3,833,497
Open Shares			33,505			25,718
Cost of shares redeemed
Institutional Shares			(158,103,819	)		(19,956,225	)
Open Shares			(673,149	)		(754,032	)
Net increase (decrease) in net assets from capital stock transactions			(96,999,190	)		129,067,027
Total increase (decrease) in net assets			(107,038,108	)		126,906,049
Net assets at beginning of period			146,611,048			19,704,999
Net assets at end of period		$	39,572,940		$	146,611,048

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

90  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio						Lazard Opportunistic Strategies Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
$	280,610		$	242,193		$	672,837		$	322,031
	17,464			5,855,715			(432,746	)		4,566,934
	(3,594,600	)		(3,742,606	)		(11,534,546	)		4,904,007
	(3,296,526	)		2,355,302			(11,294,455	)		9,792,972
	(532,887	)		(2,767,564	)		(2,115,374	)		(3,330,657	)
	(6,101	)		(33,860	)		(4,294	)		(6,195	)
	—			—			(17,143	)		—
	—			—			(35	)		—
	(538,988	)		(2,801,424	)		(2,136,846	)		(3,336,852	)
	3,318,612			1,620,610			279,306			6,166,257
	864			15,330			6,366			29,890
	532,887			2,767,530			2,021,850			3,164,811
	6,101			33,860			3,996			5,712
	(4,765,296	)		(44,259,435	)		(12,134,042	)		(15,244,058	)
	(13,381	)		(60,231	)		(31,698	)		(43,911	)
	(920,213	)		(39,882,336	)		(9,854,222	)		(5,921,299	)
	(4,755,727	)		(40,328,458	)		(23,285,523	)		534,821
	17,832,577			58,161,035			78,804,702			78,269,881
$	13,076,850		$	17,832,577		$	55,519,179		$	78,804,702

Annual Report  91

	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2022			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		6,382,326			15,129,383
Shares issued to shareholders from reinvestment of distributions		570,944			409,533
Shares redeemed		(17,471,027	)		(2,094,886	)
Net increase (decrease)		(10,517,757	)		13,444,030
Shares outstanding at end of period		5,067,123			15,584,880
Open Shares
Shares outstanding at beginning of period		82,674			18,359
Shares sold		42,821			140,785
Shares issued to shareholders from reinvestment of distributions		4,226			2,738
Shares redeemed		(73,747	)		(79,208	)
Net increase (decrease)		(26,700	)		64,315
Shares outstanding at end of period		55,974			82,674

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

92  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio						Lazard Opportunistic Strategies Portfolio
Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
	1,746,408			5,427,381			6,871,003			7,380,473
	358,853			148,571			28,705			552,009
	65,311			274,538			205,623			279,824
	(570,488	)		(4,104,082	)		(1,219,697	)		(1,341,303	)
	(146,324	)		(3,680,973	)		(985,369	)		(509,470	)
	1,600,084			1,746,408			5,885,634			6,871,003
	21,426			22,108			13,824			14,614
	94			1,341			633			2,747
	752			3,369			407			508
	(1,635	)		(5,392	)		(3,319	)		(4,045	)
	(789	)		(682	)		(2,279	)		(790	)
	20,637			21,426			11,545			13,824

Annual Report  93

	Lazard Real Assets Portfolio (a)
	Year Ended December 31, 2022				Year Ended December 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	606,567		$	474,505
Net realized gain (loss)			(665,201	)		3,723,742
Net change in unrealized appreciation (depreciation)			(3,404,020	)		1,889,765
Net increase (decrease) in net assets resulting from operations			(3,462,654	)		6,088,012
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			(2,459,340	)		(3,880,176	)
Open Shares			(66,131	)		(15,779	)
R6 Shares			(61	)		—
Net decrease in net assets resulting from distributions			(2,525,532	)		(3,895,955	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			5,377,839			9,676,948
Open Shares			2,117,160			94,863
R6 Shares			1,000			—
Net proceeds from reinvestment of distributions
Institutional Shares			2,328,285			3,565,581
Open Shares			66,131			15,779
R6 Shares			61			—
Cost of shares redeemed
Institutional Shares			(4,128,233	)		(3,364,570	)
Open Shares			(1,189,885	)		(83,834	)
Net increase (decrease) in net assets from capital stock transactions			4,572,358			9,904,767
Total increase (decrease) in net assets			(1,415,828	)		12,096,824
Net assets at beginning of period			36,171,080			24,074,256
Net assets at end of period		$	34,755,252		$	36,171,080

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

94  Annual Report

	Lazard Real Assets Portfolio (a)
	Year Ended December 31, 2022			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		508,999			875,067
Shares issued to shareholders from reinvestment of distributions		239,014			320,239
Shares redeemed		(407,889	)		(301,885	)
Net increase (decrease)		340,124			893,421
Shares outstanding at end of period		3,552,832			3,212,708
Open Shares
Shares outstanding at beginning of period		12,859			11,188
Shares sold		182,688			8,039
Shares issued to shareholders from reinvestment of distributions		6,795			1,417
Shares redeemed		(111,645	)		(7,785	)
Net increase (decrease)		77,838			1,671
Shares outstanding at end of period		90,697			12,859
R6 Shares†
Shares sold		93			—
Shares issued to shareholders from reinvestment of distributions		6			—
Net increase (decrease)		99			—
Shares outstanding at end of period		99			—

†	The inception date for the Real Assets Portfolio R6 Shares was July 22, 2022.
(a)	Consolidated Statements of Changes in Net Assets.

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

Annual Report  95

The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	9.36		$	9.13		$	8.84		$	8.31		$	8.67
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.14	#		0.20			0.10			0.06
Net realized and unrealized gain (loss)		(0.86	)		0.48			0.69			0.52			(0.20	)
Total from investment operations		(0.68	)		0.62			0.89			0.62			(0.14	)
Less distributions from:
Net investment income		(0.40	)		(0.05	)		(0.22	)		—			(0.10	)
Net realized gains		(0.49	)		(0.34	)		(0.38	)		(0.09	)		(0.12	)
Return of capital		(0.07	)		—			—			—			—
Total distributions		(0.96	)		(0.39	)		(0.60	)		(0.09	)		(0.22	)
Net asset value, end of period	$	7.72		$	9.36		$	9.13		$	8.84		$	8.31
Total Return (b)		–7.39	%		6.81	%#		10.11	%		7.44	%		-1.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	39,139		$	145,836		$	19,537		$	9,223		$	16,184
Ratios to average net assets:
Net expenses		2.41	%		1.70	%#		2.23	%		2.71	%		2.36	%
Gross expenses		2.51	%		2.05	%		3.79	%		5.52	%		3.80	%
Gross expenses, excluding expenses on securities sold short		1.35	%		1.54	%		2.82	%		4.06	%		2.71	%
Net investment income (loss)		2.03	%		1.47	%#		2.22	%		1.19	%		0.73	%
Portfolio turnover rate:
Excluding securities sold short		178	%		168	%		167	%		272	%		312	%
Including securities sold short		233	%		341	%		241	%		354	%		409	%

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

96  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	9.37		$	9.13		$	8.82		$	8.30		$	8.65
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.13	#		0.16			0.10			0.04
Net realized and unrealized gain (loss)		(0.84	)		0.47			0.70			0.51			(0.19	)
Total from investment operations		(0.69	)		0.60			0.86			0.61			(0.15	)
Less distributions from:
Net investment income		(0.32	)		(0.02	)		(0.17	)		—			(0.08	)
Net realized gains		(0.49	)		(0.34	)		(0.38	)		(0.09	)		(0.12	)
Return of capital		(0.12	)		—			—			—			—
Total distributions		(0.93	)		(0.36	)		(0.55	)		(0.09	)		(0.20	)
Net asset value, end of period	$	7.75		$	9.37		$	9.13		$	8.82		$	8.30
Total Return (b)		–7.45	%		6.55	%#		9.83	%		7.33	%		–1.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	434		$	775		$	168		$	123		$	105
Ratios to average net assets:
Net expenses		2.89	%		1.92	%#		2.45	%		2.83	%		2.60	%
Gross expenses		4.34	%		2.99	%		4.94	%		13.76	%		14.49	%
Gross expenses, excluding expenses on securities sold short		2.95	%		2.52	%		3.99	%		12.30	%		13.40	%
Net investment income (loss)		1.67	%		1.42	%#		1.75	%		1.10	%		0.48	%
Portfolio turnover rate:
Excluding securities sold short		178	%		168	%		167	%		272	%		312	%
Including securities sold short		233	%		341	%		241	%		354	%		409	%

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

Annual Report  97

#	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) ratios by 0.06%.
(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

98  Annual Report

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
the period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	10.09		$	10.67		$	10.78		$	9.27		$	11.49
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.10			0.08			0.14			0.16
Net realized and unrealized gain (loss)		(1.87	)		1.18			0.02			1.51			(0.92	)
Total from investment operations		(1.72	)		1.28			0.10			1.65			(0.76	)
Less distributions from:
Net investment income		—			(0.16	)		(0.21	)		(0.14	)		(0.20	)
Net realized gains		(0.30	)		(1.70	)		—			—			(1.26	)
Total distributions		(0.30	)		(1.86	)		(0.21	)		(0.14	)		(1.46	)
Net asset value, end of period	$	8.07		$	10.09		$	10.67		$	10.78		$	9.27
Total Return (b)		–17.05	%		12.17	%		1.00	%		17.80	%		–6.35	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	12,911		$	17,617		$	57,925		$	47,481		$	42,577
Ratios to average net assets :
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		2.16	%		1.70	%		1.32	%		1.45	%		1.34	%
Net investment income (loss)		1.74	%		0.91	%		0.84	%		1.36	%		1.36	%
Portfolio turnover rate		108	%		83	%		173	%		125	%		120	%

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

Annual Report  99

Selected data for a share of capital stock outstanding throughout	Year Ended
the period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	10.06		$	10.68		$	10.78		$	9.27		$	11.49
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.08			0.06			0.11			0.12
Net realized and unrealized gain (loss)		(1.86	)		1.16			0.03			1.51			(0.91	)
Total from investment operations		(1.73	)		1.24			0.09			1.62			(0.79	)
Less distributions from:
Net investment income		—			(0.16	)		(0.19	)		(0.11	)		(0.17	)
Net realized gains		(0.30	)		(1.70	)		—			—			(1.26	)
Total distributions		(0.30	)		(1.86	)		(0.19	)		(0.11	)		(1.43	)
Net asset value, end of period	$	8.03		$	10.06		$	10.68		$	10.78		$	9.27
Total Return (b)		–17.20	%		11.78	%		0.84	%		17.46	%		–6.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	166		$	216		$	236		$	293		$	225
Ratios to average net assets :
Net expenses		1.15	%		1.15	%		1.15	%		1.18	%		1.20	%
Gross expenses		4.85	%		3.95	%		3.09	%		5.45	%		4.20	%
Net investment income (loss)		1.48	%		0.69	%		0.61	%		1.10	%		1.07	%
Portfolio turnover rate		108	%		83	%		173	%		125	%		120	%

(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.

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

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LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	11.45		$	10.58		$	9.87		$	8.74		$	10.60
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.05			0.05			0.10			0.14
Net realized and unrealized gain (loss)		(1.80	)		1.32			0.88			1.23			(1.48	)
Total from investment operations		(1.70	)		1.37			0.93			1.33			(1.34	)
Less distributions from:
Net investment income		(0.10	)		(0.04	)		(0.05	)		(0.12	)		(0.02	)
Net realized gains		(0.24	)		(0.46	)		(0.17	)		(0.08	)		(0.48	)
Return of capital		—	(c)		—			—			—			(0.02	)
Total distributions		(0.34	)		(0.50	)		(0.22	)		(0.20	)		(0.52	)
Net asset value, end of period	$	9.41		$	11.45		$	10.58		$	9.87		$	8.74
Total Return (b)		–14.93	%		12.96	%		9.47	%		15.16	%		–12.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	55,411		$	78,647		$	78,116		$	83,509		$	102,783
Ratios to average net assets:
Net expenses		1.03	%		1.11	%		1.04	%		1.22	%		1.02	%
Gross expenses		1.32	%		1.28	%		1.30	%		1.43	%		1.15	%
Gross expenses, excluding expenses on securities sold short		1.32	%		1.19	%		1.29	%		1.23	%		1.15	%*
Net investment income (loss)		1.03	%		0.40	%		0.55	%		1.08	%		1.32	%
Portfolio turnover rate:
Excluding securities sold short		128	%		65	%		88	%		82	%		227	%
Including securities sold short		134	%		65	%		94	%		99	%		NA	%*

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

Annual Report  101

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.38		$	10.52		$	9.82		$	8.69		$	10.55
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.02			0.03			0.07			0.10
Net realized and unrealized gain (loss)		(1.77	)		1.31			0.86			1.23			(1.46	)
Total from investment operations		(1.70	)		1.33			0.89			1.30			(1.36	)
Less distributions from:
Net investment income		(0.08	)		(0.01	)		(0.02	)		(0.09	)		—
Net realized gains		(0.24	)		(0.46	)		(0.17	)		(0.08	)		(0.48	)
Return of capital		—	(c)		—			—			—			(0.02	)
Total distributions		(0.32	)		(0.47	)		(0.19	)		(0.17	)		(0.50	)
Net asset value, end of period	$	9.36		$	11.38		$	10.52		$	9.82		$	8.69
Total Return (b)		–15.06	%		12.65	%		9.14	%		14.91	%		–13.05	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	108		$	157		$	154		$	208		$	286
Ratios to average net assets:
Net expenses		1.28	%		1.36	%		1.28	%		1.51	%		1.32	%
Gross expenses		5.14	%		4.06	%		7.75	%		3.78	%		4.22	%
Gross expenses, excluding expenses on securities sold short		5.13	%		3.97	%		7.74	%		3.58	%		4.22	%*
Net investment income (loss)		0.71	%		0.15	%		0.31	%		0.76	%		1.00	%
Portfolio turnover rate:
Excluding securities sold short		128	%		65	%		88	%		82	%		227	%
Including securities sold short		134	%		65	%		94	%		99	%		NA	%*

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

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*	No securities sold short during the year.
(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 SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio’s returns would have been lower.
(c)	Amount is less than $0.01 per share.

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

Annual Report  103

LAZARD REAL ASSETS PORTFOLIO^

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Institutional Shares
Net asset value, beginning of period	$	11.21		$	10.33		$	10.69		$	9.42		$	10.71
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.17			0.17			0.16			0.16
Net realized and unrealized gain (loss)		(1.12	)		2.04			(0.12	)		1.35			(0.96	)
Total from investment operations		(0.94	)		2.21			0.05			1.51			(0.80	)
Less distributions from:
Net investment income		(0.72	)		(1.26	)		(0.20	)		(0.24	)		(0.25	)
Net realized gains		(0.01	)		(0.07	)		(0.21	)		—	(b)		(0.24	)
Total distributions		(0.73	)		(1.33	)		(0.41	)		(0.24	)		(0.49	)
Net asset value, end of period	$	9.54		$	11.21		$	10.33		$	10.69		$	9.42
Total Return (c)		–8.45	%		21.60	%		0.61	%		16.07	%		–7.47	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	33,888		$	36,027		$	23,959		$	17,515		$	16,164
Ratios to average net assets:
Net expenses		0.80	%		0.80	%		0.86	%		0.90	%		0.90	%
Gross expenses		1.34	%		1.29	%		2.13	%		2.20	%		2.04	%
Net investment income (loss)		1.61	%		1.49	%		1.73	%		1.59	%		1.53	%
Portfolio turnover rate		182	%		35	%		109	%		44	%		72	%

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	Year Ended
each period	12/31/22			12/31/21			12/31/20			12/31/19			12/31/18
Open Shares
Net asset value, beginning of period	$	11.22		$	10.34		$	10.67		$	9.41		$	10.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.13			0.17			0.14			0.14
Net realized and unrealized gain (loss)		(1.15	)		2.05			(0.14	)		1.33			(0.96	)
Total from investment operations		(0.97	)		2.18			0.03			1.47			(0.82	)
Less distributions from:
Net investment income		(0.69	)		(1.23	)		(0.15	)		(0.21	)		(0.23	)
Net realized gains		(0.01	)		(0.07	)		(0.21	)		—	(b)		(0.24	)
Total distributions		(0.70	)		(1.30	)		(0.36	)		(0.21	)		(0.47	)
Net asset value, end of period	$	9.55		$	11.22		$	10.34		$	10.67		$	9.41
Total Return (c)		–8.68	%		21.28	%		0.42	%		15.70	%		–7.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	866		$	144		$	116		$	65		$	43
Ratios to average net assets:
Net expenses		1.05	%		1.05	%		1.13	%		1.10	%		1.15	%
Gross expenses		2.15	%		5.90	%		4.64	%		23.75	%		13.72	%
Net investment income (loss)		1.68	%		1.16	%		1.77	%		1.39	%		1.29	%
Portfolio turnover rate		182	%		35	%		109	%		44	%		72	%

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

Annual Report  105

Selected data for a share of capital stock outstanding throughout each period	For the Period 7/22/22* to 12/31/22
R6 Shares
Net asset value, beginning of period		$	10.84
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.11
Net realized and unrealized gain (loss)(d)			(0.75	)
Total from investment operations			(0.64	)
Less distributions from:
Net investment income			(0.65	)
Net realized gains			(0.01	)
Total distributions			(0.66	)
Net asset value, end of period		$	9.54
Total Return (c)			–5.92	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	1
Ratios to average net assets (e):
Net expenses			0.75	%
Gross expenses			595.55	%
Net investment income (loss)			2.34	%
Portfolio turnover rate			182	%

^	Consolidated Financial Highlights.
*	The inception date for the R6 Shares was July 22, 2022.
(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 SS&C GIDS; 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)	The per share amount does not correlate with the net realized and unrealized gain (loss) on the Statement of Operations due to the timing of the R6 Share’s sales and redemptions in relation to market value fluctuation of the Portfolio’s underlying investments.
(e)	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

December 31, 2022

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 December 31, 2022, the Fund was comprised of thirty 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-six 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 and certain Portfolios offer R6 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 December 31, 2022, net assets of the Portfolio were $34,755,252 of which $3,737,215, or 10.75%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

Annual Report   107

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, and exchange traded funds, 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.

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,

108   Annual Report

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 in non-US countries, may not trade 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 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 Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, which 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. 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.

Annual Report   109

(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 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

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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 year ended December 31, 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 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.

Annual Report   111

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 year ended December 31, 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. Fixed income swaps involve commitments to pay interest in return for exposure to a specific corporation or market. The counterparty pays out the total return of the security or basket of securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the security or basket of securities underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.

Commodity-linked swap agreements involve commitments to pay interest in exchange for a commodity-linked return based on a notional amount. To the extent the return of the reference commodity or commodity index or basket of reference commodities or commodity indexes underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.

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Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the year ended December 31, 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. 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 December 31, 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

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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 December 31, 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 December 31, 2022, the Enhanced Opportunities Portfolio had pledged $65,817,697 of securities held long as collateral under such arrangements.

For the year ended December 31, 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		$127,431,302		$135,961,712
Opportunistic Strategies		2,314,150		3,861,322

For the year ended December 31, 2022, proceeds from securities sold short and purchases to cover short positions on US Treasury Securities for the Enhanced Opportunities Portfolio were $5,505,648 and $6,564,362, respectively.

(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”),

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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, 2022, 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
Enhanced Opportunities	$3,386,178	$1,066,268
Opportunistic Strategies	569,890	—
Real Assets	2,432,991	—

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, 2022, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Enhanced Opportunities		$   —		$327,636
Real Assets		—		30,299

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

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Enhanced Opportunities		$37,128,846		$4,466,407		$11,220,535		$(6,754,128	)
Global Dynamic Multi-Asset		13,241,931		811,416		1,087,189		(275,773	)
Opportunistic Strategies		51,576,636		4,758,431		612,210		4,146,221
Real Assets		39,856,072		3,296,966		9,465,770		(6,168,804	)

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Management has analyzed the Portfolios, tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction’s statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

(i) Dividends and Distributions—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.

The Lazard Global Dynamic Multi-Asset Portfolio used equalization during the year on its 2022 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

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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, net operating losses, 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 resulted in reclassifications among certain capital accounts as follows:

Portfolio	Paid in Capital			Distributable Earnings (Accumulated Loss)
Global Dynamic Multi-Asset		$ (129,170	)		$    129,170
Opportunistic Strategies		4,154			(4,154	)
Real Assets		1,702,205			(1,702,205	)

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

	Ordinary Income		Long-Term Capital Gain
Portfolio	2022	2021		2022	2021
Enhanced Opportunities*	$3,638,772	$3,019,452		$   321,553	$   900,944
Global Dynamic Multi-Asset	55,551	2,801,424		483,437	—
Opportunistic Strategies*	574,093	1,938,153		1,545,575	1,398,699
Real Assets	2,477,820	3,788,571		47,712	107,384

* Enhanced Opportunities and Opportunistic Strategies Portfolios had return of capital distributions of $633,923 and $17,178 in 2022, and $0 and $0 in 2021 respectively.

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At December 31, 2022, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

Portfolio	Undistributed Ordinary Income (Deferred Ordinary Losses)		Undistributed Long-Term Capital Gain (Deferred Capital Losses)		Net Unrealized Appreciation (Depreciation) Including Foreign Currency
Enhanced Opportunities	$(327,636	)	$(4,452,446	)	$(6,797,505	)
Global Dynamic Multi-Asset	—		155,421		(310,323	)
Opportunistic Strategies	—		(569,890	)	3,994,896
Real Assets	(30,299	)	(2,432,991	)	(4,681,932	)

(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 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

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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 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.

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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.

	Institutional			Open			R6
Portfolio	Shares			Shares			Shares
Enhanced Opportunities		1.25	%		1.50	%		N/A	%
Global Dynamic Multi-Asset		0.90			1.15			N/A
Opportunistic Strategies		1.02			1.27			N/A
Real Assets		0.80			1.05			0.75

During the year ended December 31, 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	$	76,639	$	—	$	3,220	$	1,709
Global Dynamic Multi-Asset		127,833		73,339		1,478		5,358
Opportunistic Strategies		192,299		—		1,324		3,783
Real Assets		199,387		—		5,759		3,941

	R6 Shares
	Management		Expenses
Portfolio	Fees Waived		Reimbursed
Real Assets		$3		$3,759

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.

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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.

SS&C GIDS is the Fund’s transfer agent and dividend disbursing agent.

4. Directors’ Compensation

Certain Directors of the Fund are officers of the Investment Manager. 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

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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 year ended December 31, 2022 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	178,132,443	$	249,571,921
Global Dynamic Multi-Asset		15,863,354		17,961,686
Opportunistic Strategies		74,950,984		92,525,253
Real Assets		50,325,869		44,790,943
	US Treasury Securities
Portfolio	Purchases		Sales
Enhanced Opportunities		$4,027,340		$851,566
Global Dynamic Multi-Asset		832,271		501,188

At December 31, 2022, the Investment Manager owned 25.61% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

For the year ended December 31, 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

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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 year ended December 31, 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
Enhanced Opportunities	$	1,382,500	$	7,718,300		3.56	%		13
Global Dynamic Multi-Asset		118,500		118,500		5.43			1
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.

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

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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) 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

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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. The Portfolio may be subject to heightened interest rate risk because the Federal Reserve has raised, and may continue to raise, interest rates.

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).

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

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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.

(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

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	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 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. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

(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.

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(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 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 and other similar 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

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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 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 post margin and make settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

(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

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demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.

(k) 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.

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(l) 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. 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.

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(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, 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

132  Annual Report

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 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

Annual Report  133

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) 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.

The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2022:

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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 December 31, 2022
Enhanced Opportunities Portfolio
Assets:
Common Stocks*
Brazil		$	8,824			$	—			$	—		$	8,824
United States			295,899				—				27,658			323,557
Convertible Corporate Bonds			—				64,432,862				—			64,432,862
Purchased Options			79,415				—				—			79,415
Short-Term Investments			4,016,023				—				—			4,016,023
U.S. Treasury Securities			—				3,192,680				—			3,192,680
Other Financial Instruments†
Forward Currency Contracts			—				139				—			139
Total Return Swap Agreements			—				1,178,486				—			1,178,331
Total		$	4,400,161			$	68,804,167			$	27,658		$	73,231,986
Liabilities:
Securities Sold Short
Common Stocks*
Austria		$	—			$	(46,302	)		$	—		$	(46,302	)
Canada			(348,696	)			—				—			(348,696	)
China			(627,316	)			—				—			(627,316	)
Hong Kong			—				(559,640	)			—			(559,640	)
Netherlands			—				(95,439	)			—			(95,439	)
Panama			(1,940,107	)			—				—			(1,940,107	)
Singapore			(144,331	)			—				—			(144,331	)
South Korea			—				(99,983	)			—			(99,983	)
United Kingdom			—				(11,052	)			—			(11,052	)
United States			(23,635,478	)			—				—			(23,635,478	)
Exchange-Traded Funds			(3,178,037	)			—				—			(3,178,037	)
U.S. Treasury Securities			—				(10,992,262	)			—			(10,992,262	)
Other Financial Instruments†
Forward Currency Contracts			—				(16,459	)			—			(16,459	)
Total Return Swap Agreements			—				(1,595,871	)			—			(1,595,716	)
Written Options			(56,058	)			—				—			(56,058	)
Total		$	(29,930,023	)		$	(13,417,008	)		$	—		$	(43,347,031	)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

136  Annual Report

	Common Stocks
Beginning Balance		$	—
Purchases			52,760
Sales			(25,102	)
Amortization of discount			—
Transfers in			—
Transfers out			—
Corporate actions			—
Change in unrealized appreciation (depreciation)			—
Realized gain (loss)		$	—
Ending Balance		$	27,658
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 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 December 31, 2022
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia		$	—		$	39,777		$	—		$	39,777
Belgium			—			6,805			—			6,805
Canada			149,055			3,893			—			152,948
China			7,586			2,207			—			9,793
Denmark			7,083			40,700			—			47,783
Finland			—			2,217			—			2,217
France			30,117			82,061			—			112,178
Germany			10,508			38,835			—			49,343
Hong Kong			6,842			18,241			—			25,083
Ireland			2,858			—			—			2,858
Israel			1,619			7,715			—			9,334
Italy			—			10,839			—			10,839
Japan			16,379			463,947			—			480,326
Monaco			2,205			—			—			2,205
Netherlands			11,313			106,616			—			117,929
New Zealand			—			14,454			—			14,454
Norway			—			11,379			—			11,379
Puerto Rico			992			—			—			992
Singapore			—			36,754			—			36,754
Spain			4,734			17,315			—			22,049
Sweden			22,900			6,085			—			28,985
Switzerland			16,745			17,258			—			34,003
United Kingdom			44,235			122,158			—			166,393
United States			2,768,637			82,768			—			2,851,405
Corporate Bonds*			—			2,877,889			—			2,877,889
Exchange-Traded Funds			154,917			—			—			154,917

Annual Report  137

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 December 31, 2022
Foreign Government Obligations*			—			3,781,854				—			3,781,854
Quasi Government Bonds*			—			222,025				—			222,025
Supranational Bonds			—			925,105				—			925,105
U.S. Treasury Securities			—			311,979				—			311,979
Short-Term Investments			456,557			—				—			456,557
Other Financial Instruments†
Forward Currency Contracts			—			319,666				—			319,666
Total		$	3,715,282		$	9,570,542			$	—		$	13,285,824
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(182,369	)		$	—		$	(182,369	)
Opportunistic Strategies Portfolio
Assets:
Exchange-Traded Funds		$	49,829,409		$	—			$	—		$	49,829,409
Short-Term Investments			5,893,448			—				—			5,893,448
Total		$	55,722,857		$	—			$	—		$	55,722,857
Liabilities:
Other Financial Instruments†
Total Return Swap Agreements		$	—		$	(150,608	)		$	—		$	(150,608	)
Real Assets Portfolio Assets:
Common Stocks*
Australia		$	—		$	1,038,945			$	—		$	1,038,945
Brazil			—			512,842				—			512,842
Canada			1,919,946			—				—			1,919,946
China			—			128,270				—			128,270
France			215,720			1,222,009				—			1,437,729
Hong Kong			—			52,353				—			52,353
Italy			—			639,788				—			639,788
Japan			—			817,545				—			817,545
Luxembourg			—			20,785				—			20,785
Portugal			—			272,016				—			272,016
Singapore			—			68,458				—			68,458
South Africa			—			306,153				—			306,153
Spain			—			143,800				—			143,800
Switzerland			—			31,610				—			31,610
Taiwan			—			80,153				—			80,153
United Kingdom			—			1,470,446				—			1,470,446
United States			13,500,885			—				—			13,500,885
Exchange-Traded Funds			1,570,668			—				—			1,570,668
U.S. Treasury Securities			—			1,688,238				—			1,688,238
Short-Term Investments			7,986,638			—				—			7,986,638

138  Annual Report

Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)			Balance as of December 31, 2022
Other Financial Instruments†
Forward Currency Contracts			—				5,059				—			5,059
Futures Contracts			33,767				—				—			33,767
Total Return Swap Agreements			—				81,521				—			81,521
Total		$	25,227,624			$	8,579,991			$	—		$	33,807,615
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—			$	(2,256	)		$	—		$	(2,256	)
Futures Contracts			(423,847	)			—				—			(423,847	)
Total		$	(423,847	)		$	(2,256	)		$	—		$	(426,103	)

*	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.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds’ pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds’ Valuation and Liquidity Committee, in accordance with procedures approved by the Board, reflecting its fair market value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Sub-Committee include, but are not limited to, valuation techniques such as using theoretical ex-rights price models, applying a change in price from a market proxy to a halted security, or determining the intrinsic value of securities.

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm’s-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

Annual Report  139

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 year ended December 31, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Enhanced Opportunities Portfolio			Global Dynamic Multi-Asset Portfolio		Opportunistic Strategies Portfolio			Real Assets Portfolio
Forward currency contracts:
Average amounts purchased	$	1,900,000	*	$	4,900,000	$	—		$	2,100,000	**
Average amounts sold		5,200,000			4,200,000		—			4,400,000
Futures contracts:
Average notional value of contracts – long		—			—		—			2,400,000
Total return swap agreements:
Average notional value		14,300,000			—		1,200,000	#		9,100,000
Options:
Average value of purchased options		100,000	**		—		—			—

*	Represents average monthly notional exposure for seven months the derivative instrument was open during the period.
**	Represents average monthly notional exposure for eleven months the derivative instrument was open during the period.
#	Represents average monthly notional exposure for nine months the derivative instrument was open during the period.

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

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The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31,2022:

Enhanced Opportunities Portfolio

Assets – Derivative Financial Instruments	Equity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts		$	—	$	139	$	139
Swap agreements
Unrealized appreciation on swap agreements			1,178,486		—		1,178,486
Purchased options
Investment in securities, at fair value			79,415		—		79,415
Total		$	1,257,901	$	139	$	1,258,040
Liabilities – Derivative Financial Instruments	Equity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—	$	16,459	$	16,459
Swap agreements
Unrealized depreciation on swap agreements			1,595,871		—		1,595,871
Written options
Written options, at fair value			56,058		—		56,058
Total		$	1,651,929	$	16,459	$	1,668,388

Global Dynamic Multi-Asset Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	319,666
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	182,369

Opportunistic Strategies Portfolio

Liabilities – Derivative Financial Instruments		Total
Swap Agreements	Unrealized depreciation on swap agreements	$	150,608

Annual Report  141

Real Assets Portfolio

Assets – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized appreciation on forward currency contracts		$	—	$	5,059	$	5,059
Swap agreements
Unrealized appreciation on swap agreements			81,521		—		81,521
Future Contracts
Variation margin on open futures contracts (a)			33,767		—		33,767
Total		$	115,288	$	5,059	$	120,347
Liabilities – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—	$	2,256	$	2,256
Future Contracts
Variation margin on open futures contracts (a)			423,847		—		423,847
Total		$	423,847	$	2,256	$	426,103

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Portfolio of Investments. In the Statement 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 distributable earnings (accumulated loss).

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022 was:

Enhanced Opportunities Portfolio

Net Realized Gain (Loss) from:	Equity Contracts			Foreign Currency Exchange Contracts		Total
Forward currency contracts		$	—	$	378,598	$	378,598
Purchased options*			165,049		—		165,049
Swap agreements			927,048		—		927,048
Written options			144,564		—		144,564
Total		$	1,236,661	$	378,598	$	1,615,259

* Purchased options are included under net realized gain/loss on investments on the Statement of Operations.

142  Annual Report

Net Change in Unrealized Appreciation (Depreciation) on:	Equity Contracts				Foreign Currency Exchange Contracts		Total
Forward currency contracts		$	—		$	53,457	$	53,457
Purchased options*			40,478			—		40,478
Swap agreements			(425,082	)		—		(425,082	)
Written options			477			—		477
Total		$	(384,127	)	$	53,457	$	(330,670	)

* Purchased options are included under net change in unrealized gain/loss on investments on the Statement of Operations.

Global Dynamic Multi-Asset Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(381,148	)
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	131,530

Opportunistic Strategies Portfolio

Net Realized Gain (Loss) from:	Total
Swap Agreements	$	(483,396	)
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Swap Agreements	$	(150,608	)

Real Assets Portfolio

Net Realized Gain (Loss) from:	Commodity Contracts				Foreign Currency Exchange Contracts		Total
Forward currency contracts		$	—		$	133,511	$	133,511
Futures Contracts			968,474			—		968,474
Swap agreements			928,856			—		928,856
Total		$	1,897,330		$	133,511	$	2,030,841
Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts				Foreign Currency Exchange Contracts		Total
Forward currency contracts		$	—		$	103,302	$	103,302
Futures Contracts			(417,105	)		—		(417,105	)
Swap agreements			274,097			—		274,097
Total		$	(143,008	)	$	103,302	$	(39,706	)

Annual Report  143

As of December 31, 2022, the Enhanced Opportunities, Global Dynamic Multi-Asset 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 December 31, 2022:

Enhanced Opportunities Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	139	$	—	$	139
Total Return Swap Agreements			1,178,486		—		1,178,486
Total		$	1,178,625	$	—	$	1,178,625

				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		$	228,275	$	(228,275	)	$	—	$	—
Bank of America N.A.			644,814		(1,919	)		—		642,895
Nomura International Plc			305,397		(305,397	)		—		—
State Street Bank and Trust Co.			139		(139	)		—		—
Total		$	1,178,625	$	(535,730	)	$	—	$	642,895

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		$	16,459	$	—	$	16,459
Total Return Swap Agreements			1,595,871		—		1,595,871
Total		$	1,612,330	$	—	$	1,612,330

144  Annual Report

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments			Collateral Pledged(a)			Net Amounts of Derivative Liabilities
BNP Paribas SA		$	1,170,696	$	(228,275	)	$	(942,421	)	$	—
Bank of America N.A.			1,919		(1,919	)		—			—
Nomura International Plc			423,256		(305,397	)		(117,859	)		—
State Street Bank and Trust Co.			16,459		(139	)		—			16,320
Total		$	1,612,330	$	(535,730	)	$	(1,060,280	)	$	16,320

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

Global Dynamic Multi-Asset Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	319,666	$	—	$	319,666

				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 N.A.		$	50,819	$	(13,169	)	$	—	$	37,650
HSBC Bank USA N.A.			195,636		(88,126	)		—		107,510
JPMorgan Chase Bank N.A.			72,125		(72,125	)		—		—
Morgan Stanley & Co.			382		(382	)		—		—
State Street Bank and Trust Co.			704		(704	)		—		—
Total		$	319,666	$	(174,506	)	$	—	$	145,160

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		$	182,369	$	—	$	182,369

Annual Report  145

				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 N.A.		$	13,169	$	(13,169	)	$	—	$	—
HSBC Bank USA N.A.			88,126		(88,126	)		—		—
JPMorgan Chase Bank N.A.			77,829		(72,125	)		—		5,704
Morgan Stanley & Co.			466		(382	)		—		84
State Street Bank and Trust Co.			2,779		(704	)		—		2,075
Total		$	182,369	$	(174,506	)	$	—	$	7,863

Opportunistic Strategies Portfolio

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Total Return Swap Agreements		$	150,608	$	—	$	150,608

’			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
Goldman Sachs International		150,608	$	—	$	—		150,608

Real Assets Portfolio

Description	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	5,059	$	—	$	5,059
Total Return Swap Agreements			81,521		—		81,521
Total		$	86,580		—	$	86,580

146  Annual Report

				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
Goldman Sachs International		$	81,521	$	—		$	—	$	81,521
HSBC Bank USA N.A.			1,183		(48	)		—		1,135
JPMorgan Chase Bank N.A.			188		(188	)		—		—
State Street Bank and Trust Co.			3,688		(1,858	)		—		1,830
Total		$	86,580	$	(2,094	)	$	—	$	84,486

Description	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Forward Currency Contracts		$	2,256	$	—	$	2,256

				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
HSBC Bank USA N.A.		$	48	$	(48	)	$	—	$	—
JPMorgan Chase Bank N.A.			350		(188	)		—		162
State Street Bank and Trust Co.			1,858		(1,858	)		—		—
Total		$	2,256	$	(2,094	)	$	—	$	162

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

Annual Report  147

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. FASB issued Accounting Standards Update No. 2022-06, “Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”) to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

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.

148  Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of Lazard Enhanced Opportunities Portfolio, Lazard Global Dynamic Multi-Asset Portfolio, Lazard Opportunistic Strategies Portfolio and Lazard Real Assets Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Lazard Enhanced Opportunities Portfolio, Lazard Global Dynamic Multi-Asset Portfolio and Lazard Opportunistic Strategies Portfolio, three of the portfolios constituting The Lazard Funds, Inc. (the “Fund”), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. We have also audited the accompanying consolidated statement of assets and liabilities of Lazard Real Assets Portfolio (collectively, with the portfolios mentioned above, the “Portfolios”), one of the portfolios constituting the Fund, including the consolidated portfolio of investments, as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as “the financial statements and the financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on the Portfolios’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)

Annual Report  149

(PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolios are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolios’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
New York, New York
February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

150  Annual Report

The Lazard Funds, Inc.

Board of Directors and Officers Information (unaudited)

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Independent Directors:
Franci J. Blassberg (1953)	Director (August 2014)	Debevoise & Plimpton LLP, a law firm, Of Counsel (2013 – present) Cornell Law School, Adjunct Professor (2013 – present) The Buchmann Faculty of Law, Tel Aviv University, Visiting Professor (2019)
Kenneth S. Davidson (1945)	Director (August 1995)	Davidson Capital Management Corporation, an investment manager, President (1978 – present)
Nancy A. Eckl (1962)	Director (April 2007)	College Retirement Equities Fund (eight accounts), Trustee (2007 – present) TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), Trustee (2007 – present) TIAA Separate Account VA-1, Member of the Management Committee (2007 – present)
Trevor W. Morrison (1971)	Director (April 2014)	New York University School of Law, Dean and Eric M. and Laurie B. Roth Professor of Law (2013 – present)
Richard Reiss, Jr. (1944)	Director (May 1991)	Georgica Advisors LLC, an investment manager, Chairman (1997 – present) Osprey Technology Acquisition Corp, a special purpose acquisition company, Director (2019 – present) Resource America, Inc., a real estate asset management company, Director (2016 – 2018)

Annual Report  151

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) and Other Public Company Directorships Held During the Past Five Years(2)
Robert M. Solmson (1947)	Director (September 2004)	Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, Co-Managing Partner and Managing Director (2008 – present)
Interested Directors(3):
Nathan A. Paul (1973)	Director (October 2017), Chief Executive Officer and President (February 2017)	Investment Manager, Chief Business Officer (April 2017 – present) and Managing Director (2003 – present)
Evan L. Russo (1974)	Director (July 2022)	Investment Manager, Chief Executive Officer (June 2022 – present) Lazard Ltd, Chief Financial Officer (October 2017 – October 2022) and Managing Director (2009 – present)

(1)	The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.
(2)	Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.
(3)	Messrs. Paul and Russo are “interested persons” (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager (“Interested Directors”).

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

152  Annual Report

Name (Year of Birth) Address(1)	Position(s) with the Fund (Since) and Term(2)	Principal Occupation(s) During the Past Five Years
Officers(3):
Mark R. Anderson (1970)	Vice President and Secretary (February 2017)	Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022)
Nargis Hilal (1984)	Chief Compliance Officer (July 2020)	Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President) Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017)
Christopher Snively (1984)	Chief Financial Officer (March 2016) and Treasurer (September 2019)	Director of the Investment Manager (since January 2021, previously Senior Vice President)
Christina Kennedy (1990)	Treasurer (April 2022)	Vice President of the Investment Manager (since July 2019) Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)
Shari L. Soloway (1981)	Assistant Secretary (November 2015)	Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President)
Jessica A. Falzone (1989)	Assistant Secretary (January 2019)	Vice President and Counsel of the Investment Manager (since March 2018) Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager

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

Annual Report  153

The Lazard Funds, Inc. Tax and Other Information (unaudited)

Tax Information

Year Ended December 31, 2022

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

Portfolio	Percentage
Enhanced Opportunities	0.04	%
Global Dynamic Multi-Asset	9.01
Opportunistic Strategies	100.00
Real Assets	14.90

Of the dividends paid by the Portfolios, the corresponding percentage represents the amount of each dividend that qualifies for the dividends received deduction available to corporate shareholders.

Portfolio	Percentage
Enhanced Opportunities	0.00	%
Global Dynamic Multi-Asset	4.32
Opportunistic Strategies	69.75
Real Assets	3.81

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.

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.

Portfolio	Foreign Source Income		Foreign Tax Paid/Credit
Enhanced Opportunities	$	—	$	—
Global Dynamic Multi-Asset		438,978		10,314
Opportunistic Strategies		46,473		5,788
Real Assets		—		—

154  Annual Report

Of the dividends paid by the Portfolios, the corresponding amount represents the long-term capital gains paid to shareholders.

Portfolio	Long-Term Capital Gains
Enhanced Opportunities	$	321,553
Global Dynamic Multi-Asset		483,437
Opportunistic Strategies		1,545,575
Real Assets		47,712

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.

Annual Report  155

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

SS&C Global Investor and Distribution Solutions
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

Dechert LLP
1095 Avenue of the Americas
New York, New York 10036-6797

 

 

Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www. lazardassetmanagement.com   Performance information as of the most recent month end is available online at www. lazardassetmanagement.com. LZDPS030

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the “CEO/CFO Code of Ethics”). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.”

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant’s Board of Directors (the “Board”) has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the “SEC”). Mr. Solmson and Ms. Eckl are “independent” as defined by the SEC for purposes of audit committee financial expert determinations.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the “Reporting Periods”) for professional services rendered by the Registrant’s principal accountant (the “Auditor”) for the audit of the Registrant’s annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $1,044,637 in 2021 and $ 954,028 in 2022 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant’s investment manager (“Lazard”) and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant (“Service Affiliates”) that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $305,330 in 2021 and $368,560 in 2022.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning (“Tax Services”) were $283,701 in 2021 and $312,936 in 2022. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $400,704 in 2021 and $ 179,161 in 2022.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2021 and $0 in 2022.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant’s Audit Committee has established policies and procedures (the “Policy”) for pre-approval of the Auditor’s engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant’s Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor’s engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor’s independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(f) None.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $1,165,322 in 2021 and $1,305,761 in 2022.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor’s independence.

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 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) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

(a)(2) 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: February 28, 2023

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: February 28, 2023

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: February 28, 2023