# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0001752724-25-196747
**Filing Date:** 2025-8
**Character Count:** 55207
**Document Hash:** ff8b3edfed767d0db6e7d4f6e86ea3f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-196747.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-196747

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD FUNDS INC
- **CENTRAL INDEX KEY:** 0000874964

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 251239693

**BUSINESS ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** 2126326000

**MAIL ADDRESS:**
- **STREET 1:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard Real Assets Portfolio (Series ID: S000056012)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176375 | Institutional Shares | RALIX           |
| C000176376 | Open Shares          | RALOX           |
| C000176377 | R6 Shares            | RALYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LAZARD FUNDS INC

- **b. Investment Company Act file number:** 811-06312

- **c. CIK number of Registrant:** 0000874964

- **d. LEI of Registrant:** FHQ86OSTXPK3IHDU6X52

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 30 ROCKEFELLER PLAZA

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

  - **Telephone number:** 212-632-6000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Lazard Real Assets Portfolio

- **b. EDGAR series identifier (if any):** S000056012

- **c. LEI of Series:** 549300DQMBWPVY0A8S07

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5405502.67

**Total Liabilities:** $63205.13

**Net Assets:** $5342297.54

**Amount of Assets Invested in Other Investment Companies:** $672103.47

**Cash Not Reported:** $181315.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176376 | -0.38%               | 0.48%                | 1.93%                |
| Class ID C000176377 | -0.38%               | 0.57%                | 1.91%                |
| Class ID C000176375 | -0.38%               | 0.48%                | 2.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19007.23               | $55492.14                                  |
| Month 2  | $5519.85                 | $39059.61                                  |
| Month 3  | $73.53                   | $53708.66                                  |

**Designated Index Information**

- **Index Name:** Real Assets Index

- **Index Identifier:** 33% HU706478 / 34% MXWD0RE / 33% BCOMTR

### Schedule of Portfolio Investments

| Name                                             | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kerry Properties Ltd                             | Kerry Properties Ltd                                                | CUSIP: 000000000<br>LEI: 5299006T5ULIIRZ7LK49 | Long             | EC               | CORP              | BM        |      1500 | NS      | $3875.34      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Omega Healthcare Investors Inc                   | Omega Healthcare Investors Inc                                      | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |       652 | NS      | $23895.80     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                               | Equity Residential                                                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |       323 | NS      | $21799.27     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                   | American Electric Power Co Inc                                      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       387 | NS      | $40155.12     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Shaftesbury Capital PLC                          | Shaftesbury Capital PLC                                             | CUSIP: 000000000<br>LEI: 549300TTXXZ1SHUI0D54 | Long             | EC               |  | GB        |     27787 | NS      | $59607.66     | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Welltower Inc                                    | Welltower Inc                                                       | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |       400 | NS      | $61492.00     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV       | Grupo Aeroportuario del Pacifico SAB de CV                          | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |       715 | NS      | $16412.48     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                       | Growthpoint Properties Ltd                                          | CUSIP: 000000000<br>LEI: 37890019DD1E46632291 | Long             | EC               |  | ZA        |     19318 | NS      | $14632.86     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| American Water Works Co Inc                      | American Water Works Co Inc                                         | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |        87 | NS      | $12102.57     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy Inc                                                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |       550 | NS      | $31086.00     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp                                                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       230 | NS      | $52918.40     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Swire Properties Ltd                             | Swire Properties Ltd                                                | CUSIP: 000000000<br>LEI: 5299001L12PHYVQ92465 | Long             | EC               | CORP              | HK        |      4400 | NS      | $11001.00     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                               | Realty Income Corp                                                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |       538 | NS      | $30994.18     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Atco Ltd/Canada                                  | Atco Ltd/Canada                                                     | CUSIP: 046789400<br>LEI: 5299005SPZ1QYL51JD25 | Long             | EC               | CORP              | CA        |       887 | NS      | $33076.45     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy Inc                                                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |       575 | NS      | $39916.50     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                 | Terna - Rete Elettrica Nazionale                                    | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |      6131 | NS      | $63063.28     | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd                          | Sembcorp Industries Ltd                                             | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |      4400 | NS      | $23712.96     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                       | Ventas Inc                                                          | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |       940 | NS      | $59361.00     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co Ltd                      | Daiwa House Industry Co Ltd                                         | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |       500 | NS      | $17225.61     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris SA                            | Aeroports de Paris SA                                               | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |       108 | NS      | $13555.28     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyera Corp                                      | Keyera Corp                                                         | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |       382 | NS      | $12494.42     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                             | WEC Energy Group Inc                                                | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |       115 | NS      | $11983.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN OIL FUTR DEC25                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         2 | NC      | $3846.02      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                             | Regency Centers Corp                                                | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |       418 | NS      | $29774.14     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA/France                                | Covivio SA/France                                                   | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               |  | FR        |       250 | NS      | $15785.28     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG Immobilien AG                                | TAG Immobilien AG                                                   | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |       537 | NS      | $9543.76      | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                 | Severn Trent PLC                                                    | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |       519 | NS      | $19520.25     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                     | Iberdrola SA                                                        | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      2117 | NS      | $40696.09     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                  | Xcel Energy Inc                                                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       711 | NS      | $48419.10     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                                 | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       249 | NS      | $60636.48     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel DC REIT                                   | Keppel DC REIT                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | SG        |     12000 | NS      | $21995.75     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                | Atmos Energy Corp                                                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |       231 | NS      | $35599.41     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                                              | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       254 | NS      | $30208.22     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                        | CubeSmart                                                           | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               |  | US        |       351 | NS      | $14917.50     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp                                                         | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |       453 | NS      | $19669.26     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| China Overseas Land & Investment Ltd             | China Overseas Land & Investment Ltd                                | CUSIP: 000000000<br>LEI: 529900I6W35GYKRIZ151 | Long             | EC               | CORP              | HK        |     14500 | NS      | $25192.41     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Gold Trust                               | iShares Gold Trust                                                  | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |      3341 | NS      | $208344.76    | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                     | Prologis Inc                                                        | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |       999 | NS      | $105014.88    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeon Mall Co Ltd                                 | Aeon Mall Co Ltd                                                    | CUSIP: 000000000<br>LEI: 353800IDE3ULLSB2R846 | Long             | EC               | CORP              | JP        |      2400 | NS      | $47881.67     | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                        | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |       495 | NS      | $22446.30     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                            | American Homes 4 Rent                                               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |      1019 | NS      | $36755.33     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Development PJSC                           | Emaar Development PJSC                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |      4858 | NS      | $17925.22     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                        | Unibail-Rodamco-Westfield                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | XX        |       204 | NS      | $19522.61     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                    | Goodman Group                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |      1622 | NS      | $36559.18     | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Big Yellow Group PLC                             | Big Yellow Group PLC                                                | CUSIP: 000000000<br>LEI: 213800W7Q4V2ZI8LIW31 | Long             | EC               |  | GB        |       776 | NS      | $10782.14     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Centerra Gold Inc                                | Centerra Gold Inc                                                   | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |      2173 | NS      | $15654.22     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                            | Norfolk Southern Corp                                               | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |        82 | NS      | $20989.54     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                             | Targa Resources Corp                                                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       341 | NS      | $59361.28     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                              | American Tower Corp                                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |       560 | NS      | $123771.20    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Seazen Group Ltd                                 | Seazen Group Ltd                                                    | CUSIP: 000000000<br>LEI: 5493006M8GRAQRCSCD67 | Long             | EC               | CORP              | KY        |     44000 | NS      | $13085.85     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Constellation Energy Corp                        | Constellation Energy Corp                                           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |        29 | NS      | $9360.04      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV   | Grupo Aeroportuario del Centro Norte SAB de CV                      | CUSIP: 000000000<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      1100 | NS      | $14450.16     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| C&D International Investment Group Ltd           | C&D International Investment Group Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2000 | NS      | $4052.35      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities Inc              | Alexandria Real Estate Equities Inc                                 | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |       608 | NS      | $44159.04     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                       | Pinnacle West Capital Corp                                          | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |        86 | NS      | $7694.42      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                 | Ryman Hospitality Properties Inc                                    | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |        98 | NS      | $9669.66      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                     | Entergy Corp                                                        | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |       583 | NS      | $48458.96     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | NATURAL GAS FUTR SEP25                                              | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         3 | NC      | $-2137.17     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Parkway Life Real Estate Investment Trust        | Parkway Life Real Estate Investment Trust                           | CUSIP: 000000000<br>LEI: 549300I4DKVD2OF5LW91 | Long             | EC               |  | SG        |      4000 | NS      | $12901.94     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                 | Crown Castle Inc                                                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      1011 | NS      | $103860.03    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                       | Brixmor Property Group Inc                                          | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |       938 | NS      | $24425.52     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd              | Wharf Real Estate Investment Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | KY        |     10000 | NS      | $28318.95     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                     | Ferrovial SE                                                        | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |      1068 | NS      | $56943.84     | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Allos SA                                         | Allos SA                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      2000 | NS      | $8363.55      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                   | Public Storage                                                      | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |       130 | NS      | $38144.60     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                           | SUGAR 11 (WORLD) OCT25                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         1 | NC      | $-1156.74     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                  | CMS Energy Corp                                                     | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       105 | NS      | $7274.40      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                        | Host Hotels & Resorts Inc                                           | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |      1401 | NS      | $21519.36     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Gas Co Ltd                                 | Osaka Gas Co Ltd                                                    | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |       600 | NS      | $15355.28     | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunstone Hotel Investors Inc                     | Sunstone Hotel Investors Inc                                        | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |      1314 | NS      | $11405.52     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                          | Consolidated Edison Inc                                             | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       230 | NS      | $23080.50     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                   | TC Energy Corp                                                      | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |       781 | NS      | $38104.99     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Energisa S/A                                     | Energisa S/A                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      1000 | NS      | $8893.63      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Link REIT                                        | Link REIT                                                           | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               |  | HK        |      3300 | NS      | $17592.02     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                         | Engie SA                                                            | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |      1859 | NS      | $43776.65     | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Granite Real Estate Investment Trust             | Granite Real Estate Investment Trust                                | CUSIP: 387437205<br>LEI: 549300A6I7CLE0ZC0396 | Long             | EC               |  | CA        |       576 | NS      | $29262.11     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| East Japan Railway Co                            | East Japan Railway Co                                               | CUSIP: 000000000<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |      1200 | NS      | $25897.55     | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Real Estate Investment Corp                | Japan Real Estate Investment Corp                                   | CUSIP: 000000000<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               |  | JP        |        15 | NS      | $12280.16     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                      | Aena SME SA                                                         | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |      1160 | NS      | $30964.78     | 0.58%             |  |  |  | Yes           |                  2 | On Loan: No      |
| First Industrial Realty Trust Inc                | First Industrial Realty Trust Inc                                   | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |       610 | NS      | $29359.30     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | Long: 7ABGS1044 TRS USD R E / Short: 7ABGS1044 TRS USD P F   .00000 | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              |  | US        |    963044 | OU      | $5346.12      | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                          | SSE PLC                                                             | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |      1765 | NS      | $44367.18     | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                         | Essex Property Trust Inc                                            | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |        40 | NS      | $11336.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                               | Energy Transfer LP                                                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |      3289 | NS      | $59629.57     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | KC HRW WHEAT FUT SEP25                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         1 | NC      | $-627.99      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                                                   | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |       210 | NS      | $21539.70     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc                         | Hoshino Resorts REIT Inc                                            | CUSIP: 000000000<br>LEI: 353800DF2MUZWFL4IL56 | Long             | EC               |  | JP        |         2 | NS      | $3343.68      | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Infrastructure Fund Investment Corp | Industrial & Infrastructure Fund Investment Corp                    | CUSIP: 000000000<br>LEI: 353800WCHFY04YKYCI19 | Long             | EC               |  | JP        |        17 | NS      | $14339.34     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corp                          | SBA Communications Corp                                             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |       473 | NS      | $111079.32    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Real Estate Investment Trust       | First Capital Real Estate Investment Trust                          | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               |  | CA        |      1475 | NS      | $19659.45     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                         | CSX Corp                                                            | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       853 | NS      | $27833.39     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                                | Kinder Morgan Inc                                                   | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      1044 | NS      | $30693.60     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Allreal Holding AG                               | Allreal Holding AG                                                  | CUSIP: 000000000<br>LEI: 5067006XH174LA44H658 | Long             | EC               | CORP              | CH        |        23 | NS      | $5402.61      | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                        | AvalonBay Communities Inc                                           | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |       258 | NS      | $52503.00     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                     | NiSource Inc                                                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       822 | NS      | $33159.48     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hydro One Ltd                                    | Hydro One Ltd                                                       | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |      1324 | NS      | $47709.70     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                       | Apple Hospitality REIT Inc                                          | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               |  | US        |      1782 | NS      | $20795.94     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corp                                                    | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       221 | NS      | $26078.00     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hopson Development Holdings Ltd                  | Hopson Development Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 549300HYMKPTC1DTZS42 | Long             | EC               | CORP              | BM        |     11368 | NS      | $4803.77      | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameren Corp                                      | Ameren Corp                                                         | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       404 | NS      | $38800.16     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                | National Storage Affiliates Trust                                   | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               |  | US        |       277 | NS      | $8861.23      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Tritax Big Box REIT PLC                          | Tritax Big Box REIT PLC                                             | CUSIP: 000000000<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               |  | GB        |     13514 | NS      | $27385.79     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                         | Vinci SA                                                            | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |       515 | NS      | $76020.26     | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group Inc                                            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |       347 | NS      | $55783.72     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Real Estate Holding Ltd                    | Midea Real Estate Holding Ltd                                       | CUSIP: 000000000<br>LEI: 300300CW5XG771ZXV614 | Long             | EC               | CORP              | KY        |      6800 | NS      | $3426.86      | 0.06%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Aurizon Holdings Ltd                             | Aurizon Holdings Ltd                                                | CUSIP: 000000000<br>LEI: 5299005PC1O6NOWL3H48 | Long             | EC               | CORP              | AU        |      8274 | NS      | $16500.87     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                     | Klepierre SA                                                        | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |       334 | NS      | $13233.34     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                              | Barrick Mining Corp                                                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |       854 | NS      | $17780.28     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Henderson Land Development Co Ltd                | Henderson Land Development Co Ltd                                   | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |      2000 | NS      | $7005.47      | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd                                     | Hulic Co Ltd                                                        | CUSIP: 000000000<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |       900 | NS      | $9061.59      | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                 | Transurban Group                                                    | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |      3811 | NS      | $35090.41     | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Agree Realty Corp                                | Agree Realty Corp                                                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |       258 | NS      | $18849.48     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                     | NNN REIT Inc                                                        | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |       484 | NS      | $20899.12     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA        | Multiplan Empreendimentos Imobiliarios SA                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      2800 | NS      | $14022.93     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Katitas Co Ltd                                   | Katitas Co Ltd                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       300 | NS      | $5199.61      | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                     | Canadian National Railway Co                                        | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |       205 | NS      | $21360.35     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                         | EastGroup Properties Inc                                            | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |       180 | NS      | $30081.60     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong Land Holdings Ltd                       | Hongkong Land Holdings Ltd                                          | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |       900 | NS      | $5196.74      | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                       | Vonovia SE                                                          | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |       177 | NS      | $6234.67      | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities Inc                               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |       327 | NS      | $48399.27     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP                  | Enterprise Products Partners LP                                     | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |      1899 | NS      | $58887.99     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                         | Digital Realty Trust Inc                                            | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |       329 | NS      | $57354.57     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                              | STAG Industrial Inc                                                 | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |       227 | NS      | $8235.56      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Warehouses De Pauw CVA                           | Warehouses De Pauw CVA                                              | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               |  | BE        |       329 | NS      | $8018.69      | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Segro PLC                                        | Segro PLC                                                           | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |       817 | NS      | $7623.22      | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                | National Grid PLC                                                   | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      4555 | NS      | $66600.40     | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                          | Extra Space Storage Inc                                             | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |       196 | NS      | $28898.24     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                             | SL Green Realty Corp                                                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |       479 | NS      | $29650.10     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                     | State Street Institutional Treasury Plus Money Market Fund          | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |   1064400 | NS      | $1064399.68   | 19.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                      | Equinix Inc                                                         | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |        94 | NS      | $74774.18     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                               | Expand Energy Corp                                                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |       150 | NS      | $17541.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankyu Hanshin Holdings Inc                      | Hankyu Hanshin Holdings Inc                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       600 | NS      | $16308.15     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity LifeStyle Properties Inc                  | Equity LifeStyle Properties Inc                                     | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |       175 | NS      | $10792.25     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                               | CareTrust REIT Inc                                                  | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |       756 | NS      | $23133.60     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Prime Realty Investment Corp               | Japan Prime Realty Investment Corp                                  | CUSIP: 000000000<br>LEI: 353800NJOQJAY1ODEX72 | Long             | EC               |  | JP        |        16 | NS      | $10288.07     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DTE Energy Co                                    | DTE Energy Co                                                       | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        69 | NS      | $9139.74      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Boardwalk Real Estate Investment Trust           | Boardwalk Real Estate Investment Trust                              | CUSIP: 096631106<br>LEI: 549300RMNRTTJRCOYW23 | Long             | EC               |  | CA        |       270 | NS      | $13877.22     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                        | ONEOK Inc                                                           | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       200 | NS      | $16326.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                        | Park Hotels & Resorts Inc                                           | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               |  | US        |       447 | NS      | $4572.81      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                             | Invitation Homes Inc                                                | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |       597 | NS      | $19581.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Yuexiu Property Co Ltd                           | Yuexiu Property Co Ltd                                              | CUSIP: 000000000<br>LEI: 529900GASK6R1FD08W10 | Long             | EC               | CORP              | HK        |     21000 | NS      | $11521.05     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Land Ltd                         | China Resources Land Ltd                                            | CUSIP: 000000000<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | KY        |      8000 | NS      | $27147.49     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Silver Trust                             | iShares Silver Trust                                                | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |      2983 | NS      | $97872.23     | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-15

**Name of Applicant:** LAZARD FUNDS INC

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer