# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0001752724-23-046491
**Filing Date:** 2023-2
**Character Count:** 51071
**Document Hash:** cca4c01f161106c55aaafaadca205794
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-046491.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-046491

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LAZARD FUNDS INC
- **CENTRAL INDEX KEY:** 0000874964
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 23682536

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $34904988.77

**Total Liabilities:** $45033.87

**Net Assets:** $34859954.90

**Amount of Assets Invested in Other Investment Companies:** $3737231.50

**Cash Not Reported:** $1876669.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176376 | 3.16%                | 4.34%                | -4.28%               |
| Class ID C000176377 | 3.16%                | 4.35%                | -4.20%               |
| Class ID C000176375 | 3.16%                | 4.35%                | -4.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3506828.85             | $4325341.07                                |
| Month 2  | $122112.60               | $1268027.13                                |
| Month 3  | $75711.78                | $-650137.07                                |

**Designated Index Information**

- **Index Name:** Real Assets Index

- **Index Identifier:** 33% HU706478 / 33% GG100312 / 34% BCOMTR

### Schedule of Portfolio Investments

| Name                                             | Title                                                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LondonMetric Property PLC                        | LondonMetric Property PLC                                                                             | CUSIP: 000000000<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               |  | GB        |     29670 | NS      | $61756.57     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP - Energias de Portugal SA                    | EDP - Energias de Portugal SA                                                                         | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |     54602 | NS      | $272015.97    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| CCR SA                                           | CCR SA                                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     69800 | NS      | $142967.51    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CAD                                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-155.53      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| American Electric Power Co Inc                   | American Electric Power Co Inc                                                                        | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      5655 | NS      | $536942.25    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                       | Growthpoint Properties Ltd                                                                            | CUSIP: 000000000<br>LEI: 37890019DD1E46632291 | Long             | EC               |  | ZA        |    360174 | NS      | $306153.23    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Union Pacific Corp                               | Union Pacific Corp                                                                                    | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |       219 | NS      | $45348.33     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Atco Ltd/Canada                                  | Atco Ltd/Canada                                                                                       | CUSIP: 046789400<br>LEI: 5299005SPZ1QYL51JD25 | Long             | EC               | CORP              | CA        |      2937 | NS      | $91927.67     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Snam SpA                                         | Snam SpA                                                                                              | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     18640 | NS      | $90500.92     | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                               | PURCHASED EUR / SOLD USD                                                                              | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | XX        |         1 | NC      | $333.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | COTTON NO.2 FUTR MAR23                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         3 | NC      | $-5094.42     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc                    | Hilton Worldwide Holdings Inc                                                                         | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      2479 | NS      | $313246.44    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                 | Terna - Rete Elettrica Nazionale                                                                      | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |     66665 | NS      | $493438.77    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Italgas SpA                                      | Italgas SpA                                                                                           | CUSIP: 000000000<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |      6251 | NS      | $34662.45     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SmartCentres Real Estate Investment Trust        | SmartCentres Real Estate Investment Trust                                                             | CUSIP: 83179X108<br>LEI: 549300HKEP2IYWZ14H97 | Long             | EC               |  | CA        |      4604 | NS      | $91059.91     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Aeroports de Paris                               | Aeroports de Paris                                                                                    | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |      1424 | NS      | $191503.29    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD CHF                                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-10.27       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD GBP                                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $180.90       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                 | Severn Trent PLC                                                                                      | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1930 | NS      | $61894.42     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                                  | Xcel Energy Inc                                                                                       | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      5871 | NS      | $411615.81    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                              | Cheniere Energy Inc                                                                                   | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      3138 | NS      | $470574.48    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                            | Dexus                                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     71575 | NS      | $376255.14    | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd                                                                                | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      2302 | NS      | $119680.98    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD EUR                                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $-184.54      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sun Communities Inc                              | Sun Communities Inc                                                                                   | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      1127 | NS      | $161161.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                      | Exelon Corp                                                                                           | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      7673 | NS      | $331703.79    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust                               | iShares Gold Trust                                                                                    | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |     36900 | NS      | $1276371.00   | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA N.A.                               | PURCHASED CHF / SOLD USD                                                                              | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | CH        |         1 | NC      | $20.35        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prologis Inc                                     | Prologis Inc                                                                                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |      5479 | NS      | $617647.67    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                                     | Enbridge Inc                                                                                          | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |     11053 | NS      | $431997.61    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                            | American Homes 4 Rent                                                                                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |     11077 | NS      | $333860.78    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                                 | Tokyo Gas Co Ltd                                                                                      | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |      3300 | NS      | $64874.18     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Edison International                             | Edison International                                                                                  | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      3156 | NS      | $200784.72    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                               | LOW SU GASOIL G MAR23                                                                                 | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         4 | NC      | $19396.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                        | Unibail-Rodamco-Westfield                                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | FR        |      4144 | NS      | $215719.89    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                    | Goodman Group                                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     19824 | NS      | $232904.59    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD HKD                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $55.89        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                     | State Street Institutional Treasury Money Market Fund                                                 | CUSIP: 857492870<br>LEI: 549300Q3FHSMZ70NLT76 | Long             | STIV             | RF                | US        |   7986638 | NS      | $7986638.05   | 22.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                           | SOYBEAN OIL FUTR MAR23                                                                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         4 | NC      | $4752.10      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eutelsat Communications SA                       | Eutelsat Communications SA                                                                            | CUSIP: 000000000<br>LEI: 549300EFWH9UR17YSK05 | Long             | EC               | CORP              | FR        |      2787 | NS      | $20810.60     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Norfolk Southern Corp                            | Norfolk Southern Corp                                                                                 | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |       501 | NS      | $123456.42    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                             | Targa Resources Corp                                                                                  | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      6946 | NS      | $510531.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                              | American Tower Corp                                                                                   | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |      1612 | NS      | $341518.32    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Utilities Ltd                           | Canadian Utilities Ltd                                                                                | CUSIP: 136717832<br>LEI: LWV4QIQODEH3VBHUFX07 | Long             | EC               | CORP              | CA        |      9455 | NS      | $255927.44    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD AUD                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $146.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                               | PURCHASED USD / SOLD CAD                                                                              | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-46.48       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                         | PURCHASED USD / SOLD HKD                                                                              | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |         1 | NC      | $7.07         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust                  | Federal Realty Investment Trust                                                                       | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               |  | US        |       684 | NS      | $69111.36     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| C&D International Investment Group Ltd           | C&D International Investment Group Ltd                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     44000 | NS      | $128269.76    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equities Inc              | Alexandria Real Estate Equities Inc                                                                   | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               |  | US        |      2261 | NS      | $329359.87    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                       | Pinnacle West Capital Corp                                                                            | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       601 | NS      | $45700.04     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Assets Holdings Ltd                        | Power Assets Holdings Ltd                                                                             | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |      6500 | NS      | $35603.44     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Bank USA N.A.                               | PURCHASED USD / SOLD AUD                                                                              | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $829.99       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Parkway Life Real Estate Investment Trust        | Parkway Life Real Estate Investment Trust                                                             | CUSIP: 000000000<br>LEI: 549300I4DKVD2OF5LW91 | Long             | EC               |  | SG        |     24400 | NS      | $68457.56     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                 | Crown Castle Inc                                                                                      | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |      3368 | NS      | $456835.52    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                       | Brixmor Property Group Inc                                                                            | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |      3110 | NS      | $70503.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                   | Public Storage                                                                                        | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               |  | US        |       551 | NS      | $154384.69    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD GBP                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $3485.08      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts Inc                        | Host Hotels & Resorts Inc                                                                             | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |     17758 | NS      | $285015.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                     | Sunstone Hotel Investors Inc                                                                          | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               |  | US        |     20468 | NS      | $197720.88    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                          | Consolidated Edison Inc                                                                               | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       256 | NS      | $24399.36     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Engie SA                                         | Engie SA                                                                                              | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     27713 | NS      | $396962.12    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| First Industrial Realty Trust Inc                | First Industrial Realty Trust Inc                                                                     | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |      2175 | NS      | $104965.50    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                    | National Health Investors Inc                                                                         | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |      4376 | NS      | $228514.72    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SSE PLC                                          | SSE PLC                                                                                               | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     25305 | NS      | $521938.47    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                           | United States Treasury Bill                                                                           | CUSIP: 912796XZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1695000 | PA      | $1688237.81   | 4.84%             | 2023-02-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                         | Essex Property Trust Inc                                                                              | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |      1365 | NS      | $289270.80    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD EUR                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-1782.69     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SES SA                                           | SES SA                                                                                                | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |      3184 | NS      | $20784.96     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Energy Transfer LP                               | Energy Transfer LP                                                                                    | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |     28837 | NS      | $342295.19    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Arteria Ltd                                | Atlas Arteria Ltd                                                                                     | CUSIP: 000000000<br>LEI: 254900SGF4ZQDBH2YC59 | Long             | EC               | CORP              | AU        |     12842 | NS      | $57741.33     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                           | SUGAR 11 (WORLD) MAR23                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         4 | NC      | $9619.44      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo  | Cia de Saneamento Basico do Estado de Sao Paulo                                                       | CUSIP: 000000000<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |      9500 | NS      | $101629.46    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                                       | Evergy Inc                                                                                            | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1139 | NS      | $71677.27     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                | Iron Mountain Inc                                                                                     | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |      5520 | NS      | $275172.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Infrastructure Fund Investment Corp | Industrial & Infrastructure Fund Investment Corp                                                      | CUSIP: 000000000<br>LEI: 353800WCHFY04YKYCI19 | Long             | EC               |  | JP        |       176 | NS      | $203547.65    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SBA Communications Corp                          | SBA Communications Corp                                                                               | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |      3127 | NS      | $876529.37    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                         | CSX Corp                                                                                              | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      3128 | NS      | $96905.44     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                       | United Utilities Group PLC                                                                            | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |      5236 | NS      | $62787.23     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                        | AvalonBay Communities Inc                                                                             | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |      2894 | NS      | $467438.88    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                     | NiSource Inc                                                                                          | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     15247 | NS      | $418072.74    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hydro One Ltd                                    | Hydro One Ltd                                                                                         | CUSIP: 448811208<br>LEI: 5493007QZDXTP1W2VL44 | Long             | EC               | CORP              | CA        |      9080 | NS      | $243228.66    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                       | Apple Hospitality REIT Inc                                                                            | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               |  | US        |     15801 | NS      | $249339.78    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                 | Duke Energy Corp                                                                                      | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1608 | NS      | $165607.92    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD CHF                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-55.76       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Hera SpA                                         | Hera SpA                                                                                              | CUSIP: 000000000<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |      7836 | NS      | $21185.70     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                      | Aena SME SA                                                                                           | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |       242 | NS      | $30477.61     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameren Corp                                      | Ameren Corp                                                                                           | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      1313 | NS      | $116751.96    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ruentex Development Co Ltd                       | Ruentex Development Co Ltd                                                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     57000 | NS      | $80152.73     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| National Storage Affiliates Trust                | National Storage Affiliates Trust                                                                     | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               |  | US        |      3182 | NS      | $114933.84    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                     | NATURAL GAS FUTR MAR23                                                                                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        23 | NC      | $-418752.97   | -1.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                         | Vinci SA                                                                                              | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      6135 | NS      | $612733.22    | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                         | Simon Property Group Inc                                                                              | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |      3671 | NS      | $431269.08    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurizon Holdings Ltd                             | Aurizon Holdings Ltd                                                                                  | CUSIP: 000000000<br>LEI: 5299005PC1O6NOWL3H48 | Long             | EC               | CORP              | AU        |    136087 | NS      | $343248.61    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd                   | CK Infrastructure Holdings Ltd                                                                        | CUSIP: 000000000<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |      3200 | NS      | $16749.79     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                       | CF Industries Holdings Inc                                                                            | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1429 | NS      | $121750.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG                              | Flughafen Zurich AG                                                                                   | CUSIP: 000000000<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |       204 | NS      | $31610.51     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd                                     | Hulic Co Ltd                                                                                          | CUSIP: 000000000<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |     16300 | NS      | $128283.65    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                 | Transurban Group                                                                                      | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |      3261 | NS      | $28795.30     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Multiplan Empreendimentos Imobiliarios SA        | Multiplan Empreendimentos Imobiliarios SA                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     64600 | NS      | $268245.26    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Katitas Co Ltd                                   | Katitas Co Ltd                                                                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2500 | NS      | $57497.76     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                     | Canadian National Railway Co                                                                          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      5776 | NS      | $686123.96    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                         | EastGroup Properties Inc                                                                              | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |      2200 | NS      | $325732.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp                       | Apartment Income REIT Corp                                                                            | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               |  | US        |      9521 | NS      | $326665.51    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc            | Mid-America Apartment Communities Inc                                                                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               |  | US        |      2726 | NS      | $427954.74    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners LP                  | Enterprise Products Partners LP                                                                       | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |     12024 | NS      | $290018.88    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Bank USA N.A.                               | PURCHASED USD / SOLD HKD                                                                              | CUSIP: 000000000<br>LEI: 1IE8VN30JCEQV1H4R804 | N/A              | DFE              |  | US        |         1 | NC      | $-1.56        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STAG Industrial Inc                              | STAG Industrial Inc                                                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |     11586 | NS      | $374343.66    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Segro PLC                                        | Segro PLC                                                                                             | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |     19688 | NS      | $182006.16    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                | National Grid PLC                                                                                     | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |     45990 | NS      | $552403.31    | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                          | Extra Space Storage Inc                                                                               | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |      1640 | NS      | $241375.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                             | SL Green Realty Corp                                                                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |      9382 | NS      | $316361.04    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                      | Long: 5ABGS1044 TRS USD R E 5ABGS1044 TRS RE / Short: 5ABGS1044 TRS USD P F   .00000 5ABGS1044 TRS PV | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              |  | US        |   7436085 | OU      | $81520.78     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinix Inc                                      | Equinix Inc                                                                                           | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |      1216 | NS      | $796516.48    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankyu Hanshin Holdings Inc                      | Hankyu Hanshin Holdings Inc                                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9100 | NS      | $270539.94    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.                    | PURCHASED USD / SOLD CAD                                                                              | CUSIP: 000000000<br>LEI: 571474TGEMMWANRLN572 | N/A              | DFE              |  | US        |         1 | NC      | $-19.41       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Japan Prime Realty Investment Corp               | Japan Prime Realty Investment Corp                                                                    | CUSIP: 000000000<br>LEI: 353800NJOQJAY1ODEX72 | Long             | EC               |  | JP        |        33 | NS      | $92801.41     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SA                                     | Ferrovial SA                                                                                          | CUSIP: 000000000<br>LEI: 95980020140005757903 | Long             | EC               | CORP              | ES        |      4332 | NS      | $113322.30    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Pennon Group PLC                                 | Pennon Group PLC                                                                                      | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |      2573 | NS      | $27660.02     | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Silver Trust                             | iShares Silver Trust                                                                                  | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             | EC               | RF                | US        |     13365 | NS      | $294297.30    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-20

**Name of Applicant:** LAZARD FUNDS INC

**Signature:** Christopher Snively

**Name of Signer:** Christopher Snively

**Title:** Chief Financial Officer and Treasurer