# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0000930413-25-002897
**Filing Date:** 2025-9
**Character Count:** 1213407
**Document Hash:** 0cbaa23c88cf3ef993107dc81d1d4686
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-25-002897.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000930413-25-002897

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 251294178

**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 Global Small Cap Equity Portfolio (Series ID: S000010263)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028358 | Open Shares          | LZSMX           |
| C000028359 | Institutional Shares | LZISX           |

### Lazard Emerging Markets Equity Portfolio (Series ID: S000010264)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028360 | Open Shares          | LZOEX           |
| C000028361 | Institutional Shares | LZEMX           |
| C000134185 | R6 Shares            | RLEMX           |

### Lazard US High Yield Portfolio (Series ID: S000010265)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028362 | Open Shares          | LZHOX           |
| C000028363 | Institutional Shares | LZHYX           |
| C000134186 | R6 Shares            | RLCIX           |

### Lazard US Equity Focus Portfolio (Series ID: S000010266)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028364 | Open Shares          | LZUOX           |
| C000028365 | Institutional Shares | LZUSX           |
| C000134187 | R6 Shares            | RLUSX           |

### Lazard US Equity Concentrated Portfolio (Series ID: S000010267)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028366 | Open Shares          | LEVOX           |
| C000028367 | Institutional Shares | LEVIX           |
| C000134188 | R6 Shares            | RLUEX           |

### Lazard US Small Cap Equity Select Portfolio (Series ID: S000010269)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028370 | Open Shares          | LZCOX           |
| C000028371 | Institutional Shares | LZSCX           |
| C000134190 | R6 Shares            | RLSMX           |

### Lazard International Equity Portfolio (Series ID: S000010271)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028374 | Open Shares          | LZIOX           |
| C000028375 | Institutional Shares | LZIEX           |
| C000134191 | R6 Shares            | RLIEX           |

### Lazard International Equity Select Portfolio (Series ID: S000010272)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028376 | Open Shares          | LZESX           |
| C000028377 | Institutional Shares | LZSIX           |

### Lazard International Strategic Equity Portfolio (Series ID: S000010273)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028378 | Open Shares          | LISOX           |
| C000028379 | Institutional Shares | LISIX           |
| C000134193 | R6 Shares            | RLITX           |

### Lazard Opportunistic Strategies Portfolio (Series ID: S000020883)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000058929 | Institutional Shares | LCAIX           |
| C000058930 | Open Shares          | LCAOX           |

### Lazard Developing Markets Equity Portfolio (Series ID: S000023480)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000069022 | Institutional Shares | LDMIX           |
| C000069023 | Open Shares          | LDMOX           |

### Lazard Global Listed Infrastructure Portfolio (Series ID: S000027245)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000082231 | Institutional Shares | GLIFX           |
| C000082232 | Open Shares          | GLFOX           |

### Lazard US Short Duration Fixed Income Portfolio (Series ID: S000031124)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000096533 | Institutional Shares | UMNIX           |
| C000096534 | Open Shares          | UMNOX           |

### Lazard Emerging Markets Core Equity Portfolio (Series ID: S000042723)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000132106 | Institutional Shares | ECEIX           |
| C000132107 | Open Shares          | ECEOX           |
| C000136816 | R6                   | RLEOX           |

### Lazard Global Equity Select Portfolio (Series ID: S000043739)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000135644 | Institutional Shares | GESIX           |
| C000135645 | Open Shares          | GESOX           |

### Lazard Enhanced Opportunities Portfolio (Series ID: S000047900)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150427 | Institutional Shares | LEOIX           |
| C000150428 | Open Shares          | LEOOX           |

### Lazard Emerging Markets Equity Advantage Portfolio (Series ID: S000049414)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156252 | Institutional Shares | LEAIX           |
| C000156253 | Open Shares          | LEAOX           |
| C000156254 | R6 Shares            | READX           |

### 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           |

### Lazard Equity Franchise Portfolio (Series ID: S000059092)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000193735 | Institutional Shares | LZFIX           |
| C000193736 | Open Shares          | LZFOX           |

### Lazard International Quality Growth Portfolio (Series ID: S000064063)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000207192 | Open Shares          | OCMPX           |
| C000207193 | R6 Shares            | RCMPX           |
| C000207194 | Institutional Shares | ICMPX           |

### Lazard US Sustainable Equity Portfolio (Series ID: S000068926)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000220245 | Open Shares          | SUSLX           |
| C000220247 | Institutional Shares | SUSTX           |

### Lazard US Convertibles Portfolio (Series ID: S000079313)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240315 | R6 Shares            | CONRX           |
| C000240316 | Institutional Shares | CONIX           |

?xml version='1.0' encoding='ASCII'?

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-06312

The Lazard Funds, Inc.

(Exact name of registrant as specified in charter)

30 Rockefeller Plaza

New York, New York 10112

(Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq.

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112

(Name and address of agent for service)

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

Date of fiscal year end: 12/31

Date of reporting period: 6/30/25

ITEM 1. REPORTS TO STOCKHOLDERS.

# Lazard Enhanced Opportunities Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEOIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $69 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](if23ecd0bd65359cafc6847a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **HFRX Global Hedge Fund Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10040 | $10058 | $9997 |
| **08/15** | $9921 | $10029 | $9776 |
| **09/15** | $9841 | $10068 | $9573 |
| **10/15** | $9881 | $10100 | $9713 |
| **11/15** | $9792 | $10063 | $9643 |
| **12/15** | $9680 | $10013 | $9515 |
| **01/16** | $9659 | $10123 | $9252 |
| **02/16** | $9702 | $10195 | $9222 |
| **03/16** | $9713 | $10320 | $9337 |
| **04/16** | $9822 | $10391 | $9375 |
| **05/16** | $9789 | $10399 | $9418 |
| **06/16** | $9833 | $10582 | $9436 |
| **07/16** | $9953 | $10669 | $9574 |
| **08/16** | $10040 | $10681 | $9589 |
| **09/16** | $10062 | $10683 | $9642 |
| **10/16** | $9996 | $10612 | $9587 |
| **11/16** | $10029 | $10374 | $9671 |
| **12/16** | $10094 | $10404 | $9753 |
| **01/17** | $10183 | $10441 | $9802 |
| **02/17** | $10227 | $10522 | $9912 |
| **03/17** | $10282 | $10518 | $9915 |
| **04/17** | $10348 | $10605 | $9957 |
| **05/17** | $10359 | $10687 | $9982 |
| **06/17** | $10459 | $10678 | $10003 |
| **07/17** | $10569 | $10731 | $10096 |
| **08/17** | $10551 | $10824 | $10125 |
| **09/17** | $10562 | $10786 | $10186 |
| **10/17** | $10585 | $10799 | $10256 |
| **11/17** | $10618 | $10783 | $10263 |
| **12/17** | $10654 | $10830 | $10337 |
| **01/18** | $10666 | $10726 | $10590 |
| **02/18** | $10728 | $10624 | $10334 |
| **03/18** | $10740 | $10678 | $10232 |
| **04/18** | $10740 | $10606 | $10242 |
| **05/18** | $10740 | $10664 | $10269 |
| **06/18** | $10740 | $10649 | $10250 |
| **07/18** | $10740 | $10671 | $10235 |
| **08/18** | $10769 | $10724 | $10281 |
| **09/18** | $10794 | $10678 | $10210 |
| **10/18** | $10683 | $10588 | $9893 |
| **11/18** | $10695 | $10636 | $9832 |
| **12/18** | $10502 | $10802 | $9643 |
| **01/19** | $10641 | $10951 | $9847 |
| **02/19** | $10704 | $10963 | $9910 |
| **03/19** | $10894 | $11161 | $9893 |
| **04/19** | $10982 | $11177 | $9958 |
| **05/19** | $11033 | $11348 | $9890 |
| **06/19** | $11121 | $11509 | $10050 |
| **07/19** | $11209 | $11543 | $10127 |
| **08/19** | $11207 | $11804 | $10166 |
| **09/19** | $11219 | $11753 | $10211 |
| **10/19** | $11181 | $11791 | $10243 |
| **11/19** | $11207 | $11789 | $10348 |
| **12/19** | $11283 | $11806 | $10474 |
| **01/20** | $11347 | $12018 | $10517 |
| **02/20** | $11334 | $12198 | $10366 |
| **03/20** | $10479 | $11960 | $9756 |
| **04/20** | $10671 | $12199 | $10037 |
| **05/20** | $10773 | $12313 | $10182 |
| **06/20** | $10977 | $12416 | $10360 |
| **07/20** | $11283 | $12634 | $10500 |
| **08/20** | $11607 | $12561 | $10662 |
| **09/20** | $11632 | $12539 | $10644 |
| **10/20** | $11735 | $12494 | $10621 |
| **11/20** | $12108 | $12657 | $10920 |
| **12/20** | $12397 | $12701 | $11187 |
| **01/21** | $12628 | $12621 | $11169 |
| **02/21** | $12955 | $12458 | $11338 |
| **03/21** | $12819 | $12313 | $11332 |
| **04/21** | $12860 | $12416 | $11517 |
| **05/21** | $12873 | $12464 | $11561 |
| **06/21** | $12914 | $12555 | $11604 |
| **07/21** | $13064 | $12681 | $11553 |
| **08/21** | $13139 | $12672 | $11632 |
| **09/21** | $13249 | $12564 | $11588 |
| **10/21** | $13277 | $12554 | $11692 |
| **11/21** | $13222 | $12569 | $11541 |
| **12/21** | $13270 | $12560 | $11596 |
| **01/22** | $13242 | $12285 | $11425 |
| **02/22** | $13199 | $12118 | $11384 |
| **03/22** | $13143 | $11792 | $11439 |
| **04/22** | $13015 | $11353 | $11336 |
| **05/22** | $12590 | $11415 | $11212 |
| **06/22** | $12250 | $11187 | $11010 |
| **07/22** | $12278 | $11468 | $11070 |
| **08/22** | $12563 | $11170 | $11175 |
| **09/22** | $12141 | $10689 | $11067 |
| **10/22** | $12126 | $10572 | $11075 |
| **11/22** | $12111 | $10966 | $11092 |
| **12/22** | $12289 | $10929 | $11085 |
| **01/23** | $12719 | $11268 | $11270 |
| **02/23** | $12815 | $10991 | $11218 |
| **03/23** | $12576 | $11249 | $11084 |
| **04/23** | $12656 | $11317 | $11122 |
| **05/23** | $12783 | $11200 | $11071 |
| **06/23** | $12910 | $11182 | $11155 |
| **07/23** | $13070 | $11194 | $11213 |
| **08/23** | $13117 | $11126 | $11250 |
| **09/23** | $13165 | $10861 | $11238 |
| **10/23** | $12815 | $10698 | $11146 |
| **11/23** | $12926 | $11179 | $11273 |
| **12/23** | $13153 | $11603 | $11429 |
| **01/24** | $13234 | $11575 | $11466 |
| **02/24** | $13444 | $11437 | $11571 |
| **03/24** | $13590 | $11549 | $11716 |
| **04/24** | $13606 | $11279 | $11653 |
| **05/24** | $13768 | $11466 | $11723 |
| **06/24** | $13865 | $11571 | $11759 |
| **07/24** | $14026 | $11833 | $11846 |
| **08/24** | $14172 | $12008 | $11896 |
| **09/24** | $14355 | $12172 | $12009 |
| **10/24** | $14405 | $11896 | $11930 |
| **11/24** | $14522 | $12021 | $12029 |
| **12/24** | $14574 | $11840 | $12031 |
| **01/25** | $14727 | $11911 | $12151 |
| **02/25** | $14966 | $12157 | $12186 |
| **03/25** | $15239 | $12154 | $12094 |
| **04/25** | $15307 | $12197 | $12043 |
| **05/25** | $15341 | $12136 | $12184 |
| **06/25** | $15341 | $12325 | $12318 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 10.65% | 6.92% | 4.37% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| HFRX Global Hedge Fund Index | 4.75% | 3.52% | 2.11% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56521040 |
| # of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 357% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $176093 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills 0.000% due 09/16/25 | 9.7% |
| U.S. Treasury Bills 0.000% due 09/11/25 | 7.4% |
| U.S. Treasury Bills 0.000% due 07/10/25 | 6.0% |
| U.S. Treasury Bills 0.000% due 09/23/25 | 5.8% |
| U.S. Treasury Bills 0.000% due 08/14/25 | 4.8% |
| U.S. Treasury Bills 0.000% due 08/07/25 | 4.1% |
| U.S. Treasury Bills 0.000% due 08/19/25 | 4.1% |
| U.S. Treasury Bills 0.000% due 08/05/25 | 3.9% |
| Dexcom, Inc. 0.250% due 11/15/25 | 2.0% |
| Jazz Investments I Ltd. 2.000% due 06/15/26 | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 47.4% |
| Consumer Staples | 14.6% |
| Information Technology | 13.5% |
| Consumer Discretionary | 8.6% |
| Communication Services | 6.1% |
| Financials | 5.6% |
| Industrials | 2.0% |
| Energy | 0.5% |
| Utilities | 0.2% |
| Other (includes short-term investments) | 1.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Enhanced Opportunities Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEOOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $81 | 1.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6370a99e371675ecf9f9bcff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **HFRX Global Hedge Fund Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10030 | $10058 | $9997 |
| **08/15** | $9921 | $10029 | $9776 |
| **09/15** | $9831 | $10068 | $9573 |
| **10/15** | $9871 | $10100 | $9713 |
| **11/15** | $9792 | $10063 | $9643 |
| **12/15** | $9665 | $10013 | $9515 |
| **01/16** | $9633 | $10123 | $9252 |
| **02/16** | $9676 | $10195 | $9222 |
| **03/16** | $9687 | $10320 | $9337 |
| **04/16** | $9796 | $10391 | $9375 |
| **05/16** | $9763 | $10399 | $9418 |
| **06/16** | $9807 | $10582 | $9436 |
| **07/16** | $9915 | $10669 | $9574 |
| **08/16** | $10002 | $10681 | $9589 |
| **09/16** | $10024 | $10683 | $9642 |
| **10/16** | $9959 | $10612 | $9587 |
| **11/16** | $9991 | $10374 | $9671 |
| **12/16** | $10054 | $10404 | $9753 |
| **01/17** | $10142 | $10441 | $9802 |
| **02/17** | $10186 | $10522 | $9912 |
| **03/17** | $10230 | $10518 | $9915 |
| **04/17** | $10285 | $10605 | $9957 |
| **05/17** | $10296 | $10687 | $9982 |
| **06/17** | $10395 | $10678 | $10003 |
| **07/17** | $10505 | $10731 | $10096 |
| **08/17** | $10487 | $10824 | $10125 |
| **09/17** | $10498 | $10786 | $10186 |
| **10/17** | $10520 | $10799 | $10256 |
| **11/17** | $10554 | $10783 | $10263 |
| **12/17** | $10584 | $10830 | $10337 |
| **01/18** | $10584 | $10726 | $10590 |
| **02/18** | $10645 | $10624 | $10334 |
| **03/18** | $10657 | $10678 | $10232 |
| **04/18** | $10645 | $10606 | $10242 |
| **05/18** | $10645 | $10664 | $10269 |
| **06/18** | $10657 | $10649 | $10250 |
| **07/18** | $10657 | $10671 | $10235 |
| **08/18** | $10674 | $10724 | $10281 |
| **09/18** | $10698 | $10678 | $10210 |
| **10/18** | $10588 | $10588 | $9893 |
| **11/18** | $10600 | $10636 | $9832 |
| **12/18** | $10406 | $10802 | $9643 |
| **01/19** | $10531 | $10951 | $9847 |
| **02/19** | $10606 | $10963 | $9910 |
| **03/19** | $10769 | $11161 | $9893 |
| **04/19** | $10869 | $11177 | $9958 |
| **05/19** | $10919 | $11348 | $9890 |
| **06/19** | $11007 | $11509 | $10050 |
| **07/19** | $11082 | $11543 | $10127 |
| **08/19** | $11080 | $11804 | $10166 |
| **09/19** | $11080 | $11753 | $10211 |
| **10/19** | $11054 | $11791 | $10243 |
| **11/19** | $11067 | $11789 | $10348 |
| **12/19** | $11155 | $11806 | $10474 |
| **01/20** | $11219 | $12018 | $10517 |
| **02/20** | $11206 | $12198 | $10366 |
| **03/20** | $10359 | $11960 | $9756 |
| **04/20** | $10548 | $12199 | $10037 |
| **05/20** | $10637 | $12313 | $10182 |
| **06/20** | $10827 | $12416 | $10360 |
| **07/20** | $11105 | $12634 | $10500 |
| **08/20** | $11409 | $12561 | $10662 |
| **09/20** | $11435 | $12539 | $10644 |
| **10/20** | $11536 | $12494 | $10621 |
| **11/20** | $11905 | $12657 | $10920 |
| **12/20** | $12225 | $12701 | $11187 |
| **01/21** | $12454 | $12621 | $11169 |
| **02/21** | $12762 | $12458 | $11338 |
| **03/21** | $12641 | $12313 | $11332 |
| **04/21** | $12682 | $12416 | $11517 |
| **05/21** | $12682 | $12464 | $11561 |
| **06/21** | $12722 | $12555 | $11604 |
| **07/21** | $12856 | $12681 | $11553 |
| **08/21** | $12930 | $12672 | $11632 |
| **09/21** | $13039 | $12564 | $11588 |
| **10/21** | $13066 | $12554 | $11692 |
| **11/21** | $13025 | $12569 | $11541 |
| **12/21** | $13055 | $12560 | $11596 |
| **01/22** | $13027 | $12285 | $11425 |
| **02/22** | $12985 | $12118 | $11384 |
| **03/22** | $12916 | $11792 | $11439 |
| **04/22** | $12804 | $11353 | $11336 |
| **05/22** | $12386 | $11415 | $11212 |
| **06/22** | $12038 | $11187 | $11010 |
| **07/22** | $12080 | $11468 | $11070 |
| **08/22** | $12346 | $11170 | $11175 |
| **09/22** | $11931 | $10689 | $11067 |
| **10/22** | $11916 | $10572 | $11075 |
| **11/22** | $11901 | $10966 | $11092 |
| **12/22** | $12083 | $10929 | $11085 |
| **01/23** | $12488 | $11268 | $11270 |
| **02/23** | $12582 | $10991 | $11218 |
| **03/23** | $12348 | $11249 | $11084 |
| **04/23** | $12426 | $11317 | $11122 |
| **05/23** | $12551 | $11200 | $11071 |
| **06/23** | $12675 | $11182 | $11155 |
| **07/23** | $12816 | $11194 | $11213 |
| **08/23** | $12862 | $11126 | $11250 |
| **09/23** | $12909 | $10861 | $11238 |
| **10/23** | $12566 | $10698 | $11146 |
| **11/23** | $12675 | $11179 | $11273 |
| **12/23** | $12884 | $11603 | $11429 |
| **01/24** | $12979 | $11575 | $11466 |
| **02/24** | $13169 | $11437 | $11571 |
| **03/24** | $13311 | $11549 | $11716 |
| **04/24** | $13327 | $11279 | $11653 |
| **05/24** | $13469 | $11466 | $11723 |
| **06/24** | $13580 | $11571 | $11759 |
| **07/24** | $13722 | $11833 | $11846 |
| **08/24** | $13864 | $12008 | $11896 |
| **09/24** | $14043 | $12172 | $12009 |
| **10/24** | $14092 | $11896 | $11930 |
| **11/24** | $14190 | $12021 | $12029 |
| **12/24** | $14254 | $11840 | $12031 |
| **01/25** | $14387 | $11911 | $12151 |
| **02/25** | $14636 | $12157 | $12186 |
| **03/25** | $14885 | $12154 | $12094 |
| **04/25** | $15018 | $12197 | $12043 |
| **05/25** | $15051 | $12136 | $12184 |
| **06/25** | $15051 | $12325 | $12318 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 10.84% | 6.81% | 4.17% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| HFRX Global Hedge Fund Index | 4.75% | 3.52% | 2.11% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56521040 |
| # of Portfolio Holdings | 196 |
| Portfolio Turnover Rate | 357% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $176093 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills 0.000% due 09/16/25 | 9.7% |
| U.S. Treasury Bills 0.000% due 09/11/25 | 7.4% |
| U.S. Treasury Bills 0.000% due 07/10/25 | 6.0% |
| U.S. Treasury Bills 0.000% due 09/23/25 | 5.8% |
| U.S. Treasury Bills 0.000% due 08/14/25 | 4.8% |
| U.S. Treasury Bills 0.000% due 08/07/25 | 4.1% |
| U.S. Treasury Bills 0.000% due 08/19/25 | 4.1% |
| U.S. Treasury Bills 0.000% due 08/05/25 | 3.9% |
| Dexcom, Inc. 0.250% due 11/15/25 | 2.0% |
| Jazz Investments I Ltd. 2.000% due 06/15/26 | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 47.4% |
| Consumer Staples | 14.6% |
| Information Technology | 13.5% |
| Consumer Discretionary | 8.6% |
| Communication Services | 6.1% |
| Financials | 5.6% |
| Industrials | 2.0% |
| Energy | 0.5% |
| Utilities | 0.2% |
| Other (includes short-term investments) | 1.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Global Listed Infrastructure Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# GLIFX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $51 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](if53599c4709cf944121cee3f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **MSCI World Core Infrastructure (USD) Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10371 | $10179 | $10308 |
| **08/15** | $10032 | $9506 | $9781 |
| **09/15** | $10253 | $9155 | $9554 |
| **10/15** | $10638 | $9881 | $10099 |
| **11/15** | $10763 | $9832 | $9905 |
| **12/15** | $10574 | $9659 | $9618 |
| **01/16** | $10542 | $9081 | $9596 |
| **02/16** | $10590 | $9013 | $9581 |
| **03/16** | $11110 | $9625 | $10037 |
| **04/16** | $11213 | $9777 | $10149 |
| **05/16** | $10960 | $9832 | $10264 |
| **06/16** | $10931 | $9722 | $10655 |
| **07/16** | $11249 | $10133 | $10885 |
| **08/16** | $11201 | $10141 | $10624 |
| **09/16** | $11257 | $10195 | $10836 |
| **10/16** | $11057 | $9998 | $10667 |
| **11/16** | $11089 | $10142 | $10469 |
| **12/16** | $11557 | $10384 | $10797 |
| **01/17** | $11549 | $10635 | $10831 |
| **02/17** | $12128 | $10930 | $11195 |
| **03/17** | $12773 | $11046 | $11451 |
| **04/17** | $13116 | $11210 | $11633 |
| **05/17** | $13787 | $11447 | $12064 |
| **06/17** | $13410 | $11491 | $11888 |
| **07/17** | $13517 | $11766 | $11915 |
| **08/17** | $13938 | $11783 | $12202 |
| **09/17** | $13938 | $12047 | $12034 |
| **10/17** | $14005 | $12275 | $12324 |
| **11/17** | $14181 | $12541 | $12587 |
| **12/17** | $13962 | $12710 | $12419 |
| **01/18** | $13665 | $13381 | $12269 |
| **02/18** | $12967 | $12827 | $11726 |
| **03/18** | $13168 | $12547 | $11915 |
| **04/18** | $13876 | $12692 | $12211 |
| **05/18** | $13666 | $12771 | $12391 |
| **06/18** | $14017 | $12765 | $12726 |
| **07/18** | $14350 | $13164 | $12972 |
| **08/18** | $14033 | $13327 | $12855 |
| **09/18** | $14014 | $13401 | $12839 |
| **10/18** | $13968 | $12417 | $12566 |
| **11/18** | $13913 | $12558 | $13034 |
| **12/18** | $13440 | $11603 | $12483 |
| **01/19** | $14216 | $12506 | $13487 |
| **02/19** | $14574 | $12882 | $13930 |
| **03/19** | $14713 | $13051 | $14467 |
| **04/19** | $15104 | $13514 | $14610 |
| **05/19** | $14864 | $12734 | $14591 |
| **06/19** | $15372 | $13573 | $14940 |
| **07/19** | $15473 | $13640 | $15013 |
| **08/19** | $15467 | $13361 | $15240 |
| **09/19** | $15838 | $13646 | $15470 |
| **10/19** | $16116 | $13993 | $15453 |
| **11/19** | $15961 | $14383 | $15404 |
| **12/19** | $16432 | $14814 | $15869 |
| **01/20** | $16973 | $14723 | $16382 |
| **02/20** | $15963 | $13479 | $15198 |
| **03/20** | $13791 | $11695 | $13254 |
| **04/20** | $14731 | $12973 | $14191 |
| **05/20** | $15259 | $13599 | $14890 |
| **06/20** | $15193 | $13959 | $14574 |
| **07/20** | $14989 | $14627 | $14753 |
| **08/20** | $15010 | $15604 | $14851 |
| **09/20** | $14946 | $15066 | $14778 |
| **10/20** | $14636 | $14604 | $14455 |
| **11/20** | $15825 | $16471 | $15517 |
| **12/20** | $15696 | $17169 | $15438 |
| **01/21** | $15161 | $16999 | $15290 |
| **02/21** | $15246 | $17434 | $15147 |
| **03/21** | $16254 | $18014 | $16319 |
| **04/21** | $16715 | $18853 | $16831 |
| **05/21** | $17004 | $19124 | $16881 |
| **06/21** | $17041 | $19409 | $16921 |
| **07/21** | $17536 | $19757 | $17239 |
| **08/21** | $17600 | $20249 | $17538 |
| **09/21** | $17128 | $19408 | $16891 |
| **10/21** | $17794 | $20507 | $17716 |
| **11/21** | $17630 | $20058 | $17263 |
| **12/21** | $18816 | $20915 | $18480 |
| **01/22** | $18360 | $19808 | $17937 |
| **02/22** | $18303 | $19307 | $17829 |
| **03/22** | $19120 | $19837 | $19059 |
| **04/22** | $19316 | $18189 | $18638 |
| **05/22** | $19397 | $18203 | $18954 |
| **06/22** | $18738 | $16626 | $17988 |
| **07/22** | $19425 | $17946 | $19043 |
| **08/22** | $18953 | $17196 | $18620 |
| **09/22** | $16935 | $15598 | $16647 |
| **10/22** | $17956 | $16718 | $17234 |
| **11/22** | $19440 | $17880 | $18360 |
| **12/22** | $18572 | $17121 | $17718 |
| **01/23** | $19435 | $18332 | $18232 |
| **02/23** | $19069 | $17891 | $17511 |
| **03/23** | $19410 | $18444 | $17823 |
| **04/23** | $19871 | $18768 | $18183 |
| **05/23** | $19568 | $18580 | $17298 |
| **06/23** | $19794 | $19704 | $17789 |
| **07/23** | $20113 | $20366 | $17974 |
| **08/23** | $19276 | $19879 | $17309 |
| **09/23** | $18653 | $19022 | $16512 |
| **10/23** | $18772 | $18470 | $16583 |
| **11/23** | $20021 | $20202 | $18010 |
| **12/23** | $20595 | $21193 | $18482 |
| **01/24** | $20608 | $21448 | $18062 |
| **02/24** | $20770 | $22357 | $18186 |
| **03/24** | $21283 | $23075 | $18741 |
| **04/24** | $20644 | $22218 | $18156 |
| **05/24** | $21025 | $23210 | $18938 |
| **06/24** | $20419 | $23683 | $18647 |
| **07/24** | $21918 | $24100 | $19888 |
| **08/24** | $22259 | $24737 | $20502 |
| **09/24** | $22424 | $25190 | $20975 |
| **10/24** | $21942 | $24690 | $20710 |
| **11/24** | $22548 | $25823 | $21533 |
| **12/24** | $21976 | $25150 | $20324 |
| **01/25** | $22468 | $26038 | $20670 |
| **02/25** | $23031 | $25850 | $21264 |
| **03/25** | $23400 | $24700 | $21706 |
| **04/25** | $24429 | $24919 | $21972 |
| **05/25** | $25176 | $26394 | $22235 |
| **06/25** | $25471 | $27533 | $22378 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 24.75% | 10.89% | 9.80% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| MSCI World Core Infrastructure (USD) Index | 20.01% | 8.96% | 8.39% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10222847031 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $41143426 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| National Grid PLC | 8.1% |
| Ferrovial SE | 7.8% |
| Snam SpA | 7.2% |
| Vinci SA | 4.9% |
| Terna - Rete Elettrica Nazionale | 4.9% |
| CSX Corp. | 4.8% |
| Italgas SpA | 4.6% |
| Severn Trent PLC | 4.6% |
| United Utilities Group PLC | 4.5% |
| Norfolk Southern Corp. | 4.4% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Utilities | 54.9% |
| Industrials | 33.6% |
| Real Estate | 3.1% |
| Communication Services | 1.9% |
| Other (includes short-term investments) | 6.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Global Listed Infrastructure Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# GLFOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $65 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i9cfbfca3693c76ee29b7c24f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **MSCI World Core Infrastructure (USD) Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10378 | $10179 | $10308 |
| **08/15** | $10032 | $9506 | $9781 |
| **09/15** | $10253 | $9155 | $9554 |
| **10/15** | $10637 | $9881 | $10099 |
| **11/15** | $10755 | $9832 | $9905 |
| **12/15** | $10566 | $9659 | $9618 |
| **01/16** | $10534 | $9081 | $9596 |
| **02/16** | $10574 | $9013 | $9581 |
| **03/16** | $11086 | $9625 | $10037 |
| **04/16** | $11188 | $9777 | $10149 |
| **05/16** | $10936 | $9832 | $10264 |
| **06/16** | $10900 | $9722 | $10655 |
| **07/16** | $11224 | $10133 | $10885 |
| **08/16** | $11177 | $10141 | $10624 |
| **09/16** | $11225 | $10195 | $10836 |
| **10/16** | $11019 | $9998 | $10667 |
| **11/16** | $11050 | $10142 | $10469 |
| **12/16** | $11517 | $10384 | $10797 |
| **01/17** | $11509 | $10635 | $10831 |
| **02/17** | $12077 | $10930 | $11195 |
| **03/17** | $12719 | $11046 | $11451 |
| **04/17** | $13060 | $11210 | $11633 |
| **05/17** | $13726 | $11447 | $12064 |
| **06/17** | $13345 | $11491 | $11888 |
| **07/17** | $13450 | $11766 | $11915 |
| **08/17** | $13861 | $11783 | $12202 |
| **09/17** | $13869 | $12047 | $12034 |
| **10/17** | $13927 | $12275 | $12324 |
| **11/17** | $14102 | $12541 | $12587 |
| **12/17** | $13875 | $12710 | $12419 |
| **01/18** | $13581 | $13381 | $12269 |
| **02/18** | $12887 | $12827 | $11726 |
| **03/18** | $13078 | $12547 | $11915 |
| **04/18** | $13781 | $12692 | $12211 |
| **05/18** | $13573 | $12771 | $12391 |
| **06/18** | $13921 | $12765 | $12726 |
| **07/18** | $14243 | $13164 | $12972 |
| **08/18** | $13919 | $13327 | $12855 |
| **09/18** | $13901 | $13401 | $12839 |
| **10/18** | $13856 | $12417 | $12566 |
| **11/18** | $13792 | $12558 | $13034 |
| **12/18** | $13323 | $11603 | $12483 |
| **01/19** | $14092 | $12506 | $13487 |
| **02/19** | $14446 | $12882 | $13930 |
| **03/19** | $14575 | $13051 | $14467 |
| **04/19** | $14962 | $13514 | $14610 |
| **05/19** | $14714 | $12734 | $14591 |
| **06/19** | $15229 | $13573 | $14940 |
| **07/19** | $15318 | $13640 | $15013 |
| **08/19** | $15312 | $13361 | $15240 |
| **09/19** | $15669 | $13646 | $15470 |
| **10/19** | $15944 | $13993 | $15453 |
| **11/19** | $15791 | $14383 | $15404 |
| **12/19** | $16246 | $14814 | $15869 |
| **01/20** | $16781 | $14723 | $16382 |
| **02/20** | $15773 | $13479 | $15198 |
| **03/20** | $13626 | $11695 | $13254 |
| **04/20** | $14554 | $12973 | $14191 |
| **05/20** | $15075 | $13599 | $14890 |
| **06/20** | $14999 | $13959 | $14574 |
| **07/20** | $14809 | $14627 | $14753 |
| **08/20** | $14820 | $15604 | $14851 |
| **09/20** | $14747 | $15066 | $14778 |
| **10/20** | $14441 | $14604 | $14455 |
| **11/20** | $15613 | $16471 | $15517 |
| **12/20** | $15486 | $17169 | $15438 |
| **01/21** | $14948 | $16999 | $15290 |
| **02/21** | $15032 | $17434 | $15147 |
| **03/21** | $16026 | $18014 | $16319 |
| **04/21** | $16470 | $18853 | $16831 |
| **05/21** | $16755 | $19124 | $16881 |
| **06/21** | $16792 | $19409 | $16921 |
| **07/21** | $17268 | $19757 | $17239 |
| **08/21** | $17332 | $20249 | $17538 |
| **09/21** | $16857 | $19408 | $16891 |
| **10/21** | $17512 | $20507 | $17716 |
| **11/21** | $17351 | $20058 | $17263 |
| **12/21** | $18516 | $20915 | $18480 |
| **01/22** | $18067 | $19808 | $17937 |
| **02/22** | $18011 | $19307 | $17829 |
| **03/22** | $18803 | $19837 | $19059 |
| **04/22** | $18985 | $18189 | $18638 |
| **05/22** | $19064 | $18203 | $18954 |
| **06/22** | $18416 | $16626 | $17988 |
| **07/22** | $19091 | $17946 | $19043 |
| **08/22** | $18616 | $17196 | $18620 |
| **09/22** | $16622 | $15598 | $16647 |
| **10/22** | $17636 | $16718 | $17234 |
| **11/22** | $19082 | $17880 | $18360 |
| **12/22** | $18228 | $17121 | $17718 |
| **01/23** | $19074 | $18332 | $18232 |
| **02/23** | $18715 | $17891 | $17511 |
| **03/23** | $19038 | $18444 | $17823 |
| **04/23** | $19490 | $18768 | $18183 |
| **05/23** | $19180 | $18580 | $17298 |
| **06/23** | $19402 | $19704 | $17789 |
| **07/23** | $19714 | $20366 | $17974 |
| **08/23** | $18882 | $19879 | $17309 |
| **09/23** | $18273 | $19022 | $16512 |
| **10/23** | $18390 | $18470 | $16583 |
| **11/23** | $19612 | $20202 | $18010 |
| **12/23** | $20159 | $21193 | $18482 |
| **01/24** | $20173 | $21448 | $18062 |
| **02/24** | $20318 | $22357 | $18186 |
| **03/24** | $20820 | $23075 | $18741 |
| **04/24** | $20182 | $22218 | $18156 |
| **05/24** | $20567 | $23210 | $18938 |
| **06/24** | $19962 | $23683 | $18647 |
| **07/24** | $21427 | $24100 | $19888 |
| **08/24** | $21760 | $24737 | $20502 |
| **09/24** | $21921 | $25190 | $20975 |
| **10/24** | $21423 | $24690 | $20710 |
| **11/24** | $22015 | $25823 | $21533 |
| **12/24** | $21455 | $25150 | $20324 |
| **01/25** | $21935 | $26038 | $20670 |
| **02/25** | $22470 | $25850 | $21264 |
| **03/25** | $22844 | $24700 | $21706 |
| **04/25** | $23847 | $24919 | $21972 |
| **05/25** | $24562 | $26394 | $22235 |
| **06/25** | $24848 | $27533 | $22378 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 24.47% | 10.62% | 9.53% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| MSCI World Core Infrastructure (USD) Index | 20.01% | 8.96% | 8.39% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $10222847031 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $41143426 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| National Grid PLC | 8.1% |
| Ferrovial SE | 7.8% |
| Snam SpA | 7.2% |
| Vinci SA | 4.9% |
| Terna - Rete Elettrica Nazionale | 4.9% |
| CSX Corp. | 4.8% |
| Italgas SpA | 4.6% |
| Severn Trent PLC | 4.6% |
| United Utilities Group PLC | 4.5% |
| Norfolk Southern Corp. | 4.4% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Utilities | 54.9% |
| Industrials | 33.6% |
| Real Estate | 3.1% |
| Communication Services | 1.9% |
| Other (includes short-term investments) | 6.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Opportunistic Strategies Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LCAIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $52 | 1.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i34e78aa5933e38f4e090ac9a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **Global Asset Allocation Blended Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10050 | $10179 | $10135 |
| **08/15** | $9664 | $9506 | $9726 |
| **09/15** | $9430 | $9155 | $9542 |
| **10/15** | $9918 | $9881 | $9997 |
| **11/15** | $9897 | $9832 | $9956 |
| **12/15** | $9678 | $9659 | $9836 |
| **01/16** | $9274 | $9081 | $9537 |
| **02/16** | $9161 | $9013 | $9524 |
| **03/16** | $9553 | $9625 | $9934 |
| **04/16** | $9719 | $9777 | $10044 |
| **05/16** | $9698 | $9832 | $10079 |
| **06/16** | $9750 | $9722 | $10082 |
| **07/16** | $10101 | $10133 | $10363 |
| **08/16** | $10184 | $10141 | $10364 |
| **09/16** | $10226 | $10195 | $10395 |
| **10/16** | $10060 | $9998 | $10243 |
| **11/16** | $10101 | $10142 | $10233 |
| **12/16** | $10196 | $10384 | $10387 |
| **01/17** | $10448 | $10635 | $10546 |
| **02/17** | $10637 | $10930 | $10751 |
| **03/17** | $10658 | $11046 | $10818 |
| **04/17** | $10774 | $11210 | $10948 |
| **05/17** | $10879 | $11447 | $11121 |
| **06/17** | $11068 | $11491 | $11142 |
| **07/17** | $11300 | $11766 | $11321 |
| **08/17** | $11258 | $11783 | $11371 |
| **09/17** | $11604 | $12047 | $11504 |
| **10/17** | $11773 | $12275 | $11637 |
| **11/17** | $11846 | $12541 | $11783 |
| **12/17** | $12005 | $12710 | $11901 |
| **01/18** | $12514 | $13381 | $12224 |
| **02/18** | $11993 | $12827 | $11868 |
| **03/18** | $11733 | $12547 | $11740 |
| **04/18** | $11812 | $12692 | $11786 |
| **05/18** | $11801 | $12771 | $11864 |
| **06/18** | $11699 | $12765 | $11855 |
| **07/18** | $11959 | $13164 | $12078 |
| **08/18** | $12081 | $13327 | $12200 |
| **09/18** | $12012 | $13401 | $12210 |
| **10/18** | $11147 | $12417 | $11634 |
| **11/18** | $11262 | $12558 | $11740 |
| **12/18** | $10477 | $11603 | $11307 |
| **01/19** | $11125 | $12506 | $11883 |
| **02/19** | $11365 | $12882 | $12100 |
| **03/19** | $11436 | $13051 | $12287 |
| **04/19** | $11676 | $13514 | $12550 |
| **05/19** | $11329 | $12734 | $12197 |
| **06/19** | $11640 | $13573 | $12733 |
| **07/19** | $11760 | $13640 | $12782 |
| **08/19** | $11616 | $13361 | $12758 |
| **09/19** | $11676 | $13646 | $12890 |
| **10/19** | $11772 | $13993 | $13102 |
| **11/19** | $11916 | $14383 | $13320 |
| **12/19** | $12065 | $14814 | $13561 |
| **01/20** | $12078 | $14723 | $13616 |
| **02/20** | $11601 | $13479 | $13032 |
| **03/20** | $10623 | $11695 | $12019 |
| **04/20** | $11442 | $12973 | $12892 |
| **05/20** | $11894 | $13599 | $13301 |
| **06/20** | $12065 | $13959 | $13554 |
| **07/20** | $12383 | $14627 | $14024 |
| **08/20** | $12640 | $15604 | $14549 |
| **09/20** | $12468 | $15066 | $14232 |
| **10/20** | $12212 | $14604 | $13945 |
| **11/20** | $12970 | $16471 | $15059 |
| **12/20** | $13208 | $17169 | $15463 |
| **01/21** | $13121 | $16999 | $15326 |
| **02/21** | $13346 | $17434 | $15473 |
| **03/21** | $13708 | $18014 | $15711 |
| **04/21** | $14070 | $18853 | $16199 |
| **05/21** | $14244 | $19124 | $16362 |
| **06/21** | $14269 | $19409 | $16556 |
| **07/21** | $14394 | $19757 | $16808 |
| **08/21** | $14719 | $20249 | $17047 |
| **09/21** | $14145 | $19408 | $16559 |
| **10/21** | $14744 | $20507 | $17119 |
| **11/21** | $14382 | $20058 | $16909 |
| **12/21** | $14919 | $20915 | $17331 |
| **01/22** | $14177 | $19808 | $16631 |
| **02/22** | $13942 | $19307 | $16307 |
| **03/22** | $14072 | $19837 | $16384 |
| **04/22** | $13382 | $18189 | $15318 |
| **05/22** | $13304 | $18203 | $15366 |
| **06/22** | $12613 | $16626 | $14485 |
| **07/22** | $13108 | $17946 | $15317 |
| **08/22** | $12839 | $17196 | $14757 |
| **09/22** | $12159 | $15598 | $13672 |
| **10/22** | $12652 | $16718 | $14190 |
| **11/22** | $13026 | $17880 | $15000 |
| **12/22** | $12692 | $17121 | $14575 |
| **01/23** | $13083 | $18332 | $15373 |
| **02/23** | $12719 | $17891 | $14993 |
| **03/23** | $12988 | $18444 | $15424 |
| **04/23** | $13123 | $18768 | $15624 |
| **05/23** | $12800 | $18580 | $15462 |
| **06/23** | $13218 | $19704 | $16004 |
| **07/23** | $13609 | $20366 | $16322 |
| **08/23** | $13231 | $19879 | $16044 |
| **09/23** | $12732 | $19022 | $15465 |
| **10/23** | $12422 | $18470 | $15098 |
| **11/23** | $13312 | $20202 | $16218 |
| **12/23** | $13997 | $21193 | $16946 |
| **01/24** | $14067 | $21448 | $17049 |
| **02/24** | $14526 | $22357 | $17390 |
| **03/24** | $14887 | $23075 | $17796 |
| **04/24** | $14178 | $22218 | $17220 |
| **05/24** | $14706 | $23210 | $17796 |
| **06/24** | $15040 | $23683 | $18082 |
| **07/24** | $15179 | $24100 | $18293 |
| **08/24** | $15465 | $24737 | $18688 |
| **09/24** | $15724 | $25190 | $18994 |
| **10/24** | $15480 | $24690 | $18579 |
| **11/24** | $16211 | $25823 | $19170 |
| **12/24** | $15718 | $25150 | $18743 |
| **01/25** | $16181 | $26038 | $19180 |
| **02/25** | $16165 | $25850 | $19262 |
| **03/25** | $15610 | $24700 | $18750 |
| **04/25** | $15518 | $24919 | $18880 |
| **05/25** | $16150 | $26394 | $19497 |
| **06/25** | $16720 | $27533 | $20131 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 11.17% | 6.74% | 5.27% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| Global Asset Allocation Blended Index | 11.33% | 8.23% | 7.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29867033 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $43835 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 16.7% |
| Vanguard S&P 500 Growth ETF | 13.7% |
| iShares 20+ Year Treasury Bond ETF | 12.9% |
| Vanguard S&P 500 Value ETF | 11.0% |
| iShares 1-3 Year Treasury Bond ETF | 6.3% |
| iShares MSCI Japan ETF | 6.0% |
| Invesco QQQ Trust | 5.8% |
| iShares MSCI USA Momentum Factor ETF | 5.1% |
| SPDR EURO STOXX 50 ETF | 4.2% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income | 22.7% |
| Commodity | 2.5% |
| Other (includes short-term investments) | 12.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Opportunistic Strategies Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LCAOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $65 | 1.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i1e8cbbbf306f0a54afd69d12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **Global Asset Allocation Blended Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10050 | $10179 | $10135 |
| **08/15** | $9663 | $9506 | $9726 |
| **09/15** | $9429 | $9155 | $9542 |
| **10/15** | $9918 | $9881 | $9997 |
| **11/15** | $9846 | $9832 | $9956 |
| **12/15** | $9616 | $9659 | $9836 |
| **01/16** | $9223 | $9081 | $9537 |
| **02/16** | $9099 | $9013 | $9524 |
| **03/16** | $9492 | $9625 | $9934 |
| **04/16** | $9657 | $9777 | $10044 |
| **05/16** | $9636 | $9832 | $10079 |
| **06/16** | $9688 | $9722 | $10082 |
| **07/16** | $10029 | $10133 | $10363 |
| **08/16** | $10101 | $10141 | $10364 |
| **09/16** | $10153 | $10195 | $10395 |
| **10/16** | $9977 | $9998 | $10243 |
| **11/16** | $10019 | $10142 | $10233 |
| **12/16** | $10104 | $10384 | $10387 |
| **01/17** | $10356 | $10635 | $10546 |
| **02/17** | $10544 | $10930 | $10751 |
| **03/17** | $10555 | $11046 | $10818 |
| **04/17** | $10670 | $11210 | $10948 |
| **05/17** | $10774 | $11447 | $11121 |
| **06/17** | $10952 | $11491 | $11142 |
| **07/17** | $11183 | $11766 | $11321 |
| **08/17** | $11141 | $11783 | $11371 |
| **09/17** | $11476 | $12047 | $11504 |
| **10/17** | $11644 | $12275 | $11637 |
| **11/17** | $11717 | $12541 | $11783 |
| **12/17** | $11870 | $12710 | $11901 |
| **01/18** | $12365 | $13381 | $12224 |
| **02/18** | $11848 | $12827 | $11868 |
| **03/18** | $11589 | $12547 | $11740 |
| **04/18** | $11668 | $12692 | $11786 |
| **05/18** | $11645 | $12771 | $11864 |
| **06/18** | $11544 | $12765 | $11855 |
| **07/18** | $11803 | $13164 | $12078 |
| **08/18** | $11912 | $13327 | $12200 |
| **09/18** | $11855 | $13401 | $12210 |
| **10/18** | $10984 | $12417 | $11634 |
| **11/18** | $11099 | $12558 | $11740 |
| **12/18** | $10322 | $11603 | $11307 |
| **01/19** | $10963 | $12506 | $11883 |
| **02/19** | $11201 | $12882 | $12100 |
| **03/19** | $11260 | $13051 | $12287 |
| **04/19** | $11498 | $13514 | $12550 |
| **05/19** | $11141 | $12734 | $12197 |
| **06/19** | $11462 | $13573 | $12733 |
| **07/19** | $11569 | $13640 | $12782 |
| **08/19** | $11414 | $13361 | $12758 |
| **09/19** | $11486 | $13646 | $12890 |
| **10/19** | $11569 | $13993 | $13102 |
| **11/19** | $11711 | $14383 | $13320 |
| **12/19** | $11860 | $14814 | $13561 |
| **01/20** | $11873 | $14723 | $13616 |
| **02/20** | $11389 | $13479 | $13032 |
| **03/20** | $10423 | $11695 | $12019 |
| **04/20** | $11232 | $12973 | $12892 |
| **05/20** | $11667 | $13599 | $13301 |
| **06/20** | $11836 | $13959 | $13554 |
| **07/20** | $12150 | $14627 | $14024 |
| **08/20** | $12392 | $15604 | $14549 |
| **09/20** | $12223 | $15066 | $14232 |
| **10/20** | $11969 | $14604 | $13945 |
| **11/20** | $12718 | $16471 | $15059 |
| **12/20** | $12957 | $17169 | $15463 |
| **01/21** | $12859 | $16999 | $15326 |
| **02/21** | $13068 | $17434 | $15473 |
| **03/21** | $13425 | $18014 | $15711 |
| **04/21** | $13782 | $18853 | $16199 |
| **05/21** | $13954 | $19124 | $16362 |
| **06/21** | $13979 | $19409 | $16556 |
| **07/21** | $14089 | $19757 | $16808 |
| **08/21** | $14397 | $20249 | $17047 |
| **09/21** | $13843 | $19408 | $16559 |
| **10/21** | $14422 | $20507 | $17119 |
| **11/21** | $14065 | $20058 | $16909 |
| **12/21** | $14583 | $20915 | $17331 |
| **01/22** | $13865 | $19808 | $16631 |
| **02/22** | $13635 | $19307 | $16307 |
| **03/22** | $13750 | $19837 | $16384 |
| **04/22** | $13071 | $18189 | $15318 |
| **05/22** | $12994 | $18203 | $15366 |
| **06/22** | $12315 | $16626 | $14485 |
| **07/22** | $12802 | $17946 | $15317 |
| **08/22** | $12537 | $17196 | $14757 |
| **09/22** | $11868 | $15598 | $13672 |
| **10/22** | $12341 | $16718 | $14190 |
| **11/22** | $12708 | $17880 | $15000 |
| **12/22** | $12387 | $17121 | $14575 |
| **01/23** | $12758 | $18332 | $15373 |
| **02/23** | $12400 | $17891 | $14993 |
| **03/23** | $12652 | $18444 | $15424 |
| **04/23** | $12784 | $18768 | $15624 |
| **05/23** | $12466 | $18580 | $15462 |
| **06/23** | $12877 | $19704 | $16004 |
| **07/23** | $13260 | $20366 | $16322 |
| **08/23** | $12877 | $19879 | $16044 |
| **09/23** | $12387 | $19022 | $15465 |
| **10/23** | $12083 | $18470 | $15098 |
| **11/23** | $12956 | $20202 | $16218 |
| **12/23** | $13607 | $21193 | $16946 |
| **01/24** | $13675 | $21448 | $17049 |
| **02/24** | $14138 | $22357 | $17390 |
| **03/24** | $14478 | $23075 | $17796 |
| **04/24** | $13771 | $22218 | $17220 |
| **05/24** | $14288 | $23210 | $17796 |
| **06/24** | $14614 | $23683 | $18082 |
| **07/24** | $14750 | $24100 | $18293 |
| **08/24** | $15031 | $24737 | $18688 |
| **09/24** | $15270 | $25190 | $18994 |
| **10/24** | $15031 | $24690 | $18579 |
| **11/24** | $15734 | $25823 | $19170 |
| **12/24** | $15255 | $25150 | $18743 |
| **01/25** | $15692 | $26038 | $19180 |
| **02/25** | $15676 | $25850 | $19262 |
| **03/25** | $15134 | $24700 | $18750 |
| **04/25** | $15044 | $24919 | $18880 |
| **05/25** | $15646 | $26394 | $19497 |
| **06/25** | $16204 | $27533 | $20131 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 10.87% | 6.48% | 4.94% |
| MSCI World Index | 16.26% | 14.55% | 10.66% |
| Global Asset Allocation Blended Index | 11.33% | 8.23% | 7.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29867033 |
| # of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $43835 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 16.7% |
| Vanguard S&P 500 Growth ETF | 13.7% |
| iShares 20+ Year Treasury Bond ETF | 12.9% |
| Vanguard S&P 500 Value ETF | 11.0% |
| iShares 1-3 Year Treasury Bond ETF | 6.3% |
| iShares MSCI Japan ETF | 6.0% |
| Invesco QQQ Trust | 5.8% |
| iShares MSCI USA Momentum Factor ETF | 5.1% |
| SPDR EURO STOXX 50 ETF | 4.2% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Equity Funds | 62.3% |
| Fixed Income | 22.7% |
| Commodity | 2.5% |
| Other (includes short-term investments) | 12.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Convertibles Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# CONIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $39 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i98e3e2de1c15225ba6828d10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofA US Convertible Index** |
| **11/22** | $10000 | $10000 | $10000 |
| **12/22** | $10000 | $10000 | $10000 |
| **01/23** | $10630 | $10000 | $10000 |
| **02/23** | $10370 | $9754 | $9871 |
| **03/23** | $10433 | $9983 | $9806 |
| **04/23** | $10282 | $10044 | $9670 |
| **05/23** | $10373 | $9940 | $9755 |
| **06/23** | $10909 | $9925 | $10260 |
| **07/23** | $11151 | $9934 | $10541 |
| **08/23** | $10778 | $9875 | $10268 |
| **09/23** | $10466 | $9639 | $10001 |
| **10/23** | $9970 | $9494 | $9561 |
| **11/23** | $10516 | $9921 | $10059 |
| **12/23** | $11062 | $10298 | $10668 |
| **01/24** | $10927 | $10273 | $10544 |
| **02/24** | $10938 | $10150 | $10671 |
| **03/24** | $11116 | $10250 | $10918 |
| **04/24** | $10740 | $10010 | $10538 |
| **05/24** | $10886 | $10176 | $10795 |
| **06/24** | $11077 | $10269 | $10895 |
| **07/24** | $11182 | $10502 | $11105 |
| **08/24** | $11350 | $10657 | $11251 |
| **09/24** | $11506 | $10803 | $11469 |
| **10/24** | $11485 | $10558 | $11565 |
| **11/24** | $12161 | $10669 | $12348 |
| **12/24** | $11644 | $10508 | $11856 |
| **01/25** | $11983 | $10571 | $12172 |
| **02/25** | $11622 | $10790 | $11929 |
| **03/25** | $11345 | $10787 | $11603 |
| **04/25** | $11550 | $10825 | $11759 |
| **05/25** | $11904 | $10770 | $12142 |
| **06/25** | $12393 | $10938 | $12633 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 12/30/22 |
| Institutional Shares | 11.89% | 8.97% |
| US Universal Index | 6.51% | 4.93% |
| ICE BofA US Convertible Index | 15.95% | 12.30% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $15882787 |
| # of Portfolio Holdings | 102 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| MicroStrategy, Inc. 0.625% due 03/15/30 | 3.1% |
| Bank of America Corp. | 2.9% |
| Boeing Co. | 2.7% |
| NextEra Energy Capital Holdings, Inc. 3.000% due 03/01/27 | 2.6% |
| Southern Co. 3.875% due 12/15/25 | 2.3% |
| PG&E Corp. 4.250% due 12/01/27 | 2.2% |
| Uber Technologies, Inc. 0.000% due 12/15/25 | 2.1% |
| Live Nation Entertainment, Inc. 2.875% due 01/15/30 | 1.9% |
| ON Semiconductor Corp. 0.500% due 03/01/29 | 1.9% |
| MicroStrategy, Inc. 0.000% due 12/01/29 | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 27.6% |
| Consumer Staples | 14.4% |
| Communication Services | 13.2% |
| Financials | 12.0% |
| Utilities | 10.7% |
| Consumer Discretionary | 8.3% |
| Industrials | 8.3% |
| Energy | 1.2% |
| Materials | 1.1% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Convertibles Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# CONOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $51 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ic2b8c37004904871f1c59a49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofA US Convertible Index** |
| **11/22** | $10000 | $10000 | $10000 |
| **12/22** | $10000 | $10000 | $10000 |
| **01/23** | $10630 | $10000 | $10000 |
| **02/23** | $10360 | $9754 | $9871 |
| **03/23** | $10427 | $9983 | $9806 |
| **04/23** | $10276 | $10044 | $9670 |
| **05/23** | $10367 | $9940 | $9755 |
| **06/23** | $10906 | $9925 | $10260 |
| **07/23** | $11138 | $9934 | $10541 |
| **08/23** | $10765 | $9875 | $10268 |
| **09/23** | $10447 | $9639 | $10001 |
| **10/23** | $9952 | $9494 | $9561 |
| **11/23** | $10487 | $9921 | $10059 |
| **12/23** | $11035 | $10298 | $10668 |
| **01/24** | $10900 | $10273 | $10544 |
| **02/24** | $10910 | $10150 | $10671 |
| **03/24** | $11081 | $10250 | $10918 |
| **04/24** | $10706 | $10010 | $10538 |
| **05/24** | $10852 | $10176 | $10795 |
| **06/24** | $11035 | $10269 | $10895 |
| **07/24** | $11140 | $10502 | $11105 |
| **08/24** | $11297 | $10657 | $11251 |
| **09/24** | $11455 | $10803 | $11469 |
| **10/24** | $11434 | $10558 | $11565 |
| **11/24** | $12108 | $10669 | $12348 |
| **12/24** | $11595 | $10508 | $11856 |
| **01/25** | $11923 | $10571 | $12172 |
| **02/25** | $11563 | $10790 | $11929 |
| **03/25** | $11281 | $10787 | $11603 |
| **04/25** | $11484 | $10825 | $11759 |
| **05/25** | $11836 | $10770 | $12142 |
| **06/25** | $12326 | $10938 | $12633 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 12/30/22 |
| Open Shares | 11.70% | 8.73% |
| US Universal Index | 6.51% | 4.93% |
| ICE BofA US Convertible Index | 15.95% | 12.30% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $15882787 |
| # of Portfolio Holdings | 102 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| MicroStrategy, Inc. 0.625% due 03/15/30 | 3.1% |
| Bank of America Corp. | 2.9% |
| Boeing Co. | 2.7% |
| NextEra Energy Capital Holdings, Inc. 3.000% due 03/01/27 | 2.6% |
| Southern Co. 3.875% due 12/15/25 | 2.3% |
| PG&E Corp. 4.250% due 12/01/27 | 2.2% |
| Uber Technologies, Inc. 0.000% due 12/15/25 | 2.1% |
| Live Nation Entertainment, Inc. 2.875% due 01/15/30 | 1.9% |
| ON Semiconductor Corp. 0.500% due 03/01/29 | 1.9% |
| MicroStrategy, Inc. 0.000% due 12/01/29 | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 27.6% |
| Consumer Staples | 14.4% |
| Communication Services | 13.2% |
| Financials | 12.0% |
| Utilities | 10.7% |
| Consumer Discretionary | 8.3% |
| Industrials | 8.3% |
| Energy | 1.2% |
| Materials | 1.1% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEVIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $42 | 0.86% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ie5b3bd92b2c11f09de8b54ba.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500 Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10280 | $10210 |
| **08/15** | $9670 | $9594 |
| **09/15** | $9641 | $9356 |
| **10/15** | $10330 | $10145 |
| **11/15** | $10201 | $10176 |
| **12/15** | $10308 | $10015 |
| **01/16** | $9742 | $9518 |
| **02/16** | $9861 | $9505 |
| **03/16** | $10435 | $10150 |
| **04/16** | $10353 | $10189 |
| **05/16** | $10576 | $10372 |
| **06/16** | $10554 | $10399 |
| **07/16** | $11270 | $10783 |
| **08/16** | $11290 | $10798 |
| **09/16** | $11349 | $10800 |
| **10/16** | $10856 | $10603 |
| **11/16** | $10960 | $10996 |
| **12/16** | $11068 | $11213 |
| **01/17** | $11326 | $11426 |
| **02/17** | $11647 | $11879 |
| **03/17** | $11740 | $11893 |
| **04/17** | $11951 | $12015 |
| **05/17** | $12037 | $12184 |
| **06/17** | $11920 | $12260 |
| **07/17** | $11998 | $12512 |
| **08/17** | $12053 | $12551 |
| **09/17** | $12108 | $12810 |
| **10/17** | $12420 | $13109 |
| **11/17** | $12647 | $13511 |
| **12/17** | $12783 | $13661 |
| **01/18** | $13443 | $14443 |
| **02/18** | $13100 | $13911 |
| **03/18** | $12833 | $13557 |
| **04/18** | $12641 | $13609 |
| **05/18** | $13009 | $13937 |
| **06/18** | $13117 | $14023 |
| **07/18** | $13393 | $14544 |
| **08/18** | $13753 | $15018 |
| **09/18** | $13761 | $15104 |
| **10/18** | $12695 | $14072 |
| **11/18** | $13139 | $14358 |
| **12/18** | $12007 | $13062 |
| **01/19** | $12948 | $14109 |
| **02/19** | $13535 | $14562 |
| **03/19** | $13889 | $14845 |
| **04/19** | $14308 | $15446 |
| **05/19** | $13544 | $14464 |
| **06/19** | $14606 | $15483 |
| **07/19** | $15109 | $15706 |
| **08/19** | $14960 | $15457 |
| **09/19** | $15100 | $15746 |
| **10/19** | $15044 | $16087 |
| **11/19** | $15324 | $16671 |
| **12/19** | $15816 | $17175 |
| **01/20** | $16107 | $17168 |
| **02/20** | $14680 | $15755 |
| **03/20** | $12595 | $13809 |
| **04/20** | $13975 | $15579 |
| **05/20** | $14717 | $16321 |
| **06/20** | $14652 | $16646 |
| **07/20** | $15102 | $17584 |
| **08/20** | $15863 | $18848 |
| **09/20** | $15647 | $18132 |
| **10/20** | $15365 | $17650 |
| **11/20** | $16887 | $19582 |
| **12/20** | $17237 | $20335 |
| **01/21** | $16960 | $20129 |
| **02/21** | $17915 | $20684 |
| **03/21** | $18774 | $21590 |
| **04/21** | $19977 | $22743 |
| **05/21** | $19729 | $22901 |
| **06/21** | $19968 | $23436 |
| **07/21** | $20483 | $23993 |
| **08/21** | $20869 | $24722 |
| **09/21** | $20010 | $23572 |
| **10/21** | $20985 | $25224 |
| **11/21** | $20551 | $25049 |
| **12/21** | $21722 | $26172 |
| **01/22** | $20454 | $24817 |
| **02/22** | $19848 | $24074 |
| **03/22** | $20454 | $24968 |
| **04/22** | $19351 | $22791 |
| **05/22** | $19054 | $22833 |
| **06/22** | $17587 | $20948 |
| **07/22** | $19241 | $22880 |
| **08/22** | $18087 | $21947 |
| **09/22** | $16379 | $19925 |
| **10/22** | $17323 | $21538 |
| **11/22** | $18267 | $22742 |
| **12/22** | $17402 | $21432 |
| **01/23** | $18887 | $22778 |
| **02/23** | $18255 | $22223 |
| **03/23** | $18934 | $23039 |
| **04/23** | $18969 | $23398 |
| **05/23** | $18688 | $23500 |
| **06/23** | $19869 | $25053 |
| **07/23** | $19928 | $25857 |
| **08/23** | $19193 | $25446 |
| **09/23** | $18221 | $24233 |
| **10/23** | $17460 | $23723 |
| **11/23** | $19193 | $25890 |
| **12/23** | $20239 | $27066 |
| **01/24** | $19907 | $27521 |
| **02/24** | $20357 | $28990 |
| **03/24** | $20950 | $29923 |
| **04/24** | $19694 | $28701 |
| **05/24** | $20049 | $30124 |
| **06/24** | $20855 | $31205 |
| **07/24** | $21282 | $31584 |
| **08/24** | $22585 | $32351 |
| **09/24** | $22988 | $33042 |
| **10/24** | $22893 | $32742 |
| **11/24** | $23462 | $34664 |
| **12/24** | $22400 | $33838 |
| **01/25** | $24119 | $34780 |
| **02/25** | $22400 | $34326 |
| **03/25** | $19421 | $32392 |
| **04/25** | $19078 | $32172 |
| **05/25** | $19908 | $34197 |
| **06/25** | $21401 | $35936 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 2.62% | 7.87% | 7.91% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $41207173 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $84351 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 11.0% |
| Amazon.com, Inc. | 10.8% |
| Microsoft Corp. | 7.9% |
| DigitalOcean Holdings, Inc. | 7.1% |
| Coherent Corp. | 6.4% |
| First Watch Restaurant Group, Inc. | 5.1% |
| First American Financial Corp. | 4.8% |
| Thor Industries, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.8% |
| Eli Lilly & Co. | 4.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.4% |
| Consumer Discretionary | 20.6% |
| Financials | 16.4% |
| Health Care | 10.3% |
| Communication Services | 9.1% |
| Industrials | 6.5% |
| Consumer Staples | 3.0% |
| Other (includes short-term investments) | 1.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEVOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $54 | 1.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](if38f919fb7828fd79de3862e.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **S&P 500 Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10286 | $10210 |
| **08/15** | $9671 | $9594 |
| **09/15** | $9642 | $9356 |
| **10/15** | $10329 | $10145 |
| **11/15** | $10193 | $10176 |
| **12/15** | $10301 | $10015 |
| **01/16** | $9731 | $9518 |
| **02/16** | $9850 | $9505 |
| **03/16** | $10420 | $10150 |
| **04/16** | $10338 | $10189 |
| **05/16** | $10560 | $10372 |
| **06/16** | $10531 | $10399 |
| **07/16** | $11241 | $10783 |
| **08/16** | $11261 | $10798 |
| **09/16** | $11313 | $10800 |
| **10/16** | $10830 | $10603 |
| **11/16** | $10927 | $10996 |
| **12/16** | $11028 | $11213 |
| **01/17** | $11284 | $11426 |
| **02/17** | $11601 | $11879 |
| **03/17** | $11686 | $11893 |
| **04/17** | $11903 | $12015 |
| **05/17** | $11980 | $12184 |
| **06/17** | $11864 | $12260 |
| **07/17** | $11942 | $12512 |
| **08/17** | $11996 | $12551 |
| **09/17** | $12042 | $12810 |
| **10/17** | $12344 | $13109 |
| **11/17** | $12569 | $13511 |
| **12/17** | $12706 | $13661 |
| **01/18** | $13349 | $14443 |
| **02/18** | $13020 | $13911 |
| **03/18** | $12739 | $13557 |
| **04/18** | $12550 | $13609 |
| **05/18** | $12912 | $13937 |
| **06/18** | $13020 | $14023 |
| **07/18** | $13292 | $14544 |
| **08/18** | $13638 | $15018 |
| **09/18** | $13655 | $15104 |
| **10/18** | $12587 | $14072 |
| **11/18** | $13024 | $14358 |
| **12/18** | $11899 | $13062 |
| **01/19** | $12833 | $14109 |
| **02/19** | $13401 | $14562 |
| **03/19** | $13759 | $14845 |
| **04/19** | $14171 | $15446 |
| **05/19** | $13401 | $14464 |
| **06/19** | $14455 | $15483 |
| **07/19** | $14949 | $15706 |
| **08/19** | $14803 | $15457 |
| **09/19** | $14940 | $15746 |
| **10/19** | $14867 | $16087 |
| **11/19** | $15151 | $16671 |
| **12/19** | $15638 | $17175 |
| **01/20** | $15914 | $17168 |
| **02/20** | $14505 | $15755 |
| **03/20** | $12442 | $13809 |
| **04/20** | $13796 | $15579 |
| **05/20** | $14523 | $16321 |
| **06/20** | $14459 | $16646 |
| **07/20** | $14901 | $17584 |
| **08/20** | $15647 | $18848 |
| **09/20** | $15435 | $18132 |
| **10/20** | $15150 | $17650 |
| **11/20** | $16651 | $19582 |
| **12/20** | $16987 | $20335 |
| **01/21** | $16716 | $20129 |
| **02/21** | $17650 | $20684 |
| **03/21** | $18499 | $21590 |
| **04/21** | $19676 | $22743 |
| **05/21** | $19424 | $22901 |
| **06/21** | $19648 | $23436 |
| **07/21** | $20162 | $23993 |
| **08/21** | $20530 | $24722 |
| **09/21** | $19689 | $23572 |
| **10/21** | $20643 | $25224 |
| **11/21** | $20209 | $25049 |
| **12/21** | $21355 | $26172 |
| **01/22** | $20099 | $24817 |
| **02/22** | $19508 | $24074 |
| **03/22** | $20088 | $24968 |
| **04/22** | $19014 | $22791 |
| **05/22** | $18713 | $22833 |
| **06/22** | $17263 | $20948 |
| **07/22** | $18885 | $22880 |
| **08/22** | $17750 | $21947 |
| **09/22** | $16064 | $19925 |
| **10/22** | $16994 | $21538 |
| **11/22** | $17914 | $22742 |
| **12/22** | $17069 | $21432 |
| **01/23** | $18511 | $22778 |
| **02/23** | $17898 | $22223 |
| **03/23** | $18556 | $23039 |
| **04/23** | $18579 | $23398 |
| **05/23** | $18295 | $23500 |
| **06/23** | $19453 | $25053 |
| **07/23** | $19510 | $25857 |
| **08/23** | $18785 | $25446 |
| **09/23** | $17830 | $24233 |
| **10/23** | $17091 | $23723 |
| **11/23** | $18772 | $25890 |
| **12/23** | $19803 | $27066 |
| **01/24** | $19462 | $27521 |
| **02/24** | $19916 | $28990 |
| **03/24** | $20485 | $29923 |
| **04/24** | $19257 | $28701 |
| **05/24** | $19598 | $30124 |
| **06/24** | $20371 | $31205 |
| **07/24** | $20780 | $31584 |
| **08/24** | $22053 | $32351 |
| **09/24** | $22440 | $33042 |
| **10/24** | $22326 | $32742 |
| **11/24** | $22895 | $34664 |
| **12/24** | $21858 | $33838 |
| **01/25** | $23568 | $34780 |
| **02/25** | $21858 | $34326 |
| **03/25** | $18972 | $32392 |
| **04/25** | $18598 | $32172 |
| **05/25** | $19399 | $34197 |
| **06/25** | $20863 | $35936 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 2.41% | 7.61% | 7.63% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $41207173 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $84351 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 11.0% |
| Amazon.com, Inc. | 10.8% |
| Microsoft Corp. | 7.9% |
| DigitalOcean Holdings, Inc. | 7.1% |
| Coherent Corp. | 6.4% |
| First Watch Restaurant Group, Inc. | 5.1% |
| First American Financial Corp. | 4.8% |
| Thor Industries, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.8% |
| Eli Lilly & Co. | 4.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.4% |
| Consumer Discretionary | 20.6% |
| Financials | 16.4% |
| Health Care | 10.3% |
| Communication Services | 9.1% |
| Industrials | 6.5% |
| Consumer Staples | 3.0% |
| Other (includes short-term investments) | 1.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLUEX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $39 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i0fc8f7b8a8cbe605c5c8782c.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **S&P 500 Index** |
| **11/16** | $1000000 | $1000000 |
| **11/16** | $992552 | $1000000 |
| **12/16** | $1001730 | $1019766 |
| **01/17** | $1025042 | $1039107 |
| **02/17** | $1054713 | $1080366 |
| **03/17** | $1062484 | $1081625 |
| **04/17** | $1082264 | $1092734 |
| **05/17** | $1089328 | $1108112 |
| **06/17** | $1079438 | $1115029 |
| **07/17** | $1086502 | $1137957 |
| **08/17** | $1091457 | $1141440 |
| **09/17** | $1096402 | $1164986 |
| **10/17** | $1123953 | $1192171 |
| **11/17** | $1144440 | $1228735 |
| **12/17** | $1157203 | $1242397 |
| **01/18** | $1216798 | $1313529 |
| **02/18** | $1185869 | $1265116 |
| **03/18** | $1161729 | $1232966 |
| **04/18** | $1144378 | $1237697 |
| **05/18** | $1177570 | $1267503 |
| **06/18** | $1187377 | $1275305 |
| **07/18** | $1212271 | $1322764 |
| **08/18** | $1244808 | $1365866 |
| **09/18** | $1246349 | $1373638 |
| **10/18** | $1149290 | $1279750 |
| **11/18** | $1189346 | $1305828 |
| **12/18** | $1086833 | $1187924 |
| **01/19** | $1172635 | $1283119 |
| **02/19** | $1224790 | $1324318 |
| **03/19** | $1257596 | $1350052 |
| **04/19** | $1295451 | $1404715 |
| **05/19** | $1225631 | $1315449 |
| **06/19** | $1322369 | $1408156 |
| **07/19** | $1367794 | $1428394 |
| **08/19** | $1354335 | $1405769 |
| **09/19** | $1366953 | $1432071 |
| **10/19** | $1361064 | $1463089 |
| **11/19** | $1387142 | $1516198 |
| **12/19** | $1432332 | $1561960 |
| **01/20** | $1458621 | $1561351 |
| **02/20** | $1328872 | $1432820 |
| **03/20** | $1139760 | $1255853 |
| **04/20** | $1265269 | $1416840 |
| **05/20** | $1331416 | $1484325 |
| **06/20** | $1326328 | $1513844 |
| **07/20** | $1367033 | $1599209 |
| **08/20** | $1435726 | $1714162 |
| **09/20** | $1416221 | $1649029 |
| **10/20** | $1390780 | $1605181 |
| **11/20** | $1528162 | $1780891 |
| **12/20** | $1559742 | $1849363 |
| **01/21** | $1535600 | $1830692 |
| **02/21** | $1620959 | $1881164 |
| **03/21** | $1699421 | $1963551 |
| **04/21** | $1808059 | $2068344 |
| **05/21** | $1785642 | $2082790 |
| **06/21** | $1807197 | $2131412 |
| **07/21** | $1853757 | $2182044 |
| **08/21** | $1888587 | $2248390 |
| **09/21** | $1811858 | $2143818 |
| **10/21** | $1899922 | $2294018 |
| **11/21** | $1859814 | $2278123 |
| **12/21** | $1966253 | $2380220 |
| **01/22** | $1850826 | $2257050 |
| **02/22** | $1797092 | $2189471 |
| **03/22** | $1850826 | $2270765 |
| **04/22** | $1752314 | $2072750 |
| **05/22** | $1724452 | $2076553 |
| **06/22** | $1592108 | $1905146 |
| **07/22** | $1741368 | $2080809 |
| **08/22** | $1637244 | $1995950 |
| **09/22** | $1482040 | $1812126 |
| **10/22** | $1568264 | $1958838 |
| **11/22** | $1653474 | $2068306 |
| **12/22** | $1575212 | $1949141 |
| **01/23** | $1709206 | $2071613 |
| **02/23** | $1652232 | $2021068 |
| **03/23** | $1719756 | $2095270 |
| **04/23** | $1722922 | $2127974 |
| **05/23** | $1696545 | $2137224 |
| **06/23** | $1804162 | $2278441 |
| **07/23** | $1809437 | $2351636 |
| **08/23** | $1743124 | $2314194 |
| **09/23** | $1655554 | $2203859 |
| **10/23** | $1585734 | $2157519 |
| **11/23** | $1743124 | $2354555 |
| **12/23** | $1838806 | $2461524 |
| **01/24** | $1806919 | $2502888 |
| **02/24** | $1849435 | $2636532 |
| **03/24** | $1902580 | $2721361 |
| **04/24** | $1815423 | $2610208 |
| **05/24** | $1849435 | $2739634 |
| **06/24** | $1923838 | $2837938 |
| **07/24** | $1964228 | $2872483 |
| **08/24** | $2083272 | $2942160 |
| **09/24** | $2119410 | $3004996 |
| **10/24** | $2110907 | $2977745 |
| **11/24** | $2166178 | $3152542 |
| **12/24** | $2068044 | $3077391 |
| **01/25** | $2226363 | $3163088 |
| **02/25** | $2063096 | $3121816 |
| **03/25** | $1795933 | $2945919 |
| **04/25** | $1756353 | $2925943 |
| **05/25** | $1836749 | $3110116 |
| **06/25** | $1973893 | $3268273 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 11/15/16 |
| R6 Shares | 2.60% | 8.28% | 8.20% |
| S&P 500 Index | 15.16% | 16.64% | 14.84% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $41207173 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $84351 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Marvell Technology, Inc. | 11.0% |
| Amazon.com, Inc. | 10.8% |
| Microsoft Corp. | 7.9% |
| DigitalOcean Holdings, Inc. | 7.1% |
| Coherent Corp. | 6.4% |
| First Watch Restaurant Group, Inc. | 5.1% |
| First American Financial Corp. | 4.8% |
| Thor Industries, Inc. | 4.8% |
| Meta Platforms, Inc., Class A | 4.8% |
| Eli Lilly & Co. | 4.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 32.4% |
| Consumer Discretionary | 20.6% |
| Financials | 16.4% |
| Health Care | 10.3% |
| Communication Services | 9.1% |
| Industrials | 6.5% |
| Consumer Staples | 3.0% |
| Other (includes short-term investments) | 1.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Focus Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZUSX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $36 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i54f34828a892e223f6696e00.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500 Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10105 | $10210 |
| **08/15** | $9473 | $9594 |
| **09/15** | $9223 | $9356 |
| **10/15** | $9860 | $10145 |
| **11/15** | $9739 | $10176 |
| **12/15** | $9541 | $10015 |
| **01/16** | $8984 | $9518 |
| **02/16** | $8941 | $9505 |
| **03/16** | $9575 | $10150 |
| **04/16** | $9515 | $10189 |
| **05/16** | $9732 | $10372 |
| **06/16** | $9593 | $10399 |
| **07/16** | $10062 | $10783 |
| **08/16** | $10169 | $10798 |
| **09/16** | $10222 | $10800 |
| **10/16** | $9927 | $10603 |
| **11/16** | $10276 | $10996 |
| **12/16** | $10466 | $11213 |
| **01/17** | $10682 | $11426 |
| **02/17** | $11024 | $11879 |
| **03/17** | $11078 | $11893 |
| **04/17** | $11213 | $12015 |
| **05/17** | $11276 | $12184 |
| **06/17** | $11294 | $12260 |
| **07/17** | $11483 | $12512 |
| **08/17** | $11483 | $12551 |
| **09/17** | $11760 | $12810 |
| **10/17** | $11935 | $13109 |
| **11/17** | $12222 | $13511 |
| **12/17** | $12368 | $13661 |
| **01/18** | $13084 | $14443 |
| **02/18** | $12676 | $13911 |
| **03/18** | $12408 | $13557 |
| **04/18** | $12418 | $13609 |
| **05/18** | $12706 | $13937 |
| **06/18** | $12726 | $14023 |
| **07/18** | $13253 | $14544 |
| **08/18** | $13675 | $15018 |
| **09/18** | $13777 | $15104 |
| **10/18** | $12880 | $14072 |
| **11/18** | $13145 | $14358 |
| **12/18** | $11982 | $13062 |
| **01/19** | $12814 | $14109 |
| **02/19** | $13352 | $14562 |
| **03/19** | $13563 | $14845 |
| **04/19** | $14079 | $15446 |
| **05/19** | $13317 | $14464 |
| **06/19** | $14207 | $15483 |
| **07/19** | $14500 | $15706 |
| **08/19** | $14336 | $15457 |
| **09/19** | $14571 | $15746 |
| **10/19** | $14793 | $16087 |
| **11/19** | $15297 | $16671 |
| **12/19** | $15777 | $17175 |
| **01/20** | $16026 | $17168 |
| **02/20** | $14662 | $15755 |
| **03/20** | $12616 | $13809 |
| **04/20** | $14269 | $15579 |
| **05/20** | $14964 | $16321 |
| **06/20** | $15055 | $16646 |
| **07/20** | $15790 | $17584 |
| **08/20** | $16910 | $18848 |
| **09/20** | $16431 | $18132 |
| **10/20** | $16046 | $17650 |
| **11/20** | $17775 | $19582 |
| **12/20** | $18504 | $20335 |
| **01/21** | $18158 | $20129 |
| **02/21** | $18920 | $20684 |
| **03/21** | $19902 | $21590 |
| **04/21** | $21176 | $22743 |
| **05/21** | $21314 | $22901 |
| **06/21** | $21605 | $23436 |
| **07/21** | $22283 | $23993 |
| **08/21** | $22770 | $24722 |
| **09/21** | $21907 | $23572 |
| **10/21** | $23378 | $25224 |
| **11/21** | $22614 | $25049 |
| **12/21** | $23566 | $26172 |
| **01/22** | $22247 | $24817 |
| **02/22** | $21880 | $24074 |
| **03/22** | $22496 | $24968 |
| **04/22** | $20868 | $22791 |
| **05/22** | $20590 | $22833 |
| **06/22** | $19299 | $20948 |
| **07/22** | $20971 | $22880 |
| **08/22** | $20009 | $21947 |
| **09/22** | $18214 | $19925 |
| **10/22** | $19582 | $21538 |
| **11/22** | $20730 | $22742 |
| **12/22** | $19573 | $21432 |
| **01/23** | $20658 | $22778 |
| **02/23** | $19875 | $22223 |
| **03/23** | $20477 | $23039 |
| **04/23** | $20779 | $23398 |
| **05/23** | $20764 | $23500 |
| **06/23** | $21818 | $25053 |
| **07/23** | $22376 | $25857 |
| **08/23** | $21924 | $25446 |
| **09/23** | $20975 | $24233 |
| **10/23** | $20583 | $23723 |
| **11/23** | $22451 | $25890 |
| **12/23** | $23443 | $27066 |
| **01/24** | $23672 | $27521 |
| **02/24** | $24693 | $28990 |
| **03/24** | $25180 | $29923 |
| **04/24** | $24281 | $28701 |
| **05/24** | $25012 | $30124 |
| **06/24** | $25652 | $31205 |
| **07/24** | $26383 | $31584 |
| **08/24** | $26691 | $32351 |
| **09/24** | $26905 | $33042 |
| **10/24** | $26356 | $32742 |
| **11/24** | $27592 | $34664 |
| **12/24** | $26756 | $33838 |
| **01/25** | $27843 | $34780 |
| **02/25** | $27145 | $34326 |
| **03/25** | $25716 | $32392 |
| **04/25** | $25343 | $32172 |
| **05/25** | $26691 | $34197 |
| **06/25** | $27843 | $35936 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 8.54% | 13.09% | 10.78% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $77210662 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $185783 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| Amazon.com, Inc. | 6.7% |
| Apple, Inc. | 6.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Alphabet, Inc., Class A | 4.4% |
| Broadcom, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.7% |
| Danaher Corp. | 3.7% |
| Marsh & McLennan Cos., Inc. | 3.5% |
| Waste Management, Inc. | 3.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 29.1% |
| Financials | 20.9% |
| Industrials | 12.6% |
| Health Care | 10.8% |
| Consumer Discretionary | 9.8% |
| Communication Services | 4.4% |
| Consumer Staples | 2.5% |
| Real Estate | 2.4% |
| Energy | 2.2% |
| Materials | 1.6% |
| Other (includes short-term investments) | 3.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Focus Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZUOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $48 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i14561364b1b01a1be06cacb1.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **S&P 500 Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10096 | $10210 |
| **08/15** | $9458 | $9594 |
| **09/15** | $9217 | $9356 |
| **10/15** | $9844 | $10145 |
| **11/15** | $9724 | $10176 |
| **12/15** | $9520 | $10015 |
| **01/16** | $8966 | $9518 |
| **02/16** | $8923 | $9505 |
| **03/16** | $9546 | $10150 |
| **04/16** | $9485 | $10189 |
| **05/16** | $9701 | $10372 |
| **06/16** | $9563 | $10399 |
| **07/16** | $10021 | $10783 |
| **08/16** | $10127 | $10798 |
| **09/16** | $10180 | $10800 |
| **10/16** | $9878 | $10603 |
| **11/16** | $10224 | $10996 |
| **12/16** | $10420 | $11213 |
| **01/17** | $10625 | $11426 |
| **02/17** | $10964 | $11879 |
| **03/17** | $11009 | $11893 |
| **04/17** | $11143 | $12015 |
| **05/17** | $11205 | $12184 |
| **06/17** | $11223 | $12260 |
| **07/17** | $11402 | $12512 |
| **08/17** | $11401 | $12551 |
| **09/17** | $11676 | $12810 |
| **10/17** | $11850 | $13109 |
| **11/17** | $12125 | $13511 |
| **12/17** | $12269 | $13661 |
| **01/18** | $12977 | $14443 |
| **02/18** | $12564 | $13911 |
| **03/18** | $12299 | $13557 |
| **04/18** | $12309 | $13609 |
| **05/18** | $12584 | $13937 |
| **06/18** | $12614 | $14023 |
| **07/18** | $13125 | $14544 |
| **08/18** | $13531 | $15018 |
| **09/18** | $13642 | $15104 |
| **10/18** | $12746 | $14072 |
| **11/18** | $13008 | $14358 |
| **12/18** | $11852 | $13062 |
| **01/19** | $12671 | $14109 |
| **02/19** | $13201 | $14562 |
| **03/19** | $13409 | $14845 |
| **04/19** | $13905 | $15446 |
| **05/19** | $13155 | $14464 |
| **06/19** | $14031 | $15483 |
| **07/19** | $14320 | $15706 |
| **08/19** | $14147 | $15457 |
| **09/19** | $14377 | $15746 |
| **10/19** | $14585 | $16087 |
| **11/19** | $15092 | $16671 |
| **12/19** | $15556 | $17175 |
| **01/20** | $15800 | $17168 |
| **02/20** | $14449 | $15755 |
| **03/20** | $12429 | $13809 |
| **04/20** | $14050 | $15579 |
| **05/20** | $14732 | $16321 |
| **06/20** | $14835 | $16646 |
| **07/20** | $15543 | $17584 |
| **08/20** | $16642 | $18848 |
| **09/20** | $16173 | $18132 |
| **10/20** | $15794 | $17650 |
| **11/20** | $17491 | $19582 |
| **12/20** | $18213 | $20335 |
| **01/21** | $17861 | $20129 |
| **02/21** | $18606 | $20684 |
| **03/21** | $19554 | $21590 |
| **04/21** | $20813 | $22743 |
| **05/21** | $20949 | $22901 |
| **06/21** | $21233 | $23436 |
| **07/21** | $21883 | $23993 |
| **08/21** | $22360 | $24722 |
| **09/21** | $21501 | $23572 |
| **10/21** | $22955 | $25224 |
| **11/21** | $22193 | $25049 |
| **12/21** | $23123 | $26172 |
| **01/22** | $21821 | $24817 |
| **02/22** | $21449 | $24074 |
| **03/22** | $22064 | $24968 |
| **04/22** | $20462 | $22791 |
| **05/22** | $20190 | $22833 |
| **06/22** | $18902 | $20948 |
| **07/22** | $20548 | $22880 |
| **08/22** | $19595 | $21947 |
| **09/22** | $17843 | $19925 |
| **10/22** | $19164 | $21538 |
| **11/22** | $20284 | $22742 |
| **12/22** | $19150 | $21432 |
| **01/23** | $20220 | $22778 |
| **02/23** | $19443 | $22223 |
| **03/23** | $20030 | $23039 |
| **04/23** | $20323 | $23398 |
| **05/23** | $20294 | $23500 |
| **06/23** | $21320 | $25053 |
| **07/23** | $21863 | $25857 |
| **08/23** | $21423 | $25446 |
| **09/23** | $20484 | $24233 |
| **10/23** | $20103 | $23723 |
| **11/23** | $21921 | $25890 |
| **12/23** | $22889 | $27066 |
| **01/24** | $23111 | $27521 |
| **02/24** | $24087 | $28990 |
| **03/24** | $24560 | $29923 |
| **04/24** | $23673 | $28701 |
| **05/24** | $24397 | $30124 |
| **06/24** | $25018 | $31205 |
| **07/24** | $25728 | $31584 |
| **08/24** | $26012 | $32351 |
| **09/24** | $26220 | $33042 |
| **10/24** | $25687 | $32742 |
| **11/24** | $26872 | $34664 |
| **12/24** | $26054 | $33838 |
| **01/25** | $27107 | $34780 |
| **02/25** | $26431 | $34326 |
| **03/25** | $25033 | $32392 |
| **04/25** | $24640 | $32172 |
| **05/25** | $25960 | $34197 |
| **06/25** | $27075 | $35936 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 8.22% | 12.79% | 10.47% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $77210662 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $185783 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| Amazon.com, Inc. | 6.7% |
| Apple, Inc. | 6.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Alphabet, Inc., Class A | 4.4% |
| Broadcom, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.7% |
| Danaher Corp. | 3.7% |
| Marsh & McLennan Cos., Inc. | 3.5% |
| Waste Management, Inc. | 3.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 29.1% |
| Financials | 20.9% |
| Industrials | 12.6% |
| Health Care | 10.8% |
| Consumer Discretionary | 9.8% |
| Communication Services | 4.4% |
| Consumer Staples | 2.5% |
| Real Estate | 2.4% |
| Energy | 2.2% |
| Materials | 1.6% |
| Other (includes short-term investments) | 3.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Equity Focus Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLUSX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $36 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i656d947b035f50cb49148c97.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **S&P 500 Index** |
| **06/15** | $1000000 | $1000000 |
| **07/15** | $1010475 | $1020951 |
| **08/15** | $947323 | $959353 |
| **09/15** | $922330 | $935616 |
| **10/15** | $986022 | $1014539 |
| **11/15** | $973929 | $1017556 |
| **12/15** | $953759 | $1001507 |
| **01/16** | $898935 | $951808 |
| **02/16** | $894584 | $950524 |
| **03/16** | $957240 | $1015006 |
| **04/16** | $954629 | $1018941 |
| **05/16** | $973774 | $1037239 |
| **06/16** | $959850 | $1039927 |
| **07/16** | $1006842 | $1078268 |
| **08/16** | $1017453 | $1079782 |
| **09/16** | $1022813 | $1079986 |
| **10/16** | $993335 | $1060286 |
| **11/16** | $1028173 | $1099553 |
| **12/16** | $1047333 | $1121287 |
| **01/17** | $1068946 | $1142553 |
| **02/17** | $1104067 | $1187920 |
| **03/17** | $1108570 | $1189305 |
| **04/17** | $1122078 | $1201519 |
| **05/17** | $1129282 | $1218428 |
| **06/17** | $1130183 | $1226033 |
| **07/17** | $1149094 | $1251244 |
| **08/17** | $1149057 | $1255074 |
| **09/17** | $1176790 | $1280964 |
| **10/17** | $1194354 | $1310855 |
| **11/17** | $1223011 | $1351059 |
| **12/17** | $1237570 | $1366082 |
| **01/18** | $1309256 | $1444295 |
| **02/18** | $1268435 | $1391063 |
| **03/18** | $1241553 | $1355712 |
| **04/18** | $1243544 | $1360914 |
| **05/18** | $1271422 | $1393687 |
| **06/18** | $1274409 | $1402265 |
| **07/18** | $1327177 | $1454449 |
| **08/18** | $1368330 | $1501842 |
| **09/18** | $1379538 | $1510388 |
| **10/18** | $1288859 | $1407153 |
| **11/18** | $1315349 | $1435828 |
| **12/18** | $1198797 | $1306186 |
| **01/19** | $1281998 | $1410858 |
| **02/19** | $1337074 | $1456158 |
| **03/19** | $1358168 | $1484454 |
| **04/19** | $1408557 | $1544559 |
| **05/19** | $1333559 | $1446406 |
| **06/19** | $1422619 | $1548343 |
| **07/19** | $1451915 | $1570596 |
| **08/19** | $1434337 | $1545718 |
| **09/19** | $1458946 | $1574638 |
| **10/19** | $1480039 | $1608745 |
| **11/19** | $1530429 | $1667141 |
| **12/19** | $1579593 | $1717458 |
| **01/20** | $1604520 | $1716788 |
| **02/20** | $1466765 | $1575462 |
| **03/20** | $1262100 | $1380877 |
| **04/20** | $1427406 | $1557892 |
| **05/20** | $1496940 | $1632094 |
| **06/20** | $1507436 | $1664552 |
| **07/20** | $1579593 | $1758416 |
| **08/20** | $1691678 | $1884813 |
| **09/20** | $1643763 | $1813195 |
| **10/20** | $1606495 | $1764982 |
| **11/20** | $1779523 | $1958184 |
| **12/20** | $1852520 | $2033473 |
| **01/21** | $1817906 | $2012943 |
| **02/21** | $1894056 | $2068440 |
| **03/21** | $1990974 | $2159029 |
| **04/21** | $2118352 | $2274255 |
| **05/21** | $2133582 | $2290139 |
| **06/21** | $2162658 | $2343602 |
| **07/21** | $2230500 | $2399274 |
| **08/21** | $2279225 | $2472225 |
| **09/21** | $2192869 | $2357243 |
| **10/21** | $2340099 | $2522395 |
| **11/21** | $2262237 | $2504918 |
| **12/21** | $2358916 | $2617178 |
| **01/22** | $2226887 | $2481747 |
| **02/22** | $2188745 | $2407440 |
| **03/22** | $2251826 | $2496827 |
| **04/22** | $2088990 | $2279099 |
| **05/22** | $2061118 | $2283280 |
| **06/22** | $1930556 | $2094810 |
| **07/22** | $2099259 | $2287961 |
| **08/22** | $2003015 | $2194653 |
| **09/22** | $1823465 | $1992529 |
| **10/22** | $1958864 | $2153847 |
| **11/22** | $2075130 | $2274212 |
| **12/22** | $1957950 | $2143185 |
| **01/23** | $2067981 | $2277849 |
| **02/23** | $1989602 | $2222272 |
| **03/23** | $2049893 | $2303861 |
| **04/23** | $2080039 | $2339821 |
| **05/23** | $2077024 | $2349991 |
| **06/23** | $2182534 | $2505268 |
| **07/23** | $2238303 | $2585749 |
| **08/23** | $2193084 | $2544580 |
| **09/23** | $2099633 | $2423260 |
| **10/23** | $2060444 | $2372307 |
| **11/23** | $2247346 | $2588959 |
| **12/23** | $2345075 | $2706577 |
| **01/24** | $2369455 | $2752059 |
| **02/24** | $2471547 | $2899007 |
| **03/24** | $2518784 | $2992281 |
| **04/24** | $2428882 | $2870063 |
| **05/24** | $2503546 | $3012374 |
| **06/24** | $2567544 | $3120464 |
| **07/24** | $2640685 | $3158448 |
| **08/24** | $2671500 | $3235061 |
| **09/24** | $2692872 | $3304153 |
| **10/24** | $2637916 | $3274189 |
| **11/24** | $2761568 | $3466388 |
| **12/24** | $2677911 | $3383755 |
| **01/25** | $2786717 | $3477984 |
| **02/25** | $2716886 | $3432603 |
| **03/25** | $2573978 | $3239195 |
| **04/25** | $2535003 | $3217231 |
| **05/25** | $2671416 | $3419738 |
| **06/25** | $2786717 | $3593641 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 8.54% | 13.08% | 10.79% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $77210662 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $185783 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.5% |
| Amazon.com, Inc. | 6.7% |
| Apple, Inc. | 6.3% |
| Intercontinental Exchange, Inc. | 5.2% |
| Alphabet, Inc., Class A | 4.4% |
| Broadcom, Inc. | 3.9% |
| Visa, Inc., A Shares | 3.7% |
| Danaher Corp. | 3.7% |
| Marsh & McLennan Cos., Inc. | 3.5% |
| Waste Management, Inc. | 3.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 29.1% |
| Financials | 20.9% |
| Industrials | 12.6% |
| Health Care | 10.8% |
| Consumer Discretionary | 9.8% |
| Communication Services | 4.4% |
| Consumer Staples | 2.5% |
| Real Estate | 2.4% |
| Energy | 2.2% |
| Materials | 1.6% |
| Other (includes short-term investments) | 3.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US High Yield Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZHYX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ifc325ab916487ae4b4e5b2c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofA US High Yield Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10020 | $10058 | $9938 |
| **08/15** | $9897 | $10029 | $9763 |
| **09/15** | $9692 | $10068 | $9510 |
| **10/15** | $10000 | $10100 | $9769 |
| **11/15** | $9855 | $10063 | $9550 |
| **12/15** | $9688 | $10013 | $9304 |
| **01/16** | $9666 | $10123 | $9157 |
| **02/16** | $9748 | $10195 | $9199 |
| **03/16** | $9978 | $10320 | $9606 |
| **04/16** | $10166 | $10391 | $9990 |
| **05/16** | $10164 | $10399 | $10062 |
| **06/16** | $10247 | $10582 | $10171 |
| **07/16** | $10417 | $10669 | $10428 |
| **08/16** | $10565 | $10681 | $10660 |
| **09/16** | $10585 | $10683 | $10729 |
| **10/16** | $10582 | $10612 | $10762 |
| **11/16** | $10537 | $10374 | $10720 |
| **12/16** | $10665 | $10404 | $10931 |
| **01/17** | $10729 | $10441 | $11078 |
| **02/17** | $10838 | $10522 | $11250 |
| **03/17** | $10814 | $10518 | $11227 |
| **04/17** | $10944 | $10605 | $11354 |
| **05/17** | $11008 | $10687 | $11455 |
| **06/17** | $11005 | $10678 | $11468 |
| **07/17** | $11091 | $10731 | $11600 |
| **08/17** | $11110 | $10824 | $11597 |
| **09/17** | $11174 | $10786 | $11701 |
| **10/17** | $11193 | $10799 | $11746 |
| **11/17** | $11189 | $10783 | $11715 |
| **12/17** | $11208 | $10830 | $11749 |
| **01/18** | $11204 | $10726 | $11824 |
| **02/18** | $11086 | $10624 | $11714 |
| **03/18** | $11035 | $10678 | $11642 |
| **04/18** | $11055 | $10606 | $11719 |
| **05/18** | $11027 | $10664 | $11717 |
| **06/18** | $11047 | $10649 | $11758 |
| **07/18** | $11137 | $10671 | $11889 |
| **08/18** | $11228 | $10724 | $11975 |
| **09/18** | $11271 | $10678 | $12045 |
| **10/18** | $11101 | $10588 | $11848 |
| **11/18** | $11073 | $10636 | $11740 |
| **12/18** | $10902 | $10802 | $11483 |
| **01/19** | $11379 | $10951 | $12010 |
| **02/19** | $11545 | $10963 | $12213 |
| **03/19** | $11662 | $11161 | $12333 |
| **04/19** | $11780 | $11177 | $12505 |
| **05/19** | $11654 | $11348 | $12346 |
| **06/19** | $11944 | $11509 | $12649 |
| **07/19** | $11988 | $11543 | $12714 |
| **08/19** | $12082 | $11804 | $12763 |
| **09/19** | $12126 | $11753 | $12804 |
| **10/19** | $12170 | $11791 | $12833 |
| **11/19** | $12238 | $11789 | $12868 |
| **12/19** | $12356 | $11806 | $13137 |
| **01/20** | $12374 | $12018 | $13138 |
| **02/20** | $12191 | $12198 | $12934 |
| **03/20** | $11146 | $11960 | $11413 |
| **04/20** | $11571 | $12199 | $11847 |
| **05/20** | $12023 | $12313 | $12389 |
| **06/20** | $12015 | $12416 | $12510 |
| **07/20** | $12494 | $12634 | $13107 |
| **08/20** | $12589 | $12561 | $13236 |
| **09/20** | $12451 | $12539 | $13098 |
| **10/20** | $12494 | $12494 | $13160 |
| **11/20** | $12842 | $12657 | $13687 |
| **12/20** | $12969 | $12701 | $13948 |
| **01/21** | $12971 | $12621 | $14001 |
| **02/21** | $12961 | $12458 | $14050 |
| **03/21** | $12976 | $12313 | $14074 |
| **04/21** | $13063 | $12416 | $14228 |
| **05/21** | $13091 | $12464 | $14269 |
| **06/21** | $13211 | $12555 | $14464 |
| **07/21** | $13270 | $12681 | $14515 |
| **08/21** | $13329 | $12672 | $14595 |
| **09/21** | $13301 | $12564 | $14600 |
| **10/21** | $13232 | $12554 | $14574 |
| **11/21** | $13109 | $12569 | $14424 |
| **12/21** | $13339 | $12560 | $14696 |
| **01/22** | $12951 | $12285 | $14292 |
| **02/22** | $12862 | $12118 | $14163 |
| **03/22** | $12711 | $11792 | $14032 |
| **04/22** | $12258 | $11353 | $13522 |
| **05/22** | $12429 | $11415 | $13556 |
| **06/22** | $11698 | $11187 | $12633 |
| **07/22** | $12416 | $11468 | $13394 |
| **08/22** | $11989 | $11170 | $13073 |
| **09/22** | $11524 | $10689 | $12547 |
| **10/22** | $11855 | $10572 | $12904 |
| **11/22** | $12067 | $10966 | $13146 |
| **12/22** | $11991 | $10929 | $13047 |
| **01/23** | $12346 | $11268 | $13557 |
| **02/23** | $12127 | $10991 | $13382 |
| **03/23** | $12393 | $11249 | $13532 |
| **04/23** | $12466 | $11317 | $13663 |
| **05/23** | $12331 | $11200 | $13533 |
| **06/23** | $12434 | $11182 | $13753 |
| **07/23** | $12552 | $11194 | $13949 |
| **08/23** | $12527 | $11126 | $13989 |
| **09/23** | $12327 | $10861 | $13826 |
| **10/23** | $12279 | $10698 | $13655 |
| **11/23** | $12850 | $11179 | $14276 |
| **12/23** | $13268 | $11603 | $14803 |
| **01/24** | $13258 | $11575 | $14806 |
| **02/24** | $13198 | $11437 | $14849 |
| **03/24** | $13350 | $11549 | $15026 |
| **04/24** | $13209 | $11279 | $14876 |
| **05/24** | $13330 | $11466 | $15045 |
| **06/24** | $13493 | $11571 | $15190 |
| **07/24** | $13703 | $11833 | $15488 |
| **08/24** | $13915 | $12008 | $15735 |
| **09/24** | $14066 | $12172 | $15992 |
| **10/24** | $13936 | $11896 | $15904 |
| **11/24** | $14085 | $12021 | $16086 |
| **12/24** | $13972 | $11840 | $16017 |
| **01/25** | $14193 | $11911 | $16238 |
| **02/25** | $14291 | $12157 | $16344 |
| **03/25** | $14161 | $12154 | $16168 |
| **04/25** | $14213 | $12197 | $16169 |
| **05/25** | $14503 | $12136 | $16440 |
| **06/25** | $14770 | $12325 | $16746 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 9.47% | 4.22% | 3.98% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| ICE BofA US High Yield Index | 10.24% | 6.01% | 5.29% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $124043928 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $196171 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Bausch & Lomb Corp. 8.375% due 10/01/28 | 1.7% |
| DISH Network Corp. 11.750% due 11/15/27 | 1.7% |
| CoreWeave, Inc. 9.250% due 06/01/30 | 1.6% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.6% |
| Connect Finco SARL/Connect U.S. Finco LLC(United Kingdom) 9.000% due 09/15/29 | 1.6% |
| Terex Corp. 5.000% due 05/15/29 | 1.6% |
| Goodyear Tire & Rubber Co. 5.250% due 07/15/31 | 1.5% |
| Boyd Gaming Corp. 4.750% due 06/15/31 | 1.5% |
| Bombardier, Inc. 8.750% due 11/15/30 | 1.5% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 21.1% |
| Consumer Discretionary | 20.3% |
| Consumer Staples | 15.8% |
| Energy | 13.9% |
| Industrials | 9.0% |
| Information Technology | 6.0% |
| Financials | 3.9% |
| Materials | 3.6% |
| Utilities | 3.3% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US High Yield Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZHOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $41 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i0fd59ccb19da42dfcf536675.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofA US High Yield Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10018 | $10058 | $9938 |
| **08/15** | $9913 | $10029 | $9763 |
| **09/15** | $9707 | $10068 | $9510 |
| **10/15** | $9991 | $10100 | $9769 |
| **11/15** | $9844 | $10063 | $9550 |
| **12/15** | $9676 | $10013 | $9304 |
| **01/16** | $9651 | $10123 | $9157 |
| **02/16** | $9752 | $10195 | $9199 |
| **03/16** | $9957 | $10320 | $9606 |
| **04/16** | $10163 | $10391 | $9990 |
| **05/16** | $10158 | $10399 | $10062 |
| **06/16** | $10218 | $10582 | $10171 |
| **07/16** | $10384 | $10669 | $10428 |
| **08/16** | $10528 | $10681 | $10660 |
| **09/16** | $10567 | $10683 | $10729 |
| **10/16** | $10540 | $10612 | $10762 |
| **11/16** | $10492 | $10374 | $10720 |
| **12/16** | $10618 | $10404 | $10931 |
| **01/17** | $10679 | $10441 | $11078 |
| **02/17** | $10784 | $10522 | $11250 |
| **03/17** | $10780 | $10518 | $11227 |
| **04/17** | $10885 | $10605 | $11354 |
| **05/17** | $10945 | $10687 | $11455 |
| **06/17** | $10962 | $10678 | $11468 |
| **07/17** | $11022 | $10731 | $11600 |
| **08/17** | $11038 | $10824 | $11597 |
| **09/17** | $11099 | $10786 | $11701 |
| **10/17** | $11138 | $10799 | $11746 |
| **11/17** | $11109 | $10783 | $11715 |
| **12/17** | $11125 | $10830 | $11749 |
| **01/18** | $11118 | $10726 | $11824 |
| **02/18** | $10999 | $10624 | $11714 |
| **03/18** | $10947 | $10678 | $11642 |
| **04/18** | $10963 | $10606 | $11719 |
| **05/18** | $10934 | $10664 | $11717 |
| **06/18** | $10951 | $10649 | $11758 |
| **07/18** | $11037 | $10671 | $11889 |
| **08/18** | $11124 | $10724 | $11975 |
| **09/18** | $11164 | $10678 | $12045 |
| **10/18** | $10994 | $10588 | $11848 |
| **11/18** | $10963 | $10636 | $11740 |
| **12/18** | $10816 | $10802 | $11483 |
| **01/19** | $11260 | $10951 | $12010 |
| **02/19** | $11421 | $10963 | $12213 |
| **03/19** | $11533 | $11161 | $12333 |
| **04/19** | $11647 | $11177 | $12505 |
| **05/19** | $11544 | $11348 | $12346 |
| **06/19** | $11803 | $11509 | $12649 |
| **07/19** | $11843 | $11543 | $12714 |
| **08/19** | $11933 | $11804 | $12763 |
| **09/19** | $11998 | $11753 | $12804 |
| **10/19** | $12039 | $11791 | $12833 |
| **11/19** | $12080 | $11789 | $12868 |
| **12/19** | $12194 | $11806 | $13137 |
| **01/20** | $12214 | $12018 | $13138 |
| **02/20** | $12051 | $12198 | $12934 |
| **03/20** | $10998 | $11960 | $11413 |
| **04/20** | $11413 | $12199 | $11847 |
| **05/20** | $11854 | $12313 | $12389 |
| **06/20** | $11845 | $12416 | $12510 |
| **07/20** | $12313 | $12634 | $13107 |
| **08/20** | $12403 | $12561 | $13236 |
| **09/20** | $12290 | $12539 | $13098 |
| **10/20** | $12330 | $12494 | $13160 |
| **11/20** | $12650 | $12657 | $13687 |
| **12/20** | $12779 | $12701 | $13948 |
| **01/21** | $12772 | $12621 | $14001 |
| **02/21** | $12759 | $12458 | $14050 |
| **03/21** | $12772 | $12313 | $14074 |
| **04/21** | $12861 | $12416 | $14228 |
| **05/21** | $12886 | $12464 | $14269 |
| **06/21** | $13001 | $12555 | $14464 |
| **07/21** | $13050 | $12681 | $14515 |
| **08/21** | $13105 | $12672 | $14595 |
| **09/21** | $13075 | $12564 | $14600 |
| **10/21** | $13004 | $12554 | $14574 |
| **11/21** | $12882 | $12569 | $14424 |
| **12/21** | $13104 | $12560 | $14696 |
| **01/22** | $12723 | $12285 | $14292 |
| **02/22** | $12633 | $12118 | $14163 |
| **03/22** | $12483 | $11792 | $14032 |
| **04/22** | $12038 | $11353 | $13522 |
| **05/22** | $12196 | $11415 | $13556 |
| **06/22** | $11479 | $11187 | $12633 |
| **07/22** | $12179 | $11468 | $13394 |
| **08/22** | $11759 | $11170 | $13073 |
| **09/22** | $11296 | $10689 | $12547 |
| **10/22** | $11624 | $10572 | $12904 |
| **11/22** | $11828 | $10966 | $13146 |
| **12/22** | $11751 | $10929 | $13047 |
| **01/23** | $12096 | $11268 | $13557 |
| **02/23** | $11874 | $10991 | $13382 |
| **03/23** | $12137 | $11249 | $13532 |
| **04/23** | $12206 | $11317 | $13663 |
| **05/23** | $12073 | $11200 | $13533 |
| **06/23** | $12171 | $11182 | $13753 |
| **07/23** | $12283 | $11194 | $13949 |
| **08/23** | $12249 | $11126 | $13989 |
| **09/23** | $12059 | $10861 | $13826 |
| **10/23** | $12010 | $10698 | $13655 |
| **11/23** | $12563 | $11179 | $14276 |
| **12/23** | $12967 | $11603 | $14803 |
| **01/24** | $12955 | $11575 | $14806 |
| **02/24** | $12895 | $11437 | $14849 |
| **03/24** | $13047 | $11549 | $15026 |
| **04/24** | $12900 | $11279 | $14876 |
| **05/24** | $13015 | $11466 | $15045 |
| **06/24** | $13172 | $11571 | $15190 |
| **07/24** | $13374 | $11833 | $15488 |
| **08/24** | $13577 | $12008 | $15735 |
| **09/24** | $13721 | $12172 | $15992 |
| **10/24** | $13599 | $11896 | $15904 |
| **11/24** | $13735 | $12021 | $16086 |
| **12/24** | $13622 | $11840 | $16017 |
| **01/25** | $13834 | $11911 | $16238 |
| **02/25** | $13934 | $12157 | $16344 |
| **03/25** | $13798 | $12154 | $16168 |
| **04/25** | $13845 | $12197 | $16169 |
| **05/25** | $14124 | $12136 | $16440 |
| **06/25** | $14381 | $12325 | $16746 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 9.18% | 3.96% | 3.70% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| ICE BofA US High Yield Index | 10.24% | 6.01% | 5.29% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $124043928 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $196171 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Bausch & Lomb Corp. 8.375% due 10/01/28 | 1.7% |
| DISH Network Corp. 11.750% due 11/15/27 | 1.7% |
| CoreWeave, Inc. 9.250% due 06/01/30 | 1.6% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.6% |
| Connect Finco SARL/Connect U.S. Finco LLC(United Kingdom) 9.000% due 09/15/29 | 1.6% |
| Terex Corp. 5.000% due 05/15/29 | 1.6% |
| Goodyear Tire & Rubber Co. 5.250% due 07/15/31 | 1.5% |
| Boyd Gaming Corp. 4.750% due 06/15/31 | 1.5% |
| Bombardier, Inc. 8.750% due 11/15/30 | 1.5% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 21.1% |
| Consumer Discretionary | 20.3% |
| Consumer Staples | 15.8% |
| Energy | 13.9% |
| Industrials | 9.0% |
| Information Technology | 6.0% |
| Financials | 3.9% |
| Materials | 3.6% |
| Utilities | 3.3% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US High Yield Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLCIX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i10214e76c6009107af8b2da9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Shares** | **US Universal Index** | **ICE BofA US High Yield Index** |
| **11/16** | $1000000 | $1000000 | $1000000 |
| **11/16** | $1001443 | $1000000 | $1000000 |
| **12/16** | $1013701 | $1002971 | $1019670 |
| **01/17** | $1021846 | $1006509 | $1033362 |
| **02/17** | $1030080 | $1014275 | $1049488 |
| **03/17** | $1029885 | $1013935 | $1047286 |
| **04/17** | $1042310 | $1022348 | $1059153 |
| **05/17** | $1046276 | $1030236 | $1068613 |
| **06/17** | $1048065 | $1029363 | $1069742 |
| **07/17** | $1056266 | $1034490 | $1082080 |
| **08/17** | $1058071 | $1043415 | $1081800 |
| **09/17** | $1064202 | $1039743 | $1091519 |
| **10/17** | $1065986 | $1040991 | $1095731 |
| **11/17** | $1065603 | $1039416 | $1092791 |
| **12/17** | $1065253 | $1043998 | $1095976 |
| **01/18** | $1064884 | $1033952 | $1103004 |
| **02/18** | $1055832 | $1024148 | $1092720 |
| **03/18** | $1051002 | $1029313 | $1085975 |
| **04/18** | $1047542 | $1022445 | $1093199 |
| **05/18** | $1025661 | $1028021 | $1093034 |
| **06/18** | $1028082 | $1026530 | $1096808 |
| **07/18** | $1034920 | $1028678 | $1109064 |
| **08/18** | $1043995 | $1033746 | $1117096 |
| **09/18** | $1046397 | $1029317 | $1123586 |
| **10/18** | $1031141 | $1020706 | $1105186 |
| **11/18** | $1028805 | $1025297 | $1095158 |
| **12/18** | $1039367 | $1041338 | $1071153 |
| **01/19** | $1056950 | $1055696 | $1120351 |
| **02/19** | $1072332 | $1056847 | $1139268 |
| **03/19** | $1083201 | $1075931 | $1150431 |
| **04/19** | $1094175 | $1077437 | $1166525 |
| **05/19** | $1084720 | $1093942 | $1151698 |
| **06/19** | $1109344 | $1109415 | $1179938 |
| **07/19** | $1115710 | $1112717 | $1185980 |
| **08/19** | $1124502 | $1137895 | $1190607 |
| **09/19** | $1128632 | $1132965 | $1194382 |
| **10/19** | $1132731 | $1136625 | $1197153 |
| **11/19** | $1136790 | $1136398 | $1200422 |
| **12/19** | $1150219 | $1138092 | $1225516 |
| **01/20** | $1149561 | $1158518 | $1225565 |
| **02/20** | $1134859 | $1175865 | $1206568 |
| **03/20** | $1035720 | $1152896 | $1064688 |
| **04/20** | $1075137 | $1175990 | $1105146 |
| **05/20** | $1117023 | $1186974 | $1155695 |
| **06/20** | $1118601 | $1196878 | $1166960 |
| **07/20** | $1162650 | $1217902 | $1222717 |
| **08/20** | $1169077 | $1210879 | $1234749 |
| **09/20** | $1158592 | $1208697 | $1221877 |
| **10/20** | $1162661 | $1204377 | $1227595 |
| **11/20** | $1194230 | $1220093 | $1276732 |
| **12/20** | $1206409 | $1224306 | $1301083 |
| **01/21** | $1205981 | $1216611 | $1306062 |
| **02/21** | $1205518 | $1200913 | $1310607 |
| **03/21** | $1206894 | $1186937 | $1312839 |
| **04/21** | $1214902 | $1196918 | $1327240 |
| **05/21** | $1217442 | $1201484 | $1331071 |
| **06/21** | $1228748 | $1210243 | $1349257 |
| **07/21** | $1233564 | $1222395 | $1354060 |
| **08/21** | $1239144 | $1221579 | $1361445 |
| **09/21** | $1236542 | $1211147 | $1361901 |
| **10/21** | $1230219 | $1210157 | $1359479 |
| **11/21** | $1218850 | $1211619 | $1345547 |
| **12/21** | $1240185 | $1210802 | $1370861 |
| **01/22** | $1204424 | $1184256 | $1333177 |
| **02/22** | $1196276 | $1168110 | $1321207 |
| **03/22** | $1182474 | $1136771 | $1308982 |
| **04/22** | $1140465 | $1094373 | $1261366 |
| **05/22** | $1156530 | $1100394 | $1264524 |
| **06/22** | $1088116 | $1078405 | $1178453 |
| **07/22** | $1155474 | $1105519 | $1249430 |
| **08/22** | $1115262 | $1076779 | $1219509 |
| **09/22** | $1072229 | $1030388 | $1170462 |
| **10/22** | $1103702 | $1019082 | $1203782 |
| **11/22** | $1122754 | $1057080 | $1226316 |
| **12/22** | $1116388 | $1053490 | $1217080 |
| **01/23** | $1149420 | $1086169 | $1264662 |
| **02/23** | $1128530 | $1059480 | $1248297 |
| **03/23** | $1153847 | $1084335 | $1262348 |
| **04/23** | $1160675 | $1090959 | $1274532 |
| **05/23** | $1147507 | $1079648 | $1262431 |
| **06/23** | $1157847 | $1077970 | $1282980 |
| **07/23** | $1168825 | $1079042 | $1301250 |
| **08/23** | $1165777 | $1072544 | $1304963 |
| **09/23** | $1147195 | $1046969 | $1289786 |
| **10/23** | $1142767 | $1031225 | $1273822 |
| **11/23** | $1195759 | $1077635 | $1331758 |
| **12/23** | $1235288 | $1118525 | $1380871 |
| **01/24** | $1234356 | $1115848 | $1381127 |
| **02/24** | $1228159 | $1102469 | $1385217 |
| **03/24** | $1242930 | $1113294 | $1401718 |
| **04/24** | $1229849 | $1087278 | $1387700 |
| **05/24** | $1241070 | $1105301 | $1403446 |
| **06/24** | $1256073 | $1115405 | $1416994 |
| **07/24** | $1274947 | $1140722 | $1444801 |
| **08/24** | $1295322 | $1157515 | $1467782 |
| **09/24** | $1309337 | $1173391 | $1491768 |
| **10/24** | $1297311 | $1146740 | $1483558 |
| **11/24** | $1310509 | $1158829 | $1500547 |
| **12/24** | $1300808 | $1141328 | $1494115 |
| **01/25** | $1321336 | $1148205 | $1514747 |
| **02/25** | $1330385 | $1171945 | $1524594 |
| **03/25** | $1318389 | $1171665 | $1508229 |
| **04/25** | $1322492 | $1175804 | $1508265 |
| **05/25** | $1350181 | $1169840 | $1533629 |
| **06/25** | $1374376 | $1188066 | $1562090 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 11/3/16 |
| R6 Shares | 9.42% | 4.20% | 3.74% |
| US Universal Index | 6.51% | (0.15%) | 1.74% |
| ICE BofA US High Yield Index | 10.24% | 6.01% | 5.33% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $124043928 |
| # of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $196171 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Bausch & Lomb Corp. 8.375% due 10/01/28 | 1.7% |
| DISH Network Corp. 11.750% due 11/15/27 | 1.7% |
| CoreWeave, Inc. 9.250% due 06/01/30 | 1.6% |
| Civitas Resources, Inc. 8.750% due 07/01/31 | 1.6% |
| Connect Finco SARL/Connect U.S. Finco LLC(United Kingdom) 9.000% due 09/15/29 | 1.6% |
| Terex Corp. 5.000% due 05/15/29 | 1.6% |
| Goodyear Tire & Rubber Co. 5.250% due 07/15/31 | 1.5% |
| Boyd Gaming Corp. 4.750% due 06/15/31 | 1.5% |
| Bombardier, Inc. 8.750% due 11/15/30 | 1.5% |
| Transocean, Inc. 8.750% due 02/15/30 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Communication Services | 21.1% |
| Consumer Discretionary | 20.3% |
| Consumer Staples | 15.8% |
| Energy | 13.9% |
| Industrials | 9.0% |
| Information Technology | 6.0% |
| Financials | 3.9% |
| Materials | 3.6% |
| Utilities | 3.3% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Short Duration Fixed Income Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# UMNIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $20 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i04477ce1c156d5854d563b0a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofAML 1-3 Year US Treasury Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $9998 | $10058 | $10005 |
| **08/15** | $9997 | $10029 | $10001 |
| **09/15** | $9997 | $10068 | $10031 |
| **10/15** | $9996 | $10100 | $10021 |
| **11/15** | $9997 | $10063 | $9997 |
| **12/15** | $9977 | $10013 | $9987 |
| **01/16** | $9977 | $10123 | $10048 |
| **02/16** | $9978 | $10195 | $10060 |
| **03/16** | $10020 | $10320 | $10077 |
| **04/16** | $10030 | $10391 | $10081 |
| **05/16** | $10031 | $10399 | $10070 |
| **06/16** | $10072 | $10582 | $10131 |
| **07/16** | $10082 | $10669 | $10125 |
| **08/16** | $10073 | $10681 | $10108 |
| **09/16** | $10084 | $10683 | $10120 |
| **10/16** | $10095 | $10612 | $10113 |
| **11/16** | $10065 | $10374 | $10073 |
| **12/16** | $10076 | $10404 | $10076 |
| **01/17** | $10088 | $10441 | $10089 |
| **02/17** | $10100 | $10522 | $10099 |
| **03/17** | $10102 | $10518 | $10102 |
| **04/17** | $10113 | $10605 | $10116 |
| **05/17** | $10125 | $10687 | $10128 |
| **06/17** | $10127 | $10678 | $10120 |
| **07/17** | $10138 | $10731 | $10141 |
| **08/17** | $10161 | $10824 | $10161 |
| **09/17** | $10153 | $10786 | $10144 |
| **10/17** | $10154 | $10799 | $10138 |
| **11/17** | $10136 | $10783 | $10117 |
| **12/17** | $10149 | $10830 | $10119 |
| **01/18** | $10121 | $10726 | $10089 |
| **02/18** | $10115 | $10624 | $10086 |
| **03/18** | $10119 | $10678 | $10105 |
| **04/18** | $10125 | $10606 | $10090 |
| **05/18** | $10141 | $10664 | $10126 |
| **06/18** | $10148 | $10649 | $10128 |
| **07/18** | $10166 | $10671 | $10127 |
| **08/18** | $10194 | $10724 | $10160 |
| **09/18** | $10201 | $10678 | $10148 |
| **10/18** | $10210 | $10588 | $10163 |
| **11/18** | $10229 | $10636 | $10198 |
| **12/18** | $10259 | $10802 | $10279 |
| **01/19** | $10300 | $10951 | $10306 |
| **02/19** | $10309 | $10963 | $10317 |
| **03/19** | $10351 | $11161 | $10380 |
| **04/19** | $10371 | $11177 | $10401 |
| **05/19** | $10412 | $11348 | $10475 |
| **06/19** | $10453 | $11509 | $10529 |
| **07/19** | $10452 | $11543 | $10517 |
| **08/19** | $10493 | $11804 | $10601 |
| **09/19** | $10512 | $11753 | $10590 |
| **10/19** | $10540 | $11791 | $10625 |
| **11/19** | $10544 | $11789 | $10621 |
| **12/19** | $10559 | $11806 | $10644 |
| **01/20** | $10606 | $12018 | $10701 |
| **02/20** | $10663 | $12198 | $10794 |
| **03/20** | $10742 | $11960 | $10943 |
| **04/20** | $10788 | $12199 | $10947 |
| **05/20** | $10813 | $12313 | $10954 |
| **06/20** | $10824 | $12416 | $10957 |
| **07/20** | $10824 | $12634 | $10968 |
| **08/20** | $10822 | $12561 | $10965 |
| **09/20** | $10819 | $12539 | $10968 |
| **10/20** | $10816 | $12494 | $10964 |
| **11/20** | $10823 | $12657 | $10969 |
| **12/20** | $10818 | $12701 | $10974 |
| **01/21** | $10825 | $12621 | $10976 |
| **02/21** | $10820 | $12458 | $10967 |
| **03/21** | $10824 | $12313 | $10969 |
| **04/21** | $10816 | $12416 | $10974 |
| **05/21** | $10818 | $12464 | $10982 |
| **06/21** | $10819 | $12555 | $10965 |
| **07/21** | $10820 | $12681 | $10983 |
| **08/21** | $10809 | $12672 | $10983 |
| **09/21** | $10809 | $12564 | $10971 |
| **10/21** | $10798 | $12554 | $10938 |
| **11/21** | $10798 | $12569 | $10940 |
| **12/21** | $10776 | $12560 | $10913 |
| **01/22** | $10744 | $12285 | $10842 |
| **02/22** | $10715 | $12118 | $10801 |
| **03/22** | $10602 | $11792 | $10657 |
| **04/22** | $10547 | $11353 | $10607 |
| **05/22** | $10604 | $11415 | $10665 |
| **06/22** | $10539 | $11187 | $10604 |
| **07/22** | $10563 | $11468 | $10639 |
| **08/22** | $10511 | $11170 | $10563 |
| **09/22** | $10425 | $10689 | $10438 |
| **10/22** | $10417 | $10572 | $10428 |
| **11/22** | $10468 | $10966 | $10493 |
| **12/22** | $10487 | $10929 | $10515 |
| **01/23** | $10531 | $11268 | $10587 |
| **02/23** | $10507 | $10991 | $10510 |
| **03/23** | $10622 | $11249 | $10678 |
| **04/23** | $10651 | $11317 | $10706 |
| **05/23** | $10636 | $11200 | $10669 |
| **06/23** | $10594 | $11182 | $10617 |
| **07/23** | $10626 | $11194 | $10655 |
| **08/23** | $10661 | $11126 | $10697 |
| **09/23** | $10660 | $10861 | $10696 |
| **10/23** | $10686 | $10698 | $10732 |
| **11/23** | $10815 | $11179 | $10841 |
| **12/23** | $10934 | $11603 | $10962 |
| **01/24** | $10982 | $11575 | $11005 |
| **02/24** | $10936 | $11437 | $10959 |
| **03/24** | $10971 | $11549 | $10995 |
| **04/24** | $10936 | $11279 | $10959 |
| **05/24** | $11007 | $11466 | $11034 |
| **06/24** | $11078 | $11571 | $11098 |
| **07/24** | $11221 | $11833 | $11225 |
| **08/24** | $11329 | $12008 | $11326 |
| **09/24** | $11423 | $12172 | $11417 |
| **10/24** | $11338 | $11896 | $11350 |
| **11/24** | $11384 | $12021 | $11383 |
| **12/24** | $11394 | $11840 | $11410 |
| **01/25** | $11454 | $11911 | $11459 |
| **02/25** | $11525 | $12157 | $11538 |
| **03/25** | $11573 | $12154 | $11591 |
| **04/25** | $11656 | $12197 | $11683 |
| **05/25** | $11643 | $12136 | $11658 |
| **06/25** | $11727 | $12325 | $11728 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 5.85% | 1.62% | 1.61% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| ICE BofAML 1-3 Year US Treasury Index | 5.67% | 1.37% | 1.61% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31486343 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes 4.250% due 01/15/28 | 26.3% |
| U.S. Treasury Notes 3.750% due 05/15/28 | 13.4% |
| U.S. Treasury Notes 3.875% due 03/15/28 | 7.6% |
| U.S. Treasury Notes 4.000% due 12/15/27 | 3.9% |
| JPMorgan Chase & Co. 1.045% (SOFR + 0.800%) due 11/19/26 | 3.3% |
| Bank of America Corp. 2.551% (SOFR + 1.050%) due 02/04/28 | 3.2% |
| Citigroup, Inc. 3.887% (SOFR + 1.825%) due 01/10/28 | 3.2% |
| Federal Farm Credit Banks Funding Corp. 4.360% due 10/28/27 | 3.2% |
| American Honda Finance Corp. 5.250% due 07/07/26 | 2.6% |
| Goldman Sachs Group, Inc. 4.937% (SOFR + 1.319%) due 04/23/28 | 2.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 51.2% |
| Financials | 18.7% |
| Consumer Discretionary | 6.9% |
| Mortgage-Backed Securities | 4.4% |
| Industrials | 3.8% |
| U.S. Government Securities | 3.2% |
| Real Estate | 2.3% |
| Communication Services | 2.3% |
| Consumer Staples | 2.1% |
| Energy | 2.1% |
| Other (includes short-term investments) | 3.0% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Short Duration Fixed Income Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# UMNOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $33 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6fb8bef828d0c2a12ff35aa7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofAML 1-3 Year US Treasury Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10006 | $10058 | $10005 |
| **08/15** | $10002 | $10029 | $10001 |
| **09/15** | $9999 | $10068 | $10031 |
| **10/15** | $10043 | $10100 | $10021 |
| **11/15** | $10096 | $10063 | $9997 |
| **12/15** | $10073 | $10013 | $9987 |
| **01/16** | $10081 | $10123 | $10048 |
| **02/16** | $10070 | $10195 | $10060 |
| **03/16** | $10109 | $10320 | $10077 |
| **04/16** | $10117 | $10391 | $10081 |
| **05/16** | $10125 | $10399 | $10070 |
| **06/16** | $10164 | $10582 | $10131 |
| **07/16** | $10162 | $10669 | $10125 |
| **08/16** | $10160 | $10681 | $10108 |
| **09/16** | $10169 | $10683 | $10120 |
| **10/16** | $10167 | $10612 | $10113 |
| **11/16** | $10135 | $10374 | $10073 |
| **12/16** | $10143 | $10404 | $10076 |
| **01/17** | $10152 | $10441 | $10089 |
| **02/17** | $10172 | $10522 | $10099 |
| **03/17** | $10172 | $10518 | $10102 |
| **04/17** | $10170 | $10605 | $10116 |
| **05/17** | $10179 | $10687 | $10128 |
| **06/17** | $10179 | $10678 | $10120 |
| **07/17** | $10198 | $10731 | $10141 |
| **08/17** | $10218 | $10824 | $10161 |
| **09/17** | $10197 | $10786 | $10144 |
| **10/17** | $10196 | $10799 | $10138 |
| **11/17** | $10175 | $10783 | $10117 |
| **12/17** | $10176 | $10830 | $10119 |
| **01/18** | $10155 | $10726 | $10089 |
| **02/18** | $10147 | $10624 | $10086 |
| **03/18** | $10148 | $10678 | $10105 |
| **04/18** | $10151 | $10606 | $10090 |
| **05/18** | $10165 | $10664 | $10126 |
| **06/18** | $10169 | $10649 | $10128 |
| **07/18** | $10184 | $10671 | $10127 |
| **08/18** | $10199 | $10724 | $10160 |
| **09/18** | $10204 | $10678 | $10148 |
| **10/18** | $10221 | $10588 | $10163 |
| **11/18** | $10227 | $10636 | $10198 |
| **12/18** | $10265 | $10802 | $10279 |
| **01/19** | $10292 | $10951 | $10306 |
| **02/19** | $10310 | $10963 | $10317 |
| **03/19** | $10349 | $11161 | $10380 |
| **04/19** | $10367 | $11177 | $10401 |
| **05/19** | $10405 | $11348 | $10475 |
| **06/19** | $10433 | $11509 | $10529 |
| **07/19** | $10439 | $11543 | $10517 |
| **08/19** | $10478 | $11804 | $10601 |
| **09/19** | $10494 | $11753 | $10590 |
| **10/19** | $10520 | $11791 | $10625 |
| **11/19** | $10523 | $11789 | $10621 |
| **12/19** | $10535 | $11806 | $10644 |
| **01/20** | $10569 | $12018 | $10701 |
| **02/20** | $10634 | $12198 | $10794 |
| **03/20** | $10711 | $11960 | $10943 |
| **04/20** | $10755 | $12199 | $10947 |
| **05/20** | $10766 | $12313 | $10954 |
| **06/20** | $10776 | $12416 | $10957 |
| **07/20** | $10784 | $12634 | $10968 |
| **08/20** | $10780 | $12561 | $10965 |
| **09/20** | $10775 | $12539 | $10968 |
| **10/20** | $10769 | $12494 | $10964 |
| **11/20** | $10774 | $12657 | $10969 |
| **12/20** | $10767 | $12701 | $10974 |
| **01/21** | $10771 | $12621 | $10976 |
| **02/21** | $10764 | $12458 | $10967 |
| **03/21** | $10755 | $12313 | $10969 |
| **04/21** | $10756 | $12416 | $10974 |
| **05/21** | $10756 | $12464 | $10982 |
| **06/21** | $10745 | $12555 | $10965 |
| **07/21** | $10745 | $12681 | $10983 |
| **08/21** | $10745 | $12672 | $10983 |
| **09/21** | $10735 | $12564 | $10971 |
| **10/21** | $10724 | $12554 | $10938 |
| **11/21** | $10724 | $12569 | $10940 |
| **12/21** | $10713 | $12560 | $10913 |
| **01/22** | $10670 | $12285 | $10842 |
| **02/22** | $10650 | $12118 | $10801 |
| **03/22** | $10536 | $11792 | $10657 |
| **04/22** | $10479 | $11353 | $10607 |
| **05/22** | $10534 | $11415 | $10665 |
| **06/22** | $10468 | $11187 | $10604 |
| **07/22** | $10489 | $11468 | $10639 |
| **08/22** | $10435 | $11170 | $10563 |
| **09/22** | $10348 | $10689 | $10438 |
| **10/22** | $10338 | $10572 | $10428 |
| **11/22** | $10386 | $10966 | $10493 |
| **12/22** | $10403 | $10929 | $10515 |
| **01/23** | $10444 | $11268 | $10587 |
| **02/23** | $10419 | $10991 | $10510 |
| **03/23** | $10530 | $11249 | $10678 |
| **04/23** | $10558 | $11317 | $10706 |
| **05/23** | $10529 | $11200 | $10669 |
| **06/23** | $10497 | $11182 | $10617 |
| **07/23** | $10526 | $11194 | $10655 |
| **08/23** | $10558 | $11126 | $10697 |
| **09/23** | $10555 | $10861 | $10696 |
| **10/23** | $10579 | $10698 | $10732 |
| **11/23** | $10704 | $11179 | $10841 |
| **12/23** | $10818 | $11603 | $10962 |
| **01/24** | $10863 | $11575 | $11005 |
| **02/24** | $10815 | $11437 | $10959 |
| **03/24** | $10847 | $11549 | $10995 |
| **04/24** | $10811 | $11279 | $10959 |
| **05/24** | $10890 | $11466 | $11034 |
| **06/24** | $10947 | $11571 | $11098 |
| **07/24** | $11097 | $11833 | $11225 |
| **08/24** | $11190 | $12008 | $11326 |
| **09/24** | $11280 | $12172 | $11417 |
| **10/24** | $11194 | $11896 | $11350 |
| **11/24** | $11237 | $12021 | $11383 |
| **12/24** | $11245 | $11840 | $11410 |
| **01/25** | $11302 | $11911 | $11459 |
| **02/25** | $11381 | $12157 | $11538 |
| **03/25** | $11415 | $12154 | $11591 |
| **04/25** | $11494 | $12197 | $11683 |
| **05/25** | $11491 | $12136 | $11658 |
| **06/25** | $11560 | $12325 | $11728 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 5.60% | 1.41% | 1.46% |
| US Universal Index | 6.51% | (0.15%) | 2.11% |
| ICE BofAML 1-3 Year US Treasury Index | 5.67% | 1.37% | 1.61% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $31486343 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 83% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes 4.250% due 01/15/28 | 26.3% |
| U.S. Treasury Notes 3.750% due 05/15/28 | 13.4% |
| U.S. Treasury Notes 3.875% due 03/15/28 | 7.6% |
| U.S. Treasury Notes 4.000% due 12/15/27 | 3.9% |
| JPMorgan Chase & Co. 1.045% (SOFR + 0.800%) due 11/19/26 | 3.3% |
| Bank of America Corp. 2.551% (SOFR + 1.050%) due 02/04/28 | 3.2% |
| Citigroup, Inc. 3.887% (SOFR + 1.825%) due 01/10/28 | 3.2% |
| Federal Farm Credit Banks Funding Corp. 4.360% due 10/28/27 | 3.2% |
| American Honda Finance Corp. 5.250% due 07/07/26 | 2.6% |
| Goldman Sachs Group, Inc. 4.937% (SOFR + 1.319%) due 04/23/28 | 2.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 51.2% |
| Financials | 18.7% |
| Consumer Discretionary | 6.9% |
| Mortgage-Backed Securities | 4.4% |
| Industrials | 3.8% |
| U.S. Government Securities | 3.2% |
| Real Estate | 2.3% |
| Communication Services | 2.3% |
| Consumer Staples | 2.1% |
| Energy | 2.1% |
| Other (includes short-term investments) | 3.0% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZSCX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $46 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i2d34d6b1f60453e6810124fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $9846 | $10167 | $9884 |
| **08/15** | $9266 | $9553 | $9263 |
| **09/15** | $8925 | $9275 | $8808 |
| **10/15** | $9321 | $10008 | $9304 |
| **11/15** | $9635 | $10063 | $9607 |
| **12/15** | $9210 | $9857 | $9125 |
| **01/16** | $8479 | $9300 | $8322 |
| **02/16** | $8594 | $9297 | $8322 |
| **03/16** | $9217 | $9952 | $8986 |
| **04/16** | $9231 | $10014 | $9127 |
| **05/16** | $9346 | $10193 | $9333 |
| **06/16** | $9210 | $10214 | $9327 |
| **07/16** | $9675 | $10619 | $9884 |
| **08/16** | $9788 | $10646 | $10059 |
| **09/16** | $9744 | $10663 | $10171 |
| **10/16** | $9554 | $10432 | $9687 |
| **11/16** | $10379 | $10899 | $10767 |
| **12/16** | $10702 | $11112 | $11069 |
| **01/17** | $10672 | $11321 | $11113 |
| **02/17** | $10901 | $11742 | $11327 |
| **03/17** | $10842 | $11750 | $11342 |
| **04/17** | $10820 | $11875 | $11466 |
| **05/17** | $10960 | $11996 | $11233 |
| **06/17** | $11174 | $12104 | $11621 |
| **07/17** | $11197 | $12333 | $11708 |
| **08/17** | $11102 | $12356 | $11559 |
| **09/17** | $11653 | $12658 | $12280 |
| **10/17** | $11827 | $12934 | $12385 |
| **11/17** | $12159 | $13327 | $12742 |
| **12/17** | $12222 | $13460 | $12690 |
| **01/18** | $12497 | $14169 | $13022 |
| **02/18** | $11971 | $13647 | $12518 |
| **03/18** | $12071 | $13373 | $12680 |
| **04/18** | $12280 | $13424 | $12789 |
| **05/18** | $12630 | $13803 | $13566 |
| **06/18** | $12730 | $13893 | $13663 |
| **07/18** | $13047 | $14354 | $13901 |
| **08/18** | $13376 | $14858 | $14500 |
| **09/18** | $13147 | $14883 | $14151 |
| **10/18** | $11620 | $13787 | $12614 |
| **11/18** | $11968 | $14063 | $12815 |
| **12/18** | $10600 | $12754 | $11293 |
| **01/19** | $11687 | $13849 | $12563 |
| **02/19** | $12196 | $14336 | $13216 |
| **03/19** | $12127 | $14545 | $12940 |
| **04/19** | $12734 | $15126 | $13379 |
| **05/19** | $11970 | $14147 | $12339 |
| **06/19** | $12881 | $15141 | $13211 |
| **07/19** | $12998 | $15366 | $13287 |
| **08/19** | $12636 | $15053 | $12631 |
| **09/19** | $13106 | $15317 | $12894 |
| **10/19** | $13380 | $15647 | $13233 |
| **11/19** | $13517 | $16242 | $13778 |
| **12/19** | $13780 | $16711 | $14175 |
| **01/20** | $13507 | $16692 | $13721 |
| **02/20** | $12426 | $15326 | $12566 |
| **03/20** | $9486 | $13218 | $9835 |
| **04/20** | $10800 | $14969 | $11186 |
| **05/20** | $11487 | $15769 | $11914 |
| **06/20** | $11456 | $16130 | $12335 |
| **07/20** | $11982 | $17046 | $12677 |
| **08/20** | $12318 | $18280 | $13391 |
| **09/20** | $11860 | $17615 | $12944 |
| **10/20** | $12114 | $17235 | $13215 |
| **11/20** | $13823 | $19331 | $15651 |
| **12/20** | $14667 | $20201 | $17004 |
| **01/21** | $14850 | $20111 | $17860 |
| **02/21** | $15939 | $20740 | $18973 |
| **03/21** | $16457 | $21483 | $19164 |
| **04/21** | $17261 | $22591 | $19566 |
| **05/21** | $17291 | $22694 | $19606 |
| **06/21** | $17159 | $23253 | $19986 |
| **07/21** | $16864 | $23647 | $19265 |
| **08/21** | $17123 | $24321 | $19696 |
| **09/21** | $16644 | $23230 | $19115 |
| **10/21** | $17398 | $24801 | $19928 |
| **11/21** | $16633 | $24423 | $19098 |
| **12/21** | $17587 | $25385 | $19524 |
| **01/22** | $16659 | $23891 | $17645 |
| **02/22** | $16788 | $23290 | $17833 |
| **03/22** | $16730 | $24045 | $18055 |
| **04/22** | $15755 | $21887 | $16265 |
| **05/22** | $15719 | $21858 | $16290 |
| **06/22** | $14192 | $20029 | $14950 |
| **07/22** | $15625 | $21908 | $16511 |
| **08/22** | $14982 | $21091 | $16173 |
| **09/22** | $13688 | $19135 | $14623 |
| **10/22** | $15080 | $20704 | $16233 |
| **11/22** | $15800 | $21785 | $16612 |
| **12/22** | $14910 | $20509 | $15534 |
| **01/23** | $16094 | $21922 | $17048 |
| **02/23** | $15715 | $21409 | $16760 |
| **03/23** | $15178 | $21982 | $15959 |
| **04/23** | $14848 | $22216 | $15673 |
| **05/23** | $14372 | $22303 | $15528 |
| **06/23** | $15435 | $23825 | $16790 |
| **07/23** | $16192 | $24680 | $17817 |
| **08/23** | $15564 | $24203 | $16926 |
| **09/23** | $14880 | $23050 | $15929 |
| **10/23** | $14097 | $22439 | $14843 |
| **11/23** | $15104 | $24532 | $16186 |
| **12/23** | $16410 | $25833 | $18164 |
| **01/24** | $16067 | $26119 | $17457 |
| **02/24** | $16886 | $27533 | $18445 |
| **03/24** | $17547 | $28421 | $19105 |
| **04/24** | $16503 | $27171 | $17760 |
| **05/24** | $17256 | $28454 | $18651 |
| **06/24** | $16926 | $29335 | $18479 |
| **07/24** | $17864 | $29880 | $20356 |
| **08/24** | $18171 | $30531 | $20052 |
| **09/24** | $18419 | $31162 | $20192 |
| **10/24** | $18006 | $30934 | $19900 |
| **11/24** | $19560 | $32991 | $22083 |
| **12/24** | $18250 | $31983 | $20260 |
| **01/25** | $19242 | $32993 | $20791 |
| **02/25** | $17945 | $32360 | $19679 |
| **03/25** | $16480 | $30473 | $18339 |
| **04/25** | $15961 | $30268 | $17916 |
| **05/25** | $16266 | $32187 | $18872 |
| **06/25** | $16999 | $33822 | $19898 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 0.43% | 8.21% | 5.45% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell 2000 Index | 7.68% | 10.04% | 7.12% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $33370192 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75845 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| BankUnited, Inc. | 2.5% |
| CubeSmart | 2.4% |
| ABM Industries, Inc. | 2.3% |
| First American Financial Corp. | 2.3% |
| Reinsurance Group of America, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| StepStone Group, Inc., Class A | 2.2% |
| Casella Waste Systems, Inc., Class A | 2.2% |
| DigitalOcean Holdings, Inc. | 2.1% |
| Middleby Corp. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.5% |
| Financials | 17.7% |
| Health Care | 16.3% |
| Consumer Discretionary | 11.5% |
| Information Technology | 11.3% |
| Consumer Staples | 6.2% |
| Energy | 4.4% |
| Real Estate | 4.3% |
| Communication Services | 3.9% |
| Materials | 3.5% |
| Other (includes short-term investments) | 0.4% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZCOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $58 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i247930d4bdc3e49644bfeb37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $9845 | $10167 | $9884 |
| **08/15** | $9263 | $9553 | $9263 |
| **09/15** | $8918 | $9275 | $8808 |
| **10/15** | $9314 | $10008 | $9304 |
| **11/15** | $9623 | $10063 | $9607 |
| **12/15** | $9196 | $9857 | $9125 |
| **01/16** | $8470 | $9300 | $8322 |
| **02/16** | $8576 | $9297 | $8322 |
| **03/16** | $9196 | $9952 | $8986 |
| **04/16** | $9204 | $10014 | $9127 |
| **05/16** | $9317 | $10193 | $9333 |
| **06/16** | $9181 | $10214 | $9327 |
| **07/16** | $9642 | $10619 | $9884 |
| **08/16** | $9754 | $10646 | $10059 |
| **09/16** | $9715 | $10663 | $10171 |
| **10/16** | $9522 | $10432 | $9687 |
| **11/16** | $10333 | $10899 | $10767 |
| **12/16** | $10661 | $11112 | $11069 |
| **01/17** | $10629 | $11321 | $11113 |
| **02/17** | $10848 | $11742 | $11327 |
| **03/17** | $10793 | $11750 | $11342 |
| **04/17** | $10762 | $11875 | $11466 |
| **05/17** | $10902 | $11996 | $11233 |
| **06/17** | $11113 | $12104 | $11621 |
| **07/17** | $11128 | $12333 | $11708 |
| **08/17** | $11037 | $12356 | $11559 |
| **09/17** | $11579 | $12658 | $12280 |
| **10/17** | $11746 | $12934 | $12385 |
| **11/17** | $12081 | $13327 | $12742 |
| **12/17** | $12134 | $13460 | $12690 |
| **01/18** | $12400 | $14169 | $13022 |
| **02/18** | $11878 | $13647 | $12518 |
| **03/18** | $11975 | $13373 | $12680 |
| **04/18** | $12187 | $13424 | $12789 |
| **05/18** | $12523 | $13803 | $13566 |
| **06/18** | $12621 | $13893 | $13663 |
| **07/18** | $12930 | $14354 | $13901 |
| **08/18** | $13252 | $14858 | $14500 |
| **09/18** | $13018 | $14883 | $14151 |
| **10/18** | $11506 | $13787 | $12614 |
| **11/18** | $11848 | $14063 | $12815 |
| **12/18** | $10497 | $12754 | $11293 |
| **01/19** | $11564 | $13849 | $12563 |
| **02/19** | $12067 | $14336 | $13216 |
| **03/19** | $11993 | $14545 | $12940 |
| **04/19** | $12590 | $15126 | $13379 |
| **05/19** | $11836 | $14147 | $12339 |
| **06/19** | $12737 | $15141 | $13211 |
| **07/19** | $12841 | $15366 | $13287 |
| **08/19** | $12485 | $15053 | $12631 |
| **09/19** | $12946 | $15317 | $12894 |
| **10/19** | $13218 | $15647 | $13233 |
| **11/19** | $13344 | $16242 | $13778 |
| **12/19** | $13594 | $16711 | $14175 |
| **01/20** | $13324 | $16692 | $13721 |
| **02/20** | $12254 | $15326 | $12566 |
| **03/20** | $9358 | $13218 | $9835 |
| **04/20** | $10644 | $14969 | $11186 |
| **05/20** | $11314 | $15769 | $11914 |
| **06/20** | $11282 | $16130 | $12335 |
| **07/20** | $11801 | $17046 | $12677 |
| **08/20** | $12127 | $18280 | $13391 |
| **09/20** | $11670 | $17615 | $12944 |
| **10/20** | $11920 | $17235 | $13215 |
| **11/20** | $13597 | $19331 | $15651 |
| **12/20** | $14424 | $20201 | $17004 |
| **01/21** | $14598 | $20111 | $17860 |
| **02/21** | $15665 | $20740 | $18973 |
| **03/21** | $16177 | $21483 | $19164 |
| **04/21** | $16961 | $22591 | $19566 |
| **05/21** | $16983 | $22694 | $19606 |
| **06/21** | $16852 | $23253 | $19986 |
| **07/21** | $16547 | $23647 | $19265 |
| **08/21** | $16808 | $24321 | $19696 |
| **09/21** | $16329 | $23230 | $19115 |
| **10/21** | $17070 | $24801 | $19928 |
| **11/21** | $16308 | $24423 | $19098 |
| **12/21** | $17249 | $25385 | $19524 |
| **01/22** | $16334 | $23891 | $17645 |
| **02/22** | $16448 | $23290 | $17833 |
| **03/22** | $16397 | $24045 | $18055 |
| **04/22** | $15430 | $21887 | $16265 |
| **05/22** | $15392 | $21858 | $16290 |
| **06/22** | $13891 | $20029 | $14950 |
| **07/22** | $15303 | $21908 | $16511 |
| **08/22** | $14671 | $21091 | $16173 |
| **09/22** | $13396 | $19135 | $14623 |
| **10/22** | $14750 | $20704 | $16233 |
| **11/22** | $15454 | $21785 | $16612 |
| **12/22** | $14578 | $20509 | $15534 |
| **01/23** | $15733 | $21922 | $17048 |
| **02/23** | $15361 | $21409 | $16760 |
| **03/23** | $14830 | $21982 | $15959 |
| **04/23** | $14512 | $22216 | $15673 |
| **05/23** | $14047 | $22303 | $15528 |
| **06/23** | $15069 | $23825 | $16790 |
| **07/23** | $15813 | $24680 | $17817 |
| **08/23** | $15196 | $24203 | $16926 |
| **09/23** | $14519 | $23050 | $15929 |
| **10/23** | $13761 | $22439 | $14843 |
| **11/23** | $14736 | $24532 | $16186 |
| **12/23** | $16010 | $25833 | $18164 |
| **01/24** | $15662 | $26119 | $17457 |
| **02/24** | $16474 | $27533 | $18445 |
| **03/24** | $17113 | $28421 | $19105 |
| **04/24** | $16097 | $27171 | $17760 |
| **05/24** | $16808 | $28454 | $18651 |
| **06/24** | $16489 | $29335 | $18479 |
| **07/24** | $17403 | $29880 | $20356 |
| **08/24** | $17711 | $30531 | $20052 |
| **09/24** | $17939 | $31162 | $20192 |
| **10/24** | $17529 | $30934 | $19900 |
| **11/24** | $19047 | $32991 | $22083 |
| **12/24** | $17750 | $31983 | $20260 |
| **01/25** | $18724 | $32993 | $20791 |
| **02/25** | $17443 | $32360 | $19679 |
| **03/25** | $16025 | $30473 | $18339 |
| **04/25** | $15529 | $30268 | $17916 |
| **05/25** | $15803 | $32187 | $18872 |
| **06/25** | $16520 | $33822 | $19898 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 0.19% | 7.93% | 5.15% |
| Russell 3000 Index | 15.30% | 15.96% | 12.96% |
| Russell 2000 Index | 7.68% | 10.04% | 7.12% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $33370192 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75845 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| BankUnited, Inc. | 2.5% |
| CubeSmart | 2.4% |
| ABM Industries, Inc. | 2.3% |
| First American Financial Corp. | 2.3% |
| Reinsurance Group of America, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| StepStone Group, Inc., Class A | 2.2% |
| Casella Waste Systems, Inc., Class A | 2.2% |
| DigitalOcean Holdings, Inc. | 2.1% |
| Middleby Corp. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.5% |
| Financials | 17.7% |
| Health Care | 16.3% |
| Consumer Discretionary | 11.5% |
| Information Technology | 11.3% |
| Consumer Staples | 6.2% |
| Energy | 4.4% |
| Real Estate | 4.3% |
| Communication Services | 3.9% |
| Materials | 3.5% |
| Other (includes short-term investments) | 0.4% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLSMX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $43 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](idcf660056663d9035b191574.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **01/20** | $1000000 | $1000000 | $1000000 |
| **01/20** | $981645 | $1000000 | $1000000 |
| **02/20** | $903084 | $918130 | $915820 |
| **03/20** | $689427 | $791869 | $716840 |
| **04/20** | $784875 | $896744 | $815298 |
| **05/20** | $834068 | $944702 | $868349 |
| **06/20** | $831865 | $966299 | $899043 |
| **07/20** | $870044 | $1021166 | $923928 |
| **08/20** | $894438 | $1095143 | $975985 |
| **09/20** | $861913 | $1055268 | $943384 |
| **10/20** | $880393 | $1032495 | $963139 |
| **11/20** | $1004579 | $1158101 | $1140669 |
| **12/20** | $1065934 | $1210202 | $1239337 |
| **01/21** | $1079240 | $1204819 | $1301703 |
| **02/21** | $1158335 | $1242482 | $1382825 |
| **03/21** | $1196034 | $1287016 | $1396714 |
| **04/21** | $1254431 | $1353360 | $1426044 |
| **05/21** | $1256649 | $1359538 | $1428984 |
| **06/21** | $1247039 | $1393063 | $1456670 |
| **07/21** | $1224863 | $1416621 | $1404071 |
| **08/21** | $1244871 | $1457020 | $1435478 |
| **09/21** | $1209324 | $1391646 | $1393153 |
| **10/21** | $1264125 | $1485756 | $1452417 |
| **11/21** | $1208584 | $1463140 | $1391895 |
| **12/21** | $1278638 | $1520757 | $1422988 |
| **01/22** | $1210353 | $1431281 | $1285992 |
| **02/22** | $1220596 | $1395229 | $1299719 |
| **03/22** | $1216328 | $1440485 | $1315896 |
| **04/22** | $1146336 | $1311212 | $1185478 |
| **05/22** | $1143775 | $1309454 | $1187270 |
| **06/22** | $1034519 | $1199907 | $1089625 |
| **07/22** | $1137800 | $1312480 | $1203385 |
| **08/22** | $1092011 | $1263499 | $1178761 |
| **09/22** | $999753 | $1146336 | $1065793 |
| **10/22** | $1098220 | $1240342 | $1183126 |
| **11/22** | $1150559 | $1305083 | $1210761 |
| **12/22** | $1086718 | $1228666 | $1132179 |
| **01/23** | $1170994 | $1313288 | $1242529 |
| **02/23** | $1143493 | $1282593 | $1221541 |
| **03/23** | $1104460 | $1316888 | $1163176 |
| **04/23** | $1080508 | $1330919 | $1142264 |
| **05/23** | $1045910 | $1336097 | $1131713 |
| **06/23** | $1123977 | $1427333 | $1223723 |
| **07/23** | $1178978 | $1478498 | $1298558 |
| **08/23** | $1133346 | $1449958 | $1233593 |
| **09/23** | $1083677 | $1380890 | $1160969 |
| **10/23** | $1026784 | $1344285 | $1081792 |
| **11/23** | $1099933 | $1469637 | $1179705 |
| **12/23** | $1194855 | $1547589 | $1323845 |
| **01/24** | $1169902 | $1564741 | $1272356 |
| **02/24** | $1230365 | $1649441 | $1344297 |
| **03/24** | $1278351 | $1702647 | $1392422 |
| **04/24** | $1202533 | $1627728 | $1294419 |
| **05/24** | $1257237 | $1704633 | $1359357 |
| **06/24** | $1233244 | $1757404 | $1346782 |
| **07/24** | $1301384 | $1790073 | $1483614 |
| **08/24** | $1324670 | $1829040 | $1461452 |
| **09/24** | $1342652 | $1866876 | $1471666 |
| **10/24** | $1312682 | $1853166 | $1450410 |
| **11/24** | $1425569 | $1976446 | $1609511 |
| **12/24** | $1330411 | $1916036 | $1476589 |
| **01/25** | $1403523 | $1976522 | $1515304 |
| **02/25** | $1307148 | $1938644 | $1434251 |
| **03/25** | $1200804 | $1825562 | $1336623 |
| **04/25** | $1164248 | $1813314 | $1305744 |
| **05/25** | $1185295 | $1928253 | $1375472 |
| **06/25** | $1238467 | $2026213 | $1450231 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 1/8/20 |
| R6 Shares | 0.42% | 8.28% | 3.98% |
| Russell 3000 Index | 15.30% | 15.96% | 13.59% |
| Russell 2000 Index | 7.68% | 10.04% | 6.44% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $33370192 |
| # of Portfolio Holdings | 73 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $75845 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| BankUnited, Inc. | 2.5% |
| CubeSmart | 2.4% |
| ABM Industries, Inc. | 2.3% |
| First American Financial Corp. | 2.3% |
| Reinsurance Group of America, Inc. | 2.3% |
| Wintrust Financial Corp. | 2.3% |
| StepStone Group, Inc., Class A | 2.2% |
| Casella Waste Systems, Inc., Class A | 2.2% |
| DigitalOcean Holdings, Inc. | 2.1% |
| Middleby Corp. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.5% |
| Financials | 17.7% |
| Health Care | 16.3% |
| Consumer Discretionary | 11.5% |
| Information Technology | 11.3% |
| Consumer Staples | 6.2% |
| Energy | 4.4% |
| Real Estate | 4.3% |
| Communication Services | 3.9% |
| Materials | 3.5% |
| Other (includes short-term investments) | 0.4% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Sustainable Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# SUSTX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Sustainable Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $38 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i5ec569118c2210722ca915f3.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500 Index** |
| **06/20** | $10000 | $10000 |
| **07/20** | $10480 | $10000 |
| **08/20** | $11130 | $10719 |
| **09/20** | $10960 | $10312 |
| **10/20** | $10840 | $10037 |
| **11/20** | $11900 | $11136 |
| **12/20** | $12269 | $11564 |
| **01/21** | $12118 | $11447 |
| **02/21** | $12500 | $11763 |
| **03/21** | $13043 | $12278 |
| **04/21** | $13777 | $12934 |
| **05/21** | $13817 | $13024 |
| **06/21** | $14069 | $13328 |
| **07/21** | $14511 | $13645 |
| **08/21** | $14933 | $14059 |
| **09/21** | $14277 | $13405 |
| **10/21** | $15326 | $14345 |
| **11/21** | $15084 | $14245 |
| **12/21** | $15828 | $14884 |
| **01/22** | $14647 | $14114 |
| **02/22** | $14092 | $13691 |
| **03/22** | $14452 | $14199 |
| **04/22** | $13455 | $12961 |
| **05/22** | $13178 | $12985 |
| **06/22** | $12428 | $11913 |
| **07/22** | $13538 | $13011 |
| **08/22** | $12842 | $12481 |
| **09/22** | $11820 | $11331 |
| **10/22** | $12728 | $12249 |
| **11/22** | $13544 | $12933 |
| **12/22** | $12968 | $12188 |
| **01/23** | $13545 | $12954 |
| **02/23** | $13188 | $12638 |
| **03/23** | $13419 | $13102 |
| **04/23** | $13408 | $13306 |
| **05/23** | $13167 | $13364 |
| **06/23** | $14017 | $14247 |
| **07/23** | $14405 | $14705 |
| **08/23** | $14080 | $14471 |
| **09/23** | $13330 | $13781 |
| **10/23** | $12961 | $13491 |
| **11/23** | $14270 | $14723 |
| **12/23** | $15027 | $15392 |
| **01/24** | $14984 | $15651 |
| **02/24** | $15699 | $16486 |
| **03/24** | $15785 | $17017 |
| **04/24** | $15048 | $16322 |
| **05/24** | $15401 | $17131 |
| **06/24** | $15742 | $17746 |
| **07/24** | $16169 | $17962 |
| **08/24** | $16495 | $18398 |
| **09/24** | $16682 | $18791 |
| **10/24** | $16088 | $18620 |
| **11/24** | $17012 | $19713 |
| **12/24** | $16264 | $19243 |
| **01/25** | $16882 | $19779 |
| **02/25** | $16601 | $19521 |
| **03/25** | $15747 | $18421 |
| **04/25** | $15646 | $18296 |
| **05/25** | $16376 | $19448 |
| **06/25** | $16871 | $20437 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | 5 Years |
| Institutional Shares | 7.17% | 11.03% |
| S&P 500 Index | 15.16% | 16.64% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9239827 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Apple, Inc. | 6.2% |
| Visa, Inc., A Shares | 5.1% |
| Analog Devices, Inc. | 3.8% |
| Intercontinental Exchange, Inc. | 3.8% |
| Charles Schwab Corp. | 3.6% |
| Broadcom, Inc. | 3.5% |
| Boston Scientific Corp. | 3.4% |
| Home Depot, Inc. | 3.1% |
| Procter & Gamble Co. | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Financials | 19.9% |
| Industrials | 14.9% |
| Health Care | 14.5% |
| Consumer Discretionary | 4.1% |
| Materials | 3.8% |
| Consumer Staples | 2.7% |
| Real Estate | 1.4% |
| Other (includes short-term investments) | 4.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Sustainable Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# SUSLX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Sustainable Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $51 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](iba7d67ed3ac94e282de89ab1.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **S&P 500 Index** |
| **06/20** | $10000 | $10000 |
| **07/20** | $10470 | $10000 |
| **08/20** | $11120 | $10719 |
| **09/20** | $10950 | $10312 |
| **10/20** | $10830 | $10037 |
| **11/20** | $11890 | $11136 |
| **12/20** | $12248 | $11564 |
| **01/21** | $12098 | $11447 |
| **02/21** | $12479 | $11763 |
| **03/21** | $13021 | $12278 |
| **04/21** | $13753 | $12934 |
| **05/21** | $13773 | $13024 |
| **06/21** | $14034 | $13328 |
| **07/21** | $14465 | $13645 |
| **08/21** | $14885 | $14059 |
| **09/21** | $14231 | $13405 |
| **10/21** | $15268 | $14345 |
| **11/21** | $15026 | $14245 |
| **12/21** | $15770 | $14884 |
| **01/22** | $14584 | $14114 |
| **02/22** | $14032 | $13691 |
| **03/22** | $14380 | $14199 |
| **04/22** | $13399 | $12961 |
| **05/22** | $13113 | $12985 |
| **06/22** | $12356 | $11913 |
| **07/22** | $13460 | $13011 |
| **08/22** | $12768 | $12481 |
| **09/22** | $11751 | $11331 |
| **10/22** | $12644 | $12249 |
| **11/22** | $13466 | $12933 |
| **12/22** | $12881 | $12188 |
| **01/23** | $13454 | $12954 |
| **02/23** | $13100 | $12638 |
| **03/23** | $13318 | $13102 |
| **04/23** | $13308 | $13306 |
| **05/23** | $13068 | $13364 |
| **06/23** | $13901 | $14247 |
| **07/23** | $14297 | $14705 |
| **08/23** | $13964 | $14471 |
| **09/23** | $13220 | $13781 |
| **10/23** | $12853 | $13491 |
| **11/23** | $14142 | $14723 |
| **12/23** | $14888 | $15392 |
| **01/24** | $14846 | $15651 |
| **02/24** | $15554 | $16486 |
| **03/24** | $15628 | $17017 |
| **04/24** | $14899 | $16322 |
| **05/24** | $15247 | $17131 |
| **06/24** | $15585 | $17746 |
| **07/24** | $15998 | $17962 |
| **08/24** | $16321 | $18398 |
| **09/24** | $16506 | $18791 |
| **10/24** | $15907 | $18620 |
| **11/24** | $16811 | $19713 |
| **12/24** | $16074 | $19243 |
| **01/25** | $16684 | $19779 |
| **02/25** | $16395 | $19521 |
| **03/25** | $15552 | $18421 |
| **04/25** | $15452 | $18296 |
| **05/25** | $16162 | $19448 |
| **06/25** | $16651 | $20437 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 6/30/20 |
| Open Shares | 6.84% | 10.74% | 10.73% |
| S&P 500 Index | 15.16% | 16.64% | 16.64% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $9239827 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 6% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 9.0% |
| Apple, Inc. | 6.2% |
| Visa, Inc., A Shares | 5.1% |
| Analog Devices, Inc. | 3.8% |
| Intercontinental Exchange, Inc. | 3.8% |
| Charles Schwab Corp. | 3.6% |
| Broadcom, Inc. | 3.5% |
| Boston Scientific Corp. | 3.4% |
| Home Depot, Inc. | 3.1% |
| Procter & Gamble Co. | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 34.6% |
| Financials | 19.9% |
| Industrials | 14.9% |
| Health Care | 14.5% |
| Consumer Discretionary | 4.1% |
| Materials | 3.8% |
| Consumer Staples | 2.7% |
| Real Estate | 1.4% |
| Other (includes short-term investments) | 4.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard US Systematic Small Cap Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LUSIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard US Systematic Small Cap Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $44 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](iefea9e473b62515fa358d97c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **10/21** | $10000 | $10000 | $10000 |
| **11/21** | $9800 | $10000 | $10000 |
| **12/21** | $10283 | $10394 | $10223 |
| **01/22** | $9371 | $9782 | $9239 |
| **02/22** | $9421 | $9536 | $9338 |
| **03/22** | $9471 | $9845 | $9454 |
| **04/22** | $8719 | $8962 | $8517 |
| **05/22** | $8860 | $8950 | $8530 |
| **06/22** | $8158 | $8201 | $7828 |
| **07/22** | $9090 | $8970 | $8646 |
| **08/22** | $8763 | $8636 | $8469 |
| **09/22** | $7951 | $7835 | $7657 |
| **10/22** | $8753 | $8477 | $8500 |
| **11/22** | $9114 | $8920 | $8699 |
| **12/22** | $8603 | $8397 | $8134 |
| **01/23** | $9371 | $8976 | $8927 |
| **02/23** | $9240 | $8766 | $8776 |
| **03/23** | $9017 | $9000 | $8357 |
| **04/23** | $8765 | $9096 | $8207 |
| **05/23** | $8846 | $9132 | $8131 |
| **06/23** | $9613 | $9755 | $8792 |
| **07/23** | $10078 | $10105 | $9329 |
| **08/23** | $9704 | $9910 | $8863 |
| **09/23** | $9219 | $9438 | $8341 |
| **10/23** | $8624 | $9188 | $7772 |
| **11/23** | $9351 | $10044 | $8476 |
| **12/23** | $10307 | $10577 | $9511 |
| **01/24** | $10104 | $10694 | $9141 |
| **02/24** | $10631 | $11273 | $9658 |
| **03/24** | $10935 | $11637 | $10004 |
| **04/24** | $10266 | $11125 | $9300 |
| **05/24** | $10732 | $11651 | $9766 |
| **06/24** | $10611 | $12011 | $9676 |
| **07/24** | $11411 | $12234 | $10659 |
| **08/24** | $11381 | $12501 | $10500 |
| **09/24** | $11492 | $12759 | $10573 |
| **10/24** | $11259 | $12666 | $10420 |
| **11/24** | $12293 | $13508 | $11563 |
| **12/24** | $11639 | $13095 | $10608 |
| **01/25** | $11994 | $13509 | $10887 |
| **02/25** | $11357 | $13250 | $10304 |
| **03/25** | $10678 | $12477 | $9603 |
| **04/25** | $10428 | $12393 | $9381 |
| **05/25** | $10939 | $13179 | $9882 |
| **06/25** | $11367 | $13848 | $10419 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 10/29/21 |
| Institutional Shares | 7.13% | 3.56% |
| Russell 3000 Index | 15.30% | 8.83% |
| Russell 2000 Index | 7.68% | (0.04%) |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $48565230 |
| # of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 77% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $119455 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Adtalem Global Education, Inc. | 0.8% |
| Mueller Industries, Inc. | 0.7% |
| Rambus, Inc. | 0.7% |
| Brady Corp., Class A | 0.7% |
| OPENLANE, Inc. | 0.6% |
| Taylor Morrison Home Corp. | 0.6% |
| Copa Holdings SA, Class A | 0.6% |
| Onto Innovation, Inc. | 0.6% |
| Preformed Line Products Co. | 0.6% |
| McGrath RentCorp | 0.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 23.5% |
| Industrials | 21.8% |
| Consumer Discretionary | 14.5% |
| Health Care | 12.1% |
| Financials | 10.1% |
| Real Estate | 4.9% |
| Materials | 4.2% |
| Communication Services | 3.4% |
| Energy | 1.8% |
| Consumer Staples | 1.7% |
| Other (includes short-term investments) | 2.0% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Developing Markets Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LDMIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $58 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i5b5db6d7f1131359529ef470.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9266 | $9307 |
| **08/15** | $8494 | $8465 |
| **09/15** | $8296 | $8210 |
| **10/15** | $9078 | $8796 |
| **11/15** | $8805 | $8453 |
| **12/15** | $8560 | $8265 |
| **01/16** | $8002 | $7728 |
| **02/16** | $7945 | $7716 |
| **03/16** | $9034 | $8737 |
| **04/16** | $9365 | $8784 |
| **05/16** | $9043 | $8457 |
| **06/16** | $9413 | $8795 |
| **07/16** | $9744 | $9237 |
| **08/16** | $10001 | $9467 |
| **09/16** | $10333 | $9588 |
| **10/16** | $10257 | $9611 |
| **11/16** | $9906 | $9169 |
| **12/16** | $9828 | $9189 |
| **01/17** | $10459 | $9692 |
| **02/17** | $10631 | $9989 |
| **03/17** | $11147 | $10241 |
| **04/17** | $11501 | $10465 |
| **05/17** | $11692 | $10774 |
| **06/17** | $11731 | $10883 |
| **07/17** | $12428 | $11531 |
| **08/17** | $12887 | $11789 |
| **09/17** | $13021 | $11742 |
| **10/17** | $13356 | $12153 |
| **11/17** | $13432 | $12178 |
| **12/17** | $13872 | $12615 |
| **01/18** | $14677 | $13666 |
| **02/18** | $14131 | $13036 |
| **03/18** | $13958 | $12794 |
| **04/18** | $13652 | $12737 |
| **05/18** | $13288 | $12286 |
| **06/18** | $12617 | $11775 |
| **07/18** | $12933 | $12034 |
| **08/18** | $12214 | $11709 |
| **09/18** | $12079 | $11646 |
| **10/18** | $11095 | $10632 |
| **11/18** | $11529 | $11070 |
| **12/18** | $11017 | $10777 |
| **01/19** | $12175 | $11721 |
| **02/19** | $12397 | $11747 |
| **03/19** | $12667 | $11846 |
| **04/19** | $12937 | $12095 |
| **05/19** | $11953 | $11217 |
| **06/19** | $12870 | $11918 |
| **07/19** | $12609 | $11772 |
| **08/19** | $12100 | $11198 |
| **09/19** | $12468 | $11412 |
| **10/19** | $13097 | $11893 |
| **11/19** | $13165 | $11876 |
| **12/19** | $14121 | $12763 |
| **01/20** | $13384 | $12168 |
| **02/20** | $12685 | $11526 |
| **03/20** | $10074 | $9751 |
| **04/20** | $11248 | $10644 |
| **05/20** | $11530 | $10725 |
| **06/20** | $12539 | $11514 |
| **07/20** | $13568 | $12543 |
| **08/20** | $13999 | $12820 |
| **09/20** | $13833 | $12614 |
| **10/20** | $14164 | $12874 |
| **11/20** | $15615 | $14065 |
| **12/20** | $16851 | $15099 |
| **01/21** | $17202 | $15562 |
| **02/21** | $17717 | $15681 |
| **03/21** | $17260 | $15444 |
| **04/21** | $17357 | $15828 |
| **05/21** | $17494 | $16195 |
| **06/21** | $17299 | $16223 |
| **07/21** | $16063 | $15132 |
| **08/21** | $16208 | $15528 |
| **09/21** | $15291 | $14911 |
| **10/21** | $15584 | $15058 |
| **11/21** | $14842 | $14444 |
| **12/21** | $15142 | $14715 |
| **01/22** | $14965 | $14436 |
| **02/22** | $14159 | $14005 |
| **03/22** | $13795 | $13689 |
| **04/22** | $12890 | $12927 |
| **05/22** | $13254 | $12984 |
| **06/22** | $12300 | $12121 |
| **07/22** | $12241 | $12092 |
| **08/22** | $12055 | $12142 |
| **09/22** | $10599 | $10719 |
| **10/22** | $10186 | $10386 |
| **11/22** | $11917 | $11926 |
| **12/22** | $11718 | $11759 |
| **01/23** | $12898 | $12687 |
| **02/23** | $12045 | $11864 |
| **03/23** | $12521 | $12224 |
| **04/23** | $12214 | $12085 |
| **05/23** | $11897 | $11882 |
| **06/23** | $12501 | $12333 |
| **07/23** | $13295 | $13101 |
| **08/23** | $12353 | $12294 |
| **09/23** | $11966 | $11973 |
| **10/23** | $11371 | $11507 |
| **11/23** | $12273 | $12428 |
| **12/23** | $12848 | $12914 |
| **01/24** | $12169 | $12315 |
| **02/24** | $12818 | $12900 |
| **03/24** | $13396 | $13220 |
| **04/24** | $13041 | $13279 |
| **05/24** | $13172 | $13354 |
| **06/24** | $13558 | $13881 |
| **07/24** | $13487 | $13922 |
| **08/24** | $13852 | $14147 |
| **09/24** | $14612 | $15092 |
| **10/24** | $14146 | $14421 |
| **11/24** | $13842 | $13902 |
| **12/24** | $13711 | $13883 |
| **01/25** | $13936 | $14131 |
| **02/25** | $14080 | $14200 |
| **03/25** | $13803 | $14290 |
| **04/25** | $13957 | $14478 |
| **05/25** | $14601 | $15095 |
| **06/25** | $15409 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 13.65% | 4.21% | 4.42% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $93615240 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $372655 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.7% |
| Tencent Holdings Ltd. | 5.7% |
| Samsung Electronics Co. Ltd. | 4.1% |
| SK Hynix, Inc. | 3.7% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. ADR | 3.1% |
| TOTVS SA | 2.7% |
| MercadoLibre, Inc. | 2.5% |
| BDO Unibank, Inc. | 2.4% |
| ICICI Bank Ltd. ADR | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 35.9% |
| Financials | 20.7% |
| Consumer Discretionary | 12.7% |
| Industrials | 10.3% |
| Communication Services | 8.0% |
| Consumer Staples | 4.0% |
| Energy | 3.5% |
| Health Care | 1.8% |
| Materials | 1.4% |
| Other (includes short-term investments) | 1.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Developing Markets Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LDMOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $71 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ic33c92b1bb006a34f370eeab.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9264 | $9307 |
| **08/15** | $8491 | $8465 |
| **09/15** | $8283 | $8210 |
| **10/15** | $9067 | $8796 |
| **11/15** | $8793 | $8453 |
| **12/15** | $8550 | $8265 |
| **01/16** | $7983 | $7728 |
| **02/16** | $7927 | $7716 |
| **03/16** | $9013 | $8737 |
| **04/16** | $9344 | $8784 |
| **05/16** | $9022 | $8457 |
| **06/16** | $9382 | $8795 |
| **07/16** | $9712 | $9237 |
| **08/16** | $9969 | $9467 |
| **09/16** | $10290 | $9588 |
| **10/16** | $10214 | $9611 |
| **11/16** | $9865 | $9169 |
| **12/16** | $9773 | $9189 |
| **01/17** | $10401 | $9692 |
| **02/17** | $10562 | $9989 |
| **03/17** | $11076 | $10241 |
| **04/17** | $11418 | $10465 |
| **05/17** | $11608 | $10774 |
| **06/17** | $11637 | $10883 |
| **07/17** | $12331 | $11531 |
| **08/17** | $12787 | $11789 |
| **09/17** | $12911 | $11742 |
| **10/17** | $13234 | $12153 |
| **11/17** | $13310 | $12178 |
| **12/17** | $13738 | $12615 |
| **01/18** | $14536 | $13666 |
| **02/18** | $13994 | $13036 |
| **03/18** | $13814 | $12794 |
| **04/18** | $13500 | $12737 |
| **05/18** | $13139 | $12286 |
| **06/18** | $12473 | $11775 |
| **07/18** | $12787 | $12034 |
| **08/18** | $12064 | $11709 |
| **09/18** | $11929 | $11646 |
| **10/18** | $10953 | $10632 |
| **11/18** | $11384 | $11070 |
| **12/18** | $10876 | $10777 |
| **01/19** | $12006 | $11721 |
| **02/19** | $12236 | $11747 |
| **03/19** | $12494 | $11846 |
| **04/19** | $12762 | $12095 |
| **05/19** | $11786 | $11217 |
| **06/19** | $12676 | $11918 |
| **07/19** | $12418 | $11772 |
| **08/19** | $11916 | $11198 |
| **09/19** | $12280 | $11412 |
| **10/19** | $12893 | $11893 |
| **11/19** | $12960 | $11876 |
| **12/19** | $13899 | $12763 |
| **01/20** | $13171 | $12168 |
| **02/20** | $12472 | $11526 |
| **03/20** | $9905 | $9751 |
| **04/20** | $11054 | $10644 |
| **05/20** | $11332 | $10725 |
| **06/20** | $12319 | $11514 |
| **07/20** | $13324 | $12543 |
| **08/20** | $13750 | $12820 |
| **09/20** | $13586 | $12614 |
| **10/20** | $13903 | $12874 |
| **11/20** | $15325 | $14065 |
| **12/20** | $16536 | $15099 |
| **01/21** | $16872 | $15562 |
| **02/21** | $17382 | $15681 |
| **03/21** | $16930 | $15444 |
| **04/21** | $17026 | $15828 |
| **05/21** | $17151 | $16195 |
| **06/21** | $16959 | $16223 |
| **07/21** | $15739 | $15132 |
| **08/21** | $15873 | $15528 |
| **09/21** | $14977 | $14911 |
| **10/21** | $15266 | $15058 |
| **11/21** | $14534 | $14444 |
| **12/21** | $14822 | $14715 |
| **01/22** | $14648 | $14436 |
| **02/22** | $13854 | $14005 |
| **03/22** | $13496 | $13689 |
| **04/22** | $12605 | $12927 |
| **05/22** | $12953 | $12984 |
| **06/22** | $12024 | $12121 |
| **07/22** | $11966 | $12092 |
| **08/22** | $11782 | $12142 |
| **09/22** | $10349 | $10719 |
| **10/22** | $9952 | $10386 |
| **11/22** | $11637 | $11926 |
| **12/22** | $11441 | $11759 |
| **01/23** | $12590 | $12687 |
| **02/23** | $11753 | $11864 |
| **03/23** | $12211 | $12224 |
| **04/23** | $11919 | $12085 |
| **05/23** | $11607 | $11882 |
| **06/23** | $12191 | $12333 |
| **07/23** | $12970 | $13101 |
| **08/23** | $12045 | $12294 |
| **09/23** | $11665 | $11973 |
| **10/23** | $11081 | $11507 |
| **11/23** | $11957 | $12428 |
| **12/23** | $12510 | $12914 |
| **01/24** | $11844 | $12315 |
| **02/24** | $12480 | $12900 |
| **03/24** | $13037 | $13220 |
| **04/24** | $12689 | $13279 |
| **05/24** | $12818 | $13354 |
| **06/24** | $13186 | $13881 |
| **07/24** | $13116 | $13922 |
| **08/24** | $13464 | $14147 |
| **09/24** | $14209 | $15092 |
| **10/24** | $13752 | $14421 |
| **11/24** | $13454 | $13902 |
| **12/24** | $13323 | $13883 |
| **01/25** | $13533 | $14131 |
| **02/25** | $13672 | $14200 |
| **03/25** | $13403 | $14290 |
| **04/25** | $13553 | $14478 |
| **05/25** | $14172 | $15095 |
| **06/25** | $14952 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 13.39% | 3.95% | 4.10% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $93615240 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $372655 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.7% |
| Tencent Holdings Ltd. | 5.7% |
| Samsung Electronics Co. Ltd. | 4.1% |
| SK Hynix, Inc. | 3.7% |
| Alibaba Group Holding Ltd. | 3.3% |
| HDFC Bank Ltd. ADR | 3.1% |
| TOTVS SA | 2.7% |
| MercadoLibre, Inc. | 2.5% |
| BDO Unibank, Inc. | 2.4% |
| ICICI Bank Ltd. ADR | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 35.9% |
| Financials | 20.7% |
| Consumer Discretionary | 12.7% |
| Industrials | 10.3% |
| Communication Services | 8.0% |
| Consumer Staples | 4.0% |
| Energy | 3.5% |
| Health Care | 1.8% |
| Materials | 1.4% |
| Other (includes short-term investments) | 1.7% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Core Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# ECEIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $59 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia758056b59cf597b46461388.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9436 | $9307 |
| **08/15** | $8615 | $8465 |
| **09/15** | $8457 | $8210 |
| **10/15** | $9060 | $8796 |
| **11/15** | $8793 | $8453 |
| **12/15** | $8530 | $8265 |
| **01/16** | $8024 | $7728 |
| **02/16** | $7806 | $7716 |
| **03/16** | $8510 | $8737 |
| **04/16** | $8470 | $8784 |
| **05/16** | $8361 | $8457 |
| **06/16** | $8698 | $8795 |
| **07/16** | $8966 | $9237 |
| **08/16** | $9194 | $9467 |
| **09/16** | $9363 | $9588 |
| **10/16** | $9214 | $9611 |
| **11/16** | $8758 | $9169 |
| **12/16** | $8826 | $9189 |
| **01/17** | $9395 | $9692 |
| **02/17** | $9545 | $9989 |
| **03/17** | $9895 | $10241 |
| **04/17** | $10175 | $10465 |
| **05/17** | $10435 | $10774 |
| **06/17** | $10595 | $10883 |
| **07/17** | $11274 | $11531 |
| **08/17** | $11576 | $11789 |
| **09/17** | $11706 | $11742 |
| **10/17** | $11996 | $12153 |
| **11/17** | $12046 | $12178 |
| **12/17** | $12386 | $12615 |
| **01/18** | $13313 | $13666 |
| **02/18** | $12658 | $13036 |
| **03/18** | $12487 | $12794 |
| **04/18** | $12165 | $12737 |
| **05/18** | $11691 | $12286 |
| **06/18** | $11349 | $11775 |
| **07/18** | $11631 | $12034 |
| **08/18** | $11139 | $11709 |
| **09/18** | $11009 | $11646 |
| **10/18** | $10132 | $10632 |
| **11/18** | $10535 | $11070 |
| **12/18** | $10142 | $10777 |
| **01/19** | $11157 | $11721 |
| **02/19** | $11116 | $11747 |
| **03/19** | $11239 | $11846 |
| **04/19** | $11495 | $12095 |
| **05/19** | $10696 | $11217 |
| **06/19** | $11393 | $11918 |
| **07/19** | $11229 | $11772 |
| **08/19** | $10675 | $11198 |
| **09/19** | $10983 | $11412 |
| **10/19** | $11383 | $11893 |
| **11/19** | $11434 | $11876 |
| **12/19** | $12332 | $12763 |
| **01/20** | $11641 | $12168 |
| **02/20** | $11066 | $11526 |
| **03/20** | $8922 | $9751 |
| **04/20** | $9633 | $10644 |
| **05/20** | $9853 | $10725 |
| **06/20** | $10501 | $11514 |
| **07/20** | $11474 | $12543 |
| **08/20** | $11691 | $12820 |
| **09/20** | $11492 | $12614 |
| **10/20** | $11701 | $12874 |
| **11/20** | $12842 | $14065 |
| **12/20** | $13808 | $15099 |
| **01/21** | $14156 | $15562 |
| **02/21** | $14387 | $15681 |
| **03/21** | $14071 | $15444 |
| **04/21** | $14156 | $15828 |
| **05/21** | $14324 | $16195 |
| **06/21** | $14292 | $16223 |
| **07/21** | $13356 | $15132 |
| **08/21** | $13338 | $15528 |
| **09/21** | $12674 | $14911 |
| **10/21** | $12874 | $15058 |
| **11/21** | $12179 | $14444 |
| **12/21** | $12260 | $14715 |
| **01/22** | $12133 | $14436 |
| **02/22** | $11338 | $14005 |
| **03/22** | $11062 | $13689 |
| **04/22** | $10309 | $12927 |
| **05/22** | $10436 | $12984 |
| **06/22** | $9609 | $12121 |
| **07/22** | $9810 | $12092 |
| **08/22** | $9749 | $12142 |
| **09/22** | $8625 | $10719 |
| **10/22** | $8688 | $10386 |
| **11/22** | $9961 | $11926 |
| **12/22** | $9609 | $11759 |
| **01/23** | $10616 | $12687 |
| **02/23** | $9945 | $11864 |
| **03/23** | $10367 | $12224 |
| **04/23** | $10237 | $12085 |
| **05/23** | $10064 | $11882 |
| **06/23** | $10497 | $12333 |
| **07/23** | $11039 | $13101 |
| **08/23** | $10279 | $12294 |
| **09/23** | $9975 | $11973 |
| **10/23** | $9726 | $11507 |
| **11/23** | $10398 | $12428 |
| **12/23** | $10789 | $12914 |
| **01/24** | $10415 | $12315 |
| **02/24** | $10899 | $12900 |
| **03/24** | $11196 | $13220 |
| **04/24** | $11174 | $13279 |
| **05/24** | $11372 | $13354 |
| **06/24** | $11757 | $13881 |
| **07/24** | $11691 | $13922 |
| **08/24** | $11820 | $14147 |
| **09/24** | $12460 | $15092 |
| **10/24** | $11875 | $14421 |
| **11/24** | $11622 | $13902 |
| **12/24** | $11573 | $13883 |
| **01/25** | $11807 | $14131 |
| **02/25** | $11795 | $14200 |
| **03/25** | $11885 | $14290 |
| **04/25** | $11996 | $14478 |
| **05/25** | $12564 | $15095 |
| **06/25** | $13277 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 12.93% | 4.80% | 2.87% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $132419931 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $532502 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Tencent Holdings Ltd. | 5.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5.6% |
| China Merchants Bank Co. Ltd., Class H | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.0% |
| HDFC Bank Ltd. ADR | 2.7% |
| Bharti Airtel Ltd. | 2.1% |
| ICICI Bank Ltd. ADR | 2.1% |
| Shinhan Financial Group Co. Ltd. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 24.6% |
| Financials | 23.7% |
| Consumer Discretionary | 11.1% |
| Industrials | 10.5% |
| Communication Services | 7.9% |
| Consumer Staples | 6.1% |
| Energy | 5.5% |
| Materials | 4.6% |
| Real Estate | 3.6% |
| Health Care | 2.1% |
| Other (includes short-term investments) | 0.3% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Core Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# ECEOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $72 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia86004c520d8031b67c9d217.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9444 | $9307 |
| **08/15** | $8620 | $8465 |
| **09/15** | $8461 | $8210 |
| **10/15** | $9057 | $8796 |
| **11/15** | $8788 | $8453 |
| **12/15** | $8520 | $8265 |
| **01/16** | $8014 | $7728 |
| **02/16** | $7795 | $7716 |
| **03/16** | $8500 | $8737 |
| **04/16** | $8461 | $8784 |
| **05/16** | $8342 | $8457 |
| **06/16** | $8679 | $8795 |
| **07/16** | $8947 | $9237 |
| **08/16** | $9166 | $9467 |
| **09/16** | $9335 | $9588 |
| **10/16** | $9186 | $9611 |
| **11/16** | $8729 | $9169 |
| **12/16** | $8790 | $9189 |
| **01/17** | $9349 | $9692 |
| **02/17** | $9508 | $9989 |
| **03/17** | $9848 | $10241 |
| **04/17** | $10127 | $10465 |
| **05/17** | $10387 | $10774 |
| **06/17** | $10536 | $10883 |
| **07/17** | $11205 | $11531 |
| **08/17** | $11496 | $11789 |
| **09/17** | $11626 | $11742 |
| **10/17** | $11915 | $12153 |
| **11/17** | $11965 | $12178 |
| **12/17** | $12289 | $12615 |
| **01/18** | $13210 | $13666 |
| **02/18** | $12549 | $13036 |
| **03/18** | $12379 | $12794 |
| **04/18** | $12049 | $12737 |
| **05/18** | $11578 | $12286 |
| **06/18** | $11237 | $11775 |
| **07/18** | $11508 | $12034 |
| **08/18** | $11019 | $11709 |
| **09/18** | $10889 | $11646 |
| **10/18** | $10017 | $10632 |
| **11/18** | $10408 | $11070 |
| **12/18** | $10024 | $10777 |
| **01/19** | $11029 | $11721 |
| **02/19** | $10978 | $11747 |
| **03/19** | $11100 | $11846 |
| **04/19** | $11344 | $12095 |
| **05/19** | $10552 | $11217 |
| **06/19** | $11232 | $11918 |
| **07/19** | $11070 | $11772 |
| **08/19** | $10522 | $11198 |
| **09/19** | $10816 | $11412 |
| **10/19** | $11212 | $11893 |
| **11/19** | $11263 | $11876 |
| **12/19** | $12137 | $12763 |
| **01/20** | $11456 | $12168 |
| **02/20** | $10888 | $11526 |
| **03/20** | $8772 | $9751 |
| **04/20** | $9474 | $10644 |
| **05/20** | $9691 | $10725 |
| **06/20** | $10321 | $11514 |
| **07/20** | $11270 | $12543 |
| **08/20** | $11484 | $12820 |
| **09/20** | $11298 | $12614 |
| **10/20** | $11484 | $12874 |
| **11/20** | $12609 | $14065 |
| **12/20** | $13552 | $15099 |
| **01/21** | $13894 | $15562 |
| **02/21** | $14122 | $15681 |
| **03/21** | $13801 | $15444 |
| **04/21** | $13884 | $15828 |
| **05/21** | $14039 | $16195 |
| **06/21** | $14008 | $16223 |
| **07/21** | $13086 | $15132 |
| **08/21** | $13069 | $15528 |
| **09/21** | $12405 | $14911 |
| **10/21** | $12602 | $15058 |
| **11/21** | $11929 | $14444 |
| **12/21** | $11990 | $14715 |
| **01/22** | $11865 | $14436 |
| **02/22** | $11085 | $14005 |
| **03/22** | $10815 | $13689 |
| **04/22** | $10077 | $12927 |
| **05/22** | $10201 | $12984 |
| **06/22** | $9390 | $12121 |
| **07/22** | $9588 | $12092 |
| **08/22** | $9528 | $12142 |
| **09/22** | $8415 | $10719 |
| **10/22** | $8488 | $10386 |
| **11/22** | $9725 | $11926 |
| **12/22** | $9376 | $11759 |
| **01/23** | $10361 | $12687 |
| **02/23** | $9694 | $11864 |
| **03/23** | $10107 | $12224 |
| **04/23** | $9980 | $12085 |
| **05/23** | $9810 | $11882 |
| **06/23** | $10234 | $12333 |
| **07/23** | $10753 | $13101 |
| **08/23** | $10021 | $12294 |
| **09/23** | $9724 | $11973 |
| **10/23** | $9470 | $11507 |
| **11/23** | $10116 | $12428 |
| **12/23** | $10506 | $12914 |
| **01/24** | $10141 | $12315 |
| **02/24** | $10602 | $12900 |
| **03/24** | $10903 | $13220 |
| **04/24** | $10870 | $13279 |
| **05/24** | $11053 | $13354 |
| **06/24** | $11439 | $13881 |
| **07/24** | $11364 | $13922 |
| **08/24** | $11479 | $14147 |
| **09/24** | $12114 | $15092 |
| **10/24** | $11544 | $14421 |
| **11/24** | $11286 | $13902 |
| **12/24** | $11231 | $13883 |
| **01/25** | $11470 | $14131 |
| **02/25** | $11448 | $14200 |
| **03/25** | $11535 | $14290 |
| **04/25** | $11632 | $14478 |
| **05/25** | $12185 | $15095 |
| **06/25** | $12879 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 12.58% | 4.53% | 2.56% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $132419931 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $532502 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Tencent Holdings Ltd. | 5.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5.6% |
| China Merchants Bank Co. Ltd., Class H | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.0% |
| HDFC Bank Ltd. ADR | 2.7% |
| Bharti Airtel Ltd. | 2.1% |
| ICICI Bank Ltd. ADR | 2.1% |
| Shinhan Financial Group Co. Ltd. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 24.6% |
| Financials | 23.7% |
| Consumer Discretionary | 11.1% |
| Industrials | 10.5% |
| Communication Services | 7.9% |
| Consumer Staples | 6.1% |
| Energy | 5.5% |
| Materials | 4.6% |
| Real Estate | 3.6% |
| Health Care | 2.1% |
| Other (includes short-term investments) | 0.3% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Core Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLEOX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Core Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $56 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i5bac687dcb139f3f9628ce11.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI Emerging Markets Index** |
| **04/18** | $1000000 | $1000000 |
| **04/18** | $989353 | $1000000 |
| **05/18** | $951679 | $964566 |
| **06/18** | $923014 | $924491 |
| **07/18** | $945946 | $944799 |
| **08/18** | $905970 | $919253 |
| **09/18** | $896140 | $914372 |
| **10/18** | $824056 | $834746 |
| **11/18** | $856821 | $869145 |
| **12/18** | $824819 | $846121 |
| **01/19** | $908219 | $920205 |
| **02/19** | $904049 | $922274 |
| **03/19** | $914891 | $930015 |
| **04/19** | $934907 | $949591 |
| **05/19** | $869855 | $880688 |
| **06/19** | $927401 | $935653 |
| **07/19** | $914057 | $924212 |
| **08/19** | $869036 | $879150 |
| **09/19** | $893222 | $895933 |
| **10/19** | $926583 | $933714 |
| **11/19** | $930753 | $932429 |
| **12/19** | $1003738 | $1001993 |
| **01/20** | $947597 | $955280 |
| **02/20** | $900812 | $904908 |
| **03/20** | $726434 | $765534 |
| **04/20** | $784276 | $835634 |
| **05/20** | $802140 | $842052 |
| **06/20** | $854878 | $903951 |
| **07/20** | $933136 | $984728 |
| **08/20** | $951605 | $1006495 |
| **09/20** | $935432 | $990352 |
| **10/20** | $952456 | $1010753 |
| **11/20** | $1045233 | $1104235 |
| **12/20** | $1123856 | $1185410 |
| **01/21** | $1152102 | $1221752 |
| **02/21** | $1170933 | $1231099 |
| **03/21** | $1145254 | $1212506 |
| **04/21** | $1152102 | $1242695 |
| **05/21** | $1165797 | $1271513 |
| **06/21** | $1164085 | $1273704 |
| **07/21** | $1087050 | $1187986 |
| **08/21** | $1085574 | $1219082 |
| **09/21** | $1031596 | $1170635 |
| **10/21** | $1047875 | $1182180 |
| **11/21** | $992183 | $1134005 |
| **12/21** | $998062 | $1155283 |
| **01/22** | $987711 | $1133415 |
| **02/22** | $923014 | $1099537 |
| **03/22** | $900585 | $1074703 |
| **04/22** | $839339 | $1014921 |
| **05/22** | $849690 | $1019390 |
| **06/22** | $782405 | $951652 |
| **07/22** | $799658 | $949314 |
| **08/22** | $793809 | $953277 |
| **09/22** | $702348 | $841522 |
| **10/22** | $708388 | $815394 |
| **11/22** | $811065 | $936332 |
| **12/22** | $782714 | $923171 |
| **01/23** | $864687 | $996066 |
| **02/23** | $810038 | $931479 |
| **03/23** | $844414 | $959691 |
| **04/23** | $833837 | $948815 |
| **05/23** | $819734 | $932878 |
| **06/23** | $854991 | $968299 |
| **07/23** | $899063 | $1028577 |
| **08/23** | $838128 | $965217 |
| **09/23** | $813425 | $939974 |
| **10/23** | $792251 | $903452 |
| **11/23** | $846950 | $975755 |
| **12/23** | $879112 | $1013901 |
| **01/24** | $849570 | $966822 |
| **02/24** | $888960 | $1012816 |
| **03/24** | $913131 | $1037913 |
| **04/24** | $911341 | $1042557 |
| **05/24** | $927455 | $1048446 |
| **06/24** | $958788 | $1089800 |
| **07/24** | $953416 | $1093044 |
| **08/24** | $963929 | $1110691 |
| **09/24** | $1016882 | $1184858 |
| **10/24** | $969314 | $1132163 |
| **11/24** | $947773 | $1091485 |
| **12/24** | $943337 | $1089986 |
| **01/25** | $963292 | $1109464 |
| **02/25** | $962385 | $1114839 |
| **03/25** | $969641 | $1121896 |
| **04/25** | $978712 | $1136639 |
| **05/25** | $1024972 | $1185131 |
| **06/25** | $1083023 | $1256390 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 4/6/18 |
| R6 Shares | 12.96% | 4.84% | 1.11% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 3.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $132419931 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $532502 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6.1% |
| Tencent Holdings Ltd. | 5.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5.6% |
| China Merchants Bank Co. Ltd., Class H | 4.3% |
| Alibaba Group Holding Ltd. | 3.6% |
| Samsung Electronics Co. Ltd. | 3.0% |
| HDFC Bank Ltd. ADR | 2.7% |
| Bharti Airtel Ltd. | 2.1% |
| ICICI Bank Ltd. ADR | 2.1% |
| Shinhan Financial Group Co. Ltd. | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 24.6% |
| Financials | 23.7% |
| Consumer Discretionary | 11.1% |
| Industrials | 10.5% |
| Communication Services | 7.9% |
| Consumer Staples | 6.1% |
| Energy | 5.5% |
| Materials | 4.6% |
| Real Estate | 3.6% |
| Health Care | 2.1% |
| Other (includes short-term investments) | 0.3% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEAIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $48 | 0.89% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](icea386a6e1f21857f170b87b.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9341 | $9307 |
| **08/15** | $8610 | $8465 |
| **09/15** | $8465 | $8210 |
| **10/15** | $9001 | $8796 |
| **11/15** | $8682 | $8453 |
| **12/15** | $8447 | $8265 |
| **01/16** | $8028 | $7728 |
| **02/16** | $7944 | $7716 |
| **03/16** | $8930 | $8737 |
| **04/16** | $8919 | $8784 |
| **05/16** | $8678 | $8457 |
| **06/16** | $9055 | $8795 |
| **07/16** | $9422 | $9237 |
| **08/16** | $9673 | $9467 |
| **09/16** | $9830 | $9588 |
| **10/16** | $9819 | $9611 |
| **11/16** | $9326 | $9169 |
| **12/16** | $9278 | $9189 |
| **01/17** | $9885 | $9692 |
| **02/17** | $10141 | $9989 |
| **03/17** | $10461 | $10241 |
| **04/17** | $10738 | $10465 |
| **05/17** | $11100 | $10774 |
| **06/17** | $11345 | $10883 |
| **07/17** | $12048 | $11531 |
| **08/17** | $12389 | $11789 |
| **09/17** | $12421 | $11742 |
| **10/17** | $12740 | $12153 |
| **11/17** | $12825 | $12178 |
| **12/17** | $13223 | $12615 |
| **01/18** | $14312 | $13666 |
| **02/18** | $13611 | $13036 |
| **03/18** | $13536 | $12794 |
| **04/18** | $13255 | $12737 |
| **05/18** | $12975 | $12286 |
| **06/18** | $12382 | $11775 |
| **07/18** | $12576 | $12034 |
| **08/18** | $12307 | $11709 |
| **09/18** | $12264 | $11646 |
| **10/18** | $11132 | $10632 |
| **11/18** | $11542 | $11070 |
| **12/18** | $11077 | $10777 |
| **01/19** | $12204 | $11721 |
| **02/19** | $12138 | $11747 |
| **03/19** | $12314 | $11846 |
| **04/19** | $12524 | $12095 |
| **05/19** | $11641 | $11217 |
| **06/19** | $12392 | $11918 |
| **07/19** | $12171 | $11772 |
| **08/19** | $11740 | $11198 |
| **09/19** | $11983 | $11412 |
| **10/19** | $12436 | $11893 |
| **11/19** | $12414 | $11876 |
| **12/19** | $13341 | $12763 |
| **01/20** | $12632 | $12168 |
| **02/20** | $12148 | $11526 |
| **03/20** | $10189 | $9751 |
| **04/20** | $11022 | $10644 |
| **05/20** | $11326 | $10725 |
| **06/20** | $11990 | $11514 |
| **07/20** | $13229 | $12543 |
| **08/20** | $13518 | $12820 |
| **09/20** | $13281 | $12614 |
| **10/20** | $13563 | $12874 |
| **11/20** | $14577 | $14065 |
| **12/20** | $15662 | $15099 |
| **01/21** | $16242 | $15562 |
| **02/21** | $16469 | $15681 |
| **03/21** | $16480 | $15444 |
| **04/21** | $16889 | $15828 |
| **05/21** | $17048 | $16195 |
| **06/21** | $17378 | $16223 |
| **07/21** | $16299 | $15132 |
| **08/21** | $16418 | $15528 |
| **09/21** | $15707 | $14911 |
| **10/21** | $15971 | $15058 |
| **11/21** | $15260 | $14444 |
| **12/21** | $15812 | $14715 |
| **01/22** | $15640 | $14436 |
| **02/22** | $14977 | $14005 |
| **03/22** | $14609 | $13689 |
| **04/22** | $13737 | $12927 |
| **05/22** | $14020 | $12984 |
| **06/22** | $13038 | $12121 |
| **07/22** | $12989 | $12092 |
| **08/22** | $12830 | $12142 |
| **09/22** | $11413 | $10719 |
| **10/22** | $11105 | $10386 |
| **11/22** | $12892 | $11926 |
| **12/22** | $12490 | $11759 |
| **01/23** | $13646 | $12687 |
| **02/23** | $12833 | $11864 |
| **03/23** | $13315 | $12224 |
| **04/23** | $13176 | $12085 |
| **05/23** | $12960 | $11882 |
| **06/23** | $13481 | $12333 |
| **07/23** | $14229 | $13101 |
| **08/23** | $13452 | $12294 |
| **09/23** | $13185 | $11973 |
| **10/23** | $12728 | $11507 |
| **11/23** | $13592 | $12428 |
| **12/23** | $14069 | $12914 |
| **01/24** | $13733 | $12315 |
| **02/24** | $14587 | $12900 |
| **03/24** | $14859 | $13220 |
| **04/24** | $14872 | $13279 |
| **05/24** | $15196 | $13354 |
| **06/24** | $15649 | $13881 |
| **07/24** | $15636 | $13922 |
| **08/24** | $15787 | $14147 |
| **09/24** | $16669 | $15092 |
| **10/24** | $16060 | $14421 |
| **11/24** | $15671 | $13902 |
| **12/24** | $15675 | $13883 |
| **01/25** | $15977 | $14131 |
| **02/25** | $15938 | $14200 |
| **03/25** | $16148 | $14290 |
| **04/25** | $16292 | $14478 |
| **05/25** | $17028 | $15095 |
| **06/25** | $18211 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 16.37% | 8.72% | 6.18% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $308259087 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $900358 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 2.8% |
| Samsung Electronics Co. Ltd. GDR | 2.7% |
| Xiaomi Corp., Class B | 1.9% |
| Hana Financial Group, Inc. | 1.6% |
| Delta Electronics, Inc. | 1.5% |
| SK Hynix, Inc. | 1.5% |
| MediaTek, Inc. | 1.5% |
| OTP Bank Nyrt | 1.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 23.9% |
| Financials | 23.4% |
| Consumer Discretionary | 12.6% |
| Communication Services | 9.8% |
| Industrials | 7.4% |
| Materials | 5.7% |
| Consumer Staples | 4.0% |
| Energy | 3.9% |
| Health Care | 3.6% |
| Utilities | 2.6% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LEAOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $62 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](if5c6427faf6cdf2184f254f7.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9331 | $9307 |
| **08/15** | $8610 | $8465 |
| **09/15** | $8455 | $8210 |
| **10/15** | $8991 | $8796 |
| **11/15** | $8671 | $8453 |
| **12/15** | $8432 | $8265 |
| **01/16** | $8013 | $7728 |
| **02/16** | $7929 | $7716 |
| **03/16** | $8913 | $8737 |
| **04/16** | $8892 | $8784 |
| **05/16** | $8651 | $8457 |
| **06/16** | $9028 | $8795 |
| **07/16** | $9383 | $9237 |
| **08/16** | $9633 | $9467 |
| **09/16** | $9790 | $9588 |
| **10/16** | $9780 | $9611 |
| **11/16** | $9288 | $9169 |
| **12/16** | $9233 | $9189 |
| **01/17** | $9837 | $9692 |
| **02/17** | $10092 | $9989 |
| **03/17** | $10399 | $10241 |
| **04/17** | $10675 | $10465 |
| **05/17** | $11035 | $10774 |
| **06/17** | $11269 | $10883 |
| **07/17** | $11968 | $11531 |
| **08/17** | $12307 | $11789 |
| **09/17** | $12339 | $11742 |
| **10/17** | $12647 | $12153 |
| **11/17** | $12731 | $12178 |
| **12/17** | $13120 | $12615 |
| **01/18** | $14200 | $13666 |
| **02/18** | $13494 | $13036 |
| **03/18** | $13419 | $12794 |
| **04/18** | $13141 | $12737 |
| **05/18** | $12863 | $12286 |
| **06/18** | $12275 | $11775 |
| **07/18** | $12467 | $12034 |
| **08/18** | $12189 | $11709 |
| **09/18** | $12147 | $11646 |
| **10/18** | $11024 | $10632 |
| **11/18** | $11430 | $11070 |
| **12/18** | $10968 | $10777 |
| **01/19** | $12072 | $11721 |
| **02/19** | $12006 | $11747 |
| **03/19** | $12181 | $11846 |
| **04/19** | $12378 | $12095 |
| **05/19** | $11504 | $11217 |
| **06/19** | $12246 | $11918 |
| **07/19** | $12028 | $11772 |
| **08/19** | $11591 | $11198 |
| **09/19** | $11831 | $11412 |
| **10/19** | $12268 | $11893 |
| **11/19** | $12257 | $11876 |
| **12/19** | $13158 | $12763 |
| **01/20** | $12459 | $12168 |
| **02/20** | $11981 | $11526 |
| **03/20** | $10038 | $9751 |
| **04/20** | $10871 | $10644 |
| **05/20** | $11160 | $10725 |
| **06/20** | $11815 | $11514 |
| **07/20** | $13036 | $12543 |
| **08/20** | $13310 | $12820 |
| **09/20** | $13077 | $12614 |
| **10/20** | $13355 | $12874 |
| **11/20** | $14344 | $14065 |
| **12/20** | $15409 | $15099 |
| **01/21** | $15979 | $15562 |
| **02/21** | $16191 | $15681 |
| **03/21** | $16202 | $15444 |
| **04/21** | $16605 | $15828 |
| **05/21** | $16750 | $16195 |
| **06/21** | $17074 | $16223 |
| **07/21** | $16012 | $15132 |
| **08/21** | $16130 | $15528 |
| **09/21** | $15419 | $14911 |
| **10/21** | $15679 | $15058 |
| **11/21** | $14979 | $14444 |
| **12/21** | $15506 | $14715 |
| **01/22** | $15338 | $14436 |
| **02/22** | $14675 | $14005 |
| **03/22** | $14326 | $13689 |
| **04/22** | $13460 | $12927 |
| **05/22** | $13736 | $12984 |
| **06/22** | $12761 | $12121 |
| **07/22** | $12713 | $12092 |
| **08/22** | $12558 | $12142 |
| **09/22** | $11180 | $10719 |
| **10/22** | $10866 | $10386 |
| **11/22** | $12618 | $11926 |
| **12/22** | $12218 | $11759 |
| **01/23** | $13348 | $12687 |
| **02/23** | $12553 | $11864 |
| **03/23** | $13012 | $12224 |
| **04/23** | $12888 | $12085 |
| **05/23** | $12665 | $11882 |
| **06/23** | $13174 | $12333 |
| **07/23** | $13906 | $13101 |
| **08/23** | $13133 | $12294 |
| **09/23** | $12873 | $11973 |
| **10/23** | $12425 | $11507 |
| **11/23** | $13270 | $12428 |
| **12/23** | $13728 | $12914 |
| **01/24** | $13387 | $12315 |
| **02/24** | $14221 | $12900 |
| **03/24** | $14486 | $13220 |
| **04/24** | $14486 | $13279 |
| **05/24** | $14802 | $13354 |
| **06/24** | $15244 | $13881 |
| **07/24** | $15219 | $13922 |
| **08/24** | $15367 | $14147 |
| **09/24** | $16227 | $15092 |
| **10/24** | $15632 | $14421 |
| **11/24** | $15253 | $13902 |
| **12/24** | $15257 | $13883 |
| **01/25** | $15538 | $14131 |
| **02/25** | $15487 | $14200 |
| **03/25** | $15692 | $14290 |
| **04/25** | $15820 | $14478 |
| **05/25** | $16536 | $15095 |
| **06/25** | $17687 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 16.03% | 8.40% | 5.87% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $308259087 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $900358 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 2.8% |
| Samsung Electronics Co. Ltd. GDR | 2.7% |
| Xiaomi Corp., Class B | 1.9% |
| Hana Financial Group, Inc. | 1.6% |
| Delta Electronics, Inc. | 1.5% |
| SK Hynix, Inc. | 1.5% |
| MediaTek, Inc. | 1.5% |
| OTP Bank Nyrt | 1.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 23.9% |
| Financials | 23.4% |
| Consumer Discretionary | 12.6% |
| Communication Services | 9.8% |
| Industrials | 7.4% |
| Materials | 5.7% |
| Consumer Staples | 4.0% |
| Energy | 3.9% |
| Health Care | 3.6% |
| Utilities | 2.6% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# READX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $46 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i1a7bde55a2feb21b4a469a25.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI Emerging Markets Index** |
| **02/23** | $1000000 | $1000000 |
| **02/23** | $984421 | $1000000 |
| **03/23** | $1021422 | $1030287 |
| **04/23** | $1011685 | $1018611 |
| **05/23** | $995131 | $1001502 |
| **06/23** | $1034080 | $1039529 |
| **07/23** | $1092502 | $1104242 |
| **08/23** | $1032863 | $1036220 |
| **09/23** | $1012401 | $1009121 |
| **10/23** | $977323 | $969911 |
| **11/23** | $1043582 | $1047533 |
| **12/23** | $1079789 | $1088486 |
| **01/24** | $1053962 | $1037944 |
| **02/24** | $1120517 | $1087321 |
| **03/24** | $1141378 | $1114264 |
| **04/24** | $1141378 | $1119250 |
| **05/24** | $1166212 | $1125572 |
| **06/24** | $1201973 | $1169968 |
| **07/24** | $1199987 | $1173450 |
| **08/24** | $1212639 | $1192396 |
| **09/24** | $1280284 | $1272018 |
| **10/24** | $1233530 | $1215448 |
| **11/24** | $1203686 | $1171776 |
| **12/24** | $1204501 | $1170167 |
| **01/25** | $1226695 | $1191078 |
| **02/25** | $1223669 | $1196849 |
| **03/25** | $1239809 | $1204425 |
| **04/25** | $1250906 | $1220253 |
| **05/25** | $1307399 | $1272311 |
| **06/25** | $1399199 | $1348812 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 2/22/23 |
| R6 Shares | 16.41% | 15.34% |
| MSCI Emerging Markets Index | 15.29% | 12.67% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $308259087 |
| # of Portfolio Holdings | 264 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $900358 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 2.8% |
| Samsung Electronics Co. Ltd. GDR | 2.7% |
| Xiaomi Corp., Class B | 1.9% |
| Hana Financial Group, Inc. | 1.6% |
| Delta Electronics, Inc. | 1.5% |
| SK Hynix, Inc. | 1.5% |
| MediaTek, Inc. | 1.5% |
| OTP Bank Nyrt | 1.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 23.9% |
| Financials | 23.4% |
| Consumer Discretionary | 12.6% |
| Communication Services | 9.8% |
| Industrials | 7.4% |
| Materials | 5.7% |
| Consumer Staples | 4.0% |
| Energy | 3.9% |
| Health Care | 3.6% |
| Utilities | 2.6% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZEMX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $59 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i81c0e93a2f21a77f00135e28.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9471 | $9307 |
| **08/15** | $8536 | $8465 |
| **09/15** | $8093 | $8210 |
| **10/15** | $8665 | $8796 |
| **11/15** | $8447 | $8453 |
| **12/15** | $8069 | $8265 |
| **01/16** | $7847 | $7728 |
| **02/16** | $7697 | $7716 |
| **03/16** | $8771 | $8737 |
| **04/16** | $9035 | $8784 |
| **05/16** | $8693 | $8457 |
| **06/16** | $9192 | $8795 |
| **07/16** | $9624 | $9237 |
| **08/16** | $9763 | $9467 |
| **09/16** | $10005 | $9588 |
| **10/16** | $10065 | $9611 |
| **11/16** | $9503 | $9169 |
| **12/16** | $9724 | $9189 |
| **01/17** | $10206 | $9692 |
| **02/17** | $10486 | $9989 |
| **03/17** | $10736 | $10241 |
| **04/17** | $10931 | $10465 |
| **05/17** | $11022 | $10774 |
| **06/17** | $10967 | $10883 |
| **07/17** | $11564 | $11531 |
| **08/17** | $11806 | $11789 |
| **09/17** | $11714 | $11742 |
| **10/17** | $11990 | $12153 |
| **11/17** | $11959 | $12178 |
| **12/17** | $12449 | $12615 |
| **01/18** | $13468 | $13666 |
| **02/18** | $12872 | $13036 |
| **03/18** | $12704 | $12794 |
| **04/18** | $12324 | $12737 |
| **05/18** | $11497 | $12286 |
| **06/18** | $10975 | $11775 |
| **07/18** | $11305 | $12034 |
| **08/18** | $10702 | $11709 |
| **09/18** | $10796 | $11646 |
| **10/18** | $10234 | $10632 |
| **11/18** | $10571 | $11070 |
| **12/18** | $10197 | $10777 |
| **01/19** | $11378 | $11721 |
| **02/19** | $11029 | $11747 |
| **03/19** | $10965 | $11846 |
| **04/19** | $11213 | $12095 |
| **05/19** | $10711 | $11217 |
| **06/19** | $11257 | $11918 |
| **07/19** | $11022 | $11772 |
| **08/19** | $10445 | $11198 |
| **09/19** | $10829 | $11412 |
| **10/19** | $11233 | $11893 |
| **11/19** | $11226 | $11876 |
| **12/19** | $12037 | $12763 |
| **01/20** | $11294 | $12168 |
| **02/20** | $10525 | $11526 |
| **03/20** | $8415 | $9751 |
| **04/20** | $9014 | $10644 |
| **05/20** | $9190 | $10725 |
| **06/20** | $9464 | $11514 |
| **07/20** | $9965 | $12543 |
| **08/20** | $9864 | $12820 |
| **09/20** | $9705 | $12614 |
| **10/20** | $9699 | $12874 |
| **11/20** | $11079 | $14065 |
| **12/20** | $12031 | $15099 |
| **01/21** | $12071 | $15562 |
| **02/21** | $12305 | $15681 |
| **03/21** | $12632 | $15444 |
| **04/21** | $12772 | $15828 |
| **05/21** | $13412 | $16195 |
| **06/21** | $13332 | $16223 |
| **07/21** | $12772 | $15132 |
| **08/21** | $13108 | $15528 |
| **09/21** | $12721 | $14911 |
| **10/21** | $12748 | $15058 |
| **11/21** | $12191 | $14444 |
| **12/21** | $12679 | $14715 |
| **01/22** | $12938 | $14436 |
| **02/22** | $12371 | $14005 |
| **03/22** | $12168 | $13689 |
| **04/22** | $11545 | $12927 |
| **05/22** | $11923 | $12984 |
| **06/22** | $10769 | $12121 |
| **07/22** | $10881 | $12092 |
| **08/22** | $10734 | $12142 |
| **09/22** | $9607 | $10719 |
| **10/22** | $9719 | $10386 |
| **11/22** | $11091 | $11926 |
| **12/22** | $10794 | $11759 |
| **01/23** | $11758 | $12687 |
| **02/23** | $11343 | $11864 |
| **03/23** | $11646 | $12224 |
| **04/23** | $11750 | $12085 |
| **05/23** | $11498 | $11882 |
| **06/23** | $12224 | $12333 |
| **07/23** | $12735 | $13101 |
| **08/23** | $12180 | $12294 |
| **09/23** | $12069 | $11973 |
| **10/23** | $11832 | $11507 |
| **11/23** | $12669 | $12428 |
| **12/23** | $13211 | $12914 |
| **01/24** | $12757 | $12315 |
| **02/24** | $13319 | $12900 |
| **03/24** | $13534 | $13220 |
| **04/24** | $13619 | $13279 |
| **05/24** | $13950 | $13354 |
| **06/24** | $14304 | $13881 |
| **07/24** | $14427 | $13922 |
| **08/24** | $14804 | $14147 |
| **09/24** | $15658 | $15092 |
| **10/24** | $14734 | $14421 |
| **11/24** | $14388 | $13902 |
| **12/24** | $14214 | $13883 |
| **01/25** | $14841 | $14131 |
| **02/25** | $14849 | $14200 |
| **03/25** | $15095 | $14290 |
| **04/25** | $15483 | $14478 |
| **05/25** | $16118 | $15095 |
| **06/25** | $17109 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 19.62% | 12.57% | 5.52% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4108423433 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $17425904 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SK Hynix, Inc. | 3.1% |
| China Construction Bank Corp., Class H | 3.1% |
| Indus Towers Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.2% |
| OTP Bank Nyrt | 2.0% |
| BB Seguridade Participacoes SA | 1.9% |
| China Merchants Bank Co. Ltd., Class H | 1.8% |
| ASE Technology Holding Co. Ltd. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.9% |
| Information Technology | 18.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 9.3% |
| Consumer Staples | 7.3% |
| Industrials | 7.1% |
| Materials | 6.7% |
| Energy | 5.4% |
| Health Care | 4.2% |
| Utilities | 1.7% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZOEX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $72 | 1.33% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i66fbc430fa3d07268a4e6892.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $9467 | $9307 |
| **08/15** | $8532 | $8465 |
| **09/15** | $8088 | $8210 |
| **10/15** | $8664 | $8796 |
| **11/15** | $8439 | $8453 |
| **12/15** | $8063 | $8265 |
| **01/16** | $7835 | $7728 |
| **02/16** | $7684 | $7716 |
| **03/16** | $8757 | $8737 |
| **04/16** | $9020 | $8784 |
| **05/16** | $8675 | $8457 |
| **06/16** | $9171 | $8795 |
| **07/16** | $9603 | $9237 |
| **08/16** | $9732 | $9467 |
| **09/16** | $9973 | $9588 |
| **10/16** | $10032 | $9611 |
| **11/16** | $9469 | $9169 |
| **12/16** | $9689 | $9189 |
| **01/17** | $10161 | $9692 |
| **02/17** | $10445 | $9989 |
| **03/17** | $10693 | $10241 |
| **04/17** | $10882 | $10465 |
| **05/17** | $10970 | $10774 |
| **06/17** | $10911 | $10883 |
| **07/17** | $11507 | $11531 |
| **08/17** | $11742 | $11789 |
| **09/17** | $11653 | $11742 |
| **10/17** | $11926 | $12153 |
| **11/17** | $11890 | $12178 |
| **12/17** | $12376 | $12615 |
| **01/18** | $13385 | $13666 |
| **02/18** | $12790 | $13036 |
| **03/18** | $12616 | $12794 |
| **04/18** | $12238 | $12737 |
| **05/18** | $11415 | $12286 |
| **06/18** | $10892 | $11775 |
| **07/18** | $11216 | $12034 |
| **08/18** | $10617 | $11709 |
| **09/18** | $10707 | $11646 |
| **10/18** | $10146 | $10632 |
| **11/18** | $10478 | $11070 |
| **12/18** | $10109 | $10777 |
| **01/19** | $11277 | $11721 |
| **02/19** | $10929 | $11747 |
| **03/19** | $10861 | $11846 |
| **04/19** | $11106 | $12095 |
| **05/19** | $10611 | $11217 |
| **06/19** | $11149 | $11918 |
| **07/19** | $10910 | $11772 |
| **08/19** | $10336 | $11198 |
| **09/19** | $10712 | $11412 |
| **10/19** | $11113 | $11893 |
| **11/19** | $11107 | $11876 |
| **12/19** | $11901 | $12763 |
| **01/20** | $11170 | $12168 |
| **02/20** | $10407 | $11526 |
| **03/20** | $8311 | $9751 |
| **04/20** | $8906 | $10644 |
| **05/20** | $9074 | $10725 |
| **06/20** | $9343 | $11514 |
| **07/20** | $9837 | $12543 |
| **08/20** | $9734 | $12820 |
| **09/20** | $9575 | $12614 |
| **10/20** | $9575 | $12874 |
| **11/20** | $10932 | $14065 |
| **12/20** | $11867 | $15099 |
| **01/21** | $11899 | $15562 |
| **02/21** | $12129 | $15681 |
| **03/21** | $12454 | $15444 |
| **04/21** | $12582 | $15828 |
| **05/21** | $13214 | $16195 |
| **06/21** | $13131 | $16223 |
| **07/21** | $12576 | $15132 |
| **08/21** | $12904 | $15528 |
| **09/21** | $12527 | $14911 |
| **10/21** | $12547 | $15058 |
| **11/21** | $11994 | $14444 |
| **12/21** | $12476 | $14715 |
| **01/22** | $12723 | $14436 |
| **02/22** | $12163 | $14005 |
| **03/22** | $11963 | $13689 |
| **04/22** | $11349 | $12927 |
| **05/22** | $11722 | $12984 |
| **06/22** | $10581 | $12121 |
| **07/22** | $10695 | $12092 |
| **08/22** | $10548 | $12142 |
| **09/22** | $9434 | $10719 |
| **10/22** | $9547 | $10386 |
| **11/22** | $10888 | $11926 |
| **12/22** | $10593 | $11759 |
| **01/23** | $11536 | $12687 |
| **02/23** | $11121 | $11864 |
| **03/23** | $11423 | $12224 |
| **04/23** | $11522 | $12085 |
| **05/23** | $11268 | $11882 |
| **06/23** | $11986 | $12333 |
| **07/23** | $12478 | $13101 |
| **08/23** | $11937 | $12294 |
| **09/23** | $11824 | $11973 |
| **10/23** | $11585 | $11507 |
| **11/23** | $12408 | $12428 |
| **12/23** | $12926 | $12914 |
| **01/24** | $12482 | $12315 |
| **02/24** | $13036 | $12900 |
| **03/24** | $13239 | $13220 |
| **04/24** | $13319 | $13279 |
| **05/24** | $13640 | $13354 |
| **06/24** | $13982 | $13881 |
| **07/24** | $14098 | $13922 |
| **08/24** | $14469 | $14147 |
| **09/24** | $15299 | $15092 |
| **10/24** | $14389 | $14421 |
| **11/24** | $14055 | $13902 |
| **12/24** | $13877 | $13883 |
| **01/25** | $14490 | $14131 |
| **02/25** | $14490 | $14200 |
| **03/25** | $14729 | $14290 |
| **04/25** | $15103 | $14478 |
| **05/25** | $15716 | $15095 |
| **06/25** | $16681 | $16003 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 19.30% | 12.29% | 5.25% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4108423433 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $17425904 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SK Hynix, Inc. | 3.1% |
| China Construction Bank Corp., Class H | 3.1% |
| Indus Towers Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.2% |
| OTP Bank Nyrt | 2.0% |
| BB Seguridade Participacoes SA | 1.9% |
| China Merchants Bank Co. Ltd., Class H | 1.8% |
| ASE Technology Holding Co. Ltd. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.9% |
| Information Technology | 18.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 9.3% |
| Consumer Staples | 7.3% |
| Industrials | 7.1% |
| Materials | 6.7% |
| Energy | 5.4% |
| Health Care | 4.2% |
| Utilities | 1.7% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLEMX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $59 | 1.07% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ife5586a6d17c641b18f19f89.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI Emerging Markets Index** |
| **06/15** | $1000000 | $1000000 |
| **07/15** | $947059 | $930681 |
| **08/15** | $853472 | $846504 |
| **09/15** | $809174 | $821037 |
| **10/15** | $867057 | $879605 |
| **11/15** | $845203 | $845294 |
| **12/15** | $807170 | $826450 |
| **01/16** | $784349 | $772835 |
| **02/16** | $769334 | $771571 |
| **03/16** | $877438 | $873671 |
| **04/16** | $903863 | $878419 |
| **05/16** | $869029 | $845652 |
| **06/16** | $919478 | $879450 |
| **07/16** | $962719 | $923706 |
| **08/16** | $976048 | $946662 |
| **09/16** | $1000811 | $958835 |
| **10/16** | $1006851 | $961121 |
| **11/16** | $950076 | $916880 |
| **12/16** | $972766 | $918904 |
| **01/17** | $1020307 | $969189 |
| **02/17** | $1048344 | $998858 |
| **03/17** | $1073944 | $1024072 |
| **04/17** | $1093448 | $1046492 |
| **05/17** | $1102590 | $1077431 |
| **06/17** | $1097105 | $1088277 |
| **07/17** | $1156836 | $1153150 |
| **08/17** | $1180416 | $1178871 |
| **09/17** | $1171840 | $1174183 |
| **10/17** | $1199405 | $1215346 |
| **11/17** | $1196343 | $1217785 |
| **12/17** | $1245308 | $1261500 |
| **01/18** | $1347321 | $1366640 |
| **02/18** | $1287606 | $1303612 |
| **03/18** | $1270811 | $1279374 |
| **04/18** | $1232867 | $1273714 |
| **05/18** | $1150137 | $1228582 |
| **06/18** | $1097887 | $1177538 |
| **07/18** | $1130854 | $1203405 |
| **08/18** | $1070619 | $1170866 |
| **09/18** | $1079983 | $1164649 |
| **10/18** | $1023799 | $1063227 |
| **11/18** | $1056885 | $1107043 |
| **12/18** | $1020045 | $1077716 |
| **01/19** | $1138182 | $1172079 |
| **02/19** | $1102614 | $1174714 |
| **03/19** | $1096897 | $1184573 |
| **04/19** | $1121668 | $1209508 |
| **05/19** | $1071491 | $1121745 |
| **06/19** | $1126114 | $1191754 |
| **07/19** | $1102614 | $1177182 |
| **08/19** | $1044853 | $1119786 |
| **09/19** | $1083314 | $1141162 |
| **10/19** | $1123698 | $1189285 |
| **11/19** | $1123057 | $1187649 |
| **12/19** | $1203442 | $1276253 |
| **01/20** | $1129815 | $1216754 |
| **02/20** | $1052930 | $1152595 |
| **03/20** | $841823 | $975072 |
| **04/20** | $901767 | $1064360 |
| **05/20** | $918708 | $1072534 |
| **06/20** | $946725 | $1151375 |
| **07/20** | $996896 | $1254262 |
| **08/20** | $986743 | $1281987 |
| **09/20** | $970881 | $1261425 |
| **10/20** | $970221 | $1287411 |
| **11/20** | $1108351 | $1406479 |
| **12/20** | $1203554 | $1509874 |
| **01/21** | $1207557 | $1556164 |
| **02/21** | $1230907 | $1568068 |
| **03/21** | $1264265 | $1544386 |
| **04/21** | $1277608 | $1582838 |
| **05/21** | $1341656 | $1619544 |
| **06/21** | $1333650 | $1622336 |
| **07/21** | $1277608 | $1513155 |
| **08/21** | $1311237 | $1552762 |
| **09/21** | $1273190 | $1491054 |
| **10/21** | $1275228 | $1505760 |
| **11/21** | $1219518 | $1444399 |
| **12/21** | $1269008 | $1471501 |
| **01/22** | $1294906 | $1443647 |
| **02/22** | $1238210 | $1400496 |
| **03/22** | $1217912 | $1368864 |
| **04/22** | $1155616 | $1292720 |
| **05/22** | $1193414 | $1298411 |
| **06/22** | $1077922 | $1212132 |
| **07/22** | $1089121 | $1209155 |
| **08/22** | $1074422 | $1214202 |
| **09/22** | $961730 | $1071859 |
| **10/22** | $972930 | $1038579 |
| **11/22** | $1110120 | $1192619 |
| **12/22** | $1080485 | $1175856 |
| **01/23** | $1176825 | $1268703 |
| **02/23** | $1135325 | $1186438 |
| **03/23** | $1165709 | $1222372 |
| **04/23** | $1176084 | $1208519 |
| **05/23** | $1150887 | $1188220 |
| **06/23** | $1223513 | $1233337 |
| **07/23** | $1274647 | $1310114 |
| **08/23** | $1219066 | $1229410 |
| **09/23** | $1207950 | $1197259 |
| **10/23** | $1184236 | $1150739 |
| **11/23** | $1267977 | $1242833 |
| **12/23** | $1322206 | $1291421 |
| **01/24** | $1276798 | $1231455 |
| **02/24** | $1333750 | $1290039 |
| **03/24** | $1354530 | $1322005 |
| **04/24** | $1362996 | $1327920 |
| **05/24** | $1396089 | $1335421 |
| **06/24** | $1431492 | $1388094 |
| **07/24** | $1443806 | $1392225 |
| **08/24** | $1482287 | $1414704 |
| **09/24** | $1566945 | $1509170 |
| **10/24** | $1474591 | $1442053 |
| **11/24** | $1440727 | $1390240 |
| **12/24** | $1422567 | $1388330 |
| **01/25** | $1485245 | $1413140 |
| **02/25** | $1486039 | $1419986 |
| **03/25** | $1510634 | $1428975 |
| **04/25** | $1549511 | $1447754 |
| **05/25** | $1612983 | $1509518 |
| **06/25** | $1712158 | $1600281 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 19.61% | 12.58% | 5.52% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4108423433 |
| # of Portfolio Holdings | 87 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $17425904 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.7% |
| SK Hynix, Inc. | 3.1% |
| China Construction Bank Corp., Class H | 3.1% |
| Indus Towers Ltd. | 2.2% |
| KB Financial Group, Inc. | 2.2% |
| OTP Bank Nyrt | 2.0% |
| BB Seguridade Participacoes SA | 1.9% |
| China Merchants Bank Co. Ltd., Class H | 1.8% |
| ASE Technology Holding Co. Ltd. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 26.9% |
| Information Technology | 18.7% |
| Communication Services | 9.5% |
| Consumer Discretionary | 9.3% |
| Consumer Staples | 7.3% |
| Industrials | 7.1% |
| Materials | 6.7% |
| Energy | 5.4% |
| Health Care | 4.2% |
| Utilities | 1.7% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Equity Franchise Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZFIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $51 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia093f44ed7f2bd44f9fab719.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** |
| **10/17** | $9950 | $10000 |
| **11/17** | $10390 | $10217 |
| **12/17** | $10425 | $10355 |
| **01/18** | $11038 | $10902 |
| **02/18** | $10475 | $10450 |
| **03/18** | $10284 | $10222 |
| **04/18** | $10706 | $10340 |
| **05/18** | $10626 | $10404 |
| **06/18** | $10576 | $10399 |
| **07/18** | $10786 | $10724 |
| **08/18** | $10880 | $10857 |
| **09/18** | $11001 | $10917 |
| **10/18** | $10668 | $10116 |
| **11/18** | $10940 | $10231 |
| **12/18** | $9893 | $9453 |
| **01/19** | $10699 | $10188 |
| **02/19** | $10945 | $10495 |
| **03/19** | $10609 | $10632 |
| **04/19** | $11437 | $11010 |
| **05/19** | $10497 | $10374 |
| **06/19** | $11169 | $11058 |
| **07/19** | $11169 | $11113 |
| **08/19** | $10650 | $10885 |
| **09/19** | $11323 | $11117 |
| **10/19** | $11547 | $11400 |
| **11/19** | $11794 | $11717 |
| **12/19** | $12040 | $12068 |
| **01/20** | $11590 | $11995 |
| **02/20** | $10323 | $10981 |
| **03/20** | $8027 | $9528 |
| **04/20** | $9104 | $10569 |
| **05/20** | $9495 | $11079 |
| **06/20** | $9518 | $11372 |
| **07/20** | $9944 | $11916 |
| **08/20** | $10148 | $12712 |
| **09/20** | $9982 | $12274 |
| **10/20** | $9888 | $11897 |
| **11/20** | $11676 | $13419 |
| **12/20** | $12178 | $13988 |
| **01/21** | $12142 | $13849 |
| **02/21** | $12381 | $14203 |
| **03/21** | $13172 | $14676 |
| **04/21** | $13771 | $15359 |
| **05/21** | $14561 | $15580 |
| **06/21** | $14238 | $15812 |
| **07/21** | $14202 | $16096 |
| **08/21** | $14334 | $16496 |
| **09/21** | $14046 | $15811 |
| **10/21** | $14286 | $16707 |
| **11/21** | $13902 | $16341 |
| **12/21** | $14949 | $17039 |
| **01/22** | $14728 | $16138 |
| **02/22** | $15019 | $15729 |
| **03/22** | $15684 | $16161 |
| **04/22** | $14963 | $14819 |
| **05/22** | $15310 | $14830 |
| **06/22** | $13868 | $13545 |
| **07/22** | $14395 | $14621 |
| **08/22** | $13925 | $14009 |
| **09/22** | $12511 | $12707 |
| **10/22** | $13657 | $13620 |
| **11/22** | $14689 | $14567 |
| **12/22** | $14171 | $13948 |
| **01/23** | $15547 | $14935 |
| **02/23** | $15219 | $14576 |
| **03/23** | $15313 | $15026 |
| **04/23** | $15797 | $15290 |
| **05/23** | $15140 | $15137 |
| **06/23** | $16095 | $16052 |
| **07/23** | $16454 | $16592 |
| **08/23** | $16063 | $16195 |
| **09/23** | $15313 | $15497 |
| **10/23** | $14515 | $15047 |
| **11/23** | $15844 | $16458 |
| **12/23** | $16821 | $17266 |
| **01/24** | $16515 | $17473 |
| **02/24** | $16838 | $18214 |
| **03/24** | $17008 | $18799 |
| **04/24** | $16089 | $18101 |
| **05/24** | $16379 | $18909 |
| **06/24** | $16072 | $19294 |
| **07/24** | $17331 | $19634 |
| **08/24** | $17824 | $20153 |
| **09/24** | $18164 | $20522 |
| **10/24** | $17297 | $20115 |
| **11/24** | $17433 | $21038 |
| **12/24** | $16289 | $20490 |
| **01/25** | $16934 | $21213 |
| **02/25** | $17345 | $21060 |
| **03/25** | $17423 | $20122 |
| **04/25** | $17873 | $20301 |
| **05/25** | $18518 | $21503 |
| **06/25** | $18948 | $22431 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 9/29/17 |
| Institutional Shares | 17.89% | 14.76% | 8.59% |
| MSCI World Index | 16.26% | 14.55% | 11.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $47903461 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $444982 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Nexi SpA | 6.4% |
| International Game Technology PLC | 6.4% |
| Omnicom Group, Inc. | 6.0% |
| FDJ UNITED | 5.3% |
| Fiserv, Inc. | 5.3% |
| Rentokil Initial PLC | 5.1% |
| Edenred SE | 5.1% |
| H&R Block, Inc. | 4.8% |
| Dentsply Sirona, Inc. | 4.5% |
| Severn Trent PLC | 4.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 21.5% |
| Consumer Discretionary | 16.5% |
| Utilities | 14.8% |
| Industrials | 13.9% |
| Health Care | 13.3% |
| Communication Services | 9.6% |
| Information Technology | 5.0% |
| Consumer Staples | 4.4% |
| Other (includes short-term investments) | 1.0% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Equity Franchise Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZFOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $65 | 1.21% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ie0433d3377a4d4506e3d96e5.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** |
| **10/17** | $9940 | $10000 |
| **11/17** | $10380 | $10217 |
| **12/17** | $10418 | $10355 |
| **01/18** | $11031 | $10902 |
| **02/18** | $10459 | $10450 |
| **03/18** | $10268 | $10222 |
| **04/18** | $10689 | $10340 |
| **05/18** | $10599 | $10404 |
| **06/18** | $10549 | $10399 |
| **07/18** | $10760 | $10724 |
| **08/18** | $10853 | $10857 |
| **09/18** | $10964 | $10917 |
| **10/18** | $10641 | $10116 |
| **11/18** | $10914 | $10231 |
| **12/18** | $9862 | $9453 |
| **01/19** | $10665 | $10188 |
| **02/19** | $10910 | $10495 |
| **03/19** | $10564 | $10632 |
| **04/19** | $11379 | $11010 |
| **05/19** | $10453 | $10374 |
| **06/19** | $11111 | $11058 |
| **07/19** | $11122 | $11113 |
| **08/19** | $10594 | $10885 |
| **09/19** | $11253 | $11117 |
| **10/19** | $11488 | $11400 |
| **11/19** | $11723 | $11717 |
| **12/19** | $11972 | $12068 |
| **01/20** | $11513 | $11995 |
| **02/20** | $10253 | $10981 |
| **03/20** | $7981 | $9528 |
| **04/20** | $9041 | $10569 |
| **05/20** | $9441 | $11079 |
| **06/20** | $9453 | $11372 |
| **07/20** | $9876 | $11916 |
| **08/20** | $10079 | $12712 |
| **09/20** | $9914 | $12274 |
| **10/20** | $9808 | $11897 |
| **11/20** | $11574 | $13419 |
| **12/20** | $12079 | $13988 |
| **01/21** | $12032 | $13849 |
| **02/21** | $12269 | $14203 |
| **03/21** | $13053 | $14676 |
| **04/21** | $13647 | $15359 |
| **05/21** | $14419 | $15580 |
| **06/21** | $14110 | $15812 |
| **07/21** | $14063 | $16096 |
| **08/21** | $14182 | $16496 |
| **09/21** | $13896 | $15811 |
| **10/21** | $14135 | $16707 |
| **11/21** | $13741 | $16341 |
| **12/21** | $14780 | $17039 |
| **01/22** | $14560 | $16138 |
| **02/22** | $14848 | $15729 |
| **03/22** | $15507 | $16161 |
| **04/22** | $14793 | $14819 |
| **05/22** | $15123 | $14830 |
| **06/22** | $13709 | $13545 |
| **07/22** | $14231 | $14621 |
| **08/22** | $13752 | $14009 |
| **09/22** | $12353 | $12707 |
| **10/22** | $13486 | $13620 |
| **11/22** | $14494 | $14567 |
| **12/22** | $13974 | $13948 |
| **01/23** | $15348 | $14935 |
| **02/23** | $15008 | $14576 |
| **03/23** | $15101 | $15026 |
| **04/23** | $15564 | $15290 |
| **05/23** | $14931 | $15137 |
| **06/23** | $15858 | $16052 |
| **07/23** | $16213 | $16592 |
| **08/23** | $15827 | $16195 |
| **09/23** | $15086 | $15497 |
| **10/23** | $14298 | $15047 |
| **11/23** | $15611 | $16458 |
| **12/23** | $16548 | $17266 |
| **01/24** | $16263 | $17473 |
| **02/24** | $16565 | $18214 |
| **03/24** | $16732 | $18799 |
| **04/24** | $15828 | $18101 |
| **05/24** | $16096 | $18909 |
| **06/24** | $15811 | $19294 |
| **07/24** | $17034 | $19634 |
| **08/24** | $17519 | $20153 |
| **09/24** | $17854 | $20522 |
| **10/24** | $16983 | $20115 |
| **11/24** | $17134 | $21038 |
| **12/24** | $15997 | $20490 |
| **01/25** | $16631 | $21213 |
| **02/25** | $17015 | $21060 |
| **03/25** | $17111 | $20122 |
| **04/25** | $17534 | $20301 |
| **05/25** | $18148 | $21503 |
| **06/25** | $18571 | $22431 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 9/29/17 |
| Open Shares | 17.46% | 14.46% | 8.31% |
| MSCI World Index | 16.26% | 14.55% | 11.25% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $47903461 |
| # of Portfolio Holdings | 29 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $444982 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Nexi SpA | 6.4% |
| International Game Technology PLC | 6.4% |
| Omnicom Group, Inc. | 6.0% |
| FDJ UNITED | 5.3% |
| Fiserv, Inc. | 5.3% |
| Rentokil Initial PLC | 5.1% |
| Edenred SE | 5.1% |
| H&R Block, Inc. | 4.8% |
| Dentsply Sirona, Inc. | 4.5% |
| Severn Trent PLC | 4.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 21.5% |
| Consumer Discretionary | 16.5% |
| Utilities | 14.8% |
| Industrials | 13.9% |
| Health Care | 13.3% |
| Communication Services | 9.6% |
| Information Technology | 5.0% |
| Consumer Staples | 4.4% |
| Other (includes short-term investments) | 1.0% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Global Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# GESIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Global Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $45 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i1a1cc1f1aa8e23c3aefbd7bb.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10237 | $10087 |
| **08/15** | $9612 | $9395 |
| **09/15** | $9337 | $9055 |
| **10/15** | $10009 | $9766 |
| **11/15** | $10047 | $9685 |
| **12/15** | $9817 | $9510 |
| **01/16** | $9371 | $8937 |
| **02/16** | $9152 | $8875 |
| **03/16** | $9770 | $9533 |
| **04/16** | $9817 | $9674 |
| **05/16** | $10026 | $9686 |
| **06/16** | $9893 | $9627 |
| **07/16** | $10302 | $10042 |
| **08/16** | $10178 | $10076 |
| **09/16** | $10350 | $10138 |
| **10/16** | $9931 | $9966 |
| **11/16** | $9979 | $10041 |
| **12/16** | $10078 | $10258 |
| **01/17** | $10384 | $10539 |
| **02/17** | $10729 | $10834 |
| **03/17** | $10901 | $10967 |
| **04/17** | $11179 | $11138 |
| **05/17** | $11514 | $11384 |
| **06/17** | $11533 | $11436 |
| **07/17** | $11810 | $11755 |
| **08/17** | $11925 | $11800 |
| **09/17** | $12164 | $12028 |
| **10/17** | $12452 | $12278 |
| **11/17** | $12739 | $12516 |
| **12/17** | $12952 | $12717 |
| **01/18** | $13618 | $13435 |
| **02/18** | $13141 | $12871 |
| **03/18** | $13022 | $12595 |
| **04/18** | $12982 | $12715 |
| **05/18** | $13131 | $12731 |
| **06/18** | $13111 | $12662 |
| **07/18** | $13588 | $13044 |
| **08/18** | $13633 | $13147 |
| **09/18** | $13663 | $13204 |
| **10/18** | $12597 | $12214 |
| **11/18** | $12886 | $12393 |
| **12/18** | $12030 | $11520 |
| **01/19** | $12830 | $12430 |
| **02/19** | $13302 | $12762 |
| **03/19** | $13631 | $12923 |
| **04/19** | $14041 | $13359 |
| **05/19** | $13446 | $12567 |
| **06/19** | $14278 | $13390 |
| **07/19** | $14288 | $13429 |
| **08/19** | $14206 | $13110 |
| **09/19** | $14257 | $13386 |
| **10/19** | $14308 | $13752 |
| **11/19** | $14616 | $14088 |
| **12/19** | $15062 | $14584 |
| **01/20** | $15124 | $14423 |
| **02/20** | $14058 | $13258 |
| **03/20** | $12331 | $11468 |
| **04/20** | $13531 | $12697 |
| **05/20** | $14027 | $13249 |
| **06/20** | $14255 | $13672 |
| **07/20** | $15051 | $14396 |
| **08/20** | $15900 | $15277 |
| **09/20** | $15620 | $14784 |
| **10/20** | $15331 | $14425 |
| **11/20** | $16779 | $16203 |
| **12/20** | $17467 | $16955 |
| **01/21** | $17264 | $16878 |
| **02/21** | $17596 | $17269 |
| **03/21** | $18281 | $17730 |
| **04/21** | $19126 | $18505 |
| **05/21** | $19458 | $18793 |
| **06/21** | $19608 | $19041 |
| **07/21** | $20057 | $19172 |
| **08/21** | $20423 | $19652 |
| **09/21** | $19549 | $18840 |
| **10/21** | $20553 | $19802 |
| **11/21** | $19938 | $19325 |
| **12/21** | $20917 | $20098 |
| **01/22** | $19613 | $19111 |
| **02/22** | $18811 | $18617 |
| **03/22** | $19045 | $19021 |
| **04/22** | $17808 | $17498 |
| **05/22** | $17730 | $17519 |
| **06/22** | $16649 | $16042 |
| **07/22** | $18131 | $17162 |
| **08/22** | $17140 | $16530 |
| **09/22** | $15724 | $14948 |
| **10/22** | $16638 | $15850 |
| **11/22** | $18009 | $17079 |
| **12/22** | $17302 | $16407 |
| **01/23** | $18439 | $17583 |
| **02/23** | $17831 | $17079 |
| **03/23** | $18383 | $17606 |
| **04/23** | $18597 | $17859 |
| **05/23** | $18192 | $17668 |
| **06/23** | $19250 | $18693 |
| **07/23** | $19633 | $19378 |
| **08/23** | $19058 | $18836 |
| **09/23** | $18074 | $18057 |
| **10/23** | $17656 | $17514 |
| **11/23** | $19250 | $19131 |
| **12/23** | $20252 | $20050 |
| **01/24** | $20138 | $20167 |
| **02/24** | $21033 | $21033 |
| **03/24** | $21400 | $21693 |
| **04/24** | $20838 | $20978 |
| **05/24** | $21549 | $21830 |
| **06/24** | $21847 | $22316 |
| **07/24** | $22192 | $22676 |
| **08/24** | $22775 | $23251 |
| **09/24** | $23051 | $23792 |
| **10/24** | $22280 | $23258 |
| **11/24** | $22936 | $24127 |
| **12/24** | $22367 | $23556 |
| **01/25** | $23213 | $24347 |
| **02/25** | $22845 | $24200 |
| **03/25** | $21815 | $23244 |
| **04/25** | $21742 | $23461 |
| **05/25** | $22588 | $24810 |
| **06/25** | $23164 | $25924 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 6.03% | 10.20% | 8.76% |
| MSCI ACWI Index | 16.17% | 13.65% | 9.99% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $81684616 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $282645 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.2% |
| Apple, Inc. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.3% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., A Shares | 2.6% |
| Charles Schwab Corp. | 2.5% |
| Amphenol Corp., Class A | 2.4% |
| RELX PLC | 2.3% |
| Accenture PLC, Class A | 2.3% |
| Dollarama, Inc. | 2.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Financials | 19.0% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Consumer Staples | 8.7% |
| Communication Services | 4.0% |
| Materials | 0.6% |
| Other (includes short-term investments) | 2.8% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Global Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# GESOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Global Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $58 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ie217bdedb04e39a335223ebb.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI ACWI Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10237 | $10087 |
| **08/15** | $9602 | $9395 |
| **09/15** | $9327 | $9055 |
| **10/15** | $10000 | $9766 |
| **11/15** | $10038 | $9685 |
| **12/15** | $9806 | $9510 |
| **01/16** | $9360 | $8937 |
| **02/16** | $9133 | $8875 |
| **03/16** | $9749 | $9533 |
| **04/16** | $9796 | $9674 |
| **05/16** | $9996 | $9686 |
| **06/16** | $9863 | $9627 |
| **07/16** | $10271 | $10042 |
| **08/16** | $10138 | $10076 |
| **09/16** | $10308 | $10138 |
| **10/16** | $9891 | $9966 |
| **11/16** | $9939 | $10041 |
| **12/16** | $10036 | $10258 |
| **01/17** | $10332 | $10539 |
| **02/17** | $10674 | $10834 |
| **03/17** | $10846 | $10967 |
| **04/17** | $11112 | $11138 |
| **05/17** | $11446 | $11384 |
| **06/17** | $11465 | $11436 |
| **07/17** | $11731 | $11755 |
| **08/17** | $11846 | $11800 |
| **09/17** | $12074 | $12028 |
| **10/17** | $12360 | $12278 |
| **11/17** | $12636 | $12516 |
| **12/17** | $12848 | $12717 |
| **01/18** | $13518 | $13435 |
| **02/18** | $13035 | $12871 |
| **03/18** | $12917 | $12595 |
| **04/18** | $12867 | $12715 |
| **05/18** | $13015 | $12731 |
| **06/18** | $12986 | $12662 |
| **07/18** | $13459 | $13044 |
| **08/18** | $13503 | $13147 |
| **09/18** | $13523 | $13204 |
| **10/18** | $12465 | $12214 |
| **11/18** | $12752 | $12393 |
| **12/18** | $11906 | $11520 |
| **01/19** | $12688 | $12430 |
| **02/19** | $13155 | $12762 |
| **03/19** | $13479 | $12923 |
| **04/19** | $13875 | $13359 |
| **05/19** | $13286 | $12567 |
| **06/19** | $14109 | $13390 |
| **07/19** | $14109 | $13429 |
| **08/19** | $14017 | $13110 |
| **09/19** | $14068 | $13386 |
| **10/19** | $14119 | $13752 |
| **11/19** | $14423 | $14088 |
| **12/19** | $14862 | $14584 |
| **01/20** | $14923 | $14423 |
| **02/20** | $13862 | $13258 |
| **03/20** | $12159 | $11468 |
| **04/20** | $13332 | $12697 |
| **05/20** | $13831 | $13249 |
| **06/20** | $14046 | $13672 |
| **07/20** | $14821 | $14396 |
| **08/20** | $15657 | $15277 |
| **09/20** | $15382 | $14784 |
| **10/20** | $15086 | $14425 |
| **11/20** | $16514 | $16203 |
| **12/20** | $17191 | $16955 |
| **01/21** | $16991 | $16878 |
| **02/21** | $17306 | $17269 |
| **03/21** | $17980 | $17730 |
| **04/21** | $18801 | $18505 |
| **05/21** | $19128 | $18793 |
| **06/21** | $19264 | $19041 |
| **07/21** | $19707 | $19172 |
| **08/21** | $20056 | $19652 |
| **09/21** | $19196 | $18840 |
| **10/21** | $20172 | $19802 |
| **11/21** | $19568 | $19325 |
| **12/21** | $20521 | $20098 |
| **01/22** | $19242 | $19111 |
| **02/22** | $18445 | $18617 |
| **03/22** | $18674 | $19021 |
| **04/22** | $17450 | $17498 |
| **05/22** | $17374 | $17519 |
| **06/22** | $16303 | $16042 |
| **07/22** | $17767 | $17162 |
| **08/22** | $16784 | $16530 |
| **09/22** | $15396 | $14948 |
| **10/22** | $16292 | $15850 |
| **11/22** | $17625 | $17079 |
| **12/22** | $16930 | $16407 |
| **01/23** | $18042 | $17583 |
| **02/23** | $17436 | $17079 |
| **03/23** | $17976 | $17606 |
| **04/23** | $18174 | $17859 |
| **05/23** | $17777 | $17668 |
| **06/23** | $18801 | $18693 |
| **07/23** | $19175 | $19378 |
| **08/23** | $18602 | $18836 |
| **09/23** | $17652 | $18057 |
| **10/23** | $17232 | $17514 |
| **11/23** | $18790 | $19131 |
| **12/23** | $19762 | $20050 |
| **01/24** | $19639 | $20167 |
| **02/24** | $20512 | $21033 |
| **03/24** | $20858 | $21693 |
| **04/24** | $20310 | $20978 |
| **05/24** | $20993 | $21830 |
| **06/24** | $21284 | $22316 |
| **07/24** | $21608 | $22676 |
| **08/24** | $22177 | $23251 |
| **09/24** | $22435 | $23792 |
| **10/24** | $21684 | $23258 |
| **11/24** | $22323 | $24127 |
| **12/24** | $21752 | $23556 |
| **01/25** | $22575 | $24347 |
| **02/25** | $22205 | $24200 |
| **03/25** | $21203 | $23244 |
| **04/25** | $21132 | $23461 |
| **05/25** | $21955 | $24810 |
| **06/25** | $22503 | $25924 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 5.73% | 9.89% | 8.45% |
| MSCI ACWI Index | 16.17% | 13.65% | 9.99% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $81684616 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $282645 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Microsoft Corp. | 4.2% |
| Apple, Inc. | 3.8% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.3% |
| Amazon.com, Inc. | 3.2% |
| Visa, Inc., A Shares | 2.6% |
| Charles Schwab Corp. | 2.5% |
| Amphenol Corp., Class A | 2.4% |
| RELX PLC | 2.3% |
| Accenture PLC, Class A | 2.3% |
| Dollarama, Inc. | 2.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.5% |
| Financials | 19.0% |
| Industrials | 16.6% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.4% |
| Consumer Staples | 8.7% |
| Communication Services | 4.0% |
| Materials | 0.6% |
| Other (includes short-term investments) | 2.8% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZIEX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $46 | 0.83% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i4bc28031629006b03dff84f3.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI EAFE Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10213 | $10208 |
| **08/15** | $9538 | $9457 |
| **09/15** | $9158 | $8977 |
| **10/15** | $9676 | $9678 |
| **11/15** | $9643 | $9528 |
| **12/15** | $9412 | $9399 |
| **01/16** | $8954 | $8720 |
| **02/16** | $8728 | $8560 |
| **03/16** | $9329 | $9117 |
| **04/16** | $9439 | $9381 |
| **05/16** | $9445 | $9296 |
| **06/16** | $9191 | $8984 |
| **07/16** | $9406 | $9439 |
| **08/16** | $9322 | $9445 |
| **09/16** | $9461 | $9562 |
| **10/16** | $9034 | $9366 |
| **11/16** | $8862 | $9179 |
| **12/16** | $9018 | $9493 |
| **01/17** | $9152 | $9769 |
| **02/17** | $9252 | $9908 |
| **03/17** | $9514 | $10181 |
| **04/17** | $9798 | $10440 |
| **05/17** | $10176 | $10823 |
| **06/17** | $10115 | $10804 |
| **07/17** | $10443 | $11116 |
| **08/17** | $10403 | $11112 |
| **09/17** | $10599 | $11388 |
| **10/17** | $10766 | $11561 |
| **11/17** | $10940 | $11682 |
| **12/17** | $11075 | $11870 |
| **01/18** | $11640 | $12465 |
| **02/18** | $11024 | $11903 |
| **03/18** | $11053 | $11688 |
| **04/18** | $11075 | $11955 |
| **05/18** | $10923 | $11686 |
| **06/18** | $10776 | $11543 |
| **07/18** | $10945 | $11828 |
| **08/18** | $10742 | $11599 |
| **09/18** | $10855 | $11700 |
| **10/18** | $10061 | $10769 |
| **11/18** | $10050 | $10755 |
| **12/18** | $9568 | $10233 |
| **01/19** | $10093 | $10906 |
| **02/19** | $10435 | $11184 |
| **03/19** | $10520 | $11254 |
| **04/19** | $10819 | $11570 |
| **05/19** | $10465 | $11015 |
| **06/19** | $11057 | $11668 |
| **07/19** | $10837 | $11520 |
| **08/19** | $10611 | $11222 |
| **09/19** | $10887 | $11543 |
| **10/19** | $11114 | $11958 |
| **11/19** | $11193 | $12093 |
| **12/19** | $11596 | $12486 |
| **01/20** | $11384 | $12225 |
| **02/20** | $10555 | $11120 |
| **03/20** | $8923 | $9636 |
| **04/20** | $9440 | $10258 |
| **05/20** | $9939 | $10705 |
| **06/20** | $10194 | $11069 |
| **07/20** | $10618 | $11327 |
| **08/20** | $11178 | $11910 |
| **09/20** | $10934 | $11600 |
| **10/20** | $10452 | $11137 |
| **11/20** | $12004 | $12863 |
| **12/20** | $12611 | $13461 |
| **01/21** | $12328 | $13318 |
| **02/21** | $12504 | $13617 |
| **03/21** | $12826 | $13930 |
| **04/21** | $13235 | $14349 |
| **05/21** | $13550 | $14817 |
| **06/21** | $13298 | $14650 |
| **07/21** | $13380 | $14761 |
| **08/21** | $13716 | $15021 |
| **09/21** | $13317 | $14585 |
| **10/21** | $13653 | $14944 |
| **11/21** | $12892 | $14248 |
| **12/21** | $13368 | $14978 |
| **01/22** | $12862 | $14254 |
| **02/22** | $12632 | $14002 |
| **03/22** | $12446 | $14092 |
| **04/22** | $11687 | $13180 |
| **05/22** | $12022 | $13279 |
| **06/22** | $11048 | $12047 |
| **07/22** | $11479 | $12647 |
| **08/22** | $10812 | $12047 |
| **09/22** | $9840 | $10920 |
| **10/22** | $10314 | $11507 |
| **11/22** | $11542 | $12803 |
| **12/22** | $11386 | $12813 |
| **01/23** | $12405 | $13851 |
| **02/23** | $12026 | $13562 |
| **03/23** | $12381 | $13898 |
| **04/23** | $12555 | $14290 |
| **05/23** | $12097 | $13685 |
| **06/23** | $12887 | $14308 |
| **07/23** | $13124 | $14771 |
| **08/23** | $12668 | $14205 |
| **09/23** | $12170 | $13720 |
| **10/23** | $11790 | $13164 |
| **11/23** | $12834 | $14386 |
| **12/23** | $13256 | $15150 |
| **01/24** | $13150 | $15237 |
| **02/24** | $13617 | $15516 |
| **03/24** | $14085 | $16026 |
| **04/24** | $13593 | $15616 |
| **05/24** | $14282 | $16221 |
| **06/24** | $13970 | $15959 |
| **07/24** | $14585 | $16427 |
| **08/24** | $15200 | $16961 |
| **09/24** | $15358 | $17118 |
| **10/24** | $14411 | $16187 |
| **11/24** | $14402 | $16095 |
| **12/24** | $14039 | $15729 |
| **01/25** | $14869 | $16556 |
| **02/25** | $15325 | $16877 |
| **03/25** | $15271 | $16809 |
| **04/25** | $15932 | $17579 |
| **05/25** | $16763 | $18383 |
| **06/25** | $17272 | $18788 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 23.63% | 11.12% | 5.62% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1137063631 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3819024 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Unilever PLC | 2.5% |
| RELX PLC | 2.4% |
| Thales SA | 2.4% |
| Engie SA | 2.0% |
| AIA Group Ltd. | 1.9% |
| ASML Holding NV | 1.9% |
| National Bank of Greece SA | 1.9% |
| Orange SA | 1.8% |
| MatsukiyoCocokara & Co. | 1.7% |
| ABB Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 20.4% |
| Industrials | 17.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.2% |
| Materials | 8.4% |
| Consumer Staples | 8.2% |
| Health Care | 6.5% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Energy | 1.3% |
| Other (includes short-term investments) | 4.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZIOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $60 | 1.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i3321c4349e0a629da10cf0bd.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI EAFE Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10212 | $10208 |
| **08/15** | $9540 | $9457 |
| **09/15** | $9158 | $8977 |
| **10/15** | $9671 | $9678 |
| **11/15** | $9633 | $9528 |
| **12/15** | $9403 | $9399 |
| **01/16** | $8945 | $8720 |
| **02/16** | $8716 | $8560 |
| **03/16** | $9311 | $9117 |
| **04/16** | $9420 | $9381 |
| **05/16** | $9425 | $9296 |
| **06/16** | $9169 | $8984 |
| **07/16** | $9382 | $9439 |
| **08/16** | $9296 | $9445 |
| **09/16** | $9433 | $9562 |
| **10/16** | $9006 | $9366 |
| **11/16** | $8836 | $9179 |
| **12/16** | $8984 | $9493 |
| **01/17** | $9116 | $9769 |
| **02/17** | $9215 | $9908 |
| **03/17** | $9472 | $10181 |
| **04/17** | $9758 | $10440 |
| **05/17** | $10125 | $10823 |
| **06/17** | $10065 | $10804 |
| **07/17** | $10388 | $11116 |
| **08/17** | $10349 | $11112 |
| **09/17** | $10536 | $11388 |
| **10/17** | $10701 | $11561 |
| **11/17** | $10872 | $11682 |
| **12/17** | $11006 | $11870 |
| **01/18** | $11566 | $12465 |
| **02/18** | $10950 | $11903 |
| **03/18** | $10978 | $11688 |
| **04/18** | $10995 | $11955 |
| **05/18** | $10839 | $11686 |
| **06/18** | $10695 | $11543 |
| **07/18** | $10861 | $11828 |
| **08/18** | $10656 | $11599 |
| **09/18** | $10767 | $11700 |
| **10/18** | $9976 | $10769 |
| **11/18** | $9965 | $10755 |
| **12/18** | $9484 | $10233 |
| **01/19** | $10004 | $10906 |
| **02/19** | $10338 | $11184 |
| **03/19** | $10422 | $11254 |
| **04/19** | $10721 | $11570 |
| **05/19** | $10362 | $11015 |
| **06/19** | $10942 | $11668 |
| **07/19** | $10727 | $11520 |
| **08/19** | $10499 | $11222 |
| **09/19** | $10769 | $11543 |
| **10/19** | $10991 | $11958 |
| **11/19** | $11069 | $12093 |
| **12/19** | $11465 | $12486 |
| **01/20** | $11252 | $12225 |
| **02/20** | $10431 | $11120 |
| **03/20** | $8812 | $9636 |
| **04/20** | $9323 | $10258 |
| **05/20** | $9816 | $10705 |
| **06/20** | $10065 | $11069 |
| **07/20** | $10485 | $11327 |
| **08/20** | $11032 | $11910 |
| **09/20** | $10788 | $11600 |
| **10/20** | $10312 | $11137 |
| **11/20** | $11839 | $12863 |
| **12/20** | $12432 | $13461 |
| **01/21** | $12149 | $13318 |
| **02/21** | $12321 | $13617 |
| **03/21** | $12634 | $13930 |
| **04/21** | $13039 | $14349 |
| **05/21** | $13346 | $14817 |
| **06/21** | $13094 | $14650 |
| **07/21** | $13174 | $14761 |
| **08/21** | $13496 | $15021 |
| **09/21** | $13100 | $14585 |
| **10/21** | $13434 | $14944 |
| **11/21** | $12680 | $14248 |
| **12/21** | $13148 | $14978 |
| **01/22** | $12644 | $14254 |
| **02/22** | $12420 | $14002 |
| **03/22** | $12233 | $14092 |
| **04/22** | $11483 | $13180 |
| **05/22** | $11815 | $13279 |
| **06/22** | $10856 | $12047 |
| **07/22** | $11274 | $12647 |
| **08/22** | $10612 | $12047 |
| **09/22** | $9655 | $10920 |
| **10/22** | $10122 | $11507 |
| **11/22** | $11320 | $12803 |
| **12/22** | $11169 | $12813 |
| **01/23** | $12162 | $13851 |
| **02/23** | $11795 | $13562 |
| **03/23** | $12139 | $13898 |
| **04/23** | $12307 | $14290 |
| **05/23** | $11856 | $13685 |
| **06/23** | $12628 | $14308 |
| **07/23** | $12857 | $14771 |
| **08/23** | $12409 | $14205 |
| **09/23** | $11920 | $13720 |
| **10/23** | $11545 | $13164 |
| **11/23** | $12561 | $14386 |
| **12/23** | $12968 | $15150 |
| **01/24** | $12858 | $15237 |
| **02/24** | $13324 | $15516 |
| **03/24** | $13774 | $16026 |
| **04/24** | $13284 | $15616 |
| **05/24** | $13956 | $16221 |
| **06/24** | $13656 | $15959 |
| **07/24** | $14249 | $16427 |
| **08/24** | $14848 | $16961 |
| **09/24** | $14992 | $17118 |
| **10/24** | $14072 | $16187 |
| **11/24** | $14056 | $16095 |
| **12/24** | $13703 | $15729 |
| **01/25** | $14509 | $16556 |
| **02/25** | $14954 | $16877 |
| **03/25** | $14894 | $16809 |
| **04/25** | $15537 | $17579 |
| **05/25** | $16343 | $18383 |
| **06/25** | $16831 | $18788 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 23.25% | 10.83% | 5.34% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1137063631 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3819024 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Unilever PLC | 2.5% |
| RELX PLC | 2.4% |
| Thales SA | 2.4% |
| Engie SA | 2.0% |
| AIA Group Ltd. | 1.9% |
| ASML Holding NV | 1.9% |
| National Bank of Greece SA | 1.9% |
| Orange SA | 1.8% |
| MatsukiyoCocokara & Co. | 1.7% |
| ABB Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 20.4% |
| Industrials | 17.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.2% |
| Materials | 8.4% |
| Consumer Staples | 8.2% |
| Health Care | 6.5% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Energy | 1.3% |
| Other (includes short-term investments) | 4.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLIEX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $44 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i0c8951913015d7266cd7671a.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI EAFE Index** |
| **06/15** | $1000000 | $1000000 |
| **07/15** | $1021346 | $1020763 |
| **08/15** | $954318 | $945673 |
| **09/15** | $916255 | $897655 |
| **10/15** | $968109 | $967824 |
| **11/15** | $964799 | $952768 |
| **12/15** | $941630 | $939930 |
| **01/16** | $895845 | $871960 |
| **02/16** | $873228 | $855985 |
| **03/16** | $933356 | $911681 |
| **04/16** | $944389 | $938075 |
| **05/16** | $944940 | $929554 |
| **06/16** | $919565 | $898350 |
| **07/16** | $941079 | $943880 |
| **08/16** | $933023 | $944550 |
| **09/16** | $946899 | $956153 |
| **10/16** | $904160 | $936595 |
| **11/16** | $886954 | $917941 |
| **12/16** | $902338 | $949329 |
| **01/17** | $915722 | $976868 |
| **02/17** | $925761 | $990836 |
| **03/17** | $951972 | $1018113 |
| **04/17** | $980972 | $1044018 |
| **05/17** | $1018337 | $1082338 |
| **06/17** | $1012202 | $1080423 |
| **07/17** | $1045106 | $1111589 |
| **08/17** | $1041069 | $1111170 |
| **09/17** | $1060659 | $1138817 |
| **10/17** | $1077450 | $1156110 |
| **11/17** | $1094801 | $1168237 |
| **12/17** | $1108514 | $1186988 |
| **01/18** | $1165100 | $1246526 |
| **02/18** | $1103421 | $1190263 |
| **03/18** | $1106251 | $1168810 |
| **04/18** | $1107948 | $1195497 |
| **05/18** | $1093236 | $1168625 |
| **06/18** | $1078524 | $1154348 |
| **07/18** | $1094933 | $1182762 |
| **08/18** | $1074522 | $1159920 |
| **09/18** | $1085886 | $1169988 |
| **10/18** | $1006902 | $1076867 |
| **11/18** | $1005766 | $1075510 |
| **12/18** | $957557 | $1023300 |
| **01/19** | $1010144 | $1090552 |
| **02/19** | $1044386 | $1118351 |
| **03/19** | $1052946 | $1125403 |
| **04/19** | $1082908 | $1157038 |
| **05/19** | $1047443 | $1101470 |
| **06/19** | $1106144 | $1166815 |
| **07/19** | $1084743 | $1152000 |
| **08/19** | $1062088 | $1122156 |
| **09/19** | $1089100 | $1154313 |
| **10/19** | $1111816 | $1195787 |
| **11/19** | $1120411 | $1209268 |
| **12/19** | $1160255 | $1248569 |
| **01/20** | $1139023 | $1222486 |
| **02/20** | $1056594 | $1111973 |
| **03/20** | $892984 | $963558 |
| **04/20** | $944815 | $1025804 |
| **05/20** | $994148 | $1070478 |
| **06/20** | $1020375 | $1106928 |
| **07/20** | $1062839 | $1132730 |
| **08/20** | $1118345 | $1190965 |
| **09/20** | $1094524 | $1160020 |
| **10/20** | $1046255 | $1113701 |
| **11/20** | $1201093 | $1286339 |
| **12/20** | $1262187 | $1346148 |
| **01/21** | $1233774 | $1331806 |
| **02/21** | $1251453 | $1361679 |
| **03/21** | $1283655 | $1392988 |
| **04/21** | $1324697 | $1434903 |
| **05/21** | $1356267 | $1481696 |
| **06/21** | $1331011 | $1465022 |
| **07/21** | $1339219 | $1476052 |
| **08/21** | $1372947 | $1502089 |
| **09/21** | $1332903 | $1458497 |
| **10/21** | $1366591 | $1494369 |
| **11/21** | $1290316 | $1424816 |
| **12/21** | $1338258 | $1497772 |
| **01/22** | $1287561 | $1425393 |
| **02/22** | $1264449 | $1400190 |
| **03/22** | $1246556 | $1409190 |
| **04/22** | $1169764 | $1318023 |
| **05/22** | $1204059 | $1327904 |
| **06/22** | $1106393 | $1204691 |
| **07/22** | $1149634 | $1264720 |
| **08/22** | $1082687 | $1204653 |
| **09/22** | $985253 | $1091961 |
| **10/22** | $1032801 | $1150681 |
| **11/22** | $1155178 | $1280289 |
| **12/22** | $1139927 | $1281318 |
| **01/23** | $1242187 | $1385075 |
| **02/23** | $1204137 | $1356174 |
| **03/23** | $1239809 | $1389785 |
| **04/23** | $1257249 | $1429023 |
| **05/23** | $1211271 | $1368549 |
| **06/23** | $1290543 | $1430831 |
| **07/23** | $1314324 | $1477128 |
| **08/23** | $1268596 | $1420536 |
| **09/23** | $1218613 | $1372013 |
| **10/23** | $1181325 | $1316390 |
| **11/23** | $1285256 | $1438574 |
| **12/23** | $1328051 | $1515004 |
| **01/24** | $1316524 | $1523723 |
| **02/24** | $1364278 | $1551614 |
| **03/24** | $1410386 | $1602646 |
| **04/24** | $1360985 | $1561604 |
| **05/24** | $1430969 | $1622092 |
| **06/24** | $1399682 | $1595906 |
| **07/24** | $1460609 | $1642724 |
| **08/24** | $1523111 | $1696139 |
| **09/24** | $1538117 | $1711802 |
| **10/24** | $1443913 | $1618712 |
| **11/24** | $1443079 | $1609529 |
| **12/24** | $1407218 | $1572925 |
| **01/25** | $1489732 | $1655585 |
| **02/25** | $1535473 | $1687692 |
| **03/25** | $1530092 | $1680883 |
| **04/25** | $1596462 | $1757877 |
| **05/25** | $1679873 | $1838305 |
| **06/25** | $1730995 | $1878809 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 23.67% | 11.15% | 5.64% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1137063631 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 26% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3819024 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Unilever PLC | 2.5% |
| RELX PLC | 2.4% |
| Thales SA | 2.4% |
| Engie SA | 2.0% |
| AIA Group Ltd. | 1.9% |
| ASML Holding NV | 1.9% |
| National Bank of Greece SA | 1.9% |
| Orange SA | 1.8% |
| MatsukiyoCocokara & Co. | 1.7% |
| ABB Ltd. | 1.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 20.4% |
| Industrials | 17.4% |
| Information Technology | 12.6% |
| Consumer Discretionary | 12.2% |
| Materials | 8.4% |
| Consumer Staples | 8.2% |
| Health Care | 6.5% |
| Communication Services | 5.3% |
| Utilities | 3.2% |
| Energy | 1.3% |
| Other (includes short-term investments) | 4.5% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZSIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $48 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ic8c5f4f5c7438efcef7031e2.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI ex USA Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10052 | $9972 |
| **08/15** | $9406 | $9210 |
| **09/15** | $8976 | $8783 |
| **10/15** | $9542 | $9437 |
| **11/15** | $9469 | $9242 |
| **12/15** | $9228 | $9068 |
| **01/16** | $8787 | $8451 |
| **02/16** | $8640 | $8354 |
| **03/16** | $9322 | $9034 |
| **04/16** | $9458 | $9272 |
| **05/16** | $9427 | $9115 |
| **06/16** | $9395 | $8976 |
| **07/16** | $9658 | $9419 |
| **08/16** | $9530 | $9479 |
| **09/16** | $9668 | $9596 |
| **10/16** | $9297 | $9458 |
| **11/16** | $9021 | $9239 |
| **12/16** | $9169 | $9476 |
| **01/17** | $9466 | $9811 |
| **02/17** | $9593 | $9968 |
| **03/17** | $9858 | $10220 |
| **04/17** | $10198 | $10439 |
| **05/17** | $10590 | $10778 |
| **06/17** | $10547 | $10811 |
| **07/17** | $10971 | $11210 |
| **08/17** | $10996 | $11268 |
| **09/17** | $11199 | $11478 |
| **10/17** | $11370 | $11694 |
| **11/17** | $11551 | $11789 |
| **12/17** | $11765 | $12052 |
| **01/18** | $12373 | $12723 |
| **02/18** | $11786 | $12123 |
| **03/18** | $11754 | $11910 |
| **04/18** | $11690 | $12100 |
| **05/18** | $11487 | $11820 |
| **06/18** | $11317 | $11598 |
| **07/18** | $11519 | $11876 |
| **08/18** | $11312 | $11627 |
| **09/18** | $11409 | $11680 |
| **10/18** | $10452 | $10730 |
| **11/18** | $10527 | $10832 |
| **12/18** | $10012 | $10341 |
| **01/19** | $10670 | $11123 |
| **02/19** | $10879 | $11340 |
| **03/19** | $10999 | $11408 |
| **04/19** | $11372 | $11709 |
| **05/19** | $10890 | $11080 |
| **06/19** | $11526 | $11748 |
| **07/19** | $11285 | $11605 |
| **08/19** | $11010 | $11247 |
| **09/19** | $11263 | $11536 |
| **10/19** | $11515 | $11939 |
| **11/19** | $11581 | $12044 |
| **12/19** | $12047 | $12566 |
| **01/20** | $11778 | $12228 |
| **02/20** | $10881 | $11262 |
| **03/20** | $9167 | $9631 |
| **04/20** | $9772 | $10361 |
| **05/20** | $10231 | $10700 |
| **06/20** | $10590 | $11184 |
| **07/20** | $11061 | $11682 |
| **08/20** | $11565 | $12182 |
| **09/20** | $11352 | $11883 |
| **10/20** | $11005 | $11627 |
| **11/20** | $12417 | $13191 |
| **12/20** | $13051 | $13904 |
| **01/21** | $12768 | $13935 |
| **02/21** | $12870 | $14210 |
| **03/21** | $13164 | $14390 |
| **04/21** | $13458 | $14814 |
| **05/21** | $13888 | $15277 |
| **06/21** | $13673 | $15178 |
| **07/21** | $13538 | $14928 |
| **08/21** | $13741 | $15212 |
| **09/21** | $13232 | $14725 |
| **10/21** | $13639 | $15076 |
| **11/21** | $12983 | $14397 |
| **12/21** | $13474 | $14992 |
| **01/22** | $13135 | $14440 |
| **02/22** | $12748 | $14154 |
| **03/22** | $12702 | $14177 |
| **04/22** | $11952 | $13286 |
| **05/22** | $12233 | $13382 |
| **06/22** | $11180 | $12231 |
| **07/22** | $11613 | $12649 |
| **08/22** | $11082 | $12242 |
| **09/22** | $10083 | $11019 |
| **10/22** | $10565 | $11348 |
| **11/22** | $11634 | $12688 |
| **12/22** | $11379 | $12593 |
| **01/23** | $12325 | $13614 |
| **02/23** | $11882 | $13137 |
| **03/23** | $12229 | $13458 |
| **04/23** | $12337 | $13691 |
| **05/23** | $11894 | $13194 |
| **06/23** | $12540 | $13786 |
| **07/23** | $12767 | $14346 |
| **08/23** | $12229 | $13698 |
| **09/23** | $11690 | $13266 |
| **10/23** | $11379 | $12718 |
| **11/23** | $12277 | $13863 |
| **12/23** | $12752 | $14560 |
| **01/24** | $12691 | $14415 |
| **02/24** | $13189 | $14780 |
| **03/24** | $13602 | $15242 |
| **04/24** | $13104 | $14968 |
| **05/24** | $13590 | $15403 |
| **06/24** | $13371 | $15388 |
| **07/24** | $13723 | $15744 |
| **08/24** | $14235 | $16193 |
| **09/24** | $14344 | $16629 |
| **10/24** | $13445 | $15813 |
| **11/24** | $13372 | $15670 |
| **12/24** | $13021 | $15365 |
| **01/25** | $13676 | $15984 |
| **02/25** | $13812 | $16206 |
| **03/25** | $13602 | $16169 |
| **04/25** | $13973 | $16753 |
| **05/25** | $14714 | $17521 |
| **06/25** | $15134 | $18115 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 13.19% | 7.40% | 4.23% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56315993 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $129746 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.4% |
| Thales SA | 2.6% |
| ASML Holding NV | 2.5% |
| Unilever PLC | 2.4% |
| Piraeus Financial Holdings SA | 2.4% |
| Tencent Holdings Ltd. | 2.3% |
| RELX PLC | 2.3% |
| Aon PLC, Class A | 2.1% |
| MTU Aero Engines AG | 2.1% |
| Compass Group PLC | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 21.4% |
| Information Technology | 18.0% |
| Consumer Discretionary | 9.5% |
| Communication Services | 5.6% |
| Materials | 5.1% |
| Health Care | 5.0% |
| Consumer Staples | 4.4% |
| Utilities | 2.0% |
| Real Estate | 1.0% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Equity Select Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZESX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $62 | 1.15% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6026870e5851a06b27cddee5.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI ACWI ex USA Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10041 | $9972 |
| **08/15** | $9405 | $9210 |
| **09/15** | $8966 | $8783 |
| **10/15** | $9530 | $9437 |
| **11/15** | $9457 | $9242 |
| **12/15** | $9217 | $9068 |
| **01/16** | $8767 | $8451 |
| **02/16** | $8621 | $8354 |
| **03/16** | $9300 | $9034 |
| **04/16** | $9436 | $9272 |
| **05/16** | $9394 | $9115 |
| **06/16** | $9363 | $8976 |
| **07/16** | $9624 | $9419 |
| **08/16** | $9491 | $9479 |
| **09/16** | $9628 | $9596 |
| **10/16** | $9259 | $9458 |
| **11/16** | $8975 | $9239 |
| **12/16** | $9122 | $9476 |
| **01/17** | $9417 | $9811 |
| **02/17** | $9543 | $9968 |
| **03/17** | $9807 | $10220 |
| **04/17** | $10144 | $10439 |
| **05/17** | $10523 | $10778 |
| **06/17** | $10470 | $10811 |
| **07/17** | $10892 | $11210 |
| **08/17** | $10915 | $11268 |
| **09/17** | $11116 | $11478 |
| **10/17** | $11285 | $11694 |
| **11/17** | $11465 | $11789 |
| **12/17** | $11666 | $12052 |
| **01/18** | $12280 | $12723 |
| **02/18** | $11687 | $12123 |
| **03/18** | $11645 | $11910 |
| **04/18** | $11581 | $12100 |
| **05/18** | $11381 | $11820 |
| **06/18** | $11211 | $11598 |
| **07/18** | $11402 | $11876 |
| **08/18** | $11201 | $11627 |
| **09/18** | $11297 | $11680 |
| **10/18** | $10341 | $10730 |
| **11/18** | $10405 | $10832 |
| **12/18** | $9897 | $10341 |
| **01/19** | $10556 | $11123 |
| **02/19** | $10761 | $11340 |
| **03/19** | $10869 | $11408 |
| **04/19** | $11236 | $11709 |
| **05/19** | $10750 | $11080 |
| **06/19** | $11376 | $11748 |
| **07/19** | $11139 | $11605 |
| **08/19** | $10869 | $11247 |
| **09/19** | $11106 | $11536 |
| **10/19** | $11354 | $11939 |
| **11/19** | $11419 | $12044 |
| **12/19** | $11874 | $12566 |
| **01/20** | $11610 | $12228 |
| **02/20** | $10719 | $11262 |
| **03/20** | $9026 | $9631 |
| **04/20** | $9631 | $10361 |
| **05/20** | $10071 | $10700 |
| **06/20** | $10422 | $11184 |
| **07/20** | $10884 | $11682 |
| **08/20** | $11379 | $12182 |
| **09/20** | $11181 | $11883 |
| **10/20** | $10818 | $11627 |
| **11/20** | $12214 | $13191 |
| **12/20** | $12826 | $13904 |
| **01/21** | $12549 | $13935 |
| **02/21** | $12660 | $14210 |
| **03/21** | $12937 | $14390 |
| **04/21** | $13225 | $14814 |
| **05/21** | $13646 | $15277 |
| **06/21** | $13425 | $15178 |
| **07/21** | $13292 | $14928 |
| **08/21** | $13480 | $15212 |
| **09/21** | $12981 | $14725 |
| **10/21** | $13380 | $15076 |
| **11/21** | $12727 | $14397 |
| **12/21** | $13215 | $14992 |
| **01/22** | $12872 | $14440 |
| **02/22** | $12496 | $14154 |
| **03/22** | $12450 | $14177 |
| **04/22** | $11707 | $13286 |
| **05/22** | $11982 | $13382 |
| **06/22** | $10954 | $12231 |
| **07/22** | $11376 | $12649 |
| **08/22** | $10858 | $12242 |
| **09/22** | $9872 | $11019 |
| **10/22** | $10331 | $11348 |
| **11/22** | $11386 | $12688 |
| **12/22** | $11132 | $12593 |
| **01/23** | $12052 | $13614 |
| **02/23** | $11621 | $13137 |
| **03/23** | $11959 | $13458 |
| **04/23** | $12063 | $13691 |
| **05/23** | $11633 | $13194 |
| **06/23** | $12250 | $13786 |
| **07/23** | $12471 | $14346 |
| **08/23** | $11947 | $13698 |
| **09/23** | $11411 | $13266 |
| **10/23** | $11120 | $12718 |
| **11/23** | $11982 | $13863 |
| **12/23** | $12448 | $14560 |
| **01/24** | $12389 | $14415 |
| **02/24** | $12861 | $14780 |
| **03/24** | $13262 | $15242 |
| **04/24** | $12778 | $14968 |
| **05/24** | $13238 | $15403 |
| **06/24** | $13026 | $15388 |
| **07/24** | $13368 | $15744 |
| **08/24** | $13864 | $16193 |
| **09/24** | $13971 | $16629 |
| **10/24** | $13097 | $15813 |
| **11/24** | $13015 | $15670 |
| **12/24** | $12679 | $15365 |
| **01/25** | $13301 | $15984 |
| **02/25** | $13444 | $16206 |
| **03/25** | $13241 | $16169 |
| **04/25** | $13588 | $16753 |
| **05/25** | $14317 | $17521 |
| **06/25** | $14724 | $18115 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 13.04% | 7.15% | 3.94% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 6.12% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $56315993 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 21% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $129746 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.4% |
| Thales SA | 2.6% |
| ASML Holding NV | 2.5% |
| Unilever PLC | 2.4% |
| Piraeus Financial Holdings SA | 2.4% |
| Tencent Holdings Ltd. | 2.3% |
| RELX PLC | 2.3% |
| Aon PLC, Class A | 2.1% |
| MTU Aero Engines AG | 2.1% |
| Compass Group PLC | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 21.4% |
| Information Technology | 18.0% |
| Consumer Discretionary | 9.5% |
| Communication Services | 5.6% |
| Materials | 5.1% |
| Health Care | 5.0% |
| Consumer Staples | 4.4% |
| Utilities | 2.0% |
| Real Estate | 1.0% |
| Other (includes short-term investments) | 3.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Quality Growth Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# ICMPX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $44 | 0.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i1b039a7440eaf9f9526e4a47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Growth Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **01/19** | $10610 | $10000 | $10000 |
| **02/19** | $10990 | $10195 | $10270 |
| **03/19** | $11300 | $10256 | $10437 |
| **04/19** | $11700 | $10527 | $10766 |
| **05/19** | $11320 | $9962 | $10214 |
| **06/19** | $12030 | $10562 | $10892 |
| **07/19** | $11910 | $10434 | $10869 |
| **08/19** | $11680 | $10112 | $10672 |
| **09/19** | $11850 | $10372 | $10799 |
| **10/19** | $12190 | $10734 | $11192 |
| **11/19** | $12610 | $10829 | $11363 |
| **12/19** | $13006 | $11298 | $11834 |
| **01/20** | $12740 | $10994 | $11720 |
| **02/20** | $12002 | $10125 | $10865 |
| **03/20** | $10628 | $8659 | $9675 |
| **04/20** | $11428 | $9315 | $10510 |
| **05/20** | $12145 | $9620 | $10967 |
| **06/20** | $12576 | $10055 | $11523 |
| **07/20** | $13498 | $10503 | $12304 |
| **08/20** | $14246 | $10953 | $12806 |
| **09/20** | $14205 | $10683 | $12694 |
| **10/20** | $13939 | $10454 | $12471 |
| **11/20** | $15302 | $11860 | $13739 |
| **12/20** | $16121 | $12501 | $14461 |
| **01/21** | $16255 | $12528 | $14549 |
| **02/21** | $16214 | $12776 | $14496 |
| **03/21** | $16524 | $12938 | $14450 |
| **04/21** | $17269 | $13319 | $14983 |
| **05/21** | $17775 | $13735 | $15345 |
| **06/21** | $17796 | $13646 | $15404 |
| **07/21** | $18179 | $13421 | $15170 |
| **08/21** | $18571 | $13676 | $15513 |
| **09/21** | $17682 | $13238 | $14846 |
| **10/21** | $18189 | $13554 | $15306 |
| **11/21** | $17289 | $12944 | $14753 |
| **12/21** | $17731 | $13479 | $15198 |
| **01/22** | $16486 | $12982 | $13972 |
| **02/22** | $15905 | $12725 | $13582 |
| **03/22** | $16106 | $12746 | $13560 |
| **04/22** | $14871 | $11945 | $12551 |
| **05/22** | $14882 | $12031 | $12443 |
| **06/22** | $13636 | $10996 | $11430 |
| **07/22** | $14650 | $11372 | $12059 |
| **08/22** | $13721 | $11007 | $11589 |
| **09/22** | $12475 | $9907 | $10359 |
| **10/22** | $13161 | $10203 | $10562 |
| **11/22** | $14787 | $11407 | $11875 |
| **12/22** | $14167 | $11322 | $11694 |
| **01/23** | $15223 | $12240 | $12683 |
| **02/23** | $14754 | $11811 | $12140 |
| **03/23** | $15341 | $12099 | $12699 |
| **04/23** | $15575 | $12310 | $12827 |
| **05/23** | $15191 | $11862 | $12472 |
| **06/23** | $15949 | $12394 | $12946 |
| **07/23** | $16194 | $12898 | $13349 |
| **08/23** | $15426 | $12316 | $12668 |
| **09/23** | $14743 | $11927 | $12000 |
| **10/23** | $14338 | $11435 | $11533 |
| **11/23** | $15757 | $12464 | $12726 |
| **12/23** | $16693 | $13090 | $13335 |
| **01/24** | $16575 | $12960 | $13233 |
| **02/24** | $17197 | $13288 | $13739 |
| **03/24** | $17584 | $13703 | $14123 |
| **04/24** | $16532 | $13457 | $13732 |
| **05/24** | $17122 | $13848 | $14094 |
| **06/24** | $17380 | $13835 | $14225 |
| **07/24** | $17594 | $14155 | $14375 |
| **08/24** | $18475 | $14558 | $14833 |
| **09/24** | $18979 | $14950 | $15210 |
| **10/24** | $18035 | $14217 | $14436 |
| **11/24** | $18056 | $14088 | $14317 |
| **12/24** | $17629 | $13814 | $14011 |
| **01/25** | $18755 | $14371 | $14607 |
| **02/25** | $18523 | $14570 | $14618 |
| **03/25** | $17960 | $14537 | $14286 |
| **04/25** | $18667 | $15062 | $14868 |
| **05/25** | $19407 | $15752 | $15619 |
| **06/25** | $19639 | $16287 | $16238 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Institutional Shares | 13.00% | 9.32% | 10.95% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 9.01% |
| MSCI ACWI ex USA Growth Index | 14.15% | 7.10% | 8.97% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $406183940 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1320050 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.1% |
| EssilorLuxottica SA | 3.3% |
| Halma PLC | 3.3% |
| London Stock Exchange Group PLC | 3.3% |
| RELX PLC | 3.3% |
| Tencent Holdings Ltd. | 3.1% |
| ASML Holding NV | 3.1% |
| SAP SE | 3.1% |
| HDFC Bank Ltd. ADR | 3.1% |
| Dollarama, Inc. | 2.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Industrials | 21.5% |
| Financials | 17.4% |
| Health Care | 9.4% |
| Communication Services | 9.1% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.4% |
| Other (includes short-term investments) | 1.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Quality Growth Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# OCMPX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $58 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6267a78cffe7c3c6a6b76257.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Growth Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **01/19** | $10610 | $10000 | $10000 |
| **02/19** | $10980 | $10195 | $10270 |
| **03/19** | $11290 | $10256 | $10437 |
| **04/19** | $11690 | $10527 | $10766 |
| **05/19** | $11310 | $9962 | $10214 |
| **06/19** | $12000 | $10562 | $10892 |
| **07/19** | $11880 | $10434 | $10869 |
| **08/19** | $11650 | $10112 | $10672 |
| **09/19** | $11820 | $10372 | $10799 |
| **10/19** | $12150 | $10734 | $11192 |
| **11/19** | $12580 | $10829 | $11363 |
| **12/19** | $12966 | $11298 | $11834 |
| **01/20** | $12700 | $10994 | $11720 |
| **02/20** | $11962 | $10125 | $10865 |
| **03/20** | $10588 | $8659 | $9675 |
| **04/20** | $11377 | $9315 | $10510 |
| **05/20** | $12095 | $9620 | $10967 |
| **06/20** | $12515 | $10055 | $11523 |
| **07/20** | $13427 | $10503 | $12304 |
| **08/20** | $14176 | $10953 | $12806 |
| **09/20** | $14135 | $10683 | $12694 |
| **10/20** | $13858 | $10454 | $12471 |
| **11/20** | $15211 | $11860 | $13739 |
| **12/20** | $16030 | $12501 | $14461 |
| **01/21** | $16154 | $12528 | $14549 |
| **02/21** | $16113 | $12776 | $14496 |
| **03/21** | $16423 | $12938 | $14450 |
| **04/21** | $17157 | $13319 | $14983 |
| **05/21** | $17653 | $13735 | $15345 |
| **06/21** | $17674 | $13646 | $15404 |
| **07/21** | $18046 | $13421 | $15170 |
| **08/21** | $18428 | $13676 | $15513 |
| **09/21** | $17550 | $13238 | $14846 |
| **10/21** | $18056 | $13554 | $15306 |
| **11/21** | $17147 | $12944 | $14753 |
| **12/21** | $17584 | $13479 | $15198 |
| **01/22** | $16342 | $12982 | $13972 |
| **02/22** | $15763 | $12725 | $13582 |
| **03/22** | $15963 | $12746 | $13560 |
| **04/22** | $14731 | $11945 | $12551 |
| **05/22** | $14741 | $12031 | $12443 |
| **06/22** | $13509 | $10996 | $11430 |
| **07/22** | $14510 | $11372 | $12059 |
| **08/22** | $13583 | $11007 | $11589 |
| **09/22** | $12340 | $9907 | $10359 |
| **10/22** | $13025 | $10203 | $10562 |
| **11/22** | $14625 | $11407 | $11875 |
| **12/22** | $14014 | $11322 | $11694 |
| **01/23** | $15054 | $12240 | $12683 |
| **02/23** | $14587 | $11811 | $12140 |
| **03/23** | $15171 | $12099 | $12699 |
| **04/23** | $15394 | $12310 | $12827 |
| **05/23** | $15011 | $11862 | $12472 |
| **06/23** | $15755 | $12394 | $12946 |
| **07/23** | $15999 | $12898 | $13349 |
| **08/23** | $15245 | $12316 | $12668 |
| **09/23** | $14555 | $11927 | $12000 |
| **10/23** | $14152 | $11435 | $11533 |
| **11/23** | $15553 | $12464 | $12726 |
| **12/23** | $16475 | $13090 | $13335 |
| **01/24** | $16348 | $12960 | $13233 |
| **02/24** | $16966 | $13288 | $13739 |
| **03/24** | $17339 | $13703 | $14123 |
| **04/24** | $16294 | $13457 | $13732 |
| **05/24** | $16880 | $13848 | $14094 |
| **06/24** | $17126 | $13835 | $14225 |
| **07/24** | $17339 | $14155 | $14375 |
| **08/24** | $18202 | $14558 | $14833 |
| **09/24** | $18703 | $14950 | $15210 |
| **10/24** | $17765 | $14217 | $14436 |
| **11/24** | $17776 | $14088 | $14317 |
| **12/24** | $17361 | $13814 | $14011 |
| **01/25** | $18455 | $14371 | $14607 |
| **02/25** | $18225 | $14570 | $14618 |
| **03/25** | $17678 | $14537 | $14286 |
| **04/25** | $18367 | $15062 | $14868 |
| **05/25** | $19089 | $15752 | $15619 |
| **06/25** | $19308 | $16287 | $16238 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Open Shares | 12.75% | 9.06% | 10.66% |
| MSCI ACWI ex USA Index | 17.72% | 10.13% | 9.01% |
| MSCI ACWI ex USA Growth Index | 14.15% | 7.10% | 8.97% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $406183940 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1320050 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.1% |
| EssilorLuxottica SA | 3.3% |
| Halma PLC | 3.3% |
| London Stock Exchange Group PLC | 3.3% |
| RELX PLC | 3.3% |
| Tencent Holdings Ltd. | 3.1% |
| ASML Holding NV | 3.1% |
| SAP SE | 3.1% |
| HDFC Bank Ltd. ADR | 3.1% |
| Dollarama, Inc. | 2.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Industrials | 21.5% |
| Financials | 17.4% |
| Health Care | 9.4% |
| Communication Services | 9.1% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.4% |
| Other (includes short-term investments) | 1.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Quality Growth Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RCMPX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $42 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i279746c5b8577d2715d60cbe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Shares** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Growth Index** |
| **02/23** | $1000000 | $1000000 | $1000000 |
| **02/23** | $988563 | $1000000 | $1000000 |
| **03/23** | $1027877 | $1024446 | $1046012 |
| **04/23** | $1043603 | $1042243 | $1056597 |
| **05/23** | $1017870 | $1004349 | $1027339 |
| **06/23** | $1068620 | $1049414 | $1066352 |
| **07/23** | $1085061 | $1092079 | $1099577 |
| **08/23** | $1034310 | $1042755 | $1043503 |
| **09/23** | $987848 | $1009820 | $988440 |
| **10/23** | $960686 | $968156 | $949969 |
| **11/23** | $1055754 | $1055304 | $1048284 |
| **12/23** | $1119034 | $1108325 | $1098404 |
| **01/24** | $1111118 | $1097316 | $1090013 |
| **02/24** | $1152856 | $1125097 | $1131681 |
| **03/24** | $1178763 | $1160267 | $1163325 |
| **04/24** | $1108239 | $1139432 | $1131147 |
| **05/24** | $1148539 | $1172508 | $1160961 |
| **06/24** | $1165090 | $1171393 | $1171744 |
| **07/24** | $1180203 | $1198516 | $1184113 |
| **08/24** | $1239213 | $1232649 | $1221776 |
| **09/24** | $1273036 | $1265841 | $1252831 |
| **10/24** | $1209708 | $1203732 | $1189133 |
| **11/24** | $1211147 | $1192836 | $1179318 |
| **12/24** | $1182346 | $1169659 | $1154089 |
| **01/25** | $1257910 | $1216789 | $1203154 |
| **02/25** | $1242353 | $1233677 | $1204076 |
| **03/25** | $1205312 | $1230878 | $1176735 |
| **04/25** | $1252724 | $1275316 | $1224688 |
| **05/25** | $1302359 | $1333741 | $1286515 |
| **06/25** | $1317916 | $1378986 | $1337537 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 2/22/23 |
| R6 Shares | 13.12% | 12.45% |
| MSCI ACWI ex USA Index | 17.72% | 14.15% |
| MSCI ACWI ex USA Growth Index | 14.15% | 12.58% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $406183940 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $1320050 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4.1% |
| EssilorLuxottica SA | 3.3% |
| Halma PLC | 3.3% |
| London Stock Exchange Group PLC | 3.3% |
| RELX PLC | 3.3% |
| Tencent Holdings Ltd. | 3.1% |
| ASML Holding NV | 3.1% |
| SAP SE | 3.1% |
| HDFC Bank Ltd. ADR | 3.1% |
| Dollarama, Inc. | 2.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 25.3% |
| Industrials | 21.5% |
| Financials | 17.4% |
| Health Care | 9.4% |
| Communication Services | 9.1% |
| Consumer Discretionary | 8.7% |
| Consumer Staples | 7.4% |
| Other (includes short-term investments) | 1.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Small Cap Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZISX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Small Cap Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $58 | 1.03% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i1c9dca5b779e503c6c0f3aa7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI EAFE Investable Market Index (IMI)** | **MSCI EAFE Small Cap Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10045 | $10191 | $10085 |
| **08/15** | $9468 | $9481 | $9642 |
| **09/15** | $9197 | $9021 | $9317 |
| **10/15** | $9613 | $9704 | $9874 |
| **11/15** | $9813 | $9573 | $9877 |
| **12/15** | $9876 | $9471 | $9949 |
| **01/16** | $9296 | $8778 | $9167 |
| **02/16** | $9142 | $8637 | $9156 |
| **03/16** | $9912 | $9217 | $9890 |
| **04/16** | $9858 | $9476 | $10117 |
| **05/16** | $9967 | $9409 | $10170 |
| **06/16** | $9577 | $9067 | $9633 |
| **07/16** | $9940 | $9540 | $10224 |
| **08/16** | $9756 | $9538 | $10163 |
| **09/16** | $10060 | $9679 | $10465 |
| **10/16** | $9591 | $9470 | $10169 |
| **11/16** | $9352 | $9270 | $9883 |
| **12/16** | $9408 | $9580 | $10166 |
| **01/17** | $9707 | $9866 | $10526 |
| **02/17** | $9800 | $10019 | $10762 |
| **03/17** | $10061 | $10284 | $10977 |
| **04/17** | $10630 | $10571 | $11447 |
| **05/17** | $10984 | $10959 | $11869 |
| **06/17** | $10994 | $10942 | $11866 |
| **07/17** | $11478 | $11269 | $12296 |
| **08/17** | $11581 | $11279 | $12397 |
| **09/17** | $11982 | $11566 | $12751 |
| **10/17** | $12252 | $11744 | $12966 |
| **11/17** | $12514 | $11877 | $13172 |
| **12/17** | $12859 | $12086 | $13523 |
| **01/18** | $13446 | $12694 | $14214 |
| **02/18** | $12849 | $12139 | $13710 |
| **03/18** | $12952 | $11933 | $13555 |
| **04/18** | $12793 | $12189 | $13739 |
| **05/18** | $12681 | $11938 | $13608 |
| **06/18** | $12495 | $11779 | $13343 |
| **07/18** | $12597 | $12037 | $13430 |
| **08/18** | $12315 | $11825 | $13322 |
| **09/18** | $12125 | $11899 | $13226 |
| **10/18** | $10629 | $10922 | $11953 |
| **11/18** | $10496 | $10900 | $11869 |
| **12/18** | $9659 | $10345 | $11103 |
| **01/19** | $10600 | $11047 | $11998 |
| **02/19** | $10833 | $11324 | $12267 |
| **03/19** | $10678 | $11387 | $12287 |
| **04/19** | $11057 | $11711 | $12657 |
| **05/19** | $10620 | $11140 | $11988 |
| **06/19** | $11037 | $11774 | $12496 |
| **07/19** | $10785 | $11634 | $12408 |
| **08/19** | $10574 | $11335 | $12101 |
| **09/19** | $10833 | $11658 | $12442 |
| **10/19** | $11283 | $12093 | $13007 |
| **11/19** | $11642 | $12248 | $13295 |
| **12/19** | $12171 | $12666 | $13875 |
| **01/20** | $11842 | $12386 | $13473 |
| **02/20** | $10833 | $11253 | $12152 |
| **03/20** | $8956 | $9688 | $10057 |
| **04/20** | $9895 | $10367 | $11102 |
| **05/20** | $10614 | $10859 | $11894 |
| **06/20** | $11003 | $11197 | $12056 |
| **07/20** | $11353 | $11474 | $12462 |
| **08/20** | $11905 | $12102 | $13391 |
| **09/20** | $11802 | $11820 | $13292 |
| **10/20** | $11485 | $11357 | $12830 |
| **11/20** | $12907 | $13088 | $14592 |
| **12/20** | $13807 | $13738 | $15588 |
| **01/21** | $13797 | $13606 | $15530 |
| **02/21** | $14103 | $13920 | $15941 |
| **03/21** | $14277 | $14238 | $16290 |
| **04/21** | $15198 | $14688 | $16945 |
| **05/21** | $15576 | $15139 | $17284 |
| **06/21** | $15453 | $14956 | $16998 |
| **07/21** | $15689 | $15091 | $17286 |
| **08/21** | $16316 | $15383 | $17785 |
| **09/21** | $15716 | $14920 | $17150 |
| **10/21** | $15964 | $15267 | $17419 |
| **11/21** | $15064 | $14534 | $16445 |
| **12/21** | $15440 | $15261 | $17162 |
| **01/22** | $14386 | $14464 | $15907 |
| **02/22** | $13824 | $14219 | $15705 |
| **03/22** | $13684 | $14296 | $15698 |
| **04/22** | $12813 | $13363 | $14621 |
| **05/22** | $12742 | $13433 | $14516 |
| **06/22** | $11099 | $12152 | $12922 |
| **07/22** | $11843 | $12787 | $13776 |
| **08/22** | $10929 | $12186 | $13165 |
| **09/22** | $9828 | $11007 | $11651 |
| **10/22** | $10312 | $11580 | $12144 |
| **11/22** | $11620 | $12862 | $13348 |
| **12/22** | $11376 | $12890 | $13491 |
| **01/23** | $12367 | $13922 | $14499 |
| **02/23** | $12086 | $13630 | $14184 |
| **03/23** | $12204 | $13915 | $14155 |
| **04/23** | $12352 | $14292 | $14440 |
| **05/23** | $11953 | $13689 | $13837 |
| **06/23** | $12086 | $14280 | $14237 |
| **07/23** | $12367 | $14765 | $14868 |
| **08/23** | $12034 | $14210 | $14373 |
| **09/23** | $11337 | $13705 | $13737 |
| **10/23** | $10745 | $13115 | $12930 |
| **11/23** | $11841 | $14346 | $14231 |
| **12/23** | $12690 | $15147 | $15267 |
| **01/24** | $12328 | $15187 | $15015 |
| **02/24** | $12222 | $15435 | $15072 |
| **03/24** | $12524 | $15952 | $15633 |
| **04/24** | $12056 | $15534 | $15169 |
| **05/24** | $12524 | $16146 | $15826 |
| **06/24** | $12343 | $15853 | $15345 |
| **07/24** | $13189 | $16378 | $16220 |
| **08/24** | $13606 | $16882 | $16541 |
| **09/24** | $13651 | $17076 | $16963 |
| **10/24** | $12532 | $16127 | $15900 |
| **11/24** | $12442 | $16050 | $15911 |
| **12/24** | $12222 | $15685 | $15544 |
| **01/25** | $12792 | $16469 | $16080 |
| **02/25** | $12699 | $16738 | $16033 |
| **03/25** | $12792 | $16692 | $16118 |
| **04/25** | $13592 | $17485 | $17053 |
| **05/25** | $14793 | $18311 | $18009 |
| **06/25** | $15424 | $18770 | $18792 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 24.96% | 6.99% | 4.43% |
| MSCI EAFE Investable Market Index (IMI) | 18.40% | 10.88% | 6.50% |
| MSCI EAFE Small Cap Index | 22.46% | 9.28% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12300195 |
| # of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Phoenix Financial Ltd. | 3.0% |
| Lottomatica Group SpA | 2.6% |
| CTP NV | 2.3% |
| Organo Corp. | 2.3% |
| Asics Corp. | 2.2% |
| Toyo Suisan Kaisha Ltd. | 2.1% |
| Sugi Holdings Co. Ltd. | 2.1% |
| Exosens SAS | 1.9% |
| Sanwa Holdings Corp. | 1.9% |
| Beazley PLC | 1.8% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 28.6% |
| Financials | 14.7% |
| Consumer Discretionary | 12.2% |
| Consumer Staples | 8.3% |
| Information Technology | 7.7% |
| Real Estate | 7.7% |
| Health Care | 6.5% |
| Materials | 5.3% |
| Communication Services | 2.1% |
| Energy | 1.8% |
| Other (includes short-term investments) | 5.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Small Cap Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LZSMX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Small Cap Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $72 | 1.28% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](ia8dc12659b3d59a94fe2705b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI EAFE Investable Market Index (IMI)** | **MSCI EAFE Small Cap Index** |
| **06/15** | $10000 | $10000 | $10000 |
| **07/15** | $10045 | $10191 | $10085 |
| **08/15** | $9469 | $9481 | $9642 |
| **09/15** | $9190 | $9021 | $9317 |
| **10/15** | $9605 | $9704 | $9874 |
| **11/15** | $9794 | $9573 | $9877 |
| **12/15** | $9867 | $9471 | $9949 |
| **01/16** | $9280 | $8778 | $9167 |
| **02/16** | $9126 | $8637 | $9156 |
| **03/16** | $9894 | $9217 | $9890 |
| **04/16** | $9840 | $9476 | $10117 |
| **05/16** | $9939 | $9409 | $10170 |
| **06/16** | $9551 | $9067 | $9633 |
| **07/16** | $9912 | $9540 | $10224 |
| **08/16** | $9723 | $9538 | $10163 |
| **09/16** | $10025 | $9679 | $10465 |
| **10/16** | $9568 | $9470 | $10169 |
| **11/16** | $9321 | $9270 | $9883 |
| **12/16** | $9372 | $9580 | $10166 |
| **01/17** | $9668 | $9866 | $10526 |
| **02/17** | $9761 | $10019 | $10762 |
| **03/17** | $10019 | $10284 | $10977 |
| **04/17** | $10583 | $10571 | $11447 |
| **05/17** | $10934 | $10959 | $11869 |
| **06/17** | $10944 | $10942 | $11866 |
| **07/17** | $11424 | $11269 | $12296 |
| **08/17** | $11526 | $11279 | $12397 |
| **09/17** | $11914 | $11566 | $12751 |
| **10/17** | $12182 | $11744 | $12966 |
| **11/17** | $12441 | $11877 | $13172 |
| **12/17** | $12774 | $12086 | $13523 |
| **01/18** | $13356 | $12694 | $14214 |
| **02/18** | $12765 | $12139 | $13710 |
| **03/18** | $12857 | $11933 | $13555 |
| **04/18** | $12709 | $12189 | $13739 |
| **05/18** | $12589 | $11938 | $13608 |
| **06/18** | $12404 | $11779 | $13343 |
| **07/18** | $12506 | $12037 | $13430 |
| **08/18** | $12214 | $11825 | $13322 |
| **09/18** | $12026 | $11899 | $13226 |
| **10/18** | $10538 | $10922 | $11953 |
| **11/18** | $10415 | $10900 | $11869 |
| **12/18** | $9569 | $10345 | $11103 |
| **01/19** | $10499 | $11047 | $11998 |
| **02/19** | $10730 | $11324 | $12267 |
| **03/19** | $10576 | $11387 | $12287 |
| **04/19** | $10951 | $11711 | $12657 |
| **05/19** | $10509 | $11140 | $11988 |
| **06/19** | $10922 | $11774 | $12496 |
| **07/19** | $10672 | $11634 | $12408 |
| **08/19** | $10464 | $11335 | $12101 |
| **09/19** | $10710 | $11658 | $12442 |
| **10/19** | $11164 | $12093 | $13007 |
| **11/19** | $11510 | $12248 | $13295 |
| **12/19** | $12033 | $12666 | $13875 |
| **01/20** | $11707 | $12386 | $13473 |
| **02/20** | $10710 | $11253 | $12152 |
| **03/20** | $8845 | $9688 | $10057 |
| **04/20** | $9773 | $10367 | $11102 |
| **05/20** | $10483 | $10859 | $11894 |
| **06/20** | $10858 | $11197 | $12056 |
| **07/20** | $11204 | $11474 | $12462 |
| **08/20** | $11750 | $12102 | $13391 |
| **09/20** | $11649 | $11820 | $13292 |
| **10/20** | $11336 | $11357 | $12830 |
| **11/20** | $12728 | $13088 | $14592 |
| **12/20** | $13616 | $13738 | $15588 |
| **01/21** | $13596 | $13606 | $15530 |
| **02/21** | $13898 | $13920 | $15941 |
| **03/21** | $14070 | $14238 | $16290 |
| **04/21** | $14977 | $14688 | $16945 |
| **05/21** | $15340 | $15139 | $17284 |
| **06/21** | $15219 | $14956 | $16998 |
| **07/21** | $15451 | $15091 | $17286 |
| **08/21** | $16070 | $15383 | $17785 |
| **09/21** | $15480 | $14920 | $17150 |
| **10/21** | $15714 | $15267 | $17419 |
| **11/21** | $14828 | $14534 | $16445 |
| **12/21** | $15196 | $15261 | $17162 |
| **01/22** | $14149 | $14464 | $15907 |
| **02/22** | $13598 | $14219 | $15705 |
| **03/22** | $13446 | $14296 | $15698 |
| **04/22** | $12592 | $13363 | $14621 |
| **05/22** | $12523 | $13433 | $14516 |
| **06/22** | $10911 | $12152 | $12922 |
| **07/22** | $11628 | $12787 | $13776 |
| **08/22** | $10731 | $12186 | $13165 |
| **09/22** | $9651 | $11007 | $11651 |
| **10/22** | $10126 | $11580 | $12144 |
| **11/22** | $11408 | $12862 | $13348 |
| **12/22** | $11170 | $12890 | $13491 |
| **01/23** | $12139 | $13922 | $14499 |
| **02/23** | $11850 | $13630 | $14184 |
| **03/23** | $11966 | $13915 | $14155 |
| **04/23** | $12110 | $14292 | $14440 |
| **05/23** | $11720 | $13689 | $13837 |
| **06/23** | $11850 | $14280 | $14237 |
| **07/23** | $12125 | $14765 | $14868 |
| **08/23** | $11799 | $14210 | $14373 |
| **09/23** | $11104 | $13705 | $13737 |
| **10/23** | $10524 | $13115 | $12930 |
| **11/23** | $11582 | $14346 | $14231 |
| **12/23** | $12425 | $15147 | $15267 |
| **01/24** | $12057 | $15187 | $15015 |
| **02/24** | $11968 | $15435 | $15072 |
| **03/24** | $12248 | $15952 | $15633 |
| **04/24** | $11791 | $15534 | $15169 |
| **05/24** | $12248 | $16146 | $15826 |
| **06/24** | $12071 | $15853 | $15345 |
| **07/24** | $12897 | $16378 | $16220 |
| **08/24** | $13289 | $16882 | $16541 |
| **09/24** | $13333 | $17076 | $16963 |
| **10/24** | $12242 | $16127 | $15900 |
| **11/24** | $12153 | $16050 | $15911 |
| **12/24** | $11939 | $15685 | $15544 |
| **01/25** | $12493 | $16469 | $16080 |
| **02/25** | $12403 | $16738 | $16033 |
| **03/25** | $12478 | $16692 | $16118 |
| **04/25** | $13257 | $17485 | $17053 |
| **05/25** | $14425 | $18311 | $18009 |
| **06/25** | $15039 | $18770 | $18792 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 24.59% | 6.73% | 4.17% |
| MSCI EAFE Investable Market Index (IMI) | 18.40% | 10.88% | 6.50% |
| MSCI EAFE Small Cap Index | 22.46% | 9.28% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12300195 |
| # of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| Phoenix Financial Ltd. | 3.0% |
| Lottomatica Group SpA | 2.6% |
| CTP NV | 2.3% |
| Organo Corp. | 2.3% |
| Asics Corp. | 2.2% |
| Toyo Suisan Kaisha Ltd. | 2.1% |
| Sugi Holdings Co. Ltd. | 2.1% |
| Exosens SAS | 1.9% |
| Sanwa Holdings Corp. | 1.9% |
| Beazley PLC | 1.8% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 28.6% |
| Financials | 14.7% |
| Consumer Discretionary | 12.2% |
| Consumer Staples | 8.3% |
| Information Technology | 7.7% |
| Real Estate | 7.7% |
| Health Care | 6.5% |
| Materials | 5.3% |
| Communication Services | 2.1% |
| Energy | 1.8% |
| Other (includes short-term investments) | 5.1% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LISIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $46 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i85bdc7b67225278178d36aa4.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI EAFE Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10048 | $10208 |
| **08/15** | $9348 | $9457 |
| **09/15** | $8929 | $8977 |
| **10/15** | $9520 | $9678 |
| **11/15** | $9451 | $9528 |
| **12/15** | $9256 | $9399 |
| **01/16** | $8784 | $8720 |
| **02/16** | $8666 | $8560 |
| **03/16** | $9228 | $9117 |
| **04/16** | $9291 | $9381 |
| **05/16** | $9305 | $9296 |
| **06/16** | $9110 | $8984 |
| **07/16** | $9333 | $9439 |
| **08/16** | $9221 | $9445 |
| **09/16** | $9312 | $9562 |
| **10/16** | $8958 | $9366 |
| **11/16** | $8659 | $9179 |
| **12/16** | $8777 | $9493 |
| **01/17** | $8989 | $9769 |
| **02/17** | $9053 | $9908 |
| **03/17** | $9278 | $10181 |
| **04/17** | $9610 | $10440 |
| **05/17** | $10026 | $10823 |
| **06/17** | $10005 | $10804 |
| **07/17** | $10393 | $11116 |
| **08/17** | $10379 | $11112 |
| **09/17** | $10577 | $11388 |
| **10/17** | $10760 | $11561 |
| **11/17** | $10965 | $11682 |
| **12/17** | $11222 | $11870 |
| **01/18** | $11944 | $12465 |
| **02/18** | $11451 | $11903 |
| **03/18** | $11480 | $11688 |
| **04/18** | $11473 | $11955 |
| **05/18** | $11451 | $11686 |
| **06/18** | $11244 | $11543 |
| **07/18** | $11394 | $11828 |
| **08/18** | $11274 | $11599 |
| **09/18** | $11382 | $11700 |
| **10/18** | $10424 | $10769 |
| **11/18** | $10567 | $10755 |
| **12/18** | $10061 | $10233 |
| **01/19** | $10748 | $10906 |
| **02/19** | $11099 | $11184 |
| **03/19** | $11216 | $11254 |
| **04/19** | $11552 | $11570 |
| **05/19** | $11013 | $11015 |
| **06/19** | $11614 | $11668 |
| **07/19** | $11395 | $11520 |
| **08/19** | $11211 | $11222 |
| **09/19** | $11438 | $11543 |
| **10/19** | $11649 | $11958 |
| **11/19** | $11813 | $12093 |
| **12/19** | $12229 | $12486 |
| **01/20** | $12054 | $12225 |
| **02/20** | $11132 | $11120 |
| **03/20** | $9319 | $9636 |
| **04/20** | $9971 | $10258 |
| **05/20** | $10472 | $10705 |
| **06/20** | $10814 | $11069 |
| **07/20** | $11235 | $11327 |
| **08/20** | $11906 | $11910 |
| **09/20** | $11540 | $11600 |
| **10/20** | $11149 | $11137 |
| **11/20** | $12886 | $12863 |
| **12/20** | $13523 | $13461 |
| **01/21** | $13162 | $13318 |
| **02/21** | $13507 | $13617 |
| **03/21** | $13901 | $13930 |
| **04/21** | $14512 | $14349 |
| **05/21** | $14913 | $14817 |
| **06/21** | $14536 | $14650 |
| **07/21** | $14648 | $14761 |
| **08/21** | $15021 | $15021 |
| **09/21** | $14450 | $14585 |
| **10/21** | $14764 | $14944 |
| **11/21** | $13830 | $14248 |
| **12/21** | $14334 | $14978 |
| **01/22** | $13800 | $14254 |
| **02/22** | $13414 | $14002 |
| **03/22** | $13125 | $14092 |
| **04/22** | $12355 | $13180 |
| **05/22** | $12626 | $13279 |
| **06/22** | $11593 | $12047 |
| **07/22** | $12188 | $12647 |
| **08/22** | $11444 | $12047 |
| **09/22** | $10411 | $10920 |
| **10/22** | $11129 | $11507 |
| **11/22** | $12276 | $12803 |
| **12/22** | $11915 | $12813 |
| **01/23** | $12803 | $13851 |
| **02/23** | $12412 | $13562 |
| **03/23** | $12847 | $13898 |
| **04/23** | $12900 | $14290 |
| **05/23** | $12758 | $13685 |
| **06/23** | $13344 | $14308 |
| **07/23** | $13477 | $14771 |
| **08/23** | $13028 | $14205 |
| **09/23** | $12468 | $13720 |
| **10/23** | $12006 | $13164 |
| **11/23** | $13223 | $14386 |
| **12/23** | $13947 | $15150 |
| **01/24** | $13839 | $15237 |
| **02/24** | $14460 | $15516 |
| **03/24** | $14749 | $16026 |
| **04/24** | $14037 | $15616 |
| **05/24** | $14587 | $16221 |
| **06/24** | $14280 | $15959 |
| **07/24** | $14749 | $16427 |
| **08/24** | $15204 | $16961 |
| **09/24** | $15069 | $17118 |
| **10/24** | $14184 | $16187 |
| **11/24** | $14293 | $16095 |
| **12/24** | $13757 | $15729 |
| **01/25** | $14452 | $16556 |
| **02/25** | $14697 | $16877 |
| **03/25** | $14462 | $16809 |
| **04/25** | $14994 | $17579 |
| **05/25** | $15873 | $18383 |
| **06/25** | $16455 | $18788 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 15.23% | 8.76% | 5.11% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1886584895 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8773709 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| RELX PLC | 3.2% |
| Bank Leumi Le-Israel BM | 3.2% |
| ASML Holding NV | 3.1% |
| Piraeus Financial Holdings SA | 2.8% |
| Phoenix Financial Ltd. | 2.6% |
| Aon PLC, Class A | 2.4% |
| Novo Nordisk AS, Class B | 2.3% |
| MTU Aero Engines AG | 2.3% |
| Unilever PLC | 2.3% |
| UniCredit SpA | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 19.4% |
| Information Technology | 11.9% |
| Consumer Staples | 11.1% |
| Consumer Discretionary | 8.3% |
| Health Care | 7.3% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Energy | 0.5% |
| Other (includes short-term investments) | 5.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# LISOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $60 | 1.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i221823990292f1f8de36f167.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI EAFE Index** |
| **06/15** | $10000 | $10000 |
| **07/15** | $10041 | $10208 |
| **08/15** | $9346 | $9457 |
| **09/15** | $8916 | $8977 |
| **10/15** | $9509 | $9678 |
| **11/15** | $9434 | $9528 |
| **12/15** | $9243 | $9399 |
| **01/16** | $8768 | $8720 |
| **02/16** | $8651 | $8560 |
| **03/16** | $9208 | $9117 |
| **04/16** | $9270 | $9381 |
| **05/16** | $9277 | $9296 |
| **06/16** | $9084 | $8984 |
| **07/16** | $9305 | $9439 |
| **08/16** | $9188 | $9445 |
| **09/16** | $9277 | $9562 |
| **10/16** | $8919 | $9366 |
| **11/16** | $8624 | $9179 |
| **12/16** | $8746 | $9493 |
| **01/17** | $8948 | $9769 |
| **02/17** | $9011 | $9908 |
| **03/17** | $9234 | $10181 |
| **04/17** | $9561 | $10440 |
| **05/17** | $9973 | $10823 |
| **06/17** | $9952 | $10804 |
| **07/17** | $10335 | $11116 |
| **08/17** | $10321 | $11112 |
| **09/17** | $10509 | $11388 |
| **10/17** | $10697 | $11561 |
| **11/17** | $10892 | $11682 |
| **12/17** | $11146 | $11870 |
| **01/18** | $11864 | $12465 |
| **02/18** | $11371 | $11903 |
| **03/18** | $11393 | $11688 |
| **04/18** | $11386 | $11955 |
| **05/18** | $11364 | $11686 |
| **06/18** | $11153 | $11543 |
| **07/18** | $11301 | $11828 |
| **08/18** | $11183 | $11599 |
| **09/18** | $11282 | $11700 |
| **10/18** | $10331 | $10769 |
| **11/18** | $10465 | $10755 |
| **12/18** | $9970 | $10233 |
| **01/19** | $10644 | $10906 |
| **02/19** | $10997 | $11184 |
| **03/19** | $11104 | $11254 |
| **04/19** | $11433 | $11570 |
| **05/19** | $10897 | $11015 |
| **06/19** | $11495 | $11668 |
| **07/19** | $11272 | $11520 |
| **08/19** | $11092 | $11222 |
| **09/19** | $11314 | $11543 |
| **10/19** | $11514 | $11958 |
| **11/19** | $11675 | $12093 |
| **12/19** | $12084 | $12486 |
| **01/20** | $11905 | $12225 |
| **02/20** | $10994 | $11120 |
| **03/20** | $9203 | $9636 |
| **04/20** | $9849 | $10258 |
| **05/20** | $10340 | $10705 |
| **06/20** | $10675 | $11069 |
| **07/20** | $11087 | $11327 |
| **08/20** | $11744 | $11910 |
| **09/20** | $11378 | $11600 |
| **10/20** | $10996 | $11137 |
| **11/20** | $12703 | $12863 |
| **12/20** | $13333 | $13461 |
| **01/21** | $12972 | $13318 |
| **02/21** | $13310 | $13617 |
| **03/21** | $13686 | $13930 |
| **04/21** | $14291 | $14349 |
| **05/21** | $14683 | $14817 |
| **06/21** | $14306 | $14650 |
| **07/21** | $14416 | $14761 |
| **08/21** | $14781 | $15021 |
| **09/21** | $14215 | $14585 |
| **10/21** | $14521 | $14944 |
| **11/21** | $13602 | $14248 |
| **12/21** | $14090 | $14978 |
| **01/22** | $13570 | $14254 |
| **02/22** | $13178 | $14002 |
| **03/22** | $12897 | $14092 |
| **04/22** | $12138 | $13180 |
| **05/22** | $12402 | $13279 |
| **06/22** | $11388 | $12047 |
| **07/22** | $11967 | $12647 |
| **08/22** | $11234 | $12047 |
| **09/22** | $10220 | $10920 |
| **10/22** | $10919 | $11507 |
| **11/22** | $12036 | $12803 |
| **12/22** | $11689 | $12813 |
| **01/23** | $12551 | $13851 |
| **02/23** | $12171 | $13562 |
| **03/23** | $12585 | $13898 |
| **04/23** | $12637 | $14290 |
| **05/23** | $12499 | $13685 |
| **06/23** | $13068 | $14308 |
| **07/23** | $13197 | $14771 |
| **08/23** | $12761 | $14205 |
| **09/23** | $12209 | $13720 |
| **10/23** | $11752 | $13164 |
| **11/23** | $12934 | $14386 |
| **12/23** | $13636 | $15150 |
| **01/24** | $13540 | $15237 |
| **02/24** | $14142 | $15516 |
| **03/24** | $14412 | $16026 |
| **04/24** | $13714 | $15616 |
| **05/24** | $14255 | $16221 |
| **06/24** | $13950 | $15959 |
| **07/24** | $14403 | $16427 |
| **08/24** | $14844 | $16961 |
| **09/24** | $14704 | $17118 |
| **10/24** | $13848 | $16187 |
| **11/24** | $13944 | $16095 |
| **12/24** | $13416 | $15729 |
| **01/25** | $14096 | $16556 |
| **02/25** | $14332 | $16877 |
| **03/25** | $14106 | $16809 |
| **04/25** | $14618 | $17579 |
| **05/25** | $15466 | $18383 |
| **06/25** | $16028 | $18788 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 14.90% | 8.47% | 4.83% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1886584895 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8773709 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| RELX PLC | 3.2% |
| Bank Leumi Le-Israel BM | 3.2% |
| ASML Holding NV | 3.1% |
| Piraeus Financial Holdings SA | 2.8% |
| Phoenix Financial Ltd. | 2.6% |
| Aon PLC, Class A | 2.4% |
| Novo Nordisk AS, Class B | 2.3% |
| MTU Aero Engines AG | 2.3% |
| Unilever PLC | 2.3% |
| UniCredit SpA | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 19.4% |
| Information Technology | 11.9% |
| Consumer Staples | 11.1% |
| Consumer Discretionary | 8.3% |
| Health Care | 7.3% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Energy | 0.5% |
| Other (includes short-term investments) | 5.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RLITX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $46 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i5b9b22abe579212094984903.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI EAFE Index** |
| **06/15** | $1000000 | $1000000 |
| **07/15** | $1004808 | $1020763 |
| **08/15** | $934753 | $945673 |
| **09/15** | $892170 | $897655 |
| **10/15** | $951236 | $967824 |
| **11/15** | $944368 | $952768 |
| **12/15** | $924676 | $939930 |
| **01/16** | $877541 | $871960 |
| **02/16** | $865757 | $855985 |
| **03/16** | $921903 | $911681 |
| **04/16** | $928141 | $938075 |
| **05/16** | $929528 | $929554 |
| **06/16** | $910119 | $898350 |
| **07/16** | $932300 | $943880 |
| **08/16** | $921210 | $944550 |
| **09/16** | $930221 | $956153 |
| **10/16** | $894870 | $936595 |
| **11/16** | $865064 | $917941 |
| **12/16** | $876892 | $949329 |
| **01/17** | $898022 | $976868 |
| **02/17** | $904361 | $990836 |
| **03/17** | $926899 | $1018113 |
| **04/17** | $960003 | $1044018 |
| **05/17** | $1001558 | $1082338 |
| **06/17** | $999445 | $1080423 |
| **07/17** | $1038184 | $1111589 |
| **08/17** | $1036775 | $1111170 |
| **09/17** | $1056496 | $1138817 |
| **10/17** | $1075513 | $1156110 |
| **11/17** | $1095234 | $1168237 |
| **12/17** | $1120833 | $1186988 |
| **01/18** | $1192892 | $1246526 |
| **02/18** | $1143664 | $1190263 |
| **03/18** | $1146517 | $1168810 |
| **04/18** | $1145804 | $1195497 |
| **05/18** | $1143664 | $1168625 |
| **06/18** | $1122973 | $1154348 |
| **07/18** | $1137956 | $1182762 |
| **08/18** | $1126742 | $1159920 |
| **09/18** | $1136732 | $1169988 |
| **10/18** | $1041826 | $1076867 |
| **11/18** | $1055384 | $1075510 |
| **12/18** | $1004873 | $1023300 |
| **01/19** | $1073423 | $1090552 |
| **02/19** | $1108477 | $1118351 |
| **03/19** | $1120940 | $1125403 |
| **04/19** | $1153657 | $1157038 |
| **05/19** | $1099908 | $1101470 |
| **06/19** | $1160668 | $1166815 |
| **07/19** | $1138078 | $1152000 |
| **08/19** | $1119686 | $1122156 |
| **09/19** | $1142314 | $1154313 |
| **10/19** | $1163381 | $1195787 |
| **11/19** | $1179767 | $1209268 |
| **12/19** | $1221284 | $1248569 |
| **01/20** | $1203825 | $1222486 |
| **02/20** | $1111773 | $1111973 |
| **03/20** | $930842 | $963558 |
| **04/20** | $995913 | $1025804 |
| **05/20** | $1045908 | $1070478 |
| **06/20** | $1080824 | $1106928 |
| **07/20** | $1122089 | $1132730 |
| **08/20** | $1189822 | $1190965 |
| **09/20** | $1152466 | $1160020 |
| **10/20** | $1113520 | $1113701 |
| **11/20** | $1287583 | $1286339 |
| **12/20** | $1351234 | $1346148 |
| **01/21** | $1315148 | $1331806 |
| **02/21** | $1348829 | $1361679 |
| **03/21** | $1388123 | $1392988 |
| **04/21** | $1449870 | $1434903 |
| **05/21** | $1489966 | $1481696 |
| **06/21** | $1452276 | $1465022 |
| **07/21** | $1463503 | $1476052 |
| **08/21** | $1500723 | $1502089 |
| **09/21** | $1442911 | $1458497 |
| **10/21** | $1474226 | $1494369 |
| **11/21** | $1381886 | $1424816 |
| **12/21** | $1431303 | $1497772 |
| **01/22** | $1378874 | $1425393 |
| **02/22** | $1339553 | $1400190 |
| **03/22** | $1310717 | $1409190 |
| **04/22** | $1233822 | $1318023 |
| **05/22** | $1260910 | $1327904 |
| **06/22** | $1157800 | $1204691 |
| **07/22** | $1218093 | $1264720 |
| **08/22** | $1142945 | $1204653 |
| **09/22** | $1039836 | $1091961 |
| **10/22** | $1111488 | $1150681 |
| **11/22** | $1225957 | $1280289 |
| **12/22** | $1189895 | $1281318 |
| **01/23** | $1279381 | $1385075 |
| **02/23** | $1240397 | $1356174 |
| **03/23** | $1282925 | $1389785 |
| **04/23** | $1288241 | $1429023 |
| **05/23** | $1274065 | $1368549 |
| **06/23** | $1332541 | $1430831 |
| **07/23** | $1346717 | $1477128 |
| **08/23** | $1301877 | $1420536 |
| **09/23** | $1246006 | $1372013 |
| **10/23** | $1199004 | $1316390 |
| **11/23** | $1320500 | $1438574 |
| **12/23** | $1392681 | $1515004 |
| **01/24** | $1382791 | $1523723 |
| **02/24** | $1444828 | $1551614 |
| **03/24** | $1472700 | $1602646 |
| **04/24** | $1402571 | $1561604 |
| **05/24** | $1457415 | $1622092 |
| **06/24** | $1425947 | $1595906 |
| **07/24** | $1473599 | $1642724 |
| **08/24** | $1518133 | $1696139 |
| **09/24** | $1505527 | $1711802 |
| **10/24** | $1417284 | $1618712 |
| **11/24** | $1428089 | $1609529 |
| **12/24** | $1374624 | $1572925 |
| **01/25** | $1443967 | $1655585 |
| **02/25** | $1467421 | $1687692 |
| **03/25** | $1444986 | $1680883 |
| **04/25** | $1498013 | $1757877 |
| **05/25** | $1585712 | $1838305 |
| **06/25** | $1643838 | $1878809 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 15.28% | 8.75% | 5.10% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1886584895 |
| # of Portfolio Holdings | 64 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8773709 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| RELX PLC | 3.2% |
| Bank Leumi Le-Israel BM | 3.2% |
| ASML Holding NV | 3.1% |
| Piraeus Financial Holdings SA | 2.8% |
| Phoenix Financial Ltd. | 2.6% |
| Aon PLC, Class A | 2.4% |
| Novo Nordisk AS, Class B | 2.3% |
| MTU Aero Engines AG | 2.3% |
| Unilever PLC | 2.3% |
| UniCredit SpA | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 27.1% |
| Industrials | 19.4% |
| Information Technology | 11.9% |
| Consumer Staples | 11.1% |
| Consumer Discretionary | 8.3% |
| Health Care | 7.3% |
| Communication Services | 3.3% |
| Utilities | 3.1% |
| Materials | 2.8% |
| Energy | 0.5% |
| Other (includes short-term investments) | 5.2% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Real Assets Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RALIX: Institutional Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Shares | $42 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](idcc9aebb8cdd628382401a94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **Real Assets Blend Index** |
| **01/17** | $10070 | $10000 | $10000 |
| **02/17** | $10280 | $10277 | $10209 |
| **03/17** | $10305 | $10387 | $10169 |
| **04/17** | $10396 | $10541 | $10215 |
| **05/17** | $10516 | $10764 | $10377 |
| **06/17** | $10451 | $10805 | $10379 |
| **07/17** | $10561 | $11064 | $10610 |
| **08/17** | $10621 | $11079 | $10723 |
| **09/17** | $10621 | $11328 | $10673 |
| **10/17** | $10752 | $11542 | $10796 |
| **11/17** | $10913 | $11792 | $10954 |
| **12/17** | $10990 | $11952 | $11089 |
| **01/18** | $11092 | $12583 | $11217 |
| **02/18** | $10693 | $12061 | $10686 |
| **03/18** | $10723 | $11798 | $10815 |
| **04/18** | $10888 | $11934 | $11029 |
| **05/18** | $10908 | $12009 | $11135 |
| **06/18** | $10888 | $12003 | $11104 |
| **07/18** | $10981 | $12378 | $11133 |
| **08/18** | $10952 | $12531 | $11046 |
| **09/18** | $10952 | $12601 | $11019 |
| **10/18** | $10558 | $11676 | $10672 |
| **11/18** | $10641 | $11808 | $10938 |
| **12/18** | $10160 | $10910 | $10348 |
| **01/19** | $10742 | $11759 | $11213 |
| **02/19** | $10937 | $12113 | $11339 |
| **03/19** | $11044 | $12272 | $11612 |
| **04/19** | $11152 | $12707 | $11576 |
| **05/19** | $10958 | $11974 | $11406 |
| **06/19** | $11271 | $12763 | $11721 |
| **07/19** | $11293 | $12826 | $11689 |
| **08/19** | $11305 | $12564 | $11689 |
| **09/19** | $11446 | $12831 | $11879 |
| **10/19** | $11576 | $13158 | $12086 |
| **11/19** | $11544 | $13524 | $11905 |
| **12/19** | $11793 | $13929 | $12332 |
| **01/20** | $11782 | $13845 | $12108 |
| **02/20** | $11230 | $12674 | $11285 |
| **03/20** | $9931 | $10997 | $9480 |
| **04/20** | $10363 | $12198 | $9906 |
| **05/20** | $10617 | $12788 | $10211 |
| **06/20** | $10723 | $13126 | $10330 |
| **07/20** | $10989 | $13754 | $10731 |
| **08/20** | $11260 | $14673 | $11117 |
| **09/20** | $10993 | $14166 | $10825 |
| **10/20** | $10881 | $13732 | $10681 |
| **11/20** | $11628 | $15488 | $11548 |
| **12/20** | $11865 | $16144 | $11888 |
| **01/21** | $11716 | $15984 | $11906 |
| **02/21** | $12049 | $16393 | $12272 |
| **03/21** | $12324 | $16939 | $12588 |
| **04/21** | $13083 | $17727 | $13329 |
| **05/21** | $13348 | $17983 | $13571 |
| **06/21** | $13463 | $18251 | $13646 |
| **07/21** | $13727 | $18578 | $13919 |
| **08/21** | $13785 | $19040 | $14060 |
| **09/21** | $13707 | $18249 | $13862 |
| **10/21** | $14285 | $19283 | $14459 |
| **11/21** | $13973 | $18861 | $13816 |
| **12/21** | $14428 | $19667 | $14601 |
| **01/22** | $14428 | $18626 | $14619 |
| **02/22** | $14505 | $18155 | $14787 |
| **03/22** | $15407 | $18653 | $15755 |
| **04/22** | $15368 | $17104 | $15487 |
| **05/22** | $15342 | $17117 | $15449 |
| **06/22** | $13876 | $15634 | $14136 |
| **07/22** | $14731 | $16875 | $14921 |
| **08/22** | $14333 | $16170 | $14484 |
| **09/22** | $12810 | $14667 | $12898 |
| **10/22** | $13215 | $15720 | $13226 |
| **11/22** | $13790 | $16813 | $14056 |
| **12/22** | $13209 | $16099 | $13687 |
| **01/23** | $13790 | $17238 | $14230 |
| **02/23** | $13236 | $16824 | $13543 |
| **03/23** | $13231 | $17343 | $13505 |
| **04/23** | $13342 | $17647 | $13650 |
| **05/23** | $12785 | $17471 | $12924 |
| **06/23** | $13180 | $18528 | $13402 |
| **07/23** | $13601 | $19150 | $13934 |
| **08/23** | $13278 | $18693 | $13524 |
| **09/23** | $12817 | $17886 | $13000 |
| **10/23** | $12634 | $17367 | $12796 |
| **11/23** | $13365 | $18996 | $13569 |
| **12/23** | $13795 | $19928 | $14024 |
| **01/24** | $13495 | $20167 | $13716 |
| **02/24** | $13524 | $21022 | $13667 |
| **03/24** | $13913 | $21698 | $14100 |
| **04/24** | $13597 | $20892 | $13803 |
| **05/24** | $14043 | $21825 | $14249 |
| **06/24** | $14012 | $22269 | $14105 |
| **07/24** | $14417 | $22661 | $14506 |
| **08/24** | $14939 | $23260 | $14994 |
| **09/24** | $15506 | $23686 | $15563 |
| **10/24** | $15054 | $23216 | $15064 |
| **11/24** | $15419 | $24282 | $15361 |
| **12/24** | $14609 | $23649 | $14740 |
| **01/25** | $14962 | $24484 | $15083 |
| **02/25** | $15345 | $24307 | $15379 |
| **03/25** | $15576 | $23225 | $15605 |
| **04/25** | $15516 | $23432 | $15576 |
| **05/25** | $15591 | $24819 | $15738 |
| **06/25** | $15902 | $25890 | $15998 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/30/16 |
| Institutional Shares | 13.49% | 8.20% | 5.61% |
| MSCI World Index | 16.26% | 14.55% | 12.16% |
| Real Assets Blend Index | 13.42% | 9.14% | 5.81% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5342760 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| iShares Gold Trust | 3.9% |
| American Tower Corp. | 2.3% |
| SBA Communications Corp. | 2.1% |
| Prologis, Inc. | 2.0% |
| Crown Castle, Inc. | 1.9% |
| iShares Silver Trust | 1.8% |
| Vinci SA | 1.4% |
| Equinix, Inc. | 1.4% |
| National Grid PLC | 1.2% |
| Terna - Rete Elettrica Nazionale | 1.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 39.3% |
| Utilities | 15.9% |
| Industrials | 8.0% |
| Energy | 7.0% |
| Exchange-Traded Funds | 5.7% |
| Materials | 1.2% |
| Other (includes short-term investments) | 22.9% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Real Assets Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RALOX: Open Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Open Shares | $54 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i6a7a48d1f651a45e27bb9b34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **Real Assets Blend Index** |
| **02/17** | $10239 | $10277 | $10209 |
| **03/17** | $10259 | $10387 | $10169 |
| **04/17** | $10349 | $10541 | $10215 |
| **05/17** | $10469 | $10764 | $10377 |
| **06/17** | $10407 | $10805 | $10379 |
| **07/17** | $10507 | $11064 | $10610 |
| **08/17** | $10567 | $11079 | $10723 |
| **09/17** | $10567 | $11328 | $10673 |
| **10/17** | $10698 | $11542 | $10796 |
| **11/17** | $10848 | $11792 | $10954 |
| **12/17** | $10928 | $11952 | $11089 |
| **01/18** | $11030 | $12583 | $11217 |
| **02/18** | $10621 | $12061 | $10686 |
| **03/18** | $10656 | $11798 | $10815 |
| **04/18** | $10819 | $11934 | $11029 |
| **05/18** | $10840 | $12009 | $11135 |
| **06/18** | $10813 | $12003 | $11104 |
| **07/18** | $10905 | $12378 | $11133 |
| **08/18** | $10867 | $12531 | $11046 |
| **09/18** | $10860 | $12601 | $11019 |
| **10/18** | $10469 | $11676 | $10672 |
| **11/18** | $10551 | $11808 | $10938 |
| **12/18** | $10077 | $10910 | $10348 |
| **01/19** | $10655 | $11759 | $11213 |
| **02/19** | $10837 | $12113 | $11339 |
| **03/19** | $10948 | $12272 | $11612 |
| **04/19** | $11045 | $12707 | $11576 |
| **05/19** | $10852 | $11974 | $11406 |
| **06/19** | $11156 | $12763 | $11721 |
| **07/19** | $11177 | $12826 | $11689 |
| **08/19** | $11189 | $12564 | $11689 |
| **09/19** | $11322 | $12831 | $11879 |
| **10/19** | $11452 | $13158 | $12086 |
| **11/19** | $11419 | $13524 | $11905 |
| **12/19** | $11669 | $13929 | $12332 |
| **01/20** | $11658 | $13845 | $12108 |
| **02/20** | $11101 | $12674 | $11285 |
| **03/20** | $9829 | $10997 | $9480 |
| **04/20** | $10234 | $12198 | $9906 |
| **05/20** | $10486 | $12788 | $10211 |
| **06/20** | $10594 | $13126 | $10330 |
| **07/20** | $10858 | $13754 | $10731 |
| **08/20** | $11115 | $14673 | $11117 |
| **09/20** | $10855 | $14166 | $10825 |
| **10/20** | $10745 | $13732 | $10681 |
| **11/20** | $11472 | $15488 | $11548 |
| **12/20** | $11707 | $16144 | $11888 |
| **01/21** | $11549 | $15984 | $11906 |
| **02/21** | $11877 | $16393 | $12272 |
| **03/21** | $12153 | $16939 | $12588 |
| **04/21** | $12901 | $17727 | $13329 |
| **05/21** | $13150 | $17983 | $13571 |
| **06/21** | $13278 | $18251 | $13646 |
| **07/21** | $13516 | $18578 | $13919 |
| **08/21** | $13584 | $19040 | $14060 |
| **09/21** | $13499 | $18249 | $13862 |
| **10/21** | $14057 | $19283 | $14459 |
| **11/21** | $13761 | $18861 | $13816 |
| **12/21** | $14198 | $19667 | $14601 |
| **01/22** | $14198 | $18626 | $14619 |
| **02/22** | $14274 | $18155 | $14787 |
| **03/22** | $15165 | $18653 | $15755 |
| **04/22** | $15114 | $17104 | $15487 |
| **05/22** | $15076 | $17117 | $15449 |
| **06/22** | $13639 | $15634 | $14136 |
| **07/22** | $14466 | $16875 | $14921 |
| **08/22** | $14088 | $16170 | $14484 |
| **09/22** | $12584 | $14667 | $12898 |
| **10/22** | $12981 | $15720 | $13226 |
| **11/22** | $13545 | $16813 | $14056 |
| **12/22** | $12966 | $16099 | $13687 |
| **01/23** | $13522 | $17238 | $14230 |
| **02/23** | $12993 | $16824 | $13543 |
| **03/23** | $12979 | $17343 | $13505 |
| **04/23** | $13075 | $17647 | $13650 |
| **05/23** | $12542 | $17471 | $12924 |
| **06/23** | $12935 | $18528 | $13402 |
| **07/23** | $13334 | $19150 | $13934 |
| **08/23** | $13018 | $18693 | $13524 |
| **09/23** | $12557 | $17886 | $13000 |
| **10/23** | $12379 | $17367 | $12796 |
| **11/23** | $13080 | $18996 | $13569 |
| **12/23** | $13506 | $19928 | $14024 |
| **01/24** | $13199 | $20167 | $13716 |
| **02/24** | $13227 | $21022 | $13667 |
| **03/24** | $13613 | $21698 | $14100 |
| **04/24** | $13304 | $20892 | $13803 |
| **05/24** | $13739 | $21825 | $14249 |
| **06/24** | $13686 | $22269 | $14105 |
| **07/24** | $14083 | $22661 | $14506 |
| **08/24** | $14606 | $23260 | $14994 |
| **09/24** | $15151 | $23686 | $15563 |
| **10/24** | $14710 | $23216 | $15064 |
| **11/24** | $15066 | $24282 | $15361 |
| **12/24** | $14266 | $23649 | $14740 |
| **01/25** | $14610 | $24484 | $15083 |
| **02/25** | $14983 | $24307 | $15379 |
| **03/25** | $15199 | $23225 | $15605 |
| **04/25** | $15141 | $23432 | $15576 |
| **05/25** | $15213 | $24819 | $15738 |
| **06/25** | $15507 | $25890 | $15998 |

---

## **Average Annual Total Returns (%)** 

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 1/9/17 |
| Open Shares | 13.30% | 7.92% | 5.31% |
| MSCI World Index | 16.26% | 14.55% | 11.99% |
| Real Assets Blend Index | 13.42% | 9.14% | 5.79% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5342760 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| iShares Gold Trust | 3.9% |
| American Tower Corp. | 2.3% |
| SBA Communications Corp. | 2.1% |
| Prologis, Inc. | 2.0% |
| Crown Castle, Inc. | 1.9% |
| iShares Silver Trust | 1.8% |
| Vinci SA | 1.4% |
| Equinix, Inc. | 1.4% |
| National Grid PLC | 1.2% |
| Terna - Rete Elettrica Nazionale | 1.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 39.3% |
| Utilities | 15.9% |
| Industrials | 8.0% |
| Energy | 7.0% |
| Exchange-Traded Funds | 5.7% |
| Materials | 1.2% |
| Other (includes short-term investments) | 22.9% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

# Lazard Real Assets Portfolio
![Image](i88fc53ef946d90744f5528ec.jpg)

# RALYX: R6 Shares

#### Semi-Annual Shareholder Report - June 30, 2025
This semi-annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#tsr. You can also request this information by contacting us at Contact.US@Lazard.com or (800) 823-6300.

## **What were the Portfolio costs for the last six months ?** 

#### (based on a $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| R6 Shares | $39 | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;&nbsp;Annualized |

---

## **Portfolio Performance**![Growth of 10K Chart](i190a174dfd49280c92d0ec6b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **R6 Shares** | **MSCI World Index** | **Real Assets Blend Index** |
| **07/22** | $1000000 | $1000000 | $1000000 |
| **07/22** | $1047970 | $1000000 | $1000000 |
| **08/22** | $1020582 | $958192 | $970692 |
| **09/22** | $912281 | $869119 | $864462 |
| **10/22** | $941109 | $931533 | $886414 |
| **11/22** | $982027 | $996303 | $942052 |
| **12/22** | $940774 | $953992 | $917305 |
| **01/23** | $981206 | $1021493 | $953705 |
| **02/23** | $942746 | $996938 | $907670 |
| **03/23** | $942468 | $1027743 | $905143 |
| **04/23** | $950413 | $1045759 | $914814 |
| **05/23** | $910688 | $1035319 | $866161 |
| **06/23** | $938982 | $1097932 | $898190 |
| **07/23** | $968981 | $1134815 | $933890 |
| **08/23** | $945981 | $1107709 | $906385 |
| **09/23** | $913186 | $1059924 | $871250 |
| **10/23** | $900169 | $1029170 | $857568 |
| **11/23** | $951235 | $1125656 | $909387 |
| **12/23** | $982016 | $1180920 | $939916 |
| **01/24** | $960668 | $1195091 | $919243 |
| **02/24** | $963718 | $1245760 | $915983 |
| **03/24** | $991581 | $1285793 | $944990 |
| **04/24** | $969045 | $1238032 | $925075 |
| **05/24** | $1000801 | $1293313 | $954969 |
| **06/24** | $998720 | $1319629 | $945341 |
| **07/24** | $1027638 | $1342884 | $972225 |
| **08/24** | $1064819 | $1378377 | $1004935 |
| **09/24** | $1106419 | $1403621 | $1043014 |
| **10/24** | $1073174 | $1375777 | $1009597 |
| **11/24** | $1099147 | $1438907 | $1029521 |
| **12/24** | $1042568 | $1401408 | $987884 |
| **01/25** | $1067740 | $1450862 | $1010873 |
| **02/25** | $1095011 | $1440420 | $1030679 |
| **03/25** | $1110566 | $1376292 | $1045839 |
| **04/25** | $1106327 | $1388523 | $1043915 |
| **05/25** | $1112686 | $1470712 | $1054766 |
| **06/25** | $1133957 | $1534178 | $1072217 |

---

## **Average Annual Total Returns (%)** 

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 7/22/22 |
| R6 Shares | 13.54% | 4.37% |
| MSCI World Index | 16.26% | 17.10% |
| Real Assets Blend Index | 13.42% | 3.90% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

The current performance may be lower or higher than the performance data quoted. Updated performance information is available at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds.

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $5342760 |
| # of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

### Top 10 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| iShares Gold Trust | 3.9% |
| American Tower Corp. | 2.3% |
| SBA Communications Corp. | 2.1% |
| Prologis, Inc. | 2.0% |
| Crown Castle, Inc. | 1.9% |
| iShares Silver Trust | 1.8% |
| Vinci SA | 1.4% |
| Equinix, Inc. | 1.4% |
| National Grid PLC | 1.2% |
| Terna - Rete Elettrica Nazionale | 1.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 39.3% |
| Utilities | 15.9% |
| Industrials | 8.0% |
| Energy | 7.0% |
| Exchange-Traded Funds | 5.7% |
| Materials | 1.2% |
| Other (includes short-term investments) | 22.9% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.lazardassetmanagement.com/us/en_us/funds/list/mutual-funds/42](i10762e8fb01e5f2a7c3b6b30.jpg)

If you wish to view additional information about the Portfolio including, but not limited to, the prospectus, financial information and proxy voting information please visit: https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents.

![Image](i88fc53ef946d90744f5528ec.jpg)

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

The Registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

![](x5_c112974x1x1m4.jpg)

**Lazard Funds**

**Semi-Annual**

**Financial Statements**

June 30, 2025

**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 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 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** | [**Portfolios of Investments (N-CSR Item 7)**](#xx5xc112974a001xm4) |
| 2 | [Lazard Developing Markets Equity Portfolio](#xx5xc112974a002xm4) |
| 6 | [Lazard Emerging Markets Core Equity Portfolio](#xx5xc112974a003xm4) |
| 11 | [Lazard Emerging Markets Equity Advantage Portfolio](#xx5xc112974a004xm4) |
| 22 | [Lazard Emerging Markets Equity Portfolio](#xx5xc112974a005xm4) |
| 27 | [Lazard Equity Franchise Portfolio](#xx5xc112974a006xm4) |
| 30 | [Lazard Global Equity Select Portfolio](#xx5xc112974a007xm4) |
| 34 | [Lazard Global Listed Infrastructure Portfolio](#xx5xc112974a008xm4) |
| 38 | [Lazard International Equity Portfolio](#xx5xc112974a009xm4) |
| 43 | [Lazard International Equity Select Portfolio](#xx5xc112974a010xm4) |
| 48 | [Lazard International Quality Growth Portfolio](#xx5xc112974a011xm4) |
| 52 | [Lazard International Small Cap Equity Portfolio](#xx5xc112974a012xm4) |
| 57 | [Lazard International Strategic Equity Portfolio](#xx5xc112974a013xm4) |
| 61 | [Lazard US Equity Concentrated Portfolio](#xx5xc112974a014xm4) |
| 64 | [Lazard US Equity Focus Portfolio](#xx5xc112974a015xm4) |
| 67 | [Lazard US Small Cap Equity Select Portfolio](#xx5xc112974a016xm4) |
| 72 | [Lazard US Sustainable Equity Portfolio](#xx5xc112974a017xm4) |
| 76 | [Lazard US Systematic Small Cap Equity Portfolio](#xx5xc112974a018xm4) |
| **94** | [**Abbreviations (N-CSR Item 7)**](#xx5xc112974a019xm4) |
| **96** | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx5xc112974a020xm4) |
| **104** | [**Statements of Operations (N-CSR Item 7)**](#xx5xc112974a021xm4) |
| **110** | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx5xc112974a022xm4) |
| **134** | [**Financial Highlights (N-CSR Item 7)**](#xx5xc112974a023xm4) |
| **181** | [**Notes to Financial Statements (N-CSR Item 7)**](#xx5xc112974a024xm4) |
| **222** | [**Other Information (N-CSR Item 7)**](#xx5xc112974a025xm4) |
| **223** | [**Additional Information (N-CSR Items 8-11)**](#xx5xc112974a026xm4) |

---

**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 https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents. 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.**

Semi-Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

June 30, 2025 (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio** |  |  |
| **Common Stocks \| 98.4%** |  |  |
| **Brazil \| 10.2%** |  |  |
| Dexco SA | 520608 | $543308 |
| MercadoLibre, Inc. (\*) | 900 | 2352267 |
| Pagseguro Digital Ltd., Class A | 80057 | 771749 |
| PRIO SA (\*) | 163400 | 1275176 |
| Rede D'Or Sao Luiz SA (#) | 148500 | 968116 |
| Rumo SA | 216544 | 738540 |
| TOTVS SA | 328400 | 2551355 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 403852 | 310707 |
|  |  | 9511218 |
| **China \| 23.2%** |  |  |
| Airtac International Group | 32765 | 971913 |
| Alibaba Group Holding Ltd. | 216800 | 3076722 |
| BYD Co. Ltd., Class H | 51500 | 806022 |
| Contemporary Amperex Technology Co. Ltd., Class A | 18100 | 637186 |
| Foxconn Industrial Internet Co. Ltd., Class A | 401100 | 1197009 |
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 96400 | 689219 |
| Lenovo Group Ltd. | 1394000 | 1677546 |
| Minth Group Ltd. | 260000 | 744196 |
| Ping An Insurance Group Co. of China Ltd., Class H | 199000 | 1266930 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 112390 | 1017266 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 21600 | 677533 |
| Sungrow Power Supply Co. Ltd., Class A | 65788 | 620684 |
| Tencent Holdings Ltd. | 82700 | 5311581 |
| Trip.com Group Ltd. | 10950 | 637804 |
| Xiaomi Corp., Class B (#), (\*) | 178400 | 1374878 |
| Yadea Group Holdings Ltd. (#) | 644000 | 1032153 |
|  |  | 21738642 |

---

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

**2** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **India \| 12.2%** |  |  |
| Bajaj Finance Ltd. | 118330 | $1292548 |
| Bharti Airtel Ltd. | 41381 | 971305 |
| HDFC Bank Ltd. ADR | 37270 | 2857491 |
| ICICI Bank Ltd. ADR | 60204 | 2025263 |
| MakeMyTrip Ltd. (\*) | 9900 | 970398 |
| Mphasis Ltd. | 32858 | 1090867 |
| Reliance Industries Ltd. | 78089 | 1366787 |
| UPL Ltd. | 103751 | 800259 |
|  |  | 11374918 |
| **Indonesia \| 2.9%** |  |  |
| Bank Central Asia Tbk. PT | 2184000 | 1170188 |
| Bank Rakyat Indonesia Persero Tbk. PT | 6585549 | 1522965 |
|  |  | 2693153 |
| **Mexico \| 3.1%** |  |  |
| Arca Continental SAB de CV | 107000 | 1130928 |
| Grupo Financiero Banorte SAB de CV, Class O | 195157 | 1783865 |
|  |  | 2914793 |
| **Peru \| 1.1%** |  |  |
| Credicorp Ltd. | 4692 | 1048756 |
| **Philippines \| 3.4%** |  |  |
| BDO Unibank, Inc. | 818746 | 2220919 |
| International Container Terminal Services, Inc. | 127019 | 929303 |
|  |  | 3150222 |
| **Poland \| 0.9%** |  |  |
| InPost SA (\*) | 49350 | 819807 |
| **Portugal \| 1.0%** |  |  |
| Jeronimo Martins SGPS SA | 38039 | 963243 |
| **Singapore \| 1.3%** |  |  |
| Sea Ltd. ADR (\*) | 7349 | 1175399 |

---

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

Semi-Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **South Africa \| 5.0%** |  |  |
| Capitec Bank Holdings Ltd. | 8870 | $1783939 |
| Foschini Group Ltd. | 87479 | 638839 |
| Shoprite Holdings Ltd. | 42875 | 672275 |
| Standard Bank Group Ltd. | 125573 | 1618969 |
|  |  | 4714022 |
| **South Korea \| 9.0%** |  |  |
| CJ Logistics Corp. | 16756 | 1084049 |
| Samsung Electronics Co. Ltd. | 86448 | 3832641 |
| SK Hynix, Inc. | 16132 | 3494329 |
|  |  | 8411019 |
| **Taiwan \| 21.7%** |  |  |
| ASE Technology Holding Co. Ltd. | 324289 | 1624737 |
| Bizlink Holding, Inc. | 55078 | 1589381 |
| Chroma ATE, Inc. | 58000 | 874992 |
| Hiwin Technologies Corp. | 129714 | 927311 |
| King Yuan Electronics Co. Ltd. | 180000 | 625896 |
| Lotes Co. Ltd. | 18687 | 858561 |
| MediaTek, Inc. | 39000 | 1660517 |
| RichWave Technology Corp. (\*) | 100000 | 401719 |
| Sercomm Corp. | 239000 | 779130 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 303000 | 10940120 |
|  |  | 20282364 |
| **Turkey \| 1.0%** |  |  |
| BIM Birlesik Magazalar AS | 77129 | 964639 |
| **United States \| 2.4%** |  |  |
| EPAM Systems, Inc. (\*) | 3705 | 655118 |
| SharkNinja, Inc. (\*) | 9588 | 949116 |
| Tenaris SA ADR | 17929 | 670545 |
|  |  | 2274779 |
| **Total Common Stocks**<br>(Cost $58,858,966) |  | 92036974 |

---

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

**4** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 1.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $1,831,100 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $1,856,443) Proceeds of $1,820,221<br> (Cost $1,820,000) | $1820 | $1820000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $96,317) | 96317 | $96317 |
| **Total Investments \| 100.4%**<br> (Cost $60,775,283) |  | $**93953291** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** |  | **(338051)** |
| **Net Assets \| 100.0%** |  | $**93615240** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 4.4% of net assets of the Portfolio.* |

---

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

Semi-Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio** |  |  |
| **Common Stocks \| 99.7%** |  |  |
| **Argentina \| 0.5%** |  |  |
| Grupo Financiero Galicia SA ADR | 12149 | $612188 |
| **Brazil \| 4.7%** |  |  |
| Banco BTG Pactual SA | 197896 | 1538920 |
| Itau Unibanco Holding SA ADR | 258565 | 1755656 |
| MercadoLibre, Inc. (\*) | 571 | 1492383 |
| TOTVS SA | 188900 | 1467573 |
|  |  | 6254532 |
| **China \| 26.1%** |  |  |
| Alibaba Group Holding Ltd. | 339000 | 4810927 |
| BYD Co. Ltd., Class H | 72000 | 1126866 |
| China Merchants Bank Co. Ltd., Class H | 818500 | 5728723 |
| Contemporary Amperex Technology Co. Ltd., Class A | 55200 | 1943242 |
| Full Truck Alliance Co. Ltd. ADR | 112042 | 1323216 |
| Innovent Biologics, Inc. (#), (\*) | 184000 | 1840325 |
| Lenovo Group Ltd. | 1628000 | 1959143 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 168499 | 1525121 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 32000 | 1003752 |
| Tencent Holdings Ltd. | 118192 | 7591130 |
| Trip.com Group Ltd. | 24700 | 1438700 |
| Weichai Power Co. Ltd., Class H | 668000 | 1358986 |
| Xiaomi Corp., Class B (#), (\*) | 207200 | 1596832 |
| Yum China Holdings, Inc. | 30050 | 1347754 |
|  |  | 34594717 |
| **Ghana \| 0.4%** |  |  |
| Kosmos Energy Ltd. (\*) | 339971 | 584750 |
| **Greece \| 3.0%** |  |  |
| GEK Terna SA | 59224 | 1400288 |
| National Bank of Greece SA | 202718 | 2591784 |
|  |  | 3992072 |

---

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

**6** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| **India \| 18.5%** |  |  |
| Bharti Airtel Ltd. | 119936 | $2815168 |
| HDFC Bank Ltd. ADR | 46210 | 3542921 |
| Hindalco Industries Ltd. | 147016 | 1188268 |
| ICICI Bank Ltd. ADR | 82308 | 2768841 |
| InterGlobe Aviation Ltd. (#), (\*) | 24665 | 1722797 |
| ITC Hotels Ltd. (\*) | 28863 | 75015 |
| ITC Ltd. | 294885 | 1433487 |
| Larsen & Toubro Ltd. | 25424 | 1088236 |
| Macrotech Developers Ltd. (#) | 120406 | 1951154 |
| MakeMyTrip Ltd. (\*) | 11836 | 1160165 |
| Reliance Industries Ltd. | 148217 | 2594232 |
| Supreme Industries Ltd. | 31042 | 1590211 |
| Tata Consultancy Services Ltd. | 32040 | 1293873 |
| Thermax Ltd. | 30655 | 1223831 |
|  |  | 24448199 |
| **Indonesia \| 1.6%** |  |  |
| Bank Central Asia Tbk. PT | 2421400 | 1297387 |
| Bank Mandiri Persero Tbk. PT | 2924100 | 879648 |
|  |  | 2177035 |
| **Mexico \| 3.4%** |  |  |
| Arca Continental SAB de CV | 93845 | 991888 |
| Corp. Inmobiliaria Vesta SAB de CV ADR | 34316 | 939915 |
| Grupo Financiero Banorte SAB de CV, Class O | 174077 | 1591179 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 558574 | 1021922 |
|  |  | 4544904 |
| **Peru \| 1.0%** |  |  |
| Credicorp Ltd. | 5898 | 1318321 |
| **Philippines \| 1.8%** |  |  |
| BDO Unibank, Inc. | 391151 | 1061031 |
| International Container Terminal Services, Inc. | 185480 | 1357018 |
|  |  | 2418049 |

---

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

Semi-Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| **Portugal \| 1.0%** |  |  |
| Jeronimo Martins SGPS SA | 49890 | $1263341 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 45259 | 0 |
| Sberbank of Russia PJSC (¢) | 213889 | 0 |
|  |  | 0 |
| **Saudi Arabia \| 2.7%** |  |  |
| Saudi Arabian Oil Co. (#) | 306905 | 1989798 |
| Saudi National Bank | 159114 | 1535215 |
|  |  | 3525013 |
| **South Africa \| 3.7%** |  |  |
| Anglo American PLC | 41829 | 1234836 |
| Bidvest Group Ltd. | 73077 | 966304 |
| Capitec Bank Holdings Ltd. | 6649 | 1337250 |
| Shoprite Holdings Ltd. | 85630 | 1342669 |
|  |  | 4881059 |
| **South Korea \| 9.3%** |  |  |
| Coway Co. Ltd. | 21676 | 1555085 |
| Kia Corp. | 24010 | 1719092 |
| Samsung Electronics Co. Ltd. | 89029 | 3947068 |
| Shinhan Financial Group Co. Ltd. | 59469 | 2705210 |
| SK Hynix, Inc. | 11157 | 2416702 |
|  |  | 12343157 |
| **Taiwan \| 15.0%** |  |  |
| Accton Technology Corp. | 37000 | 919902 |
| ASE Technology Holding Co. Ltd. | 281000 | 1407853 |
| MediaTek, Inc. | 49000 | 2086291 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 223000 | 8051639 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 32863 | 7443141 |
|  |  | 19908826 |
| **Turkey \| 0.9%** |  |  |
| Akbank TAS | 648813 | 1117939 |

---

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

**8** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| **United Arab Emirates \| 3.0%** |  |  |
| Adnoc Gas PLC | 2252144 | $2096655 |
| Emaar Properties PJSC | 514349 | 1905037 |
|  |  | 4001692 |
| **United Kingdom \| 1.5%** |  |  |
| Unilever PLC ADR | 32166 | 1967594 |
| **United States \| 1.6%** |  |  |
| Freeport-McMoRan, Inc. | 48108 | 2085482 |
| **Total Common Stocks**<br> (Cost $94,903,221) |  | 132038870 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 0.7%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $855,200 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $867,052)<br> Proceeds of $850,103<br> (Cost $850,000) | $850 | $850000 |

---

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

Semi-Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Core Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.0%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield) (Cost $46,053) | 46053 | $46053 |
| **Total Investments \| 100.4%**<br> (Cost $95,799,274) |  | $**132934923** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** |  | **(514992)** |
| **Net Assets \| 100.0%** |  | $**132419931** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 6.9% of net assets of the Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |

---

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

**10** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio** |  |  |
| **Common Stocks \| 97.1%** |  |  |
| **Argentina \| 0.3%** |  |  |
| Vista Energy SAB de CV ADR (\*) | 20642 | $986894 |
| **Brazil \| 1.1%** |  |  |
| Ambev SA | 135400 | 331952 |
| BB Seguridade Participacoes SA | 84500 | 556791 |
| BRF SA | 87900 | 325837 |
| Cia De Sanena Do Parana | 197300 | 1383217 |
| Telefonica Brasil SA | 53960 | 306791 |
| TOTVS SA | 57400 | 445943 |
|  |  | 3350531 |
| **Chile \| 0.2%** |  |  |
| Latam Airlines Group SA ADR | 12327 | 500969 |
| **China \| 29.4%** |  |  |
| Agricultural Bank of China Ltd., Class H | 2500000 | 1786087 |
| Alibaba Group Holding Ltd. | 599300 | 8504980 |
| Aluminum Corp. of China Ltd., Class H | 886000 | 597589 |
| Anker Innovations Technology Co. Ltd., Class A | 25980 | 410034 |
| Atour Lifestyle Holdings Ltd. ADR | 13114 | 426336 |
| Bank of China Ltd., Class H | 1837000 | 1068858 |
| Bank of Hangzhou Co. Ltd., Class A | 414900 | 975153 |
| Bank of Ningbo Co. Ltd., Class A | 160900 | 616180 |
| Bank of Shanghai Co. Ltd., Class A | 462800 | 685393 |
| Beijing New Building Materials PLC, Class A | 84200 | 310928 |
| BeOne Medicines Ltd. ADR (\*) | 2502 | 605659 |
| Bilibili, Inc., Class Z (\*) | 22020 | 471870 |
| Bluestar Adisseo Co., Class A | 393200 | 531186 |
| BOC Aviation Ltd. (#) | 67300 | 557969 |
| BYD Co. Ltd., Class H | 202500 | 3169311 |
| China Hongqiao Group Ltd. | 316500 | 726799 |
| China Life Insurance Co. Ltd., Class H | 326000 | 784708 |
| China Merchants Bank Co. Ltd., Class H | 243500 | 1704269 |

---

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

Semi-Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| China Nonferrous Mining Corp. Ltd. | 335000 | $311875 |
| China Pacific Insurance Group Co. Ltd., Class H | 222600 | 763776 |
| China Resources Mixc Lifestyle Services Ltd. (#) | 77800 | 376462 |
| China Tower Corp. Ltd., Class H (#) | 396700 | 567595 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 1704000 | 1441312 |
| Contemporary Amperex Technology Co. Ltd., Class A | 18880 | 664645 |
| ENN Natural Gas Co. Ltd., Class A | 269800 | 711419 |
| Espressif Systems Shanghai Co. Ltd., Class A | 21229 | 435604 |
| Geely Automobile Holdings Ltd. | 252000 | 513416 |
| Great Wall Motor Co. Ltd., Class H | 347000 | 535331 |
| Guangdong TCL Smart Home Appliances Co. Ltd. (\*) | 373500 | 508462 |
| H World Group Ltd. ADR | 17405 | 590378 |
| Haidilao International Holding Ltd. (#) | 193000 | 366984 |
| Haier Smart Home Co. Ltd., Class H | 174200 | 499428 |
| Huaneng Power International, Inc., Class H | 486000 | 313597 |
| Huaxia Bank Co. Ltd., Class A | 372800 | 412456 |
| Industrial & Commercial Bank of China Ltd., Class H | 892000 | 707671 |
| Innovent Biologics, Inc. (#), (\*) | 75500 | 755133 |
| JD Logistics, Inc. (#), (\*) | 575400 | 965811 |
| JD.com, Inc., Class A | 133304 | 2173366 |
| Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A | 310730 | 319992 |
| Jinan Acetate Chemical Co. Ltd. | 190000 | 588902 |
| Kanzhun Ltd. ADR (\*) | 42320 | 754989 |
| KE Holdings, Inc. ADR | 40998 | 727305 |
| Kingsoft Corp. Ltd. | 178200 | 928724 |
| Kuaishou Technology (#), (\*) | 200400 | 1621660 |
| Lenovo Group Ltd. | 268000 | 322512 |
| LexinFintech Holdings Ltd. ADR | 85264 | 614753 |
| Li Auto, Inc. ADR (\*) | 17941 | 486381 |
| Loncin Motor Co. Ltd., Class A | 336200 | 598760 |
| Meitu, Inc. (#) | 297500 | 340980 |
| Meituan, Class B (#), (\*) | 223970 | 3584293 |
| Midea Group Co. Ltd., Class A | 159900 | 1608987 |
| NetEase, Inc. | 109500 | 2953563 |
| New China Life Insurance Co. Ltd., Class H | 138300 | 755608 |

---

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

**12** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| PDD Holdings, Inc. ADR (\*) | 24476 | $2561658 |
| People's Insurance Co. Group of China Ltd., Class H | 958000 | 730549 |
| PICC Property & Casualty Co. Ltd., Class H | 608000 | 1179692 |
| Ping An Insurance Group Co. of China Ltd., Class H | 414500 | 2638907 |
| Pop Mart International Group Ltd. (#) | 55200 | 1875111 |
| Qifu Technology, Inc. ADR | 23135 | 1003134 |
| Satellite Chemical Co. Ltd., Class A | 216700 | 525577 |
| Sieyuan Electric Co. Ltd., Class A | 56100 | 571638 |
| Tencent Holdings Ltd. | 214800 | 13795981 |
| Tencent Music Entertainment Group ADR | 22604 | 440552 |
| Trip.com Group Ltd. ADR | 13573 | 795921 |
| Uni-President China Holdings Ltd. | 1216000 | 1472396 |
| Vipshop Holdings Ltd. ADR | 33354 | 501978 |
| Wuxi Biologics Cayman, Inc. (#), (\*) | 98000 | 320999 |
| Xiaomi Corp., Class B (#), (\*) | 746800 | 5755376 |
| Yankershop Food Co. Ltd., Class A | 107360 | 1203821 |
| Yutong Bus Co. Ltd., Class A | 245500 | 851767 |
| Zhejiang NHU Co. Ltd., Class A | 255700 | 758208 |
|  |  | 90738704 |
| **Egypt \| 0.3%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 542944 | 912146 |
| **Greece \| 1.0%** |  |  |
| Alpha Bank SA | 293867 | 1038240 |
| National Bank of Greece SA | 55918 | 714921 |
| OPAP SA | 43584 | 989666 |
| Piraeus Financial Holdings SA | 65519 | 455210 |
|  |  | 3198037 |
| **Hungary \| 1.5%** |  |  |
| Magyar Telekom Telecommunications PLC | 121600 | 637987 |
| OTP Bank Nyrt | 49531 | 3956419 |
|  |  | 4594406 |

---

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

Semi-Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **India \| 16.5%** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 58163 | $984009 |
| Ajanta Pharma Ltd. | 14866 | 447008 |
| Alkem Laboratories Ltd. | 6054 | 348712 |
| Axis Bank Ltd. GDR | 38774 | 2691036 |
| Bajaj Finance Ltd. | 119469 | 1304990 |
| Bank of Baroda | 503902 | 1462069 |
| Bharat Electronics Ltd. | 275493 | 1354606 |
| Bharat Petroleum Corp. Ltd. | 93755 | 363008 |
| Bharti Airtel Ltd. | 14933 | 350511 |
| Britannia Industries Ltd. | 17540 | 1197108 |
| BSE Ltd. | 52790 | 1711243 |
| Canara Bank | 1107692 | 1475604 |
| Cipla Ltd. | 87136 | 1533382 |
| Gillette India Ltd. | 2780 | 353509 |
| Godawari Power & Ispat Ltd. | 256941 | 567756 |
| HBL Engineering Ltd. | 78895 | 545840 |
| HCL Technologies Ltd. | 84401 | 1701800 |
| HDFC Bank Ltd. ADR | 10349 | 793458 |
| Hero MotoCorp Ltd. | 16625 | 821666 |
| Hindalco Industries Ltd. | 102998 | 832489 |
| Hindustan Aeronautics Ltd. | 11677 | 663330 |
| Hindustan Petroleum Corp. Ltd. | 205588 | 1049634 |
| Hyundai Motor India Ltd. | 55058 | 1427243 |
| ICICI Bank Ltd. ADR | 37776 | 1270785 |
| Indus Towers Ltd. (\*) | 427112 | 2097912 |
| Infosys Ltd. | 101002 | 1887270 |
| InterGlobe Aviation Ltd. (#), (\*) | 5331 | 372359 |
| Jindal Saw Ltd. | 185337 | 520754 |
| JK Cement Ltd. | 5204 | 373650 |
| Karur Vysya Bank Ltd. | 160359 | 500477 |
| LIC Housing Finance Ltd. | 153447 | 1107687 |
| Life Insurance Corp. of India | 53738 | 610838 |
| Lloyds Metals & Energy Ltd. | 18270 | 339879 |
| Lupin Ltd. | 62981 | 1426747 |
| Manappuram Finance Ltd. | 217312 | 697936 |

---

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

**14** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Marico Ltd. | 68035 | $572840 |
| National Aluminium Co. Ltd. | 246460 | 554099 |
| Nava Ltd. | 51970 | 367921 |
| Oberoi Realty Ltd. | 38158 | 848210 |
| Oil & Natural Gas Corp. Ltd. | 115611 | 329168 |
| Oil India Ltd. | 61491 | 311465 |
| Reliance Industries Ltd. GDR (#) | 31666 | 2211229 |
| State Bank of India GDR | 30672 | 2923671 |
| Sun Pharmaceutical Industries Ltd. | 107802 | 2109387 |
| Tata Motors Ltd. | 235422 | 1889665 |
| Torrent Pharmaceuticals Ltd. | 44515 | 1769353 |
| Union Bank of India Ltd. | 417495 | 748063 |
| Vedanta Ltd. | 54668 | 293916 |
| WAAREE Energies Ltd. | 20950 | 767456 |
|  |  | 50882748 |
| **Indonesia \| 1.3%** |  |  |
| Aneka Tambang Tbk. PT | 3660100 | 687002 |
| Bank Central Asia Tbk. PT | 781100 | 418514 |
| Bank Rakyat Indonesia Persero Tbk. PT | 6295100 | 1455797 |
| Indofood Sukses Makmur Tbk. PT | 1082800 | 542673 |
| Sumber Alfaria Trijaya Tbk. PT | 3377300 | 497003 |
| Telkom Indonesia Persero Tbk. PT ADR | 27654 | 468459 |
|  |  | 4069448 |
| **Malaysia \| 1.1%** |  |  |
| CIMB Group Holdings Bhd. | 795500 | 1298571 |
| KPJ Healthcare Bhd. | 950500 | 600577 |
| Press Metal Aluminium Holdings Bhd. | 243400 | 302776 |
| SP Setia Bhd. Group | 676800 | 179909 |
| Sunway Construction Group Bhd. | 225000 | 320761 |
| Tenaga Nasional Bhd. | 241100 | 823586 |
|  |  | 3526180 |

---

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

Semi-Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Mexico \| 1.2%** |  |  |
| Alfa SAB de CV, Class A | 779000 | $575392 |
| Cemex SAB de CV ADR | 47455 | 328863 |
| Coca-Cola Femsa SAB de CV ADR | 12419 | 1201290 |
| Gentera SAB de CV | 438100 | 935992 |
| Grupo Financiero Inbursa SAB de CV, Class O | 124700 | 321909 |
| Grupo Mexico SAB de CV Series B | 42800 | 259248 |
|  |  | 3622694 |
| **Peru \| 0.1%** |  |  |
| Cia de Minas Buenaventura SAA ADR | 20822 | 341897 |
| **Philippines \| 1.2%** |  |  |
| DigiPlus Interactive Corp. | 573400 | 528684 |
| International Container Terminal Services, Inc. | 286110 | 2093253 |
| Metropolitan Bank & Trust Co. | 305130 | 392746 |
| SM Investments Corp. | 38320 | 593662 |
|  |  | 3608345 |
| **Poland \| 2.0%** |  |  |
| CCC SA (\*) | 9988 | 568674 |
| KGHM Polska Miedz SA (\*) | 63362 | 2271657 |
| ORLEN SA | 44066 | 1005668 |
| PGE Polska Grupa Energetyczna SA (\*) | 256390 | 813492 |
| Tauron Polska Energia SA (\*) | 343462 | 802566 |
| Zabka Group SA | 100800 | 604807 |
|  |  | 6066864 |
| **Qatar \| 0.2%** |  |  |
| Gulf International Services QSC | 667376 | 586487 |
| **Russia \| 0.0%** |  |  |
| PhosAgro PJSC (\*), (¢) | 42 | 0 |
| Severstal PAO GDR (\*), (¢) | 9589 | 0 |
|  |  | 0 |

---

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

**16** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Saudi Arabia \| 2.1%** |  |  |
| Almarai Co. JSC | 47567 | $642830 |
| Astra Industrial Group Co. | 9665 | 415454 |
| Co. for Cooperative Insurance | 20342 | 857089 |
| Electrical Industries Co. | 707642 | 1590937 |
| Etihad Etisalat Co. | 87307 | 1380645 |
| Saudi Arabian Oil Co. (#) | 76602 | 496644 |
| Saudi Awwal Bank | 43114 | 387442 |
| Saudi Electricity Co. | 107895 | 422909 |
| Saudi National Bank | 36584 | 352982 |
|  |  | 6546932 |
| **South Africa \| 1.9%** |  |  |
| Capitec Bank Holdings Ltd. | 1629 | 327625 |
| Gold Fields Ltd. ADR | 57760 | 1367179 |
| Harmony Gold Mining Co. Ltd. ADR | 93468 | 1305748 |
| Investec Ltd. | 108408 | 809559 |
| Naspers Ltd., N Shares | 2169 | 675780 |
| Nedbank Group Ltd. | 49043 | 673414 |
| Standard Bank Group Ltd. | 25878 | 333636 |
| Tiger Brands Ltd. | 17515 | 315436 |
|  |  | 5808377 |
| **South Korea \| 12.0%** |  |  |
| Alteogen, Inc. (\*) | 1089 | 300754 |
| CJ CheilJedang Corp. | 2767 | 510460 |
| Han Kuk Carbon Co. Ltd. | 26451 | 508834 |
| Hana Financial Group, Inc. | 74940 | 4781712 |
| Hanwha Aerospace Co. Ltd. | 529 | 332457 |
| HD Hyundai Co. Ltd. | 3990 | 383100 |
| HD Hyundai Electric Co. Ltd. | 3118 | 1171015 |
| HD Hyundai Heavy Industries Co. Ltd. | 2262 | 718095 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 6871 | 1865123 |
| Hyundai Mobis Co. Ltd. | 2487 | 527633 |
| Hyundai Rotem Co. Ltd. | 4002 | 582604 |
| JB Financial Group Co. Ltd. | 21494 | 327271 |

---

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

Semi-Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| KB Financial Group, Inc. | 28789 | $2365366 |
| Kia Corp. | 10748 | 769546 |
| KIWOOM Securities Co. Ltd. | 2170 | 368452 |
| Korea Electric Power Corp. | 90592 | 2621362 |
| Krafton, Inc. (\*) | 1136 | 305630 |
| LIG Nex1 Co. Ltd. | 668 | 267418 |
| Meritz Financial Group, Inc. | 10606 | 883992 |
| Mirae Asset Securities Co. Ltd. | 86311 | 1372788 |
| Samsung Electronics Co. Ltd. GDR | 1588 | 1749827 |
| Samsung Electronics Co. Ltd. GDR (#) | 5995 | 6600495 |
| SK Hynix, Inc. | 21290 | 4611596 |
| Woori Financial Group, Inc. | 174263 | 2899904 |
|  |  | 36825434 |
| **Taiwan \| 18.7%** |  |  |
| Accton Technology Corp. | 36000 | 895040 |
| Advancetek Enterprise Co. Ltd. | 116000 | 285633 |
| Arcadyan Technology Corp. | 120000 | 823970 |
| Asia Cement Corp. | 730000 | 1066213 |
| Asia Optical Co., Inc. | 121000 | 564508 |
| Asia Vital Components Co. Ltd. | 33000 | 834828 |
| ASMedia Technology, Inc. | 9000 | 587890 |
| Asustek Computer, Inc. | 50000 | 1102813 |
| Bizlink Holding, Inc. | 29000 | 836850 |
| Chunghwa Precision Test Tech Co. Ltd. | 20000 | 572849 |
| CyberPower Systems, Inc. | 57000 | 502064 |
| Delta Electronics, Inc. | 335000 | 4716285 |
| Eva Airways Corp. | 317000 | 433177 |
| Evergreen Marine Corp. Taiwan Ltd. | 45000 | 306684 |
| Fusheng Precision Co. Ltd. | 56000 | 566776 |
| Genesys Logic, Inc. | 76000 | 385299 |
| Genius Electronic Optical Co. Ltd. | 26000 | 372206 |
| Global Unichip Corp. | 13000 | 577761 |
| International Games System Co. Ltd. | 57000 | 1666737 |
| MediaTek, Inc. | 108000 | 4598355 |
| President Chain Store Corp. | 149000 | 1308740 |

---

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

**18** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Realtek Semiconductor Corp. | 117000 | $2271888 |
| Silicon Motion Technology Corp. ADR | 5407 | 406444 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 154000 | 530076 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 820000 | 29606924 |
| Tong Yang Industry Co. Ltd. | 191000 | 639078 |
| Voltronic Power Technology Corp. | 9000 | 388360 |
| Wan Hai Lines Ltd. | 108000 | 329195 |
| Yankey Engineering Co. Ltd. | 27000 | 402242 |
|  |  | 57578885 |
| **Thailand \| 1.9%** |  |  |
| Advanced Info Service PCL (‡) | 101200 | 865416 |
| Bangkok Bank PCL (‡) | 211900 | 906036 |
| Bangkok Dusit Medical Services PCL NVDR | 1242300 | 794997 |
| Charoen Pokphand Foods PCL NVDR | 738200 | 522201 |
| Delta Electronics Thailand PCL NVDR | 210600 | 620651 |
| PTT Exploration & Production PCL (‡) | 447700 | 1507999 |
| TMBThanachart Bank PCL (‡) | 12585500 | 731698 |
|  |  | 5948998 |
| **Turkey \| 0.6%** |  |  |
| Akbank TAS | 204031 | 351556 |
| Turk Hava Yollari AO | 73420 | 525805 |
| Turkcell Iletisim Hizmetleri AS | 160490 | 389884 |
| Turkiye Garanti Bankasi AS | 185846 | 633977 |
|  |  | 1901222 |
| **United Arab Emirates \| 2.0%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 93148 | 341770 |
| Abu Dhabi Islamic Bank PJSC | 163889 | 959261 |
| ADNOC Drilling Co. PJSC | 974300 | 1511580 |
| Adnoc Gas PLC | 676397 | 629698 |
| Aldar Properties PJSC | 186535 | 453118 |
| Emaar Development PJSC | 185684 | 685143 |
| Emaar Properties PJSC | 450470 | 1668444 |
|  |  | 6249014 |

---

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

Semi-Annual Financial Statements **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **United Kingdom \| 0.3%** |  |  |
| Anglogold Ashanti PLC | 23254 | $1059685 |
| **United States \| 0.2%** |  |  |
| Titan SA | 12535 | 567842 |
| **Total Common Stocks**<br> (Cost $251,818,479) |  | 299472739 |
| **Preferred Stocks \| 1.4%** |  |  |
| **Brazil \| 1.4%** |  |  |
| Banco Bradesco SA | 1183000 | 3664555 |
| Petroleo Brasileiro SA - Petrobras | 89539 | 517151 |
|  |  | 4181706 |
| **Total Preferred Stocks**<br> (Cost $3,974,059) |  | 4181706 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 1.4%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $4,436,900 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $4,498,312) Proceeds of $4,410,537<br> (Cost $4,410,000) | $4410 | $4410000 |

---

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

**20** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $239,187) | 239187 | $239187 |
| **Total Investments \| 100.0%**<br> (Cost $260,441,725) |  | $**308303632** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(44545)** |
| **Net Assets \| 100.0%** |  | $**308259087** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 8.6% of net assets of the Portfolio.* |
| *(¢)* | *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.* |

---

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

Semi-Annual Financial Statements **21**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 96.7%** |  |  |
| **Brazil \| 11.7%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 2634672 | $20787562 |
| Banco do Brasil SA | 13576752 | 55200613 |
| BB Seguridade Participacoes SA | 11627417 | 76615842 |
| Engie Brasil Energia SA | 4291400 | 35867640 |
| Motiva Infraestrutura de Mobilidade SA | 15423017 | 39145866 |
| Petroleo Brasileiro SA - Petrobras ADR | 3884396 | 48593794 |
| PRIO SA (\*) | 5223800 | 40766619 |
| Rede D'Or Sao Luiz SA (#) | 5325600 | 34719175 |
| Suzano SA | 2876900 | 27116388 |
| Vale SA ADR | 4858990 | 47180793 |
| Vibra Energia SA | 13841900 | 55183147 |
|  |  | 481177439 |
| **Chile \| 0.3%** |  |  |
| Sociedad Quimica y Minera de Chile SA ADR | 314368 | 11087759 |
| **China \| 22.9%** |  |  |
| Alibaba Group Holding Ltd. | 4202200 | 59635620 |
| Anhui Conch Cement Co. Ltd., Class H | 15301951 | 38952610 |
| China Construction Bank Corp., Class H | 124574224 | 125870629 |
| China Medical System Holdings Ltd. | 35683000 | 54656213 |
| China Merchants Bank Co. Ltd., Class H | 10709994 | 74959796 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 15102617 | 34329843 |
| ENN Natural Gas Co. Ltd., Class A | 12887015 | 33980955 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 4183276 | 26257015 |
| Hengan International Group Co. Ltd. | 11927000 | 34267644 |
| Huayu Automotive Systems Co. Ltd., Class A | 12507348 | 30809781 |
| Lenovo Group Ltd. | 24446000 | 29418435 |
| Midea Group Co. Ltd., Class A | 4510099 | 45382674 |
| NetEase, Inc. | 2296100 | 61933108 |
| Ping An Insurance Group Co. of China Ltd., Class H | 8891000 | 56604396 |
| Sinopharm Group Co. Ltd., Class H | 24573614 | 57605698 |
| Tencent Holdings Ltd. | 553800 | 35568969 |

---

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

**22** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| Tingyi Cayman Islands Holding Corp. | 32270000 | $47307538 |
| Want Want China Holdings Ltd. | 56113000 | 39208948 |
| Weichai Power Co. Ltd., Class H | 27603288 | 56156399 |
|  |  | 942906271 |
| **Egypt \| 0.8%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 18730844 | 31474959 |
| **Greece \| 2.9%** |  |  |
| Metlen Energy & Metals SA | 535243 | 29070271 |
| National Bank of Greece SA | 4892554 | 62552129 |
| OPAP SA | 1196726 | 27174166 |
|  |  | 118796566 |
| **Hong Kong \| 0.7%** |  |  |
| ASMPT Ltd. | 3722000 | 27301700 |
| **Hungary \| 3.1%** |  |  |
| MOL Hungarian Oil & Gas PLC | 4941800 | 43028856 |
| OTP Bank Nyrt | 1033488 | 82552573 |
|  |  | 125581429 |
| **India \| 4.8%** |  |  |
| Axis Bank Ltd. | 2242656 | 31346921 |
| Indus Towers Ltd. (\*) | 18234128 | 89563385 |
| Tata Consultancy Services Ltd. | 678251 | 27389839 |
| UPL Ltd. | 6360586 | 49060868 |
|  |  | 197361013 |
| **Indonesia \| 3.7%** |  |  |
| Astra International Tbk. PT | 127142200 | 35248188 |
| Bank Mandiri Persero Tbk. PT | 150110484 | 45157260 |
| Telkom Indonesia Persero Tbk. PT ADR | 2824415 | 47845590 |
| United Tractors Tbk. PT | 16840800 | 22313319 |
|  |  | 150564357 |

---

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

Semi-Annual Financial Statements **23**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| **Mexico \| 7.7%** |  |  |
| America Movil SAB de CV ADR | 2969763 | $53277548 |
| Cemex SAB de CV ADR | 4405141 | 30527627 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 238007 | 54651167 |
| Grupo Financiero Banorte SAB de CV, Class O | 7714437 | 70515081 |
| Grupo Mexico SAB de CV Series B | 7154585 | 43336627 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 19123895 | 34987520 |
| Ternium SA ADR | 939276 | 28272208 |
|  |  | 315567778 |
| **Peru \| 0.8%** |  |  |
| Credicorp Ltd. | 144850 | 32376872 |
| **Philippines \| 0.8%** |  |  |
| International Container Terminal Services, Inc. | 4637340 | 33927950 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 4695624 | 5 |
| Sberbank of Russia PJSC (¢) | 13596421 | 13 |
|  |  | 18 |
| **South Africa \| 7.0%** |  |  |
| Bidvest Group Ltd. | 3160208 | 41787741 |
| Life Healthcare Group Holdings Ltd. | 32742534 | 26418891 |
| Nedbank Group Ltd. | 4061562 | 55769678 |
| Sanlam Ltd. | 10358502 | 51925624 |
| Standard Bank Group Ltd. | 4305829 | 55513561 |
| Vodacom Group Ltd. | 7112031 | 54965280 |
|  |  | 286380775 |
| **South Korea \| 11.7%** |  |  |
| Coway Co. Ltd. | 622979 | 44693910 |
| Hyundai Mobis Co. Ltd. | 175759 | 37288377 |
| KB Financial Group, Inc. | 1077207 | 88505634 |
| Kia Corp. | 490316 | 35106145 |
| KT Corp. | 1109372 | 45794086 |

---

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

**24** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| KT&G Corp. | 339196 | $32067080 |
| Shinhan Financial Group Co. Ltd. | 1563117 | 71105272 |
| SK Hynix, Inc. | 585644 | 126855509 |
|  |  | 481416013 |
| **Taiwan \| 13.6%** |  |  |
| ASE Technology Holding Co. Ltd. | 14753000 | 73914783 |
| Globalwafers Co. Ltd. | 2779000 | 28545725 |
| MediaTek, Inc. | 1610000 | 68549558 |
| Novatek Microelectronics Corp. | 2862000 | 53419550 |
| Quanta Computer, Inc. | 4395000 | 41100844 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5392913 | 194716544 |
| Wiwynn Corp. | 629000 | 54201206 |
| Yageo Corp. | 2642769 | 43670394 |
|  |  | 558118604 |
| **Thailand \| 1.4%** |  |  |
| Kasikornbank PCL | 7423254 | 35155510 |
| PTT Exploration & Production PCL (‡) | 7313200 | 24633227 |
|  |  | 59788737 |
| **Turkey \| 0.7%** |  |  |
| BIM Birlesik Magazalar AS | 2366971 | 29603289 |
| **United Kingdom \| 1.1%** |  |  |
| Unilever PLC | 778359 | 47458299 |
| **United States \| 1.0%** |  |  |
| Schlumberger NV | 1213075 | 41001935 |
| **Total Common Stocks**<br> (Cost $3,200,141,971) |  | 3971891763 |

---

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

Semi-Annual Financial Statements **25**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br>Value |
| **Lazard Emerging Markets Equity Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 2.8%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $117,118,700 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $118,738,366) Proceeds of $116,424,163<br> (Cost $116,410,000) | $116410 | $116410000 |
| &nbsp;&nbsp;Description | Shares | Fair<br>Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $6,135,413) | 6135413 | $6135413 |
| **Total Investments \| 99.7%**<br> (Cost $3,322,687,384) |  | $**4094437176** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **13986257** |
| **Net Assets \| 100.0%** |  | $**4108423433** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 0.8% of net assets of the Portfolio.* |
| *(¢)* | *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.* |

---

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

**26** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio** |  |  |
| **Common Stocks \| 95.4%** |  |  |
| **France \| 10.4%** |  |  |
| Edenred SE | 78429 | $2432528 |
| FDJ UNITED (#) | 64800 | 2543057 |
|  |  | 4975585 |
| **Israel \| 3.1%** |  |  |
| Nice Ltd. ADR (\*) | 8759 | 1479483 |
| **Italy \| 10.4%** |  |  |
| Nexi SpA (#) | 515882 | 3084634 |
| Snam SpA | 311003 | 1888980 |
|  |  | 4973614 |
| **Japan \| 3.7%** |  |  |
| Secom Co. Ltd. | 37965 | 1366317 |
| Unicharm Corp. | 58200 | 421536 |
|  |  | 1787853 |
| **Luxembourg \| 3.5%** |  |  |
| SES SA | 238568 | 1696961 |
| **Switzerland \| 1.0%** |  |  |
| SGS SA | 4497 | 457362 |
| **United Kingdom \| 19.9%** |  |  |
| Bunzl PLC | 59001 | 1879185 |
| National Grid PLC | 114686 | 1676868 |
| Rentokil Initial PLC | 505632 | 2447188 |
| Severn Trent PLC | 50696 | 1906740 |
| United Utilities Group PLC | 103776 | 1629473 |
|  |  | 9539454 |

---

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

Semi-Annual Financial Statements **27**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (continued)** |  |  |
| **United States \| 43.4%** |  |  |
| Baxter International, Inc. | 60230 | $1823764 |
| Becton Dickinson & Co. | 8259 | 1422613 |
| Cognizant Technology Solutions Corp., Class A | 11738 | 915916 |
| Dentsply Sirona, Inc. | 136849 | 2173162 |
| Ferrovial SE | 9118 | 486155 |
| Fiserv, Inc. (\*) | 14626 | 2521669 |
| H&R Block, Inc. | 41803 | 2294567 |
| Henry Schein, Inc. (\*) | 13218 | 965575 |
| International Game Technology PLC | 192838 | 3048769 |
| Omnicom Group, Inc. | 40056 | 2881629 |
| PayPal Holdings, Inc. (\*) | 24536 | 1823515 |
| Visa, Inc., A Shares | 1271 | 451268 |
|  |  | 20808602 |
| **Total Common Stocks**<br> (Cost $43,478,467) |  | 45718914 |
| **Preferred Stocks \| 3.5%** |  |  |
| **Germany \| 3.5%** |  |  |
| Henkel AG & Co. KGaA<br> (Cost $1,707,352) | 21440 | 1683488 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br>Value |
| **Repurchase Agreements \| 0.4%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $211,300 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $214,244) Proceeds of $210,026<br> (Cost $210,000) | $210 | $210000 |

---

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

**28** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $19,372) | 19372 | $19372 |
| **Total Investments \| 99.4%**<br> (Cost $45,415,191) |  | $**47631774** |
| **Cash and Other Assets in Excess of Liabilities \| 0.6%** |  | **271687** |
| **Net Assets \| 100.0%** |  | $**47903461** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 11.7% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

Semi-Annual Financial Statements **29**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio** |  |  |
| **Common Stocks \| 97.2%** |  |  |
| **Australia \| 1.1%** |  |  |
| Computershare Ltd. | 35197 | $924155 |
| **Canada \| 3.5%** |  |  |
| Dollarama, Inc. | 13211 | 1861424 |
| Toromont Industries Ltd. | 11079 | 995747 |
|  |  | 2857171 |
| **China \| 1.2%** |  |  |
| Tencent Holdings Ltd. | 15223 | 977729 |
| **Denmark \| 1.1%** |  |  |
| Carlsberg AS, Class B | 4145 | 587964 |
| Zealand Pharma AS (\*) | 5812 | 325396 |
|  |  | 913360 |
| **Finland \| 1.0%** |  |  |
| Kone OYJ, Class B | 12589 | 829099 |
| **France \| 3.1%** |  |  |
| EssilorLuxottica SA | 2627 | 721665 |
| Legrand SA | 5940 | 793428 |
| LVMH Moet Hennessy Louis Vuitton SE | 1220 | 639831 |
| Pernod Ricard SA | 3571 | 356711 |
|  |  | 2511635 |
| **Hong Kong \| 1.6%** |  |  |
| AIA Group Ltd. | 70383 | 632938 |
| Techtronic Industries Co. Ltd. | 57000 | 627886 |
|  |  | 1260824 |
| **India \| 1.3%** |  |  |
| HDFC Bank Ltd. ADR | 14069 | 1078670 |
| **Ireland \| 2.3%** |  |  |
| Accenture PLC, Class A | 6320 | 1888985 |

---

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

**30** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (continued)** |  |  |
| **Japan \| 5.1%** |  |  |
| FANUC Corp. | 23300 | $633806 |
| Mizuho Financial Group, Inc. | 46500 | 1280105 |
| Nintendo Co. Ltd. | 5500 | 527543 |
| Resona Holdings, Inc. | 86500 | 793933 |
| Sanrio Co. Ltd. | 19300 | 933567 |
|  |  | 4168954 |
| **Netherlands \| 6.1%** |  |  |
| Argenx SE ADR (\*) | 1075 | 592562 |
| ASM International NV | 1523 | 975126 |
| ASML Holding NV | 2256 | 1806260 |
| Wolters Kluwer NV | 9676 | 1618053 |
|  |  | 4992001 |
| **Spain \| 1.2%** |  |  |
| Industria de Diseno Textil SA | 18816 | 980492 |
| **Sweden \| 1.6%** |  |  |
| Assa Abloy AB, Class B | 17575 | 549567 |
| Hexagon AB, B Shares | 74512 | 748754 |
|  |  | 1298321 |
| **Switzerland \| 3.3%** |  |  |
| ABB Ltd. | 28906 | 1728049 |
| Partners Group Holding AG | 697 | 913872 |
|  |  | 2641921 |
| **Taiwan \| 3.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 11891 | 2693193 |
| **United Kingdom \| 8.2%** |  |  |
| AstraZeneca PLC | 8371 | 1167401 |
| Coca-Cola Europacific Partners PLC | 13870 | 1286026 |
| Diageo PLC | 34687 | 872501 |
| RELX PLC | 34975 | 1892028 |
| Unilever PLC | 24133 | 1469921 |
|  |  | 6687877 |

---

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

Semi-Annual Financial Statements **31**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (continued)** |  |  |
| **United States \| 52.2%** |  |  |
| Adobe, Inc. (\*) | 2400 | $928512 |
| Alphabet, Inc., Class A | 5128 | 903707 |
| Amazon.com, Inc. (\*) | 11771 | 2582440 |
| Amphenol Corp., Class A | 19692 | 1944585 |
| Aon PLC, Class A | 4515 | 1610771 |
| Apple, Inc. | 15151 | 3108531 |
| Avery Dennison Corp. | 3018 | 529568 |
| Bank of America Corp. | 23343 | 1104591 |
| Booz Allen Hamilton Holding Corp. | 10093 | 1050984 |
| Charles Schwab Corp. | 22145 | 2020510 |
| Coca-Cola Co. | 19494 | 1379201 |
| Corpay, Inc. (\*) | 1708 | 566749 |
| Danaher Corp. | 5678 | 1121632 |
| Equifax, Inc. | 3677 | 953703 |
| HealthEquity, Inc. (\*) | 7360 | 771034 |
| Intercontinental Exchange, Inc. | 9868 | 1810482 |
| IQVIA Holdings, Inc. (\*) | 6356 | 1001642 |
| Marvell Technology, Inc. | 7358 | 569509 |
| McDonald's Corp. | 3367 | 983736 |
| Meta Platforms, Inc., Class A | 1134 | 836994 |
| Microsoft Corp. | 6841 | 3402782 |
| Motorola Solutions, Inc. | 2768 | 1163833 |
| NIKE, Inc., Class B | 6814 | 484067 |
| Procter & Gamble Co. | 7264 | 1157300 |
| PTC, Inc. (\*) | 6264 | 1079538 |
| Rockwell Automation, Inc. | 2961 | 983555 |
| S&P Global, Inc. | 2939 | 1549705 |
| Salesforce, Inc. | 6132 | 1672135 |
| Texas Instruments, Inc. | 6275 | 1302816 |
| Thermo Fisher Scientific, Inc. | 2848 | 1154750 |
| Visa, Inc., A Shares | 5911 | 2098701 |
| Zoetis, Inc. | 5339 | 832617 |
|  |  | 42660680 |
| **Total Common Stocks** |  |  |
| (Cost $50,796,332) |  | 79365067 |

---

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

**32** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 2.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $2,414,700 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $2,448,184) Proceeds of $2,400,292<br> (Cost $2,400,000) | $2400 | $2400000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $133,140) | 133140 | $133140 |
| **Total Investments \| 100.3%**<br> (Cost $53,329,472) |  | $**81898207** |
| **Liabilities in Excess of Cash and Other Assets \| (0.3)%** |  | **(213591)** |
| **Net Assets \| 100.0%** |  | $**81684616** |

---

<br> *(\*)* *Non-income producing security.*

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

Semi-Annual Financial Statements **33**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio** |  |  |
| **Common Stocks \| 93.5%** |  |  |
| **Australia \| 5.3%** |  |  |
| Atlas Arteria Ltd. | 68622116 | $229896577 |
| Transurban Group | 34166759 | 314596087 |
|  |  | 544492664 |
| **Canada \| 2.4%** |  |  |
| Algonquin Power & Utilities Corp. (^) | 41860578 | 239466791 |
| **France \| 5.3%** |  |  |
| Eutelsat Communications SACA (\*) | 9402837 | 41092371 |
| Vinci SA | 3409453 | 503276657 |
|  |  | 544369028 |
| **Germany \| 1.6%** |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (\*) | 2216640 | 166978197 |
| **Hong Kong \| 5.9%** |  |  |
| CK Infrastructure Holdings Ltd. | 38467972 | 254730050 |
| Power Assets Holdings Ltd. | 53419930 | 343344551 |
|  |  | 598074601 |
| **Italy \| 20.1%** |  |  |
| Hera SpA | 71933603 | 347636093 |
| Italgas SpA (^) | 55518592 | 471978466 |
| Snam SpA | 121226042 | 736306421 |
| Terna - Rete Elettrica Nazionale | 48919512 | 503184685 |
|  |  | 2059105665 |
| **Luxembourg \| 1.5%** |  |  |
| SES SA (^) | 21121589 | 150240268 |
| **New Zealand \| 1.1%** |  |  |
| Auckland International Airport Ltd. | 24434926 | 115564031 |

---

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

**34** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** |  |  |
| **Portugal \| 1.0%** |  |  |
| REN - Redes Energeticas Nacionais SGPS SA | 28573279 | $101934907 |
| **Spain \| 1.9%** |  |  |
| Aena SME SA (#) | 7201040 | 192222943 |
| **Switzerland \| 1.6%** |  |  |
| Flughafen Zurich AG | 584875 | 166878522 |
| **United Kingdom \| 19.0%** |  |  |
| National Grid PLC | 56268152 | 822718147 |
| Pennon Group PLC (^) | 26547011 | 182783151 |
| Severn Trent PLC | 12454271 | 468420758 |
| United Utilities Group PLC | 29512220 | 463395708 |
|  |  | 1937317764 |
| **United States \| 26.8%** |  |  |
| American Electric Power Co., Inc. | 1651928 | 171404049 |
| Crown Castle, Inc. | 3063518 | 314715204 |
| CSX Corp. | 15101973 | 492777379 |
| Eversource Energy | 1470446 | 93549775 |
| Exelon Corp. | 9592006 | 416484900 |
| Ferrovial SE | 14981773 | 798801237 |
| Norfolk Southern Corp. | 1771001 | 453323126 |
|  |  | 2741055670 |
| **Total Common Stocks** <br> (Cost $7,517,395,718) |  | 9557701051 |

---

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

Semi-Annual Financial Statements **35**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** |  |  |
| **Repurchase Agreements \| 7.1%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $733,105,700 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $743,243,592) Proceeds of $728,758,655<br> (Cost $728,670,000) | $728670 | $728670000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.4%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $38,359,264) | 38359264 | $38359264 |
| **Total Investments \| 101.0%** |  |  |
| (Cost $8,284,424,982) (») |  | $**10324730315** |
| **Liabilities in Excess of Cash and Other Assets \| (1.0)%** |  | **(101883284)** |
| **Net Assets \| 100.0%** |  | $**10222847031** |

---

---

| | |
|:---|:---|
| (^) | Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies. |
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 1.9% of net assets of the Portfolio. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

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

**36** Semi-Annual Financial Statements

**Lazard Global Listed Infrastructure Portfolio (concluded)**

**Forward Currency Contracts open at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| AUD | 280955683 | USD | 184016420 | HSB | 09/25/25 | $1219260 | $— |
| NZD | 25555613 | USD | 15540261 | HSB | 09/25/25 | 81391 |  |
| USD | 61400299 | AUD | 93788696 | BNP | 09/25/25 |  | 435122 |
| USD | 110139850 | AUD | 168234120 | CIT | 09/25/25 |  | 777862 |
| USD | 152553182 | AUD | 233019427 | HSB | 09/25/25 |  | 1077852 |
| USD | 168523657 | AUD | 257241133 | MSC | 09/25/25 |  | 1076885 |
| USD | 196374971 | AUD | 299893820 | SSB | 09/25/25 |  | 1346730 |
| USD | 5868015 | CAD | 7936858 | BNP | 09/25/25 | 14850 |  |
| USD | 63192803 | CAD | 85457915 | CIT | 09/25/25 | 170466 |  |
| USD | 62909825 | CAD | 85070408 | HSB | 09/25/25 | 173261 |  |
| USD | 57879168 | CAD | 78269669 | MSC | 09/25/25 | 157921 |  |
| USD | 58552531 | CAD | 79171495 | SCB | 09/25/25 | 166218 |  |
| USD | 41731740 | CHF | 33628905 | BNP | 09/25/25 |  | 1102035 |
| USD | 47205829 | CHF | 38032311 | SCB | 09/25/25 |  | 1236647 |
| USD | 75508817 | CHF | 60824995 | SSB | 09/25/25 |  | 1965134 |
| USD | 615625480 | EUR | 531687267 | BNP | 09/25/25 |  | 14188683 |
| USD | 583360908 | EUR | 503570209 | BNY | 09/25/25 |  | 13146982 |
| USD | 466805135 | EUR | 402598695 | CAN | 09/25/25 |  | 10096187 |
| USD | 609304653 | EUR | 525606995 | CIT | 09/25/25 |  | 13307078 |
| USD | 581482687 | EUR | 501744455 | HSB | 09/25/25 |  | 12862492 |
| USD | 463853001 | EUR | 400439069 | RBC | 09/25/25 |  | 10490120 |
| USD | 607273155 | EUR | 524057987 | SSB | 09/25/25 |  | 13503688 |
| USD | 393478244 | GBP | 292386274 | CAN | 09/25/25 |  | 8085154 |
| USD | 523156898 | GBP | 388831224 | HSB | 09/25/25 |  | 10864024 |
| USD | 365071752 | GBP | 271126642 | MSC | 09/25/25 |  | 7293660 |
| USD | 430814061 | GBP | 320141236 | RBC | 09/25/25 |  | 8868010 |
| USD | 198772662 | GBP | 147764943 | SSB | 09/25/25 |  | 4167755 |
| USD | 89793874 | HKD | 699287435 | BNP | 09/25/25 | 87748 |  |
| USD | 109887114 | HKD | 855782160 | HSB | 09/25/25 | 105501 |  |
| USD | 101789318 | HKD | 792781015 | MSC | 09/25/25 | 89631 |  |
| USD | 129071874 | HKD | 1005115852 | SCB | 09/25/25 | 133408 |  |
| USD | 182863038 | HKD | 1424100763 | SSB | 09/25/25 | 176269 |  |
| USD | 118878799 | NZD | 195852586 | HSB | 09/25/25 |  | 842102 |
| USD | 8267678 | NZD | 13621657 | RBC | 09/25/25 |  | 58977 |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts |  | $2575924 | $136793179 |

---

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

Semi-Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio** |  |  |
| **Common Stocks \| 95.3%** |  |  |
| **Australia \| 1.0%** |  |  |
| Rio Tinto PLC | 202531 | $11801994 |
| **Belgium \| 1.2%** |  |  |
| KBC Group NV | 132558 | 13634622 |
| **Brazil \| 0.9%** |  |  |
| TOTVS SA | 1356200 | 10536379 |
| **Canada \| 2.7%** |  |  |
| Gildan Activewear, Inc. | 336176 | 16565015 |
| Suncor Energy, Inc. | 391522 | 14666082 |
|  |  | 31231097 |
| **China \| 2.3%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 192600 | 6780224 |
| Li Ning Co. Ltd. | 4570000 | 9870182 |
| Tencent Holdings Ltd. | 155900 | 10013005 |
|  |  | 26663411 |
| **Denmark \| 1.2%** |  |  |
| Novo Nordisk AS, Class B | 196332 | 13699650 |
| **Finland \| 1.1%** |  |  |
| Fortum OYJ | 680624 | 12757278 |
| **France \| 13.7%** |  |  |
| Air Liquide SA | 88847 | 18350975 |
| Bureau Veritas SA | 539948 | 18627484 |
| Capgemini SE | 88651 | 15173451 |
| Cie de Saint-Gobain SA | 68576 | 8067153 |
| Engie SA | 986806 | 23237796 |
| Orange SA | 1349964 | 20607902 |
| Pernod Ricard SA | 102287 | 10217561 |

---

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

**38** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| Societe Generale SA | 250646 | $14362086 |
| Thales SA | 91282 | 26892089 |
|  |  | 155536497 |
| **Germany \| 7.7%** |  |  |
| Brenntag SE | 155613 | 10306468 |
| Continental AG | 119828 | 10456500 |
| Merck KGaA | 95288 | 12339876 |
| MTU Aero Engines AG | 40692 | 18095633 |
| Puma SE | 305743 | 8347880 |
| Siemens AG | 34297 | 8796334 |
| Siemens Healthineers AG (#) | 225249 | 12495224 |
| Zalando SE (#), (\*) | 201766 | 6642974 |
|  |  | 87480889 |
| **Greece \| 1.9%** |  |  |
| National Bank of Greece SA | 1672527 | 21383540 |
| **Hong Kong \| 3.0%** |  |  |
| AIA Group Ltd. | 2419800 | 21760714 |
| Techtronic Industries Co. Ltd. | 1077000 | 11863730 |
|  |  | 33624444 |
| **Israel \| 2.2%** |  |  |
| Bank Hapoalim BM | 691474 | 13279713 |
| Wix.com Ltd. (\*) | 71555 | 11338605 |
|  |  | 24618318 |
| **Italy \| 2.7%** |  |  |
| Lottomatica Group SpA | 432117 | 11994661 |
| UniCredit SpA | 280953 | 18843542 |
|  |  | 30838203 |
| **Japan \| 17.6%** |  |  |
| Bandai Namco Holdings, Inc. | 361700 | 12948287 |
| FANUC Corp. | 356800 | 9705661 |
| Kokusai Electric Corp. | 531100 | 12692852 |
| MatsukiyoCocokara & Co. | 939700 | 19363203 |

---

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

Semi-Annual Financial Statements **39**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| Mitsui Fudosan Co. Ltd. | 1001000 | $9670117 |
| Mizuho Financial Group, Inc. | 617000 | 16985481 |
| NEC Corp. | 614600 | 18000809 |
| Nippon Sanso Holdings Corp. | 405500 | 15333296 |
| Nitori Holdings Co. Ltd. | 92800 | 8974697 |
| Otsuka Holdings Co. Ltd. | 255800 | 12664726 |
| Resona Holdings, Inc. | 1282900 | 11774994 |
| Shimadzu Corp. | 561900 | 13935653 |
| Shin-Etsu Chemical Co. Ltd. | 449800 | 14822198 |
| Suzuki Motor Corp. | 765100 | 9217274 |
| Toyo Suisan Kaisha Ltd. | 204000 | 13544020 |
|  |  | 199633268 |
| **Mexico \| 0.9%** |  |  |
| Arca Continental SAB de CV | 952712 | 10069619 |
| **Netherlands \| 4.8%** |  |  |
| ASML Holding NV | 26838 | 21487773 |
| ING Groep NV | 799438 | 17543549 |
| Universal Music Group NV | 477250 | 15487305 |
|  |  | 54518627 |
| **Singapore \| 1.3%** |  |  |
| Singapore Telecommunications Ltd. | 4864700 | 14618632 |
| **South Korea \| 1.0%** |  |  |
| SK Hynix, Inc. | 52639 | 11402059 |
| **Spain \| 3.5%** |  |  |
| Banco Santander SA | 1702298 | 14092603 |
| Bankinter SA | 1229857 | 16053530 |
| Industria de Diseno Textil SA | 192333 | 10022369 |
|  |  | 40168502 |
| **Sweden \| 2.2%** |  |  |
| Hexagon AB, B Shares | 1421538 | 14284715 |
| Sandvik AB | 450895 | 10347166 |
|  |  | 24631881 |

---

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

**40** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| **Switzerland \| 2.9%** |  |  |
| ABB Ltd. | 318622 | $19047754 |
| Cie Financiere Richemont SA, Class A | 71743 | 13568126 |
|  |  | 32615880 |
| **Taiwan \| 1.3%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 65967 | 14940866 |
| **United Kingdom \| 12.2%** |  |  |
| 3i Group PLC | 272366 | 15406826 |
| AstraZeneca PLC | 72798 | 10152248 |
| Coca-Cola Europacific Partners PLC | 124861 | 11514890 |
| Compass Group PLC | 448947 | 15205913 |
| Croda International PLC | 364925 | 14668876 |
| IMI PLC | 402919 | 11584435 |
| JD Sports Fashion PLC | 4229757 | 5148158 |
| RELX PLC | 501848 | 27222667 |
| Unilever PLC | 461712 | 28122486 |
|  |  | 139026499 |
| **United States \| 6.0%** |  |  |
| Amcor PLC CDI | 1277029 | 11969418 |
| Aon PLC, Class A | 42033 | 14995693 |
| Chubb Ltd. | 32307 | 9359984 |
| CRH PLC | 99208 | 9107295 |
| Experian PLC | 203853 | 10501802 |
| ICON PLC (\*) | 24685 | 3590433 |
| Roche Holding AG | 25776 | 8426444 |
|  |  | 67951069 |
| **Total Common Stocks**<br> (Cost $818,716,841) |  | 1083383224 |
| **Preferred Stocks \| 1.0%** |  |  |
| **Brazil \| 1.0%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $7,894,496) | 1770350 | 12039983 |

---

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

Semi-Annual Financial Statements **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard International Equity Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 2.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $33,241,200 United States Treasury Note, 3.750%, 08/15/27, with a fair value of<br> $33,700,956) Proceeds of $33,044,020<br> (Cost $33,040,000) | $33040 | $33040000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 4.25% (7 day yield)<br> (Cost $1,745,724) | 1745724 | $1745724 |
| **Total Investments \| 99.4%**<br> (Cost $861,397,061) |  | $**1130208931** |
| **Cash and Other Assets in Excess of Liabilities \| 0.6%** |  | **6854700** |
| **Net Assets \| 100.0%** |  | $**1137063631** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 1.7% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

**42** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio** |  |  |
| **Common Stocks \| 96.0%** |  |  |
| **Belgium \| 1.7%** |  |  |
| KBC Group NV | 9520 | $979206 |
| **Brazil \| 1.3%** |  |  |
| TOTVS SA | 97000 | 753597 |
| **Canada \| 2.2%** |  |  |
| Gildan Activewear, Inc. | 14832 | 730844 |
| Suncor Energy, Inc. | 13790 | 516562 |
|  |  | 1247406 |
| **China \| 4.9%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 13800 | 485810 |
| Li Ning Co. Ltd. | 240000 | 518347 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 13565 | 425497 |
| Tencent Holdings Ltd. | 20500 | 1316656 |
|  |  | 2746310 |
| **Denmark \| 1.5%** |  |  |
| Novo Nordisk AS, Class B | 11926 | 832172 |
| **Finland \| 1.3%** |  |  |
| Sampo OYJ, A Shares | 70260 | 756082 |
| **France \| 10.4%** |  |  |
| Air Liquide SA | 4461 | 921401 |
| Bureau Veritas SA | 30883 | 1065422 |
| Capgemini SE | 4548 | 778433 |
| Engie SA | 46687 | 1099409 |
| Pernod Ricard SA | 5331 | 532519 |
| Thales SA | 5019 | 1478620 |
|  |  | 5875804 |

---

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

Semi-Annual Financial Statements **43**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Germany \| 6.7%** |  |  |
| adidas AG | 2914 | $679251 |
| Merck KGaA | 3478 | 450404 |
| MTU Aero Engines AG | 2613 | 1161995 |
| SAP SE | 2038 | 619935 |
| Siemens AG | 1640 | 420619 |
| Siemens Healthineers AG (#) | 8305 | 460703 |
|  |  | 3792907 |
| **Greece \| 2.4%** |  |  |
| Piraeus Financial Holdings SA | 197083 | 1369284 |
| **Hong Kong \| 2.7%** |  |  |
| AIA Group Ltd. | 98000 | 881292 |
| Techtronic Industries Co. Ltd. | 59500 | 655424 |
|  |  | 1536716 |
| **India \| 3.5%** |  |  |
| Bharti Airtel Ltd. | 40881 | 959569 |
| ICICI Bank Ltd. ADR | 30326 | 1020167 |
|  |  | 1979736 |
| **Indonesia \| 1.0%** |  |  |
| Bank Mandiri Persero Tbk. PT | 1765500 | 531110 |
| **Israel \| 0.9%** |  |  |
| Wix.com Ltd. (\*) | 3142 | 497881 |
| **Italy \| 0.7%** |  |  |
| Lottomatica Group SpA | 13821 | 383642 |
| **Japan \| 13.2%** |  |  |
| FANUC Corp. | 19400 | 527718 |
| Hoya Corp. | 5600 | 664804 |
| Keyence Corp. | 1200 | 481846 |
| Kokusai Electric Corp. | 23500 | 561631 |

---

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

**44** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| Mitsubishi Electric Corp. | 33900 | $732138 |
| Mitsui Fudosan Co. Ltd. | 55700 | 538088 |
| Mizuho Financial Group, Inc. | 23000 | 633170 |
| Nitori Holdings Co. Ltd. | 3500 | 338485 |
| Nomura Research Institute Ltd. | 19200 | 771530 |
| Recruit Holdings Co. Ltd. | 8300 | 488698 |
| Resona Holdings, Inc. | 77200 | 708574 |
| Shin-Etsu Chemical Co. Ltd. | 19300 | 635990 |
| Suzuki Motor Corp. | 29200 | 351777 |
|  |  | 7434449 |
| **Mexico \| 2.6%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 5237 | 539307 |
| Grupo Financiero Banorte SAB de CV, Class O | 99700 | 911324 |
|  |  | 1450631 |
| **Netherlands \| 7.9%** |  |  |
| ASM International NV | 632 | 404649 |
| ASML Holding NV | 1768 | 1415544 |
| IMCD NV | 4436 | 596999 |
| ING Groep NV | 29775 | 653408 |
| Universal Music Group NV | 26449 | 858300 |
| Wolters Kluwer NV | 3078 | 514713 |
|  |  | 4443613 |
| **South Korea \| 1.3%** |  |  |
| SK Hynix, Inc. | 3415 | 739718 |
| **Spain \| 2.9%** |  |  |
| Banco Santander SA | 82736 | 684936 |
| Bankinter SA | 73495 | 959343 |
|  |  | 1644279 |
| **Sweden \| 1.3%** |  |  |
| Hexagon AB, B Shares | 73731 | 740906 |

---

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

Semi-Annual Financial Statements **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Switzerland \| 3.1%** |  |  |
| ABB Ltd. | 17456 | $1043549 |
| Cie Financiere Richemont SA, Class A | 3612 | 683106 |
|  |  | 1726655 |
| **Taiwan \| 4.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 68000 | 2455208 |
| **United Kingdom \| 12.1%** |  |  |
| 3i Group PLC | 12391 | 700917 |
| Compass Group PLC | 33951 | 1149926 |
| Croda International PLC | 13111 | 527022 |
| Diploma PLC | 10090 | 677144 |
| InterContinental Hotels Group PLC | 4539 | 518265 |
| London Stock Exchange Group PLC | 3786 | 553205 |
| RELX PLC | 23896 | 1296235 |
| Unilever PLC | 22646 | 1379349 |
|  |  | 6802063 |
| **United States \| 6.0%** |  |  |
| Aon PLC, Class A | 3278 | 1169459 |
| Chubb Ltd. | 1799 | 521206 |
| CRH PLC | 4031 | 370046 |
| Experian PLC | 17203 | 886239 |
| James Hardie Industries PLC CDI (\*) | 14989 | 413765 |
|  |  | 3360715 |
| **Total Common Stocks**<br> (Cost $41,286,037) |  | 54080090 |
| **Preferred Stocks \| 1.8%** |  |  |
| **Brazil \| 1.8%** |  |  |
| Itau Unibanco Holding SA<br> (Cost $688,401) | 146050 | 993272 |

---

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

**46** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard International Equity Select Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 1.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $1,066,500 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $1,081,296) Proceeds of $1,060,129<br> (Cost $1,060,000) | $1060 | $1060000 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $56,867) | 56867 | $56867 |
| **Total Investments \| 99.8%** <br> (Cost $43,091,305) |  | $**56190229** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **125764** |
| **Net Assets \| 100.0%** |  | $**56315993** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 0.8% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

Semi-Annual Financial Statements **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio** |  |  |
| **Common Stocks \| 97.6%** |  |  |
| **Australia \| 2.1%** |  |  |
| Computershare Ltd. | 330076 | $8666684 |
| **Brazil \| 2.0%** |  |  |
| TOTVS SA | 1039008 | 8072100 |
| **Canada \| 4.8%** |  |  |
| Dollarama, Inc. | 84916 | 11964628 |
| Toromont Industries Ltd. | 83886 | 7539422 |
|  |  | 19504050 |
| **China \| 3.1%** |  |  |
| Tencent Holdings Ltd. | 197800 | 12704121 |
| **Denmark \| 1.3%** |  |  |
| Coloplast AS, Class B | 55703 | 5301385 |
| **France \| 6.3%** |  |  |
| EssilorLuxottica SA | 49065 | 13478680 |
| LVMH Moet Hennessy Louis Vuitton SE | 14524 | 7617135 |
| Pernod Ricard SA | 43684 | 4363643 |
|  |  | 25459458 |
| **Germany \| 5.5%** |  |  |
| SAP SE | 41085 | 12497552 |
| Scout24 SE (#) | 72768 | 10034964 |
|  |  | 22532516 |
| **Hong Kong \| 3.8%** |  |  |
| AIA Group Ltd. | 782400 | 7035946 |
| Hong Kong Exchanges & Clearing Ltd. | 153500 | 8213083 |
|  |  | 15249029 |
| **India \| 3.1%** |  |  |
| HDFC Bank Ltd. ADR | 161815 | 12406356 |

---

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

**48** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (continued)** |  |  |
| **Ireland \| 2.4%** |  |  |
| Accenture PLC, Class A | 32304 | $9655343 |
| **Israel \| 2.5%** |  |  |
| Check Point Software Technologies Ltd. (\*) | 46098 | 10199182 |
| **Japan \| 9.4%** |  |  |
| Hoya Corp. | 58800 | 6980437 |
| Keyence Corp. | 16100 | 6464772 |
| M3, Inc. | 537600 | 7383894 |
| Recruit Holdings Co. Ltd. | 133300 | 7848606 |
| SMS Co. Ltd. | 365300 | 3762381 |
| Toei Animation Co. Ltd. | 244100 | 5567670 |
|  |  | 38007760 |
| **Netherlands \| 8.5%** |  |  |
| ASML Holding NV | 15731 | 12594983 |
| IMCD NV | 43174 | 5810373 |
| Universal Music Group NV | 264968 | 8598513 |
| Wolters Kluwer NV | 45919 | 7678727 |
|  |  | 34682596 |
| **Norway \| 1.6%** |  |  |
| Gjensidige Forsikring ASA | 260692 | 6609971 |
| **South Africa \| 2.3%** |  |  |
| Clicks Group Ltd. | 435869 | 9151029 |
| **Spain \| 2.2%** |  |  |
| Industria de Diseno Textil SA | 172406 | 8983984 |
| **Sweden \| 4.2%** |  |  |
| Assa Abloy AB, Class B | 307459 | 9614176 |
| Hexagon AB, B Shares | 731666 | 7352347 |
|  |  | 16966523 |

---

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

Semi-Annual Financial Statements **49**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (continued)** |  |  |
| **Switzerland \| 4.3%** |  |  |
| Partners Group Holding AG | 8773 | $11502734 |
| VAT Group AG (#) | 14569 | 6168878 |
|  |  | 17671612 |
| **Taiwan \| 5.5%** |  |  |
| Lotes Co. Ltd. | 127000 | 5834928 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 73459 | 16637729 |
|  |  | 22472657 |
| **United Kingdom \| 17.5%** |  |  |
| Diageo PLC | 260482 | 6552044 |
| Diploma PLC | 108762 | 7299063 |
| Halma PLC | 305722 | 13432212 |
| InterContinental Hotels Group PLC | 59891 | 6838373 |
| London Stock Exchange Group PLC | 91620 | 13387392 |
| RELX PLC | 244377 | 13219959 |
| Unilever PLC | 167850 | 10234192 |
|  |  | 70963235 |
| **United States \| 5.2%** |  |  |
| Aon PLC, Class A | 31888 | 11376363 |
| Experian PLC | 187987 | 9684441 |
|  |  | 21060804 |
| **Total Common Stocks**<br> (Cost $342,198,745) |  | 396320395 |
| **Preferred Stocks \| 1.2%** |  |  |
| **Germany \| 1.2%** |  |  |
| Sartorius AG<br> (Cost $6,860,176) | 19947 | 5076739 |

---

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

**50** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 1.0%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $4,255,800 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $4,314,703) Proceeds of $4,230,515<br> (Cost $4,230,000) | $4230 | $4230000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $228,844) | 228844 | $228844 |
| **Total Investments \| 99.9%**<br> (Cost $353,517,765) |  | $**405855978** |
| **Cash and Other Assets in Excess of Liabilities \| 0.1%** |  | **327962** |
| **Net Assets \| 100.0%** |  | $**406183940** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 3.9% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

Semi-Annual Financial Statements **51**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio** |  |  |
| **Common Stocks \| 95.0%** |  |  |
| **Australia \| 3.0%** |  |  |
| ALS Ltd. | 11253 | $126659 |
| Amotiv Ltd. | 17748 | 93661 |
| AUB Group Ltd. | 6466 | 151023 |
|  |  | 371343 |
| **Austria \| 1.8%** |  |  |
| BAWAG Group AG (#) | 1715 | 218600 |
| **Canada \| 1.3%** |  |  |
| Descartes Systems Group, Inc. (\*) | 630 | 63997 |
| Toromont Industries Ltd. | 1036 | 93112 |
|  |  | 157109 |
| **Denmark \| 1.3%** |  |  |
| Ascendis Pharma AS ADR (\*) | 534 | 92169 |
| Zealand Pharma AS (\*) | 1282 | 71775 |
|  |  | 163944 |
| **France \| 6.8%** |  |  |
| Exosens SAS | 5004 | 237708 |
| Gaztransport Et Technigaz SA | 1110 | 220333 |
| Planisware SA | 4189 | 117133 |
| Robertet SA | 151 | 141649 |
| Virbac SACA | 317 | 119424 |
|  |  | 836247 |
| **Germany \| 7.3%** |  |  |
| CTS Eventim AG & Co. KGaA | 1027 | 127894 |
| Hensoldt AG | 1370 | 157323 |
| Innoscripta SE | 1181 | 139951 |
| IONOS Group SE (\*) | 3479 | 163581 |
| Pfisterer Holding SE | 3395 | 162965 |
| Sirius Real Estate Ltd. REIT | 105660 | 141438 |
|  |  | 893152 |

---

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

**52** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| **Greece \| 3.1%** |  |  |
| Jumbo SA | 5109 | $176536 |
| National Bank of Greece SA | 15668 | 200318 |
|  |  | 376854 |
| **Ireland \| 2.6%** |  |  |
| Glenveagh Properties PLC (#), (\*) | 80672 | 163056 |
| Greencore Group PLC | 50649 | 162316 |
|  |  | 325372 |
| **Israel \| 3.0%** |  |  |
| Phoenix Financial Ltd. | 12927 | 374420 |
| **Italy \| 7.7%** |  |  |
| BFF Bank SpA (#), (\*) | 13145 | 144122 |
| Lottomatica Group SpA | 11557 | 320798 |
| Maire SpA | 13203 | 174407 |
| RAI Way SpA (#) | 18420 | 131944 |
| SOL SpA | 3133 | 177541 |
|  |  | 948812 |
| **Japan \| 27.5%** |  |  |
| Asics Corp. | 10400 | 265675 |
| BayCurrent, Inc. | 3900 | 200918 |
| Hulic Co. Ltd. | 18800 | 189287 |
| Jeol Ltd. | 3900 | 118669 |
| Kokusai Electric Corp. | 7300 | 174464 |
| Kotobuki Spirits Co. Ltd. | 13200 | 188073 |
| Nihon Kohden Corp. | 7600 | 90545 |
| Nippon Gas Co. Ltd. | 8800 | 162318 |
| Nippon Sanso Holdings Corp. | 5600 | 211755 |
| Open Up Group, Inc. | 11300 | 134074 |
| Organo Corp. | 4500 | 281119 |
| Sanwa Holdings Corp. | 7100 | 235383 |
| Sugi Holdings Co. Ltd. | 11300 | 258457 |
| Sumitomo Forestry Co. Ltd. | 12000 | 121512 |
| Tokyo Century Corp. | 11900 | 133939 |

---

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

Semi-Annual Financial Statements **53**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| Toyo Suisan Kaisha Ltd. | 3900 | $258930 |
| USS Co. Ltd. | 17700 | 195227 |
| Yonex Co. Ltd. | 7900 | 158831 |
|  |  | 3379176 |
| **Jersey \| 1.6%** |  |  |
| JTC PLC (#) | 17086 | 199848 |
| **Mexico \| 1.2%** |  |  |
| Arca Continental SAB de CV | 14500 | 153257 |
| **Netherlands \| 3.8%** |  |  |
| Arcadis NV | 1973 | 95765 |
| CTP NV (#) | 13435 | 282763 |
| IMCD NV | 707 | 95148 |
|  |  | 473676 |
| **Portugal \| 0.9%** |  |  |
| CTT-Correios de Portugal SA | 11817 | 105195 |
| **Spain \| 1.3%** |  |  |
| Merlin Properties Socimi SA REIT | 12294 | 161193 |
| **Sweden \| 3.7%** |  |  |
| Asker Healthcare Group AB | 17770 | 204978 |
| Catena AB | 3400 | 173604 |
| Swedish Orphan Biovitrum AB (\*) | 2608 | 79580 |
|  |  | 458162 |
| **Switzerland \| 3.9%** |  |  |
| Burckhardt Compression Holding AG | 148 | 123166 |
| R&S Group Holding AG | 5258 | 191853 |
| Swissquote Group Holding SA | 286 | 162446 |
|  |  | 477465 |
| **Taiwan \| 1.4%** |  |  |
| Gold Circuit Electronics Ltd. | 17000 | 171711 |

---

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

**54** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| **United Kingdom \| 10.1%** |  |  |
| Beazley PLC | 17660 | $226707 |
| ConvaTec Group PLC (#) | 34743 | 137563 |
| Diploma PLC | 1911 | 128248 |
| DiscoverIE Group PLC | 14563 | 130454 |
| Ferrari Group PLC | 11514 | 121207 |
| Genuit Group PLC | 15054 | 81419 |
| IMI PLC | 4841 | 139185 |
| Volution Group PLC | 17137 | 138983 |
| Weir Group PLC | 3944 | 134838 |
|  |  | 1238604 |
| **United States \| 1.7%** |  |  |
| Reliance Worldwide Corp. Ltd. | 29217 | 78850 |
| Titan SA | 2798 | 126751 |
|  |  | 205601 |
| **Total Common Stocks**<br> (Cost $9,375,957) |  | 11689741 |
| **Preferred Stocks \| 1.2%** |  |  |
| **Italy \| 1.2%** |  |  |
| Danieli & C Officine Meccaniche SpA<br> (Cost $139,771) | 4875 | 147059 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 3.2%** |  |  |
| Fixed Income Clearing Corp., <br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $392,400 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $397,853) Proceeds of $390,047 <br> (Cost $390,000) | $390 | $390000 |

---

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

Semi-Annual Financial Statements **55**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $29,635) | 29635 | $29635 |
| **Total Investments \| 99.6%**<br> (Cost $9,935,363) |  | $**12256435** |
| **Cash and Other Assets in Excess of Liabilities \| 0.4%** |  | **43760** |
| **Net Assets \| 100.0%** |  | $**12300195** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 10.4% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |

---

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

**56** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio** |  |  |
| **Common Stocks \| 94.8%** |  |  |
| **Canada \| 3.1%** |  |  |
| Canadian Pacific Kansas City Ltd. | 184607 | $14665530 |
| Element Fleet Management Corp. | 1410693 | 35335956 |
| Suncor Energy, Inc. | 231087 | 8656323 |
|  |  | 58657809 |
| **China \| 0.7%** |  |  |
| Alibaba Group Holding Ltd. | 947800 | 13450726 |
| **Denmark \| 4.4%** |  |  |
| Carlsberg AS, Class B | 278729 | 39537447 |
| Novo Nordisk AS, Class B | 627268 | 43769492 |
|  |  | 83306939 |
| **Finland \| 1.0%** |  |  |
| Sampo OYJ, A Shares | 1693040 | 18219152 |
| **France \| 4.9%** |  |  |
| Cie de Saint-Gobain SA | 206980 | 24348742 |
| Engie SA | 1182420 | 27844212 |
| Societe Generale SA | 691883 | 39645089 |
|  |  | 91838043 |
| **Germany \| 5.0%** |  |  |
| Deutsche Boerse AG | 80048 | 26119854 |
| Merck KGaA | 198033 | 25645441 |
| MTU Aero Engines AG | 96544 | 42932880 |
|  |  | 94698175 |
| **Greece \| 2.8%** |  |  |
| Piraeus Financial Holdings SA | 7688136 | 53415262 |
| **Hong Kong \| 2.2%** |  |  |
| AIA Group Ltd. | 2610000 | 23471140 |
| Techtronic Industries Co. Ltd. | 1678000 | 18484066 |
|  |  | 41955206 |

---

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

Semi-Annual Financial Statements **57**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| **India \| 2.9%** |  |  |
| Bharti Airtel Ltd. | 1221173 | $28663678 |
| HDFC Bank Ltd. | 1128534 | 26327205 |
|  |  | 54990883 |
| **Israel \| 8.4%** |  |  |
| Bank Leumi Le-Israel BM | 3226232 | 60034357 |
| Elbit Systems Ltd. | 49894 | 22185312 |
| Phoenix Financial Ltd. | 1700318 | 49248303 |
| Wix.com Ltd. (\*) | 167163 | 26488649 |
|  |  | 157956621 |
| **Italy \| 7.8%** |  |  |
| BFF Bank SpA (#), (\*) | 2124627 | 23294522 |
| Davide Campari-Milano NV | 2543518 | 17111766 |
| Lottomatica Group SpA | 1366397 | 37928312 |
| Ryanair Holdings PLC ADR | 465869 | 26866665 |
| UniCredit SpA | 624707 | 41899152 |
|  |  | 147100417 |
| **Japan \| 15.5%** |  |  |
| BayCurrent, Inc. | 522200 | 26902378 |
| Hoya Corp. | 254200 | 30177330 |
| Keyence Corp. | 55900 | 22446010 |
| Kobe Bussan Co. Ltd. | 772800 | 24037828 |
| NEC Corp. | 1302100 | 38136762 |
| Nippon Sanso Holdings Corp. | 477500 | 18055854 |
| OBIC Business Consultants Co. Ltd. | 453200 | 26849547 |
| Pan Pacific International Holdings Corp. | 886900 | 30483163 |
| Resona Holdings, Inc. | 2105900 | 19328833 |
| Sanrio Co. Ltd. | 407200 | 19696809 |
| Sugi Holdings Co. Ltd. | 847100 | 19375102 |
| Suzuki Motor Corp. | 1432388 | 17256192 |
|  |  | 292745808 |
| **Mexico \| 1.5%** |  |  |
| Arca Continental SAB de CV | 2721000 | 28759409 |

---

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

**58** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| **Netherlands \| 4.0%** |  |  |
| Argenx SE (\*) | 31100 | $17210778 |
| ASML Holding NV | 71879 | 57549729 |
|  |  | 74760507 |
| **Portugal \| 1.2%** |  |  |
| Banco Comercial Portugues SA, Class R | 30120541 | 23469577 |
| **Sweden \| 1.0%** |  |  |
| Hexagon AB, B Shares | 1824399 | 18332975 |
| **Switzerland \| 2.6%** |  |  |
| ABB Ltd. | 623296 | 37261673 |
| Partners Group Holding AG | 9144 | 11989171 |
|  |  | 49250844 |
| **Taiwan \| 1.0%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 540000 | 19497243 |
| **United Kingdom \| 17.2%** |  |  |
| Allfunds Group PLC | 1836704 | 14097380 |
| Coca-Cola Europacific Partners PLC | 419608 | 38696952 |
| Compass Group PLC | 1114760 | 37757116 |
| Informa PLC | 3024105 | 33458685 |
| London Stock Exchange Group PLC | 249066 | 36393190 |
| National Grid PLC | 2048312 | 29949152 |
| RELX PLC | 1125536 | 61054526 |
| Unilever PLC | 697458 | 42481575 |
| Weir Group PLC | 886394 | 30304190 |
|  |  | 324192766 |
| **United States \| 7.6%** |  |  |
| Aon PLC, Class A | 125602 | 44809769 |
| CRH PLC | 305057 | 28004233 |
| CyberArk Software Ltd. (\*) | 36953 | 15035437 |
| Experian PLC | 510886 | 26319081 |

---

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

Semi-Annual Financial Statements **59**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (concluded)** |  |  |
| ICON PLC (\*) | 145811 | $21208210 |
| James Hardie Industries PLC CDI (\*) | 276808 | 7641157 |
|  |  | 143017887 |
| **Total Common Stocks**<br> (Cost $1,216,616,456) |  | 1789616249 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 3.2%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $60,506,100 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $61,342,824) Proceeds of $60,147,317<br> (Cost $60,140,000) | $60140 | $60140000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $3,171,682) | 3171682 | $3171682 |
| **Total Investments \| 98.2%**<br> (Cost $1,279,928,138) |  | $**1852927931** |
| **Cash and Other Assets in Excess of Liabilities \| 1.8%** |  | **33656964** |
| **Net Assets \| 100.0%** |  | $**1886584895** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 1.3% of net assets of the Portfolio.* |

---

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

**60** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio** |  |  |
| **Common Stocks \| 98.4%** |  |  |
| **Aerospace & Defense \| 4.4%** |  |  |
| Boeing Co. (\*) | 8747 | $1832759 |
| **Automobiles \| 4.8%** |  |  |
| Thor Industries, Inc. | 22166 | 1968562 |
| **Biotechnology \| 2.3%** |  |  |
| Vaxcyte, Inc. (\*) | 29111 | 946399 |
| **Broadline Retail \| 10.8%** |  |  |
| Amazon.com, Inc. (\*) | 20207 | 4433214 |
| **Capital Markets \| 7.8%** |  |  |
| Charles Schwab Corp. | 18119 | 1653178 |
| Intercontinental Exchange, Inc. | 8428 | 1546285 |
|  |  | 3199463 |
| **Electrical Equipment \| 2.0%** |  |  |
| Rockwell Automation, Inc. | 2491 | 827435 |
| **Electronic Equipment, Instruments & Components \| 6.4%** |  |  |
| Coherent Corp. (\*) | 29596 | 2640259 |
| **Financial Services \| 3.9%** |  |  |
| Corpay, Inc. (\*) | 4841 | 1606341 |
| **Food Products \| 3.0%** |  |  |
| Mondelez International, Inc., Class A | 18478 | 1246156 |
| **Hotels, Restaurants & Leisure \| 5.1%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 130652 | 2095658 |
| **Insurance \| 4.8%** |  |  |
| First American Financial Corp. | 32100 | 1970619 |

---

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

Semi-Annual Financial Statements **61**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (continued)** |  |  |
| **Interactive Media & Services \| 4.8%** |  |  |
| Meta Platforms, Inc., Class A | 2651 | $1956676 |
| **IT Services \| 7.1%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 103128 | 2945336 |
| **Media \| 4.3%** |  |  |
| Trade Desk, Inc., Class A (\*) | 24729 | 1780241 |
| **Pharmaceuticals \| 8.0%** |  |  |
| Eli Lilly & Co. | 2497 | 1946486 |
| Zoetis, Inc. | 8763 | 1366590 |
|  |  | 3313076 |
| **Semiconductors & Semiconductor Equipment \| 11.0%** |  |  |
| Marvell Technology, Inc. | 58650 | 4539510 |
| **Software \| 7.9%** |  |  |
| Microsoft Corp. | 6523 | 3244605 |
| **Total Common Stocks**<br> (Cost $37,936,904) |  | 40546309 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 1.6%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $664,100 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $673,367)<br> Proceeds of $660,080<br> (Cost $660,000) | $660 | $660000 |

---

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

**62** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $38,969) | 38969 | $38969 |
| **Total Investments \| 100.1%**<br> (Cost $38,635,873) |  | $**41245278** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(38105)** |
| **Net Assets \| 100.0%** |  | $**41207173** |

---

<br> *(\*)* *Non-income producing security.*

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

Semi-Annual Financial Statements **63**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio** |  |  |
| **Common Stocks \| 96.3%** |  |  |
| **Banks \| 2.9%** |  |  |
| Bank of America Corp. | 47397 | $2242826 |
| **Broadline Retail \| 6.7%** |  |  |
| Amazon.com, Inc. (\*) | 23618 | 5181553 |
| **Capital Markets \| 10.7%** |  |  |
| Blackstone, Inc. | 14044 | 2100702 |
| Goldman Sachs Group, Inc. | 3072 | 2174208 |
| Intercontinental Exchange, Inc. | 21733 | 3987353 |
|  |  | 8262263 |
| **Chemicals \| 1.6%** |  |  |
| Linde PLC | 2575 | 1208138 |
| **Commercial Services & Supplies \| 3.3%** |  |  |
| Waste Management, Inc. | 11201 | 2563013 |
| **Electrical Equipment \| 2.6%** |  |  |
| AMETEK, Inc. | 11165 | 2020418 |
| **Financial Services \| 3.7%** |  |  |
| Visa, Inc., A Shares | 8092 | 2873065 |
| **Ground Transportation \| 2.0%** |  |  |
| Old Dominion Freight Line, Inc. | 9486 | 1539578 |
| **Health Care Equipment & Supplies \| 1.9%** |  |  |
| Medtronic PLC | 16915 | 1474480 |
| **Health Care Providers & Services \| 1.1%** |  |  |
| UnitedHealth Group, Inc. | 2774 | 865405 |
| **Hotels, Restaurants & Leisure \| 3.1%** |  |  |
| McDonald's Corp. | 8165 | 2385580 |

---

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

**64** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (continued)** |  |  |
| **Household Products \| 2.5%** |  |  |
| Procter & Gamble Co. | 12001 | $1911999 |
| **Insurance \| 3.6%** |  |  |
| Marsh & McLennan Cos., Inc. | 12485 | 2729720 |
| **Interactive Media & Services \| 4.4%** |  |  |
| Alphabet, Inc., Class A | 19190 | 3381854 |
| **IT Services \| 1.8%** |  |  |
| Accenture PLC, Class A | 4509 | 1347683 |
| **Life Sciences Tools & Services \| 3.7%** |  |  |
| Danaher Corp. | 14450 | 2854453 |
| **Oil, Gas & Consumable Fuels \| 2.2%** |  |  |
| ConocoPhillips | 19190 | 1722111 |
| **Pharmaceuticals \| 4.1%** |  |  |
| Eli Lilly & Co. | 2123 | 1654942 |
| Merck & Co., Inc. | 19079 | 1510294 |
|  |  | 3165236 |
| **Professional Services \| 4.7%** |  |  |
| Amentum Holdings, Inc. (\*) |  | 12 |
| Equifax, Inc. | 6589 | 1708989 |
| Jacobs Solutions, Inc. | 14630 | 1923113 |
|  |  | 3632114 |
| **Real Estate Management & Development \| 2.4%** |  |  |
| CBRE Group, Inc., Class A (\*) | 13410 | 1879009 |
| **Semiconductors & Semiconductor Equipment \| 11.4%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 10289 | 1460009 |
| Analog Devices, Inc. | 10173 | 2421377 |
| Applied Materials, Inc. | 10636 | 1947133 |
| Broadcom, Inc. | 10867 | 2995489 |
|  |  | 8824008 |

---

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

Semi-Annual Financial Statements **65**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (concluded)** |  |  |
| **Software \| 9.5%** |  |  |
| Microsoft Corp. | 14783 | $7353212 |
| **Technology Hardware, Storage & Peripherals \| 6.4%** |  |  |
| Apple, Inc. | 23887 | 4900896 |
| **Total Common Stocks**<br> (Cost $46,642,993) |  | 74318614 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 2.8%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $2,213,400 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $2,244,016) Proceeds of $2,200,268<br> (Cost $2,200,000) | $2200 | $2200000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $117,258) | 117258 | $117258 |
| **Total Investments \| 99.3%**<br> (Cost $48,960,251) |  | $**76635872** |
| **Cash and Other Assets in Excess of Liabilites \| 0.7%** |  | **574790** |
| **Net Assets \| 100.0%** |  | $**77210662** |

---

<br> *(\*)* *Non-income producing security.*

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

**66** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio** |  |  |
| **Common Stocks \| 99.6%** |  |  |
| **Aerospace & Defense \| 1.3%** |  |  |
| StandardAero, Inc. | 13316 | $421451 |
| **Automobile Components \| 1.3%** |  |  |
| Gentherm, Inc. (\*) | 15004 | 424463 |
| **Automobiles \| 1.5%** |  |  |
| Thor Industries, Inc. | 5686 | 504974 |
| **Banks \| 8.0%** |  |  |
| BankUnited, Inc. | 23017 | 819175 |
| Commerce Bancshares, Inc. | 8118 | 504696 |
| Home BancShares, Inc. | 20896 | 594700 |
| Wintrust Financial Corp. | 6087 | 754667 |
|  |  | 2673238 |
| **Biotechnology \| 6.8%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 31323 | 439148 |
| Aurinia Pharmaceuticals, Inc. (\*) | 40569 | 343619 |
| Caris Life Sciences, Inc. | 12930 | 345490 |
| Janux Therapeutics, Inc. (\*) | 9745 | 225110 |
| Rhythm Pharmaceuticals, Inc. (\*) | 7935 | 501413 |
| Soleno Therapeutics, Inc. (\*) | 2264 | 189678 |
| Vaxcyte, Inc. (\*) | 6934 | 225424 |
|  |  | 2269882 |
| **Building Products \| 2.8%** |  |  |
| Hayward Holdings, Inc. (\*) | 31512 | 434865 |
| Janus International Group, Inc. (\*) | 61069 | 497102 |
|  |  | 931967 |
| **Capital Markets \| 5.0%** |  |  |
| DigitalBridge Group, Inc. | 30784 | 318614 |
| StepStone Group, Inc., Class A | 13313 | 738872 |
| Stifel Financial Corp. | 5903 | 612613 |
|  |  | 1670099 |

---

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

Semi-Annual Financial Statements **67**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Commercial Services & Supplies \| 5.5%** |  |  |
| ABM Industries, Inc. | 16605 | $783922 |
| Casella Waste Systems, Inc., Class A (\*) | 6241 | 720087 |
| Driven Brands Holdings, Inc. (\*) | 19682 | 345616 |
|  |  | 1849625 |
| **Construction Materials \| 1.5%** |  |  |
| Eagle Materials, Inc. | 2549 | 515178 |
| **Consumer Staples Distribution & Retail \| 4.0%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 3640 | 392501 |
| Chefs' Warehouse, Inc. (\*) | 7226 | 461091 |
| Guardian Pharmacy Services, Inc., Class A | 22055 | 469992 |
|  |  | 1323584 |
| **Containers & Packaging \| 1.9%** |  |  |
| Graphic Packaging Holding Co. | 18752 | 395105 |
| TriMas Corp. | 8696 | 248792 |
|  |  | 643897 |
| **Electrical Equipment \| 2.2%** |  |  |
| EnerSys | 4375 | 375244 |
| Generac Holdings, Inc. (\*) | 2581 | 369625 |
|  |  | 744869 |
| **Electronic Equipment, Instruments & Components \| 2.8%** |  |  |
| Coherent Corp. (\*) | 7218 | 643918 |
| Mirion Technologies, Inc. (\*) | 13291 | 286155 |
|  |  | 930073 |
| **Energy Equipment & Services \| 2.1%** |  |  |
| Atlas Energy Solutions, Inc. | 23024 | 307831 |
| Cactus, Inc., Class A | 8635 | 377522 |
|  |  | 685353 |
| **Entertainment \| 1.6%** |  |  |
| Roku, Inc. (\*) | 6074 | 533844 |

---

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

**68** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Food Products \| 2.2%** |  |  |
| J.M. Smucker Co. | 3686 | $361965 |
| Simply Good Foods Co. (\*) | 12137 | 383408 |
|  |  | 745373 |
| **Ground Transportation \| 1.2%** |  |  |
| Landstar System, Inc. | 2831 | 393566 |
| **Health Care Equipment & Supplies \| 4.7%** |  |  |
| Enovis Corp. (\*) | 18127 | 568463 |
| Inspire Medical Systems, Inc. (\*) | 3824 | 496240 |
| Lantheus Holdings, Inc. (\*) | 6227 | 509742 |
|  |  | 1574445 |
| **Health Care Technology \| 3.2%** |  |  |
| Doximity, Inc., Class A (\*) | 6579 | 403556 |
| Evolent Health, Inc., Class A (\*) | 43393 | 488605 |
| Schrodinger, Inc. (\*) | 8839 | 177841 |
|  |  | 1070002 |
| **Hotels, Restaurants & Leisure \| 4.1%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 30648 | 491594 |
| Kura Sushi USA, Inc., Class A (\*) | 4382 | 377203 |
| Wyndham Hotels & Resorts, Inc. | 6367 | 517064 |
|  |  | 1385861 |
| **Insurance \| 4.6%** |  |  |
| First American Financial Corp. | 12758 | 783214 |
| Reinsurance Group of America, Inc. | 3858 | 765273 |
|  |  | 1548487 |
| **Interactive Media & Services \| 2.3%** |  |  |
| Cars.com, Inc. (\*) | 31552 | 373891 |
| MediaAlpha, Inc., Class A (\*) | 35314 | 386689 |
|  |  | 760580 |
| **IT Services \| 2.1%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 24746 | 706746 |

---

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

Semi-Annual Financial Statements **69**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Leisure Products \| 0.8%** |  |  |
| Brunswick Corp. | 4801 | $265207 |
| **Life Sciences Tools & Services \| 0.7%** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 90984 | 219271 |
| **Machinery \| 6.1%** |  |  |
| Gates Industrial Corp. PLC (\*) | 19838 | 456869 |
| Middleby Corp. (\*) | 4609 | 663696 |
| Nordson Corp. | 1737 | 372361 |
| Toro Co. | 7731 | 546427 |
|  |  | 2039353 |
| **Oil, Gas & Consumable Fuels \| 2.4%** |  |  |
| Antero Resources Corp. (\*) | 11542 | 464912 |
| Magnolia Oil & Gas Corp., Class A | 14642 | 329152 |
|  |  | 794064 |
| **Pharmaceuticals \| 0.9%** |  |  |
| Axsome Therapeutics, Inc. (\*) | 2960 | 308994 |
| **Professional Services \| 1.4%** |  |  |
| Verra Mobility Corp. (\*) | 18830 | 478094 |
| **Retail REITs \| 2.0%** |  |  |
| Brixmor Property Group, Inc. | 25154 | 655010 |
| **Semiconductors & Semiconductor Equipment \| 3.6%** |  |  |
| Allegro MicroSystems, Inc. (\*) | 10429 | 356567 |
| Credo Technology Group Holding Ltd. (\*) | 3213 | 297492 |
| Onto Innovation, Inc. (\*) | 3277 | 330747 |
| Rambus, Inc. (\*) | 3281 | 210050 |
|  |  | 1194856 |
| **Software \| 2.8%** |  |  |
| SPS Commerce, Inc. (\*) | 3913 | 532520 |
| Zeta Global Holdings Corp., Class A (\*) | 26509 | 410625 |
|  |  | 943145 |

---

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

**70** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (concluded)** |  |  |
| **Specialized REITs \| 2.4%** |  |  |
| CubeSmart | 18553 | $788502 |
| **Specialty Retail \| 1.1%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 4681 | 355569 |
| **Textiles, Apparel & Luxury Goods \| 2.7%** |  |  |
| Crocs, Inc. (\*) | 5764 | 583778 |
| Kontoor Brands, Inc. | 4617 | 304583 |
|  |  | 888361 |
| **Total Common Stocks**<br> (Cost $29,684,987) |  | 33237983 |
| **Total Investments \| 99.6%**<br> (Cost $29,684,987) |  | $**33237983** |
| **Cash and Other Assets in Excess of Liabilites \| 0.4%** |  | **132209** |
| **Net Assets \| 100.0%** |  | $**33370192** |

---

<br> *(\*)* *Non-income producing security.*

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

Semi-Annual Financial Statements **71**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio** |  |  |
| **Common Stocks \| 95.9%** |  |  |
| **Banks \| 1.9%** |  |  |
| Commerce Bancshares, Inc. | 2851 | $177247 |
| **Biotechnology \| 0.5%** |  |  |
| Vertex Pharmaceuticals, Inc. (\*) | 110 | 48972 |
| **Building Products \| 3.3%** |  |  |
| Carlisle Cos., Inc. | 262 | 97831 |
| Trane Technologies PLC | 474 | 207332 |
|  |  | 305163 |
| **Capital Markets \| 9.9%** |  |  |
| Charles Schwab Corp. | 3611 | 329468 |
| Intercontinental Exchange, Inc. | 1906 | 349694 |
| S&P Global, Inc. | 447 | 235698 |
|  |  | 914860 |
| **Chemicals \| 2.8%** |  |  |
| Linde PLC | 332 | 155767 |
| Sherwin-Williams Co. | 305 | 104725 |
|  |  | 260492 |
| **Commercial Services & Supplies \| 3.2%** |  |  |
| MSA Safety, Inc. | 366 | 61316 |
| Waste Management, Inc. | 1021 | 233625 |
|  |  | 294941 |
| **Consumer Finance \| 1.5%** |  |  |
| American Express Co. | 436 | 139075 |
| **Containers & Packaging \| 1.0%** |  |  |
| Avery Dennison Corp. | 501 | 87910 |
| **Electrical Equipment \| 0.9%** |  |  |
| Rockwell Automation, Inc. | 242 | 80385 |

---

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

**72** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (continued)** |  |  |
| **Electronic Equipment, Instruments & Components \| 1.8%** |  |  |
| Amphenol Corp., Class A | 1670 | $164912 |
| **Financial Services \| 5.1%** |  |  |
| Visa, Inc., A Shares | 1326 | 470796 |
| **Ground Transportation \| 1.1%** |  |  |
| Old Dominion Freight Line, Inc. | 629 | 102087 |
| **Health Care Equipment & Supplies \| 4.5%** |  |  |
| Boston Scientific Corp. (\*) | 2895 | 310952 |
| Medtronic PLC | 1219 | 106260 |
|  |  | 417212 |
| **Health Care Providers & Services \| 1.0%** |  |  |
| UnitedHealth Group, Inc. | 306 | 95463 |
| **Hotels, Restaurants & Leisure \| 1.0%** |  |  |
| Starbucks Corp. | 993 | 90989 |
| **Household Products \| 2.7%** |  |  |
| Procter & Gamble Co. | 1540 | 245353 |
| **Insurance \| 1.5%** |  |  |
| Chubb Ltd. | 482 | 139645 |
| **IT Services \| 2.3%** |  |  |
| Accenture PLC, Class A | 700 | 209223 |
| **Life Sciences Tools & Services \| 3.4%** |  |  |
| Danaher Corp. | 1053 | 208010 |
| Thermo Fisher Scientific, Inc. | 270 | 109474 |
|  |  | 317484 |
| **Machinery \| 5.8%** |  |  |
| Deere & Co. | 383 | 194752 |
| Nordson Corp. | 623 | 133552 |

---

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

Semi-Annual Financial Statements **73**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (continued)** |  |  |
| Watts Water Technologies, Inc., Class A | 427 | $104995 |
| Xylem, Inc. | 792 | 102453 |
|  |  | 535752 |
| **Pharmaceuticals \| 5.0%** |  |  |
| Eli Lilly & Co. | 218 | 169938 |
| Merck & Co., Inc. | 1590 | 125864 |
| Zoetis, Inc. | 1066 | 166243 |
|  |  | 462045 |
| **Real Estate Management & Development \| 1.4%** |  |  |
| CBRE Group, Inc., Class A (\*) | 891 | 124847 |
| **Semiconductors & Semiconductor Equipment \| 11.3%** |  |  |
| Analog Devices, Inc. | 1479 | 352032 |
| Applied Materials, Inc. | 634 | 116066 |
| Broadcom, Inc. | 1166 | 321408 |
| Marvell Technology, Inc. | 1466 | 113468 |
| NVIDIA Corp. | 193 | 30492 |
| QUALCOMM, Inc. | 703 | 111960 |
|  |  | 1045426 |
| **Software \| 13.0%** |  |  |
| Cadence Design Systems, Inc. (\*) | 499 | 153767 |
| CyberArk Software Ltd. (\*) | 275 | 111892 |
| Microsoft Corp. | 1669 | 830177 |
| Salesforce, Inc. | 392 | 106895 |
|  |  | 1202731 |
| **Specialty Retail \| 3.2%** |  |  |
| Home Depot, Inc. | 792 | 290379 |
| **Technology Hardware, Storage & Peripherals \| 6.2%** |  |  |
| Apple, Inc. | 2799 | 574271 |

---

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

**74** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (concluded)** |  |  |
| **Trading Companies & Distributors \| 0.6%** |  |  |
| United Rentals, Inc. | 78 | $58765 |
| **Total Common Stocks**<br> (Cost $5,845,816) |  | 8856425 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 4.0%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $372,300 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $377,497)<br> Proceeds of $370,045<br> (Cost $370,000) | $370 | $370000 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $22,084) | 22084 | $22084 |
| **Total Investments \| 100.1%**<br> (Cost $6,237,900) |  | $**9248509** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(8682)** |
| **Net Assets \| 100.0%** |  | $**9239827** |

---

<br> *(\*)* *Non-income producing security.*

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

Semi-Annual Financial Statements **75**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio** |  |  |
| **Closed-End Management Investment Companies \| 0.4%** |  |  |
| ASA Gold & Precious Metals Ltd. | 1654 | $52217 |
| Kayne Anderson Energy Infrastructure Fund | 11114 | 141370 |
| **Total Closed-End Management Investment Companies**<br> (Cost $143,301) |  | 193587 |
| **Common Stocks \| 98.5%** |  |  |
| **Aerospace & Defense \| 0.5%** |  |  |
| CAE, Inc. (\*) | 6991 | 204627 |
| Innovative Solutions & Support, Inc. (\*) | 1372 | 19043 |
|  |  | 223670 |
| **Air Freight & Logistics \| 0.0%** |  |  |
| Radiant Logistics, Inc. (\*) | 1709 | 10391 |
| **Automobile Components \| 1.7%** |  |  |
| Adient PLC (\*) | 6104 | 118784 |
| Cooper-Standard Holdings, Inc. (\*) | 6485 | 139427 |
| Dorman Products, Inc. (\*) | 447 | 54833 |
| Fox Factory Holding Corp. (\*) | 1670 | 43320 |
| Lear Corp. | 1028 | 97639 |
| Motorcar Parts of America, Inc. (\*) | 1871 | 20955 |
| Standard Motor Products, Inc. | 2355 | 72346 |
| Strattec Security Corp. (\*) | 679 | 42241 |
| Visteon Corp. (\*) | 2629 | 245286 |
|  |  | 834831 |
| **Banks \| 3.5%** |  |  |
| 1st Source Corp. | 1139 | 70698 |
| BancFirst Corp. | 661 | 81713 |
| Bank of NT Butterfield & Son Ltd. | 4714 | 208736 |
| Cadence Bank | 2987 | 95524 |
| Capital City Bank Group, Inc. | 552 | 21721 |
| Central Pacific Financial Corp. | 2281 | 63936 |

---

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

**76** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Comerica, Inc. | 1363 | $81303 |
| Commerce Bancshares, Inc. | 1359 | 84489 |
| Community Financial System, Inc. | 1382 | 78594 |
| First BanCorp | 4388 | 91402 |
| First Business Financial Services, Inc. | 200 | 10132 |
| First United Corp. | 444 | 13769 |
| Intercorp Financial Services, Inc. | 2249 | 85754 |
| Northrim BanCorp, Inc. | 416 | 38796 |
| OFG Bancorp | 2131 | 91207 |
| Popular, Inc. | 880 | 96985 |
| Republic Bancorp, Inc., Class A | 983 | 71867 |
| Sierra Bancorp | 610 | 18111 |
| Synovus Financial Corp. | 1733 | 89683 |
| Trustmark Corp. | 2354 | 85827 |
| UMB Financial Corp. | 1075 | 113047 |
| Zions Bancorp NA | 2081 | 108087 |
|  |  | 1701381 |
| **Biotechnology \| 2.3%** |  |  |
| Aurinia Pharmaceuticals, Inc. (\*) | 12015 | 101767 |
| BioCryst Pharmaceuticals, Inc. (\*) | 15755 | 141165 |
| Catalyst Pharmaceuticals, Inc. (\*) | 4611 | 100059 |
| Exelixis, Inc. (\*) | 3273 | 144257 |
| MiMedx Group, Inc. (\*) | 13863 | 84703 |
| Rigel Pharmaceuticals, Inc. (\*) | 9497 | 177879 |
| United Therapeutics Corp. (\*) | 598 | 171835 |
| Veracyte, Inc. (\*) | 7865 | 212591 |
|  |  | 1134256 |
| **Building Products \| 1.7%** |  |  |
| AZEK Co., Inc. (\*) | 4023 | 218650 |
| Builders FirstSource, Inc. (\*) | 2089 | 243765 |
| Hayward Holdings, Inc. (\*) | 16022 | 221104 |
| Resideo Technologies, Inc. (\*) | 7086 | 156317 |
|  |  | 839836 |

---

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

Semi-Annual Financial Statements **77**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Capital Markets \| 1.8%** |  |  |
| Acadian Asset Management, Inc. | 2709 | $95465 |
| BGC Group, Inc., Class A | 8813 | 90157 |
| Donnelley Financial Solutions, Inc. (\*) | 306 | 18865 |
| Federated Hermes, Inc. | 3861 | 171119 |
| Houlihan Lokey, Inc. | 641 | 115348 |
| SEI Investments Co. | 1210 | 108731 |
| Virtu Financial, Inc., Class A | 4034 | 180683 |
| XP, Inc., Class A | 5626 | 113645 |
|  |  | 894013 |
| **Chemicals \| 3.1%** |  |  |
| AdvanSix, Inc. | 10964 | 260395 |
| Avient Corp. | 2880 | 93053 |
| Axalta Coating Systems Ltd. (\*) | 3057 | 90762 |
| Cabot Corp. | 2097 | 157275 |
| Huntsman Corp. | 7890 | 82214 |
| ICL Group Ltd. | 32973 | 226854 |
| Ingevity Corp. (\*) | 2148 | 92557 |
| Kronos Worldwide, Inc. | 2926 | 18141 |
| Methanex Corp. | 6227 | 206114 |
| Orion SA | 3396 | 35624 |
| Perimeter Solutions, Inc. (\*) | 10805 | 150406 |
| Stepan Co. | 1227 | 66970 |
|  |  | 1480365 |
| **Commercial Services & Supplies \| 4.1%** |  |  |
| Bitcoin Depot, Inc. (\*) | 13132 | 66579 |
| Brady Corp., Class A | 4751 | 322925 |
| BrightView Holdings, Inc. (\*) | 10716 | 178421 |
| Casella Waste Systems, Inc., Class A (\*) | 756 | 87227 |
| Civeo Corp. | 1189 | 27454 |
| Deluxe Corp. | 2294 | 36498 |
| Ennis, Inc. | 968 | 17560 |
| Healthcare Services Group, Inc. (\*) | 12123 | 182209 |
| HNI Corp. | 2908 | 143015 |

---

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

**78** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Interface, Inc. | 9610 | $201137 |
| Liquidity Services, Inc. (\*) | 6870 | 162063 |
| OPENLANE, Inc. (\*) | 12524 | 306212 |
| Steelcase, Inc., Class A | 15441 | 161050 |
| UniFirst Corp. | 571 | 107474 |
|  |  | 1999824 |
| **Communications Equipment \| 2.6%** |  |  |
| ADTRAN Holdings, Inc. (\*) | 11832 | 106133 |
| Aviat Networks, Inc. (\*) | 1393 | 33502 |
| Ceragon Networks Ltd. (\*) | 22010 | 54144 |
| Gilat Satellite Networks Ltd. (\*) | 13990 | 99189 |
| Harmonic, Inc. (\*) | 20853 | 197478 |
| Ituran Location & Control Ltd. | 3722 | 144153 |
| NETGEAR, Inc. (\*) | 9100 | 264537 |
| NetScout Systems, Inc. (\*) | 11129 | 276110 |
| Viavi Solutions, Inc. (\*) | 10023 | 100932 |
|  |  | 1276178 |
| **Construction & Engineering \| 0.6%** |  |  |
| Argan, Inc. | 777 | 171313 |
| NWPX Infrastructure, Inc. (\*) | 2989 | 122579 |
|  |  | 293892 |
| **Construction Materials \| 0.4%** |  |  |
| Smith-Midland Corp. (\*) | 1066 | 35775 |
| U.S. Lime & Minerals, Inc. | 1393 | 139021 |
|  |  | 174796 |
| **Consumer Finance \| 0.9%** |  |  |
| FirstCash Holdings, Inc. | 682 | 92165 |
| OneMain Holdings, Inc. | 1697 | 96729 |
| PROG Holdings, Inc. | 5605 | 164507 |
| SLM Corp. | 2548 | 83549 |
|  |  | 436950 |

---

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

Semi-Annual Financial Statements **79**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Consumer Staples Distribution & Retail \| 0.5%** |  |  |
| PriceSmart, Inc. | 1391 | $146110 |
| Village Super Market, Inc., Class A | 69 | 2657 |
| Walgreens Boots Alliance, Inc. | 8400 | 96432 |
|  |  | 245199 |
| **Containers & Packaging \| 0.6%** |  |  |
| Ardagh Metal Packaging SA | 22861 | 97845 |
| Greif, Inc., Class A | 2824 | 183532 |
|  |  | 281377 |
| **Distributors \| 0.1%** |  |  |
| Weyco Group, Inc. | 1711 | 56737 |
| **Diversified Consumer Services \| 3.9%** |  |  |
| ADT, Inc. | 19944 | 168926 |
| Adtalem Global Education, Inc. (\*) | 2903 | 369349 |
| Afya Ltd., Class A | 4449 | 79459 |
| American Public Education, Inc. (\*) | 8877 | 270393 |
| Carriage Services, Inc. | 2254 | 103098 |
| Frontdoor, Inc. (\*) | 3068 | 180828 |
| Graham Holdings Co., Class B | 272 | 257358 |
| Grand Canyon Education, Inc. (\*) | 499 | 94311 |
| Laureate Education, Inc. (\*) | 6342 | 148276 |
| Strategic Education, Inc. | 1737 | 147871 |
| Universal Technical Institute, Inc. (\*) | 2677 | 90723 |
|  |  | 1910592 |
| **Diversified REITs \| 0.3%** |  |  |
| Broadstone Net Lease, Inc. | 5280 | 84744 |
| CTO Realty Growth, Inc. | 3131 | 54041 |
|  |  | 138785 |
| **Diversified Telecommunication Services \| 0.5%** |  |  |
| IDT Corp., Class B | 2640 | 180365 |
| Liberty Global Ltd., Class A (\*) | 6376 | 63824 |
|  |  | 244189 |

---

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

**80** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Electrical Equipment \| 2.3%** |  |  |
| Acuity, Inc. | 613 | $182882 |
| Allient, Inc. | 39 | 1416 |
| EnerSys | 1489 | 127712 |
| Generac Holdings, Inc. (\*) | 1778 | 254627 |
| Power Solutions International, Inc. (\*) | 2538 | 164158 |
| Preformed Line Products Co. | 1770 | 282864 |
| Thermon Group Holdings, Inc. (\*) | 4103 | 115212 |
|  |  | 1128871 |
| **Electronic Equipment, Instruments & Components \| 5.9%** |  |  |
| Advanced Energy Industries, Inc. | 210 | 27825 |
| Arrow Electronics, Inc. (\*) | 796 | 101434 |
| Avnet, Inc. | 2006 | 106478 |
| Badger Meter, Inc. | 405 | 99205 |
| Bel Fuse, Inc., Class B | 2225 | 217360 |
| Belden, Inc. | 1296 | 150077 |
| Climb Global Solutions, Inc. | 1636 | 174905 |
| Coherent Corp. (\*) | 2773 | 247379 |
| CTS Corp. | 2151 | 91654 |
| ePlus, Inc. (\*) | 2026 | 146075 |
| Ingram Micro Holding Corp. | 4705 | 98052 |
| Itron, Inc. (\*) | 1901 | 250229 |
| Kimball Electronics, Inc. (\*) | 6419 | 123437 |
| nLight, Inc. (\*) | 8064 | 158700 |
| Novanta, Inc. (\*) | 188 | 24239 |
| PC Connection, Inc. | 3524 | 231809 |
| Plexus Corp. (\*) | 1701 | 230162 |
| ScanSource, Inc. (\*) | 2595 | 108497 |
| TTM Technologies, Inc. (\*) | 6492 | 265003 |
|  |  | 2852520 |
| **Energy Equipment & Services \| 0.9%** |  |  |
| Archrock, Inc. | 3890 | 96589 |
| ChampionX Corp. | 3662 | 90964 |

---

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

Semi-Annual Financial Statements **81**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Enerflex Ltd. | 5956 | $46993 |
| Select Water Solutions, Inc. | 9468 | 81803 |
| Weatherford International PLC | 1862 | 93677 |
|  |  | 410026 |
| **Entertainment \| 0.4%** |  |  |
| CuriosityStream, Inc. | 15517 | 87361 |
| Madison Square Garden Entertainment Corp. (\*) | 2439 | 97487 |
|  |  | 184848 |
| **Financial Services \| 2.0%** |  |  |
| Burford Capital Ltd. | 6928 | 98793 |
| Cantaloupe, Inc. (\*) | 8697 | 95580 |
| Enact Holdings, Inc. | 2708 | 100602 |
| Euronet Worldwide, Inc. (\*) | 1702 | 172549 |
| EVERTEC, Inc. | 2277 | 82086 |
| MGIC Investment Corp. | 4106 | 114311 |
| NMI Holdings, Inc. (\*) | 5032 | 212300 |
| Paymentus Holdings, Inc., Class A (\*) | 2449 | 80205 |
|  |  | 956426 |
| **Food Products \| 0.8%** |  |  |
| Adecoagro SA | 6523 | 59620 |
| Lancaster Colony Corp. | 537 | 92777 |
| Lifeway Foods, Inc. (\*) | 3518 | 86719 |
| Mission Produce, Inc. (\*) | 4219 | 49447 |
| Seneca Foods Corp., Class A (\*) | 844 | 85607 |
|  |  | 374170 |
| **Gas Utilities \| 0.5%** |  |  |
| New Jersey Resources Corp. | 3662 | 164131 |
| Northwest Natural Holding Co. | 2358 | 93660 |
|  |  | 257791 |
| **Ground Transportation \| 0.2%** |  |  |
| Ryder System, Inc. | 666 | 105894 |

---

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

**82** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Health Care Equipment & Supplies \| 5.3%** |  |  |
| AtriCure, Inc. (\*) | 2865 | $93886 |
| Avanos Medical, Inc. (\*) | 16219 | 198521 |
| Axogen, Inc. (\*) | 7143 | 77502 |
| Bioventus, Inc., Class A (\*) | 4089 | 27069 |
| Cerus Corp. (\*) | 56450 | 79594 |
| ClearPoint Neuro, Inc. (\*) | 1888 | 22543 |
| Dentsply Sirona, Inc. | 5580 | 88610 |
| Electromed, Inc. (\*) | 8104 | 178207 |
| Glaukos Corp. (\*) | 1715 | 177142 |
| ICU Medical, Inc. (\*) | 668 | 88276 |
| iRadimed Corp. | 3913 | 233958 |
| LeMaitre Vascular, Inc. | 2563 | 212857 |
| LivaNova PLC (\*) | 3115 | 140237 |
| NeuroPace, Inc. (\*) | 4214 | 46944 |
| Novocure Ltd. (\*) | 6422 | 114312 |
| Omnicell, Inc. (\*) | 6660 | 195804 |
| Orthofix Medical, Inc. (\*) | 5054 | 56352 |
| Penumbra, Inc. (\*) | 616 | 158084 |
| SANUWAVE Health, Inc. (\*) | 1524 | 50079 |
| SI-BONE, Inc. (\*) | 4838 | 91051 |
| Teleflex, Inc. | 1474 | 174463 |
| Varex Imaging Corp. (\*) | 7115 | 61687 |
|  |  | 2567178 |
| **Health Care Providers & Services \| 2.0%** |  |  |
| Amedisys, Inc. (\*) | 955 | 93962 |
| Aveanna Healthcare Holdings, Inc. (\*) | 7439 | 38906 |
| Chemed Corp. | 141 | 68657 |
| Encompass Health Corp. | 858 | 105217 |
| Enhabit, Inc. (\*) | 5337 | 51449 |
| National HealthCare Corp. | 2219 | 237455 |
| Nutex Health, Inc. (\*) | 999 | 124365 |
| Option Care Health, Inc. (\*) | 2433 | 79024 |
| Pediatrix Medical Group, Inc. (\*) | 6307 | 90505 |
| Pennant Group, Inc. (\*) | 3322 | 99162 |
|  |  | 988702 |

---

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

Semi-Annual Financial Statements **83**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Health Care REITs \| 0.7%** |  |  |
| American Healthcare REIT, Inc. | 2418 | $88837 |
| CareTrust REIT, Inc. | 2854 | 87333 |
| Healthcare Realty Trust, Inc. | 5281 | 83757 |
| Omega Healthcare Investors, Inc. | 2694 | 98735 |
|  |  | 358662 |
| **Health Care Technology \| 1.0%** |  |  |
| Doximity, Inc., Class A (\*) | 3463 | 212420 |
| HealthStream, Inc. | 2525 | 69867 |
| TruBridge, Inc. (\*) | 8022 | 187875 |
|  |  | 470162 |
| **Hotels, Restaurants & Leisure \| 2.4%** |  |  |
| Accel Entertainment, Inc. (\*) | 17311 | 203751 |
| Arcos Dorados Holdings, Inc., Class A | 12064 | 95185 |
| Boyd Gaming Corp. | 2296 | 179616 |
| Light & Wonder, Inc. (\*) | 1151 | 110795 |
| Monarch Casino & Resort, Inc. | 2710 | 234253 |
| PlayAGS, Inc. (\*) | 7562 | 94449 |
| Pursuit Attractions & Hospitality, Inc. (\*) | 1529 | 44081 |
| Sportradar Group AG, Class A (\*) | 7529 | 211414 |
|  |  | 1173544 |
| **Household Durables \| 2.5%** |  |  |
| Cavco Industries, Inc. (\*) | 225 | 97747 |
| Champion Homes, Inc. (\*) | 1403 | 87842 |
| Cricut, Inc., Class A | 25783 | 174551 |
| Flexsteel Industries, Inc. | 2199 | 79230 |
| Green Brick Partners, Inc. (\*) | 3016 | 189646 |
| Hamilton Beach Brands Holding Co., Class A | 4388 | 78501 |
| Taylor Morrison Home Corp. (\*) | 4757 | 292175 |
| Tri Pointe Homes, Inc. (\*) | 6677 | 213330 |
|  |  | 1213022 |
| **Household Products \| 0.3%** |  |  |
| Oil-Dri Corp. of America | 2347 | 138450 |

---

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

**84** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Independent Power & Renewable Electricity Producers \| 0.1%** |  |  |
| ReNew Energy Global PLC, Class A (\*) | 4589 | $31710 |
| **Industrial REITs \| 0.6%** |  |  |
| EastGroup Properties, Inc. | 471 | 78714 |
| First Industrial Realty Trust, Inc. | 1309 | 63002 |
| Rexford Industrial Realty, Inc. | 2329 | 82843 |
| STAG Industrial, Inc. | 1976 | 71689 |
|  |  | 296248 |
| **Insurance \| 1.6%** |  |  |
| Axis Capital Holdings Ltd. | 1219 | 126556 |
| Brighthouse Financial, Inc. (\*) | 2670 | 143566 |
| Enstar Group Ltd. (\*) | 299 | 100572 |
| Globe Life, Inc. | 947 | 117703 |
| Hanover Insurance Group, Inc. | 664 | 112794 |
| Kemper Corp. | 1382 | 89194 |
| Primerica, Inc. | 384 | 105089 |
|  |  | 795474 |
| **Interactive Media & Services \| 0.7%** |  |  |
| Taboola.com Ltd. (\*) | 24010 | 87877 |
| VTEX, Class A (\*) | 23375 | 154275 |
| Yelp, Inc. (\*) | 3189 | 109287 |
|  |  | 351439 |
| **IT Services \| 1.2%** |  |  |
| ASGN, Inc. (\*) | 2443 | 121979 |
| Backblaze, Inc., Class A (\*) | 17887 | 98379 |
| CI&T, Inc., Class A (\*) | 1705 | 10179 |
| Kyndryl Holdings, Inc. (\*) | 5479 | 229899 |
| Wix.com Ltd. (\*) | 614 | 97294 |
|  |  | 557730 |
| **Leisure Products \| 0.7%** |  |  |
| JAKKS Pacific, Inc. | 7078 | 147081 |
| Mattel, Inc. (\*) | 9656 | 190416 |
|  |  | 337497 |

---

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

Semi-Annual Financial Statements **85**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Life Sciences Tools & Services \| 0.9%** |  |  |
| Adaptive Biotechnologies Corp. (\*) | 2241 | $26108 |
| Avantor, Inc. (\*) | 6920 | 93143 |
| Bio-Techne Corp. | 444 | 22844 |
| Charles River Laboratories International, Inc. (\*) | 294 | 44609 |
| CryoPort, Inc. (\*) | 5818 | 43402 |
| MaxCyte, Inc. (\*) | 10571 | 23045 |
| Niagen Bioscience, Inc. (\*) | 5425 | 78174 |
| Qiagen NV | 2482 | 119285 |
|  |  | 450610 |
| **Machinery \| 3.1%** |  |  |
| Alamo Group, Inc. | 447 | 97616 |
| Donaldson Co., Inc. | 1347 | 93414 |
| Douglas Dynamics, Inc. | 2788 | 82162 |
| Hillenbrand, Inc. | 4105 | 82387 |
| Hyster-Yale, Inc. | 946 | 37632 |
| JBT Marel Corp. | 207 | 24894 |
| Kennametal, Inc. | 3736 | 85779 |
| Kornit Digital Ltd. (\*) | 5080 | 101143 |
| Lindsay Corp. | 1370 | 197623 |
| Luxfer Holdings PLC | 9572 | 116587 |
| Mueller Industries, Inc. | 4560 | 362383 |
| Toro Co. | 1281 | 90541 |
| Trinity Industries, Inc. | 1457 | 39354 |
| Worthington Enterprises, Inc. | 1363 | 86741 |
|  |  | 1498256 |
| **Marine Transportation \| 1.0%** |  |  |
| Euroseas Ltd. | 4351 | 194577 |
| Global Ship Lease, Inc., Class A | 2763 | 72694 |
| Matson, Inc. | 2131 | 237287 |
|  |  | 504558 |
| **Media \| 1.3%** |  |  |
| Clear Channel Outdoor Holdings, Inc. (\*) | 14866 | 17393 |
| DoubleVerify Holdings, Inc. (\*) | 11612 | 173832 |

---

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

**86** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| EW Scripps Co., Class A (\*) | 3658 | $10754 |
| Gambling.com Group Ltd. (\*) | 3921 | 46621 |
| John Wiley & Sons, Inc., Class A | 484 | 21601 |
| Liberty Broadband Corp., Class C (\*) | 1673 | 164590 |
| TechTarget, Inc. (\*) | 9091 | 70637 |
| TEGNA, Inc. | 6581 | 110297 |
|  |  | 615725 |
| **Mortgage Real Estate Investment \| 0.2%** |  |  |
| Apollo Commercial Real Estate Finance, Inc. | 9674 | 93644 |
| **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** |  |  |
| Angel Oak Mortgage REIT, Inc. | 1476 | 13904 |
| **Office REITs \| 0.3%** |  |  |
| COPT Defense Properties | 2524 | 69612 |
| Cousins Properties, Inc. | 2907 | 87297 |
|  |  | 156909 |
| **Oil, Gas & Consumable Fuels \| 0.9%** |  |  |
| Bw Lpg Ltd. (#) | 11620 | 137465 |
| DHT Holdings, Inc. | 8232 | 88988 |
| Hafnia Ltd. | 22578 | 112664 |
| Navigator Holdings Ltd. | 4324 | 61185 |
| Sabine Royalty Trust | 843 | 56211 |
|  |  | 456513 |
| **Paper & Forest Products \| 0.2%** |  |  |
| Sylvamo Corp. | 2021 | 101252 |
| **Passenger Airlines \| 0.8%** |  |  |
| Alaska Air Group, Inc. (\*) | 691 | 34191 |
| Copa Holdings SA, Class A | 2590 | 284822 |
| SkyWest, Inc. (\*) | 434 | 44689 |
|  |  | 363702 |
| **Personal Care Products \| 0.2%** |  |  |
| USANA Health Sciences, Inc. (\*) | 2510 | 76630 |

---

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

Semi-Annual Financial Statements **87**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Pharmaceuticals \| 0.5%** |  |  |
| Phibro Animal Health Corp., Class A | 6223 | $158935 |
| Prestige Consumer Healthcare, Inc. (\*) | 1054 | 84162 |
|  |  | 243097 |
| **Professional Services \| 5.6%** |  |  |
| Barrett Business Services, Inc. | 2090 | 87132 |
| CRA International, Inc. | 527 | 98744 |
| ExlService Holdings, Inc. (\*) | 2944 | 128918 |
| Franklin Covey Co. (\*) | 837 | 19100 |
| Genpact Ltd. | 5985 | 263400 |
| Heidrick & Struggles International, Inc. | 5285 | 241842 |
| Huron Consulting Group, Inc. (\*) | 797 | 109619 |
| IBEX Holdings Ltd. (\*) | 4302 | 125188 |
| ICF International, Inc. | 1065 | 90216 |
| Insperity, Inc. | 337 | 20261 |
| KBR, Inc. | 3106 | 148902 |
| Kelly Services, Inc., Class A | 11246 | 131691 |
| Kforce, Inc. | 1951 | 80245 |
| Korn Ferry | 2963 | 217277 |
| Legalzoom.com, Inc. (\*) | 17977 | 160175 |
| Parsons Corp. (\*) | 1409 | 101124 |
| Skillsoft Corp. (\*) | 987 | 15762 |
| TELUS International CDA, Inc. (\*) | 17553 | 63717 |
| TriNet Group, Inc. | 1117 | 81697 |
| Verra Mobility Corp. (\*) | 3758 | 95416 |
| Willdan Group, Inc. (\*) | 3924 | 245289 |
| WNS Holdings Ltd. (\*) | 3310 | 209324 |
|  |  | 2735039 |
| **Real Estate Management & Development \| 0.5%** |  |  |
| Marcus & Millichap, Inc. | 1753 | 53835 |
| Newmark Group, Inc., Class A | 7193 | 87395 |
| Real Brokerage, Inc. (\*) | 19454 | 87737 |
| RMR Group, Inc., Class A | 1835 | 30002 |
|  |  | 258969 |

---

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

**88** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Residential REITs \| 0.4%** |  |  |
| Apartment Investment & Management Co., Class A | 9847 | $85176 |
| Elme Communities | 6223 | 98946 |
|  |  | 184122 |
| **Retail REITs \| 1.5%** |  |  |
| Acadia Realty Trust | 4155 | 77158 |
| Brixmor Property Group, Inc. | 3627 | 94447 |
| Federal Realty Investment Trust | 622 | 59084 |
| InvenTrust Properties Corp. | 3535 | 96859 |
| Kite Realty Group Trust | 3168 | 71755 |
| NNN REIT, Inc. | 2055 | 88735 |
| Phillips Edison & Co., Inc. | 2047 | 71706 |
| Urban Edge Properties | 4386 | 81843 |
| Whitestone REIT | 6522 | 81395 |
|  |  | 722982 |
| **Semiconductors & Semiconductor Equipment \| 2.8%** |  |  |
| Cirrus Logic, Inc. (\*) | 1715 | 178797 |
| Diodes, Inc. (\*) | 1844 | 97529 |
| FormFactor, Inc. (\*) | 7334 | 252363 |
| Kulicke & Soffa Industries, Inc. | 2879 | 99613 |
| Onto Innovation, Inc. (\*) | 2808 | 283411 |
| Rambus, Inc. (\*) | 5424 | 347245 |
| Ultra Clean Holdings, Inc. (\*) | 3915 | 88362 |
| Universal Display Corp. | 154 | 23787 |
|  |  | 1371107 |
| **Software \| 10.8%** |  |  |
| ACI Worldwide, Inc. (\*) | 3510 | 161144 |
| Adeia, Inc. | 12008 | 169793 |
| Agilysys, Inc. (\*) | 1672 | 191678 |
| Alarm.com Holdings, Inc. (\*) | 2809 | 158905 |
| AvePoint, Inc. (\*) | 4684 | 90448 |
| Braze, Inc., Class A (\*) | 4669 | 131199 |
| CCC Intelligent Solutions Holdings, Inc. (\*) | 10176 | 95756 |

---

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

Semi-Annual Financial Statements **89**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Cognyte Software Ltd. (\*) | 4342 | $40120 |
| Commvault Systems, Inc. (\*) | 1537 | 267945 |
| Confluent, Inc., Class A (\*) | 7358 | 183435 |
| CoreCard Corp. (\*) | 553 | 16021 |
| Descartes Systems Group, Inc. (\*) | 958 | 97376 |
| Docebo, Inc. (\*) | 3528 | 102100 |
| Dolby Laboratories, Inc., Class A | 1485 | 110276 |
| Elastic NV (\*) | 1552 | 130880 |
| EverCommerce, Inc. (\*) | 2384 | 25032 |
| Freshworks, Inc., Class A (\*) | 13530 | 201732 |
| Intapp, Inc. (\*) | 2319 | 119707 |
| JFrog Ltd. (\*) | 3635 | 159504 |
| Karooooo Ltd. | 1086 | 53192 |
| LiveRamp Holdings, Inc. (\*) | 6675 | 220542 |
| Magic Software Enterprises Ltd. | 1711 | 32714 |
| Mitek Systems, Inc. (\*) | 20075 | 198743 |
| N-Able, Inc. (\*) | 18253 | 147849 |
| Olo, Inc., Class A (\*) | 10933 | 97304 |
| OneSpan, Inc. | 11252 | 187796 |
| Onestream, Inc. | 3326 | 94126 |
| Open Text Corp. | 4000 | 116800 |
| Pagaya Technologies Ltd., Class A (\*) | 747 | 15926 |
| Pegasystems, Inc. | 5116 | 276929 |
| Q2 Holdings, Inc. (\*) | 1001 | 93684 |
| Radware Ltd. (\*) | 6980 | 205491 |
| Red Violet, Inc. | 3022 | 148683 |
| Sapiens International Corp. NV | 3065 | 89651 |
| SEMrush Holdings, Inc., Class A (\*) | 6966 | 63042 |
| SentinelOne, Inc., Class A (\*) | 8839 | 161577 |
| Sprout Social, Inc., Class A (\*) | 6677 | 139616 |
| SPS Commerce, Inc. (\*) | 226 | 30756 |
| Teradata Corp. (\*) | 8523 | 190148 |
| Verint Systems, Inc. (\*) | 4844 | 95282 |
| Weave Communications, Inc. (\*) | 14522 | 120823 |
|  |  | 5233725 |

---

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

**90** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Specialized REITs \| 0.5%** |  |  |
| EPR Properties | 1581 | $92109 |
| Four Corners Property Trust, Inc. | 3601 | 96903 |
| PotlatchDeltic Corp. | 1946 | 74668 |
|  |  | 263680 |
| **Specialty Retail \| 1.6%** |  |  |
| Asbury Automotive Group, Inc. (\*) | 627 | 149565 |
| AutoNation, Inc. (\*) | 1098 | 218118 |
| Bath & Body Works, Inc. | 3231 | 96801 |
| Buckle, Inc. | 2270 | 102944 |
| Haverty Furniture Cos., Inc. | 4371 | 88950 |
| National Vision Holdings, Inc. (\*) | 4553 | 104764 |
|  |  | 761142 |
| **Technology Hardware, Storage & Peripherals \| 0.3%** |  |  |
| Diebold Nixdorf, Inc. (\*) | 2132 | 118113 |
| **Textiles, Apparel & Luxury Goods \| 1.6%** |  |  |
| Kontoor Brands, Inc. | 1345 | 88730 |
| Skechers USA, Inc., Class A (\*) | 4142 | 261360 |
| Steven Madden Ltd. | 4192 | 100524 |
| Superior Group of Cos., Inc. | 5847 | 60224 |
| Tapestry, Inc. | 2734 | 240073 |
|  |  | 750911 |
| **Trading Companies & Distributors \| 1.8%** |  |  |
| BlueLinx Holdings, Inc. (\*) | 569 | 42322 |
| Boise Cascade Co. | 1559 | 135352 |
| DNOW, Inc. (\*) | 15195 | 225342 |
| GATX Corp. | 374 | 57432 |
| Karat Packaging, Inc. | 4615 | 129958 |
| McGrath RentCorp | 2432 | 282015 |
|  |  | 872421 |

---

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

Semi-Annual Financial Statements **91**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Wireless Telecommunication Services \| 0.5%** |  |  |
| Millicom International Cellular SA | 4292 | $160821 |
| Spok Holdings, Inc. | 4357 | 77032 |
|  |  | 237853 |
| **Total Common Stocks**<br> (Cost $43,169,371) |  | 47812490 |
| **Rights \| 0.0%** |  |  |
| **Biotechnology \| 0.0%** |  |  |
| Epizyme, Inc. CVR, Expires 2499 (\*), (¢) | 41136 | 823 |
| **Paper & Forest Products \| 0.0%** |  |  |
| Resolute Forest Products, Inc. CVR, Expires 2499 (\*), (¢) | 10077 | 0 |
| **Pharmaceuticals \| 0.0%** |  |  |
| Adamas Pharmaceuticals, Inc. CVR, Expires 2499 (\*), (¢) | 1139 | 0 |
| **Total Rights**<br> (Cost $15,200) |  | 823 |
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 0.9%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $432,700 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $438,767)<br> Proceeds of $430,052<br> (Cost $430,000) | $430 | $430000 |

---

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

**92** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.0%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $26,171) | 26171 | $26171 |
| **Total Investments \| 99.8%**<br> (Cost $43,784,043) |  | $**48463071** |
| **Cash and Other Assets in Excess of Liabilites \| 0.2%** |  | **102159** |
| **Net Assets \| 100.0%** |  | $**48565230** |

---

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 0.3% of net assets of the Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |

---

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

Semi-Annual Financial Statements **93**

**The Lazard Funds, Inc.** Abbreviations

June 30, 2025 (N-CSR Item 7) (unaudited)

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | — American Depositary Receipt |
| CDI | — CHESS Depositary Interest |
| CVR | — Contingent Value Rights |
| GDR | — Global Depositary Receipt |
| JSC | — Joint Stock Company |
| NVDR | — Non-Voting Depository Receipt |
| PJSC | — Public Joint Stock Company |
| QSC | — Qatar Shareholder Company |
| REITs | — Real Estate Investment Trusts |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | — Australian Dollar |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| EUR | — Euro |
| GBP | — British Pound Sterling |
| HKD | — Hong Kong Dollar |
| NZD | — New Zealand Dollar |
| USD | — United States Dollar |

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| BNP | — BNP Paribas SA |
| BNY | — Bank of New York Mellon |
| CAN | — Canadian Imperial Bank of Commerce |
| CIT | — Citibank N.A. |
| HSB | — HSBC Bank USA N.A. |
| 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.*

**94** Semi-Annual Financial Statements

------

[This page intentionally left blank]

**The Lazard Funds, Inc.** Statements of Assets and Liabilities (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> Developing Markets<br> Equity Portfolio | Lazard Emerging<br> Markets Core<br> Equity Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $93953291 | $132934923 |
| Non-controlled affiliated issuers, at fair value (Note 5) |  |  |
| Cash | 22 | 45 |
| Foreign currency, at fair value | 56979 | 3105 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 176744 | 272064 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 6843 | 77339 |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  |
| Gross unrealized appreciation on forward currency contracts |  |  |
| Total assets | 94193879 | 133287476 |
| **LIABILITIES** |  |  |
| Foreign currency due to custodian |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 397185 | 652313 |
| &nbsp;&nbsp;&nbsp;Management fees | 64344 | 94849 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 34641 | 22550 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 30309 | 46094 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 8116 | 750 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 883 | 653 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 25 | 3116 |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 24069 | 27014 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 18 |  |
| Gross unrealized depreciation on forward currency contracts |  |  |
| Other accrued expenses and payables | 19049 | 20206 |
| Total liabilities | 578639 | 867545 |
| Net assets | $93615240 | $132419931 |
| **NET ASSETS** |  |  |
| Paid in capital | $183729107 | $166643179 |
| Distributable earnings (Accumulated loss) | (90113867) | (34223248) |
| Net assets | $93615240 | $132419931 |
| **Institutional Shares** |  |  |
| Net assets | $87914961 | $128049990 |
| Shares of capital stock outstanding\* | 5833562 | 10743703 |
| **Net asset value, offering and redemption price per share** | $15.07 | $11.92 |
| **Open Shares** |  |  |
| Net assets | $5700279 | $2672577 |
| Shares of capital stock outstanding\* | 381014 | 225018 |
| **Net asset value, offering and redemption price per share** | $14.96 | $11.88 |
| **R6 Shares** |  |  |
| Net assets |  | $1697364 |
| Shares of capital stock outstanding\* |  | 142123 |

---

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

**96** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets<br> Equity Advantage<br> Portfolio | Lazard<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Equity<br> Select Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio |
| $308303632 | $4094437176 | $47631774 | $81898207 | $9280261639 |
|  |  |  |  | 1044468676 |
| 987 | 1016 | 22 |  | 65053 |
| 117622 | 3150188 | 42 | 12707 | 1123 |
| 935945 | 21689724 | 403638 | 134889 | 61041649 |
| 824771 | 13816112 |  | 2547823 | 41054103 |
| 256562 | 1391298 | 11551 | 991 | 4072201 |
|  |  |  |  | 2575924 |
| 310439519 | 4134485514 | 48047027 | 84594617 | 10433540368 |
|  |  |  |  | 865879 |
| 767447 | 8978756 |  |  |  |
| 177365 | 3247927 | 17926 | 40943 | 7467390 |
| 18603 | 107531 | 27214 | 25829 | 261115 |
| 33161 | 2192 | 34628 | 27961 | 395622 |
| 706 | 2094 | 6748 | 5715 | 2311 |
| 125 | 76369 | 27 | 146 | 66651 |
| 776 | 30051 | 4181 | 2932 | 147912 |
| 120729 | 2532936 |  | 12181 | 10008222 |
| 1041179 | 10877010 | 39338 | 2778282 | 54021223 |
|  |  |  |  | 136793179 |
| 20341 | 207215 | 13504 | 16012 | 663833 |
| 2180432 | 26062081 | 143566 | 2910001 | 210693337 |
| $308259087 | $4108423433 | $47903461 | $81684616 | $10222847031 |
| $266596798 | $4116242094 | $47954605 | $42748816 | $8348463330 |
| 41662289 | (7818661) | (51144) | 38935800 | 1874383701 |
| $308259087 | $4108423433 | $47903461 | $81684616 | $10222847031 |
| $278406858 | $3749806907 | $47762544 | $81018171 | $9903341351 |
| 20082530 | 173858543 | 4929579 | 4288708 | 551278109 |
| $13.86 | $21.57 | $9.69 | $18.89 | $17.96 |
| $270471 | $310780165 | $140917 | $666445 | $319505680 |
| 19552 | 13928234 | 14570 | 35317 | 17769526 |
| $13.83 | $22.31 | $9.67 | $18.87 | $17.98 |
| $29581758 | $47836361 |  |  |  |
| 2133042 | 2216397 |  |  |  |

---

Semi-Annual Financial Statements **97**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> Developing Markets<br> Equity Portfolio | Lazard Emerging<br> Markets Core<br> Equity Portfolio |
| **Net asset value, offering and redemption price per share** |  | $11.94 |
| Cost of investments in securities | $60775283 | $95799274 |
| Cost of non-controlled affiliated issuers | $— | $— |
| Cost of foreign currency | $56914 | $3059 |

---

*\** *$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.*

**98** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets<br> Equity Advantage<br> Portfolio | Lazard<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Equity<br> Select Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio |
| $13.87 | $21.58 |  |  |  |
| $260441725 | $3322687384 | $45415191 | $53329472 | $7161976204 |
| $— | $— | $— | $— | $1122448778 |
| $117635 | $3150179 | $42 | $12639 | $1117 |

---

Semi-Annual Financial Statements **99**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity<br> Select Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $1130208931 | $56190229 |
| Cash |  |  |
| Foreign currency, at fair value | 483190 | 27201 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 6899548 | 214422 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 3264420 | 18284 |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Total assets | 1140856089 | 56450136 |
| **LIABILITIES** |  |  |
| Foreign currency due to custodian |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 684660 | 13384 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 76466 | 26352 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 66041 | 24891 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 40518 | 3746 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 38131 | 5938 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 22973 | 21 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 15858 | 504 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 10397 | 766 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes |  | 30749 |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 2807599 | 20572 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 1159 | 65 |
| Other accrued expenses and payables | 28656 | 7155 |
| Total liabilities | 3792458 | 134143 |
| Net assets | $1137063631 | $56315993 |
| **NET ASSETS** |  |  |
| Paid in capital | $774324687 | $43671542 |
| Distributable earnings (Accumulated loss) | 362738944 | 12644451 |
| Net assets | $1137063631 | $56315993 |
| **Institutional Shares** |  |  |
| Net assets | $983291524 | $53553445 |
| Shares of capital stock outstanding\* | 50851220 | 4369931 |
| **Net asset value, offering and redemption price per share** | $19.34 | $12.25 |
| **Open Shares** |  |  |
| Net assets | $69532925 | $2762548 |
| Shares of capital stock outstanding\* | 3540219 | 224488 |
| **Net asset value, offering and redemption price per share** | $19.64 | $12.31 |
| **R6 Shares** |  |  |
| Net assets | $84239182 |  |
| Shares of capital stock outstanding\* | 4365757 |  |
| **Net asset value, offering and redemption price per share** | $19.30 |  |
| Cost of investments in securities | $861397061 | $43091305 |
| Cost of foreign currency | $480680 | $27055 |

---

\* $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.*

**100** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Quality Growth<br> Portfolio | Lazard<br> International<br> Small Cap<br> Equity Portfolio | Lazard<br> International<br> Strategic<br> Equity Portfolio | Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard<br> US Equity<br> Focus<br> Portfolio |
| $405855978 | $12256435 | $1852927931 | $41245278 | $76635872 |
| 475 |  | 129 |  | 25 |
| 10450 | 6116 | 6181903 |  |  |
| 551769 | 85377 | 14984903 | 9293 | 23320 |
| 257174 | 12690 | 616344 | 12025 |  |
|  |  | 29335804 | 347202 | 814243 |
|  | 4054 |  |  |  |
| 406675846 | 12364672 | 1904047014 | 41613798 | 77473460 |
|  |  | 2456 |  |  |
| 245243 |  | 1330056 | 5525 | 28411 |
| 25104 | 23642 | 246839 | 29629 | 28807 |
| 28924 | 23513 | 161690 | 34910 | 26298 |
| 6789 | 1860 | 157101 | 23514 | 1532 |
| 15188 | 4546 | 72378 | 5839 | 6499 |
| 4621 | 17 | 98906 | 6318 | 2646 |
| 490 | 1684 | 54605 | 2611 | 184 |
| 3804 | 5075 | 23733 | 5529 | 6569 |
|  |  | 1523205 |  |  |
| 151309 | 2257 | 723710 | 51424 | 8190 |
| 14 | 10 | 12670028 | 219833 | 147067 |
| 10420 | 1873 | 397412 | 21493 | 6595 |
| 491906 | 64477 | 17462119 | 406625 | 262798 |
| $406183940 | $12300195 | $1886584895 | $41207173 | $77210662 |
| $353000917 | $12359865 | $1040178048 | $41145791 | $40948421 |
| 53183023 | (59670) | 846406847 | 61382 | 36262241 |
| $406183940 | $12300195 | $1886584895 | $41207173 | $77210662 |
| $358541549 | $3896977 | $1638422776 | $30493708 | $44531699 |
| 20164605 | 388831 | 101799629 | 2693931 | 2597191 |
| $17.78 | $10.02 | $16.09 | $11.32 | $17.15 |
| $2658762 | $8403218 | $214220078 | $10712998 | $893697 |
| 150624 | 836692 | 13175207 | 905821 | 51879 |
| $17.65 | $10.04 | $16.26 | $11.83 | $17.23 |
| $44983629 |  | $33942041 | $467 | $31785266 |
| 2528650 |  | 2105986 | 39 | 1852819 |
| $17.79 |  | $16.12 | $12.09 | $17.16 |
| $353517765 | $9935363 | $1279928138 | $38635873 | $48960251 |
| $10417 | $6182 | $6181793 | $— | $— |

---

Semi-Annual Financial Statements **101**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> US Small Cap<br> Equity Select<br> Portfolio | Lazard<br> US Sustainable<br> Equity<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $33237983 | $9248509 |
| Cash | 390697 |  |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 69064 | 19354 |
| &nbsp;&nbsp;&nbsp;Dividends | 7557 | 4731 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 1543 |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  | 20223 |
| Total assets | 33706844 | 9292817 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 27294 | 16371 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 24890 | 22208 |
| &nbsp;&nbsp;&nbsp;Management fees | 10941 |  |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 5203 | 4463 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 1845 | 1398 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 1283 | 145 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 463 | 5040 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 259036 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 108 |  |
| Other accrued expenses and payables | 5589 | 3365 |
| Total liabilities | 336652 | 52990 |
| Net assets | $33370192 | $9239827 |
| **NET ASSETS** |  |  |
| Paid in capital | $29560830 | $5139248 |
| Distributable earnings (Accumulated loss) | 3809362 | 4100579 |
| Net assets | $33370192 | $9239827 |
| **Institutional Shares** |  |  |
| Net assets | $26927702 | $8451235 |
| Shares of capital stock outstanding\* | 2417235 | 563031 |
| **Net asset value, offering and redemption price per share** | $11.14 | $15.01 |
| **Open Shares** |  |  |
| Net assets | $5945407 | $788592 |
| Shares of capital stock outstanding\* | 614797 | 52565 |
| **Net asset value, offering and redemption price per share** | $9.67 | $15.00 |
| **R6 Shares** |  |  |
| Net assets | $497083 |  |
| Shares of capital stock outstanding\* | 44440 |  |
| **Net asset value, offering and redemption price per share** | $11.19 |  |
| Cost of investments in securities | $29684987 | $6237900 |

---

\* $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.*

**102** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard<br>US Systematic<br>Small Cap Equity<br>Portfolio |
| $48463071 |
| 467302 |
| 30819 |
| 148102 |
| 49109294 |
| 27211 |
| 24322 |
| 17245 |
| 5250 |
| 1596 |
| 6707 |
| 457987 |
| 55 |
| 3691 |
| 544064 |
| $48565230 |
| $41605242 |
| 6959988 |
| $48565230 |
| $48565230 |
| 4457701 |
| $10.89 |
| $43784043 |

---

Semi-Annual Financial Statements **103**

**The Lazard Funds, Inc.** Statements of Operations (N-CSR Item 7) (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard<br> Developing Markets<br> Equity Portfolio | Lazard<br> Emerging<br> Markets Core<br> Equity Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Dividends# | Dividends# | $1034000 | $1701552 |
| Interest | Interest |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers (Note 5)(a) | &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers (Note 5)(a) |  |  |
| Non-cash income | Non-cash income |  | 196612 |
| Total investment income\* | Total investment income\* | 1034000 | 1898164 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 439459 | 602844 |
| Professional services | Professional services | 28573 | 28995 |
| Custodian fees | Custodian fees | 26673 | 35844 |
| Registration fees | Registration fees | 18041 | 23841 |
| Administration fees | Administration fees | 14065 | 16107 |
| Shareholders' services | Shareholders' services | 9414 | 8082 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 6752 | 2866 |
| Shareholders' reports | Shareholders' reports | 3995 | 5756 |
| Directors' fees and expenses | Directors' fees and expenses | 3123 | 6784 |
| Other^ | Other^ | 7381 | 5688 |
| Total gross expenses | Total gross expenses | 557476 | 736807 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (66804) | (70342) |
| Total net expenses | Total net expenses | 490672 | 666465 |
| Net investment income (loss) | Net investment income (loss) | 543328 | 1231699 |
| **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | &nbsp;&nbsp;&nbsp;Investments\*\* | 1923188 | 336417 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers(a) | &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers(a) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | (21075) | (27516) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net realized gain (loss) | Total net realized gain (loss) | 1902113 | 308901 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;Investments† | 7992715 | 15574070 |
| &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers(a) | &nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers(a) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 1668 | 1467 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | 7994383 | 15575537 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 9896496 | 15884438 |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $10439824 | $17116137 |
| \*# | Net of foreign withholding taxes of | $134832 | $210974 |
| \*\* | Net of foreign capital gains taxes of | 8102 | 11677 |
| † | Includes net change in foreign capital gains taxes of | (263151) | (160985) |
| ^ | Includes interest on line of credit of (Note 6) | $— | $167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) See Note 5 for information on affiliated issuers

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

**104** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets<br> Equity Advantage <br> Portfolio | Lazard Emerging<br> Markets Equity<br> Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Equity<br> Select<br> Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio |
| $4190952 | $94490104 | $1977913 | $684307 | $217959704 |
|  |  |  |  | 39649066 |
| 4190952 | 94490104 | 1977913 | 684307 | 257608770 |
| 906898 | 17427298 | 474024 | 284919 | 41143426 |
| 37837 | 121345 | 25582 | 24542 | 323581 |
| 48634 | 466659 | 35144 | 24298 | 791853 |
| 36176 | 107146 | 17516 | 22313 | 125776 |
| 23687 | 190142 | 15979 | 14051 | 418442 |
| 10081 | 146920 | 7990 | 7350 | 321359 |
| 385 | 350235 | 201 | 806 | 358038 |
| 4383 | 65692 | 2128 | 2799 | 226719 |
| 6362 | 99861 | 8762 | 6245 | 325947 |
| 7424 | 62922 | 7978 | 8140 | 161262 |
| 1081867 | 19038220 | 595304 | 395463 | 44196403 |
| (6540) | (1394) | (29042) | (2274) |  |
| 1075327 | 19036826 | 566262 | 393189 | 44196403 |
| 3115625 | 75453278 | 1411651 | 291118 | 213412367 |
| 3879003 | 47770176 | (3600272) | 7506750 | 116939527 |
|  |  |  |  | (32468164) |
| (239179) | (2107135) | (52362) | 9123 | (1032381) |
|  |  |  |  | (440791579) |
| 3639824 | 45663041 | (3652634) | 7515873 | (357352597) |
| 32464487 | 542097218 | 19795114 | (4892385) | 1361434265 |
|  |  |  |  | 384949850 |
| 11968 | 377217 | 26372 | 10980 | 1508682 |
|  |  |  |  | (230390827) |
| 32476455 | 542474435 | 19821486 | (4881405) | 1517501970 |
| 36116279 | 588137476 | 16168852 | 2634468 | 1160149373 |
| $39231904 | $663590754 | $17580503 | $2925586 | $1373561740 |
| $530945 | $10333389 | $145778 | $43569 | $19277874 |
| 49430 | 700417 |  |  | 18805369 |
| (440390) | (3703493) |  |  |  |
| $1910 | $— | $2129 | $603 | $— |

---

*#* *Dividend income for Lazard Equity Franchise Portfolio and Lazard Global Listed Infrastructure Portfolio includes $15,001 and $472,504 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 $160,779 and $19,277,874. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

Semi-Annual Financial Statements **105**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Dividends# | Dividends# | $18633183 | $1011094 |
| Non-cash income | Non-cash income |  |  |
| Total investment income\* | Total investment income\* | 18633183 | 1011094 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 3832149 | 171359 |
| Custodian fees | Custodian fees | 115341 | 20712 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 79000 | 3324 |
| Administration fees | Administration fees | 71918 | 11868 |
| Professional services | Professional services | 66193 | 25050 |
| Shareholders' services | Shareholders' services | 45441 | 6523 |
| Directors' fees and expenses | Directors' fees and expenses | 43574 | 2320 |
| Registration fees | Registration fees | 35915 | 30718 |
| Shareholders' reports | Shareholders' reports | 32324 | 3520 |
| Other^ | Other^ | 26332 | 7101 |
| Total gross expenses | Total gross expenses | 4348187 | 282495 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (13125) | (41613) |
| Total net expenses | Total net expenses | 4335062 | 240882 |
| Net investment income (loss) | Net investment income (loss) | 14298121 | 770212 |
| **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments\*\* | &nbsp;&nbsp;&nbsp;Investments\*\* | 84926167 | 347026 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | 238660 | 14920 |
| Total net realized gain (loss) | Total net realized gain (loss) | 85164827 | 361946 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;Investments† | 112669925 | 6823212 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 768829 | 21128 |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | 113438754 | 6844340 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 198603581 | 7206286 |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $212901702 | $7976498 |
| \*# | Net of foreign withholding taxes of | $1365289 | $(35182) |
| \*\* | Net of foreign capital gains taxes of |  | 412 |
| † | Includes net change in foreign capital gains taxes of |  | (30749) |
| ^ | Includes interest on line of credit of (Note 6) | $4554 | $— |

---

# Dividend income for Lazard International Equity Select Portfolio includes $129,296 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 $93,484. 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.*

**106** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Quality<br> Growth<br> Portfolio | Lazard<br> International<br> Small Cap<br> Equity<br> Portfolio | Lazard<br> International<br> Strategic<br> Equity<br> Portfolio | Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard<br> US Equity<br> Focus<br> Portfolio |
| $3471075 | $148717 | $34134026 | $200697 | $536158 |
| 206968 |  |  |  |  |
| 3678043 | 148717 | 34134026 | 200697 | 536158 |
| 1327179 | 35792 | 8775628 | 164174 | 231080 |
| 34684 | 15563 | 340405 | 24649 | 25898 |
| 2935 | 8254 | 252526 | 14249 | 1291 |
| 30692 | 9168 | 137978 | 11737 | 13824 |
| 29620 | 23192 | 154055 | 27002 | 23580 |
| 13310 | 5604 | 106922 | 16668 | 7258 |
| 12513 | 1444 | 150010 | 7993 | 5851 |
| 22711 | 22969 | 45976 | 18159 | 20961 |
| 8227 | 1704 | 127642 | 16593 | 3285 |
| 10418 | 64 | 151429 | 9809 | 8611 |
| 1492289 | 123754 | 10242571 | 311033 | 341639 |
| (7129) | (66283) | (1919) | (79823) | (45297) |
| 1485160 | 57471 | 10240652 | 231210 | 296342 |
| 2192883 | 91246 | 23893374 | (30513) | 239816 |
| 3652870 | 174984 | 234611786 | (2188361) | 7813378 |
| 38783 | (738) | 750935 |  |  |
| 3691653 | 174246 | 235362721 | (2188361) | 7813378 |
| 31678991 | 2015455 | 150016810 | (806507) | (5096900) |
| 34636 | 6254 | 1480755 |  |  |
| 31713627 | 2021709 | 151497565 | (806507) | (5096900) |
| 35405280 | 2195955 | 386860286 | (2994868) | 2716478 |
| $37598163 | $2287201 | $410753660 | $(3025381) | $2956294 |
| $370190 | $12891 | $3059023 | $— | $— |
|  |  | 943456 |  |  |
|  |  | (40435) |  |  |
| $— | $8 | $86904 | $1712 | $411 |

---

# Dividend income for Lazard International Quality Growth Portfolio and Lazard International Small Cap Equity Portfolio includes $39,339 and $1,298, 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 $409,529 and $14,190, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.

Semi-Annual Financial Statements **107**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard<br> US Small Cap<br> Equity Select<br> Portfolio | Lazard<br> US Sustainable<br> Equity<br> Portfolio |
| **Investment Income (Loss)** |  |  |
| **Income** |  |  |
| Dividends | $180217 | $68140 |
| Non-cash income |  |  |
| Total investment income\* | 180217 | 68140 |
| **Expenses** |  |  |
| Management fees (Note 3) | 134788 | 32368 |
| Custodian fees | 23117 | 13379 |
| Professional services | 22155 | 21003 |
| Registration fees | 21950 | 37712 |
| Administration fees | 10819 | 9246 |
| Distribution fees (Open Shares) | 7925 | 935 |
| Shareholders' services | 6830 | 4541 |
| Directors' fees and expenses | 3919 | 2924 |
| Shareholders' reports | 2754 | 1098 |
| Other^ | 3657 | 74 |
| Total gross expenses | 237914 | 123280 |
| Management fees waived and expenses reimbursed | (58943) | (81811) |
| Total net expenses | 178971 | 41469 |
| Net investment income (loss) | 1246 | 26671 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (717366) | 1006274 |
| Total net realized gain (loss) | (717366) | 1006274 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments | (1822460) | (760360) |
| Total net change in unrealized appreciation (depreciation) | (1822460) | (760360) |
| Net realized and unrealized gain (loss) | (2539826) | 245914 |
| Net increase (decrease) in net assets resulting from operations | $(2538580) | $272585 |
| \* Net of foreign withholding taxes of | $229 | $— |
| ^Includes interest on line of credit of (Note 6) | $181 | $— |

---

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

**108** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> US Systematic<br> Small Cap Equity<br> Portfolio |
| $347041 |
| 25618 |
| 372659 |
| 178073 |
| 43177 |
| 22264 |
| 17169 |
| 11752 |
| 158 |
| 5332 |
| 4053 |
| 2191 |
| 4419 |
| 288588 |
| (58618) |
| 229970 |
| 142689 |
| 1512099 |
| 1512099 |
| (3166582) |
| (3166582) |
| (1654483) |
| $(1511794) |
| $6810 |
| $573 |

---

Semi-Annual Financial Statements **109**

**The Lazard Funds, Inc.** Statements of Changes in Net Assets (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Developing Markets Equity Portfolio | Lazard<br> Developing Markets Equity Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $543328 | $895974 |
| Net realized gain (loss) | 1902113 | (710504) |
| Net change in unrealized appreciation (depreciation) | 7994383 | 5617110 |
| Net increase (decrease) resulting from operations | 10439824 | 5802580 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | (699965) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (32633) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions |  | (732598) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3351746 | 15828490 |
| &nbsp;&nbsp;&nbsp;Open Shares | 342006 | 1140731 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 574602 |
| &nbsp;&nbsp;&nbsp;Open Shares |  | 28880 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (8179408) | (24941316) |
| &nbsp;&nbsp;&nbsp;Open Shares | (798207) | (1644281) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | (5283863) | (9012894) |
| Total increase (decrease) in net assets | 5155961 | (3942912) |
| Net assets at beginning of period | 88459279 | 92402191 |
| Net assets at end of period | $93615240 | $88459279 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 6184312 | 6846091 |
| Shares sold | 243468 | 1170762 |
| Shares issued to shareholders from reinvestment of distributions |  | 42437 |
| Shares redeemed | (594218) | (1874978) |
| Net increase (decrease) | (350750) | (661779) |
| Shares outstanding at end of period | 5833562 | 6184312 |

---

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

**110** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br> Markets Core Equity Portfolio | Lazard Emerging<br> Markets Core Equity Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $1231699 | $1475023 | $3115625 | $2553874 |
| 308901 | 4269392 | 3639824 | 5594253 |
| 15575537 | 2332757 | 32476455 | 4877317 |
| 17116137 | 8077172 | 39231904 | 13025444 |
|  | (1406797) |  | (2756760) |
|  | (21851) |  | (3380) |
|  | (10331) |  | (31674) |
|  | (1438979) |  | (2791814) |
| 14995614 | 15054618 | 74524787 | 91879720 |
| 896321 | 1646816 | 920661 | 2139611 |
| 755282 | 601019 | 27152281 | 2377377 |
|  | 1385444 | 372 | 2741460 |
|  | 20415 |  | 3380 |
|  | 10331 |  | 31674 |
| (12943698) | (29125479) | (26167169) | (42946657) |
| (590579) | (2052455) | (973684) | (2163012) |
| (43837) | (19086) | (2814973) | (177889) |
| 3069103 | (12478377) | 72642275 | 53885664 |
| 20185240 | (5840184) | 111874179 | 64119294 |
| 112234691 | 118074875 | 196384908 | 132265614 |
| $132419931 | $112234691 | $308259087 | $196384908 |
| 10536428 | 11787085 | 16237178 | 12128657 |
| 1402423 | 1455229 | 5963962 | 7662469 |
|  | 131741 | 31 | 228431 |
| (1195148) | (2837627) | (2118641) | (3782379) |
| 207275 | (1250657) | 3845352 | 4108521 |
| 10743703 | 10536428 | 20082530 | 16237178 |

---

Semi-Annual Financial Statements **111**

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Developing Markets Equity Portfolio | Lazard<br> Developing Markets Equity Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 416605 | 453059 |
| Shares sold | 24173 | 86401 |
| Shares issued to shareholders from reinvestment of distributions |  | 2146 |
| Shares redeemed | (59764) | (125001) |
| Net increase (decrease) | (35591) | (36454) |
| Shares outstanding at end of period | 381014 | 416605 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| Net increase |  |  |
| Shares outstanding at end of period |  |  |

---

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

**112** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br> Markets Core Equity Portfolio | Lazard Emerging<br> Markets Core Equity Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 196087 | 233032 | 22617 | 23716 |
| 82761 | 156719 | 74737 | 181053 |
|  | 1942 |  | 282 |
| (53830) | (195606) | (77802) | (182434) |
| 28931 | (36945) | (3065) | (1099) |
| 225018 | 196087 | 19552 | 22617 |
| 74469 | 16343 | 195690 | 13936 |
| 71568 | 58914 | 2162578 | 194642 |
|  | 981 |  | 2641 |
| (3914) | (1769) | (225226) | (15529) |
| 67654 | 58126 | 1937352 | 181754 |
| 142123 | 74469 | 2133042 | 195690 |

---

Semi-Annual Financial Statements **113**

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Emerging Markets Equity Portfolio | Lazard<br> Emerging Markets Equity Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $75453278 | $105211043 |
| Net realized gain (loss) | 45663041 | 135835544 |
| Net change in unrealized appreciation (depreciation) | 542474435 | (62277452) |
| Net increase (decrease) resulting from operations | 663590754 | 178769135 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | (89312277) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (7208738) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | (943205) |
| Net decrease in net assets resulting from distributions |  | (97464220) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 642388274 | 860595146 |
| &nbsp;&nbsp;&nbsp;Open Shares | 16947058 | 24706468 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 13449116 | 6500639 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 85407456 |
| &nbsp;&nbsp;&nbsp;Open Shares |  | 7030590 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | 247672 |
| Cost of shares redeemed | (438130144) | (464722988) |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares | (24567868) | (54745198) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (3897903) | (4131890) |
| Net increase (decrease) in net assets from capital stock transactions | 206188533 | 460887895 |
| Total increase (decrease) in net assets | 869779287 | 542192810 |
| Net assets at beginning of period | 3238644146 | 2696451336 |
| Net assets at end of period | $4108423433 | $3238644146 |

---

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

**114** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> Equity Franchise Portfolio | Lazard<br> Equity Franchise Portfolio | Lazard<br> Global Equity Select Portfolio | Lazard<br> Global Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $1411651 | $4121948 | $291118 | $580947 |
| (3652634) | 21268587 | 7515873 | 8837897 |
| 19821486 | (29976107) | (4881405) | 848898 |
| 17580503 | (4585572) | 2925586 | 10267742 |
|  | (22784045) |  | (6454756) |
|  | (21113) |  | (42152) |
|  | (22805158) |  | (6496908) |
| 1619765 | 82216326 | 6705409 | 10489170 |
| 49030 | 59759 | 138157 | 452393 |
|  | 22782143 |  | 6258485 |
|  | 21113 |  | 38907 |
| (144363224) | (23359326) | (26256636) | (19543169) |
| (80656) | (83506) | (178619) | (1014021) |
| (142775085) | 81636509 | (19591689) | (3318235) |
| (125194582) | 54245779 | (16666103) | 452599 |
| 173098043 | 118852264 | 98350719 | 97898120 |
| $47903461 | $173098043 | $81684616 | $98350719 |

---

Semi-Annual Financial Statements **115**

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Emerging Markets Equity Portfolio | Lazard<br> Emerging Markets Equity Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 164138454 | 139428415 |
| Shares sold | 32881292 | 45864772 |
| Shares issued to shareholders from reinvestment of distributions |  | 4744859 |
| Shares redeemed | (23161203) | (25899592) |
| Net increase (decrease) | 9720089 | 24710039 |
| Shares outstanding at end of period | 173858543 | 164138454 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 14335590 | 15528827 |
| Shares sold | 840676 | 1314853 |
| Shares issued to shareholders from reinvestment of distributions |  | 376975 |
| Shares redeemed | (1248032) | (2885065) |
| Net decrease | (407356) | (1193237) |
| Shares outstanding at end of period | 13928234 | 14335590 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 1731366 | 1587936 |
| Shares sold | 684740 | 354974 |
| Shares issued to shareholders from reinvestment of distributions |  | 13752 |
| Shares redeemed | (199709) | (225296) |
| Net increase | 485031 | 143430 |
| Shares outstanding at end of period | 2216397 | 1731366 |

---

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

**116** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard <br> Equity Franchise Portfolio | Lazard <br> Equity Franchise Portfolio | Lazard<br> Global Equity Select Portfolio | Lazard<br> Global Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 20757420 | 12002692 | 5355688 | 5480351 |
| 177142 | 8427290 | 362644 | 561544 |
|  | 2738238 |  | 339696 |
| (16004983) | (2410800) | (1429624) | (1025903) |
| (15827841) | 8754728 | (1066980) | (124663) |
| 4929579 | 20757420 | 4288708 | 5355688 |
| 17512 | 17882 | 37471 | 66984 |
| 5606 | 5842 | 7501 | 23739 |
|  | 2538 |  | 2111 |
| (8548) | (8750) | (9655) | (55363) |
| (2942) | (370) | (2154) | (29513) |
| 14570 | 17512 | 35317 | 37471 |

---

Semi-Annual Financial Statements **117**

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Global Listed Infrastructure Portfolio | Lazard<br> Global Listed Infrastructure Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $213412367 | $284353336 |
| Net realized gain (loss) | (357352597) | 650274801 |
| Net change in unrealized appreciation (depreciation) | 1517501970 | (366409056) |
| Net increase (decrease) resulting from operations | 1373561740 | 568219081 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (81533635) | (352614835) |
| &nbsp;&nbsp;&nbsp;Open Shares | (2240459) | (10962951) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (83774094) | (363577786) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1349669408 | 1819989057 |
| &nbsp;&nbsp;&nbsp;Open Shares | 49201827 | 55304450 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 73485475 | 316448556 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2189345 | 10721901 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (925426510) | (2568999474) |
| &nbsp;&nbsp;&nbsp;Open Shares | (45165744) | (83957227) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 503953801 | (450492737) |
| Total increase (decrease) in net assets | 1793741447 | (245851442) |
| Net assets at beginning of period | 8429105584 | 8674957026 |
| Net assets at end of period | $10222847031 | $8429105584 |

---

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

**118** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $14298121 | $20600239 | $770212 | $860178 |
| 85164827 | 69912653 | 361946 | 941523 |
| 113438754 | (17150572) | 6844340 | (441801) |
| 212901702 | 73362320 | 7976498 | 1359900 |
|  | (68131831) |  | (809532) |
|  | (4651499) |  | (38484) |
|  | (5805616) |  |  |
|  | (78588946) |  | (848016) |
| 114470783 | 185403194 | 5416289 | 9302709 |
| 5051816 | 8785558 | 175684 | 735500 |
| 4952378 | 5989261 |  |  |
|  | 62956514 |  | 714979 |
|  | 4383129 |  | 36637 |
|  | 5588186 |  |  |
| (105836940) | (469477241) | (6557254) | (13973464) |
| (6509720) | (10803094) | (386161) | (1081259) |
| (6390122) | (13981427) |  |  |
| 5738195 | (221155920) | (1351442) | (4264898) |
| 218639897 | (226382546) | 6625056 | (3753014) |
| 918423734 | 1144806280 | 49690937 | 53443951 |
| $1137063631 | $918423734 | $56315993 | $49690937 |

---

Semi-Annual Financial Statements **119**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Global Listed Infrastructure Portfolio | Lazard<br> Global Listed Infrastructure Portfolio |
|  | Six Months Ended <br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 521906237 | 549085089 |
| Shares sold | 80935995 | 115972243 |
| Shares issued to shareholders from reinvestment of distributions | 4244352 | 20223129 |
| Shares redeemed | (55808475) | (163374226) |
| Net increase (decrease) | 29371872 | (27178854) |
| Shares outstanding at end of period | 551278109 | 521906235 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 17449526 | 18601702 |
| Shares sold | 2918962 | 3519838 |
| Shares issued to shareholders from reinvestment of distributions | 125916 | 684240 |
| Shares redeemed | (2724878) | (5356254) |
| Net increase (decrease) | 320000 | (1152176) |
| Shares outstanding at end of period | 17769526 | 17449526 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| Net decrease |  |  |
| Shares outstanding at end of period |  |  |

---

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

**120** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 50306146 | 62778851 | 4467741 | 4815470 |
| 6655972 | 10927536 | 486007 | 843008 |
|  | 3922777 |  | 67402 |
| (6110898) | (27323018) | (583817) | (1258139) |
| 545074 | (12472705) | (97810) | (347729) |
| 50851220 | 50306146 | 4369931 | 4467741 |
| 3618341 | 3461398 | 243317 | 272190 |
| 285082 | 509739 | 15553 | 65343 |
|  | 268747 |  | 3432 |
| (363204) | (621543) | (34382) | (97648) |
| (78122) | 156943 | (18829) | (28873) |
| 3540219 | 3618341 | 224488 | 243317 |
| 4441270 | 4560047 |  |  |
| 281888 | 357775 |  |  |
|  | 349418 |  |  |
| (357401) | (825970) |  |  |
| (75513) | (118777) |  |  |
| 4365757 | 4441270 |  |  |

---

Semi-Annual Financial Statements **121**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $2192883 | $2030880 |
| Net realized gain (loss) | 3691653 | 10469305 |
| Net change in unrealized appreciation (depreciation) | 31713627 | 1147974 |
| Net increase (decrease) resulting from operations | 37598163 | 13648159 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (8444328) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (52231) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | (289076) |
| Net decrease in net assets resulting from distributions |  | (8785635) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 85170589 | 92343624 |
| &nbsp;&nbsp;&nbsp;Open Shares | 545889 | 326077 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 33408667 | 9469681 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 8179271 |
| &nbsp;&nbsp;&nbsp;Open Shares |  | 52231 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | 285343 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (54843048) | (67013768) |
| &nbsp;&nbsp;&nbsp;Open Shares | (171107) | (123961) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (1770221) | (63667) |
| Net increase (decrease) in net assets from capital stock transactions | 62340769 | 43454831 |
| Total increase (decrease) in net assets | 99938932 | 48317355 |
| Net assets at beginning of period | 306245008 | 257927653 |
| Net assets at end of period | $406183940 | $306245008 |

---

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

**122** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $91246 | $154335 | $23893374 | $47672539 |
| 174246 | (503594) | 235362721 | 533305817 |
| 2021709 | (39543) | 151497565 | (563547788) |
| 2287201 | (388802) | 410753660 | 17430568 |
|  | (53958) |  | (287394874) |
|  | (100497) |  | (23617745) |
|  |  |  | (6226227) |
|  | (154455) |  | (317238846) |
| 752728 | 337672 | 84758956 | 307762541 |
| 1128282 | 131273 | 13057922 | 26600187 |
|  |  | 3652076 | 10214598 |
|  | 50794 |  | 276624074 |
|  | 98296 |  | 21773270 |
|  |  |  | 5601431 |
| (318879) | (2273479) | (1117388860) | (1958688413) |
| (496569) | (905800) | (33700344) | (137905488) |
|  |  | (30737101) | (33953706) |
| 1065562 | (2561244) | (1080357351) | (1481971506) |
| 3352763 | (3104501) | (669603691) | (1781779784) |
| 8947432 | 12051933 | 2556188586 | 4337968370 |
| $12300195 | $8947432 | $1886584895 | $2556188586 |

---

Semi-Annual Financial Statements **123**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 18435403 | 16441822 |
| Shares sold | 5040579 | 5598078 |
| Shares issued to shareholders from reinvestment of distributions |  | 507714 |
| Shares redeemed | (3311377) | (4112211) |
| Net increase (decrease) | 1729202 | 1993581 |
| Shares outstanding at end of period | 20164605 | 18435403 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 129114 | 113448 |
| Shares sold | 32789 | 20152 |
| Shares issued to shareholders from reinvestment of distributions |  | 3260 |
| Shares redeemed | (11279) | (7746) |
| Net increase (decrease) | 21510 | 15666 |
| Shares outstanding at end of period | 150624 | 129114 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 623556 | 33251 |
| Shares sold | 2011878 | 576546 |
| Shares issued to shareholders from reinvestment of distributions |  | 17701 |
| Shares redeemed | (106784) | (3942) |
| Net increase (decrease) | 1905094 | 590305 |
| Shares outstanding at end of period | 2528650 | 623556 |

---

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

**124** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 346632 | 572771 | 171310239 | 255236019 |
| 80098 | 40997 | 5948213 | 19668576 |
|  | 6388 |  | 20457393 |
| (37899) | (273524) | (75458823) | (124051749) |
| 42199 | (226139) | (69510610) | (83925780) |
| 388831 | 346632 | 101799629 | 171310239 |
| 777816 | 859225 | 14576837 | 19879784 |
| 116688 | 15861 | 892767 | 1687023 |
|  | 12316 |  | 1592241 |
| (57812) | (109586) | (2294397) | (8582211) |
| 58876 | (81409) | (1401630) | (5302947) |
| 836692 | 777816 | 13175207 | 14576837 |
|  |  | 3865023 | 4967707 |
|  |  | 252731 | 644778 |
|  |  |  | 413756 |
|  |  | (2011768) | (2161218) |
|  |  | (1759037) | (1102684) |
|  |  | 2105986 | 3865023 |

---

Semi-Annual Financial Statements **125**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(30513) | $362552 |
| Net realized gain (loss) | (2188361) | 71595620 |
| Net change in unrealized appreciation (depreciation) | (806507) | (62884583) |
| Net increase (decrease) resulting from operations | (3025381) | 9073589 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | (34162471) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (8334482) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | (281) |
| Net decrease in net assets resulting from distributions |  | (42497234) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 3046918 | 14790865 |
| &nbsp;&nbsp;&nbsp;Open Shares | 156364 | 1283766 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | 500 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 32922510 |
| &nbsp;&nbsp;&nbsp;Open Shares |  | 8056382 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | 281 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (18720830) | (153820336) |
| &nbsp;&nbsp;&nbsp;Open Shares | (1879200) | (11078583) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  | (24850) |
| Net decrease in net assets from capital stock transactions | (17396748) | (107869465) |
| Total (decrease) increase in net assets | (20422129) | (141293110) |
| Net assets at beginning of period | 61629302 | 202922412 |
| Net assets at end of period | $41207173 | $61629302 |

---

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

**126** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Equity Focus Portfolio | Lazard<br> US Equity Focus Portfolio | Lazard<br> US Small Cap Equity Select Portfolio | Lazard<br> US Small Cap Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $239816 | $703644 | $1246 | $(87925) |
| 7813378 | 6524267 | (717366) | 5757534 |
| (5096900) | 4997803 | (1822460) | (1461105) |
| 2956294 | 12225714 | (2538580) | 4208504 |
|  | (2952737) |  | (4384702) |
|  | (72533) |  | (1133115) |
|  | (2801191) |  | (28855) |
|  | (5826461) |  | (5546672) |
| 168611 | 2657969 | 5721284 | 777659 |
| 151891 | 77322 | 78215 | 350608 |
| 1542025 | 4713848 | 304675 | 159722 |
|  | 2923439 |  | 4349618 |
|  | 72522 |  | 1110582 |
|  | 2797511 |  | 28855 |
| (4699933) | (5171425) | (7343414) | (5595679) |
| (466702) | (197706) | (811032) | (1287100) |
| (15970517) | (12597384) | (10285) | (634) |
| (19274625) | (4723904) | (2060557) | (106369) |
| (16318331) | 1675349 | (4599137) | (1444537) |
| 93528993 | 91853644 | 37969329 | 39413866 |
| $77210662 | $93528993 | $33370192 | $37969329 |

---

Semi-Annual Financial Statements **127**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Shares outstanding at beginning of period | 4146756 | \* | 7088616 | \* |
| Shares sold | 247173 | \* | 779071 | \* |
| Shares issued to shareholders from reinvestment of distributions |  | \* | 2757329 | \* |
| Shares redeemed | (1699998 |)\* | (6478260 |)\* |
| Net increase (decrease) | (1452825 |)\* | (2941860 |)\* |
| Shares outstanding at end of period | 2693931 | \* | 4146756 | \* |
| **Open Shares** |  |  |  |  |
| Shares outstanding at beginning of period | 1054023 | \* | 812597 | \* |
| Shares sold | 14288 | \* | 55507 | \* |
| Shares issued to shareholders from reinvestment of distributions |  | \* | 645543 | \* |
| Shares redeemed | (162490 |)\* | (459624 |)\* |
| Net increase (decrease) | (148202 |)\* | 241426 | \* |
| Shares outstanding at end of period | 905821 | \* | 1054023 | \* |
| **R6 Shares** |  |  |  |  |
| Shares outstanding at beginning of period | 39 | \* | 934 | \* |
| Shares sold |  | \* | 17 | \* |
| Shares issued to shareholders from reinvestment of distributions |  | \* | 22 | \* |
| Shares redeemed |  | \* | (934 |)\* |
| Net increase (decrease) |  | \* | (895 |)\* |
| Shares outstanding at end of period | 39 | \* | 39 | \* |

---

<br> *\** *On May 16, 2025, the Portfolio effected a 1:3 reverse share split. All per share data prior to May 16, 2025 has been adjusted to reflect the reverse share split.*

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

**128** Semi-Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Equity Focus Portfolio | Lazard<br> US Equity Focus Portfolio | Lazard<br> US Small Cap Equity Select Portfolio | Lazard<br> US Small Cap Equity Select Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 2869775 | 2838393 | 2557681 | 2577164 |
| 10292 | 163820 | 519896 | 61332 |
|  | 176264 |  | 357225 |
| (282876) | (308702) | (660342) | (438040) |
| (272584) | 31382 | (140446) | (19483) |
| 2597191 | 2869775 | 2417235 | 2557681 |
| 72490 | 75579 | 690148 | 667798 |
| 9260 | 4368 | 8068 | 30958 |
|  | 4344 |  | 104470 |
| (29871) | (11801) | (83419) | (113078) |
| (20611) | (3089) | (75351) | 22350 |
| 51879 | 72490 | 614797 | 690148 |
| 2731939 | 3053800 | 17663 | 3122 |
| 97136 | 275390 | 27649 | 12231 |
|  | 168573 |  | 2362 |
| (976256) | (765824) | (872) | (52) |
| (879120) | (321861) | 26777 | 14541 |
| 1852819 | 2731939 | 44440 | 17663 |

---

Semi-Annual Financial Statements **129**

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Sustainable Equity Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $26671 | $75357 |
| Net realized gain (loss) | 1006274 | 316132 |
| Net change in unrealized appreciation (depreciation) | (760360) | 594139 |
| Net increase (decrease) resulting from operations | 272585 | 985628 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (636655) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (33739) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions |  | (670394) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 1185252 |
| &nbsp;&nbsp;&nbsp;Open Shares\* | 31192 | 145904 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares |  | 636655 |
| &nbsp;&nbsp;&nbsp;Open Shares\* |  | 33739 |
| &nbsp;&nbsp;&nbsp;R6 Shares\* |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (4156793) | (1000529) |
| &nbsp;&nbsp;&nbsp;Open Shares\* | (9727) | (43289) |
| &nbsp;&nbsp;&nbsp;R6 Shares\* |  |  |
| Net increase (decrease) in net assets from capital stock transactions | (4135328) | 957732 |
| Total (decrease) increase in net assets | (3862743) | 1272966 |
| Net assets at beginning of period | 13102570 | 11829604 |
| Net assets at end of period | $9239827 | $13102570 |

---

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

**130** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US Systematic Small Cap Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $142689 | $393203 |
| 1512099 | 3866193 |
| (3166582) | 1235789 |
| (1511794) | 5495185 |
|  | (1742806) |
|  | (4245) |
|  | (3730) |
|  | (1750781) |
| 3323049 | 18988341 |
| 7800 | 2500 |
|  | 1742806 |
|  | 4245 |
|  | 3730 |
| (12559770) | (4932096) |
| (158776) | (698) |
| (118723) |  |
| (9506420) | 15808828 |
| (11018214) | 19553232 |
| 59583444 | 40030212 |
| $48565230 | $59583444 |

---

Semi-Annual Financial Statements **131**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Sustainable Equity Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 854086 | 798449 |
| Shares sold |  | 80003 |
| Shares issued to shareholders from reinvestment of distributions |  | 43507 |
| Shares redeemed | (291055) | (67873) |
| Net increase (decrease) | (291055) | 55637 |
| Shares outstanding at end of period | 563031 | 854086 |
| **Open Shares\*** |  |  |
| Shares outstanding at beginning of period | 51195 | 41891 |
| Shares sold | 2077 | 9936 |
| Shares issued to shareholders from reinvestment of distributions |  | 2306 |
| Shares redeemed | (707) | (2938) |
| Net increase (decrease) | 1370 | 9304 |
| Shares outstanding at end of period | 52565 | 51195 |
| **R6 Shares\*** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| Net increase (decrease) |  |  |
| Shares outstanding at end of period |  |  |

---

<br> *\** *Converted to Institutional Shares on May 30, 2025.*

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

**132** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US Systematic Small Cap Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 5318947 | 3909490 |
| 315538 | 1717255 |
|  | 156165 |
| (1176784) | (463963) |
| (861246) | 1409457 |
| 4457701 | 5318947 |
| 14258 | 13713 |
| 783 | 223 |
|  | 379 |
| (15041) | (57) |
| (14258) | 545 |
|  | 14258 |
| 11296 | 10962 |
|  | 334 |
| (11296) |  |
| (11296) | 334 |
|  | 11296 |

---

Semi-Annual Financial Statements **133**

**The Lazard Funds, Inc.** Financial Highlights (N-CSR Item 7) (unaudited)

------

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.41 | $12.66 | $11.82 | $15.40 | $17.31 | $14.55 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.13 | 0.27 | 0.13 | 0.05 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.57 | 0.73 | 0.85 | (3.61) | (1.81) | 2.76 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.66 | 0.86 | 1.12 | (3.48) | (1.76) | 2.80 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) | (0.28) | (0.09) | (0.15) | (0.04) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.11) | (0.28) | (0.10) | (0.15) | (0.04) |
| Net asset value, end of period | $15.07 | $13.41 | $12.66 | $11.82 | $15.40 | $17.31 |
| **Total Return** (b) | 12.38% | 6.81% | 9.55% | –22.61% | –10.14% | 19.33% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $87915 | $82908 | $86699 | $91910 | $148419 | $190689 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.10% | 1.13% | 1.15% | 1.15% | 1.17% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.25% | 1.25% | 1.24% | 1.23% | 1.15% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.25% | 0.99% | 2.17% | 1.02% | 0.28% | 0.33% |
| Portfolio turnover rate | 19% | 24% | 24% | 30% | 39% | 57% |

---

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

**134** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.33 | $12.59 | $11.75 | $15.31 | $17.21 | $14.51 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.07 | 0.10 | 0.23 | 0.10 | — (d) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.56 | 0.72 | 0.86 | (3.59) | (1.78) | 2.73 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.63 | 0.82 | 1.09 | (3.49) | (1.78) | 2.74 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.08) | (0.25) | (0.07) | (0.12) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.08) | (0.25) | (0.07) | (0.12) | (0.04) |
| Net asset value, end of period | $14.96 | $13.33 | $12.59 | $11.75 | $15.31 | $17.21 |
| **Total Return** (b) | 12.23% | 6.50% | 9.34% | –22.81% | –10.37% | 18.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5700 | $5551 | $5703 | $5487 | $9193 | $9914 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.35% | 1.35% | 1.38% | 1.40% | 1.40% | 1.44% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.59% | 1.60% | 1.59% | 1.56% | 1.45% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.98% | 0.76% | 1.89% | 0.76% | — %(e) | 0.04% |
| Portfolio turnover rate | 19% | 24% | 24% | 30% | 39% | 57% |

---

*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street SS&C Global Investor and Distribution Solutions ("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.* 

*(d)* *Amount is less than $0.01 per share.* 

*(e)* *Amount is less than 0.005%.* 

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

Semi-Annual Financial Statements **135**

------

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.39 | $9.81 | $8.87 | $11.56 | $13.12 | $11.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 | 0.13 | 0.17 | 0.17 | 0.08 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.42 | 0.58 | 0.92 | (2.67) | (1.55) | 1.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.53 | 0.71 | 1.09 | (2.50) | (1.47) | 1.41 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.15) | (0.19) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.13) | (0.15) | (0.19) | (0.09) | (0.08) |
| Net asset value, end of period | $11.92 | $10.39 | $9.81 | $8.87 | $11.56 | $13.12 |
| **Total Return** (b) | 14.73% | 7.26% | 12.29% | –21.63% | –11.21% | 11.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $128050 | $109428 | $115633 | $92730 | $156284 | $209503 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.10% | 1.15% | 1.22% | 1.16% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.21% | 1.24% | 1.27% | 1.23% | 1.16% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.04% | 1.27% | 1.82% | 1.75% | 0.64% | 0.70% |
| Portfolio turnover rate | 28% | 39% | 74% | 28% | 31% | 23% |

---

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

**136** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.36 | $9.79 | $8.85 | $11.53 | $13.09 | $11.76 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.11 | 0.15 | 0.14 | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.42 | 0.57 | 0.91 | (2.65) | (1.55) | 1.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.52 | 0.68 | 1.06 | (2.51) | (1.51) | 1.37 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) | (0.12) | (0.17) | (0.05) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.11) | (0.12) | (0.17) | (0.05) | (0.04) |
| Net asset value, end of period | $11.88 | $10.36 | $9.79 | $8.85 | $11.53 | $13.09 |
| **Total Return** (b) | 14.67% | 6.90% | 12.05% | –21.80% | –11.53% | 11.66% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2673 | $2032 | $2281 | $1427 | $2113 | $2544 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.35% | 1.35% | 1.41% | 1.48% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.60% | 1.65% | 1.76% | 1.69% | 1.55% | 1.62% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.85% | 1.02% | 1.57% | 1.46% | 0.34% | 0.35% |
| Portfolio turnover rate | 28% | 39% | 74% | 28% | 31% | 23% |

---

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

Semi-Annual Financial Statements **137**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.40 | $9.82 | $8.88 | $11.57 | $13.13 | $11.80 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.12 | 0.15 | 0.19 | 0.18 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.42 | 0.57 | 0.90 | (2.68) | (1.56) | 1.34 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.54 | 0.72 | 1.09 | (2.50) | (1.47) | 1.41 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.14) | (0.15) | (0.19) | (0.09) | (0.08) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.14) | (0.15) | (0.19) | (0.09) | (0.08) |
| Net asset value, end of period | $11.94 | $10.40 | $9.82 | $8.88 | $11.57 | $13.13 |
| **Total Return** (b) | 14.81% | 7.31% | 12.32% | –21.58% | –11.19% | 11.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1697 | $775 | $161 | $347 | $311 | $544 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05% | 1.11% | 1.18% | 1.16% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.41% | 1.75% | 3.09% | 2.11% | 1.91% | 1.87% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.25% | 1.40% | 1.94% | 1.87% | 0.66% | 0.63% |
| Portfolio turnover rate | 28% | 39% | 74% | 28% | 31% | 23% |

---

*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* 

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

**138** Semi-Annual Financial Statements

------

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.93 | $10.87 | $9.83 | $12.88 | $13.79 | $11.84 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.21 | 0.24 | 0.29 | 0.27 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.77 | 1.03 | 1.01 | (3.01) | (0.15) | 1.97 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.93 | 1.24 | 1.25 | (2.72) | 0.12 | 2.07 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.18) | (0.21) | (0.29) | (0.22) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.04) | (0.81) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.18) | (0.21) | (0.33) | (1.03) | (0.12) |
| Net asset value, end of period | $13.86 | $11.93 | $10.87 | $9.83 | $12.88 | $13.79 |
| **Total Return** (b) | 16.18% | 11.41% | 12.76% | –21.09% | 0.96% | 17.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $278407 | $193779 | $131856 | $80506 | $68538 | $27898 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.89% | 0.91% | 0.90% | 0.91% | 0.93% | 1.10% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.89% | 0.95% | 0.98% | 1.11% | 1.21% | 1.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.53% | 1.79% | 2.33% | 2.73% | 1.90% | 0.87% |
| Portfolio turnover rate | 39% | 68% | 61% | 122% | 88% | 91% |

---

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

Semi-Annual Financial Statements **139**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.93 | $10.87 | $9.84 | $12.88 | $13.79 | $11.85 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 | 0.20 | 0.26 | 0.25 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.79 | 1.01 | 0.95 | (2.98) | (0.04) | 1.93 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.90 | 1.21 | 1.21 | (2.73) | 0.08 | 2.02 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.18) | (0.27) | (0.18) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.04) | (0.81) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.15) | (0.18) | (0.31) | (0.99) | (0.08) |
| Net asset value, end of period | $13.83 | $11.93 | $10.87 | $9.84 | $12.88 | $13.79 |
| **Total Return** (b) | 15.93% | 11.13% | 12.36% | –21.21% | 0.63% | 17.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $270 | $270 | $258 | $93 | $979 | $876 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.16% | 1.15% | 1.16% | 1.25% | 1.35% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.15% | 2.36% | 2.93% | 3.20% | 1.75% | 2.68% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.82% | 1.73% | 2.60% | 2.11% | 0.80% | 0.76% |
| Portfolio turnover rate | 39% | 68% | 61% | 122% | 88% | 91% |

---

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

**140** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding<br> throughout each period | Six Months<br> Ended<br> 6/30/25† | Year<br> Ended<br> 12/31/24 | For the Period<br> 2/22/23\* to<br> 12/31/23 |
| **R6 Shares** |  |  |  |
| Net asset value, beginning of period | $11.94 | $10.87 | $10.27 |
| Income (Loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.20 | 0.17 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.73 | 1.09 | 0.61 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.93 | 1.26 | 0.81 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.19) | (0.21) |
| Net asset value, end of period | $13.87 | $11.94 | $10.87 |
| **Total Return** (b) | 16.16% | 11.55% | 7.98% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $29582 | $2336 | $152 |
| Ratios to average net assets (c): |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.86% | 0.85% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.91% | 1.48% | 6.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.24% | 1.44% | 2.25% |
| Portfolio turnover rate | 39% | 68% | 61% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *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, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year, except for non-recurring expenses.* |

---

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

Semi-Annual Financial Statements **141**

------

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.92 | $17.17 | $14.57 | $18.12 | $18.03 | $18.48 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.42 | 0.67 | 0.67 | 0.80 | 0.56 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.23 | 0.64 | 2.58 | (3.49) | 0.42 | (0.44) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.65 | 1.31 | 3.25 | (2.69) | 0.98 | (0.07) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.56) | (0.65) | (0.86) | (0.89) | (0.38) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.56) | (0.65) | (0.86) | (0.89) | (0.38) |
| Net asset value, end of period | $21.57 | $17.92 | $17.17 | $14.57 | $18.12 | $18.03 |
| **Total Return** (b) | 20.37% | 7.59% | 22.39% | –14.86% | 5.44% | –0.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3749807 | $2941483 | $2393341 | $2281187 | $3271175 | $3923878 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.35% | 3.66% | 4.12% | 4.92% | 2.93% | 2.36% |
| Portfolio turnover rate | 17% | 20% | 26% | 23% | 34% | 39% |

---

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

**142** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.56 | $17.76 | $15.06 | $18.70 | $18.58 | $19.03 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.40 | 0.66 | 0.64 | 0.78 | 0.53 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.35 | 0.65 | 2.66 | (3.60) | 0.43 | (0.45) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.75 | 1.31 | 3.30 | (2.82) | 0.96 | (0.11) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.51) | (0.60) | (0.82) | (0.84) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.51) | (0.60) | (0.82) | (0.84) | (0.34) |
| Net asset value, end of period | $22.31 | $18.56 | $17.76 | $15.06 | $18.70 | $18.58 |
| **Total Return** (b) | 20.36% | 7.35% | 22.03% | –15.09% | 5.19% | –0.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $310780 | $266112 | $275834 | $251237 | $371863 | $421990 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.33% | 1.32% | 1.34% | 1.32% | 1.32% | 1.34% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.33% | 1.32% | 1.34% | 1.32% | 1.32% | 1.34% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.03% | 3.47% | 3.86% | 4.71% | 2.68% | 2.08% |
| Portfolio turnover rate | 17% | 20% | 26% | 23% | 34% | 39% |

---

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

Semi-Annual Financial Statements **143**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.93 | $17.18 | $14.58 | $18.13 | $18.04 | $18.47 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.43 | 0.68 | 0.60 | 0.78 | 0.54 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.22 | 0.63 | 2.65 | (3.47) | 0.44 | (0.45) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.65 | 1.31 | 3.25 | (2.69) | 0.98 | (0.05) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.56) | (0.65) | (0.86) | (0.89) | (0.38) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.56) | (0.65) | (0.86) | (0.89) | (0.38) |
| Net asset value, end of period | $21.58 | $17.93 | $17.18 | $14.58 | $18.13 | $18.04 |
| **Total Return** (b) | 20.20% | 7.59% | 22.37% | 14.86% | 5.44% | 0.01% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $47836 | $31049 | $27276 | $8004 | $9880 | $23631 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.06% | 1.08% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.08% | 1.08% | 1.12% | 1.10% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.49% | 3.72% | 3.68% | 4.83% | 2.83% | 2.52% |
| Portfolio turnover rate | 17% | 20% | 26% | 23% | 34% | 39% |

---

*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* 

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

**144** Semi-Annual Financial Statements

------

LAZARD EQUITY FRANCHISE PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $8.33 |  | $9.89 | $9.06 | $10.78 | $10.17 | $10.17 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | \* | 0.23 | 0.18 | 0.14 | 0.15 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.26 |  | (0.55) | 1.51 | (0.70) | 2.14 | 0.02 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.36 |  | (0.32) | 1.69 | (0.56) | 2.29 | 0.12 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.22) | (0.24) | (0.10) | (0.15) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.02) | (0.62) | (1.06) | (1.53) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (1.24) | (0.86) | (1.16) | (1.68) | (0.12) |
| Net asset value, end of period | $9.69 |  | $8.33 | $9.89 | $9.06 | $10.78 | $10.17 |
| **Total Return** (b) | 16.33 | %\* | –3.16% | 18.70% | –5.21% | 22.76% | 1.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $47763 |  | $172952 | $118676 | $159864 | $105429 | $91720 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.96 | % | 0.94% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.00 | % | 0.94% | 0.96% | 0.98% | 0.98% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.38 | %\* | 2.35% | 1.80% | 1.35% | 1.29% | 1.09% |
| Portfolio turnover rate | 50 | % | 94% | 81% | 115% | 73% | 79% |

---

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

Semi-Annual Financial Statements **145**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $8.33 |  | $9.88 | $9.05 | $10.77 | $10.17 | $10.17 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.15 | \* | 0.19 | 0.16 | 0.12 | 0.12 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.19 |  | (0.52) | 1.51 | (0.70) | 2.13 | — (d) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.34 |  | (0.33) | 1.67 | (0.58) | 2.25 | 0.09 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.20) | (0.22) | (0.08) | (0.12) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (1.02) | (0.62) | (1.06) | (1.53) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (1.22) | (0.84) | (1.14) | (1.65) | (0.09) |
| Net asset value, end of period | $9.67 |  | $8.33 | $9.88 | $9.05 | $10.77 | $10.17 |
| **Total Return** (b) | 16.09 | %\* | –3.33% | 18.42% | –5.45% | 22.36% | 0.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $141 |  | $146 | $177 | $190 | $93 | $129 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.21 | % | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.13 | % | 3.21% | 2.72% | 4.13% | 4.45% | 3.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.46 | %\* | 1.96% | 1.60% | 1.17% | 1.05% | 1.00% |
| Portfolio turnover rate | 50 | % | 94% | 81% | 115% | 73% | 79% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *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 period ended June 30, 2025. There was a 0.03% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2025. 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. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year, except for non-recurring expenses.* |
| *(d)* | *Amount is less than $0.01 per share.* |

---

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

**146** Semi-Annual Financial Statements

------

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.24 | $17.65 | $15.37 | $18.77 | $16.32 | $14.56 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.11 | 0.13 | 0.09 | 0.09 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 1.74 | 2.49 | (3.33) | 3.11 | 2.24 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 | 1.85 | 2.62 | (3.24) | 3.20 | 2.31 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) | (0.14) | (0.09) | (0.09) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.15 | (0.20 | (0.07) | (0.66) | (0.50) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.26 | (0.34 | (0.16) | (0.75) | (0.55) |
| Net asset value, end of period | $18.89 | $18.24 | $17.65 | $15.37 | $18.77 | $16.32 |
| **Total Return** (b) | 3.56% | 10.44 | 17.05 | –17.28% | 19.75% | 15.97% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $81018 | $97667 | $96716 | $91303 | $109943 | $92418 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.86 | 0.88 | 0.88% | 0.84% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.90% | 0.86 | 0.88 | 0.88% | 0.84% | 0.95% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.61% | 0.57 | 0.79 | 0.58% | 0.50% | 0.46% |
| Portfolio turnover rate | 11% | 23 | 5 | 19% | 22% | 90% |

---

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

Semi-Annual Financial Statements **147**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.24 | $17.66 | $15.38 | $18.78 | $16.33 | $14.57 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.68 | 0.05 | 0.09 | 0.05 | 0.03 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.05) | 1.74 | 2.48 | (3.33) | 3.11 | 2.22 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.63 | 1.79 | 2.57 | (3.28) | 3.14 | 2.27 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) | (0.09) | (0.05) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.15 | (0.20 | (0.07) | (0.66) | (0.50) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.21 | (0.29 | (0.12) | (0.69) | (0.51) |
| Net asset value, end of period | $18.87 | $18.24 | $17.66 | $15.38 | $18.78 | $16.33 |
| **Total Return** (b) | 3.45% | 10.07 | 16.73 | –17.50% | 19.37% | 15.67% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $666 | $683 | $1183 | $1254 | $1543 | $1158 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15 | 1.15 | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.86% | 1.81 | 1.57 | 1.49% | 1.40% | 1.74% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 7.49% | 0.26 | 0.52 | 0.30% | 0.18% | 0.35% |
| Portfolio turnover rate | 11% | 23 | 5 | 19% | 22% | 90% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *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 years ended December 31, 2024 and December 31, 2023, respectively. There was a 0.02% and 0.03% impact on the net investment income (loss) ratio of the Portfolio for the years ended December 31, 2024 and December 31, 2023, 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. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**148** Semi-Annual Financial Statements

------

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.63 |  | $15.28 | $14.20 | $16.50 | $14.65 | $15.78 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.39 | \* | 0.51 | 0.44 | 0.41 | 0.61 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.94 |  | 0.51 | 1.09 | (0.60 | 2.27 | (1.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.33 |  | 1.02 | 1.53 | (0.19 | 2.88 | (0.75) |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.52) | (0.45) | (0.84) | (0.72) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.15) |  | (1.27) | (0.31) | (0.27) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.67) | (0.45 | (2.11 | (1.03 | (0.38) |
| Net asset value, end of period | $17.96 |  | $15.63 | $15.28 | $14.20 | $16.50 | $14.65 |
| **Total Return** (b) | 15.90 | %\* | 6.71% | 10.89 | –1.30 | 19.87 | –4.48% |
| **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** | **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $9903341 |  | $8156171 | $8390489 | $7789195 | $7308516 | $7289680 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.96 | % | 0.96% | 0.96 | 0.96 | 0.96 | 0.96% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.96 | % | 0.96% | 0.96 | 0.96 | 0.96 | 0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.68 | %\* | 3.25% | 2.98 | 2.54 | 3.86 | 1.87% |
| Portfolio turnover rate | 17 | % | 36% | 25 | 39 | 28 | 42% |

---

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

Semi-Annual Financial Statements **149**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.64 |  | $15.29 | $14.21 | $16.51 | $14.66 | $15.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.37 | \* | 0.47 | 0.40 | 0.37 | 0.55 | 0.23 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.97 |  | 0.51 | 1.09 | (0.61 | 2.29 | (1.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.34 |  | 0.98 | 1.49 | (0.24 | 2.84 | (0.78) |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.48) | (0.41) | (0.79) | (0.68) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.15) |  | (1.27) | (0.31) | (0.25) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.63) | (0.41 | (2.06 | (0.99 | (0.35) |
| Net asset value, end of period | $17.98 |  | $15.64 | $15.29 | $14.21 | $16.51 | $14.66 |
| **Total Return** (b) | 15.81 | %\* | 6.43% | 10.60 | –1.55 | 19.56 | –4.68% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $319506 |  | $272934 | $284468 | $336227 | $300372 | $307757 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.21 | % | 1.21% | 1.22 | 1.21 | 1.21 | 1.21% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.21 | % | 1.21% | 1.22 | 1.21 | 1.21 | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.41 | %\* | 2.99% | 2.73 | 2.31 | 3.50 | 1.57% |
| Portfolio turnover rate | 17 | % | 36% | 25 | 39 | 28 | 42% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.00, $0.00, $0.00 and $0.04 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2025 and years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.00%, 0.00%, 0.00% and 0.29% impact on the total return of the Portfolio for the period ended June 30, 2025 and years ended December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.01%, 0.01%, 0.03% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2025 and years 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. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**150** Semi-Annual Financial Statements

------

LAZARD INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.72 | $16.16 | $14.41 | $17.98 | $20.02 | $18.61 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.24 | 0.33 | 0.33 | 0.29 | 0.67 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.38 | 0.63 | 2.03 | (2.96 | 0.49 | 1.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.62 | 0.96 | 2.36 | (2.67 | 1.16 | 1.62 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.56) | (0.44) | (0.26) | (1.07) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.84 | (0.17 | (0.64 | (2.13 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.40 | (0.61 | (0.90 | (3.20 | (0.21) |
| Net asset value, end of period | $19.34 | $15.72 | $16.16 | $14.41 | $17.98 | $20.02 |
| **Total Return** (b) | 23.03% | 5.90 | 16.43 | –14.83 | 6.00 | 8.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $983292 | $790903 | $1014462 | $869014 | $1567011 | $2812450 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.83% | 0.85 | 0.84 | 0.83 | 0.82 | 0.82% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.83% | 0.85 | 0.84 | 0.83 | 0.82 | 0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.81% | 1.93 | 2.08 | 1.89 | 3.21 | 1.21% |
| Portfolio turnover rate | 26% | 41 | 48 | 31 | 34 | 38% |

---

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

Semi-Annual Financial Statements **151**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.99 | $16.41 | $14.63 | $18.24 | $20.26 | $18.84 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.22 | 0.29 | 0.29 | 0.27 | 0.63 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.43 | 0.65 | 2.06 | (3.01 | 0.50 | 1.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.65 | 0.94 | 2.35 | (2.74 | 1.13 | 1.58 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.52) | (0.40) | (0.23) | (1.02) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.84 | (0.17 | (0.64 | (2.13 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.36 | (0.57 | (0.87 | (3.15 | (0.16) |
| Net asset value, end of period | $19.64 | $15.99 | $16.41 | $14.63 | $18.24 | $20.26 |
| **Total Return** (b) | 22.83% | 5.67 | 16.11 | –15.05 | 5.76 | 8.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $69533 | $57855 | $56809 | $54781 | $93296 | $120781 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.09% | 1.10 | 1.10 | 1.09 | 1.07 | 1.08% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.09% | 1.10 | 1.11 | 1.09 | 1.07 | 1.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.55% | 1.67 | 1.80 | 1.70 | 2.98 | 0.97% |
| Portfolio turnover rate | 26% | 41 | 48 | 31 | 34 | 38% |

---

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

**152** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.69 | $16.13 | $14.38 | $17.95 | $19.99 | $18.58 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.25 | 0.34 | 0.34 | 0.31 | 0.67 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.36 | 0.63 | 2.03 | (2.97 | 0.50 | 1.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.61 | 0.97 | 2.37 | (2.66 | 1.17 | 1.62 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.57) | (0.45) | (0.27) | (1.08) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.84 | (0.17 | (0.64 | (2.13 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.41 | (0.62 | (0.91 | (3.21 | (0.21) |
| Net asset value, end of period | $19.30 | $15.69 | $16.13 | $14.38 | $17.95 | $19.99 |
| **Total Return** (b) | 23.01% | 5.96 | 16.50 | –14.82 | 6.03 | 8.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $84239 | $69665 | $73535 | $63434 | $116187 | $129419 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.81 | 0.81 | 0.80 | 0.80 | 0.81% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.84% | 0.85 | 0.85 | 0.83 | 0.82 | 0.83% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.85% | 1.96 | 2.15 | 2.02 | 3.20 | 1.21% |
| Portfolio turnover rate | 26% | 41 | 48 | 31 | 34 | 38% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.03, $0.02, $0.02 and $0.07 of refunds received as a result of European Union dividend withholding tax reclaims filings for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.20%, 0.14%, 0.12% and 0.42% impact to the Institutional and R6 Share Class%and a 0.20%, 0.15%, 0.12% and 0.40% impact to the Open Class on the total return of the Portfolio for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.19%, 0.12%, 0.15% and 0.31% impact on the net investment income (loss) ratio of the Portfolio for the years ended December 31, 2024, 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.* |

---

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

Semi-Annual Financial Statements **153**

------

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* 

*(c)* *Annualized for a period of less than one year.* 

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

**154** Semi-Annual Financial Statements

------

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.54 |  | $10.50 | $9.52 | $11.51 | $11.53 | $10.75 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | \* | 0.18 | 0.17 | 0.16 | 0.31 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.55 |  | 0.04 | 0.97 | (1.94 | 0.06 | 0.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.71 |  | 0.22 | 1.14 | (1.78 | 0.37 | 0.89 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.18) | (0.16) | (0.17) | (0.32) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04 | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.18 | (0.16 | (0.21 | (0.39) | (0.11) |
| Net asset value, end of period | $12.25 |  | $10.54 | $10.50 | $9.52 | $11.51 | $11.53 |
| **Total Return** (b) | 16.22 | %\* | 2.12 | 11.94 | –15.46 | 3.24% | 8.33% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $53553 |  | $47111 | $50570 | $51643 | $78782 | $92121 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90 | % | 0.93 | 0.90 | 0.90 | 0.87% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.05 | % | 1.03 | 1.01 | 0.96 | 0.87% | 0.95% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.94 | %\* | 1.60 | 1.64 | 1.56 | 2.60% | 1.10% |
| Portfolio turnover rate | 21 | % | 40 | 32 | 41 | 35% | 34% |

---

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

Semi-Annual Financial Statements **155**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.60 |  | $10.56 | $9.57 | $11.57 | $11.58 | $10.80 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | \* | 0.15 | 0.14 | 0.13 | 0.24 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.56 |  | 0.05 | 0.98 | (1.94 | 0.11 | 0.78 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.71 |  | 0.20 | 1.12 | (1.81 | 0.35 | 0.86 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.16) | (0.13) | (0.15) | (0.29) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.04 | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.16 | (0.13 | (0.19 | (0.36) | (0.08) |
| Net asset value, end of period | $12.31 |  | $10.60 | $10.56 | $9.57 | $11.57 | $11.58 |
| **Total Return** (b) | 16.13 | %\* | 1.85 | 11.71 | –15.68 | 3.03% | 8.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2763 |  | $2580 | $2874 | $2910 | $4166 | $2868 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15 | % | 1.18 | 1.15 | 1.15 | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.47 | % | 1.45 | 1.44 | 1.35 | 1.26% | 1.38% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.63 | %\* | 1.35 | 1.39 | 1.30 | 2.03% | 0.80% |
| Portfolio turnover rate | 21 | % | 40 | 32 | 41 | 35% | 34% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.03, $0.02, $0.00 and $0.00 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2025 and years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively. There was a 0.28%, 0.20%, 0.00% and 0.00% impact to the Institutional Class and 0.28%, 0.19%, 0.00%, and 0.00% impact to Open Class on the total return of the Portfolio for the period ended June 30, 2025 and years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively. There was a 0.49%, 0.17%, 0.04% and 0.02% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2025 and years ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.* |

---

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

**156** Semi-Annual Financial Statements

------

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* 

*(c)* *Annualized for a period of less than one year.* 

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

Semi-Annual Financial Statements **157**

------

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.96 |  | $15.55 | $13.28 | $16.80 | $15.59 | $12.69 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | \* | 0.12 | 0.13 | 0.10 | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.72 |  | 0.76 | 2.24 | (3.47) | 1.48 | 3.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.82 |  | 0.88 | 2.37 | (3.37) | 1.55 | 3.04 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.11) | (0.10) | (0.09) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.36 |  | (0.06) | (0.31) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.47 | (0.10 | (0.15) | (0.34) | (0.14) |
| Net asset value, end of period | $17.78 |  | $15.96 | $15.55 | $13.28 | $16.80 | $15.59 |
| **Total Return** (b) | 11.40 | %\* | 5.61 | 17.83 | –20.10% | 9.99% | 23.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $358542 |  | $294242 | $255657 | $110723 | $62468 | $10473 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.84 | % | 0.85 | 0.86 | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.84 | % | 0.86 | 0.90 | 1.05% | 1.24% | 3.58% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.21 | %\* | 0.72 | 0.87 | 0.70% | 0.44% | 0.24% |
| Portfolio turnover rate | 9 | % | 25 | 10 | 43% | 7% | 12% |

---

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

**158** Semi-Annual Financial Statements

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $15.87 |  | $15.46 | $13.20 | $16.70 | $15.51 | $12.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.08 | \* | 0.08 | 0.10 | 0.06 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.70 |  | 0.76 | 2.22 | (3.45) | 1.47 | 3.01 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.78 |  | 0.84 | 2.32 | (3.39) | 1.50 | 2.99 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.07) | (0.06) | (0.05) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.36 |  | (0.06) | (0.31) | (0.13) |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.43 | (0.06 | (0.11) | (0.31) | (0.13) |
| Net asset value, end of period | $17.65 |  | $15.87 | $15.46 | $13.20 | $16.70 | $15.51 |
| **Total Return** (b) | 11.22 | %\* | 5.38 | 17.57 | –20.31% | 9.69% | 23.63% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2659 |  | $2048 | $1754 | $372 | $333 | $291 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10 | % | 1.10 | 1.11 | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.17 | % | 1.37 | 1.43 | 2.81% | 2.76% | 9.57% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.96 | %\* | 0.47 | 0.70 | 0.42% | 0.18% | –0.15% |
| Portfolio turnover rate | 9 | % | 25 | 10 | 43% | 7% | 12% |

---

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

Semi-Annual Financial Statements **159**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended |  | Year<br> Ended | For the Period<br> 2/22/23 to |
| &nbsp;&nbsp;throughout each period | 6/30/25† |  | 12/31/24 | 12/31/23<sup>#</sup> |
| **R6 Shares** |  |  |  |  |
| Net asset value, beginning of period | $15.96 |  | $15.55 | $13.99 |
| Income (Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | \* | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.70 |  | 0.78 | 1.59 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.83 |  | 0.88 | 1.66 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.36 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.47 | (0.10 |
| Net asset value, end of period | $17.79 |  | $15.96 | $15.55 |
| **Total Return** (b) | 11.47 | %\* | 5.66 | 11.90 |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $44984 |  | $9955 | $517 |
| Ratios to average net assets (c): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80 | % | 0.80 | 0.81 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.84 | % | 1.03 | 16.17 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.55 | %\* | 0.59 | 0.54 |
| Portfolio turnover rate | 9 | % | 25 | 10 |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *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 period ended June 30, 2025 and years ended December 31, 2024 and December 31, 2023. There was 0.02%, 0.01% and 0.00% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2025 and years ended December 31, 2024 and December 31, 2023, respectively. 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.* |

---

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

**160** Semi-Annual Financial Statements

------

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* 

*(c)* *Annualized for a period of less than one year, except for non-recurring expenses.* 

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

Semi-Annual Financial Statements **161**

------

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $7.94 |  | $8.40 | $7.69 | $10.99 | $13.50 | $12.19 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | \* | 0.14 | 0.16 | 0.14 | 0.20 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.99 |  | (0.45 | 0.72 | (3.02) | 1.33 | 1.53 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.08 |  | (0.31 | 0.88 | (2.88) | 1.53 | 1.59 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.15) | (0.17) | (0.05) | (0.56) | (0.28) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.37) | (3.48 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.15 | (0.17 | (0.42) | (4.04 | (0.28) |
| Net asset value, end of period | $10.02 |  | $7.94 | $8.40 | $7.69 | $10.99 | $13.50 |
| **Total Return** (b) | 26.20 | %\* | –3.69 | 11.55 | –26.32% | 11.83 | 13.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3897 |  | $2752 | $4811 | $6940 | $14542 | $29374 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.03 | % | 1.03 | 1.09 | 1.14% | 1.12 | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.50 | % | 2.33 | 2.14 | 1.72% | 1.24 | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.11 | %\* | 1.65 | 1.96 | 1.65% | 1.34 | 0.57% |
| Portfolio turnover rate | 32 | % | 94 | 45 | 44% | 47 | 50% |

---

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

**162** Semi-Annual Financial Statements

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $7.97 |  | $8.43 | $7.72 | $11.03 | $13.50 | $12.19 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.08 | \* | 0.11 | 0.14 | 0.14 | 0.15 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.99 |  | (0.44 | 0.72 | (3.05) | 1.35 | 1.52 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.07 |  | (0.33 | 0.86 | (2.91) | 1.50 | 1.56 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.13) | (0.15) | (0.03) | (0.49) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.37) | (3.48 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (0.13 | (0.15 | (0.40) | (3.97 | (0.25) |
| Net asset value, end of period | $10.04 |  | $7.97 | $8.43 | $7.72 | $11.03 | $13.50 |
| **Total Return** (b) | 25.97 | %\* | –3.91 | 11.24 | –26.49% | 11.61 | 13.15% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $8403 |  | $6196 | $7241 | $7692 | $11969 | $12581 |
| Ratios to average net assets (c): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.28 | % | 1.28 | 1.33 | 1.39% | 1.37 | 1.40% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.63 | % | 2.50 | 2.35 | 1.97% | 1.51 | 1.56% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.82 | %\* | 1.30 | 1.78 | 1.58% | 1.05 | 0.33% |
| Portfolio turnover rate | 32 | % | 94 | 45 | 44% | 47 | 50% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.00, $0.01, $0.03 and $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2025 and years ended December 31, 2024, December 31, 2023 and December 31, 2021, respectively. There was a 0.00% impact to both the Institutional and Open Class, 0.12% impact to both the Institutional and Open class, 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 period ended June 30, 2025 and years ended December 31, 2024, December 31, 2023 and December 31, 2021, respectively. There was a 0.03%, 0.08%, 0.34% and 0.17% impact on the net investment income (loss) ratio of the Portfolio for the period ended* |

---

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

Semi-Annual Financial Statements **163**

------

---

| | |
|:---|:---|
|  | *June 30, 2025 and years ended December 31, 2024, 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. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**164** Semi-Annual Financial Statements

------

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.46 | $15.48 | $13.42 | $16.37 | $16.83 | $15.38 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.21 | 0.21 | 0.22 | 0.56 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.48 | (0.42 | 2.08 | (2.98 | 0.42 | 1.45 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.63 | (0.21 | 2.29 | (2.76 | 0.98 | 1.62 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.29) | (0.23) | (0.19) | (0.62) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.52) |  |  | (0.51) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.31 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.81 | (0.23 | (0.19 | (1.44 | (0.17) |
| Net asset value, end of period | $16.09 | $13.46 | $15.48 | $13.42 | $16.37 | $16.83 |
| **Total Return** (b) | 19.54% | –1.36 | 17.06 | –16.88 | 5.99 | 10.58% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1638423 | $2305654 | $3950193 | $4180622 | $5713405 | $5270611 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.82 | 0.82 | 0.81 | 0.80 | 0.81% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.85% | 0.82 | 0.82 | 0.81 | 0.80 | 0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.05% | 1.29 | 1.45 | 1.56 | 3.15 | 1.18% |
| Portfolio turnover rate | 24% | 62 | 43 | 33 | 31 | 37% |

---

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

Semi-Annual Financial Statements **165**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.61 | $15.63 | $13.56 | $16.53 | $16.99 | $15.52 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.16 | 0.17 | 0.18 | 0.52 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.51 | (0.41 | 2.09 | (3.00 | 0.42 | 1.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.65 | (0.25 | 2.26 | (2.82 | 0.94 | 1.60 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.25) | (0.19) | (0.15) | (0.60) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.52) |  |  | (0.51) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.29 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.77 | (0.19 | (0.15 | (1.40 | (0.13) |
| Net asset value, end of period | $16.26 | $13.61 | $15.63 | $13.56 | $16.53 | $16.99 |
| **Total Return** (b) | 19.47% | –1.61 | 16.66 | –17.04 | 5.67 | 10.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $214220 | $198450 | $310809 | $308243 | $460862 | $535285 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.11% | 1.08 | 1.08 | 1.07 | 1.06 | 1.06% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.11% | 1.08 | 1.08 | 1.07 | 1.06 | 1.06% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.96% | 0.97 | 1.19 | 1.27 | 2.88 | 0.94% |
| Portfolio turnover rate | 24% | 62 | 43 | 33 | 31 | 37% |

---

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

**166** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $13.48 | $15.49 | $13.43 | $16.38 | $16.85 | $15.39 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.20 | 0.21 | 0.22 | 0.56 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.48 | (0.40 | 2.08 | (2.98 | 0.41 | 1.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.64 | (0.20 | 2.29 | (2.76 | 0.97 | 1.63 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.29) | (0.23) | (0.19) | (0.62) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.52) |  |  | (0.51) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.31 |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.81 | (0.23 | (0.19 | (1.44 | (0.17) |
| Net asset value, end of period | $16.12 | $13.48 | $15.49 | $13.43 | $16.38 | $16.85 |
| **Total Return** (b) | 19.58% | –1.30 | 17.04 | –16.87 | 5.93 | 10.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $33942 | $52085 | $76966 | $96524 | $124625 | $118678 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.82 | 0.82 | 0.81 | 0.80 | 0.81% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.86% | 0.83 | 0.83 | 0.82 | 0.81 | 0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.18% | 1.27 | 1.47 | 1.54 | 3.16 | 1.16% |
| Portfolio turnover rate | 24% | 62 | 43 | 33 | 31 | 37% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *Includes $0.01, $0.01, $0.01 and $0.06 of refunds received as a result of European Union dividend withholding tax reclaims filings for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.08%, 0.08%, 0.06% and 0.39% impact to the Institutional Class and a 0.07%, 0.08%, 0.06% and 0.39% impact to the R6 Share Class and a 0.07%, 0.08%, 0.06% and 0.38% impact to the Open Class on the total return of the Portfolio for the years ended December 31, 2024, December 31, 2023, December 31, 2022 and December 31, 2021, respectively. There was a 0.09%, 0.06%, 0.10% and 0.33% impact on the net investment income (loss) ratio of the* |

---

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

Semi-Annual Financial Statements **167**

------

---

| | |
|:---|:---|
|  | *Portfolio for the years ended December 31, 2024, 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. Returns for a period of less than one year are not annualized.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**168** Semi-Annual Financial Statements

------

LAZARD US EQUITY CONCENTRATED PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25†\* | 12/31/24\* | 12/31/23\* | 12/31/22\* | 12/31/21\* | 12/31/20\* |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.73 | $25.62 | $44.64 | $59.10 | $54.15 | $50.52 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (b) | 0.09 | 0.27 | 0.30 | 0.24 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.41) | 2.97 | 6.48 | (11.94) | 13.65 | 4.17 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.41) | 3.06 | 6.75 | (11.64) | 13.89 | 4.53 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.57) | (0.30) | (0.24) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) | (0.57) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.95) | (25.77) | (2.82) | (8.94) | (0.90) |
| Net asset value, end of period | $11.32 | $11.73 | $25.62 | $44.64 | $59.10 | $54.15 |
| **Total Return** (c) | –4.46% | 10.68% | 16.30% | –19.89% | 26.02% | 8.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $30494 | $48684 | $181667 | $1193492 | $1943232 | $1936367 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.86% | 0.91% | 0.81% | 0.78% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.17% | 0.91% | 0.81% | 0.78% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.06% | 0.36% | 0.55% | 0.58% | 0.38% | 0.72% |
| Portfolio turnover rate | 50% | 146% | 81% | 69% | 32% | 43% |

---

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

Semi-Annual Financial Statements **169**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25†\* | 12/31/24\* | 12/31/23\* | 12/31/22\* | 12/31/21\* | 12/31/20\* |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $12.27 | $26.13 | $45.09 | $59.64 | $54.57 | $50.94 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.02) | 0.03 | 0.24 | 0.15 | 0.09 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.42) | 2.97 | 6.42 | (12.03) | 13.74 | 4.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.44) | 3.00 | 6.66 | (11.88) | 13.83 | 4.38 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) | (0.42) | (0.15) | (0.06) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) | (0.57) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.86) | (25.62) | (2.67) | (8.76) | (0.75) |
| Net asset value, end of period | $11.83 | $12.27 | $26.13 | $45.09 | $59.64 | $54.57 |
| **Total Return** (c) | –4.55% | 10.38% | 16.02% | –20.07% | 25.72% | 8.63% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10713 | $12945 | $21231 | $24268 | $35649 | $34358 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.11% | 1.14% | 1.08% | 1.04% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.42% | 1.14% | 1.08% | 1.04% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.34% | 0.14% | 0.51% | 0.31% | 0.13% | 0.47% |
| Portfolio turnover rate | 50% | 146% | 81% | 69% | 32% | 43% |

---

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

**170** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25†\* | 12/31/24\* | 12/31/23\* | 12/31/22\* | 12/31/21\* | 12/31/20\* |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $12.54 | $25.95 | $44.79 | $59.28 | $54.27 | $50.67 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (b) | 0.18 | 0.12 | 0.30 | 0.24 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.45) | 3.36 | 6.81 | (11.97) | 13.68 | 4.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.45) | 3.54 | 6.93 | (11.67) | 13.92 | 4.50 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.57) | (0.30) | (0.21) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) | (0.57) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.95) | (25.77) | (2.82) | (8.91) | (0.90) |
| Net asset value, end of period | $12.09 | $12.54 | $25.95 | $44.79 | $59.28 | $54.27 |
| **Total Return** (c) | –4.55% | 12.47% | 16.73% | –19.89% | 26.06% | 8.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $0 (e) | $0 (e) | $24 | $2186 | $2720 | $2177 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.90% | 0.79% | 0.78% | 0.76% | 0.76% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 5.54% | 0.97% | 1.02% | 0.94% | 0.87% | 0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.03% | 0.65% | 0.25% | 0.59% | 0.40% | 0.73% |
| Portfolio turnover rate | 50% | 146% | 81% | 69% | 32% | 43% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *On May 16, 2025, the Portfolio effected a 1:3 reverse share split. All per share data prior to May 16, 2025 has been adjusted to reflect the reverse share split.* |
| *(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.* |
| *(e)* | *Amount is less than $1,000.* |

---

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

Semi-Annual Financial Statements **171**

------

LAZARD US EQUITY FOCUS PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $16.48 | $15.39 | $12.99 | $16.07 | $13.37 | $12.03 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.13 | 0.13 | 0.10 | 0.08 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.62 | 2.05 | 2.43 | (2.82) | 3.54 | 1.94 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 2.18 | 2.56 | (2.72) | 3.62 | 2.05 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.13) | (0.10) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.96) | (0.03) | (0.26) | (0.87) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.09) | (0.16) | (0.36) | (0.92) | (0.71) |
| Net asset value, end of period | $17.15 | $16.48 | $15.39 | $12.99 | $16.07 | $13.37 |
| **Total Return** (b) | 4.07% | 14.13% | 19.77% | –16.94% | 27.36% | 17.29% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $44532 | $47287 | $43673 | $38037 | $42755 | $31075 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.81% | 0.77% | 0.80% | 0.81% | 0.76% | 1.26% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.58% | 0.76% | 0.93% | 0.72% | 0.54% | 0.91% |
| Portfolio turnover rate | 22% | 22% | 38% | 29% | 27% | 54% |

---

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

**172** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $16.58 | $15.48 | $13.06 | $16.16 | $13.45 | $12.09 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | 0.09 | 0.10 | 0.07 | 0.04 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.63 | 2.06 | 2.44 | (2.84) | 3.55 | 1.96 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 | 2.15 | 2.54 | (2.77) | 3.59 | 2.04 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.09) | (0.09) | (0.07) | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.96) | (0.03) | (0.26) | (0.87) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.05) | (0.12) | (0.33) | (0.88) | (0.68) |
| Net asset value, end of period | $17.23 | $16.58 | $15.48 | $13.06 | $16.16 | $13.45 |
| **Total Return** (b) | 3.92% | 13.83% | 19.53% | –17.18% | 26.96% | 17.08% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $894 | $1202 | $1170 | $1160 | $1569 | $1285 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.37% | 1.31% | 1.38% | 1.31% | 1.22% | 1.79% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30% | 0.51% | 0.68% | 0.46% | 0.29% | 0.67% |
| Portfolio turnover rate | 22% | 22% | 38% | 29% | 27% | 54% |

---

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

Semi-Annual Financial Statements **173**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $16.49 | $15.39 | $12.99 | $16.08 | $13.38 | $12.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.13 | 0.13 | 0.10 | 0.08 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.62 | 2.06 | 2.43 | (2.83) | 3.54 | 1.94 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.67 | 2.19 | 2.56 | (2.73) | 3.62 | 2.05 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.13) | (0.13) | (0.10) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.96) | (0.03) | (0.26) | (0.87) | (0.61) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.09) | (0.16) | (0.36) | (0.92) | (0.71) |
| Net asset value, end of period | $17.16 | $16.49 | $15.39 | $12.99 | $16.08 | $13.38 |
| **Total Return** (b) | 4.06% | 14.19% | 19.77% | –17.00% | 27.34% | 17.28% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $31785 | $45040 | $47011 | $34244 | $36066 | $20747 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.81% | 0.77% | 0.80% | 0.81% | 0.76% | 1.27% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.57% | 0.77% | 0.93% | 0.72% | 0.52% | 0.91% |
| Portfolio turnover rate | 22% | 22% | 38% | 29% | 27% | 54% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* 

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

**174** Semi-Annual Financial Statements

------

LAZARD US SMALL CAP EQUITY SELECT PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.96 | $12.42 | $12.21 | $14.97 | $14.42 | $13.64 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (b) | (0.02) | 0.01 | — (b) | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.82) | 1.39 | 1.19 | (2.24) | 2.81 | 0.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.82) | 1.37 | 1.20 | (2.24) | 2.82 | 0.86 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.83) | (0.99) | (0.52) | (2.24) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.83) | (0.99) | (0.52) | (2.27) | (0.08) |
| Net asset value, end of period | $11.14 | $11.96 | $12.42 | $12.21 | $14.97 | $14.42 |
| **Total Return** (c) | –6.86% | 11.21% | 10.07% | –15.23% | 19.91% | 6.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $26928 | $30584 | $32004 | $34882 | $94517 | $91984 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.98% | 1.03% | 1.03% | 0.94% | 0.98% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.27% | 1.25% | 1.25% | 1.05% | 0.94% | 0.98% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.05% | –0.18% | 0.05% | –0.03% | 0.05% | 0.31% |
| Portfolio turnover rate | 50% | 99% | 53% | 35% | 66% | 80% |

---

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

Semi-Annual Financial Statements **175**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.39 | $11.04 | $10.98 | $13.56 | $13.25 | $12.58 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.05) | (0.02) | (0.03) | (0.04) | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.71) | 1.23 | 1.07 | (2.03) | 2.59 | 0.75 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.72) | 1.18 | 1.05 | (2.06) | 2.55 | 0.75 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | — (b) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.83) | (0.99) | (0.52) | (2.24) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.83) | (0.99) | (0.52) | (2.24) | (0.08) |
| Net asset value, end of period | $9.67 | $10.39 | $11.04 | $10.98 | $13.56 | $13.25 |
| **Total Return** (c) | –6.93% | 10.87% | 9.83% | –15.49% | 19.59% | 6.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5945 | $7173 | $7371 | $7750 | $10798 | $10965 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.20% | 1.23% | 1.28% | 1.31% | 1.22% | 1.28% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.59% | 1.57% | 1.57% | 1.36% | 1.22% | 1.28% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.20% | –0.43% | –0.20% | –0.27% | –0.24% | — %(e) |
| Portfolio turnover rate | 50% | 99% | 53% | 35% | 66% | 80% |

---

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

**176** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 1/8/20\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $12.01 | $12.45 | $12.25 | $14.98 | $14.42 | $13.62 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 | (0.02) | 0.02 | (0.04) | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.83) | 1.41 | 1.17 | (2.17) | 2.82 | 0.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.82) | 1.39 | 1.19 | (2.21) | 2.83 | 0.88 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (1.83) | (0.99) | (0.52) | (2.24) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (1.83) | (0.99) | (0.52) | (2.27) | (0.08) |
| Net asset value, end of period | $11.19 | $12.01 | $12.45 | $12.25 | $14.98 | $14.42 |
| **Total Return** (c) | –6.83% | 11.34% | 9.95% | –15.01% | 19.95% | 6.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $497 | $212 | $39 | $24 | $718 | $684 |
| Ratios to average net assets (d): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.92% | 0.97% | 1.03% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.24% | 1.18% | 1.23% | 1.51% | 2.53% | 1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.13% | –0.14% | 0.13% | –0.31% | 0.05% | 0.34% |
| Portfolio turnover rate | 50% | 99% | 53% | 35% | 66% | 80% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *The inception date for the R6 Shares was January 8, 2020.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *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.* |
| *(e)* | *Amount is less than 0.005%.* |

---

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

Semi-Annual Financial Statements **177**

------

LAZARD US SUSTAINABLE EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 6/30/20\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $14.47 | $14.08 | $12.36 | $15.41 | $12.20 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | 0.09 | 0.10 | 0.08 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.50 | 1.06 | 1.86 | (2.86) | 3.47 | 2.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.54 | 1.15 | 1.96 | (2.78) | 3.53 | 2.27 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.08) | (0.14) | (0.08) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.68) | (0.10) | (0.19) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.76) | (0.24) | (0.27) | (0.32) | (0.07) |
| Net asset value, end of period | $15.01 | $14.47 | $14.08 | $12.36 | $15.41 | $12.20 |
| **Total Return** (b) | 3.73% | 8.23% | 15.88% | –18.07% | 29.01% | 22.69% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $8451 | $12361 | $11239 | $12222 | $14687 | $11490 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.22% | 1.70% | 1.66% | 1.84% | 2.08% | 2.49% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.51% | 0.60% | 0.79% | 0.64% | 0.43% | 0.65% |
| Portfolio turnover rate | 6% | 28% | 34% | 23% | 8% | 5% |

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

**178** Semi-Annual Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 6/30/20\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $14.48 | $14.09 | $12.37 | $15.43 | $12.21 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | 0.05 | 0.07 | 0.05 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.50 | 1.07 | 1.85 | (2.87) | 3.48 | 2.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.52 | 1.12 | 1.92 | (2.82) | 3.50 | 2.25 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.05) | (0.10) | (0.05) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.68) | (0.10) | (0.19) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.73) | (0.20) | (0.24) | (0.28) | (0.04) |
| Net asset value, end of period | $15.00 | $14.48 | $14.09 | $12.37 | $15.43 | $12.21 |
| **Total Return** (b) | 3.59% | 7.96% | 15.58% | –18.32% | 28.75% | 22.48% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $789 | $741 | $590 | $537 | $655 | $128 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.10% | 2.62% | 2.80% | 2.88% | 3.15% | 5.31% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.28% | 0.35% | 0.56% | 0.39% | 0.17% | 0.43% |
| Portfolio turnover rate | 6% | 28% | 34% | 23% | 8% | 5% |

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---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *The Portfolio commenced operations on June 30, 2020.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* |

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

Semi-Annual Financial Statements **179**

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LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 10/29/21\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.15 | $10.17 | $8.52 | $10.26 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.03 | 0.09 | 0.05 | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.29) | 1.23 | 1.64 | (1.77) | 0.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.26) | 1.32 | 1.69 | (1.68) | 0.28 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) | (0.04) | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.28) |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.34) | (0.04) | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.89 | $11.15 | $10.17 | $8.52 | $10.26 |
| **Total Return** (a) | –2.33% | 12.92% | 19.80% | –16.33% | 2.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $48565 | $59298 | $39779 | $25 | $4 |
| Ratios to average net assets (b): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.12% | 1.15% | 1.37% | 2.67% | 5.13% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.56% | 0.83% | 0.53% | 1.00% | 1.39% |
| Portfolio turnover rate | 77% | 111% | 110% | 74% | 22% |

---

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| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *The Portfolio commenced operations on October 29, 2021.* |
| *(a)* | *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.* |
| *(b)* | *Annualized for a period of less than one year, except for non-recurring expenses.* |

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

**180** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Notes to Financial Statements

June 30, 2025 (N-CSR Item 7) (unaudited)

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Fund was comprised of twenty-three 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 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 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"), 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 other 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.

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).

On May 16, 2025, the US Equity Concentrated Portfolio had a 1-for-3 reverse share split, effective after the market close on May 16, 2025. After the reverse share split, shareholders in the US Equity

Semi-Annual Financial Statements **181**

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Concentrated Portfolio held one share for every three Portfolio shares previously held. The reverse share split had no impact on the overall value of a shareholder's investment.

**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 NewYork (i.e., a day on which the NewYork Stock Exchange (the "NYSE") is open). In addition, securities in non-US countries, may not trade on all business days in NewYork 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

**182** Semi-Annual Financial Statements

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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 Lazard Asset Management LLC (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 European Union countries. These filings are subject to various administrative

Semi-Annual Financial Statements **183**

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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 Statements 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 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

**184** Semi-Annual Financial Statements

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the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended June 30, 2025, 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, 2024, 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:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Short-Term | Long-Term |
| Developing Markets Equity | $(68622351) | $(56150940) |
| Emerging Markets Core Equity\* | (22355809) | (49172663) |
| Emerging Markets Equity Advantage | (4353344) | (3524669) |
| Emerging Markets Equity | (197426652) | (671066104) |
| International Equity Select | (1396914) |  |
| International Small Cap Equity | (1780063) | (853583) |

---

*\** *At December 31, 2024, $10,261,091 of the unused short-term realized capital loss carryovers and $37,733,496 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.*

During the year ended December 31, 2024, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Emerging Markets Core Equity | $3997417 |
| Emerging Markets Equity Advantage | 2772902 |
| Emerging Markets Equity | 139345845 |
| Global Listed Infrastructure | 336160531 |
| International Equity Select | 754703 |
| International Quality Growth | 3118404 |
| International Strategic Equity | 117391558 |
| US Systematic Small Cap Equity | 1749543 |

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Semi-Annual Financial Statements **185**

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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, 2024, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Developing Markets Equity | $60775283 | $35846951 | $2668943 | $33178008 |
| Emerging Markets Core Equity | 95799274 | 40791769 | 3656120 | 37135649 |
| Emerging Markets Equity Advantage | 260441725 | 52820265 | 4958358 | 47861907 |
| Emerging Markets Equity | 3322687384 | 988039461 | 216289669 | 771749792 |
| Equity Franchise | 45415191 | 3311654 | 1095071 | 2216583 |
| Global Equity Select | 53329472 | 31154366 | 2585631 | 28568735 |
| Global Listed Infrastructure | 8284424982 | 2491587595 | 585499517 | 1906088078 |
| International Equity | 861397061 | 299256779 | 30444910 | 268811869 |
| International Equity Select | 43091305 | 14940302 | 1841378 | 13098924 |
| International Quality Growth | 353517765 | 74292607 | 21954394 | 52338213 |
| International Small Cap Equity | 9935363 | 2505618 | 184546 | 2321072 |
| International Strategic Equity | 1279928138 | 601042366 | 28042573 | 572999793 |
| US Equity Concentrated | 38635873 | 5280527 | 2671122 | 2609405 |
| US Equity Focus | 48960251 | 28508302 | 832681 | 27675621 |
| US Small Cap Equity Select | 29684987 | 6037139 | 2484143 | 3552996 |
| US Sustainable Equity | 6237900 | 3068527 | 57918 | 3010609 |
| US Systematic Small Cap Equity | 43784043 | 6389660 | 1710632 | 4679028 |

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**186** Semi-Annual Financial Statements

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

*(e) Dividends and Distributions*—For each Portfolio, income dividends are 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, International Equity, International Small Cap Equity, US Equity Concentrated and US Small Cap Equity Select Portfolios, intend, on their 2024 tax returns, to elect to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the Portfolios' undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolios would otherwise be required to distribute as dividends to shareholders in order for the Portfolios to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable

Semi-Annual Financial Statements **187**

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

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

**188** Semi-Annual Financial Statements

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*(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. 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.

*(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.

**3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements**

The Fund, on behalf of the Portfolios, has entered into an investment management agreement (the "Management Agreement") with the Investment Manager. Pursuant to the

Semi-Annual Financial Statements **189**

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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:

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| | |
|:---|:---|
| &nbsp;&nbsp;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 |
| 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 |
| US Equity Concentrated (a) | 0.60 |
| US Equity Focus | 0.55 |
| US Small Cap Equity Select | 0.75 |
| US Sustainable Equity | 0.60 |
| US Systematic Small Cap Equity | 0.70 |

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*(a)* *From January 1, 2025 to June 23, 2025, annual rate was 0.65%.* 

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2026 (or such other date as indicated below) if the aggregate direct expenses of a Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" (as defined in Form N-1A), fees and expenses related to filing foreign tax reclaims and extraordinary expenses, exceed an applicable percentage of the value of the Portfolio's average daily net assets set forth opposite the Portfolio's name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

**190** Semi-Annual Financial Statements

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Institutional<br> Shares | Open<br> Shares | R6<br> Shares |
| Developing Markets Equity | 1.10% | 1.35% | N/A% |
| Emerging Markets Core Equity (a) | 1.10 | 1.35 | 1.05 |
| Emerging Markets Equity Advantage | 0.90 | 1.15 | 0.85 |
| Emerging Markets Equity | 1.15 | 1.40 | 1.10 |
| Equity Franchise | 0.95 | 1.20 | N/A |
| Global Equity Select | 0.90 | 1.15 | N/A |
| Global Listed Infrastructure (b) | 1.20 | 1.45 | N/A |
| International Equity | 0.85 | 1.10 | 0.80 |
| International Equity Select (c) | 0.90 | 1.15 | N/A |
| International Quality Growth (d) | 0.85 | 1.10 | 0.80 |
| International Small Cap Equity | 1.03 | 1.28 | N/A |
| International Strategic Equity | 1.00 | 1.25 | 0.95 |
| US Equity Concentrated (e) | 0.80 | 1.05 | 0.75 |
| US Equity Focus | 0.70 | 0.95 | 0.70 |
| US Small Cap Equity Select | 0.95 | 1.20 | 0.90 |
| US Sustainable Equity | 0.75 | 1.00 | N/A |
| US Systematic Small Cap Equity | 0.90 | N/A | N/A |

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*(a)* *This agreement will continue in effect until September 30, 2025, and from September 30, 2025 until the reorganization into the Lazard Emerging Markets Opportunities ETF on or about October 24, 2025 at levels of 1.05%, N/A and N/A, respectively.* 

*(b)* *This agreement will continue in effect until May 1, 2035.* 

*(c)* *This agreement will continue in effect until May 1, 2026, and from May 1, 2026 until May 1, 2035 at levels of 1.15%, 1.40% and 1.10%, respectively.* 

*(d)* *This agreement will continue in effect until May 1, 2035 for Open Shares.* 

*(e)* *From January 1, 2025 to June 23, 2025, annual rates were 0.85%, 1.10% and 0.80%. This agreement will continue in effect until May 1, 2026, and from May 1, 2026 until May 1, 2035, at levels of 1.10%, 1.35% and 1.05%, respectively.* 

In addition, until May 1, 2026, 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.

Semi-Annual Financial Statements **191**

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During the period ended June 30, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Open Shares | Open Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed |
| Developing Markets Equity | $60425 | $— | $6379 | $— |
| Emerging Markets Core Equity | 64967 |  | 2893 |  |
| Emerging Markets Equity Advantage |  |  | 1154 | 386 |
| Equity Franchise | 27498 |  | 642 | 902 |
| Global Equity Select |  |  | 2095 | 179 |
| International Equity Select | 37438 |  | 4175 |  |
| International Quality Growth |  |  | 859 |  |
| International Small Cap Equity | 11030 | 10590 | 24762 | 19901 |
| US Equity Concentrated | 61908 |  | 17904 |  |
| US Equity Focus | 23735 |  | 2150 |  |
| US Small Cap Equity Select | 45983 |  | 12343 |  |
| US Sustainable Equity | 30124 | 43823 | 2244 | 5620 |
| US Systematic Small Cap Equity | 56042 |  | 443 | 851 |

---

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| Emerging Markets Core Equity | $2482 | $— |
| Emerging Markets Equity Advantage | 5000 |  |
| Emerging Markets Equity | 1394 |  |
| International Equity | 13125 |  |
| International Quality Growth | 6270 |  |
| International Strategic Equity | 1919 |  |
| US Equity Concentrated | 2 | 9 |
| US Equity Focus | 19412 |  |
| US Small Cap Equity Select | 617 |  |
| US Systematic Small Cap Equity | 348 | 934 |

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

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

**192** Semi-Annual Financial Statements

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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, among 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**

The Statements of Operations show the fees and expenses paid by each Portfolio to the Independent Directors of the Fund (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act)). Certain Directors of the Fund are officers of the Investment Manager, and such "interested persons" of the Fund are not compensated by the Portfolios. Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

Semi-Annual Financial Statements **193**

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**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Developing Markets Equity | $16725285 | $22908275 |
| Emerging Markets Core Equity | 37468881 | 33425707 |
| Emerging Markets Equity Advantage | 171558007 | 93307120 |
| Emerging Markets Equity | 747558508 | 568833169 |
| Equity Franchise | 54676752 | 192761765 |
| Global Equity Select | 9226921 | 29740274 |
| Global Listed Infrastructure | 1494638717 | 1602693167 |
| International Equity | 257857091 | 269355796 |
| International Equity Select | 11042958 | 11014092 |
| International Quality Growth | 94883521 | 31196100 |
| International Small Cap Equity | 3790685 | 3083905 |
| International Strategic Equity | 552231043 | 1653326945 |
| US Equity Concentrated | 25021792 | 42277265 |
| US Equity Focus | 17891316 | 36816792 |
| US Small Cap Equity Select | 17820677 | 19745509 |
| US Sustainable Equity | 589479 | 4752030 |
| US Systematic Small Cap Equity | 39347633 | 49215790 |

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At June 30, 2025, the Investment Manager owned 57.17%, and 52.78% of the outstanding shares of US Sustainable Equity and US Systematic Small Cap Equity, respectively.

For the period ended June 30, 2025, 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.

*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

**194** Semi-Annual Financial Statements

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Listed Infrastructure Portfolio for the period ended June 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Value at<br> December 31, 2024 | Purchase<br> cost | Sales<br> proceeds | Realized<br> gain (loss) |
| **Global Listed Infrastructure** |  |  |  |  |
| Algonquin Power & Utilities Corp. | $185794628 | $— | $— | $— |
| Atlas Arteria Ltd.\* | 246847113 |  | (51434499) | (32468164) |
| Italgas SpA | 237756272 | 81704018 |  |  |
| Pennon Group PLC | 119444612 | 34863144 |  |  |
| SES SA | 66908278 |  |  |  |
| Total Securities | $856750903 | $116567162 | $(51434499) | $(32468164) |
| &nbsp;&nbsp;Issue | Change in unrealized<br> appreciation<br> (depreciation) | Dividend<br> income | Shares at<br> June 30,<br> 2025 | Values at<br> June 30,<br> 2025 |
| Algonquin Power & Utilities Corp. | $53672163 | $4625594 | 41860578 | $239466791 |
| Atlas Arteria Ltd.\* | 66952126 | 10591902 |  |  |
| Italgas SpA | 152518176 | 16423263 | 55518592 | 471978466 |
| Pennon Group PLC | 28475395 | 2942543 | 26547011 | 182783151 |
| SES SA | 83331990 | 5065764 | 21121589 | 150240268 |
| Total Securities | $384949850 | $39649066 | 145047770 | $1044468676 |

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

**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

Semi-Annual Financial Statements **195**

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agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2025, the following Portfolios had borrowings under the Agreement as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Average<br> Daily Loan<br> Balance\* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest Rate | Number<br> of Days<br> Borrowings<br> were Outstanding |
| Emerging Markets Core Equity | $248442 | $542571 | 5.43% | 4 |
| Emerging Markets Equity Advantage | 1055422 | 1553017 | 5.43 | 12 |
| Equity Franchise | 3081097 | 14112511 | 5.43 | 5 |
| Global Equity Select | 432967 | 1209832 | 5.43 | 11 |
| International Small Cap Equity | 50631 | 50631 | 5.43 | 1 |
| International Strategic Equity | 10733595 | 25087282 | 5.43 | 31 |
| US Equity Concentrated | 253758 | 663311 | 5.43 | 26 |
| US Equity Focus | 454154 | 1420025 | 5.43 | 6 |
| US Small Cap Equity Select | 642572 | 673561 | 5.43 | 2 |
| US Systematic Small Cap Equity | 203753 | 1060226 | 5.43 | 24 |

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*\** *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

**196** Semi-Annual Financial Statements

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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, 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. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency rates or monetary policies.

*(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

Semi-Annual Financial Statements **197**

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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.

*(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. Except as specifically stated for a Portfolio, the Investment Manager generally does not intend to actively hedge a Portfolio's foreign currency exposure.

*(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

**198** Semi-Annual Financial Statements

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amount invested. Forward currency contracts 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. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio's performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager's ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions.

*(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

Semi-Annual Financial Statements **199**

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invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges ("China A-Shares") through Hong Kong Stock Connect Program ("Stock Connect"). While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Portfolio's ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance). Stock Connect is also subject to trading, clearance, settlement and operational risks.

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

**200** Semi-Annual Financial Statements

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trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries could have an adverse effect on Japan's economy. The Japanese yen has fluctuated widely at times, and any increase in the yen's value may cause a decline in Japan's exports.

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

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

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

Semi-Annual Financial Statements **201**

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

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

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

**202** Semi-Annual Financial Statements

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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 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.

Semi-Annual Financial Statements **203**

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

*(q) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio's investment trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio's ability to 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.

**204** Semi-Annual Financial Statements

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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:

&nbsp;&nbsp;&nbsp;&nbsp;● 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)

Semi-Annual Financial Statements **205**

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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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Developing Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $9511218 | $— | $— | $9511218 |
| &nbsp;&nbsp;&nbsp;China |  | 21738642 |  | 21738642 |
| &nbsp;&nbsp;&nbsp;India | 5853152 | 5521766 |  | 11374918 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 2693153 |  | 2693153 |
| &nbsp;&nbsp;&nbsp;Mexico | 2914793 |  |  | 2914793 |
| &nbsp;&nbsp;&nbsp;Peru | 1048756 |  |  | 1048756 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 3150222 |  | 3150222 |
| &nbsp;&nbsp;&nbsp;Poland |  | 819807 |  | 819807 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 963243 |  | 963243 |
| &nbsp;&nbsp;&nbsp;Singapore | 1175399 |  |  | 1175399 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 4714022 |  | 4714022 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 8411019 |  | 8411019 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 20282364 |  | 20282364 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 964639 |  | 964639 |
| &nbsp;&nbsp;&nbsp;United States | 2274779 |  |  | 2274779 |
| Repurchase Agreements |  | 1820000 |  | 1820000 |
| Short-Term Investments | 96317 |  |  | 96317 |
| Total | $22874414 | $71078877 | $— | $93953291 |

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**206** Semi-Annual Financial Statements

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Emerging Markets Core Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina | $612188 | $— | $— | $612188 |
| &nbsp;&nbsp;&nbsp;Brazil | 6254532 |  |  | 6254532 |
| &nbsp;&nbsp;&nbsp;China | 1323216 | 33271501 |  | 34594717 |
| &nbsp;&nbsp;&nbsp;Ghana | 584750 |  |  | 584750 |
| &nbsp;&nbsp;&nbsp;Greece |  | 3992072 |  | 3992072 |
| &nbsp;&nbsp;&nbsp;India | 7471927 | 16976272 |  | 24448199 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 2177035 |  | 2177035 |
| &nbsp;&nbsp;&nbsp;Mexico | 4544904 |  |  | 4544904 |
| &nbsp;&nbsp;&nbsp;Peru | 1318321 |  |  | 1318321 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 2418049 |  | 2418049 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 1263341 |  | 1263341 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 3525013 |  | 3525013 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 4881059 |  | 4881059 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 12343157 |  | 12343157 |
| &nbsp;&nbsp;&nbsp;Taiwan | 7443141 | 12465685 |  | 19908826 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 1117939 |  | 1117939 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 4001692 |  | 4001692 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1967594 |  |  | 1967594 |
| &nbsp;&nbsp;&nbsp;United States | 2085482 |  |  | 2085482 |
| Repurchase Agreements |  | 850000 |  | 850000 |
| Short-Term Investments | 46053 |  |  | 46053 |
| Total | $33652108 | $99282815 | $— | $132934923 |

---

Semi-Annual Financial Statements **207**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Emerging Markets Equity Advantage Portfolio** | **Emerging Markets Equity Advantage Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Argentina |  | $986894 | $— | $— | $986894 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 3350531 |  |  | 3350531 |
| &nbsp;&nbsp;&nbsp;Chile |  | 500969 |  |  | 500969 |
| &nbsp;&nbsp;&nbsp;China |  | 9509044 | 81229660 |  | 90738704 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 912146 |  |  | 912146 |
| &nbsp;&nbsp;&nbsp;Greece |  |  | 3198037 |  | 3198037 |
| &nbsp;&nbsp;&nbsp;Hungary |  |  | 4594406 |  | 4594406 |
| &nbsp;&nbsp;&nbsp;India |  | 8572341 | 42310407 |  | 50882748 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 468459 | 3600989 |  | 4069448 |
| &nbsp;&nbsp;&nbsp;Malaysia |  |  | 3526180 |  | 3526180 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 3622694 |  |  | 3622694 |
| &nbsp;&nbsp;&nbsp;Peru |  | 341897 |  |  | 341897 |
| &nbsp;&nbsp;&nbsp;Philippines |  |  | 3608345 |  | 3608345 |
| &nbsp;&nbsp;&nbsp;Poland |  |  | 6066864 |  | 6066864 |
| &nbsp;&nbsp;&nbsp;Qatar |  |  | 586487 |  | 586487 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  |  | 6546932 |  | 6546932 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 2672927 | 3135450 |  | 5808377 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 6600495 | 30224939 |  | 36825434 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 406444 | 57172441 |  | 57578885 |
| &nbsp;&nbsp;&nbsp;Thailand |  |  | 5948998 |  | 5948998 |
| &nbsp;&nbsp;&nbsp;Turkey |  |  | 1901222 |  | 1901222 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  |  | 6249014 |  | 6249014 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1059685 |  |  | 1059685 |
| &nbsp;&nbsp;&nbsp;United States |  |  | 567842 |  | 567842 |
| Preferred Stocks\* |  | 4181706 |  |  | 4181706 |
| Repurchase Agreements |  |  | 4410000 |  | 4410000 |
| Short-Term Investments |  | 239187 |  |  | 239187 |
| Total |  | $43425419 | $264878213 | $— | $308303632 |

---

**208** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Emerging Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $481177439 | $— | $— | $481177439 |
| &nbsp;&nbsp;&nbsp;Chile | 11087759 |  |  | 11087759 |
| &nbsp;&nbsp;&nbsp;China |  | 942906271 |  | 942906271 |
| &nbsp;&nbsp;&nbsp;Egypt | 11406059 | 20068900 |  | 31474959 |
| &nbsp;&nbsp;&nbsp;Greece |  | 118796566 |  | 118796566 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 27301700 |  | 27301700 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 125581429 |  | 125581429 |
| &nbsp;&nbsp;&nbsp;India |  | 197361013 |  | 197361013 |
| &nbsp;&nbsp;&nbsp;Indonesia | 47845590 | 102718767 |  | 150564357 |
| &nbsp;&nbsp;&nbsp;Mexico | 315567778 |  |  | 315567778 |
| &nbsp;&nbsp;&nbsp;Peru | 32376872 |  |  | 32376872 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 33927950 |  | 33927950 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 286380775 |  | 286380775 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 481416013 |  | 481416013 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 558118604 |  | 558118604 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 59788737 |  | 59788737 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 29603289 |  | 29603289 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 47458299 |  | 47458299 |
| &nbsp;&nbsp;&nbsp;United States | 41001935 |  |  | 41001935 |
| Repurchase Agreements |  | 116410000 |  | 116410000 |
| Short-Term Investments | 6135413 |  |  | 6135413 |
| Total | $946598845 | $3147838313 | $18 | $4094437176 |
| **Equity Franchise Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;France | $— | $4975585 | $— | $4975585 |
| &nbsp;&nbsp;&nbsp;Israel | 1479483 |  |  | 1479483 |
| &nbsp;&nbsp;&nbsp;Italy |  | 4973614 |  | 4973614 |
| &nbsp;&nbsp;&nbsp;Japan |  | 1787853 |  | 1787853 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 1696961 |  | 1696961 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 457362 |  | 457362 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 9539454 |  | 9539454 |
| &nbsp;&nbsp;&nbsp;United States | 20322447 | 486155 |  | 20808602 |
| Preferred Stocks\* |  | 1683488 |  | 1683488 |
| Repurchase Agreements |  | 210000 |  | 210000 |
| Short-Term Investments | 19372 |  |  | 19372 |
| Total | $21821302 | $25810472 | $— | $47631774 |

---

Semi-Annual Financial Statements **209**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Global Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $924155 | $— | $924155 |
| &nbsp;&nbsp;&nbsp;Canada | 2857171 |  |  | 2857171 |
| &nbsp;&nbsp;&nbsp;China |  | 977729 |  | 977729 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 913360 |  | 913360 |
| &nbsp;&nbsp;&nbsp;Finland |  | 829099 |  | 829099 |
| &nbsp;&nbsp;&nbsp;France |  | 2511635 |  | 2511635 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1260824 |  | 1260824 |
| &nbsp;&nbsp;&nbsp;India | 1078670 |  |  | 1078670 |
| &nbsp;&nbsp;&nbsp;Ireland | 1888985 |  |  | 1888985 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4168954 |  | 4168954 |
| &nbsp;&nbsp;&nbsp;Netherlands | 592562 | 4399439 |  | 4992001 |
| &nbsp;&nbsp;&nbsp;Spain |  | 980492 |  | 980492 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1298321 |  | 1298321 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 2641921 |  | 2641921 |
| &nbsp;&nbsp;&nbsp;Taiwan | 2693193 |  |  | 2693193 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1286026 | 5401851 |  | 6687877 |
| &nbsp;&nbsp;&nbsp;United States | 42660680 |  |  | 42660680 |
| Repurchase Agreements |  | 2400000 |  | 2400000 |
| Short-Term Investments | 133140 |  |  | 133140 |
| Total | $53190427 | $28707780 | $— | $81898207 |

---

**210** Semi-Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Global Listed Infrastructure Portfolio** | **Global Listed Infrastructure Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |  |
| Common Stocks\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia |  | $— | $544492664 | $— | $544492664 |
| &nbsp;&nbsp;&nbsp;Canada |  | 239466791 |  |  | 239466791 |
| &nbsp;&nbsp;&nbsp;France |  |  | 544369028 |  | 544369028 |
| &nbsp;&nbsp;&nbsp;Germany |  |  | 166978197 |  | 166978197 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  |  | 598074601 |  | 598074601 |
| &nbsp;&nbsp;&nbsp;Italy |  |  | 2059105665 |  | 2059105665 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  |  | 150240268 |  | 150240268 |
| &nbsp;&nbsp;&nbsp;New Zealand |  |  | 115564031 |  | 115564031 |
| &nbsp;&nbsp;&nbsp;Portugal |  |  | 101934907 |  | 101934907 |
| &nbsp;&nbsp;&nbsp;Spain |  |  | 192222943 |  | 192222943 |
| &nbsp;&nbsp;&nbsp;Switzerland |  |  | 166878522 |  | 166878522 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  |  | 1937317764 |  | 1937317764 |
| &nbsp;&nbsp;&nbsp;United States |  | 1942254433 | 798801237 |  | 2741055670 |
| Repurchase Agreements |  |  | 728670000 |  | 728670000 |
| Short-Term Investments |  | 38359264 |  |  | 38359264 |
| Other Financial Instruments† |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  |  | 2575924 |  | 2575924 |
| Total |  | $2220080488 | $8107225751 | $— | $10327306239 |
| **Liabilities:** |  |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | $— | $(136793179) | $— | $(136793179) |

---

Semi-Annual Financial Statements **211**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **International Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $11801994 | $— | $11801994 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 13634622 |  | 13634622 |
| &nbsp;&nbsp;&nbsp;Brazil | 10536379 |  |  | 10536379 |
| &nbsp;&nbsp;&nbsp;Canada | 31231097 |  |  | 31231097 |
| &nbsp;&nbsp;&nbsp;China |  | 26663411 |  | 26663411 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 13699650 |  | 13699650 |
| &nbsp;&nbsp;&nbsp;Finland |  | 12757278 |  | 12757278 |
| &nbsp;&nbsp;&nbsp;France |  | 155536497 |  | 155536497 |
| &nbsp;&nbsp;&nbsp;Germany |  | 87480889 |  | 87480889 |
| &nbsp;&nbsp;&nbsp;Greece |  | 21383540 |  | 21383540 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 33624444 |  | 33624444 |
| &nbsp;&nbsp;&nbsp;Israel | 11338605 | 13279713 |  | 24618318 |
| &nbsp;&nbsp;&nbsp;Italy |  | 30838203 |  | 30838203 |
| &nbsp;&nbsp;&nbsp;Japan |  | 199633268 |  | 199633268 |
| &nbsp;&nbsp;&nbsp;Mexico | 10069619 |  |  | 10069619 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 54518627 |  | 54518627 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 14618632 |  | 14618632 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 11402059 |  | 11402059 |
| &nbsp;&nbsp;&nbsp;Spain |  | 40168502 |  | 40168502 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 24631881 |  | 24631881 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 32615880 |  | 32615880 |
| &nbsp;&nbsp;&nbsp;Taiwan | 14940866 |  |  | 14940866 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 139026499 |  | 139026499 |
| &nbsp;&nbsp;&nbsp;United States | 37053405 | 30897664 |  | 67951069 |
| Preferred Stocks\* | 12039983 |  |  | 12039983 |
| Repurchase Agreements |  | 33040000 |  | 33040000 |
| Short-Term Investments | 1745724 |  |  | 1745724 |
| Total | $128955678 | $1001253253 | $— | $1130208931 |

---

**212** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **International Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | $— | $979206 | $— | $979206 |
| &nbsp;&nbsp;&nbsp;Brazil | 753597 |  |  | 753597 |
| &nbsp;&nbsp;&nbsp;Canada | 1247406 |  |  | 1247406 |
| &nbsp;&nbsp;&nbsp;China |  | 2746310 |  | 2746310 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 832172 |  | 832172 |
| &nbsp;&nbsp;&nbsp;Finland |  | 756082 |  | 756082 |
| &nbsp;&nbsp;&nbsp;France |  | 5875804 |  | 5875804 |
| &nbsp;&nbsp;&nbsp;Germany |  | 3792907 |  | 3792907 |
| &nbsp;&nbsp;&nbsp;Greece |  | 1369284 |  | 1369284 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1536716 |  | 1536716 |
| &nbsp;&nbsp;&nbsp;India | 1020167 | 959569 |  | 1979736 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 531110 |  | 531110 |
| &nbsp;&nbsp;&nbsp;Israel | 497881 |  |  | 497881 |
| &nbsp;&nbsp;&nbsp;Italy |  | 383642 |  | 383642 |
| &nbsp;&nbsp;&nbsp;Japan |  | 7434449 |  | 7434449 |
| &nbsp;&nbsp;&nbsp;Mexico | 1450631 |  |  | 1450631 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 4443613 |  | 4443613 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 739718 |  | 739718 |
| &nbsp;&nbsp;&nbsp;Spain |  | 1644279 |  | 1644279 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 740906 |  | 740906 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1726655 |  | 1726655 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 2455208 |  | 2455208 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 6802063 |  | 6802063 |
| &nbsp;&nbsp;&nbsp;United States | 2060711 | 1300004 |  | 3360715 |
| Preferred Stocks\* | 993272 |  |  | 993272 |
| Repurchase Agreements |  | 1060000 |  | 1060000 |
| Short-Term Investments | 56867 |  |  | 56867 |
| Total | $8080532 | $48109697 | $— | $56190229 |

---

Semi-Annual Financial Statements **213**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **International Quality Growth Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $8666684 | $— | $8666684 |
| &nbsp;&nbsp;&nbsp;Brazil | 8072100 |  |  | 8072100 |
| &nbsp;&nbsp;&nbsp;Canada | 19504050 |  |  | 19504050 |
| &nbsp;&nbsp;&nbsp;China |  | 12704121 |  | 12704121 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 5301385 |  | 5301385 |
| &nbsp;&nbsp;&nbsp;France |  | 25459458 |  | 25459458 |
| &nbsp;&nbsp;&nbsp;Germany |  | 22532516 |  | 22532516 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 15249029 |  | 15249029 |
| &nbsp;&nbsp;&nbsp;India | 12406356 |  |  | 12406356 |
| &nbsp;&nbsp;&nbsp;Ireland | 9655343 |  |  | 9655343 |
| &nbsp;&nbsp;&nbsp;Israel | 10199182 |  |  | 10199182 |
| &nbsp;&nbsp;&nbsp;Japan |  | 38007760 |  | 38007760 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 34682596 |  | 34682596 |
| &nbsp;&nbsp;&nbsp;Norway |  | 6609971 |  | 6609971 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 9151029 |  | 9151029 |
| &nbsp;&nbsp;&nbsp;Spain |  | 8983984 |  | 8983984 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 16966523 |  | 16966523 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 17671612 |  | 17671612 |
| &nbsp;&nbsp;&nbsp;Taiwan | 16637729 | 5834928 |  | 22472657 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 70963235 |  | 70963235 |
| &nbsp;&nbsp;&nbsp;United States | 11376363 | 9684441 |  | 21060804 |
| Preferred Stocks\* |  | 5076739 |  | 5076739 |
| Repurchase Agreements |  | 4230000 |  | 4230000 |
| Short-Term Investments | 228844 |  |  | 228844 |
| Total | $88079967 | $317776011 | $— | $405855978 |

---

**214** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted <br>Quoted Prices in <br>Active Markets for <br>Identical <br>Assets <br>and Liabilities <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable <br>Inputs <br>(Level 3) | Balance as of <br>June 30, 2025 |
| **International Small Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $371343 | $— | $371343 |
| &nbsp;&nbsp;&nbsp;Austria |  | 218600 |  | 218600 |
| &nbsp;&nbsp;&nbsp;Canada | 157109 |  |  | 157109 |
| &nbsp;&nbsp;&nbsp;Denmark | 92169 | 71775 |  | 163944 |
| &nbsp;&nbsp;&nbsp;France |  | 836247 |  | 836247 |
| &nbsp;&nbsp;&nbsp;Germany | 302916 | 590236 |  | 893152 |
| &nbsp;&nbsp;&nbsp;Greece |  | 376854 |  | 376854 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 325372 |  | 325372 |
| &nbsp;&nbsp;&nbsp;Israel |  | 374420 |  | 374420 |
| &nbsp;&nbsp;&nbsp;Italy |  | 948812 |  | 948812 |
| &nbsp;&nbsp;&nbsp;Japan |  | 3379176 |  | 3379176 |
| &nbsp;&nbsp;&nbsp;Jersey |  | 199848 |  | 199848 |
| &nbsp;&nbsp;&nbsp;Mexico | 153257 |  |  | 153257 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 473676 |  | 473676 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 105195 |  | 105195 |
| &nbsp;&nbsp;&nbsp;Spain |  | 161193 |  | 161193 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 458162 |  | 458162 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 477465 |  | 477465 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 171711 |  | 171711 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1238604 |  | 1238604 |
| &nbsp;&nbsp;&nbsp;United States |  | 205601 |  | 205601 |
| Preferred Stocks\* |  | 147059 |  | 147059 |
| Repurchase Agreements |  | 390000 |  | 390000 |
| Short-Term Investments | 29635 |  |  | 29635 |
| Total | $735086 | $11521349 | $— | $12256435 |

---

Semi-Annual Financial Statements **215**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **International Strategic Equity Portfolio** | **International Strategic Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada |  | $58657809 | $— | $— | $58657809 |
| &nbsp;&nbsp;&nbsp;China |  |  | 13450726 |  | 13450726 |
| &nbsp;&nbsp;&nbsp;Denmark |  |  | 83306939 |  | 83306939 |
| &nbsp;&nbsp;&nbsp;Finland |  |  | 18219152 |  | 18219152 |
| &nbsp;&nbsp;&nbsp;France |  |  | 91838043 |  | 91838043 |
| &nbsp;&nbsp;&nbsp;Germany |  |  | 94698175 |  | 94698175 |
| &nbsp;&nbsp;&nbsp;Greece |  |  | 53415262 |  | 53415262 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  |  | 41955206 |  | 41955206 |
| &nbsp;&nbsp;&nbsp;India |  |  | 54990883 |  | 54990883 |
| &nbsp;&nbsp;&nbsp;Israel |  | 26488649 | 131467972 |  | 157956621 |
| &nbsp;&nbsp;&nbsp;Italy |  | 26866665 | 120233752 |  | 147100417 |
| &nbsp;&nbsp;&nbsp;Japan |  |  | 292745808 |  | 292745808 |
| &nbsp;&nbsp;&nbsp;Mexico |  | 28759409 |  |  | 28759409 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 17210778 | 57549729 |  | 74760507 |
| &nbsp;&nbsp;&nbsp;Portugal |  |  | 23469577 |  | 23469577 |
| &nbsp;&nbsp;&nbsp;Sweden |  |  | 18332975 |  | 18332975 |
| &nbsp;&nbsp;&nbsp;Switzerland |  |  | 49250844 |  | 49250844 |
| &nbsp;&nbsp;&nbsp;Taiwan |  |  | 19497243 |  | 19497243 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  |  | 324192766 |  | 324192766 |
| &nbsp;&nbsp;&nbsp;United States |  | 109057649 | 33960238 |  | 143017887 |
| Repurchase Agreements |  |  | 60140000 |  | 60140000 |
| Short-Term Investments |  | 3171682 |  |  | 3171682 |
| Total |  | $270212641 | $1582715290 | $— | $1852927931 |
| **US Equity Concentrated Portfolio** |  |  |  |  |  |
| Common Stocks\* |  | $40546309 | $— | $— | $40546309 |
| Repurchase Agreements |  |  | 660000 |  | 660000 |
| Short-Term Investments |  | 38969 |  |  | 38969 |
| Total |  | $40585278 | $660000 | $— | $41245278 |
| **US Equity Focus Portfolio** |  |  |  |  |  |
| Common Stocks\* |  | $74318614 | $— | $— | $74318614 |
| Repurchase Agreements |  |  | 2200000 |  | 2200000 |
| Short-Term Investments |  | 117258 |  |  | 117258 |
| Total |  | $74435872 | $2200000 | $— | $76635872 |
| **US Small Cap Equity Select Portfolio** |  |  |  |  |  |
| Common Stocks\* |  | $33237983 | $— | $— | $33237983 |
| Total |  | $33237983 | $— | $— | $33237983 |

---

**216** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets for<br> Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **US Sustainable Equity Portfolio** |  |  |  |  |
| Common Stocks\* | $8856425 | $— | $— | $8856425 |
| Repurchase Agreements |  | 370000 |  | 370000 |
| Short-Term Investments | 22084 |  |  | 22084 |
| Total | $8878509 | $370000 | $— | $9248509 |
| **US Systematic Small Cap Equity Portfolio** |  |  |  |  |
| Closed-End Management Investment Companies | $193587 | $— | $— | $193587 |
| Common Stocks\* | 47812490 |  |  | 47812490 |
| Rights |  |  | 823 | 823 |
| Repurchase Agreements |  | 430000 |  | 430000 |
| Short-Term Investments | 26171 |  |  | 26171 |
| Total | $48032248 | $430000 | $823 | $48463071 |

---

---

| | |
|:---|:---|
| *\** | *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, 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.

Semi-Annual Financial Statements **217**

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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 period ended June 30, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $304000000.0 |
| Average amounts sold | $7192300000.0 |

---

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $2575924 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $136793179 |

---

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(440791579) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $(230390827) |

---

**218** Semi-Annual Financial Statements

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None of the other presented Portfolios traded in derivative instruments during the period ended June 30, 2025.

As of June 30, 2025, the Global Listed Infrastructure Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts<br> of Recognized<br> Assets | Gross Amounts<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement<br> of Assets and<br> Liabilities |
| Forward currency contracts | $2575924 | $— | $2575924 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset in the <br> Statement of Assets and Liabilities | Amounts Not Offset in the <br> Statement of Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral<br> Received | Net Amounts<br> of Derivative<br> Assets |
| BNP Paribas SA | $102598 | $(102598) | $— | $— |
| Citibank N.A. | 170466 | (170466) |  |  |
| HSBC Bank USA N.A. | 1579413 | (1579413) |  |  |
| Morgan Stanley & Co. | 247552 | (247552) |  |  |
| Standard Chartered Bank | 299626 | (299626) |  |  |
| State Street Bank & Trust Co. | 176269 | (176269) |  |  |
| Total | $2575924 | $(2575924) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts<br> of Recognized<br> Liabilities | Gross Amounts<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities | Net Amounts of<br> Liabilities Presented<br> in the Statement<br> of Assets and<br> Liabilities |
| Forward currency contracts | $136793179 | $— | $136793179 |

---

Semi-Annual Financial Statements **219**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset in the<br> Statement of Assets and Liabilities | Amounts Not Offset in the<br> Statement of Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br> Liabilities Presented<br> in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral<br> Pledged | Net Amounts<br> of Derivative<br> Liabilities |
| Bank of New York Mellon | $13146982 | $— | $— | $13146982 |
| BNP Paribas SA | 15725840 | (102598) |  | 15623242 |
| Canadian Imperial Bank of Commerce | 18181341 |  |  | 18181341 |
| Citibank N.A. | 14084940 | (170466) |  | 13914474 |
| HSBC Bank USA N.A. | 25646470 | (1579413) |  | 24067057 |
| Morgan Stanley & Co. | 8370545 | (247552) |  | 8122993 |
| Royal Bank of Canada | 19417107 |  |  | 19417107 |
| Standard Chartered Bank | 1236647 | (299626) |  | 937021 |
| State Street Bank &Trust Co. | 20983307 | (176269) |  | 20807038 |
| Total | $136793179 | $(2575924) | $— | $134217255 |

---

**11. Segment Reporting**

During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker ("CODM") for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund's prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment's financial statements.

**12. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 (the "ASU"), amending ASC 740-10-50-12, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures to enhance transparency and consistency

**220** Semi-Annual Financial Statements

------

in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The ASU will be effective for annual reporting periods beginning after December 15, 2024. Management is currently assessing the impact of the ASU on the financial statements and disclosures.

**13. Subsequent Events**

On May 20, 2025, the Board approved a Plan of Reorganization providing for the tax-free reorganization of the US Systematic Small Cap Equity Portfolio into the Lazard US Systematic Small Cap Equity ETF, which is anticipated to close on or about September 12, 2025.

Additionally, on June 24, 2025, the Board approved a Plan of Reorganization providing for the tax-free reorganization of the Emerging Markets Core Equity Portfolio into the Lazard Emerging Markets Opportunities ETF, which is anticipated to close on or about October 24, 2025.

Semi-Annual Financial Statements **221**

**The Lazard Funds, Inc.** Other Information (N-CSR Item 7) (unaudited)

------

**Proxy Voting**

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

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

**Schedule of Portfolio Holdings**

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

**222** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Additional Information (unaudited)

------

**Changes in and Disagreements with Accountants (N-CSR Item 8)**

This information is not applicable for the reporting period.

**Proxy Disclosures (N-CSR Item 9)**

This information is not applicable for the reporting period.

**Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)**

This information can be found in N-CSR Item 7, Note 4.

**Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)**

At meetings of the Board held on May 20, 2025 and June 24, 2025, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meetings in response to detailed questions from the Independent Directors and their counsel, including, at the June 24, 2025 meeting, additional information requested by the Independent Directors at the May 20, 2025 meeting.

In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager's services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds and other clients of the Investment Manager, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with

Semi-Annual Financial Statements **223**

------

each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board's deliberations, no single factor was responsible for the Board's decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2025, the Lazard Funds complex of 29 active funds comprised approximately $18.0 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates.

The Board considered the various services provided by the Investment Manager including the Investment Manager's research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager's representatives stated that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager's global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment

**224** Semi-Annual Financial Statements

------

Manager's staffing to provide services pursuant to the Management Agreement; the Fund's distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; each Portfolio's asset flows and the growth or decline in asset levels; and the Investment Manager's financial condition.

The Board considered the position of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $18.0 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u> *ISS Advisory Fee and Expense Ratio Comparisons.* The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. ("ISS"), an independent provider of investment company data, including, among other information, each Portfolio's contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio's expense limitation agreed to by the Investment Manager) compared to those of:

&nbsp;&nbsp;&nbsp;&nbsp;● a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense and performance comparison purposes, based on ISS's methodology (the "Peer Group"); and

● the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third-party service that provides comparative fund information ("Morningstar"), with certain exclusions as specified by ISS (the "Expense Category").

Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board. For the US Equity Concentrated Portfolio, the Investment Manager proposed to lower the current management fee and expense limitation by 0.05%. After giving effect to the proposed

Semi-Annual Financial Statements **225**

------

management fee and expense limitation reductions, the results of the ISS comparisons showed that the advisory fees and net expense ratios of most of the Portfolios were generally competitive within each Portfolio's respective Peer Group.The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager was currently waiving advisory fees and/or reimbursing certain expenses for most Portfolios.The Board also received a description of ISS's methodology for its construction of the Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.

*Other Accounts Advisory Fee Comparisons.* The Board also considered the actual advisory fees paid to the Investment Manager by other accounts of the Investment Manager that are comparable to each Portfolio in terms of investment objectives, strategies and policies, if any (including other investment companies and other pooled investment vehicles, "Other Accounts"). Representatives of the Investment Manager discussed the nature of the Other Accounts and the significant differences in services provided by the Investment Manager to the different types of Other Accounts as compared to the services provided to the Portfolios. At the request of the Board and in connection with the Board's approval of management agreements with regard to active exchange-traded funds ("ETFs") advised by the Investment Manager, representatives of the Investment Manager discussed the differences in the competitive markets for ETFs and mutual funds; the relatively recent growth of the ETF industry as compared to the mutual fund industry; the differences in the services provided to ETF and mutual fund shareholders, including with respect to portfolio management services; and the differences in the investment teams, processes, strategies and/or policies, as applicable, between certain ETFs and mutual funds managed by the Investment Manager. The Board considered the relevance of the fee information provided for Other Accounts and ETFs, in light of

**226** Semi-Annual Financial Statements

------

the Investment Manager's discussion of the significant differences in services provided and/or different competitive markets and other factors, to evaluate the advisory fees of the relevant Portfolios.

*ISS Performance Comparisons.* The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio's performance for the one-, three-, five- and ten-year periods ended March 31, 2025, as applicable, compared to performance for the same time periods to that of:

&nbsp;&nbsp;&nbsp;&nbsp;● the Peer Group;

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

● the Portfolio's benchmark index.

When evaluating the performance of each Portfolio, the Board considered ISS's performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance in certain periods and Portfolios which otherwise are not performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

<u>Investment Manager Profitability, Economies of Scale and Other Benefits</u> The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager's estimated profitability percentage resulting from its, and its affiliates', relationship with the Portfolio for the calendar year ended December 31, 2024 and the Investment Manager's cost allocation methodology to compute an estimate of each Portfolio's costs to the Investment Manager. The Investment Manager's

Semi-Annual Financial Statements **227**

------

representatives reviewed with the Board information provided on the Investment Manager's brokerage practices and the Portfolios' brokerage allocations, commission payments and soft dollar commissions and benefits. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than, in connection with the management of certain Portfolios, the benefit of soft dollar commissions. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates' own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios' Open Shares.

The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager's estimated profitability percentage with respect to each Portfolio as part of the evaluation of the Portfolio's fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager's reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio's management fee schedule as a Portfolio's assets increase or by instituting management fees at inception that account for future scale. The Board further considered that, as the assets of most of the Portfolios had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio's assets as of the end of the previous calendar year

**228** Semi-Annual Financial Statements

------

and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale with respect to these Portfolios was reduced.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 20, 2025 and June 24, 2025 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports.The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

&nbsp;&nbsp;&nbsp;&nbsp;● The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $227.4 billion global asset management business.

Semi-Annual Financial Statements **229**

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&nbsp;&nbsp;&nbsp;&nbsp;● The Board concluded that each Portfolio's fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors considered by the Board and the totality of the services provided.

● The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

● The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase over time, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors.

● At the May 20, 2025 meeting, the Board approved the liquidation of the US Sustainable Equity Portfolio on or about July 21, 2025. It was noted that the Management Agreement was renewed with respect to that Portfolio in order for it to continue the process of winding down and distributing assets to its shareholders.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

**230** Semi-Annual Financial Statements

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**The Lazard Funds, Inc.**

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions, 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

![](x5_c112974x234x1m4.jpg)

![](x5_c112974x234x2m4.jpg)

---

| | |
|:---|:---|
| Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com | Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com |
| **Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.**<br> LZDPS020 | ![](x5_c112974x234x3m4.jpg) |

---

![](x5_c112975x1x1m4.jpg)

Lazard Funds

Semi-Annual

Financial Statements

June 30, 2025

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**](#xx5xc112975a001xm4) | [**Portfolios of Investments (N-CSR Item 7)**](#xx5xc112975a001xm4) |
| [2](#xx5xc112975a002xm4) | [Lazard US Convertibles Portfolio](#xx5xc112975a002xm4) |
| [11](#xx5xc112975a003xm4) | [Lazard US High Yield Portfolio](#xx5xc112975a003xm4) |
| [19](#xx5xc112975a004xm4) | [Lazard US Short Duration Fixed Income Portfolio](#xx5xc112975a004xm4) |
| [**23**](#xx5xc112975a005xm4) | [**Abbreviations (N-CSR Item 7)**](#xx5xc112975a005xm4) |
| [**24**](#xx5xc112975a006xm4) | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx5xc112975a006xm4) |
| [**28**](#xx5xc112975a007xm4) | [**Statements of Operations (N-CSR Item 7)**](#xx5xc112975a007xm4) |
| [**30**](#xx5xc112975a008xm4) | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx5xc112975a008xm4) |
| [**34**](#xx5xc112975a009xm4) | [**Financial Highlights (N-CSR Item 7)**](#xx5xc112975a009xm4) |
| [**41**](#xx5xc112975a010xm4) | [**Notes to Financial Statements (N-CSR Item 7)**](#xx5xc112975a010xm4) |
| [**67**](#xx5xc112975a011xm4) | [**Other Information (N-CSR Item 7)**](#xx5xc112975a011xm4) |
| [**68**](#xx5xc112975a012xm4) | [**Additional Information (N-CSR Items 8-11)**](#xx5xc112975a012xm4) |

---

**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 https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents. 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.**

Semi-Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

June 30, 2025 (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio** |  |  |
| **Convertible Corporate Bonds \| 86.0%** |  |  |
| **Aerospace & Defense \| 0.8%** |  |  |
| Rocket Lab USA, Inc.,<br> 4.250%, 02/01/29 (#) | $&nbsp;&nbsp;&nbsp;&nbsp;19 | $133522 |
| **Automobiles \| 1.8%** |  |  |
| Lucid Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 12/15/26 (#) | 85 | 74481 |
| &nbsp;&nbsp;&nbsp;5.000%, 04/01/30 (#) | 58 | 53230 |
| Rivian Automotive, Inc.,<br> 4.625%, 03/15/29 | 164 | 167177 |
|  |  | 294888 |
| **Biotechnology \| 4.6%** |  |  |
| Alnylam Pharmaceuticals, Inc.,<br> 1.000%, 09/15/27 | 80 | 104120 |
| Bridgebio Pharma, Inc.,<br> 2.500%, 03/15/27 | 76 | 94895 |
| Cytokinetics, Inc.,<br> 3.500%, 07/01/27 | 27 | 28795 |
| Guardant Health, Inc.,<br> 1.250%, 02/15/31 | 72 | 84108 |
| Halozyme Therapeutics, Inc.,<br> 0.250%, 03/01/27 | 209 | 208739 |
| Ionis Pharmaceuticals, Inc.,<br> 0.000%, 04/01/26 | 202 | 203566 |
|  |  | 724223 |
| **Capital Markets \| 2.0%** |  |  |
| Core Scientific, Inc.,<br> 0.000%, 06/15/31 (#) | 97 | 105851 |
| MARA Holdings, Inc.,<br> 0.000%, 03/01/30 (#) | 235 | 211853 |
|  |  | 317704 |

---

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

**2** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Commercial Services & Supplies \| 3.0%** |  |  |
| Affirm Holdings, Inc.,<br> 0.750%, 12/15/29 (#) | $&nbsp;&nbsp;&nbsp;&nbsp;52 | $55094 |
| Global Payments, Inc.,<br> 1.500%, 03/01/31 | 197 | 176906 |
| Shift4 Payments, Inc.,<br> 0.000%, 12/15/25 | 148 | 187590 |
| Stride, Inc.,<br> 1.125%, 09/01/27 | 18 | 50121 |
|  |  | 469711 |
| **Construction & Engineering \| 2.4%** |  |  |
| Fluor Corp.,<br> 1.125%, 08/15/29 | 135 | 177289 |
| Granite Construction, Inc.,<br> 3.250%, 06/15/30 | 74 | 101343 |
| Meritage Homes Corp.,<br> 1.750%, 05/15/28 | 111 | 108028 |
|  |  | 386660 |
| **Diversified REITs \| 2.4%** |  |  |
| Digital Realty Trust LP,<br> 1.875%, 11/15/29 (#) | 100 | 105390 |
| Welltower OP LLC,<br> 2.750%, 05/15/28 (#) | 166 | 270663 |
|  |  | 376053 |
| **Diversified Telecommunication Services \| 0.7%** |  |  |
| AST SpaceMobile, Inc.,<br> 4.250%, 03/01/32 (#) | 25 | 49646 |
| InterDigital, Inc.,<br> 3.500%, 06/01/27 | 21 | 61215 |
|  |  | 110861 |
| **Electric Utilities \| 10.7%** |  |  |
| Alliant Energy Corp.,<br> 3.875%, 03/15/26 | 84 | 86478 |

---

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

Semi-Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| CMS Energy Corp.,<br> 3.375%, 05/01/28 | $224 | $238672 |
| Duke Energy Corp.,<br> 4.125%, 04/15/26 | 91 | 96392 |
| Evergy, Inc.,<br> 4.500%, 12/15/27 | 62 | 72625 |
| NextEra Energy Capital Holdings, Inc.,<br> 3.000%, 03/01/27 | 359 | 409081 |
| PG&E Corp.,<br> 4.250%, 12/01/27 | 351 | 349175 |
| Southern Co.,<br> 3.875%, 12/15/25 | 329 | 364548 |
| WEC Energy Group, Inc.,<br> 4.375%, 06/01/29 | 78 | 90207 |
|  |  | 1707178 |
| **Electronic Equipment, Instruments & Components \| 0.7%** |  |  |
| Itron, Inc.,<br> 1.375%, 07/15/30 | 94 | 112236 |
| **Entertainment \| 2.2%** |  |  |
| Cinemark Holdings, Inc.,<br> 4.500%, 08/15/25 | 21 | 44557 |
| Live Nation Entertainment, Inc.,<br> 2.875%, 01/15/30 (#) | 283 | 308470 |
|  |  | 353027 |
| **Financial Services \| 1.7%** |  |  |
| Coinbase Global, Inc.,<br> 0.250%, 04/01/30 | 93 | 121876 |
| SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 (#) | 43 | 87673 |
| Upstart Holdings, Inc.,<br> 2.000%, 10/01/29 (#) | 33 | 54120 |
|  |  | 263669 |

---

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

**4** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Health Care Equipment & Supplies \| 4.6%** |  |  |
| Exact Sciences Corp.,<br> 0.375%, 03/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;310 | $283340 |
| Insulet Corp.,<br> 0.375%, 09/01/26 | 85 | 119696 |
| Integer Holdings Corp.,<br> 1.875%, 03/15/30 (#) | 84 | 87696 |
| iRhythm Technologies, Inc.,<br> 1.500%, 09/01/29 | 96 | 123408 |
| Lantheus Holdings, Inc.,<br> 2.625%, 12/15/27 | 43 | 54728 |
| Merit Medical Systems, Inc.,<br> 3.000%, 02/01/29 (#) | 44 | 55100 |
|  |  | 723968 |
| **Health Care Providers & Services \| 1.1%** |  |  |
| Teladoc Health, Inc.,<br> 1.250%, 06/01/27 | 188 | 173863 |
| **Interactive Media & Services \| 10.5%** |  |  |
| Airbnb, Inc.,<br> 0.000%, 03/15/26 | 305 | 294781 |
| DoorDash, Inc.,<br> 0.000%, 05/15/30 (#) | 175 | 190025 |
| Etsy, Inc.,<br> 0.125%, 10/01/26 | 143 | 138531 |
| Hims & Hers Health, Inc.,<br> 0.000%, 05/15/30 (#) | 70 | 73570 |
| Match Group Financeco 3, Inc.,<br> 2.000%, 01/15/30 (#) | 250 | 223750 |
| Snap, Inc.,<br> 0.125%, 03/01/28 | 257 | 223205 |
| Uber Technologies, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | 274 | 328663 |
| &nbsp;&nbsp;&nbsp;0.000%, 05/15/28 (#) | 80 | 85160 |
| Wayfair, Inc.,<br> 3.250%, 09/15/27 | 96 | 109632 |
|  |  | 1667317 |

---

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

Semi-Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **IT Services \| 6.9%** |  |  |
| CyberArk Software Ltd.,<br> 0.000%, 06/15/30 (#) | $&nbsp;&nbsp;&nbsp;&nbsp;100 | $103000 |
| Lumentum Holdings, Inc.,<br> 0.500%, 06/15/28 | 260 | 269620 |
| Parsons Corp.,<br> 2.625%, 03/01/29 | 114 | 121752 |
| Rubrik, Inc.,<br> 0.000%, 06/15/30 (#) | 75 | 78703 |
| Seagate HDD Cayman,<br> 3.500%, 06/01/28 | 90 | 161744 |
| Super Micro Computer, Inc.,<br> 3.500%, 03/01/29 | 129 | 135063 |
| Western Digital Corp.,<br> 3.000%, 11/15/28 | 125 | 224687 |
|  |  | 1094569 |
| **Leisure Products \| 2.3%** |  |  |
| Carnival Corp.,<br> 5.750%, 12/01/27 | 63 | 138726 |
| NCL Corp. Ltd.,<br> 0.875%, 04/15/30 (#) | 72 | 77355 |
| Peloton Interactive, Inc.,<br> 5.500%, 12/01/29 | 27 | 49676 |
| Royal Caribbean Cruises Ltd.,<br> 6.000%, 08/15/25 | 15 | 94699 |
|  |  | 360456 |
| **Machinery \| 2.0%** |  |  |
| Axon Enterprise, Inc.,<br> 0.500%, 12/15/27 | 33 | 119831 |
| Bloom Energy Corp.,<br> 3.000%, 06/01/28 | 85 | 125928 |
| Middleby Corp.,<br> 1.000%, 09/01/25 | 66 | 74184 |
|  |  | 319943 |

---

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

**6** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Media \| 2.0%** |  |  |
| Liberty Broadband Corp.,<br> 3.125%, 03/31/53 (#) | $&nbsp;&nbsp;&nbsp;&nbsp;225 | $226597 |
| Liberty Media Corp.-Liberty Formula One,<br> 2.250%, 08/15/27 | 67 | 89210 |
|  |  | 315807 |
| **Metals & Mining \| 0.5%** |  |  |
| MP Materials Corp.,<br> 3.000%, 03/01/30 (#) | 50 | 86775 |
| **Oil, Gas & Consumable Fuels \| 1.2%** |  |  |
| CNX Resources Corp.,<br> 2.250%, 05/01/26 | 36 | 94662 |
| Northern Oil & Gas, Inc.,<br> 3.625%, 04/15/29 | 90 | 94162 |
|  |  | 188824 |
| **Passenger Airlines \| 0.1%** |  |  |
| JetBlue Airways Corp.,<br> 2.500%, 09/01/29 (#) | 25 | 23050 |
| **Pharmaceuticals \| 1.3%** |  |  |
| Jazz Investments I Ltd.,<br> 2.000%, 06/15/26 | 200 | 202650 |
| **Semiconductors & Semiconductor Equipment \| 3.8%** |  |  |
| Microchip Technology, Inc.,<br> 0.750%, 06/01/30 | 136 | 134232 |
| MKS, Inc.,<br> 1.250%, 06/01/30 | 157 | 155509 |
| ON Semiconductor Corp.,<br> 0.500%, 03/01/29 | 331 | 307151 |
|  |  | 596892 |

---

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

Semi-Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Software \| 15.6%** |  |  |
| Akamai Technologies, Inc.,<br> 0.375%, 09/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;283 | $275147 |
| Bill Holdings, Inc.,<br> 0.000%, 04/01/30 (#) | 188 | 159095 |
| Cloudflare, Inc.,<br> 0.000%, 08/15/26 | 207 | 245264 |
| Datadog, Inc.,<br> 0.000%, 12/01/29 (#) | 236 | 226678 |
| Dropbox, Inc.,<br> 0.000%, 03/01/28 | 127 | 129286 |
| Five9, Inc.,<br> 1.000%, 03/15/29 | 156 | 136734 |
| Guidewire Software, Inc.,<br> 1.250%, 11/01/29 (#) | 57 | 67345 |
| MicroStrategy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 (#) | 311 | 294983 |
| &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 | 177 | 492900 |
| Nutanix, Inc.,<br> 0.250%, 10/01/27 | 88 | 124256 |
| Snowflake, Inc.,<br> 0.000%, 10/01/27 (#) | 167 | 254174 |
| Tyler Technologies, Inc.,<br> 0.250%, 03/15/26 | 55 | 67870 |
|  |  | 2473732 |
| **Specialty Retail \| 1.1%** |  |  |
| GameStop Corp.,<br> 0.000%, 04/01/30 (#) | 168 | 181860 |
| **Total Convertible Corporate Bonds**<br> (Cost $12,673,774) |  | 13659438 |

---

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

**8** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Preferred Stocks \| 10.8%** |  |  |
| **Aerospace & Defense \| 2.7%** |  |  |
| Boeing Co. | 6368 | $433024 |
| **Banks \| 4.0%** |  |  |
| Bank of America Corp., Series L | 380 | 460940 |
| Wells Fargo & Co., Class A, Series L | 145 | 170249 |
|  |  | 631189 |
| **Capital Markets \| 1.2%** |  |  |
| ARES Management Corp., Series B | 1346 | 71338 |
| KKR & Co., Inc., Series D | 2300 | 123280 |
|  |  | 194618 |
| **Chemicals \| 0.5%** |  |  |
| Albemarle Corp. | 2636 | 84616 |
| **Financial Services \| 0.8%** |  |  |
| Apollo Global Management, Inc. | 1652 | 123652 |
| **Machinery \| 0.3%** |  |  |
| Chart Industries, Inc., Series B | 656 | 39622 |
| **Semiconductors & Semiconductor Equipment \| 0.8%** |  |  |
| Microchip Technology, Inc. | 2019 | 134546 |
| **Technology Hardware, Storage & Peripherals \| 0.5%** |  |  |
| Hewlett Packard Enterprise Co. | 1367 | 80489 |
| **Total Preferred Stocks** <br> (Cost $1,625,909) |  | 1721756 |

---

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

Semi-Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal <br> Amount <br> (000) | Fair <br> Value |
| **Lazard US Convertibles Portfolio (concluded)** |  |  |
| **Repurchase Agreements \| 4.2%** |  |  |
| Fixed Income Clearing Corp., <br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $674,100 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $683,444) Proceeds of $670,082 <br> (Cost $670,000) | $670 | $670000 |
| &nbsp;&nbsp;Description | Shares | Fair <br> Value |
| **Short-Term Investments \| 0.3%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 4.25% (7 day yield) <br> (Cost $41,702) | 41702 | 41702 |
| **Total Investments \| 101.3%** <br> (Cost $15,011,385) |  | $**16092896** |
| **Liabilities in Excess of Cash and Other Assets \| (1.3)%** |  | **(210109)** |
| **Net Assets \| 100.0%** |  | $**15882787** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 25.0% of net assets of the Portfolio.* |

---

Futures Contracts open at June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Financial<br> Futures | Number of <br> Contracts | Notional <br> Amount | Expiration <br> Date | Notional <br> Cost | Fair <br> Value | Unrealized <br> Appreciation | Unrealized<br> Depreciation |
| CME E-mini NASDAQ 100 Index Futures | 1 | $20 | 09/19/25 | $437319 | $457865 | $20546 | $— |
| CBOT 5 Year U.S. Treasury Notes Futures | 14 | 1400000 | 09/30/25 | 1504376 | 1526000 | 21624 |  |
| Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts |  | $42170 | $— |

---

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

**10** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio** |  |  |
| **Corporate Bonds \| 96.9%** |  |  |
| **Aerospace & Defense \| 2.7%** |  |  |
| Bombardier, Inc.,<br> 8.750%, 11/15/30 (#) | $1750 | $1894513 |
| TransDigm, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 | 500 | 490599 |
| &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 (#) | 1000 | 1021140 |
|  |  | 3406252 |
| **Automobile Components \| 3.8%** |  |  |
| American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/29 | 1500 | 1372692 |
| Goodyear Tire & Rubber Co.,<br> 5.250%, 07/15/31 | 2000 | 1917715 |
| Tenneco, Inc.,<br> 8.000%, 11/17/28 (#) | 1500 | 1483346 |
|  |  | 4773753 |
| **Automobiles \| 1.0%** |  |  |
| Allison Transmission, Inc.,<br> 4.750%, 10/01/27 (#) | 1295 | 1283041 |
| **Building Products \| 2.5%** |  |  |
| Griffon Corp.,<br> 5.750%, 03/01/28 | 1750 | 1749807 |
| Standard Industries, Inc.,<br> 3.375%, 01/15/31 (#) | 1500 | 1345194 |
|  |  | 3095001 |
| **Chemicals \| 3.6%** |  |  |
| Methanex Corp.,<br> 5.125%, 10/15/27 | 1750 | 1744040 |
| NOVA Chemicals Corp.,<br> 4.250%, 05/15/29 (#) | 1750 | 1682988 |
| WR Grace Holdings LLC,<br> 4.875%, 06/15/27 (#) | 1000 | 994223 |
|  |  | 4421251 |

---

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

Semi-Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Commercial Services & Supplies \| 3.9%** |  |  |
| ADT Security Corp.,<br> 4.125%, 08/01/29 (#) | $250 | $241510 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc.,<br> 5.750%, 07/15/27 (#) | 1733 | 1728093 |
| Prime Security Services Borrower LLC/Prime Finance, Inc.,<br> 3.375%, 08/31/27 (#) | 1500 | 1452749 |
| Valvoline, Inc.,<br> 3.625%, 06/15/31 (#) | 1500 | 1358171 |
|  |  | 4780523 |
| **Containers & Packaging \| 0.9%** |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,<br> 4.000%, 09/01/29 (#) | 1200 | 1095452 |
| **Diversified REITs \| 1.4%** |  |  |
| Iron Mountain, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/31 (#) | 1250 | 1190988 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/29 (#) | 500 | 491209 |
|  |  | 1682197 |
| **Diversified Telecommunication Services \| 5.0%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC,<br> 9.000%, 09/15/29 (#) | 2000 | 2006580 |
| Frontier Communications Holdings LLC,<br> 6.750%, 05/01/29 (#) | 500 | 506538 |
| Level 3 Financing, Inc.,<br> 4.500%, 04/01/30 (#) | 2000 | 1810000 |
| Zayo Group Holdings, Inc.,<br> 4.000%, 03/01/27 (#) | 2000 | 1875553 |
|  |  | 6198671 |

---

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

**12** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Electric Utilities \| 2.5%** |  |  |
| NRG Energy, Inc.,<br> 3.625%, 02/15/31 (#) | $1500 | $1380457 |
| XPLR Infrastructure Operating Partners LP,<br> 4.500%, 09/15/27 (#) | 1750 | 1705898 |
|  |  | 3086355 |
| **Electrical Equipment \| 1.3%** |  |  |
| Energizer Holdings, Inc.,<br> 4.750%, 06/15/28 (#) | 1700 | 1655452 |
| **Entertainment \| 2.5%** |  |  |
| Cinemark USA, Inc.,<br> 5.250%, 07/15/28 (#) | 1500 | 1492893 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp.,<br> 5.375%, 04/15/27 | 1550 | 1548332 |
|  |  | 3041225 |
| **Food Products \| 6.1%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC,<br> 3.500%, 03/15/29 (#) | 1500 | 1421070 |
| Performance Food Group, Inc.,<br> 4.250%, 08/01/29 (#) | 1800 | 1735648 |
| Post Holdings, Inc.,<br> 4.500%, 09/15/31 (#) | 1500 | 1392314 |
| TreeHouse Foods, Inc.,<br> 4.000%, 09/01/28 | 1750 | 1595660 |
| U.S. Foods, Inc.,<br> 4.625%, 06/01/30 (#) | 1500 | 1460507 |
|  |  | 7605199 |
| **Gas Utilities \| 0.8%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp.,<br> 9.375%, 06/01/28 (#) | 1000 | 1031138 |

---

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

Semi-Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Health Care Equipment & Supplies \| 1.7%** |  |  |
| Bausch & Lomb Corp.,<br> 8.375%, 10/01/28 (#) | $2000 | $2087500 |
| **Health Care Providers & Services \| 4.1%** |  |  |
| Encompass Health Corp.,<br> 4.625%, 04/01/31 | 1849 | 1789331 |
| LifePoint Health, Inc.,<br> 5.375%, 01/15/29 (#) | 2000 | 1864100 |
| Tenet Healthcare Corp.,<br> 4.375%, 01/15/30 | 1500 | 1452000 |
|  |  | 5105431 |
| **Hotel & Resort REITs \| 2.6%** |  |  |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer,<br> 4.875%, 05/15/29 (#) | 1500 | 1453357 |
| RHP Hotel Properties LP/RHP Finance Corp.,<br> 4.500%, 02/15/29 (#) | 1750 | 1710429 |
|  |  | 3163786 |
| **Hotels, Restaurants & Leisure \| 4.0%** |  |  |
| Boyd Gaming Corp.,<br> 4.750%, 06/15/31 (#) | 2000 | 1916892 |
| Station Casinos LLC,<br> 4.625%, 12/01/31 (#) | 1750 | 1639284 |
| Travel & Leisure Co.,<br> 4.500%, 12/01/29 (#) | 1500 | 1449689 |
|  |  | 5005865 |
| **Household Durables \| 1.4%** |  |  |
| Somnigroup International, Inc.,<br> 4.000%, 04/15/29 (#) | 1750 | 1673133 |
| **Interactive Media & Services \| 1.1%** |  |  |
| Ziff Davis, Inc.,<br> 4.625%, 10/15/30 (#) | 1500 | 1400203 |

---

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

**14** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **IT Services \| 2.7%** |  |  |
| NCR Atleos Corp.,<br> 9.500%, 04/01/29 (#) | $1500 | $1643045 |
| NCR Voyix Corp.,<br> 5.125%, 04/15/29 (#) | 1750 | 1723640 |
|  |  | 3366685 |
| **Leisure Products \| 1.2%** |  |  |
| Sabre GLBL, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 06/01/27 (#) | 1038 | 1062652 |
| &nbsp;&nbsp;&nbsp;10.750%, 11/15/29 (#) | 468 | 480892 |
|  |  | 1543544 |
| **Machinery \| 1.6%** |  |  |
| Terex Corp.,<br> 5.000%, 05/15/29 (#) | 2000 | 1952228 |
| **Media \| 14.9%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 (#) | 1500 | 1453204 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 (#) | 500 | 498391 |
| Clear Channel Outdoor Holdings, Inc.,<br> 7.750%, 04/15/28 (#) | 1500 | 1417500 |
| DISH Network Corp.,<br> 11.750%, 11/15/27 (#) | 2000 | 2061652 |
| Gray Media, Inc.,<br> 7.000%, 05/15/27 (#) | 1500 | 1499328 |
| Lamar Media Corp.,<br> 3.625%, 01/15/31 | 1500 | 1386059 |
| Nexstar Media, Inc.,<br> 5.625%, 07/15/27 (#) | 1500 | 1496491 |
| Scripps Escrow II, Inc.,<br> 3.875%, 01/15/29 (#) | 1000 | 870530 |
| Sinclair Television Group, Inc.,<br> 5.125%, 02/15/27 (#) | 1750 | 1683083 |
| Sirius XM Radio LLC,<br> 3.875%, 09/01/31 (#) | 1000 | 888915 |

---

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

Semi-Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| TEGNA, Inc.,<br> 5.000%, 09/15/29 | $1750 | $1671572 |
| Univision Communications, Inc.,<br> 6.625%, 06/01/27 (#) | 1750 | 1745226 |
| Virgin Media Secured Finance PLC,<br> 4.500%, 08/15/30 (#) | 2000 | 1858779 |
|  |  | 18530730 |
| **Oil, Gas & Consumable Fuels \| 14.0%** |  |  |
| Borr IHC Ltd./Borr Finance LLC,<br> 10.375%, 11/15/30 (#) | 1623 | 1435977 |
| Buckeye Partners LP,<br> 4.500%, 03/01/28 (#) | 1500 | 1477366 |
| Civitas Resources, Inc.,<br> 8.750%, 07/01/31 (#) | 2000 | 2022218 |
| Comstock Resources, Inc.,<br> 6.750%, 03/01/29 (#) | 1500 | 1503359 |
| CVR Energy, Inc.,<br> 8.500%, 01/15/29 (#) | 1500 | 1500588 |
| Kodiak Gas Services LLC,<br> 7.250%, 02/15/29 (#) | 1750 | 1810219 |
| Nabors Industries, Inc.,<br> 9.125%, 01/31/30 (#) | 1500 | 1436255 |
| Range Resources Corp.,<br> 4.750%, 02/15/30 (#) | 1750 | 1702249 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,<br> 5.500%, 01/15/28 (#) | 1250 | 1242659 |
| Transocean, Inc.,<br> 8.750%, 02/15/30 (#) | 1840 | 1892153 |
| Vital Energy, Inc.,<br> 7.875%, 04/15/32 (#) | 1500 | 1282531 |
|  |  | 17305574 |
| **Software \| 3.3%** |  |  |
| Cloud Software Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 03/31/29 (#) | 1000 | 1009313 |
| &nbsp;&nbsp;&nbsp;9.000%, 09/30/29 (#) | 1000 | 1036525 |

---

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

**16** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| CoreWeave, Inc.,<br> 9.250%, 06/01/30 (#) | $2000 | $2044667 |
|  |  | 4090505 |
| **Specialty Retail \| 6.3%** |  |  |
| Asbury Automotive Group, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 987 | 973505 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 (#) | 750 | 713601 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 01/15/29 (#) | 500 | 478909 |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 (#) | 1500 | 1384202 |
| Group 1 Automotive, Inc.,<br> 4.000%, 08/15/28 (#) | 1000 | 965262 |
| Penske Automotive Group, Inc.,<br> 3.750%, 06/15/29 | 1750 | 1660016 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp.,<br> 5.000%, 06/01/31 (#) | 1750 | 1655670 |
|  |  | 7831165 |
| **Total Corporate Bonds**<br> (Cost $122,567,182) |  | 120211859 |
| **Repurchase Agreements \| 1.6%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.38%, 07/01/25<br> (Dated 06/30/25, collateralized by $1,951,900 United States Treasury Note, 3.750%, 08/15/27, with a fair value of $1,978,984) Proceeds of $1,940,236<br> (Cost $1,940,000) | 1940 | 1940000 |

---

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

Semi-Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US High Yield Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.1%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.25% (7 day yield)<br> (Cost $112,229) | 112229 | $112229 |
| **Total Investments \| 98.6%**<br> (Cost $124,619,411) |  | $**122264088** |
| **Cash and Other Assets in Excess of Liabilities \| 1.4%** |  |  |
|  |  | **1779840** |
| **Net Assets \| 100.0%** |  | $**124043928** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 81.4% of net assets of the Portfolio.* |

---

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

**18** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio** |  |  |
| **Asset-Backed Securities \| 8.5%** |  |  |
| **Financial Services \| 4.7%** |  |  |
| Business Jet Securities LLC, Series 2022-1A, Class A,<br> 4.455%, 06/15/37 (#) | $&nbsp;&nbsp;&nbsp;&nbsp;550 | $540502 |
| CF Hippolyta Issuer LLC, Series 2021-1A, Class A1,<br> 1.530%, 03/15/61 (#) | 471 | 453376 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1,<br> 1.910%, 10/20/61 (#) | 500 | 470744 |
|  |  | 1464622 |
| **Ground Transportation \| 1.5%** |  |  |
| TRP LLC, Series 2021-1, Class A,<br> 2.070%, 06/19/51 (#) | 496 | 470148 |
| **Real Estate Management & Development \| 2.3%** |  |  |
| Tricon Residential Trust, Series 2021-SFR1, Class A,<br> 1.943% 07/17/38 (#) | 747 | 725783 |
| **Total Asset-Backed Securities**<br> (Cost $2,529,233) |  | 2660553 |
| **Corporate Bonds \| 31.6%** |  |  |
| **Aerospace & Defense \| 2.3%** |  |  |
| Boeing Co.,<br> 2.196%, 02/04/26 | 725 | 713684 |
| **Automobiles \| 6.9%** |  |  |
| American Honda Finance Corp.,<br> 5.250%, 07/07/26 | 800 | 806716 |
| Ford Motor Credit Co. LLC,<br> 4.125%, 08/17/27 | 675 | 659811 |
| General Motors Financial Co., Inc.,<br> 5.000%, 04/09/27 | 700 | 704332 |
|  |  | 2170859 |

---

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

Semi-Annual Financial Statements **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (continued)** |  |  |
| **Banks \| 14.0%** |  |  |
| Bank of America Corp.,<br> 2.551% (SOFR+1.050%), 02/04/28 (§) | $1050 | $1020486 |
| Citigroup, Inc.,<br> 3.887% (SOFR+1.825%), 01/10/28 (§) | 1025 | 1015682 |
| Goldman Sachs Group, Inc.,<br> 4.937% (SOFR+1.319%), 04/23/28 (§) | 725 | 730651 |
| JPMorgan Chase & Co.,<br> 1.045% (SOFR+0.800%), 11/19/26 (§) | 1050 | 1035824 |
| Morgan Stanley,<br> 1.593% (SOFR+0.879%), 05/04/27 (§) | 625 | 609907 |
|  |  | 4412550 |
| **Diversified Telecommunication Services \| 2.3%** |  |  |
| T-Mobile USA, Inc.,<br> 2.625%, 04/15/26 | 725 | 713730 |
| **Health Care Providers & Services \| 2.1%** |  |  |
| HCA, Inc.,<br> 4.500%, 02/15/27 | 675 | 675095 |
| **Oil, Gas & Consumable Fuels \| 2.1%** |  |  |
| Energy Transfer LP,<br> 5.500%, 06/01/27 | 650 | 661617 |
| **Semiconductors & Semiconductor Equipment \| 1.9%** |  |  |
| Intel Corp.,<br> 3.750%, 08/05/27 | 600 | 592120 |
| **Total Corporate Bonds**<br> (Cost $9,881,093) |  | 9939655 |

---

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

**20** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (continued)** |  |  |
| **Mortgage-Backed Securities \| 4.4%** |  |  |
| COMM Mortgage Trust, Series 2016-787S, Class A<br> 3.545%, 02/10/36 (#) | $700 | $687710 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A<br> 2.130%, 09/10/39 (#) | 750 | 709272 |
| **Total Mortgage-Backed Securities**<br> (Cost $1,369,160) |  | 1396982 |
| **U.S. Government Securities \| 3.2%** |  |  |
| Federal Farm Credit Banks Funding Corp.,<br> 4.360%, 10/28/27<br> (Cost $1,003,816) | 1005 | 1003463 |
| **U.S. Treasury Securities \| 51.2%** |  |  |
| U.S. Treasury Notes, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 12/15/27 | 1205 | 1213567 |
| &nbsp;&nbsp;&nbsp;4.250%, 01/15/28 | 8180 | 8285765 |
| &nbsp;&nbsp;&nbsp;3.875%, 03/15/28 | 2380 | 2391435 |
| &nbsp;&nbsp;&nbsp;3.750%, 05/15/28 | 4215 | 4221257 |
| **Total U.S. Treasury Securities**<br> (Cost $15,970,463) |  | 16112024 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $75,267) | 75267 | 75267 |

---

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

Semi-Annual Financial Statements **21**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (concluded)** |  |
| **Total Investments \| 99.1%**<br> (Cost $30,829,032) | $**31187944** |
| **Cash and Other Assets in Excess of Liabilites \| 0.9%** | **298399** |
| **Net Assets \| 100.0%** | $**31486343** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 12.9% of net assets of the Portfolio.* |
| *(§)* | *Variable and floating rate securities are securities for which interest rate changes are based on changes in a designated base rate. The rates shown are those in effect on June 30, 2025.* |

---

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

**22** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Abbreviations

June 30, 2025 (N-CSR Item 7) (unaudited)

**Security Abbreviations:**

REITs — Real Estate Investment Trust <br> SOFR — Secured Overnight Financing Rate

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

Semi-Annual Financial Statements **23**

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

(N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US High Yield<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $16092896 | $122264088 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 234454 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 40168 | 1982130 |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) | 4732 |  |
| &nbsp;&nbsp;&nbsp;Capital stock sold |  | 30574 |
| Cash collateral pledged for futures contracts | 48800 |  |
| Variation margin on open futures contracts | 4718 |  |
| Total assets | 16425768 | 124276792 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees |  | 31752 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 26612 | 29898 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 12716 | 41544 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 9226 | 8893 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 6566 | 4378 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 1445 | 23974 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 1354 | 5065 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 32 | 464 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 482755 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed |  | 84015 |
| Other accrued expenses and payables | 2275 | 2881 |
| Total liabilities | 542981 | 232864 |
| Net assets | $15882787 | $124043928 |
| **NET ASSETS** |  |  |
| Paid in capital | $14220516 | $153788123 |
| Distributable earnings (Accumulated loss) | 1662271 | (29744195) |
| Net assets | $15882787 | $124043928 |

---

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

**24** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $31187944 |
| 336381 |
| 51819 |
| 31576144 |
| 26038 |
| 23371 |
| 5155 |
| 5546 |
| 4082 |
| 1784 |
| 22829 |
| 996 |
| 89801 |
| $31486343 |
| $34009431 |
| (2523088) |
| $31486343 |

---

Semi-Annual Financial Statements **25**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US High Yield<br> Portfolio |  |
| **Institutional Shares** |  |  |  |
| Net assets | $15715935 | $120986930 |  |
| Shares of capital stock outstanding\* | 1365969 | 6562762 |  |
| **Net asset value, offering and redemption price per share** | $11.51 | $18.44 |  |
| **Open Shares** |  |  |  |
| Net assets | $166852 | $3044661 |  |
| Shares of capital stock outstanding\* | 14499 | 164392 |  |
| **Net asset value, offering and redemption price per share** | $11.51 | $18.52 |  |
| **R6 Shares** |  |  |  |
| Net assets |  | $12337 |  |
| Shares of capital stock outstanding\* |  | 667 | † |
| **Net asset value, offering and redemption price per share** |  | $18.49 |  |
| Cost of investments in securities | $15011385 | $124619411 |  |

---

---

| | |
|:---|:---|
| \* | $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.*

**26** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $31469109 |
| 3264765 |
| $9.64 |
| $17234 |
| 1786 |
| $9.65 |
| $30829032 |

---

Semi-Annual Financial Statements **27**

**The Lazard Funds, Inc.** Statements of Operations

(N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard US Convertibles Portfolio | Lazard<br> US High Yield<br> Portfolio |
| **Investment Income (Loss)** |  |  |
| **Income** |  |  |
| Interest | $157101 | $3801976 |
| Dividends | 34875 |  |
| Total investment income | 191976 | 3801976 |
| **Expenses** |  |  |
| Management fees (Note 3) | 42072 | 336673 |
| Professional services | 23780 | 28163 |
| Custodian fees | 19725 | 40464 |
| Registration fees | 17034 | 19059 |
| Administration fees | 13659 | 16225 |
| Shareholders' services | 4479 | 8594 |
| Directors' fees and expenses | 2876 | 8927 |
| Shareholders' reports | 1481 | 14433 |
| Distribution fees (Open Shares) | 196 | 3413 |
| Other^ | 2784 | 5650 |
| Total gross expenses | 128086 | 481601 |
| Management fees waived and expenses reimbursed | (75144) | (140502) |
| Total net expenses | 52942 | 341099 |
| Net investment income (loss) | 139034 | 3460877 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 373928 | (364921) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 14442 |  |
| Total net realized gain (loss) | 388370 | (364921) |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 413579 | 3562191 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 62208 |  |
| Total net change in unrealized appreciation (depreciation) | 475787 | 3562191 |
| Net realized and unrealized gain (loss) | 864157 | 3197270 |
| Net increase (decrease) in net assets resulting from operations | $1003191 | $6658147 |
| ^ Includes interest on line of credit of (Note 6) | $84 | $207 |

---

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

**28** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $642101 |
| 642101 |
| 39020 |
| 23564 |
| 15055 |
| 41590 |
| 10523 |
| 5477 |
| 3694 |
| 2333 |
| 22 |
| 184 |
| 141462 |
| (78825) |
| 62637 |
| 579464 |
| (13990) |
| (13990) |
| 338387 |
| 338387 |
| 324397 |
| $903861 |
| $— |

---

Semi-Annual Financial Statements **29**

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

(N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Convertibles Portfolio | Lazard<br> US Convertibles Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $139034 | $249253 |
| Net realized gain (loss) | 388370 | 293672 |
| Net change in unrealized appreciation (depreciation) | 475787 | 115466 |
| Net increase (decrease) resulting from operations | 1003191 | 658391 |
| **Distributions to shareholders (Note 2(h))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (210172) | (262142) |
| &nbsp;&nbsp;&nbsp;Open Shares | (2040) | (3170) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (212212) | (265312) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 3094317 | 3156985 |
| &nbsp;&nbsp;&nbsp;Open Shares | 7500 | 23605 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 209901 | 262142 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2040 | 3170 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1221972) | (66248) |
| &nbsp;&nbsp;&nbsp;Open Shares | (7894) | (50997) |
| Net increase (decrease) in net assets from capital stock transactions | 2083892 | 3328657 |
| Total increase (decrease) in net assets | 2874871 | 3721736 |
| Net assets at beginning of period | 13007916 | 9286180 |
| Net assets at end of period | $15882787 | $13007916 |

---

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

**30** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US High Yield Portfolio | Lazard<br> US High Yield Portfolio | Lazard<br> US Short Duration Fixed Income Portfolio | Lazard<br> US Short Duration Fixed Income Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| $3460877 | $8032265 | $579464 | $1266080 |
| (364921) | (3451552) | (13990) | 277495 |
| 3562191 | 4197418 | 338387 | (178523) |
| 6658147 | 8778131 | 903861 | 1365052 |
| (3405615) | (7946751) | (579608) | (1265814) |
| (74307) | (142376) | (296) | (631) |
| (337) | (575) |  |  |
| (3480259) | (8089702) | (579904) | (1266445) |
| 10197571 | 9551694 | 1922196 | 7491386 |
| 379521 | 14539 | 212 | 1001 |
| 3363820 | 7844390 | 579278 | 1260748 |
| 68969 | 134336 | 296 | 631 |
| 337 | 575 |  |  |
| (17567274) | (66477399) | (4654534) | (5914228) |
| (91490) | (580777) | (1104) | (3947) |
| (3648546) | (49512642) | (2153656) | 2835591 |
| (470658) | (48824213) | (1829699) | 2934198 |
| 124514586 | 173338799 | 33316042 | 30381844 |
| $124043928 | $124514586 | $31486343 | $33316042 |

---

Semi-Annual Financial Statements **31**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Convertibles Portfolio | Lazard<br> US Convertibles Portfolio |
| | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 1172129 | 855258 |
| Shares sold | 288380 | 298674 |
| Shares issued to shareholders from reinvestment of distributions | 19390 | 24397 |
| Shares redeemed | (113930) | (6200) |
| Net increase (decrease) | 193840 | 316871 |
| Shares outstanding at end of period | 1365969 | 1172129 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 14351 | 16707 |
| Shares sold | 681 | 2143 |
| Shares issued to shareholders from reinvestment of distributions | 189 | 296 |
| Shares redeemed | (722) | (4795) |
| Net increase (decrease) | 148 | (2356) |
| Shares outstanding at end of period | 14499 | 14351 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Net increase |  |  |
| Shares outstanding at end of period |  |  |

---

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

**32** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US High Yield Portfolio | Lazard<br> US High Yield Portfolio | Lazard<br> US Short Duration Fixed Income Portfolio | Lazard<br> US Short Duration Fixed Income Portfolio |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| 6793964 | 9501245 | 3489848 | 3192502 |
| 562834 | 533369 | 201037 | 788819 |
| 185558 | 437873 | 60317 | 132602 |
| (979594) | (3678523) | (486437) | (624075) |
| (231202) | (2707281) | (225083) | 297346 |
| 6562762 | 6793964 | 3264765 | 3489848 |
| 144808 | 168715 | 1848 | 2091 |
| 20825 | 810 | 22 | 106 |
| 3786 | 7462 | 31 | 66 |
| (5027) | (32179) | (115) | (415) |
| 19584 | (23907) | (62) | (243) |
| 164392 | 144808 | 1786 | 1848 |
| 649 | 617 |  |  |
| 18 | 32 |  |  |
| 18 | 32 |  |  |
| 667 | 649 |  |  |

---

Semi-Annual Financial Statements **33**

**The Lazard Funds, Inc.** Financial Highlights (N-CSR Item 7) (unaudited)

------

LAZARD US CONVERTIBLES PORTFOLIO

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Six Months<br>Ended | Year Ended | Year Ended | For the Period<br>12/30/22\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 |
| **Institutional Shares** |  |  |  |  |
| Net asset value, beginning of period | $10.96 | $10.65 | $10.04 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 | 0.23 | 0.27 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.60 | 0.32 | 0.74 | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.71 | 0.55 | 1.01 | 0.04 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.24) | (0.26) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | — (b) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.24) | (0.40) |  |
| Net asset value, end of period | $11.51 | $10.96 | $10.65 | $10.04 |
| **Total Return** (c) | 6.53% | 5.25% | 10.18% | 0.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $15716 | $12851 | $9108 | $4920 |
| Ratios to average net assets (d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.79% | 1.86% | 4.59% | 3.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.99% | 2.11% | 2.55% | -0.75% |
| Portfolio turnover rate | 34% | 38% | 22% | 0% |

---

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

**34** Semi-Annual Financial Statements

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Six Months<br>Ended | Year Ended | Year Ended | For the Period<br>12/30/22\* to |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 |
| **Open Shares** |  |  |  |  |
| Net asset value, beginning of period | $10.97 | $10.65 | $10.04 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.20 | 0.24 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 0.33 | 0.75 | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.68 | 0.53 | 0.99 | 0.04 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.21) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | — (b) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.21) | (0.38) |  |
| Net asset value, end of period | $11.51 | $10.97 | $10.65 | $10.04 |
| **Total Return** (c) | 6.30% | 5.08% | 9.91% | 0.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $167 | $157 | $178 | $100 |
| Ratios to average net assets (d): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.68% | 4.97% | 6.63% | 18.24% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.73% | 1.85% | 2.32% | -1.00% |
| Portfolio turnover rate | 34% | 38% | 22% | 0% |

---

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *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 SS&C Global Investor and Distribution Solutions ("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.*

Semi-Annual Financial Statements **35**

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LAZARD US HIGH YIELD PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding throughout | Six Months<br>Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20\* |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.94 | $17.92 | $16.93 | $19.63 | $19.80 | $19.68 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.51 | 0.90 | 0.76 | 0.72 | 0.72 | 0.80 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.50 | 0.03 | 1.00 | (2.69) | (0.17) | 0.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.01 | 0.93 | 1.76 | (1.97) | 0.55 | 0.93 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.91) | (0.77) | (0.73) | (0.72) | (0.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.91) | (0.77) | (0.73) | (0.72) | (0.81) |
| Net asset value, end of period | $18.44 | $17.94 | $17.92 | $16.93 | $19.63 | $19.80 |
| **Total Return** (b) | 5.71% | 5.31% | 10.65% | -10.11% | 2.86% | 4.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $120987 | $121893 | $170290 | $222884 | $299518 | $298636 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.78% | 0.73% | 0.70% | 0.70% | 0.66% | 0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.66% | 5.00% | 4.40% | 4.06% | 3.64% | 4.17% |
| Portfolio turnover rate | 6% | 49% | 26% | 7% | 30% | 26% |

---

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

**36** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock <br>outstanding throughout | Six Months<br>Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20\* |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.02 | $18.00 | $17.01 | $19.72 | $19.90 | $19.76 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.49 | 0.86 | 0.72 | 0.68 | 0.67 | 0.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.50 | 0.03 | 1.00 | (2.70) | (0.17) | 0.15 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.99 | 0.89 | 1.72 | (2.02) | 0.50 | 0.90 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (0.87) | (0.73) | (0.69) | (0.68) | (0.76) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.49) | (0.87) | (0.73) | (0.69) | (0.68) | (0.76) |
| Net asset value, end of period | $18.52 | $18.02 | $18.00 | $17.01 | $19.72 | $19.90 |
| **Total Return** (b) | 5.57% | 5.05% | 10.35% | -10.32% | 2.55% | 4.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $3045 | $2610 | $3038 | $2935 | $3423 | $3733 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.15% | 1.11% | 1.08% | 1.06% | 1.00% | 1.03% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.41% | 4.78% | 4.16% | 3.81% | 3.39% | 3.94% |
| Portfolio turnover rate | 6% | 49% | 26% | 7% | 30% | 26% |

---

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

Semi-Annual Financial Statements **37**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock <br>outstanding throughout | Six Months<br>Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20\* |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.00 | $17.98 | $16.99 | $19.69 | $19.88 | $19.76 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.51 | 0.90 | 0.77 | 0.77 | 0.73 | 0.81 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.49 | 0.03 | 0.99 | (2.72) | (0.18) | 0.11 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.00 | 0.93 | 1.76 | (1.95) | 0.55 | 0.92 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.91) | (0.77) | (0.75) | (0.74) | (0.80) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.91) | (0.77) | (0.75) | (0.74) | (0.80) |
| Net asset value, end of period | $18.49 | $18.00 | $17.98 | $16.99 | $19.69 | $19.88 |
| **Total Return** (b) | 5.66% | 5.30% | 10.65% | -9.98% | 2.80% | 4.89% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12 | $12 | $11 | $1 | $1 | $1 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 24.34% | 28.79% | 38.30% | 241.56% | 231.95% | 256.05% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.67% | 5.04% | 4.47% | 4.30% | 3.66% | 4.22% |
| Portfolio turnover rate | 6% | 49% | 26% | 7% | 30% | 26% |

---

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| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *On November 17, 2020, the Portfolio effected a 1:4 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* |

---

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

**38** Semi-Annual Financial Statements

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LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock<br>outstanding throughout | Six Months<br>Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.54 | $9.51 | $9.44 | $9.83 | $9.89 | $9.77 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.36 | 0.31 | 0.12 | 0.02 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.10 | 0.03 | 0.08 | (0.38) | (0.06) | 0.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 0.39 | 0.39 | (0.26) | (0.04) | 0.24 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.36) | (0.32) | (0.13) | (0.02) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.36) | (0.32) | (0.13) | (0.02) | (0.12) |
| Net asset value, end of period | $9.64 | $9.54 | $9.51 | $9.44 | $9.83 | $9.89 |
| **Total Return** (b) | 2.92% | 4.21% | 4.26% | -2.68% | -0.39% | 2.46% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $31469 | $33298 | $30362 | $58574 | $79247 | $87746 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.36% | 0.40% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.89% | 0.74% | 0.66% | 0.51% | 0.48% | 0.47% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.71% | 3.81% | 3.28% | 1.28% | 0.22% | 1.21% |
| Portfolio turnover rate | 83% | 276% | 259% | 135% | 100% | 97% |

---

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

Semi-Annual Financial Statements **39**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br>share of capital stock <br>outstanding throughout | Six Months<br>Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.55 | $9.52 | $9.45 | $9.84 | $9.90 | $9.78 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.17 | 0.34 | 0.31 | 0.10 | 0.01 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.10 | 0.03 | 0.06 | (0.38) | (0.06) | 0.12 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.27 | 0.37 | 0.37 | (0.28) | (0.05) | 0.21 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.34) | (0.30) | (0.11) | (0.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.34) | (0.30) | (0.11) | (0.01) | (0.09) |
| Net asset value, end of period | $9.65 | $9.55 | $9.52 | $9.45 | $9.84 | $9.90 |
| **Total Return** (b) | 2.80% | 3.95% | 3.98% | -2.89% | -0.50% | 2.20% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $17 | $18 | $20 | $17 | $22 | $29 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.65% | 0.65% | 0.65% | 0.62% | 0.48% | 0.65% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 27.78% | 29.08% | 29.63% | 28.11% | 18.10% | 14.74% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.47% | 3.56% | 3.24% | 1.06% | 0.12% | 0.96% |
| Portfolio turnover rate | 83% | 276% | 259% | 135% | 100% | 97% |

---

*†* *Unaudited* 

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* 

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

**40** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Notes to Financial Statements

June 30, 2025 (N-CSR Item 7) (unaudited)

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Fund was comprised of twenty-three 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 ("US High Yield"), and the Lazard US Short Duration Fixed Income Portfolio ("US Short Duration Fixed Income"). The financial statements of other 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 market, including exchange-traded option contracts, futures contracts,

Semi-Annual Financial Statements **41**

------

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-valued securities.

The Board of Directors (the "Board") has designated Lazard Asset Management LLC (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

**42** Semi-Annual Financial Statements

------

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.

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

Semi-Annual Financial Statements **43**

------

contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended June 30, 2025, 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 counterparty 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 Statements of Assets and Liabilities.

**44** Semi-Annual Financial Statements

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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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

During the period ended June 30, 2025, the US Convertibles traded in futures contracts.

*(e) 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

Semi-Annual Financial Statements **45**

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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.

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 Statements 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 Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

During the period ended June 30, 2025, none of the Portfolios traded in swap agreements.

*(f) 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 Statements of Assets and Liabilities.

**46** Semi-Annual Financial Statements

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If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.

During the period ended June 30, 2025, none of the Portfolios traded in options transactions.

*(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, 2024, 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:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Short-Term | Long-Term |
| US Convertibles | $— | $— |
| US High Yield | (4809555) | (22117848) |
| US Short Duration Fixed Income | (2238225) | (608451) |

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During the year ended December 31, 2024, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| US Convertibles | $— |
| US High Yield | 297333 |
| US Short Duration Fixed Income | 289984 |

---

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, 2024, the Portfolios had no such losses to defer.

Semi-Annual Financial Statements **47**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| US Convertibles | $15011385 | $1458081 | $334400 | $1123681 |
| US High Yield | 124619411 | 1252996 | 3608319 | (2355323) |
| US Short Duration Fixed Income | 30829032 | 360561 | 1649 | 358912 |

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

*(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 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,

**48** Semi-Annual Financial Statements

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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.

*(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.

Semi-Annual Financial Statements **49**

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*(l) Net Asset Value*—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

**3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements**

The Fund, on behalf of the Portfolios, has entered into an investment 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:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Annual Rate |
| US Convertibles | 0.60% |
| US High Yield | 0.55 |
| US Short Duration Fixed Income | 0.25 |

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until May 1, 2026 (or such other date as indicated below) if the aggregate direct expenses of a 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

**50** Semi-Annual Financial Statements

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percentage of the value of the Portfolio's average daily net assets set forth opposite the Portfolio's name in the table below. The Fund, on behalf of the Portfolio, may deduct from the payment to be made to the Investment Manager under the Management Agreement, or the Investment Manager will bear, such excess expenses.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Institutional <br> Shares | Open <br> Shares | R6<br> Shares |
| US Convertibles | 0.75% | 1.00% | N/A% |
| US High Yield (a) | 0.55 | 0.80 | 0.55 |
| US Short Duration Fixed Income (b) | 0.40 | 0.65 | N/A |

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*(a)* *This agreement will continue in effect until May 1, 2035 for R6 Shares.* 

*(b)* *This agreement will continue in effect until May 1, 2035 for Open Shares.* 

In addition, until May 1, 2026, 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 period ended June 30, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Open Shares | Open Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed | Management<br> Fees Waived | Expenses<br> Reimbursed |
| US Convertibles | $41601 | $30659 | $471 | $2413 |
| US High Yield | 134386 |  | 4714 |  |
| US Short Duration Fixed Income | 38999 | 37518 | 21 | 2287 |

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| US High Yield | $32 | $1370 |

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Semi-Annual Financial Statements **51**

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

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

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the "Distributor"), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, among 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**

The Statements of Operations show the fees and expenses paid by each Portfolio to the Independent Directors of the Fund (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act)). Certain Directors of the Fund are officers of the Investment Manager, and such "interested persons" of the Fund are not compensated by the Portfolios. Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

**52** Semi-Annual Financial Statements

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**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the period ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| US Convertibles | $6097798 | $4567917 |
| US High Yield | 6777438 | 11802357 |
| US Short Duration Fixed Income | 3419409 | 3124756 |

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| | | |
|:---|:---|:---|
|  | US Government and Treasury Securities | US Government and Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| US Short Duration Fixed Income | $21514979 | $22329097 |

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At June 30, 2025, the Investment Manager owned 39.04% of the outstanding shares of US Convertibles.

For the period ended June 30, 2025, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

**6. Line of Credit**

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan Agreement (the "Agreement") with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at 1.00% plus the "Applicable Rate," which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the period ended June 30, 2025, the following Portfolios had borrowings under the Agreement as follows:

Semi-Annual Financial Statements **53**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Average<br> Daily Loan<br> Balance\* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest Rate | Number of<br> Days<br> Borrowings<br> were Outstanding |
| US High Yield | $274462 | $1078760 | 5.43% | 5 |

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*\** *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 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

**54** Semi-Annual Financial Statements

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public health issues, social unrest, supply chain disruptions, 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. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency rates or monetary policies.

*(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 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

Semi-Annual Financial Statements **55**

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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, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of "original issue discount" previously accrued thereon, i.e., purchased at a "market discount."The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount together with original issue discount will cause a Portfolio to realize income prior to the receipt of cash payments with respect to these securities.

**56** Semi-Annual Financial Statements

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*(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. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries.

*(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) 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 and other over-the-counter derivatives transactions are subject to the risks of the

Semi-Annual Financial Statements **57**

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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.

*(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

**58** Semi-Annual Financial Statements

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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.

*(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 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.

Semi-Annual Financial Statements **59**

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

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

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

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

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

*(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

**60** Semi-Annual Financial Statements

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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.

**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.

Semi-Annual Financial Statements **61**

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**9. Fair Value Measurements**

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

The three-level hierarchy of inputs is summarized below:

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

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

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

Changes in valuation methodology or 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.

**62** Semi-Annual Financial Statements

------

The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable <br> Inputs<br> (Level 2) | Significant<br> Unobservable <br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **US Convertibles Portfolio** |  |  |  |  |
| Convertible Corporate Bonds\* | $— | $13659438 | $— | $13659438 |
| Preferred Stocks\* | 1721756 |  |  | 1721756 |
| Repurchase Agreements |  | 670000 |  | 670000 |
| Short-Term Investments | 41702 |  |  | 41702 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 42170 |  |  | 42170 |
| Total | $1805628 | $14329438 | $— | $16135066 |
| **US High Yield Portfolio** |  |  |  |  |
| Corporate Bonds\* | $— | $120211859 | $— | $120211859 |
| Repurchase Agreements |  | 1940000 |  | 1940000 |
| Short-Term Investments | 112229 |  |  | 112229 |
| Total | $112229 | $122151859 | $— | $122264088 |
| **US Short Duration Fixed Income Portfolio** |  |  |  |  |
| Asset-Backed Securities | $— | $2660553 | $— | $2660553 |
| Corporate Bonds\* |  | 9939655 |  | 9939655 |
| Mortgage-Backed Securities |  | 1396982 |  | 1396982 |
| U.S. Government Securities |  | 1003463 |  | 1003463 |
| U.S. Treasury Securities |  | 16112024 |  | 16112024 |
| Short-Term Investments | 75267 |  |  | 75267 |
| Total | $75267 | $31112677 | $— | $31187944 |

---

*\** *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).* 

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

Semi-Annual Financial Statements **63**

------

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, 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 US Convertibles used derivative instruments, including futures contracts.

The 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 period ended June 30, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts – long | $800,000\* |

---

*\** *Represents average monthly notional exposure for five months the derivative instrument was open during the period.*

**64** Semi-Annual Financial Statements

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The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Equity <br> Contracts | Interest Rate <br> Contracts | Total |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts (a) | $20546 | $21624 | $42170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(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 in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in distributable earnings (accumulated loss).* 

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2025 was:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Interest Rate<br> Contracts | Total |
| Futures contracts | $18293 | $(3851) | $14442 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation<br> (Depreciation) on: | Equity<br> Contracts | Interest Rate<br> Contracts | Total |
| Futures contracts | $40584 | $21624 | $62208 |

---

As of June 30, 2025, 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. Segment Reporting**

During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize

Semi-Annual Financial Statements **65**

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revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker ("CODM") for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund's prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment's financial statements.

**12. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 (the "ASU"), amending ASC 740-10-50-12, Income Taxes (Topic 740) – Improvements to Income Tax Disclosure, to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The ASU will be effective for annual reporting periods beginning after December 15, 2024. Management is currently assessing the impact of the ASU on the financial statements and disclosures.

**13. 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.

**66** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Other Information (N-CSR Item 7) (unaudited)

**Proxy Voting**

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

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

**Schedule of Portfolio Holdings**

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

Semi-Annual Financial Statements **67**

**The Lazard Funds, Inc.** Additional Information (unaudited)

**Changes in and Disagreements with Accountants (N-CSR Item 8)**

This information is not applicable for the reporting period.

**Proxy Disclosures (N-CSR Item 9)**

This information is not applicable for the reporting period.

**Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)**

This information can be found in N-CSR Item 7, Note 4.

**Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)**

At meetings of the Board held on May 20, 2025 and June 24, 2025, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meetings in response to detailed questions from the Independent Directors and their counsel, including, at the June 24, 2025 meeting, additional information requested by the Independent Directors at the May 20, 2025 meeting.

In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager's services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds and other clients of the Investment Manager, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized

**68** Semi-Annual Financial Statements

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as each Portfolio grows and whether potential economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship with the Portfolios. In the Board's deliberations, no single factor was responsible for the Board's decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2025, the Lazard Funds complex of 29 active funds comprised approximately $18.0 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates.

The Board considered the various services provided by the Investment Manager including the Investment Manager's research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager's representatives stated that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager's global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager's staffing to provide services pursuant to the Management Agreement; the Fund's distribution channels and the

Semi-Annual Financial Statements **69**

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relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; each Portfolio's asset flows and the growth or decline in asset levels; and the Investment Manager's financial condition.

The Board considered the position of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $18.0 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u>

*ISS Advisory Fee and Expense Ratio Comparisons*. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. ("ISS"), an independent provider of investment company data, including, among other information, each Portfolio's contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio's expense limitation agreed to by the Investment Manager) compared to those of:

● a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense and performance comparison purposes, based on ISS's methodology (the "Peer Group"); and

● the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third-party service that provides comparative fund information ("Morningstar"), with certain exclusions as specified by ISS (the "Expense Category").

Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board, which showed that the advisory fees and the net expense ratios of the Portfolios were generally competitive within each Portfolio's respective Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment

**70** Semi-Annual Financial Statements

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Manager, and noted that the Investment Manager continues to voluntarily enter into expense limitation agreements for all of the Portfolios, pursuant to which the Investment Manager was currently waiving all or a portion of each Portfolio's advisory fees and/or reimbursing certain expenses for each Portfolio. The Board also received a description of ISS's methodology for its construction of the Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.

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

*ISS Performance Comparisons*. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio's performance for the one-, three-, five- and ten-year periods ended March 31, 2025, as applicable, compared to performance for the same time periods to that of:

● the Peer Group;

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

● the Portfolio's benchmark index.

Semi-Annual Financial Statements **71**

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When evaluating the performance of each Portfolio, the Board considered ISS's performance analysis along with other information provided by the Investment Manager, including additional information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance in certain periods and Portfolios which otherwise are not performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

<u>Investment Manager Profitability, Economies of Scale and Other Benefits</u>

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager's estimated profitability percentage resulting from its, and its affiliates', relationship with the Portfolio for the calendar year ended December 31, 2024 and the Investment Manager's cost allocation methodology to compute an estimate of each Portfolio's costs to the Investment Manager. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates receive any other significant benefits from the Investment Manager acting as investment manager to the Portfolios. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates' own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios' Open Shares.

The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager's estimated profitability percentage with respect to each Portfolio as part of the evaluation of the Portfolio's fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such

**72** Semi-Annual Financial Statements

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services), and (2) evaluated the profitability percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager's reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio's management fee schedule as a Portfolio's assets increase or by instituting management fees at inception that account for future scale. The Board further considered that, as the assets of each Portfolio had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio's assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale was reduced.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 20, 2025 and June 24, 2025 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel

Semi-Annual Financial Statements **73**

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and in the exercise of its business judgment, the Board made the following conclusions and determinations.

● The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $227.4 billion global asset management business.

● The Board concluded that each Portfolio's fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors considered by the Board and the totality of the services provided.

● The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

● The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase over time, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

**74** Semi-Annual Financial Statements

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**The Lazard Funds, Inc.** 30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

**Investment Manager** Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

**Distributor** Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

**Custodian** State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent** SS&C Global Investor and Distribution Solutions, 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

![](x5_c112975x77x1m4.jpg)

![](x5_c112975x77x2m4.jpg)

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| | |
|:---|:---|
| 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.**<br> LZDPS026 | ![](x5_c112975x77x3m4.jpg) |

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![](x5_c112976x1x1m4.jpg)

Lazard Funds

Semi-Annual

Financial Statements

June 30, 2025

Multi-Asset Funds

Lazard Enhanced Opportunities Portfolio

Lazard Opportunistic Strategies Portfolio

Lazard Real Assets Portfolio

**The Lazard Funds, Inc.** **Table of Contents**

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---

| | |
|:---|:---|
| 2 | [Portfolios of Investments (N-CSR Item 7)](#xx5xc112976a001xm4) |
| 2 | [Lazard Enhanced Opportunities Portfolio](#xx5xc112976a002xm4) |
| 36 | [Lazard Opportunistic Strategies Portfolio](#xx5xc112976a003xm4) |
| 40 | [Lazard Real Assets Portfolio](#xx5xc112976a004xm4) |
| 48 | [Abbreviations (N-CSR Item 7)](#xx5xc112976a005xm4) |
| 50 | [Statements of Assets and Liabilities (N-CSR Item 7)](#xx5xc112976a006xm4) |
| 54 | [Statements of Operations (N-CSR Item 7)](#xx5xc112976a007xm4) |
| 56 | [Statements of Changes in Net Assets (N-CSR Item 7)](#xx5xc112976a008xm4) |
| 60 | [Financial Highlights (N-CSR Item 7)](#xx5xc112976a009xm4) |
| 69 | [Notes to Financial Statements (N-CSR Item 7)](#xx5xc112976a010xm4) |
| 106 | [Other Information (N-CSR Item 7)](#xx5xc112976a011xm4) |
| 107 | [Additional Information (N-CSR Items 8-11)](#xx5xc112976a012xm4) |

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**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 https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents. 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.**

Semi-Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

June 30, 2025 (N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio** |  |  |
| **Common Stocks \| 0.4%** |  |  |
| **China \| 0.0%** |  |  |
| Qifu Technology, Inc. ADR (±) | 25 | $1084 |
| **Luxembourg \| 0.0%** |  |  |
| Vinty Holding 5 SA (\*), (¢) | 18119609 | 9803 |
| **United States \| 0.4%** |  |  |
| Alphatec Holdings, Inc. (\*) | 713 | 7914 |
| Amphenol Corp., Class A (±) | 15 | 1481 |
| Applied Digital Corp. (\*), (±) | 4316 | 43462 |
| AST SpaceMobile, Inc. (\*) | 2 | 93 |
| BigBear.ai Holdings, Inc. (\*), (±) | 6840 | 46444 |
| Bill Holdings, Inc. (\*) | 27 | 1249 |
| Bitdeer Technologies Group, Class A (\*), (±) | 8021 | 92081 |
| Bloom Energy Corp., Class A (\*), (±) | 68 | 1627 |
| Cytokinetics, Inc. (\*) | 39 | 1289 |
| JetBlue Airways Corp. (\*), (±) | 223 | 943 |
| Kite Realty Group Trust | 43 | 974 |
| Lucid Group, Inc. (\*), (±) | 19315 | 40755 |
| Penguin Solutions, Inc. (\*) | 345 | 6834 |
| Semler Scientific, Inc. (\*) | 1 | 39 |
|  |  | 245185 |
| **Total Common Stocks** <br> (Cost $745,585) |  | 256072 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Convertible Corporate Bonds \| 50.1%** |  |  |  |
| **Australia \| 1.1%** |  |  |  |
| Flight Centre Travel Group Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 11/17/27 (\*\*), (±) | AUD | 200 | $128767 |
| &nbsp;&nbsp;&nbsp;1.625%, 11/01/28 (\*\*), (±) | AUD | 800 | 513489 |
|  |  |  | 642256 |

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

**2** Semi-Annual Financial Statements

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **Austria \| 0.2%** |  |  |  |
| ams-OSRAM AG, <br> 2.125%, 11/03/27 (\*\*), (±) | EUR | 100 | $111175 |
| **Cameroon \| 0.4%** |  |  |  |
| Golar LNG Ltd., <br> 2.750%, 12/15/30 (#), (±) | USD | 202 | 207123 |
| **Canada \| 0.7%** |  |  |  |
| Rogers Sugar, Inc., <br> 6.000%, 06/30/30 | CAD | 178 | 136583 |
| StorageVault Canada, Inc., <br> 5.000%, 03/31/28 (#), (±) | CAD | 342 | 247255 |
|  |  |  | 383838 |
| **China \| 0.6%** |  |  |  |
| Ping An Insurance Group Co. of China Ltd., <br> 0.875%, 07/22/29 (\*\*), (±) | USD | 200 | 254500 |
| Qifu Technology, Inc., <br> 0.500%, 04/01/30 (#), (±) | USD | 106 | 103971 |
|  |  |  | 358471 |
| **Israel \| 0.1%** |  |  |  |
| Nice Ltd., <br> 0.000%, 09/15/25 (±) | USD | 60 | 59401 |
| **Netherlands \| 0.5%** |  |  |  |
| Nebius Group NV, <br> 2.000%, 06/05/29 (#), (±) | USD | 18 | 23818 |
| Pharming Group NV, <br> 4.500%, 04/25/29 (\*\*), (±) | EUR | 200 | 245914 |
|  |  |  | 269732 |
| **Singapore \| 0.1%** |  |  |  |
| Sea Ltd., <br> 0.250%, 09/15/26 (±) | USD | 38 | 35929 |

---

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

Semi-Annual Financial Statements **3**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **United Kingdom \| 0.7%** |  |  |  |
| Immunocore Holdings PLC, <br> 2.500%, 02/01/30 (±) | USD | 66 | $57244 |
| Just Eat Takeaway.com NV, <br> 1.250%, 04/30/26 (\*\*), (±) | EUR | 300 | 349367 |
|  |  |  | 406611 |
| **United States \| 45.7%** |  |  |  |
| A10 Networks, Inc., <br> 2.750%, 04/01/30 (#), (±) | USD | 271 | 291311 |
| Affirm Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 (±) | USD | 398 | 374717 |
| &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 (#), (±) | USD | 50 | 52975 |
| Akamai Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 (±) | USD | 39 | 37918 |
| &nbsp;&nbsp;&nbsp;0.250%, 05/15/33 (#), (±) | USD | 222 | 230325 |
| Alarm.com Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 01/15/26 (±) | USD | 171 | 166725 |
| &nbsp;&nbsp;&nbsp;2.250%, 06/01/29 (±) | USD | 90 | 87530 |
| Alkami Technology, Inc., <br> 1.500%, 03/15/30 (#), (±) | USD | 48 | 56616 |
| Alnylam Pharmaceuticals, Inc., <br> 1.000%, 09/15/27 (±) | USD | 85 | 110627 |
| Alphatec Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 08/01/26 (±) | USD | 242 | 239969 |
| &nbsp;&nbsp;&nbsp;0.750%, 03/15/30 (#), (±) | USD | 336 | 341151 |
| American Water Capital Corp., <br> 3.625%, 06/15/26 (±) | USD | 78 | 78694 |
| Amyris, Inc., <br> 0.000%, 11/15/26 (¢), («) | USD | 938 | 0 |
| Array Technologies, Inc., <br> 2.875%, 07/01/31 (#), (±) | USD | 17 | 16861 |
| Bentley Systems, Inc., <br> 0.125%, 01/15/26 (±) | USD | 91 | 90727 |
| BigBear.ai Holdings, Inc., <br> 6.000%, 12/15/29 (#), (±) | USD | 42 | 87009 |

---

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

**4** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Bill Holdings, Inc., <br> 0.000%, 04/01/30 (#), (±) | USD | 27 | $22849 |
| BioMarin Pharmaceutical, Inc., <br> 1.250%, 05/15/27 (±) | USD | 234 | 221141 |
| BlackLine, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 03/15/26 (±) | USD | 57 | 54936 |
| &nbsp;&nbsp;&nbsp;1.000%, 06/01/29 (±) | USD | 34 | 36281 |
| Block, Inc., <br> 0.250%, 11/01/27 (±) | USD | 181 | 162221 |
| Bridgebio Pharma, Inc., <br> 2.250%, 02/01/29 (±) | USD | 114 | 106704 |
| Cheesecake Factory, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 06/15/26 (±) | USD | 116 | 119364 |
| &nbsp;&nbsp;&nbsp;2.000%, 03/15/30 (#), (±) | USD | 390 | 423638 |
| Cleanspark, Inc., <br> 0.000%, 06/15/30 (#), (±) | USD | 18 | 17706 |
| Cloudflare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 08/15/26 (±) | USD | 71 | 84124 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 (#), (±) | USD | 22 | 23793 |
| Coinbase Global, Inc., <br> 0.500%, 06/01/26 (±) | USD | 111 | 128427 |
| Confluent, Inc., <br> 0.000%, 01/15/27 (±) | USD | 614 | 567950 |
| CONMED Corp., <br> 2.250%, 06/15/27 (±) | USD | 89 | 84547 |
| Core Scientific, Inc., <br> 3.000%, 09/01/29 (#), (±) | USD | 44 | 75944 |
| Cracker Barrel Old Country Store, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, 06/15/26 (±) | USD | 240 | 229800 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/15/30 (#), (±) | USD | 510 | 542513 |
| CSG Systems International, Inc., <br> 3.875%, 09/15/28 (±) | USD | 3 | 3394 |
| Danimer Scientific, Inc., <br> 0.000%, 12/15/26 (#), (±), («) | USD | 300 | 3187 |
| Datadog, Inc., <br> 0.000%, 12/01/29 (#), (±) | USD | 9 | 8644 |

---

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

Semi-Annual Financial Statements **5**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Dexcom, Inc., <br> 0.250%, 11/15/25 (±) | USD | 1131 | $1113752 |
| DigitalOcean Holdings, Inc., <br> 0.000%, 12/01/26 (±) | USD | 306 | 286485 |
| Dropbox, Inc., <br> 0.000%, 03/01/26 (±) | USD | 819 | 813677 |
| Dynavax Technologies Corp., <br> 2.000%, 03/15/30 (#), (±) | USD | 129 | 117309 |
| Encore Capital Group, Inc., <br> 3.250%, 10/01/25 (±) | USD | 405 | 425389 |
| Envista Holdings Corp., <br> 1.750%, 08/15/28 (±) | USD | 19 | 17682 |
| Eos Energy Enterprises, Inc., <br> 6.750%, 06/15/30 (#), (±) | USD | 43 | 48612 |
| Etsy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 10/01/26 (±) | USD | 16 | 15500 |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/27 (±) | USD | 102 | 91162 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/15/28 (±) | USD | 433 | 372705 |
| &nbsp;&nbsp;&nbsp;1.000%, 06/15/30 (#), (±) | USD | 9 | 8595 |
| Evergy, Inc., <br> 4.500%, 12/15/27 (±) | USD | 45 | 52712 |
| Exact Sciences Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 03/15/27 (±) | USD | 1 | 954 |
| &nbsp;&nbsp;&nbsp;0.375%, 03/01/28 (±) | USD | 15 | 13710 |
| Expedia Group, Inc., <br> 0.000%, 02/15/26 (±) | USD | 16 | 15592 |
| Fisker, Inc., <br> 0.000%, 09/15/26 (#), (±), («) | USD | 772 | 5450 |
| fuboTV, Inc., <br> 3.250%, 02/15/26 (±) | USD | 110 | 107580 |
| GameStop Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 (#), (±) | USD | 250 | 270625 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/32 (#), (±) | USD | 744 | 800544 |
| Groupon, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 03/15/27 (#), (±) | USD | 107 | 149361 |
| &nbsp;&nbsp;&nbsp;Series UNRS, 4.875%, 06/30/30 | USD | 44 | 45510 |

---

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

**6** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Guardant Health, Inc., <br> 0.000%, 11/15/27 (±) | USD | 51 | $46379 |
| Guess?, Inc., <br> 3.750%, 04/15/28 (±) | USD | 51 | 48475 |
| Guidewire Software, Inc., <br> 1.250%, 11/01/29 (#), (±) | USD | 48 | 56712 |
| Haemonetics Corp., <br> 2.500%, 06/01/29 (±) | USD | 18 | 17951 |
| Hercules Capital, Inc., <br> 4.750%, 09/01/28 (#), (±) | USD | 16 | 15504 |
| Hims & Hers Health, Inc., <br> 0.000%, 05/15/30 (#), (±) | USD | 82 | 86182 |
| Inotiv, Inc., <br> 3.250%, 10/15/27 (±) | USD | 313 | 76294 |
| Integer Holdings Corp., <br> 1.875%, 03/15/30 (#), (±) | USD | 90 | 93960 |
| Jamf Holding Corp., <br> 0.125%, 09/01/26 (±) | USD | 22 | 20779 |
| Jazz Investments I Ltd., <br> 2.000%, 06/15/26 (±) | USD | 1087 | 1101403 |
| JBT Marel Corp., <br> 0.250%, 05/15/26 (±) | USD | 179 | 178481 |
| Lantheus Holdings, Inc., <br> 2.625%, 12/15/27 (±) | USD | 21 | 26728 |
| LCI Industries: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 05/15/26 (±) | USD | 134 | 129410 |
| &nbsp;&nbsp;&nbsp;3.000%, 03/01/30 (#), (±) | USD | 562 | 564108 |
| Liberty Interactive LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/29 (±) | USD | 694 | 76301 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/30 (±) | USD | 1080 | 118800 |
| Liberty Media Corp.-Liberty Formula One, <br> 2.250%, 08/15/27 (±) | USD | 1 | 1331 |
| Lucid Group, Inc., <br> 5.000%, 04/01/30 (#), (±) | USD | 10 | 9178 |
| Lumentum Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/26 (±) | USD | 136 | 160448 |
| &nbsp;&nbsp;&nbsp;1.500%, 12/15/29 | USD | 15 | 23040 |

---

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

Semi-Annual Financial Statements **7**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Lyft, Inc., <br> 0.625%, 03/01/29 (±) | USD | 8 | $8568 |
| MARA Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 03/01/30 (#), (±) | USD | 9 | 8114 |
| &nbsp;&nbsp;&nbsp;2.125%, 09/01/31 (#), (±) | USD | 22 | 23471 |
| Marriott Vacations Worldwide Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 01/15/26 (±) | USD | 60 | 58109 |
| &nbsp;&nbsp;&nbsp;3.250%, 12/15/27 (±) | USD | 57 | 53209 |
| Match Group Financeco 2, Inc., <br> 0.875%, 06/15/26 (#), (±) | USD | 91 | 88134 |
| Mesa Laboratories, Inc., <br> 1.375%, 08/15/25 (±) | USD | 304 | 302327 |
| MGP Ingredients, Inc., <br> 1.875%, 11/15/41 (±) | USD | 563 | 532739 |
| Microchip Technology, Inc., <br> 0.750%, 06/01/30 (±) | USD | 152 | 150024 |
| MicroStrategy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 (±) | USD | 6 | 16708 |
| &nbsp;&nbsp;&nbsp;2.250%, 06/15/32 (±) | USD | 223 | 479785 |
| Mitek Systems, Inc., <br> 0.750%, 02/01/26 (±) | USD | 569 | 559676 |
| Nutanix, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, 10/01/27 (±) | USD | 1 | 1412 |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/29 (#), (±) | USD | 44 | 49971 |
| Okta, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/25 (±) | USD | 903 | 898485 |
| &nbsp;&nbsp;&nbsp;0.375%, 06/15/26 (±) | USD | 88 | 84392 |
| ON Semiconductor Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 (±) | USD | 100 | 118765 |
| &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 (±) | USD | 25 | 23199 |
| Opendoor Technologies, Inc., <br> 7.000%, 05/15/30 (#), (±) | USD | 215 | 156413 |
| Pacira BioSciences, Inc., <br> 2.125%, 05/15/29 (±) | USD | 77 | 75553 |
| PAR Technology Corp., <br> 1.000%, 01/15/30 (#), (±) | USD | 44 | 44082 |

---

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

**8** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Pebblebrook Hotel Trust, <br> 1.750%, 12/15/26 (±) | USD | 688 | $651937 |
| Peloton Interactive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 02/15/26 (±) | USD | 295 | 285412 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/01/29 (±) | USD | 27 | 49676 |
| Penguin Solutions, Inc., <br> 2.000%, 08/15/30 (#), (±) | USD | 3 | 2979 |
| Porch Group, Inc., <br> 6.750%, 10/01/28 (#), (±) | USD | 54 | 53968 |
| PROS Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 09/15/27 (±) | USD | 41 | 38868 |
| &nbsp;&nbsp;&nbsp;2.500%, 07/01/30 (#) | USD | 492 | 532139 |
| PTC Therapeutics, Inc., <br> 1.500%, 09/15/26 (±) | USD | 840 | 970725 |
| Q2 Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 11/15/25 (±) | USD | 18 | 17766 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/01/26 (±) | USD | 43 | 51234 |
| Rapid7, Inc., <br> 0.250%, 03/15/27 (±) | USD | 47 | 43827 |
| RealReal, Inc., <br> 1.000%, 03/01/28 (±) | USD | 116 | 91639 |
| Redfin Corp., <br> 0.500%, 04/01/27 (±) | USD | 78 | 70403 |
| Repay Holdings Corp., <br> 0.000%, 02/01/26 (#), (±) | USD | 873 | 840262 |
| Rexford Industrial Realty LP, <br> 4.375%, 03/15/27 (#), (±) | USD | 87 | 86347 |
| Semtech Corp., <br> 1.625%, 11/01/27 (±) | USD | 162 | 233756 |
| Shake Shack, Inc., <br> 0.000%, 03/01/28 (±) | USD | 43 | 46144 |
| Shift Technologies, Inc., <br> 0.000%, 05/15/26 (#), (±), («) | USD | 850 | 2779 |
| Shift4 Payments, Inc., <br> 0.000%, 12/15/25 (±) | USD | 353 | 447427 |

---

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

Semi-Annual Financial Statements **9**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Snap, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 08/01/26 (±) | USD | 929 | $890706 |
| &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 (±) | USD | 190 | 172422 |
| &nbsp;&nbsp;&nbsp;0.125%, 03/01/28 (±) | USD | 20 | 17370 |
| Summit Hotel Properties, Inc., <br> 1.500%, 02/15/26 (±) | USD | 487 | 472390 |
| Super Micro Computer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 (±) | USD | 56 | 58632 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 (#), (±) | USD | 61 | 68564 |
| Teladoc Health, Inc., <br> 1.250%, 06/01/27 (±) | USD | 89 | 82307 |
| Tempus AI, Inc., <br> 0.750%, 07/15/30 (#) | USD | 121 | 121000 |
| Terawulf, Inc., <br> 2.750%, 02/01/30 (#), (±) | USD | 22 | 18688 |
| Travere Therapeutics, Inc., <br> 2.500%, 09/15/25 (±) | USD | 275 | 271205 |
| Trump Media & Technology Group Corp., <br> 0.000%, 05/29/28 (#), (±) | USD | 18 | 17100 |
| Uber Technologies, Inc., <br> 0.000%, 05/15/28 (#), (±) | USD | 36 | 38322 |
| Unity Software, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 (±) | USD | 372 | 348192 |
| &nbsp;&nbsp;&nbsp;0.000%, 03/15/30 (#), (±) | USD | 31 | 31759 |
| Upstart Holdings, Inc., <br> 0.250%, 08/15/26 (±) | USD | 609 | 578550 |
| Verint Systems, Inc., <br> 0.250%, 04/15/26 (±) | USD | 424 | 407676 |
| Vertex, Inc., <br> 0.750%, 05/01/29 (±) | USD | 73 | 87638 |
| Viavi Solutions, Inc., <br> 1.625%, 03/15/26 (±) | USD | 4 | 4045 |
| Vishay Intertechnology, Inc., <br> 2.250%, 09/15/30 (±) | USD | 92 | 82800 |
| Wayfair, Inc., <br> 3.500%, 11/15/28 (±) | USD | 23 | 31128 |

---

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

**10** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Western Digital Corp., <br> 3.000%, 11/15/28 (±) | USD | 61 | $109647 |
| Xometry, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 02/01/27 (±) | USD | 221 | 224315 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/15/30 (#), (±) | USD | 352 | 359349 |
| Ziff Davis, Inc., <br> 1.750%, 11/01/26 (±) | USD | 316 | 301385 |
|  |  |  | 25850302 |
| **Total Convertible Corporate Bonds** <br> (Cost $29,815,831) |  |  | 28324838 |
| **Corporate Bonds \| 0.6%** |  |  |  |
| **Brazil \| 0.4%** |  |  |  |
| Gol Finance, Inc., <br> 14.375%, 06/06/30 (#), (±) | USD | 243 | 232980 |
| **Colombia \| 0.2%** |  |  |  |
| ABRA Global Finance, <br> 14.000%, 10/22/29 (#), (±) | USD | 117 | 88166 |
| **United States \| 0.0%** |  |  |  |
| Esc Gcb144a3c7 Gol Equ, <br> 0.000%, 07/15/24 («) | USD | 616 | 0 |
| **Total Corporate Bonds** <br> (Cost $338,031) |  |  | 321146 |

---

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

Semi-Annual Financial Statements **11**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Counterparty | Number of<br> Contracts | Exercise<br> Price | Notional<br> Amount<sup><</sup> | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |  |  |
| **Purchased Options \| 0.0%** |  |  |  |  |  |
| **Call** |  |  |  |  |  |
| Etsy, Inc.,<br> Expires 07/18/25 | MSC | 9 | $70 | $45144 | $45 |
| Porch Group, Inc.,<br> Expires 12/19/25 | MSC | 9 | 13 | 10611 | 2385 |
| PROS Holdings, Inc.,<br> Expires 07/18/25 | MSC | 6 | 15 | 9396 | 720 |
| Sarepta Therapeutics, Inc.,<br> Expires 01/16/26 | MSC | 4 | 30 | 6840 | 988 |
| Transocean Ltd.,<br> Expires 07/11/25 | MSC | 17 | 3 | 4403 | 17 |
| **Put** |  |  |  |  |  |
| Affirm Holdings, Inc.,<br> Expires 07/03/25 | MSC | 9 | 62 | 62226 | 63 |
| Applied Digital Corp.,<br> Expires 07/18/25 | MSC | 18 | 5 | 18126 | 18 |
| Bloom Energy Corp.,<br> Expires 01/16/26 | MSC | 3 | 19 | 7176 | 687 |
| SPDR S&P 500 ETF Trust,<br> Expires 07/18/25 | MSC | 21 | 605 | 1297485 | 6678 |
| **Total Purchased Options**<br> (Cost $15,927) |  |  |  |  | 11601 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **U.S. Treasury Securities \| 47.4%** |  |  |  |
| U.S. Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 07/01/25 (±) | USD | 385 | $385000 |
| &nbsp;&nbsp;&nbsp;0.000%, 07/10/25 (±) | USD | 3410 | 3406426 |
| &nbsp;&nbsp;&nbsp;0.000%, 08/05/25 (±) | USD | 2205 | 2195878 |
| &nbsp;&nbsp;&nbsp;0.000%, 08/07/25 (±) | USD | 2310 | 2299908 |

---

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

**12** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 08/14/25 (±) | USD | 2725 | $2710658 |
| &nbsp;&nbsp;&nbsp;0.000%, 08/19/25 (±) | USD | 2310 | 2296441 |
| &nbsp;&nbsp;&nbsp;0.000%, 09/11/25 (±) | USD | 4225 | 4189109 |
| &nbsp;&nbsp;&nbsp;0.000%, 09/16/25 (±) | USD | 5530 | 5479790 |
| &nbsp;&nbsp;&nbsp;0.000%, 09/23/25 (±) | USD | 3310 | 3277506 |
| U.S. Treasury Notes,<br> 4.000%, 03/31/30 (±) | USD | 525 | 529881 |
| **Total U.S. Treasury Securities**<br> (Cost $26,766,481) |  |  | 26770597 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Warrants \| 0.0%** |  |  |
| **Singapore \| 0.0%** |  |  |
| Maxeon Solar Technologies Ltd.,<br> Expires 01/15/28 (\*), (¢) | 26550 | $0 |
| **United States \| 0.0%** |  |  |
| Danimer Scientific, Inc.,<br> Expires 07/15/25 (\*), (±) | 19663 | 12 |
| **Total Warrants**<br> (Cost $2,353) |  | 12 |
| **Short-Term Investments \| 5.2%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class,<br> 4.25% (7 day yield)<br> (Cost $2,957,332) | 2957332 | 2957332 |
| **Total Investments excluding Securities Sold Short \| 103.7%**<br> (Cost $60,641,540) |  | $**58641598** |

---

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

Semi-Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| **Securities Sold Short \| (2.5)%** |  |  |
| **Common Stocks \| (2.3)%** |  |  |
| **Australia \| (0.1)%** |  |  |
| Flight Centre Travel Group Ltd. | (4736) | $(38905) |
| **Cameroon \| (0.2)%** |  |  |
| Golar LNG Ltd. | (2136) | (87982) |
| **Canada \| (0.0)%** |  |  |
| StorageVault Canada, Inc. | (3152) | (9467) |
| **China \| (0.3)%** |  |  |
| H World Group Ltd. ADR | (1) | (34) |
| Ping An Insurance Group Co. of China Ltd., Class H | (29400) | (187174) |
|  |  | (187208) |
| **Netherlands \| (0.1)%** |  |  |
| Pharming Group NV | (81143) | (87039) |
| **United States \| (1.6)%** |  |  |
| A10 Networks, Inc. | (4986) | (96479) |
| Advanced Energy Industries, Inc. | (2) | (265) |
| Affirm Holdings, Inc. | (2) | (138) |
| Akamai Technologies, Inc. | (16) | (1276) |
| Alkami Technology, Inc. (±) | (19) | (573) |
| American Water Works Co., Inc. (±) | (78) | (10851) |
| Array Technologies, Inc. | (1379) | (8136) |
| Aurora Innovation, Inc. | (7194) | (37697) |
| Bentley Systems, Inc., Class B | (9) | (486) |
| BlackLine, Inc. | (22) | (1246) |
| Bridgebio Pharma, Inc. | (349) | (15070) |
| Carnival Corp. | (24) | (675) |
| Cleanspark, Inc. | (1024) | (11295) |
| Cloudflare, Inc., Class A | (91) | (17820) |
| CONMED Corp. | (5) | (260) |

---

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

**14** Semi-Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Core Scientific, Inc. (±) | (3190) | $(54453) |
| CSG Systems International, Inc. | (2) | (131) |
| Dropbox, Inc., Class A | (22) | (629) |
| Envista Holdings Corp. | (7) | (137) |
| Evergy, Inc. | (466) | (32121) |
| Exact Sciences Corp. | (41) | (2179) |
| Expedia Group, Inc. | (10) | (1687) |
| Guidewire Software, Inc. | (129) | (30373) |
| Hercules Capital, Inc. | (149) | (2724) |
| Hims & Hers Health, Inc. | (495) | (24676) |
| Integer Holdings Corp. | (356) | (43777) |
| JBT Marel Corp. | (2) | (240) |
| Lantheus Holdings, Inc. | (111) | (9086) |
| LCI Industries | (20) | (1824) |
| Liberty Media Corp.-Liberty Formula One, Class C | (9) | (940) |
| Lumentum Holdings, Inc. | (143) | (13594) |
| MACOM Technology Solutions Holdings, Inc. | (23) | (3296) |
| MARA Holdings, Inc. | (203) | (3183) |
| Microchip Technology, Inc. | (106) | (7459) |
| Nutanix, Inc., Class A | (347) | (26525) |
| Ormat Technologies, Inc. | (1) | (84) |
| Pacira BioSciences, Inc. | (1120) | (26768) |
| PAR Technology Corp. | (1) | (69) |
| Peloton Interactive, Inc., Class A | (4954) | (34381) |
| Q2 Holdings, Inc. | (153) | (14319) |
| Shift4 Payments, Inc., Class A | (2261) | (224088) |
| Snowflake, Inc., Class A | (11) | (2461) |
| UGI Corp. | (17) | (619) |
| Unity Software, Inc. | (606) | (14665) |
| Western Digital Corp. | (949) | (60726) |
| Xometry, Inc., Class A | (1615) | (54571) |
|  |  | (894052) |
| **Total Common Stocks**<br> (Proceeds $1,185,101) |  | (1304653) |

---

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

Semi-Annual Financial Statements **15**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **Convertible Corporate Bonds \| (0.2)%** |  |  |  |
| **United States \| (0.2)%** |  |  |  |
| JetBlue Airways Corp.,<br> 0.500%, 04/01/26<br> (Proceeds $98,437) | USD | (116) | $(111360) |
| **Total Securities Sold Short**<br> (Proceeds $1,283,538) |  |  | (1416013) |
| **Total Investments \| 101.2%**<br> (Cost and short proceeds $59,358,002) (») |  |  | $**57225585** |
| **Liabilities in Excess of Cash and Other Assets \| (1.2)%** |  |  | **(704545)** |
| **Net Assets \| 100.0%** |  |  | $**56521040** |

---

---

| | |
|:---|:---|
| *(±)* | *Some or all of this security position has been pledged to cover collateral requirements on securities sold short.* |
| *(\*)* | *Non-income producing security.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(\*\*)* | *Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. At June 30, 2025, these securities amounted to 2.7% of net assets of the Portfolio.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 14.0% of net assets of the Portfolio.* |
| *(«)* | *Issue in default.* |
| *<* | *Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.* |
| *(»)* | *The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.* |

---

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

**16** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

**Forward Currency Contracts open at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;&nbsp;USD | 514856 | AUD | 800000 | SSB | 09/25/25 | $— | $12589 |
| &nbsp;&nbsp;&nbsp;USD | 327437 | CAD | 448000 | SSB | 09/25/25 |  | 2948 |
| &nbsp;&nbsp;&nbsp;USD | 672163 | EUR | 580000 | SSB | 09/25/25 |  | 14880 |
| Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | Total gross unrealized appreciation/depreciation on Forward Currency Contracts | $— | $30417 |

---

**Written Options at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Counterparty | Number of<br> Contracts | Strike<br> Price | Expiration<br> Date | Notional<br> Amount**<sup><</sup>** | Premiums | Fair<br> Value |
| **Put** |  |  |  |  |  |  |  |
| SPDR S&P 500 ETF Trust | MSC | 21 | $595 | 7/18/25 | $1297485 | $5343 | $(3822) |

---

*<sup><</sup>* *Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.*

**Total Return Swap Agreements open at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| **Long Position Contract** | **Long Position Contract** | **Long Position Contract** |  |  |  |  |  |
| USD | BNP | $43517 | 11/17/25 | A10 Networks, Inc.,<br> 2.750%, 04/01/30 | 4.33% | $1444 | $— |
| USD | BNP | 99431 | 11/17/25 | Advanced Energy Industries, Inc.,<br> 2.500%, 09/15/28 | 4.33 | 8403 |  |
| USD | BNP | 346899 | 11/17/25 | Affirm Holdings, Inc.,<br> 0.000%, 11/15/26 | 4.33 | 5665 |  |
| USD | BNP | 337402 | 11/17/25 | Affirm Holdings, Inc.,<br> 0.750%, 12/15/29 | 4.33 | 28180 |  |
| USD | BNP | 413040 | 11/17/25 | Akamai Technologies, Inc.,<br> 0.250%, 05/15/33 | 4.33 | 4204 |  |
| USD | NIP | 702086 | 11/30/27 | Akamai Technologies, Inc.,<br> 0.375%, 09/01/27 | 4.33 |  | 7702 |
| USD | NIP | 583822 | 11/30/27 | Akamai Technologies, Inc.,<br> 1.125%, 02/15/29 | 4.33 |  | 9274 |
| USD | BNP | 67043 | 11/17/25 | Alarm.com Holdings, Inc.,<br> 2.250%, 06/01/29 | 4.33 |  | 1151 |
| USD | NIP | 2097551 | 11/30/27 | Alibaba Group Holding Ltd.,<br> 0.500%, 06/01/31 | 4.33 |  | 223187 |

---

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

Semi-Annual Financial Statements **17**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $355754 | 11/17/25 | Alkami Technology, Inc.,<br> 1.500%, 03/15/30 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $14611 | $— |
| USD | BNP | 54057 | 11/17/25 | Alliant Energy Corp.,<br> 3.875%, 03/15/26 | 4.33 |  | 523 |
| USD | BNP | 330440 | 11/17/25 | Alnylam Pharmaceuticals, Inc.,<br> 1.000%, 09/15/27 | 4.33 | 39484 |  |
| USD | BNP | 471682 | 11/17/25 | American Water Capital Corp.,<br> 3.625%, 06/15/26 | 4.33 |  | 13647 |
| USD | NIP | 122770 | 11/30/27 | Amphastar Pharmaceuticals, Inc.,<br> 2.000%, 03/15/29 | 4.33 |  | 15668 |
| USD | BNP | 583768 | 11/17/25 | ANI Pharmaceuticals, Inc.,<br> 2.250%, 09/01/29 | 4.33 | 51470 |  |
| USD | NIP | 264521 | 11/30/27 | Applied Digital Corp.,<br> 2.750%, 06/01/30 | 4.33 |  | 32504 |
| USD | BNP | 241676 | 11/17/25 | Applied Optoelectronics, Inc.,<br> 2.750%, 01/15/30 | 4.33 |  | 18579 |
| USD | BNP | 233131 | 11/17/25 | AST SpaceMobile, Inc.,<br> 4.250%, 03/01/32 | 4.33 | 10835 |  |
| USD | BNP | 328722 | 11/17/25 | Astronics Corp.,<br> 5.500%, 03/15/30 | 4.33 | 168739 |  |
| USD | BNP | 296136 | 11/17/25 | B2Gold Corp.,<br> 2.750%, 02/01/30 | 4.33 | 22492 |  |
| USD | BNP | 124626 | 11/17/25 | Bentley Systems, Inc.,<br> 0.125%, 01/15/26 | 4.33 | 606 |  |
| USD | NIP | 318938 | 11/30/27 | Bentley Systems, Inc.,<br> 0.375%, 07/01/27 | 4.33 | 7183 |  |
| USD | BNP | 64798 | 11/17/25 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 4.33 | 59223 |  |
| USD | BNP |  | 11/17/25 | BigBear.ai Holdings, Inc. | 4.33 | 3708 |  |
| USD | NIP |  | 11/28/25 | BigBear.ai Holdings, Inc. | 4.33 | 3836 |  |
| USD | NIP | 67931 | 11/30/27 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 4.33 | 66463 |  |
| USD | BNP | 417904 | 01/30/25 | Bill Holdings, Inc.,<br> 0.000%, 04/01/30 | 4.33 |  | 1283 |
| USD | BNP | 140466 | 11/17/25 | BioMarin Pharmaceutical, Inc.,<br> 1.250%, 05/15/27 | 4.33 |  | 256 |
| USD | NIP | 90079 | 11/30/27 | Bitdeer Technologies Group,<br> 5.250%, 12/01/29 | 4.33 |  | 1688 |

---

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

**18** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $219460 | 11/17/25 | BlackLine, Inc.,<br> 1.000%, 06/01/29 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $11383 | $— |
| USD | BNP | 743994 | 11/17/25 | Bloom Energy Corp.,<br> 3.000%, 06/01/28 | 4.33 | 23684 |  |
| USD | BNP | 286175 | 11/17/25 | Bloom Energy Corp.,<br> 3.000%, 06/01/29 | 4.33 | 43287 |  |
| USD | NIP | 537945 | 11/30/27 | Box, Inc.,<br> 0.000%, 01/15/26 | 4.33 |  | 2877 |
| USD | NIP | 124020 | 11/30/27 | Bridgebio Pharma, Inc.,<br> 1.750%, 03/01/31 | 4.33 | 8732 |  |
| USD | NIP | 704070 | 11/30/27 | Bridgebio Pharma, Inc.,<br> 2.500%, 03/15/27 | 4.33 | 27748 |  |
| USD | BNP | 43362 | 11/17/25 | Capital Southwest Corp.,<br> 5.125%, 11/15/29 | 4.33 |  | 71 |
| USD | NIP | 1486287 | 11/30/27 | Carnival Corp.,<br> 5.750%, 12/01/27 | 4.33 | 496362 |  |
| USD | BNP | 392603 | 11/17/25 | Cheesecake Factory, Inc.,<br> 2.000%, 03/15/30 | 4.33 | 36999 |  |
| USD | BNP | 124010 | 11/17/25 | Cheesecake Factory, Inc.,<br> 0.375%, 06/15/26 | 4.33 | 4083 |  |
| USD | BNP | 15388 | 11/17/25 | Chefs' Warehouse, Inc.,<br> 2.375%, 12/15/28 | 4.33 | 156 |  |
| USD | BNP | 22842 | 11/17/25 | Cloudflare, Inc.,<br> 0.000%, 06/15/30 | 4.33 | 913 |  |
| USD | NIP | 1175365 | 11/30/27 | Cloudflare, Inc.,<br> 0.000%, 08/15/26 | 4.33 | 125930 |  |
| USD | NIP | 49994 | 11/30/27 | CMS Energy Corp.,<br> 3.375%, 05/01/28 | 4.33 |  | 2240 |
| USD | BNP | 284989 | 11/17/25 | Coinbase Global, Inc.,<br> 0.250%, 04/01/30 | 4.33 | 70245 |  |
| USD | NIP | 1112395 | 11/30/27 | Coinbase Global, Inc.,<br> 0.500%, 06/01/26 | 4.33 | 149055 |  |
| USD | BNP | 731349 | 11/17/25 | Collegium Pharmaceutical, Inc.,<br> 2.875%, 02/15/29 | 4.33 |  | 55137 |
| USD | BNP | 982036 | 11/17/25 | CONMED Corp.,<br> 2.250%, 06/15/27 | 4.33 | 10269 |  |
| USD | BNP | 59292 | 11/17/25 | Core Scientific, Inc.,<br> 3.000%, 09/01/29 | 4.33 | 18124 |  |
| USD | BNP | 15560 | 11/17/25 | Core Scientific, Inc.,<br> 0.000%, 06/15/31 | 4.33 | 2925 |  |

---

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

Semi-Annual Financial Statements **19**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $230798 | 11/17/25 | Cracker Barrel Old Country Store, Inc.,<br> 1.750%, 09/15/30 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $8166 | $— |
| USD | BNP | 102552 | 11/17/25 | CSG Systems International, Inc.,<br> 3.875%, 09/15/28 | 4.33 | 4501 |  |
| USD | BNP | 247460 | 11/17/25 | Cytokinetics, Inc.,<br> 3.500%, 07/01/27 | 4.33 |  | 11499 |
| USD | BNP | 8536 | 11/17/25 | Datadog, Inc.,<br> 0.000%, 12/01/29 | 4.33 | 97 |  |
| USD | BNP | 1257517 | 11/17/25 | Dayforce, Inc.,<br> 0.250%, 03/15/26 | 4.33 | 6762 |  |
| USD | BNP | 275382 | 11/17/25 | Dexcom, Inc.,<br> 0.375%, 05/15/28 | 4.33 | 2823 |  |
| USD | BNP | 987121 | 11/17/25 | DigitalOcean Holdings, Inc.,<br> 0.000%, 12/01/26 | 4.33 | 104965 |  |
| USD | BNP | 132707 | 11/17/25 | DraftKings Holdings, Inc.,<br> 0.000%, 03/15/28 | 4.33 | 1676 |  |
| USD | BNP | 511526 | 11/17/25 | Dropbox, Inc.,<br> 0.000%, 03/01/28 | 4.33 | 10551 |  |
| USD | BNP | 295590 | 11/17/25 | Duke Energy Corp.,<br> 4.125%, 04/15/26 | 4.33 |  | 2902 |
| USD | BNP | 161220 | 11/17/25 | Dynavax Technologies Corp.,<br> 2.000%, 03/15/30 | 4.33 |  | 3514 |
| USD | BNP | 801981 | 11/17/25 | Encore Capital Group, Inc.,<br> 4.000%, 03/15/29 | 4.33 |  | 62689 |
| USD | BNP | 16849 | 11/17/25 | Enovis Corp.,<br> 3.875%, 10/15/28 | 4.33 |  | 83 |
| USD | BNP | 18209 | 11/17/25 | Enphase Energy, Inc.,<br> 0.000%, 03/01/28 | 4.33 |  | 390 |
| USD | BNP | 19100 | 11/17/25 | Envista Holdings Corp.,<br> 1.750%, 08/15/28 | 4.33 | 361 |  |
| USD | BNP | 69082 | 01/20/25 | Etsy, Inc.,<br> 0.125%, 10/01/26 | 4.33 |  | 597 |
| USD | BNP | 116317 | 11/17/25 | Etsy, Inc.,<br> 0.125%, 09/01/27 | 4.33 | 2053 |  |
| USD | BNP | 77033 | 11/17/25 | Etsy, Inc.,<br> 1.000%, 06/15/30 | 4.33 |  | 1722 |
| USD | NIP | 360965 | 11/30/27 | Evergy, Inc.,<br> 4.500%, 12/15/27 | 4.33 |  | 4862 |
| USD | BNP | 120021 | 11/17/25 | Evolent Health, Inc.,<br> 3.500%, 12/01/29 | 4.33 | 683 |  |

---

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

**20** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $179683 | 01/30/25 | Exact Sciences Corp.,<br> 2.000%, 03/01/30 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $1307 | $— |
| USD | NIP | 582007 | 11/30/27 | Exact Sciences Corp.,<br> 0.375%, 03/01/28 | 4.33 | 15323 |  |
| USD | NIP | 907801 | 11/30/27 | Exact Sciences Corp.,<br> 0.375%, 03/15/27 | 4.33 | 14063 |  |
| USD | NIP | 82985 | 11/30/27 | Exact Sciences Corp.,<br> 1.750%, 04/15/31 | 4.33 |  | 526 |
| USD | BNP | 749661 | 11/17/25 | Expedia Group, Inc.,<br> 0.000%, 02/15/26 | 4.33 |  | 17051 |
| USD | BNP | 230055 | 11/17/25 | EZCORP, Inc.,<br> 3.750%, 12/15/29 | 4.33 | 24818 |  |
| USD | NIP | 248191 | 11/30/27 | FARO Technologies, Inc.,<br> 5.500%, 02/01/28 | 4.33 | 27867 |  |
| USD | BNP | 18719 | 11/17/25 | Fastly, Inc.,<br> 7.750%, 06/01/28 | 4.33 |  | 872 |
| USD | BNP | 99990 | 11/17/25 | Five9, Inc.,<br> 1.000%, 03/15/29 | 4.33 |  | 383 |
| USD | BNP | 1250170 | 11/17/25 | Ford Motor Co.,<br> 0.000%, 03/15/26 | 4.33 | 15280 |  |
| USD | BNP | 183036 | 11/17/25 | Fortuna Mining Corp.,<br> 3.750%, 06/30/29 | 4.33 | 31847 |  |
| USD | BNP | 212761 | 11/17/25 | GameStop Corp.,<br> 0.000%, 06/15/32 | 4.33 | 10863 |  |
| USD | BNP | 292287 | 11/17/25 | GameStop Corp.,<br> 0.000%, 04/01/30 | 4.33 |  | 38070 |
| USD | BNP | 811119 | 11/17/25 | Greenbrier Cos., Inc.,<br> 2.875%, 04/15/28 | 4.33 |  | 49807 |
| USD | BNP | 1054904 | 11/17/25 | Guardant Health, Inc.,<br> 0.000%, 11/15/27 | 4.33 | 34566 |  |
| USD | BNP | 100205 | 11/17/25 | Guardant Health, Inc.,<br> 1.250%, 02/15/31 | 4.33 | 2359 |  |
| USD | BNP | 196775 | 11/17/25 | Guess?, Inc.,<br> 3.750%, 04/15/28 | 4.33 | 4873 |  |
| USD | BNP | 171246 | 11/17/25 | Guidewire Software, Inc.,<br> 1.250%, 11/01/29 | 4.33 |  | 2690 |
| USD | NIP | 203174 | 11/30/27 | H World Group Ltd.,<br> 3.000%, 05/01/26 | 4.33 |  | 14441 |
| USD | BNP | 60019 | 11/17/25 | Halozyme Therapeutics, Inc.,<br> 1.000%, 08/15/28 | 4.33 |  | 8935 |
| USD | BNP | 538938 | 11/17/25 | Halozyme Therapeutics, Inc.,<br> 0.250%, 03/01/27 | 4.33 |  | 5878 |

---

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

Semi-Annual Financial Statements **21**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $46045 | 11/17/25 | Hercules Capital, Inc.,<br> 4.750%, 09/01/28 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $700 |
| USD | NIP | 234431 | 11/30/27 | Impinj, Inc.,<br> 1.125%, 05/15/27 | 4.33 | 18253 |  |
| USD | BNP | 401191 | 11/17/25 | Innoviva, Inc.,<br> 2.125%, 03/15/28 | 4.33 | 5106 |  |
| USD | BNP | 103613 | 11/17/25 | Integer Holdings Corp.,<br> 1.875%, 03/15/30 | 4.33 | 343 |  |
| USD | BNP | 639616 | 11/17/25 | InterDigital, Inc.,<br> 3.500%, 06/01/27 | 4.33 | 80561 |  |
| USD | NIP | 53114 | 11/30/27 | Ionis Pharmaceuticals, Inc.,<br> 1.750%, 06/15/28 | 4.33 | 2505 |  |
| USD | BNP | 274031 | 11/17/25 | Itron, Inc. | 4.33 | 24488 |  |
| USD | BNP | 654840 | 11/17/25 | JD.com, Inc.,<br> 0.250%, 06/01/29 | 4.33 |  | 48883 |
| USD | BNP | 65568 | 11/17/25 | JetBlue Airways Corp.,<br> 2.500%, 09/01/29 | 4.33 |  | 25281 |
| USD | NIP | 46698 | 11/30/27 | Kite Realty Group LP,<br> 0.750%, 04/01/27 | 4.33 | 846 |  |
| USD | BNP | 824567 | 11/17/25 | Lantheus Holdings, Inc.,<br> 2.625%, 12/15/27 | 4.33 |  | 77023 |
| USD | BNP | 698339 | 11/17/25 | Liberty Media Corp.,<br> 2.375%, 09/30/53 | 4.33 | 32492 |  |
| USD | BNP | 48569 | 11/17/25 | Liberty Media Corp.-Liberty Formula One,<br> 2.250%, 08/15/27 | 4.33 | 4483 |  |
| USD | BNP | 17225 | 11/17/25 | LivaNova PLC | 4.33 | 1067 |  |
| USD | BNP | 259273 | 11/17/25 | Lumentum Holdings, Inc.,<br> 1.500%, 12/15/29 | 4.33 | 77535 |  |
| USD | BNP | 338772 | 11/17/25 | Lumentum Holdings, Inc.,<br> 0.500%, 06/15/28 | 4.33 | 30113 |  |
| USD | BNP | 1323575 | 11/17/25 | Lumentum Holdings, Inc.,<br> 0.500%, 12/15/26 | 4.33 | 127845 |  |
| USD | BNP | 471058 | 11/17/25 | Lyft, Inc.,<br> 0.625%, 03/01/29 | 4.33 | 9943 |  |
| USD | NIP | 317021 | 11/30/27 | MACOM Technology Solutions Holdings, Inc.,<br> 0.000%, 12/15/29 | 4.33 | 23109 |  |
| USD | NIP | 417192 | 11/30/27 | MACOM Technology Solutions Holdings, Inc.,<br> 0.250%, 03/15/26 | 4.33 | 116311 |  |

---

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

**22** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity<sup>></sup> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $8870 | 11/30/27 | MARA Holdings, Inc.,<br> 0.000%, 03/01/30 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $791 |
| USD | BNP | 1067613 | 11/17/25 | Marriott Vacations Worldwide Corp.,<br> 0.000%, 01/15/26 | 4.33 | 7662 |  |
| USD | BNP | 231865 | 11/17/25 | Marriott Vacations Worldwide Corp.,<br> 3.250%, 12/15/27 | 4.33 |  | 3218 |
| USD | BNP | 919373 | 11/17/25 | Match Group Financeco 2, Inc.,<br> 0.875%, 06/15/26 | 4.33 | 21940 |  |
| USD | BNP | 440939 | 11/17/25 | Match Group Financeco 3, Inc.,<br> 2.000%, 01/15/30 | 4.33 | 6460 |  |
| USD | BNP | 180559 | 11/17/25 | Merit Medical Systems, Inc.,<br> 3.000%, 02/01/29 | 4.33 |  | 4637 |
| USD | NIP | 17782 | 11/30/27 | Meritage Homes Corp. | 4.33 |  | 333 |
| USD | NIP | 544571 | 11/30/27 | Microchip Technology, Inc. | 4.33 | 18871 |  |
| USD | NIP | 22754 | 11/30/27 | MicroStrategy, Inc.,<br> 0.625%, 03/15/30 | 4.33 | 27284 |  |
| USD | NIP | 25952 | 11/30/27 | MicroStrategy, Inc. | 4.33 |  | 235 |
| USD | NIP | 852191 | 11/30/27 | Middleby Corp.,<br> 1.000%, 09/01/25 | 4.33 |  | 5747 |
| USD | BNP | 86856 | 11/17/25 | Mirum Pharmaceuticals, Inc.,<br> 4.000%, 05/01/29 | 4.33 | 12214 |  |
| USD | BNP | 39478 | 11/17/25 | MKS, Inc.,<br> 1.250%, 06/01/30 | 4.33 | 4925 |  |
| USD | BNP | 760214 | 11/17/25 | NCL Corp. Ltd.,<br> 2.500%, 02/15/27 | 4.33 |  | 9721 |
| USD | BNP | 383450 | 11/17/25 | NCL Corp. Ltd.,<br> 1.125%, 02/15/27 | 4.33 | 7241 |  |
| USD | BNP | 17446 | 11/17/25 | NCL Corp. Ltd.,<br> 0.875%, 04/15/30 | 4.33 | 1818 |  |
| USD | BNP | 419731 | 11/17/25 | Nebius Group NV,<br> 2.000%, 06/05/29 | 4.33 | 35853 |  |
| USD | BNP | 157976 | 11/17/25 | Nebius Group NV,<br> 3.000%, 06/05/31 | 4.33 | 14598 |  |
| USD | BNP | 116795 | 11/17/25 | Nutanix, Inc.,<br> 0.500%, 12/15/29 | 4.33 | 3254 |  |
| USD | BNP | 783455 | 11/17/25 | Nutanix, Inc.,<br> 0.250%, 10/01/27 | 4.33 | 2757 |  |

---

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

Semi-Annual Financial Statements **23**

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $489935 | 11/17/25 | ON Semiconductor Corp.,<br> 0.000%, 05/01/27 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $55796 | $— |
| USD | BNP | 561765 | 11/17/25 | ON Semiconductor Corp.,<br> 0.500%, 03/01/29 | 4.33 | 27435 |  |
| USD | BNP | 193294 | 11/17/25 | Ormat Technologies, Inc.,<br> 2.500%, 07/15/27 | 4.33 | 8637 |  |
| USD | BNP | 570378 | 11/17/25 | OSI Systems, Inc., <br> 2.250%, 08/01/29 | 4.33 | 46898 |  |
| USD | BNP | 484124 | 11/17/25 | Pacira BioSciences, Inc.,<br> 0.750%, 08/01/25 | 4.33 | 3744 |  |
| USD | BNP | 225976 | 11/17/25 | Pacira BioSciences, Inc.,<br> 2.125%, 05/15/29 | 4.33 |  | 257 |
| USD | BNP | 64284 | 11/17/25 | Pagaya Technologies Ltd.,<br> 6.125%, 10/01/29 | 4.33 | 27766 |  |
| USD | BNP | 57131 | 11/17/25 | PagerDuty, Inc., <br> 1.500%, 10/15/28 | 4.33 |  | 1841 |
| USD | BNP | 51425 | 11/17/25 | PAR Technology Corp.,<br> 1.000%, 01/15/30 | 4.33 | 2456 |  |
| USD | NIP | 243579 | 11/30/27 | PAR Technology Corp.,<br> 1.500%, 10/15/27 | 4.33 | 2433 |  |
| USD | NIP | 76926 | 11/30/27 | PAR Technology Corp.,<br> 2.875%, 04/15/26 | 4.33 |  | 8213 |
| USD | BNP | 148231 | 11/17/25 | Parsons Corp.,<br> 2.625%, 03/10/29 | 4.33 | 907 |  |
| USD | BNP | 577013 | 11/17/25 | Peloton Interactive, Inc.,<br> 5.500%, 12/01/29 | 4.33 | 24698 |  |
| USD | BNP | 613785 | 11/17/25 | Penguin Solutions, Inc.,<br> 2.000%, 02/01/29 | 4.33 |  | 826 |
| USD | BNP | 579837 | 11/17/25 | Penguin Solutions, Inc.,<br> 2.000%, 08/15/30 | 4.33 |  | 4402 |
| USD | BNP | 278431 | 11/17/25 | PG&E Corp.,<br> 4.250%, 12/01/27 | 4.33 |  | 18987 |
| USD | BNP | 22730 | 11/17/25 | Porch Group Inc.,<br> 6.750%, 10/01/28 | 4.33 |  | 47 |
| USD | BNP | 67096 | 11/17/25 | Porch Group, Inc.,<br> 6.750%, 10/01/28 | 4.33 | 2862 |  |
| USD | BNP | 86161 | 11/17/25 | Progress Software Corp.,<br> 1.000%, 04/15/26 | 4.33 | 6679 |  |
| USD | BNP | 698134 | 11/17/25 | Progress Software Corp.,<br> 3.500%, 03/01/30 | 4.33 | 27397 |  |
| USD | BNP | 64326 | 11/17/25 | PROS Holdings, Inc.,<br> 2.250%, 09/15/27 | 4.33 | 92 |  |

---

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

**24** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $469458 | 11/17/25 | Q2 Holdings, Inc.,<br> 0.125%, 11/15/25 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $596 | $— |
| USD | BNP | 817927 | 11/17/25 | Q2 Holdings, Inc.,<br> 0.750%, 06/01/26 | 4.33 |  | 31445 |
| USD | BNP | 6964 | 11/17/25 | Redfin Corp.,<br> 0.500%, 04/01/27 | 4.33 | 1129 |  |
| USD | BNP | 64358 | 11/17/25 | Repay Holdings Corp.,<br> 2.875%, 07/15/29 | 4.33 |  | 9887 |
| USD | NIP | 449371 | 11/30/27 | Repligen Corp.,<br> 1.000%, 12/15/28 | 4.33 |  | 18049 |
| USD | BNP | 91009 | 11/17/25 | Rubrik, Inc.,<br> 0.000%, 06/15/30 | 4.33 | 286 |  |
| USD | NIP | 44890 | 11/30/27 | Rubrik, Inc.,<br> 0.000%, 06/15/30 | 4.33 | 202 |  |
| USD | BNP | 2045117 | 11/17/25 | Sea Ltd.,<br> 2.375%, 12/01/25 | 4.33 | 310136 |  |
| USD | NIP | 307430 | 01/30/25 | Seagate HDD Cayman,<br> 3.500%, 06/01/28 | 4.33 | 18312 |  |
| USD | BNP | 9310 | 11/17/25 | Semler Scientific, Inc.,<br> 4.250%, 08/01/30 | 4.33 |  | 2033 |
| USD | NIP | 545258 | 11/30/27 | Semtech Corp.,<br> 1.625%, 11/01/27 | 4.33 | 65948 |  |
| USD | BNP | 278950 | 11/17/25 | Shift4 Payments, Inc.,<br> 0.500%, 08/01/27 | 4.33 | 5015 |  |
| USD | BNP | 1271078 | 11/17/25 | Shift4 Payments, Inc.,<br> 0.000%, 12/15/25 | 4.33 |  | 36914 |
| USD | BNP | 1355511 | 11/17/25 | Shopify, Inc.,<br> 0.125%, 11/01/25 | 4.33 |  | 11841 |
| USD | BNP | 130711 | 11/17/25 | Silvercorp Metals, Inc.,<br> 4.750%, 12/15/29 | 4.33 | 29603 |  |
| USD | NIP | 541204 | 11/30/27 | Sirius XM Holdings, Inc.,<br> 3.750%, 03/15/28 | 4.33 |  | 12011 |
| USD | BNP | 366738 | 11/17/25 | Snowflake, Inc.,<br> 0.000%, 10/01/29 | 4.33 | 27789 |  |
| USD | BNP | 1597724 | 11/17/25 | Snowflake, Inc.,<br> 0.000%, 10/01/27 | 4.33 | 383156 |  |
| USD | BNP | 1632696 | 11/17/25 | SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 | 4.33 | 273407 |  |
| USD | BNP | 193993 | 11/17/25 | SoFi Technologies, Inc.,<br> 0.000%, 10/15/26 | 4.33 | 9310 |  |
| USD | NIP | 72798 | 11/30/27 | Solaris Energy Infrastructure, Inc.,<br> 4.750%, 05/01/30 | 4.33 | 11301 |  |

---

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

Semi-Annual Financial Statements **25**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $306557 | 11/30/27 | Southern Co.,<br> 4.500%, 06/15/27 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $6076 |
| USD | NIP | 61389 | 11/30/27 | Sphere Entertainment Co.,<br> 3.500%, 12/01/28 | 4.33 | 1666 |  |
| USD | NIP | 510693 | 11/30/27 | Spotify USA, Inc.,<br> 0.000%, 03/15/26 | 4.33 | 92771 |  |
| USD | BNP | 21312 | 11/17/25 | SSR Mining, Inc.,<br> 2.500%, 04/01/39 | 4.33 | 1428 |  |
| USD | BNP | 460546 | 11/17/25 | Super Micro Computer, Inc.,<br> 2.250%, 07/15/28 | 4.33 | 35052 |  |
| USD | BNP | 379049 | 11/17/25 | Super Micro Computer, Inc.,<br> 3.500%, 03/01/29 | 4.33 | 19603 |  |
| USD | BNP | 308239 | 11/17/25 | Super Micro Computer, Inc.,<br> 0.000%, 06/15/30 | 4.33 | 14192 |  |
| USD | BNP | 295604 | 11/17/25 | Tandem Diabetes Care, Inc.,<br> 1.500%, 03/15/29 | 4.33 |  | 29456 |
| USD | NIP | 319091 | 11/30/27 | Tetra Tech, Inc.,<br> 2.250%, 08/15/28 | 4.33 | 14911 |  |
| USD | BNP | 531858 | 11/17/25 | TransMedics Group, Inc.,<br> 1.500%, 06/01/28 | 4.33 | 172498 |  |
| USD | BNP | 238024 | 11/17/25 | Transocean, Inc.,<br> 4.625%, 09/30/29 | 4.33 |  | 59651 |
| USD | NIP | 6719 | 11/30/27 | Travere Therapeutics, Inc.,<br> 2.250%, 03/01/29 | 4.33 | 3761 |  |
| USD | BNP | 1106912 | 11/17/25 | Trip.com Group Ltd.,<br> 0.750%, 06/15/29 | 4.33 |  | 66537 |
| USD | NIP | 129285 | 11/30/27 | Trump Media & Technology Group Corp.,<br> 0.000%, 05/29/28 | 4.33 | 1566 |  |
| USD | NIP | 881612 | 11/30/27 | Tyler Technologies, Inc.,<br> 0.250%, 03/15/26 | 4.33 | 28133 |  |
| USD | BNP | 123471 | 11/17/25 | Uber Technologies, Inc.,<br> 0.875%, 12/01/28 | 4.33 | 7698 |  |
| USD | BNP | 1038042 | 11/17/25 | Uber Technologies, Inc.,<br> 0.000%, 12/15/25 | 4.33 | 101879 |  |
| USD | BNP | 153934 | 11/17/25 | Uber Technologies, Inc.,<br> 0.000%, 05/15/28 | 4.33 |  | 6428 |
| USD | NIP | 601862 | 11/30/27 | UGI Corp. | 4.33 | 38890 |  |
| USD | BNP | 30218 | 11/17/25 | Unity Software, Inc.,<br> 0.000%, 03/15/30 | 4.33 | 2437 |  |
| USD | BNP | 1186518 | 11/17/25 | Upstart Holdings, Inc.,<br> 2.000%, 10/01/29 | 4.33 |  | 163201 |

---

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

**26** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $30907 | 11/17/25 | Upstart Holdings, Inc.,<br> 0.250%, 08/15/26 | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $310 | $— |
| USD | NIP | 661162 | 11/30/27 | Veeco Instruments, Inc.,<br> 2.875%, 06/01/29 | 4.33 |  | 83315 |
| USD | NIP | 62649 | 11/30/27 | Ventas Realty LP,<br> 3.750%, 06/01/26 | 4.33 |  | 4190 |
| USD | BNP | 15107 | 11/17/25 | Verint Systems, Inc.,<br> 0.250%, 04/15/26 | 4.33 | 212 |  |
| USD | NIP | 419227 | 11/30/27 | Vertex, Inc.,<br> 0.750%, 05/01/29 | 4.33 |  | 20891 |
| USD | BNP | 5238 | 11/17/25 | Viavi Solutions, Inc.,<br> 1.625%, 03/15/26 | 4.33 |  | 204 |
| USD | BNP | 689354 | 11/17/25 | Vishay Intertechnology, Inc.,<br> 2.250%, 09/15/30 | 4.33 |  | 10866 |
| USD | BNP | 383025 | 01/30/25 | Wayfair, Inc.,<br> 3.500%, 11/15/28 | 4.33 | 54341 |  |
| USD | BNP | 437931 | 11/17/25 | Wayfair, Inc.,<br> 3.250%, 09/15/27 | 4.33 | 44594 |  |
| USD | BNP | 409029 | 11/17/25 | WEC Energy Group, Inc.,<br> 4.375%, 06/01/27 | 4.33 |  | 14511 |
| USD | BNP | 707145 | 11/17/25 | Western Digital Corp.,<br> 3.000%, 11/15/28 | 4.33 | 155103 |  |
| USD | NIP | 1016189 | 11/30/27 | Western Digital Corp.,<br> 3.000%, 11/15/28 | 4.33 | 281683 |  |
| USD | BNP | 236575 | 11/17/25 | Winnebago Industries, Inc.,<br> 3.250%, 01/01/30 | 4.33 |  | 8237 |
| USD | BNP | 941981 | 11/17/25 | WisdomTree, Inc.,<br> 3.250%, 08/15/29 | 4.33 | 22016 |  |
| USD | NIP | 65417 | 11/30/27 | Workiva, Inc.,<br> 1.250%, 08/15/28 | 4.33 |  | 619 |
| USD | BNP | 164927 | 11/17/25 | Xometry, Inc.,<br> 1.000%, 02/01/27 | 4.33 |  | 2903 |
| USD | BNP | 329155 | 11/17/25 | Ziff Davis, Inc.,<br> 3.625%, 03/01/28 | 4.33 |  | 2442 |
| **Short Position Contract** | **Short Position Contract** | **Short Position Contract** |  |  |  |  |  |
| USD | BNP | 68403 | 07/05/25 | A10 Networks, Inc. | 4.33 |  | 8502 |
| USD | BNP | 49032 | 07/05/25 | Advanced Energy Industries, Inc. | 4.33 |  | 9893 |
| USD | BNP | 190843 | 07/05/25 | Affirm Holdings, Inc. | 4.33 |  | 42274 |
| USD | BNP | 424852 | 07/05/25 | Akamai Technologies, Inc. | 4.33 |  | 9057 |
| USD | NIP | 299096 | 11/30/27 | Akamai Technologies, Inc. | 4.33 |  | 381 |

---

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

Semi-Annual Financial Statements **27**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $51378 | 07/05/25 | Alarm.com Holdings, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $2561 | $— |
| USD | NIP | 1479176 | 11/30/27 | Alibaba Group Holding Ltd. | 4.33 | 163210 |  |
| USD | BNP | 231245 | 07/05/25 | Alkami Technology, Inc. | 4.33 |  | 16241 |
| USD | BNP | 19505 | 07/05/25 | Alliant Energy Corp. | 4.33 |  | 88 |
| USD | BNP | 261584 | 07/05/25 | Alnylam Pharmaceuticals, Inc. | 4.33 |  | 41368 |
| USD | BNP | 9384 | 07/05/25 | Alphatec Holdings, Inc. | 4.33 | 484 |  |
| USD | NIP | 216267 | 11/30/27 | Alphatec Holdings, Inc. | 4.33 | 1632 |  |
| USD | BNP | 71906 | 07/05/25 | American Water Works Co., Inc. | 4.33 | 1223 |  |
| USD | BNP | 3761 | 07/05/25 | Amphastar Pharmaceuticals, Inc. | 4.33 | 355 |  |
| USD | NIP | 9618 | 11/30/27 | Amphastar Pharmaceuticals, Inc. | 4.33 | 1476 |  |
| USD | BNP | 1375 | 07/05/25 | Amphenol Corp. | 4.33 |  | 104 |
| USD | BNP | 333191 | 07/05/25 | ANI Pharmaceuticals, Inc. | 4.33 |  | 19527 |
| USD | BNP | 5347 | 07/05/25 | Applied Digital Corp. | 4.33 |  | 4195 |
| USD | NIP | 229794 | 11/30/27 | Applied Digital Corp. | 4.33 | 32440 |  |
| USD | BNP | 96626 | 07/05/25 | Applied Optoelectronics, Inc. | 4.33 |  | 8287 |
| USD | NIP | 3680 | 11/30/27 | Applied Optoelectronics, Inc. | 4.33 |  | 212 |
| USD | BNP | 510 | 07/05/25 | Array Technologies, Inc. | 4.33 | 38 |  |
| USD | BNP | 177257 | 07/05/25 | AST SpaceMobile, Inc. | 4.33 |  | 6414 |
| USD | BNP | 221093 | 07/05/25 | Astronics Corp. | 4.33 |  | 141797 |
| USD | NIP | 2928 | 11/30/27 | Astronics Corp. | 4.33 |  | 2419 |
| USD | BNP | 31786 | 07/05/25 | Aurora Innovation, Inc. | 4.33 | 2048 |  |
| USD | BNP | 189110 | 07/05/25 | B2Gold Corp. | 4.33 |  | 18990 |
| USD | BNP | 55818 | 07/05/25 | Bentley Systems, Inc. | 4.33 |  | 5310 |
| USD | NIP | 20072 | 11/30/27 | Bentley Systems, Inc. | 4.33 |  | 2713 |
| USD | BNP | 73257 | 07/05/25 | BigBear.ai Holdings, Inc. | 4.33 |  | 119857 |
| USD | BOA | 18481 | 07/06/25 | BigBear.ai Holdings, Inc. | 4.33 |  | 31873 |
| USD | NIP | 51978 | 11/30/27 | BigBear.ai Holdings, Inc. | 4.33 |  | 50896 |
| USD | BNP | 97323 | 07/05/25 | Bill Holdings, Inc. | 4.33 |  | 1898 |
| USD | BNP | 4217 | 07/05/25 | Bitdeer Technologies Group | 4.33 |  | 489 |
| USD | NIP | 168109 | 11/30/27 | Bitdeer Technologies Group | 4.33 | 24002 |  |
| USD | BNP | 118269 | 07/05/25 | BlackLine, Inc. | 4.33 |  | 14911 |
| USD | BNP | 642547 | 07/05/25 | Bloom Energy Corp. | 4.33 |  | 111338 |
| USD | BNP | 70606 | 07/05/25 | Box, Inc. | 4.33 |  | 277 |
| USD | NIP | 437699 | 11/30/27 | Box, Inc. | 4.33 |  | 6609 |

---

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

**28** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $46263 | 07/05/25 | Bridgebio Pharma, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $3856 |
| USD | NIP | 392363 | 11/30/27 | Bridgebio Pharma, Inc. | 4.33 |  | 47378 |
| USD | BNP | 16142 | 07/05/25 | Capital Southwest Corp. | 4.33 |  | 1040 |
| USD | BNP | 180487 | 07/05/25 | Carnival Corp. | 4.33 |  | 25596 |
| USD | NIP | 1036454 | 11/30/27 | Carnival Corp. | 4.33 |  | 511603 |
| USD | BNP | 468113 | 07/05/25 | Cheesecake Factory, Inc. | 4.33 |  | 90016 |
| USD | NIP | 11965 | 11/30/27 | Cheesecake Factory, Inc. | 4.33 |  | 1216 |
| USD | BNP | 12239 | 07/05/25 | Chefs' Warehouse, Inc. | 4.33 |  | 415 |
| USD | BNP | 283 | 07/05/25 | Cleanspark, Inc. | 4.33 |  | 26 |
| USD | BNP | 236487 | 07/05/25 | Cloudflare, Inc. | 4.33 |  | 23785 |
| USD | NIP | 347206 | 11/30/27 | Cloudflare, Inc. | 4.33 |  | 137933 |
| USD | BNP | 142 | 07/05/25 | CMS Energy Corp. | 4.33 | 4 |  |
| USD | NIP | 23741 | 11/30/27 | CMS Energy Corp. | 4.33 | 1582 |  |
| USD | BNP | 350424 | 07/05/25 | Coinbase Global, Inc. | 4.33 |  | 77901 |
| USD | NIP | 312188 | 11/30/27 | Coinbase Global, Inc. | 4.33 |  | 138295 |
| USD | BNP | 344843 | 07/05/25 | Collegium Pharmaceutical, Inc. | 4.33 | 4925 |  |
| USD | BNP | 4060 | 07/05/25 | Confluent, Inc. | 4.33 |  | 272 |
| USD | BNP | 53965 | 07/05/25 | CONMED Corp. | 4.33 | 5562 |  |
| USD | BNP | 46690 | 07/05/25 | Core Scientific, Inc. | 4.33 |  | 22061 |
| USD | BNP | 396987 | 07/05/25 | Cracker Barrel Old Country Store, Inc. | 4.33 |  | 35817 |
| USD | BNP | 51091 | 07/05/25 | CSG Systems International, Inc. | 4.33 |  | 3133 |
| USD | BNP | 67036 | 07/05/25 | Cytokinetics, Inc. | 4.33 | 2559 |  |
| USD | NIP | 2694 | 11/30/27 | Cytokinetics, Inc. | 4.33 | 122 |  |
| USD | BNP | 5952 | 07/05/25 | Datadog, Inc. | 4.33 |  | 220 |
| USD | BNP | 59421 | 07/05/25 | Dexcom, Inc. | 4.33 |  | 2129 |
| USD | BNP | 19058 | 07/05/25 | DraftKings, Inc. | 4.33 |  | 3235 |
| USD | BNP | 297948 | 07/05/25 | Dropbox, Inc. | 4.33 |  | 6200 |
| USD | BNP | 131848 | 07/05/25 | Duke Energy Corp. | 4.33 |  | 1013 |
| USD | BNP | 46861 | 07/05/25 | Dynavax Technologies Corp. | 4.33 | 755 |  |
| USD | NIP | 48017 | 11/30/27 | Dynavax Technologies Corp. | 4.33 | 11454 |  |
| USD | BNP | 444905 | 07/05/25 | Encore Capital Group, Inc. | 4.33 |  | 26884 |
| USD | BNP | 3855 | 07/05/25 | Enovis Corp. | 4.33 | 103 |  |
| USD | BNP | 4066 | 07/05/25 | Envista Holdings Corp. | 4.33 |  | 453 |
| USD | BOA | 65021 | 07/06/25 | Eos Energy Enterprises, Inc. | 4.33 |  | 14573 |

---

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

Semi-Annual Financial Statements **29**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $46441 | 07/05/25 | Etsy, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $4841 | $— |
| USD | BNP | 19314 | 07/05/25 | Evergy, Inc. | 4.33 |  | 235 |
| USD | NIP | 216005 | 11/30/27 | Evergy, Inc. | 4.33 |  | 313 |
| USD | BNP | 16624 | 07/05/25 | Evolent Health, Inc. | 4.33 |  | 3514 |
| USD | NIP | 281550 | 11/30/27 | Exact Sciences Corp. | 4.33 |  | 19893 |
| USD | BNP | 51180 | 07/05/25 | Expedia Group, Inc. | 4.33 | 888 |  |
| USD | NIP | 10980 | 11/30/27 | Expedia Group, Inc. | 4.33 |  | 116 |
| USD | BNP | 171504 | 07/05/25 | EZCORP, Inc. | 4.33 |  | 17662 |
| USD | BNP | 9119 | 07/05/25 | FARO Technologies, Inc. | 4.33 |  | 5385 |
| USD | NIP | 84943 | 11/30/27 | FARO Technologies, Inc. | 4.33 |  | 36957 |
| USD | BNP | 3270 | 07/05/25 | Fastly, Inc. | 4.33 | 275 |  |
| USD | BNP | 9902 | 07/05/25 | Five9, Inc. | 4.33 | 844 |  |
| USD | NIP | 533 | 11/30/27 | Five9, Inc. | 4.33 | 31 |  |
| AUD | BNP | 4143 | 07/05/25 | Flight Centre Travel Group Ltd. | 3.85 | 318 |  |
| USD | BNP | 259380 | 07/05/25 | Ford Motor Co. | 4.33 |  | 10644 |
| USD | BNP | 102460 | 07/05/25 | Fortuna Mining Corp. | 4.33 |  | 23615 |
| USD | NIP | 1884 | 11/30/27 | Fortuna Mining Corp. | 4.33 |  | 471 |
| USD | BNP | 771532 | 07/05/25 | GameStop Corp. | 4.33 |  | 82284 |
| USD | BNP | 537 | 07/05/25 | Golar LNG Ltd. | 4.33 | 1 |  |
| USD | BNP | 403390 | 07/05/25 | Greenbrier Cos., Inc. | 4.33 | 62215 |  |
| USD | BNP | 16854 | 07/05/25 | Groupon, Inc. | 4.33 |  | 2664 |
| USD | NIP | 66401 | 11/30/27 | Groupon, Inc. | 4.33 |  | 23479 |
| USD | BNP | 183875 | 07/05/25 | Guardant Health, Inc. | 4.33 |  | 14222 |
| USD | BNP | 24764 | 07/05/25 | Guess?, Inc. | 4.33 |  | 1615 |
| USD | BNP | 103797 | 07/05/25 | Guidewire Software, Inc. | 4.33 | 2990 |  |
| USD | BNP | 4629 | 07/05/25 | H World Group Ltd. | 4.33 | 87 |  |
| USD | NIP | 82834 | 11/30/27 | H World Group Ltd. | 4.33 | 5810 |  |
| USD | BNP | 4984 | 07/05/25 | Haemonetics Corp. | 4.33 |  | 669 |
| USD | BNP | 164309 | 07/05/25 | Halozyme Therapeutics, Inc. | 4.33 | 9551 |  |
| USD | BNP | 15630 | 07/05/25 | Hercules Capital, Inc. | 4.33 |  | 239 |
| USD | BNP | 28510 | 07/05/25 | Hims & Hers Health, Inc. | 4.33 | 5366 |  |
| USD | BNP | 8588 | 07/05/25 | Immunocore Holdings PLC | 4.33 | 366 |  |
| USD | BNP | 3382 | 07/05/25 | Impinj, Inc. | 4.33 |  | 60 |
| USD | NIP | 103484 | 11/30/27 | Impinj, Inc. | 4.33 |  | 19016 |
| USD | BNP | 135190 | 07/05/25 | Innoviva, Inc. | 4.33 |  | 6727 |

---

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

**30** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $37899 | 07/05/25 | Inotiv, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $3147 | $— |
| USD | BNP | 57015 | 07/05/25 | Integer Holdings Corp. | 4.33 |  | 697 |
| USD | BNP | 635880 | 07/05/25 | InterDigital, Inc. | 4.33 |  | 79312 |
| USD | BNP | 4684 | 07/05/25 | Ionis Pharmaceuticals, Inc. | 4.33 |  | 519 |
| USD | NIP | 14085 | 11/30/27 | Ionis Pharmaceuticals, Inc. | 4.33 |  | 2268 |
| USD | HSB | 526339 | 04/29/27 | iShares iBoxx $High Yield Corporate Bond ETF | 4.33 |  | 12323 |
| USD | BNP | 160840 | 07/05/25 | Itron, Inc. | 4.33 |  | 28797 |
| USD | BNP | 163330 | 07/05/25 | Jazz Pharmaceuticals PLC | 4.33 | 7862 |  |
| USD | BNP | 30400 | 07/05/25 | JBT Marel Corp. | 4.33 |  | 2447 |
| USD | BNP | 252748 | 07/05/25 | JD.com, Inc. | 4.33 | 26558 |  |
| USD | BNP | 38845 | 07/05/25 | JetBlue Airways Corp. | 4.33 | 14546 |  |
| USD | BNP | 3997 | 07/05/25 | Kite Realty Group Trust | 4.33 | 21 |  |
| USD | NIP | 20481 | 11/30/27 | Kite Realty Group Trust | 4.33 |  | 877 |
| USD | BNP | 458378 | 07/05/25 | Lantheus Holdings, Inc. | 4.33 | 64284 |  |
| USD | NIP | 6633 | 11/30/27 | Lantheus Holdings, Inc. | 4.33 | 1661 |  |
| USD | BNP | 58292 | 07/05/25 | LCI Industries | 4.33 |  | 2167 |
| USD | NIP | 192513 | 11/30/27 | LCI Industries | 4.33 |  | 1438 |
| USD | BNP | 33097 | 07/05/25 | Liberty Media Corp.-Liberty Formula One | 4.33 |  | 5346 |
| USD | BNP | 6535 | 07/05/25 | LivaNova PLC | 4.33 |  | 195 |
| USD | BNP | 562452 | 07/05/25 | Live Nation Entertainment, Inc. | 4.33 |  | 30434 |
| USD | BNP | 1188 | 07/05/25 | Lucid Group, Inc. | 4.33 | 206 |  |
| USD | BOA | 47646 | 07/06/25 | Lucid Group, Inc. | 4.33 | 1869 |  |
| USD | BNP | 772342 | 07/05/25 | Lumentum Holdings, Inc. | 4.33 |  | 327593 |
| USD | NIP | 57473 | 11/30/27 | Lumentum Holdings, Inc. | 4.33 |  | 19332 |
| USD | BNP | 210274 | 07/05/25 | Lyft, Inc. | 4.33 |  | 13431 |
| USD | BNP | 111324 | 07/05/25 | MACOM Technology Solutions Holdings, Inc. | 4.33 |  | 19427 |
| USD | NIP | 444759 | 11/30/27 | MACOM Technology Solutions Holdings, Inc. | 4.33 |  | 121408 |
| USD | BNP | 20340 | 07/05/25 | MARA Holdings, Inc. | 4.33 | 3271 |  |
| USD | NIP | 4965 | 11/30/27 | MARA Holdings, Inc. | 4.33 | 747 |  |
| USD | BNP | 18744 | 07/05/25 | Marriott Vacations Worldwide Corp. | 4.33 |  | 432 |
| USD | BNP | 51489 | 07/05/25 | Match Group, Inc. | 4.33 |  | 1239 |
| USD | BNP | 114709 | 07/05/25 | Merit Medical Systems, Inc. | 4.33 | 1766 |  |

---

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

Semi-Annual Financial Statements **31**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $202 | 07/05/25 | Meritage Homes Corp. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $2 | $— |
| USD | NIP | 3879 | 11/30/27 | Meritage Homes Corp. | 4.33 | 75 |  |
| USD | BNP | 55723 | 07/05/25 | Microchip Technology, Inc. | 4.33 |  | 9749 |
| USD | NIP | 67984 | 11/30/27 | Microchip Technology, Inc. | 4.33 |  | 16393 |
| USD | BNP | 398074 | 07/05/25 | MicroStrategy, Inc. | 4.33 |  | 66134 |
| USD | NIP | 20917 | 11/30/27 | MicroStrategy, Inc. | 4.33 |  | 2862 |
| USD | BNP | 30932 | 07/05/25 | Middleby Corp. | 4.33 | 116 |  |
| USD | NIP | 658911 | 11/30/27 | Middleby Corp. | 4.33 |  | 27091 |
| USD | BNP | 66056 | 07/05/25 | Mirum Pharmaceuticals, Inc. | 4.33 |  | 12226 |
| USD | BNP | 15097 | 07/05/25 | MKS, Inc. | 4.33 |  | 1939 |
| USD | BNP | 322962 | 07/05/25 | Nebius Group NV | 4.33 |  | 45876 |
| USD | NIP | 2468 | 11/30/27 | Nebius Group NV | 4.33 |  | 348 |
| USD | BNP | 214893 | 07/05/25 | Norwegian Cruise Line Holdings Ltd. | 4.33 |  | 17721 |
| USD | BNP | 634463 | 07/05/25 | Nutanix, Inc. | 4.33 |  | 9703 |
| USD | BNP | 413679 | 07/05/25 | ON Semiconductor Corp. | 4.33 |  | 74582 |
| USD | NIP | 3440 | 11/30/27 | ON Semiconductor Corp. | 4.33 |  | 428 |
| USD | BNP | 68394 | 07/05/25 | Opendoor Technologies, Inc. | 4.33 | 4152 |  |
| USD | BNP | 94049 | 07/05/25 | Ormat Technologies, Inc. | 4.33 |  | 11856 |
| USD | BNP | 383473 | 07/05/25 | OSI Systems, Inc. | 4.33 |  | 34116 |
| USD | BNP | 86289 | 07/05/25 | Pacira BioSciences, Inc. | 4.33 | 6297 |  |
| USD | BNP | 36759 | 07/05/25 | Pagaya Technologies Ltd. | 4.33 |  | 34393 |
| USD | BNP | 15355 | 07/05/25 | PagerDuty, Inc. | 4.33 | 1333 |  |
| USD | BNP | 56112 | 07/05/25 | PAR Technology Corp. | 4.33 |  | 6774 |
| USD | NIP | 154872 | 11/30/27 | PAR Technology Corp. | 4.33 |  | 7671 |
| USD | BNP | 56253 | 07/05/25 | Parsons Corp. | 4.33 |  | 2053 |
| USD | BNP | 1786 | 07/05/25 | Pebblebrook Hotel Trust | 4.33 |  | 158 |
| USD | BNP | 406954 | 07/05/25 | Peloton Interactive, Inc. | 4.33 |  | 24537 |
| USD | BNP | 640792 | 07/05/25 | Penguin Solutions, Inc. | 4.33 |  | 14143 |
| USD | BNP | 54952 | 07/05/25 | PG&E Corp. | 4.33 | 9110 |  |
| EUR | BNP | 4461 | 07/05/25 | Pharming Group NV | 1.93 | 323 |  |
| USD | BNP | 26214 | 07/05/25 | Porch Group, Inc. | 4.33 |  | 3375 |
| USD | BNP | 414527 | 07/05/25 | Progress Software Corp. | 4.33 |  | 38433 |
| USD | NIP | 12597 | 11/30/27 | Progress Software Corp. | 4.33 |  | 10 |
| USD | BNP | 224660 | 07/05/25 | PROS Holdings, Inc. | 4.33 | 5976 |  |
| USD | BNP | 430762 | 07/05/25 | PTC Therapeutics, Inc. | 4.33 |  | 24419 |

---

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

**32** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $447547 | 07/05/25 | Q2 Holdings, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $43242 |
| USD | BNP | 53500 | 07/05/25 | Qifu Technology, Inc. | 4.33 |  | 206 |
| USD | BNP | 6630 | 07/05/25 | RealReal, Inc. | 4.33 | 1332 |  |
| USD | BNP | 10073 | 07/05/25 | Repay Holdings Corp. | 4.33 | 1485 |  |
| USD | NIP | 150364 | 11/30/27 | Repligen Corp. | 4.33 | 12665 |  |
| USD | BNP | 4854 | 07/05/25 | Rexford Industrial Realty, Inc. | 4.33 | 66 |  |
| CAD | BNP | 27576 | 03/06/26 | Rogers Sugar, Inc. | 2.75 |  | 2112 |
| USD | BNP | 44363 | 07/05/25 | Rubrik, Inc. | 4.33 |  | 342 |
| USD | NIP | 21075 | 11/30/27 | Rubrik, Inc. | 4.33 |  | 56 |
| USD | BNP | 2005718 | 07/05/25 | Sea Ltd. | 4.33 |  | 286447 |
| USD | BNP | 20794 | 07/05/25 | Seagate Technology Holdings PLC | 4.33 |  | 4503 |
| USD | NIP | 239453 | 11/30/27 | Seagate Technology Holdings PLC | 4.33 |  | 20697 |
| USD | BNP | 4073 | 07/05/25 | Semler Scientific, Inc. | 4.33 | 290 |  |
| USD | BNP | 32937 | 07/05/25 | Semtech Corp. | 4.33 |  | 2708 |
| USD | NIP | 367916 | 11/30/27 | Semtech Corp. | 4.33 |  | 85842 |
| USD | BNP | 16083 | 07/05/25 | Shake Shack, Inc. | 4.33 |  | 4953 |
| USD | BNP | 1108646 | 07/05/25 | Shift4 Payments, Inc. | 4.33 |  | 121518 |
| USD | BNP | 196692 | 07/05/25 | Shopify, Inc. | 4.33 |  | 5127 |
| USD | NIP | 47351 | 11/30/27 | Shopify, Inc. | 4.33 |  | 11663 |
| USD | BNP | 73948 | 07/05/25 | Silvercorp Metals, Inc. | 4.33 |  | 17886 |
| USD | BNP | 24371 | 07/05/25 | Sirius XM Holdings, Inc. | 4.33 |  | 1181 |
| USD | NIP | 135390 | 11/30/27 | Sirius XM Holdings, Inc. | 4.33 |  | 4202 |
| USD | BNP | 5057 | 07/05/25 | Snap, Inc. | 4.33 |  | 87 |
| USD | BNP | 1364412 | 07/05/25 | Snowflake, Inc. | 4.33 |  | 444678 |
| USD | NIP | 29379 | 11/30/27 | Snowflake, Inc. | 4.33 |  | 6773 |
| USD | BNP | 1286753 | 07/05/25 | SoFi Technologies, Inc. | 4.33 |  | 414999 |
| USD | BNP | 858 | 07/05/25 | Solaris Energy Infrastructure, Inc. | 4.33 | 11 |  |
| USD | NIP | 45902 | 11/30/27 | Solaris Energy Infrastructure, Inc. | 4.33 |  | 9986 |
| USD | BNP | 6806 | 07/05/25 | Southern Co. | 4.33 |  | 65 |
| USD | NIP | 136704 | 11/30/27 | Southern Co. | 4.33 |  | 1224 |
| USD | BNP | 815 | 07/05/25 | Sphere Entertainment Co. | 4.33 |  | 20 |
| USD | NIP | 38007 | 11/30/27 | Sphere Entertainment Co. | 4.33 |  | 2830 |
| USD | BNP | 27662 | 07/05/25 | Spotify Technology SA | 4.33 |  | 708 |

---

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

Semi-Annual Financial Statements **33**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $410570 | 11/30/27 | Spotify Technology SA | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $101405 |
| USD | BNP | 4965 | 07/05/25 | SSR Mining, Inc. | 4.33 |  | 534 |
| CAD | BNP | 4090 | 03/06/26 | StorageVault Canada, Inc. | 2.75 |  | 58 |
| USD | BNP | 535045 | 07/05/25 | Super Micro Computer, Inc. | 4.33 |  | 72256 |
| USD | NIP | 22788 | 11/30/27 | Super Micro Computer, Inc. | 4.33 |  | 5860 |
| USD | BNP | 101345 | 07/05/25 | Tandem Diabetes Care, Inc. | 4.33 | 16129 |  |
| USD | BNP | 641 | 07/05/25 | Terawulf, Inc. | 4.33 |  | 72 |
| USD | NIP | 11927 | 11/30/27 | Terawulf, Inc. | 4.33 | 3341 |  |
| USD | BNP | 18747 | 07/05/25 | Tetra Tech, Inc. | 4.33 |  | 219 |
| USD | NIP | 134943 | 11/30/27 | Tetra Tech, Inc. | 4.33 |  | 17288 |
| USD | BNP | 360261 | 07/05/25 | TransMedics Group, Inc. | 4.33 |  | 171047 |
| USD | BNP | 144446 | 07/05/25 | Transocean Ltd. | 4.33 | 50014 |  |
| USD | BNP | 91 | 07/05/25 | Travere Therapeutics, Inc. | 4.33 | 3 |  |
| USD | NIP | 2518 | 11/30/27 | Travere Therapeutics, Inc. | 4.33 |  | 256 |
| USD | BNP | 565067 | 07/05/25 | Trip.com Group Ltd. | 4.33 | 20077 |  |
| USD | NIP | 32737 | 11/30/27 | Trump Media & Technology Group Corp. | 4.33 | 1870 |  |
| USD | BNP | 89698 | 07/05/25 | Tyler Technologies, Inc. | 4.33 |  | 1414 |
| USD | NIP | 624255 | 11/30/27 | Tyler Technologies, Inc. | 4.33 |  | 42960 |
| USD | BNP | 431444 | 07/05/25 | U.S. Treasury Bills, 0.000%, 02/19/26 | 4.33 |  | 3586 |
| USD | BNP | 1175208 | 07/05/25 | U.S. Treasury Notes, 3.875%, 04/30/30 | 4.33 |  | 9647 |
| USD | BNP | 591613 | 07/05/25 | U.S. Treasury Notes, 3.750%, 04/30/27 | 4.33 | 1296 |  |
| USD | BNP | 430023 | 07/05/25 | U.S. Treasury Notes, 3.875%, 03/31/27 | 4.33 | 2939 |  |
| USD | BNP | 836300 | 07/05/25 | Uber Technologies, Inc. | 4.33 |  | 105166 |
| USD | BNP | 28107 | 07/05/25 | UGI Corp. | 4.33 |  | 1537 |
| USD | NIP | 426979 | 11/30/27 | UGI Corp. | 4.33 |  | 45735 |
| USD | BNP | 13932 | 07/05/25 | Unity Software, Inc. | 4.33 |  | 1337 |
| USD | BNP | 872583 | 07/05/25 | Upstart Holdings, Inc. | 4.33 | 71738 |  |
| USD | BNP | 21813 | 07/05/25 | Veeco Instruments, Inc. | 4.33 | 232 |  |
| USD | NIP | 249001 | 11/30/27 | Veeco Instruments, Inc. | 4.33 | 43173 |  |
| USD | NIP | 47296 | 11/30/27 | Ventas, Inc. | 4.33 | 2214 |  |
| USD | NIP | 305007 | 11/30/27 | Vertex, Inc. | 4.33 | 18910 |  |
| USD | BNP | 1630 | 07/05/25 | Viavi Solutions, Inc. | 4.33 | 44 |  |

---

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

**34** Semi-Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity> | Reference<br> Rate at<br> 6/30/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | NIP | $160 | 11/30/27 | Viavi Solutions, Inc. | 4.33%&nbsp;&nbsp;&nbsp;&nbsp; | $— | $10 |
| USD | BNP | 204393 | 07/05/25 | Vishay Intertechnology, Inc. | 4.33 |  | 14217 |
| USD | BNP | 401128 | 07/05/25 | Wayfair, Inc. | 4.33 |  | 102787 |
| USD | BNP | 228468 | 07/05/25 | WEC Energy Group, Inc. | 4.33 | 4506 |  |
| USD | BNP | 736417 | 07/05/25 | Western Digital Corp. | 4.33 |  | 220840 |
| USD | NIP | 627086 | 11/30/27 | Western Digital Corp. | 4.33 |  | 251392 |
| USD | BNP | 30760 | 07/05/25 | Winnebago Industries, Inc. | 4.33 | 4298 |  |
| USD | NIP | 1305 | 11/30/27 | Winnebago Industries, Inc. | 4.33 | 236 |  |
| USD | BNP | 493302 | 07/05/25 | WisdomTree, Inc. | 4.33 |  | 77471 |
| USD | NIP | 12145 | 11/30/27 | Workiva, Inc. | 4.33 | 63 |  |
| USD | BNP | 200812 | 07/05/25 | Xometry, Inc. | 4.33 |  | 10605 |
| USD | BNP | 15190 | 07/05/25 | Ziff Davis, Inc. | 4.33 | 1257 |  |
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements |  | $5802485 | $7454723 |

---

---

| | |
|:---|:---|
| > | *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. The financing charge rate for long positions is the Overnight Bank Funding Rate (OBFR) plus a spread of up to 65 basis points. 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. Generally, the financing charge rate for short positions is the OBFR minus a spread of up to 435 basis points, with one specific position having a rate of OBFR minus a spread of 508 basis points.* |

---

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

Semi-Annual Financial Statements **35**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** |  |  |
| **Exchange-Traded Funds \| 87.5%** |  |  |
| **Commodity \| 2.5%** |  |  |
| U.S. Copper Index Fund | 23775 | $752241 |
| **Equity Funds \| 62.3%** |  |  |
| Invesco QQQ Trust, Series 1 | 3140 | 1732150 |
| iShares MSCI Japan ETF | 23888 | 1790883 |
| iShares MSCI USA Momentum Factor ETF | 6279 | 1508969 |
| SPDR EURO STOXX 50 ETF | 20859 | 1245908 |
| Vanguard S&P 500 ETF | 8755 | 4973103 |
| Vanguard S&P 500 Growth ETF | 10289 | 4080000 |
| Vanguard S&P 500 Value ETF | 17357 | 3275439 |
|  |  | 18606452 |
| **Fixed Income \| 22.7%** |  |  |
| iShares 1-3 Year Treasury Bond ETF | 22755 | 1885479 |
| iShares 20+ Year Treasury Bond ETF | 43583 | 3846200 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9572 | 1049187 |
|  |  | 6780866 |
| **Total Exchange-Traded Funds**<br> (Cost $20,822,966) |  | 26139559 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Repurchase Agreements \| 9.7%** |  |  |
| Fixed Income Clearing Corp., <br> 4.38%, 07/01/25 <br> (Dated 06/30/25, collateralized by $2,917,700 United States Treasury Note, <br> 3.750%, 08/15/27, with a fair value of $2,958,095) Proceeds of $2,900,353<br> (Cost $2,900,000) | $2900 | $2900000 |

---

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

**36** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio (continued)** |  |  |
| **Short-Term Investments \| 1.8%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 4.25% (7 day yield)<br> (Cost $543,346) | 543346 | $543346 |
| **Total Investments \| 99.0%**<br> (Cost $24,266,312) (») |  | $**29582905** |
| **Cash and Other Assets in Excess of Liabilities \| 1.0%** |  | **284128** |
| **Net Assets \| 100.0%** |  | $**29867033** |

---

---

| | |
|:---|:---|
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |

---

**Forward Currency Contracts open at June 30, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | 1494283 | CNY | 10837436 | SSB | 07/16/25 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $19650 |

---

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

Semi-Annual Financial Statements **37**

**Lazard Opportunistic Strategies Portfolio (continued)**

**Total Return Swap Agreements open at June 30, 2025:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Rate | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $414927 | 12/09/25 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+0.92 bps | Upon Maturity(a) | $447561 | $— |
| USD | GSC | 1888455 | 02/26/26 | Net appreciation and dividends paid, on Securities in a custom momentum basket | Net depreciation, and dividend expense (if applicable), on securities in a custom momentum basket as well as financing charges at the referenced rate | SOFR+0.60 bps | Upon Maturity(a) |  | 89689 |
| Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements | Total gross unrealized appreciation/depreciation on Total Return Swap Agreements |  | $447561 \* | $89689 \* |

---

*(a)* *For swap agreements, the net settlement will occur on the expiration date.*

*\** *Include net accrued dividends and financing charges of $52,394.*

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

**38** Semi-Annual Financial Statements

**Lazard Opportunistic Strategies Portfolio (concluded)**

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within<br> GSCBLZEU<br> (SOFR+0.92bps) | Shares | Fair<br> Value |
| BAE Systems PLC | 7552 | $195507 |
| Exosens SAS | 127 | 6036 |
| Hensoldt AG | 289 | 33158 |
| Kongsberg Gruppen ASA | 2200 | 85310 |
| Leonardo SpA | 1446 | 81384 |
| Renk Group AG | 250 | 19984 |
| Rheinmetall AG | 109 | 230729 |
| Saab Ab, Class B | 1335 | 74448 |
| Thales SA | 515 | 151419 |
| Total Fair Value |  | $877975 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within<br> GSCBLZGB<br> (SOFR+0.60bps) | Shares | Fair<br> Value |
| Amazon.Com Inc. | 406 | $89072 |
| ASE Technology Holding Co. Ltd. | 17707 | 89408 |
| Bank Of America Corp. | 2062 | 97574 |
| Digitalocean Holdings Inc. | 2470 | 70543 |
| Ferrovial SE | 2196 | 117078 |
| Intuitive Surgical Inc. | 157 | 85315 |
| Lantheus Holdings Inc. | 980 | 80223 |
| London Stock Exchange Group | 650 | 94888 |
| Lotes Co Ltd. | 1667 | 77039 |
| Mizuho Financial Group Inc. | 3769 | 104508 |
| National Grid PLC | 8027 | 117014 |
| Onto Innovation Inc. | 441 | 44510 |
| Partners Group Holding AG | 62 | 80875 |
| QBE Insurance Group Ltd. | 7497 | 115410 |
| RELX PLC | 1942 | 104948 |
| Rio Tinto Ltd. | 1292 | 91096 |
| Schrodinger Inc. | 3918 | 78830 |
| Sumitomo Mitsui Financial Group, Inc. | 3960 | 99932 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2761 | 100187 |
| Unilever PLC | 1699 | 103195 |
| Total Fair Value |  | $1841645 |

---

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

Semi-Annual Financial Statements **39**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•)** |  |  |
| **Common Stocks \| 71.4%** |  |  |
| **Australia \| 1.6%** |  |  |
| Aurizon Holdings Ltd. | 8274 | $16501 |
| Goodman Group REIT | 1622 | 36559 |
| Transurban Group | 3811 | 35090 |
|  |  | 88150 |
| **Belgium \| 0.2%** |  |  |
| Warehouses De Pauw CVA REIT | 329 | 8019 |
| **Brazil \| 0.6%** |  |  |
| Allos SA | 2000 | 8363 |
| Energisa SA | 1000 | 8894 |
| Multiplan Empreendimentos Imobiliarios SA | 2800 | 14023 |
|  |  | 31280 |
| **Canada \| 5.6%** |  |  |
| Agnico Eagle Mines Ltd. | 254 | 30208 |
| Atco Ltd., Class I | 887 | 33077 |
| Barrick Mining Corp. | 854 | 17780 |
| Boardwalk Real Estate Investment Trust REIT | 270 | 13877 |
| Canadian National Railway Co. | 205 | 21360 |
| Centerra Gold, Inc. | 2173 | 15654 |
| Enbridge, Inc. | 495 | 22446 |
| First Capital Real Estate Investment Trust REIT | 1475 | 19660 |
| Granite Real Estate Investment Trust REIT | 576 | 29262 |
| Hydro One Ltd. (#) | 1324 | 47710 |
| Keyera Corp. | 382 | 12495 |
| TC Energy Corp. | 781 | 38105 |
|  |  | 301634 |
| **China \| 1.7%** |  |  |
| C&D International Investment Group Ltd. | 2000 | 4052 |
| China Overseas Land & Investment Ltd. | 14500 | 25192 |
| China Resources Land Ltd. | 8000 | 27148 |
| Hopson Development Holdings Ltd. (\*) | 11368 | 4804 |

---

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

**40** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Midea Real Estate Holding Ltd. (#) | 6800 | $3427 |
| Seazen Group Ltd. (\*) | 44000 | 13086 |
| Yuexiu Property Co. Ltd. | 21000 | 11521 |
|  |  | 89230 |
| **France \| 3.4%** |  |  |
| Aeroports de Paris SA | 108 | 13555 |
| Covivio SA REIT | 250 | 15785 |
| Engie SA | 1859 | 43777 |
| Klepierre SA REIT | 334 | 13233 |
| Unibail-Rodamco-Westfield REIT | 204 | 19523 |
| Vinci SA | 515 | 76020 |
|  |  | 181893 |
| **Germany \| 0.3%** |  |  |
| TAG Immobilien AG | 537 | 9544 |
| Vonovia SE | 177 | 6234 |
|  |  | 15778 |
| **Hong Kong \| 1.4%** |  |  |
| Henderson Land Development Co. Ltd. | 2000 | 7005 |
| Hongkong Land Holdings Ltd. | 900 | 5197 |
| Kerry Properties Ltd. | 1500 | 3875 |
| Link REIT | 3300 | 17592 |
| Swire Properties Ltd. | 4400 | 11001 |
| Wharf Real Estate Investment Co. Ltd. | 10000 | 28319 |
|  |  | 72989 |
| **Italy \| 1.2%** |  |  |
| Terna - Rete Elettrica Nazionale | 6131 | 63063 |
| **Japan \| 3.3%** |  |  |
| Aeon Mall Co. Ltd. (\*), (¢) | 2400 | 47882 |
| Daiwa House Industry Co. Ltd. | 500 | 17226 |
| East Japan Railway Co. | 1200 | 25897 |
| Hankyu Hanshin Holdings, Inc. | 600 | 16308 |

---

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

Semi-Annual Financial Statements **41**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Hoshino Resorts REIT, Inc. | 2 | $3344 |
| Hulic Co. Ltd. | 900 | 9062 |
| Industrial & Infrastructure Fund Investment Corp. REIT | 17 | 14339 |
| Japan Prime Realty Investment Corp. REIT | 16 | 10288 |
| Japan Real Estate Investment Corp. REIT | 15 | 12280 |
| Katitas Co. Ltd. | 300 | 5200 |
| Osaka Gas Co. Ltd. | 600 | 15355 |
|  |  | 177181 |
| **Mexico \| 0.6%** |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 1100 | 14450 |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 715 | 16413 |
|  |  | 30863 |
| **Singapore \| 1.1%** |  |  |
| Keppel DC REIT | 12000 | 21996 |
| Parkway Life REIT | 4000 | 12902 |
| Sembcorp Industries Ltd. | 4400 | 23713 |
|  |  | 58611 |
| **South Africa \| 0.3%** |  |  |
| Growthpoint Properties Ltd. REIT | 19318 | 14633 |
| **Spain \| 1.3%** |  |  |
| Aena SME SA (#) | 1160 | 30965 |
| Iberdrola SA | 2117 | 40696 |
|  |  | 71661 |
| **Switzerland \| 0.1%** |  |  |
| Allreal Holding AG | 23 | 5403 |
| **United Arab Emirates \| 0.3%** |  |  |
| Emaar Development PJSC | 4858 | 17925 |

---

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

**42** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **United Kingdom \| 4.4%** |  |  |
| Big Yellow Group PLC REIT | 776 | $10782 |
| National Grid PLC | 4555 | 66601 |
| Segro PLC REIT | 817 | 7623 |
| Severn Trent PLC | 519 | 19520 |
| Shaftesbury Capital PLC REIT | 27787 | 59608 |
| SSE PLC | 1765 | 44367 |
| Tritax Big Box REIT PLC | 13514 | 27386 |
|  |  | 235887 |
| **United States \| 44.0%** |  |  |
| Agree Realty Corp. | 258 | 18849 |
| Alexandria Real Estate Equities, Inc. REIT | 608 | 44159 |
| Ameren Corp. | 404 | 38800 |
| American Electric Power Co., Inc. | 387 | 40155 |
| American Homes 4 Rent, Class A REIT | 1019 | 36755 |
| American Tower Corp. REIT | 560 | 123771 |
| American Water Works Co., Inc. | 87 | 12103 |
| Apple Hospitality REIT, Inc. | 1782 | 20796 |
| Atmos Energy Corp. | 231 | 35599 |
| AvalonBay Communities, Inc. REIT | 258 | 52503 |
| Brixmor Property Group, Inc. | 938 | 24426 |
| CareTrust REIT, Inc. | 756 | 23134 |
| Cheniere Energy, Inc. | 249 | 60636 |
| CMS Energy Corp. | 105 | 7274 |
| Consolidated Edison, Inc. | 230 | 23081 |
| Constellation Energy Corp. | 29 | 9360 |
| Crown Castle, Inc. | 1011 | 103860 |
| CSX Corp. | 853 | 27833 |
| CubeSmart | 351 | 14917 |
| Digital Realty Trust, Inc. REIT | 329 | 57355 |
| Dominion Energy, Inc. | 550 | 31086 |
| DTE Energy Co. | 69 | 9140 |
| Duke Energy Corp. | 221 | 26078 |
| EastGroup Properties, Inc. REIT | 180 | 30082 |

---

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

Semi-Annual Financial Statements **43**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Energy Transfer LP | 3289 | $59630 |
| Entergy Corp. | 583 | 48459 |
| Enterprise Products Partners LP | 1899 | 58888 |
| Equinix, Inc. REIT | 94 | 74774 |
| Equity LifeStyle Properties, Inc. REIT | 175 | 10792 |
| Equity Residential REIT | 323 | 21799 |
| Essex Property Trust, Inc. REIT | 40 | 11336 |
| Exelon Corp. | 453 | 19669 |
| Expand Energy Corp. | 150 | 17541 |
| Extra Space Storage, Inc. REIT | 196 | 28898 |
| Ferrovial SE | 1068 | 56944 |
| First Industrial Realty Trust, Inc. | 610 | 29359 |
| Host Hotels & Resorts, Inc. REIT | 1401 | 21519 |
| Invitation Homes, Inc. REIT | 597 | 19582 |
| Iron Mountain, Inc. REIT | 210 | 21540 |
| Kinder Morgan, Inc. | 1044 | 30694 |
| Mid-America Apartment Communities, Inc. REIT | 327 | 48399 |
| National Storage Affiliates Trust REIT | 277 | 8861 |
| NextEra Energy, Inc. | 575 | 39917 |
| NiSource, Inc. | 822 | 33159 |
| NNN REIT, Inc. | 484 | 20899 |
| Norfolk Southern Corp. | 82 | 20990 |
| Omega Healthcare Investors, Inc. | 652 | 23896 |
| ONEOK, Inc. | 200 | 16326 |
| Park Hotels & Resorts, Inc. REIT | 447 | 4573 |
| Pinnacle West Capital Corp. | 86 | 7694 |
| Prologis, Inc. | 999 | 105015 |
| Public Storage REIT | 130 | 38145 |
| Realty Income Corp. REIT | 538 | 30994 |
| Regency Centers Corp. REIT | 418 | 29774 |
| Ryman Hospitality Properties, Inc. REIT | 98 | 9670 |
| SBA Communications Corp. REIT | 473 | 111079 |
| Simon Property Group, Inc. REIT | 347 | 55784 |
| SL Green Realty Corp. REIT | 479 | 29650 |
| STAG Industrial, Inc. | 227 | 8236 |
| Sunstone Hotel Investors, Inc. REIT | 1314 | 11406 |

---

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

**44** Semi-Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Targa Resources Corp. | 341 | $59361 |
| Union Pacific Corp. | 230 | 52918 |
| Ventas, Inc. REIT | 940 | 59361 |
| WEC Energy Group, Inc. | 115 | 11983 |
| Welltower, Inc. REIT | 400 | 61492 |
| Xcel Energy, Inc. | 711 | 48419 |
|  |  | 2351177 |
| **Total Common Stocks**<br> (Cost $3,262,135) |  | 3815377 |
| **Exchange-Traded Funds \| 5.8%** |  |  |
| iShares Gold Trust (~) | 3341 | 208345 |
| iShares Silver Trust (~) | 2983 | 97872 |
| **Total Exchange-Traded Funds**<br> (Cost $217,619) |  | 306217 |
| **Short-Term Investments \| 19.9%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 4.25% (7 day yield)(~)<br> (Cost $1,064,400) | 1064400 | 1064400 |
| **Total Investments \| 97.1%**<br> (Cost $4,544,154) |  | $**5185994** |
| **Cash and Other Assets in Excess of Liabilities \| 2.9%** |  | **156766** |
| **Net Assets \| 100.0%** |  | $**5342760** |

---

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

Semi-Annual Financial Statements **45**

**Lazard Real Assets Portfolio (•) (continued)**

---

| | |
|:---|:---|
| *(•)* | *Lazard Real Assets Portfolio's Portfolio of Investments and accompanying notes are presented on a consolidated basis.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At June 30, 2025, these securities amounted to 1.6% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(~)* | *The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio.* |

---

**Futures Contracts open at June 30, 2025 (~):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Type | Number of<br> Contracts | Notional<br> Amount | Expiration<br> Date | Notional<br> Cost | Fair<br> Value | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| Natural Gas | 3 | $30000 | 08/27/25 | $106837 | $104700 | $— | $2137 |
| Wheat | 1 | 5000 | 09/12/25 | 26966 | 26338 |  | 628 |
| Sugar 11 | 1 | 112000 | 09/30/25 | 19301 | 18144 |  | 1157 |
| Soybean Oil | 2 | 120000 | 12/12/25 | 59454 | 63300 | 3846 |  |
| Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts | Total gross unrealized appreciation/depreciation on Futures Contracts |  |  | $3846 | $3922 |

---

**Total Return Swap Agreements open at June 30, 2025 (~):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Payable | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $963044 | 10/20/25 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation and dividend expenses (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) | $4332 | $— |
|  |  |  |  | Appreciation, and dividends paid, on commodities in a custom momentum basket |  | Depreciation and dividend expenses (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) |  |  |

---

---

| | |
|:---|:---|
| *(~)* | *The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio.* |
| *(a)* | *For swap agreements, the net settlement will occur on the expiration date.* |

---

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

**46** Semi-Annual Financial Statements

**Lazard Real Assets Portfolio (•) (concluded)**

The following table represents the commodity exposure expressed as a percentage of the notional amount of the custom total return basket swap agreements with GSC, as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Commodity | Commodity Index<br> Ticker Symbol | Commodity Exposure Expressed as<br> a Percentage of Notional Amount |
| Aluminum | BCOMAL | 8.15% |
| Brent Crude | BCOMCO | 11.25 |
| Coffee | BCOMKC | 5.21 |
| Copper | BCOMHG | 12.11 |
| Corn | BCOMCN | 8.27 |
| Cotton | BCOMCT | 1.20 |
| Crude Oil | BCOMCL | 8.84 |
| Gasoline (RBOB) | BCOMRB | 2.32 |
| Gold | BCOMGC | 0.15 |
| Heating Oil | BCOMHO | 8.89 |
| Kansas Wheat | BCOMKW | 0.02 |
| Lean Hogs | BCOMLH | 0.19 |
| Live Cattle | BCOMLC | 5.83 |
| Natural Gas | BCOMNG | 1.09 |
| Nickel | BCOMNI | 3.07 |
| Silver | BCOMSI | 0.01 |
| Soy Meal | BCOMSM | 5.04 |
| Soybeans | BCOMSY | 8.40 |
| Sugar | BCOMSB | 1.70 |
| Wheat | BCOMWH | 3.70 |
| Zinc | BCOMZS | 4.56 |
| Total |  | 100.00% |

---

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

Semi-Annual Financial Statements **47**

**The Lazard Funds, Inc.** Abbreviations

June 30, 2025 (N-CSR Item 7) (unaudited)

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| PJSC | Public Joint Stock Company |
| REITs | Real Estate Investment Trusts |
| SOFR | Secured Overnight Financing Rate |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CNY | Chinese Renminbi |
| EUR | Euro |
| USD | United States Dollar |

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| BNP | BNP Paribas SA |
| BOA | Bank of America N.A. |
| GSC | Goldman Sachs International |
| HSB | HSBC Bank USA 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.*

**48** Semi-Annual Financial Statements

[This page intentionally left blank]

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

(N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $58641598 | $29582905 |
| Cash | 14 |  |
| Foreign currency, at fair value | 4882 |  |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 1118964 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 346829 | 20902 |
| &nbsp;&nbsp;&nbsp;Terminated Swaps | 14687 |  |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 5514 |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  | 5377 |
| Cash collateral pledged for derivative contracts |  |  |
| Gross unrealized appreciation on swap agreements | 5802485 | 447561 |
| Other assets |  |  |
| Total assets | 65934973 | 30056745 |
| **LIABILITIES** |  |  |
| Securities sold short, at fair value | 1416013 |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 42088 | 23617 |
| &nbsp;&nbsp;&nbsp;Management fees | 33471 |  |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 28146 | 26311 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 10649 | 9907 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 8892 | 11390 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 3763 | 568 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 1762 | 1892 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 72 | 4 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 367874 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on securities sold short | 6624 |  |
| Variation margin on open futures contracts |  |  |
| Gross unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 30417 | 19650 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 7454723 | 89689 |
| Written options, at fair value | 3822 |  |
| Other accrued expenses and payables | 5617 | 6684 |
| Total liabilities | 9413933 | 189712 |
| Net assets | $56521040 | $29867033 |

---

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

**50** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |
| $5185994 |
| 14 |
| 53400 |
| 22453 |
| 450 |
| 18926 |
| 136488 |
| 4332 |
| 10451 |
| 5432508 |
| 31486 |
| 27312 |
| 9496 |
| 8445 |
| 542 |
| 2041 |
| 36 |
| 8629 |
| 1761 |
| 89748 |
| $5342760 |

---

Semi-Annual Financial Statements **51**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;June 30, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **NET ASSETS** |  |  |
| Paid in capital | $61821759 | $21538246 |
| Distributable earnings (Accumulated loss) | (5300719) | 8328787 |
| Net assets | $56521040 | $29867033 |
| **Institutional Shares** |  |  |
| Net assets | $55933680 | $29760696 |
| Shares of capital stock outstanding\* | 6213951 | 2743708 |
| **Net asset value, offering and redemption price per share** | $9.00 | $10.85 |
| **Open Shares** |  |  |
| Net assets | $587360 | $106337 |
| Shares of capital stock outstanding\* | 64869 | 9884 |
| **Net asset value, offering and redemption price per share** | $9.05 | $10.76 |
| **R6 Shares** |  |  |
| Net assets |  |  |
| Shares of capital stock outstanding\* |  |  |
| **Net asset value, offering and redemption price per share** |  |  |
| Cost of investments in securities | $60641540 | $24266312 |
| Proceeds received from securities sold short | $1283538 | $— |
| Proceeds received from written options | $5343 | $— |
| Cost of foreign currency | $4859 | $— |

---

*\** *$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.*

**52** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |
| $9886571 |
| (4543811) |
| $5342760 |
| $4441954 |
| 420692 |
| $10.56 |
| $251876 |
| 23824 |
| $10.57 |
| $648930 |
| 61437 |
| $10.56 |
| $4544154 |
| $— |
| $— |
| $52006 |

---

Semi-Annual Financial Statements **53**

**The Lazard Funds, Inc.** Statements of Operations

(N-CSR Item 7) (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | &nbsp;&nbsp;For the Six Months Ended June 30, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Interest | Interest | $1468311 | $81076 |
| Dividends# | Dividends# | 1680 | 223228 |
| Total investment income\* | Total investment income\* | 1469991 | 304304 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 232597 | 148384 |
| Custodian fees | Custodian fees | 39235 | 15296 |
| Professional services | Professional services | 34576 | 23826 |
| Registration fees | Registration fees | 16956 | 31851 |
| Administration fees | Administration fees | 16080 | 14874 |
| Shareholders' services | Shareholders' services | 5482 | 5372 |
| Shareholders' reports | Shareholders' reports | 5103 | 6400 |
| Directors' fees and expenses | Directors' fees and expenses | 3895 | 3777 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 683 | 135 |
| Other | Other | 8316 | 6307 |
| Total gross expenses before expenses on securities sold short | Total gross expenses before expenses on securities sold short | 362923 | 256222 |
| Broker expenses on securities sold short | Broker expenses on securities sold short | 12746 |  |
| Dividend expense on securities sold short | Dividend expense on securities sold short | 12087 |  |
| Total gross expenses | Total gross expenses | 387756 | 256222 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (56504) | (104549) |
| Total net expenses | Total net expenses | 331252 | 151673 |
| Net investment income (loss) | Net investment income (loss) | 1138739 | 152631 |
| **Net Realized and Unrealized Gain (Loss)** | **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: | Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;Investments | 626657 | 1598231 |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;Securities sold short | 124245 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | 26033 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts | (101307) | 21109 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;Written options | (8998) |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;&nbsp;Swap agreements | 2672847 | 636902 |
| Total net realized gain (loss) | Total net realized gain (loss) | 3339477 | 2256242 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;&nbsp;Investments | 279264 | (880221) |
| &nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;Securities sold short | (279260) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 1585 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts | (52095) | (32785) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;Written options | 5463 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;&nbsp;Swap agreements | (2148216) | 301627 |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | (2193259) | (611379) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 1146218 | 1644863 |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $2284957 | $1797494 |
| \*# | Net of foreign withholding taxes of | $1610 | $— |

---

*#* *Dividend income for Lazard Real Assets Portfolio includes $8,853 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 $9,086. 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.*

**54** Semi-Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |
| $24902 |
| 73507 |
| 98409 |
| 15889 |
| 27746 |
| 30317 |
| 24730 |
| 13324 |
| 4514 |
| 5800 |
| 8243 |
| 308 |
| 74 |
| 130945 |
| 130945 |
| (111112) |
| 19833 |
| 78576 |
| 12777 |
| 3944 |
| 983 |
| 1602 |
| 19306 |
| 323323 |
| 2199 |
| (6454) |
| (4813) |
| 314255 |
| 333561 |
| $412137 |
| $233 |

---

Semi-Annual Financial Statements **55**

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

(N-CSR Item 7) (unaudited)

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Enhanced Opportunities Portfolio | Lazard<br> Enhanced Opportunities Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $1138739 | $1900176 |
| Net realized gain (loss) | 3339477 | 1698888 |
| Net change in unrealized appreciation (depreciation) | (2193259) | 507972 |
| Net increase (decrease) resulting from operations | 2284957 | 4107036 |
| **Distributions to shareholders (Note 2(i))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | (2087901) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (27881) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions |  | (2115782) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 17922761 | 8032981 |
| &nbsp;&nbsp;&nbsp;Open Shares | 434756 | 37362 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  | 2087901 |
| &nbsp;&nbsp;&nbsp;Open Shares |  | 27881 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (5678941) | (7479679) |
| &nbsp;&nbsp;&nbsp;Open Shares | (447515) | (25739) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 12231061 | 2680707 |
| Total increase (decrease) in net assets | 14516018 | 4671961 |
| Net assets at beginning of period | 42005022 | 37333061 |
| Net assets at end of period | $56521040 | $42005022 |

---

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

**56** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Real Assets Portfolio (a) | Lazard<br> Real Assets Portfolio (a) |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 |
| $152631 | $324267 | $78576 | $554084 |
| 2256242 | 2566310 | 19306 | 894564 |
| (611379) | 1220598 | 314255 | (589271) |
| 1797494 | 4111175 | 412137 | 859377 |
|  | (3447333) | (101024) | (432624) |
|  | (11888) | (5520) | (6757) |
|  |  | (13460) | (5678) |
|  | (3459221) | (120004) | (445059) |
| 117987 | 152474 | 434039 | 1442475 |
| 180 | 6072 | 13145 | 25126 |
|  |  | 447127 | 198115 |
|  | 3142976 | 99303 | 426201 |
|  | 10739 | 5520 | 6757 |
|  |  | 13460 | 5678 |
| (3803220) | (8862669) | (373197) | (22002069) |
| (19154) | (25127) | (26440) | (56297) |
|  |  | (46909) | (33883) |
| (3704207) | (5575535) | 566048 | (19987897) |
| (1906713) | (4923581) | 858181 | (19573579) |
| 31773746 | 36697327 | 4484579 | 24058158 |
| $29867033 | $31773746 | $5342760 | $4484579 |

---

Semi-Annual Financial Statements **57**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Enhanced Opportunities Portfolio | Lazard<br> Enhanced Opportunities Portfolio |
|  | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 4837512 | 4529566 |
| Shares sold | 2012676 | 951051 |
| Shares issued to shareholders from reinvestment of distributions |  | 246118 |
| Shares redeemed | (636237) | (889223) |
| Net increase (decrease) | 1376439 | 307946 |
| Shares outstanding at end of period | 6213951 | 4837512 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 66763 | 62090 |
| Shares sold | 48332 | 4412 |
| Shares issued to shareholders from reinvestment of distributions |  | 3281 |
| Shares redeemed | (50226) | (3020) |
| Net increase (decrease) | (1894) | 4673 |
| Shares outstanding at end of period | 64869 | 66763 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period |  |  |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions |  |  |
| Shares redeemed |  |  |
| Net increase |  |  |
| Shares outstanding at end of period |  |  |

---

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

**58** Semi-Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Real Assets Portfolio (a) | Lazard<br> Real Assets Portfolio (a) |
| Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 | Six Months Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, 2024 |
| 3102662 | 3633121 | 404908 | 2456917 |
| 11506 | 14251 | 42655 | 144198 |
|  | 302091 | 9464 | 43961 |
| (370460) | (846801) | (36335) | (2240168) |
| (358954) | (530459) | 15784 | (2052009) |
| 2743708 | 3102662 | 420692 | 404908 |
| 11700 | 12446 | 24579 | 27219 |
| 19 | 593 | 1259 | 2545 |
|  | 1040 | 525 | 684 |
| (1835) | (2379) | (2539) | (5869) |
| (1816) | (746) | (755) | (2640) |
| 9884 | 11700 | 23824 | 24579 |
|  |  | 21886 | 4121 |
|  |  | 42665 | 20567 |
|  |  | 1280 | 572 |
|  |  | (4394) | (3374) |
|  |  | 39551 | 17765 |
|  |  | 61437 | 21886 |

---

Semi-Annual Financial Statements **59**

**The Lazard Funds, Inc.** Financial Highlights (N-CSR Item 7) (unaudited)

------

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $8.56 | $8.13 | $7.72 | $9.36 | $9.13 | $8.84 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.20 | 0.41 | 0.11 | 0.18 | 0.14 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.24 | 0.47 | 0.43 | (0.86) | 0.48 | 0.69 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.88 | 0.54 | (0.68) | 0.62 | 0.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.45) | (0.13) | (0.40) | (0.05) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.34) | (0.38) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.45) | (0.13) | (0.96) | (0.39 | (0.60) |
| Net asset value, end of period | $9.00 | $8.56 | $8.13 | $7.72 | $9.36 | $9.13 |
| **Total Return (b)** | 5.14% | 10.94% | 7.02% | –7.39% | 6.81 | 10.11% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $55934 | $41431 | $36827 | $39139 | $145836 | $19537 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.35% | 3.55% | 3.77% | 2.41% | 1.70 | 2.23% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.57% | 3.93% | 4.23% | 2.51% | 2.05 | 3.79% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 1.47% | 1.63% | 1.71% | 1.35% | 1.54 | 2.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.65% | 4.81% | 1.35% | 2.03% | 1.47 | 2.22% |
| Portfolio turnover rate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 354% | 349% | 187% | 178% | 168 | 167% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 357% | 440% | 270% | 233% | 341 | 241% |

---

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

**60** Semi-Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $8.59 | $8.15 | $7.75 | $9.37 | $9.13 | $8.82 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.22 | 0.39 | 0.09 | 0.15 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.24 | 0.48 | 0.42 | (0.84) | 0.47 | 0.70 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.46 | 0.87 | 0.51 | (0.69) | 0.60 | 0.86 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.43) | (0.11) | (0.32) | (0.02) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.34) | (0.38) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.12) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (0.43) | (0.11) | (0.93) | (0.36 | (0.55) |
| Net asset value, end of period | $9.05 | $8.59 | $8.15 | $7.75 | $9.37 | $9.13 |
| **Total Return (b)** | 5.36% | 10.76% | 6.63% | –7.45% | 6.55 | 9.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $587 | $574 | $506 | $434 | $775 | $168 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.60% | 3.81% | 4.02% | 2.89% | 1.92 | 2.45% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.63% | 5.09% | 5.54% | 4.34% | 2.99 | 4.94% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 2.53% | 2.78% | 3.02% | 2.95% | 2.52 | 3.99% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.03% | 4.57% | 1.13% | 1.67% | 1.42 | 1.75% |
| Portfolio turnover rate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 354% | 349% | 187% | 178% | 168 | 167% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 357% | 440% | 270% | 233% | 341 | 241% |

---

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

Semi-Annual Financial Statements **61**

------

---

| | |
|:---|:---|
| *†* | *Unaudited* |
| *#* | *A one-time voluntary reimbursement by the administrator increased the net investment income per share amount of $0.01 per share. For Institutional Shares and Open Shares, the one-time voluntary reimbursement by the administrator increased the total return ratio by 0.11%, decreased the net expense ratios by 0.07% and 0.06% respectively and increased the net investment income (loss) ratio by 0.06%.* |
| *(a)* | *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 Global Investor and Distribution Solutions ("SS&C GIDS"); without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* |
| *(c)* | *Annualized for a period of less than one year.* |

---

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

**62** Semi-Annual Financial Statements

------

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.20 |  | $10.07 | $9.41 | $11.45 | $10.58 | $9.87 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 |  | 0.10 | 0.13 | 0.10 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.60 |  | 1.13 | 0.83 | (1.80) | 1.32 | 0.88 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.65 |  | 1.23 | 0.96 | (1.70) | 1.37 | 0.93 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.16) | (0.15) | (0.10) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.94) | (0.15) | (0.24) | (0.46) | (0.17) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | — (b) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (1.10 | (0.30 | (0.34) | (0.50) | (0.22) |
| Net asset value, end of period | $10.85 |  | $10.20 | $10.07 | $9.41 | $11.45 | $10.58 |
| **Total Return (c)** | 6.37 | % | 12.29 | 10.29 | –14.93% | 12.96% | 9.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $29761 |  | $31655 | $36573 | $55441 | $78647 | $78116 |
| Ratios to average net assets (d): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.02 | % | 1.02 | 1.02 | 1.03% | 1.11% | 1.04% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.71 | % | 1.52 | 1.41 | 1.32% | 1.28% | 1.30% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 1.71 | %\* | 1.52 | 1.41 | 1.32% | 1.19% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.03 | % | 0.93 | 1.35 | 1.03% | 0.40% | 0.55% |
| Portfolio turnover rate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 44 | % | 57 | 109 | 128% | 65% | 88% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | N/A | %\* | N/A | N/A | 134% | 65% | 94% |

---

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

Semi-Annual Financial Statements **63**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.13 |  | $10.00 | $9.36 | $11.38 | $10.52 | $9.82 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 |  | 0.07 | 0.12 | 0.07 | 0.02 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 |  | 1.13 | 0.80 | (1.77) | 1.31 | 0.86 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.63 |  | 1.20 | 0.92 | (1.70) | 1.33 | 0.89 |
| Less distributions from: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.13) | (0.13) | (0.08) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.94) | (0.15) | (0.24) | (0.46) | (0.17) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | — (b) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions |  |  | (1.07 | (0.28 | (0.32) | (0.47) | (0.19) |
| Net asset value, end of period | $10.76 |  | $10.13 | $10.00 | $9.36 | $11.38 | $10.52 |
| **Total Return (c)** | 6.22 | % | 12.11 | 9.85 | –15.06% | 12.65% | 9.14% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $106 |  | $119 | $125 | $108 | $157 | $154 |
| Ratios to average net assets (d): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.27 | % | 1.27 | 1.27 | 1.28% | 1.36% | 1.28% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 6.19 | % | 5.79 | 6.18 | 5.14% | 4.06% | 7.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 6.19 | %\* | 5.79 | 6.18 | 5.13% | 3.97% | 7.74% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.77 | % | 0.67 | 1.25 | 0.71% | 0.15% | 0.31% |
| Portfolio turnover rate: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 44 | % | 57 | 109 | 128% | 65% | 88% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | N/A | %\* | N/A | N/A | 134% | 65% | 94% |

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

**64** Semi-Annual Financial Statements

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| | |
|:---|:---|
| *†* | *Unaudited* |
| *\** | *No securities sold short during the year.* |
| *(a)* | *Net investment income (loss) has been computed using the average shares method.* |
| *(b)* | *Amount is less than $0.01 per share.* |
| *(c)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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.* |

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

Semi-Annual Financial Statements **65**

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LAZARD REAL ASSETS PORTFOLIO^

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.93 | $9.67 | $9.54 | $11.21 | $10.33 | $10.69 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.33 | 0.31 | 0.18 | 0.17 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.72 | 0.24 | 0.10 | (1.12) | 2.04 | (0.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.88 | 0.57 | 0.41 | (0.94) | 2.21 | 0.05 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.31) | (0.28) | (0.72) | (1.26) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) | (0.07) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25 | (0.31 | (0.28) | (0.73) | (1.33) | (0.41) |
| Net asset value, end of period | $10.56 | $9.93 | $9.67 | $9.54 | $11.21 | $10.33 |
| **Total Return (b)** | 8.85 | 5.90 | 4.44% | –8.45% | 21.60% | 0.61% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $4442 | $4023 | $23755 | $33888 | $36027 | $23959 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80 | 0.81 | 0.80% | 0.80% | 0.80% | 0.86% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 5.23 | 2.09 | 1.32% | 1.34% | 1.29% | 2.13% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.19 | 3.39 | 3.31% | 1.61% | 1.49% | 1.73% |
| Portfolio turnover rate | 10 | 31 | 68% | 182% | 35% | 109% |

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

**66** Semi-Annual Financial Statements

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock <br> outstanding | Six Months<br> Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $9.95 | $9.68 | $9.55 | $11.22 | $10.34 | $10.67 |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.31 | 0.28 | 0.18 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.70 | 0.24 | 0.11 | (1.15) | 2.05 | (0.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.85 | 0.55 | 0.39 | (0.97) | 2.18 | 0.03 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.28) | (0.26) | (0.69) | (1.23) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) | (0.07) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.23 | (0.28 | (0.26) | (0.70) | (1.30) | (0.36) |
| Net asset value, end of period | $10.57 | $9.95 | $9.68 | $9.55 | $11.22 | $10.34 |
| **Total Return (b)** | 8.59 | 5.73 | 4.16% | –8.68% | 21.28% | 0.42% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $252 | $244 | $263 | $866 | $144 | $116 |
| Ratios to average net assets (c): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05 | 1.06 | 1.05% | 1.05% | 1.05% | 1.13% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 6.64 | 3.81 | 2.24% | 2.15% | 5.90% | 4.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.96 | 3.09 | 2.93% | 1.68% | 1.16% | 1.77% |
| Portfolio turnover rate | 10 | 31 | 68% | 182% | 35% | 109% |

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

Semi-Annual Financial Statements **67**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Six Months<br> Ended | Year Ended | Year Ended | For the Period<br> 7/22/22\* to |
| &nbsp;&nbsp;each period | 6/30/25† | 12/31/24 | 12/31/23 | 12/31/22 |
| **R6 Shares** |  |  |  |  |
| Net asset value, beginning of period | $9.94 | $9.66 | $9.54 | $10.84 |
| Income (Loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.19 | 0.35 | 0.34 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.68 | 0.24 | 0.07 | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.87 | 0.59 | 0.41 | (0.64) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.31) | (0.29) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25 | (0.31 | (0.29) | (0.66) |
| Net asset value, end of period | $10.56 | $9.94 | $9.66 | $9.54 |
| **Total Return (b)** | 8.77 | 6.17 | 4.38% | –5.92% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $649 | $218 | $40 | $1 |
| Ratios to average net assets (c): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75 | 0.76 | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 5.88 | 3.86 | 32.62% | 595.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.63 | 3.56 | 3.69% | 2.34% |
| Portfolio turnover rate | 10 | 31 | 68% | 182% |

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| | |
|:---|:---|
| *^* | *Consolidated Financial Highlights.* |
| *†* | *Unaudited* |
| *\** | *The inception date for the R6 Shares was July 22, 2022.* |
| *\*\** | *Includes $0.02 and $0.00 of refunds received as a result of European Union dividend withholding tax reclaims filings for the period ended June 30, 2025 and year ended December 31, 2024 respectively. There was $0.21 and $0.00 impact to Institutional Class and R6 Class and $0.20 and $0.00 impact to Open Class on the total return of the Portfolio for the period ended June 30, 2025 and year ended December 31, 2024 respectively. There was a 0.36% and 0.01% impact on the net investment income (loss) ratio of the Portfolio for the period ended June 30, 2025 and year ended December 31, 2024 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. 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.* |

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

**68** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Notes to Financial Statements

June 30, 2025 (N-CSR Item 7) (unaudited)

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Fund was comprised of twenty-three 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 Opportunistic Strategies Portfolio ("Opportunistic Strategies") and Lazard Real Assets Portfolio ("Real Assets"). The financial statements of other Portfolios are presented separately.

The 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 June 30, 2025, net assets of the Portfolio were $5,342,760 of which $672,104, or 12.58%, represented the Portfolio's ownership of all issued shares and voting rights of the Subsidiary.

Semi-Annual Financial Statements **69**

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**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 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.

**70** Semi-Annual Financial Statements

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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 Lazard Asset Management LLC (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 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

Semi-Annual Financial Statements **71**

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with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable Portfolio securities.

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

**72** Semi-Annual Financial Statements

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currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the period ended June 30, 2025, the Enhanced Opportunities and Opportunistic Strategies 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 Statements 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 Statements 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in

Semi-Annual Financial Statements **73**

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the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount of the contract at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

During the period ended June 30, 2025, the Real Assets Portfolio traded in futures contracts.

*(e) Swap Agreements—*Total Return Swap agreements involve commitments to pay a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread in exchange for a periodic return equal to the total return of a specified security, basket of securities, or index for a specified period based on a notional amount. To the extent the total return of the security, basket of securities or index 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 Statements 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 Statements of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

During the period ended June 30, 2025, each of the Portfolios traded in swap agreements.

*(f) Options—*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

**74** Semi-Annual Financial Statements

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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 Statements of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.

During the period ended June 30, 2025, the Enhanced Opportunities Portfolio traded in options.

*(g) Short Sales—*A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts are an expense of the Portfolio. The Portfolio designates collateral consisting of cash, US government securities or other liquid assets sufficient to collateralize the market value of short positions.

Semi-Annual Financial Statements **75**

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Proceeds from short sales are generally retained in cash accounts or invested in securities that are cash equivalents. With regard to securities borrowed as of June 30, 2025, pursuant to short sale arrangements, a Portfolio has a right to set off any assets held (including the borrowed securities) or obligations owed to the lender (State Street), in the event of the lender's default, against any obligations owed by the lender to the Portfolio under any agreement or collateral document. At June 30, 2025, the Enhanced Opportunities Portfolio had pledged $38,088,035 of securities held long as collateral under such arrangements.

For the period ended June 30, 2025, the following Portfolios received proceeds from securities sold short and purchases to cover short positions as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Proceeds from<br> Securities<br> Sold Short | Purchased to<br> Cover Short<br> Positions |
| Enhanced Opportunities | $4747532 | $3918402 |

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For the period ended June 30, 2025, proceeds from securities sold short and purchases to cover short positions on US Treasury Securities for the Enhanced Opportunities Portfolio were $623,978 and $623,426, respectively.

*(h) Federal Income Taxes—*The Fund's policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), 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, 2024, 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:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | &nbsp;&nbsp;Short-Term | &nbsp;&nbsp;Long-Term |
| Enhanced Opportunities | $(323177) | $(4995657) |
| Real Assets | (269927) |  |

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**76** Semi-Annual Financial Statements

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During the year ended December 31, 2024, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Enhanced Opportunities | $1234875 |
| Real Assets | 1300774 |

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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, 2024, the following Portfolios elected to defer such losses as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Post-October<br> Capital Loss<br> Deferral | Late-Year<br>Ordinary Loss<br> Deferral |
| Real Assets | $&nbsp;&nbsp;&nbsp;&nbsp; — | $323 |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Enhanced Opportunities | $59358002 | $6530701 | $10344252 |  | $(3813551) |
| Opportunistic Strategies | 24266312 | 5764154 | 109339 |  | 5654815 |
| Real Assets | 4544154 | 737781 | 91685 |  | 646096 |

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

Semi-Annual Financial Statements **77**

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*(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 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.

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, partnership investments, controlled foreign corporation, return of capital distributions, and distributions from real estate investment trusts ("REITs").

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

*(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

**78** Semi-Annual Financial Statements

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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.

**3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements**

The Fund, on behalf of the Portfolios, has entered into an investment 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.

Semi-Annual Financial Statements **79**

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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:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Annual Rate |
| Enhanced Opportunities | 0.95% |
| Opportunistic Strategies | 1.00 |
| Real Assets | 0.65 |

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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, 2026 (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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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br>Portfolio | Institutional<br> Shares | Open<br> Shares | R6<br> Shares |
| Enhanced Opportunities (a) | 1.20% | 1.45% | N/A% |
| Opportunistic Strategies | 1.02 | 1.27 | N/A |
| Real Assets (b) | 0.80 | 1.05 | 0.75 |

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*(a)* *From January 1, 2025 to June 23, 2025, annual rates were 1.25% and 1.50%.* 

*(b)* *This agreement will continue in effect until May 1, 2035 for R6 Shares.* 

**80** Semi-Annual Financial Statements

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During the period ended June 30, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Institutional Shares | Institutional Shares | Open Shares | Open Shares |
| &nbsp;&nbsp;Portfolio | Management<br>Fees Waived | Expenses<br> Reimbursed | Management<br>Fees Waived | Expenses<br> Reimbursed |
| Enhanced Opportunities | $53688 | $— | $2596 | $220 |
| Opportunistic Strategies | 101981 |  | 522 | 2046 |
| Real Assets | 13712 | 79651 | 801 | 6086 |

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br>Fees Waived | Expenses<br> Reimbursed |
| Real Assets | $1376 | $9486 |

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

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

The Fund has a distribution agreement with Lazard Asset Management Securities LLC (the "Distributor"), a wholly-owned subsidiary of the Investment Manager, to serve as the distributor for shares of each Portfolio. The Distributor bears, among 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.

Semi-Annual Financial Statements **81**

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**4. Directors' Compensation**

The Statements of Operations show the fees and expenses paid by each Portfolio to the Independent Directors of the Fund (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act)). Certain Directors of the Fund are officers of the Investment Manager, and such "interested persons" of the Fund are not compensated by the Portfolios. Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments and short sales) for the period ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $76826090 | $70870098 |
| Opportunistic Strategies | 11536295 | 14953286 |
| Real Assets | 715874 | 381564 |

---

---

| | | |
|:---|:---|:---|
|  | US Treasury Securities | US Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $3187651 | $4028619 |

---

For the period ended June 30, 2025, 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. 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

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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, 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. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency rates or monetary policies.

*(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.

Semi-Annual Financial Statements **83**

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

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

**84** Semi-Annual Financial Statements

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any increase in the value of its portfolio holdings as a result of declining interest rates).

Structured notes are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured notes can have risks of both debt securities and derivatives transactions.

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, although adjustable rate securities will participate in any declines in interest rates. Certain adjustable rate securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to extreme reductions of yield and possibly loss of principal. Certain fixed-income securities may be issued at a discount from their face value (such as zero coupon securities) or purchased at a price less than their stated face amount or at a price less than their issue price plus the portion of "original issue discount" previously accrued thereon, i.e., purchased at a "market discount." The amount of original issue discount and/or market discount on certain obligations may be significant, and accretion of market discount 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

Semi-Annual Financial Statements **85**

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

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

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

● Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by a 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

**86** Semi-Annual Financial Statements

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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. 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. Except as specifically stated for a Portfolio, the Investment Manager generally does not intend to actively hedge a Portfolio's foreign currency exposure.

*(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

Semi-Annual Financial Statements **87**

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potential price increase of a security. In addition, a Portfolio's short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.

*(i) Derivatives and Hedging Risk—*Derivatives and other similar transactions, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested. Swap agreements 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

**88** Semi-Annual Financial Statements

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settlement payments while the positions are open, and the Portfolio may have to sell a security at a disadvantageous time or price to meet such obligations. Derivatives transactions are also subject to operational and legal risk.

*(j) Natural Resources Risk—*Investments related to natural resources may be affected by numerous factors, including events occurring in nature, inflationary pressures and domestic and international politics. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and other risks to which non-US companies are subject also may affect US companies if they have significant operations or investments in non-US countries. In addition, interest rates, prices of raw materials and other commodities, international economic developments, energy conservation, tax and other government regulations (both US and non-US) may affect the supply of and 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

Semi-Annual Financial Statements **89**

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similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.

Due to certain special considerations that apply to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies which may affect a Portfolio's ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company's status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

*(l) Infrastructure Companies Risk—*Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll 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

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income securities. Investments linked to the prices of commodities are considered speculative. Because the value of a commodity-linked derivative instrument, such as a futures contract on a physical commodity, typically is based upon the price movements of the underlying reference asset, index or rate, the value of these instruments will rise or fall in response to changes in the underlying reference asset, index or rate. Prices of commodities and commodity-linked investments may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships; weather; agricultural or livestock markets; agricultural or livestock disease or pestilence; trade relationships; fiscal, monetary and exchange control programs; and embargoes, tariffs, terrorism and international economic, political, military and regulatory developments.

*(n) Subsidiary and Tax Status Risk—*The Real Assets Portfolio invests in the Subsidiary, which is not registered as an investment company under the 1940 Act. A regulatory change in the US or the Cayman Islands, under which the Portfolio and the Subsidiary, 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

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shares of closed-end funds and ETFs may trade at prices at, below or above their net asset value. Shares of closed-end funds, in particular, frequently trade at persistent discounts to their net asset value. In addition, the performance of an ETF pursuing a passive index-based strategy may diverge from the performance of the index. A Portfolio's investments in closed-end funds and ETFs are subject to the risks of the closed-end funds' and ETFs' investments, as well as to the general risks of investing in closed-end funds and ETFs, respectively. A Portfolio investing in closed-end funds or ETFs will bear not only the Portfolio's management fees and operating expenses, but also the Portfolio's proportional share of the management fees and operating expenses of the closed-end funds and/or ETFs in which the Portfolio invests. Although Section 12 of the 1940 Act limits the amount of a Portfolio's assets that may be invested in one or more closed-end funds and/or ETFs, 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

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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.

*(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.

**7. 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.

**8. 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

Semi-Annual Financial Statements **93**

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

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

**94** Semi-Annual Financial Statements

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The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Enhanced Opportunities Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;China | $1084 | $— | $— | $1084 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  |  | 9803 | 9803 |
| &nbsp;&nbsp;&nbsp;United States | 245185 |  |  | 245185 |
| Convertible Corporate Bonds\* |  | 28324838 |  | 28324838 |
| Corporate Bonds\* |  | 321146 |  | 321146 |
| Purchased Options | 11538 | 63 |  | 11601 |
| U.S. Treasury Securities |  | 26770597 |  | 26770597 |
| Warrants\* | 12 |  | 0 | 12 |
| Short-Term Investments | 2957332 |  |  | 2957332 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 5802485 |  | 5802485 |
| Total | $3215151 | $61219129 | $9803 | $64444083 |
| **Liabilities:** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $(38905) | $— | $(38905) |
| &nbsp;&nbsp;&nbsp;Cameroon | (87982) |  |  | (87982) |
| &nbsp;&nbsp;&nbsp;Canada | (9467) |  |  | (9467) |
| &nbsp;&nbsp;&nbsp;China | (34) | (187174) |  | (187208) |
| &nbsp;&nbsp;&nbsp;Netherlands |  | (87039) |  | (87039) |
| &nbsp;&nbsp;&nbsp;United States | (894052) |  |  | (894052) |
| Convertible Corporate Bonds\* |  | (111360) |  | (111360) |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | (30417) |  | (30417) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | (7454723) |  | (7454723) |
| &nbsp;&nbsp;&nbsp;Written Options | (3822) |  |  | (3822) |
| Total | $(995357) | $(7909618) | $— | $(8904975) |

---

Semi-Annual Financial Statements **95**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Opportunistic Strategies Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Exchange-Traded Funds | $26139559 | $— | $— | $26139559 |
| Repurchase Agreements |  | 2900000 |  | 2900000 |
| Short-Term Investments | 543346 |  |  | 543346 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 447561 |  | 447561 |
| Total | $26682905 | $3347561 | $— | $30030466 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(19650) | $— | $(19650) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | (89689) |  | (89689) |
| Total | $— | $(109339) | $— | $(109339) |

---

**96** Semi-Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Unadjusted<br> Quoted Prices in<br> Active Markets<br> for Identical<br> Assets<br> and Liabilities<br> (Level 1) | Significant<br> Other<br> Observable<br> Inputs<br> (Level 2) | Significant<br> Unobservable<br> Inputs<br> (Level 3) | Balance as of<br> June 30, 2025 |
| **Real Assets Portfolio** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $88150 | $— | $88150 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 8019 |  | 8019 |
| &nbsp;&nbsp;&nbsp;Brazil | 31280 |  |  | 31280 |
| &nbsp;&nbsp;&nbsp;Canada | 301634 |  |  | 301634 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 672103 |  |  | 672103 |
| &nbsp;&nbsp;&nbsp;China |  | 89230 |  | 89230 |
| &nbsp;&nbsp;&nbsp;France |  | 181893 |  | 181893 |
| &nbsp;&nbsp;&nbsp;Germany |  | 15778 |  | 15778 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 72989 |  | 72989 |
| &nbsp;&nbsp;&nbsp;Italy |  | 63063 |  | 63063 |
| &nbsp;&nbsp;&nbsp;Japan |  | 129299 | 47882 | 177181 |
| &nbsp;&nbsp;&nbsp;Mexico | 30863 |  |  | 30863 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 58611 |  | 58611 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 14633 |  | 14633 |
| &nbsp;&nbsp;&nbsp;Spain |  | 71661 |  | 71661 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 5403 |  | 5403 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 17925 |  | 17925 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 235887 |  | 235887 |
| &nbsp;&nbsp;&nbsp;United States | 2294233 | 56944 |  | 2351177 |
| Exchange-Traded Funds | 306217 |  |  | 306217 |
| Short-Term Investments | 1064400 |  |  | 1064400 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 3846 |  |  | 3846 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 4332 |  | 4332 |
| Total | $4704576 | $1113817 | $47882 | $5866275 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(3922) | $— | $— | $(3922) |

---

\* Please refer to Portfolios of Investments for portfolio holdings by country. <br> † 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.

Semi-Annual Financial Statements **97**

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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, 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.

**9. Derivative Instruments**

Certain Portfolios may use derivative instruments, including forward currency contracts, options contracts, futures contracts or swap agreements.

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

A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or changes in market value, a greater return than would be realized on the underlying securities alone, or to seek to protect the Portfolio from losses.

A Portfolio may enter into futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.

A Portfolio enters into swap agreements in an attempt to obtain a particular exposure when it is considered desirable to do so,

**98** Semi-Annual Financial Statements

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possibly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.

During the period ended June 30, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Derivative Instruments | Enhanced<br> Opportunities | Opportunistic<br> Strategies | Real Assets |
| Forward currency contracts: |  |  |  |
| Average amounts purchased | $1200000 (a) | $— | $— |
| Average amounts sold | 2000000 | 1500000 |  |
| Futures contracts: |  |  |  |
| Average notional value of contracts – long |  |  | 200000 |
| Total return swap agreements: |  |  |  |
| Average notional value | 81100000 | 2600000 | 900000 |
| Options: |  |  |  |
| Average value of purchased options |  |  |  |

---

*(a)* *Represents average monthly notional exposure for two months the derivative instrument was open during the period.* 

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

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

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2025:

**Enhanced Opportunities Portfolio**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | &nbsp;&nbsp;Total |
| Purchased options – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Investment in securities, at fair value | $11601 |
| Swap agreements – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 5802485 |
| Total | $5814086 |

---

Semi-Annual Financial Statements **99**

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | $— | $30417 | $30417 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 7454723 |  | 7454723 |
| Written options |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at fair value | 3822 |  | 3822 |
| Total | $7458545 | $30417 | $7488962 |

---

**Opportunistic Strategies Portfolio**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Total |
| Swap agreements – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | $447561 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | $— | $19650 | $19650 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 89689 |  | 89689 |
| Total | $89689 | $19650 | $109339 |

---

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Commodity<br> Contracts | Equity<br> Contracts | Total |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on futures contracts (a) | $3846 | $— | $3846 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements |  | 4332 | 4332 |
| Total | $3846 | $4332 | $8178 |

---

**100** Semi-Annual Financial Statements

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Total |
| Futures contracts – Commodity contracts |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts (a) | $3922 |

---

*(a)* *Net cumulative unrealized appreciation (depreciation) on futures contracts if any, is reported in the Schedule of Investments. In the Statements 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 Statements of Operations for the period ended June 30, 2025 was:

**Enhanced Opportunities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | &nbsp;&nbsp;Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $(101307) | $(101307) |
| Purchased options\* | 26007 |  | 26007 |
| Swap agreements | 2672847 |  | 2672847 |
| Written options | (8998) |  | (8998) |
| Total | $2689856 | $(101307) | $2588549 |

---

*\** *Purchased options are included under net realized gain/loss on investments on Statements of Operations.*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $(52095) | $(52095) |
| Purchased options\* | (10209) |  | (10209) |
| Swap agreements | (2148216) |  | (2148216) |
| Written options | 5463 |  | 5463 |
| Total | $(2152962) | $(52095) | $(2205057) |

---

*\** *Purchased options are included under net unrealized gain/loss on investments on Statements of Operations.*

**Opportunistic Strategies Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $21109 | $21109 |
| Swap agreements | 636902 |  | 636902 |
| Total | $636902 | $21109 | $658011 |

---

Semi-Annual Financial Statements **101**

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $(32785) | $(32785) |
| Swap agreements | 301627 |  | 301627 |
| Total | $301627 | $(32785) | $268842 |

---

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Commodity<br> Contracts | Equity<br> Contracts | Total |
| Futures contracts | $983 | $— | $983 |
| Swap agreements |  | 1602 | 1602 |
| Total | $983 | $1602 | $2585 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Commodity<br> Contracts | Equity<br> Contracts | Total |
| Futures contracts | $(6454) | $— | $(6454) |
| Swap agreements |  | (4813) | (4813) |
| Total | $(6454) | $(4813) | $(11267) |

---

As of June 30, 2025, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolios is presented in the below table, as of June 30, 2025:

**Enhanced Opportunities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br>Assets Presented<br> in the Statement of<br>Assets and Liabilities |
| Total return swap agreements | $5802485 | $— | $5802485 |

---

**102** Semi-Annual Financial Statements

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral<br> Received | Net Amounts of<br>Derivative Assets |
| Bank of America N.A. | $1869 | $(1869) | $— | $— |
| BNP Paribas SA | 3761277 | (3761277) |  |  |
| Nomura International Plc | 2039339 | (2039339) |  |  |
| Total | $5802485 | $(5802485) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Liabilities | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br>Liabilities Presented<br> in the Statement of<br>Assets and Liabilities |
| Forward currency contracts | $30417 | $— | $30417 |
| Total return swap agreements | 7454723 |  | 7454723 |
| Total | $7485140 | $— | $7485140 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | Amounts Not Offset<br> in the Statement of<br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Liabilities Presented<br> in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral<br> Pledged | Net Amounts of<br>Derivative Liabilities |
| Bank of America N.A. | $46446 | $(1869) | $— | $44577 |
| BNP Paribas SA | 5112310 | (3761277) |  | 1351033 |
| HSBC Bank USA N.A. | 12323 |  |  | 12323 |
| Nomura International Plc | 2283644 | (2039339) |  | 244305 |
| State Street Bank & Trust Co. | 30417 |  |  | 30417 |
| Total | $7485140 | $(5802485) | $— | $1682655 |

---

**Opportunistic Strategies Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br>Recognized Assets | Gross Amounts Offset<br>in the Statement of<br>Assets and Liabilities | Net Amounts of<br>Assets Presented<br>in the Statement of<br> Assets and Liabilities |
| Total return swap agreements | $447561 | $— | $447561 |

---

Semi-Annual Financial Statements **103**

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Assets Presented<br>in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral Received | Net Amounts of<br> Derivative Assets |
| Goldman Sachs International | $447561 | $(89689) | $— | $357872 |
| Total | $447561 | $(89689) | $— | $357872 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br>Recognized Liabilities | Gross Amounts Offset<br>in the Statement of<br>Assets and Liabilities | Net Amounts of<br>Liabilities Presented<br>in the Statement of<br>Assets and Liabilities |
| Forward currency contracts | $19650 | $— | $19650 |
| Total return swap agreements | 89689 |  | 89689 |
| Total | $109339 | $— | $109339 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Liabilities Presented<br>in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral Pledged | Net Amounts of<br> Derivative Liabilities |
| Goldman Sachs International | $89689 | $(89689) | $— | $— |
| State Street Bank & Trust Co. | 19650 |  |  | 19650 |
| Total | $109339 | $(89689) | $— | $19650 |

---

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br>Recognized Assets | Gross Amounts Offset<br>in the Statement of<br>Assets and Liabilities | Net Amounts of<br>Assets Presented<br>in the Statement of<br> Assets and Liabilities |
| Total return swap agreements | $4332 | $— | $4332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | Amounts Not Offset <br> in the Statement of <br> Assets and Liabilities | |
| &nbsp;&nbsp;Counterparty | Net Amounts of<br>Assets Presented<br>in the Statement of<br> Assets and Liabilities | Financial<br> Instruments | Collateral Received | Net Amounts of<br> Derivative Assets |
| Goldman Sachs International | $4332 | $— | $— | $4332 |

---

**104** Semi-Annual Financial Statements

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**10. Segment Reporting**

During the year ended December 31, 2024, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which enhances segment information disclosure in the notes to the financial statements. An operating segment, as defined in ASU 2023-07, is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses. The Chief Operating Officer of the Investment Manager acts as the chief operating decision maker ("CODM") for the Fund, which includes multiple portfolios with distinct investment objectives and investment strategies outlined in the Fund's prospectus. Each Portfolio operates as a single operating segment, the operating results are regularly reviewed by the CODM for resource allocation and performance assessment. The financial information provided to and reviewed by the CODM is presented within each segment's financial statements.

**11. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09 (the "ASU"), amending ASC 740-10-50-12, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The ASU will be effective for annual reporting periods beginning after December 15, 2024. Management is currently assessing the impact of the ASU on the financial statements and disclosures.

**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.

Semi-Annual Financial Statements **105**

**The Lazard Funds, Inc.** Other Information (N-CSR Item 7) (unaudited)

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**Proxy Voting**

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

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

**Schedule of Portfolio Holdings**

The Fund files the complete schedule of each Portfolio'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.

**106** Semi-Annual Financial Statements

**The Lazard Funds, Inc.** Additional Information (unaudited)

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**Changes in and Disagreements with Accountants (N-CSR Item 8)**

This information is not applicable for the reporting period.

**Proxy Disclosures (N-CSR Item 9)**

This information is not applicable for the reporting period.

**Remuneration Paid to Directors, Officers, and Others (N-CSR Item 10)**

This information can be found in N-CSR Item 7, Note 4.

**Statement Regarding Basis for Approval of Investment Advisory Contract (N-CSR Item 11)**

At meetings of the Board held on May 20, 2025 and June 24, 2025, the Board considered the approval, for an additional annual period, of the Management Agreement between the Fund, on behalf of each of the Portfolios, and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in executive sessions separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meetings in response to detailed questions from the Independent Directors and their counsel, including, at the June 24, 2025 meeting, additional information requested by the Independent Directors at the May 20, 2025 meeting.

In connection with its consideration of the Management Agreement, the Board considered, among other things: (i) the nature, quality and extent of the Investment Manager's services, (ii) the investment performance of each Portfolio as well as performance information for comparable funds, (iii) the fees and other expenses paid by each Portfolio as well as expense information for comparable funds and other clients of the Investment Manager, (iv) the profitability of the Investment Manager and its affiliates from their respective relationships with each Portfolio, (v) whether economies of scale have been realized as each Portfolio grows and whether potential economies have been shared, in some measure, with investors and (vi) other benefits to the Investment Manager from its relationship

Semi-Annual Financial Statements **107**

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with the Portfolios. In the Board's deliberations, no single factor was responsible for the Board's decision to approve continuation of the Management Agreement, and each Director may have afforded different weight to the various factors.

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager provides the Portfolios, including a discussion of the Investment Manager and its clients. As of March 31, 2025, the Lazard Funds complex of 29 active funds comprised approximately $18.0 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates.

The Board considered the various services provided by the Investment Manager including the Investment Manager's research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board.The Investment Manager's representatives stated that the Investment Manager believes that the Fund and its shareholders continue to be able to obtain significant benefits as a result of the resources and support of the Investment Manager's global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager's staffing to provide services pursuant to the Management Agreement; the Fund's distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of the Portfolios; each Portfolio's asset flows and the growth or decline in asset levels; and the Investment Manager's financial condition.

**108** Semi-Annual Financial Statements

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The Board considered the position of the Investment Manager that the Fund benefits from the services and infrastructure provided by the Investment Manager and that such services and infrastructure are greater than those typically provided to a $18.0 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u>

*ISS Advisory Fee and Expense Ratio Comparisons*. The Board reviewed, for each Portfolio, information prepared by Institutional Shareholder Services, Inc. ("ISS"), an independent provider of investment company data, including, among other information, each Portfolio's contractual advisory fee (i.e., without giving effect to any fee waivers) and net expense ratio (i.e., after giving effect to the Portfolio's expense limitation agreed to by the Investment Manager) compared to those of:

&nbsp;&nbsp;&nbsp;&nbsp;● a group of funds not advised by the Investment Manager that were selected by ISS as comparable to the Portfolio, for expense and performance comparison purposes, based on ISS's methodology (the "Peer Group"); and

● the funds within the broad category of funds to which the Portfolio has been assigned by Morningstar, Inc., an independent third-party service that provides comparative fund information ("Morningstar"), with certain exclusions as specified by ISS (the "Expense Category").

Representatives of the Investment Manager discussed the results of the ISS advisory fee and net expense ratio comparisons with the Board. For the Enhanced Opportunities Portfolio, the Investment Manager proposed to lower the current expense limitation by 0.05%. After giving effect to the proposed expense limitation reduction, the results of the ISS comparisons showed that the advisory fees and net expense ratios of the Portfolios were generally competitive within each Portfolio's respective Peer Group. The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager, and noted that the Investment Manager continues to voluntarily enter into expense limitation agreements

Semi-Annual Financial Statements **109**

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for all of the Portfolios, pursuant to which the Investment Manager was currently waiving all or a portion of each Portfolio's advisory fees and/or reimbursing certain expenses for each Portfolio.The Board also received a description of ISS's methodology for its construction of the Peer Groups and a summary of how the methodology was applied, including, as applicable, deviations from the stated methodology and the reasons therefor.

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

*ISS Performance Comparisons*. The Board reviewed, among other performance information provided to the Board on a quarterly basis, information prepared by ISS including, among other information, each Portfolio's performance for the one-, three-, five- and ten-year periods ended March 31, 2025, as applicable, compared to performance for the same time periods to that of:

&nbsp;&nbsp;&nbsp;&nbsp;● the Peer Group;

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

● the Portfolio's benchmark index.

When evaluating the performance of each Portfolio, the Board considered ISS's performance analysis along with other information provided by the Investment Manager, including additional

**110** Semi-Annual Financial Statements

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information regarding performance expectations, as well as additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The Board also received and would continue to receive regular updates and/or additional information from the Investment Manager in respect of Portfolios with relative underperformance in certain periods and Portfolios which otherwise are not performing in accordance with expectations as well as any other Portfolios for which the Board requested additional information.

Investment Manager Profitability, Economies of Scale and Other Benefits

The Board reviewed information prepared by the Investment Manager for each Portfolio concerning the Investment Manager's estimated profitability percentage resulting from its, and its affiliates', relationship with the Portfolio for the calendar year ended December 31, 2024 and the Investment Manager's cost allocation methodology to compute an estimate of each Portfolio's costs to the Investment Manager. The Investment Manager's representatives reviewed with the Board information provided on the Investment Manager's brokerage practices and the Portfolios' brokerage allocations, commission payments and soft dollar commissions and benefits. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates receive any significant benefits from the Investment Manager acting as investment manager to the Portfolios other than, in connection with the management of certain Portfolios, the benefit of soft dollar commissions. The representatives of the Investment Manager reminded the Board that the Investment Manager is continuing to support distribution relationships through direct payments from its or its affiliates' own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Fund does not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Portfolios' Open Shares.

The Board considered that the profitability percentages were within or below ranges determined to be appropriate by relevant court cases. The Board (1) considered the Investment Manager's estimated profitability percentage with respect to each Portfolio

Semi-Annual Financial Statements **111**

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as part of the evaluation of the Portfolio's fee under the Management Agreement, considered in relation to the mix of services provided by the Investment Manager (including the nature, extent and quality of such services), and (2) evaluated the profitability percentage in light of the relevant circumstances for each Portfolio. Representatives of the Investment Manager and the Board discussed ways that any potential economies of scale might be realized and how they may be shared, including the Investment Manager's reinvestment of profits back into its business, waiving or reducing Portfolio management fees and/or reimbursing expenses, adding discounts to a Portfolio's management fee schedule as a Portfolio's assets increase or by instituting management fees at inception that account for future scale. The Board further considered that, as the assets of each Portfolio had either decreased (or not increased significantly) over the most recently completed calendar year from the Portfolio's assets as of the end of the previous calendar year and/or had not reached a significant size, the potential that the Investment Manager may have realized any unshared material economies of scale was reduced.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board expressed the opinion that it had been furnished with such information in connection with the May 20, 2025 and June 24, 2025 meetings and throughout the year as may reasonably be necessary to make an informed business decision with respect to evaluation of the renewal of the Management Agreement. In evaluating the Management Agreement, the Board relied on the information described above, in addition to other information provided by the Investment Manager throughout the year relating to the operations of the Fund and the investment management and other services provided under the Management Agreement. Such other information included the investment performance of the Portfolios in comparison to similar mutual funds and benchmark performance indices over various time periods; information regarding the expected pattern of performance for the Portfolios in different market conditions; general market outlook as applicable to the Portfolios; and compliance reports. The Board also relied on its previous knowledge, gained through

**112** Semi-Annual Financial Statements

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meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to the Fund by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

&nbsp;&nbsp;&nbsp;&nbsp;● The Board concluded that the nature, extent and quality of the services provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $227.4 billion global asset management business.

● The Board concluded that each Portfolio's fee paid to the Investment Manager was appropriate under the circumstances and in light of the factors considered by the Board and the totality of the services provided.

● The Board, after considering the information provided and the totality of the relevant circumstances for each Portfolio, concluded that the investment performance of each Portfolio was acceptable or that, for any Portfolios that were not performing in accordance with expectations, the Board considered that the Investment Manager was taking steps intended to improve performance and the Board would continue to monitor performance.

● The Board recognized that potential economies of scale may be realized, particularly as the assets of the Portfolios increase over time, and determined that it would continue to consider the potential for material economies of scale and how they could be shared with investors.

The Board considered these conclusions and determinations in their totality as well as other relevant factors and determined to approve the Management Agreement for each Portfolio. In deciding whether to vote to approve the Management Agreement for each Portfolio, each Director may have accorded different weights to different factors so that each Director may have had a different basis for his or her decision.

Semi-Annual Financial Statements **113**

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**The Lazard Funds, Inc.**

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC

30 Rockefeller Plaza

New York, New York 10112-6300

Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC

30 Rockefeller Plaza

New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company

One Iron Street

Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions, 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

![](x5_c112976x117x1m4.jpg)

![](x5_c112976x117x2m4.jpg)

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| | |
|:---|:---|
| Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com | Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com |
|  | ![](x5_c112976x117x3m4.jpg) |
| **Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.** | ![](x5_c112976x117x3m4.jpg) |
| LZDPS030 | ![](x5_c112976x117x3m4.jpg) |

---

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The Registrant's remuneration paid to directors, officers and others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors during the period covered by this report.

ITEM 16. 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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) The Code of Ethics is not applicable to this semi-annual report.

(a)(2) Not applicable.

[(a)(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.](c112977_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) 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.](c112977_ex99-906cert.htm)

**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: September 4, 2025

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: September 4, 2025

By /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: September 4, 2025

## Ex-99.Cert

Exhibit (a)(3)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSR of The Lazard Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: September 4, 2025

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christina Kennedy, certify that:

1. I have reviewed this report on Form N-CSR of The Lazard Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: September 4, 2025

/s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

## Exhibit 99.906

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: September 4, 2025

By: /s/ Christina Kennedy

Christina Kennedy

Chief Financial Officer

Date: September 4, 2025

 

*This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.*