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: 12/31/23

ITEM 1. REPORTS TO STOCKHOLDERS.

Lazard Funds

Annual Report

December 31, 2023

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 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 Cap Equity Select 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)
31	Performance Overviews (unaudited)
51	Information About Your Portfolio’s Expenses (unaudited)
59	Portfolio Holdings Presented by Asset Class/Sector (unaudited)
62	Portfolios of Investments
62	Lazard Developing Markets Equity Portfolio
66	Lazard Emerging Markets Core Equity Portfolio
71	Lazard Emerging Markets Equity Advantage Portfolio
81	Lazard Emerging Markets Equity Portfolio
85	Lazard Equity Franchise Portfolio
87	Lazard Global Equity Select Portfolio
91	Lazard Global Listed Infrastructure Portfolio
94	Lazard Global Strategic Equity Portfolio
98	Lazard International Equity Advantage Portfolio
109	Lazard International Equity Portfolio
114	Lazard International Equity Select Portfolio
118	Lazard International Quality Growth Portfolio
122	Lazard International Small Cap Equity Portfolio
127	Lazard International Strategic Equity Portfolio
131	Lazard Managed Equity Volatility Portfolio
139	Lazard US Equity Concentrated Portfolio
141	Lazard US Equity Focus Portfolio
144	Lazard US Small Cap Equity Select Portfolio
150	Lazard US Sustainable Equity Portfolio
154	Lazard US Systematic Small Cap Equity Portfolio
172	Notes to Portfolios of Investments
184	Statements of Assets and Liabilities
192	Statements of Operations
198	Statements of Changes in Net Assets
226	Financial Highlights
276	Notes to Financial Statements
325	Report of Independent Registered Public Accounting Firm
328	Board of Directors and Officers Information (unaudited)
331	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.

Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.

Distributed by Lazard Asset Management Securities LLC.

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

Dear Shareholder:

The year 2023 saw bloodshed from wars in Europe and the Middle East, ample displays of political complexities in the United States, and further advances in the development of machines that can mimic human thinking. For financial markets, however, which endured nearly 4,000 basis points of interest rate hikes since late 2021, the year was defined by one simple question posed to major central banks: What comes next?

Financial markets were a roller coaster in 2023, as investors were forced to constantly adjust their expectations on when key central banks would retreat from their restrictive monetary policy stances out of fear that these positions would tip the global economy into a severe recession. Against this backdrop, the US Federal Reserve (the “Fed”) was front and center in the minds of investors, as it waged its most aggressive rate-hiking campaign in over 40 years. After raising interest rates seven times in 2022, the world’s most influential central bank did so again four times in 2023, raising borrowing costs to their highest level in 22 years. Data suggesting that domestic inflation was cooling, and that the US economy remained remarkably resilient sparked optimism in the second half of the year that the Fed was done raising interest rates and perhaps would begin lowering them in 2024. While the Fed did, in fact, pass up opportunities to raise interest rates higher in its last three policy meetings of 2023, it also sent mixed signals about the trajectory of its rate-hiking campaign, which triggered spikes in volatility across financial markets.

The Fed was not the only central bank to make news in 2023. In Europe, both the European Central Bank (the “ECB”) and the Bank of England (the “BOE”) continued to raise interest rates at a furious pace before pausing their inflation-fighting campaigns in the latter part of the year. Meanwhile, in Asia, the Bank of Japan, which kept interest rates ultra-low during the global monetary tightening cycle, began to veer from this path in the closing months of the year amid signs that inflation was accelerating in Japan.

After suffering through a dismal 2022, financial markets rebounded in 2023, driven primarily by hopes that inflation had fallen enough for key central banks, particularly the Fed, to begin cutting interest rates in 2024. Global equity markets, as measured by the MSCI All Country World Index, surged 22.2% in 2023 while global bond

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markets, as measured by the Bloomberg Global Aggregate Bond Index, gained 5.7%. (Index returns are in US dollar terms.)

The challenging market conditions in 2023 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

In the trailing 12-month period that ended December 31, global equity markets rose sharply, as investors speculated about the path ahead for the interest rate policies of major central banks.

After enduring nearly 4,000 basis points in interest rate hikes since late 2021, the actions of major central banks were front and center once again in the minds of investors. In January, markets rallied on hopes that a severe worldwide economic recession could be avoided, and that slowing inflation would induce major central banks to slow the pace of their forceful monetary tightening cycles. That optimism faded in subsequent months, however, as the Fed continued with its most aggressive rate-hiking campaign in over 40 years and hinted that interest rates could stay elevated for a while. The fallout from this blizzard of rate hikes was evident in the first half of the year when bond losses contributed to regional bank weakness in the United States. The Fed, as expected, kept interest rates steady at a 22-year high following policy meetings in September, November, and December. However, after months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed began taking a less hawkish tone in November, as data suggested that a “soft landing” for the US economy was growing increasing likely. Investors cheered near the end of the period when the Fed hinted that its forceful rate-hiking campaign, which incorporated 11 increases since 2022, including four times in 2023, had reached its conclusion and forecast that it could reduce interest rates three times in 2024. After briefly exceeding the psychologically important threshold of 5% in late October, the yield on the benchmark 10-year US Treasury note ended the year exactly where it started, at 3.88%.

In Europe, persistent inflationary pressure in the eurozone led the ECB to maintain a hawkish posture throughout the year, raising rates to an all-time high after 10 consecutive hikes since mid-2022, including six raises in 2023. With data suggesting that significant progress had been made in its war against inflation, the ECB held interest rates steady in October and December but pledged to

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keep them at an elevated level for a sustained duration of time. Despite the ECB’s vow, investors nevertheless were betting that the eurozone central bank would reduce rates next year as the common currency bloc lurched toward an economic recession. Similarly, with price pressure in the United Kingdom easing materially, the BOE kept its interest rates steady in September, November, and December, leaving them at a 15-year high after 14 consecutive hikes since December 2021, including five times in 2023. The BOE pledged to maintain a hawkish stance for an extended period, but data suggesting that the United Kingdom was headed for a period of economic stagnation sparked speculation that the British central bank would cut rates in the first half of next year.

Despite stiff interest-rate headwinds, the value of global equity markets increased US$10 trillion in 2023, thanks largely to the strong performance of a handful of mega-cap US technology stocks. These mega-cap US technology stocks, the so-called “Magnificent Seven”—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla—surged 76% on a weighted average basis and accounted for about 42% of the gain recorded by the MSCI All Country World Index (ACWI). By way of comparison, the rest of the stocks in the MSCI All Country World Index gained roughly 12% for the year.

Against this backdrop, equity markets in both the developed and developing worlds rose in 2023, with the former outperforming the latter. In the United States, the S&P 500 Index soared and came within 0.6% of its record high at the end of year on growing expectations that the Fed would pivot to a more dovish stance. The “Magnificent Seven” group of mega cap technology stocks accounted for roughly two-thirds of the S&P 500 Index’s 2023 gain. Across the Atlantic, the pan-European STOXX Europe 600 Index recorded its best annual performance since 2019 on hopes that the ECB would begin reducing rates in 2024 amid signs of significant progress in its inflation-fighting campaign. In Japan, the Tokyo Stock Price Index (“TOPIX”) surged, thanks largely to a weak yen and efforts to improve corporate governance and profitability. Meanwhile, in emerging Asia, the Hong Kong-based Hang Seng Index, which is comprised mostly of companies from

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mainland China and serves as a gateway for foreign investors wanting to put money there, tumbled in 2023 and was one of the world’s worst-performing stock markets due to worries about China’s mounting economic woes and the lack of a forceful response from Chinese policymakers.

Information technology was the best-performing sector in 2023, as a market frenzy about artificial intelligence led investors to bid up shares of technology companies linked to field of study. Utilities was the worst-performing sector, as elevated bond yields hurt high-dividend-paying “bond proxy” stocks.

Emerging Markets Equities

Despite ongoing concerns about a global economic recession and heightened geopolitical tensions, equity markets in the developing world finished the year appreciably higher in 2023, with the MSCI Emerging Markets Index climbing 9.8%. Equity markets in the largest region of the developing world, emerging Asia, rose 7.8% but nevertheless lagged the broader market index. Meanwhile, stock markets in Latin America and Eastern Europe recorded string gains of 32.7% and 47.2%, respectively. Stock markets rallied especially towards year end, as investors began to expect a “soft landing” for the global economy.

Stock markets in the region encompassing emerging Europe, the Middle East, and Africa (EMEA) advanced but lagged the broader market index in the year. Equity markets in emerging Europe registered especially strong gains in 2023. Greece’s stock market recovered sharply, as the country’s economy rebounded after Kyriakos Mitsotakis was elected for a second term as Greece’s prime minister in June 2023. Hungarian stocks were helped by strong performance in certain stocks with a regional footprint. Poland’s stock market advanced on optimism that funds from the European Union will be allocated to the country after a centrist coalition led by the opposition Civic Platform party prevailed in Poland’s parliamentary election. Egyptian shares performed well but the currency was not freely convertible. Turkey’s stock market slid despite a pivot to a more orthodox monetary policy by the country’s central bank and increased investor interest.

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South Africa’s equity market lagged due to stagnant economic growth and structural problems, such as with Eskom, the main electric utility provider in the country.

Equity markets in Latin America all rose in the 12-month period and Latin America was the best-performing region in 2023, thanks to a recovery in initial investor pessimism stemming from the elections of leftward-leaning presidents in most countries. Equity markets in Mexico, Peru, and Brazil posted the largest advances, all aided by signs of lower political tensions and reasonably strong economic activity.

The performance of strong markets in emerging Asia varied widely. China’s equity market tumbled, falling 11.2%, as property industry weakness, ongoing government regulation in internet platform companies, and concerns about geopolitical risks hampered the country’s post-pandemic economic recovery. Thai equities finished more than 15.5% lower than the previous year, hurt by slow growth and poor tourism revenue. Most stock markets in Southeast Asia lagged regionally, while the markets in North Asia performed well. Equity markets in Taiwan and South Korea posted strong gains, boosted by semiconductor prices. India’s stock market continued to benefit from the country’s strong economic growth despite somewhat richer valuations.

Information technology and energy were the best-performing sectors in 2023. Conversely, real estate, consumer discretionary, and healthcare were the worst-performing sectors.

International Equities

In the trailing 12-month period that ended December 31, international equity markets rose sharply, as investors hoped that inflation had fallen enough for major central banks to finally end their restrictive monetary policies and perhaps even begin cutting interest rates next year.

All eyes were on the Fed during the year as the US central bank waged its most aggressive inflation-fighting campaign in 40 years, raising US interest rates from virtually zero to its highest level in

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22 years. After lifting interest rates 11 times since March 2022, including four times in 2023, the US central bank pledged to keep rates “higher for longer” in order to ease persistent inflationary pressure. However, encouraging inflation data and less hawkish comments from the Fed, including hints that its rate-hiking campaign was finished and a forecast that pointed to three rate cuts in 2024, were cheered by investors.

A similar situation was playing out in Europe, where the ECB and the BOE continued raising interest rates at a furious pace, lifting them six times and five times in 2023, respectively. With data suggesting that inflation in the eurozone and the UK had fallen significantly, both central banks declined to raise interest rates any higher in the latter part of the year but pledged to adopt the “higher for longer” position as their official interest rate policy stance. However, with both the eurozone and the UK expected to enter into periods of economic stagnation in the near term, investors bet that both the ECB and the BOE will begin cutting rates in 2024.

Investor optimism was dampened by developments in China, where investors feared that China’s mounting economic woes could ripple across the broader global economy. With China’s economy—the world’s second largest—continuing to struggle under the weight of a real estate crisis and the growing risk of deflation, foreign investors were dumping Chinese stocks out of concern about the lack of a forceful response from Chinese policymakers.

US Equities

In the trailing 12-month period that ended December 31, the US equity market rallied, as investors speculated about the path ahead for the Fed’s interest rate policy after the US central bank raised interest rates from near-zero early last year to its highest level since 2001.

In January, markets rallied on hopes that an economic recession could be avoided globally, and that slowing inflation would induce major central banks to ease up on their monetary tightening

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cycles. In March, news that several US banks had been seized by the government stoked fears of potential contagion, but actions by the Fed and the Federal Deposit Insurance Corporation helped alleviate market concerns. After months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed began taking a less hawkish tone in November as data suggested that a “soft landing” for the US economy was growing increasing likely. Investors cheered near the end of the year when the Fed hinted that its forceful rate-hiking campaign had reached its conclusion and forecast that it could reduce interest rates in 2024. The economy continued to show resilience, culminating with a third-quarter GDP growth reading coming in higher than initially anticipated at 5.2% and the US continuing to add more jobs at a strong pace. The S&P 500 Index’s seven largest constituents—the so-called “Magnificent Seven” (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla)—collectively surged 76% on a weighted average basis in 2023 and accounted for roughly two-thirds of the S&P 500 Index’s gain for the year. The S&P 500 Index ended 2023 just 0.6% shy of its record high set in January 2022.

The US small cap market, as measured by the Russell 2000 index, began the year with a strong start in January. However, fear of continuing inflation and elevated interest rates led to continued pressure and volatility in small caps. Over the last two months of the year, with inflation seemingly under control, and a soft landing appearing to be in sight, small caps returned 22.4% leading them into positive territory and ending at 16.9% for the year.

Portfolio Performance

Lazard Developing Markets Equity Portfolio

For the year ended December 31, 2023, the Lazard Developing Markets Equity Portfolio’s Institutional Shares posted a total return of 9.64%, while Open Shares posted a total return of 9.34%, as compared with a 9.83% return for the MSCI Emerging Markets Index.

Stock selection within the communication services, consumer discretionary and consumer staples sectors, as well as in Hungary,

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China, and India, detracted value. Lower-than-index exposure to India and Korea and higher-than-index exposure within the consumer discretionary sector hurt performance.

Shares in China Tourism Group, a Chinese duty-free operator, suffered from weak consumption trends in China. JD.com, a leading e-commerce platform operator in China, underperformed on continued weak China sentiment. Zhongsheng, a Chinese auto after-sales and dealership company, moved lower on concerns around new car margins. Shares in Liangxin Electrical, a top-tier Chinese low-voltage electrical device manufacturer, declined as housing and construction remained depressed post China’s Covid-19 reopening. Wuliangye, a Chinese premium baijiu (liquor) player, was lower on weaker domestic consumption.

Stock selection within the financials and information technology sectors, as well as in South Africa, Korea, the Philippines, and Taiwan, helped performance. Lower than index exposure within the communication services, consumer staples, healthcare, real estate, materials, and utilities sectors, as well as to Malaysia and Thailand, and higher-than-index exposure within the information technology sector, as well as to Mexico, Hungary and Taiwan, added value.

Samsung Electronics, a Korean information technology company, did well on the back of improved smartphone sell-through and growing demand for memory. Hynix, a Korean memory manufacturer, moved higher on optimism about demand for the company’s high-bandwidth memory. Shares in Taiwan Semiconductor, a Taiwanese semiconductor foundry, gained on the back of improving smartphone demand, one of its largest markets for semiconductors while MediaTek, a Taiwanese fabless semiconductor company, gained on the back of improving smartphone demand trends. In the financials sector, GF Banorte, a private bank in Mexico, outperformed on resilient loan growth.

Lazard Emerging Markets Core Equity Portfolio

For the year ended December 31, 2023, the Lazard Emerging Markets Core Equity Portfolio’s Institutional Shares posted a total return of 12.29%, while Open Shares posted a total return of 12.05% and

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R6 Shares posted a total return of 12.32%, as compared with the 9.83% return for the MSCI Emerging Markets Index.

Stock selection in the information technology and industrials sectors, as well as in Korea and Brazil, was positive. Below-index exposure to China, paired with above-index exposure to Mexico, added value.

Shares of TSMC, a Taiwanese semiconductor manufacturer, gained on expectations for a recovery in sales as excess inventories of smartphones and semiconductors have declined. Shares of Korea-based Samsung Electronics and SK Hynix appreciated as part of the broader gains made by chipmakers on expectations of a demand recovery.

Stock selection in the consumer discretionary and energy sectors as well as in India and China was negative. Below-index exposure to Korea detracted from relative performance.

Shares of JD.com faltered on worries about margin pressure stemming from the China-based e-commerce platform operator’s focus on top line growth. Li Ning, the Chinese sportswear and sports equipment company, declined after missing on revenue and revising guidance down. Shares of UK miner Anglo American declined as the price of metals fell.

Lazard Emerging Markets Equity Advantage Portfolio

For the year ended December 31, 2023, the Lazard Emerging Markets Equity Advantage Portfolio’s Institutional Shares posted a total return of 12.64%, while Open Shares posted a total return of 12.36%, as compared with the 9.83% return for the MSCI Emerging Markets Index.

Favorable stock selection and sector positioning benefited performance while operating cash detracted. Section allocation was aided by the overweight to information technology and underweight to materials. An overweight in communication services and an underweight to energy detracted modestly. Stock selection was strongest in information technology and energy and underperformed in financials and materials. Stock selection was favorable in China and Taiwan. Holdings in Korea and Poland detracted.

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Stocks that contributed to the year’s excess return included Hindustan Aeronautics, which continued to diversify their business from defense into commercial aircraft and formed a partnership with Airbus. The company has significant back order of major projects which provides favorable visibility towards earnings increases through 2025. The stock was upgraded by several industry analysts. Kia continued to report strong operational results with revenue and operating profits at record levels. A depressed macroeconomic sentiment weighed on the stock despite offering a 7% dividend yield and a forward-earnings multiple less than 4. The Portfolio management team added to the Portfolio position taking advantage of the rally in the fourth quarter. The Portfolio’s overweight to PetroChina benefitted the Portfolio in the first half of the year as the stock rallied sharply beating elevated expectations despite a decline in oil prices. Lower cost structure and better results from its refining and chemical operations helped to boost the stock. The Portfolio’s position was trimmed on valuation concerns.

Detractors in the Portfolio included Infosys, which lagged in the strong India market. The information technology (IT) services company has faced headwinds from higher labor costs and slowing corporate IT spending. The Portfolio went from an overweight to underweight position in the second half of the year given the poor sentiment and macro environment. Quanta Computer, an underweight in the Portfolio for the year, soared over 220% in the year in the artificial intelligence (AI)-driven speculation. The stock continues to rank poorly on all of our measures.

Lazard Emerging Markets Equity Portfolio

For the year ended December 31, 2023, the Lazard Emerging Markets Equity Portfolio’s Institutional Shares posted a total return of 22.39%, while Open Shares posted a total return of 22.03% and R6 Shares posted a total return of 22.37%, as compared with the 9.83% return for the MSCI Emerging Markets Index.

Security selection in the information technology, consumer discretionary, financials, and industrial sectors contributed to relative performance. An overweight in the energy sector and an

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underweight in the consumer discretionary sector boosted relative performance. From a country perspective, security selection in Taiwan, China, Brazil, and South Africa contributed, as did an overweight to Brazil and Hungary and an underweight to China. A re-rating of technology hardware and infrastructure stocks due to market enthusiasm over the potential for artificial intelligence (AI)-related demand benefited Quanta Computer, a Taiwanese manufacturer of notebook computers and cloud computing/network system solutions. Shares of Petrobras rallied, as concerns regarding the Brazilian energy company’s corporate governance and pricing policies were alleviated. SK Hynix rose on optimism that the South Korea-based chipmaker will benefit from the expected recovery in demand for memory chips. Shares also received a boost from hopes that the proliferation of servers linked to artificial intelligence could expedite the transition to next-generation memory chips, thus helping to clear inventories.

Security selection in the consumer staples and real estate sectors was a detractor to relative performance. An underweight in India also detracted from returns. Weakening macro data and housing sales dynamics in China led to a sell-off in shares of China Vanke, a residential real estate developer. Chinese lender China Merchant Bank saw its stock price fall on concerns about China’s uncertain economic outlook and its debt-laden real estate sector, to which China’s banking system is exposed.

Lazard Equity Franchise Portfolio

For the year ended December 31, 2023, the Lazard Equity Franchise Portfolio’s Institutional Shares posted a total return of 18.70%, while Open Shares posted a total return of 18.42%, as compared with the 23.79% return for the MSCI World^® Index.

CVS Health owns a retail pharmacy network, a pharmacy benefit manager (PBM), and a health care benefits provider (providing health insurance and managing health care). In 2023, the PBM business faced several challenges, including the loss of Centene as a customer, competition from a consortium that includes Amazon, and political proposals aimed at regulating and reducing drug costs in the US. Additionally, CVS made two significant

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acquisitions, Signify Health for US$8 billion and Oak Street Health for US$10.6 billion, which were met with skepticism from the market despite their strategic rationale. Pediatrix Medical Group, a specialist physician group, detracted during the year after it reported its third quarter results in early November. The results fell below expectations, and the company also lowered its full-year 2023 EBITDA guidance due to growth in clinician compensation expenses outpacing customer prices. The position in the stock was sold. Tapestry shares fell after the luxury retailer announced the acquisition of Capri Holdings, the parent company of Michael Kors, Versace, and Jimmy Choo brands. The deal came as a surprise, given the retailer’s momentum with its current strategy. The Portfolio management team believed that there could be challenges in terms of debt burden and integration. There are also considerable execution risks to this acquisition, given that consumers in developed markets and China are facing significant pressure. The position in the stock was sold. In the first quarter of 2023, the Portfolio’s the Portfolio’s position in Stericycle was sold following disappointing fourth quarter 2022 results and concerns about poor levels of financial productivity in the aftermath of the company’s acquisition of Shred-It . Additionally, the company’s margins were down, despite the management’s promise to stabilize margins.

Conversely, shares of H&R Block, the world’s largest tax agent, continued its strong performance in 2023. Performance continued in the latter part of the year, with the company reporting better-than-expected full-year results in August 2023. The efforts of the new management team at IT outsourcer Cognizant were rewarded with a significant increase in share price during the year. A re-incentivized sales team with a greater emphasis on variable remuneration resulted in record bookings, with flow-on benefits for employee retention. This was achieved despite macro-headwinds lowering industry discretionary spend. During the period, the shares of Dentsply Sirona, the world’s largest manufacturer of professional dental products and technologies, rose. At its November 2023 investor day, the company outlined a path to achieve US$3 in EPS by 2026, up from an estimated US$1.80-US$1.85 in 2023. Throughout most of 2023, Ferrovial,

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a global toll road and airport operator, delivered strong performance. The company reported better-than-expected full-year 2022 proportional EBITDA, primarily driven by the impressive performance of US Managed Lanes, which exceeded expectations with significant year-over-year EBITDA growth.

Lazard Global Equity Select Portfolio

For the year ended December 31, 2023, the Lazard Global Equity Select Portfolio’s Institutional Shares posted a total return of 17.05%, while Open Shares posted a total return of 16.73%, as compared with the 22.20% return for the MSCI ACWI.

The Portfolio was hurt by an overweight position in consumer staples and underperformance in Estée Lauder and Dollar General. Estée Lauder, a prestige beauty company, fell after its management issued lower-than-expected earnings guidance, citing weaker Chinese travel retail. Travel restrictions in China have proven to be a headwind to Estee’s travel retail segment which comprises duty-free retail locations primarily in airports and downtown stores. Excluding Chinese travel retail, sales growth and share gains in most markets have been encouraging. The Portfolio had owned discount retailer Dollar General since April 2019, as the Portfolio management team believed it was a high-quality business. The company had a strong history of sales growth and an attractive return profile. More recently, the business came under pressure that the Portfolio management team believes will endure, and there is a lack of confidence that the company would be able to sustain its high returns. The company’s same-store sales performance has been weaker than expected, and it has lost market share to reinvigorated peers. As a result, the stock was sold during the second quarter. In addition, the seven largest companies in the MSCI ACWI, the so-called “Magnificent Seven”, accounted for 42% of the index’s return year-to-date and ended the fourth quarter at a combined weight of 16.9%. This is a remarkable considering the index is composed of roughly 2,500 companies. The Portfolio management continues to believe the fundamentals of the Portfolio holdings Microsoft, Alphabet, and Amazon are attractive, but the Portfolio is not exposed to Apple, Tesla, Nvidia, and Meta. Not owning these four stocks, whose performance has primarily been driven by multiple expansion, cost the Portfolio more 360 bps in 2023.

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A lack of exposure to the energy sector contributed to performance, as oil prices continued to fall due to an increase in supply. The Portfolio does not invest in commodity-related businesses due to their low levels of financial productivity and lack of a sustainable competitive advantage. The lack of exposure to the utilities sector also contributed to performance. TopBuild, an insulation and building materials installer for the US construction industry, rose after the company reported better-than-expected earnings despite headwinds from residential real estate demand. The company’s management also raised guidance, taking a cautiously optimistic view on 2024 demand.

Lazard Global Listed Infrastructure Portfolio

For the year ended December 31, 2023, the Lazard Global Listed Infrastructure Portfolio’s Institutional Shares posted a total return of 10.89%, while Open Shares posted a total return of 10.60%, as compared with the 4.32% return for the MSCI World Core Infrastructure^® (USD) Index and the 23.79% return for the MSCI World^® Index.

Global toll road and airport operator Ferrovial’s success can be attributed to its managed lane toll roads in the US, which exceeded our forecast for the entire year’s EBITDA within the first six months, due to higher tolls and stronger traffic than expected. French concession and construction company Vinci performed strongly as the company’s planned tariff increase in its French motorway business was implemented, and Vinci delivered record levels of cash generation and robust traffic data. The UK diversified utility National Grid performed well, as inflation remained at double digits despite abating energy prices. The UK continues to have the highest inflation among G7 economies, and the company is a direct beneficiary of this, as its regulated asset base is directly indexed to inflation.

Exelon, a US utility, fell after the company filed for a multi-year settlement in Illinois for its Commonwealth Edison (ComEd) utility and as the long-awaited regulatory decision for ComEd did not meet expectations. Satellite operator Eutelsat detracted from performance following the release of disappointing results over the period; total revenues fell 2.4% but were above consensus for the 2023-24 fiscal year first quarter.

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Lazard Global Strategic Equity Portfolio

For the year ended December 31, 2023, the Lazard Global Strategic Equity Portfolio’s Institutional Shares posted a total return of 15.76%, while Open Shares posted a total return of 15.42%, as compared with the 22.20% return for the MSCI ACWI.

Stock selection in the financials, information technology, and communication services sectors detracted from relative performance. Shares of Estée Lauder pulled back sharply after the company reported disappointing sales in its travel retail division. Dollar General underperformed following a disappointing earnings update. The rollback of some fiscal support measures for low-income groups in the US and general pressure on disposable incomes caused a weakness in sales. Management lowered the outlook for margins. The Portfolio had reduced its position ahead of the results announcement and sold the remaining shares as the company adjusts to a tougher trading environment. AIA Group has been under pressure in a weak environment for Chinese stocks. While the reopening of the borders to China drove some optimism early in the year, it became clear that the overall economic recovery was more muted than expected. The Portfolio’s lack of exposure to some of the large US technology companies (e.g., Nvidia, Apple, Amazon, and Meta) was the biggest headwind to relative performance for the year. The large cap effect noted above has been particularly pronounced in the US, where the market cap-weighted S&P500 Index significantly outperformed the equal-weighted index in the first nine months of the year.

Conversely, stock selection in the healthcare and utilities sectors contributed to relative performance. Novo Nordisk shares delivered strong gains on the back of data released from its SELECT trial. The data showed a greater than expected reduction in cardiovascular events in a patient population taking Novo’s GLP-1 drug. The results strengthen the case for prescribing, and reimbursing Novo’s drug portfolio and expand into the treatment of obesity. Microsoft’s shares outperformed after reporting good results in Azure, its cloud business. Growth rates for the industry have been under some pressure from increased customer scrutiny and efforts to optimize cloud budgets. The results alleviated these

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fears, while management also noted continued progress to integrate AI features into the cloud offering. Shares of Applied Materials performed well after Nvidia reported strong demand for the company’s leading-edge chips. The company reported good results over the course of the year, resulting in positive revisions to the outlook.

Lazard International Equity Advantage Portfolio

For the year ended December 31, 2023, the Lazard International Equity Advantage Portfolio’s Institutional Shares posted a total return of 19.82%, while Open Shares posted a total return of 19.52%, as compared with the 15.62% return for the MSCI ACWI ex-US Index.

In a strong year for non-US stocks, stock selection accounted for the excess return, while sector positioning and operating cash detracted. The Portfolio benefitted from an overweight in information technology and an underweight in consumer staples. This was offset by the overweight in consumer discretionary and the underweight in materials. Stock selection was strongest in the consumer staples and health care sectors. Holdings in the information technology and communication services sectors underperformed. Selection in developed markets (Italy and Japan) was effective; selection in emerging markets (China and Turkey) detracted.

Stocks that benefitted the Portfolio included Novo Nordisk, a leading supplier of insulin and weight loss drugs (Wegovy). The company appears to be constrained only by manufacturing capacity, as demand appears robust, and its top-line growth and margins improved consistently throughout the year. Shin-Etsu Chemical supplies specialty industrial chemicals to a wide set of customers ranging from semiconductors to PVC pipes and is the largest supplier of raw silicon wafers. With growth in cash flow and recovery in the chip market, the stock rallied sharply during the year. UniCredit, the Italian bank, was one of the most undervalued stocks in the sector. The bank reported improvements in net interest margin and a lower cost structure, causing the stock to nearly double in price for the year.

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Detractors included Roche, which struggled in a difficult environment for large-cap pharmaceutical companies despite reporting earnings that were above expectations. The lack of a meaningful growth catalyst has weighed on the business segment, and investors have turned elsewhere to find it. Delta Electronics has significant exposure to the data center and electric vehicle markets. A decline in corporate IT spending in 2023 and disappointing electric vehicle sales led to a selloff in the stock.

The Portfolio benefitted primarily from its exposure to value during the year, as the factor was rewarded for most of the year. Sentiment measures also worked well, except in the fourth quarter, due to the change in interest rate outlook. Quality measures did well in emerging markets but lagged in developed markets. Growth measures were flat over the course of the year.

Lazard International Equity Portfolio

For the year ended December 31, 2023, the Lazard International Equity Portfolio’s Institutional Shares posted a total return of 16.43%, while Open Shares posted a total return of 16.11%, and R6 Shares posted a total return of 16.50%, as compared with the 18.24% return for the MSCI EAFE Index.

Stock markets in China and Hong Kong were among the worst performing in the world in 2023 due to growing concerns about China’s mounting economic woes and how Chinese policymakers intend to address them. As a result, the Portfolio’s China-based and Hong Kong-based holdings fell as part of a broader decline in Chinese stocks. Shares of Alibaba came under additional pressure due to news that the e-commerce giant was reassessing its plans to pursue separate listings for several divisions, which called into question its proposed plans to restructure the group. Many investors had hoped a simplification of the businesses would unlock value in the conglomerate structure and drive more accountability for individual divisions to generate higher financial returns. The fall in the stock price of Li-Ning, the Chinese sports apparel and equipment company, was attributed to a slower-than-expected recovery in Chinese consumer spending. Meanwhile, in the developed world, shares of Anglo American receded after the

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UK-based miner announced a major cut in production guidance in December to maintain profitability.

Shares of Disco Corporation traded higher after the Japanese manufacturer that provides dicers for cutting semiconductor chips from wafers, and grinders and polishers that shave silicon wafers to the correct thickness, reported second-quarter results that exceeded consensus estimates and issued better-than-expected guidance for the third quarter, thanks to growing demand for generative artificial intelligence. Several stocks in the industrials sector were among the top contributors. Shares of Ryanair advanced after Europe’s leading discount air carrier, based in Ireland, reported strong third-quarter results and noted solid demand for air travel, with a positive outlook for pricing. Cash flow generation was strong, which underpins further buybacks and dividends. Shares of RELX rose after the UK-based professional publisher that owns quality information assets and focuses on the development of sophisticated information-based analytics and decision analytics tools that are of high value to customers reported an encouraging nine-month trading update, highlighted by better-than-expected revenue growth. The company’s shares received an additional boost from the successful launch of its AI product in the United States.

Lazard International Equity Select Portfolio

For the year ended December 31, 2023, the Lazard International Equity Select Portfolio’s Institutional Shares posted a total return of 12.06%, while Open Shares posted a total return of 11.83%, as compared with the 15.62% return for the MSCI ACWI ex-US.

The largest contributor to underperformance was the collective impact of the Portfolio’s investments in China and Hong Kong. These stocks cost the Portfolio roughly 330 bps for the full year. Thus far, China has proven to be a value trap, as valuations that the Portfolio management team thought were already attractive earlier in the year have fallen further to 20-year low discounts compared to both emerging and developed markets. The underperformance of China over the past few years is, by far, the largest the Portfolio management team has seen in more than 20 years. The Chinese

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economy continues to grow, albeit at lower rates than investors previously thought, and government policy has been incrementally supportive of the property market and consumers. Alibaba is the largest Chinese e-commerce company. Shares fell amidst a weak Chinese equity market, detracting from relative returns. Additionally, news that the company was reassessing its plans to pursue separate listings for several divisions cast a shadow over the proposed plans to restructure the group. Many investors had hoped a simplification of the businesses would unlock value in the conglomerate structure and drive more accountability for individual divisions to generate higher financial returns.

Many semiconductor names performed well during the year. Shares of Disco Corporation, the Japanese manufacturer of dicers for cutting semiconductor chips from wafers, and grinders and polishers that shave silicon wafers to the correct thickness, rose after the company reported second-quarter results. Third quarter guidance was better than expected, citing higher generative AI demand. In the industrials sector, shares of Ireland-based discount air carrier Ryanair performed well. Shares rose after the company reported strong results in November. The company noted continued strong demand for air travel, with a positive outlook for pricing. Cash flow generation was strong, which underpins further buybacks and dividends. Also in the sector, shares of RELX contributed positively to relative returns. RELX, based out of the UK, is a professional publisher that owns quality information assets and focuses on the development of sophisticated information-based analytics and decision analytics tools that are of high value to customers. Shares rose after the company reported its nine-month trading update; underlying revenue growth came in slightly ahead of consensus estimates at 8%. Following this update, later in October, RELX officially launched its AI product in the United States. The release cited unprecedented pre-sales. The Portfolio management team has already seen growth accelerate in the legal segment, driven by the shift towards analytics.

Lazard International Quality Growth Portfolio

For the year ended December 31, 2023, the Lazard International Quality Growth Portfolio’s Institutional Shares posted a total return

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of 17.83%, while Open Shares posted a total return of 17.57%, as compared with the 15.62% return for the MSCI ACW ex-US Index.

Shares of Japanese animation company, Toei Animation, rose after the company reported results in late October. The management upgraded revenue and net income guidance by 14% and 12.5%, respectively, with the lower profit accounting for an accelerated advertising spend. Elsewhere, shares of UK-based professional publisher RELX rose after the company reported its nine-month trading update; underlying revenue growth came in slightly ahead of consensus estimates at 8%. Following the update, later in October, RELX officially launched its AI product in the United States. The release cited unprecedented pre-sales. Shares of Partners Group, a leading private equity firm headquartered in Switzerland, also rose in the fourth quarter after it reported consensus-beating first-half results in September, which included better AUM growth.

In contrast, shares of global insurance broker and consultant Aon underperformed after announcing plans in December to acquire NFP, a US-centric risk and benefits broker, for $14.3 billion. As a broker and an asset-light company in a fairly consolidated industry, Aon generates strong returns on capital, which the Portfolio management team believes will be sustained due to strong pricing power (particularly in its insurance brokerage business) and cash flow generation and may benefit from margin expansion opportunities in the longer term as it digests this acquisition. Elsewhere, shares of Danish biotech company Genmab underperformed after Johnson & Johnson, its main commercial partner, reported sales of Darzalex, its biggest drug, were slightly below consensus expectations. Shares of UK-based consumer goods company Unilever also declined after reporting a mixed quarter. Stronger-than-expected performance due to volume growth in its home and personal care business was offset by a weaker ice cream business, which was impacted by SKU reductions and unfavorable weather.

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Lazard International Small Cap Equity Portfolio

For the year ended December 31, 2023, the Lazard International Small Cap Equity Portfolio’s Institutional Shares posted a total return of 11.55%, while Open Shares posted a total return of 11.24%, as compared with the 13.16% return for the MSCI EAFE Small Cap^® Index.

In the financials sector, shares of CAB Payments, a UK-listed B2B payments and foreign exchange services provider, detracted from relative performance, as the stock underperformed after the company issued a profit warning in October. Management noted ongoing challenges because of unexpected regulatory changes in two key foreign exchange corridors (Central African Franc and West African Franc). The Portfolio sold the position in the fourth quarter. In the pharmaceuticals sector, shares of Shin Nippon Biomedical, a Japan-listed contract research organization, also detracted, underperforming amid uncertainty stemming from its acquisition of Satsuma and the pending FDA approval of that company’s nasal migraine treatment.

In the consumer discretionary sector, shares of Jumbo, a Greece-listed retailer of baby, seasonal, decorative, and other items, contributed to relative performance, rising amid broad strength in sales growth, profitability, and capital returns to shareholders (e.g., special dividends) during the period. In the information technology sector, shares of ASM International, a Dutch-listed maker of semiconductor manufacturing equipment, also contributed, as the stock rose in response to heightened investor expectations for demand amid the proliferation of artificial intelligence.

Lazard International Strategic Equity Portfolio

For the year ended December 31, 2023, the Lazard International Strategic Equity Portfolio’s Institutional Shares posted a total return of 17.06%, while Open Shares posted a total return of 16.66%, and R6 Shares posted a total return of 17.04%, as compared with the 18.24% return for the MSCI EAFE Index.

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Stock selection in the financials, consumer discretionary, and real estate sectors detracted from relative performance. Aon shares came under pressure towards the end of the year. Company management announced a deal to acquire NFP, which would bolster the company’s presence in the middle market. The size of the transaction ($13.4bn) and expected timeline to get approval weighed on investor sentiment. In the health care sector, shares of pharmaceutical company Merck KGaA came under pressure over the course of 2023, as biopharma customers continued to destock inventories. Declining demand from COVID-related activities, and improved lead-times in supply chains, prompted efforts to reduce inventory levels across the industry. Meanwhile, a muted funding environment, and more focus on cost among large pharmaceutical companies, weighed on growth in the sector. Shares of another pharmaceuticals company, Genmab also retrenched over the course of 2023 on reports that sales of one of their key drug, Darzalex, was slightly weaker than expected. This added to the uncertainty heading into a key pipeline update, which would effectively extend this important drug franchise.

Stock selection in the information technology, consumer staples and health care sectors contributed to relative performance. Shares of Advantest, the Japanese semiconductor testing company, reacted very favorably to a report from Nvidia highlighting strong demand for leading edge chips among their hyperscale customers. Advantest is the leading provider of test equipment to high performance computing companies, like Nvidia, and Advantest has started to articulate the favorable impact on their financials as this part of the business continues to grow. Ryanair reported strong results over the course of the year. The Ireland-based discount air carrier noted continued strong demand for air travel with a positive outlook for pricing. Cash flow generation was very strong, which underpins potential further buybacks and dividends to shareholders. RELX reported results over the course of the year showing continued good momentum in the business – particularly the exhibitions business, which is now running ahead of pre-COVID levels. Management also noted good progress with customers trialing the recently launched AI product in their legal practice.

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Lazard Managed Equity Volatility Portfolio

For the year ended December 31, 2023, the Lazard Managed Equity Volatility Portfolio’s Institutional Shares posted a total return of 7.65%, while Open Shares posted a total return of 7.39%, as compared with the 23.79% return for the MSCI World^® Index.

Stock selection was led by utilities and energy, while the underweight to energy and financials contributed most to performance. Regionally, stock selection was strongest in Denmark and Singapore, and weakest in the US and Canada. Stocks that provided the largest contribution to excess returns included: Eli Lilly, as the stock rallied over the period. The company’s innovative culture and strong financial commitment to developing cutting-edge drugs distinguish it from competitors and drive its long-term growth. The growth potential has increased as the company launches multiple new blockbuster products, and the impact of patent losses diminishes. Novo Nordisk maintained its robust performance, raising its full-year 2023 guidance due to heightened demand for weight-loss drugs Wegovy and Ozempic (off-label). The company’s innovation in the cardiometabolic field and strategic capital allocation contributed significantly to its success. Osaka Gas had a sharp rebound in October following the company’s earnings call. Additionally, the company announced plans to initiate a buyback of up to 15 million shares, amounting to a maximum of JPY20bn.

In contrast, Bristol-Myers Squibb Company’s stock has been adversely affected by Bayer’s decision to halt the Phase 3 trial for its Factor XI (FXI) drug, as BMS’s competing medication, Milvexian, is also undergoing Phase 3 trials. Consequently, the company faces a reduced probability of achieving its projected peak unadjusted sales figures. Hershey’s stock price has dropped approximately 17% since January and about 30% from its peak in early May. The market remains unfavorable even with decent third-quarter results. This decline can be attributed to various concerns, such as potential volume reduction due to the increased use of weight-loss drugs and the possibility of budget-conscious consumers opting for more essential, daily items instead of confectionery products. General Mills’ shares declined significantly over the period. The pet

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segment struggled in recent quarters, with flat sales making it the only segment that did not grow. Widespread organic sales and volume declines across segments, coupled with a significantly reduced sales outlook for the full year 2024, overshadowed any positive sentiment stemming from improved margins and EPS performance.

Lazard US Equity Concentrated Portfolio

For the year ended December 31, 2023, the Lazard US Equity Concentrated Portfolio’s Institutional Shares posted a total return of 16.30%, while Open Shares posted a total return of 16.02% and R6 Shares posted a total return of 16.73%, as compared with the 26.29% return for the S&P 500 Index.

Detractors from relative performance included dental equipment maker Envista. Shares fell after management significantly reduced expectations for 2023 and 2024. Given the widened range of uncertainty for the company, the Portfolio management team sold the position. Shares of cell tower operator Crown Castle fell along with its peers amid a selloff in high-yielding bond proxies and concerns around the durability of the 5G investment cycle. Shares of specialty auto parts retailer LKQ declined after the company announced plans to acquire paint maker Uni-Select in February 2023, as LKQ would assume additional leverage in order to complete the deal. Shares also declined late in the year after the company reported disappointing fourth-quarter results and lowered guidance due to transitory issues in its European business.

Contributors to relative performance included Google parent, Alphabet, as the company’s management announced workforce restructuring and other efficiency initiatives early in the year, which investors viewed as a sign of cost discipline in a volatile macroeconomic environment. The market was also optimistic after the company showcased its artificial intelligence capabilities across its product suite at its annual developer conference. Data solutions provider Verisk reported generally solid earnings, driven by strong organic revenue growth.

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Lazard US Equity Focus Portfolio

For the year ended December 31, 2023, the Lazard US Equity Focus Portfolio’s Institutional Shares posted a total return of 19.77%, while Open Shares posted a total return of 19.53% and R6 Shares posted a total return of 19.77%, as compared with the 26.29% return for the S&P 500 Index.

Stock selection and an underweight in the energy sector contributed to performance. Shares of exploration and production company ConocoPhillips outperformed peers as the company reported generally solid quarterly results, driven by strong free cash flow generation. Lack of exposure to the utilities sector also contributed, as the sector was the worst performer in the index during the period.

Stock selection and an underweight position in information technology detracted. A lack of exposure to large, high-growth names that rallied in response to investor exuberance around artificial intelligence detracted from returns. Stock selection in the industrials sector also detracted. Railroad operator Norfolk Southern announced in February that one of its trains carrying hazardous materials had derailed in Ohio, leading to a controlled burn of vinyl chloride. Both the derailment and the controlled burn affected the surrounding community and the stock price. Stock selection in the consumer staples sector also detracted. Shares of prestige beauty company Estée Lauder fell after the company reported several quarters of disappointing results and management lowered earnings guidance, citing weaker Chinese travel retail.

Lazard US Small Cap Equity Select Portfolio

For the year ended December 31, 2023, the Lazard US Small Cap Equity Select Portfolio’s Institutional Shares posted a total return of 10.07%, while Open Shares posted a total return of 9.83%, and R6 Shares posted a total return of 9.95%, as compared with the 16.93% return for the Russell 2000^® Index and the 17.74% return for the Russell 2000/2500 Linked Index.

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Stock selection in the health care sector detracted from relative performance. Shares of dental equipment and supplies manufacturer Envista fell after management’s updated view translated to a significant reduction in 2023 and 2024 expectations. Stock selection in the industrials sector also detracted. Shares of Leidos underperformed after the government services contractor reported weak quarterly results in May. Shares were also weighed down by the US debt ceiling crisis and the company’s CEO transition. In the materials sector, shares of Ingevity, a manufacturer of specialty chemical products principally sourced from renewable materials, fell. Higher input costs in the Performance Chemicals segment pressured margins throughout the year.

Stock selection in the consumer staples sector contributed to relative performance. Shares of baked goods manufacturer Hostess rose amid reports of takeover interest from multiple parties. In September, J.M. Smucker officially announced plans to acquire the company at what the Portfolio management team believed to be an attractive price of $5.6 billion, and subsequently exited our position. The Portfolio owned Hostess securities since April 2021, based on the thesis that it was a market share gainer and had strong pricing power in an attractive category. Smucker won a competitive bidding process, which included many of the larger snacking and packaged food peers. Stock selection in the communication services sector also contributed. Take-Two Interactive Software reported solid earnings and confirmed the December release of a trailer for GTA 6, one of the most highly anticipated video games in history. Investors viewed the confirmation favorably, as it is likely to be one of the largest entertainment releases of all time.

Lazard US Sustainable Equity Portfolio

For the year ended December 31, 2023, the Lazard US Sustainable Equity Portfolio’s Institutional Shares posted a total return of 15.88%, while Open Shares posted a total return of 15.58%, as compared with the 26.29% return for the S&P 500 Index for the period.

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Lack of exposure to energy and utilities helped performance, as the sectors were among the worst performers in the index during the period. Stock selection in the materials sector also contributed. Cleaning and sanitation services provider Ecolab reported strong quarterly results, with strong revenue driven by pricing. The position was sold in the second quarter, as the stock approached the target valuation.

Stock selection in the information technology sector detracted. Solar power solution provider SolarEdge was impacted by weaker-than-expected demand due to higher interest rates and the expiration of net-metering subsidies, coupled with an oversupply in the channel for solar equipment. The company is facing previously underappreciated competitive risks, including increased market entrants and the adoption of Chinese products that were traditionally shunned in the market. As a result, the Portfolio sold the position in the fourth quarter. Stock selection and an underweight position in consumer discretionary detracted from relative performance. Shares of Nike underperformed after the sports apparel company reported mixed quarterly results during the year and issued a negative full-year sales guidance revision.

Lazard US Systematic Small Cap Equity Portfolio

For the year ended December 31, 2023, the Lazard US Systematic Small Cap Equity Portfolio’s Institutional Shares posted a total return of 19.80%, while Open Shares posted a total return of 19.58%, as compared with the 16.93% return for the Russell 2000 Index for the period.

Both an overweight to, and stock selection in, the information technology and industrials sectors were significant contributors to relative performance. The rise in the stock price of technology hardware company Super Micro Computer Inc. was attributed to the significant growth in demand for computational hardware, driven by a surge in the use of AI technologies. Super Micro is a key player with industry partnerships that have led to significant growth in revenue and profitability. Builders FirstSource is a supplier of building materials and services that saw its shares trade higher throughout the year despite the slowdown in the

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residential housing market. The company’s leading digital solutions, long-term industry tailwinds and strong balance sheet were bolstered by news that the decline in housing was less than what investors had feared. CIRCOR International, a provider of mission-critical flow control products and services for the industrial, aerospace, and defense markets, was acquired by a leading global investment firm, in an all-cash transaction.

Negative stock selection from the healthcare, energy, and consumer staples sectors detracted from relative performance. Catalyst Pharmaceuticals, a pharmaceutical drug development company, saw its stock price fall after a competitor announced a generic version of the company’s flagship product. San Juan Basin Royalty Trust, an oil and gas trust company, was negatively impacted by a decrease in natural gas prices. Grindrod Shipping Holdings, a maritime transport company, saw its stock price fall due to weakening market conditions in the dry bulk business, resulting in lower revenue, losses, and deteriorating financial conditions.

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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 indices 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, 2023

	One Year	Five Year	Ten Year
Institutional	9.64%	3.12%	1.62%
Open	9.34%	2.84%	1.29%
MSCI Emerging Markets Index	9.83%	3.69%	2.66%

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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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	12.29%	1.25%	1.14%	0.95%
Open	12.05%	0.94%	0.80%	0.61%
R6	12.32%	1.28%	N/A	-2.22%
MSCI Emerging Markets Index	9.83%	3.69%	2.66%	2.32% (Institutional and Open Shares) 0.29% (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, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	12.64%	4.90%	3.70%
Open	12.36%	4.59%	3.40%
R6	N/A	N/A	7.98%
MSCI Emerging Markets Index	9.83%	3.69%	2.71% (Institutional Shares and Open Shares) 6.87% (R6 Shares)

† The inception date for the Institutional and Open Shares was May 29, 2015 and for the R6 Shares was February 22, 2023.

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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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	22.39%	5.32%	2.28%	6.05%
Open	22.03%	5.04%	2.02%	5.72%
R6	22.37%	5.33%	N/A	2.99%
MSCI Emerging Markets Index	9.83%	3.69%	2.66%	4.89% (Institutional Shares) 5.28% (Open Shares) 3.21% (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 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, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	18.70%	11.20%	8.67%
Open	18.42%	10.91%	8.38%
MSCI World Index	23.79%	12.80%	9.46%

† 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, 2023

	One	Five	Ten
	Year	Year	Year
Institutional	17.05%	10.98%	7.96%
Open	16.73%	10.67%	7.66%
MSCI ACWI	22.20%	11.72%	7.93%

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, 2023

	One	Five	Ten
	Year	Year	Year
Institutional	10.89%	8.91%	9.64%
Open	10.60%	8.64%	9.36%
MSCI World Core Infrastructure (USD) Index	4.32%	8.16%	8.27%
MSCI World Index	23.79%	12.80%	8.60%

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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, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	15.76%	11.31%	7.01%
Open	15.42%	11.02%	6.70%
MSCI ACWI	22.20%	11.72%	7.71%

† 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, the MSCI ACWI ex-USA Index, the MSCI EAFE/ACWI ex-US Linked Index and the MSCI EAFE^® Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	19.82%	7.89%	4.10%
Open	19.52%	7.61%	3.81%
MSCI ACWI ex-USA Index	15.62%	7.08%	4.13%
MSCI EAFE/ACWI ex-US Linked Index	18.60%	8.23%	4.65%
MSCI EAFE Index	18.24%	8.16%	4.61%

† 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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	16.43%	6.74%	3.20%	5.62%
Open	16.11%	6.46%	2.92%	4.57%
R6	16.50%	6.76%	N/A	3.51%
MSCI EAFE Index	18.24%	8.16%	4.28%	5.35% (Institutional Shares) 5.01% (Open Shares) 4.92% (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-USA Index and the MSCI EAFE/ACWI ex-US Linked Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One	Five	Ten
	Year	Year	Year
Institutional	12.06%	4.96%	2.46%
Open	11.83%	4.69%	2.15%
MSCI ACWI ex-USA Index	15.62%	7.08%	3.83%
MSCI EAFE/ACWI ex-US Linked Index	15.62%	7.08%	3.83%

40  Annual Report

Lazard International Quality Growth Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Quality Growth Portfolio, the MSCI ACWI ex-USA Index and the MSCI ACWI ex-USA Growth Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	17.83%	10.79%	10.79%
Open	17.57%	10.50%	10.50%
R6	N/A	N/A	11.90%
MSCI ACWI ex-USA Index	15.62%	7.08%	7.08% (Institutional and Open Shares) 9.75% (R6 Shares)
MSCI ACWI ex-USA Growth Index	14.03%	7.49%	7.49% (Institutional and Open Shares) 8.53% (R6 Shares)

† The inception date for the Institutional and Open Shares was December 31, 2018 and for the R6 Shares was February 22, 2023.

Annual Report  41

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, 2023

	One	Five	Ten
	Year	Year	Year
Institutional	11.55%	5.61%	3.20%
Open	11.24%	5.36%	2.95%
MSCI EAFE Small Cap Index	13.16%	6.58%	4.80%

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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	17.06%	6.75%	3.85%	5.78%
Open	16.66%	6.46%	3.58%	4.74%
R6	17.04%	6.75%	N/A	4.48%
MSCI EAFE Index	18.24%	8.16%	4.28%	4.76% (Institutional Shares) 4.08% (Open Shares) 5.60% (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.

42  Annual Report

Lazard Managed Equity Volatility Portfolio

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

Average Annual Total Returns

Periods Ended December 31, 2023

	One	Five	Since
	Year	Year	Inception	†
Institutional	7.65%	6.63%	5.64%
Open	7.39%	6.37%	5.34%
MSCI World Index	23.79%	12.80%	8.85%

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

Annual Report  43

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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	16.30%	11.01%	9.59%	8.25%
Open	16.02%	10.72%	9.27%	7.94%
R6	16.73%	11.09%	N/A	8.92%
S&P 500 Index	26.29%	15.69%	12.03%	9.88% (Institutional and Open Shares) 13.62% (R6 Shares)
Russell 1000 Value/S&P 500 Linked Index	26.29%	15.69%	12.03%	9.32% (Institutional and Open Shares) 13.62% (R6 Shares)

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

44  Annual Report

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, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	19.77%	14.37%	10.41%	8.44%
Open	19.53%	14.07%	10.10%	8.13%
R6	19.77%	14.36%	N/A	10.50%
S&P 500 Index	26.29%	15.69%	12.03%	9.62% (Institutional and Open Shares) 12.21% (R6 Shares)

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

Annual Report  45

Lazard US Small Cap Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Small Cap Equity Select Portfolio, the Russell 2000 Index, the Russell 2500 Index and the Russell 2000/2500 Linked Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One	Five	Ten	Since
	Year	Year	Year	Inception	†
Institutional	10.07%	9.13%	6.86%	9.95%
Open	9.83%	8.81%	6.54%	7.71%
R6	9.95%	N/A	N/A	4.57%
Russell 2000 Index	16.93%	9.97%	7.16%	9.24% (Institutional Shares) 7.95% (Open Shares) 6.50% (R6 Shares)
Russell 2500 Index	17.42%	11.67%	8.36%	10.49% (Institutional Shares) 9.25% (Open Shares) 8.04% (R6 Shares)
Russell 2000/2500 Linked Index	17.74%	11.73%	8.39%	9.79% (Institutional Shares) 8.60% (Open Shares) 8.11% (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.

46  Annual Report

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, 2023

	One	Since
	Year	Inception	†
Institutional	15.88%	12.32%
Open	15.58%	12.02%
S&P 500 Index	26.29%	14.90%

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

Annual Report  47

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, 2023

	One	Since
	Year	Inception	†
Institutional	19.80%	1.40%
Open	19.58%	1.20%
R6	N/A	11.48%
Russell 2000 Index	16.93%	-4.19% (Institutional and Open Shares) 8.55% (R6 Shares)

† The inception date for the Institutional Shares and Open Shares was October 29, 2021 and for the R6 Shares was February 22, 2023.

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 Inc., 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.

48  Annual Report

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 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-USA Index 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-USA Index consists of 46 country indices comprising 22 developed and 24 emerging markets country indices.

The MSCI ACWI ex-USA Growth Index reflects the performance of large and mid-cap securities exhibiting overall growth style characteristics across 22 developed markets countries and 24 emerging markets countries. The growth characteristics are evaluated in connection with earnings per share and sales growth rates and trends.

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-USA Index 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

Annual Report  49

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/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 2000/2500 Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the Russell 2500 Index through August 31, 2023 to the Russell 2000 Index beginning on September 1, 2023 (when the Portfolio’s investment focus was changed from small-mid cap companies to small cap companies).

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.

50  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, 2023 through December 31, 2023 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’s 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  51

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
Developing Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,027.70	$	5.67		1.11	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Open Shares
Actual	$	1,000.00	$	1,026.10	$	6.95		1.36	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.35	$	6.92		1.36	%
Emerging Markets Core Equity
Institutional Shares
Actual	$	1,000.00	$	1,027.80	$	5.52		1.08	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.76	$	5.50		1.08	%
Open Shares
Actual	$	1,000.00	$	1,026.50	$	6.84		1.34	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45	$	6.82		1.34	%
R6 Shares
Actual	$	1,000.00	$	1,028.20	$	5.21		1.02	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.06	$	5.19		1.02	%
Emerging Markets Equity Advantage
Institutional Shares
Actual	$	1,000.00	$	1,043.70	$	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	$	1,042.10	$	5.92		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
R6 Shares†
Actual	$	1,000.00	$	1,044.20	$	4.38		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%

52  Annual Report

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
Emerging Markets Equity
Institutional Shares
Actual	$	1,000.00	$	1,080.70	$	5.72		1.09	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Open Shares
Actual	$	1,000.00	$	1,078.50	$	7.02		1.34	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.45	$	6.82		1.34	%
R6 Shares
Actual	$	1,000.00	$	1,080.70	$	5.72		1.09	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Equity Franchise
Institutional Shares
Actual	$	1,000.00	$	1,045.10	$	5.10		0.99	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Open Shares
Actual	$	1,000.00	$	1,043.50	$	6.18		1.20	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.16	$	6.11		1.20	%
Global Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,052.10	$	4.55		0.88	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Open Shares
Actual	$	1,000.00	$	1,051.10	$	5.95		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%

Annual Report  53

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
Global Listed Infrastructure
Institutional Shares
Actual	$	1,000.00	$	1,040.40	$	4.99		0.97	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.94		0.97	%
Open Shares
Actual	$	1,000.00	$	1,039.00	$	6.27		1.22	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.06	$	6.21		1.22	%
Global Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,064.50	$	4.68		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Open Shares
Actual	$	1,000.00	$	1,063.40	$	5.98		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	$	1,069.90	$	4.23		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Open Shares
Actual	$	1,000.00	$	1,068.20	$	5.47		1.05	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.91	$	5.35		1.05	%

54  Annual Report

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
International Equity
Institutional Shares
Actual	$	1,000.00	$	1,028.70	$	4.24		0.83	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Open Shares
Actual	$	1,000.00	$	1,027.00	$	5.57		1.09	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
R6 Shares
Actual	$	1,000.00	$	1,029.10	$	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	$	1,016.90	$	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	$	1,016.20	$	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	$	1,046.70	$	4.39		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Open Shares
Actual	$	1,000.00	$	1,045.80	$	5.67		1.10	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.66	$	5.60		1.10	%
R6 Shares†
Actual	$	1,000.00	$	1,047.20	$	4.18		0.81	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.12	$	4.13		0.81	%

Annual Report  55

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
International Small Cap Equity
Institutional Shares
Actual	$	1,000.00	$	1,050.00	$	5.32		1.03	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Open Shares
Actual	$	1,000.00	$	1,048.50	$	6.61		1.28	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.75	$	6.51		1.28	%
International Strategic Equity
Institutional Shares
Actual	$	1,000.00	$	1,045.20	$	4.23		0.82	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.07	$	4.18		0.82	%
Open Shares
Actual	$	1,000.00	$	1,043.40	$	5.51		1.07	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.81	$	5.45		1.07	%
R6 Shares
Actual	$	1,000.00	$	1,045.10	$	4.23		0.82	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.07	$	4.18		0.82	%
Managed Equity Volatility
Institutional Shares
Actual	$	1,000.00	$	1,036.50	$	3.95		0.77	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Open Shares
Actual	$	1,000.00	$	1,034.80	$	5.23		1.02	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.06	$	5.19		1.02	%

56  Annual Report

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
US Equity Concentrated
Institutional Shares
Actual	$	1,000.00	$	1,018.60	$	4.27		0.84	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Open Shares
Actual	$	1,000.00	$	1,018.00	$	5.54		1.09	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.71	$	5.55		1.09	%
R6 Shares
Actual	$	1,000.00	$	1,019.20	$	4.38		0.86	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.87	$	4.38		0.86	%
US Equity Focus
Institutional Shares
Actual	$	1,000.00	$	1,074.50	$	3.66		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Open Shares
Actual	$	1,000.00	$	1,073.60	$	4.97		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%
R6 Shares
Actual	$	1,000.00	$	1,074.50	$	3.66		0.70	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.68	$	3.57		0.70	%
US Small Cap Equity Select
Institutional Shares
Actual	$	1,000.00	$	1,063.20	$	5.20		1.00	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Open Shares
Actual	$	1,000.00	$	1,062.50	$	6.50		1.25	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.90	$	6.36		1.25	%
R6 Shares
Actual	$	1,000.00	$	1,063.10	$	4.94		0.95	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.42	$	4.84		0.95	%

Annual Report  57

Portfolios	Beginning Account Value 7/1/23		Ending Account Value 12/31/23		Expenses Paid During Period* 7/1/23 - 12/31/23		Annualized Expense Ratio During Period 7/1/23 - 12/31/23
US Sustainable Equity
Institutional Shares
Actual	$	1,000.00	$	1,072.10	$	3.92		0.75	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.82		0.75	%
Open Shares
Actual	$	1,000.00	$	1,071.00	$	5.22		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	$	1,072.20	$	4.70		0.90	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Open Shares
Actual	$	1,000.00	$	1,071.50	$	6.00		1.15	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.41	$	5.85		1.15	%
R6 Shares†
Actual	$	1,000.00	$	1,072.70	$	4.44		0.85	%
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.92	$	4.33		0.85	%

*	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 February 22, 2023.

58  Annual Report

The Lazard Funds, Inc.

Portfolio Holdings Presented by Sector December 31, 2023 (unaudited)

Asset Class/Sector*	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio			Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Portfolio
Equity
Communication Services		5.1	%		6.7	%		9.6	%		6.8	%
Consumer Discretionary		14.1			14.7			12.6			9.5
Consumer Staples		3.1			7.4			4.9			6.4
Energy		4.6			7.9			4.8			8.3
Financials		25.9			24.7			21.5			25.9
Health Care		2.6			3.0			5.2			3.6
Industrials		13.6			8.8			7.2			6.5
Information Technology		27.6			20.0			23.7			20.7
Materials		1.6			4.8			5.6			6.5
Real Estate		—			0.2			1.3			0.5
Utilities		—			0.7			2.1			1.6
Short-Term Investments		1.8			1.1			1.5			3.7
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

Asset Class/Sector*	Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio
Equity
Communication Services		10.1	%		7.4	%		2.3	%		8.0	%
Consumer Discretionary		16.7			13.5			—			4.1
Consumer Staples		8.7			10.5			—			4.6
Financials		11.7			17.3			—			19.6
Health Care		19.1			11.5			—			18.5
Industrials		11.9			17.8			41.4			14.8
Information Technology		6.1			19.7			—			26.7
Materials		1.5			0.9			—			1.5
Utilities		12.7			—			53.1			1.2
Short-Term Investments		1.5			1.4			3.2			1.0
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Annual Report  59

Asset Class/Sector*	Lazard International Equity Advantage Portfolio			Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Quality Growth Portfolio
Equity
Communication Services		4.4	%		4.0	%		4.3	%		7.6	%
Consumer Discretionary		14.7			12.8			9.4			11.5
Consumer Staples		5.8			11.1			6.3			9.6
Energy		2.9			3.4			4.6			—
Financials		19.0			13.8			18.9			18.2
Health Care		12.5			9.0			10.4			6.6
Industrials		13.0			22.5			20.6			20.5
Information Technology		17.4			10.4			13.2			23.4
Materials		4.9			5.7			6.3			—
Real Estate		2.5			1.5			0.5			—
Utilities		2.9			4.9			3.8			—
Short-Term Investments		—			0.9			1.7			2.6
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

Asset Class/Sector*	Lazard International Small Cap Equity Portfolio			Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio
Equity
Communication Services		2.1	%		3.9	%		9.1	%		12.7	%
Consumer Discretionary		10.6			6.9			3.5			8.1
Consumer Staples		7.7			9.6			19.2			1.6
Energy		2.8			1.8			1.1			—
Financials		11.4			18.5			15.7			18.0
Health Care		6.8			14.6			18.6			11.7
Industrials		28.0			23.4			8.6			13.1
Information Technology		10.6			14.9			7.9			16.2
Materials		5.6			1.2			1.4			4.0
Real Estate		10.2			0.4			3.9			10.2
Utilities		3.5			3.3			10.4			—
Short-Term Investments		0.7			1.5			0.6			4.4
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

60  Annual Report

Asset Class/Sector*	Lazard US Equity Focus Portfolio			Lazard US Small Cap Equity Select Portfolio			Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
Equity
Communication Services		7.6	%		5.3	%		—	%		4.2	%
Consumer Discretionary		10.3			12.1			4.9			18.2
Consumer Staples		4.1			2.8			5.1			2.1
Energy		3.3			6.4			—			0.6
Financials		22.0			16.1			13.3			8.3
Health Care		14.8			14.9			22.2			13.1
Industrials		9.5			15.9			15.0			23.1
Information Technology		19.2			13.6			30.9			21.8
Materials		2.1			5.3			2.8			2.0
Real Estate		2.2			5.6			2.5			5.0
Utilities		—			2.0			—			0.5
Short-Term Investments		4.9			—			3.3			1.1
Total Investments		100.0	%		100.0	%		100.0	%		100.0	%

* Represents percentage of total investments.

Annual Report  61

The Lazard Funds, Inc. Portfolios of Investments
December 31, 2023

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio
Common Stocks  |  98.5%
Brazil  |  7.9%
Dexco SA		416,608	$	688,801
MercadoLibre, Inc. (*)		481		755,911
Pagseguro Digital Ltd., Class A (*)		157,715		1,966,706
PRIO SA		134,400		1,269,649
Rumo SA		267,244		1,260,431
TOTVS SA		120,600		833,878
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		276,752		570,449
				7,345,825
China  |  24.2%
Airtac International Group		25,765		846,246
Alibaba Group Holding Ltd. ADR		20,880		1,618,409
Autohome, Inc. ADR		23,011		645,689
Baidu, Inc., Class A (*)		48,950		727,461
China Tourism Group Duty Free Corp. Ltd., Class A		84,200		991,262
Chow Tai Seng Jewellery Co. Ltd., Class A		471,950		1,009,106
JD.com, Inc., Class A		43,659		629,285
Jiangsu King’s Luck Brewery JSC Ltd., Class A		72,400		496,612
Minth Group Ltd.		320,000		644,694
Nexteer Automotive Group Ltd.		962,000		605,917
Ping An Insurance Group Co. of China Ltd., Class H		235,500		1,065,274
Shanghai Liangxin Electrical Co. Ltd., Class A		504,492		627,396
Shenzhen Inovance Technology Co. Ltd., Class A		123,190		1,095,696
Sungrow Power Supply Co. Ltd., Class A		54,992		678,002
Tencent Holdings Ltd.		77,800		2,939,343
Topsports International Holdings Ltd.		877,000		682,132
Trip.com Group Ltd. ADR (*)		38,768		1,396,036
Weibo Corp. ADR		34,107		373,472
Wuliangye Yibin Co. Ltd., Class A		74,000		1,461,615
Xiaomi Corp., Class B (*)		439,200		874,429
Yadea Group Holdings Ltd.		832,000		1,459,463

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

62  Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
Zhongsheng Group Holdings Ltd.		182,000	$	438,969
ZTO Express Cayman, Inc. ADR		47,936		1,020,078
				22,326,586
Hong Kong  |  1.3%
Techtronic Industries Co. Ltd.		98,002		1,172,168
Hungary  |  2.6%
Richter Gedeon Nyrt.		97,037		2,447,377
India  |  12.6%
Bajaj Finance Ltd.		13,454		1,183,241
HDFC Bank Ltd. ADR		42,377		2,843,921
ICICI Bank Ltd. ADR		128,316		3,059,053
Jio Financial Services Ltd. (*)		64,556		180,480
Mphasis Ltd.		37,362		1,228,023
Reliance Industries Ltd.		74,033		2,297,501
UPL Ltd.		117,972		831,815
				11,624,034
Indonesia  |  4.4%
Bank Central Asia Tbk PT		2,870,400		1,750,743
Bank Rakyat Indonesia Persero Tbk PT		6,308,349		2,338,773
				4,089,516
Macau  |  1.2%
Sands China Ltd. (*)		389,600		1,136,932
Mexico  |  4.6%
Arca Continental SAB de CV		84,900		926,995
Grupo Financiero Banorte SAB de CV, Class O		327,157		3,289,873
				4,216,868
Peru  |  1.1%
Credicorp Ltd.		6,821		1,022,672

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

Annual Report  63

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (continued)
Philippines  |  3.1%
BDO Unibank, Inc.		755,262	$	1,777,960
International Container Terminal Services, Inc.		241,559		1,069,869
				2,847,829
Poland  |  1.6%
InPost SA (*)		106,931		1,478,275
South Africa  |  4.7%
Capitec Bank Holdings Ltd.		17,083		1,887,235
Foschini Group Ltd.		142,895		866,298
Standard Bank Group Ltd.		142,786		1,621,247
				4,374,780
South Korea  |  9.5%
CJ Logistics Corp.		6,954		685,313
Samsung Electronics Co. Ltd.		96,438		5,865,351
SK Hynix, Inc.		20,038		2,187,853
				8,738,517
Taiwan  |  17.2%
ASE Technology Holding Co. Ltd.		371,289		1,628,305
Bizlink Holding, Inc.		153,078		1,329,419
Chroma ATE, Inc.		200,000		1,384,751
Hiwin Technologies Corp.		104,714		800,043
Lotes Co. Ltd.		65,687		2,281,709
MediaTek, Inc.		56,000		1,844,398
RichWave Technology Corp. (*)		115,000		687,661
Sercomm Corp.		185,000		808,261
Taiwan Semiconductor Manufacturing Co. Ltd.		266,000		5,119,299
				15,883,846

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

64  Annual Report

			Fair
Description	Shares		Value
Lazard Developing Markets Equity Portfolio (concluded)
United States  |  2.5%
EPAM Systems, Inc. (*)		2,837	$	843,553
SharkNinja, Inc.		15,595		797,996
Tenaris SA ADR		20,385		708,583
				2,350,132
Total Common Stocks (Cost $71,738,079)				91,055,357
Short-Term Investments  |  1.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,641,593)		1,641,593		1,641,593
Total Investments  |  100.3% (Cost $73,379,672)			$	92,696,950
Liabilities in Excess of Cash and Other Assets  |  (0.3)%				(294,759	)
Net Assets  |  100.0%			$	92,402,191

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

Annual Report  65

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio
Common Stocks  |  99.4%
Brazil  |  6.6%
Banco BTG Pactual SA		309,696	$	2,382,911
BB Seguridade Participacoes SA		175,400		1,212,847
Centrais Eletricas Brasileiras SA		101,100		870,760
MercadoLibre, Inc. (*)		988		1,552,682
Petroleo Brasileiro SA ADR		113,254		1,808,666
				7,827,866
Canada  |  0.9%
Parex Resources, Inc.		56,827		1,070,023
China  |  20.7%
Alibaba Group Holding Ltd. ADR		49,687		3,851,239
China Merchants Bank Co. Ltd., Class H		564,000		1,963,664
CSPC Pharmaceutical Group Ltd.		1,306,000		1,220,662
Innovent Biologics, Inc. (*)		217,500		1,187,640
JD.com, Inc. ADR		32,818		948,112
Li Ning Co. Ltd.		242,000		652,971
Midea Group Co. Ltd., Class A		173,800		1,338,242
NetEase, Inc. ADR		13,065		1,217,135
Shenzhen Inovance Technology Co. Ltd., Class A		96,100		854,748
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		27,600		1,132,605
Tencent Holdings Ltd.		131,292		4,960,311
Trip.com Group Ltd. ADR (*)		32,807		1,181,380
Weichai Power Co. Ltd., Class H		809,000		1,353,542
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		237,900		857,098
Yum China Holdings, Inc.		40,157		1,703,862
				24,423,211
France  |  1.4%
Pernod Ricard SA ADR		48,116		1,698,495

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

66  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Ghana  |  0.9%
Kosmos Energy Ltd. (*)		150,256	$	1,008,218
Greece  |  2.1%
National Bank of Greece SA (*)		198,514		1,377,567
OPAP SA		65,134		1,105,700
				2,483,267
Hong Kong  |  1.3%
AIA Group Ltd.		180,200		1,565,110
India  |  13.4%
HDFC Bank Ltd. ADR		53,282		3,575,755
Hindalco Industries Ltd.		169,575		1,250,397
ICICI Bank Ltd. ADR		73,792		1,759,201
ITC Ltd.		207,881		1,152,926
Larsen & Toubro Ltd.		48,376		2,047,728
Reliance Industries Ltd.		101,393		3,146,577
Supreme Industries Ltd.		17,831		972,804
Tata Consultancy Services Ltd.		42,696		1,944,050
				15,849,438
Indonesia  |  4.3%
Astra International Tbk PT		1,870,000		685,239
Bank Central Asia Tbk PT		2,800,400		1,708,047
Bank Mandiri Persero Tbk PT		4,161,400		1,632,398
Telkom Indonesia Persero Tbk PT ADR		42,646		1,098,561
				5,124,245
Macau  |  0.8%
Galaxy Entertainment Group Ltd.		167,000		933,404

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

Annual Report  67

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
Mexico  |  5.3%
America Movil SAB de CV ADR		39,223	$	726,410
Arca Continental SAB de CV		109,245		1,192,811
Corp. Inmobiliaria Vesta SAB de CV ADR		6,265		248,219
Grupo Aeroportuario del Pacifico SAB de CV ADR		6,411		1,123,335
Grupo Financiero Banorte SAB de CV, Class O		210,577		2,117,551
Kimberly-Clark de Mexico SAB de CV, Class A		373,174		838,823
				6,247,149
Peru  |  0.7%
Credicorp Ltd.		5,796		868,994
Philippines  |  2.1%
BDO Unibank, Inc.		448,839		1,056,611
International Container Terminal Services, Inc.		314,660		1,393,634
				2,450,245
Russia  |  0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		45,259		0
Sberbank of Russia PJSC (¢)		213,889		0
				0
Saudi Arabia  |  2.2%
Nahdi Medical Co.		19,028		695,173
Saudi National Bank		183,129		1,887,924
				2,583,097
South Africa  |  4.5%
Anglo American PLC		50,089		1,256,894
Bidvest Group Ltd.		91,119		1,259,157
Capitec Bank Holdings Ltd.		11,079		1,223,947
Shoprite Holdings Ltd.		103,667		1,557,735
				5,297,733

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

68  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (continued)
South Korea  |  10.7%
Kia Corp.		15,987	$	1,238,052
LG Chem Ltd.		2,586		996,067
Samsung Electronics Co. Ltd.		82,142		4,995,869
Shinhan Financial Group Co. Ltd.		60,852		1,891,165
SK Hynix, Inc.		32,360		3,533,232
				12,654,385
Taiwan  |  15.6%
ASE Technology Holding Co. Ltd.		344,000		1,508,628
Chailease Holding Co. Ltd.		290,240		1,821,463
CTBC Financial Holding Co. Ltd.		1,386,000		1,278,313
Eclat Textile Co. Ltd.		53,789		983,247
MediaTek, Inc.		77,000		2,536,046
Nien Made Enterprise Co. Ltd.		103,000		1,182,460
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		88,145		9,167,080
				18,477,237
Thailand  |  1.9%
Home Product Center PCL (‡)		2,141,000		733,896
PTT Exploration & Production PCL (‡)		332,300		1,455,470
				2,189,366
United Arab Emirates  |  1.5%
Abu Dhabi Ports Co. PJSC (*)		481,340		835,911
ADNOC Drilling Co. PJSC		874,549		900,299
				1,736,210
United Kingdom  |  1.4%
Unilever PLC		5,947		287,958
Unilever PLC ADR		27,983		1,356,616
				1,644,574

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

Annual Report  69

			Fair
Description	Shares		Value
Lazard Emerging Markets Core Equity Portfolio (concluded)
United States  |  1.1%
Freeport-McMoRan, Inc.		29,209	$	1,243,427
Total Common Stocks (Cost $98,498,547)				117,375,694
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,258,062)		1,258,062		1,258,062
Total Investments  |  100.5% (Cost $99,756,609)			$	118,633,756
Liabilities in Excess of Cash and Other Assets  |  (0.5)%				(558,881	)
Net Assets  |  100.0%			$	118,074,875

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

70  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio
Common Stocks  |  97.5%
Brazil  |  2.9%
Banco do Brasil SA		87,500	$	999,660
BB Seguridade Participacoes SA		28,200		194,996
Cia De Sanena Do Parana		138,700		832,170
Energisa SA		21,500		238,114
Klabin SA		41,300		188,770
PRIO SA		21,500		203,106
Telefonica Brasil SA		45,100		495,707
Vale SA		45,309		718,460
				3,870,983
Chile  |  0.4%
Enel Chile SA ADR		78,174		253,284
Sociedad Quimica y Minera de Chile SA ADR		3,878		233,533
				486,817
China  |  27.1%
Alibaba Group Holding Ltd.		357,300		3,453,037
Baidu, Inc. ADR (*)		4,900		583,541
Bank of China Ltd., Class H		1,879,000		714,905
Bank of Communications Co. Ltd., Class H		356,000		222,811
Baoshan Iron & Steel Co. Ltd., Class A		734,100		614,838
Beijing Enterprises Holdings Ltd.		74,000		257,248
Beijing New Building Materials PLC, Class A		56,300		185,889
BYD Co. Ltd., Class H		40,000		1,099,197
BYD Electronic International Co. Ltd.		53,000		247,932
China CITIC Bank Corp. Ltd., Class H		1,502,000		707,057
China Construction Bank Corp., Class H		2,242,000		1,341,321
China International Capital Corp. Ltd., Class H		130,000		190,343
China Longyuan Power Group Corp. Ltd., Class H		572,000		433,233
China Merchants Bank Co. Ltd., Class H		90,000		313,351
China Pacific Insurance Group Co. Ltd., Class H		101,800		205,085
China Resources Beer Holdings Co. Ltd.		34,000		148,566
China Resources Mixc Lifestyle Services Ltd.		42,800		151,889

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

Annual Report  71

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
China Resources Power Holdings Co. Ltd.		102,000	$	204,176
China Tower Corp. Ltd., Class H		2,980,000		312,530
China United Network Communications Ltd., Class A		346,400		213,642
Chongqing Brewery Co. Ltd., Class A		22,800		213,304
Contemporary Amperex Technology Co. Ltd., Class A		12,980		298,191
CSPC Pharmaceutical Group Ltd.		815,840		762,530
ENN Natural Gas Co. Ltd., Class A		106,897		253,370
Haidilao International Holding Ltd.		208,000		385,910
Haier Smart Home Co. Ltd. Class H		106,800		302,671
Hangzhou Robam Appliances Co. Ltd., Class A		86,600		265,607
Huaibei Mining Holdings Co. Ltd., Class A		89,700		210,215
Industrial & Commercial Bank of China Ltd., Class H		450,000		219,661
JD.com, Inc., Class A		61,654		888,658
Jinan Acetate Chemical Co. Ltd.		12,102		313,740
Kanzhun, Ltd. ADR		22,008		365,553
KE Holdings, Inc. ADR		25,060		406,223
Kingnet Network Co. Ltd., Class A		110,900		174,416
Kuaishou Technology (*)		74,700		504,624
Kunlun Energy Co. Ltd.		416,000		374,748
Li Auto, Inc. ADR (*)		17,219		644,507
Meihua Holdings Group Co. Ltd., Class A		143,800		193,464
Meituan, Class B (*)		87,870		926,154
MINISO Group Holding Ltd. ADR		14,403		293,821
NetEase, Inc.		62,400		1,158,107
New Oriental Education & Technology Group, Inc. ADR (*)		7,053		516,844
Nongfu Spring Co. Ltd., Class H		37,000		213,177
PDD Holdings, Inc. (*)		12,752		1,865,745
People’s Insurance Co. Group of China Ltd., Class H		1,588,000		487,492
PetroChina Co. Ltd., Class H		1,086,000		715,898
PICC Property & Casualty Co. Ltd., Class H		354,000		420,196
Ping An Insurance Group Co. of China Ltd., Class H		169,000		764,464
Satellite Chemical Co. Ltd., Class A (*)		136,200		284,529

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

72  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
SF Holding Co. Ltd., Class A		24,300	$	138,878
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		7,600		311,877
Sungrow Power Supply Co. Ltd., Class A		11,500		141,785
Sunny Optical Technology Group Co. Ltd.		37,000		340,196
Suofeiya Home Collection Co. Ltd. Class A		75,100		168,678
Tencent Holdings Ltd.		126,200		4,767,931
Tencent Music Entertainment Group ADR (*)		32,958		296,952
Tian Di Science & Technology Co. Ltd., Class A		380,600		291,819
Tianqi Lithium Corp., Class H		56,600		312,007
Trip.com Group Ltd. ADR (*)		7,857		282,931
Vipshop Holdings Ltd. ADR (*)		27,891		495,344
Weichai Power Co. Ltd., Class H		140,000		234,235
Xiaomi Corp., Class B (*)		408,800		813,904
Yihai International Holding Ltd.		178,000		282,508
Yum China Holdings, Inc.		9,795		415,602
ZBOM Home Collection Co. Ltd., Class A		72,240		170,592
ZTO Express Cayman, Inc. ADR		19,312		410,959
				35,900,608
Colombia  |  0.2%
Bancolombia SA ADR		8,754		269,361
Egypt  |  0.1%
Commercial International Bank - Egypt (CIB) GDR		100,188		128,241
Greece  |  0.9%
Danaos Corp.		2,749		203,591
Eurobank Ergasias Services & Holdings SA, Class A (*)		149,842		265,977
National Bank of Greece SA (*)		63,070		437,668
Piraeus Financial Holdings SA (*)		75,541		266,274
				1,173,510

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

Annual Report  73

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Hungary  |  0.5%
MOL Hungarian Oil & Gas PLC		34,564	$	281,551
Richter Gedeon Nyrt.		12,549		316,499
				598,050
India  |  16.3%
Adani Ports & Special Economic Zone Ltd.		21,764		267,116
Angel One Ltd.		6,754		282,905
Axis Bank Ltd. GDR		4,333		285,554
Bajaj Finance Ltd.		2,015		177,214
Bank of Baroda		174,280		483,120
BEML Ltd.		8,140		276,205
Birlasoft Ltd.		30,352		262,643
Britannia Industries Ltd.		7,438		476,803
Can Fin Homes Ltd.		19,271		179,925
Ceat Ltd.		10,204		297,216
Cipla Ltd.		82,644		1,237,499
Coforge Ltd.		3,491		262,898
Dr Reddy’s Laboratories Ltd. ADR		28,507		1,983,517
HCL Technologies Ltd.		56,062		986,266
HDFC Bank Ltd. ADR		9,401		630,901
Hindustan Aeronautics Ltd.		31,984		1,077,718
ICICI Bank Ltd. ADR		46,546		1,109,657
IDFC First Bank Ltd. (*)		278,981		297,518
Indiabulls Housing Finance Ltd.		113,674		295,518
Infosys Ltd. ADR		31,261		574,577
Jindal Stainless Ltd.		41,164		282,591
Karnataka Bank Ltd.		83,754		235,314
Karur Vysya Bank Ltd.		127,139		257,718
KPIT Technologies Ltd.		16,480		299,320
Larsen & Toubro Ltd. GDR		12,110		515,908
LIC Housing Finance Ltd.		48,686		313,110
Manappuram Finance Ltd.		174,172		358,612
Nestle India Ltd.		1,437		458,663
Piramal Enterprises Ltd.		17,535		196,077
Reliance Industries Ltd. GDR (#)		13,005		813,015

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

74  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Shriram Finance Ltd.		13,847	$	341,020
Sonata Software Ltd.		42,054		374,783
State Bank of India GDR		22,186		1,712,858
Sun Pharmaceutical Industries Ltd.		64,227		970,731
Supreme Industries Ltd.		5,004		273,003
Tata Communications Ltd.		17,443		370,718
Tata Consultancy Services Ltd.		17,211		783,658
Tata Motors Ltd.		62,693		586,829
Torrent Pharmaceuticals Ltd.		8,371		231,782
Union Bank of India Ltd.		257,253		367,583
Vedanta Ltd.		129,836		403,202
				21,591,265
Indonesia  |  2.6%
Astra International Tbk PT		738,600		270,651
Bank Mandiri Persero Tbk PT		4,008,900		1,572,576
Bank Rakyat Indonesia Persero Tbk PT		3,266,800		1,211,142
Sumber Alfaria Trijaya Tbk PT		1,332,500		253,458
Telkom Indonesia Persero Tbk. PT ADR		6,707		172,772
				3,480,599
Luxembourg  |  0.2%
Reinet Investments SCA		9,510		242,749
Malaysia  |  0.9%
CIMB Group Holdings Bhd.		770,800		980,979
My EG Services Bhd		1,065,000		188,704
				1,169,683
Mexico  |  3.1%
Arca Continental SAB de CV		97,100		1,060,203
Cemex SAB de CV (*)		636,600		495,229
Coca-Cola Femsa SAB de CV ADR		13,625		1,289,470
Fibra Uno Administracion SA de CV REIT		252,700		453,881
Kimberly-Clark de Mexico SAB de CV, Class A		368,600		828,542
				4,127,325

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

Annual Report  75

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Philippines  |  0.9%
BDO Unibank, Inc.		99,738	$	234,793
International Container Terminal Services, Inc.		154,060		682,334
Metropolitan Bank & Trust Co.		241,920		224,024
				1,141,151
Poland  |  1.2%
KGHM Polska Miedz SA		6,393		199,281
Orange Polska SA		150,692		311,927
ORLEN SA		67,713		1,126,993
				1,638,201
Qatar  |  0.2%
Ooredoo QPSC		72,445		216,462
Romania  |  0.2%
NEPI Rockcastle NV		32,327		223,158
Russia  |  0.0%
PhosAgro PJSC (*), (¢)		42		0
Severstal PAO GDR (*), (¢)		9,589		0
				0
Saudi Arabia  |  3.5%
Almarai Co. JSC		12,962		194,225
Arabian Internet & Communications Services Co.		3,949		364,480
Co. for Cooperative Insurance		11,556		401,687
Elm Co.		2,421		525,797
Etihad Etisalat Co.		24,765		326,221
Nahdi Medical Co.		6,548		239,226
National Medical Care Co.		6,685		310,840
Riyadh Cables Group Co.		22,979		564,865
Saudi Arabian Oil Co.		74,905		660,223
Saudi Basic Industries Corp.		9,473		210,403
Saudi Telecom Co.		81,345		877,180
				4,675,147

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

76  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
South Africa  |  2.0%
Absa Group Ltd.		22,139	$	197,602
African Rainbow Minerals Ltd.		25,248		276,267
FirstRand Ltd.		100,524		403,518
Gold Fields Ltd. ADR		32,965		476,674
Naspers Ltd., N Shares		1,639		280,550
Remgro Ltd.		32,321		286,934
Sappi Ltd.		198,998		479,710
Standard Bank Group Ltd.		21,140		240,032
				2,641,287
South Korea  |  13.4%
BGF retail Co. Ltd.		1,729		175,668
CJ CheilJedang Corp.		844		212,055
DB Insurance Co. Ltd.		7,939		514,926
Dongjin Semichem Co. Ltd.		7,108		212,480
Doosan Bobcat, Inc.		12,347		481,234
Ecopro Co. Ltd.		317		158,043
Eo Technics Co. Ltd.		1,249		147,380
Hanwha Aerospace Co. Ltd.		5,796		558,099
HMM Co. Ltd.		17,850		270,917
Hyundai Marine & Fire Insurance Co. Ltd.		10,691		256,809
Hyundai Rotem Co. Ltd. (*)		18,460		379,586
Industrial Bank of Korea		30,456		280,169
KB Financial Group, Inc.		24,675		1,032,041
Kia Corp.		28,421		2,200,956
KT Corp.		13,256		353,459
LG Chem Ltd.		1,010		389,028
LG Electronics, Inc.		3,132		246,565
Meritz Financial Group, Inc.		16,012		733,692
Orion Corp.		2,662		238,674
POSCO Holdings, Inc.		1,776		684,352
Samsung C&T Corp.		2,234		224,370
Samsung Electronics Co. Ltd. GDR		3,930		5,889,026
Samsung Fire & Marine Insurance Co. Ltd.		1,259		256,765

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

Annual Report  77

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Samsung SDI Co. Ltd.		967	$	351,998
SK Hynix, Inc.		4,061		443,401
Woori Financial Group, Inc.		96,731		974,819
				17,666,512
Taiwan  |  16.4%
Accton Technology Corp.		56,000		948,886
Advantech Co. Ltd.		19,797		239,420
Asia Vital Components Co. Ltd.		27,000		293,749
ASMedia Technology, Inc.		5,000		294,207
China Motor Corp.		81,000		297,609
Delta Electronics, Inc.		214,000		2,179,509
Elan Microelectronics Corp.		52,000		274,390
Eva Airways Corp.		396,000		405,067
Feng TAY Enterprise Co. Ltd.		31,560		179,672
Global Unichip Corp.		4,000		225,641
International Games System Co. Ltd.		43,000		1,013,471
ITE Technology, Inc.		40,000		195,576
King Yuan Electronics Co. Ltd.		133,000		366,533
Lite-On Technology Corp.		67,000		254,203
Lotes Co. Ltd.		13,000		451,569
MediaTek, Inc.		69,000		2,272,561
Micro-Star International Co. Ltd.		72,000		477,167
Novatek Microelectronics Corp.		37,000		622,275
Quanta Computer, Inc.		41,000		298,360
Realtek Semiconductor Corp.		22,000		336,463
Sunonwealth Electric Machine Industry Co. Ltd.		106,000		369,943
Taiwan Semiconductor Manufacturing Co. Ltd.		430,000		8,275,558
Tong Yang Industry Co. Ltd.		119,000		294,093
Unimicron Technology Corp.		41,000		233,693
United Microelectronics Corp.		226,000		384,260
Voltronic Power Technology Corp.		5,000		277,592
Wowprime Corp.		23,089		187,454
				21,648,921

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

78  Annual Report

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (continued)
Thailand  |  2.4%
Bangkok Bank PCL		89,500	$	410,364
Bangkok Dusit Medical Services PCL NVDR		301,400		245,041
Bumrungrad Hospital PCL (‡)		88,500		575,610
Delta Electronics Thailand PCL (‡)		87,300		225,076
Krung Thai Bank PCL NVDR		1,151,700		620,512
PTT Exploration & Production PCL (‡)		205,000		897,898
TMBThanachart Bank PCL NVDR		5,138,300		251,220
				3,225,721
Turkey  |  1.0%
Akbank TAS		204,145		253,275
Turk Hava Yollari AO (*)		23,634		183,282
Turkcell Iletisim Hizmetleri AS		105,650		201,186
Turkiye Garanti Bankasi AS		138,067		273,706
Turkiye Is Bankasi AS, Class C		561,403		445,619
				1,357,068
United Arab Emirates  |  1.1%
Abu Dhabi Islamic Bank PJSC		68,487		188,710
Americana Restaurants International PLC		228,898		195,148
Emaar Properties PJSC		247,830		534,190
Emirates NBD Bank PJSC		76,844		362,182
National Marine Dredging Co. (*)		28,613		232,192
				1,512,422
Total Common Stocks (Cost $119,297,346)				128,985,241
Preferred Stocks  |  1.4%
Brazil  |  1.4%
Metalurgica Gerdau SA		82,200		183,133
Petroleo Brasileiro SA		215,639		1,648,397
Total Preferred Stocks (Cost $1,337,997)				1,831,530

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

Annual Report  79

			Fair
Description	Shares		Value
Lazard Emerging Markets Equity Advantage Portfolio (concluded)
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,979,591)		1,979,591	$	1,979,591
Total Investments  |  100.4% (Cost $122,614,934)			$	132,796,362
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(530,748	)
Net Assets  |  100.0%			$	132,265,614

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

80  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio
Common Stocks  |  96.9%
Brazil  |  12.0%
Banco do Brasil SA		5,837,226	$	66,688,493
BB Seguridade Participacoes SA		9,948,017		68,788,057
CCR SA		11,481,517		33,418,790
Engie Brasil Energia SA		2,532,600		23,600,692
Petroleo Brasileiro SA ADR		4,062,060		64,871,098
Vale SA ADR		2,206,407		34,993,615
Vibra Energia SA		6,638,700		31,040,167
				323,400,912
Chile  |  0.9%
Sociedad Quimica y Minera de Chile SA ADR		416,423		25,076,993
China  |  23.8%
Alibaba Group Holding Ltd. ADR		261,416		20,262,354
Anhui Conch Cement Co. Ltd., Class H		11,154,451		25,944,030
China Construction Bank Corp., Class H		120,682,224		72,200,519
China Medical System Holdings Ltd.		13,293,000		23,537,435
China Merchants Bank Co. Ltd., Class H		7,718,494		26,873,273
China Shenhua Energy Co. Ltd., Class H		5,598,110		19,161,274
China Vanke Co. Ltd., Class H		15,551,949		14,348,833
ENN Natural Gas Co. Ltd., Class A		8,121,353		19,249,415
Gree Electric Appliances, Inc. of Zhuhai, Class A		7,383,576		33,469,032
Hengan International Group Co. Ltd.		9,055,000		33,831,137
Huayu Automotive Systems Co. Ltd., Class A		10,755,548		24,669,981
JD.com, Inc. ADR		669,007		19,327,612
Lenovo Group Ltd.		52,612,000		73,318,435
Midea Group Co. Ltd., Class A		4,755,399		36,616,066
Ping An Insurance Group Co. of China Ltd., Class H		7,644,500		34,579,554
Sinopharm Group Co. Ltd., Class H		17,434,414		45,569,932
Tencent Holdings Ltd.		565,300		21,357,462
Tingyi Cayman Islands Holding Corp.		28,048,000		34,413,332
Want Want China Holdings Ltd.		31,236,000		18,871,824
Weichai Power Co. Ltd., Class H		26,652,288		44,592,061
				642,193,561

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

Annual Report  81

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Egypt  |  0.7%
Commercial International Bank - Egypt (CIB) GDR		14,554,166	$	18,629,376
Greece  |  1.6%
National Bank of Greece SA (*)		3,720,967		25,821,261
OPAP SA		1,077,791		18,296,335
				44,117,596
Hong Kong  |  0.7%
ASMPT Ltd.		2,047,700		19,444,089
Hungary  |  3.4%
MOL Hungarian Oil & Gas PLC		3,249,933		26,473,299
OTP Bank Nyrt		1,404,088		63,948,935
				90,422,234
India  |  6.2%
Axis Bank Ltd.		1,928,529		25,509,172
Bharat Petroleum Corp. Ltd.		610,389		3,302,855
Hindalco Industries Ltd.		2,615,123		19,283,152
Indus Towers Ltd. (*)		15,575,919		37,227,703
Infosys Ltd. ADR		1,509,573		27,745,952
Tata Consultancy Services Ltd.		471,488		21,467,970
UPL Ltd.		4,705,061		33,175,159
				167,711,963
Indonesia  |  4.8%
Astra International Tbk PT		88,734,200		32,515,577
Bank Mandiri Persero Tbk PT		111,711,584		43,821,237
Telkom Indonesia Persero Tbk. PT ADR		1,299,303		33,470,045
United Tractors Tbk PT		13,584,100		19,946,397
				129,753,256

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

82  Annual Report

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (continued)
Mexico  |  5.2%
America Movil SAB de CV		1,607,293	$	29,767,066
Grupo Aeroportuario del Pacifico SAB de CV ADR		38,639		6,770,326
Grupo Financiero Banorte SAB de CV, Class O		3,200,637		32,185,429
Grupo Mexico SAB de CV, Series B		3,857,885		21,396,597
Kimberly-Clark de Mexico SAB de CV, Class A		14,145,295		31,795,884
Ternium SA ADR		438,978		18,643,396
				140,558,698
Portugal  |  2.4%
Galp Energia SGPS SA		4,447,364		65,421,093
Russia  |  0.0%
Mobile TeleSystems PJSC ADR (*), (¢)		4,695,624		5
Sberbank of Russia PJSC (¢)		13,596,421		13
				18
South Africa  |  8.3%
Anglo American PLC		904,694		22,701,679
Bidvest Group Ltd.		2,062,106		28,495,865
Life Healthcare Group Holdings Ltd.		29,044,730		29,172,130
Nedbank Group Ltd.		3,492,670		41,241,640
Sanlam Ltd.		8,907,618		35,471,640
Standard Bank Group Ltd.		3,081,144		34,984,486
Vodacom Group Ltd.		5,289,491		30,668,737
				222,736,177
South Korea  |  11.2%
Coway Co. Ltd.		535,714		23,703,174
Doosan Bobcat, Inc.		158,107		6,162,341
Hyundai Mobis Co. Ltd.		151,138		27,665,390
KB Financial Group, Inc.		1,053,046		44,044,030
Kia Corp.		283,652		21,966,346
KT Corp.		1,250,394		33,340,564
KT&G Corp.		290,638		19,587,186
Samsung Electronics Co. Ltd.		723,176		43,983,503

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

Annual Report  83

Description	Shares		Fair Value
Lazard Emerging Markets Equity Portfolio (concluded)
Shinhan Financial Group Co. Ltd.		1,344,174	$	41,774,384
SK Hynix, Inc.		348,684		38,071,124
				300,298,042
Taiwan  |  12.5%
ASE Technology Holding Co. Ltd.		15,716,000		68,923,239
Globalwafers Co. Ltd.		1,510,000		28,807,162
Hon Hai Precision Industry Co. Ltd.		6,429,425		21,868,482
MediaTek, Inc.		1,486,000		48,942,402
Novatek Microelectronics Corp.		1,940,000		32,627,398
Taiwan Semiconductor Manufacturing Co. Ltd.		5,259,913		101,229,567
Yageo Corp.		1,767,000		34,240,316
				336,638,566
Thailand  |  1.9%
Kasikornbank PCL		6,383,054		25,451,773
PTT Exploration & Production PCL (‡)		5,774,500		25,292,251
				50,744,024
United Kingdom  |  1.3%
Unilever PLC		726,558		35,180,451
Total Common Stocks (Cost $2,326,275,796)				2,612,327,049
Short-Term Investments  |  3.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $101,061,146)		101,061,146		101,061,146
Total Investments  |  100.6% (Cost $2,427,336,942)			$	2,713,388,195
Liabilities in Excess of Cash and Other Assets  |  (0.6)%				(16,936,859	)
Net Assets  |  100.0%			$	2,696,451,336

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

84  Annual Report

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio
Common Stocks  |  95.1%
Germany  |  7.7%
Fresenius Medical Care AG		82,270	$	3,440,249
Knorr-Bremse AG		88,164		5,719,125
				9,159,374
Ireland  |  3.6%
Kerry Group PLC, Class A		49,175		4,264,943
Italy  |  6.8%
Nexi SpA (*)		694,393		5,693,334
Snam SpA		463,541		2,385,875
				8,079,209
Luxembourg  |  3.1%
SES SA		553,272		3,656,399
United Kingdom  |  12.7%
National Grid PLC		426,161		5,754,167
Rentokil Initial PLC		435,541		2,473,575
Severn Trent PLC		70,006		2,302,426
United Utilities Group PLC		341,960		4,608,785
				15,138,953
United States  |  61.2%
Alphabet, Inc., Class C (*)		7,561		1,065,572
Cisco Systems, Inc.		47,468		2,398,083
Cognizant Technology Solutions Corp., Class A		64,424		4,865,945
CVS Health Corp.		101,854		8,042,392
DENTSPLY SIRONA, Inc.		124,752		4,439,924
eBay, Inc.		164,485		7,174,836
Ferrovial SE		98,000		3,577,507
Fiserv, Inc. (*)		34,742		4,615,127
H&R Block, Inc.		147,019		7,111,309

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

Annual Report  85

Description	Shares		Fair Value
Lazard Equity Franchise Portfolio (concluded)
Henry Schein, Inc. (*)		72,122	$	5,460,356
International Game Technology PLC		199,766		5,475,586
Kraft Heinz Co.		64,691		2,392,273
Medtronic PLC		14,831		1,221,778
Norfolk Southern Corp.		10,039		2,373,019
Omnicom Group, Inc.		83,418		7,216,491
Scotts Miracle-Gro Co.		28,281		1,802,914
Visa, Inc., A Shares		13,600		3,540,760
				72,773,872
Total Common Stocks (Cost $101,124,097)				113,072,750
Preferred Stocks  |  3.1%
Germany  |  3.1%
Henkel AG & Co. KGaA (Cost $3,231,266)		45,579		3,666,004
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,760,371)		1,760,371		1,760,371
Total Investments  |  99.7% (Cost $106,115,734)			$	118,499,125
Cash and Other Assets in Excess of Liabilities  |  0.3%				353,139
Net Assets  |  100.0%			$	118,852,264

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

86  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio
Common Stocks  |  98.5%
Australia  |  0.9%
Computershare Ltd.		50,465	$	838,448
Canada  |  4.7%
Dollarama, Inc.		18,172		1,309,569
National Bank of Canada		25,442		1,939,279
Toromont Industries Ltd.		15,271		1,338,035
				4,586,883
China  |  2.4%
NXP Semiconductors NV		6,641		1,525,305
Tencent Holdings Ltd.		21,923		828,267
				2,353,572
Denmark  |  0.7%
Carlsberg AS, Class B		5,717		716,567
Finland  |  0.9%
Kone OYJ, Class B		17,733		887,402
France  |  4.3%
Legrand SA		8,183		852,342
LVMH Moet Hennessy Louis Vuitton SE		1,688		1,369,180
Pernod Ricard SA		4,930		871,772
Thales SA		7,747		1,145,749
				4,239,043
Germany  |  0.8%
Merck KGaA		4,728		752,025
Hong Kong  |  0.9%
AIA Group Ltd.		99,783		866,656

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

Annual Report  87

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
India  |  1.3%
HDFC Bank Ltd. ADR		19,397	$	1,301,733
Japan  |  3.1%
BayCurrent Consulting, Inc.		17,700		618,746
Kadokawa Corp.		36,200		737,753
Nintendo Co. Ltd.		21,800		1,139,184
Shimano, Inc.		3,800		586,601
				3,082,284
Netherlands  |  3.7%
ASM International NV		2,098		1,092,516
Wolters Kluwer NV		17,995		2,557,169
				3,649,685
Spain  |  1.2%
Industria de Diseno Textil SA		25,941		1,131,454
Sweden  |  2.0%
Assa Abloy AB, Class B		24,226		697,937
Hexagon AB, B Shares		102,732		1,237,725
				1,935,662
Switzerland  |  4.5%
ABB Ltd.		39,853		1,771,031
Partners Group Holding AG		968		1,399,510
Swatch Group AG		4,395		1,198,339
				4,368,880
Taiwan  |  1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		17,572		1,827,488
United Kingdom  |  6.4%
Coca-Cola Europacific Partners PLC		19,121		1,276,136
Diageo PLC		30,474		1,106,639

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

88  Annual Report

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (continued)
RELX PLC		58,019	$	2,295,618
Unilever PLC		33,269		1,609,684
				6,288,077
United States  |  58.8%
Accenture PLC, Class A		7,561		2,653,230
Alphabet, Inc., Class A (*)		28,504		3,981,724
Amazon.com, Inc. (*)		22,154		3,366,079
Amphenol Corp., Class A		13,574		1,345,591
Aon PLC, Class A		6,226		1,811,891
Avery Dennison Corp.		4,164		841,794
Bank of America Corp.		31,987		1,077,002
Booz Allen Hamilton Holding Corp.		16,618		2,125,608
BRP, Inc.		9,921		709,942
Charles Schwab Corp.		20,415		1,404,552
Coca-Cola Co.		26,880		1,584,038
Danaher Corp.		7,715		1,784,788
Deere & Co.		2,599		1,039,262
Estee Lauder Cos., Inc., Class A		6,096		891,540
Intercontinental Exchange, Inc.		15,365		1,973,327
IQVIA Holdings, Inc. (*)		8,768		2,028,740
Johnson & Johnson		11,647		1,825,551
McDonald’s Corp.		4,616		1,368,690
Microsoft Corp.		12,282		4,618,523
Motorola Solutions, Inc.		6,233		1,951,490
NIKE, Inc., Class B		9,393		1,019,798
Procter & Gamble Co.		10,016		1,467,745
PTC, Inc. (*)		8,617		1,507,630
Rockwell Automation, Inc.		4,089		1,269,553
S&P Global, Inc.		4,058		1,787,630
Sysco Corp.		9,694		708,922
Texas Instruments, Inc.		8,654		1,475,161
Thermo Fisher Scientific, Inc.		3,930		2,086,005
TopBuild Corp. (*)		3,035		1,135,879
UnitedHealth Group, Inc.		2,589		1,363,031
Visa, Inc., A Shares		8,153		2,122,634

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

Annual Report  89

Description	Shares		Fair Value
Lazard Global Equity Select Portfolio (concluded)
Warner Music Group Corp., Class A		15,982	$	571,996
Wells Fargo & Co.		25,160		1,238,375
Zoetis, Inc.		7,360		1,452,643
				57,590,364
Total Common Stocks (Cost $63,810,269)				96,416,223
Short-Term Investments  |  1.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,417,398)		1,417,398		1,417,398
Total Investments  |  99.9% (Cost $65,227,667)			$	97,833,621
Cash and Other Assets in Excess of Liabilities  |  0.1%				64,499
Net Assets  |  100.0%			$	97,898,120

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

90  Annual Report

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio
Common Stocks  |  96.7%
Australia  |  6.1%
Atlas Arteria Ltd. (^)		83,962,746	$	329,900,648
Transurban Group		21,382,136		199,290,412
				529,191,060
Canada  |  3.7%
Algonquin Power & Utilities Corp.		12,763,515		80,527,516
Canadian National Railway Co.		1,889,473		237,494,229
				318,021,745
France  |  5.5%
Eutelsat Communications SACA (*)		13,450,587		63,255,600
Vinci SA		3,281,805		412,172,355
				475,427,955
Hong Kong  |  4.4%
CK Infrastructure Holdings Ltd.		25,126,500		139,608,134
Power Assets Holdings Ltd.		41,468,265		240,070,043
				379,678,177
Italy  |  14.2%
Hera SpA		69,843,401		229,198,492
Italgas SpA		38,265,997		219,221,761
Snam SpA		80,625,799		414,986,133
Terna - Rete Elettrica Nazionale		44,253,518		369,234,780
				1,232,641,166
Luxembourg  |  1.6%
SES SA (^)		21,066,589		139,222,404
Portugal  |  0.8%
REN - Redes Energeticas Nacionais SGPS SA		28,915,003		74,231,607
Spain  |  2.8%
Aena SME SA		1,005,800		182,607,428
Atlantica Sustainable Infrastructure PLC		2,745,379		59,025,649
				241,633,077

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

Annual Report  91

Description	Shares		Fair Value
Lazard Global Listed Infrastructure Portfolio (continued)
Switzerland  |  2.0%
Flughafen Zurich AG		831,615	$	173,733,408
United Kingdom  |  19.2%
National Grid PLC		53,192,829		718,227,236
Pennon Group PLC (^)		14,334,169		138,457,838
Severn Trent PLC		12,315,081		405,030,365
United Utilities Group PLC		29,804,383		401,690,259
				1,663,405,698
United States  |  36.4%
American Electric Power Co., Inc.		4,706,686		382,277,037
CSX Corp.		11,807,836		409,377,674
Exelon Corp.		9,375,015		336,563,038
Ferrovial SE		20,077,335		732,926,723
Norfolk Southern Corp.		3,032,819		716,897,755
Pinnacle West Capital Corp.		2,291,619		164,629,909
PPL Corp.		8,266,300		224,016,730
Union Pacific Corp.		795,200		195,317,024
				3,162,005,890
Total Common Stocks (Cost $7,605,263,479)				8,389,192,187
Short-Term Investments  |  3.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $279,726,263)		279,726,263		279,726,263
Total Investments  |  99.9% (Cost $7,884,989,742) (»)			$	8,668,918,450
Cash and Other Assets in Excess of Liabilities  |  0.1%				6,038,576
Net Assets  |  100.0%			$	8,674,957,026

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

92 Annual Report

Lazard Global Listed Infrastructure Portfolio (concluded)

Forward Currency Contracts open at December 31, 2023:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
USD	63,107,600	AUD	93,788,696	BNP	03/26/24	$	—		$	962,924
USD	113,189,918	AUD	168,234,120	CIT	03/26/24		—			1,737,027
USD	125,695,894	AUD	186,950,091	HSB	03/26/24		—			2,016,622
USD	101,366,279	AUD	150,725,237	MSC	03/26/24		—			1,599,701
USD	122,732,252	AUD	182,563,928	SSB	03/26/24		—			1,983,914
USD	5,949,312	CAD	7,936,858	BNP	03/26/24		—			47,336
USD	64,027,232	CAD	85,457,915	CIT	03/26/24		—			540,010
USD	41,727,796	CAD	55,242,411	HSB	03/26/24		—			10,294
USD	110,321,449	CAD	147,229,490	HSB	03/26/24		—			916,955
USD	38,772,683	CAD	51,721,014	MSC	03/26/24		—			304,835
USD	53,386,053	CAD	71,231,943	SCB	03/26/24		—			432,836
USD	39,077,932	CHF	33,628,905	BNP	03/26/24		—			1,245,802
USD	63,569,546	CHF	54,650,103	SCB	03/26/24		—			1,960,277
USD	73,778,908	CHF	63,488,005	SSB	03/26/24		—			2,348,262
USD	342,896,866	EUR	311,045,214	BNP	03/26/24		—			1,623,350
USD	443,708,048	EUR	402,598,695	CAN	03/26/24		—			2,218,728
USD	251,840,172	EUR	228,498,294	CIT	03/26/24		—			1,249,341
USD	385,159,596	EUR	349,403,399	HSB	03/26/24		—			1,846,952
USD	377,931,886	EUR	343,204,717	MEL	03/26/24		—			2,208,871
USD	538,402,300	EUR	487,948,432	RBC	03/26/24		—			2,059,639
USD	418,100,784	EUR	379,251,752	SSB	03/26/24		—			1,966,427
USD	180,693,328	GBP	141,628,060	CAN	03/26/24		94,749			—
USD	586,806,065	GBP	459,866,747	HSB	03/26/24		401,922			—
USD	225,530,074	GBP	176,771,258	MSC	03/26/24		118,259			—
USD	367,088,197	GBP	287,543,579	RBC	03/26/24		423,838			—
USD	283,512,493	GBP	222,226,789	SSB	03/26/24		137,558			—
USD	89,742,208	HKD	699,287,435	BNP	03/26/24		19,252			—
USD	41,389,963	HKD	322,496,144	HSB	03/26/24		11,689			—
USD	101,736,415	HKD	792,781,015	MSC	03/26/24		17,648			—
USD	9,695,054	HKD	75,539,980	SCB	03/26/24		2,801			—
USD	42,433,887	HKD	330,835,241	SSB	03/26/24		—			14,346
USD	92,308,956	HKD	719,388,246	SSB	03/26/24		6,940			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts						$	1,234,656		$	29,294,449

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

Annual Report  93

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio
Common Stocks  |  99.4%
Australia  |  1.0%
Steadfast Group Ltd.		27,165	$	107,582
Belgium  |  1.1%
Azelis Group NV		4,778		117,136
Canada  |  4.1%
Canadian Pacific Kansas City Ltd.		1,872		148,116
Toromont Industries Ltd.		1,792		157,014
Trisura Group Ltd. (*)		5,637		144,642
				449,772
China  |  1.4%
Tencent Holdings Ltd.		2,600		98,230
Wuxi Biologics Cayman, Inc. (*)		13,000		49,107
WuXi XDC Cayman, Inc. (*)		38		156
				147,493
Denmark  |  5.7%
Genmab AS (*)		257		81,863
Novo Nordisk AS, Class B		3,952		408,774
Vestas Wind Systems AS (*)		4,105		130,502
				621,139
France  |  1.7%
Pernod Ricard SA		1,036		183,196
Germany  |  3.8%
Continental AG		1,193		101,465
Gerresheimer AG		1,577		164,255
Hensoldt AG		2,206		59,454
MTU Aero Engines AG		415		89,446
				414,620

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

94  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Hong Kong  |  1.5%
AIA Group Ltd.		18,400	$	159,811
India  |  1.3%
HDFC Bank Ltd. ADR		2,190		146,971
Ireland  |  1.0%
Ryanair Holdings PLC ADR (*)		832		110,956
Israel  |  3.4%
Bank Leumi Le-Israel BM		7,043		56,610
Tel Aviv Stock Exchange Ltd.		36,123		192,174
Wix.com Ltd. (*)		1,014		124,742
				373,526
Italy  |  1.5%
BFF Bank SpA		14,332		163,299
Japan  |  8.6%
Advantest Corp.		4,400		151,512
BayCurrent Consulting, Inc.		5,500		192,266
Hoya Corp.		900		111,932
Kadokawa Corp.		3,100		63,178
Koito Manufacturing Co. Ltd.		4,900		76,127
Nippon Sanso Holdings Corp.		6,100		162,669
Renesas Electronics Corp. (*)		9,600		172,291
				929,975
Mexico  |  2.0%
Arca Continental SAB de CV		19,500		212,914
Netherlands  |  2.7%
ASML Holding NV		253		191,018
Universal Music Group NV		3,527		100,718
				291,736

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

Annual Report  95

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (continued)
Portugal  |  1.2%
EDP - Energias de Portugal SA		25,713	$	129,909
Switzerland  |  1.1%
ABB Ltd.		2,665		118,430
Taiwan  |  2.8%
Taiwan Semiconductor Manufacturing Co. Ltd.		16,000		307,928
United Kingdom  |  3.9%
JD Sports Fashion PLC		83,824		177,158
RELX PLC		6,320		250,061
				427,219
United States  |  49.6%
Accenture PLC, Class A		619		217,213
Advanced Micro Devices, Inc. (*)		1,456		214,629
Alphabet, Inc., Class A (*)		3,416		477,181
Amphenol Corp., Class A		2,209		218,978
Analog Devices, Inc.		566		112,385
Applied Materials, Inc.		1,205		195,294
Aptiv PLC (*)		1,026		92,053
Boston Scientific Corp. (*)		946		54,688
Chubb Ltd.		442		99,892
Datadog, Inc. Class A (*)		927		112,519
Estee Lauder Cos., Inc., Class A		741		108,371
Intercontinental Exchange, Inc.		1,757		225,652
IQVIA Holdings, Inc. (*)		1,213		280,664
Marsh & McLennan Cos., Inc.		1,547		293,110
Microsoft Corp.		1,502		564,812
Onto Innovation, Inc. (*)		972		148,619
S&P Global, Inc.		815		359,024
Synopsys, Inc. (*)		349		179,704
Take-Two Interactive Software, Inc. (*)		841		135,359
Thermo Fisher Scientific, Inc.		580		307,858

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

96  Annual Report

Description	Shares		Fair Value
Lazard Global Strategic Equity Portfolio (concluded)
UnitedHealth Group, Inc.		606	$	319,041
Verra Mobility Corp. (*)		4,850		111,696
Visa, Inc., A Shares		721		187,712
Watsco, Inc.		320		137,110
Zoetis, Inc.		1,216		240,002
				5,393,566
Total Common Stocks (Cost $9,721,240)				10,807,178
Short-Term Investments  |  1.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $108,866)		108,866		108,866
Total Investments  |  100.4% (Cost $9,830,106)			$	10,916,044
Liabilities in Excess of Cash and Other Assets  |  (0.4)%				(42,020	)
Net Assets  |  100.0%			$	10,874,024

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

Annual Report  97

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio
Common Stocks  |  96.9%
Australia  |  4.7%
Aristocrat Leisure Ltd.		5,597	$	155,184
BlueScope Steel Ltd.		4,142		65,918
Brambles Ltd.		21,638		200,349
Cochlear Ltd.		370		75,179
Coronado Global Resources, Inc. CDI		13,543		16,180
Northern Star Resources Ltd.		4,963		46,426
Perseus Mining Ltd.		54,957		69,581
Pilbara Minerals Ltd.		30,175		80,866
Qantas Airways Ltd. (*)		17,189		62,666
Ramelius Resources Ltd.		22,504		25,951
Sonic Healthcare Ltd.		5,338		116,531
				914,831
Austria  |  0.3%
Raiffeisen Bank International AG		2,446		50,442
Brazil  |  0.2%
Cia De Sanena Do Parana		4,100		24,599
Vale SA		1,400		22,200
				46,799
Canada  |  7.7%
Agnico Eagle Mines Ltd.		848		46,494
Canadian Natural Resources Ltd.		628		41,143
CGI, Inc. (*)		1,970		211,042
Constellation Software, Inc.		158		391,738
Dollarama, Inc.		3,393		244,517
Fairfax Financial Holdings Ltd.		21		19,375
Kinross Gold Corp.		3,513		21,263
Manulife Financial Corp.		13,935		307,926
Metro, Inc.		594		30,748
Shopify, Inc. Class A (*)		809		62,984

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

98  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Torex Gold Resources, Inc. (*)		4,375	$	48,272
TransAlta Corp.		7,069		58,790
Vermilion Energy, Inc.		1,249		15,053
				1,499,345
Chile  |  0.1%
Enel Chile SA ADR		3,140		10,174
China  |  8.7%
Alibaba Group Holding Ltd.		18,300		176,856
Alibaba Group Holding Ltd. ADR		590		45,731
Baidu, Inc. ADR (*)		429		51,090
Bank of China Ltd., Class H		185,000		70,387
Beijing Enterprises Holdings Ltd.		5,000		17,382
BYD Co. Ltd., Class H		500		13,740
BYD Electronic International Co. Ltd.		4,000		18,712
China Construction Bank Corp., Class H		33,000		19,743
China Longyuan Power Group Corp. Ltd., Class H		114,000		86,344
China Merchants Bank Co. Ltd., Class H		3,500		12,186
China Overseas Property Holdings Ltd.		20,000		14,991
China Yongda Automobiles Services Holdings Ltd.		35,500		13,303
CSPC Pharmaceutical Group Ltd.		56,000		52,341
Haidilao International Holding Ltd.		24,000		44,528
Hisense Home Appliances Group Co. Ltd., Class H		7,000		15,074
JD.com, Inc., Class A		5,650		81,437
Jinan Acetate Chemical Co. Ltd.		1,000		25,925
KE Holdings, Inc. ADR		1,220		19,776
Kuaishou Technology (*)		2,500		16,888
Kunlun Energy Co. Ltd.		22,000		19,818
Meitu, Inc.		36,000		16,541
Meituan, Class B (*)		2,700		28,458
NetEase, Inc.		8,000		148,475
New Oriental Education & Technology Group, Inc. ADR (*)		274		20,079
PDD Holdings, Inc. (*)		498		72,862
PetroChina Co. Ltd., Class H		88,000		58,010

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

Annual Report  99

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
PICC Property & Casualty Co. Ltd., Class H		16,000	$	18,992
Sinopharm Group Co. Ltd., Class H		5,200		13,592
Sunny Optical Technology Group Co. Ltd.		2,000		18,389
Tencent Holdings Ltd.		5,500		207,794
Tencent Music Entertainment Group ADR (*)		4,763		42,915
Vipshop Holdings Ltd. ADR (*)		2,824		50,154
Xiaomi Corp., Class B (*)		38,600		76,851
Yangzijiang Shipbuilding Holdings Ltd.		60,200		67,879
ZTO Express Cayman, Inc. ADR		1,284		27,323
				1,684,566
Colombia  |  0.1%
Bancolombia SA ADR		488		15,016
Denmark  |  4.1%
AP Moller - Maersk AS, Class B		62		111,443
Novo Nordisk AS, Class B		6,137		634,779
Pandora AS		419		57,886
				804,108
France  |  6.6%
AXA SA		3,685		120,289
BNP Paribas SA		2,880		199,546
Capgemini SE		416		87,024
Cie de Saint-Gobain SA		2,496		184,570
La Francaise des Jeux SAEM		2,567		93,183
Rexel SA		911		25,041
Societe Generale SA		2,521		67,212
Teleperformance SE		143		20,901
TotalEnergies SE		594		40,350
Unibail-Rodamco-Westfield REIT (*)		308		22,690
Verallia SA		1,695		65,514
Vinci SA		2,862		359,448
				1,285,768

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

100  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Germany  |  4.0%
Beiersdorf AG		66	$	9,889
Deutsche Bank AG		11,112		151,665
Infineon Technologies AG		9,801		408,786
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		101		41,824
Rational AG		17		13,134
SAP SE		318		48,916
SMA Solar Technology AG (*)		278		18,586
Talanx AG		744		53,097
TUI AG (*)		3,919		30,567
				776,464
Greece  |  0.6%
Eurobank Ergasias Services & Holdings SA, Class A (*)		24,663		43,778
National Bank of Greece SA (*)		5,784		40,137
Piraeus Financial Holdings SA (*)		7,252		25,563
				109,478
Hong Kong  |  1.8%
Link REIT		30,800		172,245
Swire Pacific Ltd., Class A		12,000		101,331
United Energy Group Ltd.		184,000		20,073
WH Group Ltd.		88,000		56,761
				350,410
India  |  4.0%
Dr Reddy’s Laboratories Ltd. ADR		4,684		325,913
GAIL India Ltd. GDR		2,319		26,669
Larsen & Toubro Ltd. GDR		622		26,497
Mahindra & Mahindra Ltd. GDR		1,064		22,450
Reliance Industries Ltd. GDR		296		18,500
State Bank of India GDR		4,687		361,836
				781,865

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

Annual Report  101

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Indonesia  |  0.7%
Bank Mandiri Persero Tbk. PT ADR		6,948	$	109,292
Bank Rakyat Indonesia Persero Tbk. PT ADR		1,138		20,848
First Resources Ltd.		12,500		13,532
				143,672
Ireland  |  0.7%
AerCap Holdings NV (*)		1,112		82,644
Ryanair Holdings PLC ADR (*)		375		50,010
				132,654
Israel  |  0.3%
Check Point Software Technologies Ltd. (*)		141		21,543
Nova Ltd. (*)		204		28,028
				49,571
Italy  |  2.8%
Banco BPM SpA		7,389		39,015
Buzzi SpA		636		19,341
Ferrari NV		736		248,061
Telecom Italia SpA (*)		119,503		38,884
UniCredit SpA		6,999		189,867
				535,168
Japan  |  14.4%
Anycolor, Inc. (*)		900		19,754
Bandai Namco Holdings, Inc.		2,400		47,980
Chugai Pharmaceutical Co. Ltd.		3,100		117,540
Daiwa Securities Group, Inc.		3,800		25,468
Denso Corp.		3,900		58,496
East Japan Railway Co.		300		17,258
Honda Motor Co. Ltd.		15,900		164,358
Hyakugo Bank Ltd.		5,200		19,617
Japan Post Bank Co. Ltd.		1,200		12,216
Japan Post Holdings Co. Ltd.		34,200		305,217

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

102  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Japan Tobacco, Inc.		10,500	$	271,034
JFE Holdings, Inc.		2,600		40,194
Komatsu Ltd.		2,900		75,551
Lawson, Inc.		1,700		87,740
Mitsubishi Motors Corp.		6,400		20,283
Mitsui & Co. Ltd.		3,400		126,681
Mizuho Financial Group, Inc.		16,400		280,493
MS&AD Insurance Group Holdings, Inc.		1,500		58,867
NGK Insulators Ltd.		5,300		63,155
NSK Ltd.		3,200		17,273
Ono Pharmaceutical Co. Ltd.		5,900		105,382
ORIX Corp.		4,100		76,821
Otsuka Holdings Co. Ltd.		6,000		224,565
Panasonic Holdings Corp.		1,700		16,668
Sega Sammy Holdings, Inc.		1,200		16,734
Shin-Etsu Chemical Co. Ltd.		4,165		174,040
SKY Perfect JSAT Holdings, Inc.		7,700		38,166
SoftBank Corp.		5,300		66,053
Subaru Corp.		1,800		32,848
Takara Holdings, Inc.		2,100		18,404
Tokyo Electron Ltd. ADR		261		23,187
Tokyo Kiraboshi Financial Group, Inc.		800		22,478
Toyota Motor Corp.		6,000		110,141
Yakult Honsha Co. Ltd.		1,600		35,880
				2,790,542
Luxembourg  |  0.1%
Reinet Investments SCA		818		20,880
Mexico  |  0.9%
Arca Continental SAB de CV		2,000		21,837
Cemex SAB de CV ADR (*)		5,325		41,269
Coca-Cola Femsa SAB de CV ADR		646		61,137
Fibra Uno Administracion SA de CV REIT		11,000		19,757
Kimberly-Clark de Mexico SAB de CV, Class A		16,200		36,415
				180,415

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

Annual Report  103

		Fair
Description	Shares		Value
Lazard International Equity Advantage Portfolio (continued)
Netherlands  |  3.5%
ASML Holding NV	514	$	388,077
NN Group NV	793		31,371
Wolters Kluwer NV	1,830		260,051
			679,499
Philippines  |  0.2%
International Container Terminal Services, Inc.	9,470		41,943
Poland  |  0.4%
ORLEN SA	4,745		78,974
Portugal  |  0.1%
Jeronimo Martins SGPS SA	770		19,578
Saudi Arabia  |  0.8%
Arabian Internet & Communications Services Co.	883		81,498
Saudi Chemical Co. Holding	16,275		18,571
Saudi Telecom Co.	4,367		47,091
			147,160
Singapore  |  1.7%
Sembcorp Industries Ltd.	12,700		50,983
Singapore Airlines Ltd.	3,400		16,850
STMicroelectronics NV	5,075		254,646
			322,479
South Africa  |  0.4%
Gold Fields Ltd. ADR	3,145		45,477
Momentum Metropolitan Holdings	15,564		18,574
Sappi Ltd.	8,562		20,640
			84,691
South Korea  |  4.0%
DB Insurance Co. Ltd.	624		40,473
Doosan Bobcat, Inc.	2,155		83,993

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

104  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Hyundai Rotem Co. Ltd. (*)		648	$	13,324
KB Financial Group, Inc.		924		38,647
Kia Corp.		2,845		220,320
Meritz Financial Group, Inc.		1,151		52,740
POSCO Holdings, Inc.		61		23,505
Samsung Electronics Co. Ltd.		5,027		305,742
				778,744
Spain  |  2.1%
Banco Santander SA		4,760		19,870
Iberdrola SA		16,263		212,689
Industria de Diseno Textil SA		4,191		182,797
				415,356
Sweden  |  1.9%
Atlas Copco AB, A Shares		4,139		71,272
Betsson AB, Class B		4,794		51,568
Boliden AB		1,474		45,986
Fastighets AB Balder, B Shares (*)		18,503		132,145
SKF AB, B Shares		1,775		35,461
Volvo AB, B Shares		1,280		33,275
				369,707
Switzerland  |  2.1%
Belimo Holding AG		69		38,062
Logitech International SA		1,391		132,006
Novartis AG		1,127		113,793
UBS Group AG		3,849		119,545
				403,406
Taiwan  |  4.6%
Accton Technology Corp.		4,000		67,778
Asia Vital Components Co. Ltd.		2,000		21,759
Delta Electronics, Inc.		21,000		213,877
Grape King Bio Ltd.		6,000		30,487
International Games System Co. Ltd.		3,000		70,707

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

Annual Report  105

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
MediaTek, Inc.		4,000	$	131,743
Micro-Star International Co. Ltd.		7,000		46,391
Novatek Microelectronics Corp.		3,000		50,455
Taiwan Semiconductor Manufacturing Co. Ltd.		14,000		269,437
				902,634
Thailand  |  0.5%
Bumrungrad Hospital PCL (‡)		10,500		68,293
PTT Exploration & Production PCL (‡)		4,400		19,272
				87,565
Turkey  |  0.2%
Haci Omer Sabanci Holding AS ADR		35,538		16,703
Turkcell Iletisim Hizmetleri AS ADR		6,484		31,188
				47,891
United Kingdom  |  8.3%
3i Group PLC		3,512		108,107
4imprint Group PLC		340		19,755
Ashtead Group PLC		720		49,889
AstraZeneca PLC ADR		598		40,275
BAE Systems PLC		3,298		46,660
Barclays PLC		28,711		55,923
BP PLC		4,076		24,087
British American Tobacco PLC		5,074		148,071
Britvic PLC		1,136		12,178
Centrica PLC		33,711		60,316
Compass Group PLC		2,288		62,519
Global Ship Lease, Inc., Class A		996		19,741
HSBC Holdings PLC		8,955		72,330
IG Group Holdings PLC		2,320		22,601
International Consolidated Airlines Group SA (*)		49,439		97,453
Investec PLC		4,192		28,299
J Sainsbury PLC		5,389		20,742
Johnson Service Group PLC		23,955		43,217
Man Group PLC		4,559		13,482

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

106  Annual Report

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (continued)
Marks & Spencer Group PLC		18,638	$	64,615
NatWest Group PLC		16,487		46,015
RELX PLC		1,271		50,408
Rolls-Royce Holdings PLC (*)		23,795		90,621
Standard Chartered PLC		19,065		161,270
Tesco PLC		9,350		34,586
Unilever PLC		3,108		150,492
Virgin Money UK PLC		16,878		35,246
Vodafone Group PLC		33,630		29,213
				1,608,111
United States  |  3.3%
GSK PLC		10,961		202,464
Roche Holding AG		1,101		319,105
Stellantis NV		5,131		120,284
				641,853
Total Common Stocks (Cost $18,224,284)				18,811,759
Preferred Stocks  |  3.0%
Brazil  |  1.3%
Petroleo Brasileiro SA		31,500		240,794
Germany  |  1.7%
Bayerische Motoren Werke AG		3,355		333,196
Total Preferred Stocks (Cost $561,083)				573,990
Warrants  |  0.0%
Canada  |  0.0%
Constellation Software, Inc. Expires 03/31/40 (*), (¢)		26		0

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

Annual Report  107

Description	Shares		Fair Value
Lazard International Equity Advantage Portfolio (concluded)
Short-Term Investments  |  0.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $8,620)		8,620	$	8,620
Total Investments  |  99.9% (Cost $18,793,987)			$	19,394,369
Cash and Other Assets in Excess of Liabilities  |  0.1%				26,367
Net Assets  |  100.0%			$	19,420,736

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

108  Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio
Common Stocks  |  93.7%
Belgium  |  0.8%
KBC Group NV		149,125	$	9,675,959
Canada  |  2.8%
Gildan Activewear, Inc.		447,314		14,792,875
Suncor Energy, Inc.		537,655		17,224,599
				32,017,474
China  |  3.8%
Alibaba Group Holding Ltd.		1,254,300		12,121,872
Autohome, Inc. ADR		267,399		7,503,216
ENN Energy Holdings Ltd.		1,021,000		7,505,545
ESR Group Ltd.		3,973,800		5,485,021
Li Ning Co. Ltd.		1,704,500		4,599,132
Sungrow Power Supply Co. Ltd., Class A		512,800		6,322,365
				43,537,151
Denmark  |  0.8%
Carlsberg AS, Class B		77,349		9,694,894
Finland  |  2.1%
Fortum OYJ		858,301		12,455,499
Nordea Bank Abp		909,635		11,250,877
				23,706,376
France  |  12.5%
Air Liquide SA		82,169		15,984,445
Airbus SE		102,435		15,811,692
Bureau Veritas SA		531,429		13,431,149
Capgemini SE		76,626		16,029,657
Engie SA		1,971,224		34,662,304
Orange SA		1,388,375		15,794,787
Pernod Ricard SA		88,907		15,721,432
Thales SA		104,803		15,499,930
				142,935,396

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

Annual Report  109

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Germany  |  10.7%
Continental AG		230,304	$	19,587,436
Covestro AG (*)		210,453		12,240,875
Merck KGaA		120,123		19,106,493
MTU Aero Engines AG		50,976		10,986,983
Rheinmetall AG		47,794		15,150,806
SAP SE		116,145		17,866,057
Siemens Healthineers AG		287,489		16,706,184
Vonovia SE		362,715		11,429,555
				123,074,389
Greece  |  0.9%
National Bank of Greece SA (*)		1,441,929		10,006,115
Hong Kong  |  1.0%
AIA Group Ltd.		1,373,800		11,932,011
Ireland  |  2.0%
Ryanair Holdings PLC ADR (*)		168,270		22,440,487
Israel  |  0.3%
Wix.com Ltd. (*)		27,963		3,440,008
Italy  |  0.8%
UniCredit SpA		354,969		9,629,503
Japan  |  17.2%
Asics Corp.		344,300		10,740,157
Bandai Namco Holdings, Inc.		459,300		9,182,167
BayCurrent Consulting, Inc.		312,400		10,920,690
Daikin Industries Ltd.		94,500		15,350,554
Disco Corp.		52,900		13,017,479
FANUC Corp.		404,100		11,887,669
Hitachi Ltd.		188,900		13,652,069
Kokusai Electric Corp.		435,900		9,444,279
MatsukiyoCocokara & Co.		1,184,900		20,942,841

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

110  Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Nippon Sanso Holdings Corp.		374,000	$	9,973,486
Nitori Holdings Co. Ltd.		87,100		11,636,207
Recruit Holdings Co. Ltd.		266,900		11,394,843
Renesas Electronics Corp. (*)		787,503		14,133,318
Shimadzu Corp.		314,700		8,769,333
Suzuki Motor Corp.		377,300		16,240,776
ZOZO, Inc.		421,100		9,461,773
				196,747,641
Mexico  |  1.2%
Arca Continental SAB de CV		1,219,612		13,316,546
Netherlands  |  4.0%
Akzo Nobel NV		176,221		14,560,372
ING Groep NV		1,170,421		17,521,431
Universal Music Group NV		467,051		13,337,178
				45,418,981
Singapore  |  1.1%
DBS Group Holdings Ltd.		491,220		12,410,548
South Korea  |  1.4%
Samsung Electronics Co. Ltd.		261,266		15,890,176
Spain  |  1.4%
Industria de Diseno Textil SA		357,160		15,578,041
Sweden  |  1.7%
Sandvik AB		890,114		19,265,429
Switzerland  |  2.4%
ABB Ltd.		401,346		17,835,450
DSM-Firmenich AG		100,761		10,259,123
				28,094,573

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

Annual Report  111

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (continued)
Taiwan  |  1.5%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		163,211	$	16,973,944
United Kingdom  |  16.0%
3i Group PLC		836,287		25,742,826
AstraZeneca PLC		93,557		12,600,574
BP PLC		3,448,506		20,379,007
Coca-Cola Europacific Partners PLC		251,834		16,752,484
Compass Group PLC		640,955		17,514,041
London Stock Exchange Group PLC		100,164		11,840,764
Reckitt Benckiser Group PLC		135,228		9,329,343
RELX PLC		950,082		37,680,528
Unilever PLC		479,355		23,193,069
WPP PLC		851,853		8,097,732
				183,130,368
United States  |  7.3%
Aon PLC, Class A		65,443		19,045,222
Experian PLC		304,431		12,406,102
ICON PLC (*)		79,579		22,526,428
Roche Holding AG		100,563		29,146,389
				83,124,141
Total Common Stocks (Cost $903,312,008)				1,072,040,151
Preferred Stocks  |  2.5%
Brazil  |  1.2%
Itau Unibanco Holding SA		2,046,000		14,226,918
Germany  |  1.3%
Henkel AG & Co. KGaA		178,150		14,328,939
Total Preferred Stocks (Cost $24,351,294)				28,555,857

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

112  Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Portfolio (concluded)
Short-Term Investments  |  0.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $9,310,442)		9,310,442	$	9,310,442
Total Investments  |  97.0% (Cost $936,973,744)			$	1,109,906,450
Cash and Other Assets in Excess of Liabilities  |  3.0%				34,899,830
Net Assets  |  100.0%			$	1,144,806,280

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

Annual Report  113

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio
Common Stocks  |  94.2%
Belgium  |  1.0%
KBC Group NV		8,238	$	534,522
Canada  |  1.4%
Suncor Energy, Inc.		23,348		747,989
China  |  7.2%
Alibaba Group Holding Ltd.		108,300		1,046,639
Autohome, Inc. ADR		10,820		303,609
ENN Energy Holdings Ltd.		73,500		540,311
ESR Group Ltd.		187,600		258,944
Li Ning Co. Ltd.		122,000		329,184
Sungrow Power Supply Co. Ltd., Class A		47,500		585,632
Tencent Holdings Ltd.		20,400		770,727
				3,835,046
Denmark  |  3.9%
Carlsberg AS, Class B		4,378		548,737
Novo Nordisk AS, Class B		14,857		1,536,731
				2,085,468
Finland  |  1.3%
Sampo OYJ, A Shares		15,288		669,052
France  |  12.8%
Air Liquide SA		4,306		837,652
Airbus SE		7,007		1,081,589
Bureau Veritas SA		28,829		728,614
Capgemini SE		2,830		592,017
Engie SA		81,828		1,438,876
Legrand SA		6,541		681,311
Pernod Ricard SA		3,838		678,674
Thales SA		5,525		817,125
				6,855,858

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

114  Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (continued)
Germany  |  6.8%
Continental AG		9,336	$	794,030
Covestro AG (*)		10,247		596,011
Merck KGaA		3,785		602,034
MTU Aero Engines AG		1,488		320,712
SAP SE		4,676		719,288
Siemens Healthineers AG		10,013		581,862
				3,613,937
Hong Kong  |  2.0%
AIA Group Ltd.		120,000		1,042,249
India  |  2.1%
ICICI Bank Ltd. ADR		47,249		1,126,416
Indonesia  |  2.6%
Bank Mandiri Persero Tbk PT		2,132,700		836,597
Telkom Indonesia Persero Tbk. PT ADR		21,972		565,999
				1,402,596
Ireland  |  2.7%
Ryanair Holdings PLC ADR (*)		10,884		1,451,490
Japan  |  13.0%
Advantest Corp.		15,900		547,508
Bandai Namco Holdings, Inc.		18,000		359,850
Daikin Industries Ltd.		4,200		682,247
Disco Corp.		2,700		664,408
FANUC Corp.		22,600		664,839
Hoya Corp.		6,100		758,651
Nomura Research Institute Ltd.		31,700		918,527
Recruit Holdings Co. Ltd.		13,000		555,013
Renesas Electronics Corp. (*)		39,800		714,291
Shin-Etsu Chemical Co. Ltd.		14,900		622,615
Suzuki Motor Corp.		10,300		443,361
Tokyo Electron Ltd.		200		35,550
				6,966,860

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

Annual Report  115

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (continued)
Mexico  |  2.0%
Grupo Financiero Banorte SAB de CV, Class O		108,500	$	1,091,070
Netherlands  |  6.6%
Akzo Nobel NV		8,381		692,486
ASM International NV		1,724		897,759
IMCD NV		3,287		573,527
ING Groep NV		50,482		755,725
Universal Music Group NV		21,164		604,362
				3,523,859
Singapore  |  1.0%
DBS Group Holdings Ltd.		21,600		545,718
Switzerland  |  3.8%
ABB Ltd.		16,796		746,399
Cie Financiere Richemont SA, Class A		5,082		700,977
DSM-Firmenich AG		5,462		556,121
				2,003,497
Taiwan  |  3.4%
Taiwan Semiconductor Manufacturing Co. Ltd.		95,000		1,828,321
United Kingdom  |  13.3%
BP PLC		287,923		1,701,486
Coca-Cola Europacific Partners PLC		9,120		606,680
Compass Group PLC		46,454		1,269,352
HSBC Holdings PLC		77,044		622,291
London Stock Exchange Group PLC		3,999		472,737
RELX PLC		37,144		1,473,142
Unilever PLC		19,937		964,630
				7,110,318
United States  |  7.3%
Aon PLC, Class A		2,839		826,206
Chubb Ltd.		2,892		653,592

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

116  Annual Report

			Fair
Description	Shares		Value
Lazard International Equity Select Portfolio (concluded)
Experian PLC		11,310	$	460,902
ICON PLC (*)		2,952		835,623
Roche Holding AG		3,903		1,131,215
				3,907,538
Total Common Stocks (Cost $43,940,935)				50,341,804
Preferred Stocks  |  2.3%
Brazil  |  1.4%
Itau Unibanco Holding SA		106,500		740,551
Germany  |  0.9%
Henkel AG & Co. KGaA		6,159		495,380
Total Preferred Stocks (Cost $960,961)				1,235,931
Short-Term Investments  |  1.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $886,429)		886,429		886,429
Total Investments  |  98.2% (Cost $45,788,325)			$	52,464,164
Cash and Other Assets in Excess of Liabilities  |  1.8%				979,787
Net Assets  |  100.0%			$	53,443,951

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

Annual Report  117

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio
Common Stocks  |  96.0%
Australia  |  1.6%
Computershare Ltd.		244,842	$	4,067,915
Canada  |  7.3%
Dollarama, Inc.		107,365		7,737,281
National Bank of Canada		73,877		5,631,166
Toromont Industries Ltd.		61,158		5,358,623
				18,727,070
China  |  1.8%
Tencent Holdings Ltd.		125,300		4,733,929
Denmark  |  3.4%
Coloplast AS, Class B		24,373		2,786,524
Genmab AS (*)		18,563		5,912,897
				8,699,421
France  |  7.7%
Legrand SA		51,132		5,325,915
LVMH Moet Hennessy Louis Vuitton SE		10,920		8,857,488
Pernod Ricard SA		31,849		5,631,861
				19,815,264
Germany  |  4.6%
SAP SE		47,364		7,285,789
Scout24 SE		65,358		4,624,141
				11,909,930
Hong Kong  |  1.5%
AIA Group Ltd.		456,800		3,967,493
India  |  3.1%
HDFC Bank Ltd. ADR		120,033		8,055,415

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

118  Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (continued)
Israel  |  2.4%
Check Point Software Technologies Ltd. (*)		41,128	$	6,283,947
Japan  |  10.7%
Advantest Corp.		180,000		6,198,210
Hoya Corp.		42,600		5,298,125
Keyence Corp.		12,000		5,260,121
Pigeon Corp.		81,500		937,870
Shimano, Inc.		14,800		2,284,656
SMS Co. Ltd.		152,500		3,121,251
Toei Animation Co. Ltd.		34,100		4,568,597
				27,668,830
Netherlands  |  8.8%
ASML Holding NV		13,444		10,150,397
Universal Music Group NV		193,186		5,516,649
Wolters Kluwer NV		48,782		6,932,136
				22,599,182
Norway  |  1.9%
AutoStore Holdings Ltd. (*)		929,829		1,826,881
Gjensidige Forsikring ASA		171,681		3,166,579
				4,993,460
South Africa  |  2.7%
Clicks Group Ltd.		393,492		7,009,733
Spain  |  2.6%
Industria de Diseno Textil SA		156,245		6,814,848
Sweden  |  4.6%
Assa Abloy AB, Class B		228,063		6,570,361
Hexagon AB, B Shares		435,910		5,251,887
				11,822,248
Switzerland  |  3.7%
Partners Group Holding AG		6,603		9,546,455

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

Annual Report  119

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (continued)
Taiwan  |  4.4%
Lotes Co. Ltd.		80,000	$	2,778,887
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		83,030		8,635,120
				11,414,007
United Kingdom  |  12.6%
Allfunds Group PLC		206,021		1,466,836
Diageo PLC		138,792		5,040,120
Diploma PLC		52,311		2,382,978
London Stock Exchange Group PLC		51,108		6,041,669
RELX PLC		288,414		11,411,581
Unilever PLC		124,507		6,028,717
				32,371,901
United States  |  10.6%
Accenture PLC, Class A		24,283		8,521,148
Aon PLC, Class A		30,558		8,892,989
BRP, Inc.		56,228		4,023,651
Experian PLC		141,251		5,756,228
				27,194,016
Total Common Stocks (Cost $227,966,043)				247,695,064
Preferred Stocks  |  1.2%
Germany  |  1.2%
Sartorius AG (Cost $3,239,539)		8,183		3,010,690

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

120  Annual Report

			Fair
Description	Shares		Value
Lazard International Quality Growth Portfolio (concluded)
Short-Term Investments  |  2.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $6,779,522)		6,779,522	$	6,779,522
Total Investments  |  99.8% (Cost $237,985,104)			$	257,485,276
Cash and Other Assets in Excess of Liabilities  |  0.2%				442,377
Net Assets  |  100.0%			$	257,927,653

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

Annual Report  121

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio
Common Stocks  |  98.2%
Australia  |  6.1%
ALS Ltd.		14,333	$	125,143
AUB Group Ltd.		9,422		177,801
GUD Holdings Ltd.		21,379		174,300
National Storage REIT		64,805		101,202
SmartGroup Corp. Ltd.		25,978		153,816
				732,262
Austria  |  2.4%
BAWAG Group AG		3,464		183,981
Schoeller-Bleckmann Oilfield Equipment AG		2,270		110,808
				294,789
Belgium  |  2.6%
Azelis Group NV		5,382		131,943
Shurgard Self Storage Ltd. REIT		3,694		183,432
				315,375
Canada  |  5.2%
Descartes Systems Group, Inc. (*)		1,134		95,278
Dream Industrial REIT		6,774		71,367
Spin Master Corp.		6,530		171,794
Stelco Holdings, Inc.		2,287		86,627
Toromont Industries Ltd.		984		86,218
Trisura Group Ltd. (*)		4,412		113,209
				624,493
Denmark  |  0.6%
Royal Unibrew AS		988		65,974
Finland  |  1.2%
Kemira OYJ		8,076		149,635

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

122  Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
France  |  3.5%
Gaztransport Et Technigaz SA		1,045	$	138,445
Remy Cointreau SA		1,465		186,132
SOITEC (*)		520		93,359
				417,936
Germany  |  8.4%
Covestro AG (*)		2,509		145,934
CTS Eventim AG & Co. KGaA		1,509		104,262
Gerresheimer AG		724		75,410
Hensoldt AG		4,632		124,837
JOST Werke SE		3,120		152,239
Siltronic AG		1,093		106,725
Sirius Real Estate Ltd.		153,163		183,657
Stabilus SE		1,778		121,139
				1,014,203
Greece  |  1.8%
Jumbo SA		7,930		219,973
Israel  |  0.7%
Israel Discount Bank Ltd., Class A		17,028		84,983
Italy  |  7.3%
Italgas SpA		37,038		212,187
OVS SpA		41,371		103,752
Sanlorenzo SpA		3,650		170,661
Sesa SpA		1,060		144,299
SOL SpA		3,562		109,443
Tinexta SpA		5,999		134,655
				874,997
Japan  |  28.2%
Ai Holdings Corp.		6,500		107,559
BayCurrent Consulting, Inc.		4,600		160,804
Bell System24 Holdings, Inc.		19,300		239,318

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

Annual Report  123

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
GMO internet group, Inc.		6,000	$	108,711
Hulic Co. Ltd.		22,500		234,950
Koito Manufacturing Co. Ltd.		7,400		114,967
MatsukiyoCocokara & Co.		7,700		136,096
MINEBEA MITSUMI, Inc.		6,500		132,981
MISUMI Group, Inc.		7,500		126,492
Nihon Kohden Corp.		6,900		217,924
Nippon Gas Co. Ltd.		12,200		201,004
Persol Holdings Co. Ltd.		69,600		119,063
Relo Group, Inc.		11,800		142,025
Sanken Electric Co. Ltd.		2,000		109,431
Shin Nippon Biomedical Laboratories Ltd.		9,600		115,301
Taiyo Yuden Co. Ltd.		4,100		108,288
TechnoPro Holdings, Inc.		6,535		171,292
Tokyo Century Corp.		13,200		142,548
Toyo Suisan Kaisha Ltd.		2,400		123,606
Trend Micro, Inc.		2,500		133,014
Trusco Nakayama Corp.		6,600		114,520
USS Co. Ltd.		8,200		164,618
Zenkoku Hosho Co. Ltd.		4,742		178,529
				3,403,041
Jersey  |  1.8%
JTC PLC		21,195		219,975
Mexico  |  1.2%
Arca Continental SAB de CV		13,500		147,402
Netherlands  |  5.3%
Aalberts NV		2,487		108,232
Akzo Nobel NV		2,076		171,531
Arcadis NV		3,503		189,392
ASM International NV		316		164,555
				633,710
Norway  |  0.7%
Crayon Group Holding ASA (*)		10,735		89,314

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

124  Annual Report

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (continued)
Portugal  |  0.7%
Galp Energia SGPS SA		5,922	$	87,113
Spain  |  1.2%
Bankinter SA		21,776		139,360
Sweden  |  1.0%
Lindab International AB		6,173		121,844
Switzerland  |  2.3%
Emmi AG		137		148,578
Tecan Group AG		315		128,681
				277,259
United Kingdom  |  15.1%
Allfunds Group PLC		16,656		118,588
Auto Trader Group PLC		15,811		145,180
Britvic PLC		11,150		119,533
ConvaTec Group PLC		56,012		174,242
Dowlais Group PLC		107,780		146,345
Genuit Group. PLC		30,797		158,034
GlobalData PLC		54,691		136,473
JET2 PLC		10,000		158,650
Life Science REIT PLC		118,929		95,663
Marlowe PLC (*)		13,413		73,431
Urban Logistics REIT PLC		122,941		199,233
Volution Group PLC		26,617		146,597
Weir Group PLC		6,119		146,920
				1,818,889
United States  |  0.9%
ICON PLC (*)		378		107,000
Total Common Stocks (Cost $11,497,696)				11,839,527

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

Annual Report  125

Description	Shares		Fair Value
Lazard International Small Cap Equity Portfolio (concluded)
Short-Term Investments  |  0.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $79,798)		79,798	$	79,798
Total Investments  |  98.9% (Cost $11,577,494)			$	11,919,325
Cash and Other Assets in Excess of Liabilities  |  1.1%				132,608
Net Assets  |  100.0%			$	12,051,933

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

126  Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio
Common Stocks  |  98.5%
Belgium  |  1.0%
KBC Group NV		680,982	$	44,185,440
Canada  |  4.6%
Canadian Pacific Kansas City Ltd.		716,771		56,712,027
National Bank of Canada		825,678		62,936,099
Suncor Energy, Inc.		2,473,823		79,252,697
				198,900,823
China  |  1.3%
Alibaba Group Holding Ltd. ADR		453,470		35,148,460
ESR Group Ltd.		13,735,400		18,958,920
				54,107,380
Denmark  |  9.6%
Carlsberg AS, Class B		757,114		94,896,379
Genmab AS (*)		137,410		43,769,389
Novo Nordisk AS, Class B		2,207,678		228,350,809
Vestas Wind Systems AS (*)		1,558,276		49,539,237
				416,555,814
Finland  |  1.8%
Sampo OYJ, A Shares		1,759,067		76,982,460
France  |  7.7%
Airbus SE		722,160		111,471,387
Engie SA		4,219,050		74,188,421
Pernod Ricard SA		448,183		79,252,237
Thales SA		474,197		70,131,773
				335,043,818
Germany  |  8.7%
Continental AG		942,161		80,131,125
Gerresheimer AG		444,976		46,347,305

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

Annual Report  127

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Infineon Technologies AG		1,096,689	$	45,741,336
Merck KGaA		387,962		61,708,359
Schott Pharma AG & Co. KGaA		1,044,676		38,755,420
Siemens AG		555,239		104,146,223
				376,829,768
Hong Kong  |  1.3%
AIA Group Ltd.		6,624,400		57,535,602
India  |  1.2%
HDFC Bank Ltd.		2,533,569		51,974,829
Ireland  |  2.4%
Ryanair Holdings PLC ADR (*)		783,824		104,530,769
Israel  |  2.3%
Bank Leumi Le-Israel BM		11,178,702		89,851,662
Wix.com Ltd. (*)		90,261		11,103,908
				100,955,570
Italy  |  1.2%
UniCredit SpA		1,965,951		53,331,784
Japan  |  13.7%
Advantest Corp.		2,094,500		72,123,058
BayCurrent Consulting, Inc.		1,898,900		66,380,599
Daikin Industries Ltd.		384,400		62,441,829
FANUC Corp.		1,888,300		55,549,333
Hoya Corp.		763,400		94,943,390
Kobe Bussan Co. Ltd.		1,621,700		47,858,705
Koito Manufacturing Co. Ltd.		2,670,600		41,490,769
Kokusai Electric Corp.		446,200		9,667,440
Renesas Electronics Corp. (*)		4,226,500		75,853,007
Suzuki Motor Corp.		1,091,772		46,995,028
Tokyo Electron Ltd.		126,100		22,414,351
				595,717,509

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

128  Annual Report

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (continued)
Mexico  |  2.2%
Arca Continental SAB de CV		8,493,700	$	92,739,940
Netherlands  |  5.5%
Akzo Nobel NV		608,655		50,290,505
ASML Holding NV		172,003		129,864,529
Universal Music Group NV		2,076,401		59,294,019
				239,449,053
Portugal  |  1.6%
EDP - Energias de Portugal SA		13,384,871		67,624,216
Singapore  |  1.5%
DBS Group Holdings Ltd.		2,560,300		64,685,324
Sweden  |  1.9%
Hexagon AB, B Shares		6,946,930		83,697,307
Switzerland  |  2.1%
ABB Ltd.		2,018,173		89,685,768
Taiwan  |  2.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		5,013,000		96,477,607
United Kingdom  |  14.4%
Allfunds Group PLC		5,479,082		39,010,184
Coca-Cola Europacific Partners PLC		1,500,557		99,819,949
Compass Group PLC		3,565,620		97,430,262
HSBC Holdings PLC		11,846,999		95,689,257
Informa PLC		6,595,357		65,477,276
RELX PLC		4,529,553		179,643,388
WPP PLC		5,073,958		48,233,150
				625,303,466

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

Annual Report  129

Description	Shares		Fair Value
Lazard International Strategic Equity Portfolio (concluded)
United States  |  10.3%
Accenture PLC, Class A		278,598	$	97,762,824
Aon PLC, Class A		378,745		110,222,370
Chubb Ltd.		251,569		56,854,594
Experian PLC		1,543,605		62,904,635
ICON PLC (*)		423,034		119,748,235
				447,492,658
Total Common Stocks (Cost $3,287,608,087)				4,273,806,905
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $64,496,351)		64,496,351		64,496,351
Total Investments  |  100.0% (Cost $3,352,104,438)			$	4,338,303,256
Liabilities in Excess of Cash and Other Assets  |  0.0%				(334,886	)
Net Assets  |  100.0%			$	4,337,968,370

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

130  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio
Common Stocks  |  99.3%
Australia  |  2.2%
Brambles Ltd.		10,176	$	94,221
Coles Group Ltd.		10,191		111,663
Medibank Pvt Ltd.		15,325		37,138
Telstra Group Ltd.		55,440		149,381
				392,403
Austria  |  0.4%
CA Immobilien Anlagen AG		1,894		67,869
Bermuda  |  0.2%
RenaissanceRe Holdings Ltd.		233		45,668
Canada  |  4.1%
CGI, Inc. (*)		754		80,775
Dollarama, Inc.		670		48,284
Great-West Lifeco, Inc.		1,878		62,163
Hydro One Ltd.		1,331		39,878
Loblaw Cos. Ltd.		1,945		188,298
Manulife Financial Corp.		2,284		50,470
Metro, Inc.		4,155		215,080
Teekay Tankers Ltd., Class A		1,123		56,116
				741,064
China  |  0.5%
BOC Hong Kong Holdings Ltd.		16,000		43,296
Wilmar International Ltd.		16,300		43,985
				87,281
Denmark  |  1.0%
Novo Nordisk AS, Class B		1,730		178,942

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

Annual Report  131

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
France  |  1.5%
Cie Generale des Etablissements Michelin SCA		1,727	$	62,056
Orange SA		18,782		213,673
				275,729
Germany  |  0.4%
Beiersdorf AG		444		66,524
Hong Kong  |  1.0%
Jardine Matheson Holdings Ltd.		1,200		49,396
Link REIT		7,700		43,061
Sun Hung Kai Properties Ltd.		5,000		53,809
WH Group Ltd.		63,500		40,958
				187,224
Israel  |  0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		32,877		44,679
Italy  |  0.5%
Banco BPM SpA		8,164		43,107
Ferrari NV		132		44,489
				87,596
Japan  |  16.3%
ANA Holdings, Inc. (*)		1,900		41,174
Central Japan Railway Co.		3,000		76,066
Chubu Electric Power Co., Inc.		9,800		126,450
Chugoku Electric Power Co., Inc.		6,300		45,093
Daiwa Securities Group, Inc.		5,400		36,192
East Japan Railway Co.		1,100		63,281
Ezaki Glico Co. Ltd.		1,600		47,320
Hachijuni Bank Ltd.		18,000		100,085
Japan Post Bank Co. Ltd.		17,400		177,127
Japan Post Holdings Co. Ltd.		30,800		274,873
Japan Real Estate Investment Corp. REIT		36		148,917
Japan Tobacco, Inc.		2,300		59,369

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

132  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
KDDI Corp.		3,200	$	101,594
Kyushu Railway Co.		4,800		105,658
Lawson, Inc.		2,900		149,674
Mebuki Financial Group, Inc.		14,500		43,982
Mizuho Financial Group, Inc.		3,700		63,282
MS&AD Insurance Group Holdings, Inc.		3,000		117,735
Nagoya Railroad Co. Ltd.		2,700		43,243
Ono Pharmaceutical Co. Ltd.		6,400		114,313
Osaka Gas Co. Ltd.		10,100		210,805
Otsuka Holdings Co. Ltd.		3,600		134,739
Rengo Co. Ltd.		6,200		41,274
Sega Sammy Holdings, Inc.		6,400		89,251
Seven & i Holdings Co. Ltd.		1,100		43,566
Shizuoka Financial Group, Inc.		6,500		54,989
SoftBank Corp.		3,500		43,620
Sompo Holdings, Inc.		900		43,947
Toho Co. Ltd.		1,300		43,893
Tokyo Gas Co. Ltd.		10,800		247,583
Yamaguchi Financial Group, Inc.		5,700		50,939
				2,940,034
Netherlands  |  0.5%
Koninklijke Ahold Delhaize NV		1,497		42,983
Koninklijke KPN NV		11,600		39,933
				82,916
New Zealand  |  0.6%
Spark New Zealand Ltd.		32,315		105,852
Norway  |  0.3%
Orkla ASA		6,394		49,574
Singapore  |  0.8%
Jardine Cycle & Carriage Ltd.		4,000		89,934
Sembcorp Industries Ltd.		11,600		46,567
				136,501

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

Annual Report  133

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Switzerland  |  0.9%
Swisscom AG		286	$	172,103
United Kingdom  |  3.5%
BAE Systems PLC		9,538		134,943
HSBC Holdings PLC		13,391		108,160
IG Group Holdings PLC		5,266		51,299
RELX PLC		2,639		104,663
Serco Group PLC		18,656		38,411
Standard Chartered PLC		2,238		18,931
Unilever PLC		2,703		130,782
Vodafone Group PLC		42,303		36,748
				623,937
United States  |  64.4%
AbbVie, Inc.		683		105,845
Agree Realty Corp. REIT		3,016		189,857
Allison Transmission Holdings, Inc.		1,348		78,386
Alnylam Pharmaceuticals, Inc. (*)		229		43,833
Alphabet, Inc., Class C (*)		1,059		149,245
Altria Group, Inc.		2,938		118,519
Amdocs Ltd.		1,647		144,755
Ameren Corp.		1,460		105,616
American Homes 4 Rent, Class A REIT		1,165		41,893
AMN Healthcare Services, Inc. (*)		822		61,551
Aon PLC, Class A		414		120,482
AptarGroup, Inc.		579		71,576
Arcosa, Inc.		567		46,857
Assurant, Inc.		444		74,810
AT&T, Inc.		4,012		67,321
Atmos Energy Corp.		1,194		138,385
Automatic Data Processing, Inc.		297		69,192
Biogen, Inc. (*)		270		69,868
Boston Scientific Corp. (*)		840		48,560
Brady Corp., Class A		757		44,428
Bristol-Myers Squibb Co.		4,897		251,265

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

134  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Broadcom, Inc.		99	$	110,509
Cadence Design Systems, Inc. (*)		147		40,038
Cal-Maine Foods, Inc.		2,092		120,060
Campbell Soup Co.		1,025		44,311
Cardinal Health, Inc.		449		45,259
Casey’s General Stores, Inc.		181		49,728
Cboe Global Markets, Inc.		721		128,742
CDW Corp.		501		113,887
Cencora, Inc.		915		187,923
Centene Corp. (*)		893		66,270
Chubb Ltd.		401		90,626
Cigna Group		284		85,044
Cirrus Logic, Inc. (*)		522		43,425
Cisco Systems, Inc.		3,267		165,049
Clorox Co.		696		99,243
Cognizant Technology Solutions Corp., Class A		930		70,243
Colgate-Palmolive Co.		2,762		220,159
Comcast Corp., Class A		1,371		60,118
CommVault Systems, Inc. (*)		816		65,158
Concentrix Corp.		530		52,051
Consolidated Edison, Inc.		2,293		208,594
Corebridge Financial, Inc.		2,506		54,280
Coterra Energy, Inc.		3,458		88,248
CVS Health Corp.		2,187		172,686
DaVita, Inc. (*)		440		46,094
Deckers Outdoor Corp. (*)		69		46,122
Electronic Arts, Inc.		1,066		145,839
Elevance Health, Inc.		118		55,644
Eli Lilly & Co.		73		42,553
Enact Holdings, Inc.		1,569		45,328
Entergy Corp.		1,584		160,285
Everest Group Ltd.		258		91,224
Fiserv, Inc. (*)		1,106		146,921
General Mills, Inc.		2,394		155,945
Gilead Sciences, Inc.		3,456		279,971
Global Payments, Inc.		408		51,816

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

Annual Report  135

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Globe Life, Inc.		1,035	$	125,980
GoDaddy, Inc., Class A (*)		491		52,125
GSK PLC		5,236		96,716
H&R Block, Inc.		1,097		53,062
Haemonetics Corp. (*)		469		40,104
Hartford Financial Services Group, Inc.		566		45,495
Hershey Co.		1,069		199,304
Humana, Inc.		93		42,576
Huron Consulting Group, Inc. (*)		435		44,718
Ingredion, Inc.		402		43,629
International Seaways, Inc.		1,144		52,029
J M Smucker Co.		469		59,272
Johnson & Johnson		253		39,655
Juniper Networks, Inc.		1,623		47,846
Kellanova		2,001		111,876
Kimberly-Clark Corp.		2,129		258,695
Kroger Co.		2,003		91,557
Lockheed Martin Corp.		93		42,151
M&T Bank Corp.		371		50,857
MasterCard, Inc., Class A		176		75,066
McDonald’s Corp.		496		147,069
McKesson Corp.		246		113,893
Merck & Co., Inc.		1,885		205,503
Meta Platforms, Inc., Class A (*)		132		46,723
Microsoft Corp.		117		43,997
Molina Healthcare, Inc. (*)		190		68,649
MSC Industrial Direct Co., Inc. Class A		755		76,451
National Fuel Gas Co.		1,979		99,286
Neurocrine Biosciences, Inc. (*)		378		49,805
NewMarket Corp.		258		140,824
NiSource, Inc.		3,480		92,394
Northrop Grumman Corp.		101		47,282
NVR, Inc. (*)		5		35,002
PACCAR, Inc.		480		46,872
PepsiCo, Inc.		1,210		205,506
Pfizer, Inc.		1,277		36,765

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

136  Annual Report

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (continued)
Pinnacle West Capital Corp.		646	$	46,409
PNM Resources, Inc.		1,946		80,954
Procter & Gamble Co.		1,721		252,195
Public Service Enterprise Group, Inc.		671		41,032
QUALCOMM, Inc.		560		80,993
Qualys, Inc. (*)		482		94,607
Regeneron Pharmaceuticals, Inc. (*)		122		107,151
RingCentral, Inc., Class A (*)		449		15,244
Roche Holding AG		1,079		312,729
Sanofi SA		411		40,747
SBA Communications Corp. REIT		405		102,744
Sempra		745		55,674
Super Micro Computer, Inc. (*)		172		48,893
Synopsys, Inc. (*)		148		76,207
TJX Cos., Inc.		1,118		104,880
Tradeweb Markets, Inc., Class A		494		44,895
Travelers Cos., Inc.		193		36,765
United Therapeutics Corp. (*)		213		46,837
UnitedHealth Group, Inc.		190		100,029
VeriSign, Inc. (*)		420		86,503
Verizon Communications, Inc.		5,912		222,882
Vertex Pharmaceuticals, Inc. (*)		131		53,303
W. R. Berkley Corp.		619		43,776
Walmart, Inc.		958		151,029
Waste Management, Inc.		828		148,295
WD-40 Co.		277		66,222
Western Union Co.		4,290		51,137
White Mountains Insurance Group Ltd.		50		75,250
Willis Towers Watson PLC		181		43,657
WK Kellogg Co.		502		6,596
WP Carey, Inc. REIT		769		49,839
Xcel Energy, Inc.		2,010		124,439
Zoom Video Communications, Inc. Class A (*)		584		41,995
				11,574,279

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

Annual Report  137

Description	Shares		Fair Value
Lazard Managed Equity Volatility Portfolio (concluded)
Total Common Stocks (Cost $16,719,711)			$	17,860,175
Warrants  |  0.0%
Canada  |  0.0%
Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0)		22		0
Short-Term Investments  |  0.6%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $107,656)		107,656		107,656
Total Investments  |  99.9% (Cost $16,827,367)			$	17,967,831
Cash and Other Assets in Excess of Liabilities  |  0.1%				13,483
Net Assets  |  100.0%			$	17,981,314

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

138  Annual Report

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio
Common Stocks  |  96.5%
Capital Markets  |  9.0%
S&P Global, Inc.		41,404	$	18,239,290
Commercial Services & Supplies  |  4.4%
Waste Management, Inc.		50,261		9,001,745
Construction Materials  |  4.1%
Vulcan Materials Co.		36,287		8,237,512
Distributors  |  3.5%
LKQ Corp.		147,768		7,061,833
Entertainment  |  3.2%
Live Nation Entertainment, Inc. (*)		69,923		6,544,793
Financial Services  |  9.2%
Fidelity National Information Services, Inc.		151,903		9,124,813
Visa, Inc., A Shares		36,447		9,488,977
				18,613,790
Health Care Providers & Services  |  11.8%
Laboratory Corp. of America Holdings		105,681		24,020,234
Hotels, Restaurants & Leisure  |  4.7%
McDonald’s Corp.		31,969		9,479,128
Interactive Media & Services  |  9.6%
Alphabet, Inc., Class A (*)		139,900		19,542,631
IT Services  |  4.5%
VeriSign, Inc. (*)		44,218		9,107,139
Machinery  |  4.6%
Otis Worldwide Corp.		104,318		9,333,331

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

Annual Report   139

Description	Shares		Fair Value
Lazard US Equity Concentrated Portfolio (concluded)
Personal Care Products  |  1.6%
Estee Lauder Cos., Inc., Class A		21,761	$	3,182,546
Professional Services  |  4.2%
Verisk Analytics, Inc.		35,660		8,517,748
Semiconductors & Semiconductor Equipment  |  9.2%
Analog Devices, Inc.		56,352		11,189,253
Skyworks Solutions, Inc.		66,674		7,495,491
				18,684,744
Software  |  2.6%
Oracle Corp.		50,310		5,304,183
Specialized REITs  |  10.3%
Crown Castle, Inc.		92,861		10,696,659
Public Storage		33,336		10,167,480
				20,864,139
Total Common Stocks (Cost $129,434,291)				195,734,786
Short-Term Investments  |  4.4%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $8,991,911)		8,991,911		8,991,911
Total Investments  |  100.9% (Cost $138,426,202)			$	204,726,697
Liabilities in Excess of Cash and Other Assets  |  (0.9)%				(1,804,285	)
Net Assets  |  100.0%			$	202,922,412

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

140   Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio
Common Stocks  |  95.2%
Automobile Components  |  0.8%
Aptiv PLC (*)		8,693	$	779,936
Banks  |  3.0%
Bank of America Corp.		81,482		2,743,499
Broadline Retail  |  6.1%
Amazon.com, Inc. (*)		37,186		5,650,041
Capital Markets  |  7.7%
Goldman Sachs Group, Inc.		8,443		3,257,056
Intercontinental Exchange, Inc.		29,781		3,824,774
				7,081,830
Commercial Services & Supplies  |  2.9%
Waste Management, Inc.		14,649		2,623,636
Consumer Finance  |  3.2%
American Express Co.		15,615		2,925,314
Consumer Staples Distribution & Retail  |  2.5%
Sysco Corp.		30,908		2,260,302
Containers & Packaging  |  2.1%
Avery Dennison Corp.		9,498		1,920,116
Financial Services  |  4.2%
Visa, Inc., A Shares		14,649		3,813,867
Ground Transportation  |  3.3%
Norfolk Southern Corp.		12,717		3,006,044
Health Care Equipment & Supplies  |  2.0%
Medtronic PLC		21,893		1,803,545

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

Annual Report   141

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (continued)
Health Care Providers & Services  |  3.8%
UnitedHealth Group, Inc.		6,580	$	3,464,173
Hotels, Restaurants & Leisure  |  3.3%
McDonald’s Corp.		10,142		3,007,204
Industrial Conglomerates  |  3.4%
Honeywell International, Inc.		14,971		3,139,568
Industrial REITs  |  2.2%
Prologis, Inc.		15,454		2,060,018
Insurance  |  4.0%
Marsh & McLennan Cos., Inc.		19,478		3,690,497
Interactive Media & Services  |  7.6%
Alphabet, Inc., Class A (*)		50,225		7,015,930
IT Services  |  3.0%
Accenture PLC, Class A		7,912		2,776,400
Life Sciences Tools & Services  |  6.2%
Danaher Corp.		16,039		3,710,462
IQVIA Holdings, Inc. (*)		8,693		2,011,387
				5,721,849
Oil, Gas & Consumable Fuels  |  3.3%
ConocoPhillips		25,976		3,015,034
Personal Care Products  |  1.6%
Estee Lauder Cos., Inc., Class A		10,303		1,506,814
Pharmaceuticals  |  2.8%
Johnson & Johnson		16,420		2,573,671

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

142   Annual Report

Description	Shares		Fair Value
Lazard US Equity Focus Portfolio (concluded)
Semiconductors & Semiconductor Equipment  |  6.3%
Analog Devices, Inc.		17,868	$	3,547,870
Applied Materials, Inc.		13,683		2,217,604
				5,765,474
Software  |  9.9%
Microsoft Corp.		24,147		9,080,238
Total Common Stocks (Cost $59,650,282)				87,425,000
Short-Term Investments  |  4.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $4,475,120)		4,475,120		4,475,120
Total Investments  |  100.1% (Cost $64,125,402)			$	91,900,120
Liabilities in Excess of Cash and Other Assets  |  (0.1)%				(46,476	)
Net Assets  |  100.0%			$	91,853,644

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

Annual Report   143

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio
Common Stocks  |  97.5%
Aerospace & Defense  |  1.0%
Curtiss-Wright Corp.		1,780	$	396,566
Automobile Components  |  1.4%
Gentherm, Inc. (*)		10,799		565,436
Banks  |  7.7%
Comerica, Inc.		9,646		538,343
Commerce Bancshares, Inc.		15,478		826,680
Home BancShares, Inc.		32,646		826,923
Wintrust Financial Corp.		9,216		854,784
				3,046,730
Biotechnology  |  2.6%
Halozyme Therapeutics, Inc. (*)		11,327		418,646
United Therapeutics Corp. (*)		2,754		605,577
				1,024,223
Building Products  |  2.4%
Carlisle Cos., Inc.		1,593		497,701
Hayward Holdings, Inc. (*)		32,065		436,084
				933,785
Capital Markets  |  4.2%
Evercore, Inc., Class A		3,282		561,386
StepStone Group, Inc., Class A		12,669		403,254
Stifel Financial Corp.		10,264		709,756
				1,674,396
Chemicals  |  1.6%
Ingevity Corp. (*)		8,817		416,339
Livent Corp. (*)		12,312		221,370
				637,709

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

144   Annual Report

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio (continued)
Commercial Services & Supplies  |  1.0%
Vestis Corp.		17,752	$	375,277
Communications Equipment  |  2.0%
Ciena Corp. (*)		10,593		476,791
F5, Inc. (*)		1,751		313,394
				790,185
Construction Materials  |  0.8%
Eagle Materials, Inc.		1,635		331,643
Consumer Staples Distribution & Retail  |  2.7%
BJ’s Wholesale Club Holdings, Inc. (*)		6,155		410,292
Chefs’ Warehouse Inc. (*)		9,319		274,258
U.S. Foods Holding Corp. (*)		8,765		398,019
				1,082,569
Containers & Packaging  |  2.7%
Avery Dennison Corp.		2,540		513,486
Graphic Packaging Holding Co.		23,169		571,116
				1,084,602
Electrical Equipment  |  2.4%
Array Technologies, Inc. (*)		19,539		328,255
EnerSys		6,021		607,880
				936,135
Electronic Equipment, Instruments & Components  |  1.2%
Cognex Corp.		11,686		487,774
Energy Equipment & Services  |  2.7%
Cactus, Inc., Class A		13,374		607,180
Liberty Energy, Inc.		24,859		450,942
				1,058,122

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

Annual Report   145

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio (continued)
Entertainment  |  1.3%
Take-Two Interactive Software, Inc. (*)		3,084	$	496,370
Gas Utilities  |  1.9%
New Jersey Resources Corp.		16,965		756,300
Health Care Equipment & Supplies  |  5.4%
Enovis Corp. (*)		7,356		412,083
Envista Holdings Corp. (*)		20,721		498,547
Lantheus Holdings, Inc. (*)		9,715		602,330
QuidelOrtho Corp. (*)		8,114		598,002
				2,110,962
Health Care Providers & Services  |  1.5%
Henry Schein, Inc. (*)		7,633		577,894
Health Care Technology  |  1.1%
Phreesia, Inc. (*)		18,204		421,423
Hotel & Resort REITs  |  1.1%
Summit Hotel Properties, Inc.		61,745		414,926
Hotels, Restaurants & Leisure  |  3.1%
Brinker International, Inc. (*)		11,791		509,135
Kura Sushi USA, Inc., Class A (*)		2,784		211,584
Wyndham Hotels & Resorts, Inc.		6,266		503,849
				1,224,568
Household Durables  |  1.6%
Helen of Troy Ltd. (*)		5,355		646,938
Insurance  |  3.7%
Globe Life, Inc.		3,707		451,216
Hanover Insurance Group, Inc.		3,280		398,258
Reinsurance Group of America, Inc.		3,717		601,336
				1,450,810

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

146   Annual Report

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio (continued)
Interactive Media & Services  |  3.9%
Cars.com, Inc. (*)		29,893	$	567,070
Ziff Davis, Inc. (*)		8,446		567,487
ZoomInfo Technologies, Inc. (*)		21,688		401,011
				1,535,568
IT Services  |  1.3%
Squarespace, Inc., Class A (*)		15,294		504,855
Leisure Products  |  1.3%
Brunswick Corp.		5,213		504,358
Life Sciences Tools & Services  |  4.1%
AbCellera Biologics, Inc. (*)		72,085		411,605
Charles River Laboratories International, Inc. (*)		2,421		572,325
ICON PLC (*)		1,245		352,422
Stevanato Group SpA		9,852		268,861
				1,605,213
Machinery  |  4.9%
Columbus McKinnon Corp.		12,477		486,852
Gates Industrial Corp. PLC (*)		33,685		452,053
Middleby Corp. (*)		4,853		714,216
Nordson Corp.		1,086		286,878
				1,939,999
Oil, Gas & Consumable Fuels  |  3.5%
Antero Resources Corp. (*)		32,039		726,645
Magnolia Oil & Gas Corp., Class A		31,046		660,969
				1,387,614
Professional Services  |  3.9%
Jacobs Solutions, Inc.		4,095		531,531
Leidos Holdings, Inc.		3,332		360,656
Sterling Check Corp. (*)		46,339		645,039
				1,537,226

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

Annual Report   147

Description	Shares		Fair Value
Lazard US Small Cap Equity Select Portfolio (continued)
Residential REITs  |  1.4%
Camden Property Trust		5,483	$	544,407
Retail REITs  |  1.6%
Brixmor Property Group, Inc.		27,146		631,687
Semiconductors & Semiconductor Equipment  |  2.7%
Allegro MicroSystems, Inc. (*)		9,478		286,899
MKS Instruments, Inc.		4,712		484,723
Onto Innovation, Inc. (*)		1,853		283,324
				1,054,946
Software  |  6.0%
CyberArk Software Ltd. (*)		1,517		332,299
Dolby Laboratories, Inc., Class A		5,432		468,130
Dynatrace, Inc. (*)		6,544		357,891
N-able, Inc. (*)		35,523		470,679
PTC, Inc. (*)		2,277		398,384
Tyler Technologies, Inc. (*)		848		354,566
				2,381,949
Specialized REITs  |  1.4%
CubeSmart		11,796		546,745
Specialty Retail  |  3.2%
Five Below, Inc. (*)		2,492		531,195
RH (*)		887		258,543
Warby Parker, Inc., Class A (*)		33,481		472,082
				1,261,820
Textiles, Apparel & Luxury Goods  |  1.2%
Steven Madden Ltd.		10,911		458,262
Total Common Stocks (Cost $31,583,431)				38,419,992

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

148   Annual Report

Description	Shares	Fair Value
Lazard US Small Cap Equity Select Portfolio (concluded)
Total Investments  |  97.5% (Cost $31,583,431)		$	38,419,992
Cash and Other Assets in Excess of Liabilities  |  2.5%			993,874
Net Assets  |  100.0%		$	39,413,866

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

Annual Report   149

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio
Common Stocks  |  96.9%
Automobile Components  |  0.9%
Aptiv PLC (*)		1,137	$	102,012
Banks  |  2.4%
Commerce Bancshares, Inc.		5,401		288,467
Building Products  |  2.0%
Carlisle Cos., Inc.		266		83,107
Trane Technologies PLC		618		150,730
				233,837
Capital Markets  |  5.5%
Charles Schwab Corp.		4,726		325,149
Intercontinental Exchange, Inc.		2,492		320,047
				645,196
Chemicals  |  0.3%
Livent Corp. (*)		1,974		35,493
Commercial Services & Supplies  |  3.3%
MSA Safety, Inc.		578		97,584
Waste Management, Inc.		1,655		296,410
				393,994
Communications Equipment  |  1.8%
Cisco Systems, Inc.		4,107		207,486
Consumer Finance  |  1.6%
American Express Co.		1,037		194,272
Consumer Staples Distribution & Retail  |  1.5%
Sysco Corp.		2,393		175,000

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

150   Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Containers & Packaging  |  2.5%
Avery Dennison Corp.		917	$	185,381
Ball Corp.		1,994		114,695
				300,076
Electrical Equipment  |  2.6%
Rockwell Automation, Inc.		857		266,081
Shoals Technologies Group, Inc., Class A (*)		2,985		46,387
				312,468
Electronic Equipment, Instruments & Components  |  1.9%
Amphenol Corp., Class A		1,396		138,385
Cognex Corp.		2,094		87,404
				225,789
Financial Services  |  3.8%
Visa, Inc., A Shares		1,735		451,707
Ground Transportation  |  2.2%
Norfolk Southern Corp.		1,097		259,309
Health Care Equipment & Supplies  |  3.7%
Boston Scientific Corp. (*)		4,147		239,738
Lantheus Holdings, Inc. (*)		1,176		72,912
Medtronic PLC		1,595		131,396
				444,046
Health Care Providers & Services  |  5.6%
Humana, Inc.		359		164,354
UnitedHealth Group, Inc.		953		501,726
				666,080
Household Products  |  2.5%
Procter & Gamble Co.		2,014		295,132

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

Annual Report   151

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (continued)
Industrial REITs  |  2.5%
Prologis, Inc.		2,213	$	294,993
IT Services  |  3.7%
Accenture PLC, Class A		1,236		433,725
Life Sciences Tools & Services  |  9.1%
Agilent Technologies, Inc.		1,456		202,428
Danaher Corp.		1,383		319,943
Fortrea Holdings, Inc. (*)		1,775		61,947
IQVIA Holdings, Inc. (*)		798		184,641
Thermo Fisher Scientific, Inc.		582		308,920
				1,077,879
Machinery  |  4.9%
Deere & Co.		498		199,135
Nordson Corp.		538		142,118
Watts Water Technologies, Inc., Class A		558		116,254
Xylem, Inc.		1,037		118,591
				576,098
Personal Care Products  |  1.1%
Estee Lauder Cos., Inc., Class A		897		131,186
Pharmaceuticals  |  3.7%
Johnson & Johnson		1,067		167,242
Zoetis, Inc.		1,396		275,528
				442,770
Semiconductors & Semiconductor Equipment  |  5.5%
Analog Devices, Inc.		1,934		384,015
Applied Materials, Inc.		1,176		190,594
ON Semiconductor Corp. (*)		877		73,256
				647,865

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

152   Annual Report

Description	Shares		Fair Value
Lazard US Sustainable Equity Portfolio (concluded)
Software  |  18.2%
Adobe, Inc. (*)		339	$	202,248
CyberArk Software Ltd. (*)		558		122,230
Intuit, Inc.		379		236,886
Microsoft Corp.		3,230		1,214,609
Salesforce, Inc. (*)		1,416		372,606
				2,148,579
Specialty Retail  |  3.0%
Home Depot, Inc.		1,037		359,372
Textiles, Apparel & Luxury Goods  |  1.1%
NIKE, Inc., Class B		1,196		129,850
Total Common Stocks (Cost $8,295,851)				11,472,681
Short-Term Investments  |  3.3%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $386,412)		386,412		386,412
Total Investments  |  100.2% (Cost $8,682,263)			$	11,859,093
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(29,489	)
Net Assets  |  100.0%			$	11,829,604

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
Common Stocks  |  99.1%
Aerospace & Defense  |  0.4%
AAR Corp. (*)		711	$	44,366
Park Aerospace Corp.		6,585		96,800
				141,166
Air Freight & Logistics  |  0.3%
Radiant Logistics, Inc. (*)		16,081		106,778
Automobile Components  |  1.7%
Autoliv, Inc.		1,183		130,355
BorgWarner, Inc.		2,406		86,255
Gentex Corp.		2,592		84,655
Goodyear Tire & Rubber Co. (*)		6,026		86,292
Modine Manufacturing Co. (*)		1,604		95,759
Phinia, Inc.		178		5,391
Standard Motor Products, Inc.		2,812		111,946
Visteon Corp. (*)		678		84,682
				685,335
Automobiles  |  0.3%
Harley-Davidson, Inc.		3,536		130,266
Banks  |  2.4%
Amalgamated Financial Corp.		5,388		145,153
Citizens & Northern Corp.		1,473		33,039
First BanCorp		5,042		82,941
First Financial Bancorp		3,692		87,685
Independent Bank Corp.		3,726		96,951
Mercantile Bank Corp.		2,119		85,565
Old Second Bancorp, Inc.		4,925		76,042
Orange County Bancorp, Inc.		1,193		71,866
Orrstown Financial Services, Inc.		925		27,288
UMB Financial Corp.		1,090		91,069

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)
Westamerica BanCorp		1,111	$	62,672
Wintrust Financial Corp.		894		82,918
				943,189
Beverages  |  0.6%
Coca-Cola Consolidated, Inc.		123		114,193
Primo Water Corp.		9,515		143,201
				257,394
Biotechnology  |  4.4%
ADMA Biologics, Inc. (*)		47,936		216,671
Alkermes PLC (*)		5,180		143,693
Arcturus Therapeutics Holdings, Inc. (*)		4,456		140,498
Biohaven Ltd. (*)		283		12,112
Catalyst Pharmaceuticals, Inc. (*)		12,703		213,537
Deciphera Pharmaceuticals, Inc. (*)		5,244		84,586
Exelixis, Inc. (*)		2,286		54,841
Foghorn Therapeutics, Inc. (*)		4,297		27,716
Ironwood Pharmaceuticals, Inc. (*)		7,709		88,191
Kamada Ltd. (*)		3,277		20,055
MiMedx Group, Inc. (*)		8,883		77,904
Myriad Genetics, Inc. (*)		4,522		86,551
Neurocrine Biosciences, Inc. (*)		597		78,661
Prothena Corp. PLC (*)		2,116		76,895
REGENXBIO, Inc. (*)		4,426		79,447
Relay Therapeutics, Inc. (*)		9,962		109,682
United Therapeutics Corp. (*)		628		138,091
Vanda Pharmaceuticals, Inc. (*)		2,637		11,128
Xencor, Inc. (*)		3,463		73,519
Zymeworks, Inc. (*)		4,086		42,454
				1,776,232
Broadline Retail  |  0.8%
Dillard’s, Inc., Class A		259		104,545
Macy’s, Inc.		5,594		112,551
Ollie’s Bargain Outlet Holdings, Inc. (*)		1,287		97,671
				314,767

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)
Building Products  |  2.6%
American Woodmark Corp. (*)		740	$	68,709
Armstrong World Industries, Inc.		1,007		99,008
AZEK Co., Inc. (*)		2,430		92,947
Builders FirstSource, Inc. (*)		2,105		351,409
Owens Corning		199		29,498
Simpson Manufacturing Co., Inc.		986		195,208
Tecnoglass, Inc.		1,087		49,687
UFP Industries, Inc.		1,304		163,717
				1,050,183
Capital Markets  |  1.3%
Affiliated Managers Group, Inc.		528		79,950
Bain Capital Specialty Finance, Inc.		4,942		74,476
Carlyle Secured Lending, Inc.		8,591		128,521
Donnelley Financial Solutions, Inc. (*)		1,208		75,343
Golub Capital BDC, Inc.		5,207		78,626
SEI Investments Co.		1,226		77,912
				514,828
Chemicals  |  0.4%
AdvanSix, Inc.		3,755		112,500
Ingevity Corp. (*)		781		36,879
				149,379
Commercial Services & Supplies  |  3.0%
Brady Corp., Class A		2,358		138,391
BrightView Holdings, Inc. (*)		16,703		140,639
CECO Environmental Corp. (*)		7,388		149,829
Civeo Corp.		3,974		90,806
Deluxe Corp.		2,553		54,762
Ennis, Inc.		1,032		22,611
HNI Corp.		2,384		99,723
Liquidity Services, Inc. (*)		6,157		105,962
Matthews International Corp., Class A		2,268		83,122
MillerKnoll, Inc.		1,782		47,544

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)
OPENLANE, Inc. (*)		4,899	$	72,554
Steelcase, Inc., Class A		14,612		197,554
				1,203,497
Communications Equipment  |  1.3%
Aviat Networks, Inc. (*)		1,181		38,571
Calix, Inc. (*)		2,125		92,841
Extreme Networks, Inc. (*)		5,631		99,331
Gilat Satellite Networks Ltd. (*)		7,796		47,634
Harmonic, Inc. (*)		2,814		36,695
Ituran Location & Control Ltd.		3,681		100,270
Juniper Networks, Inc.		3,014		88,853
				504,195
Construction & Engineering  |  1.6%
API Group Corp. (*)		831		28,753
Argan, Inc.		760		35,560
Bowman Consulting Group Ltd. (*)		865		30,725
IES Holdings, Inc. (*)		2,230		176,660
Limbach Holdings, Inc. (*)		4,627		210,390
Stantec, Inc.		1,814		145,465
				627,553
Construction Materials  |  0.3%
U.S. Lime & Minerals, Inc.		480		110,568
Consumer Finance  |  0.6%
Enova International, Inc. (*)		1,992		110,277
PROG Holdings, Inc. (*)		4,449		137,519
				247,796
Consumer Staples Distribution & Retail  |  0.4%
Andersons, Inc.		1,880		108,175
Ingles Markets, Inc., Class A		518		44,740
				152,915
Containers & Packaging  |  1.1%
Ardagh Metal Packaging SA		22,979		88,239
Berry Global Group, Inc.		1,271		85,653
Greif, Inc., Class A		2,346		153,874

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)
O-I Glass, Inc. (*)		2,880	$	47,175
Pactiv Evergreen, Inc.		3,809		52,221
				427,162
Distributors  |  0.2%
Weyco Group, Inc.		2,624		82,289
Diversified Consumer Services  |  2.4%
Afya Ltd., Class A (*)		9,245		202,743
Frontdoor, Inc. (*)		3,572		125,806
Grand Canyon Education, Inc. (*)		669		88,335
Laureate Education, Inc.		11,011		150,961
Lincoln Educational Services Corp. (*)		4,750		47,690
Perdoceo Education Corp.		8,532		149,822
Strategic Education, Inc.		885		81,747
Stride, Inc. (*)		1,894		112,447
Vitru Ltd. (*)		1,362		21,465
				981,016
Diversified REITs  |  0.4%
Broadstone Net Lease, Inc.		4,690		80,762
Essential Properties Realty Trust, Inc.		3,126		79,900
				160,662
Diversified Telecommunication Services  |  0.4%
IDT Corp., Class B (*)		1,691		57,646
Liberty Latin America Ltd., Class C (*)		11,986		87,977
				145,623
Electrical Equipment  |  2.6%
Acuity Brands, Inc.		659		134,983
Atkore, Inc. (*)		1,231		196,960
LSI Industries, Inc.		2,141		30,145
nVent Electric PLC0		2,964		175,143
Powell Industries, Inc.		630		55,692
Preformed Line Products Co.		1,555		208,152
Regal Rexnord Corp.		267		39,521

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)
Sensata Technologies Holding PLC		2,387	$	89,680
Thermon Group Holdings, Inc. (*)		3,289		107,123
				1,037,399
Electronic Equipment, Instruments & Components  |  4.2%
Advanced Energy Industries, Inc.		437		47,598
Arrow Electronics, Inc. (*)		349		42,665
Bel Fuse, Inc. Class B		1,822		121,655
Celestica, Inc. (*)		8,759		256,464
Climb Global Solutions, Inc.		936		51,321
Daktronics, Inc. (*)		17,213		145,966
ePlus, Inc. (*)		1,350		107,784
Flex Ltd. (*)		3,824		116,479
Itron, Inc. (*)		1,158		87,441
Jabil, Inc.		1,383		176,194
Kimball Electronics, Inc. (*)		4,490		121,006
Mirion Technologies, Inc. (*)		10,185		104,396
nLight, Inc. (*)		2,974		40,149
Novanta, Inc. (*)		274		46,144
OSI Systems, Inc. (*)		597		77,043
Sanmina Corp. (*)		1,758		90,308
ScanSource, Inc. (*)		1,496		59,257
				1,691,870
Energy Equipment & Services  |  0.3%
North American Construction Group Ltd.		2,090		43,576
Select Water Solutions, Inc.		10,949		83,103
				126,679
Entertainment  |  1.0%
Cinemark Holdings, Inc. (*)		4,654		65,575
IMAX Corp. (*)		7,297		109,601
Lions Gate Entertainment Corp., Class A (*)		9,069		98,852
Playstudios, Inc. (*)		21,740		58,915
Vivid Seats, Inc., Class A Class A (*)		10,700		67,624
				400,567

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)
Financial Services  |  1.3%
Cass Information Systems, Inc.		1,563	$	70,413
EVERTEC, Inc.		2,006		82,126
Federal Agricultural Mortgage Corp., Class C		439		83,946
NMI Holdings, Inc., Class A (*)		5,067		150,389
Voya Financial, Inc.		1,039		75,805
WEX, Inc. (*)		401		78,014
				540,693
Food Products  |  0.2%
Dole PLC		7,038		86,497
Ground Transportation  |  0.5%
Knight-Swift Transportation Holdings, Inc.		746		43,007
Ryder System, Inc.		1,035		119,087
XPO, Inc. (*)		476		41,693
				203,787
Health Care Equipment & Supplies  |  4.1%
Artivion, Inc. (*)		1,392		24,889
AtriCure, Inc. (*)		1,552		55,391
DENTSPLY SIRONA, Inc.		1,324		47,121
Haemonetics Corp. (*)		1,685		144,084
ICU Medical, Inc. (*)		290		28,925
Inmode Ltd. (*)		2,271		50,507
iRadimed Corp.		3,779		179,389
Neogen Corp. (*)		5,063		101,817
OraSure Technologies, Inc. (*)		19,736		161,835
Penumbra, Inc. (*)		290		72,947
RxSight, Inc. (*)		2,936		118,380
Sanara Medtech, Inc. (*)		1,373		56,430
Semler Scientific, Inc. (*)		3,110		137,742
Shockwave Medical, Inc. (*)		404		76,986
Surmodics, Inc. (*)		1,843		66,993
UFP Technologies, Inc. (*)		913		157,072
Utah Medical Products, Inc.		889		74,872
Varex Imaging Corp. (*)		3,419		70,089
				1,625,469

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)
Health Care Providers & Services  |  2.4%
Addus HomeCare Corp. (*)		1,388	$	128,876
Alignment Healthcare, Inc. (*)		5,137		44,229
Aveanna Healthcare Holdings, Inc. (*)		6,901		18,495
Chemed Corp.		158		92,390
DocGo, Inc. (*)		13,257		74,107
NeoGenomics, Inc. (*)		2,452		39,673
Option Care Health, Inc. (*)		2,591		87,291
Pediatrix Medical Group, Inc. (*)		11,712		108,922
PetIQ, Inc. (*)		8,757		172,951
Premier, Inc., Class A		2,800		62,608
RadNet, Inc. (*)		1,233		42,871
Talkspace, Inc. (*)		29,283		74,379
Viemed Healthcare, Inc. (*)		4,389		34,454
				981,246
Health Care REITs  |  0.8%
Healthpeak Properties, Inc.		4,211		83,378
LTC Properties, Inc.		2,171		69,732
Physicians Realty Trust		5,906		78,609
Sabra Health Care REIT, Inc.		5,114		72,977
				304,696
Health Care Technology  |  0.5%
HealthStream, Inc.		2,699		72,954
Simulations Plus, Inc.		2,013		90,082
Teladoc Health, Inc. (*)		1,629		35,105
				198,141
Hotels, Restaurants & Leisure  |  1.1%
Accel Entertainment, Inc. (*)		13,752		141,233
Aramark		2,196		61,708
Boyd Gaming Corp.		1,308		81,894
Denny’s Corp. (*)		4,023		43,770
Despegar.com Corp. (*)		7,800		73,788
Krispy Kreme, Inc.		3,201		48,303
				450,696

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 (continued)
Household Durables  |  4.6%
Beazer Homes USA, Inc. (*)		3,626	$	122,522
Cavco Industries, Inc. (*)		282		97,747
Century Communities, Inc.		1,228		111,920
Green Brick Partners, Inc. (*)		1,738		90,272
Helen of Troy Ltd. (*)		366		44,216
Hooker Furnishings Corp.		2,165		56,463
Hovnanian Enterprises, Inc., Class A (*)		1,080		168,070
KB Home		4,238		264,705
Landsea Homes Corp. (*)		9,394		123,437
M/I Homes, Inc. (*)		2,316		319,006
Meritage Homes Corp.		1,008		175,594
Skyline Champion Corp. (*)		1,345		99,880
Taylor Morrison Home Corp. (*)		2,995		159,783
				1,833,615
Household Products  |  0.7%
Central Garden & Pet Co., Class A (*)		2,224		97,945
Energizer Holdings, Inc.		2,728		86,423
Oil-Dri Corp. of America		1,216		81,569
				265,937
Independent Power & Renewable Electricity Producers  |  0.5%
Brookfield Renewable Corp., Class A		3,164		91,091
ReNew Energy Global PLC, Class A (*)		12,386		94,877
				185,968
Industrial REITs  |  1.2%
Americold Realty Trust, Inc.		2,207		66,806
EastGroup Properties, Inc.		259		47,537
First Industrial Realty Trust, Inc.		1,327		69,893
LXP Industrial Trust		6,845		67,902
Rexford Industrial Realty, Inc.		1,558		87,404
STAG Industrial, Inc.		1,991		78,167
Terreno Realty Corp.		1,151		72,133
				489,842

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

162  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Insurance  |  2.1%
Assurant, Inc.		437	$	73,630
Axis Capital Holdings Ltd.		1,279		70,818
CNO Financial Group, Inc.		2,863		79,878
Enstar Group Ltd. (*)		301		88,599
International General Insurance Holdings Ltd.		3,504		45,132
Lincoln National Corp.		2,825		76,190
Palomar Holdings, Inc. (*)		1,356		75,258
Primerica, Inc.		400		82,304
Reinsurance Group of America, Inc.		533		86,229
Unum Group		1,628		73,618
White Mountains Insurance Group Ltd.		48		72,241
				823,897
Interactive Media & Services  |  1.6%
Cargurus, Inc. (*)		4,024		97,220
Cars.com, Inc. (*)		4,047		76,772
Grindr, Inc. (*)		11,965		105,053
IAC, Inc. (*)		607		31,795
Match Group, Inc. (*)		2,541		92,746
VTEX, Class A (*)		12,240		84,211
Yelp, Inc. (*)		2,819		133,451
				621,248
IT Services  |  1.5%
Amdocs Ltd.		926		81,386
BigBear.ai Holdings, Inc. (*)		24,889		53,263
BigCommerce Holdings, Inc., Series 1 (*)		3,703		36,030
Hackett Group, Inc.		4,670		106,336
Okta, Inc. (*)		1,165		105,467
Rackspace Technology, Inc. (*)		16,403		32,806
Squarespace, Inc., Class A (*)		2,632		86,882
Unisys Corp. (*)		18,519		104,077
				606,247

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

Annual Report  163

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Leisure Products  |  2.1%
BRP, Inc.		1,827	$	130,978
Brunswick Corp.		1,460		141,255
Escalade, Inc.		1,357		27,262
JAKKS Pacific, Inc. (*)		4,208		149,594
Malibu Boats, Inc., Class A (*)		1,596		87,493
Marine Products Corp.		4,627		52,748
MasterCraft Boat Holdings, Inc. (*)		4,450		100,748
Polaris, Inc.		1,229		116,472
Solo Brands, Inc., Class A (*)		4,315		26,580
				833,130
Life Sciences Tools & Services  |  1.4%
Bruker Corp.		2,042		150,046
Medpace Holdings, Inc. (*)		988		302,852
Mesa Laboratories, Inc.		1,003		105,084
				557,982
Machinery  |  3.1%
AGCO Corp.		713		86,565
Alamo Group, Inc.		679		142,719
Allison Transmission Holdings, Inc.		3,417		198,698
Federal Signal Corp.		1,208		92,702
Flowserve Corp.		1,979		81,574
Hyster-Yale Materials Handling, Inc.		683		42,476
Mueller Industries, Inc.		4,024		189,732
Mueller Water Products, Inc., Class A		6,293		90,619
REV Group, Inc.		8,498		154,409
Tennant Co.		1,394		129,210
Terex Corp.		665		38,211
				1,246,915

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

164  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Marine Transportation  |  0.6%
Danaos Corp.		2,267	$	167,894
Global Ship Lease, Inc., Class A		2,243		44,456
Grindrod Shipping Holdings Ltd.		5,261		47,349
				259,699
Media  |  1.2%
Daily Journal Corp. (*)		263		89,636
Emerald Holding, Inc. (*)		9,697		57,988
Gambling.com Group Ltd. (*)		6,619		64,535
Gannett Co., Inc. (*)		28,004		64,409
John Wiley & Sons, Inc. Class A		1,007		31,962
Scholastic Corp.		1,210		45,617
Sinclair, Inc.		2,603		33,917
Stagwell, Inc. (*)		4,773		31,645
TEGNA, Inc.		4,969		76,026
Urban One, Inc. (*)		274		1,104
				496,839
Mortgage REITs  |  0.6%
Chimera Investment Corp.		15,899		79,336
Franklin BSP Realty Trust, Inc.		5,851		79,047
PennyMac Mortgage Investment Trust		6,424		96,039
				254,422
Office REITs  |  0.3%
COPT Defense Properties		2,543		65,177
Postal Realty Trust, Inc., Class A		4,045		58,895
				124,072
Oil, Gas & Consumable Fuels  |  0.3%
Sabine Royalty Trust		736		49,945
San Juan Basin Royalty Trust		12,116		61,549
				111,494

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

Annual Report  165

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Paper & Forest Products  |  0.3%
Clearwater Paper Corp. (*)		2,144	$	77,441
Mercer International, Inc.		3,555		33,702
				111,143
Personal Care Products  |  0.3%
elf Beauty, Inc. (*)		634		91,512
Nature’s Sunshine Products, Inc. (*)		1,321		22,840
				114,352
Pharmaceuticals  |  0.3%
Amphastar Pharmaceuticals, Inc. (*)		1,921		118,814
Professional Services  |  5.6%
ASGN, Inc. (*)		1,294		124,444
Barrett Business Services, Inc.		1,376		159,341
CBIZ, Inc. (*)		1,449		90,693
Clarivate PLC (*)		9,098		84,247
CRA International, Inc.		1,328		131,273
CSG Systems International, Inc.		2,360		125,576
ExlService Holdings, Inc. (*)		2,405		74,194
First Advantage Corp.		5,468		90,605
Franklin Covey Co. (*)		2,143		93,285
FTI Consulting, Inc. (*)		479		95,393
Genpact Ltd.		814		28,254
Heidrick & Struggles International, Inc.		4,545		134,214
HireRight Holdings Corp. (*)		8,214		110,478
Huron Consulting Group, Inc. (*)		1,291		132,715
IBEX Holdings Ltd. (*)		2,175		41,347
ICF International, Inc.		337		45,188
Innodata, Inc. (*)		4,123		33,561
Kforce, Inc.		1,252		84,585
Korn Ferry		1,764		104,693
Legalzoom.com, Inc. (*)		7,669		86,660
Paycom Software, Inc.		475		98,192
Resources Connection, Inc.		7,323		103,767
Science Applications International Corp.		1,005		124,942

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

166  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
TriNet Group, Inc. (*)		93	$	11,060
Willdan Group, Inc. (*)		2,056		44,204
				2,252,911
Real Estate Management & Development  |  0.4%
FirstService Corp.		485		78,613
FRP Holdings, Inc. (*)		710		44,645
RMR Group, Inc., Class A		1,851		52,254
				175,512
Residential REITs  |  0.5%
Apartment Income REIT Corp.		1,849		64,216
Camden Property Trust		768		76,254
Elme Communities		3,928		57,349
				197,819
Retail REITs  |  1.1%
Agree Realty Corp.		1,213		76,358
Federal Realty Investment Trust		638		65,746
Kite Realty Group Trust		3,187		72,855
Phillips Edison & Co., Inc.		2,066		75,368
Spirit Realty Capital, Inc.		1,640		71,651
Tanger, Inc.		3,144		87,152
				449,130
Semiconductors & Semiconductor Equipment  |  2.0%
Axcelis Technologies, Inc. (*)		2,045		265,216
Cirrus Logic, Inc. (*)		1,689		140,508
Diodes, Inc. (*)		736		59,263
Lattice Semiconductor Corp. (*)		1,343		92,653
NVE Corp.		602		47,215
Photronics, Inc. (*)		6,218		195,059
				799,914
Software  |  11.6%
A10 Networks, Inc.		4,394		57,869
ACI Worldwide, Inc. (*)		3,119		95,441
Agilysys, Inc. (*)		1,030		87,365

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

Annual Report  167

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
Alarm.com Holdings, Inc. (*)		620	$	40,064
Alkami Technology, Inc. (*)		5,249		127,288
Appfolio, Inc., Class A (*)		395		68,430
Blackbaud, Inc. (*)		1,034		89,648
Blackline, Inc. (*)		1,810		113,016
Cellebrite DI Ltd. (*)		15,093		130,705
Clearwater Analytics Holdings, Inc., Class A (*)		4,886		97,867
CommVault Systems, Inc. (*)		1,935		154,510
Confluent, Inc., Class A (*)		3,277		76,682
Digimarc Corp. (*)		2,621		94,671
Docebo, Inc. (*)		932		45,090
DocuSign, Inc. (*)		1,896		112,717
eGain Corp. (*)		9,382		78,152
Elastic NV (*)		1,584		178,517
EngageSmart, Inc. (*)		3,712		85,005
Five9, Inc. (*)		705		55,477
Freshworks, Inc., Class A (*)		5,604		131,638
Gitlab, Inc.,Class A (*)		1,158		72,908
Instructure Holdings, Inc. (*)		1,574		42,514
InterDigital, Inc.		1,074		116,572
JFrog Ltd. (*)		1,704		58,975
Karooooo Ltd.		1,116		27,119
Magic Software Enterprises Ltd.		1,725		16,715
Manhattan Associates, Inc. (*)		419		90,219
MeridianLink, Inc. (*)		2,156		53,404
Mitek Systems, Inc. (*)		7,830		102,103
Monday.com Ltd. (*)		693		130,152
N-able, Inc. (*)		6,996		92,697
nCino, Inc. (*)		1,428		48,024
Open Text Corp.		3,014		126,648
Procore Technologies, Inc. (*)		1,237		85,625
Progress Software Corp.		2,514		136,510
Qualys, Inc. (*)		728		142,892
Red Violet, Inc. (*)		701		13,999
Rimini Street, Inc. (*)		26,657		87,168
RingCentral, Inc., Class A (*)		2,835		96,248
Samsara, Inc. Class A (*)		6,368		212,564
SEMrush Holdings, Inc., Class A (*)		3,588		49,012

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

168  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
SentinelOne, Inc. Class A (*)		5,019	$	137,721
Smartsheet, Inc., Class A (*)		1,945		93,010
Sprinklr, Inc., Class A (*)		9,970		120,039
SPS Commerce, Inc. (*)		979		189,769
Tenable Holdings, Inc. (*)		2,212		101,885
Teradata Corp. (*)		2,795		121,611
Weave Communications, Inc. (*)		7,477		85,761
Workiva, Inc. (*)		853		86,605
				4,658,621
Specialized REITs  |  0.2%
Extra Space Storage, Inc.		576		92,350
Specialty Retail  |  2.8%
1-800-Flowers.com, Inc. Class A (*)		8,884		95,770
Asbury Automotive Group, Inc. (*)		326		73,340
AutoNation, Inc. (*)		698		104,826
Betterware de Mexico SAPI de CV		4,502		62,758
Boot Barn Holdings, Inc. (*)		613		47,054
Buckle, Inc.		2,283		108,488
Build-A-Bear Workshop, Inc.		3,658		84,097
Group 1 Automotive, Inc.		375		114,278
Lithia Motors, Inc.		137		45,111
Murphy USA, Inc.		444		158,313
ODP Corp. (*)		761		42,844
Signet Jewelers Ltd.		1,238		132,788
Winmark Corp.		113		47,183
				1,116,850
Technology Hardware, Storage & Peripherals  |  1.2%
Eastman Kodak Co. (*)		19,668		76,705
Super Micro Computer, Inc. (*)		1,064		302,453
Xerox Holdings Corp.		4,660		85,418
				464,576
Textiles, Apparel & Luxury Goods  |  2.2%
Carter’s, Inc.		1,133		84,850
Crocs, Inc. (*)		658		61,464

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

Annual Report  169

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (continued)
G-III Apparel Group Ltd. (*)		2,765	$	93,955
Gildan Activewear, Inc.		3,517		116,272
Kontoor Brands, Inc.		1,790		111,732
Movado Group, Inc.		2,808		84,661
Oxford Industries, Inc.		1,418		141,800
PVH Corp.		772		94,276
Tapestry, Inc.		2,753		101,338
				890,348
Trading Companies & Distributors  |  2.8%
Applied Industrial Technologies, Inc.		818		141,260
Boise Cascade Co.		1,598		206,717
Distribution Solutions Group, Inc. (*)		3,177		100,266
GATX Corp.		724		87,039
GMS, Inc. (*)		65		5,358
Karat Packaging, Inc.		3,494		86,826
McGrath RentCorp		1,244		148,807
MRC Global, Inc. (*)		8,354		91,978
MSC Industrial Direct Co., Inc. Class A		975		98,729
NOW, Inc. (*)		3,930		44,488
Titan Machinery, Inc. (*)		3,705		107,000
				1,118,468
Wireless Telecommunication Services  |  0.1%
Spok Holdings, Inc.		3,543		54,846
Total Common Stocks (Cost $33,077,536)				39,687,494
Rights  |  0.0%
Biotechnology  |  0.0%
Adamas Pharmaceuticals, Inc. CVR
Expires 2024 (*), (¢)		1,139		0
Expires 2025 (*), (¢)		1,139		0
Epizyme, Inc. CVR Expires 2499 (*), (¢)		41,136		823

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

170  Annual Report

Description	Shares		Fair Value
Lazard US Systematic Small Cap Equity Portfolio (concluded)
Radius Health, Inc. CVR Expires 2499 (*), (¢)		7,231	$	578
Resolute Forest Products, Inc. CVR Expires 2499 (*), (¢)		10,077		0
(Cost $1,538)				1,401
Short-Term Investments  |  1.1%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $423,904)		423,904		423,904
Total Investments  |  100.2% (Cost $33,502,978)			$	40,112,799
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(82,587	)
Net Assets  |  100.0%			$	40,030,212

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

Annual Report  171

The Lazard Funds, Inc. Notes to Portfolios of Investments

December 31, 2023

(*)	Non-income producing security.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(‡)	Security valued using Level 2 inputs, based on reference to a similar security which was trading on an active market, under GAAP hierarchy, see Note 8 in the Notes to Financial Statements.
(#)	Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers.” At December 31, 2023, these securities amounted to 0.6% of net assets of Lazard Emerging Markets Equity Advantage Portfolio.
(^)	Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.

Security Abbreviations:

ADR	—	American Depositary Receipt
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.

172  Annual Report

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Annual Report  173

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		—	%		—	%		1.2	%		—	%
Air Freight & Logistics		3.4			—			0.4			—
Automobile Components		1.3			—			0.4			1.9
Automobiles		1.6			1.0			3.7			0.8
Banks		21.2			18.9			15.9			20.9
Beverages		3.1			2.4			2.2			—
Biotechnology		—			1.0			—			—
Broadline Retail		3.3			5.4			5.5			1.4
Building Products		—			—			0.3			—
Capital Markets		—			2.0			0.5			—
Chemicals		0.9			1.7			1.5			1.2
Commercial Services & Supplies		—			—			—			—
Communications Equipment		0.9			—			0.9			—
Construction & Engineering		—			1.7			0.4			—
Construction Materials		—			—			0.4			1.0
Consumer Finance		1.3			—			0.7			—
Consumer Staples Distributions & Retail		—			1.9			0.5			—
Containers & Packaging		—			—			0.1			—
Diversified Consumer Services		—			—			0.4			—
Diversified REITs		—			—			0.3			—
Diversified Telecommunication Services		—			0.9			2.4			3.9
Electric Utilities		—			0.7			0.4			—
Electrical Equipment		2.8			—			1.3			0.9
Electronic Equipment, Instruments & Components		4.0			—			2.9			2.1
Energy Equipment & Services		0.8			0.8			—			—
Entertainment		—			1.0			2.0			—
Financial Services		2.3			1.6			1.8			—
Food Products		—			—			1.6			2.0
Gas Utilities		—			—			0.7			0.7
Ground Transportation		2.0			—			—			—
Health Care Equipment & Supplies		—			1.0			0.2			—
Health Care Providers & Services		—			—			0.9			2.8
Hotels, Restaurants & Leisure		2.7			4.2			1.8			0.7
Household Durables		0.9			2.1			0.7			3.5
Household Products		—			0.7			0.6			1.2
Independent Power & Renewable Electricity Producers		—			—			0.5			0.9
Industrial Conglomerates		—			1.7			0.4			2.3

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

174   Annual Report

Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio
	—	%		1.1	%		—	%		1.4	%		0.7	%
	—			—			—			—			0.2
	—			—			—			2.5			0.3
	—			—			—			—			6.6
	—			5.7			—			1.9			10.5
	—			5.7			—			3.6			0.6
	—			—			—			0.8			—
	6.0			4.8			—			—			3.5
	—			0.7			—			—			1.1
	—			6.7			—			7.1			2.5
	1.5			—			—			1.5			1.1
	2.1			—			—			—			1.3
	2.0			1.9			—			—			0.4
	3.0			—			13.2			—			2.0
	—			—			—			—			0.3
	—			—			—			—			—
	—			0.7			—			—			1.3
	—			0.9			—			—			0.3
	6.0			—			—			—			0.1
	—			—			—			—			0.1
	—			—			—			—			0.4
	—			—			21.4			1.2			1.1
	—			4.0			—			2.3			—
	—			2.6			—			2.0			1.2
	—			—			—			—			—
	—			1.7			—			2.2			1.5
	11.7			2.2			—			3.2			0.7
	5.6			—			—			—			0.5
	2.0			—			7.3			—			0.3
	2.0			—			18			1.4			0.1
	4.8			—			—			1.5			0.4
	14.3			1.4			—			2.9			1.1
	4.6			1.4			—			—			2.4
	—			1.2			—			—			0.2
	3.1			1.5			—			—			0.2
	—			—			0.7			—			0.7
	—			—			—			—			—

Annual Report  175

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
Insurance		1.2	%		2.4	%		2.6	%		5.1	%
Interactive Media & Services		5.1			4.2			4.7			0.8
IT Services		2.2			1.7			2.9			1.8
Leisure Products		—			—			—			—
Life Sciences Tools & Services		—			—			—			—
Machinery		4.2			2.6			1.5			1.9
Marine Transportation		—			—			0.4			—
Media		—			—			—			—
Metals & Mining		—			3.2			3.1			4.3
Multi-Utilities		—			—			—			—
Oil, Gas & Consumable Fuels		3.9			7.2			4.8			8.3
Paper & Forest Products		0.7			—			0.4			—
Passenger Airlines		—			—			0.4			—
Personal Care Products		—			1.4			—			2.6
Pharmaceuticals		2.6			1.0			4.2			0.9
Professional Services		—			—			0.1			—
Real Estate Management & Development		—			0.2			1.0			0.5
Retail REITs		—			—			—			—
Semiconductors & Semiconductor Equipment		12.4			14.2			10.5			12.5
Software		0.9			—			0.4			—
Specialty Retail		3.2			0.6			—			1.2
Technology Hardware, Storage & Peripherals		7.3			4.2			6.2			4.4
Textiles, Apparel & Luxury Goods		1.1			1.4			0.1			—
Tobacco		—			1.0			—			0.7
Trading Companies & Distributors		—			—			0.2			—
Transportation Infrastructure		1.2			2.8			0.7			1.5
Water Utilities		—			—			0.6			—
Wireless Telecommunication Services		—			0.6			0.6			2.2
Subtotal		98.5			99.4			98.9			96.9
Warrants		—			—			—			—
Short-Term Investments		1.8			1.1			1.5			3.7
Total Investments		100.3	%		100.5	%		100.4	%		100.6	%

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

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

176   Annual Report

Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio			Lazard Global Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio
	—	%		2.7	%		—	%		7.4	%		5.2	%
	0.9			4.9			—			5.3			1.5
	4.1			2.7			—			3.1			2.3
	—			1.3			—			—			0.3
	—			6.0			—			7.4			—
	4.8			2.0			—			—			2.4
	—			—			—			—			0.7
	9.1			0.8			2.3			0.6			0.3
	—			—			—			—			3.1
	4.8			—			12.7			—			0.6
	—			—			—			—			2.9
	—			—			—			—			0.1
	—			—			—			1.0			1.2
	—			2.6			—			1.0			1.0
	—			4.1			—			6.0			11
	—			8.6			—			5.1			1.7
	—			—			—			—			1.4
	—			—			—			—			1.0
	—			6.0			—			13.7			8.1
	—			6.3			—			7.9			2.4
	—			1.2			—			1.6			1.0
	—			—			—			—			3.0
	—			3.7			—			—			0.3
	—			—			—			—			2.2
	—			1.4			—			3.8			1.5
	—			—			10.2			—			0.2
	5.8			—			10.9			—			0.1
	—			—			—			—			0.7
	98.2			98.5			96.7			99.4			99.9
	—			—			—			—			0.0
	1.5			1.4			3.2			1.0			—
	99.7	%		99.9	%		99.9	%		100.4	%		99.9	%

Annual Report  177

Portfolio holdings by industry (as a percentage of net assets) (continued):

Industry†	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		5.0	%		4.2	%		—	%		1.0	%
Automobile Components		1.7			1.5			—			3.6
Automobiles		1.4			0.8			—			—
Banks		7.4			11.7			5.3			3.4
Beverages		4.8			3.4			4.1			4.3
Biotechnology		—			—			2.3			—
Broadline Retail		1.1			2.0			3.0			—
Building Products		1.3			1.3			2.5			3.5
Capital Markets		3.3			0.9			6.6			2.8
Chemicals		5.5			6.2			—			4.8
Commercial Services & Supplies		—			—			—			—
Communications Equipment		—			—			—			—
Construction & Engineering		—			—			—			—
Construction Materials		—			—			—			—
Consumer Finance		—			—			—			—
Consumer Staples Distributions & Retail		1.8			—			2.7			1.1
Containers & Packaging		—			—			—			—
Distributors		—			—			—			—
Diversified Consumer Services		—			—			—			—
Diversified REITs		—			—			—			—
Diversified Telecommunication Services		1.4			1.1			—			—
Electric Utilities		1.1			—			—			—
Electrical Equipment		2.1			3.8			2.1			—
Electronic Equipment, Instruments & Components		0.8			—			5.2			3.0
Energy Equipment & Services		—			—			—			0.9
Entertainment		1.2			1.1			3.9			0.9
Financial Services		—			—			—			2.7
Food Products		—			—			—			2.3
Gas Utilities		0.7			1.0			—			3.4
Ground Transportation		—			—			—			—
Health Care Equipment & Supplies		1.5			2.5			3.1			3.3
Health Care Providers & Services		—			—			—			—
Health Care REITs		—			—			—			0.8
Health Care Technology		—			—			—			—
Hotels, Restaurants & Leisure		1.5			2.4			—			—
Hotel & Resort REITs		—			—			—			—
Household Durables		—			—			—			—

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

178   Annual Report

Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small Cap Equity Select Portfolio
	4.2	%		1.2	%		—	%		—	%		1.0	%
	2.8			0.3			—			0.8			1.4
	1.1			0.2			—			—			—
	10.7			4.2			—			3.0			7.7
	8.5			1.1			—			—			—
	1.0			4.2			—			—			2.6
	0.8			0.3			—			6.1			—
	1.4			—			—			—			2.4
	0.9			1.5			9.0			7.7			4.2
	1.2			0.8			—			—			1.6
	—			1.8			4.4			2.9			1.0
	—			1.2			—			—			2.0
	—			0.3			—			—			—
	—			—			4.1			—			0.8
	—			—			—			3.2			—
	1.1			5.8			—			2.5			2.7
	—			0.6			—			2.1			2.7
	—			—			3.5			—			—
	—			0.3			—			—			—
	—			0.3			—			—			—
	—			5.6			—			—			—
	1.6			3.5			—			—			—
	3.2			—			—			—			2.4
	1.9			0.6			—			—			1.2
	—			—			—			—			2.7
	1.4			1.1			3.2			—			1.3
	—			2.4			9.2			4.2			—
	—			5.1			—			—			—
	—			3.9			—			—			1.9
	1.3			1.6			—			3.3			—
	2.2			0.5			—			2.0			5.4
	—			5.8			11.8			3.8			1.5
	—			—			—			—			—
	—			—			—			—			1.1
	2.2			0.8			4.7			3.3			3.1
	—			—			—			—			1.1
	—			0.2			—			—			1.6

Annual Report  179

Portfolio holdings by industry (as a percentage of net assets) (continued):

Industry†	Lazard International Equity Portfolio			Lazard International Equity Select Portfolio			Lazard International Quality Growth Portfolio			Lazard International Small Cap Equity Portfolio
Household Products		2.1	%		0.9	%		0.4	%		—	%
Industrial Conglomerates		1.2			—			—			—
Industrial REITs		—			—			—			2.2
Insurance		2.7			6.0			6.2			2.4
Interactive Media & Services		0.6			2.0			3.6			1.2
IT Services		1.7			2.8			3.3			0.9
Leisure Products		0.8			0.7			2.5			2.8
Life Sciences Tools & Services		2.0			1.5			1.2			3.5
Machinery		2.7			1.2			0.7			6.5
Media		0.7			—			—			—
Metals & Mining		—			—			—			0.7
Multi-Utilities		3.0			2.7			—			—
Office REITs		—			—			—			—
Oil, Gas & Consumable Fuels		3.3			4.6			—			1.9
Passenger Airlines		2.0			2.7			—			1.3
Personal Care Products		2.0			1.8			2.3			—
Pharmaceuticals		5.3			6.1			—			—
Professional Services		7.5			6.0			12.1			12.5
Real Estate Management & Development		1.5			0.5			—			4.7
Residential REITs		—			—			—			—
Retail REITs		—			—			—			—
Semiconductors & Semiconductor Equipment		4.7			8.8			9.7			3.9
Software		1.6			1.3			5.3			2.6
Specialized REITs		—			—			—			2.4
Specialty Retail		3.2			—			2.7			3.2
Technology Hardware, Storage & Peripherals		1.4			—			—			—
Textiles, Apparel & Luxury Goods		2.6			1.9			3.4			0.9
Tobacco		—			—			—			—
Trading Companies & Distributors		—			1.1			3.0			2.8
Wireless Telecommunication Services		—			—			—			—
Subtotal		96.2			96.5			97.2			98.2
Warrants		—			—			—			—
Short-Term Investments		0.8			1.7			2.6			0.7
Total Investments		97.0	%		98.2	%		99.8	%		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.

180   Annual Report

Lazard International Strategic Equity Portfolio			Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio			Lazard US Equity Focus Portfolio			Lazard US Small Cap Equity Select Portfolio
	—	%		5.0	%		—	%		—	%		—	%
	2.4			0.8			—			3.4			—
	—			—			—			2.2			—
	7.0			7.7			—			4.0			3.7
	—			1.1			9.6			7.6			3.9
	2.5			2.4			4.5			3.0			1.3
	—			0.5			—			—			1.3
	4.7			—			—			6.2			4.1
	1.3			0.7			4.6			—			4.9
	2.6			0.3			—			—			—
	—			—			—			—			—
	1.7			3.1			—			—			—
	—			0.8			—			—			—
	1.8			1.1			—			3.3			3.5
	2.4			0.2			—			—			—
	—			1.1			1.6			1.6			—
	6.7			8.1			—			2.8			—
	7.1			1.5			4.2			—			3.9
	0.4			0.7			—			—			—
	—			0.2			—			—			1.4
	—			1.3			—			—			1.6
	10.4			1.3			9.2			6.3			2.7
	—			2.1			2.6			9.9			6.0
	—			0.6			10.3			—			1.4
	—			0.6			—			—			3.2
	—			0.3			—			—			—
	—			0.2			—			—			1.2
	—			1.0			—			—			—
	—			0.4			—			—			—
	—			1.0			—			—			—
	98.5			99.3			96.5			95.2			97.5
	—			0.0			—			—			—
	1.5			0.6			4.4			4.9			—
	100.0	%		99.9	%		100.9	%		100.1	%		97.5	%

Annual Report  181

Portfolio holdings by industry (as a percentage of net assets) (concluded):

Industry†	Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
Common & Preferred Stocks
Aerospace & Defense		—	%		0.4	%
Air Freight & Logistics		—			0.3
Automobile Components		0.9			1.7
Automobiles		—			0.3
Banks		2.4			2.4
Beverages		—			0.6
Biotechnology		—			4.4
Broadline Retail		—			0.8
Building Products		2.0			2.6
Capital Markets		5.5			1.3
Chemicals		0.3			0.4
Commercial Services & Supplies		3.3			3.0
Communications Equipment		1.8			1.3
Construction & Engineering		—			1.6
Construction Materials		—			0.3
Consumer Finance		1.6			0.6
Consumer Staples Distribution & Retail		1.5			0.4
Containers & Packaging		2.5			1.1
Distributors		—			0.2
Diversified Consumer Services		—			2.4
Diversified REITs		—			0.4
Diversified Telecommunication Services		—			0.4
Electrical Equipment		2.6			2.6
Electronic Equipment, Instruments & Components		1.9			4.2
Energy Equipment & Services		—			0.3
Entertainment		—			1.0
Financial Services		3.8			1.3
Food Products		—			0.2
Ground Transportation		2.2			0.5
Health Care Equipment & Supplies		3.7			4.1
Health Care Providers & Services		5.6			2.4
Health Care REITs		—			0.8
Health Care Technology		—			0.5
Hotels, Restaurants & Leisure		—			1.1
Household Durables		—			4.6
Household Products		2.5			0.7
Independent Power & Renewable Electricity Producers		—			0.5
Industrial REITs		2.5			1.2
Insurance		—			2.1
Interactive Media & Services		—			1.6
IT Services		3.7			1.5

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

182   Annual Report

Industry†	Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
Leisure Products		—	%		2.1	%
Life Sciences Tools & Services		9.1			1.4
Machinery		4.9			3.1
Marine Transportation		—			0.6
Media		—			1.2
Mortgage REITs		—			0.6
Office REITs		—			0.3
Oil, Gas & Consumable Fuels		—			0.3
Paper & Forest Products		—			0.3
Personal Care Products		1.1			0.3
Pharmaceuticals		3.7			0.3
Professional Services		—			5.6
Real Estate Management & Development		—			0.4
Residential REITs		—			0.5
Retail REITs		—			1.1
Semiconductors & Semiconductor Equipment		5.5			2.0
Software		18.2			11.6
Specialized REITs		—			0.2
Specialty Retail		3.0			2.8
Technology Hardware, Storage & Peripherals		—			1.2
Textiles, Apparel & Luxury Goods		1.1			2.2
Trading Companies & Distributors		—			2.8
Wireless Telecommunication Services		—			0.1
Subtotal		96.9			99.1
Rights		—			0.0
Short-Term Investments		3.3			1.1
Total Investments		100.2	%		100.2	%

† 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  183

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2023	Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
ASSETS
Investments in securities, at fair value		$	92,696,950			$	118,633,756
Non-controlled affiliated issuers, at fair value (Note 5)			—				—
Foreign currency, at fair value			60,748				33,605
Receivables for:
Dividends			100,754				239,551
Capital stock sold			92,209				93,784
Investments sold			1,206,603				32
Gross unrealized appreciation on forward currency contracts			—				—
Total assets			94,157,264				119,000,728
LIABILITIES
Payables for:
Management fees			71,630				91,816
Accrued custodian fees			9,736				14,951
Accrued administration fees			5,083				5,428
Accrued professional services			34,857				21,828
Accrued distribution fees			940				598
Accrued directors’ fees			27				—
Foreign capital gains taxes			145,824				301,396
Capital stock redeemed			19,625				480,931
Investments purchased			1,460,018				—
Gross unrealized depreciation on forward currency contracts			—				—
Other accrued expenses and payables			7,333				8,905
Total liabilities			1,755,073				925,853
Net assets		$	92,402,191			$	118,074,875
NET ASSETS
Paid in capital		$	197,992,377			$	175,952,336
Distributable earnings (Accumulated loss)			(105,590,186	)			(57,877,461	)
Net assets		$	92,402,191			$	118,074,875
Institutional Shares
Net assets		$	86,699,156			$	115,633,420
Shares of capital stock outstanding*			6,846,091				11,787,085
Net asset value, offering and redemption price per share		$	12.66			$	9.81
Open Shares
Net assets		$	5,703,035			$	2,280,918
Shares of capital stock outstanding*			453,059				233,032
Net asset value, offering and redemption price per share		$	12.59			$	9.79
R6 Shares
Net assets			—			$	160,537
Shares of capital stock outstanding*			—				16,343
Net asset value, offering and redemption price per share			—			$	9.82

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

184  Annual Report

Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Portfolio				Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio
$	132,796,362			$	2,713,388,195			$	118,499,125		$	97,833,621		$	8,061,337,560
	—				—				—			—			607,580,890
	10,703				6,429,364				75			74			4,056
	218,132				7,146,297				470,157			146,862			36,757,425
	497,314				9,106,808				228			14,308			13,524,679
	—				4,242,481				—			—			262
	—				—				—			—			1,234,656
	133,522,511				2,740,313,145				118,969,585			97,994,865			8,720,439,528
	74,115				2,228,587				73,361			52,316			6,614,649
	17,523				101,848				8,991			8,446			274,373
	5,474				57,139				5,346			5,004			142,627
	26,505				65,447				25,401			24,746			119,184
	106				72,097				34			244			62,300
	330				—				241			—			—
	433,801				3,305,509				—			—			—
	30,118				1,825,799				—			1,209			7,818,918
	653,167				35,900,004				—			—			951,881
	—				—				—			—			29,294,449
	15,758				305,379				3,947			4,780			204,121
	1,256,897				43,861,809				117,321			96,745			45,482,502
$	132,265,614			$	2,696,451,336			$	118,852,264		$	97,898,120		$	8,674,957,026
$	139,985,446			$	3,445,406,977			$	108,088,532		$	65,116,261		$	8,295,037,975
	(7,719,832	)			(748,955,641	)			10,763,732			32,781,859			379,919,051
$	132,265,614			$	2,696,451,336			$	118,852,264		$	97,898,120		$	8,674,957,026
$	131,856,275			$	2,393,340,764			$	118,675,508		$	96,715,507		$	8,390,489,066
	12,128,657				139,428,415				12,002,692			5,480,351			549,085,089
$	10.87			$	17.17			$	9.89		$	17.65		$	15.28
$	257,795			$	275,834,342			$	176,756		$	1,182,613		$	284,467,960
	23,716				15,528,827				17,882			66,984			18,601,702
$	10.87			$	17.76			$	9.88		$	17.66		$	15.29
$	151,544			$	27,276,230				—			—			—
	13,936				1,587,936				—			—			—
$	10.87			$	17.18				—			—			—

Annual Report  185

December 31, 2023	Lazard Developing Markets Equity Portfolio			Lazard Emerging Markets Core Equity Portfolio
Cost of investments in securities		$	73,379,672		$	99,756,609
Cost of non-controlled affiliated issuers		$	—		$	—
Cost of foreign currency		$	60,731		$	33,517

* $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.

186  Annual Report

Lazard Emerging Markets Equity Advantage Portfolio		Lazard Emerging Markets Equity Portfolio			Lazard Equity Franchise Portfolio			Lazard Global Equity Select Portfolio			Lazard Global Listed Infrastructure Portfolio
$	122,614,934		$	2,427,336,942		$	106,115,734		$	65,227,667		$	6,967,245,613
$	—		$	—		$	—		$	—		$	917,744,129
$	10,691		$	6,429,413		$	75		$	73		$	4,052

Annual Report  187

December 31, 2023	Lazard Global Strategic Equity Portfolio			Lazard International Equity Advantage Portfolio
ASSETS
Investments in securities, at fair value		$	10,916,044		$	19,394,369
Cash			—			89
Foreign currency, at fair value			47			530
Receivables for:
Dividends and interest			31,817			26,662
Investments sold			—			—
Capital stock sold			—			33,972
Amount due from Investment Manager (Note 3)			—			3,154
Total assets			10,947,908			19,458,776
LIABILITIES
Payables for:
Management fees			866			—
Foreign capital gains taxes			—			—
Accrued custodian fees			5,201			7,920
Accrued professional services			26,833			23,864
Accrued administration fees			3,015			2,895
Accrued distribution fees			—			1,240
Accrued directors’ fees			—			—
Capital stock redeemed			36,161			432
Investments purchased			—			—
Other accrued expenses and payables			1,808			1,689
Total liabilities			73,884			38,040
Net assets		$	10,874,024		$	19,420,736
NET ASSETS
Paid in capital		$	10,415,752		$	18,850,447
Distributable earnings (Accumulated loss)			458,272			570,289
Net assets		$	10,874,024		$	19,420,736
Institutional Shares
Net assets		$	10,859,319		$	3,076,131
Shares of capital stock outstanding*			866,796			276,750
Net asset value, offering and redemption price per share		$	12.53		$	11.12
Open Shares
Net assets		$	14,705		$	16,344,605
Shares of capital stock outstanding*			1,184			1,469,615
Net asset value, offering and redemption price per share		$	12.42		$	11.12
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	9,830,106		$	18,793,987
Cost of foreign currency		$	46		$	530

* $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.

188  Annual Report

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
$	1,109,906,450		$	52,464,164		$	257,485,276		$	11,919,325			$	4,338,303,256
	—			—			—			—				—
	162,593			229			3,741			8,536				133,230
	8,381,907			191,169			302,659			118,192				13,112,823
	27,574,526			789,654			—			47,794				5,244,713
	931,870			68,067			373,989			1,619				4,238,914
	—			—			—			5,897				—
	1,146,957,346			53,513,283			258,165,665			12,101,363				4,361,032,936
	721,152			26,299			147,600			—				2,710,915
	—			—			—			—				1,824,069
	45,319			7,448			13,498			5,922				152,730
	42,378			24,899			24,183			27,124				84,979
	28,649			4,006			7,806			3,092				78,678
	13,951			547			326			1,523				75,163
	—			—			495			—				1,029
	560,491			473			37,259			8,968				18,019,305
	702,987			440			—			—				8,213
	36,139			5,220			6,845			2,801				109,485
	2,151,066			69,332			238,012			49,430				23,064,566
$	1,144,806,280		$	53,443,951		$	257,927,653		$	12,051,933			$	4,337,968,370
$	977,855,343		$	49,215,413		$	246,121,321		$	13,836,193			$	3,490,885,385
	166,950,937			4,228,538			11,806,332			(1,784,260	)			847,082,985
$	1,144,806,280		$	53,443,951		$	257,927,653		$	12,051,933			$	4,337,968,370
$	1,014,462,382		$	50,570,333		$	255,656,899		$	4,811,183			$	3,950,193,447
	62,778,851			4,815,470			16,441,822			572,771				255,236,019
$	16.16		$	10.50		$	15.55		$	8.40			$	15.48
$	56,809,029		$	2,873,618		$	1,753,715		$	7,240,750			$	310,808,515
	3,461,398			272,190			113,448			859,225				19,879,784
$	16.41		$	10.56		$	15.46		$	8.43			$	15.63
$	73,534,869			—		$	517,039			—			$	76,966,408
	4,560,047			—			33,251			—				4,967,707
$	16.13			—		$	15.55			—			$	15.49
$	936,973,744		$	45,788,325		$	237,985,104		$	11,577,494			$	3,352,104,438
$	160,697		$	224		$	3,730		$	8,592			$	131,507

Annual Report  189

December 31, 2023	Lazard Managed Equity Volatility Portfolio			Lazard US Equity Concentrated Portfolio
ASSETS
Investments in securities, at fair value		$	17,967,831		$	204,726,697
Cash			—			1,352
Foreign currency, at fair value			2,274			—
Receivables for:
Capital stock sold			—			225,914
Dividends			50,847			51,681
Investments sold			—			—
Amount due from Investment Manager (Note 3)			—			—
Total assets			18,020,952			205,005,644
LIABILITIES
Payables for:
Management fees			2,407			124,872
Accrued professional services			24,186			36,310
Accrued custodian fees			7,832			21,839
Accrued administration fees			3,178			11,385
Accrued distribution fees			23			5,021
Accrued directors’ fees			33			2,481
Capital stock redeemed			—			1,826,839
Investments purchased			—			—
Other accrued expenses and payables			1,979			54,485
Total liabilities			39,638			2,083,232
Net assets		$	17,981,314		$	202,922,412
NET ASSETS
Paid in capital		$	16,804,679		$	137,088,718
Distributable earnings (Accumulated loss)			1,176,635			65,833,694
Net assets		$	17,981,314		$	202,922,412
Institutional Shares
Net assets		$	17,894,134		$	181,667,222
Shares of capital stock outstanding*			1,450,305			21,265,847
Net asset value, offering and redemption price per share		$	12.34		$	8.54
Open Shares
Net assets		$	87,180		$	21,230,969
Shares of capital stock outstanding*			7,070			2,437,790
Net asset value, offering and redemption price per share		$	12.33		$	8.71
R6 Shares
Net assets			—		$	24,221
Shares of capital stock outstanding*			—			2,801
Net asset value, offering and redemption price per share			—		$	8.65
Cost of investments in securities		$	16,827,367		$	138,426,202
Cost of foreign currency		$	2,274		$	—

* $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.

190  Annual Report

Lazard US Equity Focus Portfolio		Lazard US Small Cap Equity Select Portfolio		Lazard US Sustainable Equity Portfolio		Lazard US Systematic Small Cap Equity Portfolio
$	91,900,120	$	38,419,992	$	11,859,093	$	40,112,799
	—		1,000,094		474		898
	—		—		—		—
	19		18,125		—		93,949
	39,480		31,812		6,129		45,801
	—		—		—		22,444
	—		—		890		—
	91,939,619		39,470,023		11,866,586		40,275,891
	32,249		14,107		—		10,516
	23,602		23,733		21,878		23,389
	9,048		8,283		6,381		13,047
	6,547		3,859		6,612		7,192
	238		1,600		112		26
	184		10		—		—
	9,647		96		—		—
	—		—		—		189,245
	4,460		4,469		1,999		2,264
	85,975		56,157		36,982		245,679
$	91,853,644	$	39,413,866	$	11,829,604	$	40,030,212
$	64,494,716	$	31,403,361	$	8,299,729	$	35,300,257
	27,358,928		8,010,505		3,529,875		4,729,955
$	91,853,644	$	39,413,866	$	11,829,604	$	40,030,212
$	43,672,607	$	32,003,587	$	11,239,494	$	39,778,882
	2,838,393		2,577,164		798,449		3,909,490
$	15.39	$	12.42	$	14.08	$	10.17
$	1,169,606	$	7,371,401	$	590,110	$	139,842
	75,579		667,798		41,891		13,713
$	15.48	$	11.04	$	14.09	$	10.20
$	47,011,431	$	38,878		—	$	111,488
	3,053,800		3,122		—		10,962
$	15.39	$	12.45		—	$	10.17
$	64,125,402	$	31,583,431	$	8,682,263	$	33,502,978
$	—	$	—	$	—	$	—

Annual Report  191

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2023		Lazard Developing Markets Equity Portfolio				Lazard Emerging Markets Core Equity Portfolio
Investment Income (Loss) Income
Dividends#
Unaffiliated issuers			$	2,320,714			$	2,982,374
Non-controlled affiliated issuers (Note 5)(a)				—				—
Non-cash income				984,592				346,302
Total investment income*				3,305,306				3,328,676
Expenses
Management fees (Note 3)				1,001,170				1,119,460
Custodian fees				54,004				72,525
Administration fees				29,801				40,430
Professional services				63,236				41,015
Distribution fees (Open Shares)				14,509				5,099
Shareholders’ services				21,984				21,015
Directors’ fees and expenses				11,971				13,417
Shareholders’ reports				16,696				39,398
Registration fees				36,545				43,467
Other^				11,261				39,582
Total gross expenses				1,261,177				1,435,408
Management fees waived and expenses reimbursed				(116,338	)			(138,079	)
Total net expenses				1,144,839				1,297,329
Net investment income (loss)				2,160,467				2,031,347
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(5,546,837	)			(5,444,662	)
Non-controlled affiliated issuers(a)				—				—
Foreign currency transactions				(2,381	)			(104,929	)
Forward currency contracts				—				—
Total net realized gain (loss)				(5,549,218	)			(5,549,591	)
Net change in unrealized appreciation (depreciation) on:
Investments†				11,774,993				14,720,315
Non-controlled affiliated issuers(a)				—				—
Foreign currency translations				337				(6,101	)
Forward currency contracts				—				—
Total net change in unrealized appreciation (depreciation)				11,775,330				14,714,214
Net realized and unrealized gain (loss)				6,226,112				9,164,623
Net increase (decrease) in net assets resulting from operations			$	8,386,579			$	11,195,970
*	Net of foreign withholding taxes of		$	296,635			$	376,039
**	Net of foreign capital gains taxes of		$	68,220			$	19,392
†	Includes net change in foreign capital gains taxes of		$	9,868			$	(142,848	)
^	Includes interest on line of credit of		$	2,987			$	7,091

(a) See Note 5 for information on affiliated issuers

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

192  Annual Report

Lazard Emerging Markets Equity Advantage Portfolio			Lazard Emerging Markets Equity Portfolio				Lazard Equity Franchise Portfolio				Lazard Global Equity Select Portfolio				Lazard Global Listed Infrastructure Portfolio
$	3,480,489			$	136,652,062			$	4,132,643			$	1,573,654			$	286,664,874
	—				—				—				—				50,010,504
	214,569				—				—				—				—
	3,695,058				136,652,062				4,132,643				1,573,654				336,675,378
	856,585				26,285,362				1,200,386				612,656				76,891,584
	99,329				746,615				54,558				50,120				1,588,003
	31,563				305,140				36,042				29,068				788,817
	50,123				288,704				54,546				50,385				737,352
	552				665,351				614				3,145				737,044
	20,668				301,193				16,785				16,755				714,824
	12,205				183,105				16,544				11,352				579,898
	11,399				154,478				9,833				12,868				368,633
	40,117				96,439				35,899				42,464				332,990
	9,960				106,134				12,440				8,631				329,089
	1,132,501				29,132,521				1,437,647				837,444				83,068,234
	(102,454	)			(3,572	)			(8,157	)			(5,250	)			—
	1,030,047				29,128,949				1,429,490				832,194				83,068,234
	2,665,011				107,523,113				2,703,153				741,460				253,607,144
	(2,027,874	)			103,428,868				10,548,232				1,151,310				135,262,349
	—				—				—				—				(371,808	)
	(77,931	)			(1,249,812	)			(15,914	)			(4,745	)			1,292,230
	—				—				—				—				(76,368,195	)
	(2,105,805	)			102,179,056				10,532,318				1,146,565				59,814,576
	11,528,610				320,906,331				14,292,855				12,963,647				641,918,392
	—				—				—				—				(50,188,104	)
	2,337				47,634				6,205				4,891				644,975
	—				—				—				—				(43,021,873	)
	11,530,947				320,953,965				14,299,060				12,968,538				549,353,390
	9,425,142				423,133,021				24,831,378				14,115,103				609,167,966
$	12,090,153			$	530,656,134			$	27,534,531			$	14,856,563			$	862,775,110
$	449,616			$	16,602,914			$	203,339			$	60,106			$	14,674,655
$	128,059			$	1,495,016			$	—			$	—			$	—
$	(433,801	)		$	(1,235,723	)		$	—			$	—			$	—
$	527			$	10,168			$	1,978			$	208			$	—

# Dividend income for Lazard Global Equity Select Portfolio and Lazard Global Listed Infrastructure Portfolio includes $27,612 and $1,219,941, 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 $87,718 and $15,894,596 respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.

Annual Report  193

For the Year Ended December 31, 2023		Lazard Global Strategic Equity Portfolio				Lazard International Equity Advantage Portfolio
Investment Income (Loss)
Income
Dividends#			$	174,301			$	111,829
Total investment income*				174,301				111,829
Expenses
Management fees (Note 3)				79,663				22,096
Custodian fees				32,498				46,854
Distribution fees (Open Shares)				254				1,533
Professional services				43,952				43,274
Administration fees				18,614				17,711
Directors’ fees and expenses				5,711				5,166
Shareholders’ services				10,815				10,405
Shareholders’ reports				8,093				7,999
Registration fees				40,803				37,674
Other^				287				110
Total gross expenses				240,690				192,822
Management fees waived and expenses reimbursed				(144,552	)			(163,984	)
Total net expenses				96,138				28,838
Net investment income (loss)				78,163				82,991
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments**				(159,867	)			186,913
Foreign currency transactions				(4,703	)			1,079
Total net realized gain (loss)				(164,570	)			187,992
Net change in unrealized appreciation (depreciation) on:
Investments†				1,654,940				520,192
Foreign currency translations				534				471
Total net change in unrealized appreciation (depreciation)				1,655,474				520,663
Net realized and unrealized gain (loss)				1,490,904				708,655
Net increase (decrease) in net assets resulting from operations			$	1,569,067			$	791,646
*#	Net of foreign withholding taxes of		$	15,273			$	13,583
**	Net of foreign capital gains taxes of		$	—			$	—
†	Includes net change in foreign capital gains taxes of		$	—			$	—
^	Includes interest on line of credit of		$	191			$	86

# Dividend income for Lazard Global Strategic Equity Portfolio includes $2,873 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 $18,146. 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.

194  Annual Report

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
$	33,124,230			$	1,356,402			$	3,344,727			$	395,989			$	101,537,373
	33,124,230				1,356,402				3,344,727				395,989				101,537,373
	8,488,679				347,226				1,449,365				96,308				33,529,932
	274,169				48,145				77,685				40,223				949,344
	143,993				7,453				3,979				18,858				787,010
	253,952				50,929				55,395				48,499				547,224
	155,466				23,964				41,442				18,892				459,939
	79,625				8,671				16,540				5,915				318,465
	109,479				14,974				24,351				13,471				305,790
	64,413				11,157				16,823				10,472				169,760
	70,249				35,069				41,433				32,127				120,482
	57,797				7,065				23,815				6,046				257,684
	9,697,822				554,653				1,750,828				290,811				37,445,630
	(27,378	)			(65,785	)			(90,724	)			(132,740	)			(5,763	)
	9,670,444				488,868				1,660,104				158,071				37,439,867
	23,453,786				867,534				1,684,623				237,918				64,097,506
	40,103,264				1,180,669				(756,809	)			(219,327	)			100,205,954
	(247,436	)			(8,097	)			(60,614	)			(3,573	)			(626,270	)
	39,855,828				1,172,572				(817,423	)			(222,900	)			99,579,684
	98,799,745				4,177,946				29,679,157				1,435,367				531,579,789
	318,588				12,749				9,916				3,344				280,531
	99,118,333				4,190,695				29,689,073				1,438,711				531,860,320
	138,974,161				5,363,267				28,871,650				1,215,811				631,440,004
$	162,427,947			$	6,230,801			$	30,556,273			$	1,453,729			$	695,537,510
$	1,677,979			$	106,978			$	351,343			$	(11,500	)		$	6,721,050
$	—			$	7,507			$	—			$	(820	)		$	485,266
$	—			$	13,145			$	—			$	—			$	(144,628	)
$	15,300			$	300			$	11,614			$	196			$	84,896

# Dividend income for Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Quality Growth Portfolio, Lazard International Small Cap Equity Portfolio and Lazard International Strategic Equity Portfolio includes $1,358,483, $20,187, $1,616, $43,378 and $2,530,161 respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $3,036,462, $127,165, $352,959, $31,878 and $9,251,211 respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.

Annual Report  195

For the Year Ended December 31, 2023		Lazard Managed Equity Volatility Portfolio				Lazard US Equity Concentrated Portfolio
Investment Income (Loss)
Income
Dividends#			$	621,252			$	9,345,764
Non-cash income				—				—
Total investment income*				621,252				9,345,764
Expenses
Management fees (Note 3)				137,275				4,783,199
Custodian fees				47,358				171,334
Professional services				45,071				117,478
Shareholders’ reports				8,449				104,847
Administration fees				20,146				101,197
Shareholders’ services				11,772				75,189
Directors’ fees and expenses				6,799				73,513
Distribution fees (Open Shares)				208				61,030
Registration fees				33,149				53,826
Other^				8,048				61,242
Total gross expenses				318,275				5,602,855
Management fees waived and expenses reimbursed				(144,096	)			(927	)
Total net expenses				174,179				5,601,928
Net investment income (loss)				447,073				3,743,836
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments				1,253,767				268,247,181
Foreign currency transactions				(7,971	)			—
Forward currency contracts				470				—
Total net realized gain (loss)				1,246,266				268,247,181
Net change in unrealized appreciation (depreciation) on:
Investments				(165,068	)			(159,593,563	)
Foreign currency translations				1,574				—
Total net change in unrealized appreciation (depreciation)				(163,494	)			(159,593,563	)
Net realized and unrealized gain (loss)				1,082,772				108,653,618
Net increase (decrease) in net assets resulting from operations			$	1,529,845			$	112,397,454
*#	Net of foreign withholding taxes of		$	28,306			$	—
^	Includes interest on line of credit of		$	2,221			$	33,004

# Dividend income for Lazard Managed Equity Volatility Portfolio includes $532 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 $28,838. 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.

196  Annual Report

Lazard US Equity Focus Portfolio			Lazard US Small Cap Equity Select Portfolio			Lazard US Sustainable Equity Portfolio			Lazard US Systematic Small Cap Equity Portfolio
$	1,371,937		$	433,327		$	224,391		$	394,088
	—			—			—			22,175
	1,371,937			433,327			224,391			416,263
	462,358			301,289			87,159			203,717
	53,245			49,842			30,811			77,171
	47,883			45,226			42,927			43,904
	12,156			12,618			9,070			5,213
	27,795			22,308			19,102			20,924
	17,995			16,093			10,954			13,318
	10,584			7,742			5,932			6,817
	2,831			18,573			1,364			286
	35,138			45,039			34,023			33,436
	9,224			6,965			5,531			2,863
	679,209			525,695			246,873			407,649
	(86,867	)		(95,033	)		(136,426	)		(145,212	)
	592,342			430,662			110,447			262,437
	779,595			2,665			113,944			153,826
	694,662			4,362,487			415,321			(1,034,076	)
	—			—			—			—
	—			—			—			—
	694,662			4,362,487			415,321			(1,034,076	)
	14,121,034			(581,717	)		1,434,058			6,868,729
	—			—			—			—
	14,121,034			(581,717	)		1,434,058			6,868,729
	14,815,696			3,780,770			1,849,379			5,834,653
$	15,595,291		$	3,783,435		$	1,963,323		$	5,988,479
$	—		$	223		$	—		$	2,547
$	327		$	—		$	—		$	—

Annual Report  197

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

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	2,160,467		$	1,208,133
Net realized gain (loss)			(5,549,218	)		(5,520,306	)
Net change in unrealized appreciation (depreciation)			11,775,330			(29,626,365	)
Net increase (decrease) in net assets resulting from operations			8,386,579			(33,938,538	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(1,908,309	)		(707,448	)
Open Shares			(112,978	)		(29,962	)
R6 Shares			—			—
Return of capital
Institutional Shares			—			(60,003	)
Open Shares			—			(2,541	)
Net decrease in net assets resulting from distributions			(2,021,287	)		(799,954	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			15,288,853			22,986,526
Open Shares			1,200,836			1,330,724
R6 Shares			—			—
Issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio
Institutional Shares			—			—
Open Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			1,637,186			635,859
Open Shares			102,420			28,854
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(28,128,807	)		(47,316,675	)
Open Shares			(1,461,157	)		(3,142,059	)
R6 Shares			—			—
Net increase (decrease) in net assets from capital stock transactions			(11,360,669	)		(25,476,771	)
Total increase (decrease) in net assets			(4,995,377	)		(60,215,263	)
Net assets at beginning of period			97,397,568			157,612,831
Net assets at end of period		$	92,402,191		$	97,397,568
Shares issued and redeemed Institutional Shares
Shares outstanding at beginning of period			7,777,673			9,637,932
Shares sold			1,226,526			1,776,812
Shares issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio			—			—
Shares issued to shareholders from reinvestment of distributions			131,819			53,569
Shares redeemed			(2,289,927	)		(3,690,640	)
Net increase (decrease)			(931,582	)		(1,860,259	)
Shares outstanding at end of period			6,846,091			7,777,673

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

198  Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	2,031,347		$	2,077,849		$	2,665,011		$	1,722,206
	(5,549,591	)		(3,899,342	)		(2,105,805	)		(15,096,252	)
	14,714,214			(31,035,512	)		11,530,947			(1,482,062	)
	11,195,970			(32,857,005	)		12,090,153			(14,856,108	)
	(1,747,412	)		(1,910,920	)		(2,475,435	)		(1,903,988	)
	(29,424	)		(28,218	)		(4,336	)		(3,123	)
	(2,429	)		(7,388	)		(2,937	)		—
	—			—			—			—
	—			—			—			—
	(1,779,265	)		(1,946,526	)		(2,482,708	)		(1,907,111	)
	17,889,582			34,798,642			73,099,826			81,225,276
	724,536			1,088,647			3,221,041			34,560
	67,262			109,702			142,557			—
	42,695,854			—			—			—
	2,423,804			—			—			—
	1,705,354			1,842,661			2,461,896			1,895,534
	27,976			26,946			4,336			3,123
	2,429			7,388			2,937			—
	(48,631,628	)		(65,949,462	)		(33,764,842	)		(54,457,517	)
	(2,464,925	)		(1,323,071	)		(3,108,971	)		(855,669	)
	(286,110	)		(1,534	)		—			—
	14,154,134			(29,400,081	)		42,058,780			27,845,307
	23,570,839			(64,203,612	)		51,666,225			11,082,088
	94,504,036			158,707,648			80,599,389			69,517,301
$	118,074,875		$	94,504,036		$	132,265,614		$	80,599,389
	10,455,241			13,520,650			8,186,529			5,322,452
	1,881,992			3,561,761			6,915,914			8,040,599
	4,364,112			—			—			—
	176,893			207,099			231,119			190,232
	(5,091,153	)		(6,834,269	)		(3,204,905	)		(5,366,754	)
	1,331,844			(3,065,409	)		3,942,128			2,864,077
	11,787,085			10,455,241			12,128,657			8,186,529

Annual Report  199

	Lazard Developing Markets Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Open Shares
Shares outstanding at beginning of period		467,111			600,534
Shares sold		96,455			107,434
Shares issued in connection with acquisition of Emerging Markets Strategic Equity Portfolio		—			—
Shares issued to shareholders from reinvestment of distributions		8,293			2,445
Shares redeemed		(118,800	)		(243,302	)
Net increase (decrease)		(14,052	)		(133,423	)
Shares outstanding at end of period		453,059			467,111
R6 Shares†
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

† The inception date for the Lazard Emerging Markets Equity Advantage Portfolio R6 Shares was February 22, 2023.

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

200  Annual Report

Lazard Emerging Markets Core Equity Portfolio						Lazard Emerging Markets Equity Advantage Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	161,234			183,190			9,443			76,021
	76,445			112,096			310,575			2,836
	248,585			—			—			—
	2,909			3,036			407			312
	(256,141	)		(137,088	)		(296,709	)		(69,726	)
	71,798			(21,956	)		14,273			(66,578	)
	233,032			161,234			23,716			9,443
	39,040			26,865			—			—
	6,943			11,507			13,660			—
	252			830			276			—
	(29,892	)		(162	)		—			—
	(22,697	)		12,175			13,936			—
	16,343			39,040			13,936			—

Annual Report  201

	Lazard Emerging Markets Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	107,523,113		$	146,593,998
Net realized gain (loss)		102,179,056			(115,693,889	)
Net change in unrealized appreciation (depreciation)		320,953,965			(557,415,838	)
Net increase (decrease) in net assets resulting from operations		530,656,134			(526,515,729	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(86,836,785	)		(130,416,173	)
Open Shares		(9,235,492	)		(13,490,474	)
R6 Shares		(1,001,599	)		(437,125	)
Net decrease in net assets resulting from distributions		(97,073,876	)		(144,343,772	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		591,291,086			861,849,990
Open Shares		24,905,149			18,453,232
R6 Shares		18,877,987			1,763,892
Net proceeds from reinvestment of distributions
Institutional Shares		82,471,722			125,423,797
Open Shares		9,105,594			13,288,409
R6 Shares		261,291			286,165
Cost of shares redeemed
Institutional Shares		(949,812,499	)		(1,376,698,620	)
Open Shares		(53,071,749	)		(83,795,159	)
R6 Shares		(1,587,355	)		(2,202,333	)
Net increase (decrease) in net assets from capital stock transactions		(277,558,774	)		(441,630,627	)
Total increase (decrease) in net assets		156,023,484			(1,112,490,128	)
Net assets at beginning of period		2,540,427,852			3,652,917,980
Net assets at end of period	$	2,696,451,336		$	2,540,427,852

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

202  Annual Report

Lazard Equity Franchise Portfolio						Lazard Global Equity Select Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	2,703,153		$	1,626,573		$	741,460		$	572,221
	10,532,318			13,818,112			1,146,565			1,040,326
	14,299,060			(17,193,783	)		12,968,538			(21,692,108	)
	27,534,531			(1,749,098	)		14,856,563			(20,079,561	)
	(9,472,152	)		(17,924,812	)		(1,808,406	)		(923,404	)
	(14,250	)		(22,496	)		(19,152	)		(9,233	)
	—			—			—			—
	(9,486,402	)		(17,947,308	)		(1,827,558	)		(932,637	)
	17,269,375			103,212,766			5,356,966			17,480,453
	175,590			262,175			639,010			274,863
	—			—			—			—
	9,472,152			17,923,480			1,764,122			907,395
	14,250			22,496			18,841			9,199
	—			—			—			—
	(85,956,915	)		(47,036,929	)		(14,561,651	)		(16,294,375	)
	(224,473	)		(154,997	)		(905,741	)		(293,755	)
	—			—			—			—
	(59,250,021	)		74,228,991			(7,688,453	)		2,083,780
	(41,201,892	)		54,532,585			5,340,552			(18,928,418	)
	160,054,156			105,521,571			92,557,568			111,485,986
$	118,852,264		$	160,054,156		$	97,898,120		$	92,557,568

Annual Report  203

	Lazard Emerging Markets Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		156,565,118			180,498,233
Shares sold		36,823,067			54,007,278
Shares issued to shareholders from reinvestment of distributions		4,920,747			8,549,679
Shares redeemed		(58,880,517	)		(86,490,072	)
Net increase (decrease)		(17,136,703	)		(23,933,115	)
Shares outstanding at end of period		139,428,415			156,565,118
Open Shares
Shares outstanding at beginning of period		16,682,124			19,885,383
Shares sold		1,484,896			1,102,283
Shares issued to shareholders from reinvestment of distributions		524,818			875,966
Shares redeemed		(3,163,011	)		(5,181,508	)
Net increase (decrease)		(1,153,297	)		(3,203,259	)
Shares outstanding at end of period		15,528,827			16,682,124
R6 Shares
Shares outstanding at beginning of period		548,994			544,810
Shares sold		1,121,981			113,210
Shares issued to shareholders from reinvestment of distributions		15,581			19,494
Shares redeemed		(98,620	)		(128,520	)
Net increase (decrease)		1,038,942			4,184
Shares outstanding at end of period		1,587,936			548,994

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

204  Annual Report

Lazard Equity Franchise Portfolio						Lazard Global Equity Select Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	17,653,491			9,780,445			5,938,494			5,857,479
	1,782,584			10,269,246			327,199			1,063,144
	964,578			1,943,345			101,916			59,230
	(8,397,961	)		(4,339,545	)		(887,258	)		(1,041,359	)
	(5,650,799	)		7,873,046			(458,143	)		81,015
	12,002,692			17,653,491			5,480,351			5,938,494
	21,010			8,621			81,524			82,179
	17,758			25,489			39,169			17,597
	1,451			2,436			1,091			600
	(22,337	)		(15,536	)		(54,800	)		(18,852	)
	(3,128	)		12,389			(14,540	)		(655	)
	17,882			21,010			66,984			81,524
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

Annual Report  205

	Lazard Global Listed Infrastructure Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	253,607,144		$	208,102,375
Net realized gain (loss)		59,814,576			322,905,118
Net change in unrealized appreciation (depreciation)		549,353,390			(665,672,455	)
Net increase (decrease) in net assets resulting from operations		862,775,110			(134,664,962	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(248,027,505	)		(1,060,685,044	)
Open Shares		(8,009,207	)		(45,255,213	)
R6 Shares		—			—
Return of capital
Net decrease in net assets resulting from distributions		(256,036,712	)		(1,105,940,257	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		2,182,513,951			3,221,367,011
Open Shares		64,066,364			165,287,456
R6 Shares		—			—
Net proceeds from reinvestment of distributions
Institutional Shares		211,785,959			921,958,886
Open Shares		7,849,761			44,558,966
R6 Shares		—			—
Cost of shares redeemed
Institutional Shares		(2,376,975,688	)		(2,475,584,828	)
Open Shares		(146,443,340	)		(120,448,379	)
R6 Shares		—			—
Net increase (decrease) in net assets from capital stock transactions		(57,202,993	)		1,757,139,112
Total increase (decrease) in net assets		549,535,405			516,533,893
Net assets at beginning of period		8,125,421,621			7,608,887,728
Net assets at end of period	$	8,674,957,026		$	8,125,421,621

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

206  Annual Report

Lazard Global Strategic Equity Portfolio						Lazard International Equity Advantage Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	78,163		$	49,494		$	82,991		$	77,083
	(164,570	)		(467,377	)		187,992			(219,539	)
	1,655,474			(2,950,697	)		520,663			(262,247	)
	1,569,067			(3,368,580	)		791,646			(404,703	)
	(45,587	)		(65,039	)		(19,149	)		(87,197	)
	(26	)		(462	)		(58,030	)		(3,876	)
	—			—			—			—
	(45,613	)		(65,501	)		(77,179	)		(91,073	)
	105,794			23,595			128,704			6,179
	2,012			2,503			16,058,495			1
	—			—			—			—
	45,587			65,039			19,149			87,197
	26			462			58,030			3,876
	—			—			—			—
	(1,241,359	)		(3,755,240	)		—			(30,940	)
	(175,681	)		—			(118,775	)		—
	—			—			—			—
	(1,263,621	)		(3,663,641	)		16,145,603			66,313
	259,833			(7,097,722	)		16,860,070			(429,463	)
	10,614,191			17,711,913			2,560,666			2,990,129
$	10,874,024		$	10,614,191		$	19,420,736		$	2,560,666

Annual Report  207

	Lazard Global Listed Infrastructure Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		548,675,033			442,920,557
Shares sold		147,779,765			200,638,035
Shares issued to shareholders from reinvestment of distributions		14,244,720			62,415,191
Shares redeemed		(161,614,429	)		(157,298,750	)
Net increase (decrease)		410,056			105,754,476
Shares outstanding at end of period		549,085,089			548,675,033
Open Shares
Shares outstanding at beginning of period		23,667,566			18,194,277
Shares sold		4,327,005			10,096,310
Shares issued to shareholders from reinvestment of distributions		527,750			3,013,473
Shares redeemed		(9,920,619	)		(7,636,494	)
Net increase (decrease)		(5,065,864	)		5,473,289
Shares outstanding at end of period		18,601,702			23,667,566

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

208  Annual Report

Lazard Global Strategic Equity Portfolio						Lazard International Equity Advantage Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	960,139			1,297,363			261,804			255,051
	9,135			2,146			13,193			606
	3,659			5,923			1,753			9,310
	(106,137	)		(345,293	)		—			(3,163	)
	(93,343	)		(337,224	)		14,946			6,753
	866,796			960,139			276,750			261,804
	16,012			15,713			12,488			12,075
	173			258			1,462,656			—	#
	2			41			5,290			413
	(15,003	)		—			(10,819	)		—
	(14,828	)		299			1,457,127			413
	1,184			16,012			1,469,615			12,488

# Shares values are less than 1

Annual Report  209

	Lazard International Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	23,453,786		$	25,018,724
Net realized gain (loss)		39,855,828			(18,115,840	)
Net change in unrealized appreciation (depreciation)		99,118,333			(273,283,955	)
Net increase (decrease) in net assets resulting from operations		162,427,947			(266,381,071	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares		(37,659,905	)		(62,703,347	)
Open Shares		(1,945,816	)		(3,381,347	)
R6 Shares		(2,733,396	)		(3,944,721	)
Return of capital
Net decrease in net assets resulting from distributions		(42,339,117	)		(70,029,415	)
Capital stock transactions
Net proceeds from sales
Institutional Shares		260,202,030			231,789,310
Open Shares		9,246,783			16,567,209
R6 Shares		28,652,330			17,349,084
Net proceeds from reinvestment of distributions
Institutional Shares		33,034,781			53,823,523
Open Shares		1,833,815			3,000,121
R6 Shares		2,573,712			3,868,531
Cost of shares redeemed
Institutional Shares		(254,189,967	)		(685,382,215	)
Open Shares		(15,383,156	)		(41,438,157	)
R6 Shares		(28,481,260	)		(52,432,233	)
Net increase (decrease) in net assets from capital stock transactions		37,489,068			(452,854,827	)
Total increase (decrease) in net assets		157,577,898			(789,265,313	)
Net assets at beginning of period		987,228,382			1,776,493,695
Net assets at end of period	$	1,144,806,280		$	987,228,382

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

210  Annual Report

Lazard International Equity Select Portfolio						Lazard International Quality Growth Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	867,534		$	1,028,738		$	1,684,623		$	783,238
	1,172,572			(3,536,840	)		(817,423	)		(6,290,271	)
	4,190,695			(10,331,812	)		29,689,073			(13,649,212	)
	6,230,801			(12,839,914	)		30,556,273			(19,156,245	)
	(742,947	)		(1,170,958	)		(1,575,320	)		(1,289,849	)
	(35,111	)		(56,701	)		(6,587	)		(2,960	)
	—			—			(3,470	)		—
	(778,058	)		(1,227,659	)		(1,585,377	)		(1,292,809	)
	6,870,927			12,959,753			145,309,254			123,139,916
	635,307			900,081			1,984,516			123,452
	—			—			510,000			—
	676,941			1,124,727			1,549,820			1,280,322
	34,436			55,731			6,587			2,960
	—			—			75			—
	(13,779,012	)		(27,840,410	)		(30,694,205	)		(55,785,156	)
	(1,000,063	)		(1,527,246	)		(804,356	)		(18,580	)
	—			—			—			—
	(6,561,464	)		(14,327,364	)		117,861,691			68,742,914
	(1,108,721	)		(28,394,937	)		146,832,587			48,293,860
	54,552,672			82,947,609			111,095,066			62,801,206
$	53,443,951		$	54,552,672		$	257,927,653		$	111,095,066

Annual Report  211

	Lazard International Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		60,292,364			87,137,715
Shares sold		16,573,255			14,992,421
Shares issued to shareholders from reinvestment of distributions		2,064,288			3,670,842
Shares redeemed		(16,151,056	)		(45,508,614	)
Net increase (decrease)		2,486,487			(26,845,351	)
Shares outstanding at end of period		62,778,851			60,292,364
Open Shares
Shares outstanding at beginning of period		3,743,668			5,114,581
Shares sold		580,947			1,084,863
Shares issued to shareholders from reinvestment of distributions		112,843			201,768
Shares redeemed		(976,060	)		(2,657,544	)
Net increase (decrease)		(282,270	)		(1,370,913	)
Shares outstanding at end of period		3,461,398			3,743,668
R6 Shares(a)
Shares outstanding at beginning of period		4,410,047			6,472,435
Shares sold		1,839,166			1,082,972
Shares issued to shareholders from reinvestment of distributions		161,240			264,440
Shares redeemed		(1,850,406	)		(3,409,800	)
Net increase (decrease)		150,000			(2,062,388	)
Shares outstanding at end of period		4,560,047			4,410,047

(a) The inception date for the Lazard International Quality Growth Portfolio R6 Shares was February 22, 2023.

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

212  Annual Report

Lazard International Equity Select Portfolio						Lazard International Quality Growth Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	5,427,143			6,846,470			8,337,316			3,718,473
	677,833			1,281,616			10,153,993			8,546,737
	65,091			117,646			100,507			96,628
	(1,354,597	)		(2,818,589	)		(2,149,994	)		(4,024,522	)
	(611,673	)		(1,419,327	)		8,104,506			4,618,843
	4,815,470			5,427,143			16,441,822			8,337,316
	304,184			360,195			28,191			19,946
	63,064			87,983			140,256			9,406
	3,292			5,796			430			225
	(98,350	)		(149,790	)		(55,429	)		(1,386	)
	(31,994	)		(56,011	)		85,257			8,245
	272,190			304,184			113,448			28,191
	—			—			—			—
	—			—			33,246			—
	—			—			5			—
	—			—			—			—
	—			—			33,251			—
	—			—			33,251			—

Annual Report  213

	Lazard International Small Cap Equity Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	237,918			$	309,711
Net realized gain (loss)			(222,900	)			(1,611,673	)
Net change in unrealized appreciation (depreciation)			1,438,711				(5,619,766	)
Net increase (decrease) in net assets resulting from operations			1,453,729				(6,921,728	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(99,912	)			(491,400	)
Open Shares			(132,326	)			(416,934	)
R6 Shares			—				—
Return of capital
Net decrease in net assets resulting from distributions			(232,238	)			(908,334	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			561,590				3,781,732
Open Shares			160,359				3,039,558
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			93,978				488,585
Open Shares			130,340				410,676
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(3,361,348	)			(7,824,261	)
Open Shares			(1,386,790	)			(3,944,613	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			(3,801,871	)			(4,048,323	)
Total increase (decrease) in net assets			(2,580,380	)			(11,878,385	)
Net assets at beginning of period			14,632,313				26,510,698
Net assets at end of period		$	12,051,933			$	14,632,313

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

214  Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	64,097,506		$	80,441,570		$	447,073		$	521,781
	99,579,684			(191,251,655	)		1,246,266			(794,341	)
	531,860,320			(957,247,512	)		(163,494	)		(1,836,469	)
	695,537,510			(1,068,057,597	)		1,529,845			(2,109,029	)
	(57,582,065	)		(58,103,198	)		(708,488	)		(857,387	)
	(3,686,018	)		(3,427,089	)		(3,164	)		(2,173	)
	(1,178,086	)		(1,330,359	)		—			—
	(62,446,169	)		(62,860,646	)		(711,652	)		(859,560	)
	368,552,510			777,632,896			4,483,027			2,791,357
	36,677,838			66,219,213			—			27
	13,812,019			5,029,916			—			—
	54,605,767			53,856,863			500,959			739,992
	3,464,545			3,161,280			3,164			2,173
	1,100,618			1,318,843			—			—
	(1,230,081,524	)		(1,333,389,496	)		(16,617,576	)		(2,898,965	)
	(81,113,168	)		(144,164,460	)		—			(24	)
	(47,529,882	)		(12,251,456	)		—			—
	(880,511,277	)		(582,586,401	)		(11,630,426	)		634,560
	(247,419,936	)		(1,713,504,644	)		(10,812,233	)		(2,334,029	)
	4,585,388,306			6,298,892,950			28,793,547			31,127,576
$	4,337,968,370		$	4,585,388,306		$	17,981,314		$	28,793,547

Annual Report  215

	Lazard International Small Cap Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		902,119			1,322,884
Shares sold		68,767			457,072
Shares issued to shareholders from reinvestment of distributions		11,419			61,362
Shares redeemed		(409,534	)		(939,199	)
Net increase (decrease)		(329,348	)		(420,765	)
Shares outstanding at end of period		572,771			902,119
Open Shares
Shares outstanding at beginning of period		996,438			1,085,347
Shares sold		19,698			356,944
Shares issued to shareholders from reinvestment of distributions		15,791			51,468
Shares redeemed		(172,702	)		(497,321	)
Net increase (decrease)		(137,213	)		(88,909	)
Shares outstanding at end of period		859,225			996,438
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.

216  Annual Report

Lazard International Strategic Equity Portfolio						Lazard Managed Equity Volatility Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	311,507,437			349,026,972			2,406,396			2,357,213
	25,390,697			54,862,222			365,130			229,042
	3,579,404			4,019,169			41,116			61,309
	(85,241,519	)		(96,400,926	)		(1,362,337	)		(241,168	)
	(56,271,418	)		(37,519,535	)		(956,091	)		49,183
	255,236,019			311,507,437			1,450,305			2,406,396
	22,739,287			27,877,105			6,810			6,629
	2,517,537			4,602,491			—			3
	225,004			233,477			260			180
	(5,602,044	)		(9,973,786	)		—			(2	)
	(2,859,503	)		(5,137,818	)		260			181
	19,879,784			22,739,287			7,070			6,810
	7,185,282			7,606,148			—			—
	972,386			362,304			—			—
	72,151			98,274			—			—
	(3,262,112	)		(881,444	)		—			—
	(2,217,575	)		(420,866	)		—			—
	4,967,707			7,185,282			—			—

Annual Report  217

	Lazard US Equity Concentrated Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	3,743,836			$	8,762,250
Net realized gain (loss)			268,247,181				106,367,493
Net change in unrealized appreciation (depreciation)			(159,593,563	)			(482,242,653	)
Net increase (decrease) in net assets resulting from operations			112,397,454				(367,112,910	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(144,352,473	)			(75,915,293	)
Open Shares			(12,995,366	)			(1,426,093	)
R6 Shares			(13,895	)			(130,953	)
Net decrease in net assets resulting from distributions			(157,361,734	)			(77,472,339	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			126,919,089				299,519,389
Open Shares			3,545,869				3,057,412
R6 Shares			32,620				20,296
Net proceeds from reinvestment of distributions
Institutional Shares			129,805,118				64,966,405
Open Shares			12,585,093				1,380,759
R6 Shares			13,540				130,919
Cost of shares redeemed
Institutional Shares			(1,232,949,054	)			(678,550,658	)
Open Shares			(9,708,284	)			(7,581,357	)
R6 Shares			(2,303,659	)			(13,811	)
Net increase (decrease) in net assets from capital stock transactions			(972,059,668	)			(317,070,646	)
Total increase (decrease) in net assets			(1,017,023,948	)			(761,655,895	)
Net assets at beginning of period			1,219,946,360				1,981,602,255
Net assets at end of period		$	202,922,412			$	1,219,946,360

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

218  Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small Cap Equity Select Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	779,595		$	557,094		$	2,665		$	(40,138	)
	694,662			405,396			4,362,487			752,825
	14,121,034			(16,065,433	)		(581,717	)		(15,460,669	)
	15,595,291			(15,102,943	)		3,783,435			(14,747,982	)
	(470,014	)		(1,030,597	)		(2,463,873	)		(1,956,102	)
	(9,677	)		(28,357	)		(629,143	)		(379,075	)
	(505,449	)		(934,656	)		(2,872	)		(45	)
	(985,140	)		(1,993,610	)		(3,095,888	)		(2,335,222	)
	2,250,837			5,096,150			1,187,900			6,969,138
	650			4,948			174,656			2,467,056
	17,658,966			17,385,917			12,293			31,192
	465,514			1,020,920			2,424,303			1,912,237
	9,676			28,354			612,357			364,429
	504,884			933,440			2,872			45
	(3,948,749	)		(2,237,446	)		(7,116,628	)		(53,469,937	)
	(190,555	)		(155,508	)		(1,227,580	)		(3,876,758	)
	(12,949,353	)		(11,927,508	)		(162	)		(690,340	)
	3,801,870			10,149,267			(3,929,989	)		(46,292,938	)
	18,412,021			(6,947,286	)		(3,242,442	)		(63,376,142	)
	73,441,623			80,388,909			42,656,308			106,032,450
$	91,853,644		$	73,441,623		$	39,413,866		$	42,656,308

Annual Report  219

	Lazard US Equity Concentrated Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		80,188,463			98,646,155
Shares sold		8,743,474			17,278,360
Shares issued to shareholders from reinvestment of distributions		13,704,015			4,122,800
Shares redeemed		(81,370,105	)		(39,858,852	)
Net increase (decrease)		(58,922,616	)		(18,457,692	)
Shares outstanding at end of period		21,265,847			80,188,463
Open Shares
Shares outstanding at beginning of period		1,614,946			1,793,445
Shares sold		234,781			176,728
Shares issued to shareholders from reinvestment of distributions		1,337,622			86,753
Shares redeemed		(749,559	)		(441,980	)
Net increase (decrease)		822,844			(178,499	)
Shares outstanding at end of period		2,437,790			1,614,946
R6 Shares
Shares outstanding at beginning of period		146,418			137,684
Shares sold		2,035			1,199
Shares issued to shareholders from reinvestment of distributions		1,427			8,321
Shares redeemed		(147,079	)		(786	)
Net increase (decrease)		(143,617	)		8,734
Shares outstanding at end of period		2,801			146,418

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

220  Annual Report

Lazard US Equity Focus Portfolio						Lazard US Small Cap Equity Select Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	2,928,944			2,660,294			2,857,788			6,312,789
	158,205			352,454			95,109			499,222
	30,466			77,763			197,364			143,892
	(279,222	)		(161,567	)		(573,097	)		(4,098,115	)
	(90,551	)		268,650			(280,624	)		(3,455,001	)
	2,838,393			2,928,944			2,577,164			2,857,788
	88,816			97,056			705,847			796,285
	46			351			15,957			200,453
	630			2,145			55,981			30,447
	(13,913	)		(10,736	)		(109,987	)		(321,338	)
	(13,237	)		(8,240	)		(38,049	)		(90,438	)
	75,579			88,816			667,798			705,847
	2,635,291			2,242,997			1,936			47,929
	1,324,448			1,157,609			967			2,503
	33,021			70,977			233			4
	(938,960	)		(836,292	)		(14	)		(48,500	)
	418,509			392,294			1,186			(45,993	)
	3,053,800			2,635,291			3,122			1,936

Annual Report  221

	Lazard US Sustainable Equity Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	113,944			$	82,306
Net realized gain (loss)			415,321				216,045
Net change in unrealized appreciation (depreciation)			1,434,058				(3,097,384	)
Net increase (decrease) in net assets resulting from operations			1,963,323				(2,799,033	)
Distributions to shareholders (Note 2(e))
Net investment income and net realized gains
Institutional Shares			(213,930	)			(260,667	)
Open Shares			(8,229	)			(10,089	)
R6 Shares			—				—
Net decrease in net assets resulting from distributions			(222,159	)			(270,756	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,849,036				224,750
Open Shares			8,325				100,309
R6 Shares			—				—
Net proceeds from reinvestment of distributions
Institutional Shares			213,930				260,667
Open Shares			8,229				10,089
R6 Shares			—				—
Cost of shares redeemed
Institutional Shares			(5,713,026	)			(9,186	)
Open Shares			(36,604	)			(100,553	)
R6 Shares			—				—
Net increase (decrease) in net assets from capital stock transactions			(2,670,110	)			486,076
Total increase (decrease) in net assets			(928,946	)			(2,583,713	)
Net assets at beginning of period			12,758,550				15,342,263
Net assets at end of period		$	11,829,604			$	12,758,550

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

222  Annual Report

Lazard US Systematic Small Cap Equity Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022
$	153,826		$	164,934
	(1,034,076	)		(892,276	)
	6,868,729			(320,798	)
	5,988,479			(1,048,140	)
	(143,061	)		(185,529	)
	(161	)		(515	)
	(457	)		—
	(143,679	)		(186,044	)
	10,288,266			22,096,992
	19,058			25,500
	100,000			—
	143,061			185,529
	161			515
	457			—
	(1,250,487	)		(264,652	)
	(3,127	)		(24,038	)
	—			—
	9,297,389			22,019,846
	15,142,189			20,785,662
	24,888,023			4,102,361
$	40,030,212		$	24,888,023

Annual Report  223

	Lazard US Sustainable Equity Portfolio
	Year Ended December 31, 2023			Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		989,077			952,893
Shares sold		227,992			16,152
Shares issued to shareholders from reinvestment of distributions		15,779			20,769
Shares redeemed		(434,399	)		(737	)
Net increase (decrease)		(190,628	)		36,184
Shares outstanding at end of period		798,449			989,077
Open Shares
Shares outstanding at beginning of period		43,416			42,453
Shares sold		638			7,636
Shares issued to shareholders from reinvestment of distributions		605			801
Shares redeemed		(2,768	)		(7,474	)
Net increase (decrease)		(1,525	)		963
Shares outstanding at end of period		41,891			43,416
R6 Shares†
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Shares redeemed		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

† The inception date for the Lazard US Systematic Small Cap Equity Portfolio R6 Shares was February 22, 2023

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

224  Annual Report

Lazard US Systematic Small Cap Equity Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022
	2,910,165			388,111
	1,120,932			2,532,339
	14,095			21,769
	(135,702	)		(32,054	)
	999,325			2,522,054
	3,909,490			2,910,165
	11,923			11,650
	2,102			2,915
	16			60
	(328	)		(2,702	)
	1,790			273
	13,713			11,923
	—			—
	10,917			—
	45			—
	—			—
	10,962			—
	10,962			—

Annual Report  225

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	11.82		$	15.40		$	17.31		$	14.55		$	11.42
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			0.13			0.05			0.04			0.08
Net realized and unrealized gain (loss)		0.85			(3.61	)		(1.81	)		2.76			3.13
Total from investment operations		1.12			(3.48	)		(1.76	)		2.80			3.21
Less distributions from:
Net investment income		(0.28	)		(0.09	)		(0.15	)		(0.04	)		(0.08	)
Return of capital		—			(0.01	)		—			—			—
Total distributions		(0.28	)		(0.10	)		(0.15	)		(0.04	)		(0.08	)
Net asset value, end of period	$	12.66		$	11.82		$	15.40		$	17.31		$	14.55
Total Return (c)		9.55	%		–22.61	%		–10.14	%		19.33	%		28.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	86,699		$	91,910		$	148,419		$	190,689		$	226,067
Ratios to average net assets:
Net expenses		1.13	%		1.15	%		1.15	%		1.17	%		1.16	%
Gross expenses		1.24	%		1.23	%		1.15	%		1.21	%		1.16	%
Net investment income (loss)		2.17	%		1.02	%		0.28	%		0.33	%		0.63	%
Portfolio turnover rate		24	%		30	%		39	%		57	%		55	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	11.75		$	15.31		$	17.21		$	14.51		$	11.36
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.23			0.10			—	(b)		0.01			0.05
Net realized and unrealized gain (loss)		0.86			(3.59	)		(1.78	)		2.73			3.11
Total from investment operations		1.09			(3.49	)		(1.78	)		2.74			3.16
Less distributions from:
Net investment income		(0.25	)		(0.07	)		(0.12	)		(0.04	)		(0.01	)
Total distributions		(0.25	)		(0.07	)		(0.12	)		(0.04	)		(0.01	)
Net asset value, end of period	$	12.59		$	11.75		$	15.31		$	17.21		$	14.51
Total Return (c)		9.34	%		–22.81	%		–10.37	%		18.97	%		27.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	5,703		$	5,487		$	9,193		$	9,914		$	9,341
Ratios to average net assets:
Net expenses		1.38	%		1.40	%		1.40	%		1.44	%		1.46	%
Gross expenses		1.59	%		1.56	%		1.45	%		1.53	%		1.55	%
Net investment income (loss)		1.89	%		0.76	%		—	%(d)		0.04	%		0.36	%
Portfolio turnover rate		24	%		30	%		39	%		57	%		55	%

(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.
(d)	Amount is less than 0.005%

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

Annual Report  227

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	8.87		$	11.56		$	13.12		$	11.79		$	9.89
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17			0.17			0.08			0.08			0.20
Net realized and unrealized gain (loss)		0.92			(2.67	)		(1.55	)		1.33			1.93
Total from investment operations		1.09			(2.50	)		(1.47	)		1.41			2.13
Less distributions from:
Net investment income		(0.15	)		(0.19	)		(0.09	)		(0.08	)		(0.23	)
Total distributions		(0.15	)		(0.19	)		(0.09	)		(0.08	)		(0.23	)
Net asset value, end of period	$	9.81		$	8.87		$	11.56		$	13.12		$	11.79
Total Return (b)		12.29	%		–21.63	%		–11.21	%		11.98	%		21.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	115,633		$	92,730		$	156,284		$	209,503		$	197,213
Ratios to average net assets:
Net expenses		1.15	%		1.22	%		1.16	%		1.20	%		1.18	%
Gross expenses		1.27	%		1.23	%		1.16	%		1.20	%		1.18	%
Net investment income (loss)		1.82	%		1.75	%		0.64	%		0.70	%		1.83	%
Portfolio turnover rate		74	%		28	%		31	%		23	%		19	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	8.85		$	11.53		$	13.09		$	11.76		$	9.87
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15			0.14			0.04			0.04			0.16
Net realized and unrealized gain (loss)		0.91			(2.65	)		(1.55	)		1.33			1.92
Total from investment operations		1.06			(2.51	)		(1.51	)		1.37			2.08
Less distributions from:
Net investment income		(0.12	)		(0.17	)		(0.05	)		(0.04	)		(0.19	)
Total distributions		(0.12	)		(0.17	)		(0.05	)		(0.04	)		(0.19	)
Net asset value, end of period	$	9.79		$	8.85		$	11.53		$	13.09		$	11.76
Total Return (b)		12.05	%		–21.80	%		–11.53	%		11.66	%		21.08	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,281		$	1,427		$	2,113		$	2,544		$	2,425
Ratios to average net assets:
Net expenses		1.41	%		1.48	%		1.50	%		1.50	%		1.55	%
Gross expenses		1.76	%		1.69	%		1.55	%		1.62	%		1.90	%
Net investment income (loss)		1.57	%		1.46	%		0.34	%		0.35	%		1.48	%
Portfolio turnover rate		74	%		28	%		31	%		23	%		19	%

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

Annual Report  229

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	8.88		$	11.57		$	13.13		$	11.80		$	9.89
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.19			0.18			0.09			0.07			0.20
Net realized and unrealized gain (loss)		0.90			(2.68	)		(1.56	)		1.34			1.94
Total from investment operations		1.09			(2.50	)		(1.47	)		1.41			2.14
Less distributions from:
Net investment income		(0.15	)		(0.19	)		(0.09	)		(0.08	)		(0.23	)
Total distributions		(0.15	)		(0.19	)		(0.09	)		(0.08	)		(0.23	)
Net asset value, end of period	$	9.82		$	8.88		$	11.57		$	13.13		$	11.80
Total Return (b)		12.32	%		–21.58	%		–11.19	%		11.97	%		21.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	161		$	347		$	311		$	544		$	597
Ratios to average net assets:
Net expenses		1.11	%		1.18	%		1.16	%		1.20	%		1.18	%
Gross expenses		3.09	%		2.11	%		1.91	%		1.87	%		3.23	%
Net investment income (loss)		1.94	%		1.87	%		0.66	%		0.63	%		1.80	%
Portfolio turnover rate		74	%		28	%		31	%		23	%		19	%

(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.

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

230  Annual Report

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.83		$	12.88		$	13.79		$	11.84		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.24			0.29			0.27			0.10			0.24
Net realized and unrealized gain (loss)		1.01			(3.01	)		(0.15	)		1.97			1.80
Total from investment operations		1.25			(2.72	)		0.12			2.07			2.04
Less distributions from:
Net investment income		(0.21	)		(0.29	)		(0.22	)		(0.10	)		(0.23	)
Net realized gains		—			(0.04	)		(0.81	)		(0.02	)		—
Total distributions		(0.21	)		(0.33	)		(1.03	)		(0.12	)		(0.23	)
Net asset value, end of period	$	10.87		$	9.83		$	12.88		$	13.79		$	11.84
Total Return (b)		12.76	%		–21.09	%		0.96	%		17.50	%		20.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	131,856		$	80,506		$	68,538		$	27,898		$	9,190
Ratios to average net assets (c):
Net expenses		0.90	%		0.91	%		0.93	%		1.10	%		1.10	%
Gross expenses		0.98	%		1.11	%		1.21	%		1.97	%		3.19	%
Net investment income (loss)		2.33	%		2.73	%		1.90	%		0.87	%		2.15	%
Portfolio turnover rate		61	%		122	%		88	%		91	%		59	%

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

Annual Report  231

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.84		$	12.88		$	13.79		$	11.85		$	10.04
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.26			0.25			0.12			0.09			0.21
Net realized and unrealized gain (loss)		0.95			(2.98	)		(0.04	)		1.93			1.79
Total from investment operations		1.21			(2.73	)		0.08			2.02			2.00
Less distributions from:
Net investment income		(0.18	)		(0.27	)		(0.18	)		(0.06	)		(0.19	)
Net realized gains		—			(0.04	)		(0.81	)		(0.02	)		—
Total distributions		(0.18	)		(0.31	)		(0.99	)		(0.08	)		(0.19	)
Net asset value, end of period	$	10.87		$	9.84		$	12.88		$	13.79		$	11.85
Total Return (b)		12.36	%		–21.21	%		0.63	%		17.10	%		19.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	258		$	93		$	979		$	876		$	1,162
Ratios to average net assets (c):
Net expenses		1.15	%		1.16	%		1.25	%		1.35	%		1.38	%
Gross expenses		2.93	%		3.20	%		1.75	%		2.68	%		4.32	%
Net investment income (loss)		2.60	%		2.11	%		0.80	%		0.76	%		1.87	%
Portfolio turnover rate		61	%		122	%		88	%		91	%		59	%

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

232  Annual Report

Selected data for a share	For the Period
of capital stock outstanding	2/22/23* to
throughout each period	12/31/2023
R6 Shares
Net asset value, beginning of period	$	10.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.20
Net realized and unrealized gain (loss)		0.61
Total from investment operations		0.81
Less distributions from:
Net investment income		(0.21	)
Total distributions		(0.21	)
Net asset value, end of period	$	10.87
Total Return (b)		7.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	152
Ratios to average net assets (c):
Net expenses		0.85	%
Gross expenses		6.22	%
Net investment income (loss)		2.25	%
Portfolio turnover rate		61	%

*	The inception date for the R6 Shares was February 22, 2023.
(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.
(c)	Annualized for periods less than one year.

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

Annual Report  233

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	14.57		$	18.12		$	18.03		$	18.48		$	16.06
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.67			0.80			0.56			0.37			0.42
Net realized and unrealized gain (loss)		2.58			(3.49	)		0.42			(0.44	)		2.45
Total from investment operations		3.25			(2.69	)		0.98			(0.07	)		2.87
Less distributions from:
Net investment income		(0.65	)		(0.86	)		(0.89	)		(0.38	)		(0.45	)
Total distributions		(0.65	)		(0.86	)		(0.89	)		(0.38	)		(0.45	)
Net asset value, end of period	$	17.17		$	14.57		$	18.12		$	18.03		$	18.48
Total Return (b)		22.39	%		–14.86	%		5.44	%		–0.10	%		18.04	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,393,341		$	2,281,187		$	3,271,175		$	3,923,878		$	6,645,429
Ratios to average net assets:
Net expenses		1.08	%		1.06	%		1.07	%		1.09	%		1.08	%
Gross expenses		1.08	%		1.06	%		1.07	%		1.09	%		1.08	%
Net investment income (loss)		4.12	%		4.92	%		2.93	%		2.36	%		2.42	%
Portfolio turnover rate		26	%		23	%		34	%		39	%		20	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	15.06		$	18.70		$	18.58		$	19.03		$	16.53
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.64			0.78			0.53			0.34			0.39
Net realized and unrealized gain (loss)		2.66			(3.60	)		0.43			(0.45	)		2.52
Total from investment operations		3.30			(2.82	)		0.96			(0.11	)		2.91
Less distributions from:
Net investment income		(0.60	)		(0.82	)		(0.84	)		(0.34	)		(0.41	)
Total distributions		(0.60	)		(0.82	)		(0.84	)		(0.34	)		(0.41	)
Net asset value, end of period	$	17.76		$	15.06		$	18.70		$	18.58		$	19.03
Total Return (b)		22.03	%		–15.09	%		5.19	%		–0.34	%		17.73	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	275,834		$	251,237		$	371,863		$	421,990		$	969,347
Ratios to average net assets:
Net expenses		1.34	%		1.32	%		1.32	%		1.34	%		1.34	%
Gross expenses		1.34	%		1.32	%		1.32	%		1.34	%		1.34	%
Net investment income (loss)		3.86	%		4.71	%		2.68	%		2.08	%		2.19	%
Portfolio turnover rate		26	%		23	%		34	%		39	%		20	%

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

Annual Report  235

Selected data for a share
of capital stock outstanding	Year Ended
throughout the period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	14.58		$	18.13		$	18.04		$	18.47		$	16.06
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.60			0.78			0.54			0.40			0.40
Net realized and unrealized gain (loss)		2.65			(3.47	)		0.44			(0.45	)		2.46
Total from investment operations		3.25			(2.69	)		0.98			(0.05	)		2.86
Less distributions from:
Net investment income		(0.65	)		(0.86	)		(0.89	)		(0.38	)		(0.45	)
Total distributions		(0.65	)		(0.86	)		(0.89	)		(0.38	)		(0.45	)
Net asset value, end of period	$	17.18		$	14.58		$	18.13		$	18.04		$	18.47
Total Return (b)		22.37	%		–14.86	%		5.44	%		0.01	%		17.98	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	27,276		$	8,004		$	9,880		$	23,631		$	184,337
Ratios to average net assets:
Net expenses		1.08	%		1.06	%		1.06	%		1.08	%		1.08	%
Gross expenses		1.12	%		1.10	%		1.08	%		1.09	%		1.08	%
Net investment income (loss)		3.68	%		4.83	%		2.83	%		2.52	%		2.30	%
Portfolio turnover rate		26	%		23	%		34	%		39	%		20	%

(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.

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

236  Annual Report

LAZARD EQUITY FRANCHISE PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.06		$	10.78		$	10.17		$	10.17		$	8.84
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.18			0.14			0.15			0.10			0.19
Net realized and unrealized gain (loss)		1.51			(0.70	)		2.14			0.02			1.73
Total from investment operations		1.69			(0.56	)		2.29			0.12			1.92
Less distributions from:
Net investment income		(0.24	)		(0.10	)		(0.15	)		(0.07	)		(0.15	)
Net realized gains		(0.62	)		(1.06	)		(1.53	)		(0.05	)		(0.44	)
Total distributions		(0.86	)		(1.16	)		(1.68	)		(0.12	)		(0.59	)
Net asset value, end of period	$	9.89		$	9.06		$	10.78		$	10.17		$	10.17
Total Return (b)		18.70	%		–5.21	%		22.76	%		1.15	%		21.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	118,676		$	159,864		$	105,429		$	91,720		$	39,878
Ratios to average net assets:
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Gross expenses		0.96	%		0.98	%		0.98	%		1.11	%		1.36	%
Net investment income (loss)		1.80	%		1.35	%		1.29	%		1.09	%		1.95	%
Portfolio turnover rate		81	%		115	%		73	%		79	%		95	%

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 each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.05		$	10.77		$	10.17		$	10.17		$	8.84
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16			0.12			0.12			0.09			0.16
Net realized and unrealized gain (loss)		1.51			(0.70	)		2.13			—	(c)		1.73
Total from investment operations		1.67			(0.58	)		2.25			0.09			1.89
Less distributions from:
Net investment income		(0.22	)		(0.08	)		(0.12	)		(0.04	)		(0.12	)
Net realized gains		(0.62	)		(1.06	)		(1.53	)		(0.05	)		(0.44	)
Total distributions		(0.84	)		(1.14	)		(1.65	)		(0.09	)		(0.56	)
Net asset value, end of period	$	9.88		$	9.05		$	10.77		$	10.17		$	10.17
Total Return (b)		18.42	%		–5.45	%		22.36	%		0.90	%		21.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	177		$	190		$	93		$	129		$	312
Ratios to average net assets:
Net expenses		1.20	%		1.20	%		1.20	%		1.20	%		1.18	%
Gross expenses		2.72	%		4.13	%		4.45	%		3.64	%		5.78	%
Net investment income (loss)		1.60	%		1.17	%		1.05	%		1.00	%		1.64	%
Portfolio turnover rate		81	%		115	%		73	%		79	%		95	%

(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.
(c)	Amount is less than $0.01 per share.

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

238  Annual Report

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	15.37		$	18.77		$	16.32		$	14.56		$	11.72
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13	*		0.09			0.09			0.07			0.11
Net realized and unrealized gain (loss)		2.49			(3.33	)		3.11			2.24			2.84
Total from investment operations		2.62			(3.24	)		3.20			2.31			2.95
Less distributions from:
Net investment income		(0.14	)		(0.09	)		(0.09	)		(0.05	)		(0.10	)
Net realized gains		(0.20	)		(0.07	)		(0.66	)		(0.50	)		—
Return of capital		—			—			—			—			(0.01	)
Total distributions		(0.34	)		(0.16	)		(0.75	)		(0.55	)		(0.11	)
Net asset value, end of period	$	17.65		$	15.37		$	18.77		$	16.32		$	14.56
Total Return (b)		17.05	%*		–17.28	%		19.75	%		15.97	%		25.20	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	96,716		$	91,303		$	109,943		$	92,418		$	82,057
Ratios to average net assets:
Net expenses		0.88	%		0.88	%		0.84	%		0.90	%		1.01	%
Gross expenses		0.88	%		0.88	%		0.84	%		0.95	%		1.08	%
Net investment income (loss)		0.79	%*		0.58	%		0.50	%		0.46	%		0.85	%
Portfolio turnover rate		5	%		19	%		22	%		90	%		25	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	15.38		$	18.78		$	16.33		$	14.57		$	11.73
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09	*		0.05			0.03			0.05			0.08
Net realized and unrealized gain (loss)		2.48			(3.33	)		3.11			2.22			2.83
Total from investment operations		2.57			(3.28	)		3.14			2.27			2.91
Less distributions from:
Net investment income		(0.09	)		(0.05	)		(0.03	)		(0.01	)		(0.07	)
Net realized gains		(0.20	)		(0.07	)		(0.66	)		(0.50	)		—
Total distributions		(0.29	)		(0.12	)		(0.69	)		(0.51	)		(0.07	)
Net asset value, end of period	$	17.66		$	15.38		$	18.78		$	16.33		$	14.57
Total Return (b)		16.73	%*		–17.50	%		19.37	%		15.67	%		24.82	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,183		$	1,254		$	1,543		$	1,158		$	933
Ratios to average net assets:
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.30	%
Gross expenses		1.57	%		1.49	%		1.40	%		1.74	%		2.36	%
Net investment income (loss)		0.52	%*		0.30	%		0.18	%		0.35	%		0.56	%
Portfolio turnover rate		5	%		19	%		22	%		90	%		25	%

*	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, 2023. There was a 0.03% 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, 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 GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	14.20		$	16.50		$	14.65		$	15.78		$	13.51
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.44	*		0.41	*		0.61	*		0.27			0.40
Net realized and unrealized gain (loss)		1.09			(0.60	)		2.27			(1.02	)		2.57
Total from investment operations		1.53			(0.19	)		2.88			(0.75	)		2.97
Less distributions from:
Net investment income		(0.45	)		(0.84	)		(0.72	)		(0.04	)		(0.70	)
Net realized gains		—			(1.27	)		(0.31	)		(0.27	)		—
Return of capital		—			—			—			(0.07	)		—
Total distributions		(0.45	)		(2.11	)		(1.03	)		(0.38	)		(0.70	)
Net asset value, end of period	$	15.28		$	14.20		$	16.50		$	14.65		$	15.78
Total Return (b)		10.89	%*		–1.30	%*		19.87	%*		–4.48	%		22.26	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	8,390,489		$	7,789,195		$	7,308,516		$	7,289,680		$	7,277,512
Ratios to average net assets:
Net expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.95	%
Gross expenses		0.96	%		0.96	%		0.96	%		0.96	%		0.95	%
Net investment income (loss)		2.98	%*		2.54	%*		3.86	%*		1.87	%		2.63	%
Portfolio turnover rate		25	%		39	%		28	%		42	%		33	%

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
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	14.21		$	16.51		$	14.66		$	15.79		$	13.52
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.40	*		0.37	*		0.55	*		0.23			0.36
Net realized and unrealized gain (loss)		1.09			(0.61	)		2.29			(1.01	)		2.57
Total from investment operations		1.49			(0.24	)		2.84			(0.78	)		2.93
Less distributions from:
Net investment income		(0.41	)		(0.79	)		(0.68	)		(0.03	)		(0.66	)
Net realized gains		—			(1.27	)		(0.31	)		(0.25	)		—
Return of capital		—			—			—			(0.07	)		—
Total distributions		(0.41	)		(2.06	)		(0.99	)		(0.35	)		(0.66	)
Net asset value, end of period	$	15.29		$	14.21		$	16.51		$	14.66		$	15.79
Total Return (b)		10.60	%*		–1.55	%*		19.56	%*		–4.68	%		21.94	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	284,468		$	336,227		$	300,372		$	307,757		$	448,387
Ratios to average net assets:
Net expenses		1.22	%		1.21	%		1.21	%		1.21	%		1.20	%
Gross expenses		1.22	%		1.21	%		1.21	%		1.21	%		1.20	%
Net investment income (loss)		2.73	%*		2.31	%*		3.50	%*		1.57	%		2.39	%
Portfolio turnover rate		25	%		39	%		28	%		42	%		33	%

*	Includes $0.00, $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, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.00%, 0.00% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.01%, 0.03% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, 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.

242  Annual Report

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20#			12/31/19#
Institutional Shares
Net asset value, beginning of period	$	10.88		$	13.49		$	12.12		$	10.30		$	8.20
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08	*		0.04			0.26			0.02			0.10
Net realized and unrealized gain (loss)		1.62			(2.59	)		1.69			2.17			2.30
Total from investment operations		1.70			(2.55	)		1.95			2.19			2.40
Less distributions from:
Net investment income		(0.05	)		(0.04	)		(0.22	)		(0.01	)		(0.10	)
Net realized gains		—			(0.02	)		(0.36	)		(0.36	)		(0.20	)
Total distributions		(0.05	)		(0.06	)		(0.58	)		(0.37	)		(0.30	)
Net asset value, end of period	$	12.53		$	10.88		$	13.49		$	12.12		$	10.30
Total Return (b)		15.65	%*		–18.93	%		16.13	%		21.48	%		29.19	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,859		$	10,442		$	17,502		$	4,076		$	3,185
Ratios to average net assets:
Net expenses		0.90	%		0.93	%		0.95	%		0.97	%		1.00	%
Gross expenses		2.22	%		2.00	%		1.88	%		5.74	%		6.07	%
Net investment income (loss)		0.74	%*		0.36	%		1.97	%		0.23	%		1.01	%
Portfolio turnover rate		57	%		32	%		40	%		59	%		49	%

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	12/31/23			12/31/22			12/31/21			12/31/20#			12/31/19#
Open Shares
Net asset value, beginning of period	$	10.78		$	13.38		$	12.02		$	10.25		$	8.15
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07	*		0.01			0.19			—	(c)		0.05
Net realized and unrealized gain (loss)		1.59			(2.58	)		1.72			2.13			2.30
Total from investment operations		1.66			(2.57	)		1.91			2.13			2.35
Less distributions from:
Net investment income		(0.02	)		(0.01	)		(0.19	)		—	(c)		(0.05	)
Net realized gains		—			(0.02	)		(0.36	)		(0.36	)		(0.20	)
Total distributions		(0.02	)		(0.03	)		(0.55	)		(0.36	)		(0.25	)
Net asset value, end of period	$	12.42		$	10.78		$	13.38		$	12.02		$	10.25
Total Return (b)		15.42	%*		–19.22	%		15.90	%		20.96	%		29.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	15		$	173		$	210		$	184		$	144
Ratios to average net assets:
Net expenses		1.15	%		1.18	%		1.20	%		1.22	%		1.29	%
Gross expenses		7.42	%		4.79	%		4.09	%		8.76	%		13.26	%
Net investment income (loss)		0.64	%*		0.12	%		1.47	%		–0.01	%		0.72	%
Portfolio turnover rate		57	%		32	%		40	%		59	%		49	%

#	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.
*	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, 2023. There was a 0.03% 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.
(c)	Amount is less than $0.01 per share.

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

244  Annual Report

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.34		$	11.19		$	10.32		$	9.99		$	8.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.26			0.29			0.29			0.20			0.22
Net realized and unrealized gain (loss)		1.59			(1.79	)		1.15			0.33			1.29
Total from investment operations		1.85			(1.50	)		1.44			0.53			1.51
Less distributions from:
Net investment income		(0.07	)		(0.30	)		(0.29	)		(0.20	)		(0.22	)
Net realized gains		—			(0.05	)		(0.28	)		—			—
Total distributions		(0.07	)		(0.35	)		(0.57	)		(0.20	)		(0.22	)
Net asset value, end of period	$	11.12		$	9.34		$	11.19		$	10.32		$	9.99
Total Return (b)		19.82	%		–13.45	%		13.94	%		5.41	%		17.37	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,076		$	2,444		$	2,855		$	2,472		$	2,408
Ratios to average net assets:
Net expenses		0.80	%		0.85	%		0.90	%		0.90	%		0.90	%
Gross expenses		5.66	%		7.06	%		5.81	%		8.57	%		8.40	%
Net investment income (loss)		2.50	%		3.01	%		2.54	%		2.24	%		2.30	%
Portfolio turnover rate		88	%		85	%		99	%		109	%		66	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.34		$	11.20		$	10.32		$	9.99		$	8.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.22			0.27			0.26			0.18			0.19
Net realized and unrealized gain (loss)		1.60			(1.81	)		1.16			0.33			1.29
Total from investment operations		1.82			(1.54	)		1.42			0.51			1.48
Less distributions from:
Net investment income		(0.04	)		(0.27	)		(0.26	)		(0.18	)		(0.19	)
Net realized gains		—			(0.05	)		(0.28	)		—			—
Total distributions		(0.04	)		(0.32	)		(0.54	)		(0.18	)		(0.19	)
Net asset value, end of period	$	11.12		$	9.34		$	11.20		$	10.32		$	9.99
Total Return (b)		19.52	%		–13.75	%		13.75	%		5.14	%		17.03	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	16,345		$	117		$	135		$	119		$	113
Ratios to average net assets:
Net expenses		1.05	%		1.10	%		1.15	%		1.15	%		1.18	%
Gross expenses		5.73	%		10.77	%		9.38	%		12.55	%		17.72	%
Net investment income (loss)		2.19	%		2.76	%		2.29	%		1.99	%		2.02	%
Portfolio turnover rate		88	%		85	%		99	%		109	%		66	%

(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.

246  Annual Report

LAZARD INTERNATIONAL EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	14.41		$	17.98		$	20.02		$	18.61		$	15.68
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.33	*		0.29	*		0.67	*		0.21			0.37
Net realized and unrealized gain (loss)		2.03			(2.96	)		0.49			1.41			2.95
Total from investment operations		2.36			(2.67	)		1.16			1.62			3.32
Less distributions from:
Net investment income		(0.44	)		(0.26	)		(1.07	)		(0.21	)		(0.39	)
Net realized gains		(0.17	)		(0.64	)		(2.13	)		—			—
Total distributions		(0.61	)		(0.90	)		(3.20	)		(0.21	)		(0.39	)
Net asset value, end of period	$	16.16		$	14.41		$	17.98		$	20.02		$	18.61
Total Return (b)		16.43	%*		–14.83	%*		6.00	%*		8.76	%		21.19	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,014,462		$	869,014		$	1,567,011		$	2,812,450		$	2,495,021
Ratios to average net assets:
Net expenses		0.84	%		0.83	%		0.82	%		0.82	%		0.82	%
Gross expenses		0.84	%		0.83	%		0.82	%		0.82	%		0.82	%
Net investment income (loss)		2.08	%*		1.89	%*		3.21	%*		1.21	%		2.13	%
Portfolio turnover rate		48	%		31	%		34	%		38	%		37	%

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

Annual Report  247

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	14.63		$	18.24		$	20.26		$	18.84		$	15.87
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.29	*		0.27	*		0.63	*		0.17			0.33
Net realized and unrealized gain (loss)		2.06			(3.01	)		0.50			1.41			2.98
Total from investment operations		2.35			(2.74	)		1.13			1.58			3.31
Less distributions from:
Net investment income		(0.40	)		(0.23	)		(1.02	)		(0.16	)		(0.34	)
Net realized gains		(0.17	)		(0.64	)		(2.13	)		—			—
Total distributions		(0.57	)		(0.87	)		(3.15	)		(0.16	)		(0.34	)
Net asset value, end of period	$	16.41		$	14.63		$	18.24		$	20.26		$	18.84
Total Return (b)		16.11	%*		–15.05	%*		5.76	%*		8.43	%		20.89	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	56,809		$	54,781		$	93,296		$	120,781		$	257,308
Ratios to average net assets:
Net expenses		1.10	%		1.09	%		1.07	%		1.08	%		1.07	%
Gross expenses		1.10	%		1.09	%		1.07	%		1.08	%		1.07	%
Net investment income (loss)		1.80	%*		1.70	%*		2.98	%*		0.97	%		1.84	%
Portfolio turnover rate		48	%		31	%		34	%		38	%		37	%

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

248  Annual Report

Selected data for a share
of capital stock outstanding	Year Ended
throughout the period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	14.38		$	17.95		$	19.99		$	18.58		$	15.66
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.34	*		0.31	*		0.67	*		0.21			0.38
Net realized and unrealized gain (loss)		2.03			(2.97	)		0.50			1.41			2.93
Total from investment operations		2.37			(2.66	)		1.17			1.62			3.31
Less distributions from:
Net investment income		(0.45	)		(0.27	)		(1.08	)		(0.21	)		(0.39	)
Net realized gains		(0.17	)		(0.64	)		(2.13	)		—			—
Total distributions		(0.62	)		(0.91	)		(3.21	)		(0.21	)		(0.39	)
Net asset value, end of period	$	16.13		$	14.38		$	17.95		$	19.99		$	18.58
Total Return (b)		16.50	%*		–14.82	%*		6.03	%*		8.79	%		21.17	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	73,535		$	63,434		$	116,187		$	129,419		$	107,574
Ratios to average net assets:
Net expenses		0.81	%		0.80	%		0.80	%		0.81	%		0.80	%
Gross expenses		0.85	%		0.83	%		0.82	%		0.83	%		0.82	%
Net investment income (loss)		2.15	%*		2.02	%*		3.20	%*		1.21	%		2.19	%
Portfolio turnover rate		48	%		31	%		34	%		38	%		37	%

*	Includes $0.02, $0.02 and $0.07 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.14%, 0.12% and 0.42% impact to the Institutional and R6 Share Class and a 0.15%, 0.12% and 0.40% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.12%, 0.15% and 0.31% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, 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. 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  249

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.52		$	11.51		$	11.53		$	10.75		$	9.13
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17	*		0.16	*		0.31			0.11			0.23
Net realized and unrealized gain (loss)		0.97			(1.94	)		0.06			0.78			1.62
Total from investment operations		1.14			(1.78	)		0.37			0.89			1.85
Less distributions from:
Net investment income		(0.16	)		(0.17	)		(0.32	)		(0.11	)		(0.23	)
Net realized gains		—			(0.04	)		(0.07	)		—			—
Total distributions		(0.16	)		(0.21	)		(0.39	)		(0.11	)		(0.23	)
Net asset value, end of period	$	10.50		$	9.52		$	11.51		$	11.53		$	10.75
Total Return (b)		11.94	%*		–15.46	%*		3.24	%		8.33	%		20.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	50,570		$	51,643		$	78,782		$	92,121		$	93,586
Ratios to average net assets:
Net expenses		0.90	%		0.90	%		0.87	%		0.90	%		0.97	%
Gross expenses		1.01	%		0.96	%		0.87	%		0.95	%		0.99	%
Net investment income (loss)		1.64	%*		1.56	%*		2.60	%		1.10	%		2.29	%
Portfolio turnover rate		32	%		41	%		35	%		34	%		42	%

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

250 Annual Report

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.57		$	11.57		$	11.58		$	10.80		$	9.17
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14	*		0.13	*		0.24			0.08			0.19
Net realized and unrealized gain (loss)		0.98			(1.94	)		0.11			0.78			1.64
Total from investment operations		1.12			(1.81	)		0.35			0.86			1.83
Less distributions from:
Net investment income		(0.13	)		(0.15	)		(0.29	)		(0.08	)		(0.20	)
Net realized gains		—			(0.04	)		(0.07	)		—			—
Total distributions		(0.13	)		(0.19	)		(0.36	)		(0.08	)		(0.20	)
Net asset value, end of period	$	10.56		$	9.57		$	11.57		$	11.58		$	10.80
Total Return (b)		11.71	%*		–15.68	%*		3.03	%		8.02	%		19.97	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	2,874		$	2,910		$	4,166		$	2,868		$	2,502
Ratios to average net assets:
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.28	%
Gross expenses		1.44	%		1.35	%		1.26	%		1.38	%		1.74	%
Net investment income (loss)		1.39	%*		1.30	%*		2.03	%		0.80	%		1.87	%
Portfolio turnover rate		32	%		41	%		35	%		34	%		42	%

*	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, 2023 and December 31, 2022, respectively. There was a 0.04% and 0.02% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023 and December 31, 2022, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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  251

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	13.28		$	16.80		$	15.59		$	12.69		$	9.98
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13	*		0.10			0.07			0.03			0.08
Net realized and unrealized gain (loss)		2.24			(3.47	)		1.48			3.01			2.95
Total from investment operations		2.37			(3.37	)		1.55			3.04			3.03
Less distributions from:
Net investment income		(0.10	)		(0.09	)		(0.03	)		(0.01	)		(0.27	)
Net realized gains		—			(0.06	)		(0.31	)		(0.13	)		(0.05	)
Total distributions		(0.10	)		(0.15	)		(0.34	)		(0.14	)		(0.32	)
Net asset value, end of period	$	15.55		$	13.28		$	16.80		$	15.59		$	12.69
Total Return (b)		17.83	%*		–20.10	%		9.99	%		23.95	%		30.32	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	255,657		$	110,723		$	62,468		$	10,473		$	3,958
Ratios to average net assets:
Net expenses		0.86	%		0.85	%		0.85	%		0.85	%		0.85	%
Gross expenses		0.90	%		1.05	%		1.24	%		3.58	%		8.16	%
Net investment income (loss)		0.87	%*		0.70	%		0.44	%		0.24	%		0.65	%
Portfolio turnover rate		10	%		43	%		7	%		12	%		20	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	13.20		$	16.70		$	15.51		$	12.65		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10	*		0.06			0.03			(0.02	)		0.07
Net realized and unrealized gain (loss)		2.22			(3.45	)		1.47			3.01			2.90
Total from investment operations		2.32			(3.39	)		1.50			2.99			2.97
Less distributions from:
Net investment income		(0.06	)		(0.05	)		—			—			(0.27	)
Net realized gains		—			(0.06	)		(0.31	)		(0.13	)		(0.05	)
Total distributions		(0.06	)		(0.11	)		(0.31	)		(0.13	)		(0.32	)
Net asset value, end of period	$	15.46		$	13.20		$	16.70		$	15.51		$	12.65
Total Return (b)		17.57	%*		–20.31	%		9.69	%		23.63	%		29.66	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,754		$	372		$	333		$	291		$	10
Ratios to average net assets:
Net expenses		1.11	%		1.10	%		1.10	%		1.10	%		1.10	%
Gross expenses		1.43	%		2.81	%		2.76	%		9.57	%		142.50	%
Net investment income (loss)		0.70	%*		0.42	%		0.18	%		–0.15	%		0.60	%
Portfolio turnover rate		10	%		43	%		7	%		12	%		20	%

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

Annual Report  253

Selected data for a share	For the Period
of capital stock outstanding	2/22/23# to
throughout each period	12/31/23
R6 Shares
Net asset value, beginning of period	$	13.99
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07	*
Net realized and unrealized gain (loss)		1.59
Total from investment operations		1.66
Less distributions from:
Net investment income		(0.10	)
Total distributions		(0.10	)
Net asset value, end of period	$	15.55
Total Return		11.90	%*
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	517
Ratios to average net assets (c):
Net expenses		0.81	%
Gross expenses		16.17	%
Net investment income (loss)		0.54	%*
Portfolio turnover rate		10	%

*	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, 2023. There was less than 0.005% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2(b) in the Notes to Financial Statements for further information.
#	The inception date for the R6 Shares was February 22, 2023.
(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.

254  Annual Report

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	7.69		$	10.99		$	13.50		$	12.19		$	9.95
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.16	*		0.14			0.20	*		0.06			0.13
Net realized and unrealized gain (loss)		0.72			(3.02	)		1.33			1.53			2.42
Total from investment operations		0.88			(2.88	)		1.53			1.59			2.55
Less distributions from:
Net investment income		(0.17	)		(0.05	)		(0.56	)		(0.28	)		(0.05	)
Net realized gains		—			(0.37	)		(3.48	)		—			(0.26	)
Total distributions		(0.17	)		(0.42	)		(4.04	)		(0.28	)		(0.31	)
Net asset value, end of period	$	8.40		$	7.69		$	10.99		$	13.50		$	12.19
Total Return (b)		11.55	%*		–26.32	%		11.83	%*		13.44	%		26.01	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	4,811		$	6,940		$	14,542		$	29,374		$	37,677
Ratios to average net assets:
Net expenses		1.09	%		1.14	%		1.12	%		1.15	%		1.14	%
Gross expenses		2.14	%		1.72	%		1.24	%		1.29	%		1.15	%
Net investment income (loss)		1.96	%*		1.65	%		1.34	%*		0.57	%		1.14	%
Portfolio turnover rate		45	%		44	%		47	%		50	%		37	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	7.72		$	11.03		$	13.50		$	12.19		$	9.97
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.14	*		0.14			0.15	*		0.04			0.10
Net realized and unrealized gain (loss)		0.72			(3.05	)		1.35			1.52			2.43
Total from investment operations		0.86			(2.91	)		1.50			1.56			2.53
Less distributions from:
Net investment income		(0.15	)		(0.03	)		(0.49	)		(0.25	)		(0.05	)
Net realized gains		—			(0.37	)		(3.48	)		—			(0.26	)
Total distributions		(0.15	)		(0.40	)		(3.97	)		(0.25	)		(0.31	)
Net asset value, end of period	$	8.43		$	7.72		$	11.03		$	13.50		$	12.19
Total Return (b)		11.24	%*		–26.49	%		11.61	%*		13.15	%		25.76	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,241		$	7,692		$	11,969		$	12,581		$	19,780
Ratios to average net assets:
Net expenses		1.33	%		1.39	%		1.37	%		1.40	%		1.39	%
Gross expenses		2.35	%		1.97	%		1.51	%		1.56	%		1.43	%
Net investment income (loss)		1.78	%*		1.58	%		1.05	%*		0.33	%		0.86	%
Portfolio turnover rate		45	%		44	%		47	%		50	%		37	%

*	Includes $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023 and December 31, 2021, respectively. There was a 0.39% impact to the Institutional and 0.40% impact to the Open class and 0.31% impact to both the Institutional and Open class on the total return of the Portfolio for the year ended December 31, 2023 and December 31, 2021, respectively. There was a 0.34% and 0.17% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023 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. 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 INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	13.42		$	16.37		$	16.83		$	15.38		$	12.89
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21	*		0.22	*		0.56	*		0.17			0.24
Net realized and unrealized gain (loss)		2.08			(2.98	)		0.42			1.45			2.53
Total from investment operations		2.29			(2.76	)		0.98			1.62			2.77
Less distributions from:
Net investment income		(0.23	)		(0.19	)		(0.62	)		(0.17	)		(0.28	)
Net realized gains		—			—			(0.51	)		—			—
Return of capital		—			—			(0.31	)		—			—
Total distributions		(0.23	)		(0.19	)		(1.44	)		(0.17	)		(0.28	)
Net asset value, end of period	$	15.48		$	13.42		$	16.37		$	16.83		$	15.38
Total Return (b)		17.06	%*		–16.88	%*		5.99	%*		10.58	%		21.55	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,950,193		$	4,180,622		$	5,713,405		$	5,270,611		$	5,505,271
Ratios to average net assets:
Net expenses		0.82	%		0.81	%		0.80	%		0.81	%		0.80	%
Gross expenses		0.82	%		0.81	%		0.80	%		0.81	%		0.80	%
Net investment income (loss)		1.45	%*		1.56	%*		3.15	%		1.18	%		1.66	%
Portfolio turnover rate		43	%		33	%		31	%		37	%		36	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	13.56		$	16.53		$	16.99		$	15.52		$	13.01
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17	*		0.18	*		0.52	*		0.14			0.21
Net realized and unrealized gain (loss)		2.09			(3.00	)		0.42			1.46			2.55
Total from investment operations		2.26			(2.82	)		0.94			1.60			2.76
Less distributions from:
Net investment income		(0.19	)		(0.15	)		(0.60	)		(0.13	)		(0.25	)
Net realized gains		—			—			(0.51	)		—			—
Return of capital		—			—			(0.29	)		—			—
Total distributions		(0.19	)		(0.15	)		(1.40	)		(0.13	)		(0.25	)
Net asset value, end of period	$	15.63		$	13.56		$	16.53		$	16.99		$	15.52
Total Return (b)		16.66	%*		–17.04	%*		5.67	%*		10.34	%		21.21	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	310,809		$	308,243		$	460,862		$	535,285		$	682,035
Ratios to average net assets:
Net expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.06	%
Gross expenses		1.08	%		1.07	%		1.06	%		1.06	%		1.06	%
Net investment income (loss)		1.19	%*		1.27	%*		2.88	%*		0.94	%		1.47	%
Portfolio turnover rate		43	%		33	%		31	%		37	%		36	%

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
throughout the period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	13.43		$	16.38		$	16.85		$	15.39		$	12.90
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.21	*		0.22	*		0.56	*		0.17			0.23
Net realized and unrealized gain (loss)		2.08			(2.98	)		0.41			1.46			2.54
Total from investment operations		2.29			(2.76	)		0.97			1.63			2.77
Less distributions from:
Net investment income		(0.23	)		(0.19	)		(0.62	)		(0.17	)		(0.28	)
Net realized gains		—			—			(0.51	)		—			—
Return of capital		—			—			(0.31	)		—			—
Total distributions		(0.23	)		(0.19	)		(1.44	)		(0.17	)		(0.28	)
Net asset value, end of period	$	15.49		$	13.43		$	16.38		$	16.85		$	15.39
Total Return (b)		17.04	%*		–16.87	%*		5.93	%*		10.64	%		21.54	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	76,966		$	96,524		$	124,625		$	118,678		$	120,118
Ratios to average net assets:
Net expenses		0.82	%		0.81	%		0.80	%		0.81	%		0.80	%
Gross expenses		0.83	%		0.82	%		0.81	%		0.82	%		0.81	%
Net investment income (loss)		1.47	%*		1.54	%*		3.16	%*		1.16	%		1.61	%
Portfolio turnover rate		43	%		33	%		31	%		37	%		36	%

*	Includes $0.01, $0.01 and $0.06 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.08%, 0.06% and 0.39% impact to the Institutional and R6 Share Class and a 0.08%, 0.06% and 0.38% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.06%, 0.10% and 0.33% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2023, 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. 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  259

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	11.93		$	13.17		$	11.78		$	12.66		$	10.55
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.24	*		0.22			0.21			0.21			0.21
Net realized and unrealized gain (loss)		0.66			(1.10	)		2.01			(0.87	)		2.08
Total from investment operations		0.90			(0.88	)		2.22			(0.66	)		2.29
Less distributions from:
Net investment income		(0.35	)		(0.21	)		(0.39	)		(0.09	)		(0.18	)
Net realized gains		(0.14	)		(0.15	)		(0.44	)		(0.13	)		—	(b)
Total distributions		(0.49	)		(0.36	)		(0.83	)		(0.22	)		(0.18	)
Net asset value, end of period	$	12.34		$	11.93		$	13.17		$	11.78		$	12.66
Total Return (c)		7.65	%*		–6.72	%		19.00	%		–5.18	%		21.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	17,894		$	28,712		$	31,040		$	25,737		$	34,354
Ratios to average net assets:
Net expenses		0.76	%		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.37	%		1.25	%		1.20	%		1.23	%		1.36	%
Net investment income (loss)		1.96	%*		1.79	%		1.62	%		1.83	%		1.72	%
Portfolio turnover rate		83	%		97	%		110	%		138	%		103	%

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
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	11.92		$	13.16		$	11.78		$	12.65		$	10.54
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.20	*		0.19			0.18			0.19			0.17
Net realized and unrealized gain (loss)		0.67			(1.10	)		2.00			(0.87	)		2.08
Total from investment operations		0.87			(0.91	)		2.18			(0.68	)		2.25
Less distributions from:
Net investment income		(0.32	)		(0.18	)		(0.36	)		(0.06	)		(0.14	)
Net realized gains		(0.14	)		(0.15	)		(0.44	)		(0.13	)		—	(b)
Total distributions		(0.46	)		(0.33	)		(0.80	)		(0.19	)		(0.14	)
Net asset value, end of period	$	12.33		$	11.92		$	13.16		$	11.78		$	12.65
Total Return (c)		7.39	%*		–6.96	%		18.62	%		–5.34	%		21.36	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	87		$	81		$	87		$	76		$	231
Ratios to average net assets:
Net expenses		1.01	%		1.00	%		1.00	%		1.00	%		1.03	%
Gross expenses		7.84	%		6.80	%		6.85	%		4.39	%		5.81	%
Net investment income (loss)		1.67	%*		1.55	%		1.39	%		1.63	%		1.46	%
Portfolio turnover rate		83	%		97	%		110	%		138	%		103	%

*	There was less than $0.01 impact on the Net investment income per share, net investment income (loss) ratio & 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, 2023. 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)	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.

Annual Report  261

LAZARD US EQUITY CONCENTRATED PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	14.88		$	19.70		$	18.05		$	16.84		$	12.89
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.10			0.08			0.12			0.13
Net realized and unrealized gain (loss)		2.16			(3.98	)		4.55			1.39			3.96
Total from investment operations		2.25			(3.88	)		4.63			1.51			4.09
Less distributions from:
Net investment income		(0.19	)		(0.10	)		(0.08	)		(0.11	)		(0.14	)
Net realized gains		(8.40	)		(0.84	)		(2.90	)		(0.19	)		—
Total distributions		(8.59	)		(0.94	)		(2.98	)		(0.30	)		(0.14	)
Net asset value, end of period	$	8.54		$	14.88		$	19.70		$	18.05		$	16.84
Total Return (b)		16.30	%		–19.89	%		26.02	%		8.98	%		31.72	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	181,667		$	1,193,492		$	1,943,232		$	1,936,367		$	1,271,509
Ratios to average net assets:
Net expenses		0.81	%		0.78	%		0.76	%		0.76	%		0.76	%
Gross expenses		0.81	%		0.78	%		0.76	%		0.76	%		0.76	%
Net investment income (loss)		0.55	%		0.58	%		0.38	%		0.72	%		0.85	%
Portfolio turnover rate		81	%		69	%		32	%		43	%		33	%

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
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	15.03		$	19.88		$	18.19		$	16.98		$	12.99
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.08			0.05			0.03			0.08			0.09
Net realized and unrealized gain (loss)		2.14			(4.01	)		4.58			1.38			3.99
Total from investment operations		2.22			(3.96	)		4.61			1.46			4.08
Less distributions from:
Net investment income		(0.14	)		(0.05	)		(0.02	)		(0.06	)		(0.09	)
Net realized gains		(8.40	)		(0.84	)		(2.90	)		(0.19	)		—
Total distributions		(8.54	)		(0.89	)		(2.92	)		(0.25	)		(0.09	)
Net asset value, end of period	$	8.71		$	15.03		$	19.88		$	18.19		$	16.98
Total Return (b)		16.02	%		–20.07	%		25.72	%		8.63	%		31.42	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	21,231		$	24,268		$	35,649		$	34,358		$	46,840
Ratios to average net assets:
Net expenses		1.08	%		1.04	%		1.02	%		1.02	%		1.04	%
Gross expenses		1.08	%		1.04	%		1.02	%		1.02	%		1.04	%
Net investment income (loss)		0.51	%		0.31	%		0.13	%		0.47	%		0.55	%
Portfolio turnover rate		81	%		69	%		32	%		43	%		33	%

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

Annual Report  263

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	14.93		$	19.76		$	18.09		$	16.89		$	12.92
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.04			0.10			0.08			0.12			0.13
Net realized and unrealized gain (loss)		2.27			(3.99	)		4.56			1.38			3.98
Total from investment operations		2.31			(3.89	)		4.64			1.50			4.11
Less distributions from:
Net investment income		(0.19	)		(0.10	)		(0.07	)		(0.11	)		(0.14	)
Net realized gains		(8.40	)		(0.84	)		(2.90	)		(0.19	)		—
Total distributions		(8.59	)		(0.94	)		(2.97	)		(0.30	)		(0.14	)
Net asset value, end of period	$	8.65		$	14.93		$	19.76		$	18.09		$	16.89
Total Return (b)		16.73	%		–19.89	%		26.06	%		8.90	%		31.79	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	24		$	2,186		$	2,720		$	2,177		$	2,091
Ratios to average net assets:
Net expenses		0.79	%		0.78	%		0.76	%		0.76	%		0.76	%
Gross expenses		1.02	%		0.94	%		0.87	%		0.92	%		1.20	%
Net investment income (loss)		0.25	%		0.59	%		0.40	%		0.73	%		0.83	%
Portfolio turnover rate		81	%		69	%		32	%		43	%		33	%

(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.

264  Annual Report

LAZARD US EQUITY FOCUS PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	12.99		$	16.07		$	13.37		$	12.03		$	10.23
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.10			0.08			0.11			0.13
Net realized and unrealized gain (loss)		2.43			(2.82	)		3.54			1.94			3.11
Total from investment operations		2.56			(2.72	)		3.62			2.05			3.24
Less distributions from:
Net investment income		(0.13	)		(0.10	)		(0.05	)		(0.10	)		(0.23	)
Net realized gains		(0.03	)		(0.26	)		(0.87	)		(0.61	)		(1.21	)
Total distributions		(0.16	)		(0.36	)		(0.92	)		(0.71	)		(1.44	)
Net asset value, end of period	$	15.39		$	12.99		$	16.07		$	13.37		$	12.03
Total Return (b)		19.77	%		–16.94	%		27.36	%		17.29	%		31.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	43,673		$	38,037		$	42,755		$	31,075		$	32,661
Ratios to average net assets:
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.75	%
Gross expenses		0.80	%		0.81	%		0.76	%		1.26	%		0.92	%
Net investment income (loss)		0.93	%		0.72	%		0.54	%		0.91	%		1.07	%
Portfolio turnover rate		38	%		29	%		27	%		54	%		45	%

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

Annual Report  265

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	13.06		$	16.16		$	13.45		$	12.09		$	10.28
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.07			0.04			0.08			0.10
Net realized and unrealized gain (loss)		2.44			(2.84	)		3.55			1.96			3.11
Total from investment operations		2.54			(2.77	)		3.59			2.04			3.21
Less distributions from:
Net investment income		(0.09	)		(0.07	)		(0.01	)		(0.07	)		(0.19	)
Net realized gains		(0.03	)		(0.26	)		(0.87	)		(0.61	)		(1.21	)
Total distributions		(0.12	)		(0.33	)		(0.88	)		(0.68	)		(1.40	)
Net asset value, end of period	$	15.48		$	13.06		$	16.16		$	13.45		$	12.09
Total Return (b)		19.53	%		–17.18	%		26.96	%		17.08	%		31.25	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	1,170		$	1,160		$	1,569		$	1,285		$	1,117
Ratios to average net assets:
Net expenses		0.95	%		0.95	%		0.95	%		0.95	%		1.03	%
Gross expenses		1.38	%		1.31	%		1.22	%		1.79	%		2.14	%
Net investment income (loss)		0.68	%		0.46	%		0.29	%		0.67	%		0.79	%
Portfolio turnover rate		38	%		29	%		27	%		54	%		45	%

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

266  Annual Report

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
R6 Shares
Net asset value, beginning of period	$	12.99		$	16.08		$	13.38		$	12.04		$	10.23
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.10			0.08			0.11			0.13
Net realized and unrealized gain (loss)		2.43			(2.83	)		3.54			1.94			3.12
Total from investment operations		2.56			(2.73	)		3.62			2.05			3.25
Less distributions from:
Net investment income		(0.13	)		(0.10	)		(0.05	)		(0.10	)		(0.23	)
Net realized gains		(0.03	)		(0.26	)		(0.87	)		(0.61	)		(1.21	)
Total distributions		(0.16	)		(0.36	)		(0.92	)		(0.71	)		(1.44	)
Net asset value, end of period	$	15.39		$	12.99		$	16.08		$	13.38		$	12.04
Total Return (b)		19.77	%		–17.00	%		27.34	%		17.28	%		31.76	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	47,011		$	34,244		$	36,066		$	20,747		$	10,609
Ratios to average net assets:
Net expenses		0.70	%		0.70	%		0.70	%		0.70	%		0.74	%
Gross expenses		0.80	%		0.81	%		0.76	%		1.27	%		1.00	%
Net investment income (loss)		0.93	%		0.72	%		0.52	%		0.91	%		1.09	%
Portfolio turnover rate		38	%		29	%		27	%		54	%		45	%

(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.

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

Annual Report  267

LAZARD US SMALL CAP EQUITY SELECT PORTFOLIO

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	12.21		$	14.97		$	14.42		$	13.64		$	10.83
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.01			—	(b)		0.01			0.04			0.06
Net realized and unrealized gain (loss)		1.19			(2.24	)		2.81			0.82			3.19
Total from investment operations		1.20			(2.24	)		2.82			0.86			3.25
Less distributions from:
Net investment income		—			—			(0.03	)		(0.02	)		(0.03	)
Net realized gains		(0.99	)		(0.52	)		(2.24	)		(0.06	)		(0.41	)
Total distributions		(0.99	)		(0.52	)		(2.27	)		(0.08	)		(0.44	)
Net asset value, end of period	$	12.42		$	12.21		$	14.97		$	14.42		$	13.64
Total Return (c)		10.07	%		–15.23	%		19.91	%		6.44	%		30.00	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	32,004		$	34,882		$	94,517		$	91,984		$	108,112
Ratios to average net assets:
Net expenses		1.03	%		1.03	%		0.94	%		0.98	%		0.92	%
Gross expenses		1.25	%		1.05	%		0.94	%		0.98	%		0.92	%
Net investment income (loss)		0.05	%		–0.03	%		0.05	%		0.31	%		0.46	%
Portfolio turnover rate		53	%		35	%		66	%		80	%		90	%

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

268  Annual Report

Selected data for a share
of capital stock outstanding	Year Ended
throughout each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	10.98		$	13.56		$	13.25		$	12.58		$	10.03
Income (Loss) from investment operations:
Net investment income (loss) (a)		(0.02	)		(0.03	)		(0.04	)		—	(b)		0.01
Net realized and unrealized gain (loss)		1.07			(2.03	)		2.59			0.75			2.95
Total from investment operations		1.05			(2.06	)		2.55			0.75			2.96
Less distributions from:
Net investment income		—			—			—	(b)		(0.02	)		—
Net realized gains		(0.99	)		(0.52	)		(2.24	)		(0.06	)		(0.41	)
Total distributions		(0.99	)		(0.52	)		(2.24	)		(0.08	)		(0.41	)
Net asset value, end of period	$	11.04		$	10.98		$	13.56		$	13.25		$	12.58
Total Return (c)		9.83	%		–15.49	%		19.59	%		6.10	%		29.51	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	7,371		$	7,750		$	10,798		$	10,965		$	14,643
Ratios to average net assets:
Net expenses		1.28	%		1.31	%		1.22	%		1.28	%		1.25	%
Gross expenses		1.57	%		1.36	%		1.22	%		1.28	%		1.25	%
Net investment income (loss)		–0.20	%		–0.27	%		–0.24	%		—	%(d)		0.11	%
Portfolio turnover rate		53	%		35	%		66	%		80	%		90	%

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

Annual Report  269

Selected data for a share										For the Period
of capital stock outstanding	Year Ended									1/8/20*
throughout each period	12/31/23			12/31/22			12/31/21			to 12/31/20
R6 Shares
Net asset value, beginning of period	$	12.25		$	14.98		$	14.42		$	13.62
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.02			(0.04	)		0.01			0.04
Net realized and unrealized gain (loss)		1.17			(2.17	)		2.82			0.84
Total from investment operations		1.19			(2.21	)		2.83			0.88
Less distributions from:
Net investment income		—			—			(0.03	)		(0.02	)
Net realized gains		(0.99	)		(0.52	)		(2.24	)		(0.06	)
Total distributions		(0.99	)		(0.52	)		(2.27	)		(0.08	)
Net asset value, end of period	$	12.45		$	12.25		$	14.98		$	14.42
Total Return (c)		9.95	%		–15.01	%		19.95	%		6.59	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	39		$	24		$	718		$	684
Ratios to average net assets:
Net expenses		0.97	%		1.03	%		0.93	%		0.96	%
Gross expenses		1.23	%		1.51	%		2.53	%		1.65	%
Net investment income (loss)		0.13	%		–0.31	%		0.05	%		0.34	%
Portfolio turnover rate		53	%		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%.

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

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LAZARD US SUSTAINABLE EQUITY PORTFOLIO

Selected data for a share										For the Period
of capital stock outstanding	Year Ended									6/30/20
throughout each period	12/31/23			12/31/22			12/31/21			to 12/31/20*
Institutional Shares
Net asset value, beginning of period	$	12.36		$	15.41		$	12.20		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.10			0.08			0.06			0.04
Net realized and unrealized gain (loss)		1.86			(2.86	)		3.47			2.23
Total from investment operations		1.96			(2.78	)		3.53			2.27
Less distributions from:
Net investment income		(0.14	)		(0.08	)		(0.08	)		(0.04	)
Net realized gains		(0.10	)		(0.19	)		(0.24	)		(0.03	)
Total distributions		(0.24	)		(0.27	)		(0.32	)		(0.07	)
Net asset value, end of period	$	14.08		$	12.36		$	15.41		$	12.20
Total Return (b)		15.88	%		–18.07	%		29.01	%		22.69	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11,239		$	12,222		$	14,687		$	11,490
Ratios to average net assets (c):
Net expenses		0.75	%		0.75	%		0.75	%		0.75	%
Gross expenses		1.66	%		1.84	%		2.08	%		2.49	%
Net investment income (loss)		0.79	%		0.64	%		0.43	%		0.65	%
Portfolio turnover rate		34	%		23	%		8	%		5	%

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

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Selected data for a share										For the Period
of capital stock outstanding	Year Ended									6/30/20
throughout each period	12/31/23			12/31/22			12/31/21			to 12/31/20*
Open Shares
Net asset value, beginning of period	$	12.37		$	15.43		$	12.21		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.07			0.05			0.02			0.02
Net realized and unrealized gain (loss)		1.85			(2.87	)		3.48			2.23
Total from investment operations		1.92			(2.82	)		3.50			2.25
Less distributions from:
Net investment income		(0.10	)		(0.05	)		(0.04	)		(0.01	)
Net realized gains		(0.10	)		(0.19	)		(0.24	)		(0.03	)
Total distributions		(0.20	)		(0.24	)		(0.28	)		(0.04	)
Net asset value, end of period	$	14.09		$	12.37		$	15.43		$	12.21
Total Return (b)		15.58	%		–18.32	%		28.75	%		22.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	590		$	537		$	655		$	128
Ratios to average net assets (c):
Net expenses		1.00	%		1.00	%		1.00	%		1.00	%
Gross expenses		2.80	%		2.88	%		3.15	%		5.31	%
Net investment income (loss)		0.56	%		0.39	%		0.17	%		0.43	%
Portfolio turnover rate		34	%		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.

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LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO

Selected data for a share							For the Period
of capital stock outstanding	Year Ended						10/29/21*
throughout each period	12/31/23			12/31/22			to 12/31/21
Institutional Shares
Net asset value, beginning of period	$	8.52		$	10.26		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05			0.09			0.02
Net realized and unrealized gain (loss)		1.64			(1.77	)		0.26
Total from investment operations		1.69			(1.68	)		0.28
Less distributions from:
Net investment income		(0.04	)		(0.06	)		(0.02	)
Total distributions		(0.04	)		(0.06	)		(0.02	)
Net asset value, end of period	$	10.17		$	8.52		$	10.26
Total Return (b)		19.80	%		–16.33	%		2.83	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	39,779		$	24,786		$	3,983
Ratios to average net assets (c):
Net expenses		0.90	%		0.90	%		0.90	%
Gross expenses		1.37	%		2.67	%		5.13	%
Net investment income (loss)		0.53	%		1.00	%		1.39	%
Portfolio turnover rate		110	%		74	%		22	%

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

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Selected data for a share							For the Period
of capital stock outstanding	Year Ended						10/29/21*
throughout each period	12/31/23			12/31/22			to 12/31/21
Open Shares
Net asset value, beginning of period	$	8.54		$	10.28		$	10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.02			0.06			0.02
Net realized and unrealized gain (loss)		1.65			(1.76	)		0.26
Total from investment operations		1.67			(1.70	)		0.28
Less distributions from:
Net investment income		(0.01	)		(0.04	)		—
Total distributions		(0.01	)		(0.04	)		—
Net asset value, end of period	$	10.20		$	8.54		$	10.28
Total Return (b)		19.58	%		–16.51	%		2.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	140		$	102		$	120
Ratios to average net assets (c):
Net expenses		1.15	%		1.15	%		1.15	%
Gross expenses		4.59	%		5.52	%		13.16	%
Net investment income (loss)		0.25	%		0.66	%		1.14	%
Portfolio turnover rate		110	%		74	%		22	%

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

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Selected data for a share	For the Period
of capital stock outstanding	2/22/23**
throughout each period	to 12/31/23
R6 Shares
Net asset value, beginning of period	$	9.16
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.05
Net realized and unrealized gain (loss)		1.00
Total from investment operations		1.05
Less distributions from:
Net investment income		(0.04	)
Total distributions		(0.04	)
Net asset value, end of period	$	10.17
Total Return (b)		11.48	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	111
Ratios to average net assets (c):
Net expenses		0.85	%
Gross expenses		7.09	%
Net investment income (loss)		0.63	%
Portfolio turnover rate		110	%

*	The Portfolio commenced operations on October 29, 2021.
**	The inception date for the R6 Shares was February 22, 2023.
(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  275

The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2023

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, 2023, the Fund was comprised of twenty-seven 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 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 Quality Growth Portfolio (“International Quality Growth”), Lazard International Small Cap Equity Portfolio (“International Small Cap Equity”), 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 Cap Equity Select Portfolio (“US Small Cap Equity Select”, which was formerly the Lazard US Small-Mid Cap Equity Portfolio), 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 seven Portfolios are presented separately.

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

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Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Portfolios’ prospectus).

2. Significant Accounting Policies

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

(a) Valuation of Investments—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, 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.

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.

Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs

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are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.

The Board of Directors (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. 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

278  Annual Report

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, would increase dividend income, resulting in an increase in a Portfolio’s NAV per share.

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

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

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

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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, 2023, 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, 2023, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Short-Term			Long-Term
Developing Markets Equity	$	(68,578,029	)	$	(54,943,989	)
Emerging Markets Core Equity*		(23,616,840	)		(51,909,049	)
Emerging Markets Equity Advantage		(5,666,782	)		(4,984,133	)
Emerging Markets Equity		(215,667,495	)		(792,171,106	)
Global Listed Infrastructure		(169,781,834	)		(166,378,697	)
Global Strategic Equity		(590,173	)		(28,631	)
International Equity Advantage		(36,034	)		—
International Equity Select		(2,151,617	)		—
International Quality Growth		—			(3,118,404	)
International Small Cap Equity		(1,519,692	)		(490,523	)
International Strategic Equity		(117,501,638	)		—
US Systematic Small Cap Equity Portfolio		(1,761,827	)		—

* At December 31, 2023, $10,554,900 of the unused short-term realized capital loss carryovers and $38,811,325 of the unused long-term realized capital loss carryovers, which were acquired from Lazard Emerging Markets Strategic Equity Portfolio on June 22, 2023, are subject to annual limitations on their use to offset realized capital gains.

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Under current tax law, post-October capital losses or certain lateyear 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, 2023, the Portfolios had no such losses to defer.

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

Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Developing Markets Equity	$	74,619,062	$	26,709,250	$	8,632,779	$	18,076,471
Emerging Markets Core Equity		100,948,859		27,250,229		9,565,300		17,684,929
Emerging Markets Equity Advantage		129,642,127		16,109,946		12,955,711		3,154,235
Emerging Markets Equity		2,451,087,859		568,456,294		306,134,142		262,322,152
Equity Franchise		107,723,277		13,350,578		2,574,730		10,775,848
Global Equity Select		65,303,730		34,797,629		2,267,738		32,529,891
Global Listed Infrastructure		7,953,166,915		1,354,169,220		638,373,700		715,795,520
Global Strategic Equity		9,840,133		1,440,635		364,724		1,075,911
International Equity Advantage		18,819,150		684,919		109,700		575,219
International Equity		956,357,590		224,287,388		70,707,396		153,579,992
International Equity Select		46,142,052		9,771,628		3,449,514		6,322,114
International Quality Growth		242,525,886		28,035,252		13,075,862		14,959,390
International Small Cap Equity		11,700,929		1,159,330		940,919		218,411
International Strategic Equity		3,377,730,902		1,075,366,995		114,796,051		960,570,944
Managed Equity Volatility		16,927,988		1,588,433		548,589		1,039,844
US Equity Concentrated		138,893,003		66,852,436		1,018,742		65,833,694

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Portfolio	Aggregate Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
US Equity Focus	$	64,709,598	$	28,186,004	$	995,482	$	27,190,522
US Small Cap Equity Select		32,090,364		8,310,649		1,981,021		6,329,628
US Sustainable Equity		8,696,270		3,300,054		137,231		3,162,823
US Systematic Small Cap Equity		33,621,017		7,301,548		809,766		6,491,782

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 declared and paid annually, except that the Global Listed Infrastructure Portfolio’s dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

The Emerging Markets Core Equity, Emerging Markets Equity Advantage, Emerging Markets Equity, Equity Franchise, Global Strategic Equity, International Equity, International Small Cap Equity, US Equity Concentrated and US Small Cap Equity Select Portfolios, intend, on their 2023 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’

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

Real estate investment trust (“REIT”) distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency gains and losses, wash sales, merger activity, 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	$	169,472		$	(169,472	)
Emerging Markets Core Equity		97,278			(97,278	)
Emerging Markets Equity Advantage		276,736			(276,736	)
Emerging Markets Equity		7,344,381			(7,344,381	)
Equity Franchise		779,275			(779,275	)
Global Equity Select		165,318			(165,318	)
Global Listed Infrastructure		(1,112,949	)		1,112,949
Global Strategic Equity		4,986			(4,986	)
International Equity		6,760,436			(6,760,436	)
International Equity Select		82,144			(82,144	)
International Quality Growth		19,584			(19,584	)
International Small Cap Equity		18,851			(18,851	)
International Strategic Equity		4,959,325			(4,959,325	)
Managed Equity Volatility		37,360			(37,360	)
US Equity Concentrated		160,856,567			(160,856,567	)
US Equity Focus		257			(257	)
US Small Cap Equity Select		57,534			(57,534	)
US Sustainable Equity		17,166			(17,166	)
US Systematic Small Cap Equity Portfolio		(42,582	)		42,582

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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	2023		2022		2023		2022
Developing Markets Equity*	$	2,021,287	$	737,410	$	—	$	—
Emerging Markets Core Equity		1,779,265		1,946,526		—		—
Emerging Markets Equity Advantage		2,482,708		1,632,469		—		274,642
Emerging Markets Equity		97,073,876		144,343,772		—		—
Equity Franchise		9,486,402		5,741,616		—		12,205,692
Global Equity Select		738,104		531,256		1,089,454		401,381
Global Listed Infrastructure		256,036,712		617,886,544		—		488,053,713
Global Strategic Equity		45,613		46,028		—		19,473
International Equity Advantage		77,179		78,363		—		12,710
International Equity		30,480,846		18,675,321		11,858,271		51,354,094
International Equity Select		778,058		980,492		—		247,167
International Quality Growth		1,585,377		775,087		—		517,722
International Small Cap Equity		232,238		110,815		—		797,519
International Strategic Equity*		62,446,169		62,860,646		—		—
Managed Equity Volatility		503,919		629,794		207,733		229,766
US Equity Concentrated		15,683,328		10,886,247		141,678,406		66,586,092
US Equity Focus		778,558		556,355		206,582		1,492,055
US Small Cap Equity Select		118,408		—		2,977,480		2,335,222
US Sustainable Equity		191,007		80,977		31,152		189,779
US Systematic Small Cap Equity		143,679		185,691		—		353

* Developing Markets Equity Portfolio had return of capital distribution of $0 in 2023 and $62,544 in 2022.

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At December 31, 2023, 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	$	—	$	(123,522,018	)	$	17,931,832
Emerging Markets Core Equity		297,518		(75,525,889	)		17,350,910
Emerging Markets Equity Advantage		210,348		(10,650,915	)		2,720,735
Emerging Markets Equity		—		(1,007,838,601	)		258,882,960
Equity Franchise		—		—			10,763,732
Global Equity Select		—		249,855			32,532,004
Global Listed Infrastructure		—		(336,160,531	)		716,079,582
Global Strategic Equity		18,330		(618,804	)		1,058,746
International Equity Advantage		28,876		(34,032	)		575,445
International Equity		6,377,361		6,816,402			153,757,174
International Equity Select		52,119		(2,151,617	)		6,328,036
International Quality Growth		—		(3,118,404	)		14,924,736
International Small Cap Equity		6,998		(2,010,215	)		218,957
International Strategic Equity		5,688,531		(117,501,638	)		958,896,092
Managed Equity Volatility		17,754		117,154			1,041,727
US Equity Concentrated		—		—			65,833,694
US Equity Focus		—		168,405			27,190,523
US Small Cap Equity Select		41,194		1,639,682			6,329,629
US Sustainable Equity		6,838		380,103			3,142,934
US Systematic Small Cap Equity		—		(1,761,827	)		6,491,782

(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
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 Cap Equity Select		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 May 1, 2024 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the

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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 (a)		1.10	%		1.35	%	N/A	%
Emerging Markets Core Equity (b)		1.10			1.35		1.05
Emerging Markets Equity Advantage		0.90			1.15		0.85
Emerging Markets Equity		1.20			1.45		1.15
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*		0.90			1.15		N/A
International Equity Advantage**		0.80			1.05		N/A
International Equity		0.85			1.10		0.80
International Equity Select (d)		0.90			1.15		N/A
International Quality Growth (e)		0.85			1.10		0.80
International Small Cap Equity (f)		1.03			1.28		N/A
International Strategic Equity		1.05			1.30		1.00
Managed Equity Volatility		0.75			1.00		N/A
US Equity Concentrated (g)		0.90			1.15		0.85
US Equity Focus		0.70			0.95		0.70
US Small Cap Equity Select (h)		1.00			1.25		0.95
US Sustainable Equity		0.75			1.00		N/A
US Systematic Small Cap Equity		0.90			1.15		0.85

(a)	From January 1, 2023 to June 28, 2023, annual rates were 1.15% and 1.40%.
(b)	From January 1, 2023 to May 1, 2023, annual rates were 1.20%, 1.45% and 1.15%.
(c)	This agreement will continue in effect until May 1, 2033.
(d)	This agreement will continue in effect until May 1, 2024, and from May 1, 2024 until May 1, 2033 at levels of 1.15%, 1.40% and 1.10%, respectively.
(e)	This agreement will continue in effect until May 1, 2033 for Open Shares.
(f)	From January 1, 2023 to June 28, 2023, annual rates were 1.13% and 1.38%.
(g)	This agreement will continue in effect until May 1, 2024, and from May 1, 2024 until May 1, 2033, at levels of 1.10%, 1.35% and 1.05%, respectively.
(h)	From January 1, 2023 to June 28, 2023, annual rates were 1.05%, 1.30% and 1.00%.
*	From January 1, 2023 to May 1, 2023, annual rates were 0.80% and 1.05%.
**	From January 1, 2023 to May 1, 2023, annual rates were 0.90% and 1.15%.

In addition, until May 1, 2024, to the extent the “Total Annual Fund Operating Expenses” (as used in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio’s Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio’s assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess.

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During the year ended December 31, 2023, 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	$	103,889	$	—	$	12,449	$	—
Emerging Markets Core Equity		127,095		—		7,321		—
Emerging Markets Equity Advantage		92,923		—		1,657		2,281
Equity Franchise		4,434		—		1,963		1,760
Global Equity Select		—		—		5,250		—
Global Strategic Equity		78,900		59,281		763		5,608
International Equity Advantage		18,111		117,198		3,985		24,690
International Equity Select		57,224		—		8,561		—
International Quality Growth		80,585		—		5,183		—
International Small Cap Equity		39,735		16,116		56,573		20,316
Managed Equity Volatility		136,777		1,652		498		5,169
US Equity Focus		39,160		—		4,869		—
US Small Cap Equity Select		72,801		—		22,149		—
US Sustainable Equity		83,885		42,734		3,274		6,533
US Systematic Small Cap Equity		135,913		—		801		3,135

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
Emerging Markets Core Equity	$	1,855	$	1,808
Emerging Markets Equity Advantage		780		4,813
Emerging Markets Equity		3,572		—
International Equity		27,378		—
International Quality Growth		242		4,714
International Strategic Equity		5,763		—
US Equity Concentrated		927		—
US Equity Focus		42,838		—
US Small Cap Equity Select		83		—
US Systematic Small Cap Equity		600		4,763

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 in 2023 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 expenses for attending Board and Committee meetings. Effective January 1, 2024, 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 $252,500, (2) an

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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 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, 2023 were as follows:

Portfolio	Purchases		Sales
Developing Markets Equity	$	23,569,007	$	35,095,669
Emerging Markets Core Equity		81,613,146		105,833,037
Emerging Markets Equity Advantage		110,064,329		67,398,570
Emerging Markets Equity		646,749,448		953,934,928
Equity Franchise		115,481,576		170,380,943
Global Equity Select		4,873,713		14,900,978
Global Listed Infrastructure		2,038,246,372		1,946,512,252
Global Strategic Equity		5,942,041		6,980,482
International Equity Advantage		19,778,717		3,653,779
International Equity		522,636,103		529,970,597
International Equity Select		16,413,834		22,764,078
International Quality Growth		131,363,546		17,951,689
International Small Cap Equity		5,650,271		9,290,891
International Strategic Equity		1,879,038,883		2,703,961,532
Managed Equity Volatility		18,918,081		30,827,676
US Equity Concentrated		548,402,039		1,675,830,231
US Equity Focus		33,090,581		30,534,205
US Small Cap Equity Select		20,933,056		28,206,783
US Sustainable Equity		4,694,698		7,206,085
US Systematic Small Cap Equity		41,656,379		32,231,498

For the year ended December 31, 2023, 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, 2023, the Investment Manager owned 13.82%, 63.50% and 69.73% of the outstanding shares of the Lazard International Equity Advantage, Lazard US Sustainable Equity and Lazard US Systematic Small Cap Equity, 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, 2023 were as follows:

Issue	Value at December 31, 2022				Purchase cost		Sales proceeds			Realized gain (loss)
Global Listed Infrastructure
Atlas Arteria Ltd.		$	355,284,219		$	21,238,470	$	—		$	—
Italgas SpA*			246,294,741			8,562,892		(45,269,692	)		(371,808	)
Pennon Group PLC			154,093,807			—		—			—
SES SA			132,690,782			4,467,344		—			—
Total Securities		$	888,363,549		$	34,268,706	$	(45,269,692	)	$	(371,808	)
Issue	Change in unrealized appreciation (depreciation)				Dividend income		Shares at December 31, 2023			Values at December 31, 2023
Atlas Arteria, Ltd.		$	(46,622,041	)	$	21,536,326		83,962,746		$	329,900,648
Italgas SpA*			10,005,628			11,221,577		—			—
Pennon Group PLC			(15,635,969	)		7,787,072		14,334,169			138,457,838
SES SA			2,064,278			9,465,529		21,066,589			139,222,404
Total Securities		$	(50,188,104	)	$	50,010,504		119,363,504		$	607,580,890

* 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 noncontrolled affiliated issuers financial statement categories on the Statement of Operations.

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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, 2023, 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	$	1,616,329	$	3,324,886		6.43	%		10
Emerging Markets Core Equity		2,035,809		14,068,904		6.25			14
Emerging Markets Equity Advantage		495,095		1,507,023		6.38			6
Emerging Markets Equity		21,520,000		21,520,000		5.67			3
Equity Franchise		3,690,593		3,690,593		6.43			3
Global Equity Select		268,303		903,100		5.59			5
Global Strategic Equity		1,265,000		1,265,000		5.43			1
International Equity Advantage		167,093		167,093		6.17			3
International Equity		14,033,667		17,261,000		5.43			3
International Equity Select		228,549		607,900		5.91			8
International Quality Growth		6,646,000		6,646,000		5.43			2
International Small Cap Equity		620,850		1,005,350		5.68			2
International Strategic Equity		14,258,205		60,751,100		5.85			25
Managed Equity Volatility		763,061		9,785,390		6.21			19
US Equity Concentrated		13,131,308		28,645,057		6.29			22
US Equity Focus		408,616		520,100		5.76			5

* For days borrowings were outstanding.

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

7. Investment Risks

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

(a) Market Risk—Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, market manipulations, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. Additionally, general market conditions may impact the value of a Portfolio’s securities, including changes in

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interest rates, currency rates or monetary policies. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

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

(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.

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(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency 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

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purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

(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.

Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. It is unclear whether further tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could negatively affect the Portfolio. Other 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, 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

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into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE’s arrangements, or that contracts between the Chinese company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications for failure to meet the requirements of the SEC, the 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

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or across an industry and may negatively impact a Portfolio to a greater extent than if the Portfolio’s assets were invested more broadly in a number of types of companies.

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

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(l) Depositary Receipts Risk—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as 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 the 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 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

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general risks of investing in ETFs. A Portfolio investing in ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more ETFs. 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.

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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 would increase dividend income, resulting 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.

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

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use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

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

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

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

Changes in valuation methodology or input may result in transfers into or out of the current assigned level within the hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in these securities.

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The following table summarizes the valuation of the Portfolios’ assets and liabilities by each fair value hierarchy level as of December 31, 2023:

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, 2023
Developing Markets Equity Portfolio
Common Stocks*
Brazil		$	2,722,617	$	4,623,208	$	—	$	7,345,825
China			5,053,684		17,272,902		—		22,326,586
Hong Kong			—		1,172,168		—		1,172,168
Hungary			—		2,447,377		—		2,447,377
India			5,902,974		5,721,060		—		11,624,034
Indonesia			—		4,089,516		—		4,089,516
Macau			—		1,136,932		—		1,136,932
Mexico			4,216,868		—		—		4,216,868
Peru			1,022,672		—		—		1,022,672
Philippines			—		2,847,829		—		2,847,829
Poland			—		1,478,275		—		1,478,275
South Africa			—		4,374,780		—		4,374,780
South Korea			—		8,738,517		—		8,738,517
Taiwan			—		15,883,846		—		15,883,846
United States			2,350,132		—		—		2,350,132
Short-Term Investments			1,641,593		—		—		1,641,593
Total		$	22,910,540	$	69,786,410	$	—	$	92,696,950

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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, 2023
Emerging Markets Core Equity Portfolio
Common Stocks*
Brazil		$	3,361,348	$	4,466,518	$	—	$	7,827,866
Canada			1,070,023		—		—		1,070,023
China			8,901,728		15,521,483		—		24,423,211
France			1,698,495		—		—		1,698,495
Ghana			1,008,218		—		—		1,008,218
Greece			—		2,483,267		—		2,483,267
Hong Kong			—		1,565,110		—		1,565,110
India			5,334,956		10,514,482		—		15,849,438
Indonesia			1,098,561		4,025,684		—		5,124,245
Macau			—		933,404		—		933,404
Mexico			6,247,149		—		—		6,247,149
Peru			868,994		—		—		868,994
Philippines			—		2,450,245		—		2,450,245
Russia			—		—		—		—
Saudi Arabia			—		2,583,097		—		2,583,097
South Africa			—		5,297,733		—		5,297,733
South Korea			—		12,654,385		—		12,654,385
Taiwan			9,167,080		9,310,157		—		18,477,237
Thailand			—		2,189,366		—		2,189,366
United Arab Emirates			—		1,736,210		—		1,736,210
United Kingdom			1,356,616		287,958		—		1,644,574
United States			1,243,427		—		—		1,243,427
Short-Term Investments			1,258,062		—		—		1,258,062
Total		$	42,614,657	$	76,019,099	$	—	$	118,633,756

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, 2023
Emerging Markets Equity Advantage Portfolio
Common Stocks*
Brazil		$	—	$	3,870,983	$	—	$	3,870,983
Chile			486,817		—		—		486,817
China			6,578,022		29,322,586		—		35,900,608
Colombia			269,361		—		—		269,361
Egypt			128,241		—		—		128,241
Greece			203,591		969,919		—		1,173,510
Hungary			—		598,050		—		598,050
India			6,273,406		15,317,859		—		21,591,265
Indonesia			172,772		3,307,827		—		3,480,599
Luxembourg			—		242,749		—		242,749
Malaysia			—		1,169,683		—		1,169,683
Mexico			4,127,325		—		—		4,127,325
Philippines			—		1,141,151		—		1,141,151
Poland			—		1,638,201		—		1,638,201
Qatar			—		216,462		—		216,462
Romania			—		223,158		—		223,158
Russia			—		—		—		—
Saudi Arabia			—		4,675,147		—		4,675,147
South Africa			476,674		2,164,613		—		2,641,287
South Korea			3,508,316		14,158,196		—		17,666,512
Taiwan			—		21,648,921		—		21,648,921
Thailand			410,364		2,815,357		—		3,225,721
Turkey			—		1,357,068		—		1,357,068
United Arab Emirates			—		1,512,422		—		1,512,422
Preferred Stocks*
Brazil			—		1,831,530		—		1,831,530
Short-Term Investments			1,979,591		—		—		1,979,591
Total		$	24,614,480	$	108,181,882	$	—	$	132,796,362

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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, 2023
Emerging Markets Equity Portfolio
Common Stocks*
Brazil		$	99,864,713	$	223,536,199	$	—	$	323,400,912
Chile			25,076,993		—		—		25,076,993
China			39,589,966		602,603,595		—		642,193,561
Egypt			—		18,629,376		—		18,629,376
Greece			—		44,117,596		—		44,117,596
Hong Kong			—		19,444,089		—		19,444,089
Hungary			—		90,422,234		—		90,422,234
India			27,745,952		139,966,011		—		167,711,963
Indonesia			33,470,045		96,283,211		—		129,753,256
Mexico			140,558,698		—		—		140,558,698
Portugal			—		65,421,093		—		65,421,093
Russia			—		—		18		18
South Africa			—		222,736,177		—		222,736,177
South Korea			—		300,298,042		—		300,298,042
Taiwan			—		336,638,566		—		336,638,566
Thailand			—		50,744,024		—		50,744,024
United Kingdom			—		35,180,451		—		35,180,451
Short-Term Investments			101,061,146		—		—		101,061,146
Total		$	467,367,513	$	2,246,020,664	$	18	$	2,713,388,195

308  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, 2023
Equity Franchise Portfolio
Common Stocks*
Germany		$	—	$	9,159,374	$	—	$	9,159,374
Ireland			—		4,264,943		—		4,264,943
Italy			—		8,079,209		—		8,079,209
Luxembourg			—		3,656,399		—		3,656,399
United Kingdom			—		15,138,953		—		15,138,953
United States			69,196,365		3,577,507		—		72,773,872
Preferred Stocks*
Germany			—		3,666,004		—		3,666,004
Short-Term Investments			1,760,371		—		—		1,760,371
Total		$	70,956,736	$	47,542,389	$	—	$	118,499,125
Description	Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2023
Global Equity Select Portfolio
Common Stocks*
Australia		$	—	$	838,448	$	—	$	838,448
Canada			4,586,883		—		—		4,586,883
China			1,525,305		828,267		—		2,353,572
Denmark			—		716,567		—		716,567
Finland			—		887,402		—		887,402
France			—		4,239,043		—		4,239,043
Germany			—		752,025		—		752,025
Hong Kong			—		866,656		—		866,656
India			1,301,733		—		—		1,301,733
Japan			—		3,082,284		—		3,082,284
Netherlands			—		3,649,685		—		3,649,685
Spain			—		1,131,454		—		1,131,454
Sweden			—		1,935,662		—		1,935,662
Switzerland			—		4,368,880		—		4,368,880
Taiwan			1,827,488		—		—		1,827,488
United Kingdom			1,276,136		5,011,941		—		6,288,077
United States			57,590,364		—		—		57,590,364
Short-Term Investments			1,417,398		—		—		1,417,398
Total		$	69,525,307	$	28,308,314	$	—	$	97,833,621

Annual Report  309

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, 2023
Global Listed Infrastructure Portfolio
Assets:
Common Stocks*
Australia		$	—	$	529,191,060		$	—	$	529,191,060
Canada			318,021,745		—			—		318,021,745
France			—		475,427,955			—		475,427,955
Hong Kong			—		379,678,177			—		379,678,177
Italy			—		1,232,641,166			—		1,232,641,166
Luxembourg			—		139,222,404			—		139,222,404
Portugal			—		74,231,607			—		74,231,607
Spain			59,025,649		182,607,428			—		241,633,077
Switzerland			—		173,733,408			—		173,733,408
United Kingdom			—		1,663,405,698			—		1,663,405,698
United States			2,429,079,167		732,926,723			—		3,162,005,890
Short-Term Investments			279,726,263		—			—		279,726,263
Other Financial Instruments†
Forward Currency Contracts			—		1,234,656			—		1,234,656
Total		$	3,085,852,824	$	5,584,300,282		$	—	$	8,670,153,106
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—	$	(29,294,449	)	$	—	$	(29,294,449	)

310  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, 2023
Global Strategic Equity Portfolio
Common Stocks*
Australia		$	—	$	107,582	$	—	$	107,582
Belgium			—		117,136		—		117,136
Canada			449,772		—		—		449,772
China			156		147,337		—		147,493
Denmark			—		621,139		—		621,139
France			—		183,196		—		183,196
Germany			—		414,620		—		414,620
Hong Kong			—		159,811		—		159,811
India			146,971		—		—		146,971
Ireland			110,956		—		—		110,956
Israel			124,742		248,784		—		373,526
Italy			—		163,299		—		163,299
Japan			—		929,975		—		929,975
Mexico			212,914		—		—		212,914
Netherlands			—		291,736		—		291,736
Portugal			—		129,909		—		129,909
Switzerland			—		118,430		—		118,430
Taiwan			—		307,928		—		307,928
United Kingdom			—		427,219		—		427,219
United States			5,393,566		—		—		5,393,566
Short-Term Investments			108,866		—		—		108,866
Total		$	6,547,943	$	4,368,101	$	—	$	10,916,044

Annual Report  311

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, 2023
International Equity Advantage Portfolio
Common Stocks*
Australia		$	—	$	914,831	$	—	$	914,831
Austria			—		50,442		—		50,442
Brazil			—		46,799		—		46,799
Canada			1,499,345		—		—		1,499,345
Chile			10,174		—		—		10,174
China			329,930		1,354,636		—		1,684,566
Colombia			15,016		—		—		15,016
Denmark			—		804,108		—		804,108
France			—		1,285,768		—		1,285,768
Germany			—		776,464		—		776,464
Greece			—		109,478		—		109,478
Hong Kong			—		350,410		—		350,410
India			781,865		—		—		781,865
Indonesia			130,140		13,532		—		143,672
Ireland			132,654		—		—		132,654
Israel			49,571		—		—		49,571
Italy			—		535,168		—		535,168
Japan			23,187		2,767,355		—		2,790,542
Luxembourg			—		20,880		—		20,880
Mexico			180,415		—		—		180,415
Netherlands			—		679,499		—		679,499
Philippines			—		41,943		—		41,943
Poland			—		78,974		—		78,974
Portugal			—		19,578		—		19,578
Saudi Arabia			—		147,160		—		147,160
Singapore			—		322,479		—		322,479
South Africa			45,477		39,214		—		84,691
South Korea			—		778,744		—		778,744
Spain			—		415,356		—		415,356
Sweden			—		369,707		—		369,707
Switzerland			—		403,406		—		403,406
Taiwan			—		902,634		—		902,634
Thailand			—		87,565		—		87,565
Turkey			31,188		16,703		—		47,891
United Kingdom			60,016		1,548,095		—		1,608,111
United States			—		641,853		—		641,853
Preferred Stocks*
Brazil			—		240,794		—		240,794
Germany			—		333,196		—		333,196
Warrants*			—		—		—		—
Short-Term Investments			8,620		—		—		8,620
Total		$	3,297,598	$	16,096,771	$	—	$	19,394,369

312  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, 2023
International Equity Portfolio
Common Stocks*
Belgium		$	—	$	9,675,959	$	—	$	9,675,959
Canada			32,017,474		—		—		32,017,474
China			7,503,216		36,033,935		—		43,537,151
Denmark			—		9,694,894		—		9,694,894
Finland			—		23,706,376		—		23,706,376
France			—		142,935,396		—		142,935,396
Germany			—		123,074,389		—		123,074,389
Greece			—		10,006,115		—		10,006,115
Hong Kong			—		11,932,011		—		11,932,011
Ireland			22,440,487		—		—		22,440,487
Israel			3,440,008		—		—		3,440,008
Italy			—		9,629,503		—		9,629,503
Japan			—		196,747,641		—		196,747,641
Mexico			13,316,546		—		—		13,316,546
Netherlands			—		45,418,981		—		45,418,981
Singapore			—		12,410,548		—		12,410,548
South Korea			—		15,890,176		—		15,890,176
Spain			—		15,578,041		—		15,578,041
Sweden			—		19,265,429		—		19,265,429
Switzerland			—		28,094,573		—		28,094,573
Taiwan			16,973,944		—		—		16,973,944
United Kingdom			—		183,130,368		—		183,130,368
United States			41,571,650		41,552,491		—		83,124,141
Preferred Stocks*
Brazil			—		14,226,918		—		14,226,918
Germany			—		14,328,939		—		14,328,939
Short-Term Investments			9,310,442		—		—		9,310,442
Total		$	146,573,767	$	963,332,683	$	—	$	1,109,906,450

Annual Report  313

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, 2023
International Equity Select Portfolio
Common Stocks*
Belgium		$	—	$	534,522	$	—	$	534,522
Canada			747,989		—		—		747,989
China			303,609		3,531,437		—		3,835,046
Denmark			—		2,085,468		—		2,085,468
Finland			—		669,052		—		669,052
France			—		6,855,858		—		6,855,858
Germany			—		3,613,937		—		3,613,937
Hong Kong			—		1,042,249		—		1,042,249
India			1,126,416		—		—		1,126,416
Indonesia			565,999		836,597		—		1,402,596
Ireland			1,451,490		—		—		1,451,490
Japan			—		6,966,860		—		6,966,860
Mexico			1,091,070		—		—		1,091,070
Netherlands			—		3,523,859		—		3,523,859
Singapore			—		545,718		—		545,718
Switzerland			—		2,003,497		—		2,003,497
Taiwan			—		1,828,321		—		1,828,321
United Kingdom			—		7,110,318		—		7,110,318
United States			2,315,421		1,592,117		—		3,907,538
Preferred Stocks*
Brazil			—		740,551		—		740,551
Germany			—		495,380		—		495,380
Short-Term Investments			886,429		—		—		886,429
Total		$	8,488,423	$	43,975,741	$	—	$	52,464,164

314  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, 2023
Lazard International Quality Growth Portfolio
Common Stocks*
Australia		$	—	$	4,067,915	$	—	$	4,067,915
Canada			18,727,070		—		—		18,727,070
China			—		4,733,929		—		4,733,929
Denmark			—		8,699,421		—		8,699,421
France			—		19,815,264		—		19,815,264
Germany			—		11,909,930		—		11,909,930
Hong Kong			—		3,967,493		—		3,967,493
India			8,055,415		—		—		8,055,415
Israel			6,283,947		—		—		6,283,947
Japan			—		27,668,830		—		27,668,830
Netherlands			—		22,599,182		—		22,599,182
Norway			—		4,993,460		—		4,993,460
South Africa			—		7,009,733		—		7,009,733
Spain			—		6,814,848		—		6,814,848
Sweden			—		11,822,248		—		11,822,248
Switzerland			—		9,546,455		—		9,546,455
Taiwan			8,635,120		2,778,887		—		11,414,007
United Kingdom			—		32,371,901		—		32,371,901
United States			21,437,788		5,756,228		—		27,194,016
Preferred Stocks*
Germany			—		3,010,690		—		3,010,690
Short-Term Investments			6,779,522		—		—		6,779,522
Total		$	69,918,862	$	187,566,414	$	—	$	257,485,276

Annual Report  315

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, 2023
International Small Cap Equity Portfolio
Common Stocks*
Australia		$	—	$	732,262	$	—	$	732,262
Austria			—		294,789		—		294,789
Belgium			—		315,375		—		315,375
Canada			624,493		—		—		624,493
Denmark			—		65,974		—		65,974
Finland			—		149,635		—		149,635
France			—		417,936		—		417,936
Germany			—		1,014,203		—		1,014,203
Greece			—		219,973		—		219,973
Israel			—		84,983		—		84,983
Italy			—		874,997		—		874,997
Japan			—		3,403,041		—		3,403,041
Jersey			—		219,975		—		219,975
Mexico			147,402		—		—		147,402
Netherlands			—		633,710		—		633,710
Norway			—		89,314		—		89,314
Portugal			—		87,113		—		87,113
Spain			—		139,360		—		139,360
Sweden			—		121,844		—		121,844
Switzerland			—		277,259		—		277,259
United Kingdom			—		1,818,889		—		1,818,889
United States			107,000		—		—		107,000
Short-Term Investments			79,798		—		—		79,798
Total		$	958,693	$	10,960,632	$	—	$	11,919,325

316  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, 2023
International Strategic Equity Portfolio
Common Stocks*
Belgium		$	—	$	44,185,440	$	—	$	44,185,440
Canada			198,900,823		—		—		198,900,823
China			35,148,460		18,958,920		—		54,107,380
Denmark			—		416,555,814		—		416,555,814
Finland			—		76,982,460		—		76,982,460
France			—		335,043,818		—		335,043,818
Germany			—		376,829,768		—		376,829,768
Hong Kong			—		57,535,602		—		57,535,602
India			—		51,974,829		—		51,974,829
Ireland			104,530,769		—		—		104,530,769
Israel			11,103,908		89,851,662		—		100,955,570
Italy			—		53,331,784		—		53,331,784
Japan			—		595,717,509		—		595,717,509
Mexico			92,739,940		—		—		92,739,940
Netherlands			—		239,449,053		—		239,449,053
Portugal			—		67,624,216		—		67,624,216
Singapore			—		64,685,324		—		64,685,324
Sweden			—		83,697,307		—		83,697,307
Switzerland			—		89,685,768		—		89,685,768
Taiwan			—		96,477,607		—		96,477,607
United Kingdom			—		625,303,466		—		625,303,466
United States			384,588,023		62,904,635		—		447,492,658
Short-Term Investments			64,496,351		—		—		64,496,351
Total		$	891,508,274	$	3,446,794,982	$	—	$	4,338,303,256

Annual Report  317

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, 2023
Managed Equity Volatility Portfolio
Common Stocks*
Australia		$	—	$	392,403	$	—	$	392,403
Austria			—		67,869		—		67,869
Bermuda			45,668		—		—		45,668
Canada			741,064		—		—		741,064
China			—		87,281		—		87,281
Denmark			—		178,942		—		178,942
France			—		275,729		—		275,729
Germany			—		66,524		—		66,524
Hong Kong			—		187,224		—		187,224
Israel			—		44,679		—		44,679
Italy			—		87,596		—		87,596
Japan			—		2,940,034		—		2,940,034
Netherlands			—		82,916		—		82,916
New Zealand			—		105,852		—		105,852
Norway			—		49,574		—		49,574
Singapore			—		136,501		—		136,501
Switzerland			—		172,103		—		172,103
United Kingdom			—		623,937		—		623,937
United States			11,124,087		450,192		—		11,574,279
Short-Term Investments			107,656		—		—		107,656
Warrants*			—		—		—		—
Total		$	12,018,475	$	5,949,356	$	—	$	17,967,831
US Equity Concentrated Portfolio
Common Stocks*		$	195,734,786	$	—	$	—	$	195,734,786
Short-Term Investments			8,991,911		—		—		8,991,911
Total		$	204,726,697	$	—	$	—	$	204,726,697
US Equity Focus Portfolio
Common Stocks*		$	87,425,000	$	—	$	—	$	87,425,000
Short-Term Investments			4,475,120		—		—		4,475,120
Total		$	91,900,120	$	—	$	—	$	91,900,120
US Small Cap Equity Select Portfolio
Common Stocks*		$	38,419,992	$	—	$	—	$	38,419,992
Total		$	38,419,992	$	—	$	—	$	38,419,992
US Sustainable Equity Portfolio
Common Stocks*		$	11,472,681	$	—	$	—	$	11,472,681
Short-Term Investments			386,412		—		—		386,412
Total		$	11,859,093	$	—	$	—	$	11,859,093
US Systematic Small Cap Equity Portfolio
Common Stocks*		$	39,687,494	$	—	$	—	$	39,687,494
Rights			—		—		1,401		1,401
Short-Term Investments			423,904		—		—		423,904
Total		$	40,111,398	$	—	$	1,401	$	40,112,799

318  Annual Report

*	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.

10. Derivative Instruments

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

During the year ended December 31, 2023, the approximate average monthly notional exposure for derivative instruments was as follows:

Forward currency contracts:
Average foreign currency purchased	$	188,800,000	#
Average foreign currency sold	$	5,814,000,000

# Represents average monthly notional exposure for the eleven months the derivative instrument was open during the period.

Annual Report  319

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2023:

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	1,234,656
Liabilities – Derivative Financial Instruments
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	29,294,449

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2023 was:

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	(76,368,195	)
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	(43,021,873	)

320  Annual Report

None of the other presented portfolios traded in derivative instruments during the year ended December 31, 2023.

As of December 31, 2023, 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, 2023:

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		$	1,234,656		$	—		$	1,234,656

				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		$	19,252		$	(19,252	)		$	—	$	—
Canadian Imperial Bank of Commerce			94,749			(94,749	)			—		—
HSBC Bank USA N.A.			413,611			(413,611	)			—		—
Morgan Stanley & Co.			135,907			(135,907	)			—		—
Royal Bank of Canada			423,838			(423,838	)			—		—
Standard Chartered Bank			2,801			(2,801	)			—		—
State Street Bank & Trust Co.			144,498			(144,498	)			—		—
Total		$	1,234,656		$	(1,234,656	)		$	—	$	—

Annual Report  321

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		$	29,294,449		$	—		$	29,294,449

				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.		$	2,208,871		$	—			$	—		$	2,208,871
BNP Paribas SA			3,879,412			(19,252	)			—			3,860,160
Canadian Imperial Bank of Commerce			2,218,728			(94,749	)			—			2,123,979
Citibank N.A.			3,526,378			—				—			3,526,378
HSBC Bank USA N.A.			4,790,823			(413,611	)			—			4,377,212
Morgan Stanley & Co.			1,904,536			(135,907	)			—			1,768,629
Royal Bank of Canada			2,059,639			(423,838	)			—			1,635,801
Standard Chartered Bank			2,393,113			(2,801	)			—			2,390,312
State Street Bank & Trust Co.			6,312,949			(144,498	)			—			6,168,451
Total		$	29,294,449		$	(1,234,656	)		$	—		$	28,059,793

11. Reorganization

At a meeting held on February 24, 2023 the Board approved the reorganization of Emerging Markets Strategic Equity Portfolio into the Emerging Markets Core Equity Portfolio in a tax-free reorganization (the “Reorganization”). The Reorganization was completed on June 22, 2023. The Reorganization was effectuated in order to permit the Lazard Emerging Markets Strategic Portfolio shareholders to continue to invest in equity securities of companies that are economically tied to emerging market countries in a larger combined fund that is anticipated to benefit from certain cost and operational efficiencies.

322  Annual Report

The chart below shows a summary of net assets, shares outstanding, net unrealized appreciation/(depreciation), undistributed net investment income and accumulated net realized gains/(losses), before and after the Reorganization.

	Before Reorganization							After Reorganization
	Emerging Markets Strategic Equity Portfolio				Emerging Markets Core Equity Portfolio			Emerging Markets Core Equity Portfolio
Net Assets
Institutional Shares		$	42,695,854			$	96,288,737		$	138,984,591
Open Shares			2,423,804				1,320,769			3,744,573
R6 Shares			—				174,005			174,005
Total		$	45,119,658			$	97,783,511		$	142,903,169
Shares Outstanding*
Institutional Shares			3,944,969				9,842,075			14,206,187
Open Shares			223,363				135,458			384,043
R6 Shares			—				17,761			17,761
Net unrealized appreciation (depreciation)			(3,194,090	)			15,320,491			12,126,401

* A tax-free exchange of 3,944,969 Institutional Shares and 223,363 Open Shares of the Emerging Markets Strategic Equity Portfolio converted to 4,364,112 Institutional Shares and 248,585 Open Shares, respectively, of the Emerging Markets Core Equity Portfolio on June 22, 2023.

Assuming the acquisition of Emerging Markets Strategic Equity Portfolio had been completed on January 1, 2023, the beginning of the annual reporting period, Emerging Markets Core Equity Portfolio’s pro forma results of operations for the year ended December 31, 2023 were as follows:

Net investment income	$	2,556,974
Net realized gain/loss and change in unrealized gain/(loss) on investments	$	11,780,494
Net increase/(decrease) in net assets resulting from operations	$	14,337,468

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of Emerging Markets Strategic Equity Portfolio that have been included in Emerging Markets Core Equity Portfolio’s Statement of Operations since June 22, 2023.

Annual Report  323

For financial reporting purposes, assets received and shares issued by Emerging Markets Core Equity Portfolio were recorded at fair value; however, the cost basis of the investments received from Emerging Markets Strategic Equity Portfolio in the amount of $47,710,543, was carried forward to align ongoing reporting of Emerging Markets Core Equity Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Emerging Markets Core Equity Portfolio acquired capital loss carryovers of $50,091,502, of which, $10,709,405 are short-term and $39,382,097 are long-term. These losses are not subject to expiration, but they may be subject to future annual limitations.

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.

324  Annual Report

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 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 Cap Equity Select Portfolio (formerly known as Lazard US Small-Mid Cap Equity Portfolio), Lazard US Sustainable Equity Portfolio and Lazard US Systematic Small Cap Equity Portfolio (collectively the “Portfolios”):

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of the Portfolios, certain of the funds constituting The Lazard Funds, Inc., including the portfolios of investments, as of December 31, 2023, 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 (except for Lazard US Sustainable Equity Portfolio and Lazard US Systematic Small Cap Equity Portfolio, the financial highlights for the periods 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, 2023, 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 (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Annual Report  325

Portfolio Name	Financial Highlights
Lazard US Sustainable Equity Portfolio	For the years ended December 31, 2023, 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 years ended December 31, 2023, 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.

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

326  Annual Report

securities owned as of December 31, 2023, 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 26, 2024

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

Annual Report  327

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) New York University School of Law, Adjunct Professor (2022 – present)
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 – 2023) 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)

328   Annual Report

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)	Vice Chair and Chief Operating Officer (February 2023 – present) Investment Manager, Chief Business Officer (April 2017 – February 2023) 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, 2024, 32 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.

Annual Report   329

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 (since February 2017) and General Counsel (since April 2017) 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)
Christina Kennedy (1990)	Treasurer (April 2022)	Senior Vice President of the Investment Manager (since January 2023, previously Vice President) 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)	Senior Vice President and Counsel of the Investment Manager (since January 2023, previously Vice President)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager (since February 2011)

(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.

330   Annual Report

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

Tax Information

Year Ended December 31, 2023

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2023:

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

Portfolio	Percentage
Developing Markets Equity		53.79	%
Emerging Markets Core Equity		100.00
Emerging Markets Equity Advantage		57.87
Emerging Markets Equity		74.84
Equity Franchise		39.44
Global Equity Select		100.00
Global Listed Infrastructure		100.00
Global Strategic Equity		100.00
International Equity Advantage		86.41
International Equity		81.95
International Equity Select		100.00
International Quality Growth		100.00
International Small Cap Equity		100.00
International Strategic Equity		100.00
Managed Equity Volatility		100.00
US Equity Concentrated		39.53
US Equity Focus		100.00
US Small Cap Equity Select		100.00
US Sustainable Equity		100.00
US Systematic Small Cap Equity		100.00

Annual Report   331

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		0.21
Emerging Markets Equity		0.00
Equity Franchise		14.80
Global Equity Select		85.02
Global Listed Infrastructure		24.15
Global Strategic Equity		53.45
International Equity Advantage		0.02
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		62.66
US Equity Concentrated		39.86
US Equity Focus		100.00
US Small Cap Equity Select		100.00
US Sustainable Equity		98.07
US Systematic Small Cap Equity		100.00

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.

332   Annual Report

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	$	3,523,237	$	364,855
Emerging Markets Core Equity		4,084,883		405,699
Emerging Markets Equity Advantage		4,057,507		577,242
Emerging Markets Equity		153,631,312		18,767,145
Equity Franchise		—		—
Global Equity Select		—		—
Global Listed Infrastructure		256,098,972		14,539,888
Global Strategic Equity		137,390		15,274
International Equity Advantage		119,446		13,579
International Equity		33,510,500		1,505,439
International Equity Select		1,409,413		114,485
International Quality Growth		3,389,482		351,343
International Small Cap Equity		—		—
International Strategic Equity		105,437,766		6,899,047
Managed Equity Volatility		—		—
US Equity Concentrated		—		—
US Equity Focus		—		—
US Small Cap Equity Select		—		—
US Sustainable Equity		—		—
US Systematic Small Cap Equity		—		—

Annual Report   333

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		—
Emerging Markets Equity		—
Equity Franchise		—
Global Equity Select		1,089,454
Global Listed Infrastructure		—
Global Strategic Equity		—
International Equity Advantage		—
International Equity		11,858,271
International Equity Select		—
International Quality Growth		—
International Small Cap Equity		—
International Strategic Equity		—
Managed Equity Volatility		207,733
US Equity Concentrated		141,678,406
US Equity Focus		206,582
US Small Cap Equity Select		2,977,480
US Sustainable Equity		31,152
US Systematic Small Cap Equity		—

334   Annual Report

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   335

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, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

Legal Counsel

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, 2023

Fixed Income Funds

Lazard US Convertibles Portfolio

Lazard US High Yield 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)
9	Performance Overviews (unaudited)
13	Information About Your Portfolio’s Expenses (unaudited)
15	Portfolio Holdings Presented by Asset Class/Credit Rating (unaudited)
16	Portfolios of Investments
16	Lazard US Convertibles Portfolio
24	Lazard US High Yield Portfolio
34	Lazard US Short Duration Fixed Income Portfolio
36	Notes to Portfolios of Investments
38	Statements of Assets and Liabilities
42	Statements of Operations
44	Statements of Changes in Net Assets
48	Financial Highlights
54	Notes to Financial Statements
80	Report of Independent Registered Public Accounting Firm
82	Board of Directors and Officers Information (unaudited)
85	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. Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.

Distributed by Lazard Asset Management Securities LLC.

Annual Report  1

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

Dear Shareholder:

The year 2023 saw bloodshed from wars in Europe and the Middle East, ample displays of political complexities in the US, and further advances in the development of machines that can mimic human thinking. For financial markets, however, which endured nearly 4,000 basis points of interest rate hikes since late 2021, the year was defined by one simple question posed to major central banks: What comes next?

Financial markets were a roller coaster in 2023, as investors were forced to constantly adjust their expectations on when key central banks would retreat from their restrictive monetary policy stances out of fear that these positions would tip the global economy into a severe recession. Against this backdrop, the US Federal Reserve (the “Fed”) was front and center in the minds of investors, as it waged its most aggressive rate-hiking campaign in over 40 years. After lifting interest rates seven times in 2022, the world’s most influential central bank did so again four times in 2023, raising borrowing costs to their highest level in 22 years. Data suggesting that domestic inflation was cooling, and that the US economy remained remarkably resilient sparked optimism in the second half of the year that the Fed was done raising interest rates and perhaps would begin lowering them in 2024. While the Fed did, in fact, pass up opportunities to raise interest rates higher in its last three policy meetings of 2023, it also sent mixed signals about the trajectory of its rate-hiking campaign, which triggered spikes in volatility across financial markets.

The Fed was not the only central bank to make news in 2023. In Europe, both the European Central Bank and Bank of England continued to lift interest rates at a furious pace before pausing their inflation-fighting campaigns in the latter part of the year. Meanwhile, in Asia, the Bank of Japan, which kept interest rates ultra-low during the global monetary tightening cycle, began to veer from this path in the closing months of the year amid signs that inflation was accelerating in Japan.

2  Annual Report

After suffering through a dismal 2022, financial markets rebounded in 2023, driven primarily by hopes that inflation had fallen enough for key central banks, particularly the Fed, to begin cutting interest rates next year. Global equity markets, as measured by the MSCI All Country World Index, surged 22.2% in 2023 while global bond markets, as measured by the Bloomberg Global Aggregate Bond Index, gained 5.7%. (Index returns are in US dollar terms.)

The challenging market conditions in 2023 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

The Lazard Funds, Inc. Investment Overviews (unaudited)

MARKET OVERVIEWS

US Fixed Income

After suffering its worst-performing year on record in 2022, the US bond market gained in 2023, as investors speculated about the path ahead for the Federal Reserve’s interest rate policy. In January, the bond market rallied on hopes that a severe worldwide economic recession could be avoided, and that slowing inflation would induce major central banks to slow the pace of their forceful monetary tightening cycles. That optimism faded in subsequent months, however, as the US central bank continued its aggressive rate-hiking campaign and hinted that interest rates could stay elevated for a while. The fallout from these rate hikes was evident in the first half of the year when bond losses contributed to regional bank weakness in the US. The Fed, as expected, kept interest rates steady at a 22-year high following policy meetings in September, November, and December. However, after months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed seemed to pivot in November, as data suggested that they had made enough progress on inflation and a “soft landing” for the US economy was likely. As a result, investors cheered near the end of the year when the Fed hinted that its forceful rate-hiking campaign, which incorporated 11 increases since 2022, including four times in 2023, had reached its conclusion and forecast that it could reduce interest rates three times in 2024. After briefly exceeding the psychologically important threshold of 5% in late October, the yield on the benchmark 10-year US Treasury note ended the year exactly where it started, at 3.88%.

U.S. Treasury coupon issuance, which was expected to be very high due a large budget deficit, was targeted to short term Bills instead. The combination of redirected Treasury supply and a seemingly well-timed pivot by the Fed caused rates to rally significantly in November and December. This signal from the Fed was so strong that the Bloomberg Aggregate US Bond Index, which fell 2.8% in the first 10 months of 2023, surged approximately 8.5% to close the year up 5.5%.

4  Annual Report

From a sector perspective, the monetary background led to strong corporate credit performance for the year, highlighted by a hefty excess return relative to US Treasuries of 4.6%. Additionally, the credit curve flattened this year, with long credit spreads compressing 0.2% versus intermediate corporate credit spreads. This compression is seen in excess return differentials between intermediate and long corporate indices where long corporate credit outperformed intermediate corporates by 4.6%.

US Convertibles

Overall, 2023 proved to be a supportive environment for US convertibles, with positive momentum developing in the last two months of the year. A confluence of factors contributed to the constructive backdrop including economic growth proving more resilient than expectations, inflation showing important dis-inflation trends and the US Federal Reserve pivoting away from their hawkish stance. While there was volatility throughout the year, US equities ended higher and credit spreads finished tighter. Given these factors, US convertibles showed important participation in the risk-rally during 2023. In the US convertible bond market, the consumer cyclical and information technology sectors outperformed while the energy and utilities sectors lagged for the year. Volumes of new issuance strongly outpaced 2022 with approximately $53 billion of issuance during the year. Utilities, information technology, and healthcare were the leading issuers from a sector perspective.

US High Yield

US high yield bonds posted positive returns for the year, supported by tighter credit spreads. As the year concluded, intense scrutiny was given to the Fed’s trajectory for cutting interest rates, inflation concerns, and a possible recession over the next twelve months.

The ICE BofA US Cash Pay BB-B Non-Distressed High Yield Index (“Cash Pay Index”) finished the year up 12.22%. The option-adjusted spread (“OAS”) continued to tighten and finished 117 bps tighter at 253 bps in 2023. Lower-quality credit outperformed higher quality with the ICE BofA CCC  & Lower Cash Pay High Yield Index increasing 20.18%, ICE BofA B Cash Pay High Yield Index gaining 13.93%, and the ICE BofA BB Cash Pay High Yield Index rising 11.43%.

Annual Report  5

High yield bond issuance totaled $176.0 billion, which eclipsed last year’s $107.0 billion, but was drastically lower than the record of $449.9 billion set in 2020. Higher interest rates were an impediment for many issuers to tap the primary market. Refinancing (66%) was the leading use of proceeds, followed by acquisition financing (23%), and general corporate purposes (11%).

High yield fund flows were negative, marked by overall outflows of $7.9 billion for the year. However, these outflows were dominated by mutual funds, as exchange traded funds (“ETFs”) had a net yearly inflow of $362 million into ETFs according to JPMorgan.

US Short Duration Fixed Income

Among the set of challenges facing market participants this year, regional bank failures, congressional budget negotiations, inflation uncertainty, and the scramble to achieve direction on monetary policy were critical factors driving market outcomes. Importantly, inflation remains above the Fed’s target level, and this is especially true for sticky inflation components that are less amenable to change.

Despite this set of troubling circumstances, the markets generally proved resilient through the first eight months of the year, with US Treasury rates and credit spreads more-or-less settling into the same range they were in at the outset of the year, with rates modestly higher and credit spreads moderately tighter. September and October were pivotal months as inflation, monetary policy, fiscal policy, debt supply, and technical pressures finally broke the rate range and pushed US Treasury yields significantly higher, with 10-year US Treasury yields touching the 5% level before settling into a lower range. November and December pushed the bond market forcibly in the other direction, with November boasting the highest monthly US Aggregate Bond market return since 1985, with December following suit with a strong 3.83% monthly gain.

In terms of monetary policy, the market is eagerly looking out for the light at the end of the tunnel, while the Fed attempts to manage the markets’ expectations about the work that still needs to be done to tame inflation.

6  Annual Report

PORTFOLIO PERFORMANCE

Lazard US Convertibles Portfolio

For the year ended December 31, 2023, the Lazard US Convertibles Portfolio’s Institutional Shares posted a total return of 10.62%, while Open Shares posted a total return of 10.35%, as compared with the 12.99% return for the ICE BofA US Convertible^® Index.

Revenue recovery plays added on a relative basis, led by cruise operators, internet services, and live entertainment on the continuation of strong consumer demand for their services. Selection in growth companies in software and cybersecurity added to performance as moderating interest rate expectations and positive quarterly results supported valuations. Tactical management of duration boosted relative performance. The increase in the Portfolio’s duration during November benefitted absolute and relative performance with the move lower in US rates at the end of the year.

Security selection in US airlines hurt, as overweight exposure to domestically focused airlines underperformed due to higher costs (i.e., labor and fuel) and lower prices stemming from increased competition. Lack of exposure to US Steel detracted from relative performance as this company was targeted by Nippon Steel for acquisition. Security selection in biotechnology cost, as underweight exposure to a few names which outperformed on positive clinical trials and speculation about mergers and acquisitions. Lack of exposure to crypto-currency linked names negatively impacted relative performance. Not owning MicroStrategy hurt, as this company had amassed a large stock of bitcoin during the past few years and benefited from its strong valuation increase during 2023.

Lazard US High Yield Portfolio

For the year ended December 31, 2023, the Lazard US High Yield Portfolio’s Institutional Shares posted a total return of 10.65%, while Open Shares posted a total return of 10.35% and R6 Shares posted a total return of 10.65%, as compared with the 12.22% return for the ICE BofA US Cash Pay BB-B Non-Distressed High Yield Index.

Annual Report  7

Underweight exposure to the financial services and energy sectors detracted from performance. Security selection in the telecommunications sector was a headwind to performance. The Portfolio’s performance suffered 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.

Overweight exposures to the consumer staples and real estate sectors contributed to relative performance. Overweight exposure to the industrials sector (capital goods) sector also boosted relative performance. Overweight exposure to intermediate duration and security selection in Cinemark and Standard Industries, helped relative performance versus the benchmark.

Lazard US Short Duration Fixed Income Portfolio

For the year ended December 31, 2023, the Lazard US Short Duration Fixed Income Portfolio’s Institutional Shares posted a total return of 4.26%, while Open Shares posted a total return of 3.98%, as compared with the 4.26% return for the ICE BofA 1-3 Year US Treasury^® Index.

Overweight exposures to US corporates and asset backed securities, both of which outperformed US Treasuries, contributed to relative performance.

Relative duration positioning detracted.

8  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, Open Shares and R6 Shares, and the indices shown below.

Lazard US Convertibles Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Convertibles Portfolio and the ICE BofA US Convertible Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One Year	Since Inception	†
Institutional Shares	10.62%	10.62%
Open Shares	10.35%	10.35%
ICE BofA US Convertible Index	12.99%	12.99%

† The inception date for the Institutional Shares and Open Shares was December 30, 2022.

Annual Report  9

Lazard US High Yield Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US High Yield Portfolio and Cash Pay Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One Year	Five Year	Ten Year	Since Inception	†
Institutional Shares	10.65%	4.01%	3.46%	4.03%
Open Shares	10.35%	3.70%	3.18%	3.57%
R6 Shares	10.65%	3.51%	N/A	2.99%
Cash Pay Index	12.22%	5.19%	4.57%	5.94% (Institutional Shares) 5.90% (Open Shares) 4.55% (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.

10  Annual Report

Lazard US Short Duration Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Short Duration Fixed Income Portfolio and the ICE BofAML 1-3 Year US Treasury^® Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One Year	Five Year	Ten Year
Institutional Shares	4.26%	1.28%	0.98%
Open Shares	3.98%	1.06%	0.83%
ICE BofAML 1-3 Year US Treasury Index	4.26%	1.30%	1.05%

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 Inc., 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 High Yield 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.

Annual Report  11

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 Cash Pay Index is the ICE Bank of America Merrill Lynch (“BofAML”) BB-B US Cash Pay Non-Distressed High Yield^® Index. It is constructed to mirror the BB-B non-distressed sector of the public high yield corporate debt market and is a subset of the ICE BofAML High Yield Cash Pay^® Index.

The ICE BofA US Convertible Index tracks the performance of convertible securities publicly issued in the United States convertible bond market.

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.

12  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, 2023 through December 31, 2023 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’s 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  13

Portfolios	Beginning Account Value 7/1/23	Ending Account Value 12/31/23	Expenses Paid During Period* 7/1/23 - 12/31/23	Annualized Expense Ratio During Period 7/1/23 - 12/31/23
US Convertibles
Institutional Shares
Actual	$1,000.00	$1,014.10	$3.81	0.75%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.42	$3.82	0.75%
Open Shares
Actual	$1,000.00	$1,011.80	$5.07	1.00%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.16	$5.09	1.00%
US High Yield
Institutional Shares
Actual	$1,000.00	$1,067.00	$2.87	0.55%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,022.43	$2.80	0.55%
Open Shares
Actual	$1,000.00	$1,065.50	$4.16	0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.17	$4.08	0.80%
R6 Shares
Actual	$1,000.00	$1,066.90	$2.87	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	$1,032.10	$2.05	0.40%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,023.19	$2.04	0.40%
Open Shares
Actual	$1,000.00	$1,030.60	$3.33	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).

14  Annual Report

The Lazard Funds, Inc. Portfolio Holdings Presented by

Asset Class/Credit Rating December 31, 2023 (unaudited)

Asset Class/S&P Credit Rating*	Lazard US Convertibles Portfolio			Lazard US High Yield Portfolio			Lazard US Short Duration Fixed Income Portfolio
Fixed Income
AAA		—	%		—	%		54.7	%
A+		—			—			1.4
A		—			—			1.4
A-		1.2			—			5.9
BBB+		1.9			—			9.6
BBB		6.0			0.6			—
BBB-		5.1			3.8			—
BB+		1.1			21.7			—
BB		1.0			25.8			—
BB-		—			18.0			—
B+		—			12.6			—
B		—			8.5			—
B-		—			1.7			—
CC		—			0.3			—
CCC+		—			1.3			—
Not Applicable		81.0			1.0			26.8
Short-Term Investments		2.7			4.7			0.2
Total Investments		100.0	%		100.0	%		100	%

* Represents percentage of total investments.

Annual Report  15

The Lazard Funds, Inc. Portfolios of Investments

December 31, 2023

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio
Convertible Corporate Bonds  |  90.3%
Automobiles  |  3.8%
Ford Motor Co., 0.000%, 03/15/26	$	178	$	178,000
Rivian Automotive, Inc., 4.625%, 03/15/29		127		178,943
				356,943
Biotechnology  |  8.1%
Alnylam Pharmaceuticals, Inc., 1.000%, 09/15/27		56		55,478
BioMarin Pharmaceutical, Inc., 0.599%, 08/01/24		137		135,369
Bridgebio Pharma, Inc., 2.500%, 03/15/27		76		91,998
Exact Sciences Corp., 0.375%, 03/01/28		207		194,580
Halozyme Therapeutics, Inc., 0.250%, 03/01/27		108		93,895
Ionis Pharmaceuticals, Inc., 0.000%, 04/01/26		100		105,700
Sarepta Therapeutics, Inc., 1.250%, 09/15/27		73		74,234
				751,254
Broadline Retail  |  1.1%
Etsy, Inc., 0.125%, 10/01/26		85		98,133
Commercial Services & Supplies  |  0.7%
Sabre GLBL, Inc., 4.000%, 04/15/25		70		69,041

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

16  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Communications Equipment  |  1.0%
Lumentum Holdings, Inc., 0.500%, 06/15/28	$	123	$	97,404
Construction & Engineering  |  1.0%
Fluor Corp., 1.125%, 08/15/29		89		97,121
Consumer Staples Distribution & Retail  |  0.5%
Chefs’ Warehouse, Inc., 2.375%, 12/15/28		50		47,711
Diversified REITs  |  1.0%
Welltower OP LLC, 2.750%, 05/15/28		83		92,180
Electric Utilities  |  2.3%
Alliant Energy Corp., 3.875%, 03/15/26		84		83,790
Southern Co., 3.875%, 12/15/25		128		128,704
				212,494
Electrical Equipment  |  0.4%
Array Technologies, Inc., 1.000%, 12/01/28		36		35,541
Entertainment  |  2.7%
Cinemark Holdings, Inc., 4.500%, 08/15/25		21		25,475
Live Nation Entertainment, Inc., 2.000%, 02/15/25		212		224,063
				249,538
Ground Transportation  |  2.1%
Uber Technologies, Inc., 0.000%, 12/15/25		192		196,197

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

Annual Report  17

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Health Care Equipment & Supplies  |  5.4%
CONMED Corp., 2.250%, 06/15/27	$	46	$	46,202
Dexcom, Inc., 0.250%, 11/15/25		260		272,740
Insulet Corp., 0.375%, 09/01/26		85		98,090
Integra LifeSciences Holdings Corp., 0.500%, 08/15/25		91		85,904
				502,936
Health Care Providers & Services  |  1.1%
Guardant Health, Inc., 0.000%, 11/15/27		143		100,815
Health Care Technology  |  1.7%
Teladoc Health, Inc., 1.250%, 06/01/27		188		155,457
Hotels, Restaurants & Leisure  |  6.6%
Airbnb, Inc., 0.000%, 03/15/26		59		53,135
Booking Holdings, Inc., 0.750%, 05/01/25		62		117,106
Carnival Corp., 5.750%, 10/01/24		45		85,725
Marriott Vacations Worldwide Corp., 0.000%, 01/15/26		103		90,949
NCL Corp. Ltd., 5.375%, 08/01/25		72		92,736
Pebblebrook Hotel Trust, 1.750%, 12/15/26		90		80,604
Vail Resorts, Inc., 0.000%, 01/01/26		103		92,121
				612,376

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

18  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Independent Power & Renewable Electricity Producers  |  0.7%
NextEra Energy Partners LP, 0.000%, 11/15/25	$	74	$	65,009
Interactive Media & Services  |  5.1%
Match Group Financeco 3, Inc., 2.000%, 01/15/30		250		218,275
Snap, Inc., 0.750%, 08/01/26		136		145,078
Ziff Davis, Inc., 1.750%, 11/01/26		120		114,000
				477,353
IT Services  |  7.7%
Akamai Technologies, Inc., 0.375%, 09/01/27		151		168,893
Block, Inc., 0.125%, 03/01/25		171		167,905
Cloudflare, Inc., 0.000%, 08/15/26		169		152,396
MongoDB, Inc., 0.250%, 01/15/26		73		144,449
Okta, Inc., 0.125%, 09/01/25		84		77,742
				711,385
Leisure Products  |  2.0%
Royal Caribbean Cruises Ltd., 6.000%, 08/15/25		71		189,357
Machinery  |  0.9%
Middleby Corp., 1.000%, 09/01/25		66		80,718

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

Annual Report  19

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Media  |  4.3%
Cable One, Inc., 1.125%, 03/15/28	$	117	$	89,213
Liberty Broadband Corp., 3.125%, 03/31/53		135		134,068
Liberty Media Corp., 3.750%, 03/15/28		88		105,468
Liberty Media Corp., 2.250%, 08/15/27		67		68,302
				397,051
Multi-Utilities  |  1.4%
CMS Energy Corp., 3.375%, 05/01/28		130		129,220
Oil, Gas & Consumable Fuels  |  3.2%
EQT Corp., 1.750%, 05/01/26		41		109,035
Pioneer Natural Resources Co., 0.250%, 05/15/25		77		187,495
				296,530
Passenger Airlines  |  3.1%
American Airlines Group, Inc., 6.500%, 07/01/25		12		13,350
JetBlue Airways Corp., 0.500%, 04/01/26		149		108,024
Southwest Airlines Co., 1.250%, 05/01/25		164		166,337
				287,711
Real Estate Management & Development  |  1.1%
Zillow Group, Inc., 1.375%, 09/01/26		74		101,602

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

20  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Semiconductors & Semiconductor Equipment  |  7.2%
Enphase Energy, Inc., 0.000%, 03/01/26	$	151	$	138,316
Microchip Technology, Inc., 0.125%, 11/15/24		132		144,870
ON Semiconductor Corp., 0.500%, 03/01/29		172		183,610
Wolfspeed, Inc., 0.250%, 02/15/28		305		206,942
				673,738
Software  |  10.8%
Bill Holdings, Inc., 0.000%, 12/01/25		98		92,414
Five9, Inc., 0.500%, 06/01/25		109		104,422
HubSpot, Inc., 0.375%, 06/01/25		46		95,473
Nutanix, Inc., 0.250%, 10/01/27		70		73,150
Palo Alto Networks, Inc., 0.375%, 06/01/25		105		311,640
Tyler Technologies, Inc., 0.250%, 03/15/26		80		81,080
Workiva, Inc., 1.250%, 08/15/28		66		66,891
Zscaler, Inc., 0.125%, 07/01/25		117		177,898
				1,002,968
Specialty Retail  |  1.3%
Wayfair, Inc., 3.250%, 09/15/27		96		118,685

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

Annual Report  21

Description		Principal Amount (000)		Fair Value
Lazard US Convertibles Portfolio (continued)
Technology Hardware, Storage & Peripherals  |  2.0%
Seagate HDD Cayman, 3.500%, 06/01/28	$	153	$	185,359
Total Convertible Corporate Bonds (Cost $7,823,586)				8,391,827
Description		Shares		Fair Value
Preferred Stocks  |  7.7%
Banks  |  3.6%
Bank of America Corp., Series L		193	$	232,619
Wells Fargo & Co., Series L		83		99,237
				331,856
Electric Utilities  |  0.8%
NextEra Energy, Inc.		2,012		76,697
Financial Services  |  1.8%
AMG Capital Trust II		1,426		71,115
Apollo Global Management, Inc.		1,700		95,863
				166,978
Independent Power & Renewable Electricity Producers  |  1.0%
AES Corp., Series A		1,211		92,133
Machinery  |  0.5%
Chart Industries, Inc., Series B		880		48,910
Total Preferred Stocks (Cost $763,194)				716,574

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

22  Annual Report

Description	Shares		Fair Value
Lazard US Convertibles Portfolio (concluded)
Short-Term Investments  |  2.8%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $255,621)	255,621	$	255,621
Total Investments  |  100.8% (Cost $8,842,401)		$	9,364,022
Liabilities in Excess of Cash and Other Assets  |  (0.8)%			(77,842	)
Net Assets  |  100.0%		$	9,286,180

Futures Contracts open at December 31, 2023:

Financial Futures	Number of Contracts	Notional Amount	Expiration Date	Notional Cost	Fair Value	Unrealized Appreciation
CBOT 5 Year U.S. Treasury Notes	4	$400,000	03/28/2024	$424,287	$435,094	$10,807

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

Annual Report  23

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio
Corporate Bonds  |  94.0%
Aerospace & Defense  |  1.6%
Bombardier, Inc., 7.125%, 06/15/26 (#)	$	1,250	$	1,244,164
TransDigm, Inc.:
6.750%, 08/15/28 (#)		1,000		1,023,082
4.625%, 01/15/29		500		469,437
				2,736,683
Automobile Components  |  0.9%
Goodyear Tire & Rubber Co.:
5.000%, 05/31/26		250		246,099
5.250%, 07/15/31		1,500		1,361,025
				1,607,124
Automobiles  |  0.5%
Jaguar Land Rover Automotive PLC, 4.500%, 10/01/27 (#)		1,000		943,446
Building Products  |  2.0%
Builders FirstSource, Inc., 4.250%, 02/01/32 (#)		2,000		1,803,961
Griffon Corp., 5.750%, 03/01/28		1,750		1,719,497
				3,523,458
Chemicals  |  3.9%
Ashland, Inc., 3.375%, 09/01/31 (#)		1,500		1,292,877
Methanex Corp., 5.125%, 10/15/27		1,750		1,709,577
NOVA Chemicals Corp., 4.250%, 05/15/29 (#)		1,750		1,473,458
Valvoline, Inc., 3.625%, 06/15/31 (#)		1,500		1,280,115

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

24  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
W. R. Grace Holdings LLC, 4.875%, 06/15/27 (#)	$	1,000	$	962,101
				6,718,128
Commercial Services & Supplies  |  3.0%
ADT Security Corp., 4.125%, 08/01/29 (#)		250		230,063
Clean Harbors, Inc., 4.875%, 07/15/27 (#)		2,000		1,959,784
GFL Environmental, Inc., 3.500%, 09/01/28 (#)		1,750		1,617,106
Prime Security Services Borrower LLC, 3.375%, 08/31/27 (#)		1,500		1,390,793
				5,197,746
Construction Materials  |  1.0%
James Hardie International Finance DAC, 5.000%, 01/15/28 (#)		1,760		1,702,508
Consumer Finance  |  1.1%
Ford Motor Credit Co. LLC:
2.700%, 08/10/26		1,000		926,188
4.125%, 08/17/27		1,000		946,683
				1,872,871
Consumer Staples Distribution & Retail  |  2.8%
Albertsons Cos., Inc., 3.500%, 03/15/29 (#)		2,000		1,815,964
Performance Food Group, Inc., 4.250%, 08/01/29 (#)		1,800		1,650,947
U.S. Foods, Inc., 4.625%, 06/01/30 (#)		1,500		1,397,942
				4,864,853
Containers & Packaging  |  4.8%
Ardagh Metal Packaging Finance USA LLC, 4.000%, 09/01/29 (#)		1,200		1,015,772

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

Annual Report  25

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Ardagh Packaging Finance PLC, 4.125%, 08/15/26 (#)	$	1,200	$	1,095,000
Ball Corp., 2.875%, 08/15/30		2,000		1,715,970
Graphic Packaging International LLC, 3.500%, 03/15/28 (#)		1,600		1,484,653
Sealed Air Corp./Sealed Air Corp. U.S., 6.125%, 02/01/28 (#)		1,000		1,008,612
Silgan Holdings, Inc., 4.125%, 02/01/28		1,996		1,906,254
				8,226,261
Diversified Consumer Services  |  1.1%
Service Corp. International, 4.625%, 12/15/27		2,000		1,935,000
Diversified REITs  |  4.3%
HAT Holdings I LLC, 3.375%, 06/15/26 (#)		1,500		1,409,803
Iron Mountain, Inc.:
4.875%, 09/15/29 (#)		500		473,542
4.500%, 02/15/31 (#)		1,250		1,131,897
Park Intermediate Holdings LLC, 4.875%, 05/15/29 (#)		1,500		1,388,454
RHP Hotel Properties LP, 4.500%, 02/15/29 (#)		1,750		1,627,571
SBA Communications Corp., 3.125%, 02/01/29		1,500		1,347,745
				7,379,012
Diversified Telecommunication Services  |  2.8%
Connect Finco Sarl, 6.750%, 10/01/26 (#)		1,500		1,486,875
Frontier Communications Holdings LLC, 8.750%, 05/15/30 (#)		1,500		1,543,063
Hughes Satellite Systems Corp., 5.250%, 08/01/26		2,091		1,840,024
				4,869,962

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

26  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Electric Utilities  |  0.7%
NRG Energy, Inc., 3.625%, 02/15/31 (#)	$	1,500	$	1,288,768
Electrical Equipment  |  1.5%
Sensata Technologies, Inc.:
4.375%, 02/15/30 (#)		1,100		1,020,209
3.750%, 02/15/31 (#)		250		220,183
Vistra Operations Co. LLC, 4.375%, 05/01/29 (#)		1,500		1,400,263
				2,640,655
Entertainment  |  1.1%
Cinemark USA, Inc., 5.250%, 07/15/28 (#)		1,500		1,376,107
Live Nation Entertainment, Inc., 3.750%, 01/15/28 (#)		500		466,296
				1,842,403
Financial Services  |  0.9%
Suburban Propane Partners LP, 5.000%, 06/01/31 (#)		1,750		1,586,526
Food Products  |  4.4%
B&G Foods, Inc., 5.250%, 04/01/25		526		517,928
Darling Ingredients, Inc., 6.000%, 06/15/30 (#)		2,000		2,001,480
Lamb Weston Holdings, Inc., 4.125%, 01/31/30 (#)		2,000		1,843,861
Post Holdings, Inc., 4.500%, 09/15/31 (#)		2,000		1,792,293
TreeHouse Foods, Inc., 4.000%, 09/01/28		1,750		1,549,090
				7,704,652

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

Annual Report  27

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Health Care Equipment & Supplies  |  2.7%
Avantor Funding, Inc., 3.875%, 11/01/29 (#)	$	1,500	$	1,362,176
Hologic, Inc., 4.625%, 02/01/28 (#)		2,000		1,919,824
Medline Borrower LP, 3.875%, 04/01/29 (#)		1,500		1,356,217
				4,638,217
Health Care Providers & Services  |  3.9%
Encompass Health Corp., 4.625%, 04/01/31		1,849		1,701,419
Legacy LifePoint Health LLC, 4.375%, 02/15/27 (#)		1,250		1,154,049
Molina Healthcare, Inc., 3.875%, 05/15/32 (#)		1,750		1,529,087
Tenet Healthcare Corp.:
4.875%, 01/01/26		1,000		988,732
4.375%, 01/15/30		1,500		1,390,109
				6,763,396
Hotels, Restaurants & Leisure  |  8.0%
1011778 BC ULC, 3.875%, 01/15/28 (#)		2,100		1,983,919
Boyd Gaming Corp.:
4.750%, 12/01/27		850		817,786
4.750%, 06/15/31 (#)		1,250		1,147,280
Carnival Corp., 7.625%, 03/01/26 (#)		1,500		1,527,121
Cedar Fair LP, 5.375%, 04/15/27		1,550		1,516,520
Hilton Domestic Operating Co., Inc., 3.625%, 02/15/32 (#)		2,000		1,745,418
International Game Technology PLC, 4.125%, 04/15/26 (#)		1,500		1,457,895
MGM Resorts International, 4.625%, 09/01/26		800		780,732

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

28  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Station Casinos LLC, 4.625%, 12/01/31 (#)	$	1,750	$	1,577,930
Travel & Leisure Co., 4.500%, 12/01/29 (#)		1,500		1,343,377
				13,897,978
Household Durables  |  0.9%
Tempur Sealy International, Inc., 4.000%, 04/15/29 (#)		1,750		1,580,584
Household Products  |  0.6%
Energizer Holdings, Inc., 4.750%, 06/15/28 (#)		1,200		1,109,373
Independent Power & Renewable Electricity Producers  |  1.8%
Calpine Corp., 4.500%, 02/15/28 (#)		1,500		1,426,725
NextEra Energy Operating Partners LP, 4.500%, 09/15/27 (#)		1,750		1,684,407
				3,111,132
Interactive Media & Services  |  0.8%
Ziff Davis, Inc., 4.625%, 10/15/30 (#)		1,500		1,376,145
Machinery  |  5.1%
Allison Transmission, Inc., 4.750%, 10/01/27 (#)		1,795		1,734,450
Amsted Industries, Inc.:
5.625%, 07/01/27 (#)		750		747,314
4.625%, 05/15/30 (#)		1,000		915,220
Mueller Water Products, Inc., 4.000%, 06/15/29 (#)		2,000		1,821,998
Terex Corp., 5.000%, 05/15/29 (#)		2,000		1,885,000
Vertiv Group Corp., 4.125%, 11/15/28 (#)		1,750		1,641,884
				8,745,866

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

Annual Report  29

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Media  |  9.6%
CCO Holdings LLC:
5.125%, 05/01/27 (#)	$	500	$	483,085
4.750%, 03/01/30 (#)		1,500		1,370,647
Lamar Media Corp., 3.625%, 01/15/31		1,500		1,332,750
Nexstar Media, Inc., 5.625%, 07/15/27 (#)		1,500		1,450,426
Outfront Media Capital LLC, 5.000%, 08/15/27 (#)		2,300		2,223,173
Scripps Escrow II, Inc., 3.875%, 01/15/29 (#)		1,500		1,326,645
Sinclair Television Group, Inc., 5.125%, 02/15/27 (#)		1,750		1,561,875
Sirius XM Radio, Inc.:
5.000%, 08/01/27 (#)		1,750		1,690,489
3.875%, 09/01/31 (#)		1,000		855,486
TEGNA, Inc., 5.000%, 09/15/29		1,750		1,603,368
Univision Communications, Inc., 5.125%, 02/15/25 (#)		461		459,294
Videotron Ltd., 5.125%, 04/15/27 (#)		500		492,500
Virgin Media Secured Finance PLC, 4.500%, 08/15/30 (#)		2,000		1,780,600
				16,630,338
Metals & Mining  |  1.8%
FMG Resources August 2006 Pty. Ltd., 4.500%, 09/15/27 (#)		1,750		1,681,372
Novelis Corp., 4.750%, 01/30/30 (#)		1,500		1,410,673
				3,092,045
Mortgage REITs  |  1.0%
Starwood Property Trust, Inc., 3.625%, 07/15/26 (#)		1,743		1,651,109

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

30  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Oil, Gas & Consumable Fuels  |  8.0%
Buckeye Partners LP, 4.500%, 03/01/28 (#)	$	1,500	$	1,413,261
DT Midstream, Inc., 4.375%, 06/15/31 (#)		1,350		1,217,746
Hess Midstream Operations LP, 4.250%, 02/15/30 (#)		1,850		1,702,000
HF Sinclair Corp., 5.000%, 02/01/28 (#)		2,000		1,939,611
Range Resources Corp., 4.750%, 02/15/30 (#)		1,750		1,617,682
Southwestern Energy Co.:
5.700%, 01/23/25		1,800		1,792,831
4.750%, 02/01/32		250		231,303
Sunoco LP/Sunoco Finance Corp., 4.500%, 04/30/30		2,000		1,851,625
Tallgrass Energy Partners LP, 5.500%, 01/15/28 (#)		1,250		1,181,261
Transocean, Inc., 8.750%, 02/15/30 (#)		950		992,522
				13,939,842
Paper & Forest Products  |  0.4%
Smurfit Kappa Treasury Funding DAC, 7.500%, 11/20/25		750		769,551
Passenger Airlines  |  0.6%
United Airlines Pass-Through Trust, Series 2012-1, Class A, 4.150%, 10/11/25		966		961,991
Software  |  1.1%
Clarivate Science Holdings Corp., 3.875%, 07/01/28 (#)		1,200		1,131,473
NCR Voyix Corp., 5.125%, 04/15/29 (#)		750		712,951
				1,844,424

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

Annual Report  31

Description		Principal Amount (000)		Fair Value
Lazard US High Yield Portfolio (continued)
Specialty Retail  |  3.0%
Asbury Automotive Group, Inc.:
4.500%, 03/01/28	$	987	$	937,403
5.000%, 02/15/32 (#)		750		681,602
Fertitta Entertainment LLC:
4.625%, 01/15/29 (#)		500		453,685
6.750%, 01/15/30 (#)		750		658,502
Group 1 Automotive, Inc., 4.000%, 08/15/28 (#)		1,000		927,367
Penske Automotive Group, Inc., 3.750%, 06/15/29		1,750		1,556,686
				5,215,245
Technology Hardware, Storage & Peripherals  |  2.2%
Seagate HDD Cayman, 4.091%, 06/01/29		2,083		1,924,692
Western Digital Corp., 4.750%, 02/15/26		2,000		1,962,037
				3,886,729
Trading Companies & Distributors  |  4.1%
American Builders & Contractors Supply Co., Inc., 4.000%, 01/15/28 (#)		1,100		1,040,905
Avis Budget Car Rental LLC, 5.750%, 07/15/27 (#)		2,000		1,939,249
Herc Holdings, Inc., 5.500%, 07/15/27 (#)		2,000		1,974,634
Standard Industries, Inc., 3.375%, 01/15/31 (#)		2,000		1,720,541
United Rentals North America, Inc., 5.500%, 05/15/27		500		501,104
				7,176,433
Total Corporate Bonds (Cost $173,145,386)				163,030,454

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

32  Annual Report

Description	Shares		Fair Value
Lazard US High Yield Portfolio (concluded)
Short-Term Investments  |  4.7%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $8,084,741)	8,084,741	$	8,084,741
Total Investments  |  98.7% (Cost $181,230,127)		$	171,115,195
Cash and Other Assets in Excess of Liabilities  |  1.3%			2,223,604
Net Assets  |  100.0%		$	173,338,799

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

Annual Report  33

Description		Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio
Asset-Backed Securities  |  7.4%
Financial Services  |  5.1%
AMSR Trust, Series 2020-SFR4, Class A, 1.355%, 11/17/37 (#)	$	750	$	697,275
CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, 1.530%, 03/15/61 (#)		471		421,187
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61 (#)		500		437,545
				1,556,007
Real Estate Management & Development  |  2.3%
Progress Residential Trust, Series 2020-SFR3, Class A, 1.294%, 10/17/27 (#)		744		691,679
Total Asset-Backed Securities (Cost $2,205,664)				2,247,686
Corporate Bonds  |  15.4%
Automobiles  |  2.7%
American Honda Finance Corp., 5.250%, 07/07/26		800		815,216
Banks  |  9.5%
Citigroup, Inc., 2.014% (SOFR + 0.694%), 01/25/26 (§)		1,075		1,032,982
Goldman Sachs Group, Inc., 3.500%, 04/01/25		900		879,531
JPMorgan Chase & Co., 2.301% (SOFR + 1.160%), 10/15/25 (§)		1,000		974,423
				2,886,936

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

34  Annual Report

Description		Principal Amount (000)		Fair Value
Lazard US Short Duration Fixed Income Portfolio (concluded)
Consumer Finance  |  3.2%
American Express Co., 2.500%, 07/30/24	$	1,000	$	982,366
Total Corporate Bonds (Cost $4,671,377)				4,684,518
Mortgage-Backed Securities  |  2.1%
Federal Home Loan Mortgage Corp. 4.250%, 08/14/26 (Cost $640,412)		650		640,967
U.S. Treasury Securities  |  74.5%
U.S. Treasury Notes:
5.000%, 10/31/25		5,760		5,825,700
4.250%, 12/31/25		6,085		6,083,812
2.375%, 04/30/26		4,845		4,656,310
4.375%, 12/15/26		6,015		6,073,740
Total U.S. Treasury Securities (Cost $22,496,232)				22,639,562
Description		Shares		Fair Value
Short-Term Investments  |  0.2%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $54,129)		54,129	$	54,129
Total Investments  |  99.6% (Cost $30,067,814)			$	30,266,862
Cash and Other Assets in Excess of Liabilities  |  0.4%				114,982
Net Assets  |  100.0%			$	30,381,844

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

Annual Report  35

The Lazard Funds, Inc. Notes to Portfolios of Investments
December 31, 2023

(#) Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among “qualified institutional buyers”. At December 31, 2023, these securities amounted to the percentage of net assets for each Portfolio as follows:

Portfolio	Percentage of Net Assets
US High Yield		70.5	%
US Short Duration Fixed Income		7.4	%

(§) 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, 2023.

Security Abbreviations:

REITs	— Real Estate Investment Trusts
SOFR	— Secured Overnight Financing Rate

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

36  Annual Report

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Annual Report  37

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2023	Lazard US Convertibles Portfolio			Lazard US High Yield Portfolio
ASSETS
Investments in securities, at fair value		$	9,364,022		$	171,115,195
Receivables for:
Dividends and interest			30,118			2,403,010
Capital stock sold			—			1,404
Investments sold			62,667			—
Cash collateral pledged for futures contracts			5,600			—
Amount due from Investment Manager (Note 3)			37,281			—
Variation margin on open futures contracts			338			—
Total assets			9,500,026			173,519,609
LIABILITIES
Payables for:
Management fees			—			54,486
Accrued professional services			45,835			28,808
Accrued custodian fees			6,143			12,364
Accrued shareholders’ reports			1,179			12,277
Accrued distribution fees			35			479
Accrued directors’ fees			—			127
Capital stock redeemed			—			53,180
Distributions to shareholders			—			8,944
Investments purchased			152,503			—
Other accrued expenses and payables			8,151			10,145
Total liabilities			213,846			180,810
Net assets		$	9,286,180		$	173,338,799
NET ASSETS
Paid in capital		$	8,807,899		$	206,949,304
Distributable earnings (Accumulated loss)			478,281			(33,610,505	)
Net assets		$	9,286,180		$	173,338,799

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

38  Annual Report

Lazard US Short Duration Fixed Income Portfolio
	$	30,266,862
		147,795
		—
		12,175,635
		—
		32,199
		—
		42,622,491
		—
		25,827
		5,230
		3,860
		—
		68
		27,147
		—
		12,173,549
		4,966
		12,240,647
	$	30,381,844
	$	33,327,440
		(2,945,596	)
	$	30,381,844

Annual Report  39

December 31, 2023	Lazard US Convertibles Portfolio			Lazard US High Yield Portfolio
Institutional Shares
Net assets		$	9,108,214		$	170,290,004
Shares of capital stock outstanding*			855,258			9,501,245
Net asset value, offering and redemption price per share		$	10.65		$	17.92
Open Shares
Net assets		$	177,966		$	3,037,709
Shares of capital stock outstanding*			16,707			168,715
Net asset value, offering and redemption price per share		$	10.65		$	18.00
R6 Shares
Net assets			—		$	11,086
Shares of capital stock outstanding*			—			617	†
Net asset value, offering and redemption price per share*			—		$	17.98
Cost of investments in securities		$	8,842,401		$	181,230,127

*	$0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.
†	Shares value is rounded for presentation purposes.

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

40  Annual Report

Lazard US Short Duration Fixed Income Portfolio
$	30,361,938
	3,192,502
$	9.51
$	19,906
	2,091
$	9.52
	—
	—
	—
$	30,067,814

Annual Report  41

The Lazard Funds, Inc. Statements of Operations

For the Year Ended December 31, 2023	Lazard US Convertibles Portfolio				Lazard US High Yield Portfolio
Investment Income (Loss)
Income
Interest		$	214,502			$	10,122,334
Dividends			52,754				286,497
Total investment income			267,256				10,408,831
Expenses
Management fees (Note 3)			48,530				1,155,504
Custodian fees			36,139				100,941
Professional services			90,405				65,245
Administration fees			26,455				43,548
Shareholders’ reports			10,311				29,561
Registration fees			26,949				27,676
Shareholders’ services			5,949				24,297
Directors’ fees and expenses			5,446				20,154
Distribution fees (Open Shares)			392				7,445
Amortization of offering costs (Note 2(i))			121,284				—
Organization expenses (Note 2(i))			3,830				—
Other			2,149				10,494
Total gross expenses			377,839				1,484,865
Management fees waived and expenses reimbursed			(316,699	)			(320,400	)
Total net expenses			61,140				1,164,465
Net investment income (loss)			206,116				9,244,366
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			76,025				(9,406,959	)
Futures contracts			6,678				—
Total net realized gain (loss)			82,703				(9,406,959	)
Net change in unrealized appreciation (depreciation) on:
Investments			501,424				18,383,423
Futures contracts			10,807				—
Total net change in unrealized appreciation (depreciation)			512,231				18,383,423
Net realized and unrealized gain (loss)			594,934				8,976,464
Net increase (decrease) in net assets resulting from operations		$	801,050			$	18,220,830

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

42  Annual Report

Lazard US Short Duration Fixed Income Portfolio
	$	1,587,142
		—
		1,587,142
		107,698
		32,637
		49,219
		22,671
		13,540
		36,832
		12,834
		8,493
		45
		—
		—
		6,366
		290,335
		(117,770	)
		172,565
		1,414,577
		(1,260,686	)
		—
		(1,260,686	)
		1,463,926
		—
		1,463,926
		203,240
	$	1,617,817

Annual Report  43

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

	Lazard US Convertibles Portfolio
	Year Ended December 31, 2023				Period Ended December 31, 2022 (a)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	206,116		$	(207	)
Net realized gain (loss)			82,703			—
Net change in unrealized appreciation (depreciation)			512,231			20,197
Net increase (decrease) in net assets resulting from operations			801,050			19,990
Distributions to shareholders (Note 2(h))
Net investment income and net realized gains
Institutional Shares			(336,860	)		—
Open Shares			(6,106	)		—
R6 Shares			—			—
Net decrease in net assets resulting from distributions			(342,966	)		—
Capital stock transactions
Net proceeds from sales
Institutional Shares			3,461,876			4,900,000
Open Shares			66,678			100,000
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			336,860			—
Open Shares			6,106			—
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(60,050	)		—
Open Shares			(3,364	)		—
Net increase (decrease) in net assets from capital stock transactions			3,808,106			5,000,000
Total increase (decrease) in net assets			4,266,190			5,019,990
Net assets at beginning of period			5,019,990			—
Net assets at end of period		$	9,286,180		$	5,019,990

(a) The Portfolio commenced operations on December 30, 2022.

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

44  Annual Report

Lazard US High Yield Portfolio								Lazard US Short Duration Fixed Income Portfolio
Year Ended December 31, 2023				Year Ended December 31, 2022				Year Ended December 31, 2023				Year Ended December 31, 2022
	$	9,244,366			$	10,552,279			$	1,414,577			$	874,532
		(9,406,959	)			(5,353,386	)			(1,260,686	)			(1,716,118	)
		18,383,423				(34,694,517	)			1,463,926				(1,143,722	)
		18,220,830				(29,495,624	)			1,617,817				(1,985,308	)
		(9,199,641	)			(10,508,568	)			(1,411,919	)			(876,024	)
		(125,017	)			(122,060	)			(577	)			(180	)
		(398	)			(48	)			—				—
		(9,325,056	)			(10,630,676	)			(1,412,496	)			(876,204	)
		26,230,303				22,312,710				656,347				1,477,636
		980,467				2,265,403				3,353				3,020
		9,000				—				—				—
		9,100,919				10,233,107				1,377,893				834,132
		107,031				105,656				577				179
		398				48				—				—
		(96,653,345	)			(69,521,576	)			(30,451,361	)			(20,124,194	)
		(1,151,214	)			(2,392,556	)			(789	)			(8,361	)
		(61,376,441	)			(36,997,208	)			(28,413,980	)			(17,817,588	)
		(52,480,667	)			(77,123,508	)			(28,208,659	)			(20,679,100	)
		225,819,466				302,942,974				58,590,503				79,269,603
	$	173,338,799			$	225,819,466			$	30,381,844			$	58,590,503

Annual Report  45

	Lazard US Convertibles Portfolio
	Year Ended December 31, 2023			Period Ended December 31, 2022 (a)
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		490,000			—
Shares sold		339,175			490,000
Shares issued to shareholders from reinvestment of distributions		31,885			—
Shares redeemed		(5,802	)		—
Net increase (decrease)		365,258			490,000
Shares outstanding at end of period		855,258			490,000
Open Shares
Shares outstanding at beginning of period		10,000			—
Shares sold		6,445			10,000
Shares issued to shareholders from reinvestment of distributions		577			—
Shares redeemed		(315	)		—
Net increase (decrease)		6,707			10,000
Shares outstanding at end of period		16,707			10,000
R6 Shares
Shares outstanding at beginning of period		—			—
Shares sold		—			—
Shares issued to shareholders from reinvestment of distributions		—			—
Net increase (decrease)		—			—
Shares outstanding at end of period		—			—

(a) The Portfolio commenced operations on December 30, 2022.

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

46  Annual Report

Lazard US High Yield Portfolio						Lazard US Short Duration Fixed Income Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
	13,164,575			15,258,202			6,203,400			8,058,991
	1,527,640			1,268,115			69,565			152,656
	528,878			581,324			145,976			87,541
	(5,719,848	)		(3,943,066	)		(3,226,439	)		(2,095,788	)
	(3,663,330	)		(2,093,627	)		(3,010,898	)		(1,855,591	)
	9,501,245			13,164,575			3,192,502			6,203,400
	172,536			173,575			1,757			2,279
	56,835			127,720			356			314
	6,187			5,993			61			19
	(66,843	)		(134,752	)		(83	)		(855	)
	(3,821	)		(1,039	)		334			(522	)
	168,715			172,536			2,091			1,757
	66			63			—			—
	528			—			—			—
	23			3			—			—
	551			3			—			—
	617			66			—			—

Annual Report  47

The Lazard Funds, Inc. Financial Highlights

LAZARD US CONVERTIBLES PORTFOLIO

Selected data for a share of capital stock outstanding throughout each period	Year Ended 12/31/23			For the period 12/30/22* to 12/31/22
Institutional Shares
Net asset value, beginning of period		$10.04			$10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.27			—	(b)
Net realized and unrealized gain (loss)		0.74			0.04
Total from investment operations		1.01			0.04
Less distributions from:
Net investment income		(0.26	)		—
Net realized gains		(0.14	)		—
Total distributions		(0.40	)		—
Net asset value, end of period		$10.65			$10.04
Total Return (c)		10.18	%		0.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$9,108			$4,920
Ratios to average net assets (d):
Net expenses		0.75	%		0.75	%
Gross expenses		4.59	%		3.08	%
Net investment income (loss)		2.55	%		-0.75	%
Portfolio turnover rate		22	%		0	%
Open Shares
Net asset value, beginning of period		$10.04			$10.00
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.24			—	(b)
Net realized and unrealized gain (loss)		0.75			0.04
Total from investment operations		0.99			0.04
Less distributions from:
Net investment income		(0.24	)		—
Net realized gains		(0.14	)		—
Total distributions		(0.38	)		—
Net asset value, end of period		$10.65			$10.04
Total Return (c)		9.91	%		0.40	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$   178			$   100
Ratios to average net assets (d) :
Net expenses		1.00	%		1.00	%
Gross expenses		6.63	%		18.24	%
Net investment income (loss)		2.32	%		-1.00	%
Portfolio turnover rate		22	%		0	%

*	The Portfolio commenced operations on December 30, 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)	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.

48  Annual Report

LAZARD US HIGH YIELD PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20		*	12/31/19		*
Institutional Shares
Net asset value, beginning of period	$	16.93		$	19.63		$	19.80		$	19.68		$	18.16
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.76			0.72			0.72			0.80			0.88
Net realized and unrealized gain (loss)		1.00			(2.69	)		(0.17	)		0.13			1.52
Total from investment operations		1.76			(1.97	)		0.55			0.93			2.40
Less distributions from:
Net investment income		(0.77	)		(0.73	)		(0.72	)		(0.81	)		(0.88	)
Total distributions		(0.77	)		(0.73	)		(0.72	)		(0.81	)		(0.88	)
Net asset value, end of period	$	17.92		$	16.93		$	19.63		$	19.80		$	19.68
Total Return (b)		10.65	%		-10.11	%		2.86	%		4.96	%		13.34	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	170,290		$	222,884		$	299,518		$	298,636		$	297,219
Ratios to average net assets:
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		0.70	%		0.70	%		0.66	%		0.67	%		0.67	%
Net investment income (loss)		4.40	%		4.06	%		3.64	%		4.17	%		4.47	%
Portfolio turnover rate		26	%		7	%		30	%		26	%		21	%

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

Annual Report  49

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20		*	12/31/19		*
Open Shares
Net asset value, beginning of period	$	17.01		$	19.72		$	19.90		$	19.76		$	18.28
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.72			0.68			0.67			0.75			0.80
Net realized and unrealized gain (loss)		1.00			(2.70	)		(0.17	)		0.15			1.48
Total from investment operations		1.72			(2.02	)		0.50			0.90			2.28
Less distributions from:
Net investment income		(0.73	)		(0.69	)		(0.68	)		(0.76	)		(0.80	)
Total distributions		(0.73	)		(0.69	)		(0.68	)		(0.76	)		(0.80	)
Net asset value, end of period	$	18.00		$	17.01		$	19.72		$	19.90		$	19.76
Total Return (b)		10.35	%		-10.32	%		2.55	%		4.80	%		12.74	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	3,038		$	2,935		$	3,423		$	3,733		$	4,170
Ratios to average net assets:
Net expenses		0.80	%		0.80	%		0.80	%		0.80	%		0.83	%
Gross expenses		1.08	%		1.06	%		1.00	%		1.03	%		1.19	%
Net investment income (loss)		4.16	%		3.81	%		3.39	%		3.94	%		4.18	%
Portfolio turnover rate		26	%		7	%		30	%		26	%		21	%

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

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Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20		*	12/31/19		*
R6 Shares
Net asset value, beginning of period	$	16.99		$	19.69		$	19.88		$	19.76		$	18.68
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.77			0.77			0.73			0.81			0.92
Net realized and unrealized gain (loss)		0.99			(2.72	)		(0.18	)		0.11			1.04
Total from investment operations		1.76			(1.95	)		0.55			0.92			1.96
Less distributions from:
Net investment income		(0.77	)		(0.75	)		(0.74	)		(0.80	)		(0.88	)
Total distributions		(0.77	)		(0.75	)		(0.74	)		(0.80	)		(0.88	)
Net asset value, end of period	$	17.98		$	16.99		$	19.69		$	19.88		$	19.76
Total Return (b)		10.65	%		-9.98	%		2.80	%		4.89	%		10.67	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	11		$	1		$	1		$	1		$	1
Ratios to average net assets:
Net expenses		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Gross expenses		38.30	%		241.56	%		231.95	%		256.05	%		858.55	%
Net investment income (loss)		4.47	%		4.30	%		3.66	%		4.22	%		4.55	%
Portfolio turnover rate		26	%		7	%		30	%		26	%		21	%

*	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.

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.44		$	9.83		$	9.89		$	9.77		$	9.70
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.31			0.12			0.02			0.12			0.21
Net realized and unrealized gain (loss)		0.08			(0.38	)		(0.06	)		0.12			0.07
Total from investment operations		0.39			(0.26	)		(0.04	)		0.24			0.28
Less distributions from:
Net investment income		(0.32	)		(0.13	)		(0.02	)		(0.12	)		(0.20	)
Return of capital		—			—			—			—			(0.01	)
Total distributions		(0.32	)		(0.13	)		(0.02	)		(0.12	)		(0.21	)
Net asset value, end of period	$	9.51		$	9.44		$	9.83		$	9.89		$	9.77
Total Return (b)		4.26	%		-2.68	%		-0.39	%		2.46	%		2.93	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	30,362		$	58,574		$	79,247		$	87,746		$	96,096
Ratios to average net assets :
Net expenses		0.40	%		0.40	%		0.36	%		0.40	%		0.40	%
Gross expenses		0.66	%		0.51	%		0.48	%		0.47	%		0.45	%
Net investment income (loss)		3.28	%		1.28	%		0.22	%		1.21	%		2.18	%
Portfolio turnover rate		259	%		135	%		100	%		97	%		175	%

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	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.45		$	9.84		$	9.90		$	9.78		$	9.71
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.31			0.10			0.01			0.09			0.19
Net realized and unrealized gain (loss)		0.06			(0.38	)		(0.06	)		0.12			0.06
Total from investment operations		0.37			(0.28	)		(0.05	)		0.21			0.25
Less distributions from:
Net investment income		(0.30	)		(0.11	)		(0.01	)		(0.09	)		(0.17	)
Return of capital		—			—			—			—			(0.01	)
Total distributions		(0.30	)		(0.11	)		(0.01	)		(0.09	)		(0.18	)
Net asset value, end of period	$	9.52		$	9.45		$	9.84		$	9.90		$	9.78
Total Return (b)		3.98	%		-2.89	%		-0.50	%		2.20	%		2.64	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	20		$	17		$	22		$	29		$	16
Ratios to average net assets :
Net expenses		0.65	%		0.62	%		0.48	%		0.65	%		0.69	%
Gross expenses		29.63	%		28.11	%		18.10	%		14.74	%		51.53	%
Net investment income (loss)		3.24	%		1.06	%		0.12	%		0.96	%		1.91	%
Portfolio turnover rate		259	%		135	%		100	%		97	%		175	%

(a)	Net investment income (loss) has been computed using the average shares method.
(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.

Annual Report  53

The Lazard Funds, Inc. Notes to Financial Statements
December 31, 2023

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, 2023, the Fund was comprised of twenty-seven no-load portfolios (each referred to as a “Portfolio”). This report includes only the financial statements of the Lazard US Convertibles Portfolio (“US Convertibles”), the Lazard US High Yield Portfolio (formerly the Lazard US Corporate Income Portfolio, “High Yield”), and the Lazard US Short Duration Fixed Income Portfolio (“US Short Duration Fixed Income”). The financial statements of the other twenty-four Portfolios are presented separately.

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

Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the 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 considers such factors as other security prices, yields and maturities. Equity securities traded on a securities exchange or

54  Annual Report

market, including exchange-traded option contracts, futures 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.

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.

Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair which have a strong correlation to the fair-valued securities.

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,

Annual Report  55

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.

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.

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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, 2023, none of the 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.

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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, 2023, US Convertibles traded in futures contracts.

(e) Options Transactions—Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. When a Portfolio writes a call option, such option is typically “covered,” meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation. 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

58  Annual Report

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, 2023, none of the Portfolios traded in options transactions.

(f) Swap Agreements—Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap,” (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor,” (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. The change in value, if any, on swap agreements is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

Annual Report  59

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, 2023, none of the Portfolios traded in swap agreements.

(g) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2023, the following Portfolios had unused realized capital loss carryovers which, for federal income tax purposes, could be used to offset future realized capital gains with no expiration date as follows:

Portfolio	Short-Term			Long-Term
US High Yield	$	(5,106,888	)	$	(18,255,751	)
US Short Duration Fixed Income		(2,503,915	)		(632,745	)

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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, 2023, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
US Convertibles	$	26,460	$	—

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

Portfolio	Aggregate  Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
US Convertibles	$	8,859,281	$	804,394	$	299,653	$	504,741
US High Yield		181,374,803		648,041		10,907,649		(10,259,608	)
US Short Duration Fixed Income		30,069,000		221,055		23,193		197,862

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 US High Yield and US Short Duration Fixed Income, income dividends are normally declared each business day and paid monthly. For US Convertibles, income dividends are 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

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distribute these amounts, at least annually, to shareholders, but may be distributed more frequently in connection with income distributions. 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, capital loss carryforwards, deemed dividends outstanding, currency straddles and paydown gain/loss.

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)
US Short Duration Fixed Income		$(3,626	)		$3,626

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

	Ordinary Income				Long-Term Capital Gain
Portfolio	2023		2022		2023		2022
US Convertibles	$	342,966	$	—		$—		$—
US High Yield		9,325,056		10,630,676		—		—
US Short Duration Fixed Income		1,412,496		876,204		—		—

At December 31, 2023, 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)
US Convertibles	$	—	$	(26,460	)	$	504,741
US High Yield		11,742		(23,362,639	)		(10,259,608	)
US Short Duration Fixed Income		—		(3,136,660	)		191,064

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(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 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

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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 Portfolios’ 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
US Convertibles		0.60	%
US High Yield		0.55
US Short Duration Fixed Income		0.25

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until May 1, 2024 (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

64  Annual Report

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
US Convertibles (a)		0.75	%		1.00	%		N/A	%
US High Yield (b)		0.55			0.80			0.55
US Short Duration Fixed Income (c)		0.40			0.65			N/A

(a)	This agreement will continue in effect until December 30, 2024.
(b)	This agreement will continue in effect until May 1, 2033 for R6 Shares.
(c)	This agreement will continue in effect until May 1, 2033 for Open Shares.

In addition, until May 1, 2024, 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 US Short Duration Fixed Income.

During the year ended December 31, 2023, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

	Institutional Shares				Open Shares
Portfolio	Management Fees Waived		Expenses Reimbursed		Management Fees Waived		Expenses Reimbursed
US Convertibles	$	47,588	$	260,219	$	942	$	7,950
US High Yield		308,611		—		8,440		—
US Short Duration Fixed Income		107,653		4,884		45		5,188

	R6 Shares
Portfolio	Management Fees Waived		Expenses Reimbursed
US High Yield		$49		$3,300

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

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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 in 2023 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. Effective January 1, 2024, 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:

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(1) an annual fee of $252,500, (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 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, 2023 were as follows:

Portfolio	Purchases		Sales
US Convertibles		$  5,614,346		$  1,705,656
US High Yield		25,982,996		76,757,580
US Short Duration Fixed Income		7,202,931		8,148,059
	US Government and Treasury Securities
Portfolio	Purchases		Sales
US High Yield		$24,807,500		$  24,638,750
US Short Duration Fixed Income		88,513,669		116,140,494

At December 31, 2023, the Investment Manager owned 59.56% of the outstanding shares of US Convertibles.

For the year ended December 31, 2023, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

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6. Line of Credit

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan Agreement (the “Agreement”) with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at 1.00% plus the “Applicable Rate,” which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the year ended December 31, 2023, none of the Portfolios had borrowings under the Agreement.

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

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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 or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, market manipulations, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. Additionally, general market conditions may impact the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

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

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

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liquidate portfolio securities at disadvantageous prices. A 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).

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

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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. In addition, 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.

(d) Foreign Currency Risk—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency 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.

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(e) 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 transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference 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.

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(f) Structured Products Risk—Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference asset, market or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. Use of derivatives transactions may cause a Portfolio to experience losses greater than if a Portfolio had not engaged in such transactions.

(g) 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.

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

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

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

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

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

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

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

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(i) 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.

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

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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, 2023:

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, 2023
US Convertibles
Convertible Corporate Bonds*		$	—		$	8,391,827		$	—		$	8,391,827
Preferred Stocks*			645,459			71,115			—			716,574
Short-Term Investments			255,621			—			—			255,621
Other Financial Instruments†
Futures Contracts			10,807			—			—			10,807
Total		$	911,887		$	8,462,942		$	—		$	9,374,829
US High Yield
Corporate Bonds*		$	—		$	163,030,454		$	—		$	163,030,454
Short-Term Investments			8,084,741			—			—			8,084,741
Total		$	8,084,741		$	163,030,454		$	—		$	171,115,195
US Short Duration Fixed Income
Asset-Backed Securities		$	—		$	2,247,686		$	—		$	2,247,686
Corporate Bonds*			—			4,684,518			—			4,684,518
Mortgage-Backed Securities			—			640,967			—			640,967
U.S. Treasury Securities			—			22,639,562			—			22,639,562
Short-Term Investments			54,129			—			—			54,129
Total		$	54,129		$	30,212,733		$	—		$	30,266,862

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

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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

US Convertibles used derivative instruments, including futures contracts.

US Convertibles used 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.

During the year ended December 31, 2023, the approximate average monthly notional exposure for derivative instruments was as follows:

Futures contracts:
Average notional value of contracts – long	$400,000*

* Positions were open for less than one month during the period.

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The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2023:

Assets – Derivative Financial Instruments	Total
Futures contracts-Interest rate contract Unrealized appreciation (a)	$	10,807

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts if any, is reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported and the net cumulative unrealized appreciation (depreciation) is included in distributable earnings (accumulated loss).

The effect of derivative instruments on the Statement of Operations for the period ended December 31, 2023 was:

Net Realized Gain (Loss) from:	Total
Futures contracts-Interest rate contract	$	6,678
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Futures contracts-Interest rate contract	$	10,807

As of December 31, 2023, none of the 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.

11. Subsequent Events

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements. As of February 1, 2024, the Lazard US Corporate Income Portfolio changed its name to the Lazard US High Yield Portfolio and its principal investment strategies to align with its new name. Management has elected to reflect the name change throughout the accompanying financial statements.

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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 US Convertibles Portfolio, Lazard US High Yield 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 US Convertibles Portfolio, Lazard US High Yield Portfolio (formerly known as Lazard US Corporate Income Portfolio), and Lazard US Short Duration Fixed Income Portfolio, (collectively the “Portfolios”), three of the portfolios constituting The Lazard Funds, Inc., including the portfolios of investments, as of December 31, 2023, 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 for the year then ended, and the statement of changes in net assets and the financial highlights for the year then ended and 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, 2023, 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, 2023, and the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and 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, 2023, 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 26, 2024

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)
		New York University School of Law, Adjunct Professor (2022 – present)
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 – 2023)
		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)
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)

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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)
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, 2024, 32 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.

Annual Report  83

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 (since February 2017) and General Counsel (since April 2017) 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)
Christina Kennedy (1990)	Treasurer (April 2022)	Senior Vice President of the Investment Manager (since January 2023, previously Vice President)
		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)	Senior Vice President and Counsel of the Investment Manager (since January 2023, previously Vice President)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager (since February 2011)

(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.

84  Annual Report

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

Tax Information

Year Ended December 31, 2023

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2023:

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

Portfolio	Percentage
US Convertibles		15.38	%
US High Yield		—
US Short Duration Fixed Income		—

Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.

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

Portfolio	Long-Term Capital Gains
US Convertibles	$	—
US High Yield		—
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.

Annual Report  85

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.

86  Annual Report

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, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

Legal Counsel

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, 2023

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 (unaudited)
20	Portfolios of Investments
20	Lazard Enhanced Opportunities Portfolio
40	Lazard Global Dynamic Multi-Asset Portfolio
65	Lazard Opportunistic Strategies Portfolio
67	Lazard Real Assets Portfolio
76	Notes to Portfolios of Investments
82	Statements of Assets and Liabilities
86	Statements of Operations
88	Statements of Changes in Net Assets
94	Financial Highlights
105	Notes to Financial Statements
145	Report of Independent Registered Public Accounting Firm
147	Board of Directors and Officers Information (unaudited)
150	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.

Many states have abandoned property laws that require mutual fund companies to have evidence of contact from shareholders at least every three years. Please log into any investment accounts that you may have or contact the Fund by calling 800-823-6300 to ensure that your account stays active.

Distributed by Lazard Asset Management Securities LLC.

Annual Report  1

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

Dear Shareholder:

The year 2023 saw bloodshed from wars in Europe and the Middle East, ample displays of political complexities in the United States, and further advances in the development of machines that can mimic human thinking. For financial markets, however, which endured nearly 4,000 basis points of interest rate hikes since late 2021, the year was defined by one simple question posed to major central banks: What comes next?

Financial markets were a roller coaster in 2023, as investors were forced to constantly adjust their expectations on when key central banks would retreat from their restrictive monetary policy stances out of fear that these positions would tip the global economy into a severe recession. Against this backdrop, the US Federal Reserve (the “Fed”) was front and center in the minds of investors, as it waged its most aggressive rate-hiking campaign in over 40 years. After raising interest rates seven times in 2022, the world’s most influential central bank did so again four times in 2023, raising borrowing costs to their highest level in 22 years. Data suggesting that domestic inflation was cooling, and that the US economy remained remarkably resilient sparked optimism in the second half of the year that the Fed was done raising interest rates and perhaps would begin lowering them in 2024. While the Fed did, in fact, pass up opportunities to raise interest rates higher in its last three policy meetings of 2023, it also sent mixed signals about the trajectory of its rate-hiking campaign, which triggered spikes in volatility across financial markets.

The Fed was not the only central bank to make news in 2023. In Europe, both the European Central Bank (the “ECB”) and the Bank of England (the “BOE”) continued to raise interest rates at a furious pace before pausing their inflation-fighting campaigns in the latter part of the year. Meanwhile, in Asia, the Bank of Japan, which kept interest rates ultra-low during the global monetary tightening cycle, began to veer from this path in the closing months of the year amid signs that inflation was accelerating in Japan.

2  Annual Report

After suffering through a dismal 2022, financial markets rebounded in 2023, driven primarily by hopes that inflation had fallen enough for key central banks, particularly the Fed, to begin cutting interest rates next year. Global equity markets, as measured by the MSCI All Country World Index, surged 22.2% in 2023 while global bond markets, as measured by the Bloomberg Global Aggregate Index, gained 5.7%. (Index returns are in US dollar terms.)

The challenging market conditions in 2023 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

The Lazard Funds, Inc. Investment Overviews (unaudited)

MARKET OVERVIEW

Lazard Funds Annual Report

Global Markets

In the trailing 12-month period that ended December 31, 2023, global equity markets rose sharply, as investors speculated about the path ahead for the interest rate policies of major central banks.

After enduring nearly 4,000 basis points in interest rate hikes from major central banks since late 2021, the actions of these central banks were front and center once again in the minds of investors. Early on, markets rallied on hopes that a severe worldwide economic recession could be avoided, and that slowing inflation would induce major central banks to ease up on their forceful monetary tightening cycles. That optimism faded in subsequent months, however, as the Fed continued with its most aggressive rate-hiking campaign in over 40 years and hinted that interest rates could stay elevated for a while. The fallout from this blizzard of rate hikes was evident in the first half of the year when bond losses contributed to regional bank weakness in the United States. The Fed, as expected, kept interest rates steady at a 22-year high following policy meetings in September, November, and December. However, after months of signaling that it was adopting a “higher for longer” interest rate policy stance, the Fed began taking a less hawkish tone in November, as data suggested that a “soft landing” for the US economy was growing increasingly. Investors cheered near the end of the period when the Fed hinted that its forceful rate-hiking campaign, which had raised rates 11 times since 2022, including four times in 2023, had reached its conclusion and forecast that it could reduce interest rates three times in 2024. After briefly exceeding the psychologically important threshold of 5% in late October, the yield on the benchmark 10-year US Treasury note ended the year exactly where it started, at 3.88%.

In Europe, persistent inflationary pressure in the eurozone led the ECB to maintain a hawkish posture throughout the year, raising rates to an all-time high after 10 consecutive hikes since mid-2022, including six raises in 2023. With data suggesting that significant progress had been made in its war against inflation, the ECB held

4  Annual Report

interest rates steady in October and December but pledged to keep them at an elevated level for a sustained duration of time. Despite the ECB’s vow, investors nevertheless were betting that the eurozone central bank would reduce rates next year as the common currency bloc lurched toward an economic recession. Similarly, with price pressure in the United Kingdom easing materially, the BOE kept its interest rates steady in September, November, and December, leaving them at a 15-year high after 14 consecutive hikes since December 2021, including five times in 2023. The BOE pledged to maintain a hawkish stance for an extended period, but data suggesting that the United Kingdom was headed for a period of economic stagnation sparked speculation that the British central bank would cut rates in the first half of next year.

Despite stiff interest-rate headwinds, the value of global equity markets increased US$10 trillion in 2023, thanks largely to the strong performance of a handful of mega-cap US technology stocks. These mega-cap US technology stocks, the so-called “Magnificent Seven”—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla—surged 76% on a weighted average basis and accounted for about 42% of the gain recorded by the MSCI All Country World Index (“ACWI”). By way of comparison, the rest of the stocks in the MSCI ACWI gained roughly 12% for the year.

Against this backdrop, equity markets in both the developed and developing worlds rose in 2023, with the former outperforming the latter. In the United States, the S&P 500 Index soared and came within 0.6% of its record high at the end of year on growing expectations that the Fed would pivot to a more dovish stance. The “Magnificent Seven” group of mega-cap technology stocks accounted for roughly two-thirds of the S&P 500 Index’s 2023 gain. Across the Atlantic, the pan-European STOXX Europe 600 Index recorded its best annual performance since 2019 on hopes that the ECB would begin reducing rates in 2024 amid signs of significant progress in its inflation-fighting campaign. In Japan, the Tokyo Stock Price Index (“TOPIX”) surged, thanks largely to a weak yen and efforts to improve corporate governance and profitability. Meanwhile, in emerging Asia, the Hong Kong-based Hang Seng Index, which is comprised mostly of companies from mainland China and serves as a gateway for foreign investors wanting to

Annual Report  5

put money there, tumbled in 2023 and was one of the world’s worst-performing stock markets due to worries about China’s mounting economic woes and the lack of a forceful response from Chinese policymakers.

Information technology was the best-performing sector in 2023, as a market frenzy about artificial intelligence led investors to bid up shares of technology companies linked to that field of study. Utilities was the worst-performing sector, as elevated bond yields hurt high-dividend-paying “bond proxy” stocks.

Multi-Asset

Global equity markets rose sharply in 2023, as investors speculated about the path ahead for the interest rate policies of major central banks. Despite stiff interest-rate headwinds, the value of global equity markets increased US$10 trillion in 2023, thanks largely to the strong performance of a handful of mega-cap US technology stocks. After enduring nearly 4,000 basis points of interest rate hikes from major central banks since 2021, the bond market staged a strong rally in the last two months of 2023 on expectations that a global rate-cutting cycle would soon begin. The yield on the benchmark 10-year US Treasury closed the year at 3.88%, the same level at which it started the year. Despite high volatility, credit markets performed well in 2023, with solid demand for both global investment grade corporate bonds and global high-yield bonds. Emerging markets debt ended a difficult and volatile year with significant gains, thanks to a strong rally in the closing months of 2023.

PORTFOLIO PERFORMANCE

Lazard Enhanced Opportunities Portfolio

For the year ended December 31, 2023, the Lazard Enhanced Opportunities Portfolio’s Institutional Shares posted a total return of 7.02%, while Open Shares posted a total return of 6.63%, as compared with the 13.90% return for the ICE BofAML US Convertible ex Mandatory^® Index and the 3.10% return for the HFRX Global Hedge Fund^® Index.

Factors that contributed positively to returns in 2023 were carry, a trading strategy that involves borrowing at a low-interest rate and investing in an asset that provides a higher rate of return,

6  Annual Report

volatility yield, and special situations. Net carry (coupon, net of dividend and finance cost) averaged approximately 3% throughout the year. Volatility yield, the return associated with the dynamic hedging and re-hedging of the equity underlying a convertible, was a consistent positive contributor despite equity volatility remaining muted for much of the year, with the Chicago Board Options Exchange Volatility Index (“VIX”), a measure of the market’s expectations of 30-day volatility, finishing the year in the 13th percentile. Special situations added to returns, most notably through the first three quarters of the year, as convertible issuers looked to address their capital structure needs by repurchasing debt and/or extending maturities (i.e., buybacks and exchange offers). Portfolio-level equity hedges, implemented using exchange-traded funds and options on the Nasdaq 100, Russell 2000, and S&P 500 Indices, were a small positive contributor for the year.

The leading detractor for the year was basis cheapening, an accelerated weakening of a long convertible bond position versus a short stock hedge, which was mainly driven by two factors: i) a reduction in volatility inputs throughout the year, and ii) supply and demand associated with long-only selling. Year over year, the Portfolio team reduced volatility assumptions across the Portfolio by approximately 20%, as equity volatility contracted throughout much of the year and the VIX remained between 12th and 16th percentile for much of the second half of 2023. By the team’s estimates, long-only funds redeemed approximately 9% of assets under management in 2023, leading to technical pressure on the convertible basis. Portfolio-level credit hedges were also a small detractor for the year, as high-yield spreads tightened. The team implemented its credit hedges through the use of exchange traded funds and options on exchange traded funds.

Lazard Global Dynamic Multi-Asset Portfolio

For the year ended December 31, 2023, the Lazard Global Dynamic Multi-Asset Portfolio’s Institutional Shares posted a total return of 11.22%, while Open Shares posted a total return of 10.90%, as compared with the 23.79% return for the MSCI World^® Index and the 14.51% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and the Bloomberg Global Aggregate Index.

Annual Report  7

Among the detracting factors, in the equity allocation, stock selection in the information technology and consumer staples sectors, as well as stock selection in the US, undercut relative performance. Within the fixed income allocation, underweight exposure to bonds in South Korea, as well as underweight exposure to bonds on the Chinese renminbi yield curve, hurt relative performance.

Currency forwards were used for foreign exchange hedging purposes only, and they marginally detracted from relative performance in the year.

Among the contributing factors, a modest overweight exposure to equities versus fixed income relative to the benchmark was beneficial to relative performance, as equities outperformed fixed income in the year. Within the equity allocation, underweight exposure to the energy and materials sectors, as well as stock selection in Italy and the Netherlands, boosted relative performance. Overweight positioning to bonds in the Bahamas, Peru, and Chile within the fixed income allocation helped relative performance.

Lazard Opportunistic Strategies Portfolio

For the year ended December 31, 2023, the Lazard Opportunistic Strategies Portfolio’s Institutional Shares posted a total return of 10.29%, while Open Shares posted a total return of 9.85%, as compared with the 23.79% return for the MSCI World Index and 16.26% return for the Global Asset Allocation Blended Index, a 60%/40% split of the MSCI World Index and the Bloomberg US Aggregate Index.

The Portfolio’s investments are generally grouped by the Portfolio management team into the following three categories: contrarian, trending, and diversifying. The Portfolio management team makes allocation changes based on a forward-looking assessment of capital markets, using a risk/reward analysis.

Contrarian investments, which represented 54% of the Portfolio at the end of 2023, outperformed US fixed income, as represented by the Bloomberg Barclays US Aggregate Index, and underperformed the Global Asset Allocation Blended Index and the MSCI World

8  Annual Report

Index. Positions in tech software, US value, and Europe were helpful, while exposure to China and to consumer staples detracted from performance.

Trending investments, which represented 24% of the Portfolio at year-end, outperformed US fixed income, and underperformed the Global Asset Allocation Blended Index and the MSCI World Index. Exposure to Japan, US mega-caps, and cybersecurity were helpful within the segment. However, exposure to the minimum volatility factor through the iShares MSCI USA Minimum Volatility Factor ETF detracted, as did exposure to infrastructure and health care.

Diversifying investments, which represented 22% of the Portfolio at the end of the year, outperformed US fixed income and underperformed the Global Asset Allocation Blended Index. Exposure to agriculture and investment-grade corporate bonds was helpful, while a long USD position and exposure to copper and aluminum were less helpful.

Investments in China (iShares MSCI China ETF) and the consumer staples sector (Consumer Staples Select Sector SPDR Fund) detracted from performance.

Investments within the information technology sector (iShares Expanded Tech-Software Sector ETF), US value (Vanguard S&P 500 Value ETF), and Europe (SPDR EURO STOXX 50 ETF) contributed to performance.

Lazard Real Assets Portfolio

For the year ended December 31, 2023, the Lazard Real Assets Portfolio’s Institutional Shares posted a total return of 4.44%, while Open Shares posted a total return of 4.16% and R6 Shares posted a return of 4.38%, as compared with the 2.46% return for the Real Assets Blend Index (an equal weighted blend of the MSCI World Core Infrastructure, MSCI ACW IMI Core Real Estate, and Bloomberg Commodity Total Return Indices), and the 23.79% return for the MSCI World Index.

Annual Report  9

Infrastructure stocks contributed positively to performance in 2023. Construction and engineering company Vinci and multi-utilities company National Grid were among the top contributors. By contrast, specialized REIT SBA Communications and electric utilities company, American Electric Power, hurt performance.

Real estate performance also contributed positively during the year. The top contributors were US REITs Equinix and SL Green. However, US REIT Mid-America Apartment Communities and South African REIT Growthpoint Properties detracted from returns.

The Portfolio’s commodities allocation contributed negatively to performance, primarily due to natural gas, soybean oil, corn, and nickel. Gold was the top contributor during the period; live cattle and coffee were additive as well. Commodity-related equities had favorable performance, led by exposure to Northam Platinum.

The Portfolio used futures and total return swaps to gain exposure to commodities. The combined contribution of these was negative for the Portfolio during the period.

The Portfolio also employed currency forwards during the period. Its contribution was neutral for Portfolio performance.

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 indices 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, 2023

	One Year	Five Year	Since Inception	†
Institutional Shares	7.02%	4.60%	3.19%
Open Shares	6.63%	4.36%	2.95%
ICE BofAML U.S. Convertible ex Mandatory Index	13.90%	12.23%	9.44%
HFRX Global Hedge Fund Index	3.10%	3.46%	1.64%

† 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, 2023

	One Year	Five Year	Since Inception	†
Institutional Shares	11.22%	4.25%	4.52%
Open Shares	10.90%	3.98%	4.23%
MSCI World Index	23.79%	12.80%	10.63%
GDMA Index	14.51%	6.34%	5.48%

† The inception date for the Portfolio was May 27, 2016.

Lazard Opportunistic Strategies Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Opportunistic Strategies Portfolio, MSCI World Index and Global Asset Allocation Blended Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One Year	Five Year	Ten Year
Institutional Shares	10.29%	5.96%	3.80%
Open Shares	9.85%	5.68%	3.46%
MSCI World Index	23.79%	12.80%	8.60%
Global Asset Allocation Blended Index	16.26%	8.43%	6.13%

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, Real Assets Index, Real Assets Blend Index and Real Assets Blend Linked Index

Average Annual Total Returns

Periods Ended December 31, 2023

	One Year	Five Year	Since Inception	†
Institutional Shares	4.44%	6.31%	4.70%
Open Shares	4.16%	6.03%	4.40%
R6 Shares	4.38%	N/A	–1.25%
MSCI World Index	23.79%	12.80%	10.73% (Institutional Shares) 10.53% (Open Shares) 15.07% (R6 Shares)
Real Assets Index	2.55%	6.63%	5.34% (Institutional Shares) 5.32% (Open Shares) –1.13% (R6 Shares)
Real Assets Blend Index	2.46%	6.27%	5.10% (Institutional Shares) 5.08% (Open Shares) –1.34% (R6 Shares)
Real Assets Blend Linked Index	2.47%	6.61%	5.33% (Institutional Shares) 5.31% (Open Shares) –1.18% (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.

Annual Report  13

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 Inc., 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.

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 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 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.

14  Annual Report

The ICE BofAML U.S. Convertible ex Mandatory Index measures the performance of convertible securities of all corporate sectors with a par amount of $25 million or more and a maturity of at least one year and excludes preferred equity redemption stocks and converted securities.

The 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 Hedged 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 Hedged Index captures large and mid-cap securities across the 23 developed market countries of the MSCI World Index and is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that the Investment Manager invests in a range of companies globally, not specifically developed markets countries. The MSCI ACWI IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 23 developed markets and 24 emerging markets countries engaged in the ownership, development and management of specific core property type real estate. The Index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The Bloomberg Commodity Total Return Index is composed of futures contracts and reflects the returns on a fully collateralized investment in the Bloomberg Commodity Indices (the “BCOM”). This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.

The Real Assets Blend Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure Index, 33.3% MSCI ACWI IMI Core Real Estate Index and 33.3% Bloomberg Commodity Total Return Index. Effective as of May 1, 2023, the Real Assets Blend Index replaced the Real Assets Index, substituting MSCI World Core Infrastructure USD Hedged Index with the MSCI World Core Infrastructure Index.

The Real Assets Blend Linked Index is an unmanaged index created by the Investment Manager, which links the performance of the Real Assets Index for all periods through April 30, 2023 and the Real Assets Blend Index for all periods thereafter.

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, 2023 through December 31, 2023 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’s 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

Portfolios	Beginning Account Value 7/1/23	Ending Account Value 12/31/23	Expenses Paid During Period 7/1/23 - 12/31/23	*	Annualized Expense Ratio During Period 7/1/23 - 12/31/23
Enhanced Opportunities
Institutional Shares
Actual	$1,000.00	$1,018.80	$18.11		3.56%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,007.26	$18.01		3.56%
Open Shares
Actual	$1,000.00	$1,016.50	$19.47		3.83%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,005.90	$19.36		3.83%
Global Dynamic Multi-Asset
Institutional Shares
Actual	$1,000.00	$1,054.70	$ 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	$1,053.80	$ 5.95		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	$1,059.00	$ 5.29		1.02%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,020.06	$ 5.19		1.02%
Open Shares
Actual	$1,000.00	$1,056.70	$ 6.58		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	$1,046.60	$ 4.13		0.80%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,021.17	$ 4.08		0.80%
Open Shares
Actual	$1,000.00	$1,044.10	$ 5.41		1.05%
Hypothetical (5% Return Before Expenses)	$1,000.00	$1,019.91	$ 5.35		1.05%
R6 Shares
Actual	$1,000.00	$1,045.80	$ 3.87		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).

Annual Report  17

The Lazard Funds, Inc. Portfolio Holdings

Presented by Asset Class/Sector (unaudited)

	Lazard Enhanced Opportunities Portfolio
Asset Class/Sector	Long		^	Short		†
Convertible Corporate Bonds
Communication Services		9.1	%		–0.2	%
Consumer Discretionary		5.7			—
Consumer Staples		0.7			—
Energy		2.3			—
Financials		9.2			—
Health Care		7.2			—
Industrials		7.8			–0.6
Information Technology		9.2			—
Materials		2.8			—
Real Estate		0.7			—
Technology		0.6			—
Utilities		0.2			—
Equity
Communication Services		—			–3.9
Consumer Discretionary		—			–8.1
Consumer Staples		—			–0.8
Energy		—			–3.7
Financials		—			–7.3
Health Care		0.1			–6.2
Industrials		0.1			–15.3
Information Technology		—			–8.5
Materials		—			–4.7
Real Estate		—			–0.4
Utilities		—			–0.1
U.S. Treasury Securities		41.4			–36.2
Exchange-Traded Funds		—			–4.0
Purchased Options		0.1			—
Short-Term Investments		2.8			—
Total Investments		100.0	%		–100.0	%

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

18  Annual Report

Asset Class/Sector	Lazard Global Dynamic Multi-Asset Portfolio		**	Lazard Opportunistic Strategies Portfolio		**	Lazard Real Assets Portfolio
Equity*
Communication Services		5.8	%		4.6	%		0.1	%
Consumer Discretionary		8.8			8.1			—
Consumer Staples		6.0			4.2			0.2
Energy		1.2			2.5			6.7
Financials		14.4			10.4			1.2
Health Care		10.1			7.2			—
Industrials		7.7			7.9			8.0
Information Technology		14.2			21.1			—
Materials		1.4			2.7			1.1
Real Estate		1.7			1.8			39.6
Utilities		2.4			1.9			20.8
Commodity		—			2.1			—
Exchange-Traded Funds		—			—			4.8
Fixed Income		—			24.0			—
Sovereign Debt		23.5			—			—
U.S. Treasury Securities		2.8			—			—
Short-Term Investments		—			1.5			17.5
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, 2023

				Fair
Description		Shares		Value
Lazard Enhanced Opportunities Portfolio
Common Stocks  |  0.4%
United States  |  0.4%
Envista Holdings Corp. (*), (±)			2,576	$	61,979
MannKind Corp. (*), (±)			8,193		29,822
Southwest Airlines Co. (±)			1,485		42,887
					134,688
Total Common Stocks (Cost $130,026)					134,688
		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Convertible Corporate Bonds  |  99.8%
Australia  |  0.1%
Zip Co. Ltd., 5.000%, 04/23/28 (±), (Ø)	AUD		61	$	46,557
Austria  |  1.2%
ams-OSRAM AG, 2.125%, 11/03/27 (±)	EUR		500		439,510
Brazil  |  1.8%
GOL Equity Finance SA, 3.750%, 07/15/24 (#), (±)	USD		829		689,795
Canada  |  6.0%
Dye & Durham Ltd., 3.750%, 03/01/26 (±)	CAD		783		454,365
Ivanhoe Mines Ltd., 2.500%, 04/15/26 (±)	USD		347		485,234
Lithium Americas Argentina Corp., 1.750%, 01/15/27 (±)	USD		199		128,261

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)
Shopify, Inc., 0.125%, 11/01/25 (±)	USD		910	$	862,680
SSR Mining, Inc., 2.500%, 04/01/39 (±)	USD		221		209,176
StorageVault Canada, Inc., 5.000%, 03/31/28 (±)	CAD		121		85,371
					2,225,087
Hong Kong  |  2.2%
Cathay Pacific Finance III Ltd., 2.750%, 02/05/26 (±)	HKD		6,000		807,389
Israel  |  1.2%
Wix.com Ltd., 0.000%, 08/15/25 (±)	USD		502		456,569
Netherlands  |  2.2%
Pharming Group NV, 3.000%, 01/21/25 (±)	EUR		300		318,589
Basic-Fit NV, 1.500%, 06/17/28 (±)	EUR		500		497,380
					815,969
Singapore  |  0.9%
Sea Ltd., 2.375%, 12/01/25 (±)	USD		336		321,888
United Kingdom  |  0.5%
Just Eat Takeaway.com NV, 1.250%, 04/30/26 (±)	EUR		200		193,747
United States  |  83.7%
Air Transport Services Group, Inc., 3.875%, 08/15/29 (±)	USD		49		43,733
Airbnb, Inc., 0.000%, 03/15/26 (±)	USD		95		85,557

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)
Amyris, Inc., 1.500%, 11/15/26 («), (±)	USD		938	$	32,830
Apellis Pharmaceuticals, Inc., 3.500%, 09/15/26 (±)	USD		306		499,943
Arbor Realty Trust, Inc., 7.500%, 08/01/25 (±)	USD		564		574,716
Bentley Systems, Inc., 0.375%, 07/01/27 (±)	USD		48		43,176
Bill Holdings, Inc., 0.000%, 12/01/25 (±)	USD		689		649,727
Blackline, Inc., 0.125%, 08/01/24 (±)	USD		285		292,296
Block, Inc., 0.125%, 03/01/25 (±)	USD		254		249,403
Bloom Energy Corp.:
2.500%, 08/15/25 (±)	USD		197		224,876
3.000%, 06/01/28 (±)	USD		48		51,360
Bread Financial Holdings, Inc., 4.250%, 06/15/28 (±)	USD		324		347,101
Carnival Corp., 5.750%, 10/01/24 (±)	USD		455		866,775
Century Aluminum Co., 2.750%, 05/01/28 (±)	USD		235		205,117
Cerence, Inc., 3.000%, 06/01/25 (±)	USD		98		94,668
Chart Industries, Inc., 1.000%, 11/15/24 (±)	USD		573		1,334,402
Chefs’ Warehouse, Inc., 2.375%, 12/15/28	USD		522		498,101
Chegg, Inc., 0.125%, 03/15/25 (±)	USD		377		348,913
Coherus Biosciences, Inc., 1.500%, 04/15/26 (±)	USD		675		382,855

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)
CONMED Corp., 2.250%, 06/15/27 (±)	USD		288	$	289,267
CSG Systems International, Inc., 3.875%, 09/15/28 (±)	USD		97		97,912
Danimer Scientific, Inc., 3.250%, 12/15/26 (±)	USD		146		28,715
Desktop Metal, Inc., 6.000%, 05/15/27 (±)	USD		377		243,447
DigitalOcean Holdings, Inc., 0.000%, 12/01/26 (±)	USD		797		661,032
DISH Network Corp., 3.375%, 08/15/26 (±)	USD		1		535
Eagle Bulk Shipping, Inc., 5.000%, 08/01/24 (±)	USD		1,041		1,837,885
Encore Capital Group, Inc., 4.000%, 03/15/29 (±)	USD		513		507,870
Enphase Energy, Inc.:
0.000%, 03/01/26 (±)	USD		197		180,452
0.000%, 03/01/28 (±)	USD		54		48,298
Envestnet, Inc., 0.750%, 08/15/25 (±)	USD		448		419,328
Everbridge, Inc.:
0.125%, 12/15/24 (±)	USD		197		183,703
0.000%, 03/15/26 (±)	USD		215		186,513
Expedia Group, Inc., 0.000%, 02/15/26 (±)	USD		473		449,586
EZCORP, Inc.:
2.875%, 07/01/24 (±)	USD		637		653,243
3.750%, 12/15/29 (±)	USD		437		443,336
Fisker, Inc., 2.500%, 09/15/26 (±)	USD		775		167,683
fuboTV, Inc., 3.250%, 02/15/26 (±)	USD		16		11,760
Green Plains, Inc., 2.250%, 03/15/27 (±)	USD		247		258,584
Greenbrier Cos., Inc., 2.875%, 04/15/28 (±)	USD		652		642,872

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)
Guess, Inc., 3.750%, 04/15/28 (±)	USD		617	$	687,585
Guidewire Software, Inc., 1.250%, 03/15/25 (±)	USD		525		578,287
Harmonic, Inc., 2.000%, 09/01/24 (±)	USD		325		494,000
HAT Holdings I LLC/HAT Holdings II LLC, 3.750%, 08/15/28 (±)	USD		117		136,750
Health Catalyst, Inc., 2.500%, 04/15/25 (±)	USD		42		40,215
i3 Verticals LLC, 1.000%, 02/15/25 (±)	USD		370		347,106
INOTIV, Inc., 3.250%, 10/15/27 (±)	USD		468		201,806
Insmed, Inc., 0.750%, 06/01/28 (±)	USD		197		225,959
Insulet Corp., 0.375%, 09/01/26 (±)	USD		192		221,568
Kaman Corp., 3.250%, 05/01/24 (±)	USD		186		181,350
Karyopharm Therapeutics, Inc., 3.000%, 10/15/25 (±)	USD		107		53,500
Liberty Interactive LLC:
4.000%, 11/15/29 (±)	USD		1,079		275,145
3.750%, 02/15/30 (±)	USD		1,489		379,695
Liberty Media Corp.:
2.750%, 12/01/49 (±)	USD		948		897,092
2.375%, 09/30/53 (±)	USD		437		474,582
Livent Corp., 4.125%, 07/15/25 (±)	USD		387		812,506
Marcus Corp., 5.000%, 09/15/25 (±)	USD		398		587,846
Marriott Vacations Worldwide Corp., 0.000%, 01/15/26 (±)	USD		58		51,214
Match Group Financeco 2, Inc., 0.875%, 06/15/26 (±)	USD		1,010		913,444

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)
Mesa Laboratories, Inc., 1.375%, 08/15/25 (±)	USD		455	$	420,010
Mirum Pharmaceuticals, Inc., 4.000%, 05/01/29 (±)	USD		18		21,960
Model N, Inc., 2.625%, 06/01/25 (±)	USD		51		54,876
NCL Corp. Ltd.:
5.375%, 08/01/25 (±)	USD		38		48,944
1.125%, 02/15/27 (±)	USD		21		19,280
2.500%, 02/15/27 (±)	USD		231		217,371
NeoGenomics, Inc., 1.250%, 05/01/25 (±)	USD		414		388,125
Pacira BioSciences, Inc., 0.750%, 08/01/25 (±)	USD		768		711,840
Pegasystems, Inc., 0.750%, 03/01/25 (±)	USD		85		78,923
PennyMac Corp. , 5.500%, 03/15/26 (±)	USD		462		427,951
PG&E Corp., 4.250%, 12/01/27 (±)	USD		96		101,088
Plug Power, Inc., 3.750%, 06/01/25 (±)	USD		532		560,622
Porch Group, Inc., 0.750%, 09/15/26 (±)	USD		965		302,045
PureCycle Technologies, Inc., 7.250%, 08/15/30 (±)	USD		77		29,876
Redfin Corp., 0.500%, 04/01/27 (±)	USD		372		240,647
Repay Holdings Corp., 0.000%, 02/01/26 (±)	USD		518		442,890
Repligen Corp., 1.000%, 12/15/28 (±)	USD		528		591,888
RingCentral, Inc., 0.000%, 03/15/26 (±)	USD		286		249,178
Seagate HDD Cayman, 3.500%, 06/01/28 (±)	USD		48		58,152

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)
Shift Technologies, Inc., 4.750%, 05/15/26 («), (±)	USD		850	$	13,813
Shift4 Payments, Inc., 0.000%, 12/15/25 (±)	USD		809		901,550
SMART Global Holdings, Inc., 2.000%, 02/01/29 (±)	USD		398		430,636
Summit Hotel Properties, Inc., 1.500%, 02/15/26 (±)	USD		192		171,168
Transocean, Inc., 4.625%, 09/30/29 (±)	USD		579		1,200,730
Two Harbors Investment Corp., 6.250%, 01/15/26 (±)	USD		95		87,875
Varex Imaging Corp., 4.000%, 06/01/25 (±)	USD		382		447,169
Veeco Instruments, Inc.:
3.500%, 01/15/25 (±)	USD		63		86,950
3.750%, 06/01/27 (±)	USD		130		296,400
Vishay Intertechnology, Inc., 2.250%, 09/15/30 (±)	USD		19		18,753
Winnebago Industries, Inc., 1.500%, 04/01/25 (±)	USD		485		609,402
WisdomTree, Inc., 5.750%, 08/15/28 (±)	USD		119		123,284
Wolfspeed, Inc., 0.250%, 02/15/28 (±)	USD		306		207,621
					31,258,237
Total Convertible Corporate Bonds (Cost $38,825,313)					37,254,748
U.S. Treasury Securities  |  74.2%
U.S. Treasury Bills:
0.000%, 03/07/24 (±)	USD		3,740		3,704,844
0.000%, 03/14/24 (±)	USD		3,750		3,711,086
0.000%, 03/19/24 (±)	USD		1,110		1,097,655

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)
0.000%, 03/21/24 (±)	USD		6,915	$	6,836,217
0.000%, 03/28/24 (±)	USD		3,035		2,997,322
0.000%, 04/11/24 (±)	USD		8,825		8,697,871
U.S. Treasury Note, 4.125%, 10/31/27 (±)	USD		656		660,126
Total U.S. Treasury Securities (Cost $27,696,335)					27,705,121

		Number of	Exercise		Notional		Fair
Description	Counterparty	Contracts	Price		Amount		Value
Purchased Options  |  0.1%
Call
American Airlines Group, Inc., Expires 01/19/24	MSC	19	$	16	$	1,900	$	76
Anywhere Real Estate, Inc., Expires 03/15/24	MSC	72		8		7,200		10,800
Beauty Health Co., Expires 05/17/24	MSC	47		5		4,700		1,175
DISH Network Corp., Expires 02/16/24	MSC	56		5		5,600		6,888
Draftkings, Inc., Expires 01/19/24	MSC	5		40		500		90
Jetblue Airways Corp., Expires 01/19/24	MSC	19		7		1,900		190
Maxeon Solar Technologies, Ltd., Expires 02/16/24	MSC	29		8		2,900		3,335
Maxeon Solar Technologies, Ltd., Expires 03/15/24	MSC	38		8		3,800		5,776
Plug Power, Inc., Expires 01/19/24	MSC	48		6		4,800		768

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

Annual Report  27

		Number of	Exercise		Notional		Fair
Description	Counterparty	Contracts	Price		Amount		Value
Lazard Enhanced Opportunities Portfolio (continued)
Redfin Corp., Expires 01/19/24	MSC	38	$	13	$	3,800	$	722
Sirius XM Holdings,Inc., Expires 01/19/24	MSC	30		6		3,000		390
Put
Arbor Realty Trust, Inc., Expires 01/19/24	MSC	19		14		1,900		646
Fisker, Inc., Expires 05/17/24	MSC	55		4		5,500		3,620
Lucid Group, Inc., Expires 05/17/24	MSC	20		4		2,000		1,260
Maxeon Solar Technologies, Ltd., Expires 06/21/24	MSC	50		3		5,000		2,000
Norwegian CruiseLine Holdings, Expires 01/19/24	MSC	19		18		1,900		190
Plug Power, Inc., Expires 01/19/24	MSC	96		4		9,600		960
Snap, Inc., Expires 02/02/24	MSC	10		16		1,000		910
Travere Therapeutics, Inc., Expires 01/19/24	MSC	9		5		900		45
Total Purchased Options (Cost $33,123)								39,841
								Fair
Description						Shares		Value
Short-Term Investments  |  5.0%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $1,860,324)						1,860,324	$	1,860,324
Total Investments excluding Securities Sold Short  |  179.5% (Cost $68,545,121)							$	66,994,722

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

28  Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Securities Sold Short  |  (81.3)%
Common Stocks  |  (47.9)%
Canada  |  (1.7)%
Dye & Durham Ltd.		(321	)	$	(3,479	)
Ivanhoe Mines Ltd., Class A		(38,831	)		(376,573	)
Lithium Americas Argentina Corp.		(7,851	)		(49,618	)
Shopify, Inc., Class A		(1,701	)		(132,508	)
SSR Mining, Inc.		(4,291	)		(46,171	)
StorageVault Canada, Inc.		(6,443	)		(25,431	)
					(633,780	)
Hong Kong  |  (1.2)%
Cathay Pacific Airways Ltd.		(432,800	)		(451,908	)
Netherlands  |  (0.3)%
Basic-Fit NV		(3,182	)		(99,678	)
Pharming Group NV		(10,485	)		(11,921	)
					(111,599	)
Singapore  |  (0.1)%
Sea Ltd. ADR		(961	)		(38,921	)
United States  |  (44.6)%
Air Transport Services Group, Inc.		(905	)		(15,937	)
Airbnb, Inc., Class A		(71	)		(9,666	)
Anywhere Real Estate, Inc.		(1,607	)		(13,033	)
Apellis Pharmaceuticals, Inc.		(5,958	)		(356,646	)
Arbor Realty Trust, Inc. REIT		(15,658	)		(237,688	)
ATI, Inc.		(324	)		(14,732	)
Bentley Systems, Inc., Class B		(173	)		(9,027	)
Bill Holdings, Inc.		(1,499	)		(122,303	)
BlackLine, Inc.		(1,219	)		(76,114	)
Block, Inc.		(2,815	)		(217,740	)
Bloom Energy Corp., Class A		(9,467	)		(140,112	)

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

Annual Report  29

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Bread Financial Holdings, Inc.		(7,053	)	$	(232,326	)
Carnival Corp.		(43,975	)		(815,296	)
Century Aluminum Co.		(10,779	)		(130,857	)
Cerence, Inc.		(359	)		(7,058	)
Chart Industries, Inc.		(9,618	)		(1,311,222	)
Cheesecake Factory, Inc.		(355	)		(12,429	)
Chefs’ Warehouse, Inc.		(8,068	)		(237,441	)
Coherus Biosciences, Inc.		(14,844	)		(49,431	)
Collegium Pharmaceutical, Inc.		(301	)		(9,265	)
CONMED Corp.		(1,148	)		(125,717	)
CSG Systems International, Inc.		(753	)		(40,067	)
Danimer Scientific, Inc.		(18,193	)		(18,557	)
Datadog, Inc., Class A		(2,597	)		(315,224	)
Desktop Metal, Inc., Class A		(155,757	)		(116,973	)
DigitalOcean Holdings, Inc.		(758	)		(27,811	)
Echostar Corp., Class A		(5,290	)		(30,523	)
Dynavax Technologies Corp.		(10,660	)		(149,027	)
Eagle Bulk Shipping, Inc.		(32,528	)		(1,802,051	)
Encore Capital Group, Inc.		(5,884	)		(298,613	)
Enphase Energy, Inc.		(318	)		(42,020	)
Envestnet, Inc.		(213	)		(10,548	)
Etsy, Inc.		(242	)		(19,614	)
Evolent Health, Inc., Class A		(3,703	)		(122,310	)
Expedia Group, Inc.		(540	)		(81,967	)
EZCORP, Inc. Class A		(56,517	)		(493,959	)
Fisker, Inc.		(300	)		(525	)
Five9, Inc.		(180	)		(14,164	)
Green Plains, Inc.		(5,348	)		(134,877	)
Greenbrier Cos., Inc.		(7,360	)		(325,165	)
Guess?, Inc.		(10,623	)		(244,966	)
Guidewire Software, Inc.		(3,002	)		(327,338	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		(3,910	)		(107,838	)
Harmonic, Inc.		(6,725	)		(87,694	)
Health Catalyst, Inc.		(826	)		(7,649	)
HubSpot, Inc.		(103	)		(59,796	)
I3 Verticals, Inc., Class A		(613	)		(12,977	)
Innoviva, Inc.		(1,731	)		(27,765	)

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

30  Annual Report

				Fair
Description	Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Inotiv, Inc.		(8,219	)	$	(30,164	)
Insmed, Inc.		(4,979	)		(154,299	)
Insulet Corp.		(564	)		(122,377	)
Karyopharm Therapeutics, Inc.		(1,972	)		(1,706	)
LCI Industries		(432	)		(54,307	)
Live Nation Entertainment, Inc.		(3,112	)		(291,283	)
Livent Corp.		(41,911	)		(753,560	)
Marcus Corp.		(34,937	)		(509,381	)
Marriott Vacations Worldwide Corp.		(491	)		(41,681	)
Match Group, Inc.		(1,755	)		(64,057	)
Maxeon Solar Technologies, Ltd.		(1,291	)		(9,256	)
Mesa Laboratories, Inc.		(188	)		(19,697	)
Mirum Pharmaceuticals, Inc.		(458	)		(13,520	)
Mitek Systems, Inc.		(2,656	)		(34,634	)
Model N, Inc.		(801	)		(21,571	)
MongoDB, Inc.		(467	)		(190,933	)
National Vision Holdings, Inc.		(1,029	)		(21,537	)
NeoGenomics, Inc.		(665	)		(10,760	)
Norwegian Cruise Line Holdings Ltd.		(25,519	)		(511,401	)
Pacira BioSciences, Inc.		(963	)		(32,492	)
Pebblebrook Hotel Trust REIT		(2,978	)		(47,588	)
Penn Entertainment, Inc.		(1,966	)		(51,155	)
PennyMac Mortgage Investment Trust		(4,528	)		(67,694	)
PetIQ, Inc.		(503	)		(9,934	)
PG&E Corp.		(2,048	)		(36,925	)
Plug Power, Inc.		(100,381	)		(451,714	)
Porch Group, Inc.		(10,765	)		(33,156	)
PureCycle Technologies, Inc.		(5,196	)		(21,044	)
Q2 Holdings, Inc.		(224	)		(9,724	)
Redfin Corp.		(809	)		(8,349	)
Repay Holdings Corp.		(2,989	)		(25,526	)
Repligen Corp.		(1,936	)		(348,093	)
Seagate Technology Holdings PLC		(395	)		(33,721	)
Shift4 Payments, Inc., Class A		(6,060	)		(450,500	)
SMART Global Holdings, Inc.		(14,610	)		(276,567	)
Snap, Inc., Class A		(13,749	)		(232,771	)
SoFi Technologies, Inc.		(650	)		(6,467	)

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

Annual Report  31

					Fair
Description		Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Spotify Technology SA			(34	)	$	(6,389	)
Summit Hotel Properties, Inc. REIT			(6,076	)		(40,831	)
TechTarget, Inc.			(24	)		(837	)
Topgolf Callaway Brands Corp.			(3,158	)		(45,286	)
Transocean Ltd.			(153,759	)		(976,370	)
Travere Therapeutics, Inc.			(2,709	)		(24,354	)
Varex Imaging Corp.			(11,938	)		(244,729	)
Veeco Instruments, Inc.			(10,918	)		(338,786	)
Vishay Intertechnology, Inc.			(379	)		(9,085	)
Winnebago Industries, Inc.			(6,228	)		(453,897	)
WisdomTree, Inc.			(7,533	)		(52,204	)
Wolfspeed, Inc.			(1,392	)		(60,566	)
Zscaler, Inc.			(1,422	)		(315,058	)
						(16,631,994	)
Total Common Stocks (Proceeds $17,037,283)						(17,868,202	)
		Principal
	Security	Amount			Fair
Description	Currency	(000)			Value
Convertible Corporate Bonds  |  (0.7)%
United States  |  (0.7)%
DISH Network Corp. 0.000%, 12/15/25	USD		(99	)	$	(61,875	)
Southwest Airlines Co. 1.250%, 05/01/25	USD		(198	)	$	(200,822	)
						(262,697	)
Total Convertible Corporate Bonds (Proceeds $240,488)						(262,697	)

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

32  Annual Report

					Fair
Description		Shares			Value
Lazard Enhanced Opportunities Portfolio (continued)
Exchange-Traded Funds  |  (3.3)%
iShares iBoxx $ High Yield Corporate Bond ETF			(5,335	)	$	(412,876	)
SPDR S&P 500 ETF Trust			(1,704	)		(809,928	)
(Proceeds $1,202,905)						(1,222,804	)
		Principal
	Security	Amount			Fair
Description	Currency	(000)			Value
U.S. Treasury Securities  |  (29.4)%
U.S. Treasury Bills, 0.000%, 01/09/24 (Proceeds $10,987,136)	USD		(11,000	)	$	(10,988,783	)
Total Securities Sold Short (Proceeds $29,467,812)						(30,342,486	)
Total Investments  |  98.2% (Cost and short proceeds $39,077,309) (»)						36,652,236
Cash and Other Assets in Excess of Liabilities  |  1.8%						680,825
Net Assets  |  100.0%					$	37,333,061

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

Annual Report  33

Lazard Enhanced Opportunities Portfolio (continued)

Forward Currency Contracts open at December 31, 2023:

Currency		Currency			Settlement	Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Depreciation
USD	57,103	AUD	84,000	SSB	03/26/24		$	281
USD	511,518	CAD	680,000	SSB	03/26/24			2,253
USD	1,505,186	EUR	1,365,000	SSB	03/26/24			6,717
USD	325,326	HKD	2,537,000	SSB	03/26/24			187
Total gross unrealized depreciation on Forward Currency Contracts							$	9,438

Written Options open at December 31, 2023:

		Number of		Strike		Expiration	Notional						Fair
Description	Counterparty	Contracts		Price		Date	Amount			Premiums			Value
Put
DISH Network Corp.	MSC		56		$4.5	03/15/24		$	5,600		$	3,091	$	(2,240	)
Maxeon Solar Technologies, Ltd.	MSC		29		5	02/16/24			2,900			1,454		(1,102	)
Maxeon Solar Technologies, Ltd. MSC			19		5	03/15/24			1,900			1,335		(1,900	)
Total Written Options			104								$	5,880	$	(5,242	)

Total Return Swap Agreements open at December 31, 2023:

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate			Appreciation		Depreciation
Long Position Contract
USD	NIP	$	113,400	11/30/27	Anywhere Real Estate Group LLC 0.250%, 06/15/26		5.32	%	$	4,132	$	—
USD	NIP		934,544	11/30/27	ATI, Inc., 3.500%, 06/15/25		5.32			157,128		—
USD	BNP		171,810	10/17/24	Beauty Health Co., 1.250%, 10/01/26		5.32			22,285		—
USD	BNP		472,994	10/17/24	Blackline, Inc., 0.000%, 03/15/26		5.32			20,559		—
USD	NIP		823,241	11/30/27	Block, Inc., 0.125%, 03/01/25		5.32			48,686		—

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

34  Annual Report

Lazard Enhanced Opportunities Portfolio (continued)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate			Appreciation		Depreciation
USD	BNP	$	225,870	10/17/24	Cheesecake Factory Inc., 0.375%, 06/15/26		5.32	%	$	4,885	$	—
USD	NIP		248,128	11/30/27	Cloudflare, Inc., 0.0005, 08/15/26		5.32			11,576		—
USD	BNP		496,381	10/17/24	Collegium Pharmaceutical, Inc., 2.875%, 02/15/26		5.32			68,044		—
USD	NIP		52,895	11/30/27	Cutera, Inc., 2.250%, 06/01/28		5.32			—		30,845
USD	NIP		1,277,807	11/30/27	Datadog, Inc., 0.125%, 06/15/25		5.32			253,486		—
USD	NIP		167,435	11/30/27	DISH Network Corp., 3.375%, 08/15/26		5.32			—		17,635
USD	NIP		482,160	11/30/27	DocuSign, Inc., 0.000%, 01/15/24		5.32			9,851		—
USD	NIP		1,177,115	11/30/27	Dynavax Technologies Corp., 2.500%, 05/15/26		5.32			41,484		—
USD	BNP		470,113	10/17/24	Encore Capital Group, Inc., 3.250%, 10/01/25		5.32			—		49,537
USD	BNP		237,503	10/17/24	Etsy, Inc., 0.125%, 10/01/26		5.32			—		83,954
USD	BNP		712,754	10/17/24	Evolent Health, Inc., 1.500%, 10/15/25		5.32			32,482		—
USD	BNP		1,113,474	10/17/24	Five9, Inc., 0.500%, 06/01/25		5.32			18,882		—
USD	NIP		639,450	11/30/27	Fiverr International, Ltd., 0.000%, 11/01/25		5.32			16,979		—
USD	BNP		22,398	10/17/24	Granite Construction, Inc., 3.750%, 05/15/28		5.32			1,867		—
USD	BNP		187,890	10/17/24	HAT Holdings I LLC / HAT Holdings II LLC 0.000%, 05/01/25		5.32			11,336		—
USD	NIP		540,689	11/30/27	Health Catalyst, Inc.		5.32			10,831		—
USD	NIP		1,228,430	11/30/27	HubSpot, Inc., 0.375%, 06/01/25		5.32			145,551		—
USD	BNP		559,165	10/17/24	Innoviva, Inc., 2.125%, 03/15/28		5.32			31,392		—
USD	BNP		762,464	10/17/24	Kaman Corp., 3.250%, 05/01/24		5.32			3,886		—
USD	NIP		734,918	11/30/27	LCI Industries 1.125%, 05/15/26		5.32			31,432		—
USD	NIP		590,707	11/30/27	MannKind Corp., 2.500%, 03/01/26		5.32			—		97,235

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

Annual Report  35

Lazard Enhanced Opportunities Portfolio (continued)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate			Appreciation		Depreciation
USD	BNP	$	251,416	10/17/24	Marriott Vacations Worldwide Corp.		5.32	%	$	—	$	8,583
USD	BNP		511,148	10/17/24	Marriott Vacations Worldwide Corp., 0.000%, 01/15/26		5.32			—		11,370
USD	BNP		877,014	10/17/24	Maxeon Solar Technologies, Ltd., 6.500%, 07/15/25		5.32			—		445,577
USD	BNP		395,689	10/17/24	Mitek Systems, Inc., 0.750%, 02/01/26		5.32			29,936		—
USD	BOA		1,494,361	08/15/24- 12/02/24	MongoDB, Inc., 0.250%, 01/15/26		5.32			112,384		—
USD	NIP		471,924	11/30/27	National Vision Holdings, Inc., 2.500%, 05/15/25		5.32			5,688		—
USD	BNP		950,001	10/17/24	NCL Corp., Ltd., 5.275%, 08/01/25		5.32			103,583		—
USD	BNP		273,650	10/17/24	NCL Corp., Ltd., 6.000%, 05/15/24		5.32			59,928		—
USD	BNP		350,514	10/17/24	NCL Corp., Ltd., 1.125%, 02/15/27		5.32			68,139		—
USD	BNP		44,347	10/17/24	NCL Corp., Ltd., 2.500%, 02/15/27		5.32			7,408		—
USD	NIP		353,402	11/30/27	NuVasive, Inc., 0.375%, 03/15/25		5.32			—		1,007
USD	BNP		660,512	10/17/24	Pebblebrook Hotel Trust 1.750%, 12/15/26		5.32			23,727		—
USD	NIP		548,116	11/30/27	Pegasystems, Inc., 0.750%, 03/01/25		5.32			6,199		—
USD	NIP		699,282	11/30/27	Penn Entertainment, Inc., 2.750%, 05/15/26		5.32			57,318		—
USD	BNP		433,417	10/17/24	PetIQ, Inc., 4.000%, 06/01/26		5.32			28,875		—
USD	NIP		644,501	11/30/27	Q2 Holdings, Inc., 0.750%, 06/01/26		5.32			20,745		—
USD	NIP		355,299	11/30/27	Q2 Holdings, Inc., 0.125%, 11/15/25		5.32			6,845		—
USD	NIP		434,886	11/30/27	Snap, Inc., 0.750%, 08/01/26		5.32			77,154		—
USD	NIP		514,209	11/30/27	Snap, Inc., 0.250%, 05/01/25		5.32			49,695		—

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	$	577,019	11/30/27	Snap, Inc., 0.125%, 03/01/28		5.32	%	$	65,173	$	—
USD	BNP		153,464	10/17/24	SoFi Technologies, Inc., 0.000%, 10/15/26		5.32			14,143		—
USD	BNP		213,897	10/17/24	Spotify USA, Inc., 0.000%, 03/15/26		5.32			4,963		—
USD	BNP		14,758	10/17/24	TechTarget, Inc., 0.000%, 12/15/26		5.32			1,107		—
USD	NIP		596,290	11/30/27	Topgolf Callaway Brands Corp., 2.750%, 05/01/26		5.32			—		120,951
USD	NIP		419,756	11/30/27	Travere Therapeutics, Inc., 2.250%, 03/01/29		5.32			—		114,176
USD	NIP		709,970	11/30/27	Unity Software, Inc., 0.0005, 11/15/26		5.32			35,742		—
USD	NIP		32,155	11/30/27	Veeco Instruments, Inc., 2.875%, 06/01/29		5.32			2,432		—
USD	NIP		668,591	11/30/27	Zscaler, Inc., 0.125%, 07/01/25		5.32			233,065		—
Short Position Contract
USD	NIP		9,751	11/30/27	2U, Inc., 2.250%, 05/01/25		5.32		$	1,519	$	—
USD	BNP		877	10/17/24	Anywhere Real Estate, Inc.		5.32			—		502
USD	NIP		3,970	11/30/27	Anywhere Real Estate, Inc.		5.32			—		2,332
USD	BOA		2,825	05/31/24	Arbor Realty Trust, Inc.		5.32			—		576
USD	NIP		885,030	11/30/27	ATI, Inc.		5.32			—		169,283
USD	BNP		30,885	10/17/24	Blackline, Inc.		5.32			—		5,580
USD	BNP		9,653	10/17/24	Cerence, Inc.		5.32			2,359		—
USD	BNP		13,835	10/17/24	Cheesecake Factory Inc.		5.32			—		905
USD	NIP		34,083	11/30/27	Cloudflare, Inc.		5.32			—		7,630
USD	BNP		58,278	10/17/24	Coherus Biosciences, Inc.		5.32			7,342		—
USD	BNP		263,253	10/17/24	Collegium Pharmaceutical, Inc.		5.32			—		73,172
USD	NIP		15,255	11/30/27	Cutera, Inc.		5.32			8,776		—
USD	NIP		615,440	11/30/27	Datadog, Inc.		5.32			—		222,932
USD	NIP		694,128	11/30/27	Dynavax Technologies Corp.		5.32			—		103,235
USD	NIP		12,948	11/30/27	Echostar Corp.		5.32			—		—
USD	BNP		366,681	10/17/24	Encore Capital Group, Inc.		5.32			40,206		—

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	NIP	$	225,030	11/30/27	Envista Holdings Corp., 1.750%, 08/15/28		5.32	%	$	7,260	$	—
USD	BNP		113,464	10/17/24	Etsy, Inc.		5.32			49,840		—
USD	BNP		265,971	10/17/24	Evolent Health, Inc.		5.32			—		48,904
USD	BOA		108,518	05/31/24	Fisker, Inc.		5.32			78,278		—
USD	BNP		36,386	10/17/24	Fisker, Inc.		5.32			13,941		—
USD	BNP		70,376	10/17/24	Five9, Inc.		5.32			—		15,711
USD	NIP		27,264	11/30/27	Five9, Inc.		5.32			—		8,540
USD	BOA		147,855	12/19/24- 12/23/24	Gol Linhas Aereas Inteligentes SA		5.32			—		341
USD	BNP		15,081	10/17/24	Granite Construction, Inc.		5.32			—		1,542
USD	BOA		8,830	05/31/24	Greenbrier Cos. Inc.		5.32			—		5,528
USD	BNP		157,579	10/17/24	Guess?, Inc.		5.32			—		8,246
USD	BNP		412,971	10/17/24	Harmonic, Inc.		5.32			59,366		—
USD	NIP		7,619	11/30/27	Health Catalyst, Inc.		5.32			—		678
USD	NIP		1,097,359	11/30/27	HubSpot, Inc.		5.32			—		139,771
USD	BNP		20,241	10/17/24	I3 Verticals, Inc.		5.32			1,485		—
USD	BNP		161,224	10/17/24	Innoviva, Inc.		5.32			—		27,133
USD	BOA		346,538	05/31/24	iShares iBoxx $ High Yield Corporate Bond ETF		5.32			—		15,337
USD	BNP		7,558	10/17/24	Karyopharm Therapeutics, Inc.		5.32			4,886		—
USD	NIP		229,174	11/30/27	LCI Industries		5.32			—		15,835
USD	NIP		80,625	11/30/27	LivePerson, Inc., 0.000%, 12/15/26		5.32			—		3,225
USD	NIP		306,076	11/30/27	MannKind Corp.		5.32			95,069		—
USD	BNP		66,324	10/17/24	Marriott Vacations Worldwide Corp.		5.32			10,908		—
USD	BNP		749,301	10/17/24	Maxeon Solar Technologies, Ltd.		5.32			549,309		—
USD	BNP		78,069	10/17/24	Mitek Systems, Inc.		5.32			—		18,701
USD	BOA		1,002,893	05/09/24- 12/02/24	MongoDB, Inc.		5.32			—		263,724
USD	BOA		19,450	10/16/24- 11/04/24	National Vision Holdings, Inc.		5.32			—		5,687
USD	BNP		7,678	10/17/24	National Vision Holdings, Inc.		5.32			—		1,259

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

38  Annual Report

Lazard Enhanced Opportunities Portfolio (concluded)

		Notional		Expiration					Unrealized		Unrealized
Currency	Counterparty	Amount		Date	Reference Entity^	Rate			Appreciation		Depreciation
USD	NIP	$	108,753	11/30/27	National Vision Holdings, Inc.		5.32	%	$	42,845	$	—
USD	BNP		36,381	10/17/24	NeoGenomics, Inc.		5.32			3,697		—
USD	BNP		577,613	10/17/24	Norwegian Cruise Line Holdings, Ltd.		5.32			—		145,630
USD	BNP		14,199	10/17/24	Pacira BioSciences, Inc.		5.32			—		579
USD	BNP		167,990	10/17/24	Pebblebrook Hotel Trust		5.32			—		26,048
USD	NIP		390,357	11/30/27	Penn Entertainment, Inc.		5.32			—		47,637
USD	BNP		17,846	10/17/24	PennyMac Mortgage Investment Trust		5.32			—		2,938
USD	BNP		102,441	10/17/24	PetIQ, Inc.		5.32			—		45,191
USD	BNP		37,579	10/17/24	Q2 Holdings, Inc.		5.32			—		1,794
USD	NIP		75,513	11/30/27	Q2 Holdings, Inc.		5.32			—		26,978
USD	BNP		1,281	10/17/24	Redfin Corp.		5.32			—		1,206
USD	BNP		9,290	10/17/24	Shopify, Inc.		5.32			—		2,784
USD	NIP		197,138	11/30/27	Snap, Inc.		5.32			—		115,915
USD	BNP		30,826	10/17/24	SoFi Technologies, Inc.		5.32			—		6,516
USD	BNP		2,734	10/17/24	Spotify Technology SA		5.32			103		—
USD	NIP		43,966	11/30/27	Stem, Inc., 0.500%, 12/01/28		5.32			—		1,170
USD	NIP		248,856	11/30/27	Topgolf Callaway Brands Corp.		5.32			78,110		—
USD	BNP		1,330	10/17/24	Travere Therapeutics, Inc.		5.32			763		—
USD	NIP		120,926	11/30/27	Travere Therapeutics, Inc.		5.32			51,542		—
USD	NIP		17,317	11/30/27	Veeco Instruments, Inc.		5.32			—		6,093
AUD	BNP		1,343	10/17/24	Zip Co., Ltd.		4.34			—		969
AUD	NIP		20,887	11/30/27	Zip Co., Ltd.		4.34			—		14,380
USD	NIP		271,776	11/30/27	Zscaler, Inc.		5.32			—		169,571
Total gross unrealized appreciation/depreciation on Total Return Swap Agreements									$	3,068,607	$	2,762,578

^ 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.

Annual Report  39

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio
Common Stocks  |  56.1%
Australia  |  1.1%
Brambles Ltd.		3,903	$	36,138
Cochlear Ltd.		32		6,502
Coles Group Ltd.		843		9,237
Computershare Ltd. ADR		572		9,475
Coronado Global Resources, Inc. CDI		3,556		4,249
GrainCorp Ltd., Class A		933		4,627
Medibank Pvt Ltd.		1,354		3,281
Northern Star Resources Ltd.		599		5,603
Perseus Mining Ltd.		6,198		7,848
Pilbara Minerals Ltd.		1,733		4,644
Qantas Airways Ltd. (*)		1,380		5,031
REA Group Ltd.		53		6,522
Telstra Group Ltd.		4,654		12,540
				115,697
Austria  |  0.1%
CA Immobilien Anlagen AG		164		5,877
Bermuda  |  0.0%
RenaissanceRe Holdings Ltd.		20		3,920
Brazil  |  0.1%
MercadoLibre, Inc. (*)		4		6,286
Canada  |  2.1%
Birchcliff Energy Ltd.		610		2,661
Canadian Natural Resources Ltd.		85		5,569
CGI, Inc. (*)		64		6,856
Constellation Software, Inc.		12		29,752
Dollarama, Inc.		433		31,204
Fairfax Financial Holdings Ltd.		7		6,458
Great-West Lifeco, Inc.		161		5,329
Hydro One Ltd.		119		3,565

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

40  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
International Petroleum Corp. (*)		737	$	8,857
Loblaw Cos. Ltd.		166		16,071
Manulife Financial Corp.		2,451		54,161
Metro, Inc.		355		18,376
Parex Resources, Inc.		288		5,423
Teck Resources Ltd., Class B		143		6,045
Teekay Tankers Ltd., Class A		100		4,997
Toronto-Dominion Bank		274		17,706
				223,030
China  |  0.3%
BOC Hong Kong Holdings Ltd.		1,500		4,059
NXP Semiconductors NV		79		18,145
Wilmar International Ltd.		1,400		3,778
				25,982
Denmark  |  0.9%
Carlsberg AS, Class B ADR		436		10,911
Novo Nordisk AS, Class B		786		81,300
				92,211
Finland  |  0.1%
Kone OYJ ADR		389		9,710
Nordea Bank Abp		266		3,298
				13,008
France  |  1.4%
BNP Paribas SA		530		36,722
Bureau Veritas SA ADR		159		8,053
Cie de Saint-Gobain SA		33		2,440
Cie Generale des Etablissements Michelin SCA		145		5,210
Legrand SA ADR		466		9,688
LVMH Moet Hennessy Louis Vuitton SE ADR		81		13,159
Orange SA		1,576		17,929
Pernod Ricard SA ADR		257		9,072
Societe Generale SA		526		14,024

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)
Thales SA ADR		448	$	13,232
TotalEnergies SE		49		3,329
Vinci SA		125		15,699
				148,557
Germany  |  0.8%
Bayerische Motoren Werke AG		204		22,690
Beiersdorf AG		37		5,544
Commerzbank AG		466		5,535
Deutsche Bank AG		785		10,714
Infineon Technologies AG		274		11,428
Mercedes-Benz Group AG		40		2,763
Merck KGaA ADR		279		8,908
Talanx AG		118		8,421
TUI AG (*)		556		4,337
				80,340
Hong Kong  |  0.3%
AIA Group Ltd. ADR		252		8,737
Jardine Matheson Holdings Ltd.		100		4,116
Link REIT		700		3,915
Sun Hung Kai Properties Ltd.		500		5,381
Swire Pacific Ltd., Class A		500		4,222
WH Group Ltd.		5,500		3,547
				29,918
Israel  |  0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		6,413		8,715
Perion Network Ltd. (*)		139		4,291
				13,006
Italy  |  0.7%
Banco BPM SpA		2,022		10,676
BPER Banca		1,186		3,964
Ferrari NV		29		9,774
Intesa Sanpaolo SpA		5,536		16,160

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)
Poste Italiane SpA		911	$	10,336
Saras SpA		3,367		6,017
Telecom Italia SpA (*)		18,047		5,872
UniCredit SpA		484		13,130
				75,929
Japan  |  4.5%
ANA Holdings, Inc. (*)		200		4,334
Central Japan Railway Co.		300		7,607
Chubu Electric Power Co., Inc.		2,400		30,967
Chugoku Electric Power Co., Inc.		500		3,579
Daiwa Securities Group, Inc.		500		3,351
East Japan Railway Co.		200		11,506
Electric Power Development Co. Ltd.		400		6,538
Ezaki Glico Co. Ltd.		100		2,958
Hachijuni Bank Ltd.		1,500		8,340
Honda Motor Co. Ltd.		1,500		15,505
Japan Post Bank Co. Ltd.		1,500		15,270
Japan Post Holdings Co. Ltd.		2,900		25,881
Japan Real Estate Investment Corp. REIT		3		12,410
Japan Tobacco, Inc.		200		5,163
KDDI Corp.		300		9,524
Kyoto Financial Group, Inc.		400		6,224
Kyushu Railway Co.		400		8,805
Lawson, Inc.		300		15,484
Mazda Motor Corp.		500		5,304
Mebuki Financial Group, Inc.		1,200		3,640
Mitsubishi Motors Corp.		1,300		4,120
Mizuho Financial Group, Inc.		1,400		23,944
MS&AD Insurance Group Holdings, Inc.		200		7,849
Nagoya Railroad Co. Ltd.		200		3,203
Nintendo Co. Ltd. ADR		967		12,561
Nisshinbo Holdings, Inc.		1,300		10,535
Ono Pharmaceutical Co. Ltd.		1,700		30,364
Osaka Gas Co. Ltd.		800		16,697
Otsuka Holdings Co. Ltd.		1,300		48,656

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)
Rengo Co. Ltd.		500	$	3,329
Sega Sammy Holdings, Inc.		500		6,973
Seven & i Holdings Co. Ltd.		100		3,960
Shimano, Inc. ADR		447		6,893
Shizuoka Financial Group, Inc.		800		6,768
SoftBank Corp.		1,400		17,448
Sompo Holdings, Inc.		200		9,766
Subaru Corp.		500		9,124
Sumitomo Mitsui Financial Group, Inc.		100		4,871
Toho Co. Ltd.		100		3,376
Tokyo Gas Co. Ltd.		900		20,632
Tokyu Fudosan Holdings Corp.		1,900		12,094
Toyota Motor Corp.		300		5,507
Yamaguchi Financial Group, Inc.		500		4,468
				475,528
Netherlands  |  0.6%
ASM International NV		24		12,461
Eurocommercial Properties NV REIT		401		9,872
EXOR NV		48		4,812
Koninklijke Ahold Delhaize NV		131		3,761
Koninklijke KPN NV		1,006		3,463
NN Group NV		112		4,431
Wolters Kluwer NV ADR		176		25,081
				63,881
New Zealand  |  0.1%
Spark New Zealand Ltd.		2,673		8,756
Norway  |  0.1%
Orkla ASA		551		4,272
Singapore  |  0.4%
Jardine Cycle & Carriage Ltd.		300		6,745
Sembcorp Industries Ltd.		4,400		17,663
Singapore Airlines Ltd.		1,100		5,452
STMicroelectronics NV		303		15,203
				45,063

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)
Spain  |  0.3%
Banco Bilbao Vizcaya Argentaria SA		1,495	$	13,622
Banco Santander SA		1,028		4,291
Iberdrola SA		258		3,374
Industria de Diseno Textil SA ADR		580		12,696
				33,983
Sweden  |  0.5%
Assa Abloy AB ADR		675		9,706
Epiroc AB ADR		953		19,122
Fastighets AB Balder, B Shares (*)		1,519		10,848
Hexagon AB ADR		1,226		14,737
				54,413
Switzerland  |  0.6%
ABB Ltd. ADR		457		20,245
Novartis AG		132		13,328
Swatch Group AG ADR		946		12,828
Swisscom AG		24		14,442
UBS Group AG		196		6,087
				66,930
United Kingdom  |  1.7%
AstraZeneca PLC		99		13,334
BAE Systems PLC		802		11,347
Barclays PLC		2,804		5,462
Centrica PLC		2,229		3,988
Coca-Cola Europacific Partners PLC		218		14,549
Diageo PLC ADR		106		15,440
Global Ship Lease, Inc., Class A		241		4,777
HSBC Holdings PLC		1,874		15,136
IG Group Holdings PLC		443		4,315
Investec PLC		1,241		8,378
Man Group PLC		1,680		4,968
RELX PLC		222		8,805

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)
RELX PLC ADR		678	$	26,889
Serco Group PLC		1,546		3,183
Standard Chartered PLC		1,003		8,484
Unilever PLC		228		11,032
Unilever PLC ADR		372		18,035
Vodafone Group PLC		3,797		3,298
				181,420
United States  |  39.3%
AbbVie, Inc.		235		36,418
Accenture PLC, Class A		92		32,284
Adobe, Inc. (*)		118		70,399
AES Corp.		312		6,006
Agree Realty Corp.		258		16,241
Allison Transmission Holdings, Inc.		213		12,386
Alnylam Pharmaceuticals, Inc. (*)		20		3,828
Alphabet, Inc., Class A (*)		301		42,047
Alphabet, Inc., Class C (*)		792		111,617
Altria Group, Inc.		318		12,828
Amazon.com, Inc. (*)		413		62,751
Amdocs Ltd.		141		12,392
Ameren Corp.		125		9,042
American Homes 4 Rent, Class A REIT		104		3,740
American International Group, Inc.		42		2,846
AMN Healthcare Services, Inc. (*)		69		5,167
Amphenol Corp., Class A		223		22,106
Aon PLC, Class A		108		31,430
Apple, Inc.		1,111		213,901
Applied Materials, Inc.		57		9,238
AptarGroup, Inc.		49		6,057
Arcosa, Inc.		48		3,967
Assurant, Inc.		38		6,403
AT&T, Inc.		343		5,756
Atmos Energy Corp.		102		11,822
Autodesk, Inc. (*)		128		31,165
Automatic Data Processing, Inc.		26		6,057

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

46  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Avery Dennison Corp.		47	$	9,502
Axos Financial, Inc. (*)		268		14,633
Bank of America Corp.		386		12,997
Biogen, Inc. (*)		23		5,952
Booking Holdings, Inc. (*)		7		24,831
Booz Allen Hamilton Holding Corp.		192		24,559
BorgWarner, Inc.		105		3,764
Boston Scientific Corp. (*)		73		4,220
Brady Corp., Class A		64		3,756
Brighthouse Financial, Inc. (*)		201		10,637
Bristol-Myers Squibb Co.		666		34,172
Broadcom, Inc.		61		68,091
BRP, Inc.		129		9,248
Cadence Design Systems, Inc. (*)		13		3,541
Cal-Maine Foods, Inc.		179		10,273
Campbell Soup Co.		90		3,891
Cardinal Health, Inc.		358		36,086
Casey’s General Stores, Inc.		15		4,121
Caterpillar, Inc.		125		36,959
Cboe Global Markets, Inc.		84		14,999
CDW Corp.		125		28,415
Cencora, Inc.		208		42,719
Centene Corp. (*)		167		12,393
Charles Schwab Corp.		208		14,310
Charter Communications, Inc., Class A (*)		22		8,551
Chesapeake Energy Corp.		57		4,386
Chipotle Mexican Grill, Inc. (*)		7		16,009
Chubb Ltd.		34		7,684
Cigna Group		87		26,052
Cirrus Logic, Inc. (*)		47		3,910
Cisco Systems, Inc.		993		50,166
Clorox Co.		59		8,413
Coca-Cola Co.		391		23,042
Cognizant Technology Solutions Corp., Class A		343		25,907
Colgate-Palmolive Co.		236		18,812
Comcast Corp., Class A		314		13,769

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)
Comfort Systems USA, Inc.		22	$	4,525
CommVault Systems, Inc. (*)		70		5,589
Concentrix Corp.		45		4,419
Consolidated Edison, Inc.		196		17,830
Constellation Brands, Inc., Class A		42		10,153
Corebridge Financial, Inc.		1,060		22,960
Coterra Energy, Inc.		690		17,609
CVS Health Corp.		482		38,059
Danaher Corp.		89		20,589
Darden Restaurants, Inc.		34		5,586
Dave & Buster’s Entertainment, Inc. (*)		131		7,054
DaVita, Inc. (*)		88		9,219
Deckers Outdoor Corp. (*)		6		4,011
Deere & Co.		30		11,996
Dell Technologies, Inc., Class C		417		31,900
DR Horton, Inc.		87		13,222
Eaton Corp. PLC		25		6,020
Electronic Arts, Inc.		162		22,163
Elevance Health, Inc.		29		13,675
Eli Lilly & Co.		76		44,302
Enact Holdings, Inc.		136		3,929
Entergy Corp.		220		22,262
EOG Resources, Inc.		205		24,795
Equinix, Inc. REIT		3		2,416
Equitable Holdings, Inc.		551		18,348
Estee Lauder Cos., Inc., Class A		113		16,526
Everest Group Ltd.		22		7,779
Expedia Group, Inc. (*)		78		11,840
FedEx Corp.		52		13,154
Fiserv, Inc. (*)		225		29,889
Fortinet, Inc. (*)		50		2,926
Freeport-McMoRan, Inc.		110		4,683
General Electric Co.		94		11,997
General Mills, Inc.		205		13,354
General Motors Co.		82		2,945
Gilead Sciences, Inc.		328		26,571
Global Payments, Inc.		186		23,622
Globe Life, Inc.		174		21,179

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)
GMS, Inc. (*)		87	$	7,171
GoDaddy, Inc., Class A (*)		88		9,342
GSK PLC		1,015		18,748
Gulfport Energy Corp. (*)		45		5,994
H&R Block, Inc.		97		4,692
Haemonetics Corp. (*)		42		3,591
Hartford Financial Services Group, Inc.		50		4,019
HCA Healthcare, Inc.		80		21,654
Hershey Co.		91		16,966
Hess Corp.		32		4,613
Host Hotels & Resorts, Inc. REIT		253		4,926
Humana, Inc.		8		3,662
Huron Consulting Group, Inc. (*)		38		3,906
Ingredion, Inc.		35		3,799
Intel Corp.		165		8,291
Intercontinental Exchange, Inc.		197		25,301
International Seaways, Inc.		99		4,503
Intuit, Inc.		22		13,751
Intuitive Surgical, Inc. (*)		9		3,036
IQVIA Holdings, Inc. (*)		92		21,287
J M Smucker Co.		41		5,182
Jackson Financial, Inc., Class A		93		4,762
Johnson & Johnson		187		29,310
Juniper Networks, Inc.		143		4,216
Kellanova		171		9,561
Kilroy Realty Corp. REIT		73		2,908
Kimberly-Clark Corp.		251		30,499
KLA Corp.		26		15,114
Kroger Co.		285		13,027
Lam Research Corp.		8		6,266
Lennar Corp., Class A		89		13,265
Lockheed Martin Corp.		25		11,331
Lululemon Athletica, Inc. (*)		15		7,669
M&T Bank Corp.		31		4,249
M/I Homes, Inc. (*)		42		5,785
Marathon Oil Corp.		208		5,025

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)
Marathon Petroleum Corp.		36	$	5,341
Martin Marietta Materials, Inc.		24		11,974
Masco Corp.		237		15,874
MasterCard, Inc., Class A		125		53,314
McDonald’s Corp.		102		30,244
McKesson Corp.		36		16,667
Medpace Holdings, Inc. (*)		20		6,131
Merck & Co., Inc.		594		64,758
Meta Platforms, Inc., Class A (*)		185		65,483
MetLife, Inc.		170		11,242
Microchip Technology, Inc.		32		2,886
Microsoft Corp.		524		197,045
Molina Healthcare, Inc. (*)		16		5,781
Moody’s Corp.		17		6,640
Motorola Solutions, Inc.		38		11,897
MSC Industrial Direct Co., Inc. Class A		65		6,582
National Fuel Gas Co.		169		8,479
Netflix, Inc. (*)		7		3,408
Neurocrine Biosciences, Inc. (*)		33		4,348
NewMarket Corp.		22		12,008
Newmont Corp. CDI		124		5,125
NIKE, Inc., Class B		122		13,246
NiSource, Inc.		297		7,885
Northrop Grumman Corp.		9		4,213
Nucor Corp.		19		3,307
NVIDIA Corp.		220		108,948
Oracle Corp.		261		27,517
Ovintiv, Inc.		118		5,183
Owens Corning		19		2,816
PACCAR, Inc.		42		4,101
Paychex, Inc.		25		2,978
PepsiCo, Inc.		103		17,494
Pfizer, Inc.		111		3,196
PG&E Corp.		333		6,004
Pinnacle West Capital Corp.		57		4,095
Pioneer Natural Resources Co.		19		4,273

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)
PNM Resources, Inc.		171	$	7,114
PriceSmart, Inc.		66		5,001
Procter & Gamble Co.		297		43,522
PTC, Inc. (*)		97		16,971
Public Service Enterprise Group, Inc.		57		3,486
PulteGroup, Inc.		213		21,986
QUALCOMM, Inc.		292		42,232
Qualys, Inc. (*)		41		8,047
Regeneron Pharmaceuticals, Inc. (*)		10		8,783
RingCentral, Inc., Class A (*)		39		1,324
Roche Holding AG		153		44,344
Rockwell Automation, Inc.		47		14,593
Ryman Hospitality Properties, Inc. REIT		67		7,374
S&P Global, Inc.		55		24,229
SandRidge Energy, Inc.		288		3,937
Sanofi SA		259		25,678
SBA Communications Corp. REIT		35		8,879
Sempra		122		9,117
ServiceNow, Inc. (*)		45		31,792
Sherwin-Williams Co.		45		14,035
Simon Property Group, Inc. REIT		127		18,115
Southwestern Energy Co. (*)		584		3,825
Stellantis NV		1,417		33,184
Stryker Corp.		94		28,149
Super Micro Computer, Inc. (*)		33		9,381
Synchrony Financial		114		4,354
Synopsys, Inc. (*)		113		58,185
Sysco Corp.		112		8,191
Target Corp.		126		17,945
Tecnoglass, Inc.		132		6,034
Terex Corp.		98		5,631
Tesla, Inc. (*)		170		42,242
Texas Instruments, Inc.		103		17,557
Texas Pacific Land Corp.		2		3,145
Thermo Fisher Scientific, Inc.		40		21,232
TJX Cos., Inc.		433		40,620
Toll Brothers, Inc.		141		14,493

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)
TopBuild Corp. (*)		33	$	12,351
Tradeweb Markets, Inc., Class A		171		15,540
Trane Technologies PLC		26		6,341
Travelers Cos., Inc.		17		3,238
U-Haul Holding Co. (*)		65		4,667
UMH Properties, Inc. REIT		254		3,891
United Parcel Service, Inc., Class B		28		4,402
United Therapeutics Corp. (*)		19		4,178
UnitedHealth Group, Inc.		66		34,747
Universal Health Services, Inc., Class B		37		5,640
Unum Group		255		11,531
VeriSign, Inc. (*)		36		7,415
Verizon Communications, Inc.		709		26,729
Vertex Pharmaceuticals, Inc. (*)		60		24,413
Visa, Inc., A Shares		92		23,952
Vistra Corp.		371		14,291
W.R. Berkley Corp.		55		3,890
Walmart, Inc.		82		12,927
Warner Music Group Corp., Class A		187		6,693
Waste Management, Inc.		71		12,716
WD-40 Co.		24		5,738
Wells Fargo & Co.		399		19,639
Western Union Co.		381		4,542
Westlake Corp.		24		3,359
White Mountains Insurance Group Ltd.		4		6,020
Williams-Sonoma, Inc.		34		6,861
Willis Towers Watson PLC		16		3,859
WK Kellogg Co.		45		591
Workday, Inc., Class A (*)		23		6,349
WP Carey, Inc. REIT		65		4,213
Xcel Energy, Inc.		172		10,649
Zoetis, Inc.		86		16,974
Zoom Video Communications, Inc. Class A (*)		51		3,667
				4,122,404
Total Common Stocks (Cost $4,657,680)				5,890,411

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

52  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Corporate Bonds  |  14.6%
Canada  |  0.7%
Canadian Imperial Bank of Commerce, 0.950%, 10/23/25	USD		75	$	70,040
Denmark  |  0.4%
Nykredit Realkredit AS, 1.000%, 01/01/27	DKK		345		48,732
Germany  |  0.7%
Mercedes-Benz Group AG, 0.750%, 09/10/30	EUR		76		72,719
Switzerland  |  0.5%
ABB Finance USA, Inc., 4.375%, 05/08/42	USD		57		52,584
United States  |  12.3%
Adobe, Inc., 2.300%, 02/01/30	USD		45		40,311
Alphabet, Inc., 1.100%, 08/15/30	USD		50		41,415
American Express Co., 4.050%, 05/03/29	USD		35		34,642
Amgen, Inc., 3.000%, 02/22/29	USD		60		56,434
Apple, Inc., 1.125%, 05/11/25	USD		20		19,071
AT&T, Inc., 3.500%, 06/01/41	USD		60		47,645
Ball Corp., 4.875%, 03/15/26	USD		40		39,854
Bank of America Corp., 1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§)	CAD		45		31,641

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

Annual Report  53

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Citigroup, Inc., 1.281% (SOFR + 0.528%), 11/03/25 (§)	USD		45	$	43,296
Clean Harbors, Inc., 4.875%, 07/15/27	USD		35		34,296
Comcast Corp., 4.650%, 02/15/33	USD		45		45,271
Goldman Sachs Group, Inc., 1.992% (SOFR + 1.090%), 01/27/32 (§)	USD		75		60,599
Home Depot, Inc., 5.875%, 12/16/36	USD		35		39,121
John Deere Financial, Inc., 2.410%, 01/14/25	CAD		45		33,078
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.750%, 09/15/30	USD		60		49,838
JPMorgan Chase & Co., 3.540% (SOFR 3 Month + 1.642%), 05/01/28 (§)	USD		80		76,348
Kimberly-Clark Corp., 3.200%, 04/25/29	USD		18		17,043
Lowe’s Cos., Inc., 5.000%, 04/15/33	USD		45		45,958
McDonald’s Corp., 3.125%, 03/04/25	CAD		110		81,427
Microsoft Corp., 3.500%, 11/15/42	USD		75		65,165
Morgan Stanley, 3.625%, 01/20/27	USD		60		58,169
PepsiCo, Inc., 2.875%, 10/15/49	USD		65		47,704
Procter & Gamble Co., 1.200%, 10/29/30	USD		20		16,567
Prologis LP, 1.250%, 10/15/30	USD		45		36,357
Starbucks Corp., 4.450%, 08/15/49	USD		50		45,388

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

54  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Sysco Corp., 2.400%, 02/15/30	USD		50	$	44,104
Toyota Motor Credit Corp., 2.150%, 02/13/30	USD		40		35,331
United Rentals North America, Inc., 4.875%, 01/15/28	USD		35		34,169
Verizon Communications, Inc., 3.875%, 02/08/29	USD		34		32,962
Waste Management, Inc., 4.625%, 02/15/30	USD		35		35,395
					1,288,599
Total Corporate Bonds (Cost $1,541,437)					1,532,674
Description		Shares		Fair Value
Exchange-Traded Funds  |  1.1%
iShares MSCI World ETF (Cost $74,662)			886	$	117,856
Description	Security Currency	Principal Amount (000)		Fair Value
Foreign Government Obligations  |  18.7%
Australia  |  1.3%
New South Wales Treasury Corp., 1.250%, 11/20/30	AUD		135	$	75,903
Queensland Treasury Corp., 1.250%, 03/10/31	AUD		110		61,279
					137,182

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

Annual Report  55

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Bahamas  |  0.5%
Bahamas Government International Bonds, 6.950%, 11/20/29	USD		55	$	47,592
Canada  |  2.5%
British Columbia, 3.200%, 06/18/44	CAD		155		103,355
Export Development Canada, 1.650%, 07/31/24	CAD		40		29,631
Quebec, 1.850%, 02/13/27	CAD		75		53,681
Vancouver, 2.900%, 11/20/25	CAD		105		77,435
					264,102
Chile  |  0.2%
Bonos de la Tesoreria de la Republica en pesos, 2.500%, 03/01/25	CLP		20,000		21,763
Colombia  |  0.5%
Colombia Government International Bonds, 9.850%, 06/28/27	COP		225,000		55,574
Croatia  |  0.7%
Croatia Government International Bonds, 1.750%, 03/04/41	EUR		83		69,186
Czech Republic  |  0.9%
Czech Republic Government Bonds, 6.790% (PRIBOR 6 Month - 0.100%), 11/19/27 (§)	CZK		2,180		97,488

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

56  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Denmark  |  0.6%
Denmark Government Bonds, 0.000%, 11/15/31	DKK		465	$	58,307
France  |  0.5%
French Republic Government Bonds OAT, 1.750%, 06/25/39	EUR		60		57,582
Hungary  |  0.4%
Hungary Government International Bonds, 1.750%, 06/05/35	EUR		45		37,954
Ireland  |  0.8%
Ireland Government Bonds, 1.350%, 03/18/31	EUR		80		83,088
Israel  |  0.6%
Israel Government Bonds - Fixed, 1.750%, 08/31/25	ILS		235		63,168
Italy  |  0.3%
Italy Buoni Poliennali Del Tesoro, 4.000%, 04/30/35	EUR		25		28,180
Japan  |  0.4%
Japan Government Ten Year Bonds, 0.400%, 06/20/25	JPY		5,500		39,234
Mexico  |  1.2%
Mexico Bonos:
8.000%, 09/05/24	MXN		1,020		58,947
7.500%, 06/03/27	MXN		1,010		56,397
Mexico Government International Bonds, 6.750%, 02/06/24	GBP		5		6,360
					121,704

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

Annual Report  57

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
New Zealand  |  1.9%
Housing New Zealand Ltd., 3.420%, 10/18/28	NZD		150	$	90,197
New Zealand Local Government Funding Agency Bonds:
2.250%, 04/15/24	NZD		80		50,101
2.000%, 04/15/37	NZD		130		57,209
					197,507
Peru  |  0.9%
Peru Government Bonds, 6.150%, 08/12/32	PEN		189		49,787
Peruvian Government International Bonds, 3.000%, 01/15/34	USD		55		46,303
					96,090
Poland  |  0.2%
Poland Government Bonds, 5.790% (WIBOR 6 Month), 05/25/28 (§)	PLN		105		26,125
Portugal  |  0.7%
Portugal Obrigacoes do Tesouro OT, 1.650%, 07/16/32	EUR		70		71,404
Singapore  |  0.6%
Singapore Government Bonds, 3.375%, 09/01/33	SGD		80		64,022
Slovenia  |  0.3%
Slovenia Government Bonds, 1.500%, 03/25/35	EUR		30		27,810
Spain  |  0.8%
Spain Government Bonds, 1.000%, 07/30/42	EUR		117		86,389

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

58  Annual Report

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Switzerland  |  0.6%
Swiss Confederation Government Bonds:
1.500%, 07/24/25	CHF		20	$	23,916
0.500%, 06/27/32	CHF		35		40,884
					64,800
Thailand  |  0.8%
Thailand Government Bonds, 1.585%, 12/17/35	THB		3,370		87,142
United Kingdom  |  0.5%
U.K. Gilts, 0.875%, 07/31/33	GBP		58		57,872
Total Foreign Government Obligations (Cost $1,926,155)					1,961,265
Quasi Government Bonds  |  1.4%
Germany  |  1.4%
Kreditanstalt fuer Wiederaufbau:
0.000%, 09/15/28	EUR		40		39,495
1.750%, 09/14/29	USD		80		71,014
0.000%, 04/18/36	USD		55		32,889
(Cost $144,421)					143,398
Supranational Bonds  |  4.6%
Asian Development Bank:
2.125%, 03/19/25	USD		53		51,470
6.200%, 10/06/26	INR		2,000		23,694
European Investment Bank, 1.000%, 01/28/28	CAD		85		57,874
European Union, 0.400%, 02/04/37	EUR		70		57,180

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

Annual Report  59

Description	Security Currency	Principal Amount (000)		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Inter-American Development Bank, 5.100%, 11/17/26	IDR		590,000	$	37,684
Inter-American Investment Corp., 1.100%, 06/30/26	AUD		37		23,139
International Bank for Reconstruction & Development:
2.900%, 11/26/25	AUD		40		26,617
1.250%, 03/16/26	NOK		660		61,555
1.125%, 09/13/28	USD		42		36,848
International Finance Corp.:
2.125%, 04/07/26	USD		55		52,483
1.500%, 04/15/35	AUD		122		59,267
Total Supranational Bonds (Cost $523,910)					487,811
U.S. Treasury Securities  |  2.7%
U.S. Treasury Bill, 0.000%, 04/04/24	USD		5		4,953
U.S. Treasury Bonds:
4.125%, 11/15/32	USD		30		30,494
2.250%, 05/15/41	USD		85		64,743
1.750%, 08/15/41	USD		150		104,320
3.625%, 02/15/53	USD		15		13,852
U.S. Treasury Inflation-Indexed Note, 1.250%, 04/15/28 (††)	USD		72		69,928
Total U.S. Treasury Securities (Cost $267,952)					288,290

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

60  Annual Report

Description	Shares		Fair Value
Lazard Global Dynamic Multi-Asset Portfolio (continued)
Warrants  |  0.0%
Canada  |  0.0%
Constellation Software, Inc. Expires 03/31/40 (*), (¢) (Cost $0)		19	$	0
Total Investments  |  99.2% (Cost $9,136,217) (»)			$	10,421,705
Cash and Other Assets in Excess of Liabilities  |  0.8%				83,313
Net Assets  |  100.0%			$	10,505,018

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

Annual Report  61

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Forward Currency Contracts open at December 31, 2023:

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
AUD	9,687	USD	6,300	CIT	01/18/24		$	304		$	—
AUD	1,762	USD	1,129	JPM	01/18/24			72			—
AUD	11,963	USD	7,600	JPM	01/18/24			556			—
CAD	13,304	USD	9,931	CIT	01/18/24			111			—
CAD	14,575	USD	10,766	CIT	01/18/24			236			—
CAD	18,283	USD	13,714	CIT	03/26/24			100			—
CAD	17,782	USD	13,000	HSB	01/18/24			423			—
CAD	111,323	USD	81,744	HSB	01/18/24			2,290			—
CAD	20,271	USD	14,800	JPM	01/18/24			502			—
CHF	3,122	USD	3,500	HSB	01/18/24			217			—
CHF	4,156	USD	4,700	HSB	01/18/24			248			—
CNH	234,795	USD	32,400	HSB	01/18/24			585			—
CNH	1,476,019	USD	203,966	HSB	01/18/24			3,390			—
CNH	1,000,386	USD	138,237	JPM	01/18/24			2,300			—
CZK	72,980	USD	3,193	CIT	01/18/24			68			—
CZK	88,369	USD	3,800	CIT	01/18/24			150			—
CZK	71,093	USD	3,100	JPM	01/18/24			77			—
DKK	15,937	USD	2,300	HSB	01/18/24			62			—
DKK	16,141	USD	2,300	JPM	01/18/24			92			—
EUR	76,888	USD	82,700	CIT	01/18/24			2,230			—
EUR	92,731	USD	98,600	CIT	01/18/24			3,831			—
EUR	307,677	USD	332,565	CIT	01/18/24			7,294			—
EUR	9,024	USD	9,842	JPM	01/18/24			126			—
EUR	19,046	USD	20,586	JPM	01/18/24			452			—
EUR	54,979	USD	60,390	JPM	03/26/24			505			—
EUR	16,351	USD	17,960	SSB	03/26/24			150			—
GBP	7,057	USD	8,803	CIT	01/18/24			194			—
GBP	8,819	USD	11,000	HSB	01/18/24			242			—
GBP	13,117	USD	16,200	HSB	01/18/24			521			—
GBP	16,120	USD	19,600	HSB	01/18/24			950			—
GBP	62,500	USD	77,958	JPM	01/18/24			1,714			—
HUF	2,555,284	USD	6,783	HSB	01/18/24			568			—
INR	2,207,469	USD	26,377	HSB	03/27/24			45			—
JPY	6,805,446	USD	45,900	CIT	01/18/24			2,464			—
JPY	8,964,773	USD	62,191	CIT	01/18/24			1,519			—
JPY	8,342,588	USD	56,500	HSB	01/18/24			2,788			—

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

62  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio (continued)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
JPY	85,830,739	USD	595,627	HSB	01/18/24		$	14,346		$	—
JPY	3,000,000	USD	21,343	SSB	03/26/24			204			—
KRW	69,330,262	USD	52,559	JPM	03/27/24			1,238			—
MXN	40,820	USD	2,300	HSB	01/18/24			98			—
NZD	16,966	USD	10,582	HSB	01/18/24			144			—
NZD	38,002	USD	22,310	HSB	01/18/24			1,714			—
PLN	208,041	USD	47,496	HSB	01/18/24			5,367			—
PLN	11,466	USD	2,650	JPM	01/18/24			264			—
RON	14,346	USD	3,100	CIT	01/18/24			83			—
RON	158,240	USD	34,173	HSB	01/18/24			939			—
SEK	310,601	USD	28,172	HSB	01/18/24			2,641			—
USD	2,000	AUD	3,025	HSB	01/18/24			—			62
USD	17,554	AUD	27,228	HSB	01/18/24			—			1,009
USD	153,752	AUD	239,974	JPM	01/18/24			—			9,858
USD	5,103	AUD	7,551	SSB	03/26/24			—			56
USD	135,385	CAD	184,413	CIT	01/18/24			—			3,821
USD	13,874	CAD	18,283	CIT	03/26/24			61			—
USD	4,000	CAD	5,436	HSB	01/18/24			—			103
USD	13,894	CAD	18,999	HSB	01/18/24			—			448
USD	36,580	CAD	50,334	HSB	01/18/24			—			1,415
USD	26,000	CAD	35,277	JPM	01/18/24			—			630
USD	240,970	CAD	328,616	JPM	01/18/24			—			7,091
USD	5,333	CHF	4,758	HSB	01/18/24			—			333
USD	19,765	CHF	17,361	HSB	01/18/24			—			907
USD	11,000	CNH	78,637	HSB	01/18/24			—			47
USD	9,000	COP	36,720,000	HSB	01/18/24			—			447
USD	38,857	COP	157,372,597	HSB	01/18/24			—			1,629
USD	8,715	CZK	200,856	CIT	01/18/24			—			262
USD	44,023	CZK	1,006,049	CIT	01/18/24			—			942
USD	18,096	CZK	413,181	HSB	01/18/24			—			370
USD	3,639	DKK	25,146	CIT	01/18/24			—			88
USD	47,521	DKK	328,378	HSB	01/18/24			—			1,145
USD	8,663	DKK	60,212	JPM	01/18/24			—			261
USD	18,895	DKK	130,583	JPM	01/18/24			—			457
USD	11,652	DKK	79,017	SSB	03/26/24			—			99
USD	20,587	EUR	19,437	CIT	01/18/24			—			883

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

Annual Report  63

Lazard Global Dynamic Multi-Asset Portfolio (concluded)

Currency Purchased	Quantity	Currency Sold	Quantity	Counterparty	Settlement Date	Unrealized Appreciation			Unrealized Depreciation
USD	30,000	EUR	27,744	CIT	01/18/24		$	—		$	646
USD	95,260	EUR	88,132	CIT	01/18/24			—			2,089
USD	8,532	EUR	8,027	HSB	01/18/24			—			334
USD	40,849	EUR	38,094	JPM	01/18/24			—			1,229
USD	4,487	GBP	3,651	CIT	01/18/24			—			168
USD	6,000	GBP	4,764	CIT	01/18/24			—			73
USD	6,419	GBP	5,077	SSB	03/26/24			—			55
USD	14,926	IDR	236,894,520	JPM	03/27/24			—			458
USD	17,187	ILS	62,962	CIT	03/27/24			—			248
USD	22,641	ILS	81,706	HSB	03/27/24			15			—
USD	22,524	ILS	81,897	JPM	03/27/24			—			154
USD	4,000	INR	334,600	HSB	03/27/24			—			5
USD	16,000	JPY	2,285,766	CIT	01/18/24			—			244
USD	3,378	JPY	503,818	HSB	01/18/24			—			203
USD	13,651	JPY	2,015,894	HSB	01/18/24			—			676
USD	17,000	JPY	2,519,558	HSB	01/18/24			—			906
USD	244,305	JPY	35,204,638	HSB	01/18/24			—			5,884
USD	132,977	JPY	18,846,043	JPM	03/26/24			—			2,386
USD	38,580	JPY	5,466,863	SSB	03/26/24			—			686
USD	6,947	MXN	123,244	CIT	01/18/24			—			293
USD	4,762	MXN	84,464	HSB	01/18/24			—			200
USD	9,901	MXN	175,129	HSB	01/18/24			—			388
USD	67,242	MXN	1,193,264	JPM	01/18/24			—			2,863
USD	52,082	NOK	552,893	JPM	01/18/24			—			2,358
USD	5,611	NZD	9,457	CIT	01/18/24			—			368
USD	201,816	NZD	343,761	HSB	01/18/24			—			15,502
USD	22,943	PEN	85,784	CIT	03/27/24			—			186
USD	17,396	PEN	64,923	HSB	03/27/24			—			108
USD	2,412	PLN	10,031	HSB	01/18/24			—			136
USD	59,845	PLN	258,777	HSB	01/18/24			—			5,910
USD	4,482	SEK	49,414	HSB	01/18/24			—			420
USD	3,790	SGD	5,123	CIT	01/18/24			—			95
USD	22,293	SGD	29,987	HSB	01/18/24			—			444
USD	25,173	SGD	33,866	JPM	01/18/24			—			506
USD	63,545	THB	2,236,458	HSB	01/18/24			—			2,062
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	64,490		$	80,646

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

64  Annual Report

			Fair
Description	Shares		Value
Lazard Opportunistic Strategies Portfolio
Exchange-Traded Funds  |  98.7%
Commodity  |  2.1%
U.S. Copper Index Fund		15,408	$	371,949
WisdomTree Aluminium		124,157		391,632
				763,581
Equity Funds  |  72.5%
Franklin FTSE Japan ETF		61,347		1,717,103
Invesco QQQ Trust Series 1		4,893		2,003,781
iShares Core Dividend Growth ETF		45,358		2,441,168
iShares Expanded Tech-Software Sector ETF		6,672		2,706,430
iShares MSCI Pacific ex Japan ETF		16,103		699,031
iShares Russell 2000 ETF		9,600		1,926,816
JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF		25,261		1,250,672
JPMorgan BetaBuilders Japan ETF		30,600		1,607,112
SPDR EURO STOXX 50 ETF		65,081		3,111,523
Vanguard S&P 500 ETF		8,139		3,555,115
Vanguard S&P 500 Growth ETF		8,394		2,273,011
Vanguard S&P 500 Value ETF		19,849		3,333,838
				26,625,600
Fixed-Income Funds  |  24.1%
iShares 1-3 Year Treasury Bond ETF		15,698		1,287,864
iShares iBoxx Investment Grade Corporate Bond ETF		13,938		1,542,379
iShares U.S. Treasury Bond ETF		66,138		1,523,820
Vanguard Long-Term Treasury ETF		44,542		2,740,669
Vanguard Mega Cap ETF		10,311		1,745,446
				8,840,178
Total Exchange-Traded Funds (Cost $31,183,763)				36,229,359

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

Annual Report  65

			Fair
Description	Shares		Value
Lazard Opportunistic Strategies Portfolio (concluded)
Short-Term Investments  |  1.5%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (Cost $533,793)		533,793	$	533,793
Total Investments  |  100.2% (Cost $31,717,556)			$	36,763,152
Liabilities in Excess of Cash and Other Assets  |  (0.2)%				(65,825	)
Net Assets  |  100.0%			$	36,697,327

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

66  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•)
Common Stocks  |  62.3%
Australia  |  1.2%
Atlas Arteria Ltd.		6,406	$	25,170
Aurizon Holdings Ltd.		41,529		107,256
Dexus REIT		15,763		82,072
Goodman Group REIT		3,182		54,637
Transurban Group		1,507		14,046
				283,181
Brazil  |  0.9%
Allos SA		12,600		68,178
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		2,100		32,072
Energisa SA		11,000		121,825
				222,075
Canada  |  3.0%
Agnico Eagle Mines Ltd.		1,560		85,566
Algonquin Power & Utilities Corp.		1,112		7,016
Atco Ltd., Class I		4,446		129,751
Boardwalk Real Estate Investment Trust REIT		1,703		91,688
Canadian National Railway Co.		1,149		144,422
Hydro One Ltd.		6,644		199,062
West Fraser Timber Co. Ltd.		772		66,046
				723,551
China  |  1.2%
C&D International Investment Group Ltd.		46,000		97,744
China Resources Land Ltd.		18,000		64,941
Hopson Development Holdings Ltd. (*)		72,468		37,818
Midea Real Estate Holding Ltd.		41,600		28,566
Seazen Group Ltd. (*)		152,000		24,663
Yuexiu Property Co. Ltd.		50,000		40,684
				294,416
France  |  2.3%
Aeroports de Paris SA		543		70,327
Engie SA		2,358		41,463
Eutelsat Communications SACA (*)		1,508		7,092
Unibail-Rodamco-Westfield REIT (*)		914		67,333
Vinci SA		2,971		373,137
				559,352

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

Annual Report  67

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Hong Kong  |  1.3%
CK Infrastructure Holdings Ltd.		1,985	$	11,029
Link REIT		38,500		215,307
Power Assets Holdings Ltd.		3,426		19,834
Swire Properties Ltd.		27,400		55,245
				301,415
Italy  |  1.8%
Enel SpA		9,252		68,864
Hera SpA		4,272		14,019
Italgas SpA		3,107		17,800
Snam SpA		6,898		35,504
Terna - Rete Elettrica Nazionale		36,233		302,315
				438,502
Japan  |  3.4%
Aeon Mall Co. Ltd.		9,200		115,490
Chubu Electric Power Co., Inc.		5,000		64,515
East Japan Railway Co.		1,900		109,303
Hankyu Hanshin Holdings, Inc.		3,400		108,073
Hoshino Resorts REIT, Inc.		8		32,086
Industrial & Infrastructure Fund Investment Corp. REIT		102		100,803
Japan Prime Realty Investment Corp. REIT		13		32,235
Japan Real Estate Investment Corp. REIT		16		66,185
Katitas Co. Ltd.		2,600		40,252
Tokyo Gas Co. Ltd.		6,600		151,301
				820,243
Luxembourg  |  0.1%
SES SA		1,691		11,175
Singapore  |  0.3%
Parkway Life REIT		25,400		70,814
South Africa  |  0.5%
Growthpoint Properties Ltd. REIT		121,722		77,584
Northam Platinum Holdings Ltd.		5,614		43,060
				120,644

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

68  Annual Report

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
Spain  |  1.4%
Aena SME SA		664	$	120,552
Atlantica Sustainable Infrastructure PLC		326		7,009
Iberdrola SA		16,252		212,546
				340,107
Switzerland  |  0.1%
Flughafen Zurich AG		68		14,206
Taiwan  |  0.2%
Highwealth Construction Corp.		42,000		54,873
United Kingdom  |  4.6%
Drax Group PLC		8,508		53,135
LondonMetric Property PLC REIT		60,789		148,024
National Grid PLC		25,929		350,102
Pennon Group PLC		1,107		10,693
Segro PLC REIT		7,929		89,247
Severn Trent PLC		939		30,883
SSE PLC		12,519		295,335
Tritax Big Box REIT PLC		45,524		97,602
United Utilities Group PLC		2,280		30,729
				1,105,750
United States  |  40.0%
Agree Realty Corp.		1,631		102,671
Alexandria Real Estate Equities, Inc. REIT		1,619		205,241
Ameren Corp.		2,029		146,778
American Electric Power Co., Inc.		955		77,565
American Homes 4 Rent, Class A REIT		5,117		184,007
American Tower Corp. REIT		1,834		395,924
American Water Works Co., Inc.		435		57,416
Apartment Income REIT Corp.		5,219		181,256
Apple Hospitality REIT, Inc.		6,449		107,118
AvalonBay Communities, Inc. REIT		1,401		262,295
Brixmor Property Group, Inc.		10,479		243,846
Bunge Global SA		448		45,226
Camden Property Trust		585		58,085

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

Annual Report  69

			Fair
Description	Shares		Value
Lazard Real Assets Portfolio (•) (continued)
CF Industries Holdings, Inc.		858	$	68,211
Cheniere Energy, Inc.		988		168,661
Chesapeake Energy Corp.		994		76,478
Consolidated Edison, Inc.		1,161		105,616
Crown Castle, Inc. REIT		3,558		409,846
CSX Corp.		1,645		57,032
CubeSmart		2,215		102,665
Digital Realty Trust, Inc. REIT		1,957		263,373
Duke Energy Corp.		813		78,893
EastGroup Properties, Inc.		1,129		207,217
Edison International		1,046		74,779
Energy Transfer Equity LP		17,641		243,446
Enterprise Products Partners LP		7,984		210,378
Equinix, Inc. REIT		481		387,393
Equity Residential REIT		1,365		83,483
Essex Property Trust, Inc. REIT		455		112,813
Exelon Corp.		811		29,115
Extra Space Storage, Inc.		708		113,514
Ferrovial SE		1,581		57,715
Four Corners Property Trust, Inc. REIT		1,349		34,130
Host Hotels & Resorts, Inc. REIT		8,838		172,076
Invitation Homes, Inc. REIT		5,685		193,915
Iron Mountain, Inc. REIT		1,323		92,584
Kilroy Realty Corp. REIT		2,344		93,385
Mid-America Apartment Communities, Inc. REIT		1,452		195,236
National Storage Affiliates Trust REIT		1,746		72,407
NextEra Energy, Inc.		1,430		86,858
NiSource, Inc.		4,116		109,280
NNN REIT, Inc.		2,510		108,181
Norfolk Southern Corp.		246		58,149
ONEOK, Inc.		570		40,025
Pinnacle West Capital Corp.		201		14,440
PPL Corp.		535		14,498
Prologis, Inc.		3,920		522,536
Public Storage REIT		711		216,855
Realty Income Corp. REIT		1,854		106,457
Regency Centers Corp. REIT		2,633		176,411
Ryman Hospitality Properties, Inc. REIT		616		67,797

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

70  Annual Report

				Fair
Description		Shares		Value
Lazard Real Assets Portfolio (•) (continued)
SBA Communications Corp. REIT			1,666	$	422,648
Simon Property Group, Inc. REIT			1,948		277,863
SL Green Realty Corp. REIT			4,577		206,743
STAG Industrial, Inc.			3,660		143,692
Sunstone Hotel Investors, Inc. REIT			10,887		116,817
Targa Resources Corp.			3,050		264,953
Union Pacific Corp.			1,224		300,639
Ventas, Inc. REIT			5,286		263,454
Welltower, Inc. REIT			1,576		142,108
Xcel Energy, Inc.			3,113		192,726
					9,624,919
Total Common Stocks (Cost $13,802,914)					14,985,223
		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Corporate Bonds  |  12.7%
Canada  |  2.3%
Canadian Pacific Railway Co., 1.350%, 12/02/24	USD		300	$	289,237
Enbridge, Inc., 2.150%, 02/16/24	USD		275		273,755
					562,992
United States  |  10.4%
American Electric Power Co., Inc., 2.031%, 03/15/24	USD		275		272,740
Eversource Energy, 4.200%, 06/27/24	USD		275		272,883
Kimco Realty OP LLC, 3.300%, 02/01/25	USD		300		293,392
NextEra Energy Capital Holdings, Inc., 4.255%, 09/01/24	USD		275		272,385
ONEOK, Inc., 2.750%, 09/01/24	USD		300		294,113

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

Annual Report  71

		Principal
	Security	Amount		Fair
Description	Currency	(000)		Value
Lazard Real Assets Portfolio (•) (continued)
Southern Co., 4.475%, 08/01/24 (Ø)	USD	$	275	$	272,719
Tampa Electric Co., 3.875%, 07/12/24	USD		275		272,362
VICI Properties LP/VICI Note Co., Inc., 5.625%, 05/01/24	USD		275		274,105
Vistra Operations Co. LLC, 4.875%, 05/13/24 (#)	USD		275		273,446
					2,498,145
Total Corporate Bonds (Cost $3,059,350)					3,061,137
				Fair
Description		Shares		Value
Exchange-Traded Funds  |  4.6%
iShares Gold Trust (∆)			19,850	$	774,746
iShares Silver Trust (∆)			15,654		340,944
Total Exchange-Traded Funds (Cost $1,000,212)					1,115,690
Short-Term Investments  |  16.9%
State Street Institutional Treasury Money Market Fund, Premier Class, 5.28% (7 day yield) (∆) (Cost $4,063,854)			4,063,854		4,063,854
Total Investments  |  96.5% (Cost $21,926,330) (»)				$	23,225,904
Cash and Other Assets in Excess of Liabilities  |  3.5%					832,254
Net Assets  |  100.0%				$	24,058,158

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

72  Annual Report

Lazard Real Assets Portfolio (•) (continued)

Forward Currency Contracts open at December 31, 2023:

Currency		Currency			Settlement	Unrealized			Unrealized
Purchased	Quantity	Sold	Quantity	Counterparty	Date	Appreciation			Depreciation
AUD	31,096	USD	21,225	HSB	03/26/24		$	18		$	—
CAD	10,482	USD	7,908	SSB	03/26/24			12			—
CHF	6,465	USD	7,638	SSB	03/26/24			114			—
EUR	105,595	USD	116,865	SSB	03/26/24			95			—
GBP	53,350	USD	67,917	SSB	03/26/24			112			—
HKD	110,706	USD	14,197	SSB	03/26/24			7			—
USD	50,461	AUD	75,052	HSB	03/26/24			—			810
USD	9,192	AUD	13,673	SSB	03/26/24			—			149
USD	1,084	CAD	1,446	HSB	03/26/24			—			9
USD	17,460	CAD	23,293	JPM	03/26/24			—			139
USD	2,439	CAD	3,260	SSB	03/26/24			—			24
USD	8,060	CAD	10,752	SSB	03/26/24			—			64
USD	21,344	CHF	18,367	SSB	03/26/24			—			679
USD	49,554	EUR	44,979	JPM	03/26/24			—			265
USD	36,150	EUR	32,892	SSB	03/26/24			—			282
USD	263,634	EUR	239,138	SSB	03/26/24			—			1,240
USD	20,322	GBP	15,926	HSB	03/26/24			14			—
USD	14,784	GBP	11,586	JPM	03/26/24			10			—
USD	162,532	GBP	127,398	SSB	03/26/24			79			—
USD	9,043	HKD	70,460	HSB	03/26/24			3			—
USD	4,114	HKD	32,063	SSB	03/26/24			—			—
USD	31,254	HKD	243,567	SSB	03/26/24			2			—
Total gross unrealized appreciation/depreciation on Forward Currency Contracts							$	466		$	3,661

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

Annual Report  73

Lazard Real Assets Portfolio (•) (continued)

Futures Contracts open at December 31, 2023 (∆):

	Number of	Notional	Expiration	Notional		Fair		Unrealized
Type	Contracts	Amount	Date	Cost		Value		Depreciation
Natural Gas	10	$100,000	02/27/24	$	265,054	$	232,700		$	32,354
Sugar 11	6	672,000	02/29/24		179,712		138,298			41,414
Low Sulphur Gasoil	2	200	03/12/24		156,702		146,950			9,752
Soybean Oil	8	480,000	03/14/24		250,680		231,264			19,416
Total gross unrealized depreciation on Futures Contracts									$	102,936

Total Return Swap Agreements open at December 31, 2023 (∆):

		Notional	Expiration					Payment	Unrealized
Currency	Counterparty	Amount	Date	Receive	Pay		Payable	Frequency	Depreciation
USD	GSC	$3,878,040	10/18/24	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)		$270,687

(a) For swap agreements, the net settlement will occur on the expiration date.

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

74  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, 2023:

	Commodity Index	Commodity Exposure Expressed as
Commodity	Ticker Symbol	a Percentage of Notional Amount
Aluminum	BCOMAL		8.51	%
Bean Oil	BCOMBO		0.68
Brent Crude	BCOMCO		12.17
Coffee	BCOMKC		3.69
Copper	BCOMHG		10.49
Corn	BCOMCN		2.81
Cotton	BCOMCT		0.18
Crude Oil	BCOMCL		12.93
Gasoline (RBOB)	BCOMRB		2.22
Gold	BCOMGC		2.84
Heating Oil	BCOMHO		5.02
Kansas Wheat	BCOMKW		1.42
Lean Hogs	BCOMLH		0.15
Live Cattle	BCOMLC		7.54
Natural Gas	BCOMNG		0.10
Nickel	BCOMNI		1.24
Silver	BCOMSI		1.19
Soy Meal	BCOMSM		6.01
Soybeans	BCOMSY		9.41
Sugar	BCOMSB		3.55
Wheat	BCOMWH		2.25
Zinc	BCOMZS		5.60
Total			100.00	%

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

Annual Report  75

The Lazard Funds, Inc. Notes to Portfolios of Investments

December 31, 2023

(*)	Non-income producing security.
(±)	Some or all of this security position has been pledged to cover collateral requirements on securities sold short and/or derivative contracts.
(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, 2023 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 31,2023, the percentage of net assets for each Portfolio was as follows:

Portfolio	Percentage of Net Assets
Enhanced Opportunities Portfolio		1.8	%
Real Assets Portfolio		1.1	%

(«)	Issue in default.
(»)	The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.
(§)	Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on December 31, 2023.
(††)	A note or bond that offers protection from inflation by paying a fixed rate of interest on the principal amount that is adjusted for inflation, in the applicable region, based on the Consumer Price Index or other equivalent regional benchmarks for measuring inflation.
(¢)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(•)	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
ETF	—	Exchange-Traded Fund
PRIBOR	—	Prague Interbank Offered Rate

REIT	—	Real Estate Investment Trust
SOFR	—	Secured Overnight Financing Rate
WIBOR	—	Warsaw Interbank Offered Rate

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
ILS	—	Israeli Shekel

INR	—	Indian Rupee
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	—	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.
MSC	—	Morgan Stanley & Co.
NIP	—	Nomura International Plc
SSB	—	State Street Bank & Trust Co.

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

76  Annual Report

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

	Lazard Enhanced
	Opportunities Portfolio
Industry†	Long			Short
Common Stocks and Convertible Corporate Bonds
Aerospace & Defense		0.5	%		—	%
Air Freight & Logistics		0.1			–0.1
Automobiles Components		—			–0.1
Automobiles		2.1			–1.2
Banks		2.5			—
Biotechnology		4.1			–2.0
Broadline Retail		—			–0.1
Capital Markets		0.3			–0.1
Chemicals		2.4			–2.1
Communication Equipment		1.3			–0.3
Consumer Finance		5.4			–2.8
Consumer Staples Distribution & Retail		1.3			–0.6
Diversified Consumer Services		0.9			—
Diversified REITs		0.5			—
Electric Utilities		0.3			–0.1
Electrical Equipment		2.2			–1.6
Electronic Equipment, Instruments & Components		0.1			–0.1
Energy Equipment & Services		—			–2.6
Entertainment		2.4			–2.3
Financial Services		5.2			–1.9
Health Care Equipment & Supplies		3.9			–1.3
Health Care Providers & Services		—			–0.1
Health Care Technology		0.1			–0.3
Hotel & Resort REITs Total		—			–0.3
Hotels, Restaurants & Leisure		6.0			–4.3
Interactive Media & Services		2.5			–0.8
IT Services		5.8			–0.9
Leisure Products		—			–0.1
Life Sciences Tools & Services		3.2			–1.1
Machinery		5.9			–4.7
Marine Transportation		4.9			–4.8
Media		5.4			–0.2
Metals & Mining		2.8			–1.7
Mortgage Real Estate Investment Trusts (REITs)		2.9			–1.1
Oil, Gas & Consumable Fuels		3.9			–0.4
Passenger Airlines		2.0			–1.7
Pharmaceuticals		1.9			–0.2
Professional Services		0.3			–0.1
Real Estate Management & Development		0.9			–0.1
Semiconductors & Semiconductor Equipment		4.5			–1.9
Software		9.6			–3.6
Specialty Retail		1.9			–0.8
Technology Hardware, Storage & Peripherals		0.2			–0.1
Subtotal		100.2			–48.6

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

Annual Report  77

	Lazard Enhanced
	Opportunities Portfolio
Industry†	Long			Short
Exchange-Traded Funds		—			–3.3
Purchased Options		0.1			—
U.S. Treasury Securities		74.2			–29.4
Short-Term Investments		5.0			—
Total Investments		179.5	%		–81.3	%

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

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
	Global			Lazard
	Dynamic			Real
	Multi-Asset			Assets
Industry†	Portfolio			Portfolio
Common Stocks and Corporate & Quasi Government Bonds
Aerospace & Defense		0.4	%		—	%
Air Freight & Logistics		0.2			—
Automobiles Components		0.1			—
Automobiles		2.5			—
Banks		6.8			—
Beverages		1.4			—
Biotechnology		1.6			—
Broadline Retail		1.0			—
Building Products		0.9			—
Capital Markets		2.5			—
Chemicals		0.3			0.2
Commercial Services & Suppliers		1.2			—
Communications Equipment		0.6			—
Construction & Engineering		0.2			1.8
Construction Materials		0.1			—
Consumer Finance		0.4			—
Consumer Staples Distribution & Retail		1.7			—
Containers & Packaging		0.6			—
Diversified REITs		0.4			1.4
Diversified Telecommunication Services		1.8			—
Electric Utilities		0.9			12.3
Electrical Equipment		0.5			2.3
Electronic Equipment, Instruments & Components		1.1			—
Entertainment		0.5			—
Financial Services		1.8			—
Food Products		0.7			0.2
Gas Utilities		0.5			0.9
Ground Transportation		0.3			3.6
Health Care Equipment & Supplies		0.4			—
Health Care Providers & Services		2.6			—
Health Care REITs		—			2.0
Hotel & Resort REITs		0.1			2.1
Hotels, Restaurants & Leisure		2.2			—
Household Durables		0.8			—
Household Products		1.3			—
Independent Power & Renewable Electricity Producers		0.3			0.2
Industrial Conglomerates		0.3			—

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

Annual Report  79

	Lazard
	Global			Lazard
	Dynamic			Real
	Multi-Asset			Assets
Industry†	Portfolio			Portfolio
Industrial REITs		—			5.7
Insurance		2.7			—
Interactive Media & Services		2.5			—
IT Services		0.9			—
Leisure Products		0.2			—
Life Sciences Tools & Services		0.7			—
Machinery		1.3			—
Marine Transportation		—			1.2
Media		0.7			0.1
Metals & Mining		0.4			0.5
Multi-Utilities		0.7			3.8
Office REITs		0.1			2.9
Oil, Gas & Consumable Fuels		1.2			6.5
Paper & Forest Products		—			0.3
Passenger Airlines		0.1			—
Personal Care Products		0.5			—
Pharmaceuticals		4.5			—
Professional Services		1.1			—
Real Estate Management & Development		0.4			2.6
Residential REITs		0.1			5.7
Retail REITs		0.5			6.6
Semiconductors & Semiconductor Equipment		3.2			—
Software		5.8			—
Specialized REITs		0.1			10.4
Specialty Retail		1.4			—
Technology Hardware, Storage & Peripherals		2.6			—
Textiles, Apparel & Luxury Goods		0.5			—
Tobacco		0.2			—
Trading Companies & Distributors		0.5			—
Transportation Infrastructure		—			1.0
Water Utilities		—			0.7
Wireless Telecommunication Services		0.2			—
Subtotal		72.1			75.0
Exchange-Traded Funds		1.1			4.6
Foreign Government Obligations		18.7			—
Supranational Bonds		4.6			—
U.S. Treasury Securities		2.7			—
Short-Term Investments		—			16.9
Warrants		0.0			—
Total Investments		99.2	%		96.5	%

† 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

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Annual Report  81

The Lazard Funds, Inc. Statements of Assets and Liabilities

December 31, 2023	Lazard Enhanced Opportunities Portfolio			Lazard Global Dynamic Multi-Asset Portfolio
ASSETS
Investments in securities, at fair value		$	66,994,722	$	10,421,705
Cash			—		19
Foreign currency, at fair value			456		7,504
Receivables for:
Investments sold			220,994		123,413
Dividends and interest			269,186		64,006
Amount due from Investment Manager (Note 3)			4,468		5,726
Capital stock sold			—		—
Cash collateral pledged for derivative contracts			276,385		—
Gross unrealized appreciation on:
Forward currency contracts			—		64,490
Swap agreements			3,068,607		—
Other assets			—		—
Total assets			70,834,818		10,686,863
LIABILITIES
Securities sold short, at fair value			30,342,486		—
Due to custodian			—		—
Payables for:
Accrued custodian fees			36,057		16,937
Accrued professional services			28,479		25,394
Accrued shareholders’ reports			8,119		2,353
Accrued administration fees			3,851		3,436
Accrued distribution fees			61		38
Accrued directors’ fees			59		—
Management fees			—		—
Investments purchased			96,660		60
Capital stock redeemed			126,622		—
Dividends on securities sold short			6,855		—
Variation margin on open futures contracts			—		—
Gross unrealized depreciation on:
Forward currency contracts			9,438		80,646
Swap agreements			2,762,578		—
Line of credit outstanding			—		51,950
Written options, at fair value			5,242		—
Other accrued expenses and payables			75,250		1,031
Total liabilities			33,501,757		181,845
Net assets		$	37,333,061	$	10,505,018

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

82  Annual Report

Lazard Opportunistic Strategies Portfolio			Lazard Real Assets Portfolio (a)
	$	36,763,152		$	23,225,904
		—			—
		—			15,819
		—			—
		6,878			116,172
		—			—
		—			15
		—			1,030,364
		—			466
		—			—
		—			16,123
		36,770,030			24,404,863
		—			—
		3,955			—
		5,366			10,172
		25,865			26,423
		7,093			4,474
		4,056			3,959
		—			40
		42			—
		24,869			5,580
		—			—
		—			—
		—			—
		—			15,238
		—			3,661
		—			270,687
		—			—
		—			—
		1,457			6,471
		72,703			346,705
	$	36,697,327		$	24,058,158

Annual Report  83

December 31, 2023	Lazard Enhanced Opportunities Portfolio				Lazard Global Dynamic Multi-Asset Portfolio
NET ASSETS
Paid in capital		$	46,818,491		$	9,639,791
Distributable earnings (Accumulated loss)			(9,485,430	)		865,227
Net assets		$	37,333,061		$	10,505,018
Institutional Shares
Net assets		$	36,826,788		$	10,338,203
Shares of capital stock outstanding*			4,529,566			1,169,739
Net asset value, offering and redemption price per share		$	8.13		$	8.84
Open Shares
Net assets		$	506,273		$	166,815
Shares of capital stock outstanding*			62,090			19,028
Net asset value, offering and redemption price per share		$	8.15		$	8.77
R6 Shares
Net assets			—			—
Shares of capital stock outstanding*			—			—
Net asset value, offering and redemption price per share			—			—
Cost of investments in securities		$	68,545,121		$	9,136,217
Proceeds received from securities sold short		$	29,467,812		$	—
Proceeds received from written options		$	5,880		$	—
Cost of foreign currency		$	457		$	7,464

*	$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.

84  Annual Report

Lazard Opportunistic Strategies Portfolio			Lazard Real Assets Portfolio (a)
	$	30,649,811		$	29,606,616
		6,047,516			(5,548,458	)
	$	36,697,327		$	24,058,158
	$	36,572,813		$	23,754,937
		3,633,121			2,456,917
	$	10.07		$	9.67
	$	124,514		$	263,393
		12,446			27,219
	$	10.00		$	9.68
		—		$	39,828
		—			4,121
		—		$	9.66
	$	31,717,556		$	21,926,330
	$	—		$	—
	$	—		$	—
	$	—		$	15,783

Annual Report  85

The Lazard Funds, Inc. Statements of Operations

For the Period Ended December 31, 2023	Lazard Enhanced Opportunities Portfolio				Lazard Global Dynamic Multi-Asset Portfolio
Investment Income (Loss)
Income
Interest		$	1,990,396		$	213,477
Dividends#			1,735			123,309
Total investment income*			1,992,131			336,786
Expenses
Management fees (Note 3)			369,445			91,297
Professional services			96,266			46,243
Custodian fees			86,182			94,499
Registration fees			36,252			32,036
Administration fees			28,929			25,494
Shareholders’ reports			24,925			9,093
Shareholders’ services			12,834			10,927
Directors’ fees and expenses			7,541			5,805
Distribution fees (Open Shares)			1,214			390
Amortization of offering costs (Note 2(i))			—			—
Other^			6,852			5,208
Total gross expenses before expenses on securities sold short			670,440			320,992
Broker expense on securities sold short			663,251			—
Dividend expense on securities sold short			316,957			—
Total gross expenses			1,650,648			320,992
Management fees waived and expenses reimbursed			(182,307	)		(217,814	)
Total net expenses			1,468,341			103,178
Net investment income (loss)			523,790			233,608
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments			(1,431,686	)		(369,228	)
Securities sold short			547,449			—
Foreign currency transactions			20,635			(5,459	)
Forward currency contracts			(26,177	)		26,961
Futures contracts			—			—
Written options			108,157			—
Swap agreements			891,516			—
Total net realized gain (loss)			109,894			(347,726	)
Net change in unrealized appreciation (depreciation) on:
Investments			3,303,819			1,441,433
Securities sold short			(2,089,411	)		—
Foreign currency translations			(70	)		1,532
Forward currency contracts			6,882			(153,453	)
Futures contracts			—			—
Written options			2,791			—
Swap agreements			723,414			—
Total net change in unrealized appreciation (depreciation)			1,947,425			1,289,512
Net realized and unrealized gain (loss)			2,057,319			941,786
Net increase (decrease) in net assets resulting from operations		$	2,581,109		$	1,175,394
*# Net of foreign withholding taxes of		$	607		$	6,994
^ Includes interest on line of credit of		$	449		$	79

# Dividend income for Lazard Global Dynamic Multi Asset Portfolio includes $762 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 $7,756. Refer to Note 2(b) in the Notes to Financial Statements for further information.

(a) Consolidated Statement of Operations.

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

86  Annual Report

Lazard Opportunistic Strategies Portfolio				Lazard Real Assets Portfolio (a)
	$	117,244			$	558,898
		953,840				806,565
		1,071,084				1,365,463
		452,524				216,360
		52,291				57,286
		33,056				65,495
		33,299				22,917
		29,724				28,229
		15,923				15,499
		13,290				12,309
		8,379				17,247
		290				1,344
		—				2,791
		6,573				11,423
		645,349				450,900
		—				—
		—				—
		645,349				450,900
		(183,167	)			(182,995	)
		462,182				267,905
		608,902				1,097,558
		2,233,951				1,306,596
		—				—
		—				(3,081	)
		—				(10,381	)
		—				(1,047,410	)
		—				—
		217,651				(380,756	)
		2,451,602				(135,032	)
		817,762				549,957
		—				—
		—				439
		—				(5,998	)
		—				287,144
		—				—
		150,608				(352,208	)
		968,370				479,334
		3,419,972				344,302
	$	4,028,874			$	1,441,860
	$	—			$	32,256
	$	—			$	—

Annual Report  87

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

	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	523,790		$	1,550,942
Net realized gain (loss)			109,894			(4,667,128	)
Net change in unrealized appreciation (depreciation)			1,947,425			(2,328,484	)
Net increase (decrease) in net assets resulting from operations			2,581,109			(5,444,670	)
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			(600,179	)		(3,931,443	)
Open Shares			(7,265	)		(28,882	)
R6 Shares			—			—
Return of capital
Institutional Shares			—			(629,300	)
Open Shares			—			(4,623	)
Net decrease in net assets resulting from distributions			(607,444	)		(4,594,248	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			10,810,000			56,827,363
Open Shares			104,060			356,167
R6 Shares			—			—
Net proceeds from reinvestment of distributions
Institutional Shares			600,179			4,560,743
Open Shares			7,265			33,505
R6 Shares			—			—
Cost of shares redeemed
Institutional Shares			(15,673,930	)		(158,103,819	)
Open Shares			(61,118	)		(673,149	)
Net increase (decrease) in net assets from capital stock transactions			(4,213,544	)		(96,999,190	)
Total increase (decrease) in net assets			(2,239,879	)		(107,038,108	)
Net assets at beginning of period			39,572,940			146,611,048
Net assets at end of period		$	37,333,061		$	39,572,940

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

88  Annual Report

Lazard Global Dynamic Multi-Asset Portfolio						Lazard Opportunistic Strategies Portfolio
Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	233,608		$	280,610		$	608,902		$	672,837
	(347,726	)		17,464			2,451,602			(432,746	)
	1,289,512			(3,594,600	)		968,370			(11,534,546	)
	1,175,394			(3,296,526	)		4,028,874			(11,294,455	)
	(158,991	)		(532,887	)		(1,109,144	)		(2,115,374	)
	(2,349	)		(6,101	)		(3,421	)		(4,294	)
	—			—			—			—
	—			—			—			(17,143	)
	—			—			—			(35	)
	(161,340	)		(538,988	)		(1,112,565	)		(2,136,846	)
	20,497			3,318,612			274,113			279,306
	13,099			864			9,484			6,366
	—			—			—			—
	158,991			532,887			1,024,786			2,021,850
	2,349			6,101			3,124			3,996
	—			—			—			—
	(3,752,462	)		(4,765,296	)		(23,045,496	)		(12,134,042	)
	(28,360	)		(13,381	)		(4,172	)		(31,698	)
	(3,585,886	)		(920,213	)		(21,738,161	)		(9,854,222	)
	(2,571,832	)		(4,755,727	)		(18,821,852	)		(23,285,523	)
	13,076,850			17,832,577			55,519,179			78,804,702
$	10,505,018		$	13,076,850		$	36,697,327		$	55,519,179

Annual Report  89

	Lazard Enhanced Opportunities Portfolio
	Year Ended December 31, 2023				Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		$	5,067,123		$	15,584,880
Shares sold			1,336,263			6,382,326
Shares issued to shareholders from reinvestment of distributions			73,914			570,944
Shares redeemed			(1,947,734	)		(17,471,027	)
Net increase (decrease)			(537,557	)		(10,517,757	)
Shares outstanding at end of period			4,529,566			5,067,123
Open Shares
Shares outstanding at beginning of period			55,974			82,674
Shares sold			12,827			42,821
Shares issued to shareholders from reinvestment of distributions			891			4,226
Shares redeemed			(7,602	)		(73,747	)
Net increase (decrease)			6,116			(26,700	)
Shares outstanding at end of period			62,090			55,974

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, 2023			Year Ended December 31, 2022			Year Ended December 31, 2023			Year Ended December 31, 2022
$	1,600,084		$	1,746,408		$	5,885,634		$	6,871,003
	2,483			358,853			28,033			28,705
	19,389			65,311			102,376			205,623
	(452,217	)		(570,488	)		(2,382,922	)		(1,219,697	)
	(430,345	)		(146,324	)		(2,252,513	)		(985,369	)
	1,169,739			1,600,084			3,633,121			5,885,634
	20,637			21,426			11,545			13,824
	1,569			94			1,015			633
	289			752			314			407
	(3,467	)		(1,635	)		(428	)		(3,319	)
	(1,609	)		(789	)		901			(2,279	)
	19,028			20,637			12,446			11,545

Annual Report  91

	Lazard Real Assets Portfolio (a)
	Year Ended December 31, 2023				Year Ended December 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	1,097,558		$	606,567
Net realized gain (loss)			(135,032	)		(665,201	)
Net change in unrealized appreciation (depreciation)			479,334			(3,404,020	)
Net increase (decrease) in net assets resulting from operations			1,441,860			(3,462,654	)
Distributions to shareholders (Note 2(i))
Net investment income and net realized gains
Institutional Shares			(982,186	)		(2,459,340	)
Open Shares			(11,657	)		(66,131	)
R6 Shares			(780	)		(61	)
Return of capital
Institutional Shares			—			—
Open Shares			—			—
Net decrease in net assets resulting from distributions			(994,623	)		(2,525,532	)
Capital stock transactions
Net proceeds from sales
Institutional Shares			2,147,217			5,377,839
Open Shares			18,711			2,117,160
R6 Shares			37,374			1,000
Net proceeds from reinvestment of distributions
Institutional Shares			973,887			2,328,285
Open Shares			11,657			66,131
R6 Shares			780			61
Cost of shares redeemed
Institutional Shares			(13,710,507	)		(4,128,233	)
Open Shares			(623,450	)		(1,189,885	)
Net increase (decrease) in net assets from capital stock transactions			(11,144,331	)		4,572,358
Total increase (decrease) in net assets			(10,697,094	)		(1,415,828	)
Net assets at beginning of period			34,755,252			36,171,080
Net assets at end of period		$	24,058,158		$	34,755,252

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

92  Annual Report

	Lazard Real Assets Portfolio (a)
	Year Ended December 31, 2023				Year Ended December 31, 2022
Shares issued and redeemed
Institutional Shares
Shares outstanding at beginning of period		$	3,552,832			$	3,212,708
Shares sold			227,470				508,999
Shares issued to shareholders from reinvestment of distributions			103,204				239,014
Shares redeemed			(1,426,589	)			(407,889	)
Net increase (decrease)			(1,095,915	)			340,124
Shares outstanding at end of period			2,456,917				3,552,832
Open Shares
Shares outstanding at beginning of period			90,697				12,859
Shares sold			1,986				182,688
Shares issued to shareholders from reinvestment of distributions			1,245				6,795
Shares redeemed			(66,709	)			(111,645	)
Net increase (decrease)			(63,478	)			77,838
Shares outstanding at end of period			27,219				90,697
R6 Shares†
Shares outstanding at beginning of period			99				—
Shares sold			3,940				93
Shares issued to shareholders from reinvestment of distributions			82				6
Net increase (decrease)			4,022				99
Shares outstanding at end of period			4,121				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  93

The Lazard Funds, Inc. Financial Highlights

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	7.72		$	9.36		$	9.13		$	8.84		$	8.31
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.11			0.18			0.14	#		0.20			0.10
Net realized and unrealized gain (loss)		0.43			(0.86	)		0.48			0.69			0.52
Total from investment operations		0.54			(0.68	)		0.62			0.89			0.62
Less distributions from:
Net investment income		(0.13	)		(0.40	)		(0.05	)		(0.22	)		—
Net realized gains		—			(0.49	)		(0.34	)		(0.38	)		(0.09	)
Return of capital		—			(0.07	)		—			—			—
Total distributions		(0.13	)		(0.96	)		(0.39	)		(0.60	)		(0.09	)
Net asset value, end of period	$	8.13		$	7.72		$	9.36		$	9.13		$	8.84
Total Return (b)		7.02	%		–7.39	%		6.81	%#		10.11	%		7.44	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	36,827		$	39,139		$	145,836		$	19,537		$	9,223
Ratios to average net assets:
Net expenses		3.77	%		2.41	%		1.70	%#		2.23	%		2.71	%
Gross expenses		4.23	%		2.51	%		2.05	%		3.79	%		5.52	%
Gross expenses, excluding expenses on securities sold short		1.71	%		1.35	%		1.54	%		2.82	%		4.06	%
Net investment income (loss)		1.35	%		2.03	%		1.47	%#		2.22	%		1.19	%
Portfolio turnover rate:
Excluding securities sold short		187	%		178	%		168	%		167	%		272	%
Including securities sold short		270	%		233	%		341	%		241	%		354	%

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

94  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	7.75		$	9.37		$	9.13		$	8.82		$	8.30
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.09			0.15			0.13	#		0.16			0.10
Net realized and unrealized gain (loss)		0.42			(0.84	)		0.47			0.70			0.51
Total from investment operations		0.51			(0.69	)		0.60			0.86			0.61
Less distributions from:
Net investment income		(0.11	)		(0.32	)		(0.02	)		(0.17	)		—
Net realized gains		—			(0.49	)		(0.34	)		(0.38	)		(0.09	)
Return of capital		—			(0.12	)		—			—			—
Total distributions		(0.11	)		(0.93	)		(0.36	)		(0.55	)		(0.09	)
Net asset value, end of period	$	8.15		$	7.75		$	9.37		$	9.13		$	8.82
Total Return (b)		6.63	%		–7.45	%		6.55	%#		9.83	%		7.33	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	506		$	434		$	775		$	168		$	123
Ratios to average net assets:
Net expenses		4.02	%		2.89	%		1.92	%#		2.45	%		2.83	%
Gross expenses		5.54	%		4.34	%		2.99	%		4.94	%		13.76	%
Gross expenses, excluding expenses on securities sold short		3.02	%		2.95	%		2.52	%		3.99	%		12.30	%
Net investment income (loss)		1.13	%		1.67	%		1.42	%#		1.75	%		1.10	%
Portfolio turnover rate:
Excluding securities sold short		187	%		178	%		168	%		167	%		272	%
Including securities sold short		270	%		233	%		341	%		241	%		354	%

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

Annual Report  95

#	A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.01 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.11%, decreased the net expense ratios by 0.07% and 0.06% respectively and increased the net investment income (loss) ratio by 0.06%.
(a)	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.

96  Annual Report

LAZARD GLOBAL DYNAMIC MULTI-ASSET PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
the period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	8.07		$	10.09		$	10.67		$	10.78		$	9.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.17	*		0.15			0.10			0.08			0.14
Net realized and unrealized gain (loss)		0.73			(1.87	)		1.18			0.02			1.51
Total from investment operations		0.90			(1.72	)		1.28			0.10			1.65
Less distributions from:
Net investment income		—			—			(0.16	)		(0.21	)		(0.14	)
Net realized gains		(0.13	)		(0.30	)		(1.70	)		—			—
Total distributions		(0.13	)		(0.30	)		(1.86	)		(0.21	)		(0.14	)
Net asset value, end of period	$	8.84		$	8.07		$	10.09		$	10.67		$	10.78
Total Return (b)		11.22	%*		–17.05	%		12.17	%		1.00	%		17.80	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	10,338		$	12,911		$	17,617		$	57,925		$	47,481
Ratios to average net assets :
Net expenses		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Gross expenses		2.76	%		2.16	%		1.70	%		1.32	%		1.45	%
Net investment income (loss)		2.05	%*		1.74	%		0.91	%		0.84	%		1.36	%
Portfolio turnover rate		89	%		108	%		83	%		173	%		125	%

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

Annual Report  97

Selected data for a share of capital stock outstanding throughout	Year Ended
the period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	8.03		$	10.06		$	10.68		$	10.78		$	9.27
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.15	*		0.13			0.08			0.06			0.11
Net realized and unrealized gain (loss)		0.72			(1.86	)		1.16			0.03			1.51
Total from investment operations		0.87			(1.73	)		1.24			0.09			1.62
Less distributions from:
Net investment income		—			—			(0.16	)		(0.19	)		(0.11	)
Net realized gains		(0.13	)		(0.30	)		(1.70	)		—			—
Total distributions		(0.13	)		(0.30	)		(1.86	)		(0.19	)		(0.11	)
Net asset value, end of period	$	8.77		$	8.03		$	10.06		$	10.68		$	10.78
Total Return (b)		10.90	%*		–17.20	%		11.78	%		0.84	%		17.46	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	167		$	166		$	216		$	236		$	293
Ratios to average net assets :
Net expenses		1.15	%		1.15	%		1.15	%		1.15	%		1.18	%
Gross expenses		6.27	%		4.85	%		3.95	%		3.09	%		5.45	%
Net investment income (loss)		1.78	%*		1.48	%		0.69	%		0.61	%		1.10	%
Portfolio turnover rate		89	%		108	%		83	%		173	%		125	%

*	There was less than a $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, 2023. There was a 0.01% 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.

98  Annual Report

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.41		$	11.45		$	10.58		$	9.87		$	8.74
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.13			0.10			0.05			0.05			0.10
Net realized and unrealized gain (loss)		0.83			(1.80	)		1.32			0.88			1.23
Total from investment operations		0.96			(1.70	)		1.37			0.93			1.33
Less distributions from:
Net investment income		(0.15	)		(0.10	)		(0.04	)		(0.05	)		(0.12	)
Net realized gains		(0.15	)		(0.24	)		(0.46	)		(0.17	)		(0.08	)
Return of capital		—			—	(b)		—			—			—
Total distributions		(0.30	)		(0.34	)		(0.50	)		(0.22	)		(0.20	)
Net asset value, end of period	$	10.07		$	9.41		$	11.45		$	10.58		$	9.87
Total Return (c)		10.29	%		–14.93	%		12.96	%		9.47	%		15.16	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	36,573		$	55,411		$	78,647		$	78,116		$	83,509
Ratios to average net assets:
Net expenses		1.02	%		1.03	%		1.11	%		1.04	%		1.22	%
Gross expenses		1.41	%		1.32	%		1.28	%		1.30	%		1.43	%
Gross expenses, excluding expenses on securities sold short		1.41	%*		1.32	%		1.19	%		1.29	%		1.23	%
Net investment income (loss)		1.35	%		1.03	%		0.40	%		0.55	%		1.08	%
Portfolio turnover rate:
Excluding securities sold short		109	%		128	%		65	%		88	%		82	%
Including securities sold short		NA	%*		134	%		65	%		94	%		99	%

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
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.36		$	11.38		$	10.52		$	9.82		$	8.69
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.12			0.07			0.02			0.03			0.07
Net realized and unrealized gain (loss)		0.80			(1.77	)		1.31			0.86			1.23
Total from investment operations		0.92			(1.70	)		1.33			0.89			1.30
Less distributions from:
Net investment income		(0.13	)		(0.08	)		(0.01	)		(0.02	)		(0.09	)
Net realized gains		(0.15	)		(0.24	)		(0.46	)		(0.17	)		(0.08	)
Return of capital		—			—	(b)		—			—			—
Total distributions		(0.28	)		(0.32	)		(0.47	)		(0.19	)		(0.17	)
Net asset value, end of period	$	10.00		$	9.36		$	11.38		$	10.52		$	9.82
Total Return (c)		9.85	%		–15.06	%		12.65	%		9.14	%		14.91	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	125		$	108		$	157		$	154		$	208
Ratios to average net assets:
Net expenses		1.27	%		1.28	%		1.36	%		1.28	%		1.51	%
Gross expenses		6.18	%		5.14	%		4.06	%		7.75	%		3.78	%
Gross expenses, excluding expenses on securities sold short		6.18	%*		5.13	%		3.97	%		7.74	%		3.58	%
Net investment income (loss)		1.25	%		0.71	%		0.15	%		0.31	%		0.76	%
Portfolio turnover rate:
Excluding securities sold short		109	%		128	%		65	%		88	%		82	%
Including securities sold short		NA	%*		134	%		65	%		94	%		99	%

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

100  Annual Report

*	No securities sold short during the year.
(a)	Net investment income (loss) has been computed using the average shares method.
(b)	Amount is less than $0.01 per share.
(c)	Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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  101

LAZARD REAL ASSETS PORTFOLIO^

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Institutional Shares
Net asset value, beginning of period	$	9.54		$	11.21		$	10.33		$	10.69		$	9.42
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.31			0.18			0.17			0.17			0.16
Net realized and unrealized gain (loss)		0.10			(1.12	)		2.04			(0.12	)		1.35
Total from investment operations		0.41			(0.94	)		2.21			0.05			1.51
Less distributions from:
Net investment income		(0.28	)		(0.72	)		(1.26	)		(0.20	)		(0.24	)
Net realized gains		—			(0.01	)		(0.07	)		(0.21	)		—	(b)
Total distributions		(0.28	)		(0.73	)		(1.33	)		(0.41	)		(0.24	)
Net asset value, end of period	$	9.67		$	9.54		$	11.21		$	10.33		$	10.69
Total Return (c)		4.44	%		–8.45	%		21.60	%		0.61	%		16.07	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	23,755		$	33,888		$	36,027		$	23,959		$	17,515
Ratios to average net assets (d) :
Net expenses		0.80	%		0.80	%		0.80	%		0.86	%		0.90	%
Gross expenses		1.32	%		1.34	%		1.29	%		2.13	%		2.20	%
Net investment income (loss)		3.31	%		1.61	%		1.49	%		1.73	%		1.59	%
Portfolio turnover rate		68	%		182	%		35	%		109	%		44	%

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

102  Annual Report

Selected data for a share of capital stock outstanding throughout	Year Ended
each period	12/31/23			12/31/22			12/31/21			12/31/20			12/31/19
Open Shares
Net asset value, beginning of period	$	9.55		$	11.22		$	10.34		$	10.67		$	9.41
Income (Loss) from investment operations:
Net investment income (loss) (a)		0.28			0.18			0.13			0.17			0.14
Net realized and unrealized gain (loss)		0.11			(1.15	)		2.05			(0.14	)		1.33
Total from investment operations		0.39			(0.97	)		2.18			0.03			1.47
Less distributions from:
Net investment income		(0.26	)		(0.69	)		(1.23	)		(0.15	)		(0.21	)
Net realized gains		—			(0.01	)		(0.07	)		(0.21	)		—	(b)
Total distributions		(0.26	)		(0.70	)		(1.30	)		(0.36	)		(0.21	)
Net asset value, end of period	$	9.68		$	9.55		$	11.22		$	10.34		$	10.67
Total Return (c)		4.16	%		–8.68	%		21.28	%		0.42	%		15.70	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)	$	263		$	866		$	144		$	116		$	65
Ratios to average net assets (d):
Net expenses		1.05	%		1.05	%		1.05	%		1.13	%		1.10	%
Gross expenses		2.24	%		2.15	%		5.90	%		4.64	%		23.75	%
Net investment income (loss)		2.93	%		1.68	%		1.16	%		1.77	%		1.39	%
Portfolio turnover rate		68	%		182	%		35	%		109	%		44	%

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

Annual Report  103

Selected data for a share of capital stock outstanding throughout	Year Ended				For the Period 7/22/22* to
each period	12/31/23				12/31/22
R6 Shares
Net asset value, beginning of period		$	9.54			$	10.84
Income (Loss) from investment operations:
Net investment income (loss) (a)			0.34				0.11
Net realized and unrealized gain (loss)			0.07				(0.75	)
Total from investment operations			0.41				(0.64	)
Less distributions from:
Net investment income			(0.29	)			(0.65	)
Net realized gains			—				(0.01	)
Total distributions			(0.29	)			(0.66	)
Net asset value, end of period		$	9.66			$	9.54
Total Return (c)			4.38	%			–5.92	%
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	40			$	1
Ratios to average net assets (d):
Net expenses			0.75	%			0.75	%
Gross expenses			32.62	%			595.55	%
Net investment income (loss)			3.69	%			2.34	%
Portfolio turnover rate			68	%			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)	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.

104  Annual Report

The Lazard Funds, Inc. Notes to Financial Statements

December 31, 2023

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, 2023, the Fund was comprised of twenty-seven 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-three 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.

The Fund 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, 2023, net assets of the Portfolio were $24,058,158 of which $2,723,652, or 11.32%, represented the Portfolio’s ownership of all issued shares and voting rights of the Subsidiary.

Annual Report  105

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. 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.

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

106  Annual Report

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.

Events occurring after the close of trading on foreign exchanges may affect the fair value of foreign securities as of the close of regular trading on the NYSE, when the Portfolios’ NAVs are calculated. When valuing foreign equity securities, the Portfolios use an independent pricing service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments, which have a strong correlation to the fair-valued securities.

The Board of Directors (“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. 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

Annual Report  107

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 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

108  Annual Report

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, 2023, 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. 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

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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, 2023, 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 indices underlying the transaction exceeds (or falls short of) the offsetting interest rate obligation, a Portfolio will receive a payment from (or make a payment to) the counterparty.

Swap agreements generally are valued by an independent pricing service, and the change in value, if any, is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio’s accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio’s accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the year ended December 31, 2023, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios traded in swap agreements.

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(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 year ended December 31, 2023, the Enhanced Opportunities Portfolio traded in options.

(g) Short Sales—A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts are an expense of the Portfolio. The Portfolio designates collateral consisting of cash, US

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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, 2023, 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, 2023, the Enhanced Opportunities Portfolio had pledged $52,589,457 of securities held long as collateral under such arrangements.

For the year ended December 31, 2023, 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		$106,678,353		$116,920,569

(h) Federal Income Taxes—The Fund’s policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2023, 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		$(2,925,427	)		$(3,637,914	)
Global Dynamic Multi-Asset		(102,628	)		(207,067	)
Real Assets		(1,400,857	)		—

Under current tax law, post-October capital losses or certain late-year ordinary losses, as defined by the Code, within the taxable year may be deferred and treated as occurring on the first day of

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the following tax year. For the tax year ended December 31, 2023, the following Portfolios elected to defer such losses as follows:

Portfolio	Post-October Capital Loss Deferral		Late-Year Ordinary Loss Deferral
Real Assets	$	—		$  11,901

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		$40,753,827		$5,333,542		$9,447,300		$(4,113,758	)
Global Dynamic Multi-Asset		9,262,989		1,471,750		317,956		1,153,794
Opportunistic Strategies		31,748,447		5,045,596		30,891		5,014,705
Real Assets		29,173,030		5,000,024		10,947,142		(5,947,118	)

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 declared 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

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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 2023 tax return, and has elected to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders’ portion of the Portfolio’s undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolio would otherwise be required to distribute as dividends to shareholders in order for the Portfolio to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable income by such shareholders. However, since the amount of any undistributed income will be reflected in the value of the Portfolio’s shares, the total return on a shareholder’s investment is not affected by the Portfolio’s use of equalization.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency transactions, wash sales, net operating losses, distributions redesignations, Treasury Inflation-Protected Securities, currency straddles, capital loss carryforwards, foreign bond bifurcation, organizational expenses, 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”).

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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)
Enhanced Opportunities	$	(118,492	)	$	118,492
Global Dynamic Multi-Asset		(6,075	)		6,075
Opportunistic Strategies		293,799			(293,799	)
Real Assets		(1,149,527	)		1,149,527

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

	Ordinary Income				Long-Term Capital Gain
Portfolio	2023		2022		2023		2022
Enhanced Opportunities*	$	607,444	$	3,638,772	$	—	$	321,553
Global Dynamic Multi-Asset		—		55,551		161,340		483,437
Opportunistic Strategies*		552,798		574,093		559,767		1,545,575
Real Assets		994,623		2,477,820		—		47,712

* Enhanced Opportunities and Opportunistic Strategies Portfolios had return of capital distributions of $633,923 and $17,178 in 2022.

At December 31, 2023, 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		$1,236,000			$(6,563,341	)		$(4,158,089	)
Global Dynamic Multi-Asset		48,448			(309,695	)		1,126,474
Opportunistic Strategies		86,323			946,488			5,014,705
Real Assets		(11,901	)		(1,400,857	)		(4,135,700	)

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(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 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.

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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
Enhanced Opportunities		0.95	%
Global Dynamic Multi-Asset		0.80
Opportunistic Strategies		1.00
Real Assets		0.65

The Investment Manager provides investment management and other services to the Subsidiary. The Investment Manager does not receive separate compensation from the Subsidiary for providing such services. However, the Real Assets Portfolio pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2024 (or such other date as indicated below) if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, dividend and interest expenses on securities sold short, fees and expenses of “Acquired Funds” (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio’s average daily net assets set forth opposite the Portfolio’s name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

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Portfolio	Institutional Shares			Open Shares			R6 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 (a)		0.80			1.05			0.75

(a) This agreement will continue in effect until May 1, 2033 for the R6 Shares.

During the year ended December 31, 2023, 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		$174,915	$         —		$4,612	$2,780
Global Dynamic Multi-Asset		90,049	119,777		1,248	6,740
Opportunistic Strategies		177,466	—		1,161	4,540
Real Assets		170,371	—		3,495	2,882

	R6 Shares
Portfolio		Management Fees Waived	Expenses Reimbursed
Real Assets		$127	$6,120

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

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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 in 2023 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. Effective January 1, 2024, 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 $252,500, (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 are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors’ fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations shows the Independent Directors’ compensation and expenses paid by each Portfolio.

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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, 2023 were as follows:

Portfolio	Purchases		Sales
Enhanced Opportunities	$	102,006,751	$	125,088,717
Global Dynamic Multi-Asset		9,700,168		12,818,340
Opportunistic Strategies		46,962,459		63,614,224
Real Assets		12,469,007		20,569,857
		US Treasury Securities
Portfolio		Purchases		Sales
Enhanced Opportunities		$   530,600		$3,002,550
Global Dynamic Multi-Asset		317,643		379,359
Real Assets		2,785,554		2,785,795

At December 31, 2023, the Investment Manager owned 35.46% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

For the year ended December 31, 2023, 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

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amount. During the year ended December 31, 2023, 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	$	377,077		$480,226		5.72	%		5
Global Dynamic Multi-Asset		72,195		206,462		6.29			10
Opportunistic Strategies		158,491		158,491		6.43			4

* 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 financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely

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impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, supply chain disruptions, market manipulations, government defaults, government shutdowns, the imposition of sanctions and other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. Additionally, general market conditions may impact the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. 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 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

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redemptions, and, as a result, a Portfolio may have to liquidate portfolio securities at disadvantageous prices. A 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 adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index,

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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 earlier than the scheduled maturity. If this occurs during a time

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	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. In addition, 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.

(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 and less liquid than more developed markets. These market conditions may continue or worsen.

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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.

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

(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

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amount invested. Swap agreements; forward currency contracts; over-the-counter options on securities (including options on shares of ETFs), indices and currencies; and other over-the-counter derivatives transactions are subject to the risks of the creditworthiness of, and default by, the counterparty and consequently may lose all or a portion of their value due solely to the creditworthiness of, or default by, the counterparty. Over-the-counter derivatives frequently may be illiquid and difficult to value. Changes in liquidity may result in significant, rapid and unpredictable changes in the prices for derivatives. These derivatives transactions, as well as the exchange-traded futures and options in which a Portfolio may invest, are subject to many of the risks of, and can be highly sensitive to changes in the value of the related reference asset, index or rate. As such, a small investment could have a potentially large impact on a Portfolio’s performance. In fact, many derivatives may be subject to greater risks than those associated with investing directly in the underlying or other reference asset. Derivatives transactions incur costs, either explicitly or implicitly, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of derivatives, whether for hedging or for other investment purposes, is subject to the Investment Manager’s ability to predict correctly movements in the direction of the relevant reference 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

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(such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and demand for natural resources, which can affect the profitability and value of securities issued by companies in the natural resources category. Securities of companies within specific natural resources sub-categories can perform differently than the overall market. This may be due to changes in such things as the regulatory or competitive environment or to changes in investor perceptions.

(k) 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

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(including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies which may affect a Portfolio’s ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company’s status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

(l) Infrastructure Companies Risk—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll 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,

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index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.

(n) Subsidiary and Tax Status Risk—The Real Assets Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, 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 fail to qualify as a RIC and 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

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asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio’s investments in closed-end funds and ETFs are subject to the risks of the closed-end funds’ and ETFs’ investments, as well as to the general risks of investing in closed-end funds and ETFs, respectively. A Portfolio investing in closed-end funds or ETFs will bear not only the Portfolio’s management fees and operating expenses, but also the Portfolio’s proportional share of the management fees and operating expenses of the closed-end funds and/or ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio’s assets that may be invested in one or more closed-end funds and/or ETFs, 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 of the 1940 Act, 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

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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.

(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.

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

132  Annual Report

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, 2023:

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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, 2023
Enhanced Opportunities Portfolio
Assets:
Common Stocks*
United States		$	134,688			$	—			$	—		$	134,688
Convertible Corporate Bonds*			—				37,254,748				—			37,254,748
Purchased Options			39,841				—				—			39,841
Short-Term Investments			1,860,324				—				—			1,860,324
U.S. Treasury Securities			—				27,705,121				—			27,705,121
Other Financial Instruments†
Total Return Swap Agreements			—				3,068,607				—			3,068,607
Total		$	2,034,853			$	68,028,476			$	—		$	70,063,329
Liabilities:
Securities Sold Short
Common Stocks*
Canada		$	(633,780	)		$	—			$	—		$	(633,780	)
Hong Kong			—				(451,908	)			—			(451,908	)
Netherlands			—				(111,599	)			—			(111,599	)
Singapore			(38,921	)			—				—			(38,921	)
United States			(16,631,994	)			—				—			(16,631,994	)
Convertible Corporate Bonds*			—				(262,697	)			—			(262,697	)
Exchange-Traded Funds			(1,222,804	)			—				—			(1,222,804	)
U.S. Treasury Securities			—				(10,988,783	)			—			(10,988,783	)
Other Financial Instruments†
Forward Currency Contracts			—				(9,438	)			—			(9,438	)
Total Return Swap Agreements			—				(2,762,578	)			—			(2,762,578	)
Written Options			(5,242	)			—				—			(5,242	)
Total		$	(18,532,741	)		$	(14,587,003	)		$	—		$	(33,119,744	)

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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, 2023
Global Dynamic Multi-Asset Portfolio
Assets:
Common Stocks*
Australia		$	9,475		$	106,222			$	—		$	115,697
Austria			—			5,877				—			5,877
Bermuda			3,920			—				—			3,920
Brazil			6,286			—				—			6,286
Canada			214,173			8,857				—			223,030
China			18,145			7,837				—			25,982
Denmark			10,911			81,300				—			92,211
Finland			9,710			3,298				—			13,008
France			53,204			95,353				—			148,557
Germany			8,908			71,432				—			80,340
Hong Kong			8,737			21,181				—			29,918
Israel			4,291			8,715				—			13,006
Italy			—			75,929				—			75,929
Japan			19,454			456,074				—			475,528
Netherlands			37,542			26,339				—			63,881
New Zealand			—			8,756				—			8,756
Norway			—			4,272				—			4,272
Singapore			—			45,063				—			45,063
Spain			12,696			21,287				—			33,983
Sweden			43,565			10,848				—			54,413
Switzerland			33,073			33,857				—			66,930
United Kingdom			79,690			101,730				—			181,420
United States			3,995,325			127,079				—			4,122,404
Corporate Bonds*			—			1,532,674				—			1,532,674
Exchange-Traded Funds			117,856			—				—			117,856
Foreign Government Obligations*			—			1,961,265				—			1,961,265
Quasi Government Bonds*			—			143,398				—			143,398
Supranational Bonds			—			487,811				—			487,811
U.S. Treasury Securities			—			288,290				—			288,290
Warrants*			—			—				—			—
Other Financial Instruments†
Forward Currency Contracts			—			64,490				—			64,490
Total		$	4,686,961		$	5,799,234			$	—		$	10,486,195
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—		$	(80,646	)		$	—		$	(80,646	)

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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, 2023
Opportunistic Strategies Portfolio
Exchange-Traded Funds		$	35,837,727			$	391,632			$	—		$	36,229,359
Short-Term Investments			533,793				—				—			533,793
Total		$	36,371,520			$	391,632			$	—		$	36,763,152
Real Assets Portfolio
Assets:
Common Stocks*
Australia		$	—			$	283,181			$	—		$	283,181
Brazil			—				222,075				—			222,075
Canada			723,551				—				—			723,551
China			—				294,416				—			294,416
France			—				559,352				—			559,352
Hong Kong			—				301,415				—			301,415
Italy			—				438,502				—			438,502
Japan			—				820,243				—			820,243
Luxembourg			—				11,175				—			11,175
Singapore			—				70,814				—			70,814
South Africa			—				120,644				—			120,644
Spain			7,009				333,098				—			340,107
Switzerland			—				14,206				—			14,206
Taiwan			—				54,873				—			54,873
United Kingdom			—				1,105,750				—			1,105,750
United States			9,567,204				57,715				—			9,624,919
Corporate Bonds*			—				3,061,137				—			3,061,137
Exchange-Traded Funds			1,115,690				—				—			1,115,690
Short-Term Investments			4,063,854				—				—			4,063,854
Other Financial Instruments†
Forward Currency Contracts			—				466				—			466
Total		$	15,477,308			$	7,749,062			$	—		$	23,226,370
Liabilities:
Other Financial Instruments†
Forward Currency Contracts		$	—			$	(3,661	)		$	—		$	(3,661	)
Futures Contracts			(102,936	)			—				—			(102,936	)
Total Return Swap Agreements			—				(270,687	)			—			(270,687	)
Total		$	(102,936	)		$	(274,348	)		$	—		$	(377,284	)

*	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 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.

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.

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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, 2023, the approximate average monthly notional exposure for derivative instruments was as follows:

Derivative Instruments	Enhanced Opportunities Portfolio			Global Dynamic Multi-Asset Portfolio		Opportunistic Strategic Portfolio			Real Assets Portfolio
Forward currency contracts:
Average amounts purchased	$	400,000	*	$	3,500,000	$	—		$	100,000	**
Average amounts sold		2,500,000			3,400,000		—			800,000
Futures contracts:
Average notional value of contracts – long		—			—		—			1,400,000
Total return swap agreements:
Average notional value		38,000,000			—		900,000	**		6,200,000
Options:
Average value of purchased options		100,000			—		—			—

*	Represents average monthly notional exposure for six 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.

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

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2023:

Enhanced Opportunities Portfolio

Assets – Derivative Financial Instruments	Equity Contracts		Foreign Currency Exchange Contracts		Total
Swap agreements
Unrealized appreciation on swap agreements	$	3,068,607	$	—	$	3,068,607
Purchased options
Investment in securities, at fair value		39,841		—		39,841
Total	$	3,108,448	$	—	$	3,108,448

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Liabilities – Derivative Financial Instruments	Equity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—		$	9,438	$	9,438
Swap agreements
Unrealized depreciation on swap agreements			2,762,578			—		2,762,578
Written options
Written options, at fair value			5,242			—		5,242
Total		$	2,767,820		$	9,438	$	2,777,258

Global Dynamic Multi-Asset Portfolio

Assets – Derivative Financial Instruments		Total
Forward currency contracts	Unrealized appreciation on forward currency contracts	$	64,490
Liabilities – Derivative Financial Instruments			Total
Forward currency contracts	Unrealized depreciation on forward currency contracts	$	80,646

Real Assets Portfolio

Assets – Derivative Financial Instruments						Total
Forward currency contracts Unrealized appreciation on forward currency contracts						$	466
Liabilities – Derivative Financial Instruments	Commodity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts
Unrealized depreciation on forward currency contracts		$	—	$	3,661	$	3,661
Swap agreements
Unrealized depreciation on swap agreements			270,687		—		270,687
Futures Contracts
Unrealized depreciation (a)			102,936		—		102,936
Total		$	373,623	$	3,661	$	377,284

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, is reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported and the net cumulative unrealized appreciation (depreciation) is included in distributable earnings (accumulated loss).

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The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2023 was:

Enhanced Opportunities Portfolio

Net Realized Gain (Loss) from:	Equity Contracts		Foreign Currency Exchange Contracts			Total
Forward currency contracts	$	—	$	(26,177	)	$	(26,177	)
Purchased options*		14,306		—			14,306
Swap agreements		891,516		—			891,516
Written options		108,157		—			108,157
Total	$	1,013,979	$	(26,177	)	$	987,802

* Purchased options are included under net realized gain/loss on investments on Statement of Operations.

Net Change in Unrealized Appreciation (Depreciation) on:	Equity Contracts		Foreign Currency Exchange Contracts		Total
Forward currency contracts	$	—	$	6,882	$	6,882
Purchased options*		8,073		—		8,073
Swap agreements		723,414		—		723,414
Written options		2,791		—		2,791
Total	$	734,278	$	6,882	$	741,160

* Purchased options are included under unrealized gain/loss on investments on Statement of Operations.

Global Dynamic Multi-Asset Portfolio

Net Realized Gain (Loss) from:	Total
Forward currency contracts	$	26,961
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Forward currency contracts	$	(153,453	)

Opportunistic Strategies Portfolio

Net Realized Gain (Loss) from:		Total
Swap Agreements	$	217,651
Net Change in Unrealized Appreciation (Depreciation) on:		Total
Swap Agreements	$	150,608

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Real Assets Portfolio

Net Realized Gain (Loss) from:	Commodity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts	$	—		$	(10,381	)	$	(10,381	)
Futures Contracts		(1,047,410	)		—			(1,047,410	)
Swap agreements		(380,756	)		—			(380,756	)
Total	$	(1,428,166	)	$	(10,381	)	$	(1,438,547	)
Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts			Foreign Currency Exchange Contracts			Total
Forward currency contracts	$	—		$	(5,998	)	$	(5,998	)
Futures Contracts		287,144			—			287,144
Swap agreements		(352,208	)		—			(352,208	)
Total	$	(65,064	)	$	(5,998	)	$	(71,062	)

As of December 31, 2023, 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, 2023:

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
Total Return Swap Agreements		$	3,068,607		$	—		$	3,068,607

Annual Report  141

				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.		$	190,662		$	(190,662	)		$	—		$	—
BNP Paribas SA			1,301,632			(1,034,331	)			—			267,301
Nomura International Plc			1,576,313			(1,437,054	)			—			139,259
Total		$	3,068,607		$	(2,662,047	)		$	—		$	406,560

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		$	9,438		$	—		$	9,438
Total Return Swap Agreements			2,762,578			—			2,762,578
Total		$	2,772,016		$	—		$	2,772,016

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged (a)				Net Amounts of Derivative Liabilities
Bank of America N.A.		$	291,193		$	(190,662	)		$	(100,531	)		$	—
BNP Paribas SA			1,034,331			(1,034,331	)			—				—
Nomura International Plc			1,437,054			(1,437,054	)			—				—
State Street Bank & Trust Co.			9,438			—				—				9,438
Total		$	2,772,016		$	(2,662,047	)		$	(100,531	)		$	9,438

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		$	64,490		$	—		$	64,490

142  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
Citibank N.A.		$	18,645		$	(10,406	)		$	—		$	8,239
HSBC Bank USA N.A.			37,593			(37,593	)			—			—
JPMorgan Chase Bank N.A.			7,898			(7,898	)			—			—
State Street Bank & Trust Co.			354			(354	)			—			—
Total		$	64,490		$	(56,251	)		$	—		$	8,239

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		$	80,646		$	—		$	80,646

				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.		$	10,406		$	(10,406	)		$	—		$	—
HSBC Bank USA N.A.			41,093			(37,593	)			—			3,500
JPMorgan Chase Bank N.A.			28,251			(7,898	)			—			20,353
State Street Bank & Trust Co.			896			(354	)			—			542
Total		$	80,646		$	(56,251	)		$	—		$	24,395

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		$	466		$	—		$	466

Annual Report  143

				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
HSBC Bank USA N.A.		$	35		$	(35	)		$	—	$	—
JPMorgan Chase Bank N.A.			10			(10	)			—		—
State Street Bank & Trust Co.			421			(421	)			—		—
Total		$	466		$	(466	)		$	—	$	—

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		$	3,661		$	—		$	3,661
Total Return Swap Agreements			270,687						270,687
Total		$	274,348		$	—		$	274,348

				Amounts Not Offset in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Financial Instruments				Collateral Pledged (a)				Net Amounts of Derivative Liabilities
Goldman Sachs International		$	270,687		$	—			$	(270,687	)		$	—
HSBC Bank USA N.A.			819			(35	)			—				784
JPMorgan Chase Bank N.A.			404			(10	)			—				394
State Street Bank & Trust Co.			2,438			(421	)			—				2,017
Total		$	274,348		$	(466	)		$	(270,687	)		$	3,195

(a) Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.

11. 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.

144  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., including the portfolios of investments, as of December 31, 2023, 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 Lazard Funds, Inc., including the consolidated portfolio of investments, as of December 31, 2023, 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 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, 2023, 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  145

(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, 2023, 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 26, 2024

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

146  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) New York University School of Law, Adjunct Professor (2022 – present)
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 – 2023) 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)

Annual Report   147

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)	Vice Chair and Chief Operating Officer (February 2023-present) Investment Manager, Chief Business Officer (April 2017 – February 2023) 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, 2024, 32 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.

148   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 (since February 2017) and General Counsel (since April 2017) 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)
Christina Kennedy (1990)	Treasurer (April 2022)	Senior Vice President of the Investment Manager (since January 2023, previously Vice President) 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)	Senior Vice President, Legal and Counsel of the Investment Manager (since January 2023, previously Vice President)
Cesar A. Trelles (1975)	Assistant Treasurer (December 2004)	Vice President of the Investment Manager (since February 2011)

(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   149

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

Tax Information

Year Ended December 31, 2023

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2023:

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

Portfolio	Percentage
Enhanced Opportunities	0.02	%
Global Dynamic Multi-Asset	—
Opportunistic Strategies	86.43
Real Assets	39.88

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	0.02	%
Global Dynamic Multi-Asset	—
Opportunistic Strategies	28.29
Real Assets	8.65

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		—		—
Opportunistic Strategies		183,412		17,892
Real Assets		—		—

150   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		$	—
Global Dynamic Multi-Asset			161,340
Opportunistic Strategies			559,767
Real Assets			—

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   151

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, Inc.
2000 Crown Colony Drive
Quincy, Massachusetts 02169-0953
Telephone: 617-483-7000

Independent Registered Public Accounting Firm

Deloitte & Touche LLP
30 Rockefeller Plaza
New York, New York 10112-0015

Legal Counsel

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 $954,028 in 2022 and $1,061,954 in 2023 (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 $368,560 in 2022 and $368,560 in 2023.

(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 $312,936 in 2022 and $312,196 in 2023. 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 $179,161 in 2022 and $393,345 in 2023.

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 2022 and $0 in 2023.

(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 $1,305,761 in 2022 and $1,309,430 in 2023.

(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 27, 2024

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 27, 2024

By /s/ Christina Kennedy

Christina Kennedy

Treasurer

Date: February 27, 2024