# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0000930413-26-000728
**Filing Date:** 2026-3
**Character Count:** 1137846
**Document Hash:** 83b391c28b3b28c9dd34543f8c3b354e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-000728.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0000930413-26-000728

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**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-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 26743011

**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 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 Convertibles Portfolio (Series ID: S000079313)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240316 | Institutional Shares | CONIX           |
| C000240317 | Open Shares          | CONOX           |

### Lazard Government Money Market Portfolio (Series ID: S000095204)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000263902 | Institutional |  |

?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: 12/31/25

<br> Explanatory Note: The Registrant is filing this amendment to its Form N-CSR for the period ended December 31, 2025, originally filed with the U.S. Securities and Exchange Commission (the "SEC") on March 9, 2026 (Accession Number 0000930413-26-000706). The sole purpose of this filing is to correct the certifications of the Principal Executive Officer and Principal Financial Officer, including updates to their titles and the dates of certification. Except for such change, this amendment does not amend, update, or change any other items or disclosures found in the original Form N-CSR filing.<br>

ITEM 1. REPORTS TO STOCKHOLDERS.

# Lazard Government Money Market Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZIXX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Government Money Market Portfolio for the period of October 1, 2025 to December 31, 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 year ?** 

#### (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 | $5 | 0.18% |

---

---

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

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets | $798816456 |
| # of Portfolio Holdings | 29 |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $303182 |

---

### Security Type (% of Net Assets)

---

| | |
|:---|:---|
| Short-Term Investments | 71.8% |
| U.S. Treasury Securities | 14.3% |
| U.S. Government Securities | 13.9% |

---

### Maturity (% of Net Assets)

---

| | |
|:---|:---|
| 1 - 7 Days | 71.8% |
| 8 - 30 Days | 3.7% |
| 31 - 60 Days | 8.4% |
| 61 - 90 Days | 11.0% |
| 91 - 180 Days | 4.2% |
| Over 180 Days | 0.9% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

![Image](i815a557537cba01ff364de22.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

# Lazard Opportunistic Strategies Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LCAIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $109 | 1.02% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Trending investments outperformed the Global Asset Allocation Blended Index. Performance was helped by exposure to US large cap and growth stocks and to Japan. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Diversifying investments outperformed the Global Asset Allocation Blended Index. Exposure to our custom European Defense basket added value, as did exposure to copper. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Contrarian investments underperformed the Global Asset Allocation Blended Index. Exposure to US Value and to Europe was helpful. Initial exposure (which we later divested from) to US small cap, tech-software, and financials detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Top security-level contributors included our Custom European Defense Basket, which benefitted from rising geopolitical tensions and sharp increases in European defense budgets. Also contributing strongly were our investments in the Vanguard S&P 500 ETF and Vanguard S&P 500 Growth ETF, which surged in 2025 driven by robust earnings growth – especially from AI and tech leaders.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Top security-level detractors included initial investments (since divested) in the iShares Russell 2000 ETF and the iShares Expanded Tech-Software Sector ETF, as small-cap stocks struggled in early 2025 due to their greater sensitivity to elevated interest rates and renewed recession fears. Early-2025 tech-software performance was pressured by the investor rotation into AI-hardware and semiconductor names.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Currency forwards and custom equity basket total return swaps were used during the year and marginally detracted from performance.

## **Portfolio Performance**![Growth of 10K Chart](i652a868b64aefb460a414de5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **Global Asset Allocation Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9583 | $9402 | $9696 |
| **2/16** | $9466 | $9332 | $9683 |
| **3/16** | $9872 | $9965 | $10100 |
| **4/16** | $10043 | $10123 | $10212 |
| **5/16** | $10021 | $10180 | $10247 |
| **6/16** | $10075 | $10066 | $10251 |
| **7/16** | $10438 | $10491 | $10537 |
| **8/16** | $10524 | $10499 | $10537 |
| **9/16** | $10566 | $10555 | $10569 |
| **10/16** | $10395 | $10351 | $10414 |
| **11/16** | $10438 | $10500 | $10404 |
| **12/16** | $10536 | $10751 | $10561 |
| **1/17** | $10796 | $11011 | $10722 |
| **2/17** | $10992 | $11316 | $10930 |
| **3/17** | $11014 | $11437 | $10999 |
| **4/17** | $11133 | $11606 | $11131 |
| **5/17** | $11242 | $11851 | $11307 |
| **6/17** | $11437 | $11897 | $11329 |
| **7/17** | $11676 | $12182 | $11511 |
| **8/17** | $11633 | $12199 | $11561 |
| **9/17** | $11991 | $12473 | $11696 |
| **10/17** | $12165 | $12708 | $11831 |
| **11/17** | $12241 | $12984 | $11980 |
| **12/17** | $12405 | $13159 | $12100 |
| **1/18** | $12931 | $13854 | $12428 |
| **2/18** | $12393 | $13280 | $12066 |
| **3/18** | $12124 | $12991 | $11937 |
| **4/18** | $12206 | $13140 | $11983 |
| **5/18** | $12194 | $13222 | $12063 |
| **6/18** | $12089 | $13216 | $12053 |
| **7/18** | $12358 | $13629 | $12280 |
| **8/18** | $12483 | $13797 | $12404 |
| **9/18** | $12412 | $13874 | $12414 |
| **10/18** | $11518 | $12856 | $11828 |
| **11/18** | $11638 | $13002 | $11936 |
| **12/18** | $10827 | $12013 | $11496 |
| **1/19** | $11495 | $12948 | $12082 |
| **2/19** | $11743 | $13337 | $12303 |
| **3/19** | $11818 | $13512 | $12493 |
| **4/19** | $12065 | $13991 | $12760 |
| **5/19** | $11706 | $13184 | $12401 |
| **6/19** | $12028 | $14053 | $12946 |
| **7/19** | $12152 | $14122 | $12996 |
| **8/19** | $12003 | $13833 | $12971 |
| **9/19** | $12065 | $14128 | $13105 |
| **10/19** | $12164 | $14487 | $13321 |
| **11/19** | $12313 | $14891 | $13543 |
| **12/19** | $12467 | $15337 | $13788 |
| **1/20** | $12480 | $15244 | $13844 |
| **2/20** | $11987 | $13955 | $13250 |
| **3/20** | $10977 | $12108 | $12220 |
| **4/20** | $11823 | $13431 | $13108 |
| **5/20** | $12290 | $14080 | $13524 |
| **6/20** | $12467 | $14452 | $13781 |
| **7/20** | $12796 | $15144 | $14259 |
| **8/20** | $13061 | $16155 | $14792 |
| **9/20** | $12884 | $15598 | $14470 |
| **10/20** | $12618 | $15120 | $14178 |
| **11/20** | $13402 | $17053 | $15311 |
| **12/20** | $13648 | $17776 | $15721 |
| **1/21** | $13558 | $17599 | $15583 |
| **2/21** | $13790 | $18050 | $15732 |
| **3/21** | $14164 | $18651 | $15974 |
| **4/21** | $14538 | $19519 | $16470 |
| **5/21** | $14719 | $19800 | $16636 |
| **6/21** | $14745 | $20095 | $16833 |
| **7/21** | $14874 | $20455 | $17089 |
| **8/21** | $15209 | $20964 | $17332 |
| **9/21** | $14616 | $20094 | $16835 |
| **10/21** | $15235 | $21232 | $17406 |
| **11/21** | $14861 | $20766 | $17192 |
| **12/21** | $15416 | $21654 | $17621 |
| **1/22** | $14649 | $20508 | $16909 |
| **2/22** | $14407 | $19990 | $16579 |
| **3/22** | $14541 | $20538 | $16658 |
| **4/22** | $13828 | $18832 | $15575 |
| **5/22** | $13747 | $18846 | $15623 |
| **6/22** | $13033 | $17214 | $14727 |
| **7/22** | $13545 | $18580 | $15573 |
| **8/22** | $13267 | $17804 | $15003 |
| **9/22** | $12564 | $16149 | $13900 |
| **10/22** | $13074 | $17308 | $14427 |
| **11/22** | $13460 | $18512 | $15251 |
| **12/22** | $13115 | $17726 | $14819 |
| **1/23** | $13519 | $18980 | $15631 |
| **2/23** | $13142 | $18524 | $15244 |
| **3/23** | $13421 | $19096 | $15682 |
| **4/23** | $13561 | $19431 | $15885 |
| **5/23** | $13226 | $19237 | $15721 |
| **6/23** | $13658 | $20400 | $16272 |
| **7/23** | $14062 | $21085 | $16595 |
| **8/23** | $13672 | $20582 | $16313 |
| **9/23** | $13156 | $19694 | $15723 |
| **10/23** | $12836 | $19122 | $15350 |
| **11/23** | $13756 | $20915 | $16489 |
| **12/23** | $14464 | $21942 | $17229 |
| **1/24** | $14536 | $22205 | $17334 |
| **2/24** | $15010 | $23147 | $17681 |
| **3/24** | $15383 | $23891 | $18094 |
| **4/24** | $14650 | $23003 | $17508 |
| **5/24** | $15196 | $24030 | $18094 |
| **6/24** | $15541 | $24519 | $18384 |
| **7/24** | $15685 | $24951 | $18599 |
| **8/24** | $15981 | $25611 | $19001 |
| **9/24** | $16247 | $26080 | $19311 |
| **10/24** | $15995 | $25563 | $18890 |
| **11/24** | $16751 | $26736 | $19491 |
| **12/24** | $16242 | $26039 | $19057 |
| **1/25** | $16720 | $26958 | $19501 |
| **2/25** | $16704 | $26764 | $19584 |
| **3/25** | $16131 | $25572 | $19064 |
| **4/25** | $16035 | $25799 | $19195 |
| **5/25** | $16688 | $27326 | $19824 |
| **6/25** | $17277 | $28506 | $20468 |
| **7/25** | $17293 | $28873 | $20604 |
| **8/25** | $17558 | $29626 | $21026 |
| **9/25** | $18216 | $30578 | $21527 |
| **10/25** | $18505 | $31190 | $21839 |
| **11/25** | $18457 | $31279 | $21930 |
| **12/25** | $18517 | $31531 | $22024 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 14.01% | 6.29% | 6.35% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Global Asset Allocation Blended Index | 15.57% | 6.97% | 8.22% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $23815251 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $106545 |

---

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

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 15.6% |
| Vanguard S&P 500 Growth ETF | 14.6% |
| iShares 20+ Year Treasury Bond ETF | 12.2% |
| Vanguard S&P 500 Value ETF | 11.8% |
| Invesco QQQ Trust | 6.1% |
| iShares MSCI Japan ETF | 5.8% |
| iShares 1-3 Year Treasury Bond ETF | 5.3% |
| SPDR EURO STOXX 50 ETF | 4.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.2% |
| iShares MSCI USA Momentum Factor ETF | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Equity Funds | 67.7% |
| Fixed Income | 22.7% |
| Commodity | 3.5% |
| Other (includes short-term investments) | 6.1% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Opportunistic Strategies Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LCAOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Opportunistic Strategies Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $136 | 1.27% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Trending investments outperformed the Global Asset Allocation Blended Index. Performance was helped by exposure to US large cap and growth stocks and to Japan. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Diversifying investments outperformed the Global Asset Allocation Blended Index. Exposure to our custom European Defense basket added value, as did exposure to copper. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Contrarian investments underperformed the Global Asset Allocation Blended Index. Exposure to US Value and to Europe was helpful. Initial exposure (which we later divested from) to US small cap, tech-software, and financials detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Top security-level contributors included our Custom European Defense Basket, which benefitted from rising geopolitical tensions and sharp increases in European defense budgets. Also contributing strongly were our investments in the Vanguard S&P 500 ETF and Vanguard S&P 500 Growth ETF, which surged in 2025 driven by robust earnings growth – especially from AI and tech leaders.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Top security-level detractors included initial investments (since divested) in the iShares Russell 2000 ETF and the iShares Expanded Tech-Software Sector ETF, as small-cap stocks struggled in early 2025 due to their greater sensitivity to elevated interest rates and renewed recession fears. Early-2025 tech-software performance was pressured by the investor rotation into AI-hardware and semiconductor names.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Currency forwards and custom equity basket total return swaps were used during the year and marginally detracted from performance.

## **Portfolio Performance**![Growth of 10K Chart](i018394d843d086abdde6e1cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **Global Asset Allocation Blended Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9592 | $9402 | $9696 |
| **2/16** | $9463 | $9332 | $9683 |
| **3/16** | $9871 | $9965 | $10100 |
| **4/16** | $10043 | $10123 | $10212 |
| **5/16** | $10021 | $10180 | $10247 |
| **6/16** | $10075 | $10066 | $10251 |
| **7/16** | $10430 | $10491 | $10537 |
| **8/16** | $10505 | $10499 | $10537 |
| **9/16** | $10559 | $10555 | $10569 |
| **10/16** | $10376 | $10351 | $10414 |
| **11/16** | $10419 | $10500 | $10404 |
| **12/16** | $10508 | $10751 | $10561 |
| **1/17** | $10770 | $11011 | $10722 |
| **2/17** | $10966 | $11316 | $10930 |
| **3/17** | $10976 | $11437 | $10999 |
| **4/17** | $11096 | $11606 | $11131 |
| **5/17** | $11205 | $11851 | $11307 |
| **6/17** | $11390 | $11897 | $11329 |
| **7/17** | $11630 | $12182 | $11511 |
| **8/17** | $11586 | $12199 | $11561 |
| **9/17** | $11935 | $12473 | $11696 |
| **10/17** | $12109 | $12708 | $11831 |
| **11/17** | $12185 | $12984 | $11980 |
| **12/17** | $12345 | $13159 | $12100 |
| **1/18** | $12860 | $13854 | $12428 |
| **2/18** | $12321 | $13280 | $12066 |
| **3/18** | $12052 | $12991 | $11937 |
| **4/18** | $12134 | $13140 | $11983 |
| **5/18** | $12111 | $13222 | $12063 |
| **6/18** | $12005 | $13216 | $12053 |
| **7/18** | $12274 | $13629 | $12280 |
| **8/18** | $12388 | $13797 | $12404 |
| **9/18** | $12329 | $13874 | $12414 |
| **10/18** | $11423 | $12856 | $11828 |
| **11/18** | $11542 | $13002 | $11936 |
| **12/18** | $10734 | $12013 | $11496 |
| **1/19** | $11401 | $12948 | $12082 |
| **2/19** | $11648 | $13337 | $12303 |
| **3/19** | $11710 | $13512 | $12493 |
| **4/19** | $11957 | $13991 | $12760 |
| **5/19** | $11586 | $13184 | $12401 |
| **6/19** | $11920 | $14053 | $12946 |
| **7/19** | $12031 | $14122 | $12996 |
| **8/19** | $11871 | $13833 | $12971 |
| **9/19** | $11945 | $14128 | $13105 |
| **10/19** | $12031 | $14487 | $13321 |
| **11/19** | $12179 | $14891 | $13543 |
| **12/19** | $12334 | $15337 | $13788 |
| **1/20** | $12347 | $15244 | $13844 |
| **2/20** | $11845 | $13955 | $13250 |
| **3/20** | $10840 | $12108 | $12220 |
| **4/20** | $11681 | $13431 | $13108 |
| **5/20** | $12133 | $14080 | $13524 |
| **6/20** | $12309 | $14452 | $13781 |
| **7/20** | $12636 | $15144 | $14259 |
| **8/20** | $12887 | $16155 | $14792 |
| **9/20** | $12711 | $15598 | $14470 |
| **10/20** | $12447 | $15120 | $14178 |
| **11/20** | $13226 | $17053 | $15311 |
| **12/20** | $13475 | $17776 | $15721 |
| **1/21** | $13373 | $17599 | $15583 |
| **2/21** | $13590 | $18050 | $15732 |
| **3/21** | $13961 | $18651 | $15974 |
| **4/21** | $14333 | $19519 | $16470 |
| **5/21** | $14512 | $19800 | $16636 |
| **6/21** | $14537 | $20095 | $16833 |
| **7/21** | $14652 | $20455 | $17089 |
| **8/21** | $14972 | $20964 | $17332 |
| **9/21** | $14397 | $20094 | $16835 |
| **10/21** | $14998 | $21232 | $17406 |
| **11/21** | $14627 | $20766 | $17192 |
| **12/21** | $15166 | $21654 | $17621 |
| **1/22** | $14419 | $20508 | $16909 |
| **2/22** | $14179 | $19990 | $16579 |
| **3/22** | $14299 | $20538 | $16658 |
| **4/22** | $13593 | $18832 | $15575 |
| **5/22** | $13513 | $18846 | $15623 |
| **6/22** | $12807 | $17214 | $14727 |
| **7/22** | $13313 | $18580 | $15573 |
| **8/22** | $13039 | $17804 | $15003 |
| **9/22** | $12342 | $16149 | $13900 |
| **10/22** | $12834 | $17308 | $14427 |
| **11/22** | $13216 | $18512 | $15251 |
| **12/22** | $12882 | $17726 | $14819 |
| **1/23** | $13267 | $18980 | $15631 |
| **2/23** | $12896 | $18524 | $15244 |
| **3/23** | $13157 | $19096 | $15682 |
| **4/23** | $13295 | $19431 | $15885 |
| **5/23** | $12965 | $19237 | $15721 |
| **6/23** | $13391 | $20400 | $16272 |
| **7/23** | $13790 | $21085 | $16595 |
| **8/23** | $13391 | $20582 | $16313 |
| **9/23** | $12882 | $19694 | $15723 |
| **10/23** | $12566 | $19122 | $15350 |
| **11/23** | $13474 | $20915 | $16489 |
| **12/23** | $14151 | $21942 | $17229 |
| **1/24** | $14222 | $22205 | $17334 |
| **2/24** | $14703 | $23147 | $17681 |
| **3/24** | $15057 | $23891 | $18094 |
| **4/24** | $14321 | $23003 | $17508 |
| **5/24** | $14859 | $24030 | $18094 |
| **6/24** | $15198 | $24519 | $18384 |
| **7/24** | $15340 | $24951 | $18599 |
| **8/24** | $15632 | $25611 | $19001 |
| **9/24** | $15880 | $26080 | $19311 |
| **10/24** | $15632 | $25563 | $18890 |
| **11/24** | $16362 | $26736 | $19491 |
| **12/24** | $15864 | $26039 | $19057 |
| **1/25** | $16319 | $26958 | $19501 |
| **2/25** | $16303 | $26764 | $19584 |
| **3/25** | $15739 | $25572 | $19064 |
| **4/25** | $15645 | $25799 | $19195 |
| **5/25** | $16272 | $27326 | $19824 |
| **6/25** | $16851 | $28506 | $20468 |
| **7/25** | $16851 | $28873 | $20604 |
| **8/25** | $17127 | $29626 | $21026 |
| **9/25** | $17759 | $30578 | $21527 |
| **10/25** | $18043 | $31190 | $21839 |
| **11/25** | $17980 | $31279 | $21930 |
| **12/25** | $18041 | $31531 | $22024 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 13.72% | 6.01% | 6.08% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| Global Asset Allocation Blended Index | 15.57% | 6.97% | 8.22% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $23815251 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $106545 |

---

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

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 15.6% |
| Vanguard S&P 500 Growth ETF | 14.6% |
| iShares 20+ Year Treasury Bond ETF | 12.2% |
| Vanguard S&P 500 Value ETF | 11.8% |
| Invesco QQQ Trust | 6.1% |
| iShares MSCI Japan ETF | 5.8% |
| iShares 1-3 Year Treasury Bond ETF | 5.3% |
| SPDR EURO STOXX 50 ETF | 4.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3.2% |
| iShares MSCI USA Momentum Factor ETF | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Equity Funds | 67.7% |
| Fixed Income | 22.7% |
| Commodity | 3.5% |
| Other (includes short-term investments) | 6.1% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Convertibles Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# CONIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $81 | 0.75% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The convertible bond asset class showed strong upside capture to US equities performance during the year, as mid-cap companies and technology sectors (important convertible exposures) participated in the rally.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)An overweight to technology hardware and industrials were additive to performance, buoyed by robust global investment in artificial intelligence themes throughout the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Biotechnology selections also helped, mainly supported by idiosyncratic factors.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweights to travel and consumer discretionary names were also additive as these sectors did not participate in the broader equity rally.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweights to metals & mining, financial services, and consumer staples detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)An underweight to data centers detracted in the second half of the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Use of derivatives was a positive contributor to relative performance, with gains coming from both long equity index futures and long bond futures (which were used to increase duration).

## **Portfolio Performance**![Growth of 10K Chart](id604b36bafa25208664fac4c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofA US Convertible Index** |
| **12/22** | $10000 | $10000 | $10000 |
| **12/22** | $10000 | $10000 | $10000 |
| **1/23** | $10630 | $10000 | $10000 |
| **2/23** | $10370 | $9754 | $9871 |
| **3/23** | $10433 | $9983 | $9806 |
| **4/23** | $10282 | $10044 | $9670 |
| **5/23** | $10373 | $9940 | $9755 |
| **6/23** | $10909 | $9925 | $10260 |
| **7/23** | $11151 | $9934 | $10541 |
| **8/23** | $10778 | $9875 | $10268 |
| **9/23** | $10466 | $9639 | $10001 |
| **10/23** | $9970 | $9494 | $9561 |
| **11/23** | $10516 | $9921 | $10059 |
| **12/23** | $11062 | $10298 | $10668 |
| **1/24** | $10927 | $10273 | $10544 |
| **2/24** | $10938 | $10150 | $10671 |
| **3/24** | $11116 | $10250 | $10918 |
| **4/24** | $10740 | $10010 | $10538 |
| **5/24** | $10886 | $10176 | $10795 |
| **6/24** | $11077 | $10269 | $10895 |
| **7/24** | $11182 | $10502 | $11105 |
| **8/24** | $11350 | $10657 | $11251 |
| **9/24** | $11506 | $10803 | $11469 |
| **10/24** | $11485 | $10558 | $11565 |
| **11/24** | $12161 | $10669 | $12348 |
| **12/24** | $11644 | $10508 | $11856 |
| **1/25** | $11983 | $10571 | $12172 |
| **2/25** | $11622 | $10790 | $11929 |
| **3/25** | $11345 | $10787 | $11603 |
| **4/25** | $11550 | $10825 | $11759 |
| **5/25** | $11904 | $10770 | $12142 |
| **6/25** | $12393 | $10938 | $12633 |
| **7/25** | $12727 | $10923 | $12984 |
| **8/25** | $12858 | $11054 | $13210 |
| **9/25** | $13356 | $11171 | $13717 |
| **10/25** | $13860 | $11245 | $14146 |
| **11/25** | $13696 | $11312 | $14047 |
| **12/25** | $13616 | $11305 | $13988 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 12/30/22 |
| Institutional Shares | 16.94% | 10.83% |
| US Universal Index | 7.58% | 5.24% |
| ICE BofA US Convertible Index | 17.98% | 13.96% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $17447159 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| Lumentum Holdings, Inc., 0.500%, due 06/15/28 | 2.9% |
| Bank of America Corp. | 2.7% |
| Western Digital Corp., 3.000%, due 11/15/28 | 2.7% |
| Boeing Co. | 2.5% |
| Live Nation Entertainment, Inc., 2.875%, due 01/15/30 | 2.5% |
| PG&E Corp., 4.250%, due 12/01/27 | 2.1% |
| NextEra Energy Capital Holdings, Inc., 3.000%, due 03/01/27 | 2.0% |
| CMS Energy Corp., 3.375%, due 05/01/28 | 1.9% |
| Welltower OP LLC, 2.750%, due 05/15/28 | 1.9% |
| Exact Sciences Corp., 0.375%, due 03/01/28 | 1.8% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.3% |
| Financials | 14.6% |
| Consumer Staples | 13.0% |
| Communication Services | 12.4% |
| Utilities | 8.9% |
| Industrials | 7.8% |
| Consumer Discretionary | 6.3% |
| Other (includes short-term investments) | 8.7% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Convertibles Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# CONOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Convertibles Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $108 | 1.00% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The convertible bond asset class showed strong upside capture to US equities performance during the year, as mid-cap companies and technology sectors (important convertible exposures) participated in the rally.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)An overweight to technology hardware and industrials were additive to performance, buoyed by robust global investment in artificial intelligence themes throughout the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Biotechnology selections also helped, mainly supported by idiosyncratic factors.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweights to travel and consumer discretionary names were also additive as these sectors did not participate in the broader equity rally.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweights to metals & mining, financial services, and consumer staples detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)An underweight to data centers detracted in the second half of the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Use of derivatives was a positive contributor to relative performance, with gains coming from both long equity index futures and long bond futures (which were used to increase duration).

## **Portfolio Performance**![Growth of 10K Chart](i384bf34d5a155d06a361a58e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofA US Convertible Index** |
| **12/22** | $10000 | $10000 | $10000 |
| **12/22** | $10000 | $10000 | $10000 |
| **1/23** | $10630 | $10000 | $10000 |
| **2/23** | $10360 | $9754 | $9871 |
| **3/23** | $10427 | $9983 | $9806 |
| **4/23** | $10276 | $10044 | $9670 |
| **5/23** | $10367 | $9940 | $9755 |
| **6/23** | $10906 | $9925 | $10260 |
| **7/23** | $11138 | $9934 | $10541 |
| **8/23** | $10765 | $9875 | $10268 |
| **9/23** | $10447 | $9639 | $10001 |
| **10/23** | $9952 | $9494 | $9561 |
| **11/23** | $10487 | $9921 | $10059 |
| **12/23** | $11035 | $10298 | $10668 |
| **1/24** | $10900 | $10273 | $10544 |
| **2/24** | $10910 | $10150 | $10671 |
| **3/24** | $11081 | $10250 | $10918 |
| **4/24** | $10706 | $10010 | $10538 |
| **5/24** | $10852 | $10176 | $10795 |
| **6/24** | $11035 | $10269 | $10895 |
| **7/24** | $11140 | $10502 | $11105 |
| **8/24** | $11297 | $10657 | $11251 |
| **9/24** | $11455 | $10803 | $11469 |
| **10/24** | $11434 | $10558 | $11565 |
| **11/24** | $12108 | $10669 | $12348 |
| **12/24** | $11595 | $10508 | $11856 |
| **1/25** | $11923 | $10571 | $12172 |
| **2/25** | $11563 | $10790 | $11929 |
| **3/25** | $11281 | $10787 | $11603 |
| **4/25** | $11484 | $10825 | $11759 |
| **5/25** | $11836 | $10770 | $12142 |
| **6/25** | $12326 | $10938 | $12633 |
| **7/25** | $12647 | $10923 | $12984 |
| **8/25** | $12777 | $11054 | $13210 |
| **9/25** | $13272 | $11171 | $13717 |
| **10/25** | $13772 | $11245 | $14146 |
| **11/25** | $13598 | $11312 | $14047 |
| **12/25** | $13509 | $11305 | $13988 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 12/30/22 |
| Open Shares | 16.51% | 10.54% |
| US Universal Index | 7.58% | 5.24% |
| ICE BofA US Convertible Index | 17.98% | 13.96% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $17447159 |
| # of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| Lumentum Holdings, Inc., 0.500%, due 06/15/28 | 2.9% |
| Bank of America Corp. | 2.7% |
| Western Digital Corp., 3.000%, due 11/15/28 | 2.7% |
| Boeing Co. | 2.5% |
| Live Nation Entertainment, Inc., 2.875%, due 01/15/30 | 2.5% |
| PG&E Corp., 4.250%, due 12/01/27 | 2.1% |
| NextEra Energy Capital Holdings, Inc., 3.000%, due 03/01/27 | 2.0% |
| CMS Energy Corp., 3.375%, due 05/01/28 | 1.9% |
| Welltower OP LLC, 2.750%, due 05/15/28 | 1.9% |
| Exact Sciences Corp., 0.375%, due 03/01/28 | 1.8% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.3% |
| Financials | 14.6% |
| Consumer Staples | 13.0% |
| Communication Services | 12.4% |
| Utilities | 8.9% |
| Industrials | 7.8% |
| Consumer Discretionary | 6.3% |
| Other (includes short-term investments) | 8.7% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEVIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $87 | 0.83% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology and industrials sectors contributed positively to relative performance. Overweight exposure to financials and underweight exposure in communication services also contributed positively to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)DigitalOcean, a cloud computing platform for small and medium-sized businesses (SMBs), benefited from strong customer demand, new products, and speculation that the company could be the target of a takeover. Coherent, a global provider in lasers and semiconductors, rose amid positive artificial intelligence capex datapoints. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care and communication services holdings detracted. Overweight exposure to consumer discretionary stocks also detracted. Vaxcyte, a leader in novel vaccine chemistry, detracted from performance as mixed data on several of its trials coupled with uncertainty around federal funding and regulation of the vaccine industry caused shares to underperform. We exited our position in pursuit of better risk-reward opportunities elsewhere.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Marvell, a fabless chip designer, fell amid a lack of commentary from management about the company's growth trajectory for next year and its next-gen chip for Amazon, a large customer.

## **Portfolio Performance**![Growth of 10K Chart](ife782377ef7d4131671f6014.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500 Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9450 | $9504 |
| **2/16** | $9566 | $9491 |
| **3/16** | $10123 | $10135 |
| **4/16** | $10043 | $10174 |
| **5/16** | $10260 | $10357 |
| **6/16** | $10239 | $10384 |
| **7/16** | $10933 | $10766 |
| **8/16** | $10952 | $10782 |
| **9/16** | $11010 | $10784 |
| **10/16** | $10531 | $10587 |
| **11/16** | $10633 | $10979 |
| **12/16** | $10737 | $11196 |
| **1/17** | $10988 | $11408 |
| **2/17** | $11298 | $11861 |
| **3/17** | $11389 | $11875 |
| **4/17** | $11594 | $11997 |
| **5/17** | $11678 | $12166 |
| **6/17** | $11564 | $12242 |
| **7/17** | $11640 | $12494 |
| **8/17** | $11693 | $12532 |
| **9/17** | $11746 | $12790 |
| **10/17** | $12049 | $13089 |
| **11/17** | $12269 | $13490 |
| **12/17** | $12401 | $13640 |
| **1/18** | $13041 | $14421 |
| **2/18** | $12709 | $13890 |
| **3/18** | $12450 | $13537 |
| **4/18** | $12263 | $13589 |
| **5/18** | $12620 | $13916 |
| **6/18** | $12725 | $14002 |
| **7/18** | $12992 | $14523 |
| **8/18** | $13342 | $14996 |
| **9/18** | $13350 | $15081 |
| **10/18** | $12316 | $14050 |
| **11/18** | $12746 | $14337 |
| **12/18** | $11648 | $13042 |
| **1/19** | $12561 | $14087 |
| **2/19** | $13130 | $14540 |
| **3/19** | $13474 | $14822 |
| **4/19** | $13881 | $15422 |
| **5/19** | $13139 | $14442 |
| **6/19** | $14170 | $15460 |
| **7/19** | $14658 | $15682 |
| **8/19** | $14513 | $15434 |
| **9/19** | $14649 | $15723 |
| **10/19** | $14594 | $16063 |
| **11/19** | $14866 | $16646 |
| **12/19** | $15343 | $17149 |
| **1/20** | $15626 | $17142 |
| **2/20** | $14241 | $15731 |
| **3/20** | $12218 | $13788 |
| **4/20** | $13558 | $15555 |
| **5/20** | $14277 | $16296 |
| **6/20** | $14214 | $16620 |
| **7/20** | $14651 | $17558 |
| **8/20** | $15389 | $18820 |
| **9/20** | $15179 | $18105 |
| **10/20** | $14906 | $17623 |
| **11/20** | $16382 | $19552 |
| **12/20** | $16721 | $20304 |
| **1/21** | $16453 | $20099 |
| **2/21** | $17379 | $20653 |
| **3/21** | $18213 | $21558 |
| **4/21** | $19380 | $22708 |
| **5/21** | $19139 | $22867 |
| **6/21** | $19371 | $23401 |
| **7/21** | $19871 | $23957 |
| **8/21** | $20245 | $24685 |
| **9/21** | $19412 | $23537 |
| **10/21** | $20358 | $25186 |
| **11/21** | $19936 | $25011 |
| **12/21** | $21073 | $26132 |
| **1/22** | $19843 | $24780 |
| **2/22** | $19254 | $24038 |
| **3/22** | $19843 | $24931 |
| **4/22** | $18773 | $22757 |
| **5/22** | $18484 | $22798 |
| **6/22** | $17062 | $20917 |
| **7/22** | $18666 | $22845 |
| **8/22** | $17547 | $21914 |
| **9/22** | $15889 | $19895 |
| **10/22** | $16805 | $21506 |
| **11/22** | $17721 | $22708 |
| **12/22** | $16882 | $21400 |
| **1/23** | $18322 | $22744 |
| **2/23** | $17710 | $22189 |
| **3/23** | $18368 | $23004 |
| **4/23** | $18402 | $23363 |
| **5/23** | $18129 | $23465 |
| **6/23** | $19275 | $25015 |
| **7/23** | $19332 | $25819 |
| **8/23** | $18619 | $25408 |
| **9/23** | $17677 | $24196 |
| **10/23** | $16938 | $23687 |
| **11/23** | $18619 | $25851 |
| **12/23** | $19634 | $27025 |
| **1/24** | $19312 | $27479 |
| **2/24** | $19749 | $28946 |
| **3/24** | $20324 | $29878 |
| **4/24** | $19105 | $28657 |
| **5/24** | $19450 | $30078 |
| **6/24** | $20232 | $31158 |
| **7/24** | $20645 | $31537 |
| **8/24** | $21910 | $32302 |
| **9/24** | $22301 | $32992 |
| **10/24** | $22209 | $32693 |
| **11/24** | $22761 | $34612 |
| **12/24** | $21731 | $33787 |
| **1/25** | $23398 | $34728 |
| **2/25** | $21731 | $34274 |
| **3/25** | $18841 | $32343 |
| **4/25** | $18507 | $32124 |
| **5/25** | $19508 | $34146 |
| **6/25** | $20971 | $35882 |
| **7/25** | $21805 | $36688 |
| **8/25** | $21360 | $37431 |
| **9/25** | $21749 | $38798 |
| **10/25** | $22787 | $39706 |
| **11/25** | $23472 | $39803 |
| **12/25** | $23639 | $39828 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 8.78% | 7.17% | 8.98% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $35740661 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 106% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $180620 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 8.9% |
| Advanced Micro Devices, Inc. | 8.0% |
| DigitalOcean Holdings, Inc. | 7.9% |
| Marvell Technology, Inc. | 7.8% |
| Microsoft Corp. | 7.2% |
| First Watch Restaurant Group, Inc. | 6.5% |
| Floor & Decor Holdings, Inc., Class A | 4.8% |
| Zeta Global Holdings Corp., Class A | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| RH | 4.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 42.3% |
| Consumer Discretionary | 27.7% |
| Financials | 10.0% |
| Communication Services | 9.0% |
| Industrials | 5.9% |
| Health Care | 4.3% |
| Other (includes short-term investments) | 0.8% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 24, 2025, Lazard Asset Management LLC, the Portfolio's Investment Manager, agreed to reduce its management fee from .65% to .60% of the Portfolio's average daily net assets. Additionally, effective June 24, 2025, the Investment Manager agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, to the extent Total Annual Portfolio Operating Expenses exceed .80% of the average daily net assets of the Portfolio's Institutional Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

On January 22, 2026, the Board of Directors of The Lazard Funds, Inc. approved the liquidation of the Portfolio. It is anticipated that the Portfolio's assets will be distributed to shareholders on or about April 22, 2026.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEVOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $113 | 1.08% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology and industrials sectors contributed positively to relative performance. Overweight exposure to financials and underweight exposure in communication services also contributed positively to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)DigitalOcean, a cloud computing platform for small and medium-sized businesses (SMBs), benefited from strong customer demand, new products, and speculation that the company could be the target of a takeover. Coherent, a global provider in lasers and semiconductors, rose amid positive artificial intelligence capex datapoints. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care and communication services holdings detracted. Overweight exposure to consumer discretionary stocks also detracted. Vaxcyte, a leader in novel vaccine chemistry, detracted from performance as mixed data on several of its trials coupled with uncertainty around federal funding and regulation of the vaccine industry caused shares to underperform. We exited our position in pursuit of better risk-reward opportunities elsewhere.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Marvell, a fabless chip designer, fell amid a lack of commentary from management about the company's growth trajectory for next year and its next-gen chip for Amazon, a large customer.

## **Portfolio Performance**![Growth of 10K Chart](i0e57f6e4dd24281e23636697.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **S&P 500 Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9447 | $9504 |
| **2/16** | $9562 | $9491 |
| **3/16** | $10115 | $10135 |
| **4/16** | $10036 | $10174 |
| **5/16** | $10251 | $10357 |
| **6/16** | $10223 | $10384 |
| **7/16** | $10912 | $10766 |
| **8/16** | $10932 | $10782 |
| **9/16** | $10982 | $10784 |
| **10/16** | $10513 | $10587 |
| **11/16** | $10607 | $10979 |
| **12/16** | $10706 | $11196 |
| **1/17** | $10954 | $11408 |
| **2/17** | $11262 | $11861 |
| **3/17** | $11345 | $11875 |
| **4/17** | $11555 | $11997 |
| **5/17** | $11630 | $12166 |
| **6/17** | $11517 | $12242 |
| **7/17** | $11592 | $12494 |
| **8/17** | $11645 | $12532 |
| **9/17** | $11690 | $12790 |
| **10/17** | $11983 | $13089 |
| **11/17** | $12201 | $13490 |
| **12/17** | $12335 | $13640 |
| **1/18** | $12959 | $14421 |
| **2/18** | $12639 | $13890 |
| **3/18** | $12367 | $13537 |
| **4/18** | $12183 | $13589 |
| **5/18** | $12535 | $13916 |
| **6/18** | $12639 | $14002 |
| **7/18** | $12903 | $14523 |
| **8/18** | $13240 | $14996 |
| **9/18** | $13256 | $15081 |
| **10/18** | $12219 | $14050 |
| **11/18** | $12643 | $14337 |
| **12/18** | $11551 | $13042 |
| **1/19** | $12458 | $14087 |
| **2/19** | $13009 | $14540 |
| **3/19** | $13356 | $14822 |
| **4/19** | $13756 | $15422 |
| **5/19** | $13009 | $14442 |
| **6/19** | $14032 | $15460 |
| **7/19** | $14512 | $15682 |
| **8/19** | $14370 | $15434 |
| **9/19** | $14503 | $15723 |
| **10/19** | $14432 | $16063 |
| **11/19** | $14708 | $16646 |
| **12/19** | $15181 | $17149 |
| **1/20** | $15449 | $17142 |
| **2/20** | $14081 | $15731 |
| **3/20** | $12078 | $13788 |
| **4/20** | $13392 | $15555 |
| **5/20** | $14099 | $16296 |
| **6/20** | $14036 | $16620 |
| **7/20** | $14465 | $17558 |
| **8/20** | $15189 | $18820 |
| **9/20** | $14984 | $18105 |
| **10/20** | $14707 | $17623 |
| **11/20** | $16164 | $19552 |
| **12/20** | $16490 | $20304 |
| **1/21** | $16227 | $20099 |
| **2/21** | $17134 | $20653 |
| **3/21** | $17959 | $21558 |
| **4/21** | $19101 | $22708 |
| **5/21** | $18856 | $22867 |
| **6/21** | $19074 | $23401 |
| **7/21** | $19572 | $23957 |
| **8/21** | $19929 | $24685 |
| **9/21** | $19113 | $23537 |
| **10/21** | $20039 | $25186 |
| **11/21** | $19618 | $25011 |
| **12/21** | $20731 | $26132 |
| **1/22** | $19511 | $24780 |
| **2/22** | $18937 | $24038 |
| **3/22** | $19501 | $24931 |
| **4/22** | $18458 | $22757 |
| **5/22** | $18166 | $22798 |
| **6/22** | $16758 | $20917 |
| **7/22** | $18333 | $22845 |
| **8/22** | $17231 | $21914 |
| **9/22** | $15594 | $19895 |
| **10/22** | $16497 | $21506 |
| **11/22** | $17390 | $22708 |
| **12/22** | $16570 | $21400 |
| **1/23** | $17970 | $22744 |
| **2/23** | $17374 | $22189 |
| **3/23** | $18014 | $23004 |
| **4/23** | $18036 | $23363 |
| **5/23** | $17760 | $23465 |
| **6/23** | $18885 | $25015 |
| **7/23** | $18940 | $25819 |
| **8/23** | $18236 | $25408 |
| **9/23** | $17309 | $24196 |
| **10/23** | $16591 | $23687 |
| **11/23** | $18223 | $25851 |
| **12/23** | $19224 | $27025 |
| **1/24** | $18893 | $27479 |
| **2/24** | $19334 | $28946 |
| **3/24** | $19886 | $29878 |
| **4/24** | $18694 | $28657 |
| **5/24** | $19025 | $30078 |
| **6/24** | $19775 | $31158 |
| **7/24** | $20173 | $31537 |
| **8/24** | $21409 | $32302 |
| **9/24** | $21784 | $32992 |
| **10/24** | $21674 | $32693 |
| **11/24** | $22225 | $34612 |
| **12/24** | $21218 | $33787 |
| **1/25** | $22879 | $34728 |
| **2/25** | $21218 | $34274 |
| **3/25** | $18417 | $32343 |
| **4/25** | $18054 | $32124 |
| **5/25** | $19022 | $34146 |
| **6/25** | $20458 | $35882 |
| **7/25** | $21253 | $36688 |
| **8/25** | $20821 | $37431 |
| **9/25** | $21201 | $38798 |
| **10/25** | $22204 | $39706 |
| **11/25** | $22861 | $39803 |
| **12/25** | $23034 | $39828 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 8.56% | 6.91% | 8.70% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $35740661 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 106% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $180620 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 8.9% |
| Advanced Micro Devices, Inc. | 8.0% |
| DigitalOcean Holdings, Inc. | 7.9% |
| Marvell Technology, Inc. | 7.8% |
| Microsoft Corp. | 7.2% |
| First Watch Restaurant Group, Inc. | 6.5% |
| Floor & Decor Holdings, Inc., Class A | 4.8% |
| Zeta Global Holdings Corp., Class A | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| RH | 4.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 42.3% |
| Consumer Discretionary | 27.7% |
| Financials | 10.0% |
| Communication Services | 9.0% |
| Industrials | 5.9% |
| Health Care | 4.3% |
| Other (includes short-term investments) | 0.8% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 24, 2025, Lazard Asset Management LLC, the Portfolio's Investment Manager, agreed to reduce its management fee from .65% to .60% of the Portfolio's average daily net assets. Additionally, effective June 24, 2025, the Investment Manager agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, to the extent Total Annual Portfolio Operating Expenses exceed 1.05% of the average daily net assets of the Portfolio's Open Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

On January 22, 2026, the Board of Directors of The Lazard Funds, Inc. approved the liquidation of the Portfolio. It is anticipated that the Portfolio's assets will be distributed to shareholders on or about April 22, 2026.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Concentrated Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLUEX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Concentrated Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $81 | 0.78% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology and industrials sectors contributed positively to relative performance. Overweight exposure to financials and underweight exposure in communication services also contributed positively to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)DigitalOcean, a cloud computing platform for small and medium-sized businesses (SMBs), benefited from strong customer demand, new products, and speculation that the company could be the target of a takeover. Coherent, a global provider in lasers and semiconductors, rose amid positive artificial intelligence capex datapoints. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care and communication services holdings detracted. Overweight exposure to consumer discretionary stocks also detracted. Vaxcyte, a leader in novel vaccine chemistry, detracted from performance as mixed data on several of its trials coupled with uncertainty around federal funding and regulation of the vaccine industry caused shares to underperform. We exited our position in pursuit of better risk-reward opportunities elsewhere.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Marvell, a fabless chip designer, fell amid a lack of commentary from management about the company's growth trajectory for next year and its next-gen chip for Amazon, a large customer.

## **Portfolio Performance**![Growth of 10K Chart](i8ca3bdc423807104556cca1d.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** | $1855302 | $3110116 |
| **06/25** | $1993832 | $3268273 |
| **07/25** | $2072991 | $3341623 |
| **08/25** | $2031762 | $3409363 |
| **09/25** | $2069693 | $3533805 |
| **10/25** | $2166993 | $3616544 |
| **11/25** | $2232959 | $3625408 |
| **12/25** | $2249451 | $3627628 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 11/15/16 |
| R6 Shares | 8.77% | 7.60% | 9.29% |
| S&P 500 Index | 17.88% | 14.42% | 15.28% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $35740661 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 106% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $180620 |

---

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

---

| | |
|:---|:---|
| Amazon.com, Inc. | 8.9% |
| Advanced Micro Devices, Inc. | 8.0% |
| DigitalOcean Holdings, Inc. | 7.9% |
| Marvell Technology, Inc. | 7.8% |
| Microsoft Corp. | 7.2% |
| First Watch Restaurant Group, Inc. | 6.5% |
| Floor & Decor Holdings, Inc., Class A | 4.8% |
| Zeta Global Holdings Corp., Class A | 4.8% |
| Meta Platforms, Inc., Class A | 4.7% |
| RH | 4.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 42.3% |
| Consumer Discretionary | 27.7% |
| Financials | 10.0% |
| Communication Services | 9.0% |
| Industrials | 5.9% |
| Health Care | 4.3% |
| Other (includes short-term investments) | 0.8% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 24, 2025, Lazard Asset Management LLC, the Portfolio's Investment Manager, agreed to reduce its management fee from .65% to .60% of the Portfolio's average daily net assets. Additionally, effective June 24, 2025, the Investment Manager agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, to the extent Total Annual Portfolio Operating Expenses exceed .75% of the average daily net assets of the Portfolio's R6 Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

On January 22, 2026, the Board of Directors of The Lazard Funds, Inc. approved the liquidation of the Portfolio. It is anticipated that the Portfolio's assets will be distributed to shareholders on or about April 22, 2026.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Focus Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZUSX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $75 | 0.70% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the communication services sector boosted relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the health care sector contributed, as did underweight exposure to the consumer staples sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were diversified financial services provider Goldman Sachs and the semiconductor and infrastructure software products provider Broadcom. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the industrials sector undercut relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the real estate sector detracted, as did underweight exposure to the communication services sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were an underweight exposure to Nvidia and an overweight exposure to Accenture, amid concerns that AI had the potential to disintermediate the technology consulting company's business.

## **Portfolio Performance**![Growth of 10K Chart](i42671eeab66d7e818a2cb8ea.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **S&P 500 Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9417 | $9504 |
| **2/16** | $9371 | $9491 |
| **3/16** | $10036 | $10135 |
| **4/16** | $9973 | $10174 |
| **5/16** | $10201 | $10357 |
| **6/16** | $10055 | $10384 |
| **7/16** | $10547 | $10766 |
| **8/16** | $10658 | $10782 |
| **9/16** | $10714 | $10784 |
| **10/16** | $10405 | $10587 |
| **11/16** | $10770 | $10979 |
| **12/16** | $10970 | $11196 |
| **1/17** | $11196 | $11408 |
| **2/17** | $11555 | $11861 |
| **3/17** | $11611 | $11875 |
| **4/17** | $11753 | $11997 |
| **5/17** | $11819 | $12166 |
| **6/17** | $11838 | $12242 |
| **7/17** | $12036 | $12494 |
| **8/17** | $12036 | $12532 |
| **9/17** | $12326 | $12790 |
| **10/17** | $12510 | $13089 |
| **11/17** | $12810 | $13490 |
| **12/17** | $12963 | $13640 |
| **1/18** | $13714 | $14421 |
| **2/18** | $13287 | $13890 |
| **3/18** | $13005 | $13537 |
| **4/18** | $13016 | $13589 |
| **5/18** | $13318 | $13916 |
| **6/18** | $13339 | $14002 |
| **7/18** | $13892 | $14523 |
| **8/18** | $14333 | $14996 |
| **9/18** | $14440 | $15081 |
| **10/18** | $13501 | $14050 |
| **11/18** | $13778 | $14337 |
| **12/18** | $12559 | $13042 |
| **1/19** | $13431 | $14087 |
| **2/19** | $13995 | $14540 |
| **3/19** | $14216 | $14822 |
| **4/19** | $14756 | $15422 |
| **5/19** | $13958 | $14442 |
| **6/19** | $14891 | $15460 |
| **7/19** | $15198 | $15682 |
| **8/19** | $15027 | $15434 |
| **9/19** | $15272 | $15723 |
| **10/19** | $15505 | $16063 |
| **11/19** | $16033 | $16646 |
| **12/19** | $16536 | $17149 |
| **1/20** | $16798 | $17142 |
| **2/20** | $15368 | $15731 |
| **3/20** | $13224 | $13788 |
| **4/20** | $14956 | $15555 |
| **5/20** | $15684 | $16296 |
| **6/20** | $15780 | $16620 |
| **7/20** | $16550 | $17558 |
| **8/20** | $17725 | $18820 |
| **9/20** | $17223 | $18105 |
| **10/20** | $16818 | $17623 |
| **11/20** | $18631 | $19552 |
| **12/20** | $19395 | $20304 |
| **1/21** | $19033 | $20099 |
| **2/21** | $19831 | $20653 |
| **3/21** | $20861 | $21558 |
| **4/21** | $22195 | $22708 |
| **5/21** | $22340 | $22867 |
| **6/21** | $22645 | $23401 |
| **7/21** | $23356 | $23957 |
| **8/21** | $23866 | $24685 |
| **9/21** | $22961 | $23537 |
| **10/21** | $24504 | $25186 |
| **11/21** | $23703 | $25011 |
| **12/21** | $24701 | $26132 |
| **1/22** | $23318 | $24780 |
| **2/22** | $22934 | $24038 |
| **3/22** | $23579 | $24931 |
| **4/22** | $21873 | $22757 |
| **5/22** | $21581 | $22798 |
| **6/22** | $20228 | $20917 |
| **7/22** | $21981 | $22845 |
| **8/22** | $20972 | $21914 |
| **9/22** | $19091 | $19895 |
| **10/22** | $20525 | $21506 |
| **11/22** | $21728 | $22708 |
| **12/22** | $20516 | $21400 |
| **1/23** | $21653 | $22744 |
| **2/23** | $20832 | $22189 |
| **3/23** | $21463 | $23004 |
| **4/23** | $21779 | $23363 |
| **5/23** | $21763 | $23465 |
| **6/23** | $22869 | $25015 |
| **7/23** | $23453 | $25819 |
| **8/23** | $22979 | $25408 |
| **9/23** | $21984 | $24196 |
| **10/23** | $21574 | $23687 |
| **11/23** | $23532 | $25851 |
| **12/23** | $24572 | $27025 |
| **1/24** | $24812 | $27479 |
| **2/24** | $25881 | $28946 |
| **3/24** | $26392 | $29878 |
| **4/24** | $25450 | $28657 |
| **5/24** | $26217 | $30078 |
| **6/24** | $26887 | $31158 |
| **7/24** | $27654 | $31537 |
| **8/24** | $27977 | $32302 |
| **9/24** | $28201 | $32992 |
| **10/24** | $27625 | $32693 |
| **11/24** | $28920 | $34612 |
| **12/24** | $28044 | $33787 |
| **1/25** | $29184 | $34728 |
| **2/25** | $28452 | $34274 |
| **3/25** | $26955 | $32343 |
| **4/25** | $26563 | $32124 |
| **5/25** | $27976 | $34146 |
| **6/25** | $29184 | $35882 |
| **7/25** | $29728 | $36688 |
| **8/25** | $30351 | $37431 |
| **9/25** | $30885 | $38798 |
| **10/25** | $31471 | $39706 |
| **11/25** | $32263 | $39803 |
| **12/25** | $32300 | $39828 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 15.18% | 10.74% | 12.44% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $81873286 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $387263 |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 7.6% |
| Alphabet, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 6.5% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 3.9% |
| Visa, Inc., A Shares | 3.6% |
| Broadcom, Inc. | 3.6% |
| Waste Management, Inc. | 3.3% |
| Analog Devices, Inc. | 3.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 27.1% |
| Financials | 19.4% |
| Health Care | 13.1% |
| Industrials | 12.2% |
| Consumer Discretionary | 9.6% |
| Communication Services | 6.5% |
| Real Estate | 2.6% |
| Materials | 2.5% |
| Other (includes short-term investments) | 7.0% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Focus Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZUOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $102 | 0.95% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the communication services sector boosted relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the health care sector contributed, as did underweight exposure to the consumer staples sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were diversified financial services provider Goldman Sachs and the semiconductor and infrastructure software products provider Broadcom. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the industrials sector undercut relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the real estate sector detracted, as did underweight exposure to the communication services sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were an underweight exposure to Nvidia and an overweight exposure to Accenture, amid concerns that AI had the potential to disintermediate the technology consulting company's business.

## **Portfolio Performance**![Growth of 10K Chart](ic1a63384ba41392ecf96ebc5.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **S&P 500 Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9419 | $9504 |
| **2/16** | $9373 | $9491 |
| **3/16** | $10027 | $10135 |
| **4/16** | $9964 | $10174 |
| **5/16** | $10191 | $10357 |
| **6/16** | $10045 | $10384 |
| **7/16** | $10527 | $10766 |
| **8/16** | $10638 | $10782 |
| **9/16** | $10693 | $10784 |
| **10/16** | $10377 | $10587 |
| **11/16** | $10740 | $10979 |
| **12/16** | $10946 | $11196 |
| **1/17** | $11161 | $11408 |
| **2/17** | $11517 | $11861 |
| **3/17** | $11564 | $11875 |
| **4/17** | $11705 | $11997 |
| **5/17** | $11770 | $12166 |
| **6/17** | $11789 | $12242 |
| **7/17** | $11977 | $12494 |
| **8/17** | $11976 | $12532 |
| **9/17** | $12265 | $12790 |
| **10/17** | $12448 | $13089 |
| **11/17** | $12736 | $13490 |
| **12/17** | $12888 | $13640 |
| **1/18** | $13632 | $14421 |
| **2/18** | $13198 | $13890 |
| **3/18** | $12919 | $13537 |
| **4/18** | $12930 | $13589 |
| **5/18** | $13219 | $13916 |
| **6/18** | $13250 | $14002 |
| **7/18** | $13787 | $14523 |
| **8/18** | $14213 | $14996 |
| **9/18** | $14330 | $15081 |
| **10/18** | $13389 | $14050 |
| **11/18** | $13664 | $14337 |
| **12/18** | $12450 | $13042 |
| **1/19** | $13310 | $14087 |
| **2/19** | $13867 | $14540 |
| **3/19** | $14085 | $14822 |
| **4/19** | $14606 | $15422 |
| **5/19** | $13819 | $14442 |
| **6/19** | $14739 | $15460 |
| **7/19** | $15042 | $15682 |
| **8/19** | $14860 | $15434 |
| **9/19** | $15102 | $15723 |
| **10/19** | $15320 | $16063 |
| **11/19** | $15853 | $16646 |
| **12/19** | $16341 | $17149 |
| **1/20** | $16597 | $17142 |
| **2/20** | $15178 | $15731 |
| **3/20** | $13056 | $13788 |
| **4/20** | $14759 | $15555 |
| **5/20** | $15476 | $16296 |
| **6/20** | $15584 | $16620 |
| **7/20** | $16327 | $17558 |
| **8/20** | $17482 | $18820 |
| **9/20** | $16988 | $18105 |
| **10/20** | $16591 | $17623 |
| **11/20** | $18373 | $19552 |
| **12/20** | $19132 | $20304 |
| **1/21** | $18762 | $20099 |
| **2/21** | $19545 | $20653 |
| **3/21** | $20540 | $21558 |
| **4/21** | $21863 | $22708 |
| **5/21** | $22005 | $22867 |
| **6/21** | $22304 | $23401 |
| **7/21** | $22987 | $23957 |
| **8/21** | $23488 | $24685 |
| **9/21** | $22586 | $23537 |
| **10/21** | $24113 | $25186 |
| **11/21** | $23313 | $25011 |
| **12/21** | $24290 | $26132 |
| **1/22** | $22922 | $24780 |
| **2/22** | $22531 | $24038 |
| **3/22** | $23177 | $24931 |
| **4/22** | $21494 | $22757 |
| **5/22** | $21208 | $22798 |
| **6/22** | $19856 | $20917 |
| **7/22** | $21584 | $22845 |
| **8/22** | $20583 | $21914 |
| **9/22** | $18743 | $19895 |
| **10/22** | $20131 | $21506 |
| **11/22** | $21307 | $22708 |
| **12/22** | $20116 | $21400 |
| **1/23** | $21241 | $22744 |
| **2/23** | $20424 | $22189 |
| **3/23** | $21040 | $23004 |
| **4/23** | $21348 | $23363 |
| **5/23** | $21318 | $23465 |
| **6/23** | $22396 | $25015 |
| **7/23** | $22966 | $25819 |
| **8/23** | $22504 | $25408 |
| **9/23** | $21518 | $24196 |
| **10/23** | $21117 | $23687 |
| **11/23** | $23027 | $25851 |
| **12/23** | $24044 | $27025 |
| **1/24** | $24277 | $27479 |
| **2/24** | $25302 | $28946 |
| **3/24** | $25799 | $29878 |
| **4/24** | $24867 | $28657 |
| **5/24** | $25628 | $30078 |
| **6/24** | $26281 | $31158 |
| **7/24** | $27026 | $31537 |
| **8/24** | $27325 | $32302 |
| **9/24** | $27542 | $32992 |
| **10/24** | $26982 | $32693 |
| **11/24** | $28227 | $34612 |
| **12/24** | $27368 | $33787 |
| **1/25** | $28474 | $34728 |
| **2/25** | $27764 | $34274 |
| **3/25** | $26295 | $32343 |
| **4/25** | $25883 | $32124 |
| **5/25** | $27269 | $34146 |
| **6/25** | $28441 | $35882 |
| **7/25** | $28969 | $36688 |
| **8/25** | $29574 | $37431 |
| **9/25** | $30075 | $38798 |
| **10/25** | $30643 | $39706 |
| **11/25** | $31412 | $39803 |
| **12/25** | $31435 | $39828 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 14.86% | 10.44% | 12.14% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $81873286 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $387263 |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 7.6% |
| Alphabet, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 6.5% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 3.9% |
| Visa, Inc., A Shares | 3.6% |
| Broadcom, Inc. | 3.6% |
| Waste Management, Inc. | 3.3% |
| Analog Devices, Inc. | 3.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 27.1% |
| Financials | 19.4% |
| Health Care | 13.1% |
| Industrials | 12.2% |
| Consumer Discretionary | 9.6% |
| Communication Services | 6.5% |
| Real Estate | 2.6% |
| Materials | 2.5% |
| Other (includes short-term investments) | 7.0% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Equity Focus Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLUSX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Equity Focus Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $75 | 0.70% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the communication services sector boosted relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the health care sector contributed, as did underweight exposure to the consumer staples sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were diversified financial services provider Goldman Sachs and the semiconductor and infrastructure software products provider Broadcom. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the industrials sector undercut relative performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the real estate sector detracted, as did underweight exposure to the communication services sector. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were an underweight exposure to Nvidia and an overweight exposure to Accenture, amid concerns that AI had the potential to disintermediate the technology consulting company's business.

## **Portfolio Performance**![Growth of 10K Chart](i1781f263e365c5900a54a805.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **S&P 500 Index** |
| **12/15** | $1000000 | $1000000 |
| **01/16** | $942518 | $950376 |
| **02/16** | $937956 | $949094 |
| **03/16** | $1003650 | $1013479 |
| **04/16** | $1000912 | $1017408 |
| **05/16** | $1020985 | $1035678 |
| **06/16** | $1006387 | $1038362 |
| **07/16** | $1055657 | $1076645 |
| **08/16** | $1066783 | $1078157 |
| **09/16** | $1072402 | $1078361 |
| **10/16** | $1041495 | $1058690 |
| **11/16** | $1078022 | $1097899 |
| **12/16** | $1098111 | $1119600 |
| **01/17** | $1120772 | $1140834 |
| **02/17** | $1157596 | $1186132 |
| **03/17** | $1162317 | $1187515 |
| **04/17** | $1176480 | $1199711 |
| **05/17** | $1184034 | $1216595 |
| **06/17** | $1184978 | $1224189 |
| **07/17** | $1204806 | $1249362 |
| **08/17** | $1204767 | $1253186 |
| **09/17** | $1233844 | $1279037 |
| **10/17** | $1252260 | $1308883 |
| **11/17** | $1282306 | $1349026 |
| **12/17** | $1297571 | $1364026 |
| **01/18** | $1372732 | $1442122 |
| **02/18** | $1329932 | $1388970 |
| **03/18** | $1301747 | $1353672 |
| **04/18** | $1303835 | $1358866 |
| **05/18** | $1333064 | $1391590 |
| **06/18** | $1336196 | $1400155 |
| **07/18** | $1391523 | $1452261 |
| **08/18** | $1434671 | $1499583 |
| **09/18** | $1446422 | $1508115 |
| **10/18** | $1351347 | $1405036 |
| **11/18** | $1379122 | $1433667 |
| **12/18** | $1256918 | $1304220 |
| **01/19** | $1344153 | $1408735 |
| **02/19** | $1401900 | $1453967 |
| **03/19** | $1424016 | $1482220 |
| **04/19** | $1476848 | $1542235 |
| **05/19** | $1398214 | $1444229 |
| **06/19** | $1491592 | $1546013 |
| **07/19** | $1522309 | $1568233 |
| **08/19** | $1503879 | $1543392 |
| **09/19** | $1529681 | $1572269 |
| **10/19** | $1551796 | $1606324 |
| **11/19** | $1604629 | $1664632 |
| **12/19** | $1656177 | $1714874 |
| **01/20** | $1682313 | $1714205 |
| **02/20** | $1537879 | $1573092 |
| **03/20** | $1323291 | $1378799 |
| **04/20** | $1496612 | $1555547 |
| **05/20** | $1569516 | $1629638 |
| **06/20** | $1580521 | $1662047 |
| **07/20** | $1656177 | $1755770 |
| **08/20** | $1773696 | $1881976 |
| **09/20** | $1723458 | $1810467 |
| **10/20** | $1684383 | $1762327 |
| **11/20** | $1865800 | $1955238 |
| **12/20** | $1942336 | $2030413 |
| **01/21** | $1906044 | $2009914 |
| **02/21** | $1985886 | $2065328 |
| **03/21** | $2087503 | $2155781 |
| **04/21** | $2221057 | $2270833 |
| **05/21** | $2237025 | $2286693 |
| **06/21** | $2267510 | $2340075 |
| **07/21** | $2338642 | $2395664 |
| **08/21** | $2389729 | $2468505 |
| **09/21** | $2299187 | $2353696 |
| **10/21** | $2453554 | $2518600 |
| **11/21** | $2371918 | $2501149 |
| **12/21** | $2473284 | $2613240 |
| **01/22** | $2334854 | $2478013 |
| **02/22** | $2294863 | $2403818 |
| **03/22** | $2361002 | $2493070 |
| **04/22** | $2190271 | $2275670 |
| **05/22** | $2161047 | $2279845 |
| **06/22** | $2024155 | $2091658 |
| **07/22** | $2201038 | $2284518 |
| **08/22** | $2100128 | $2191351 |
| **09/22** | $1911872 | $1989531 |
| **10/22** | $2053835 | $2150606 |
| **11/22** | $2175739 | $2270790 |
| **12/22** | $2052877 | $2139960 |
| **01/23** | $2168243 | $2274422 |
| **02/23** | $2086065 | $2218928 |
| **03/23** | $2149279 | $2300395 |
| **04/23** | $2180886 | $2336300 |
| **05/23** | $2177725 | $2346455 |
| **06/23** | $2288350 | $2501498 |
| **07/23** | $2346823 | $2581859 |
| **08/23** | $2299412 | $2540751 |
| **09/23** | $2201430 | $2419614 |
| **10/23** | $2160341 | $2368738 |
| **11/23** | $2356305 | $2585064 |
| **12/23** | $2458771 | $2702505 |
| **01/24** | $2484333 | $2747918 |
| **02/24** | $2591375 | $2894645 |
| **03/24** | $2640902 | $2987779 |
| **04/24** | $2546641 | $2865744 |
| **05/24** | $2624926 | $3007841 |
| **06/24** | $2692027 | $3115769 |
| **07/24** | $2768714 | $3153695 |
| **08/24** | $2801023 | $3230194 |
| **09/24** | $2823431 | $3299181 |
| **10/24** | $2765810 | $3269262 |
| **11/24** | $2895457 | $3461172 |
| **12/24** | $2807745 | $3378664 |
| **01/25** | $2921826 | $3472751 |
| **02/25** | $2848610 | $3427438 |
| **03/25** | $2698772 | $3234321 |
| **04/25** | $2657908 | $3212390 |
| **05/25** | $2800934 | $3414593 |
| **06/25** | $2921826 | $3588234 |
| **07/25** | $2976312 | $3668764 |
| **08/25** | $3038638 | $3743136 |
| **09/25** | $3092068 | $3879761 |
| **10/25** | $3150669 | $3970600 |
| **11/25** | $3229953 | $3980332 |
| **12/25** | $3233572 | $3982769 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 15.17% | 10.73% | 12.45% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $81873286 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $387263 |

---

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

---

| | |
|:---|:---|
| Apple, Inc. | 7.7% |
| Microsoft Corp. | 7.6% |
| Alphabet, Inc., Class A | 6.5% |
| Amazon.com, Inc. | 6.5% |
| Intercontinental Exchange, Inc. | 4.1% |
| Danaher Corp. | 3.9% |
| Visa, Inc., A Shares | 3.6% |
| Broadcom, Inc. | 3.6% |
| Waste Management, Inc. | 3.3% |
| Analog Devices, Inc. | 3.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 27.1% |
| Financials | 19.4% |
| Health Care | 13.1% |
| Industrials | 12.2% |
| Consumer Discretionary | 9.6% |
| Communication Services | 6.5% |
| Real Estate | 2.6% |
| Materials | 2.5% |
| Other (includes short-term investments) | 7.0% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US High Yield Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZHYX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $58 | 0.55% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to the financial services and insurance sectors detracted from performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in the telecommunications sector was a headwind to performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures to the automotive, leisure and energy sectors contributed to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to distressed issuers also boosted relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in global communications company Viasat and health care provider LifePoint Health helped relative performance versus the benchmark.

## **Portfolio Performance**![Growth of 10K Chart](ic85b57069b45623e820289e6.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofA US High Yield Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9977 | $10110 | $9842 |
| **2/16** | $10062 | $10182 | $9888 |
| **3/16** | $10299 | $10307 | $10325 |
| **4/16** | $10493 | $10377 | $10737 |
| **5/16** | $10491 | $10385 | $10815 |
| **6/16** | $10577 | $10568 | $10932 |
| **7/16** | $10752 | $10655 | $11208 |
| **8/16** | $10905 | $10667 | $11458 |
| **9/16** | $10925 | $10669 | $11532 |
| **10/16** | $10922 | $10598 | $11568 |
| **11/16** | $10875 | $10360 | $11522 |
| **12/16** | $11009 | $10391 | $11749 |
| **1/17** | $11074 | $10428 | $11907 |
| **2/17** | $11186 | $10508 | $12092 |
| **3/17** | $11161 | $10505 | $12067 |
| **4/17** | $11296 | $10592 | $12204 |
| **5/17** | $11362 | $10674 | $12313 |
| **6/17** | $11358 | $10664 | $12326 |
| **7/17** | $11447 | $10718 | $12468 |
| **8/17** | $11467 | $10810 | $12465 |
| **9/17** | $11534 | $10772 | $12577 |
| **10/17** | $11553 | $10785 | $12625 |
| **11/17** | $11549 | $10769 | $12591 |
| **12/17** | $11568 | $10816 | $12628 |
| **1/18** | $11564 | $10712 | $12709 |
| **2/18** | $11442 | $10610 | $12591 |
| **3/18** | $11390 | $10664 | $12513 |
| **4/18** | $11410 | $10593 | $12596 |
| **5/18** | $11382 | $10651 | $12594 |
| **6/18** | $11402 | $10635 | $12638 |
| **7/18** | $11496 | $10657 | $12779 |
| **8/18** | $11589 | $10710 | $12871 |
| **9/18** | $11634 | $10664 | $12946 |
| **10/18** | $11458 | $10575 | $12734 |
| **11/18** | $11429 | $10622 | $12619 |
| **12/18** | $11252 | $10789 | $12342 |
| **1/19** | $11745 | $10937 | $12909 |
| **2/19** | $11916 | $10949 | $13127 |
| **3/19** | $12037 | $11147 | $13256 |
| **4/19** | $12159 | $11163 | $13441 |
| **5/19** | $12028 | $11334 | $13270 |
| **6/19** | $12328 | $11494 | $13596 |
| **7/19** | $12374 | $11528 | $13665 |
| **8/19** | $12470 | $11789 | $13718 |
| **9/19** | $12516 | $11738 | $13762 |
| **10/19** | $12561 | $11776 | $13794 |
| **11/19** | $12632 | $11773 | $13832 |
| **12/19** | $12754 | $11791 | $14121 |
| **1/20** | $12772 | $12003 | $14121 |
| **2/20** | $12583 | $12182 | $13902 |
| **3/20** | $11505 | $11944 | $12268 |
| **4/20** | $11943 | $12184 | $12734 |
| **5/20** | $12409 | $12297 | $13316 |
| **6/20** | $12402 | $12400 | $13446 |
| **7/20** | $12896 | $12618 | $14088 |
| **8/20** | $12994 | $12545 | $14227 |
| **9/20** | $12851 | $12522 | $14079 |
| **10/20** | $12896 | $12478 | $14145 |
| **11/20** | $13255 | $12640 | $14711 |
| **12/20** | $13386 | $12684 | $14991 |
| **1/21** | $13388 | $12604 | $15049 |
| **2/21** | $13377 | $12442 | $15101 |
| **3/21** | $13393 | $12297 | $15127 |
| **4/21** | $13483 | $12400 | $15293 |
| **5/21** | $13512 | $12448 | $15337 |
| **6/21** | $13636 | $12538 | $15546 |
| **7/21** | $13697 | $12664 | $15602 |
| **8/21** | $13758 | $12656 | $15687 |
| **9/21** | $13729 | $12548 | $15692 |
| **10/21** | $13657 | $12538 | $15664 |
| **11/21** | $13531 | $12553 | $15504 |
| **12/21** | $13768 | $12544 | $15795 |
| **1/22** | $13368 | $12269 | $15361 |
| **2/22** | $13276 | $12102 | $15223 |
| **3/22** | $13120 | $11777 | $15082 |
| **4/22** | $12652 | $11338 | $14534 |
| **5/22** | $12829 | $11400 | $14570 |
| **6/22** | $12074 | $11173 | $13578 |
| **7/22** | $12816 | $11453 | $14396 |
| **8/22** | $12374 | $11156 | $14051 |
| **9/22** | $11894 | $10675 | $13486 |
| **10/22** | $12236 | $10558 | $13870 |
| **11/22** | $12455 | $10952 | $14130 |
| **12/22** | $12376 | $10914 | $14023 |
| **1/23** | $12743 | $11253 | $14572 |
| **2/23** | $12517 | $10976 | $14383 |
| **3/23** | $12791 | $11234 | $14545 |
| **4/23** | $12867 | $11303 | $14685 |
| **5/23** | $12728 | $11185 | $14546 |
| **6/23** | $12834 | $11168 | $14783 |
| **7/23** | $12956 | $11179 | $14993 |
| **8/23** | $12930 | $11112 | $15036 |
| **9/23** | $12723 | $10847 | $14861 |
| **10/23** | $12674 | $10684 | $14677 |
| **11/23** | $13263 | $11165 | $15345 |
| **12/23** | $13694 | $11588 | $15911 |
| **1/24** | $13684 | $11560 | $15914 |
| **2/24** | $13623 | $11422 | $15961 |
| **3/24** | $13779 | $11534 | $16151 |
| **4/24** | $13634 | $11264 | $15989 |
| **5/24** | $13758 | $11451 | $16171 |
| **6/24** | $13927 | $11556 | $16327 |
| **7/24** | $14144 | $11818 | $16647 |
| **8/24** | $14362 | $11992 | $16912 |
| **9/24** | $14518 | $12157 | $17189 |
| **10/24** | $14384 | $11881 | $17094 |
| **11/24** | $14538 | $12006 | $17290 |
| **12/24** | $14422 | $11824 | $17216 |
| **1/25** | $14650 | $11896 | $17453 |
| **2/25** | $14750 | $12142 | $17567 |
| **3/25** | $14616 | $12139 | $17378 |
| **4/25** | $14670 | $12182 | $17379 |
| **5/25** | $14969 | $12120 | $17671 |
| **6/25** | $15245 | $12309 | $17999 |
| **7/25** | $15283 | $12291 | $18071 |
| **8/25** | $15512 | $12439 | $18291 |
| **9/25** | $15626 | $12571 | $18431 |
| **10/25** | $15674 | $12654 | $18467 |
| **11/25** | $15807 | $12730 | $18559 |
| **12/25** | $15931 | $12721 | $18679 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 10.46% | 3.54% | 4.77% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| ICE BofA US High Yield Index | 8.50% | 4.50% | 6.45% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $126082607 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $429893 |

---

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

---

| | |
|:---|:---|
| Univision Communications, Inc., 9.375%, due 08/01/32 | 1.7% |
| Connect Finco SARL/Connect U.S. Finco LLC (United Kingdom), 9.000%, due 09/15/29 | 1.7% |
| Bausch & Lomb Corp., 8.375%, due 10/01/28 | 1.7% |
| DISH Network Corp., 11.750%, due 11/15/27 | 1.7% |
| Civitas Resources, Inc., 8.750%, due 07/01/31 | 1.6% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, due 06/15/32 | 1.6% |
| Clear Channel Outdoor Holdings, Inc., 7.750%, due 04/15/28 | 1.6% |
| Terex Corp., 5.000%, due 05/15/29 | 1.6% |
| LifePoint Health, Inc., 5.375%, due 01/15/29 | 1.6% |
| Boyd Gaming Corp., 4.750%, due 06/15/31 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Consumer Discretionary | 19.5% |
| Communication Services | 18.1% |
| Consumer Staples | 17.4% |
| Energy | 15.4% |
| Industrials | 9.0% |
| Information Technology | 5.8% |
| Materials | 4.5% |
| Financials | 3.9% |
| Utilities | 3.2% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US High Yield Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZHOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $84 | 0.80% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to the financial services and insurance sectors detracted from performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in the telecommunications sector was a headwind to performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures to the automotive, leisure and energy sectors contributed to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to distressed issuers also boosted relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in global communications company Viasat and health care provider LifePoint Health helped relative performance versus the benchmark.

## **Portfolio Performance**![Growth of 10K Chart](i2a5416552cb833ecf7e5767a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofA US High Yield Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9974 | $10110 | $9842 |
| **2/16** | $10079 | $10182 | $9888 |
| **3/16** | $10290 | $10307 | $10325 |
| **4/16** | $10503 | $10377 | $10737 |
| **5/16** | $10499 | $10385 | $10815 |
| **6/16** | $10560 | $10568 | $10932 |
| **7/16** | $10731 | $10655 | $11208 |
| **8/16** | $10880 | $10667 | $11458 |
| **9/16** | $10920 | $10669 | $11532 |
| **10/16** | $10893 | $10598 | $11568 |
| **11/16** | $10844 | $10360 | $11522 |
| **12/16** | $10974 | $10391 | $11749 |
| **1/17** | $11037 | $10428 | $11907 |
| **2/17** | $11145 | $10508 | $12092 |
| **3/17** | $11141 | $10505 | $12067 |
| **4/17** | $11249 | $10592 | $12204 |
| **5/17** | $11312 | $10674 | $12313 |
| **6/17** | $11329 | $10664 | $12326 |
| **7/17** | $11391 | $10718 | $12468 |
| **8/17** | $11408 | $10810 | $12465 |
| **9/17** | $11471 | $10772 | $12577 |
| **10/17** | $11511 | $10785 | $12625 |
| **11/17** | $11481 | $10769 | $12591 |
| **12/17** | $11497 | $10816 | $12628 |
| **1/18** | $11491 | $10712 | $12709 |
| **2/18** | $11367 | $10610 | $12591 |
| **3/18** | $11313 | $10664 | $12513 |
| **4/18** | $11330 | $10593 | $12596 |
| **5/18** | $11300 | $10651 | $12594 |
| **6/18** | $11317 | $10635 | $12638 |
| **7/18** | $11407 | $10657 | $12779 |
| **8/18** | $11496 | $10710 | $12871 |
| **9/18** | $11538 | $10664 | $12946 |
| **10/18** | $11362 | $10575 | $12734 |
| **11/18** | $11330 | $10622 | $12619 |
| **12/18** | $11178 | $10789 | $12342 |
| **1/19** | $11637 | $10937 | $12909 |
| **2/19** | $11803 | $10949 | $13127 |
| **3/19** | $11920 | $11147 | $13256 |
| **4/19** | $12037 | $11163 | $13441 |
| **5/19** | $11930 | $11334 | $13270 |
| **6/19** | $12198 | $11494 | $13596 |
| **7/19** | $12240 | $11528 | $13665 |
| **8/19** | $12332 | $11789 | $13718 |
| **9/19** | $12400 | $11738 | $13762 |
| **10/19** | $12442 | $11776 | $13794 |
| **11/19** | $12484 | $11773 | $13832 |
| **12/19** | $12602 | $11791 | $14121 |
| **1/20** | $12623 | $12003 | $14121 |
| **2/20** | $12455 | $12182 | $13902 |
| **3/20** | $11366 | $11944 | $12268 |
| **4/20** | $11795 | $12184 | $12734 |
| **5/20** | $12251 | $12297 | $13316 |
| **6/20** | $12241 | $12400 | $13446 |
| **7/20** | $12725 | $12618 | $14088 |
| **8/20** | $12819 | $12545 | $14227 |
| **9/20** | $12702 | $12522 | $14079 |
| **10/20** | $12743 | $12478 | $14145 |
| **11/20** | $13074 | $12640 | $14711 |
| **12/20** | $13206 | $12684 | $14991 |
| **1/21** | $13199 | $12604 | $15049 |
| **2/21** | $13186 | $12442 | $15101 |
| **3/21** | $13199 | $12297 | $15127 |
| **4/21** | $13292 | $12400 | $15293 |
| **5/21** | $13317 | $12448 | $15337 |
| **6/21** | $13436 | $12538 | $15546 |
| **7/21** | $13487 | $12664 | $15602 |
| **8/21** | $13544 | $12656 | $15687 |
| **9/21** | $13512 | $12548 | $15692 |
| **10/21** | $13440 | $12538 | $15664 |
| **11/21** | $13313 | $12553 | $15504 |
| **12/21** | $13543 | $12544 | $15795 |
| **1/22** | $13149 | $12269 | $15361 |
| **2/22** | $13056 | $12102 | $15223 |
| **3/22** | $12901 | $11777 | $15082 |
| **4/22** | $12441 | $11338 | $14534 |
| **5/22** | $12604 | $11400 | $14570 |
| **6/22** | $11864 | $11173 | $13578 |
| **7/22** | $12587 | $11453 | $14396 |
| **8/22** | $12153 | $11156 | $14051 |
| **9/22** | $11674 | $10675 | $13486 |
| **10/22** | $12013 | $10558 | $13870 |
| **11/22** | $12225 | $10952 | $14130 |
| **12/22** | $12145 | $10914 | $14023 |
| **1/23** | $12501 | $11253 | $14572 |
| **2/23** | $12271 | $10976 | $14383 |
| **3/23** | $12543 | $11234 | $14545 |
| **4/23** | $12615 | $11303 | $14685 |
| **5/23** | $12477 | $11185 | $14546 |
| **6/23** | $12578 | $11168 | $14783 |
| **7/23** | $12695 | $11179 | $14993 |
| **8/23** | $12659 | $11112 | $15036 |
| **9/23** | $12462 | $10847 | $14861 |
| **10/23** | $12412 | $10684 | $14677 |
| **11/23** | $12984 | $11165 | $15345 |
| **12/23** | $13402 | $11588 | $15911 |
| **1/24** | $13389 | $11560 | $15914 |
| **2/24** | $13327 | $11422 | $15961 |
| **3/24** | $13484 | $11534 | $16151 |
| **4/24** | $13332 | $11264 | $15989 |
| **5/24** | $13451 | $11451 | $16171 |
| **6/24** | $13613 | $11556 | $16327 |
| **7/24** | $13822 | $11818 | $16647 |
| **8/24** | $14031 | $11992 | $16912 |
| **9/24** | $14180 | $12157 | $17189 |
| **10/24** | $14055 | $11881 | $17094 |
| **11/24** | $14195 | $12006 | $17290 |
| **12/24** | $14078 | $11824 | $17216 |
| **1/25** | $14297 | $11896 | $17453 |
| **2/25** | $14400 | $12142 | $17567 |
| **3/25** | $14260 | $12139 | $17378 |
| **4/25** | $14309 | $12182 | $17379 |
| **5/25** | $14597 | $12120 | $17671 |
| **6/25** | $14862 | $12309 | $17999 |
| **7/25** | $14904 | $12291 | $18071 |
| **8/25** | $15116 | $12439 | $18291 |
| **9/25** | $15231 | $12571 | $18431 |
| **10/25** | $15274 | $12654 | $18467 |
| **11/25** | $15401 | $12730 | $18559 |
| **12/25** | $15510 | $12721 | $18679 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 10.17% | 3.27% | 4.49% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| ICE BofA US High Yield Index | 8.50% | 4.50% | 6.45% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $126082607 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $429893 |

---

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

---

| | |
|:---|:---|
| Univision Communications, Inc., 9.375%, due 08/01/32 | 1.7% |
| Connect Finco SARL/Connect U.S. Finco LLC (United Kingdom), 9.000%, due 09/15/29 | 1.7% |
| Bausch & Lomb Corp., 8.375%, due 10/01/28 | 1.7% |
| DISH Network Corp., 11.750%, due 11/15/27 | 1.7% |
| Civitas Resources, Inc., 8.750%, due 07/01/31 | 1.6% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, due 06/15/32 | 1.6% |
| Clear Channel Outdoor Holdings, Inc., 7.750%, due 04/15/28 | 1.6% |
| Terex Corp., 5.000%, due 05/15/29 | 1.6% |
| LifePoint Health, Inc., 5.375%, due 01/15/29 | 1.6% |
| Boyd Gaming Corp., 4.750%, due 06/15/31 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Consumer Discretionary | 19.5% |
| Communication Services | 18.1% |
| Consumer Staples | 17.4% |
| Energy | 15.4% |
| Industrials | 9.0% |
| Information Technology | 5.8% |
| Materials | 4.5% |
| Financials | 3.9% |
| Utilities | 3.2% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US High Yield Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLCIX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US High Yield Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $58 | 0.55% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to the financial services and insurance sectors detracted from performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in the telecommunications sector was a headwind to performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures to the automotive, leisure and energy sectors contributed to relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to distressed issuers also boosted relative performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Security selection in global communications company Viasat and health care provider LifePoint Health helped relative performance versus the benchmark.

## **Portfolio Performance**![Growth of 10K Chart](id667f9e48ade6db0e6034890.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 |
| **07/25** | $1378533 | $1186370 | $1568355 |
| **08/25** | $1398427 | $1200620 | $1587455 |
| **09/25** | $1409443 | $1213341 | $1599576 |
| **10/25** | $1413719 | $1221354 | $1602721 |
| **11/25** | $1425703 | $1228719 | $1610690 |
| **12/25** | $1436876 | $1227869 | $1621166 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 11/3/16 |
| R6 Shares | 10.46% | 3.56% | 4.04% |
| US Universal Index | 7.58% | 0.06% | 2.01% |
| ICE BofA US High Yield Index | 8.50% | 4.50% | 5.45% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $126082607 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $429893 |

---

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

---

| | |
|:---|:---|
| Univision Communications, Inc., 9.375%, due 08/01/32 | 1.7% |
| Connect Finco SARL/Connect U.S. Finco LLC (United Kingdom), 9.000%, due 09/15/29 | 1.7% |
| Bausch & Lomb Corp., 8.375%, due 10/01/28 | 1.7% |
| DISH Network Corp., 11.750%, due 11/15/27 | 1.7% |
| Civitas Resources, Inc., 8.750%, due 07/01/31 | 1.6% |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 8.375%, due 06/15/32 | 1.6% |
| Clear Channel Outdoor Holdings, Inc., 7.750%, due 04/15/28 | 1.6% |
| Terex Corp., 5.000%, due 05/15/29 | 1.6% |
| LifePoint Health, Inc., 5.375%, due 01/15/29 | 1.6% |
| Boyd Gaming Corp., 4.750%, due 06/15/31 | 1.5% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Consumer Discretionary | 19.5% |
| Communication Services | 18.1% |
| Consumer Staples | 17.4% |
| Energy | 15.4% |
| Industrials | 9.0% |
| Information Technology | 5.8% |
| Materials | 4.5% |
| Financials | 3.9% |
| Utilities | 3.2% |
| Other (includes short-term investments) | 3.2% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Short Duration Fixed Income Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# UMNIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $41 | 0.40% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures and selection within US Corporates and Commercial Mortgage-Backed Securities contributed to relative performance, as those spread sectors outperformed Treasuries.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Curve positioning hurt relative performance, as the 2-year outperformed, and the portfolio carried an underweight to that part of the curve; and exposures to select US Asset-Backed Securities detracted from relative performance.

## **Portfolio Performance**![Growth of 10K Chart](icd07dee4d5ae3982eb9c4075.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **ICE BofAML 1-3 Year US Treasury Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10000 | $10110 | $10061 |
| **2/16** | $10002 | $10182 | $10073 |
| **3/16** | $10043 | $10307 | $10090 |
| **4/16** | $10053 | $10377 | $10094 |
| **5/16** | $10054 | $10385 | $10083 |
| **6/16** | $10095 | $10568 | $10143 |
| **7/16** | $10105 | $10655 | $10138 |
| **8/16** | $10096 | $10667 | $10121 |
| **9/16** | $10107 | $10669 | $10133 |
| **10/16** | $10118 | $10598 | $10126 |
| **11/16** | $10089 | $10360 | $10086 |
| **12/16** | $10100 | $10391 | $10089 |
| **1/17** | $10111 | $10428 | $10101 |
| **2/17** | $10124 | $10508 | $10112 |
| **3/17** | $10125 | $10505 | $10115 |
| **4/17** | $10137 | $10592 | $10129 |
| **5/17** | $10148 | $10674 | $10141 |
| **6/17** | $10150 | $10664 | $10132 |
| **7/17** | $10162 | $10718 | $10154 |
| **8/17** | $10184 | $10810 | $10173 |
| **9/17** | $10176 | $10772 | $10157 |
| **10/17** | $10178 | $10785 | $10150 |
| **11/17** | $10160 | $10769 | $10130 |
| **12/17** | $10173 | $10816 | $10131 |
| **1/18** | $10145 | $10712 | $10102 |
| **2/18** | $10138 | $10610 | $10098 |
| **3/18** | $10143 | $10664 | $10118 |
| **4/18** | $10148 | $10593 | $10102 |
| **5/18** | $10165 | $10651 | $10139 |
| **6/18** | $10172 | $10635 | $10141 |
| **7/18** | $10189 | $10657 | $10140 |
| **8/18** | $10217 | $10710 | $10172 |
| **9/18** | $10225 | $10664 | $10160 |
| **10/18** | $10233 | $10575 | $10176 |
| **11/18** | $10253 | $10622 | $10211 |
| **12/18** | $10283 | $10789 | $10292 |
| **1/19** | $10324 | $10937 | $10319 |
| **2/19** | $10333 | $10949 | $10330 |
| **3/19** | $10375 | $11147 | $10393 |
| **4/19** | $10395 | $11163 | $10414 |
| **5/19** | $10436 | $11334 | $10488 |
| **6/19** | $10478 | $11494 | $10542 |
| **7/19** | $10476 | $11528 | $10530 |
| **8/19** | $10517 | $11789 | $10615 |
| **9/19** | $10536 | $11738 | $10603 |
| **10/19** | $10564 | $11776 | $10638 |
| **11/19** | $10569 | $11773 | $10635 |
| **12/19** | $10584 | $11791 | $10657 |
| **1/20** | $10631 | $12003 | $10715 |
| **2/20** | $10687 | $12182 | $10808 |
| **3/20** | $10766 | $11944 | $10956 |
| **4/20** | $10813 | $12184 | $10961 |
| **5/20** | $10838 | $12297 | $10968 |
| **6/20** | $10849 | $12400 | $10971 |
| **7/20** | $10849 | $12618 | $10982 |
| **8/20** | $10847 | $12545 | $10979 |
| **9/20** | $10844 | $12522 | $10982 |
| **10/20** | $10841 | $12478 | $10978 |
| **11/20** | $10848 | $12640 | $10983 |
| **12/20** | $10844 | $12684 | $10988 |
| **1/21** | $10850 | $12604 | $10989 |
| **2/21** | $10845 | $12442 | $10981 |
| **3/21** | $10849 | $12297 | $10983 |
| **4/21** | $10841 | $12400 | $10988 |
| **5/21** | $10843 | $12448 | $10996 |
| **6/21** | $10845 | $12538 | $10979 |
| **7/21** | $10845 | $12664 | $10997 |
| **8/21** | $10834 | $12656 | $10996 |
| **9/21** | $10834 | $12548 | $10985 |
| **10/21** | $10823 | $12538 | $10952 |
| **11/21** | $10823 | $12553 | $10954 |
| **12/21** | $10801 | $12544 | $10927 |
| **1/22** | $10768 | $12269 | $10855 |
| **2/22** | $10739 | $12102 | $10815 |
| **3/22** | $10626 | $11777 | $10671 |
| **4/22** | $10571 | $11338 | $10620 |
| **5/22** | $10628 | $11400 | $10679 |
| **6/22** | $10564 | $11173 | $10617 |
| **7/22** | $10588 | $11453 | $10653 |
| **8/22** | $10535 | $11156 | $10576 |
| **9/22** | $10449 | $10675 | $10451 |
| **10/22** | $10442 | $10558 | $10441 |
| **11/22** | $10492 | $10952 | $10507 |
| **12/22** | $10512 | $10914 | $10528 |
| **1/23** | $10555 | $11253 | $10600 |
| **2/23** | $10531 | $10976 | $10524 |
| **3/23** | $10646 | $11234 | $10692 |
| **4/23** | $10676 | $11303 | $10719 |
| **5/23** | $10660 | $11185 | $10682 |
| **6/23** | $10619 | $11168 | $10631 |
| **7/23** | $10651 | $11179 | $10668 |
| **8/23** | $10685 | $11112 | $10710 |
| **9/23** | $10684 | $10847 | $10709 |
| **10/23** | $10710 | $10684 | $10746 |
| **11/23** | $10840 | $11165 | $10854 |
| **12/23** | $10959 | $11588 | $10976 |
| **1/24** | $11007 | $11560 | $11018 |
| **2/24** | $10961 | $11422 | $10973 |
| **3/24** | $10996 | $11534 | $11009 |
| **4/24** | $10962 | $11264 | $10973 |
| **5/24** | $11033 | $11451 | $11048 |
| **6/24** | $11104 | $11556 | $11112 |
| **7/24** | $11247 | $11818 | $11239 |
| **8/24** | $11356 | $11992 | $11340 |
| **9/24** | $11449 | $12157 | $11431 |
| **10/24** | $11364 | $11881 | $11364 |
| **11/24** | $11410 | $12006 | $11397 |
| **12/24** | $11420 | $11824 | $11424 |
| **1/25** | $11481 | $11896 | $11474 |
| **2/25** | $11552 | $12142 | $11552 |
| **3/25** | $11600 | $12139 | $11606 |
| **4/25** | $11683 | $12182 | $11697 |
| **5/25** | $11670 | $12120 | $11673 |
| **6/25** | $11754 | $12309 | $11743 |
| **7/25** | $11705 | $12291 | $11737 |
| **8/25** | $11802 | $12439 | $11838 |
| **9/25** | $11837 | $12571 | $11874 |
| **10/25** | $11885 | $12654 | $11914 |
| **11/25** | $11932 | $12730 | $11968 |
| **12/25** | $11954 | $12721 | $12006 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 4.67% | 1.97% | 1.80% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| ICE BofAML 1-3 Year US Treasury Index | 5.09% | 1.79% | 1.85% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $32635565 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 164% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.375%, due 09/15/28 | 24.3% |
| U.S. Treasury Notes, 3.500%, due 11/15/28 | 15.2% |
| U.S. Treasury Notes, 3.625%, due 08/15/28 | 9.0% |
| U.S. Treasury Notes, 3.875%, due 03/15/28 | 4.3% |
| U.S. Treasury Notes, 3.500%, due 10/15/28 | 3.4% |
| 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 | 3.1% |
| JPMorgan Chase & Co., 4.851% (SOFR + 1.990%), due 07/25/28 | 2.9% |
| American Honda Finance Corp., 5.250%, due 07/07/26 | 2.5% |
| Goldman Sachs Group, Inc., 4.937% (SOFR + 1.319%), due 04/23/28 | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 56.1% |
| Financials | 19.3% |
| Consumer Discretionary | 6.7% |
| Mortgage-Backed Securities | 4.4% |
| Industrials | 3.6% |
| Communication Services | 3.1% |
| Other (includes short-term investments) | 6.8% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Short Duration Fixed Income Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# UMNOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Short Duration Fixed Income Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $66 | 0.65% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures and selection within US Corporates and Commercial Mortgage-Backed Securities contributed to relative performance, as those spread sectors outperformed Treasuries.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Curve positioning hurt relative performance, as the 2-year outperformed, and the portfolio carried an underweight to that part of the curve; and exposures to select US Asset-Backed Securities detracted from relative performance.

## **Portfolio Performance**![Growth of 10K Chart](i88bc4246431473f6e8bc6c5b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **ICE BofAML 1-3 Year US Treasury Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $10008 | $10110 | $10061 |
| **2/16** | $9997 | $10182 | $10073 |
| **3/16** | $10035 | $10307 | $10090 |
| **4/16** | $10043 | $10377 | $10094 |
| **5/16** | $10051 | $10385 | $10083 |
| **6/16** | $10090 | $10568 | $10143 |
| **7/16** | $10088 | $10655 | $10138 |
| **8/16** | $10086 | $10667 | $10121 |
| **9/16** | $10095 | $10669 | $10133 |
| **10/16** | $10093 | $10598 | $10126 |
| **11/16** | $10061 | $10360 | $10086 |
| **12/16** | $10070 | $10391 | $10089 |
| **1/17** | $10078 | $10428 | $10101 |
| **2/17** | $10099 | $10508 | $10112 |
| **3/17** | $10098 | $10505 | $10115 |
| **4/17** | $10096 | $10592 | $10129 |
| **5/17** | $10105 | $10674 | $10141 |
| **6/17** | $10105 | $10664 | $10132 |
| **7/17** | $10124 | $10718 | $10154 |
| **8/17** | $10144 | $10810 | $10173 |
| **9/17** | $10123 | $10772 | $10157 |
| **10/17** | $10122 | $10785 | $10150 |
| **11/17** | $10102 | $10769 | $10130 |
| **12/17** | $10102 | $10816 | $10131 |
| **1/18** | $10082 | $10712 | $10102 |
| **2/18** | $10073 | $10610 | $10098 |
| **3/18** | $10075 | $10664 | $10118 |
| **4/18** | $10077 | $10593 | $10102 |
| **5/18** | $10091 | $10651 | $10139 |
| **6/18** | $10095 | $10635 | $10141 |
| **7/18** | $10110 | $10657 | $10140 |
| **8/18** | $10125 | $10710 | $10172 |
| **9/18** | $10130 | $10664 | $10160 |
| **10/18** | $10146 | $10575 | $10176 |
| **11/18** | $10153 | $10622 | $10211 |
| **12/18** | $10190 | $10789 | $10292 |
| **1/19** | $10218 | $10937 | $10319 |
| **2/19** | $10235 | $10949 | $10330 |
| **3/19** | $10274 | $11147 | $10393 |
| **4/19** | $10291 | $11163 | $10414 |
| **5/19** | $10330 | $11334 | $10488 |
| **6/19** | $10357 | $11494 | $10542 |
| **7/19** | $10364 | $11528 | $10530 |
| **8/19** | $10402 | $11789 | $10615 |
| **9/19** | $10418 | $11738 | $10603 |
| **10/19** | $10444 | $11776 | $10638 |
| **11/19** | $10446 | $11773 | $10635 |
| **12/19** | $10459 | $11791 | $10657 |
| **1/20** | $10492 | $12003 | $10715 |
| **2/20** | $10557 | $12182 | $10808 |
| **3/20** | $10633 | $11944 | $10956 |
| **4/20** | $10677 | $12184 | $10961 |
| **5/20** | $10688 | $12297 | $10968 |
| **6/20** | $10697 | $12400 | $10971 |
| **7/20** | $10705 | $12618 | $10982 |
| **8/20** | $10702 | $12545 | $10979 |
| **9/20** | $10697 | $12522 | $10982 |
| **10/20** | $10691 | $12478 | $10978 |
| **11/20** | $10696 | $12640 | $10983 |
| **12/20** | $10689 | $12684 | $10988 |
| **1/21** | $10693 | $12604 | $10989 |
| **2/21** | $10686 | $12442 | $10981 |
| **3/21** | $10677 | $12297 | $10983 |
| **4/21** | $10678 | $12400 | $10988 |
| **5/21** | $10678 | $12448 | $10996 |
| **6/21** | $10667 | $12538 | $10979 |
| **7/21** | $10667 | $12664 | $10997 |
| **8/21** | $10667 | $12656 | $10996 |
| **9/21** | $10657 | $12548 | $10985 |
| **10/21** | $10646 | $12538 | $10952 |
| **11/21** | $10646 | $12553 | $10954 |
| **12/21** | $10635 | $12544 | $10927 |
| **1/22** | $10592 | $12269 | $10855 |
| **2/22** | $10573 | $12102 | $10815 |
| **3/22** | $10459 | $11777 | $10671 |
| **4/22** | $10403 | $11338 | $10620 |
| **5/22** | $10457 | $11400 | $10679 |
| **6/22** | $10392 | $11173 | $10617 |
| **7/22** | $10413 | $11453 | $10653 |
| **8/22** | $10359 | $11156 | $10576 |
| **9/22** | $10273 | $10675 | $10451 |
| **10/22** | $10263 | $10558 | $10441 |
| **11/22** | $10310 | $10952 | $10507 |
| **12/22** | $10328 | $10914 | $10528 |
| **1/23** | $10369 | $11253 | $10600 |
| **2/23** | $10343 | $10976 | $10524 |
| **3/23** | $10454 | $11234 | $10692 |
| **4/23** | $10481 | $11303 | $10719 |
| **5/23** | $10452 | $11185 | $10682 |
| **6/23** | $10420 | $11168 | $10631 |
| **7/23** | $10450 | $11179 | $10668 |
| **8/23** | $10481 | $11112 | $10710 |
| **9/23** | $10478 | $10847 | $10709 |
| **10/23** | $10502 | $10684 | $10746 |
| **11/23** | $10627 | $11165 | $10854 |
| **12/23** | $10739 | $11588 | $10976 |
| **1/24** | $10784 | $11560 | $11018 |
| **2/24** | $10736 | $11422 | $10973 |
| **3/24** | $10769 | $11534 | $11009 |
| **4/24** | $10732 | $11264 | $10973 |
| **5/24** | $10811 | $11451 | $11048 |
| **6/24** | $10868 | $11556 | $11112 |
| **7/24** | $11017 | $11818 | $11239 |
| **8/24** | $11109 | $11992 | $11340 |
| **9/24** | $11198 | $12157 | $11431 |
| **10/24** | $11113 | $11881 | $11364 |
| **11/24** | $11155 | $12006 | $11397 |
| **12/24** | $11163 | $11824 | $11424 |
| **1/25** | $11220 | $11896 | $11474 |
| **2/25** | $11299 | $12142 | $11552 |
| **3/25** | $11332 | $12139 | $11606 |
| **4/25** | $11411 | $12182 | $11697 |
| **5/25** | $11408 | $12120 | $11673 |
| **6/25** | $11476 | $12309 | $11743 |
| **7/25** | $11425 | $12291 | $11737 |
| **8/25** | $11518 | $12439 | $11838 |
| **9/25** | $11550 | $12571 | $11874 |
| **10/25** | $11594 | $12654 | $11914 |
| **11/25** | $11637 | $12730 | $11968 |
| **12/25** | $11669 | $12721 | $12006 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 4.53% | 1.77% | 1.56% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| ICE BofAML 1-3 Year US Treasury Index | 5.09% | 1.79% | 1.85% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $32635565 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 164% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes, 3.375%, due 09/15/28 | 24.3% |
| U.S. Treasury Notes, 3.500%, due 11/15/28 | 15.2% |
| U.S. Treasury Notes, 3.625%, due 08/15/28 | 9.0% |
| U.S. Treasury Notes, 3.875%, due 03/15/28 | 4.3% |
| U.S. Treasury Notes, 3.500%, due 10/15/28 | 3.4% |
| 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 | 3.1% |
| JPMorgan Chase & Co., 4.851% (SOFR + 1.990%), due 07/25/28 | 2.9% |
| American Honda Finance Corp., 5.250%, due 07/07/26 | 2.5% |
| Goldman Sachs Group, Inc., 4.937% (SOFR + 1.319%), due 04/23/28 | 2.2% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 56.1% |
| Financials | 19.3% |
| Consumer Discretionary | 6.7% |
| Mortgage-Backed Securities | 4.4% |
| Industrials | 3.6% |
| Communication Services | 3.1% |
| Other (includes short-term investments) | 6.8% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZSCX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $96 | 0.95% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted from relative performance. Shares of clinical-stage biopharmaceutical company Janux fell amid several setbacks for one of its prostate cancer treatments during the year. We sold our position in December. Shares of medical equipment company Enovis fell amid a surprising demand slowdown within the US for joint replacements, coupled with slower-than-expected synergy realization from the company's large European acquisition completed in 2024.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the consumer discretionary sector also detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector contributed to performance. Shares of optical laser producer Lumentum rose after the company reported solid quarterly results, driven by strong margin performance and new customer wins. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of Coherent, a global leader in lasers and semiconductors, particularly optical transceivers (small components that reliably connect switches and servers in a data center), rose after reporting broadly solid quarterly results and amid encouraging artificial intelligence capex momentum. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer staples sector also helped performance. 

## **Portfolio Performance**![Growth of 10K Chart](i8a50dd6821251e46574b0175.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9207 | $9436 | $9121 |
| **2/16** | $9331 | $9433 | $9120 |
| **3/16** | $10008 | $10097 | $9848 |
| **4/16** | $10023 | $10159 | $10003 |
| **5/16** | $10148 | $10341 | $10228 |
| **6/16** | $10000 | $10362 | $10222 |
| **7/16** | $10505 | $10774 | $10832 |
| **8/16** | $10628 | $10801 | $11023 |
| **9/16** | $10580 | $10818 | $11146 |
| **10/16** | $10374 | $10584 | $10616 |
| **11/16** | $11270 | $11058 | $11800 |
| **12/16** | $11620 | $11274 | $12131 |
| **1/17** | $11588 | $11486 | $12179 |
| **2/17** | $11837 | $11913 | $12414 |
| **3/17** | $11773 | $11921 | $12430 |
| **4/17** | $11749 | $12047 | $12566 |
| **5/17** | $11901 | $12171 | $12311 |
| **6/17** | $12134 | $12280 | $12736 |
| **7/17** | $12158 | $12512 | $12831 |
| **8/17** | $12055 | $12536 | $12668 |
| **9/17** | $12653 | $12842 | $13458 |
| **10/17** | $12842 | $13122 | $13573 |
| **11/17** | $13203 | $13521 | $13964 |
| **12/17** | $13271 | $13656 | $13908 |
| **1/18** | $13569 | $14375 | $14271 |
| **2/18** | $12999 | $13846 | $13718 |
| **3/18** | $13108 | $13568 | $13896 |
| **4/18** | $13334 | $13619 | $14016 |
| **5/18** | $13714 | $14004 | $14867 |
| **6/18** | $13823 | $14095 | $14973 |
| **7/18** | $14167 | $14563 | $15234 |
| **8/18** | $14524 | $15074 | $15891 |
| **9/18** | $14276 | $15099 | $15509 |
| **10/18** | $12618 | $13988 | $13824 |
| **11/18** | $12995 | $14268 | $14044 |
| **12/18** | $11510 | $12940 | $12376 |
| **1/19** | $12690 | $14050 | $13768 |
| **2/19** | $13242 | $14545 | $14484 |
| **3/19** | $13168 | $14757 | $14181 |
| **4/19** | $13827 | $15346 | $14662 |
| **5/19** | $12998 | $14353 | $13522 |
| **6/19** | $13986 | $15361 | $14478 |
| **7/19** | $14114 | $15590 | $14561 |
| **8/19** | $13721 | $15272 | $13842 |
| **9/19** | $14231 | $15540 | $14130 |
| **10/19** | $14528 | $15874 | $14502 |
| **11/19** | $14677 | $16478 | $15099 |
| **12/19** | $14963 | $16954 | $15535 |
| **1/20** | $14667 | $16935 | $15037 |
| **2/20** | $13493 | $15549 | $13771 |
| **3/20** | $10301 | $13410 | $10779 |
| **4/20** | $11727 | $15187 | $12259 |
| **5/20** | $12473 | $15999 | $13057 |
| **6/20** | $12440 | $16364 | $13519 |
| **7/20** | $13010 | $17294 | $13893 |
| **8/20** | $13375 | $18546 | $14676 |
| **9/20** | $12878 | $17871 | $14185 |
| **10/20** | $13154 | $17485 | $14482 |
| **11/20** | $15009 | $19613 | $17152 |
| **12/20** | $15926 | $20495 | $18635 |
| **1/21** | $16125 | $20404 | $19573 |
| **2/21** | $17307 | $21042 | $20793 |
| **3/21** | $17870 | $21796 | $21002 |
| **4/21** | $18742 | $22919 | $21443 |
| **5/21** | $18776 | $23024 | $21487 |
| **6/21** | $18632 | $23592 | $21903 |
| **7/21** | $18312 | $23991 | $21113 |
| **8/21** | $18592 | $24675 | $21585 |
| **9/21** | $18072 | $23568 | $20948 |
| **10/21** | $18891 | $25162 | $21839 |
| **11/21** | $18061 | $24779 | $20929 |
| **12/21** | $19097 | $25754 | $21397 |
| **1/22** | $18089 | $24239 | $19337 |
| **2/22** | $18229 | $23628 | $19543 |
| **3/22** | $18166 | $24395 | $19787 |
| **4/22** | $17107 | $22206 | $17826 |
| **5/22** | $17069 | $22176 | $17853 |
| **6/22** | $15410 | $20321 | $16384 |
| **7/22** | $16966 | $22227 | $18095 |
| **8/22** | $16268 | $21398 | $17725 |
| **9/22** | $14863 | $19413 | $16026 |
| **10/22** | $16374 | $21005 | $17790 |
| **11/22** | $17157 | $22102 | $18206 |
| **12/22** | $16189 | $20808 | $17024 |
| **1/23** | $17475 | $22241 | $18683 |
| **2/23** | $17064 | $21721 | $18368 |
| **3/23** | $16481 | $22302 | $17490 |
| **4/23** | $16123 | $22539 | $17176 |
| **5/23** | $15606 | $22627 | $17017 |
| **6/23** | $16759 | $24172 | $18401 |
| **7/23** | $17581 | $25039 | $19526 |
| **8/23** | $16899 | $24555 | $18549 |
| **9/23** | $16157 | $23386 | $17457 |
| **10/23** | $15307 | $22766 | $16267 |
| **11/23** | $16400 | $24889 | $17739 |
| **12/23** | $17819 | $26209 | $19906 |
| **1/24** | $17446 | $26499 | $19132 |
| **2/24** | $18335 | $27934 | $20214 |
| **3/24** | $19053 | $28835 | $20937 |
| **4/24** | $17919 | $27566 | $19464 |
| **5/24** | $18737 | $28868 | $20440 |
| **6/24** | $18378 | $29762 | $20251 |
| **7/24** | $19397 | $30315 | $22309 |
| **8/24** | $19731 | $30975 | $21975 |
| **9/24** | $20000 | $31616 | $22129 |
| **10/24** | $19552 | $31384 | $21809 |
| **11/24** | $21239 | $33471 | $24202 |
| **12/24** | $19817 | $32448 | $22203 |
| **1/25** | $20894 | $33473 | $22785 |
| **2/25** | $19485 | $32831 | $21566 |
| **3/25** | $17895 | $30916 | $20098 |
| **4/25** | $17331 | $30709 | $19634 |
| **5/25** | $17663 | $32655 | $20682 |
| **6/25** | $18458 | $34314 | $21807 |
| **7/25** | $18690 | $35070 | $22185 |
| **8/25** | $19601 | $35882 | $23770 |
| **9/25** | $19550 | $37120 | $24509 |
| **10/25** | $19773 | $37915 | $24953 |
| **11/25** | $20220 | $38020 | $25193 |
| **12/25** | $20303 | $38012 | $25046 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 2.46% | 4.98% | 7.34% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $33059623 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $149109 |

---

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

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.3% |
| Zeta Global Holdings Corp., Class A | 2.7% |
| Coherent Corp. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.3% |
| Floor & Decor Holdings, Inc., Class A | 2.2% |
| First American Financial Corp. | 2.2% |
| First Watch Restaurant Group, Inc. | 2.1% |
| Toro Co. | 2.1% |
| BankUnited, Inc. | 2.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.4% |
| Information Technology | 18.5% |
| Financials | 17.8% |
| Health Care | 16.8% |
| Consumer Discretionary | 11.2% |
| Energy | 4.4% |
| Materials | 3.3% |
| Communication Services | 3.2% |
| Consumer Staples | 2.8% |
| Other (includes short-term investments) | 1.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZCOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $121 | 1.20% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted from relative performance. Shares of clinical-stage biopharmaceutical company Janux fell amid several setbacks for one of its prostate cancer treatments during the year. We sold our position in December. Shares of medical equipment company Enovis fell amid a surprising demand slowdown within the US for joint replacements, coupled with slower-than-expected synergy realization from the company's large European acquisition completed in 2024.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the consumer discretionary sector also detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector contributed to performance. Shares of optical laser producer Lumentum rose after the company reported solid quarterly results, driven by strong margin performance and new customer wins. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of Coherent, a global leader in lasers and semiconductors, particularly optical transceivers (small components that reliably connect switches and servers in a data center), rose after reporting broadly solid quarterly results and amid encouraging artificial intelligence capex momentum. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer staples sector also helped performance. 

## **Portfolio Performance**![Growth of 10K Chart](ice5a892a3ad7e222adc3f6d8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **Russell 3000 Index** | **Russell 2000 Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9211 | $9436 | $9121 |
| **2/16** | $9326 | $9433 | $9120 |
| **3/16** | $10000 | $10097 | $9848 |
| **4/16** | $10008 | $10159 | $10003 |
| **5/16** | $10132 | $10341 | $10228 |
| **6/16** | $9984 | $10362 | $10222 |
| **7/16** | $10485 | $10774 | $10832 |
| **8/16** | $10606 | $10801 | $11023 |
| **9/16** | $10564 | $10818 | $11146 |
| **10/16** | $10355 | $10584 | $10616 |
| **11/16** | $11236 | $11058 | $11800 |
| **12/16** | $11592 | $11274 | $12131 |
| **1/17** | $11559 | $11486 | $12179 |
| **2/17** | $11796 | $11913 | $12414 |
| **3/17** | $11737 | $11921 | $12430 |
| **4/17** | $11703 | $12047 | $12566 |
| **5/17** | $11855 | $12171 | $12311 |
| **6/17** | $12084 | $12280 | $12736 |
| **7/17** | $12101 | $12512 | $12831 |
| **8/17** | $12001 | $12536 | $12668 |
| **9/17** | $12591 | $12842 | $13458 |
| **10/17** | $12773 | $13122 | $13573 |
| **11/17** | $13137 | $13521 | $13964 |
| **12/17** | $13195 | $13656 | $13908 |
| **1/18** | $13483 | $14375 | $14271 |
| **2/18** | $12916 | $13846 | $13718 |
| **3/18** | $13022 | $13568 | $13896 |
| **4/18** | $13253 | $13619 | $14016 |
| **5/18** | $13618 | $14004 | $14867 |
| **6/18** | $13724 | $14095 | $14973 |
| **7/18** | $14060 | $14563 | $15234 |
| **8/18** | $14410 | $15074 | $15891 |
| **9/18** | $14156 | $15099 | $15509 |
| **10/18** | $12511 | $13988 | $13824 |
| **11/18** | $12883 | $14268 | $14044 |
| **12/18** | $11414 | $12940 | $12376 |
| **1/19** | $12575 | $14050 | $13768 |
| **2/19** | $13121 | $14545 | $14484 |
| **3/19** | $13042 | $14757 | $14181 |
| **4/19** | $13690 | $15346 | $14662 |
| **5/19** | $12871 | $14353 | $13522 |
| **6/19** | $13850 | $15361 | $14478 |
| **7/19** | $13964 | $15590 | $14561 |
| **8/19** | $13577 | $15272 | $13842 |
| **9/19** | $14077 | $15540 | $14130 |
| **10/19** | $14373 | $15874 | $14502 |
| **11/19** | $14510 | $16478 | $15099 |
| **12/19** | $14783 | $16954 | $15535 |
| **1/20** | $14489 | $16935 | $15037 |
| **2/20** | $13326 | $15549 | $13771 |
| **3/20** | $10176 | $13410 | $10779 |
| **4/20** | $11575 | $15187 | $12259 |
| **5/20** | $12303 | $15999 | $13057 |
| **6/20** | $12268 | $16364 | $13519 |
| **7/20** | $12832 | $17294 | $13893 |
| **8/20** | $13187 | $18546 | $14676 |
| **9/20** | $12690 | $17871 | $14185 |
| **10/20** | $12962 | $17485 | $14482 |
| **11/20** | $14785 | $19613 | $17152 |
| **12/20** | $15685 | $20495 | $18635 |
| **1/21** | $15874 | $20404 | $19573 |
| **2/21** | $17035 | $21042 | $20793 |
| **3/21** | $17591 | $21796 | $21002 |
| **4/21** | $18443 | $22919 | $21443 |
| **5/21** | $18467 | $23024 | $21487 |
| **6/21** | $18325 | $23592 | $21903 |
| **7/21** | $17993 | $23991 | $21113 |
| **8/21** | $18278 | $24675 | $21585 |
| **9/21** | $17757 | $23568 | $20948 |
| **10/21** | $18562 | $25162 | $21839 |
| **11/21** | $17733 | $24779 | $20929 |
| **12/21** | $18757 | $25754 | $21397 |
| **1/22** | $17761 | $24239 | $19337 |
| **2/22** | $17886 | $23628 | $19543 |
| **3/22** | $17830 | $24395 | $19787 |
| **4/22** | $16779 | $22206 | $17826 |
| **5/22** | $16738 | $22176 | $17853 |
| **6/22** | $15105 | $20321 | $16384 |
| **7/22** | $16641 | $22227 | $18095 |
| **8/22** | $15953 | $21398 | $17725 |
| **9/22** | $14567 | $19413 | $16026 |
| **10/22** | $16039 | $21005 | $17790 |
| **11/22** | $16805 | $22102 | $18206 |
| **12/22** | $15852 | $20808 | $17024 |
| **1/23** | $17108 | $22241 | $18683 |
| **2/23** | $16704 | $21721 | $18368 |
| **3/23** | $16127 | $22302 | $17490 |
| **4/23** | $15780 | $22539 | $17176 |
| **5/23** | $15275 | $22627 | $17017 |
| **6/23** | $16386 | $24172 | $18401 |
| **7/23** | $17195 | $25039 | $19526 |
| **8/23** | $16524 | $24555 | $18549 |
| **9/23** | $15788 | $23386 | $17457 |
| **10/23** | $14963 | $22766 | $16267 |
| **11/23** | $16024 | $24889 | $17739 |
| **12/23** | $17410 | $26209 | $19906 |
| **1/24** | $17031 | $26499 | $19132 |
| **2/24** | $17915 | $27934 | $20214 |
| **3/24** | $18608 | $28835 | $20937 |
| **4/24** | $17504 | $27566 | $19464 |
| **5/24** | $18277 | $28868 | $20440 |
| **6/24** | $17930 | $29762 | $20251 |
| **7/24** | $18924 | $30315 | $22309 |
| **8/24** | $19259 | $30975 | $21975 |
| **9/24** | $19507 | $31616 | $22129 |
| **10/24** | $19061 | $31384 | $21809 |
| **11/24** | $20712 | $33471 | $24202 |
| **12/24** | $19302 | $32448 | $22203 |
| **1/25** | $20361 | $33473 | $22785 |
| **2/25** | $18968 | $32831 | $21566 |
| **3/25** | $17426 | $30916 | $20098 |
| **4/25** | $16887 | $30709 | $19634 |
| **5/25** | $17184 | $32655 | $20682 |
| **6/25** | $17964 | $34314 | $21807 |
| **7/25** | $18187 | $35070 | $22185 |
| **8/25** | $19079 | $35882 | $23770 |
| **9/25** | $19021 | $37120 | $24509 |
| **10/25** | $19215 | $37915 | $24953 |
| **11/25** | $19661 | $38020 | $25193 |
| **12/25** | $19738 | $38012 | $25046 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 2.26% | 4.70% | 7.04% |
| Russell 3000 Index | 17.15% | 13.15% | 14.29% |
| Russell 2000 Index | 12.81% | 6.09% | 9.62% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $33059623 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $149109 |

---

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

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.3% |
| Zeta Global Holdings Corp., Class A | 2.7% |
| Coherent Corp. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.3% |
| Floor & Decor Holdings, Inc., Class A | 2.2% |
| First American Financial Corp. | 2.2% |
| First Watch Restaurant Group, Inc. | 2.1% |
| Toro Co. | 2.1% |
| BankUnited, Inc. | 2.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.4% |
| Information Technology | 18.5% |
| Financials | 17.8% |
| Health Care | 16.8% |
| Consumer Discretionary | 11.2% |
| Energy | 4.4% |
| Materials | 3.3% |
| Communication Services | 3.2% |
| Consumer Staples | 2.8% |
| Other (includes short-term investments) | 1.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard US Small Cap Equity Select Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLSMX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard US Small Cap Equity Select Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $91 | 0.90% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted from relative performance. Shares of clinical-stage biopharmaceutical company Janux fell amid several setbacks for one of its prostate cancer treatments during the year. We sold our position in December. Shares of medical equipment company Enovis fell amid a surprising demand slowdown within the US for joint replacements, coupled with slower-than-expected synergy realization from the company's large European acquisition completed in 2024.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the consumer discretionary sector also detracted.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector contributed to performance. Shares of optical laser producer Lumentum rose after the company reported solid quarterly results, driven by strong margin performance and new customer wins. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of Coherent, a global leader in lasers and semiconductors, particularly optical transceivers (small components that reliably connect switches and servers in a data center), rose after reporting broadly solid quarterly results and amid encouraging artificial intelligence capex momentum. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer staples sector also helped performance. 

## **Portfolio Performance**![Growth of 10K Chart](i15ec8b0f033a8a29cb979a33.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 |
| **07/25** | $1255084 | $2070836 | $1475388 |
| **08/25** | $1316023 | $2118759 | $1580801 |
| **09/25** | $1312575 | $2191880 | $1629985 |
| **10/25** | $1327517 | $2238857 | $1659473 |
| **11/25** | $1357400 | $2245005 | $1675415 |
| **12/25** | $1363605 | $2244548 | $1665694 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 1/8/20 |
| R6 Shares | 2.50% | 5.05% | 5.32% |
| Russell 3000 Index | 17.15% | 13.15% | 14.31% |
| Russell 2000 Index | 12.81% | 6.09% | 8.36% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $33059623 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 100% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $149109 |

---

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

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.3% |
| Zeta Global Holdings Corp., Class A | 2.7% |
| Coherent Corp. | 2.4% |
| Wintrust Financial Corp. | 2.3% |
| Casella Waste Systems, Inc., Class A | 2.3% |
| Floor & Decor Holdings, Inc., Class A | 2.2% |
| First American Financial Corp. | 2.2% |
| First Watch Restaurant Group, Inc. | 2.1% |
| Toro Co. | 2.1% |
| BankUnited, Inc. | 2.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Industrials | 20.4% |
| Information Technology | 18.5% |
| Financials | 17.8% |
| Health Care | 16.8% |
| Consumer Discretionary | 11.2% |
| Energy | 4.4% |
| Materials | 3.3% |
| Communication Services | 3.2% |
| Consumer Staples | 2.8% |
| Other (includes short-term investments) | 1.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Developing Markets Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LDMIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $129 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector boosted relative performance, as did stock selection in China.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the information technology sector and to Hungary contributed, as did lower-than-benchmark exposures to the real estate sector and to India.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were chipmakers Taiwan Semiconductor Manufacturing Company and Samsung Electronics.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer discretionary sector undercut relative performance, as did stock selection in Indonesia.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the consumer discretionary and to Indonesia detracted, as did lower-than-benchmark exposure to the materials sector and to Korea.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were power equipment manufacturer Techtronic Industries and industrial automation provider Hiwin.

## **Portfolio Performance**![Growth of 10K Chart](i022fb4be55323e283165ac15.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9347 | $9351 |
| **2/16** | $9281 | $9336 |
| **3/16** | $10553 | $10571 |
| **4/16** | $10940 | $10629 |
| **5/16** | $10564 | $10232 |
| **6/16** | $10996 | $10641 |
| **7/16** | $11383 | $11177 |
| **8/16** | $11683 | $11455 |
| **9/16** | $12070 | $11602 |
| **10/16** | $11982 | $11630 |
| **11/16** | $11572 | $11094 |
| **12/16** | $11481 | $11119 |
| **1/17** | $12218 | $11727 |
| **2/17** | $12419 | $12086 |
| **3/17** | $13022 | $12391 |
| **4/17** | $13435 | $12662 |
| **5/17** | $13659 | $13037 |
| **6/17** | $13703 | $13168 |
| **7/17** | $14519 | $13953 |
| **8/17** | $15055 | $14264 |
| **9/17** | $15211 | $14208 |
| **10/17** | $15602 | $14706 |
| **11/17** | $15691 | $14735 |
| **12/17** | $16205 | $15264 |
| **1/18** | $17145 | $16536 |
| **2/18** | $16507 | $15774 |
| **3/18** | $16306 | $15480 |
| **4/18** | $15948 | $15412 |
| **5/18** | $15522 | $14866 |
| **6/18** | $14739 | $14248 |
| **7/18** | $15108 | $14561 |
| **8/18** | $14268 | $14167 |
| **9/18** | $14110 | $14092 |
| **10/18** | $12960 | $12865 |
| **11/18** | $13468 | $13395 |
| **12/18** | $12870 | $13040 |
| **1/19** | $14223 | $14182 |
| **2/19** | $14482 | $14214 |
| **3/19** | $14797 | $14333 |
| **4/19** | $15113 | $14635 |
| **5/19** | $13964 | $13573 |
| **6/19** | $15034 | $14420 |
| **7/19** | $14730 | $14244 |
| **8/19** | $14135 | $13549 |
| **9/19** | $14565 | $13808 |
| **10/19** | $15300 | $14390 |
| **11/19** | $15379 | $14370 |
| **12/19** | $16496 | $15443 |
| **1/20** | $15634 | $14723 |
| **2/20** | $14818 | $13946 |
| **3/20** | $11768 | $11798 |
| **4/20** | $13140 | $12879 |
| **5/20** | $13469 | $12978 |
| **6/20** | $14648 | $13932 |
| **7/20** | $15850 | $15176 |
| **8/20** | $16353 | $15512 |
| **9/20** | $16160 | $15263 |
| **10/20** | $16546 | $15578 |
| **11/20** | $18241 | $17018 |
| **12/20** | $19685 | $18269 |
| **1/21** | $20094 | $18829 |
| **2/21** | $20697 | $18974 |
| **3/21** | $20163 | $18687 |
| **4/21** | $20276 | $19152 |
| **5/21** | $20435 | $19596 |
| **6/21** | $20208 | $19630 |
| **7/21** | $18764 | $18309 |
| **8/21** | $18934 | $18788 |
| **9/21** | $17863 | $18042 |
| **10/21** | $18205 | $18220 |
| **11/21** | $17338 | $17477 |
| **12/21** | $17688 | $17805 |
| **1/22** | $17482 | $17468 |
| **2/22** | $16540 | $16946 |
| **3/22** | $16115 | $16563 |
| **4/22** | $15058 | $15642 |
| **5/22** | $15483 | $15711 |
| **6/22** | $14369 | $14667 |
| **7/22** | $14300 | $14631 |
| **8/22** | $14082 | $14692 |
| **9/22** | $12382 | $12969 |
| **10/22** | $11899 | $12567 |
| **11/22** | $13921 | $14431 |
| **12/22** | $13689 | $14228 |
| **1/23** | $15067 | $15351 |
| **2/23** | $14071 | $14356 |
| **3/23** | $14627 | $14791 |
| **4/23** | $14268 | $14623 |
| **5/23** | $13897 | $14377 |
| **6/23** | $14604 | $14923 |
| **7/23** | $15530 | $15852 |
| **8/23** | $14430 | $14876 |
| **9/23** | $13978 | $14487 |
| **10/23** | $13284 | $13924 |
| **11/23** | $14337 | $15038 |
| **12/23** | $15009 | $15626 |
| **1/24** | $14215 | $14901 |
| **2/24** | $14973 | $15609 |
| **3/24** | $15648 | $15996 |
| **4/24** | $15234 | $16068 |
| **5/24** | $15388 | $16159 |
| **6/24** | $15838 | $16796 |
| **7/24** | $15755 | $16846 |
| **8/24** | $16181 | $17118 |
| **9/24** | $17070 | $18261 |
| **10/24** | $16525 | $17449 |
| **11/24** | $16169 | $16822 |
| **12/24** | $16017 | $16799 |
| **1/25** | $16280 | $17099 |
| **2/25** | $16447 | $17182 |
| **3/25** | $16125 | $17291 |
| **4/25** | $16304 | $17518 |
| **5/25** | $17056 | $18265 |
| **6/25** | $18000 | $19363 |
| **7/25** | $18275 | $19741 |
| **8/25** | $19193 | $19994 |
| **9/25** | $20544 | $21424 |
| **10/25** | $21404 | $22319 |
| **11/25** | $20795 | $21786 |
| **12/25** | $21408 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 33.66% | 1.69% | 7.91% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $103505219 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $832475 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13.4% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.8% |
| Alibaba Group Holding Ltd. | 4.0% |
| SK Hynix, Inc. | 3.6% |
| HDFC Bank Ltd. ADR | 2.7% |
| ASE Technology Holding Co. Ltd. | 2.3% |
| Capitec Bank Holdings Ltd. | 2.0% |
| Standard Bank Group Ltd. | 2.0% |
| ICICI Bank Ltd. ADR | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 40.5% |
| Financials | 19.3% |
| Consumer Discretionary | 14.7% |
| Industrials | 10.3% |
| Communication Services | 6.9% |
| Other (includes short-term investments) | 8.3% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Developing Markets Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LDMOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Developing Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $157 | 1.35% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector boosted relative performance, as did stock selection in China.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the information technology sector and to Hungary contributed, as did lower-than-benchmark exposures to the real estate sector and to India.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were chipmakers Taiwan Semiconductor Manufacturing Company and Samsung Electronics.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer discretionary sector undercut relative performance, as did stock selection in Indonesia.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the consumer discretionary and to Indonesia detracted, as did lower-than-benchmark exposure to the materials sector and to Korea.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were power equipment manufacturer Techtronic Industries and industrial automation provider Hiwin.

## **Portfolio Performance**![Growth of 10K Chart](ic94f5f540cbd73e705e2bac1.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9337 | $9351 |
| **2/16** | $9271 | $9336 |
| **3/16** | $10541 | $10571 |
| **4/16** | $10928 | $10629 |
| **5/16** | $10552 | $10232 |
| **6/16** | $10972 | $10641 |
| **7/16** | $11359 | $11177 |
| **8/16** | $11659 | $11455 |
| **9/16** | $12035 | $11602 |
| **10/16** | $11947 | $11630 |
| **11/16** | $11538 | $11094 |
| **12/16** | $11431 | $11119 |
| **1/17** | $12164 | $11727 |
| **2/17** | $12353 | $12086 |
| **3/17** | $12954 | $12391 |
| **4/17** | $13354 | $12662 |
| **5/17** | $13577 | $13037 |
| **6/17** | $13610 | $13168 |
| **7/17** | $14422 | $13953 |
| **8/17** | $14955 | $14264 |
| **9/17** | $15100 | $14208 |
| **10/17** | $15478 | $14706 |
| **11/17** | $15567 | $14735 |
| **12/17** | $16067 | $15264 |
| **1/18** | $17001 | $16536 |
| **2/18** | $16368 | $15774 |
| **3/18** | $16156 | $15480 |
| **4/18** | $15789 | $15412 |
| **5/18** | $15367 | $14866 |
| **6/18** | $14588 | $14248 |
| **7/18** | $14955 | $14561 |
| **8/18** | $14109 | $14167 |
| **9/18** | $13952 | $14092 |
| **10/18** | $12810 | $12865 |
| **11/18** | $13314 | $13395 |
| **12/18** | $12721 | $13040 |
| **1/19** | $14042 | $14182 |
| **2/19** | $14311 | $14214 |
| **3/19** | $14613 | $14333 |
| **4/19** | $14927 | $14635 |
| **5/19** | $13784 | $13573 |
| **6/19** | $14826 | $14420 |
| **7/19** | $14523 | $14244 |
| **8/19** | $13937 | $13549 |
| **9/19** | $14363 | $13808 |
| **10/19** | $15080 | $14390 |
| **11/19** | $15158 | $14370 |
| **12/19** | $16256 | $15443 |
| **1/20** | $15405 | $14723 |
| **2/20** | $14587 | $13946 |
| **3/20** | $11584 | $11798 |
| **4/20** | $12929 | $12879 |
| **5/20** | $13254 | $12978 |
| **6/20** | $14408 | $13932 |
| **7/20** | $15584 | $15176 |
| **8/20** | $16081 | $15512 |
| **9/20** | $15890 | $15263 |
| **10/20** | $16261 | $15578 |
| **11/20** | $17924 | $17018 |
| **12/20** | $19340 | $18269 |
| **1/21** | $19734 | $18829 |
| **2/21** | $20329 | $18974 |
| **3/21** | $19801 | $18687 |
| **4/21** | $19913 | $19152 |
| **5/21** | $20060 | $19596 |
| **6/21** | $19835 | $19630 |
| **7/21** | $18408 | $18309 |
| **8/21** | $18565 | $18788 |
| **9/21** | $17517 | $18042 |
| **10/21** | $17855 | $18220 |
| **11/21** | $16999 | $17477 |
| **12/21** | $17335 | $17805 |
| **1/22** | $17131 | $17468 |
| **2/22** | $16203 | $16946 |
| **3/22** | $15784 | $16563 |
| **4/22** | $14742 | $15642 |
| **5/22** | $15150 | $15711 |
| **6/22** | $14063 | $14667 |
| **7/22** | $13995 | $14631 |
| **8/22** | $13780 | $14692 |
| **9/22** | $12104 | $12969 |
| **10/22** | $11640 | $12567 |
| **11/22** | $13610 | $14431 |
| **12/22** | $13382 | $14228 |
| **1/23** | $14725 | $15351 |
| **2/23** | $13746 | $14356 |
| **3/23** | $14281 | $14791 |
| **4/23** | $13940 | $14623 |
| **5/23** | $13575 | $14377 |
| **6/23** | $14258 | $14923 |
| **7/23** | $15170 | $15852 |
| **8/23** | $14088 | $14876 |
| **9/23** | $13643 | $14487 |
| **10/23** | $12960 | $13924 |
| **11/23** | $13985 | $15038 |
| **12/23** | $14631 | $15626 |
| **1/24** | $13853 | $14901 |
| **2/24** | $14596 | $15609 |
| **3/24** | $15247 | $15996 |
| **4/24** | $14840 | $16068 |
| **5/24** | $14992 | $16159 |
| **6/24** | $15422 | $16796 |
| **7/24** | $15340 | $16846 |
| **8/24** | $15747 | $17118 |
| **9/24** | $16619 | $18261 |
| **10/24** | $16084 | $17449 |
| **11/24** | $15735 | $16822 |
| **12/24** | $15582 | $16799 |
| **1/25** | $15827 | $17099 |
| **2/25** | $15991 | $17182 |
| **3/25** | $15675 | $17291 |
| **4/25** | $15851 | $17518 |
| **5/25** | $16575 | $18265 |
| **6/25** | $17487 | $19363 |
| **7/25** | $17756 | $19741 |
| **8/25** | $18632 | $19994 |
| **9/25** | $19942 | $21424 |
| **10/25** | $20784 | $22319 |
| **11/25** | $20187 | $21786 |
| **12/25** | $20771 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 33.30% | 1.44% | 7.58% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $103505219 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 35% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $832475 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13.4% |
| Samsung Electronics Co. Ltd. | 7.2% |
| Tencent Holdings Ltd. | 5.8% |
| Alibaba Group Holding Ltd. | 4.0% |
| SK Hynix, Inc. | 3.6% |
| HDFC Bank Ltd. ADR | 2.7% |
| ASE Technology Holding Co. Ltd. | 2.3% |
| Capitec Bank Holdings Ltd. | 2.0% |
| Standard Bank Group Ltd. | 2.0% |
| ICICI Bank Ltd. ADR | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 40.5% |
| Financials | 19.3% |
| Consumer Discretionary | 14.7% |
| Industrials | 10.3% |
| Communication Services | 6.9% |
| Other (includes short-term investments) | 8.3% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEAIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $99 | 0.85% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to consumer discretionary and consumer staples sectors and overweight exposure to the materials sector helped. Stock selection in the financials and information technology sectors and in Korea and Taiwan also helped. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Delta Electronics, a global leader in power and thermal management, surged more than 135% during the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Korea Electric Power South Korea's largest, state-controlled utility, reported a 66% annual profit increase. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Harmony Gold Mining, the largest producer of gold in South Africa, delivered results above expectations gaining additional support from industry analysts.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Operating cash and overweight exposure to healthcare detracted. Stock selection in the healthcare and consumer discretionary sectors and in Brazil and China detracted. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Realtek Semiconductor, a Taiwan-based fabless integrated circuit design house, detracted following strong first-quarter performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Lupin Limited, a Mumbai-based multinational pharmaceutical company, underperformed after an adverse FDA product ruling followed by adverse FDA inspection results. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)International Game Systems, a Taiwan-based developer, manufacturer, and marketer of arcade, mobile, and online games, detracted, as the company saw a meaningful decline in its arcade machine sales. 

## **Portfolio Performance**![Growth of 10K Chart](ieefb935f353b866e439a88e2.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9504 | $9351 |
| **2/16** | $9404 | $9336 |
| **3/16** | $10571 | $10571 |
| **4/16** | $10558 | $10629 |
| **5/16** | $10273 | $10232 |
| **6/16** | $10720 | $10641 |
| **7/16** | $11154 | $11177 |
| **8/16** | $11450 | $11455 |
| **9/16** | $11637 | $11602 |
| **10/16** | $11624 | $11630 |
| **11/16** | $11040 | $11094 |
| **12/16** | $10983 | $11119 |
| **1/17** | $11702 | $11727 |
| **2/17** | $12005 | $12086 |
| **3/17** | $12383 | $12391 |
| **4/17** | $12711 | $12662 |
| **5/17** | $13140 | $13037 |
| **6/17** | $13430 | $13168 |
| **7/17** | $14262 | $13953 |
| **8/17** | $14666 | $14264 |
| **9/17** | $14703 | $14208 |
| **10/17** | $15082 | $14706 |
| **11/17** | $15183 | $14735 |
| **12/17** | $15653 | $15264 |
| **1/18** | $16942 | $16536 |
| **2/18** | $16113 | $15774 |
| **3/18** | $16023 | $15480 |
| **4/18** | $15692 | $15412 |
| **5/18** | $15360 | $14866 |
| **6/18** | $14658 | $14248 |
| **7/18** | $14888 | $14561 |
| **8/18** | $14569 | $14167 |
| **9/18** | $14518 | $14092 |
| **10/18** | $13178 | $12865 |
| **11/18** | $13663 | $13395 |
| **12/18** | $13113 | $13040 |
| **1/19** | $14447 | $14182 |
| **2/19** | $14368 | $14214 |
| **3/19** | $14577 | $14333 |
| **4/19** | $14826 | $14635 |
| **5/19** | $13780 | $13573 |
| **6/19** | $14669 | $14420 |
| **7/19** | $14407 | $14244 |
| **8/19** | $13898 | $13549 |
| **9/19** | $14185 | $13808 |
| **10/19** | $14721 | $14390 |
| **11/19** | $14695 | $14370 |
| **12/19** | $15793 | $15443 |
| **1/20** | $14953 | $14723 |
| **2/20** | $14380 | $13946 |
| **3/20** | $12061 | $11798 |
| **4/20** | $13048 | $12879 |
| **5/20** | $13407 | $12978 |
| **6/20** | $14194 | $13932 |
| **7/20** | $15660 | $15176 |
| **8/20** | $16002 | $15512 |
| **9/20** | $15722 | $15263 |
| **10/20** | $16055 | $15578 |
| **11/20** | $17256 | $17018 |
| **12/20** | $18541 | $18269 |
| **1/21** | $19227 | $18829 |
| **2/21** | $19496 | $18974 |
| **3/21** | $19509 | $18687 |
| **4/21** | $19993 | $19152 |
| **5/21** | $20181 | $19596 |
| **6/21** | $20571 | $19630 |
| **7/21** | $19294 | $18309 |
| **8/21** | $19436 | $18788 |
| **9/21** | $18594 | $18042 |
| **10/21** | $18906 | $18220 |
| **11/21** | $18064 | $17477 |
| **12/21** | $18718 | $17805 |
| **1/22** | $18515 | $17468 |
| **2/22** | $17730 | $16946 |
| **3/22** | $17294 | $16563 |
| **4/22** | $16262 | $15642 |
| **5/22** | $16596 | $15711 |
| **6/22** | $15434 | $14667 |
| **7/22** | $15376 | $14631 |
| **8/22** | $15188 | $14692 |
| **9/22** | $13511 | $12969 |
| **10/22** | $13146 | $12567 |
| **11/22** | $15261 | $14431 |
| **12/22** | $14786 | $14228 |
| **1/23** | $16153 | $15351 |
| **2/23** | $15192 | $14356 |
| **3/23** | $15763 | $14791 |
| **4/23** | $15597 | $14623 |
| **5/23** | $15342 | $14377 |
| **6/23** | $15958 | $14923 |
| **7/23** | $16845 | $15852 |
| **8/23** | $15924 | $14876 |
| **9/23** | $15608 | $14487 |
| **10/23** | $15067 | $13924 |
| **11/23** | $16090 | $15038 |
| **12/23** | $16655 | $15626 |
| **1/24** | $16257 | $14901 |
| **2/24** | $17268 | $15609 |
| **3/24** | $17590 | $15996 |
| **4/24** | $17605 | $16068 |
| **5/24** | $17988 | $16159 |
| **6/24** | $18524 | $16796 |
| **7/24** | $18509 | $16846 |
| **8/24** | $18689 | $17118 |
| **9/24** | $19732 | $18261 |
| **10/24** | $19011 | $17449 |
| **11/24** | $18551 | $16822 |
| **12/24** | $18556 | $16799 |
| **1/25** | $18913 | $17099 |
| **2/25** | $18867 | $17182 |
| **3/25** | $19116 | $17291 |
| **4/25** | $19287 | $17518 |
| **5/25** | $20158 | $18265 |
| **6/25** | $21558 | $19363 |
| **7/25** | $21791 | $19741 |
| **8/25** | $22259 | $19994 |
| **9/25** | $23736 | $21424 |
| **10/25** | $24592 | $22319 |
| **11/25** | $24203 | $21786 |
| **12/25** | $24813 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 33.72% | 6.00% | 9.51% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $683047581 |
| # of Portfolio Holdings | 250 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $2920669 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.5% |
| Samsung Electronics Co. Ltd. GDR | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 3.1% |
| SK Hynix, Inc. | 2.6% |
| Delta Electronics, Inc. | 2.1% |
| Ping An Insurance Group Co. of China Ltd., Class H | 1.7% |
| MediaTek, Inc. | 1.4% |
| PDD Holdings, Inc. ADR | 0.9% |
| OTP Bank Nyrt | 0.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.3% |
| Financials | 22.0% |
| Consumer Discretionary | 11.5% |
| Communication Services | 9.3% |
| Industrials | 7.2% |
| Materials | 7.0% |
| Consumer Staples | 3.7% |
| Energy | 3.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 4.3% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEAOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $134 | 1.15% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to consumer discretionary and consumer staples sectors and overweight exposure to the materials sector helped. Stock selection in the financials and information technology sectors and in Korea and Taiwan also helped. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Delta Electronics, a global leader in power and thermal management, surged more than 135% during the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Korea Electric Power South Korea's largest, state-controlled utility, reported a 66% annual profit increase. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Harmony Gold Mining, the largest producer of gold in South Africa, delivered results above expectations gaining additional support from industry analysts.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Operating cash and overweight exposure to healthcare detracted. Stock selection in the healthcare and consumer discretionary sectors and in Brazil and China detracted. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Realtek Semiconductor, a Taiwan-based fabless integrated circuit design house, detracted following strong first-quarter performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Lupin Limited, a Mumbai-based multinational pharmaceutical company, underperformed after an adverse FDA product ruling followed by adverse FDA inspection results. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)International Game Systems, a Taiwan-based developer, manufacturer, and marketer of arcade, mobile, and online games, detracted, as the company saw a meaningful decline in its arcade machine sales. 

## **Portfolio Performance**![Growth of 10K Chart](i0b2f9a7c24555db1c9811447.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9504 | $9351 |
| **2/16** | $9404 | $9336 |
| **3/16** | $10571 | $10571 |
| **4/16** | $10546 | $10629 |
| **5/16** | $10261 | $10232 |
| **6/16** | $10707 | $10641 |
| **7/16** | $11129 | $11177 |
| **8/16** | $11425 | $11455 |
| **9/16** | $11612 | $11602 |
| **10/16** | $11599 | $11630 |
| **11/16** | $11016 | $11094 |
| **12/16** | $10951 | $11119 |
| **1/17** | $11667 | $11727 |
| **2/17** | $11969 | $12086 |
| **3/17** | $12334 | $12391 |
| **4/17** | $12661 | $12662 |
| **5/17** | $13088 | $13037 |
| **6/17** | $13365 | $13168 |
| **7/17** | $14195 | $13953 |
| **8/17** | $14597 | $14264 |
| **9/17** | $14635 | $14208 |
| **10/17** | $14999 | $14706 |
| **11/17** | $15100 | $14735 |
| **12/17** | $15560 | $15264 |
| **1/18** | $16841 | $16536 |
| **2/18** | $16004 | $15774 |
| **3/18** | $15915 | $15480 |
| **4/18** | $15586 | $15412 |
| **5/18** | $15256 | $14866 |
| **6/18** | $14558 | $14248 |
| **7/18** | $14787 | $14561 |
| **8/18** | $14457 | $14167 |
| **9/18** | $14406 | $14092 |
| **10/18** | $13075 | $12865 |
| **11/18** | $13557 | $13395 |
| **12/18** | $13009 | $13040 |
| **1/19** | $14317 | $14182 |
| **2/19** | $14240 | $14214 |
| **3/19** | $14447 | $14333 |
| **4/19** | $14680 | $14635 |
| **5/19** | $13644 | $13573 |
| **6/19** | $14525 | $14420 |
| **7/19** | $14265 | $14244 |
| **8/19** | $13747 | $13549 |
| **9/19** | $14032 | $13808 |
| **10/19** | $14551 | $14390 |
| **11/19** | $14538 | $14370 |
| **12/19** | $15606 | $15443 |
| **1/20** | $14777 | $14723 |
| **2/20** | $14210 | $13946 |
| **3/20** | $11906 | $11798 |
| **4/20** | $12893 | $12879 |
| **5/20** | $13236 | $12978 |
| **6/20** | $14013 | $13932 |
| **7/20** | $15461 | $15176 |
| **8/20** | $15786 | $15512 |
| **9/20** | $15510 | $15263 |
| **10/20** | $15839 | $15578 |
| **11/20** | $17012 | $17018 |
| **12/20** | $18276 | $18269 |
| **1/21** | $18951 | $18829 |
| **2/21** | $19203 | $18974 |
| **3/21** | $19216 | $18687 |
| **4/21** | $19694 | $19152 |
| **5/21** | $19866 | $19596 |
| **6/21** | $20250 | $19630 |
| **7/21** | $18991 | $18309 |
| **8/21** | $19131 | $18788 |
| **9/21** | $18288 | $18042 |
| **10/21** | $18596 | $18220 |
| **11/21** | $17765 | $17477 |
| **12/21** | $18391 | $17805 |
| **1/22** | $18191 | $17468 |
| **2/22** | $17405 | $16946 |
| **3/22** | $16991 | $16563 |
| **4/22** | $15963 | $15642 |
| **5/22** | $16292 | $15711 |
| **6/22** | $15135 | $14667 |
| **7/22** | $15078 | $14631 |
| **8/22** | $14894 | $14692 |
| **9/22** | $13260 | $12969 |
| **10/22** | $12887 | $12567 |
| **11/22** | $14966 | $14431 |
| **12/22** | $14491 | $14228 |
| **1/23** | $15831 | $15351 |
| **2/23** | $14888 | $14356 |
| **3/23** | $15433 | $14791 |
| **4/23** | $15286 | $14623 |
| **5/23** | $15021 | $14377 |
| **6/23** | $15624 | $14923 |
| **7/23** | $16493 | $15852 |
| **8/23** | $15577 | $14876 |
| **9/23** | $15267 | $14487 |
| **10/23** | $14737 | $13924 |
| **11/23** | $15739 | $15038 |
| **12/23** | $16282 | $15626 |
| **1/24** | $15878 | $14901 |
| **2/24** | $16866 | $15609 |
| **3/24** | $17181 | $15996 |
| **4/24** | $17181 | $16068 |
| **5/24** | $17555 | $16159 |
| **6/24** | $18080 | $16796 |
| **7/24** | $18050 | $16846 |
| **8/24** | $18225 | $17118 |
| **9/24** | $19245 | $18261 |
| **10/24** | $18540 | $17449 |
| **11/24** | $18090 | $16822 |
| **12/24** | $18095 | $16799 |
| **1/25** | $18429 | $17099 |
| **2/25** | $18368 | $17182 |
| **3/25** | $18611 | $17291 |
| **4/25** | $18762 | $17518 |
| **5/25** | $19612 | $18265 |
| **6/25** | $20977 | $19363 |
| **7/25** | $21189 | $19741 |
| **8/25** | $21661 | $19994 |
| **9/25** | $23086 | $21424 |
| **10/25** | $23905 | $22319 |
| **11/25** | $23526 | $21786 |
| **12/25** | $24112 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 33.25% | 5.70% | 9.20% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $683047581 |
| # of Portfolio Holdings | 250 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $2920669 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.5% |
| Samsung Electronics Co. Ltd. GDR | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 3.1% |
| SK Hynix, Inc. | 2.6% |
| Delta Electronics, Inc. | 2.1% |
| Ping An Insurance Group Co. of China Ltd., Class H | 1.7% |
| MediaTek, Inc. | 1.4% |
| PDD Holdings, Inc. ADR | 0.9% |
| OTP Bank Nyrt | 0.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.3% |
| Financials | 22.0% |
| Consumer Discretionary | 11.5% |
| Communication Services | 9.3% |
| Industrials | 7.2% |
| Materials | 7.0% |
| Consumer Staples | 3.7% |
| Energy | 3.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 4.3% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Advantage Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# READX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Advantage Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $99 | 0.85% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to consumer discretionary and consumer staples sectors and overweight exposure to the materials sector helped. Stock selection in the financials and information technology sectors and in Korea and Taiwan also helped. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Delta Electronics, a global leader in power and thermal management, surged more than 135% during the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Korea Electric Power South Korea's largest, state-controlled utility, reported a 66% annual profit increase. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Harmony Gold Mining, the largest producer of gold in South Africa, delivered results above expectations gaining additional support from industry analysts.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Operating cash and overweight exposure to healthcare detracted. Stock selection in the healthcare and consumer discretionary sectors and in Brazil and China detracted. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Realtek Semiconductor, a Taiwan-based fabless integrated circuit design house, detracted following strong first-quarter performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Lupin Limited, a Mumbai-based multinational pharmaceutical company, underperformed after an adverse FDA product ruling followed by adverse FDA inspection results. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)International Game Systems, a Taiwan-based developer, manufacturer, and marketer of arcade, mobile, and online games, detracted, as the company saw a meaningful decline in its arcade machine sales. 

## **Portfolio Performance**![Growth of 10K Chart](ic1c6444cd8b816b5ae40c73f.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 |
| **07/25** | $1413322 | $1375099 |
| **08/25** | $1444665 | $1392737 |
| **09/25** | $1540505 | $1492366 |
| **10/25** | $1594982 | $1554733 |
| **11/25** | $1570770 | $1517552 |
| **12/25** | $1609608 | $1562946 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 2/22/23 |
| R6 Shares | 33.63% | 18.13% |
| MSCI Emerging Markets Index | 33.57% | 16.17% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $683047581 |
| # of Portfolio Holdings | 250 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $2920669 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11.5% |
| Samsung Electronics Co. Ltd. GDR | 4.6% |
| Tencent Holdings Ltd. | 4.5% |
| Alibaba Group Holding Ltd. | 3.1% |
| SK Hynix, Inc. | 2.6% |
| Delta Electronics, Inc. | 2.1% |
| Ping An Insurance Group Co. of China Ltd., Class H | 1.7% |
| MediaTek, Inc. | 1.4% |
| PDD Holdings, Inc. ADR | 0.9% |
| OTP Bank Nyrt | 0.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 28.3% |
| Financials | 22.0% |
| Consumer Discretionary | 11.5% |
| Communication Services | 9.3% |
| Industrials | 7.2% |
| Materials | 7.0% |
| Consumer Staples | 3.7% |
| Energy | 3.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 4.3% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZEMX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $129 | 1.07% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector boosted relative performance, as did stock selection in Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the materials sector and to South Africa contributed, as did lower-than-benchmark exposure to the real estate sector and to India.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were chipmakers SK Hynix and Taiwan Semiconductor Manufacturing Company.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the materials sector undercut relative performance, as did stock selection in Brazil.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the consumer staples sector and to Indonesia detracted, as did lower-than-benchmark exposure to the information technology sector and to Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were information technology services provider Tata Consultancy and drugmaker Sinopharm.

## **Portfolio Performance**![Growth of 10K Chart](id757ddf47232a63e1028137a.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9725 | $9351 |
| **2/16** | $9539 | $9336 |
| **3/16** | $10871 | $10571 |
| **4/16** | $11198 | $10629 |
| **5/16** | $10774 | $10232 |
| **6/16** | $11391 | $10641 |
| **7/16** | $11927 | $11177 |
| **8/16** | $12100 | $11455 |
| **9/16** | $12399 | $11602 |
| **10/16** | $12474 | $11630 |
| **11/16** | $11778 | $11094 |
| **12/16** | $12052 | $11119 |
| **1/17** | $12648 | $11727 |
| **2/17** | $12995 | $12086 |
| **3/17** | $13305 | $12391 |
| **4/17** | $13547 | $12662 |
| **5/17** | $13660 | $13037 |
| **6/17** | $13592 | $13168 |
| **7/17** | $14332 | $13953 |
| **8/17** | $14632 | $14264 |
| **9/17** | $14518 | $14208 |
| **10/17** | $14859 | $14706 |
| **11/17** | $14821 | $14735 |
| **12/17** | $15428 | $15264 |
| **1/18** | $16692 | $16536 |
| **2/18** | $15952 | $15774 |
| **3/18** | $15744 | $15480 |
| **4/18** | $15274 | $15412 |
| **5/18** | $14249 | $14866 |
| **6/18** | $13602 | $14248 |
| **7/18** | $14010 | $14561 |
| **8/18** | $13264 | $14167 |
| **9/18** | $13380 | $14092 |
| **10/18** | $12684 | $12865 |
| **11/18** | $13101 | $13395 |
| **12/18** | $12637 | $13040 |
| **1/19** | $14101 | $14182 |
| **2/19** | $13668 | $14214 |
| **3/19** | $13589 | $14333 |
| **4/19** | $13896 | $14635 |
| **5/19** | $13275 | $13573 |
| **6/19** | $13951 | $14420 |
| **7/19** | $13660 | $14244 |
| **8/19** | $12944 | $13549 |
| **9/19** | $13421 | $13808 |
| **10/19** | $13921 | $14390 |
| **11/19** | $13913 | $14370 |
| **12/19** | $14917 | $15443 |
| **1/20** | $13997 | $14723 |
| **2/20** | $13045 | $13946 |
| **3/20** | $10429 | $11798 |
| **4/20** | $11172 | $12879 |
| **5/20** | $11390 | $12978 |
| **6/20** | $11729 | $13932 |
| **7/20** | $12350 | $15176 |
| **8/20** | $12225 | $15512 |
| **9/20** | $12028 | $15263 |
| **10/20** | $12020 | $15578 |
| **11/20** | $13731 | $17018 |
| **12/20** | $14911 | $18269 |
| **1/21** | $14960 | $18829 |
| **2/21** | $15250 | $18974 |
| **3/21** | $15655 | $18687 |
| **4/21** | $15828 | $19152 |
| **5/21** | $16622 | $19596 |
| **6/21** | $16523 | $19630 |
| **7/21** | $15828 | $18309 |
| **8/21** | $16245 | $18788 |
| **9/21** | $15765 | $18042 |
| **10/21** | $15799 | $18220 |
| **11/21** | $15109 | $17477 |
| **12/21** | $15714 | $17805 |
| **1/22** | $16034 | $17468 |
| **2/22** | $15332 | $16946 |
| **3/22** | $15080 | $16563 |
| **4/22** | $14309 | $15642 |
| **5/22** | $14777 | $15711 |
| **6/22** | $13346 | $14667 |
| **7/22** | $13485 | $14631 |
| **8/22** | $13303 | $14692 |
| **9/22** | $11907 | $12969 |
| **10/22** | $12045 | $12567 |
| **11/22** | $13745 | $14431 |
| **12/22** | $13378 | $14228 |
| **1/23** | $14571 | $15351 |
| **2/23** | $14057 | $14356 |
| **3/23** | $14434 | $14791 |
| **4/23** | $14562 | $14623 |
| **5/23** | $14250 | $14377 |
| **6/23** | $15150 | $14923 |
| **7/23** | $15783 | $15852 |
| **8/23** | $15095 | $14876 |
| **9/23** | $14957 | $14487 |
| **10/23** | $14663 | $13924 |
| **11/23** | $15701 | $15038 |
| **12/23** | $16373 | $15626 |
| **1/24** | $15810 | $14901 |
| **2/24** | $16506 | $15609 |
| **3/24** | $16773 | $15996 |
| **4/24** | $16878 | $16068 |
| **5/24** | $17288 | $16159 |
| **6/24** | $17727 | $16796 |
| **7/24** | $17879 | $16846 |
| **8/24** | $18347 | $17118 |
| **9/24** | $19405 | $18261 |
| **10/24** | $18261 | $17449 |
| **11/24** | $17832 | $16822 |
| **12/24** | $17616 | $16799 |
| **1/25** | $18393 | $17099 |
| **2/25** | $18403 | $17182 |
| **3/25** | $18707 | $17291 |
| **4/25** | $19189 | $17518 |
| **5/25** | $19976 | $18265 |
| **6/25** | $21204 | $19363 |
| **7/25** | $21322 | $19741 |
| **8/25** | $21843 | $19994 |
| **9/25** | $22620 | $21424 |
| **10/25** | $23898 | $22319 |
| **11/25** | $24183 | $21786 |
| **12/25** | $24898 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 41.33% | 10.80% | 9.55% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $6586531524 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $45342733 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5% |
| SK Hynix, Inc. | 3.9% |
| ASE Technology Holding Co. Ltd. | 2.7% |
| China Construction Bank Corp., Class H | 2.2% |
| Wiwynn Corp. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |
| Indus Towers Ltd. | 1.7% |
| MediaTek, Inc. | 1.7% |
| KB Financial Group, Inc. | 1.6% |
| Quanta Computer, Inc. | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.7% |
| Information Technology | 23.0% |
| Consumer Discretionary | 9.2% |
| Communication Services | 7.9% |
| Industrials | 7.7% |
| Consumer Staples | 6.4% |
| Energy | 5.8% |
| Materials | 5.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 5.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZOEX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $159 | 1.32% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector boosted relative performance, as did stock selection in Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the materials sector and to South Africa contributed, as did lower-than-benchmark exposure to the real estate sector and to India.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were chipmakers SK Hynix and Taiwan Semiconductor Manufacturing Company.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the materials sector undercut relative performance, as did stock selection in Brazil.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the consumer staples sector and to Indonesia detracted, as did lower-than-benchmark exposure to the information technology sector and to Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were information technology services provider Tata Consultancy and drugmaker Sinopharm.

## **Portfolio Performance**![Growth of 10K Chart](i3f3626cb367aea71bf017ff3.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9718 | $9351 |
| **2/16** | $9530 | $9336 |
| **3/16** | $10861 | $10571 |
| **4/16** | $11187 | $10629 |
| **5/16** | $10760 | $10232 |
| **6/16** | $11375 | $10641 |
| **7/16** | $11910 | $11177 |
| **8/16** | $12071 | $11455 |
| **9/16** | $12369 | $11602 |
| **10/16** | $12442 | $11630 |
| **11/16** | $11743 | $11094 |
| **12/16** | $12017 | $11119 |
| **1/17** | $12603 | $11727 |
| **2/17** | $12954 | $12086 |
| **3/17** | $13262 | $12391 |
| **4/17** | $13496 | $12662 |
| **5/17** | $13606 | $13037 |
| **6/17** | $13533 | $13168 |
| **7/17** | $14272 | $13953 |
| **8/17** | $14563 | $14264 |
| **9/17** | $14453 | $14208 |
| **10/17** | $14791 | $14706 |
| **11/17** | $14747 | $14735 |
| **12/17** | $15349 | $15264 |
| **1/18** | $16601 | $16536 |
| **2/18** | $15863 | $15774 |
| **3/18** | $15647 | $15480 |
| **4/18** | $15178 | $15412 |
| **5/18** | $14157 | $14866 |
| **6/18** | $13509 | $14248 |
| **7/18** | $13911 | $14561 |
| **8/18** | $13167 | $14167 |
| **9/18** | $13280 | $14092 |
| **10/18** | $12584 | $12865 |
| **11/18** | $12995 | $13395 |
| **12/18** | $12538 | $13040 |
| **1/19** | $13987 | $14182 |
| **2/19** | $13554 | $14214 |
| **3/19** | $13471 | $14333 |
| **4/19** | $13774 | $14635 |
| **5/19** | $13160 | $13573 |
| **6/19** | $13827 | $14420 |
| **7/19** | $13532 | $14244 |
| **8/19** | $12819 | $13549 |
| **9/19** | $13286 | $13808 |
| **10/19** | $13783 | $14390 |
| **11/19** | $13776 | $14370 |
| **12/19** | $14761 | $15443 |
| **1/20** | $13853 | $14723 |
| **2/20** | $12907 | $13946 |
| **3/20** | $10308 | $11798 |
| **4/20** | $11045 | $12879 |
| **5/20** | $11255 | $12978 |
| **6/20** | $11588 | $13932 |
| **7/20** | $12201 | $15176 |
| **8/20** | $12072 | $15512 |
| **9/20** | $11876 | $15263 |
| **10/20** | $11876 | $15578 |
| **11/20** | $13559 | $17018 |
| **12/20** | $14718 | $18269 |
| **1/21** | $14758 | $18829 |
| **2/21** | $15043 | $18974 |
| **3/21** | $15447 | $18687 |
| **4/21** | $15605 | $19152 |
| **5/21** | $16389 | $19596 |
| **6/21** | $16286 | $19630 |
| **7/21** | $15597 | $18309 |
| **8/21** | $16004 | $18788 |
| **9/21** | $15537 | $18042 |
| **10/21** | $15561 | $18220 |
| **11/21** | $14876 | $17477 |
| **12/21** | $15474 | $17805 |
| **1/22** | $15780 | $17468 |
| **2/22** | $15085 | $16946 |
| **3/22** | $14837 | $16563 |
| **4/22** | $14075 | $15642 |
| **5/22** | $14539 | $15711 |
| **6/22** | $13124 | $14667 |
| **7/22** | $13265 | $14631 |
| **8/22** | $13082 | $14692 |
| **9/22** | $11701 | $12969 |
| **10/22** | $11841 | $12567 |
| **11/22** | $13505 | $14431 |
| **12/22** | $13138 | $14228 |
| **1/23** | $14307 | $15351 |
| **2/23** | $13793 | $14356 |
| **3/23** | $14168 | $14791 |
| **4/23** | $14290 | $14623 |
| **5/23** | $13976 | $14377 |
| **6/23** | $14866 | $14923 |
| **7/23** | $15476 | $15852 |
| **8/23** | $14805 | $14876 |
| **9/23** | $14665 | $14487 |
| **10/23** | $14369 | $13924 |
| **11/23** | $15389 | $15038 |
| **12/23** | $16032 | $15626 |
| **1/24** | $15482 | $14901 |
| **2/24** | $16168 | $15609 |
| **3/24** | $16420 | $15996 |
| **4/24** | $16520 | $16068 |
| **5/24** | $16917 | $16159 |
| **6/24** | $17341 | $16796 |
| **7/24** | $17486 | $16846 |
| **8/24** | $17946 | $17118 |
| **9/24** | $18975 | $18261 |
| **10/24** | $17847 | $17449 |
| **11/24** | $17431 | $16822 |
| **12/24** | $17211 | $16799 |
| **1/25** | $17971 | $17099 |
| **2/25** | $17971 | $17182 |
| **3/25** | $18268 | $17291 |
| **4/25** | $18732 | $17518 |
| **5/25** | $19492 | $18265 |
| **6/25** | $20688 | $19363 |
| **7/25** | $20809 | $19741 |
| **8/25** | $21300 | $19994 |
| **9/25** | $22061 | $21424 |
| **10/25** | $23303 | $22319 |
| **11/25** | $23582 | $21786 |
| **12/25** | $24271 | $22437 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 41.02% | 10.52% | 9.27% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $6586531524 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $45342733 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5% |
| SK Hynix, Inc. | 3.9% |
| ASE Technology Holding Co. Ltd. | 2.7% |
| China Construction Bank Corp., Class H | 2.2% |
| Wiwynn Corp. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |
| Indus Towers Ltd. | 1.7% |
| MediaTek, Inc. | 1.7% |
| KB Financial Group, Inc. | 1.6% |
| Quanta Computer, Inc. | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.7% |
| Information Technology | 23.0% |
| Consumer Discretionary | 9.2% |
| Communication Services | 7.9% |
| Industrials | 7.7% |
| Consumer Staples | 6.4% |
| Energy | 5.8% |
| Materials | 5.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 5.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Emerging Markets Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLEMX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Emerging Markets Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $129 | 1.07% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector boosted relative performance, as did stock selection in Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the materials sector and to South Africa contributed, as did lower-than-benchmark exposure to the real estate sector and to India.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were chipmakers SK Hynix and Taiwan Semiconductor Manufacturing Company.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the materials sector undercut relative performance, as did stock selection in Brazil.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Higher-than-benchmark exposure to the consumer staples sector and to Indonesia detracted, as did lower-than-benchmark exposure to the information technology sector and to Taiwan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were information technology services provider Tata Consultancy and drugmaker Sinopharm.

## **Portfolio Performance**![Growth of 10K Chart](id69fb61f6552907a27604d4c.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI Emerging Markets Index** |
| **12/15** | $1000000 | $1000000 |
| **01/16** | $971726 | $935126 |
| **02/16** | $953125 | $933596 |
| **03/16** | $1087054 | $1057136 |
| **04/16** | $1119792 | $1062882 |
| **05/16** | $1076637 | $1023234 |
| **06/16** | $1139137 | $1064130 |
| **07/16** | $1192708 | $1117679 |
| **08/16** | $1209221 | $1145455 |
| **09/16** | $1239901 | $1160185 |
| **10/16** | $1247384 | $1162951 |
| **11/16** | $1177045 | $1109419 |
| **12/16** | $1205156 | $1111868 |
| **01/17** | $1264054 | $1172713 |
| **02/17** | $1298789 | $1208612 |
| **03/17** | $1330504 | $1239121 |
| **04/17** | $1354668 | $1266249 |
| **05/17** | $1365994 | $1303685 |
| **06/17** | $1359198 | $1316809 |
| **07/17** | $1433199 | $1395304 |
| **08/17** | $1462412 | $1426426 |
| **09/17** | $1451787 | $1420755 |
| **10/17** | $1485938 | $1470561 |
| **11/17** | $1482144 | $1473512 |
| **12/17** | $1542807 | $1526407 |
| **01/18** | $1669191 | $1653627 |
| **02/18** | $1595210 | $1577363 |
| **03/18** | $1574403 | $1548035 |
| **04/18** | $1527394 | $1541187 |
| **05/18** | $1424900 | $1486576 |
| **06/18** | $1360167 | $1424813 |
| **07/18** | $1401010 | $1456112 |
| **08/18** | $1326385 | $1416741 |
| **09/18** | $1337986 | $1409218 |
| **10/18** | $1268380 | $1286499 |
| **11/18** | $1309371 | $1339515 |
| **12/18** | $1263729 | $1304030 |
| **01/19** | $1410089 | $1418208 |
| **02/19** | $1366023 | $1421396 |
| **03/19** | $1358941 | $1433326 |
| **04/19** | $1389630 | $1463498 |
| **05/19** | $1327466 | $1357305 |
| **06/19** | $1395138 | $1442015 |
| **07/19** | $1366023 | $1424382 |
| **08/19** | $1294464 | $1354934 |
| **09/19** | $1342113 | $1380800 |
| **10/19** | $1392144 | $1439028 |
| **11/19** | $1391350 | $1437048 |
| **12/19** | $1490939 | $1544259 |
| **01/20** | $1399723 | $1472265 |
| **02/20** | $1304471 | $1394633 |
| **03/20** | $1042931 | $1179831 |
| **04/20** | $1117195 | $1287869 |
| **05/20** | $1138183 | $1297759 |
| **06/20** | $1172894 | $1393157 |
| **07/20** | $1235050 | $1517649 |
| **08/20** | $1222472 | $1551197 |
| **09/20** | $1202821 | $1526317 |
| **10/20** | $1202002 | $1557759 |
| **11/20** | $1373132 | $1701832 |
| **12/20** | $1491078 | $1826938 |
| **01/21** | $1496037 | $1882949 |
| **02/21** | $1524966 | $1897353 |
| **03/21** | $1566293 | $1868697 |
| **04/21** | $1582823 | $1915224 |
| **05/21** | $1662171 | $1959639 |
| **06/21** | $1652253 | $1963016 |
| **07/21** | $1582823 | $1830908 |
| **08/21** | $1624485 | $1878833 |
| **09/21** | $1577350 | $1804167 |
| **10/21** | $1579875 | $1821961 |
| **11/21** | $1510855 | $1747713 |
| **12/21** | $1572169 | $1780507 |
| **01/22** | $1604254 | $1746803 |
| **02/22** | $1534013 | $1694591 |
| **03/22** | $1508866 | $1656318 |
| **04/22** | $1431688 | $1564183 |
| **05/22** | $1478515 | $1571070 |
| **06/22** | $1335433 | $1466673 |
| **07/22** | $1349307 | $1463070 |
| **08/22** | $1331097 | $1469178 |
| **09/22** | $1191484 | $1296943 |
| **10/22** | $1205358 | $1256675 |
| **11/22** | $1375322 | $1443062 |
| **12/22** | $1338609 | $1422779 |
| **01/23** | $1457963 | $1535123 |
| **02/23** | $1406549 | $1435582 |
| **03/23** | $1444192 | $1479062 |
| **04/23** | $1457045 | $1462300 |
| **05/23** | $1425829 | $1437739 |
| **06/23** | $1515804 | $1492330 |
| **07/23** | $1579154 | $1585230 |
| **08/23** | $1510296 | $1487579 |
| **09/23** | $1496524 | $1448676 |
| **10/23** | $1467144 | $1392388 |
| **11/23** | $1570891 | $1503821 |
| **12/23** | $1638075 | $1562611 |
| **01/24** | $1581820 | $1490053 |
| **02/24** | $1652377 | $1560939 |
| **03/24** | $1678121 | $1599618 |
| **04/24** | $1688610 | $1606775 |
| **05/24** | $1729609 | $1615851 |
| **06/24** | $1773469 | $1679586 |
| **07/24** | $1788725 | $1684584 |
| **08/24** | $1836399 | $1711783 |
| **09/24** | $1941281 | $1826087 |
| **10/24** | $1826864 | $1744875 |
| **11/24** | $1784911 | $1682181 |
| **12/24** | $1762412 | $1679871 |
| **01/25** | $1840064 | $1709891 |
| **02/25** | $1841047 | $1718175 |
| **03/25** | $1871518 | $1729052 |
| **04/25** | $1919682 | $1751773 |
| **05/25** | $1998317 | $1826508 |
| **06/25** | $2121185 | $1936331 |
| **07/25** | $2133963 | $1974068 |
| **08/25** | $2185076 | $1999389 |
| **09/25** | $2262728 | $2142414 |
| **10/25** | $2391493 | $2231947 |
| **11/25** | $2419999 | $2178570 |
| **12/25** | $2491447 | $2243738 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 41.37% | 10.81% | 9.56% |
| MSCI Emerging Markets Index | 33.57% | 4.20% | 8.42% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $6586531524 |
| # of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $45342733 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4.5% |
| SK Hynix, Inc. | 3.9% |
| ASE Technology Holding Co. Ltd. | 2.7% |
| China Construction Bank Corp., Class H | 2.2% |
| Wiwynn Corp. | 1.8% |
| Shinhan Financial Group Co. Ltd. | 1.7% |
| Indus Towers Ltd. | 1.7% |
| MediaTek, Inc. | 1.7% |
| KB Financial Group, Inc. | 1.6% |
| Quanta Computer, Inc. | 1.6% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 25.7% |
| Information Technology | 23.0% |
| Consumer Discretionary | 9.2% |
| Communication Services | 7.9% |
| Industrials | 7.7% |
| Consumer Staples | 6.4% |
| Energy | 5.8% |
| Materials | 5.5% |
| Health Care | 3.2% |
| Other (includes short-term investments) | 5.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Enhanced Opportunities Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEOIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $143 | 1.36% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's net carry (coupon, net of dividend and financing costs) averaged approximately 1.7% throughout the year, positively contributing to returns.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Volatility yield, the return generated through the team's active hedging and re-hedging of the equity underlying a convertible, was a consistent positive contributor throughout the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Special-situations trades consistently added to returns, as convertible issuers looked to address their capital structure needs by repurchasing debt and/or extending maturities (i.e., buybacks and exchange offers) at a premium to market price.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Basis richening, the outperformance of a long convertible bond position versus its short stock hedge, was a positive dynamic throughout the year, driven mostly by an increase in underlying equity volatility, a decline in interest rates (particularly inside of 5-years), and robust primary issuance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Portfolio-level macro hedges detracted from returns for the year. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Use of derivatives (currency forwards, total return swaps, and options) contributed positively to returns.

## **Portfolio Performance**![Growth of 10K Chart](id51e0ed6da98d503bedca8dd.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **US Universal Index** | **HFRX Global Hedge Fund Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9978 | $10110 | $9724 |
| **2/16** | $10022 | $10182 | $9692 |
| **3/16** | $10034 | $10307 | $9813 |
| **4/16** | $10146 | $10377 | $9853 |
| **5/16** | $10112 | $10385 | $9898 |
| **6/16** | $10157 | $10568 | $9917 |
| **7/16** | $10281 | $10655 | $10062 |
| **8/16** | $10371 | $10667 | $10078 |
| **9/16** | $10394 | $10669 | $10133 |
| **10/16** | $10326 | $10598 | $10075 |
| **11/16** | $10360 | $10360 | $10163 |
| **12/16** | $10427 | $10391 | $10250 |
| **1/17** | $10519 | $10428 | $10302 |
| **2/17** | $10564 | $10508 | $10417 |
| **3/17** | $10621 | $10505 | $10420 |
| **4/17** | $10690 | $10592 | $10465 |
| **5/17** | $10701 | $10674 | $10490 |
| **6/17** | $10804 | $10664 | $10513 |
| **7/17** | $10918 | $10718 | $10610 |
| **8/17** | $10899 | $10810 | $10641 |
| **9/17** | $10911 | $10772 | $10705 |
| **10/17** | $10934 | $10785 | $10778 |
| **11/17** | $10969 | $10769 | $10786 |
| **12/17** | $11006 | $10816 | $10864 |
| **1/18** | $11019 | $10712 | $11130 |
| **2/18** | $11082 | $10610 | $10860 |
| **3/18** | $11095 | $10664 | $10754 |
| **4/18** | $11095 | $10593 | $10764 |
| **5/18** | $11095 | $10651 | $10792 |
| **6/18** | $11095 | $10635 | $10772 |
| **7/18** | $11095 | $10657 | $10756 |
| **8/18** | $11124 | $10710 | $10805 |
| **9/18** | $11150 | $10664 | $10730 |
| **10/18** | $11035 | $10575 | $10397 |
| **11/18** | $11048 | $10622 | $10333 |
| **12/18** | $10848 | $10789 | $10134 |
| **1/19** | $10992 | $10937 | $10349 |
| **2/19** | $11057 | $10949 | $10415 |
| **3/19** | $11253 | $11147 | $10397 |
| **4/19** | $11344 | $11163 | $10466 |
| **5/19** | $11397 | $11334 | $10394 |
| **6/19** | $11488 | $11494 | $10562 |
| **7/19** | $11579 | $11528 | $10643 |
| **8/19** | $11577 | $11789 | $10684 |
| **9/19** | $11590 | $11738 | $10732 |
| **10/19** | $11550 | $11776 | $10765 |
| **11/19** | $11577 | $11773 | $10875 |
| **12/19** | $11656 | $11791 | $11008 |
| **1/20** | $11722 | $12003 | $11053 |
| **2/20** | $11708 | $12182 | $10894 |
| **3/20** | $10825 | $11944 | $10253 |
| **4/20** | $11023 | $12184 | $10548 |
| **5/20** | $11128 | $12297 | $10700 |
| **6/20** | $11339 | $12400 | $10888 |
| **7/20** | $11656 | $12618 | $11035 |
| **8/20** | $11990 | $12545 | $11205 |
| **9/20** | $12016 | $12522 | $11186 |
| **10/20** | $12123 | $12478 | $11162 |
| **11/20** | $12508 | $12640 | $11476 |
| **12/20** | $12806 | $12684 | $11757 |
| **1/21** | $13045 | $12604 | $11738 |
| **2/21** | $13383 | $12442 | $11916 |
| **3/21** | $13242 | $12297 | $11909 |
| **4/21** | $13284 | $12400 | $12103 |
| **5/21** | $13298 | $12448 | $12150 |
| **6/21** | $13340 | $12538 | $12196 |
| **7/21** | $13495 | $12664 | $12142 |
| **8/21** | $13572 | $12656 | $12225 |
| **9/21** | $13687 | $12548 | $12178 |
| **10/21** | $13715 | $12538 | $12288 |
| **11/21** | $13658 | $12553 | $12129 |
| **12/21** | $13708 | $12544 | $12187 |
| **1/22** | $13679 | $12269 | $12008 |
| **2/22** | $13635 | $12102 | $11965 |
| **3/22** | $13577 | $11777 | $12022 |
| **4/22** | $13445 | $11338 | $11914 |
| **5/22** | $13005 | $11400 | $11783 |
| **6/22** | $12654 | $11173 | $11572 |
| **7/22** | $12683 | $11453 | $11634 |
| **8/22** | $12978 | $11156 | $11744 |
| **9/22** | $12542 | $10675 | $11631 |
| **10/22** | $12526 | $10558 | $11640 |
| **11/22** | $12511 | $10952 | $11657 |
| **12/22** | $12695 | $10914 | $11650 |
| **1/23** | $13139 | $11253 | $11845 |
| **2/23** | $13238 | $10976 | $11789 |
| **3/23** | $12991 | $11234 | $11649 |
| **4/23** | $13073 | $11303 | $11689 |
| **5/23** | $13205 | $11185 | $11635 |
| **6/23** | $13336 | $11168 | $11723 |
| **7/23** | $13501 | $11179 | $11784 |
| **8/23** | $13550 | $11112 | $11823 |
| **9/23** | $13600 | $10847 | $11811 |
| **10/23** | $13238 | $10684 | $11714 |
| **11/23** | $13353 | $11165 | $11847 |
| **12/23** | $13587 | $11588 | $12011 |
| **1/24** | $13670 | $11560 | $12050 |
| **2/24** | $13888 | $11422 | $12160 |
| **3/24** | $14038 | $11534 | $12313 |
| **4/24** | $14055 | $11264 | $12247 |
| **5/24** | $14222 | $11451 | $12320 |
| **6/24** | $14322 | $11556 | $12359 |
| **7/24** | $14489 | $11818 | $12450 |
| **8/24** | $14640 | $11992 | $12502 |
| **9/24** | $14829 | $12157 | $12621 |
| **10/24** | $14881 | $11881 | $12538 |
| **11/24** | $15001 | $12006 | $12642 |
| **12/24** | $15055 | $11824 | $12644 |
| **1/25** | $15214 | $11896 | $12770 |
| **2/25** | $15460 | $12142 | $12807 |
| **3/25** | $15742 | $12139 | $12711 |
| **4/25** | $15812 | $12182 | $12656 |
| **5/25** | $15847 | $12120 | $12805 |
| **6/25** | $15847 | $12309 | $12945 |
| **7/25** | $15953 | $12291 | $13020 |
| **8/25** | $16100 | $12439 | $13166 |
| **9/25** | $16259 | $12571 | $13358 |
| **10/25** | $16490 | $12654 | $13449 |
| **11/25** | $16507 | $12730 | $13468 |
| **12/25** | $16685 | $12721 | $13546 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 10.82% | 5.43% | 5.25% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| HFRX Global Hedge Fund Index | 7.14% | 2.87% | 3.08% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $60219105 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 857% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $404279 |

---

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

---

| | |
|:---|:---|
| Wayfair, Inc., 3.250%, due 09/15/27 | 4.3% |
| CONMED Corp., 2.250%, due 06/15/27 | 1.8% |
| Exact Sciences Corp., 0.375%, due 03/15/27 | 1.6% |
| Dropbox, Inc., 0.000%, due 03/01/26 | 1.5% |
| Bridgebio Pharma, Inc., 2.500%, due 03/15/27 | 1.5% |
| BioMarin Pharmaceutical, Inc., 1.250%, due 05/15/27 | 1.5% |
| Etsy, Inc., 0.250%, due 06/15/28 | 1.5% |
| Sirius XM Holdings, Inc., 3.750%, due 03/15/28 | 1.4% |
| Bill Holdings, Inc., 0.000%, due 04/01/30 | 1.3% |
| Bloom Energy Corp., 3.000%, due 06/01/28 | 1.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 43.9% |
| Information Technology | 15.1% |
| Consumer Staples | 13.9% |
| Communication Services | 12.3% |
| Consumer Discretionary | 5.6% |
| Financials | 5.5% |
| Industrials | 2.7% |
| Other (includes short-term investments) | 1.0% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 24, 2025, Lazard Asset Management LLC, the Portfolio's Investment Manager, agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, to the extent Total Annual Portfolio Operating Expenses exceed 1.20% of the average daily net assets of the Portfolio's Institutional Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Enhanced Opportunities Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LEOOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Enhanced Opportunities Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $170 | 1.61% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's net carry (coupon, net of dividend and financing costs) averaged approximately 1.7% throughout the year, positively contributing to returns.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Volatility yield, the return generated through the team's active hedging and re-hedging of the equity underlying a convertible, was a consistent positive contributor throughout the year.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Special-situations trades consistently added to returns, as convertible issuers looked to address their capital structure needs by repurchasing debt and/or extending maturities (i.e., buybacks and exchange offers) at a premium to market price.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Basis richening, the outperformance of a long convertible bond position versus its short stock hedge, was a positive dynamic throughout the year, driven mostly by an increase in underlying equity volatility, a decline in interest rates (particularly inside of 5-years), and robust primary issuance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Portfolio-level macro hedges detracted from returns for the year. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Use of derivatives (currency forwards, total return swaps, and options) contributed positively to returns.

## **Portfolio Performance**![Growth of 10K Chart](i355f336941c231a87fb8e84b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **US Universal Index** | **HFRX Global Hedge Fund Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9966 | $10110 | $9724 |
| **2/16** | $10011 | $10182 | $9692 |
| **3/16** | $10022 | $10307 | $9813 |
| **4/16** | $10135 | $10377 | $9853 |
| **5/16** | $10101 | $10385 | $9898 |
| **6/16** | $10146 | $10568 | $9917 |
| **7/16** | $10259 | $10655 | $10062 |
| **8/16** | $10349 | $10667 | $10078 |
| **9/16** | $10371 | $10669 | $10133 |
| **10/16** | $10304 | $10598 | $10075 |
| **11/16** | $10337 | $10360 | $10163 |
| **12/16** | $10402 | $10391 | $10250 |
| **1/17** | $10493 | $10428 | $10302 |
| **2/17** | $10538 | $10508 | $10417 |
| **3/17** | $10584 | $10505 | $10420 |
| **4/17** | $10641 | $10592 | $10465 |
| **5/17** | $10652 | $10674 | $10490 |
| **6/17** | $10755 | $10664 | $10513 |
| **7/17** | $10869 | $10718 | $10610 |
| **8/17** | $10850 | $10810 | $10641 |
| **9/17** | $10861 | $10772 | $10705 |
| **10/17** | $10885 | $10785 | $10778 |
| **11/17** | $10919 | $10769 | $10786 |
| **12/17** | $10951 | $10816 | $10864 |
| **1/18** | $10951 | $10712 | $11130 |
| **2/18** | $11014 | $10610 | $10860 |
| **3/18** | $11027 | $10664 | $10754 |
| **4/18** | $11014 | $10593 | $10764 |
| **5/18** | $11014 | $10651 | $10792 |
| **6/18** | $11027 | $10635 | $10772 |
| **7/18** | $11027 | $10657 | $10756 |
| **8/18** | $11043 | $10710 | $10805 |
| **9/18** | $11069 | $10664 | $10730 |
| **10/18** | $10954 | $10575 | $10397 |
| **11/18** | $10967 | $10622 | $10333 |
| **12/18** | $10766 | $10789 | $10134 |
| **1/19** | $10896 | $10937 | $10349 |
| **2/19** | $10974 | $10949 | $10415 |
| **3/19** | $11142 | $11147 | $10397 |
| **4/19** | $11246 | $11163 | $10466 |
| **5/19** | $11298 | $11334 | $10394 |
| **6/19** | $11388 | $11494 | $10562 |
| **7/19** | $11466 | $11528 | $10643 |
| **8/19** | $11463 | $11789 | $10684 |
| **9/19** | $11463 | $11738 | $10732 |
| **10/19** | $11437 | $11776 | $10765 |
| **11/19** | $11450 | $11773 | $10875 |
| **12/19** | $11542 | $11791 | $11008 |
| **1/20** | $11607 | $12003 | $11053 |
| **2/20** | $11594 | $12182 | $10894 |
| **3/20** | $10717 | $11944 | $10253 |
| **4/20** | $10914 | $12184 | $10548 |
| **5/20** | $11005 | $12297 | $10700 |
| **6/20** | $11202 | $12400 | $10888 |
| **7/20** | $11489 | $12618 | $11035 |
| **8/20** | $11804 | $12545 | $11205 |
| **9/20** | $11831 | $12522 | $11186 |
| **10/20** | $11936 | $12478 | $11162 |
| **11/20** | $12317 | $12640 | $11476 |
| **12/20** | $12649 | $12684 | $11757 |
| **1/21** | $12885 | $12604 | $11738 |
| **2/21** | $13204 | $12442 | $11916 |
| **3/21** | $13079 | $12297 | $11909 |
| **4/21** | $13121 | $12400 | $12103 |
| **5/21** | $13121 | $12448 | $12150 |
| **6/21** | $13163 | $12538 | $12196 |
| **7/21** | $13301 | $12664 | $12142 |
| **8/21** | $13377 | $12656 | $12225 |
| **9/21** | $13490 | $12548 | $12178 |
| **10/21** | $13519 | $12538 | $12288 |
| **11/21** | $13476 | $12553 | $12129 |
| **12/21** | $13507 | $12544 | $12187 |
| **1/22** | $13478 | $12269 | $12008 |
| **2/22** | $13435 | $12102 | $11965 |
| **3/22** | $13363 | $11777 | $12022 |
| **4/22** | $13248 | $11338 | $11914 |
| **5/22** | $12815 | $11400 | $11783 |
| **6/22** | $12455 | $11173 | $11572 |
| **7/22** | $12498 | $11453 | $11634 |
| **8/22** | $12774 | $11156 | $11744 |
| **9/22** | $12344 | $10675 | $11631 |
| **10/22** | $12329 | $10558 | $11640 |
| **11/22** | $12314 | $10952 | $11657 |
| **12/22** | $12501 | $10914 | $11650 |
| **1/23** | $12921 | $11253 | $11845 |
| **2/23** | $13017 | $10976 | $11789 |
| **3/23** | $12776 | $11234 | $11649 |
| **4/23** | $12856 | $11303 | $11689 |
| **5/23** | $12985 | $11185 | $11635 |
| **6/23** | $13114 | $11168 | $11723 |
| **7/23** | $13259 | $11179 | $11784 |
| **8/23** | $13308 | $11112 | $11823 |
| **9/23** | $13356 | $10847 | $11811 |
| **10/23** | $13001 | $10684 | $11714 |
| **11/23** | $13114 | $11165 | $11847 |
| **12/23** | $13330 | $11588 | $12011 |
| **1/24** | $13428 | $11560 | $12050 |
| **2/24** | $13625 | $11422 | $12160 |
| **3/24** | $13772 | $11534 | $12313 |
| **4/24** | $13788 | $11264 | $12247 |
| **5/24** | $13935 | $11451 | $12320 |
| **6/24** | $14050 | $11556 | $12359 |
| **7/24** | $14197 | $11818 | $12450 |
| **8/24** | $14344 | $11992 | $12502 |
| **9/24** | $14530 | $12157 | $12621 |
| **10/24** | $14580 | $11881 | $12538 |
| **11/24** | $14681 | $12006 | $12642 |
| **12/24** | $14748 | $11824 | $12644 |
| **1/25** | $14885 | $11896 | $12770 |
| **2/25** | $15143 | $12142 | $12807 |
| **3/25** | $15401 | $12139 | $12711 |
| **4/25** | $15538 | $12182 | $12656 |
| **5/25** | $15573 | $12120 | $12805 |
| **6/25** | $15573 | $12309 | $12945 |
| **7/25** | $15676 | $12291 | $13020 |
| **8/25** | $15802 | $12439 | $13166 |
| **9/25** | $15957 | $12571 | $13358 |
| **10/25** | $16182 | $12654 | $13449 |
| **11/25** | $16200 | $12730 | $13468 |
| **12/25** | $16355 | $12721 | $13546 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 10.90% | 5.27% | 5.04% |
| US Universal Index | 7.58% | 0.06% | 2.44% |
| HFRX Global Hedge Fund Index | 7.14% | 2.87% | 3.08% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $60219105 |
| # of Portfolio Holdings | 216 |
| Portfolio Turnover Rate | 857% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $404279 |

---

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

---

| | |
|:---|:---|
| Wayfair, Inc., 3.250%, due 09/15/27 | 4.3% |
| CONMED Corp., 2.250%, due 06/15/27 | 1.8% |
| Exact Sciences Corp., 0.375%, due 03/15/27 | 1.6% |
| Dropbox, Inc., 0.000%, due 03/01/26 | 1.5% |
| Bridgebio Pharma, Inc., 2.500%, due 03/15/27 | 1.5% |
| BioMarin Pharmaceutical, Inc., 1.250%, due 05/15/27 | 1.5% |
| Etsy, Inc., 0.250%, due 06/15/28 | 1.5% |
| Sirius XM Holdings, Inc., 3.750%, due 03/15/28 | 1.4% |
| Bill Holdings, Inc., 0.000%, due 04/01/30 | 1.3% |
| Bloom Energy Corp., 3.000%, due 06/01/28 | 1.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Securities | 43.9% |
| Information Technology | 15.1% |
| Consumer Staples | 13.9% |
| Communication Services | 12.3% |
| Consumer Discretionary | 5.6% |
| Financials | 5.5% |
| Industrials | 2.7% |
| Other (includes short-term investments) | 1.0% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective June 24, 2025, Lazard Asset Management LLC, the Portfolio's Investment Manager, agreed to waive its fee and, if necessary, reimburse the Portfolio until May 1, 2026, to the extent Total Annual Portfolio Operating Expenses exceed 1.45% of the average daily net assets of the Portfolio's Open Shares, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds," fees and expenses related to filing foreign tax reclaims and extraordinary expenses.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Equity Franchise Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZFIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $97 | 0.95% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Equity Franchise is a benchmark-unaware strategy and does not reference the index when it comes to stock selection.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of CVS Health rose after the diversified health care company reported full-year 2024 results that highlighted an earnings recovery at AETNA, its health insurance business.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of SES gained after the satellite fleet operator delivered strong operational results, including successful medium Earth orbit satellite connectivity for government and mobility customers and the completion of its acquisition of Intelsat, which management said created meaningful operating synergies.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The stock price of Fiserv fell after the financial technology company reported disappointing third-quarter results and cut its revenue and earnings guidance for 2025 and 2026.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The fall in the stock price of France-based vouchers and cards provider Edenred was attributed to reports that France's new prime minister was considering an 8% tax on employer benefit contributions, raising concerns that employers might reduce their contributions, weakening demand for meal vouchers.

## **Portfolio Performance**![Growth of 10K Chart](idd9c3e4d6fe850471de32e18.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** |
| **9/17** | $10000 | $10000 |
| **9/17** | $10000 | $10000 |
| **10/17** | $9950 | $10000 |
| **11/17** | $10390 | $10217 |
| **12/17** | $10425 | $10355 |
| **1/18** | $11038 | $10902 |
| **2/18** | $10475 | $10450 |
| **3/18** | $10284 | $10222 |
| **4/18** | $10706 | $10340 |
| **5/18** | $10626 | $10404 |
| **6/18** | $10576 | $10399 |
| **7/18** | $10786 | $10724 |
| **8/18** | $10880 | $10857 |
| **9/18** | $11001 | $10917 |
| **10/18** | $10668 | $10116 |
| **11/18** | $10940 | $10231 |
| **12/18** | $9893 | $9453 |
| **1/19** | $10699 | $10188 |
| **2/19** | $10945 | $10495 |
| **3/19** | $10609 | $10632 |
| **4/19** | $11437 | $11010 |
| **5/19** | $10497 | $10374 |
| **6/19** | $11169 | $11058 |
| **7/19** | $11169 | $11113 |
| **8/19** | $10650 | $10885 |
| **9/19** | $11323 | $11117 |
| **10/19** | $11547 | $11400 |
| **11/19** | $11794 | $11717 |
| **12/19** | $12040 | $12068 |
| **1/20** | $11590 | $11995 |
| **2/20** | $10323 | $10981 |
| **3/20** | $8027 | $9528 |
| **4/20** | $9104 | $10569 |
| **5/20** | $9495 | $11079 |
| **6/20** | $9518 | $11372 |
| **7/20** | $9944 | $11916 |
| **8/20** | $10148 | $12712 |
| **9/20** | $9982 | $12274 |
| **10/20** | $9888 | $11897 |
| **11/20** | $11676 | $13419 |
| **12/20** | $12178 | $13988 |
| **1/21** | $12142 | $13849 |
| **2/21** | $12381 | $14203 |
| **3/21** | $13172 | $14676 |
| **4/21** | $13771 | $15359 |
| **5/21** | $14561 | $15580 |
| **6/21** | $14238 | $15812 |
| **7/21** | $14202 | $16096 |
| **8/21** | $14334 | $16496 |
| **9/21** | $14046 | $15811 |
| **10/21** | $14286 | $16707 |
| **11/21** | $13902 | $16341 |
| **12/21** | $14949 | $17039 |
| **1/22** | $14728 | $16138 |
| **2/22** | $15019 | $15729 |
| **3/22** | $15684 | $16161 |
| **4/22** | $14963 | $14819 |
| **5/22** | $15310 | $14830 |
| **6/22** | $13868 | $13545 |
| **7/22** | $14395 | $14621 |
| **8/22** | $13925 | $14009 |
| **9/22** | $12511 | $12707 |
| **10/22** | $13657 | $13620 |
| **11/22** | $14689 | $14567 |
| **12/22** | $14171 | $13948 |
| **1/23** | $15547 | $14935 |
| **2/23** | $15219 | $14576 |
| **3/23** | $15313 | $15026 |
| **4/23** | $15797 | $15290 |
| **5/23** | $15140 | $15137 |
| **6/23** | $16095 | $16052 |
| **7/23** | $16454 | $16592 |
| **8/23** | $16063 | $16195 |
| **9/23** | $15313 | $15497 |
| **10/23** | $14515 | $15047 |
| **11/23** | $15844 | $16458 |
| **12/23** | $16821 | $17266 |
| **1/24** | $16515 | $17473 |
| **2/24** | $16838 | $18214 |
| **3/24** | $17008 | $18799 |
| **4/24** | $16089 | $18101 |
| **5/24** | $16379 | $18909 |
| **6/24** | $16072 | $19294 |
| **7/24** | $17331 | $19634 |
| **8/24** | $17824 | $20153 |
| **9/24** | $18164 | $20522 |
| **10/24** | $17297 | $20115 |
| **11/24** | $17433 | $21038 |
| **12/24** | $16289 | $20490 |
| **1/25** | $16934 | $21213 |
| **2/25** | $17345 | $21060 |
| **3/25** | $17423 | $20122 |
| **4/25** | $17873 | $20301 |
| **5/25** | $18518 | $21503 |
| **6/25** | $18948 | $22431 |
| **7/25** | $17873 | $22719 |
| **8/25** | $18616 | $23312 |
| **9/25** | $18141 | $24061 |
| **10/25** | $17438 | $24543 |
| **11/25** | $16633 | $24613 |
| **12/25** | $16952 | $24812 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 9/29/17 |
| Institutional Shares | 4.07% | 6.84% | 6.60% |
| MSCI World Index | 21.09% | 12.15% | 11.90% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $37423317 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 96% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $565499 |

---

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

---

| | |
|:---|:---|
| Omnicom Group, Inc. | 6.9% |
| Nexi SpA | 6.5% |
| Brightstar Lottery PLC | 6.1% |
| Fiserv, Inc. | 5.4% |
| Edenred SE | 5.1% |
| FDJ UNITED | 5.0% |
| Baxter International, Inc. | 4.9% |
| H&R Block, Inc. | 4.6% |
| Dentsply Sirona, Inc. | 4.1% |
| Nice Ltd. ADR | 4.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 22.6% |
| Consumer Discretionary | 15.7% |
| Health Care | 14.3% |
| Utilities | 12.8% |
| Consumer Staples | 10.9% |
| Communication Services | 10.7% |
| Industrials | 5.9% |
| Information Technology | 5.1% |
| Other (includes short-term investments) | 2.0% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Equity Franchise Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZFOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Equity Franchise Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $122 | 1.20% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Equity Franchise is a benchmark-unaware strategy and does not reference the index when it comes to stock selection.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of CVS Health rose after the diversified health care company reported full-year 2024 results that highlighted an earnings recovery at AETNA, its health insurance business.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Shares of SES gained after the satellite fleet operator delivered strong operational results, including successful medium Earth orbit satellite connectivity for government and mobility customers and the completion of its acquisition of Intelsat, which management said created meaningful operating synergies.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The stock price of Fiserv fell after the financial technology company reported disappointing third-quarter results and cut its revenue and earnings guidance for 2025 and 2026.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The fall in the stock price of France-based vouchers and cards provider Edenred was attributed to reports that France's new prime minister was considering an 8% tax on employer benefit contributions, raising concerns that employers might reduce their contributions, weakening demand for meal vouchers.

## **Portfolio Performance**![Growth of 10K Chart](i13f60817623e1cfefd1a9a27.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** |
| **9/17** | $10000 | $10000 |
| **9/17** | $10000 | $10000 |
| **10/17** | $9940 | $10000 |
| **11/17** | $10380 | $10217 |
| **12/17** | $10418 | $10355 |
| **1/18** | $11031 | $10902 |
| **2/18** | $10459 | $10450 |
| **3/18** | $10268 | $10222 |
| **4/18** | $10689 | $10340 |
| **5/18** | $10599 | $10404 |
| **6/18** | $10549 | $10399 |
| **7/18** | $10760 | $10724 |
| **8/18** | $10853 | $10857 |
| **9/18** | $10964 | $10917 |
| **10/18** | $10641 | $10116 |
| **11/18** | $10914 | $10231 |
| **12/18** | $9862 | $9453 |
| **1/19** | $10665 | $10188 |
| **2/19** | $10910 | $10495 |
| **3/19** | $10564 | $10632 |
| **4/19** | $11379 | $11010 |
| **5/19** | $10453 | $10374 |
| **6/19** | $11111 | $11058 |
| **7/19** | $11122 | $11113 |
| **8/19** | $10594 | $10885 |
| **9/19** | $11253 | $11117 |
| **10/19** | $11488 | $11400 |
| **11/19** | $11723 | $11717 |
| **12/19** | $11972 | $12068 |
| **1/20** | $11513 | $11995 |
| **2/20** | $10253 | $10981 |
| **3/20** | $7981 | $9528 |
| **4/20** | $9041 | $10569 |
| **5/20** | $9441 | $11079 |
| **6/20** | $9453 | $11372 |
| **7/20** | $9876 | $11916 |
| **8/20** | $10079 | $12712 |
| **9/20** | $9914 | $12274 |
| **10/20** | $9808 | $11897 |
| **11/20** | $11574 | $13419 |
| **12/20** | $12079 | $13988 |
| **1/21** | $12032 | $13849 |
| **2/21** | $12269 | $14203 |
| **3/21** | $13053 | $14676 |
| **4/21** | $13647 | $15359 |
| **5/21** | $14419 | $15580 |
| **6/21** | $14110 | $15812 |
| **7/21** | $14063 | $16096 |
| **8/21** | $14182 | $16496 |
| **9/21** | $13896 | $15811 |
| **10/21** | $14135 | $16707 |
| **11/21** | $13741 | $16341 |
| **12/21** | $14780 | $17039 |
| **1/22** | $14560 | $16138 |
| **2/22** | $14848 | $15729 |
| **3/22** | $15507 | $16161 |
| **4/22** | $14793 | $14819 |
| **5/22** | $15123 | $14830 |
| **6/22** | $13709 | $13545 |
| **7/22** | $14231 | $14621 |
| **8/22** | $13752 | $14009 |
| **9/22** | $12353 | $12707 |
| **10/22** | $13486 | $13620 |
| **11/22** | $14494 | $14567 |
| **12/22** | $13974 | $13948 |
| **1/23** | $15348 | $14935 |
| **2/23** | $15008 | $14576 |
| **3/23** | $15101 | $15026 |
| **4/23** | $15564 | $15290 |
| **5/23** | $14931 | $15137 |
| **6/23** | $15858 | $16052 |
| **7/23** | $16213 | $16592 |
| **8/23** | $15827 | $16195 |
| **9/23** | $15086 | $15497 |
| **10/23** | $14298 | $15047 |
| **11/23** | $15611 | $16458 |
| **12/23** | $16548 | $17266 |
| **1/24** | $16263 | $17473 |
| **2/24** | $16565 | $18214 |
| **3/24** | $16732 | $18799 |
| **4/24** | $15828 | $18101 |
| **5/24** | $16096 | $18909 |
| **6/24** | $15811 | $19294 |
| **7/24** | $17034 | $19634 |
| **8/24** | $17519 | $20153 |
| **9/24** | $17854 | $20522 |
| **10/24** | $16983 | $20115 |
| **11/24** | $17134 | $21038 |
| **12/24** | $15997 | $20490 |
| **1/25** | $16631 | $21213 |
| **2/25** | $17015 | $21060 |
| **3/25** | $17111 | $20122 |
| **4/25** | $17534 | $20301 |
| **5/25** | $18148 | $21503 |
| **6/25** | $18571 | $22431 |
| **7/25** | $17515 | $22719 |
| **8/25** | $18225 | $23312 |
| **9/25** | $17778 | $24061 |
| **10/25** | $17088 | $24543 |
| **11/25** | $16297 | $24613 |
| **12/25** | $16589 | $24812 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 9/29/17 |
| Open Shares | 3.70% | 6.55% | 6.32% |
| MSCI World Index | 21.09% | 12.15% | 11.90% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $37423317 |
| # of Portfolio Holdings | 27 |
| Portfolio Turnover Rate | 96% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $565499 |

---

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

---

| | |
|:---|:---|
| Omnicom Group, Inc. | 6.9% |
| Nexi SpA | 6.5% |
| Brightstar Lottery PLC | 6.1% |
| Fiserv, Inc. | 5.4% |
| Edenred SE | 5.1% |
| FDJ UNITED | 5.0% |
| Baxter International, Inc. | 4.9% |
| H&R Block, Inc. | 4.6% |
| Dentsply Sirona, Inc. | 4.1% |
| Nice Ltd. ADR | 4.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 22.6% |
| Consumer Discretionary | 15.7% |
| Health Care | 14.3% |
| Utilities | 12.8% |
| Consumer Staples | 10.9% |
| Communication Services | 10.7% |
| Industrials | 5.9% |
| Information Technology | 5.1% |
| Other (includes short-term investments) | 2.0% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Global Listed Infrastructure Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# GLIFX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $107 | 0.96% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)In the current market environment, we believe there are scarce valuation opportunities. As a result, we have positioned a relatively concentrated Portfolio where we believe the risk/return trade-off is favourable, however this brings a higher degree of stock-specific risk. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Italian gas utility Italgas continued its strong run along with an improved macroeconomic environment in Italy and upgraded long-term company guidance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Global transport infrastructure owner Ferrovial performed strongly during the year after positively surprising in its earnings results, demonstrating pricing power across its US Express Lane portfolio, while exhibiting low sensitivity to current macro volatility. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)US mobile tower operators, American Tower and Crown Castle underperformed due to a combination of sector-wide and company-specific factors. Higher interest rates have raised discount rates and funding costs for tower operators, while elevated customer churn has moderated new tower growth.

## **Portfolio Performance**![Growth of 10K Chart](i9f13fc1f8790554d1d8d0d50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **MSCI World Core Infrastructure (USD) Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9970 | $9402 | $9978 |
| **2/16** | $10015 | $9332 | $9961 |
| **3/16** | $10507 | $9965 | $10436 |
| **4/16** | $10604 | $10123 | $10552 |
| **5/16** | $10365 | $10180 | $10672 |
| **6/16** | $10338 | $10066 | $11078 |
| **7/16** | $10638 | $10491 | $11318 |
| **8/16** | $10593 | $10499 | $11046 |
| **9/16** | $10646 | $10555 | $11266 |
| **10/16** | $10457 | $10351 | $11091 |
| **11/16** | $10487 | $10500 | $10885 |
| **12/16** | $10930 | $10751 | $11226 |
| **1/17** | $10922 | $11011 | $11261 |
| **2/17** | $11470 | $11316 | $11639 |
| **3/17** | $12080 | $11437 | $11906 |
| **4/17** | $12405 | $11606 | $12095 |
| **5/17** | $13038 | $11851 | $12543 |
| **6/17** | $12682 | $11897 | $12361 |
| **7/17** | $12783 | $12182 | $12389 |
| **8/17** | $13182 | $12199 | $12687 |
| **9/17** | $13182 | $12473 | $12512 |
| **10/17** | $13245 | $12708 | $12813 |
| **11/17** | $13411 | $12984 | $13087 |
| **12/17** | $13204 | $13159 | $12912 |
| **1/18** | $12923 | $13854 | $12756 |
| **2/18** | $12263 | $13280 | $12192 |
| **3/18** | $12453 | $12991 | $12388 |
| **4/18** | $13123 | $13140 | $12696 |
| **5/18** | $12924 | $13222 | $12884 |
| **6/18** | $13256 | $13216 | $13232 |
| **7/18** | $13571 | $13629 | $13488 |
| **8/18** | $13271 | $13797 | $13366 |
| **9/18** | $13253 | $13874 | $13349 |
| **10/18** | $13210 | $12856 | $13065 |
| **11/18** | $13158 | $13002 | $13552 |
| **12/18** | $12711 | $12013 | $12979 |
| **1/19** | $13445 | $12948 | $14023 |
| **2/19** | $13783 | $13337 | $14483 |
| **3/19** | $13915 | $13512 | $15042 |
| **4/19** | $14284 | $13991 | $15191 |
| **5/19** | $14057 | $13184 | $15170 |
| **6/19** | $14538 | $14053 | $15533 |
| **7/19** | $14633 | $14122 | $15610 |
| **8/19** | $14628 | $13833 | $15845 |
| **9/19** | $14978 | $14128 | $16085 |
| **10/19** | $15241 | $14487 | $16067 |
| **11/19** | $15095 | $14891 | $16016 |
| **12/19** | $15540 | $15337 | $16500 |
| **1/20** | $16052 | $15244 | $17033 |
| **2/20** | $15097 | $13955 | $15802 |
| **3/20** | $13043 | $12108 | $13780 |
| **4/20** | $13932 | $13431 | $14755 |
| **5/20** | $14431 | $14080 | $15481 |
| **6/20** | $14368 | $14452 | $15153 |
| **7/20** | $14176 | $15144 | $15339 |
| **8/20** | $14196 | $16155 | $15441 |
| **9/20** | $14135 | $15598 | $15365 |
| **10/20** | $13841 | $15120 | $15030 |
| **11/20** | $14966 | $17053 | $16133 |
| **12/20** | $14844 | $17776 | $16052 |
| **1/21** | $14338 | $17599 | $15898 |
| **2/21** | $14419 | $18050 | $15749 |
| **3/21** | $15372 | $18651 | $16967 |
| **4/21** | $15808 | $19519 | $17500 |
| **5/21** | $16081 | $19800 | $17552 |
| **6/21** | $16116 | $20095 | $17593 |
| **7/21** | $16584 | $20455 | $17924 |
| **8/21** | $16645 | $20964 | $18235 |
| **9/21** | $16198 | $20094 | $17562 |
| **10/21** | $16829 | $21232 | $18420 |
| **11/21** | $16674 | $20766 | $17949 |
| **12/21** | $17795 | $21654 | $19214 |
| **1/22** | $17363 | $20508 | $18650 |
| **2/22** | $17309 | $19990 | $18538 |
| **3/22** | $18082 | $20538 | $19817 |
| **4/22** | $18268 | $18832 | $19379 |
| **5/22** | $18344 | $18846 | $19707 |
| **6/22** | $17721 | $17214 | $18702 |
| **7/22** | $18371 | $18580 | $19799 |
| **8/22** | $17925 | $17804 | $19359 |
| **9/22** | $16016 | $16149 | $17308 |
| **10/22** | $16982 | $17308 | $17919 |
| **11/22** | $18385 | $18512 | $19090 |
| **12/22** | $17564 | $17726 | $18422 |
| **1/23** | $18380 | $18980 | $18956 |
| **2/23** | $18034 | $18524 | $18206 |
| **3/23** | $18357 | $19096 | $18531 |
| **4/23** | $18793 | $19431 | $18905 |
| **5/23** | $18506 | $19237 | $17985 |
| **6/23** | $18720 | $20400 | $18496 |
| **7/23** | $19021 | $21085 | $18688 |
| **8/23** | $18230 | $20582 | $17997 |
| **9/23** | $17640 | $19694 | $17168 |
| **10/23** | $17754 | $19122 | $17242 |
| **11/23** | $18935 | $20915 | $18725 |
| **12/23** | $19477 | $21942 | $19217 |
| **1/24** | $19490 | $22205 | $18780 |
| **2/24** | $19643 | $23147 | $18909 |
| **3/24** | $20128 | $23891 | $19485 |
| **4/24** | $19524 | $23003 | $18878 |
| **5/24** | $19884 | $24030 | $19690 |
| **6/24** | $19310 | $24519 | $19388 |
| **7/24** | $20728 | $24951 | $20678 |
| **8/24** | $21051 | $25611 | $21317 |
| **9/24** | $21207 | $26080 | $21809 |
| **10/24** | $20751 | $25563 | $21533 |
| **11/24** | $21325 | $26736 | $22389 |
| **12/24** | $20784 | $26039 | $21132 |
| **1/25** | $21249 | $26958 | $21491 |
| **2/25** | $21781 | $26764 | $22109 |
| **3/25** | $22130 | $25572 | $22568 |
| **4/25** | $23103 | $25799 | $22845 |
| **5/25** | $23810 | $27326 | $23118 |
| **6/25** | $24089 | $28506 | $23268 |
| **7/25** | $24250 | $28873 | $23413 |
| **8/25** | $24279 | $29626 | $23494 |
| **9/25** | $24522 | $30578 | $23825 |
| **10/25** | $25182 | $31190 | $23635 |
| **11/25** | $25925 | $31279 | $24362 |
| **12/25** | $25742 | $31531 | $23966 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 23.86% | 11.64% | 9.92% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| MSCI World Core Infrastructure (USD) Index | 13.41% | 8.35% | 9.13% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $11162259501 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $89154941 |

---

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

---

| | |
|:---|:---|
| National Grid PLC | 8.3% |
| Vinci SA | 8.0% |
| Snam SpA | 7.2% |
| Italgas SpA | 4.8% |
| Terna - Rete Elettrica Nazionale | 4.7% |
| Canadian National Railway Co. | 4.7% |
| Crown Castle, Inc. | 4.7% |
| American Tower Corp. | 4.6% |
| Exelon Corp. | 4.5% |
| Ferrovial SE | 4.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Utilities | 53.3% |
| Industrials | 30.0% |
| Real Estate | 9.2% |
| Communication Services | 3.9% |
| Other (includes short-term investments) | 3.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Global Listed Infrastructure Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# GLFOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Global Listed Infrastructure Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $135 | 1.21% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)In the current market environment, we believe there are scarce valuation opportunities. As a result, we have positioned a relatively concentrated Portfolio where we believe the risk/return trade-off is favourable, however this brings a higher degree of stock-specific risk. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Italian gas utility Italgas continued its strong run along with an improved macroeconomic environment in Italy and upgraded long-term company guidance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Global transport infrastructure owner Ferrovial performed strongly during the year after positively surprising in its earnings results, demonstrating pricing power across its US Express Lane portfolio, while exhibiting low sensitivity to current macro volatility. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)US mobile tower operators, American Tower and Crown Castle underperformed due to a combination of sector-wide and company-specific factors. Higher interest rates have raised discount rates and funding costs for tower operators, while elevated customer churn has moderated new tower growth.

## **Portfolio Performance**![Growth of 10K Chart](i9261163e3815fb3a2dd98116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **MSCI World Core Infrastructure (USD) Index** |
| **12/15** | $10000 | $10000 | $10000 |
| **1/16** | $9970 | $9402 | $9978 |
| **2/16** | $10007 | $9332 | $9961 |
| **3/16** | $10492 | $9965 | $10436 |
| **4/16** | $10589 | $10123 | $10552 |
| **5/16** | $10350 | $10180 | $10672 |
| **6/16** | $10316 | $10066 | $11078 |
| **7/16** | $10623 | $10491 | $11318 |
| **8/16** | $10578 | $10499 | $11046 |
| **9/16** | $10624 | $10555 | $11266 |
| **10/16** | $10429 | $10351 | $11091 |
| **11/16** | $10459 | $10500 | $10885 |
| **12/16** | $10901 | $10751 | $11226 |
| **1/17** | $10893 | $11011 | $11261 |
| **2/17** | $11430 | $11316 | $11639 |
| **3/17** | $12038 | $11437 | $11906 |
| **4/17** | $12361 | $11606 | $12095 |
| **5/17** | $12991 | $11851 | $12543 |
| **6/17** | $12630 | $11897 | $12361 |
| **7/17** | $12730 | $12182 | $12389 |
| **8/17** | $13119 | $12199 | $12687 |
| **9/17** | $13127 | $12473 | $12512 |
| **10/17** | $13182 | $12708 | $12813 |
| **11/17** | $13347 | $12984 | $13087 |
| **12/17** | $13132 | $13159 | $12912 |
| **1/18** | $12853 | $13854 | $12756 |
| **2/18** | $12197 | $13280 | $12192 |
| **3/18** | $12378 | $12991 | $12388 |
| **4/18** | $13043 | $13140 | $12696 |
| **5/18** | $12846 | $13222 | $12884 |
| **6/18** | $13175 | $13216 | $13232 |
| **7/18** | $13480 | $13629 | $13488 |
| **8/18** | $13174 | $13797 | $13366 |
| **9/18** | $13156 | $13874 | $13349 |
| **10/18** | $13114 | $12856 | $13065 |
| **11/18** | $13054 | $13002 | $13552 |
| **12/18** | $12610 | $12013 | $12979 |
| **1/19** | $13337 | $12948 | $14023 |
| **2/19** | $13673 | $13337 | $14483 |
| **3/19** | $13795 | $13512 | $15042 |
| **4/19** | $14161 | $13991 | $15191 |
| **5/19** | $13926 | $13184 | $15170 |
| **6/19** | $14413 | $14053 | $15533 |
| **7/19** | $14498 | $14122 | $15610 |
| **8/19** | $14493 | $13833 | $15845 |
| **9/19** | $14830 | $14128 | $16085 |
| **10/19** | $15091 | $14487 | $16067 |
| **11/19** | $14946 | $14891 | $16016 |
| **12/19** | $15376 | $15337 | $16500 |
| **1/20** | $15883 | $15244 | $17033 |
| **2/20** | $14928 | $13955 | $15802 |
| **3/20** | $12896 | $12108 | $13780 |
| **4/20** | $13774 | $13431 | $14755 |
| **5/20** | $14268 | $14080 | $15481 |
| **6/20** | $14196 | $14452 | $15153 |
| **7/20** | $14016 | $15144 | $15339 |
| **8/20** | $14026 | $16155 | $15441 |
| **9/20** | $13957 | $15598 | $15365 |
| **10/20** | $13667 | $15120 | $15030 |
| **11/20** | $14777 | $17053 | $16133 |
| **12/20** | $14657 | $17776 | $16052 |
| **1/21** | $14147 | $17599 | $15898 |
| **2/21** | $14227 | $18050 | $15749 |
| **3/21** | $15168 | $18651 | $16967 |
| **4/21** | $15588 | $19519 | $17500 |
| **5/21** | $15858 | $19800 | $17552 |
| **6/21** | $15893 | $20095 | $17593 |
| **7/21** | $16344 | $20455 | $17924 |
| **8/21** | $16404 | $20964 | $18235 |
| **9/21** | $15954 | $20094 | $17562 |
| **10/21** | $16575 | $21232 | $18420 |
| **11/21** | $16422 | $20766 | $17949 |
| **12/21** | $17524 | $21654 | $19214 |
| **1/22** | $17100 | $20508 | $18650 |
| **2/22** | $17047 | $19990 | $18538 |
| **3/22** | $17796 | $20538 | $19817 |
| **4/22** | $17968 | $18832 | $19379 |
| **5/22** | $18043 | $18846 | $19707 |
| **6/22** | $17430 | $17214 | $18702 |
| **7/22** | $18069 | $18580 | $19799 |
| **8/22** | $17619 | $17804 | $19359 |
| **9/22** | $15732 | $16149 | $17308 |
| **10/22** | $16692 | $17308 | $17919 |
| **11/22** | $18060 | $18512 | $19090 |
| **12/22** | $17252 | $17726 | $18422 |
| **1/23** | $18053 | $18980 | $18956 |
| **2/23** | $17713 | $18524 | $18206 |
| **3/23** | $18019 | $19096 | $18531 |
| **4/23** | $18447 | $19431 | $18905 |
| **5/23** | $18153 | $19237 | $17985 |
| **6/23** | $18363 | $20400 | $18496 |
| **7/23** | $18659 | $21085 | $18688 |
| **8/23** | $17871 | $20582 | $17997 |
| **9/23** | $17294 | $19694 | $17168 |
| **10/23** | $17405 | $19122 | $17242 |
| **11/23** | $18562 | $20915 | $18725 |
| **12/23** | $19080 | $21942 | $19217 |
| **1/24** | $19093 | $22205 | $18780 |
| **2/24** | $19230 | $23147 | $18909 |
| **3/24** | $19705 | $23891 | $19485 |
| **4/24** | $19101 | $23003 | $18878 |
| **5/24** | $19466 | $24030 | $19690 |
| **6/24** | $18893 | $24519 | $19388 |
| **7/24** | $20280 | $24951 | $20678 |
| **8/24** | $20595 | $25611 | $21317 |
| **9/24** | $20748 | $26080 | $21809 |
| **10/24** | $20276 | $25563 | $21533 |
| **11/24** | $20837 | $26736 | $22389 |
| **12/24** | $20306 | $26039 | $21132 |
| **1/25** | $20761 | $26958 | $21491 |
| **2/25** | $21267 | $26764 | $22109 |
| **3/25** | $21621 | $25572 | $22568 |
| **4/25** | $22570 | $25799 | $22845 |
| **5/25** | $23247 | $27326 | $23118 |
| **6/25** | $23517 | $28506 | $23268 |
| **7/25** | $23661 | $28873 | $23413 |
| **8/25** | $23690 | $29626 | $23494 |
| **9/25** | $23927 | $30578 | $23825 |
| **10/25** | $24556 | $31190 | $23635 |
| **11/25** | $25267 | $31279 | $24362 |
| **12/25** | $25085 | $31531 | $23966 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 23.53% | 11.35% | 9.63% |
| MSCI World Index | 21.09% | 12.15% | 12.17% |
| MSCI World Core Infrastructure (USD) Index | 13.41% | 8.35% | 9.13% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $11162259501 |
| # of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $89154941 |

---

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

---

| | |
|:---|:---|
| National Grid PLC | 8.3% |
| Vinci SA | 8.0% |
| Snam SpA | 7.2% |
| Italgas SpA | 4.8% |
| Terna - Rete Elettrica Nazionale | 4.7% |
| Canadian National Railway Co. | 4.7% |
| Crown Castle, Inc. | 4.7% |
| American Tower Corp. | 4.6% |
| Exelon Corp. | 4.5% |
| Ferrovial SE | 4.3% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Utilities | 53.3% |
| Industrials | 30.0% |
| Real Estate | 9.2% |
| Communication Services | 3.9% |
| Other (includes short-term investments) | 3.6% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZIEX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $97 | 0.83% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector, particularly banks, helped performance (National Bank of Greece, Bankinter, Unicredit). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within semiconductors and software & services along with underweight exposure to the healthcare sector also helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and stock selection helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance. Weak stock selection within materials also hurt performance (Croda, Amcor).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted, as the pharmaceutical industry lagged the overall index (ICON, Merck). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX).

## **Portfolio Performance**![Growth of 10K Chart](i5726e89a19fae4c63e919c37.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9514 | $9277 |
| **2/16** | $9274 | $9107 |
| **3/16** | $9912 | $9699 |
| **4/16** | $10029 | $9980 |
| **5/16** | $10035 | $9890 |
| **6/16** | $9766 | $9558 |
| **7/16** | $9994 | $10042 |
| **8/16** | $9905 | $10049 |
| **9/16** | $10052 | $10173 |
| **10/16** | $9599 | $9965 |
| **11/16** | $9416 | $9766 |
| **12/16** | $9582 | $10100 |
| **1/17** | $9724 | $10393 |
| **2/17** | $9831 | $10542 |
| **3/17** | $10109 | $10832 |
| **4/17** | $10410 | $11107 |
| **5/17** | $10812 | $11515 |
| **6/17** | $10747 | $11495 |
| **7/17** | $11096 | $11826 |
| **8/17** | $11054 | $11822 |
| **9/17** | $11261 | $12116 |
| **10/17** | $11439 | $12300 |
| **11/17** | $11623 | $12429 |
| **12/17** | $11768 | $12628 |
| **1/18** | $12368 | $13262 |
| **2/18** | $11714 | $12663 |
| **3/18** | $11744 | $12435 |
| **4/18** | $11768 | $12719 |
| **5/18** | $11606 | $12433 |
| **6/18** | $11450 | $12281 |
| **7/18** | $11630 | $12584 |
| **8/18** | $11413 | $12340 |
| **9/18** | $11534 | $12448 |
| **10/18** | $10690 | $11457 |
| **11/18** | $10678 | $11442 |
| **12/18** | $10166 | $10887 |
| **1/19** | $10724 | $11602 |
| **2/19** | $11087 | $11898 |
| **3/19** | $11178 | $11973 |
| **4/19** | $11496 | $12310 |
| **5/19** | $11120 | $11719 |
| **6/19** | $11749 | $12414 |
| **7/19** | $11515 | $12256 |
| **8/19** | $11275 | $11939 |
| **9/19** | $11568 | $12281 |
| **10/19** | $11809 | $12722 |
| **11/19** | $11893 | $12866 |
| **12/19** | $12321 | $13284 |
| **1/20** | $12096 | $13006 |
| **2/20** | $11215 | $11830 |
| **3/20** | $9481 | $10251 |
| **4/20** | $10030 | $10914 |
| **5/20** | $10560 | $11389 |
| **6/20** | $10831 | $11777 |
| **7/20** | $11282 | $12051 |
| **8/20** | $11877 | $12671 |
| **9/20** | $11618 | $12342 |
| **10/20** | $11106 | $11849 |
| **11/20** | $12754 | $13685 |
| **12/20** | $13400 | $14322 |
| **1/21** | $13099 | $14169 |
| **2/21** | $13286 | $14487 |
| **3/21** | $13627 | $14820 |
| **4/21** | $14063 | $15266 |
| **5/21** | $14397 | $15764 |
| **6/21** | $14129 | $15586 |
| **7/21** | $14216 | $15704 |
| **8/21** | $14574 | $15981 |
| **9/21** | $14150 | $15517 |
| **10/21** | $14507 | $15899 |
| **11/21** | $13698 | $15159 |
| **12/21** | $14203 | $15935 |
| **1/22** | $13666 | $15165 |
| **2/22** | $13421 | $14897 |
| **3/22** | $13224 | $14993 |
| **4/22** | $12418 | $14023 |
| **5/22** | $12774 | $14128 |
| **6/22** | $11739 | $12817 |
| **7/22** | $12197 | $13455 |
| **8/22** | $11488 | $12816 |
| **9/22** | $10455 | $11617 |
| **10/22** | $10959 | $12242 |
| **11/22** | $12264 | $13621 |
| **12/22** | $12097 | $13632 |
| **1/23** | $13180 | $14736 |
| **2/23** | $12778 | $14428 |
| **3/23** | $13155 | $14786 |
| **4/23** | $13340 | $15204 |
| **5/23** | $12853 | $14560 |
| **6/23** | $13693 | $15223 |
| **7/23** | $13944 | $15715 |
| **8/23** | $13460 | $15113 |
| **9/23** | $12931 | $14597 |
| **10/23** | $12528 | $14005 |
| **11/23** | $13637 | $15305 |
| **12/23** | $14085 | $16118 |
| **1/24** | $13972 | $16211 |
| **2/24** | $14469 | $16508 |
| **3/24** | $14966 | $17051 |
| **4/24** | $14443 | $16614 |
| **5/24** | $15175 | $17258 |
| **6/24** | $14844 | $16979 |
| **7/24** | $15497 | $17477 |
| **8/24** | $16150 | $18045 |
| **9/24** | $16318 | $18212 |
| **10/24** | $15312 | $17222 |
| **11/24** | $15303 | $17124 |
| **12/24** | $14917 | $16734 |
| **1/25** | $15799 | $17614 |
| **2/25** | $16283 | $17956 |
| **3/25** | $16226 | $17883 |
| **4/25** | $16928 | $18702 |
| **5/25** | $17811 | $19558 |
| **6/25** | $18352 | $19989 |
| **7/25** | $18029 | $19708 |
| **8/25** | $18689 | $20548 |
| **9/25** | $19407 | $20942 |
| **10/25** | $19426 | $21188 |
| **11/25** | $19560 | $21320 |
| **12/25** | $20006 | $21959 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 34.12% | 8.35% | 7.18% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1178411558 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8207806 |

---

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

---

| | |
|:---|:---|
| Unilever PLC | 2.6% |
| AstraZeneca PLC | 2.2% |
| RELX PLC | 2.2% |
| Engie SA | 2.2% |
| National Bank of Greece SA | 2.1% |
| Samsung Electronics Co. Ltd. | 2.1% |
| ASML Holding NV | 2.1% |
| AIA Group Ltd. | 2.1% |
| UniCredit SpA | 1.9% |
| Bank Hapoalim BM | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 17.9% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.3% |
| Consumer Staples | 9.2% |
| Health Care | 9.1% |
| Materials | 8.8% |
| Communication Services | 3.9% |
| Utilities | 2.9% |
| Other (includes short-term investments) | 4.8% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZIOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $126 | 1.08% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector, particularly banks, helped performance (National Bank of Greece, Bankinter, Unicredit). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within semiconductors and software & services along with underweight exposure to the healthcare sector also helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and stock selection helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance. Weak stock selection within materials also hurt performance (Croda, Amcor).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted, as the pharmaceutical industry lagged the overall index (ICON, Merck). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX).

## **Portfolio Performance**![Growth of 10K Chart](i5313d001bfd4c574ea57872e.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9512 | $9277 |
| **2/16** | $9269 | $9107 |
| **3/16** | $9901 | $9699 |
| **4/16** | $10017 | $9980 |
| **5/16** | $10023 | $9890 |
| **6/16** | $9750 | $9558 |
| **7/16** | $9977 | $10042 |
| **8/16** | $9886 | $10049 |
| **9/16** | $10031 | $10173 |
| **10/16** | $9577 | $9965 |
| **11/16** | $9397 | $9766 |
| **12/16** | $9554 | $10100 |
| **1/17** | $9694 | $10393 |
| **2/17** | $9799 | $10542 |
| **3/17** | $10073 | $10832 |
| **4/17** | $10377 | $11107 |
| **5/17** | $10767 | $11515 |
| **6/17** | $10703 | $11495 |
| **7/17** | $11047 | $11826 |
| **8/17** | $11005 | $11822 |
| **9/17** | $11204 | $12116 |
| **10/17** | $11380 | $12300 |
| **11/17** | $11561 | $12429 |
| **12/17** | $11704 | $12628 |
| **1/18** | $12300 | $13262 |
| **2/18** | $11645 | $12663 |
| **3/18** | $11674 | $12435 |
| **4/18** | $11692 | $12719 |
| **5/18** | $11527 | $12433 |
| **6/18** | $11373 | $12281 |
| **7/18** | $11550 | $12584 |
| **8/18** | $11332 | $12340 |
| **9/18** | $11450 | $12448 |
| **10/18** | $10609 | $11457 |
| **11/18** | $10597 | $11442 |
| **12/18** | $10085 | $10887 |
| **1/19** | $10638 | $11602 |
| **2/19** | $10994 | $11898 |
| **3/19** | $11083 | $11973 |
| **4/19** | $11401 | $12310 |
| **5/19** | $11019 | $11719 |
| **6/19** | $11636 | $12414 |
| **7/19** | $11407 | $12256 |
| **8/19** | $11165 | $11939 |
| **9/19** | $11452 | $12281 |
| **10/19** | $11688 | $12722 |
| **11/19** | $11771 | $12866 |
| **12/19** | $12192 | $13284 |
| **1/20** | $11966 | $13006 |
| **2/20** | $11092 | $11830 |
| **3/20** | $9371 | $10251 |
| **4/20** | $9914 | $10914 |
| **5/20** | $10439 | $11389 |
| **6/20** | $10704 | $11777 |
| **7/20** | $11151 | $12051 |
| **8/20** | $11732 | $12671 |
| **9/20** | $11472 | $12342 |
| **10/20** | $10966 | $11849 |
| **11/20** | $12590 | $13685 |
| **12/20** | $13220 | $14322 |
| **1/21** | $12920 | $14169 |
| **2/21** | $13103 | $14487 |
| **3/21** | $13436 | $14820 |
| **4/21** | $13866 | $15266 |
| **5/21** | $14193 | $15764 |
| **6/21** | $13925 | $15586 |
| **7/21** | $14010 | $15704 |
| **8/21** | $14352 | $15981 |
| **9/21** | $13932 | $15517 |
| **10/21** | $14286 | $15899 |
| **11/21** | $13485 | $15159 |
| **12/21** | $13982 | $15935 |
| **1/22** | $13446 | $15165 |
| **2/22** | $13208 | $14897 |
| **3/22** | $13009 | $14993 |
| **4/22** | $12211 | $14023 |
| **5/22** | $12564 | $14128 |
| **6/22** | $11545 | $12817 |
| **7/22** | $11989 | $13455 |
| **8/22** | $11285 | $12816 |
| **9/22** | $10268 | $11617 |
| **10/22** | $10765 | $12242 |
| **11/22** | $12038 | $13621 |
| **12/22** | $11878 | $13632 |
| **1/23** | $12933 | $14736 |
| **2/23** | $12544 | $14428 |
| **3/23** | $12909 | $14786 |
| **4/23** | $13088 | $15204 |
| **5/23** | $12609 | $14560 |
| **6/23** | $13429 | $15223 |
| **7/23** | $13672 | $15715 |
| **8/23** | $13196 | $15113 |
| **9/23** | $12676 | $14597 |
| **10/23** | $12278 | $14005 |
| **11/23** | $13358 | $15305 |
| **12/23** | $13791 | $16118 |
| **1/24** | $13673 | $16211 |
| **2/24** | $14169 | $16508 |
| **3/24** | $14648 | $17051 |
| **4/24** | $14127 | $16614 |
| **5/24** | $14841 | $17258 |
| **6/24** | $14522 | $16979 |
| **7/24** | $15152 | $17477 |
| **8/24** | $15790 | $18045 |
| **9/24** | $15943 | $18212 |
| **10/24** | $14965 | $17222 |
| **11/24** | $14948 | $17124 |
| **12/24** | $14572 | $16734 |
| **1/25** | $15429 | $17614 |
| **2/25** | $15903 | $17956 |
| **3/25** | $15839 | $17883 |
| **4/25** | $16523 | $18702 |
| **5/25** | $17379 | $19558 |
| **6/25** | $17899 | $19989 |
| **7/25** | $17589 | $19708 |
| **8/25** | $18223 | $20548 |
| **9/25** | $18921 | $20942 |
| **10/25** | $18930 | $21188 |
| **11/25** | $19059 | $21320 |
| **12/25** | $19494 | $21959 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 33.78% | 8.08% | 6.90% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1178411558 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8207806 |

---

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

---

| | |
|:---|:---|
| Unilever PLC | 2.6% |
| AstraZeneca PLC | 2.2% |
| RELX PLC | 2.2% |
| Engie SA | 2.2% |
| National Bank of Greece SA | 2.1% |
| Samsung Electronics Co. Ltd. | 2.1% |
| ASML Holding NV | 2.1% |
| AIA Group Ltd. | 2.1% |
| UniCredit SpA | 1.9% |
| Bank Hapoalim BM | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 17.9% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.3% |
| Consumer Staples | 9.2% |
| Health Care | 9.1% |
| Materials | 8.8% |
| Communication Services | 3.9% |
| Utilities | 2.9% |
| Other (includes short-term investments) | 4.8% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLIEX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $94 | 0.80% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the financials sector, particularly banks, helped performance (National Bank of Greece, Bankinter, Unicredit). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within semiconductors and software & services along with underweight exposure to the healthcare sector also helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and stock selection helped performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance. Weak stock selection within materials also hurt performance (Croda, Amcor).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the healthcare sector detracted, as the pharmaceutical industry lagged the overall index (ICON, Merck). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX).

## **Portfolio Performance**![Growth of 10K Chart](i10dc453e92c1a82b306c5897.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI EAFE Index** |
| **12/15** | $1000000 | $1000000 |
| **01/16** | $951377 | $927686 |
| **02/16** | $927358 | $910690 |
| **03/16** | $991213 | $969946 |
| **04/16** | $1002929 | $998027 |
| **05/16** | $1003515 | $988961 |
| **06/16** | $976567 | $955763 |
| **07/16** | $999414 | $1004202 |
| **08/16** | $990859 | $1004915 |
| **09/16** | $1005595 | $1017260 |
| **10/16** | $960207 | $996451 |
| **11/16** | $941935 | $976606 |
| **12/16** | $958272 | $1010000 |
| **01/17** | $972486 | $1039298 |
| **02/17** | $983147 | $1054159 |
| **03/17** | $1010983 | $1083179 |
| **04/17** | $1041780 | $1110741 |
| **05/17** | $1081461 | $1151509 |
| **06/17** | $1074946 | $1149472 |
| **07/17** | $1109890 | $1182630 |
| **08/17** | $1105602 | $1182184 |
| **09/17** | $1126407 | $1211598 |
| **10/17** | $1144239 | $1229996 |
| **11/17** | $1162666 | $1242898 |
| **12/17** | $1177228 | $1262847 |
| **01/18** | $1237322 | $1326190 |
| **02/18** | $1171820 | $1266332 |
| **03/18** | $1174825 | $1243507 |
| **04/18** | $1176627 | $1271900 |
| **05/18** | $1161003 | $1243310 |
| **06/18** | $1145379 | $1228121 |
| **07/18** | $1162806 | $1258351 |
| **08/18** | $1141129 | $1234050 |
| **09/18** | $1153198 | $1244761 |
| **10/18** | $1069318 | $1145688 |
| **11/18** | $1068111 | $1144245 |
| **12/18** | $1016914 | $1088699 |
| **01/19** | $1072760 | $1160248 |
| **02/19** | $1109125 | $1189824 |
| **03/19** | $1118216 | $1197327 |
| **04/19** | $1150035 | $1230984 |
| **05/19** | $1112372 | $1171864 |
| **06/19** | $1174711 | $1241385 |
| **07/19** | $1151983 | $1225623 |
| **08/19** | $1127924 | $1193872 |
| **09/19** | $1156611 | $1228084 |
| **10/19** | $1180735 | $1272209 |
| **11/19** | $1189862 | $1286551 |
| **12/19** | $1232177 | $1328364 |
| **01/20** | $1209629 | $1300614 |
| **02/20** | $1122090 | $1183039 |
| **03/20** | $948338 | $1025138 |
| **04/20** | $1003382 | $1091362 |
| **05/20** | $1055773 | $1138891 |
| **06/20** | $1083626 | $1177670 |
| **07/20** | $1128722 | $1205122 |
| **08/20** | $1187669 | $1267078 |
| **09/20** | $1162371 | $1234156 |
| **10/20** | $1111110 | $1184876 |
| **11/20** | $1275546 | $1368547 |
| **12/20** | $1340427 | $1432179 |
| **01/21** | $1310253 | $1416921 |
| **02/21** | $1329028 | $1448702 |
| **03/21** | $1363226 | $1482012 |
| **04/21** | $1406812 | $1526606 |
| **05/21** | $1440339 | $1576390 |
| **06/21** | $1413517 | $1558650 |
| **07/21** | $1422234 | $1570386 |
| **08/21** | $1458053 | $1598086 |
| **09/21** | $1415526 | $1551708 |
| **10/21** | $1451303 | $1589873 |
| **11/21** | $1370300 | $1515874 |
| **12/21** | $1421214 | $1593493 |
| **01/22** | $1367374 | $1516489 |
| **02/22** | $1342829 | $1489675 |
| **03/22** | $1323827 | $1499250 |
| **04/22** | $1242275 | $1402257 |
| **05/22** | $1278696 | $1412769 |
| **06/22** | $1174975 | $1281682 |
| **07/22** | $1220898 | $1345548 |
| **08/22** | $1149801 | $1281641 |
| **09/22** | $1046327 | $1161748 |
| **10/22** | $1096822 | $1224220 |
| **11/22** | $1226785 | $1362111 |
| **12/22** | $1210588 | $1363206 |
| **01/23** | $1319187 | $1473594 |
| **02/23** | $1278778 | $1442845 |
| **03/23** | $1316662 | $1478605 |
| **04/23** | $1335183 | $1520350 |
| **05/23** | $1286355 | $1456012 |
| **06/23** | $1370541 | $1522274 |
| **07/23** | $1395796 | $1571530 |
| **08/23** | $1347233 | $1511321 |
| **09/23** | $1294153 | $1459698 |
| **10/23** | $1254553 | $1400519 |
| **11/23** | $1364926 | $1530512 |
| **12/23** | $1410374 | $1611827 |
| **01/24** | $1398133 | $1621102 |
| **02/24** | $1448847 | $1650776 |
| **03/24** | $1497812 | $1705069 |
| **04/24** | $1445349 | $1661404 |
| **05/24** | $1519672 | $1725759 |
| **06/24** | $1486445 | $1697899 |
| **07/24** | $1551149 | $1747709 |
| **08/24** | $1617525 | $1804538 |
| **09/24** | $1633462 | $1821202 |
| **10/24** | $1533418 | $1722163 |
| **11/24** | $1532532 | $1712392 |
| **12/24** | $1494449 | $1673449 |
| **01/25** | $1582077 | $1761392 |
| **02/25** | $1630654 | $1795551 |
| **03/25** | $1624939 | $1788307 |
| **04/25** | $1695423 | $1870221 |
| **05/25** | $1784004 | $1955789 |
| **06/25** | $1838296 | $1998882 |
| **07/25** | $1805911 | $1970824 |
| **08/25** | $1871221 | $2054845 |
| **09/25** | $1944188 | $2094172 |
| **10/25** | $1945149 | $2118807 |
| **11/25** | $1958590 | $2131963 |
| **12/25** | $2003984 | $2195920 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 34.10% | 8.38% | 7.20% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1178411558 |
| # of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $8207806 |

---

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

---

| | |
|:---|:---|
| Unilever PLC | 2.6% |
| AstraZeneca PLC | 2.2% |
| RELX PLC | 2.2% |
| Engie SA | 2.2% |
| National Bank of Greece SA | 2.1% |
| Samsung Electronics Co. Ltd. | 2.1% |
| ASML Holding NV | 2.1% |
| AIA Group Ltd. | 2.1% |
| UniCredit SpA | 1.9% |
| Bank Hapoalim BM | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 17.9% |
| Consumer Discretionary | 10.1% |
| Information Technology | 9.3% |
| Consumer Staples | 9.2% |
| Health Care | 9.1% |
| Materials | 8.8% |
| Communication Services | 3.9% |
| Utilities | 2.9% |
| Other (includes short-term investments) | 4.8% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Equity Select Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZSIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $101 | 0.90% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's premium to financial productivity compared to the benchmark is substantial and has posed a very significant headwind to relative performance during much of the post-COVID era (including 2026) as Quality significantly underperformed. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures to the financials and information technology sectors helped performance, as did underweight exposure to healthcare. Stock selection in the financials sector, particularly banks, helped performance (Piraeus, Bankinter, KBC). Stock selection in the utilities sector also contributed (Engie).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in information technology (hardware & equipment) detracted as did stock selection in the healthcare sector, as the pharmaceutical industry underperformed the overall index (Novo Nordisk). Weak stock selection within materials (particularly chemicals) also hurt performance (Air Liquide, Croda).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the UK hurt performance (Unilever, Compass).

## **Portfolio Performance**![Growth of 10K Chart](i1c0b3a740751ab597567b9dd.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI ex USA Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9523 | $9320 |
| **2/16** | $9364 | $9213 |
| **3/16** | $10102 | $9962 |
| **4/16** | $10250 | $10225 |
| **5/16** | $10216 | $10052 |
| **6/16** | $10182 | $9898 |
| **7/16** | $10466 | $10388 |
| **8/16** | $10327 | $10453 |
| **9/16** | $10477 | $10582 |
| **10/16** | $10075 | $10430 |
| **11/16** | $9776 | $10189 |
| **12/16** | $9937 | $10450 |
| **1/17** | $10258 | $10820 |
| **2/17** | $10396 | $10992 |
| **3/17** | $10683 | $11271 |
| **4/17** | $11051 | $11512 |
| **5/17** | $11476 | $11886 |
| **6/17** | $11430 | $11923 |
| **7/17** | $11890 | $12362 |
| **8/17** | $11917 | $12427 |
| **9/17** | $12136 | $12657 |
| **10/17** | $12322 | $12896 |
| **11/17** | $12518 | $13000 |
| **12/17** | $12750 | $13291 |
| **1/18** | $13409 | $14031 |
| **2/18** | $12773 | $13370 |
| **3/18** | $12738 | $13134 |
| **4/18** | $12669 | $13343 |
| **5/18** | $12449 | $13035 |
| **6/18** | $12264 | $12790 |
| **7/18** | $12484 | $13096 |
| **8/18** | $12259 | $12822 |
| **9/18** | $12363 | $12881 |
| **10/18** | $11326 | $11833 |
| **11/18** | $11408 | $11945 |
| **12/18** | $10850 | $11404 |
| **1/19** | $11564 | $12266 |
| **2/19** | $11789 | $12506 |
| **3/19** | $11920 | $12580 |
| **4/19** | $12324 | $12912 |
| **5/19** | $11801 | $12219 |
| **6/19** | $12491 | $12955 |
| **7/19** | $12229 | $12798 |
| **8/19** | $11932 | $12403 |
| **9/19** | $12205 | $12722 |
| **10/19** | $12479 | $13166 |
| **11/19** | $12550 | $13282 |
| **12/19** | $13055 | $13857 |
| **1/20** | $12764 | $13485 |
| **2/20** | $11792 | $12419 |
| **3/20** | $9934 | $10621 |
| **4/20** | $10590 | $11426 |
| **5/20** | $11088 | $11800 |
| **6/20** | $11476 | $12333 |
| **7/20** | $11986 | $12883 |
| **8/20** | $12533 | $13434 |
| **9/20** | $12302 | $13104 |
| **10/20** | $11926 | $12822 |
| **11/20** | $13456 | $14547 |
| **12/20** | $14143 | $15334 |
| **1/21** | $13836 | $15367 |
| **2/21** | $13947 | $15671 |
| **3/21** | $14266 | $15869 |
| **4/21** | $14585 | $16336 |
| **5/21** | $15051 | $16847 |
| **6/21** | $14818 | $16738 |
| **7/21** | $14671 | $16462 |
| **8/21** | $14891 | $16775 |
| **9/21** | $14339 | $16238 |
| **10/21** | $14781 | $16626 |
| **11/21** | $14069 | $15877 |
| **12/21** | $14602 | $16533 |
| **1/22** | $14234 | $15924 |
| **2/22** | $13815 | $15609 |
| **3/22** | $13765 | $15634 |
| **4/22** | $12953 | $14652 |
| **5/22** | $13257 | $14757 |
| **6/22** | $12115 | $13488 |
| **7/22** | $12585 | $13949 |
| **8/22** | $12010 | $13501 |
| **9/22** | $10927 | $12152 |
| **10/22** | $11449 | $12515 |
| **11/22** | $12608 | $13992 |
| **12/22** | $12332 | $13887 |
| **1/23** | $13356 | $15014 |
| **2/23** | $12876 | $14487 |
| **3/23** | $13252 | $14841 |
| **4/23** | $13369 | $15099 |
| **5/23** | $12889 | $14550 |
| **6/23** | $13589 | $15203 |
| **7/23** | $13836 | $15821 |
| **8/23** | $13252 | $15106 |
| **9/23** | $12669 | $14629 |
| **10/23** | $12332 | $14026 |
| **11/23** | $13304 | $15288 |
| **12/23** | $13819 | $16056 |
| **1/24** | $13753 | $15897 |
| **2/24** | $14293 | $16299 |
| **3/24** | $14740 | $16809 |
| **4/24** | $14201 | $16507 |
| **5/24** | $14727 | $16986 |
| **6/24** | $14490 | $16970 |
| **7/24** | $14872 | $17363 |
| **8/24** | $15426 | $17857 |
| **9/24** | $15545 | $18338 |
| **10/24** | $14570 | $17438 |
| **11/24** | $14491 | $17280 |
| **12/24** | $14111 | $16945 |
| **1/25** | $14821 | $17627 |
| **2/25** | $14968 | $17872 |
| **3/25** | $14741 | $17832 |
| **4/25** | $15142 | $18475 |
| **5/25** | $15946 | $19322 |
| **6/25** | $16401 | $19977 |
| **7/25** | $15999 | $19920 |
| **8/25** | $16492 | $20611 |
| **9/25** | $17296 | $21354 |
| **10/25** | $17269 | $21785 |
| **11/25** | $17175 | $21780 |
| **12/25** | $17596 | $22433 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 24.69% | 4.47% | 5.81% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $57274335 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $319858 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| ASML Holding NV | 3.0% |
| Tencent Holdings Ltd. | 2.5% |
| Piraeus Bank SA | 2.5% |
| Unilever PLC | 2.1% |
| ABB Ltd. | 2.1% |
| Compass Group PLC | 2.0% |
| KBC Group NV | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Banco Santander SA | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 27.4% |
| Industrials | 19.8% |
| Information Technology | 15.8% |
| Consumer Discretionary | 11.7% |
| Health Care | 5.6% |
| Communication Services | 5.2% |
| Consumer Staples | 4.4% |
| Materials | 3.9% |
| Utilities | 2.5% |
| Other (includes short-term investments) | 3.7% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Equity Select Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZESX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Equity Select Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $129 | 1.15% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's premium to financial productivity compared to the benchmark is substantial and has posed a very significant headwind to relative performance during much of the post-COVID era (including 2026) as Quality significantly underperformed. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposures to the financials and information technology sectors helped performance, as did underweight exposure to healthcare. Stock selection in the financials sector, particularly banks, helped performance (Piraeus, Bankinter, KBC). Stock selection in the utilities sector also contributed (Engie).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in information technology (hardware & equipment) detracted as did stock selection in the healthcare sector, as the pharmaceutical industry underperformed the overall index (Novo Nordisk). Weak stock selection within materials (particularly chemicals) also hurt performance (Air Liquide, Croda).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the UK hurt performance (Unilever, Compass).

## **Portfolio Performance**![Growth of 10K Chart](ib82a0aa921a20af2fdd240bb.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI ACWI ex USA Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9512 | $9320 |
| **2/16** | $9354 | $9213 |
| **3/16** | $10091 | $9962 |
| **4/16** | $10238 | $10225 |
| **5/16** | $10193 | $10052 |
| **6/16** | $10159 | $9898 |
| **7/16** | $10442 | $10388 |
| **8/16** | $10297 | $10453 |
| **9/16** | $10446 | $10582 |
| **10/16** | $10046 | $10430 |
| **11/16** | $9737 | $10189 |
| **12/16** | $9897 | $10450 |
| **1/17** | $10217 | $10820 |
| **2/17** | $10354 | $10992 |
| **3/17** | $10640 | $11271 |
| **4/17** | $11006 | $11512 |
| **5/17** | $11417 | $11886 |
| **6/17** | $11360 | $11923 |
| **7/17** | $11817 | $12362 |
| **8/17** | $11843 | $12427 |
| **9/17** | $12061 | $12657 |
| **10/17** | $12244 | $12896 |
| **11/17** | $12439 | $13000 |
| **12/17** | $12657 | $13291 |
| **1/18** | $13323 | $14031 |
| **2/18** | $12680 | $13370 |
| **3/18** | $12635 | $13134 |
| **4/18** | $12566 | $13343 |
| **5/18** | $12348 | $13035 |
| **6/18** | $12164 | $12790 |
| **7/18** | $12371 | $13096 |
| **8/18** | $12153 | $12822 |
| **9/18** | $12257 | $12881 |
| **10/18** | $11220 | $11833 |
| **11/18** | $11289 | $11945 |
| **12/18** | $10738 | $11404 |
| **1/19** | $11453 | $12266 |
| **2/19** | $11675 | $12506 |
| **3/19** | $11792 | $12580 |
| **4/19** | $12190 | $12912 |
| **5/19** | $11663 | $12219 |
| **6/19** | $12343 | $12955 |
| **7/19** | $12085 | $12798 |
| **8/19** | $11792 | $12403 |
| **9/19** | $12050 | $12722 |
| **10/19** | $12319 | $13166 |
| **11/19** | $12390 | $13282 |
| **12/19** | $12883 | $13857 |
| **1/20** | $12596 | $13485 |
| **2/20** | $11630 | $12419 |
| **3/20** | $9793 | $10621 |
| **4/20** | $10449 | $11426 |
| **5/20** | $10926 | $11800 |
| **6/20** | $11308 | $12333 |
| **7/20** | $11809 | $12883 |
| **8/20** | $12346 | $13434 |
| **9/20** | $12131 | $13104 |
| **10/20** | $11738 | $12822 |
| **11/20** | $13252 | $14547 |
| **12/20** | $13916 | $15334 |
| **1/21** | $13616 | $15367 |
| **2/21** | $13736 | $15671 |
| **3/21** | $14037 | $15869 |
| **4/21** | $14349 | $16336 |
| **5/21** | $14806 | $16847 |
| **6/21** | $14565 | $16738 |
| **7/21** | $14421 | $16462 |
| **8/21** | $14625 | $16775 |
| **9/21** | $14085 | $16238 |
| **10/21** | $14517 | $16626 |
| **11/21** | $13808 | $15877 |
| **12/21** | $14338 | $16533 |
| **1/22** | $13966 | $15924 |
| **2/22** | $13557 | $15609 |
| **3/22** | $13508 | $15634 |
| **4/22** | $12702 | $14652 |
| **5/22** | $13000 | $14757 |
| **6/22** | $11884 | $13488 |
| **7/22** | $12343 | $13949 |
| **8/22** | $11781 | $13501 |
| **9/22** | $10711 | $12152 |
| **10/22** | $11209 | $12515 |
| **11/22** | $12353 | $13992 |
| **12/22** | $12078 | $13887 |
| **1/23** | $13076 | $15014 |
| **2/23** | $12608 | $14487 |
| **3/23** | $12975 | $14841 |
| **4/23** | $13089 | $15099 |
| **5/23** | $12621 | $14550 |
| **6/23** | $13291 | $15203 |
| **7/23** | $13531 | $15821 |
| **8/23** | $12962 | $15106 |
| **9/23** | $12381 | $14629 |
| **10/23** | $12065 | $14026 |
| **11/23** | $13000 | $15288 |
| **12/23** | $13506 | $16056 |
| **1/24** | $13442 | $15897 |
| **2/24** | $13954 | $16299 |
| **3/24** | $14389 | $16809 |
| **4/24** | $13864 | $16507 |
| **5/24** | $14363 | $16986 |
| **6/24** | $14133 | $16970 |
| **7/24** | $14504 | $17363 |
| **8/24** | $15043 | $17857 |
| **9/24** | $15158 | $18338 |
| **10/24** | $14210 | $17438 |
| **11/24** | $14121 | $17280 |
| **12/24** | $13756 | $16945 |
| **1/25** | $14431 | $17627 |
| **2/25** | $14587 | $17872 |
| **3/25** | $14366 | $17832 |
| **4/25** | $14742 | $18475 |
| **5/25** | $15534 | $19322 |
| **6/25** | $15975 | $19977 |
| **7/25** | $15573 | $19920 |
| **8/25** | $16051 | $20611 |
| **9/25** | $16817 | $21354 |
| **10/25** | $16804 | $21785 |
| **11/25** | $16700 | $21780 |
| **12/25** | $17104 | $22433 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 24.34% | 4.21% | 5.51% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 8.41% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $57274335 |
| # of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $319858 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.5% |
| ASML Holding NV | 3.0% |
| Tencent Holdings Ltd. | 2.5% |
| Piraeus Bank SA | 2.5% |
| Unilever PLC | 2.1% |
| ABB Ltd. | 2.1% |
| Compass Group PLC | 2.0% |
| KBC Group NV | 2.0% |
| Samsung Electronics Co. Ltd. | 2.0% |
| Banco Santander SA | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 27.4% |
| Industrials | 19.8% |
| Information Technology | 15.8% |
| Consumer Discretionary | 11.7% |
| Health Care | 5.6% |
| Communication Services | 5.2% |
| Consumer Staples | 4.4% |
| Materials | 3.9% |
| Utilities | 2.5% |
| Other (includes short-term investments) | 3.7% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Quality Growth Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# ICMPX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $88 | 0.83% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Across almost every industry, Quality stocks underperformed the market. This Quality headwind was a consistent theme of the Portfolio's underperformance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight to banks and overweights to commercial & professional services, software & services and healthcare equipment & services significantly hurt performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within information technology - hardware & equipment - also hurt performance (Lotes, Keyence, Halma).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's modest overweight to semiconductors, underweight to pharmaceuticals and zero exposure to energy helped performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](ic1ca877f322fe9e5b72e4745.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Growth Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **1/19** | $10610 | $10000 | $10000 |
| **2/19** | $10990 | $10195 | $10270 |
| **3/19** | $11300 | $10256 | $10437 |
| **4/19** | $11700 | $10527 | $10766 |
| **5/19** | $11320 | $9962 | $10214 |
| **6/19** | $12030 | $10562 | $10892 |
| **7/19** | $11910 | $10434 | $10869 |
| **8/19** | $11680 | $10112 | $10672 |
| **9/19** | $11850 | $10372 | $10799 |
| **10/19** | $12190 | $10734 | $11192 |
| **11/19** | $12610 | $10829 | $11363 |
| **12/19** | $13006 | $11298 | $11834 |
| **1/20** | $12740 | $10994 | $11720 |
| **2/20** | $12002 | $10125 | $10865 |
| **3/20** | $10628 | $8659 | $9675 |
| **4/20** | $11428 | $9315 | $10510 |
| **5/20** | $12145 | $9620 | $10967 |
| **6/20** | $12576 | $10055 | $11523 |
| **7/20** | $13498 | $10503 | $12304 |
| **8/20** | $14246 | $10953 | $12806 |
| **9/20** | $14205 | $10683 | $12694 |
| **10/20** | $13939 | $10454 | $12471 |
| **11/20** | $15302 | $11860 | $13739 |
| **12/20** | $16121 | $12501 | $14461 |
| **1/21** | $16255 | $12528 | $14549 |
| **2/21** | $16214 | $12776 | $14496 |
| **3/21** | $16524 | $12938 | $14450 |
| **4/21** | $17269 | $13319 | $14983 |
| **5/21** | $17775 | $13735 | $15345 |
| **6/21** | $17796 | $13646 | $15404 |
| **7/21** | $18179 | $13421 | $15170 |
| **8/21** | $18571 | $13676 | $15513 |
| **9/21** | $17682 | $13238 | $14846 |
| **10/21** | $18189 | $13554 | $15306 |
| **11/21** | $17289 | $12944 | $14753 |
| **12/21** | $17731 | $13479 | $15198 |
| **1/22** | $16486 | $12982 | $13972 |
| **2/22** | $15905 | $12725 | $13582 |
| **3/22** | $16106 | $12746 | $13560 |
| **4/22** | $14871 | $11945 | $12551 |
| **5/22** | $14882 | $12031 | $12443 |
| **6/22** | $13636 | $10996 | $11430 |
| **7/22** | $14650 | $11372 | $12059 |
| **8/22** | $13721 | $11007 | $11589 |
| **9/22** | $12475 | $9907 | $10359 |
| **10/22** | $13161 | $10203 | $10562 |
| **11/22** | $14787 | $11407 | $11875 |
| **12/22** | $14167 | $11322 | $11694 |
| **1/23** | $15223 | $12240 | $12683 |
| **2/23** | $14754 | $11811 | $12140 |
| **3/23** | $15341 | $12099 | $12699 |
| **4/23** | $15575 | $12310 | $12827 |
| **5/23** | $15191 | $11862 | $12472 |
| **6/23** | $15949 | $12394 | $12946 |
| **7/23** | $16194 | $12898 | $13349 |
| **8/23** | $15426 | $12316 | $12668 |
| **9/23** | $14743 | $11927 | $12000 |
| **10/23** | $14338 | $11435 | $11533 |
| **11/23** | $15757 | $12464 | $12726 |
| **12/23** | $16693 | $13090 | $13335 |
| **1/24** | $16575 | $12960 | $13233 |
| **2/24** | $17197 | $13288 | $13739 |
| **3/24** | $17584 | $13703 | $14123 |
| **4/24** | $16532 | $13457 | $13732 |
| **5/24** | $17122 | $13848 | $14094 |
| **6/24** | $17380 | $13835 | $14225 |
| **7/24** | $17594 | $14155 | $14375 |
| **8/24** | $18475 | $14558 | $14833 |
| **9/24** | $18979 | $14950 | $15210 |
| **10/24** | $18035 | $14217 | $14436 |
| **11/24** | $18056 | $14088 | $14317 |
| **12/24** | $17629 | $13814 | $14011 |
| **1/25** | $18755 | $14371 | $14607 |
| **2/25** | $18523 | $14570 | $14618 |
| **3/25** | $17960 | $14537 | $14286 |
| **4/25** | $18667 | $15062 | $14868 |
| **5/25** | $19407 | $15752 | $15619 |
| **6/25** | $19639 | $16287 | $16238 |
| **7/25** | $19252 | $16240 | $16041 |
| **8/25** | $19551 | $16804 | $16493 |
| **9/25** | $20026 | $17409 | $17165 |
| **10/25** | $19948 | $17761 | $17579 |
| **11/25** | $19672 | $17756 | $17263 |
| **12/25** | $19689 | $18288 | $17605 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Institutional Shares | 11.69% | 4.08% | 10.16% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 10.15% |
| MSCI ACWI ex USA Growth Index | 25.65% | 4.01% | 9.56% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $559261974 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3179167 |

---

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 3.8% |
| Novo Nordisk AS, Class B | 3.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.4% |
| ASML Holding NV | 3.3% |
| EssilorLuxottica SA | 3.1% |
| Assa Abloy AB, Class B | 3.0% |
| HDFC Bank Ltd. ADR | 2.9% |
| Aon PLC, Class A | 2.8% |
| London Stock Exchange Group PLC | 2.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 22.3% |
| Industrials | 21.7% |
| Financials | 17.1% |
| Health Care | 14.9% |
| Communication Services | 8.3% |
| Consumer Staples | 6.9% |
| Consumer Discretionary | 6.4% |
| Other (includes short-term investments) | 2.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Quality Growth Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# OCMPX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $116 | 1.10% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Across almost every industry, Quality stocks underperformed the market. This Quality headwind was a consistent theme of the Portfolio's underperformance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight to banks and overweights to commercial & professional services, software & services and healthcare equipment & services significantly hurt performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within information technology - hardware & equipment - also hurt performance (Lotes, Keyence, Halma).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's modest overweight to semiconductors, underweight to pharmaceuticals and zero exposure to energy helped performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](i0f6802ddcf99d0a7c14abade.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Growth Index** |
| **12/18** | $10000 | $10000 | $10000 |
| **1/19** | $10610 | $10000 | $10000 |
| **2/19** | $10980 | $10195 | $10270 |
| **3/19** | $11290 | $10256 | $10437 |
| **4/19** | $11690 | $10527 | $10766 |
| **5/19** | $11310 | $9962 | $10214 |
| **6/19** | $12000 | $10562 | $10892 |
| **7/19** | $11880 | $10434 | $10869 |
| **8/19** | $11650 | $10112 | $10672 |
| **9/19** | $11820 | $10372 | $10799 |
| **10/19** | $12150 | $10734 | $11192 |
| **11/19** | $12580 | $10829 | $11363 |
| **12/19** | $12966 | $11298 | $11834 |
| **1/20** | $12700 | $10994 | $11720 |
| **2/20** | $11962 | $10125 | $10865 |
| **3/20** | $10588 | $8659 | $9675 |
| **4/20** | $11377 | $9315 | $10510 |
| **5/20** | $12095 | $9620 | $10967 |
| **6/20** | $12515 | $10055 | $11523 |
| **7/20** | $13427 | $10503 | $12304 |
| **8/20** | $14176 | $10953 | $12806 |
| **9/20** | $14135 | $10683 | $12694 |
| **10/20** | $13858 | $10454 | $12471 |
| **11/20** | $15211 | $11860 | $13739 |
| **12/20** | $16030 | $12501 | $14461 |
| **1/21** | $16154 | $12528 | $14549 |
| **2/21** | $16113 | $12776 | $14496 |
| **3/21** | $16423 | $12938 | $14450 |
| **4/21** | $17157 | $13319 | $14983 |
| **5/21** | $17653 | $13735 | $15345 |
| **6/21** | $17674 | $13646 | $15404 |
| **7/21** | $18046 | $13421 | $15170 |
| **8/21** | $18428 | $13676 | $15513 |
| **9/21** | $17550 | $13238 | $14846 |
| **10/21** | $18056 | $13554 | $15306 |
| **11/21** | $17147 | $12944 | $14753 |
| **12/21** | $17584 | $13479 | $15198 |
| **1/22** | $16342 | $12982 | $13972 |
| **2/22** | $15763 | $12725 | $13582 |
| **3/22** | $15963 | $12746 | $13560 |
| **4/22** | $14731 | $11945 | $12551 |
| **5/22** | $14741 | $12031 | $12443 |
| **6/22** | $13509 | $10996 | $11430 |
| **7/22** | $14510 | $11372 | $12059 |
| **8/22** | $13583 | $11007 | $11589 |
| **9/22** | $12340 | $9907 | $10359 |
| **10/22** | $13025 | $10203 | $10562 |
| **11/22** | $14625 | $11407 | $11875 |
| **12/22** | $14014 | $11322 | $11694 |
| **1/23** | $15054 | $12240 | $12683 |
| **2/23** | $14587 | $11811 | $12140 |
| **3/23** | $15171 | $12099 | $12699 |
| **4/23** | $15394 | $12310 | $12827 |
| **5/23** | $15011 | $11862 | $12472 |
| **6/23** | $15755 | $12394 | $12946 |
| **7/23** | $15999 | $12898 | $13349 |
| **8/23** | $15245 | $12316 | $12668 |
| **9/23** | $14555 | $11927 | $12000 |
| **10/23** | $14152 | $11435 | $11533 |
| **11/23** | $15553 | $12464 | $12726 |
| **12/23** | $16475 | $13090 | $13335 |
| **1/24** | $16348 | $12960 | $13233 |
| **2/24** | $16966 | $13288 | $13739 |
| **3/24** | $17339 | $13703 | $14123 |
| **4/24** | $16294 | $13457 | $13732 |
| **5/24** | $16880 | $13848 | $14094 |
| **6/24** | $17126 | $13835 | $14225 |
| **7/24** | $17339 | $14155 | $14375 |
| **8/24** | $18202 | $14558 | $14833 |
| **9/24** | $18703 | $14950 | $15210 |
| **10/24** | $17765 | $14217 | $14436 |
| **11/24** | $17776 | $14088 | $14317 |
| **12/24** | $17361 | $13814 | $14011 |
| **1/25** | $18455 | $14371 | $14607 |
| **2/25** | $18225 | $14570 | $14618 |
| **3/25** | $17678 | $14537 | $14286 |
| **4/25** | $18367 | $15062 | $14868 |
| **5/25** | $19089 | $15752 | $15619 |
| **6/25** | $19308 | $16287 | $16238 |
| **7/25** | $18925 | $16240 | $16041 |
| **8/25** | $19210 | $16804 | $16493 |
| **9/25** | $19680 | $17409 | $17165 |
| **10/25** | $19593 | $17761 | $17579 |
| **11/25** | $19319 | $17756 | $17263 |
| **12/25** | $19329 | $18288 | $17605 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/31/18 |
| Open Shares | 11.34% | 3.81% | 9.87% |
| MSCI ACWI ex USA Index | 32.39% | 7.91% | 10.15% |
| MSCI ACWI ex USA Growth Index | 25.65% | 4.01% | 9.56% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $559261974 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3179167 |

---

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 3.8% |
| Novo Nordisk AS, Class B | 3.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.4% |
| ASML Holding NV | 3.3% |
| EssilorLuxottica SA | 3.1% |
| Assa Abloy AB, Class B | 3.0% |
| HDFC Bank Ltd. ADR | 2.9% |
| Aon PLC, Class A | 2.8% |
| London Stock Exchange Group PLC | 2.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 22.3% |
| Industrials | 21.7% |
| Financials | 17.1% |
| Health Care | 14.9% |
| Communication Services | 8.3% |
| Consumer Staples | 6.9% |
| Consumer Discretionary | 6.4% |
| Other (includes short-term investments) | 2.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Quality Growth Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RCMPX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Quality Growth Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $85 | 0.80% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Across almost every industry, Quality stocks underperformed the market. This Quality headwind was a consistent theme of the Portfolio's underperformance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight to banks and overweights to commercial & professional services, software & services and healthcare equipment & services significantly hurt performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection within information technology - hardware & equipment - also hurt performance (Lotes, Keyence, Halma).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's modest overweight to semiconductors, underweight to pharmaceuticals and zero exposure to energy helped performance.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](if33c5f0ba64eabd5c4047108.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 |
| **07/25** | $1291988 | $1375042 | $1321285 |
| **08/25** | $1311990 | $1422751 | $1358538 |
| **09/25** | $1343845 | $1474014 | $1413890 |
| **10/25** | $1338659 | $1503805 | $1447977 |
| **11/25** | $1320139 | $1503421 | $1421949 |
| **12/25** | $1321824 | $1548477 | $1450131 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 2/22/23 |
| R6 Shares | 11.80% | 10.26% |
| MSCI ACWI ex USA Index | 32.39% | 16.14% |
| MSCI ACWI ex USA Growth Index | 25.65% | 13.41% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $559261974 |
| # of Portfolio Holdings | 48 |
| Portfolio Turnover Rate | 22% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $3179167 |

---

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

---

| | |
|:---|:---|
| Tencent Holdings Ltd. | 3.8% |
| Novo Nordisk AS, Class B | 3.5% |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 3.4% |
| ASML Holding NV | 3.3% |
| EssilorLuxottica SA | 3.1% |
| Assa Abloy AB, Class B | 3.0% |
| HDFC Bank Ltd. ADR | 2.9% |
| Aon PLC, Class A | 2.8% |
| London Stock Exchange Group PLC | 2.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.7% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 22.3% |
| Industrials | 21.7% |
| Financials | 17.1% |
| Health Care | 14.9% |
| Communication Services | 8.3% |
| Consumer Staples | 6.9% |
| Consumer Discretionary | 6.4% |
| Other (includes short-term investments) | 2.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Global Small Cap Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZISX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Global Small Cap Equity Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $122 | 1.03% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector boosted relative performance, as did stock selection in Germany.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector and to Italy contributed, as did underweight exposure to the real estate sector and to Israel.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were Phoenix Financial and Lumentum.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer discretionary sector undercut relative performance, as did stock selection in Japan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the consumer discretionary sector and to Germany detracted, as did underweight exposure to the materials sector and to Canada.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were Floor & Décor and Bullish.

## **Portfolio Performance**![Growth of 10K Chart](i92dc7a97ead06ffd8202dc75.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Investable Market Index (IMI)** | **MSCI EAFE/World Small Cap Linked Index** | **MSCI EAFE Investable Market Index (IMI)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9413 | $9378 | $9214 | $9268 |
| **2/16** | $9257 | $9326 | $9203 | $9120 |
| **3/16** | $10037 | $9978 | $9940 | $9732 |
| **4/16** | $9982 | $10146 | $10169 | $10006 |
| **5/16** | $10092 | $10212 | $10221 | $9934 |
| **6/16** | $9697 | $10087 | $9682 | $9574 |
| **7/16** | $10064 | $10530 | $10276 | $10073 |
| **8/16** | $9879 | $10540 | $10215 | $10071 |
| **9/16** | $10186 | $10610 | $10519 | $10219 |
| **10/16** | $9711 | $10379 | $10221 | $9999 |
| **11/16** | $9469 | $10567 | $9934 | $9788 |
| **12/16** | $9526 | $10819 | $10218 | $10115 |
| **1/17** | $9829 | $11079 | $10579 | $10418 |
| **2/17** | $9923 | $11377 | $10816 | $10578 |
| **3/17** | $10187 | $11493 | $11033 | $10858 |
| **4/17** | $10763 | $11671 | $11505 | $11161 |
| **5/17** | $11122 | $11894 | $11929 | $11571 |
| **6/17** | $11132 | $11959 | $11927 | $11553 |
| **7/17** | $11622 | $12243 | $12359 | $11899 |
| **8/17** | $11726 | $12257 | $12460 | $11909 |
| **9/17** | $12132 | $12560 | $12816 | $12212 |
| **10/17** | $12406 | $12790 | $13032 | $12400 |
| **11/17** | $12671 | $13067 | $13239 | $12540 |
| **12/17** | $13020 | $13247 | $13592 | $12761 |
| **1/18** | $13615 | $13915 | $14287 | $13403 |
| **2/18** | $13010 | $13341 | $13780 | $12817 |
| **3/18** | $13114 | $13090 | $13624 | $12599 |
| **4/18** | $12954 | $13237 | $13809 | $12869 |
| **5/18** | $12840 | $13356 | $13677 | $12605 |
| **6/18** | $12652 | $13345 | $13411 | $12437 |
| **7/18** | $12755 | $13726 | $13499 | $12709 |
| **8/18** | $12470 | $13914 | $13390 | $12485 |
| **9/18** | $12277 | $13953 | $13293 | $12564 |
| **10/18** | $10763 | $12880 | $12014 | $11533 |
| **11/18** | $10628 | $13018 | $11929 | $11508 |
| **12/18** | $9780 | $12000 | $11160 | $10923 |
| **1/19** | $10733 | $12973 | $12059 | $11664 |
| **2/19** | $10969 | $13375 | $12330 | $11956 |
| **3/19** | $10812 | $13517 | $12349 | $12023 |
| **4/19** | $11195 | $13988 | $12721 | $12365 |
| **5/19** | $10753 | $13167 | $12049 | $11763 |
| **6/19** | $11176 | $14022 | $12560 | $12432 |
| **7/19** | $10920 | $14093 | $12471 | $12284 |
| **8/19** | $10707 | $13780 | $12163 | $11968 |
| **9/19** | $10969 | $14072 | $12505 | $12310 |
| **10/19** | $11424 | $14434 | $13073 | $12769 |
| **11/19** | $11788 | $14844 | $13362 | $12932 |
| **12/19** | $12324 | $15298 | $13946 | $13373 |
| **1/20** | $11990 | $15163 | $13542 | $13078 |
| **2/20** | $10969 | $13868 | $12214 | $11882 |
| **3/20** | $9069 | $11906 | $10108 | $10230 |
| **4/20** | $10019 | $13240 | $11159 | $10946 |
| **5/20** | $10747 | $13913 | $11955 | $11466 |
| **6/20** | $11141 | $14280 | $12118 | $11823 |
| **7/20** | $11495 | $14949 | $12525 | $12115 |
| **8/20** | $12054 | $15931 | $13460 | $12778 |
| **9/20** | $11950 | $15404 | $13359 | $12480 |
| **10/20** | $11629 | $14986 | $12895 | $11991 |
| **11/20** | $13069 | $16947 | $14666 | $13819 |
| **12/20** | $13980 | $17730 | $15667 | $14506 |
| **1/21** | $13970 | $17621 | $15609 | $14366 |
| **2/21** | $14280 | $18126 | $16023 | $14697 |
| **3/21** | $14456 | $18701 | $16373 | $15033 |
| **4/21** | $15388 | $19553 | $17031 | $15508 |
| **5/21** | $15772 | $19820 | $17372 | $15984 |
| **6/21** | $15647 | $20082 | $17084 | $15791 |
| **7/21** | $15885 | $20378 | $17375 | $15933 |
| **8/21** | $16521 | $20884 | $17875 | $16242 |
| **9/21** | $15913 | $20044 | $17237 | $15754 |
| **10/21** | $16165 | $21127 | $17508 | $16119 |
| **11/21** | $15253 | $20594 | $16529 | $15345 |
| **12/21** | $15634 | $21460 | $17250 | $16113 |
| **1/22** | $14567 | $20265 | $15988 | $15272 |
| **2/22** | $13998 | $19819 | $15785 | $15014 |
| **3/22** | $13855 | $20319 | $15778 | $15095 |
| **4/22** | $12973 | $18643 | $14696 | $14109 |
| **5/22** | $12902 | $18651 | $14590 | $14184 |
| **6/22** | $11238 | $17006 | $12988 | $12831 |
| **7/22** | $11992 | $18380 | $13846 | $13501 |
| **8/22** | $11066 | $17631 | $13232 | $12867 |
| **9/22** | $9951 | $15972 | $11711 | $11621 |
| **10/22** | $10442 | $17135 | $12206 | $12227 |
| **11/22** | $11766 | $18310 | $13416 | $13580 |
| **12/22** | $11518 | $17550 | $13560 | $13610 |
| **1/23** | $12522 | $18837 | $14572 | $14700 |
| **2/23** | $12237 | $18392 | $14256 | $14391 |
| **3/23** | $12357 | $18838 | $14227 | $14693 |
| **4/23** | $12507 | $19129 | $14513 | $15091 |
| **5/23** | $12103 | $18901 | $13907 | $14453 |
| **6/23** | $12237 | $20049 | $14309 | $15078 |
| **7/23** | $12522 | $20756 | $14943 | $15590 |
| **8/23** | $12185 | $20228 | $14446 | $15004 |
| **9/23** | $11480 | $19335 | $13807 | $14470 |
| **10/23** | $10879 | $18707 | $12996 | $13847 |
| **11/23** | $11990 | $20460 | $14303 | $15147 |
| **12/23** | $12849 | $21565 | $15345 | $15993 |
| **1/24** | $12482 | $21731 | $15092 | $16035 |
| **2/24** | $12375 | $22632 | $15149 | $16297 |
| **3/24** | $12681 | $23375 | $15713 | $16843 |
| **4/24** | $12207 | $22471 | $15246 | $16402 |
| **5/24** | $12681 | $23477 | $15907 | $17048 |
| **6/24** | $12498 | $23856 | $15423 | $16739 |
| **7/24** | $13354 | $24399 | $16302 | $17293 |
| **8/24** | $13776 | $24989 | $16625 | $17825 |
| **9/24** | $13822 | $25448 | $17049 | $18030 |
| **10/24** | $12690 | $24924 | $15981 | $17028 |
| **11/24** | $12598 | $26116 | $15992 | $16947 |
| **12/24** | $12375 | $25342 | $15624 | $16561 |
| **1/25** | $12952 | $26235 | $16162 | $17389 |
| **2/25** | $12859 | $25977 | $16115 | $17673 |
| **3/25** | $12952 | $24839 | $16200 | $17625 |
| **4/25** | $13763 | $25054 | $17140 | $18462 |
| **5/25** | $14978 | $26535 | $18101 | $19334 |
| **6/25** | $15617 | $27691 | $18888 | $19818 |
| **7/25** | $15680 | $28045 | $18872 | $19578 |
| **8/25** | $16460 | $28851 | $19745 | $20423 |
| **9/25** | $16397 | $29741 | $20136 | $20804 |
| **10/25** | $16522 | $30280 | $20170 | $20989 |
| **11/25** | $16554 | $30409 | $20515 | $21137 |
| **12/25** | $16821 | $30659 | $20706 | $21749 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 35.93% | 3.77% | 5.34% |
| MSCI World Investable Market Index (IMI) | 20.98% | 11.58% | 11.86% |
| MSCI EAFE/World Small Cap Linked Index | 32.53% | 5.73% | 7.55% |
| MSCI EAFE Investable Market Index (IMI) | 31.33% | 8.44% | 8.08% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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.

Effective as of September 1, 2025, the MSCI World IMI replaced the MSCI EAFE IMI as the Portfolio's broad-based securities market index.

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 | $12885457 |
| # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 160% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.2% |
| RH | 2.8% |
| Lumentum Holdings, Inc. | 2.4% |
| First Watch Restaurant Group, Inc. | 2.3% |
| Floor & Decor Holdings, Inc., Class A | 2.3% |
| Coherent Corp. | 2.1% |
| Lottomatica Group SpA | 2.1% |
| Organo Corp. | 2.0% |
| Arca Continental SAB de CV | 1.9% |
| Zeta Global Holdings Corp., Class A | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 20.3% |
| Industrials | 20.2% |
| Consumer Discretionary | 18.5% |
| Financials | 16.2% |
| Health Care | 8.6% |
| Consumer Staples | 4.7% |
| Materials | 4.3% |
| Energy | 3.2% |
| Other (includes short-term investments) | 4.0% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective September 1, 2025, the Portfolio's name changed from Lazard International Small Cap Equity Portfolio to Lazard Global Small Cap Equity Portfolio. In connection with this change, the Portfolio's principal investment strategies permit increased exposure to the equity securities of U.S. small capitalization companies.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Global Small Cap Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LZSMX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Global Small Cap Equity Portfolio for the period of January 1, 2025 to December 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## **What were the Portfolio costs for the last year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $151 | 1.28% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the information technology sector boosted relative performance, as did stock selection in Germany.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector and to Italy contributed, as did underweight exposure to the real estate sector and to Israel.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top contributors were Phoenix Financial and Lumentum.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Stock selection in the consumer discretionary sector undercut relative performance, as did stock selection in Japan.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the consumer discretionary sector and to Germany detracted, as did underweight exposure to the materials sector and to Canada.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Among the top detractors were Floor & Décor and Bullish.

## **Portfolio Performance**![Growth of 10K Chart](ibcdf9b393f0bf1c0f21ef5c6.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Investable Market Index (IMI)** | **MSCI EAFE/World Small Cap Linked Index** | **MSCI EAFE Investable Market Index (IMI)** |
| **12/15** | $10000 | $10000 | $10000 | $10000 |
| **1/16** | $9405 | $9378 | $9214 | $9268 |
| **2/16** | $9250 | $9326 | $9203 | $9120 |
| **3/16** | $10027 | $9978 | $9940 | $9732 |
| **4/16** | $9973 | $10146 | $10169 | $10006 |
| **5/16** | $10073 | $10212 | $10221 | $9934 |
| **6/16** | $9680 | $10087 | $9682 | $9574 |
| **7/16** | $10046 | $10530 | $10276 | $10073 |
| **8/16** | $9855 | $10540 | $10215 | $10071 |
| **9/16** | $10161 | $10610 | $10519 | $10219 |
| **10/16** | $9697 | $10379 | $10221 | $9999 |
| **11/16** | $9447 | $10567 | $9934 | $9788 |
| **12/16** | $9499 | $10819 | $10218 | $10115 |
| **1/17** | $9799 | $11079 | $10579 | $10418 |
| **2/17** | $9893 | $11377 | $10816 | $10578 |
| **3/17** | $10155 | $11493 | $11033 | $10858 |
| **4/17** | $10726 | $11671 | $11505 | $11161 |
| **5/17** | $11082 | $11894 | $11929 | $11571 |
| **6/17** | $11092 | $11959 | $11927 | $11553 |
| **7/17** | $11579 | $12243 | $12359 | $11899 |
| **8/17** | $11682 | $12257 | $12460 | $11909 |
| **9/17** | $12075 | $12560 | $12816 | $12212 |
| **10/17** | $12347 | $12790 | $13032 | $12400 |
| **11/17** | $12609 | $13067 | $13239 | $12540 |
| **12/17** | $12947 | $13247 | $13592 | $12761 |
| **1/18** | $13537 | $13915 | $14287 | $13403 |
| **2/18** | $12937 | $13341 | $13780 | $12817 |
| **3/18** | $13031 | $13090 | $13624 | $12599 |
| **4/18** | $12881 | $13237 | $13809 | $12869 |
| **5/18** | $12759 | $13356 | $13677 | $12605 |
| **6/18** | $12572 | $13345 | $13411 | $12437 |
| **7/18** | $12675 | $13726 | $13499 | $12709 |
| **8/18** | $12379 | $13914 | $13390 | $12485 |
| **9/18** | $12188 | $13953 | $13293 | $12564 |
| **10/18** | $10680 | $12880 | $12014 | $11533 |
| **11/18** | $10556 | $13018 | $11929 | $11508 |
| **12/18** | $9698 | $12000 | $11160 | $10923 |
| **1/19** | $10641 | $12973 | $12059 | $11664 |
| **2/19** | $10875 | $13375 | $12330 | $11956 |
| **3/19** | $10719 | $13517 | $12349 | $12023 |
| **4/19** | $11099 | $13988 | $12721 | $12365 |
| **5/19** | $10651 | $13167 | $12049 | $11763 |
| **6/19** | $11069 | $14022 | $12560 | $12432 |
| **7/19** | $10816 | $14093 | $12471 | $12284 |
| **8/19** | $10605 | $13780 | $12163 | $11968 |
| **9/19** | $10855 | $14072 | $12505 | $12310 |
| **10/19** | $11315 | $14434 | $13073 | $12769 |
| **11/19** | $11665 | $14844 | $13362 | $12932 |
| **12/19** | $12196 | $15298 | $13946 | $13373 |
| **1/20** | $11866 | $15163 | $13542 | $13078 |
| **2/20** | $10855 | $13868 | $12214 | $11882 |
| **3/20** | $8964 | $11906 | $10108 | $10230 |
| **4/20** | $9905 | $13240 | $11159 | $10946 |
| **5/20** | $10625 | $13913 | $11955 | $11466 |
| **6/20** | $11005 | $14280 | $12118 | $11823 |
| **7/20** | $11355 | $14949 | $12525 | $12115 |
| **8/20** | $11909 | $15931 | $13460 | $12778 |
| **9/20** | $11806 | $15404 | $13359 | $12480 |
| **10/20** | $11490 | $14986 | $12895 | $11991 |
| **11/20** | $12900 | $16947 | $14666 | $13819 |
| **12/20** | $13800 | $17730 | $15667 | $14506 |
| **1/21** | $13779 | $17621 | $15609 | $14366 |
| **2/21** | $14086 | $18126 | $16023 | $14697 |
| **3/21** | $14260 | $18701 | $16373 | $15033 |
| **4/21** | $15180 | $19553 | $17031 | $15508 |
| **5/21** | $15548 | $19820 | $17372 | $15984 |
| **6/21** | $15425 | $20082 | $17084 | $15791 |
| **7/21** | $15660 | $20378 | $17375 | $15933 |
| **8/21** | $16287 | $20884 | $17875 | $16242 |
| **9/21** | $15689 | $20044 | $17237 | $15754 |
| **10/21** | $15926 | $21127 | $17508 | $16119 |
| **11/21** | $15028 | $20594 | $16529 | $15345 |
| **12/21** | $15401 | $21460 | $17250 | $16113 |
| **1/22** | $14340 | $20265 | $15988 | $15272 |
| **2/22** | $13782 | $19819 | $15785 | $15014 |
| **3/22** | $13628 | $20319 | $15778 | $15095 |
| **4/22** | $12762 | $18643 | $14696 | $14109 |
| **5/22** | $12692 | $18651 | $14590 | $14184 |
| **6/22** | $11059 | $17006 | $12988 | $12831 |
| **7/22** | $11785 | $18380 | $13846 | $13501 |
| **8/22** | $10876 | $17631 | $13232 | $12867 |
| **9/22** | $9782 | $15972 | $11711 | $11621 |
| **10/22** | $10263 | $17135 | $12206 | $12227 |
| **11/22** | $11563 | $18310 | $13416 | $13580 |
| **12/22** | $11321 | $17550 | $13560 | $13610 |
| **1/23** | $12303 | $18837 | $14572 | $14700 |
| **2/23** | $12010 | $18392 | $14256 | $14391 |
| **3/23** | $12127 | $18838 | $14227 | $14693 |
| **4/23** | $12274 | $19129 | $14513 | $15091 |
| **5/23** | $11878 | $18901 | $13907 | $14453 |
| **6/23** | $12010 | $20049 | $14309 | $15078 |
| **7/23** | $12289 | $20756 | $14943 | $15590 |
| **8/23** | $11959 | $20228 | $14446 | $15004 |
| **9/23** | $11254 | $19335 | $13807 | $14470 |
| **10/23** | $10666 | $18707 | $12996 | $13847 |
| **11/23** | $11738 | $20460 | $14303 | $15147 |
| **12/23** | $12593 | $21565 | $15345 | $15993 |
| **1/24** | $12220 | $21731 | $15092 | $16035 |
| **2/24** | $12130 | $22632 | $15149 | $16297 |
| **3/24** | $12414 | $23375 | $15713 | $16843 |
| **4/24** | $11951 | $22471 | $15246 | $16402 |
| **5/24** | $12414 | $23477 | $15907 | $17048 |
| **6/24** | $12234 | $23856 | $15423 | $16739 |
| **7/24** | $13071 | $24399 | $16302 | $17293 |
| **8/24** | $13468 | $24989 | $16625 | $17825 |
| **9/24** | $13513 | $25448 | $17049 | $18030 |
| **10/24** | $12407 | $24924 | $15981 | $17028 |
| **11/24** | $12317 | $26116 | $15992 | $16947 |
| **12/24** | $12100 | $25342 | $15624 | $16561 |
| **1/25** | $12662 | $26235 | $16162 | $17389 |
| **2/25** | $12571 | $25977 | $16115 | $17673 |
| **3/25** | $12647 | $24839 | $16200 | $17625 |
| **4/25** | $13436 | $25054 | $17140 | $18462 |
| **5/25** | $14620 | $26535 | $18101 | $19334 |
| **6/25** | $15243 | $27691 | $18888 | $19818 |
| **7/25** | $15303 | $28045 | $18872 | $19578 |
| **8/25** | $16063 | $28851 | $19745 | $20423 |
| **9/25** | $15987 | $29741 | $20136 | $20804 |
| **10/25** | $16125 | $30280 | $20170 | $20989 |
| **11/25** | $16140 | $30409 | $20515 | $21137 |
| **12/25** | $16406 | $30659 | $20706 | $21749 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 35.58% | 3.52% | 5.07% |
| MSCI World Investable Market Index (IMI) | 20.98% | 11.58% | 11.86% |
| MSCI EAFE/World Small Cap Linked Index | 32.53% | 5.73% | 7.55% |
| MSCI EAFE Investable Market Index (IMI) | 31.33% | 8.44% | 8.08% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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.

Effective as of September 1, 2025, the MSCI World IMI replaced the MSCI EAFE IMI as the Portfolio's broad-based securities market index.

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 | $12885457 |
| # of Portfolio Holdings | 80 |
| Portfolio Turnover Rate | 160% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| DigitalOcean Holdings, Inc. | 3.2% |
| RH | 2.8% |
| Lumentum Holdings, Inc. | 2.4% |
| First Watch Restaurant Group, Inc. | 2.3% |
| Floor & Decor Holdings, Inc., Class A | 2.3% |
| Coherent Corp. | 2.1% |
| Lottomatica Group SpA | 2.1% |
| Organo Corp. | 2.0% |
| Arca Continental SAB de CV | 1.9% |
| Zeta Global Holdings Corp., Class A | 1.9% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Information Technology | 20.3% |
| Industrials | 20.2% |
| Consumer Discretionary | 18.5% |
| Financials | 16.2% |
| Health Care | 8.6% |
| Consumer Staples | 4.7% |
| Materials | 4.3% |
| Energy | 3.2% |
| Other (includes short-term investments) | 4.0% |

---

#### Material Portfolio Changes
This is a summary of certain changes and planned changes to the Portfolio since December 31, 2024. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available by May 1, 2026 at https://www.lazardassetmanagement.com/us/en_us/investment-solutions/how-to-invest/mutual-funds#documents or upon request at (800) 823-6300 or Contact.US@Lazard.com.

Effective September 1, 2025, the Portfolio's name changed from Lazard International Small Cap Equity Portfolio to Lazard Global Small Cap Equity Portfolio. In connection with this change, the Portfolio's principal investment strategies permit increased exposure to the equity securities of U.S. small capitalization companies.

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LISOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $123 | 1.09% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's premium to financial productivity compared to the benchmark is substantial and has posed a very significant headwind to relative performance during much of the post-COVID era (including 2026) as Quality has significantly underperformed. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance as did stock selection in the healthcare sector (Novo Nordisk).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the financials sector, particularly banks, helped performance (Bank Leumi, Phoenix Financial, Piraeus Bank, Societe Generale). Underweight exposures to the health care and energy sectors helped along with stock selection in information technology (software & services).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](i87aafce8edc40dbefc68cc9a.jpg)

---

| | | |
|:---|:---|:---|
| | **Open Shares** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9487 | $9277 |
| **2/16** | $9360 | $9107 |
| **3/16** | $9963 | $9699 |
| **4/16** | $10030 | $9980 |
| **5/16** | $10037 | $9890 |
| **6/16** | $9829 | $9558 |
| **7/16** | $10067 | $10042 |
| **8/16** | $9940 | $10049 |
| **9/16** | $10037 | $10173 |
| **10/16** | $9650 | $9965 |
| **11/16** | $9330 | $9766 |
| **12/16** | $9463 | $10100 |
| **1/17** | $9681 | $10393 |
| **2/17** | $9749 | $10542 |
| **3/17** | $9991 | $10832 |
| **4/17** | $10345 | $11107 |
| **5/17** | $10790 | $11515 |
| **6/17** | $10767 | $11495 |
| **7/17** | $11182 | $11826 |
| **8/17** | $11167 | $11822 |
| **9/17** | $11370 | $12116 |
| **10/17** | $11574 | $12300 |
| **11/17** | $11785 | $12429 |
| **12/17** | $12059 | $12628 |
| **1/18** | $12837 | $13262 |
| **2/18** | $12303 | $12663 |
| **3/18** | $12326 | $12435 |
| **4/18** | $12318 | $12719 |
| **5/18** | $12296 | $12433 |
| **6/18** | $12067 | $12281 |
| **7/18** | $12227 | $12584 |
| **8/18** | $12100 | $12340 |
| **9/18** | $12206 | $12448 |
| **10/18** | $11178 | $11457 |
| **11/18** | $11323 | $11442 |
| **12/18** | $10787 | $10887 |
| **1/19** | $11516 | $11602 |
| **2/19** | $11898 | $11898 |
| **3/19** | $12014 | $11973 |
| **4/19** | $12370 | $12310 |
| **5/19** | $11790 | $11719 |
| **6/19** | $12437 | $12414 |
| **7/19** | $12196 | $12256 |
| **8/19** | $12000 | $11939 |
| **9/19** | $12241 | $12281 |
| **10/19** | $12457 | $12722 |
| **11/19** | $12632 | $12866 |
| **12/19** | $13074 | $13284 |
| **1/20** | $12881 | $13006 |
| **2/20** | $11895 | $11830 |
| **3/20** | $9957 | $10251 |
| **4/20** | $10657 | $10914 |
| **5/20** | $11187 | $11389 |
| **6/20** | $11550 | $11777 |
| **7/20** | $11996 | $12051 |
| **8/20** | $12707 | $12671 |
| **9/20** | $12310 | $12342 |
| **10/20** | $11897 | $11849 |
| **11/20** | $13744 | $13685 |
| **12/20** | $14426 | $14322 |
| **1/21** | $14035 | $14169 |
| **2/21** | $14400 | $14487 |
| **3/21** | $14808 | $14820 |
| **4/21** | $15462 | $15266 |
| **5/21** | $15886 | $15764 |
| **6/21** | $15479 | $15586 |
| **7/21** | $15598 | $15704 |
| **8/21** | $15992 | $15981 |
| **9/21** | $15380 | $15517 |
| **10/21** | $15711 | $15899 |
| **11/21** | $14716 | $15159 |
| **12/21** | $15244 | $15935 |
| **1/22** | $14682 | $15165 |
| **2/22** | $14258 | $14897 |
| **3/22** | $13953 | $14993 |
| **4/22** | $13133 | $14023 |
| **5/22** | $13418 | $14128 |
| **6/22** | $12321 | $12817 |
| **7/22** | $12948 | $13455 |
| **8/22** | $12155 | $12816 |
| **9/22** | $11058 | $11617 |
| **10/22** | $11814 | $12242 |
| **11/22** | $13022 | $13621 |
| **12/22** | $12647 | $13632 |
| **1/23** | $13579 | $14736 |
| **2/23** | $13169 | $14428 |
| **3/23** | $13616 | $14786 |
| **4/23** | $13672 | $15204 |
| **5/23** | $13523 | $14560 |
| **6/23** | $14139 | $15223 |
| **7/23** | $14279 | $15715 |
| **8/23** | $13807 | $15113 |
| **9/23** | $13209 | $14597 |
| **10/23** | $12714 | $14005 |
| **11/23** | $13993 | $15305 |
| **12/23** | $14753 | $16118 |
| **1/24** | $14649 | $16211 |
| **2/24** | $15300 | $16508 |
| **3/24** | $15593 | $17051 |
| **4/24** | $14838 | $16614 |
| **5/24** | $15423 | $17258 |
| **6/24** | $15093 | $16979 |
| **7/24** | $15584 | $17477 |
| **8/24** | $16061 | $18045 |
| **9/24** | $15909 | $18212 |
| **10/24** | $14983 | $17222 |
| **11/24** | $15087 | $17124 |
| **12/24** | $14515 | $16734 |
| **1/25** | $15251 | $17614 |
| **2/25** | $15507 | $17956 |
| **3/25** | $15262 | $17883 |
| **4/25** | $15816 | $18702 |
| **5/25** | $16733 | $19558 |
| **6/25** | $17341 | $19989 |
| **7/25** | $17192 | $19708 |
| **8/25** | $17539 | $20548 |
| **9/25** | $18038 | $20942 |
| **10/25** | $17951 | $21188 |
| **11/25** | $17940 | $21320 |
| **12/25** | $18188 | $21959 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Open Shares | 25.31% | 4.74% | 6.16% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1532571135 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15505885 |

---

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

---

| | |
|:---|:---|
| ASML Holding NV | 3.3% |
| Societe Generale SA | 3.1% |
| Piraeus Bank SA | 2.9% |
| Bank Leumi Le-Israel BM | 2.9% |
| Banco Santander SA | 2.6% |
| RELX PLC | 2.3% |
| Element Fleet Management Corp. | 2.1% |
| Unilever PLC | 2.1% |
| MTU Aero Engines AG | 2.0% |
| Weir Group PLC | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.4% |
| Information Technology | 11.3% |
| Consumer Staples | 9.1% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.1% |
| Utilities | 4.9% |
| Materials | 4.7% |
| Communication Services | 3.5% |
| Other (includes short-term investments) | 4.9% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# LISIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $95 | 0.84% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's premium to financial productivity compared to the benchmark is substantial and has posed a very significant headwind to relative performance during much of the post-COVID era (including 2026) as Quality has significantly underperformed. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance as did stock selection in the healthcare sector (Novo Nordisk).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the financials sector, particularly banks, helped performance (Bank Leumi, Phoenix Financial, Piraeus Bank, Societe Generale). Underweight exposures to the health care and energy sectors helped along with stock selection in information technology (software & services).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](i54b4bebb0bc62b9ff33baf3f.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Shares** | **MSCI EAFE Index** |
| **12/15** | $10000 | $10000 |
| **1/16** | $9490 | $9277 |
| **2/16** | $9362 | $9107 |
| **3/16** | $9970 | $9699 |
| **4/16** | $10038 | $9980 |
| **5/16** | $10053 | $9890 |
| **6/16** | $9842 | $9558 |
| **7/16** | $10083 | $10042 |
| **8/16** | $9962 | $10049 |
| **9/16** | $10060 | $10173 |
| **10/16** | $9677 | $9965 |
| **11/16** | $9355 | $9766 |
| **12/16** | $9483 | $10100 |
| **1/17** | $9712 | $10393 |
| **2/17** | $9780 | $10542 |
| **3/17** | $10024 | $10832 |
| **4/17** | $10382 | $11107 |
| **5/17** | $10832 | $11515 |
| **6/17** | $10809 | $11495 |
| **7/17** | $11228 | $11826 |
| **8/17** | $11213 | $11822 |
| **9/17** | $11427 | $12116 |
| **10/17** | $11625 | $12300 |
| **11/17** | $11846 | $12429 |
| **12/17** | $12124 | $12628 |
| **1/18** | $12904 | $13262 |
| **2/18** | $12371 | $12663 |
| **3/18** | $12402 | $12435 |
| **4/18** | $12394 | $12719 |
| **5/18** | $12371 | $12433 |
| **6/18** | $12147 | $12281 |
| **7/18** | $12310 | $12584 |
| **8/18** | $12180 | $12340 |
| **9/18** | $12296 | $12448 |
| **10/18** | $11261 | $11457 |
| **11/18** | $11416 | $11442 |
| **12/18** | $10869 | $10887 |
| **1/19** | $11611 | $11602 |
| **2/19** | $11991 | $11898 |
| **3/19** | $12117 | $11973 |
| **4/19** | $12480 | $12310 |
| **5/19** | $11898 | $11719 |
| **6/19** | $12547 | $12414 |
| **7/19** | $12311 | $12256 |
| **8/19** | $12112 | $11939 |
| **9/19** | $12357 | $12281 |
| **10/19** | $12585 | $12722 |
| **11/19** | $12762 | $12866 |
| **12/19** | $13212 | $13284 |
| **1/20** | $13023 | $13006 |
| **2/20** | $12026 | $11830 |
| **3/20** | $10068 | $10251 |
| **4/20** | $10772 | $10914 |
| **5/20** | $11313 | $11389 |
| **6/20** | $11683 | $11777 |
| **7/20** | $12138 | $12051 |
| **8/20** | $12863 | $12671 |
| **9/20** | $12467 | $12342 |
| **10/20** | $12045 | $11849 |
| **11/20** | $13921 | $13685 |
| **12/20** | $14610 | $14322 |
| **1/21** | $14219 | $14169 |
| **2/21** | $14593 | $14487 |
| **3/21** | $15018 | $14820 |
| **4/21** | $15678 | $15266 |
| **5/21** | $16112 | $15764 |
| **6/21** | $15704 | $15586 |
| **7/21** | $15825 | $15704 |
| **8/21** | $16228 | $15981 |
| **9/21** | $15611 | $15517 |
| **10/21** | $15950 | $15899 |
| **11/21** | $14942 | $15159 |
| **12/21** | $15485 | $15935 |
| **1/22** | $14908 | $15165 |
| **2/22** | $14492 | $14897 |
| **3/22** | $14180 | $14993 |
| **4/22** | $13348 | $14023 |
| **5/22** | $13641 | $14128 |
| **6/22** | $12525 | $12817 |
| **7/22** | $13168 | $13455 |
| **8/22** | $12364 | $12816 |
| **9/22** | $11248 | $11617 |
| **10/22** | $12023 | $12242 |
| **11/22** | $13262 | $13621 |
| **12/22** | $12872 | $13632 |
| **1/23** | $13831 | $14736 |
| **2/23** | $13409 | $14428 |
| **3/23** | $13879 | $14786 |
| **4/23** | $13937 | $15204 |
| **5/23** | $13783 | $14560 |
| **6/23** | $14416 | $15223 |
| **7/23** | $14560 | $15715 |
| **8/23** | $14075 | $15113 |
| **9/23** | $13470 | $14597 |
| **10/23** | $12971 | $14005 |
| **11/23** | $14286 | $15305 |
| **12/23** | $15068 | $16118 |
| **1/24** | $14951 | $16211 |
| **2/24** | $15623 | $16508 |
| **3/24** | $15934 | $17051 |
| **4/24** | $15165 | $16614 |
| **5/24** | $15759 | $17258 |
| **6/24** | $15428 | $16979 |
| **7/24** | $15934 | $17477 |
| **8/24** | $16426 | $18045 |
| **9/24** | $16280 | $18212 |
| **10/24** | $15324 | $17222 |
| **11/24** | $15441 | $17124 |
| **12/24** | $14862 | $16734 |
| **1/25** | $15613 | $17614 |
| **2/25** | $15878 | $17956 |
| **3/25** | $15624 | $17883 |
| **4/25** | $16199 | $18702 |
| **5/25** | $17148 | $19558 |
| **6/25** | $17778 | $19989 |
| **7/25** | $17623 | $19708 |
| **8/25** | $17982 | $20548 |
| **9/25** | $18499 | $20942 |
| **10/25** | $18420 | $21188 |
| **11/25** | $18409 | $21320 |
| **12/25** | $18658 | $21959 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| Institutional Shares | 25.54% | 5.01% | 6.44% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1532571135 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15505885 |

---

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

---

| | |
|:---|:---|
| ASML Holding NV | 3.3% |
| Societe Generale SA | 3.1% |
| Piraeus Bank SA | 2.9% |
| Bank Leumi Le-Israel BM | 2.9% |
| Banco Santander SA | 2.6% |
| RELX PLC | 2.3% |
| Element Fleet Management Corp. | 2.1% |
| Unilever PLC | 2.1% |
| MTU Aero Engines AG | 2.0% |
| Weir Group PLC | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.4% |
| Information Technology | 11.3% |
| Consumer Staples | 9.1% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.1% |
| Utilities | 4.9% |
| Materials | 4.7% |
| Communication Services | 3.5% |
| Other (includes short-term investments) | 4.9% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard International Strategic Equity Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RLITX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard International Strategic Equity Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $95 | 0.84% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's premium to financial productivity compared to the benchmark is substantial and has posed a very significant headwind to relative performance during much of the post-COVID era (including 2026) as Quality has significantly underperformed. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The market appeared to bifurcate perceived AI winners from losers; this dynamic hurt performance (RELX, London Stock Exchange, Experian). 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to the information technology sector detracted from performance as did stock selection in the healthcare sector (Novo Nordisk).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure and stock selection in the financials sector, particularly banks, helped performance (Bank Leumi, Phoenix Financial, Piraeus Bank, Societe Generale). Underweight exposures to the health care and energy sectors helped along with stock selection in information technology (software & services).

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Underweight exposure to Japan and UK helped performance.

## **Portfolio Performance**![Growth of 10K Chart](i024e3901b9165bdbef7dc63a.jpg)

---

| | | |
|:---|:---|:---|
| | **R6 Shares** | **MSCI EAFE Index** |
| **12/15** | $1000000 | $1000000 |
| **01/16** | $949025 | $927686 |
| **02/16** | $936282 | $910690 |
| **03/16** | $997001 | $969946 |
| **04/16** | $1003748 | $998027 |
| **05/16** | $1005247 | $988961 |
| **06/16** | $984258 | $955763 |
| **07/16** | $1008246 | $1004202 |
| **08/16** | $996252 | $1004915 |
| **09/16** | $1005997 | $1017260 |
| **10/16** | $967766 | $996451 |
| **11/16** | $935532 | $976606 |
| **12/16** | $948324 | $1010000 |
| **01/17** | $971175 | $1039298 |
| **02/17** | $978030 | $1054159 |
| **03/17** | $1002405 | $1083179 |
| **04/17** | $1038205 | $1110741 |
| **05/17** | $1083146 | $1151509 |
| **06/17** | $1080861 | $1149472 |
| **07/17** | $1122755 | $1182630 |
| **08/17** | $1121231 | $1182184 |
| **09/17** | $1142559 | $1211598 |
| **10/17** | $1163125 | $1229996 |
| **11/17** | $1184453 | $1242898 |
| **12/17** | $1212137 | $1262847 |
| **01/18** | $1290065 | $1326190 |
| **02/18** | $1236827 | $1266332 |
| **03/18** | $1239913 | $1243507 |
| **04/18** | $1239142 | $1271900 |
| **05/18** | $1236827 | $1243310 |
| **06/18** | $1214451 | $1228121 |
| **07/18** | $1230654 | $1258351 |
| **08/18** | $1218526 | $1234050 |
| **09/18** | $1229330 | $1244761 |
| **10/18** | $1126693 | $1145688 |
| **11/18** | $1141356 | $1144245 |
| **12/18** | $1086731 | $1088699 |
| **01/19** | $1160864 | $1160248 |
| **02/19** | $1198774 | $1189824 |
| **03/19** | $1212252 | $1197327 |
| **04/19** | $1247634 | $1230984 |
| **05/19** | $1189507 | $1171864 |
| **06/19** | $1255216 | $1241385 |
| **07/19** | $1230786 | $1225623 |
| **08/19** | $1210896 | $1193872 |
| **09/19** | $1235367 | $1228084 |
| **10/19** | $1258151 | $1272209 |
| **11/19** | $1275871 | $1286551 |
| **12/19** | $1320770 | $1328364 |
| **01/20** | $1301889 | $1300614 |
| **02/20** | $1202338 | $1183039 |
| **03/20** | $1006669 | $1025138 |
| **04/20** | $1077041 | $1091362 |
| **05/20** | $1131108 | $1138891 |
| **06/20** | $1168868 | $1177670 |
| **07/20** | $1213495 | $1205122 |
| **08/20** | $1286745 | $1267078 |
| **09/20** | $1246346 | $1234156 |
| **10/20** | $1204228 | $1184876 |
| **11/20** | $1392470 | $1368547 |
| **12/20** | $1461306 | $1432179 |
| **01/21** | $1422280 | $1416921 |
| **02/21** | $1458705 | $1448702 |
| **03/21** | $1501200 | $1482012 |
| **04/21** | $1567977 | $1526606 |
| **05/21** | $1611340 | $1576390 |
| **06/21** | $1570579 | $1558650 |
| **07/21** | $1582721 | $1570386 |
| **08/21** | $1622973 | $1598086 |
| **09/21** | $1560451 | $1551708 |
| **10/21** | $1594317 | $1589873 |
| **11/21** | $1494455 | $1515874 |
| **12/21** | $1547898 | $1593493 |
| **01/22** | $1491198 | $1516489 |
| **02/22** | $1448673 | $1489675 |
| **03/22** | $1417489 | $1499250 |
| **04/22** | $1334329 | $1402257 |
| **05/22** | $1363624 | $1412769 |
| **06/22** | $1252115 | $1281682 |
| **07/22** | $1317319 | $1345548 |
| **08/22** | $1236050 | $1281641 |
| **09/22** | $1124541 | $1161748 |
| **10/22** | $1202030 | $1224220 |
| **11/22** | $1325824 | $1362111 |
| **12/22** | $1286825 | $1363206 |
| **01/23** | $1383600 | $1473594 |
| **02/23** | $1341440 | $1442845 |
| **03/23** | $1387433 | $1478605 |
| **04/23** | $1393182 | $1520350 |
| **05/23** | $1377851 | $1456012 |
| **06/23** | $1441090 | $1522274 |
| **07/23** | $1456421 | $1571530 |
| **08/23** | $1407928 | $1511321 |
| **09/23** | $1347506 | $1459698 |
| **10/23** | $1296675 | $1400519 |
| **11/23** | $1428069 | $1530512 |
| **12/23** | $1506129 | $1611827 |
| **01/24** | $1495434 | $1621102 |
| **02/24** | $1562524 | $1650776 |
| **03/24** | $1592666 | $1705069 |
| **04/24** | $1516825 | $1661404 |
| **05/24** | $1576137 | $1725759 |
| **06/24** | $1542105 | $1697899 |
| **07/24** | $1593639 | $1747709 |
| **08/24** | $1641801 | $1804538 |
| **09/24** | $1628168 | $1821202 |
| **10/24** | $1532737 | $1722163 |
| **11/24** | $1544422 | $1712392 |
| **12/24** | $1486601 | $1673449 |
| **01/25** | $1561593 | $1761392 |
| **02/25** | $1586958 | $1795551 |
| **03/25** | $1562696 | $1788307 |
| **04/25** | $1620042 | $1870221 |
| **05/25** | $1714885 | $1955789 |
| **06/25** | $1777745 | $1998882 |
| **07/25** | $1762306 | $1970824 |
| **08/25** | $1799323 | $2054845 |
| **09/25** | $1850892 | $2094172 |
| **10/25** | $1841924 | $2118807 |
| **11/25** | $1840803 | $2131963 |
| **12/25** | $1865698 | $2195920 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | 10 Years |
| R6 Shares | 25.50% | 5.01% | 6.43% |
| MSCI EAFE Index | 31.22% | 8.92% | 8.18% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $1532571135 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $15505885 |

---

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

---

| | |
|:---|:---|
| ASML Holding NV | 3.3% |
| Societe Generale SA | 3.1% |
| Piraeus Bank SA | 2.9% |
| Bank Leumi Le-Israel BM | 2.9% |
| Banco Santander SA | 2.6% |
| RELX PLC | 2.3% |
| Element Fleet Management Corp. | 2.1% |
| Unilever PLC | 2.1% |
| MTU Aero Engines AG | 2.0% |
| Weir Group PLC | 2.0% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Financials | 24.9% |
| Industrials | 20.4% |
| Information Technology | 11.3% |
| Consumer Staples | 9.1% |
| Health Care | 8.2% |
| Consumer Discretionary | 8.1% |
| Utilities | 4.9% |
| Materials | 4.7% |
| Communication Services | 3.5% |
| Other (includes short-term investments) | 4.9% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Real Assets Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RALIX: Institutional Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Shares | $87 | 0.80% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's allocation to commodities was the top contributor to performance, outperforming Real Estate and Infrastructure, primarily due to overweight precious metals exposure, as silver and gold surged dramatically during the year coinciding with falling real rates and global risk hedging. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to industrial metals helped significantly. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Infrastructure stocks contributed to performance in 2025. Construction and engineering companies Ferrovial and VINCI were among the top contributors. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Real estate performance was the lowest of the three categories but still contributed in the year. Top contributors were health care real estate investment trust (REIT) Welltower and industrial REIT Prologis. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's investment in agriculture detracted in 2025 due to strong global supply conditions.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Electric utilities company Edison International and midstream energy company Energy Transfer hurt performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care REIT Alexandria Real Estate and data center REIT Equinix detracted from returns.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio used futures, total return swaps and natural resource equities to gain commodities exposure. The combined contribution of these instruments was positive for the Portfolio during the period.

## **Portfolio Performance**![Growth of 10K Chart](i2dc513cd4f621f7606324c3d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **MSCI World Index** | **Real Assets Blend Index** |
| **12/16** | $10000 | $10000 | $10000 |
| **12/16** | $10000 | $10000 | $10000 |
| **1/17** | $10070 | $10000 | $10000 |
| **2/17** | $10280 | $10277 | $10209 |
| **3/17** | $10305 | $10387 | $10169 |
| **4/17** | $10396 | $10541 | $10215 |
| **5/17** | $10516 | $10764 | $10377 |
| **6/17** | $10451 | $10805 | $10379 |
| **7/17** | $10561 | $11064 | $10610 |
| **8/17** | $10621 | $11079 | $10723 |
| **9/17** | $10621 | $11328 | $10673 |
| **10/17** | $10752 | $11542 | $10796 |
| **11/17** | $10913 | $11792 | $10954 |
| **12/17** | $10990 | $11952 | $11089 |
| **1/18** | $11092 | $12583 | $11217 |
| **2/18** | $10693 | $12061 | $10686 |
| **3/18** | $10723 | $11798 | $10815 |
| **4/18** | $10888 | $11934 | $11029 |
| **5/18** | $10908 | $12009 | $11135 |
| **6/18** | $10888 | $12003 | $11104 |
| **7/18** | $10981 | $12378 | $11133 |
| **8/18** | $10952 | $12531 | $11046 |
| **9/18** | $10952 | $12601 | $11019 |
| **10/18** | $10558 | $11676 | $10672 |
| **11/18** | $10641 | $11808 | $10938 |
| **12/18** | $10160 | $10910 | $10348 |
| **1/19** | $10742 | $11759 | $11213 |
| **2/19** | $10937 | $12113 | $11339 |
| **3/19** | $11044 | $12272 | $11612 |
| **4/19** | $11152 | $12707 | $11576 |
| **5/19** | $10958 | $11974 | $11406 |
| **6/19** | $11271 | $12763 | $11721 |
| **7/19** | $11293 | $12826 | $11689 |
| **8/19** | $11305 | $12564 | $11689 |
| **9/19** | $11446 | $12831 | $11879 |
| **10/19** | $11576 | $13158 | $12086 |
| **11/19** | $11544 | $13524 | $11905 |
| **12/19** | $11793 | $13929 | $12332 |
| **1/20** | $11782 | $13845 | $12108 |
| **2/20** | $11230 | $12674 | $11285 |
| **3/20** | $9931 | $10997 | $9480 |
| **4/20** | $10363 | $12198 | $9906 |
| **5/20** | $10617 | $12788 | $10211 |
| **6/20** | $10723 | $13126 | $10330 |
| **7/20** | $10989 | $13754 | $10731 |
| **8/20** | $11260 | $14673 | $11117 |
| **9/20** | $10993 | $14166 | $10825 |
| **10/20** | $10881 | $13732 | $10681 |
| **11/20** | $11628 | $15488 | $11548 |
| **12/20** | $11865 | $16144 | $11888 |
| **1/21** | $11716 | $15984 | $11906 |
| **2/21** | $12049 | $16393 | $12272 |
| **3/21** | $12324 | $16939 | $12588 |
| **4/21** | $13083 | $17727 | $13329 |
| **5/21** | $13348 | $17983 | $13571 |
| **6/21** | $13463 | $18251 | $13646 |
| **7/21** | $13727 | $18578 | $13919 |
| **8/21** | $13785 | $19040 | $14060 |
| **9/21** | $13707 | $18249 | $13862 |
| **10/21** | $14285 | $19283 | $14459 |
| **11/21** | $13973 | $18861 | $13816 |
| **12/21** | $14428 | $19667 | $14601 |
| **1/22** | $14428 | $18626 | $14619 |
| **2/22** | $14505 | $18155 | $14787 |
| **3/22** | $15407 | $18653 | $15755 |
| **4/22** | $15368 | $17104 | $15487 |
| **5/22** | $15342 | $17117 | $15449 |
| **6/22** | $13876 | $15634 | $14136 |
| **7/22** | $14731 | $16875 | $14921 |
| **8/22** | $14333 | $16170 | $14484 |
| **9/22** | $12810 | $14667 | $12898 |
| **10/22** | $13215 | $15720 | $13226 |
| **11/22** | $13790 | $16813 | $14056 |
| **12/22** | $13209 | $16099 | $13687 |
| **1/23** | $13790 | $17238 | $14230 |
| **2/23** | $13236 | $16824 | $13543 |
| **3/23** | $13231 | $17343 | $13505 |
| **4/23** | $13342 | $17647 | $13650 |
| **5/23** | $12785 | $17471 | $12924 |
| **6/23** | $13180 | $18528 | $13402 |
| **7/23** | $13601 | $19150 | $13934 |
| **8/23** | $13278 | $18693 | $13524 |
| **9/23** | $12817 | $17886 | $13000 |
| **10/23** | $12634 | $17367 | $12796 |
| **11/23** | $13365 | $18996 | $13569 |
| **12/23** | $13795 | $19928 | $14024 |
| **1/24** | $13495 | $20167 | $13716 |
| **2/24** | $13524 | $21022 | $13667 |
| **3/24** | $13913 | $21698 | $14100 |
| **4/24** | $13597 | $20892 | $13803 |
| **5/24** | $14043 | $21825 | $14249 |
| **6/24** | $14012 | $22269 | $14105 |
| **7/24** | $14417 | $22661 | $14506 |
| **8/24** | $14939 | $23260 | $14994 |
| **9/24** | $15506 | $23686 | $15563 |
| **10/24** | $15054 | $23216 | $15064 |
| **11/24** | $15419 | $24282 | $15361 |
| **12/24** | $14609 | $23649 | $14740 |
| **1/25** | $14962 | $24484 | $15083 |
| **2/25** | $15345 | $24307 | $15379 |
| **3/25** | $15576 | $23225 | $15605 |
| **4/25** | $15516 | $23432 | $15576 |
| **5/25** | $15591 | $24819 | $15738 |
| **6/25** | $15902 | $25890 | $15998 |
| **7/25** | $15902 | $26223 | $15901 |
| **8/25** | $16233 | $26907 | $16272 |
| **9/25** | $16519 | $27772 | $16526 |
| **10/25** | $16442 | $28328 | $16531 |
| **11/25** | $17057 | $28408 | $16993 |
| **12/25** | $17063 | $28638 | $16849 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 12/30/16 |
| Institutional Shares | 16.80% | 7.54% | 6.11% |
| MSCI World Index | 21.09% | 12.15% | 12.70% |
| Real Assets Blend Index | 14.31% | 7.23% | 6.09% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $5761742 |
| # of Portfolio Holdings | 194 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| Prologis, Inc. | 2.3% |
| Crown Castle, Inc. | 2.0% |
| Welltower, Inc. | 1.8% |
| American Tower Corp. | 1.8% |
| SBA Communications Corp. | 1.6% |
| iShares Silver Trust | 1.6% |
| Simon Property Group, Inc. | 1.5% |
| Ameren Corp. | 1.3% |
| Vinci SA | 1.2% |
| SSE PLC | 1.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 40.5% |
| Utilities | 17.7% |
| Industrials | 8.7% |
| Energy | 7.0% |
| Materials | 5.0% |
| Exchange-Traded Funds | 2.7% |
| Other (includes short-term investments) | 18.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Real Assets Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RALOX: Open Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Open Shares | $114 | 1.05% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's allocation to commodities was the top contributor to performance, outperforming Real Estate and Infrastructure, primarily due to overweight precious metals exposure, as silver and gold surged dramatically during the year coinciding with falling real rates and global risk hedging. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to industrial metals helped significantly. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Infrastructure stocks contributed to performance in 2025. Construction and engineering companies Ferrovial and VINCI were among the top contributors. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Real estate performance was the lowest of the three categories but still contributed in the year. Top contributors were health care real estate investment trust (REIT) Welltower and industrial REIT Prologis. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's investment in agriculture detracted in 2025 due to strong global supply conditions.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Electric utilities company Edison International and midstream energy company Energy Transfer hurt performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care REIT Alexandria Real Estate and data center REIT Equinix detracted from returns.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio used futures, total return swaps and natural resource equities to gain commodities exposure. The combined contribution of these instruments was positive for the Portfolio during the period.

## **Portfolio Performance**![Growth of 10K Chart](ibf9261eac925773a70f5ac44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Open Shares** | **MSCI World Index** | **Real Assets Blend Index** |
| **1/17** | $10000 | $10000 | $10000 |
| **1/17** | $10030 | $10000 | $10000 |
| **2/17** | $10239 | $10277 | $10209 |
| **3/17** | $10259 | $10387 | $10169 |
| **4/17** | $10349 | $10541 | $10215 |
| **5/17** | $10469 | $10764 | $10377 |
| **6/17** | $10407 | $10805 | $10379 |
| **7/17** | $10507 | $11064 | $10610 |
| **8/17** | $10567 | $11079 | $10723 |
| **9/17** | $10567 | $11328 | $10673 |
| **10/17** | $10698 | $11542 | $10796 |
| **11/17** | $10848 | $11792 | $10954 |
| **12/17** | $10928 | $11952 | $11089 |
| **1/18** | $11030 | $12583 | $11217 |
| **2/18** | $10621 | $12061 | $10686 |
| **3/18** | $10656 | $11798 | $10815 |
| **4/18** | $10819 | $11934 | $11029 |
| **5/18** | $10840 | $12009 | $11135 |
| **6/18** | $10813 | $12003 | $11104 |
| **7/18** | $10905 | $12378 | $11133 |
| **8/18** | $10867 | $12531 | $11046 |
| **9/18** | $10860 | $12601 | $11019 |
| **10/18** | $10469 | $11676 | $10672 |
| **11/18** | $10551 | $11808 | $10938 |
| **12/18** | $10077 | $10910 | $10348 |
| **1/19** | $10655 | $11759 | $11213 |
| **2/19** | $10837 | $12113 | $11339 |
| **3/19** | $10948 | $12272 | $11612 |
| **4/19** | $11045 | $12707 | $11576 |
| **5/19** | $10852 | $11974 | $11406 |
| **6/19** | $11156 | $12763 | $11721 |
| **7/19** | $11177 | $12826 | $11689 |
| **8/19** | $11189 | $12564 | $11689 |
| **9/19** | $11322 | $12831 | $11879 |
| **10/19** | $11452 | $13158 | $12086 |
| **11/19** | $11419 | $13524 | $11905 |
| **12/19** | $11669 | $13929 | $12332 |
| **1/20** | $11658 | $13845 | $12108 |
| **2/20** | $11101 | $12674 | $11285 |
| **3/20** | $9829 | $10997 | $9480 |
| **4/20** | $10234 | $12198 | $9906 |
| **5/20** | $10486 | $12788 | $10211 |
| **6/20** | $10594 | $13126 | $10330 |
| **7/20** | $10858 | $13754 | $10731 |
| **8/20** | $11115 | $14673 | $11117 |
| **9/20** | $10855 | $14166 | $10825 |
| **10/20** | $10745 | $13732 | $10681 |
| **11/20** | $11472 | $15488 | $11548 |
| **12/20** | $11707 | $16144 | $11888 |
| **1/21** | $11549 | $15984 | $11906 |
| **2/21** | $11877 | $16393 | $12272 |
| **3/21** | $12153 | $16939 | $12588 |
| **4/21** | $12901 | $17727 | $13329 |
| **5/21** | $13150 | $17983 | $13571 |
| **6/21** | $13278 | $18251 | $13646 |
| **7/21** | $13516 | $18578 | $13919 |
| **8/21** | $13584 | $19040 | $14060 |
| **9/21** | $13499 | $18249 | $13862 |
| **10/21** | $14057 | $19283 | $14459 |
| **11/21** | $13761 | $18861 | $13816 |
| **12/21** | $14198 | $19667 | $14601 |
| **1/22** | $14198 | $18626 | $14619 |
| **2/22** | $14274 | $18155 | $14787 |
| **3/22** | $15165 | $18653 | $15755 |
| **4/22** | $15114 | $17104 | $15487 |
| **5/22** | $15076 | $17117 | $15449 |
| **6/22** | $13639 | $15634 | $14136 |
| **7/22** | $14466 | $16875 | $14921 |
| **8/22** | $14088 | $16170 | $14484 |
| **9/22** | $12584 | $14667 | $12898 |
| **10/22** | $12981 | $15720 | $13226 |
| **11/22** | $13545 | $16813 | $14056 |
| **12/22** | $12966 | $16099 | $13687 |
| **1/23** | $13522 | $17238 | $14230 |
| **2/23** | $12993 | $16824 | $13543 |
| **3/23** | $12979 | $17343 | $13505 |
| **4/23** | $13075 | $17647 | $13650 |
| **5/23** | $12542 | $17471 | $12924 |
| **6/23** | $12935 | $18528 | $13402 |
| **7/23** | $13334 | $19150 | $13934 |
| **8/23** | $13018 | $18693 | $13524 |
| **9/23** | $12557 | $17886 | $13000 |
| **10/23** | $12379 | $17367 | $12796 |
| **11/23** | $13080 | $18996 | $13569 |
| **12/23** | $13506 | $19928 | $14024 |
| **1/24** | $13199 | $20167 | $13716 |
| **2/24** | $13227 | $21022 | $13667 |
| **3/24** | $13613 | $21698 | $14100 |
| **4/24** | $13304 | $20892 | $13803 |
| **5/24** | $13739 | $21825 | $14249 |
| **6/24** | $13686 | $22269 | $14105 |
| **7/24** | $14083 | $22661 | $14506 |
| **8/24** | $14606 | $23260 | $14994 |
| **9/24** | $15151 | $23686 | $15563 |
| **10/24** | $14710 | $23216 | $15064 |
| **11/24** | $15066 | $24282 | $15361 |
| **12/24** | $14266 | $23649 | $14740 |
| **1/25** | $14610 | $24484 | $15083 |
| **2/25** | $14983 | $24307 | $15379 |
| **3/25** | $15199 | $23225 | $15605 |
| **4/25** | $15141 | $23432 | $15576 |
| **5/25** | $15213 | $24819 | $15738 |
| **6/25** | $15507 | $25890 | $15998 |
| **7/25** | $15507 | $26223 | $15901 |
| **8/25** | $15830 | $26907 | $16272 |
| **9/25** | $16093 | $27772 | $16526 |
| **10/25** | $16033 | $28328 | $16531 |
| **11/25** | $16617 | $28408 | $16993 |
| **12/25** | $16611 | $28638 | $16849 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | 1 Year | 5 Years | Since Inception 1/9/17 |
| Open Shares | 16.44% | 7.25% | 5.82% |
| MSCI World Index | 21.09% | 12.15% | 12.54% |
| Real Assets Blend Index | 14.31% | 7.23% | 6.07% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $5761742 |
| # of Portfolio Holdings | 194 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| Prologis, Inc. | 2.3% |
| Crown Castle, Inc. | 2.0% |
| Welltower, Inc. | 1.8% |
| American Tower Corp. | 1.8% |
| SBA Communications Corp. | 1.6% |
| iShares Silver Trust | 1.6% |
| Simon Property Group, Inc. | 1.5% |
| Ameren Corp. | 1.3% |
| Vinci SA | 1.2% |
| SSE PLC | 1.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 40.5% |
| Utilities | 17.7% |
| Industrials | 8.7% |
| Energy | 7.0% |
| Materials | 5.0% |
| Exchange-Traded Funds | 2.7% |
| Other (includes short-term investments) | 18.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

# Lazard Real Assets Portfolio
![Image](i815a557537cba01ff364de22.jpg)

# RALYX: R6 Shares

#### Annual Shareholder Report - December 31, 2025
This annual shareholder report contains important information about the Lazard Real Assets Portfolio for the period of January 1, 2025 to December 31, 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 year ?** 

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 Shares | $81 | 0.75% |

---

#### How did the Portfolio perform last year and what affected its performance?
* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's allocation to commodities was the top contributor to performance, outperforming Real Estate and Infrastructure, primarily due to overweight precious metals exposure, as silver and gold surged dramatically during the year coinciding with falling real rates and global risk hedging. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Overweight exposure to industrial metals helped significantly. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Infrastructure stocks contributed to performance in 2025. Construction and engineering companies Ferrovial and VINCI were among the top contributors. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Real estate performance was the lowest of the three categories but still contributed in the year. Top contributors were health care real estate investment trust (REIT) Welltower and industrial REIT Prologis. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio's investment in agriculture detracted in 2025 due to strong global supply conditions.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Electric utilities company Edison International and midstream energy company Energy Transfer hurt performance. 

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)Health care REIT Alexandria Real Estate and data center REIT Equinix detracted from returns.

* ![Bullet](i44eb725678a3e813eef8f1f9.jpg)The Portfolio used futures, total return swaps and natural resource equities to gain commodities exposure. The combined contribution of these instruments was positive for the Portfolio during the period.

## **Portfolio Performance**![Growth of 10K Chart](ia7d84f29b403d496e226be06.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 |
| **07/25** | $1135031 | $1553927 | $1065667 |
| **08/25** | $1157581 | $1594461 | $1090570 |
| **09/25** | $1177937 | $1645717 | $1107571 |
| **10/25** | $1173554 | $1678673 | $1107903 |
| **11/25** | $1216288 | $1683415 | $1138852 |
| **12/25** | $1216849 | $1697022 | $1129258 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | 1 Year | Since Inception 7/22/22 |
| R6 Shares | 16.72% | 5.86% |
| MSCI World Index | 21.09% | 17.83% |
| Real Assets Blend Index | 14.31% | 4.88% |

---

The performance quoted represents past performance. **Past performance does not guarantee future results.** The performance results do not include adjustments made for financial reporting purposes in accordance with US GAAP, and may differ from financial highlights. 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 | $5761742 |
| # of Portfolio Holdings | 194 |
| Portfolio Turnover Rate | 32% |
| Total Advisory Fees Paid (Net of Waivers/Reimbursements) | $0 |

---

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

---

| | |
|:---|:---|
| Prologis, Inc. | 2.3% |
| Crown Castle, Inc. | 2.0% |
| Welltower, Inc. | 1.8% |
| American Tower Corp. | 1.8% |
| SBA Communications Corp. | 1.6% |
| iShares Silver Trust | 1.6% |
| Simon Property Group, Inc. | 1.5% |
| Ameren Corp. | 1.3% |
| Vinci SA | 1.2% |
| SSE PLC | 1.1% |

---

### Sector Allocation (% of Net Assets)

---

| | |
|:---|:---|
| Real Estate | 40.5% |
| Utilities | 17.7% |
| Industrials | 8.7% |
| Energy | 7.0% |
| Materials | 5.0% |
| Exchange-Traded Funds | 2.7% |
| Other (includes short-term investments) | 18.4% |

---

## Additional Information
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.

![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](i1c41f802885257d8c5958754.jpg)

#### Householding
A single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) may be delivered to investors with the same last name and the same address. If you wish to receive separate copies of such documents, contact (800) 823-6300.

![Image](i815a557537cba01ff364de22.jpg)

ITEM 2. CODE OF ETHICS.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (the "CEO/CFO Code of Ethics"). The Registrant has posted its CEO/CFO Code of Ethics on its Internet website at https://www.lazardassetmanagement.com/codeofethics.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Registrant's Board of Directors (the "Board") has determined that Robert M. Solmson and Nancy A. Eckl, members of the Audit Committee of the Board, are audit committee financial experts as defined by the Securities and Exchange Commission (the "SEC"). Mr. Solmson and Ms. Eckl are "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $974,928 in 2024 and $852,400 in 2025 (plus expenses in each case).

(b) Audit-Related Fees. There were no fees billed in the Reporting Periods by the Auditor to the Registrant for assurance and related services that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4.

The aggregate fees billed in the Reporting Periods for non-audit assurance and related services provided by the Auditor to Lazard Asset Management LLC, the Registrant's investment manager ("Lazard") and any entity controlling, controlled by or under common control with Lazard that provides ongoing services to the Registrant ("Service Affiliates") that were reasonably related to the performance of the annual audit of the Service Affiliate which required pre-approval by the Audit Committee were $1,294,787 in 2024 and $1,504,598 in 2025.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods by the Auditor to the Registrant for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $173,646 in 2024 and $163,381 in 2025. These Tax Services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax

planning, advice and assistance regarding statutory, regulatory or administrative developments; and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held. Additionally, the aggregate fees billed related to European Union tax reclaim filing services rendered by the Auditor were $303,065 in 2024 and $319,272 in 2025.

The aggregate fees billed in the Reporting Periods for Tax Services provided by the Auditor to Service Affiliates which required pre-approval by the Audit Committee were $0 in 2024 and $0 in 2025.

(d) All Other Fees. There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above.

There were no fees billed in the Reporting Periods for products and services provided by the Auditor, other than the services reported in paragraphs (a) through (c) above, which required pre-approval by the Audit Committee.

(e) Audit Committee Pre-Approval Policies and Procedures. The Registrant's Audit Committee has established policies and procedures (the "Policy") for pre-approval of the Auditor's engagements for services to the Registrant and Service Affiliates. The Policy states that the Registrant's Audit Committee or the Chair of the Audit Committee (pursuant to delegated authority from the Audit Committee) pre-approves the Auditor's engagements for audit and non-audit services to the Registrant and, as required, non-audit services to Service Affiliates on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the Auditor's independence. The Audit Committee Chair must report any pre-approval decisions he or she makes at the next scheduled Audit Committee meeting. There were no services provided by the Auditor to either the Registrant or Service Affiliates that were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X during the Reporting Periods.

(f) None.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the Auditor for services rendered to the Registrant and Service Affiliates for the Reporting Periods were $472,450 in 2024 and $488,256 in 2025.

(h) Auditor Independence. The Audit Committee considered whether provision of non-audit services to Service Affiliates that were not required to be pre-approved is compatible with maintaining the Auditor's independence.

(i) Not applicable.

(j) 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.

![](x13_c114844x1x1m1m4.jpg)

**Lazard Funds**

**Annual Financial Statements**

December 31, 2025

**Equity Funds**

---

| | |
|:---|:---|
| Lazard Developing Markets Equity Portfolio<br> Lazard Emerging Markets Equity Advantage Portfolio<br> Lazard Emerging Markets Equity Portfolio<br> Lazard Equity Franchise Portfolio<br> Lazard Global Listed Infrastructure Portfolio<br> Lazard Global Small Cap Equity Portfolio | Lazard International Equity Portfolio<br> Lazard International Equity Select Portfolio<br> Lazard International Quality Growth Portfolio<br> Lazard International Strategic Equity Portfolio<br> Lazard US Equity Concentrated Portfolio<br> Lazard US Equity Focus Portfolio<br> Lazard US Small Cap Equity Select Portfolio |

---

**The Lazard Funds, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| **2** | [**Portfolios of Investments (N-CSR Item 7)**](#xx13xc114844a001xm1xm4) |
| 2 | [Lazard Developing Markets Equity Portfolio](#xx13xc114844a002xm1xm4) |
| 6 | [Lazard Emerging Markets Equity Advantage Portfolio](#xx13xc114844a003xm1xm4) |
| 16 | [Lazard Emerging Markets Equity Portfolio](#xx13xc114844a004xm1xm4) |
| 21 | [Lazard Equity Franchise Portfolio](#xx13xc114844a005xm1xm4) |
| 24 | [Lazard Global Listed Infrastructure Portfolio](#xx13xc114844a006xm1xm4) |
| 28 | [Lazard Global Small Cap Equity Portfolio](#xx13xc114844a007xm1xm4) |
| 32 | [Lazard International Equity Portfolio](#xx13xc114844a008xm1xm4) |
| 37 | [Lazard International Equity Select Portfolio](#xx13xc114844a009xm1xm4) |
| 42 | [Lazard International Quality Growth Portfolio](#xx13xc114844a010xm1xm4) |
| 46 | [Lazard International Strategic Equity Portfolio](#xx13xc114844a011xm1xm4) |
| 50 | [Lazard US Equity Concentrated Portfolio](#xx13xc114844a012xm1xm4) |
| 52 | [Lazard US Equity Focus Portfolio](#xx13xc114844a013xm1xm4) |
| 55 | [Lazard US Small Cap Equity Select Portfolio](#xx13xc114844a014xm1xm4) |
| **60** | [**Abbreviations (N-CSR Item 7)**](#xx13xc114844a015xm1xm4) |
| **62** | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx13xc114844a016xm1xm4) |
| **68** | [**Statements of Operations (N-CSR Item 7)**](#xx13xc114844a017xm1xm4) |
| **72** | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx13xc114844a018xm1xm4) |
| **90** | [**Financial Highlights (N-CSR Item 7)**](#xx13xc114844a019xm1xm4) |
| **124** | [**Notes to Financial Statements (N-CSR Item 7)**](#xx13xc114844a020xm1xm4) |
| **162** | [**Report of Independent Registered Public Accounting Firm**](#xx13xc114844a021xm1xm4) |
| **164** | [**Tax and Other Information (unaudited)**](#xx13xc114844a022xm1xm4) |
| **169** | [**Additional Information (unaudited) (N-CSR Item 8-11)**](#xx13xc114844a023xm1xm4) |

---

**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.**

Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio** |  |  |
| **Common Stocks \| 99.8%** |  |  |
| **Brazil \| 7.2%** |  |  |
| MercadoLibre, Inc. (\*) | 403 | $811747 |
| Orizon Valorizacao de Residuos SA (\*) | 72700 | 924627 |
| Pagseguro Digital Ltd., Class A | 120295 | 1159644 |
| PRIO SA (\*) | 153300 | 1153690 |
| Rede D'Or Sao Luiz SA (#) | 201000 | 1488410 |
| TOTVS SA | 244200 | 1860565 |
|  |  | 7398683 |
| **China \| 26.0%** |  |  |
| Alibaba Group Holding Ltd. | 226500 | 4145267 |
| BYD Co. Ltd., Class H | 48300 | 588148 |
| Contemporary Amperex Technology Co. Ltd., Class A | 22900 | 1198866 |
| Foxconn Industrial Internet Co. Ltd., Class A | 155500 | 1371857 |
| Fuyao Glass Industry Group Co. Ltd., Class H (#) | 123600 | 1065739 |
| Lenovo Group Ltd. | 1306000 | 1548589 |
| Minth Group Ltd. | 376000 | 1526343 |
| OmniVision Integrated Circuits Group, Inc. | 65500 | 1177355 |
| Ping An Insurance Group Co. of China Ltd., Class H | 186500 | 1568808 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 105590 | 1135796 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 20400 | 555980 |
| Sungrow Power Supply Co. Ltd., Class A | 61788 | 1505193 |
| Tencent Holdings Ltd. | 77700 | 5953936 |
| Trip.com Group Ltd. | 16450 | 1180019 |
| Xiaomi Corp., Class B (#), (\*) | 290800 | 1467685 |
| Yadea Group Holdings Ltd. (#) | 604000 | 881300 |
|  |  | 26870881 |
| **Greece \| 0.8%** |  |  |
| Public Power Corp. SA | 39969 | 854664 |

---

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

**2** Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **India \| 11.8%** |  |  |
| Amber Enterprises India Ltd. (\*) | 8291 | $589308 |
| Bajaj Finance Ltd. | 132118 | 1450649 |
| Bharti Airtel Ltd. | 50915 | 1194421 |
| HDFC Bank Ltd. ADR | 76156 | 2782740 |
| ICICI Bank Ltd. ADR | 65849 | 1962300 |
| MakeMyTrip Ltd. (\*) | 9292 | 763059 |
| Mphasis Ltd. | 30840 | 960560 |
| Reliance Industries Ltd. | 73293 | 1279298 |
| UPL Ltd. | 136516 | 1207904 |
|  |  | 12190239 |
| **Indonesia \| 2.8%** |  |  |
| Bank Central Asia Tbk. PT | 2535100 | 1223684 |
| Bank Rakyat Indonesia Persero Tbk. PT | 7494149 | 1644715 |
|  |  | 2868399 |
| **Mexico \| 2.6%** |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 37035 | 972916 |
| Grupo Financiero Banorte SAB de CV, Class O | 183257 | 1698899 |
|  |  | 2671815 |
| **Peru \| 1.2%** |  |  |
| Credicorp Ltd. | 4406 | 1264522 |
| **Philippines \| 2.1%** |  |  |
| BDO Unibank, Inc. | 467146 | 1065061 |
| International Container Terminal Services, Inc. | 119229 | 1143198 |
|  |  | 2208259 |
| **Poland \| 2.5%** |  |  |
| Allegro.eu SA (#), (\*) | 112929 | 972947 |
| Benefit Systems SA (\*) | 1077 | 1052753 |
| InPost SA (\*) | 46320 | 567362 |
|  |  | 2593062 |
| **Portugal \| 0.8%** |  |  |
| Jeronimo Martins SGPS SA | 35703 | 850458 |

---

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

Annual Financial Statements **3**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **Singapore \| 0.7%** |  |  |
| Sea Ltd. ADR (\*) | 5848 | $746029 |
| **South Africa \| 4.0%** |  |  |
| Capitec Bank Holdings Ltd. | 8327 | 2091062 |
| Standard Bank Group Ltd. | 117860 | 2071088 |
|  |  | 4162150 |
| **South Korea \| 12.2%** |  |  |
| Hanwha Aerospace Co. Ltd. | 1125 | 731932 |
| Samsung Electronics Co. Ltd. | 88852 | 7405307 |
| Silicon2 Co. Ltd. (\*) | 25440 | 679409 |
| SK Hynix, Inc. | 8302 | 3759357 |
|  |  | 12576005 |
| **Taiwan \| 22.3%** |  |  |
| ASE Technology Holding Co. Ltd. | 305289 | 2420192 |
| Bizlink Holding, Inc. | 30622 | 1461419 |
| King Yuan Electronics Co. Ltd. | 187000 | 1472974 |
| Lotes Co. Ltd. | 23687 | 971409 |
| MediaTek, Inc. | 36000 | 1631217 |
| RichWave Technology Corp. | 174000 | 692834 |
| Sercomm Corp. | 223000 | 563292 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 284000 | 13874359 |
|  |  | 23087696 |
| **Turkey \| 0.9%** |  |  |
| BIM Birlesik Magazalar AS | 72392 | 906538 |
| **United States \| 1.9%** |  |  |
| EPAM Systems, Inc. (\*) | 3480 | 712982 |
| SharkNinja, Inc. (\*) | 11321 | 1266820 |
|  |  | 1979802 |
| **Total Common Stocks**<br> (Cost $57,111,441) |  | 103229202 |

---

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

**4** Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Developing Markets Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.5%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $561,282) | 561282 | $561282 |
| **Total Investments \| 100.3%**<br> (Cost $57,672,723) |  | $**103790484** |
| **Liabilities in Excess of Cash and Other Assets \| (0.3)%** |  | **(285265)** |
| **Net Assets \| 100.0%** |  | $**103505219** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 5.7% of net assets of the Portfolio.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio** |  |  |
| **Common Stocks \| 97.4%** |  |  |
| **Australia \| 0.4%** |  |  |
| Anglogold Ashanti PLC | 31871 | $2717959 |
| **Brazil \| 1.0%** |  |  |
| Cogna Educacao SA | 2047870 | 1176798 |
| Telefonica Brasil SA | 195360 | 1165681 |
| TOTVS SA | 193100 | 1471234 |
| Vale SA | 214300 | 2801971 |
|  |  | 6615684 |
| **Chile \| 0.2%** |  |  |
| Latam Airlines Group SA ADR | 31860 | 1720759 |
| **China \| 27.5%** |  |  |
| Alibaba Group Holding Ltd. | 1163100 | 21286356 |
| Atour Lifestyle Holdings Ltd. ADR | 24601 | 969279 |
| Bank of China Ltd., Class H | 4617000 | 2639439 |
| Bank of Ningbo Co. Ltd., Class A | 301800 | 1213062 |
| Bank of Shanghai Co. Ltd., Class A | 2841056 | 4106057 |
| Bilibili, Inc., Class Z (\*) | 38100 | 940023 |
| BOC Aviation Ltd. (#) | 126300 | 1180584 |
| BYD Co. Ltd., Class H | 188300 | 2292923 |
| China Construction Bank Corp., Class H | 1528000 | 1505899 |
| China Everbright Bank Co. Ltd., Class H | 9715000 | 4539805 |
| China Hongqiao Group Ltd. | 605500 | 2516139 |
| China Nonferrous Mining Corp. Ltd. | 629000 | 1181916 |
| China Overseas Land & Investment Ltd. | 424000 | 665742 |
| China Pacific Insurance Group Co. Ltd., Class H | 425600 | 1916810 |
| China Resources Beer Holdings Co. Ltd. | 205000 | 688672 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 4909000 | 3875720 |
| CITIC Ltd. | 1000000 | 1545390 |
| CITIC Securities Co. Ltd., Class H | 196500 | 688998 |
| Contemporary Amperex Technology Co. Ltd., Class A | 36180 | 1894104 |
| FinVolution Group ADR | 145000 | 758350 |

---

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

**6** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| H World Group Ltd. ADR | 48607 | $2286959 |
| Haier Smart Home Co. Ltd., Class H | 523400 | 1626558 |
| Henan Yuneng Holdings Co. Ltd., Class A (\*) | 1013500 | 752992 |
| Hithink RoyalFlush Information Network Co. Ltd., Class A | 18400 | 845645 |
| Huaneng Power International, Inc., Class H | 1880000 | 1382998 |
| Huaxia Bank Co. Ltd., Class A | 1987100 | 1953379 |
| Industrial & Commercial Bank of China Ltd., Class H | 1674000 | 1356399 |
| Innovent Biologics, Inc. (#), (\*) | 142000 | 1383788 |
| JD Health International, Inc. (#), (\*) | 101150 | 718591 |
| JD Logistics, Inc. (#), (\*) | 1084600 | 1585182 |
| JD.com, Inc., Class A | 249954 | 3585720 |
| JF SmartInvest Holdings Ltd. | 192700 | 1215718 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H | 145600 | 1330304 |
| Jointo Energy Investment Co. Ltd. Hebei, Class A | 689900 | 841605 |
| Kanzhun Ltd. ADR | 78526 | 1600360 |
| Kingsoft Corp. Ltd. | 350400 | 1280452 |
| Kuaishou Technology (#) | 375600 | 3061322 |
| Lianhe Chemical Technology Co. Ltd., Class A | 465000 | 890403 |
| Loncin Motor Co. Ltd., Class A | 647000 | 1489166 |
| Meitu, Inc. (#) | 1120500 | 1003336 |
| Meituan, Class B (#), (\*) | 115570 | 1525024 |
| Midea Group Co. Ltd., Class A | 428500 | 4790475 |
| Mixue Group, Class H | 14300 | 751842 |
| NetEase, Inc. | 181200 | 4986457 |
| New China Life Insurance Co. Ltd., Class H | 364400 | 2531837 |
| PDD Holdings, Inc. ADR (\*) | 55083 | 6245861 |
| People's Insurance Co. Group of China Ltd., Class H | 3286000 | 2840151 |
| PetroChina Co. Ltd., Class H | 2126000 | 2284160 |
| PICC Property & Casualty Co. Ltd., Class H | 576000 | 1207646 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1353000 | 11381219 |
| Pop Mart International Group Ltd. (#) | 151200 | 3628172 |
| Qfin Holdings, Inc. ADR | 40954 | 789184 |
| Shanghai Huace Navigation Technology Ltd., Class A | 155240 | 775568 |
| Shenzhou International Group Holdings Ltd. | 98200 | 767408 |
| Sino Biopharmaceutical Ltd. | 1100000 | 871406 |

---

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

Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Star Lake Bioscience Co., Inc. Zhaoqing Guangdong, Class A | 1195500 | $1187818 |
| Sunshine Insurance Group Co. Ltd., Class H | 1600500 | 795709 |
| Tencent Holdings Ltd. | 402600 | 30850126 |
| Tencent Music Entertainment Group ADR | 64618 | 1132754 |
| Trip.com Group Ltd. ADR | 60173 | 4327040 |
| Uni-President China Holdings Ltd. | 2279000 | 2380699 |
| Vipshop Holdings Ltd. ADR | 62569 | 1106846 |
| Wuxi Biologics Cayman, Inc. (#), (\*) | 188000 | 757122 |
| Xiaomi Corp., Class B (#), (\*) | 1029600 | 5196454 |
| Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 134800 | 1364675 |
| Yutong Bus Co. Ltd., Class A | 460200 | 2153588 |
| Zhejiang NHU Co. Ltd., Class A | 368000 | 1324374 |
| Zijin Mining Group Co. Ltd., Class H | 678000 | 3064597 |
|  |  | 187614357 |
| **Egypt \| 0.3%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 1094158 | 2341498 |
| **Greece \| 0.3%** |  |  |
| OPAP SA | 81691 | 1833211 |
| **Hungary \| 1.1%** |  |  |
| Magyar Telekom Telecommunications PLC | 221871 | 1215965 |
| OTP Bank Nyrt | 56399 | 6042929 |
|  |  | 7258894 |
| **India \| 15.6%** |  |  |
| Acutaas Chemicals Ltd. | 46640 | 884977 |
| Adani Ports & Special Economic Zone Ltd. | 109016 | 1782807 |
| Ajanta Pharma Ltd. | 28452 | 876612 |
| Alkem Laboratories Ltd. | 11356 | 695789 |
| Axis Bank Ltd. GDR | 32386 | 2242570 |
| Axis Bank Ltd. | 150581 | 2131543 |
| Bank of Baroda | 944473 | 3109480 |
| Bank of India | 591916 | 947402 |

---

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

**8** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Britannia Industries Ltd. | 32877 | $2205174 |
| Canara Bank | 2994869 | 5162139 |
| Cipla Ltd. | 163322 | 2744528 |
| Force Motors Ltd. | 7021 | 1608992 |
| Gillette India Ltd. | 9819 | 915073 |
| HCL Technologies Ltd. | 158194 | 2857375 |
| HDFC Bank Ltd. ADR | 106954 | 3908099 |
| HDFC Bank Ltd. | 386197 | 4267495 |
| Hero MotoCorp Ltd. | 31162 | 1998929 |
| Hindalco Industries Ltd. | 193052 | 1904873 |
| Hindustan Aeronautics Ltd. | 22349 | 1091260 |
| Hyundai Motor India Ltd. | 103197 | 2638887 |
| Indian Bank | 329531 | 3069652 |
| Indus Towers Ltd. (\*) | 800544 | 3731206 |
| Infosys Ltd. | 333279 | 5960310 |
| JK Cement Ltd. | 20399 | 1255382 |
| Karur Vysya Bank Ltd. | 368293 | 1081174 |
| LIC Housing Finance Ltd. | 287610 | 1726725 |
| Life Insurance Corp. of India | 153046 | 1455722 |
| Lupin Ltd. | 29191 | 684267 |
| Marico Ltd. | 130213 | 1087608 |
| Multi Commodity Exchange of India Ltd. | 14674 | 1818481 |
| National Aluminium Co. Ltd. | 473336 | 1652956 |
| Nava Ltd. | 171507 | 1083912 |
| Oberoi Realty Ltd. | 69429 | 1290130 |
| Power Finance Corp. Ltd. | 294095 | 1166216 |
| Reliance Industries Ltd. GDR (#) | 34225 | 2395387 |
| Reliance Industries Ltd. | 99931 | 1744252 |
| Solar Industries India Ltd. | 7103 | 968332 |
| South Indian Bank Ltd. | 6655716 | 2838041 |
| State Bank of India | 262680 | 2870693 |
| State Bank of India GDR | 39260 | 4272154 |
| Sun Pharmaceutical Industries Ltd. | 202056 | 3877225 |
| Tata Consultancy Services Ltd. | 22589 | 807517 |
| Tata Motors Ltd./new (\*) | 698419 | 3228694 |
| Tata Motors Passenger Vehicles Ltd. | 698419 | 2851499 |

---

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

Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Torrent Pharmaceuticals Ltd. | 83437 | $3573888 |
| Union Bank of India Ltd. | 1451464 | 2483366 |
| Vedanta Ltd. | 338194 | 2274488 |
| WAAREE Energies Ltd. | 20986 | 692026 |
| Yes Bank Ltd. (\*) | 3255786 | 782518 |
|  |  | 106697825 |
| **Indonesia \| 1.6%** |  |  |
| Bank Central Asia Tbk. PT | 1500800 | 724431 |
| Bank Rakyat Indonesia Persero Tbk. PT | 11822500 | 2594643 |
| Indofood Sukses Makmur Tbk. PT | 2072300 | 841937 |
| Japfa Comfeed Indonesia Tbk. PT | 9914600 | 1557503 |
| Solusi Sinergi Digital Tbk. PT | 4371300 | 851782 |
| Sumber Alfaria Trijaya Tbk. PT | 6463900 | 765465 |
| Telkom Indonesia Persero Tbk. PT ADR | 51235 | 1078497 |
| Trimegah Bangun Persada Tbk. PT | 22683700 | 1530101 |
| Unilever Indonesia Tbk. PT | 4875800 | 760155 |
|  |  | 10704514 |
| **Kuwait \| 0.1%** |  |  |
| Kuwait Real Estate Co. KSC (\*) | 753589 | 939846 |
| **Malaysia \| 1.8%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 3347300 | 3143453 |
| CIMB Group Holdings Bhd. | 1491100 | 3029910 |
| KPJ Healthcare Bhd. | 1786600 | 1184550 |
| Public Bank Bhd. | 1212900 | 1357156 |
| Sime Darby Bhd. | 1578200 | 836274 |
| Sunway Construction Group Bhd. | 863100 | 1204895 |
| Westports Holdings Bhd. | 941100 | 1313956 |
|  |  | 12070194 |
| **Mexico \| 1.6%** |  |  |
| Cemex SAB de CV ADR | 239402 | 2750729 |
| Gentera SAB de CV | 1079896 | 2763382 |
| Grupo Financiero Inbursa SAB de CV, Class O | 243800 | 589886 |
| Grupo Mexico SAB de CV Series B | 251800 | 2377540 |

---

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

**10** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Industrias Penoles SAB de CV (\*) | 20600 | $1083040 |
| Sigma Foods SAB de CV | 1461300 | 1277294 |
|  |  | 10841871 |
| **Peru \| 0.4%** |  |  |
| Cia de Minas Buenaventura SAA ADR | 40750 | 1134072 |
| Credicorp Ltd. | 4873 | 1398551 |
|  |  | 2532623 |
| **Philippines \| 0.7%** |  |  |
| International Container Terminal Services, Inc. | 536260 | 5141797 |
| **Poland \| 1.4%** |  |  |
| Asseco Poland SA | 30284 | 1925476 |
| KGHM Polska Miedz SA (\*) | 17924 | 1391715 |
| ORLEN SA | 50866 | 1356206 |
| PGE Polska Grupa Energetyczna SA (\*) | 847571 | 2072923 |
| Tauron Polska Energia SA (\*) | 326954 | 785205 |
| Zabka Group SA (\*) | 290261 | 1849230 |
|  |  | 9380755 |
| **Qatar \| 0.1%** |  |  |
| Gulf International Services QSC | 1251933 | 877837 |
| **Russia \| 0.0%** |  |  |
| PhosAgro PJSC (\*), (¢) | 42 | 0 |
| Severstal PAO GDR (\*), (¢) | 9589 | 0 |
|  |  | 0 |
| **Saudi Arabia \| 2.3%** |  |  |
| Almarai Co. JSC | 91039 | 1050060 |
| Co. for Cooperative Insurance | 53589 | 1670137 |
| Electrical Industries Co. | 1326347 | 3960567 |
| Etihad Etisalat Co. | 241716 | 4250717 |
| Saudi Arabian Oil Co. (#) | 341604 | 2170380 |
| Saudi Awwal Bank | 82744 | 713542 |
| Saudi Electricity Co. | 493616 | 1849175 |
|  |  | 15664578 |

---

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

Annual Financial Statements **11**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **South Africa \| 2.4%** |  |  |
| FirstRand Ltd. | 307315 | $1681092 |
| Gold Fields Ltd. ADR | 131394 | 5736662 |
| Harmony Gold Mining Co. Ltd. ADR | 224216 | 4461898 |
| Naspers Ltd., N Shares | 19870 | 1319775 |
| Telkom SA SOC Ltd. | 398953 | 1423143 |
| Tiger Brands Ltd. | 66586 | 1468968 |
|  |  | 16091538 |
| **South Korea \| 13.8%** |  |  |
| CJ CheilJedang Corp. | 5191 | 747733 |
| Han Kuk Carbon Co. Ltd. | 46136 | 950627 |
| Hana Financial Group, Inc. | 45529 | 2969793 |
| Hanwha Aerospace Co. Ltd. | 2034 | 1323334 |
| HD Hyundai Co. Ltd. | 26127 | 3391003 |
| HD Hyundai Electric Co. Ltd. | 4422 | 2379234 |
| HD Hyundai Heavy Industries Co. Ltd. | 4241 | 1491721 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 12878 | 3640457 |
| Hyundai Department Store Co. Ltd. | 15456 | 949665 |
| Hyundai Mobis Co. Ltd. | 7486 | 1939679 |
| Hyundai Rotem Co. Ltd. | 7660 | 999631 |
| Kakao Corp. | 32090 | 1329010 |
| KB Financial Group, Inc. | 23956 | 2070950 |
| Kia Corp. | 46786 | 3941093 |
| Korea Electric Power Corp. | 169798 | 5518857 |
| LG Chem Ltd. | 3560 | 817893 |
| LG Electronics, Inc. | 12846 | 814865 |
| Meritz Financial Group, Inc. | 17284 | 1354016 |
| Mirae Asset Securities Co. Ltd. | 77607 | 1241336 |
| NAVER Corp. | 4120 | 690368 |
| Samsung Electronics Co. Ltd. GDR | 15321 | 31619837 |
| SK Biopharmaceuticals Co. Ltd. (\*) | 8735 | 751316 |
| SK Hynix, Inc. | 39004 | 17662002 |
| Woori Financial Group, Inc. | 291639 | 5675889 |
|  |  | 94270309 |

---

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

**12** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Taiwan \| 20.5%** |  |  |
| Accton Technology Corp. | 90000 | $3370986 |
| Arcadyan Technology Corp. | 215000 | 1190618 |
| Asia Vital Components Co. Ltd. | 63000 | 2995878 |
| Asustek Computer, Inc. | 95000 | 1647603 |
| Bizlink Holding, Inc. | 20296 | 968616 |
| Charoen Pokphand Enterprise | 222000 | 929106 |
| Chunghwa Precision Test Tech Co. Ltd. | 26000 | 1868872 |
| Compeq Manufacturing Co. Ltd. | 319000 | 945195 |
| CyberPower Systems, Inc. | 110000 | 735669 |
| Daxin Materials Corp. | 85000 | 931727 |
| Delta Electronics, Inc. | 467000 | 14209641 |
| E.Sun Financial Holding Co. Ltd. | 1711000 | 1838628 |
| Eternal Materials Co. Ltd. | 574000 | 745293 |
| Genius Electronic Optical Co. Ltd. | 50000 | 715292 |
| Himax Technologies, Inc. ADR | 131758 | 1079098 |
| Hon Hai Precision Industry Co. Ltd. | 131000 | 951810 |
| International Games System Co. Ltd. | 107000 | 2449624 |
| MediaTek, Inc. | 214000 | 9696677 |
| President Chain Store Corp. | 96000 | 676391 |
| Realtek Semiconductor Corp. | 296000 | 4606651 |
| Silicon Motion Technology Corp. ADR | 10143 | 940256 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 297000 | 1504541 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1607000 | 78507378 |
| United Microelectronics Corp. | 537000 | 839393 |
| Wan Hai Lines Ltd. | 313000 | 784976 |
| Wiselink Co. Ltd. | 242582 | 1293171 |
| Yankey Engineering Co. Ltd. | 60200 | 1063276 |
| Yuanta Financial Holding Co. Ltd. | 2019000 | 2520470 |
|  |  | 140006836 |
| **Thailand \| 1.9%** |  |  |
| Advanced Info Service PCL (‡) | 189600 | 1883663 |
| Bangkok Bank PCL (‡) | 768600 | 4135144 |
| Charoen Pokphand Foods PCL NVDR | 1384800 | 958164 |

---

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

Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Delta Electronics Thailand PCL NVDR | 171600 | $930932 |
| Srisawad Corp. PCL (‡) | 891700 | 721738 |
| TMBThanachart Bank PCL (‡) | 68130600 | 4368316 |
|  |  | 12997957 |
| **Turkey \| 0.3%** |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 177651 | 960660 |
| Ford Otomotiv Sanayi AS | 492988 | 1065600 |
|  |  | 2026260 |
| **United Arab Emirates \| 1.6%** |  |  |
| Abu Dhabi Commercial Bank PJSC | 481519 | 1874965 |
| ADNOC Drilling Co. PJSC | 1826150 | 2655268 |
| Adnoc Gas PLC | 1268856 | 1226451 |
| Aldar Properties PJSC | 357009 | 845731 |
| Emaar Development PJSC | 340179 | 1403230 |
| Emaar Properties PJSC | 844324 | 3230338 |
|  |  | 11235983 |
| **United States \| 0.5%** |  |  |
| BeOne Medicines Ltd. ADR (\*) | 7483 | 2273410 |
| Titan SA | 24611 | 1516049 |
|  |  | 3789459 |
| **Total Common Stocks**<br> (Cost $576,725,281) |  | 665372544 |
| **Preferred Stocks \| 1.4%** |  |  |
| **Brazil \| 1.4%** |  |  |
| Banco Bradesco SA | 1520900 | 5077185 |
| Petroleo Brasileiro SA - Petrobras | 773339 | 4365000 |
|  |  | 9442185 |
| **Total Preferred Stocks**<br> (Cost $8,989,255) |  | 9442185 |

---

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

**14** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 1.2%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $8,101,245) | 8101245 | $8101245 |
| **Total Investments \| 100.0%**<br> (Cost $593,815,781) |  | $**682915974** |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** |  | **131607** |
| **Net Assets \| 100.0%** |  | $**683047581** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 3.6% 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.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 96.0%** |  |  |
| **Brazil \| 10.8%** |  |  |
| Arcos Dorados Holdings, Inc., Class A | 4790446 | $35161874 |
| Banco do Brasil SA | 23517252 | 92527863 |
| BB Seguridade Participacoes SA | 15717817 | 103575700 |
| Engie Brasil Energia SA | 8121100 | 46868107 |
| Motiva Infraestrutura de Mobilidade SA | 20848517 | 57054817 |
| Petroleo Brasileiro SA - Petrobras ADR | 5251111 | 62225665 |
| PRIO SA (\*) | 7061600 | 53143481 |
| Rede D'Or Sao Luiz SA (#) | 5373300 | 39789409 |
| Suzano SA | 4592000 | 43016512 |
| Vale SA ADR | 6568615 | 85589053 |
| Vibra Energia SA | 20041878 | 94250595 |
|  |  | 713203076 |
| **China \| 19.5%** |  |  |
| Alibaba Group Holding Ltd. | 3890200 | 71196098 |
| Anhui Conch Cement Co. Ltd., Class H | 20682951 | 58507172 |
| Bosideng International Holdings Ltd. | 78458000 | 44911562 |
| China Construction Bank Corp., Class H | 146880224 | 144755710 |
| China Medical System Holdings Ltd. | 28409000 | 47007516 |
| China Merchants Bank Co. Ltd., Class H | 14475494 | 97893577 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 20415365 | 51453807 |
| ENN Natural Gas Co. Ltd., Class A | 22132465 | 65750136 |
| Hengan International Group Co. Ltd. | 13118000 | 46966890 |
| Huayu Automotive Systems Co. Ltd., Class A | 16907200 | 48394829 |
| Lenovo Group Ltd. | 50136000 | 59448720 |
| Midea Group Co. Ltd., Class A | 7367099 | 82361505 |
| NetEase, Inc. | 1929100 | 53087054 |
| Ping An Insurance Group Co. of China Ltd., Class H | 12021000 | 101118724 |
| Sinopharm Group Co. Ltd., Class H | 33218814 | 82705371 |
| Tencent Holdings Ltd. | 518200 | 39708234 |
| Tingyi Cayman Islands Holding Corp. | 43206000 | 65392223 |
| Want Want China Holdings Ltd. | 80027000 | 47719874 |
| Weichai Power Co. Ltd., Class H | 30299288 | 72923052 |
|  |  | 1281302054 |

---

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

**16** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| **Egypt \| 0.9%** |  |  |
| Commercial International Bank - Egypt (CIB) GDR | 27853366 | $59570356 |
| **France \| 0.7%** |  |  |
| Gaztransport Et Technigaz SA | 240773 | 44172726 |
| **Greece \| 2.5%** |  |  |
| National Bank of Greece SA | 6002640 | 91429897 |
| OPAP SA | 3220988 | 72281540 |
|  |  | 163711437 |
| **Hong Kong \| 0.8%** |  |  |
| ASMPT Ltd. | 5031400 | 50070275 |
| **Hungary \| 2.5%** |  |  |
| MOL Hungarian Oil & Gas PLC | 6680564 | 60030150 |
| OTP Bank Nyrt | 974059 | 104366560 |
|  |  | 164396710 |
| **India \| 6.9%** |  |  |
| Axis Bank Ltd. | 3394037 | 48044148 |
| Indus Towers Ltd. (\*) | 24023114 | 111967840 |
| Infosys Ltd. ADR | 4564560 | 81340459 |
| State Bank of India | 3930855 | 42958268 |
| Tata Consultancy Services Ltd. | 2680883 | 95836910 |
| UPL Ltd. | 8598544 | 76080568 |
|  |  | 456228193 |
| **Indonesia \| 4.7%** |  |  |
| Astra International Tbk. PT | 171876300 | 69049798 |
| Bank Mandiri Persero Tbk. PT | 311812984 | 95355169 |
| Telkom Indonesia Persero Tbk. PT ADR | 4672728 | 98360924 |
| United Tractors Tbk. PT | 26154400 | 46265156 |
|  |  | 309031047 |

---

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

Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| **Mexico \| 6.0%** |  |  |
| America Movil SAB de CV ADR | 4014660 | $82983022 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 378229 | 99712511 |
| Grupo Financiero Banorte SAB de CV, Class O | 10428737 | 96680458 |
| Grupo Mexico SAB de CV Series B | 1514975 | 14304662 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 25851895 | 55127740 |
| Ternium SA ADR | 1269763 | 48492249 |
|  |  | 397300642 |
| **Peru \| 0.8%** |  |  |
| Credicorp Ltd. | 195820 | 56200340 |
| **Philippines \| 0.9%** |  |  |
| International Container Terminal Services, Inc. | 6268900 | 60107803 |
| **Poland \| 1.0%** |  |  |
| InPost SA (\*) | 5450135 | 66757353 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 4695624 | 5 |
| Sberbank of Russia PJSC (\*), (¢) | 13596421 | 13 |
|  |  | 18 |
| **South Africa \| 7.7%** |  |  |
| Bidvest Group Ltd. | 5478846 | 78530864 |
| Kumba Iron Ore Ltd. | 1605958 | 34040720 |
| Life Healthcare Group Holdings Ltd. | 56542778 | 38894821 |
| Nedbank Group Ltd. | 5490606 | 88132587 |
| Sanlam Ltd. | 14003116 | 83139112 |
| Standard Bank Group Ltd. | 5820825 | 102286122 |
| Vodacom Group Ltd. | 9614383 | 82036569 |
|  |  | 507060795 |
| **South Korea \| 11.2%** |  |  |
| Coway Co. Ltd. | 331126 | 19986790 |
| Hyundai Mobis Co. Ltd. | 237599 | 61563693 |
| KB Financial Group, Inc. | 1240859 | 107269874 |

---

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

**18** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| Kia Corp. | 933536 | $78637893 |
| KT Corp. | 1487002 | 54301679 |
| KT&G Corp. | 458539 | 45148065 |
| Shinhan Financial Group Co. Ltd. | 2113102 | 112765320 |
| SK Hynix, Inc. | 572986 | 259462612 |
|  |  | 739135926 |
| **Taiwan \| 14.7%** |  |  |
| ASE Technology Holding Co. Ltd. | 22042000 | 174738949 |
| Globalwafers Co. Ltd. | 4602000 | 59074596 |
| MediaTek, Inc. | 2416000 | 109472761 |
| Novatek Microelectronics Corp. | 3873000 | 46000778 |
| Quanta Computer, Inc. | 12088000 | 104641764 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6103913 | 298196767 |
| Wiwynn Corp. | 847000 | 119992618 |
| Yageo Corp. | 7290076 | 53396768 |
|  |  | 965515001 |
| **Thailand \| 1.5%** |  |  |
| Kasikornbank PCL (‡) | 10034454 | 61948938 |
| PTT Exploration & Production PCL (‡) | 9885000 | 35454849 |
|  |  | 97403787 |
| **Turkey \| 0.9%** |  |  |
| BIM Birlesik Magazalar AS | 4565180 | 57168055 |
| **United Kingdom \| 0.8%** |  |  |
| Unilever PLC | 833511 | 54633879 |
| **United States \| 1.2%** |  |  |
| SLB Ltd. | 2040114 | 78299575 |
| **Total Common Stocks <br> (Cost $4,830,966,614)** |  | 6321269048 |

---

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

Annual Financial Statements **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 3.8%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $251,512,670) | 251512670 | $251512670 |
| **Total Investments \| 99.8% <br> (Cost $5,082,479,284)** |  | $**6572781718** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **13749806** |
| **Net Assets \| 100.0%** |  | $**6586531524** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 0.6% 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.* |
| *(a)* | *Affiliated investment.* |

---

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

**20** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio** |  |  |
| **Common Stocks \| 94.0%** |  |  |
| **Australia \| 1.4%** |  |  |
| CSL Ltd. | 4643 | $534932 |
| **France \| 10.2%** |  |  |
| Edenred SE | 86701 | 1926110 |
| FDJ UNITED | 67782 | 1879259 |
|  |  | 3805369 |
| **Germany \| 3.9%** |  |  |
| Carl Zeiss Meditec AG | 31460 | 1477100 |
| **Ireland \| 1.1%** |  |  |
| Kerry Group PLC, Class A | 4708 | 431566 |
| **Israel \| 4.1%** |  |  |
| Nice Ltd. ADR (\*) | 13509 | 1527057 |
| **Italy \| 9.5%** |  |  |
| Nexi SpA (#) | 495277 | 2443540 |
| Snam SpA | 166626 | 1106993 |
|  |  | 3550533 |
| **Japan \| 5.0%** |  |  |
| Secom Co. Ltd. | 20465 | 727310 |
| Unicharm Corp. | 199500 | 1143452 |
|  |  | 1870762 |
| **Luxembourg \| 3.8%** |  |  |
| SES SA | 221621 | 1434316 |

---

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

Annual Financial Statements **21**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (continued)** |  |  |
| **United Kingdom \| 16.5%** |  |  |
| Bunzl PLC | 53450 | $1491622 |
| Diageo PLC | 46532 | 1002332 |
| National Grid PLC | 48950 | 754374 |
| Severn Trent PLC | 39052 | 1468068 |
| United Utilities Group PLC | 90869 | 1461812 |
|  |  | 6178208 |
| **United States \| 38.5%** |  |  |
| Adobe, Inc. (\*) | 1109 | 388139 |
| Baxter International, Inc. | 95258 | 1820380 |
| Brightstar Lottery PLC | 147321 | 2280529 |
| Dentsply Sirona, Inc. | 134732 | 1539987 |
| Fiserv, Inc. (\*) | 30091 | 2021212 |
| H&R Block, Inc. | 39365 | 1715527 |
| Omnicom Group, Inc. | 31748 | 2563651 |
| PayPal Holdings, Inc. | 24917 | 1454654 |
| Visa, Inc., A Shares | 1732 | 607430 |
|  |  | 14391509 |
| **Total Common Stocks<br> (Cost $39,040,353)** |  | 35201352 |
| **Preferred Stocks \| 4.0%** |  |  |
| **Germany \| 4.0%** |  |  |
| Henkel AG & Co. KGaA <br> (Cost $1,451,919) | 18221 | 1489188 |

---

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

**22** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 2.2%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $821,443) | 821443 | $821443 |
| **Total Investments \| 100.2% <br> (Cost $41,313,715)** |  | $**37511983** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(88666)** |
| **Net Assets \| 100.0%** |  | $**37423317** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 6.5% of net assets of the Portfolio.* |
| *(a)* | *Affiliated Investment.* |

---

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

Annual Financial Statements **23**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio** |  |  |
| **Common Stocks \| 96.4%** |  |  |
| **Australia \| 3.0%** |  |  |
| Atlas Arteria Ltd. | 68622116 | $223487932 |
| Transurban Group | 11445634 | 108244332 |
|  |  | 331732264 |
| **Canada \| 4.7%** |  |  |
| Canadian National Railway Co. | 5266970 | 520921772 |
| **France \| 10.0%** |  |  |
| Eiffage SA | 1527356 | 219064372 |
| Vinci SA | 6394714 | 897992341 |
|  |  | 1117056713 |
| **Germany \| 1.6%** |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (\*) | 2216640 | 181338753 |
| **Hong Kong \| 6.1%** |  |  |
| CK Infrastructure Holdings Ltd. | 38467972 | 284698931 |
| Power Assets Holdings Ltd. | 56600430 | 400891529 |
|  |  | 685590460 |
| **Italy \| 21.1%** |  |  |
| Hera SpA | 71933603 | 339395771 |
| Infrastrutture Wireless Italiane SpA (#) | 17123222 | 158677852 |
| Italgas SpA | 47636062 | 532635249 |
| Snam SpA | 121226042 | 805374987 |
| Terna - Rete Elettrica Nazionale | 49420892 | 525506706 |
|  |  | 2361590565 |
| **Luxembourg \| 1.2%** |  |  |
| SES SA (^) | 21121589 | 136697465 |

---

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

**24** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** |  |  |
| **New Zealand \| 0.5%** |  |  |
| Auckland International Airport Ltd. | 11699257 | $56088058 |
| **Portugal \| 0.9%** |  |  |
| REN - Redes Energeticas Nacionais SGPS SA | 25978002 | 98150754 |
| **Spain \| 1.8%** |  |  |
| Aena SME SA (#) | 2042035 | 57164424 |
| Cellnex Telecom SA (#) | 4366724 | 140462479 |
|  |  | 197626903 |
| **Switzerland \| 1.7%** |  |  |
| Flughafen Zurich AG | 584875 | 185311494 |
| **United Kingdom \| 18.5%** |  |  |
| National Grid PLC | 60464252 | 931821814 |
| Pennon Group PLC (^) | 26547011 | 188298785 |
| Severn Trent PLC | 12654271 | 475707538 |
| United Utilities Group PLC | 29512220 | 474763902 |
|  |  | 2070592039 |
| **United States \| 25.3%** |  |  |
| American Tower Corp. REIT | 2930124 | 514441871 |
| Consolidated Edison, Inc. | 3866240 | 383994957 |
| Crown Castle, Inc. | 5849064 | 519806317 |
| CSX Corp. | 11676183 | 423261634 |
| Exelon Corp. | 11608142 | 505998910 |
| Ferrovial SE | 7389972 | 477944586 |
|  |  | 2825448275 |
| **Total Common Stocks <br> (Cost $8,637,115,167)** |  | 10768145515 |

---

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

Annual Financial Statements 2**5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** |  |  |
| **Short-Term Investments \| 3.4%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $376,051,336) | 376051336 | $376051336 |
| **Total Investments \| 99.8% <br> (Cost $9,013,166,503) (»)** |  | $**11144196851** |
| **Cash and Other Assets in Excess of Liabilities \| 0.2%** |  | **18062650** |
| **Net Assets \| 100.0%** |  | $**11162259501** |

---

---

| | |
|:---|:---|
| (\*) | 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 December 31, 2025, these securities amounted to 3.2% of net assets of the Portfolio. |
| (^) | Refer to Note 5 in the Notes to Financial Statements for further details related to holdings of 5% voting securities of portfolio companies. |
| (») | The Portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts. |
| (a) | Affiliated investment. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector | Allocation |
| Equity |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.9% |
| &nbsp;&nbsp;&nbsp;Industrials | 30.0 |
| &nbsp;&nbsp;&nbsp;Real Estate | 9.2 |
| &nbsp;&nbsp;&nbsp;Utilities | 53.3 |
| Other (includes short-term investments) | 3.6 |
| Total | 100.0% |

---

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

**26** Annual Financial Statements

------

**Lazard Global Listed Infrastructure Portfolio (concluded)**

**Forward Currency Contracts open at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency <br> Purchased | Quantity | Currency <br> Sold | Quantity | Counterparty | Settlement <br> Date | Unrealized <br> Appreciation | Unrealized <br> Depreciation |
| USD | 37436115 | AUD | 56495703 | BNP | 03/26/26 | $— | $268148 |
| USD | 111460656 | AUD | 168234120 | CIT | 03/26/26 |  | 815910 |
| USD | 19387644 | AUD | 29258361 | HSB | 03/26/26 |  | 138885 |
| USD | 94039656 | AUD | 141831900 | MSC | 03/26/26 |  | 616522 |
| USD | 96983950 | AUD | 146383135 | SSB | 03/26/26 |  | 709643 |
| USD | 101262584 | CAD | 138902039 | BNP | 03/26/26 |  | 300421 |
| USD | 62293289 | CAD | 85457915 | CIT | 03/26/26 |  | 192206 |
| USD | 62006795 | CAD | 85070408 | HSB | 03/26/26 |  | 195362 |
| USD | 223990171 | CAD | 306978081 | MSC | 03/26/26 |  | 467417 |
| USD | 57707666 | CAD | 79171495 | SCB | 03/26/26 |  | 181298 |
| USD | 42790076 | CHF | 33628905 | BNP | 03/26/26 |  | 23925 |
| USD | 48357547 | CHF | 38032311 | SCB | 03/26/26 |  | 62567 |
| USD | 86028941 | CHF | 67652729 | SSB | 03/26/26 |  | 101846 |
| USD | 626271029 | EUR | 531687267 | BNP | 03/26/26 |  | 901626 |
| USD | 593074778 | EUR | 503570209 | BNY | 03/26/26 |  | 931294 |
| USD | 474623602 | EUR | 402598695 | CAN | 03/26/26 |  | 277544 |
| USD | 619249137 | EUR | 525606995 | CIT | 03/26/26 |  | 751293 |
| USD | 590874340 | EUR | 501744455 | HSB | 03/26/26 |  | 978092 |
| USD | 865555529 | EUR | 734592396 | RBC | 03/26/26 |  | 961862 |
| USD | 617211914 | EUR | 524057987 | SSB | 03/26/26 |  | 961323 |
| USD | 392858969 | GBP | 292386274 | CAN | 03/26/26 |  | 1178996 |
| USD | 522295676 | GBP | 388831225 | HSB | 03/26/26 |  | 1717515 |
| USD | 364347844 | GBP | 271126642 | MSC | 03/26/26 |  | 1039316 |
| USD | 559717533 | GBP | 416595983 | RBC | 03/26/26 |  | 1713177 |
| USD | 198460287 | GBP | 147764943 | SSB | 03/26/26 |  | 676959 |
| USD | 90081856 | HKD | 699287435 | BNP | 03/26/26 | 6829 |  |
| USD | 155884465 | HKD | 1210187219 | HSB | 03/26/26 | 572 |  |
| USD | 102118154 | HKD | 792781015 | MSC | 03/26/26 | 243 |  |
| USD | 129476568 | HKD | 1005115852 | SCB | 03/26/26 | 7864 |  |
| USD | 183442493 | HKD | 1424100763 | SSB | 03/26/26 | 4454 |  |
| USD | 46298517 | NZD | 79823653 | HSB | 03/26/26 | 202637 |  |
| USD | 7903122 | NZD | 13621657 | RBC | 03/26/26 | 37004 |  |
| 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 | $259603 | $16163147 |

---

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

Annual Financial Statements **27**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio** |  |  |
| **Common Stocks \| 99.0%** |  |  |
| **Australia \| 1.9%** |  |  |
| ALS Ltd. | 9407 | $137844 |
| AUB Group Ltd. | 5068 | 104110 |
|  |  | 241954 |
| **Belgium \| 1.1%** |  |  |
| Cenergy Holdings SA | 7923 | 139534 |
| **Canada \| 2.0%** |  |  |
| Aurinia Pharmaceuticals, Inc. (\*) | 7484 | 119370 |
| Neo Performance Materials, Inc. | 11890 | 134791 |
|  |  | 254161 |
| **Cayman Islands \| 1.4%** |  |  |
| Bullish | 4714 | 178519 |
| **Denmark \| 0.7%** |  |  |
| Zealand Pharma AS (\*) | 1202 | 87474 |
| **France \| 3.3%** |  |  |
| Exosens SAS | 4305 | 244371 |
| Gaztransport Et Technigaz SA | 983 | 180343 |
|  |  | 424714 |
| **Germany \| 1.7%** |  |  |
| AlzChem Group AG | 707 | 128217 |
| CTS Eventim AG & Co. KGaA | 1046 | 96014 |
|  |  | 224231 |
| **Greece \| 1.4%** |  |  |
| National Bank of Greece SA | 12204 | 185887 |
| **Ireland \| 0.9%** |  |  |
| COSMO Pharmaceuticals NV | 899 | 118687 |

---

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

**28** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio (continued)** |  |  |
| **Israel \| 3.4%** |  |  |
| Meitav Investment House Ltd. | 3401 | $123450 |
| Next Vision Stabilized Systems Ltd. | 2790 | 183902 |
| Phoenix Financial Ltd. | 3053 | 126343 |
|  |  | 433695 |
| **Italy \| 2.9%** |  |  |
| BFF Bank SpA (#), (\*) | 9745 | 108230 |
| Lottomatica Group SpA | 10202 | 267721 |
|  |  | 375951 |
| **Japan \| 11.7%** |  |  |
| Asics Corp. | 6700 | 161408 |
| Ebara Corp. | 10100 | 238224 |
| Maruwa Co. Ltd. | 900 | 243377 |
| Organo Corp. | 3100 | 256908 |
| Sanwa Holdings Corp. | 5000 | 130053 |
| Sugi Holdings Co. Ltd. | 7200 | 169762 |
| Toyo Suisan Kaisha Ltd. | 2700 | 184875 |
| Yonex Co. Ltd. | 6100 | 129368 |
|  |  | 1513975 |
| **Mexico \| 1.9%** |  |  |
| Arca Continental SAB de CV | 22900 | 247827 |
| **Spain \| 1.6%** |  |  |
| Bankinter SA | 12431 | 205833 |
| **Sweden \| 1.5%** |  |  |
| Asker Healthcare Group AB | 21160 | 193794 |
| **Switzerland \| 1.0%** |  |  |
| Huber & Suhner AG | 713 | 128999 |
| **Taiwan \| 1.3%** |  |  |
| Gold Circuit Electronics Ltd. | 8000 | 173870 |

---

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

Annual Financial Statements **29**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio (continued)** |  |  |
| **United Kingdom \| 2.0%** |  |  |
| Ferrari Group PLC | 13440 | $144390 |
| Volution Group PLC | 12879 | 111976 |
|  |  | 256366 |
| **United States \| 57.3%** |  |  |
| ABM Industries, Inc. | 3711 | 156975 |
| Advanced Energy Industries, Inc. | 583 | 122063 |
| Antero Resources Corp. (\*) | 2702 | 93111 |
| Atlas Energy Solutions, Inc. | 6361 | 59921 |
| BankUnited, Inc. | 3071 | 136874 |
| Brunswick Corp. | 2523 | 187308 |
| Cactus, Inc., Class A | 1639 | 74870 |
| Coherent Corp. (\*) | 1482 | 273533 |
| Core Scientific, Inc. (\*) | 7498 | 109171 |
| Credo Technology Group Holding Ltd. (\*) | 772 | 111083 |
| CubeSmart | 4467 | 161035 |
| DigitalOcean Holdings, Inc. (\*) | 8464 | 407288 |
| Diodes, Inc. (\*) | 3291 | 162378 |
| Disc Medicine, Inc. (\*) | 1215 | 96483 |
| Doximity, Inc., Class A (\*) | 1465 | 64870 |
| Eagle Materials, Inc. | 684 | 141369 |
| EnerSys | 693 | 101698 |
| Enovis Corp. (\*) | 3044 | 81092 |
| Figure Technology Solutions, Inc., Class A | 5841 | 238546 |
| First American Financial Corp. | 2014 | 123740 |
| First Watch Restaurant Group, Inc. (\*) | 19735 | 297604 |
| Floor & Decor Holdings, Inc., Class A (\*) | 4777 | 290872 |
| Gates Industrial Corp. PLC (\*) | 4430 | 95112 |
| Gentherm, Inc. (\*) | 2896 | 105328 |
| Guardian Pharmacy Services, Inc., Class A (\*) | 4303 | 129477 |
| Janus International Group, Inc. (\*) | 13647 | 89251 |
| Kura Sushi USA, Inc., Class A (\*) | 2349 | 122923 |
| Landstar System, Inc. | 738 | 106051 |
| Legence Corp., Class A | 3978 | 171213 |
| Lumentum Holdings, Inc. (\*) | 837 | 308510 |
| MapLight Therapeutics, Inc. | 5058 | 88844 |

---

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

**30** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Small Cap Equity Portfolio (concluded)** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 39260 | $127595 |
| Meritage Homes Corp. | 2224 | 146339 |
| Middleby Corp. (\*) | 1027 | 152684 |
| Onto Innovation, Inc. (\*) | 767 | 121079 |
| Ramaco Resources, Inc., Class A (\*) | 8021 | 144378 |
| Rambus, Inc. (\*) | 1737 | 159613 |
| RH (\*) | 2029 | 363495 |
| Roku, Inc. (\*) | 1271 | 137891 |
| StepStone Group, Inc., Class A | 2782 | 178521 |
| Stifel Financial Corp. | 1377 | 172428 |
| Thor Industries, Inc. | 1589 | 163143 |
| Toro Co. | 2570 | 202310 |
| Wintrust Financial Corp. | 1448 | 202459 |
| Wyndham Hotels & Resorts, Inc. | 2031 | 153462 |
| Zeta Global Holdings Corp., Class A (\*) | 12009 | 244383 |
|  |  | 7378373 |
| **Total Common Stocks <br> (Cost $11,861,353)** |  | 12763844 |
| **Short-Term Investments \| 1.0%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $127,097) | 127097 | 127097 |
| **Total Investments \| 100.0% <br> (Cost $11,988,450)** |  | $**12890941** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(5484)** |
| **Net Assets \| 100.0%** |  | $**12885457** |

---

---

| | |
|:---|:---|
| *(\*)* | *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 December 31, 2025, these securities amounted to 0.8% of net assets of the Portfolio.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **31**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio** |  |  |
| **Common Stocks \| 96.0%** |  |  |
| **Australia \| 1.3%** |  |  |
| Rio Tinto PLC | 198616 | $15846559 |
| **Belgium \| 1.4%** |  |  |
| KBC Group NV | 129996 | 16897282 |
| **Canada \| 2.3%** |  |  |
| Gildan Activewear, Inc. | 249780 | 15612273 |
| Suncor Energy, Inc. | 264708 | 11748943 |
|  |  | 27361216 |
| **China \| 2.7%** |  |  |
| Contemporary Amperex Technology Co. Ltd., Class A | 188900 | 9889338 |
| Li Ning Co. Ltd. | 4481000 | 10729244 |
| Tencent Holdings Ltd. | 152900 | 11716305 |
|  |  | 32334887 |
| **Denmark \| 1.0%** |  |  |
| Novo Nordisk AS, Class B | 229516 | 11699073 |
| **France \| 12.8%** |  |  |
| Air Liquide SA | 87130 | 16396542 |
| Bureau Veritas SA | 529512 | 16862576 |
| Capgemini SE | 80521 | 13335296 |
| Cie de Saint-Gobain SA | 98978 | 10047557 |
| Engie SA | 967734 | 25445204 |
| Legrand SA | 95213 | 14149219 |
| Orange SA | 1323874 | 22089063 |
| Pernod Ricard SA | 100310 | 8587432 |
| Societe Generale SA | 173574 | 13984485 |
| Thales SA | 34436 | 9301177 |
|  |  | 150198551 |

---

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

**32** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| **Germany \| 8.0%** |  |  |
| Allianz SE | 39020 | $17897235 |
| Beiersdorf AG | 106839 | 11757187 |
| Merck KGaA | 111910 | 16063684 |
| MTU Aero Engines AG | 27500 | 11470724 |
| Siemens AG | 33634 | 9445639 |
| Siemens Healthineers AG (#) | 274773 | 14419376 |
| Symrise AG | 86199 | 6975287 |
| Zalando SE (#), (\*) | 197866 | 5874840 |
|  |  | 93903972 |
| **Greece \| 2.1%** |  |  |
| National Bank of Greece SA | 1640203 | 24982940 |
| **Hong Kong \| 3.1%** |  |  |
| AIA Group Ltd. | 2373000 | 24374253 |
| Techtronic Industries Co. Ltd. | 1056000 | 12132152 |
|  |  | 36506405 |
| **Israel \| 1.9%** |  |  |
| Bank Hapoalim BM | 991681 | 22435814 |
| **Italy \| 2.9%** |  |  |
| Lottomatica Group SpA | 423765 | 11120443 |
| UniCredit SpA | 275523 | 22872740 |
|  |  | 33993183 |
| **Japan \| 14.4%** |  |  |
| Bandai Namco Holdings, Inc. | 354700 | 9453920 |
| Ebara Corp. | 356000 | 8396816 |
| FANUC Corp. | 349900 | 13618001 |
| MatsukiyoCocokara & Co. | 516000 | 8957887 |
| Mitsui Fudosan Co. Ltd. | 981700 | 11169193 |
| Mizuho Financial Group, Inc. | 605100 | 21972210 |
| Nippon Sanso Holdings Corp. | 288300 | 8608819 |
| Nitori Holdings Co. Ltd. | 455000 | 7964826 |
| Otsuka Holdings Co. Ltd. | 250900 | 14174501 |
| Resona Holdings, Inc. | 1258000 | 11927983 |
| Shimadzu Corp. | 692100 | 18431998 |

---

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

Annual Financial Statements **33**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| Shin-Etsu Chemical Co. Ltd. | 344000 | $10697747 |
| Suzuki Motor Corp. | 750300 | 11143414 |
| Toyo Suisan Kaisha Ltd. | 200100 | 13701252 |
|  |  | 170218567 |
| **Mexico \| 0.9%** |  |  |
| Arca Continental SAB de CV | 934212 | 10110189 |
| **Netherlands \| 5.0%** |  |  |
| ASML Holding NV | 22953 | 24534829 |
| IMCD NV | 99826 | 9081720 |
| ING Groep NV | 422173 | 11867785 |
| Magnum Ice Cream Co. NV (\*) | 105634 | 1676635 |
| Universal Music Group NV | 468026 | 12227416 |
|  |  | 59388385 |
| **South Africa \| 1.0%** |  |  |
| Anglo American PLC | 292975 | 12073321 |
| **South Korea \| 2.1%** |  |  |
| Samsung Electronics Co. Ltd. | 296194 | 24686080 |
| **Spain \| 4.4%** |  |  |
| Banco Santander SA | 1669398 | 19590124 |
| Bankinter SA | 1206088 | 19970428 |
| Industria de Diseno Textil SA | 188615 | 12424141 |
|  |  | 51984693 |
| **Sweden \| 2.4%** |  |  |
| Hexagon AB, B Shares | 1394065 | 16489081 |
| Sandvik AB | 377268 | 12219783 |
|  |  | 28708864 |
| **Switzerland \| 2.5%** |  |  |
| ABB Ltd. | 233533 | 17263064 |
| Cie Financiere Richemont SA, Class A | 55073 | 11885646 |
|  |  | 29148710 |

---

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

**34** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| **Taiwan \| 1.1%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 41136 | $12500819 |
| **United Kingdom \| 16.3%** |  |  |
| 3i Group PLC | 325252 | 14150859 |
| AstraZeneca PLC | 139966 | 25780612 |
| Coca-Cola Europacific Partners PLC | 122448 | 11163683 |
| Compass Group PLC | 563485 | 17927281 |
| Croda International PLC | 292514 | 10600699 |
| Howden Joinery Group PLC | 1360755 | 15152219 |
| IMI PLC | 484436 | 16150517 |
| JD Sports Fashion PLC | 4148010 | 4709842 |
| Marks & Spencer Group PLC | 2470634 | 10990228 |
| RELX PLC | 631953 | 25561402 |
| SSE PLC | 301995 | 8855203 |
| Unilever PLC | 469488 | 30695764 |
|  |  | 191738309 |
| **United States \| 6.4%** |  |  |
| Amcor PLC CDI | 1252347 | 10465216 |
| Aon PLC, Class A | 50288 | 17745629 |
| Chubb Ltd. | 31683 | 9888898 |
| CRH PLC | 97291 | 12141917 |
| ICON PLC (\*) | 52394 | 9547235 |
| Medtronic PLC | 155934 | 14979020 |
|  |  | 74767915 |
| **Total Common Stocks <br> (Cost $841,967,548)** |  | 1131485734 |
| **Preferred Stocks \| 1.1%** |  |  |
| **Brazil \| 1.1%** |  |  |
| Itau Unibanco Holding SA <br> (Cost $7,741,245) | 1788131 | 12817398 |

---

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

Annual Financial Statements **35**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 2.1%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $24,331,939) | 24331939 | $24331939 |
| **Total Investments \| 99.2% <br> (Cost $874,040,732)** |  | $**1168635071** |
| **Cash and Other Assets in Excess of Liabilities \| 0.8%** |  | **9776487** |
| **Net Assets \| 100.0%** |  | $**1178411558** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 1.7% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |
| *(a)* | *Affiliated investment.* |

---

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

**36** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio** |  |  |
| **Common Stocks \| 96.7%** |  |  |
| **Belgium \| 2.0%** |  |  |
| KBC Group NV | 8799 | $1143721 |
| **Brazil \| 0.9%** |  |  |
| TOTVS SA | 65600 | 499808 |
| **Canada \| 2.4%** |  |  |
| Gildan Activewear, Inc. | 12662 | 791427 |
| Suncor Energy, Inc. | 12746 | 565725 |
|  |  | 1357152 |
| **China \| 6.2%** |  |  |
| Alibaba Group Holding Ltd. | 29200 | 534401 |
| Contemporary Amperex Technology Co. Ltd., Class A | 12800 | 670109 |
| Li Ning Co. Ltd. | 220500 | 527962 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 12565 | 342445 |
| Tencent Holdings Ltd. | 19000 | 1455917 |
|  |  | 3530834 |
| **Denmark \| 2.0%** |  |  |
| DSV AS | 2879 | 724489 |
| Novo Nordisk AS, Class B | 8746 | 445808 |
|  |  | 1170297 |
| **Finland \| 1.2%** |  |  |
| Sampo OYJ, A Shares | 57891 | 701721 |
| **France \| 8.0%** |  |  |
| Air Liquide SA | 4123 | 775886 |
| Bureau Veritas SA | 28540 | 908871 |
| Capgemini SE | 3029 | 501641 |
| Engie SA | 33105 | 870449 |

---

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

Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| Legrand SA | 4734 | $703501 |
| Pernod Ricard SA | 4927 | 421795 |
| Thales SA | 1544 | 417035 |
|  |  | 4599178 |
| **Germany \| 5.3%** |  |  |
| adidas AG | 2693 | 530114 |
| Allianz SE | 1331 | 610487 |
| Merck KGaA | 3214 | 461341 |
| MTU Aero Engines AG | 2415 | 1007338 |
| Siemens AG | 1516 | 425748 |
|  |  | 3035028 |
| **Greece \| 2.5%** |  |  |
| Piraeus Bank SA | 182155 | 1448173 |
| **Hong Kong \| 2.7%** |  |  |
| AIA Group Ltd. | 90000 | 924434 |
| Techtronic Industries Co. Ltd. | 55000 | 631883 |
|  |  | 1556317 |
| **India \| 3.0%** |  |  |
| Bharti Airtel Ltd. | 37782 | 886332 |
| ICICI Bank Ltd. ADR | 28026 | 835175 |
|  |  | 1721507 |
| **Indonesia \| 0.9%** |  |  |
| Bank Mandiri Persero Tbk. PT | 1631100 | 498805 |
| **Israel \| 1.5%** |  |  |
| Bank Hapoalim BM | 36889 | 834578 |
| **Italy \| 0.9%** |  |  |
| Lottomatica Group SpA | 19181 | 503348 |

---

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

**38** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Japan \| 12.3%** |  |  |
| FANUC Corp. | 18000 | $700554 |
| Hoya Corp. | 6100 | 923961 |
| Keyence Corp. | 2000 | 724610 |
| Mitsubishi Electric Corp. | 24700 | 724611 |
| Mitsui Fudosan Co. Ltd. | 51300 | 583661 |
| Mizuho Financial Group, Inc. | 15300 | 555569 |
| Nitori Holdings Co. Ltd. | 15600 | 273080 |
| Nomura Research Institute Ltd. | 13600 | 523555 |
| Recruit Holdings Co. Ltd. | 10200 | 581880 |
| Resona Holdings, Inc. | 71200 | 675097 |
| Shin-Etsu Chemical Co. Ltd. | 11700 | 363848 |
| Suzuki Motor Corp. | 26900 | 399517 |
|  |  | 7029943 |
| **Mexico \| 2.3%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 4841 | 489280 |
| Grupo Financiero Banorte SAB de CV, Class O | 91900 | 851966 |
|  |  | 1341246 |
| **Netherlands \| 6.2%** |  |  |
| ASML Holding NV | 1634 | 1746609 |
| IMCD NV | 4100 | 373000 |
| ING Groep NV | 27516 | 773507 |
| Universal Music Group NV | 24443 | 638586 |
|  |  | 3531702 |
| **South Africa \| 1.1%** |  |  |
| Anglo American PLC | 14894 | 613773 |
| **South Korea \| 2.9%** |  |  |
| KB Financial Group, Inc. | 6337 | 547821 |
| Samsung Electronics Co. Ltd. | 13577 | 1131566 |
|  |  | 1679387 |

---

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

Annual Financial Statements **39**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Spain \| 4.7%** |  |  |
| Banco Santander SA | 92720 | $1088055 |
| Bankinter SA | 53635 | 888089 |
| Industria de Diseno Textil SA | 10684 | 703759 |
|  |  | 2679903 |
| **Sweden \| 1.4%** |  |  |
| Hexagon AB, B Shares | 68144 | 806011 |
| **Switzerland \| 3.3%** |  |  |
| ABB Ltd. | 16135 | 1192720 |
| Cie Financiere Richemont SA, Class A | 3338 | 720395 |
|  |  | 1913115 |
| **Taiwan \| 5.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 64000 | 3126616 |
| **United Kingdom \| 12.8%** |  |  |
| 3i Group PLC | 15169 | 659963 |
| AstraZeneca PLC | 3240 | 596782 |
| Compass Group PLC | 35994 | 1145150 |
| Diploma PLC | 9325 | 665516 |
| InterContinental Hotels Group PLC | 4195 | 587624 |
| London Stock Exchange Group PLC | 4977 | 599303 |
| Marks & Spencer Group PLC | 93352 | 415262 |
| RELX PLC | 22086 | 893340 |
| SSE PLC | 19767 | 579615 |
| Unilever PLC | 18606 | 1216486 |
|  |  | 7359041 |
| **United States \| 4.7%** |  |  |
| Aon PLC, Class A | 3029 | 1068873 |
| CRH PLC | 3726 | 465005 |
| Experian PLC | 15899 | 719056 |
| Medtronic PLC | 4610 | 442837 |
|  |  | 2695771 |
| **Total Common Stocks <br> (Cost $40,571,130)** |  | 55376975 |

---

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

**40** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (concluded)** |  |  |
| **Preferred Stocks \| 1.7%** |  |  |
| **Brazil \| 1.7%** |  |  |
| Itau Unibanco Holding SA <br> (Cost $626,136) | 138792 | $994867 |
| **Short-Term Investments \| 1.3%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $747,099) | 747099 | 747099 |
| **Total Investments \| 99.7% <br> (Cost $41,944,365)** |  | $**57118941** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **155394** |
| **Net Assets \| 100.0%** |  | $**57274335** |

---

*(a)* *Affiliated investment.* 

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

Annual Financial Statements **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio** |  |  |
| **Common Stocks \| 96.2%** |  |  |
| **Australia \| 1.9%** |  |  |
| Computershare Ltd. | 459844 | $10443304 |
| **Brazil \| 2.0%** |  |  |
| TOTVS SA | 1448708 | 11037740 |
| **Canada \| 4.1%** |  |  |
| Dollarama, Inc. | 60040 | 8973521 |
| Toromont Industries Ltd. | 116869 | 14138718 |
|  |  | 23112239 |
| **China \| 3.8%** |  |  |
| Tencent Holdings Ltd. | 275300 | 21095478 |
| **Denmark \| 4.7%** |  |  |
| Coloplast AS, Class B | 72103 | 6189048 |
| Novo Nordisk AS, Class B | 388586 | 19807315 |
|  |  | 25996363 |
| **France \| 6.7%** |  |  |
| EssilorLuxottica SA | 55289 | 17480945 |
| LVMH Moet Hennessy Louis Vuitton SE | 20235 | 15255170 |
| Pernod Ricard SA | 56547 | 4840928 |
|  |  | 37577043 |
| **Germany \| 6.3%** |  |  |
| Rational AG | 14525 | 11242981 |
| SAP SE | 57240 | 14005388 |
| Scout24 SE (#) | 101381 | 10218765 |
|  |  | 35467134 |

---

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

**42** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (continued)** |  |  |
| **Hong Kong \| 4.0%** |  |  |
| AIA Group Ltd. | 1091600 | $11212362 |
| Hong Kong Exchanges & Clearing Ltd. | 214100 | 11186718 |
|  |  | 22399080 |
| **India \| 2.9%** |  |  |
| HDFC Bank Ltd. ADR | 450859 | 16474388 |
| **Israel \| 2.1%** |  |  |
| Check Point Software Technologies Ltd. (\*) | 64225 | 11917591 |
| **Japan \| 8.8%** |  |  |
| Hoya Corp. | 81400 | 12329583 |
| Keyence Corp. | 20500 | 7427248 |
| M3, Inc. | 749800 | 10153946 |
| Recruit Holdings Co. Ltd. | 185900 | 10605047 |
| SMS Co. Ltd. | 357200 | 3083351 |
| Toei Animation Co. Ltd. | 312100 | 5432203 |
|  |  | 49031378 |
| **Netherlands \| 8.9%** |  |  |
| Argenx SE (\*) | 11811 | 9949390 |
| ASML Holding NV | 17407 | 18606621 |
| IMCD NV | 55155 | 5017753 |
| Universal Music Group NV | 369142 | 9644021 |
| Wolters Kluwer NV | 61761 | 6412423 |
|  |  | 49630208 |
| **Norway \| 1.9%** |  |  |
| Gjensidige Forsikring ASA | 363184 | 10880303 |
| **South Africa \| 2.2%** |  |  |
| Clicks Group Ltd. | 607224 | 12323579 |
| **Sweden \| 5.1%** |  |  |
| Assa Abloy AB, Class B | 428336 | 16606357 |
| Hexagon AB, B Shares | 1019306 | 12056410 |
|  |  | 28662767 |

---

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

Annual Financial Statements **43**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (continued)** |  |  |
| **Switzerland \| 4.4%** |  |  |
| Partners Group Holding AG | 12219 | $15009933 |
| VAT Group AG (#) | 19851 | 9532357 |
|  |  | 24542290 |
| **Taiwan \| 4.7%** |  |  |
| Lotes Co. Ltd. | 174000 | 7135776 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 62941 | 19127141 |
|  |  | 26262917 |
| **United Kingdom \| 14.6%** |  |  |
| Diageo PLC | 354888 | 7644537 |
| Diploma PLC | 116771 | 8333836 |
| Halma PLC | 237289 | 11245248 |
| InterContinental Hotels Group PLC | 83441 | 11688180 |
| London Stock Exchange Group PLC | 127645 | 15370312 |
| RELX PLC | 340450 | 13876190 |
| Unilever PLC | 207857 | 13624336 |
|  |  | 81782639 |
| **United States \| 7.1%** |  |  |
| Accenture PLC, Class A | 45005 | 12074842 |
| Aon PLC, Class A | 44426 | 15677047 |
| Experian PLC | 261895 | 11844593 |
|  |  | 39596482 |
| **Total Common Stocks** <br> (Cost $508,270,812) |  | 538232923 |
| **Preferred Stocks \| 1.4%** |  |  |
| **Germany \| 1.4%** |  |  |
| Sartorius AG<br> (Cost $8,257,059) | 26158 | 7562837 |

---

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

**44** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 2.3%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $12,839,270) | 12839270 | $12839270 |
| **Total Investments \| 99.9%** <br> (Cost $529,367,141) |  | $**558635030** |
| **Cash and Other Assets in Excess of Liabilities \| 0.1%** |  | **626944** |
| **Net Assets \| 100.0%** |  | $**559261974** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 3.5% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio** |  |  |
| **Common Stocks \| 93.5%** |  |  |
| **Canada \| 4.2%** |  |  |
| Bird Construction, Inc. | 740215 | $15380811 |
| Canadian Pacific Kansas City Ltd. | 227738 | 16766547 |
| Element Fleet Management Corp. | 1213485 | 31872161 |
|  |  | 64019519 |
| **China \| 1.2%** |  |  |
| Alibaba Group Holding Ltd. | 980900 | 17951841 |
| **Denmark \| 0.8%** |  |  |
| Novo Nordisk AS, Class B | 230192 | 11733530 |
| **Finland \| 0.4%** |  |  |
| Sampo OYJ, A Shares | 567150 | 6874666 |
| **France \| 5.8%** |  |  |
| Cie de Saint-Gobain SA | 162438 | 16489574 |
| Engie SA | 927945 | 24399008 |
| Societe Generale SA | 590657 | 47587969 |
|  |  | 88476551 |
| **Germany \| 4.9%** |  |  |
| Deutsche Boerse AG | 62237 | 16347242 |
| Merck KGaA | 187880 | 26968500 |
| MTU Aero Engines AG | 75063 | 31310071 |
|  |  | 74625813 |
| **Greece \| 2.9%** |  |  |
| Piraeus Bank SA | 5597449 | 44500969 |
| **Hong Kong \| 2.5%** |  |  |
| AIA Group Ltd. | 2047800 | 21033964 |
| Techtronic Industries Co. Ltd. | 1507000 | 17313592 |
|  |  | 38347556 |

---

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

**46** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| **India \| 3.0%** |  |  |
| Bharti Airtel Ltd. | 1088131 | $25526588 |
| HDFC Bank Ltd. | 1771314 | 19573101 |
| ICICI Prudential Asset Management Co. Ltd. | 51579 | 1527123 |
|  |  | 46626812 |
| **Israel \| 6.7%** |  |  |
| Bank Leumi Le-Israel BM | 2006170 | 44222104 |
| Elbit Systems Ltd. | 29703 | 17127722 |
| Meitav Investment House Ltd. | 401779 | 14583866 |
| Phoenix Financial Ltd. | 655063 | 27108620 |
|  |  | 103042312 |
| **Italy \| 5.3%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 2133079 | 22708010 |
| BFF Bank SpA (#), (\*) | 1683337 | 18695589 |
| Davide Campari-Milano NV | 1409498 | 9151561 |
| Lottomatica Group SpA | 1152531 | 30244723 |
|  |  | 80799883 |
| **Japan \| 14.6%** |  |  |
| BayCurrent, Inc. | 406000 | 16809153 |
| Hoya Corp. | 197700 | 29945438 |
| Keyence Corp. | 56400 | 20433988 |
| Kobe Bussan Co. Ltd. | 600700 | 14525276 |
| NEC Corp. | 548800 | 18505029 |
| Nippon Sanso Holdings Corp. | 371200 | 11084265 |
| OBIC Business Consultants Co. Ltd. | 146000 | 7883356 |
| Organo Corp. | 17600 | 1458576 |
| Pan Pacific International Holdings Corp. | 3447500 | 20544454 |
| Resona Holdings, Inc. | 2936600 | 27843970 |
| Sanrio Co. Ltd. | 433900 | 13612920 |
| Sugi Holdings Co. Ltd. | 658600 | 15528471 |
| Tokyo Electron Ltd. | 117400 | 25783100 |
|  |  | 223957996 |

---

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

Annual Financial Statements **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| **Mexico \| 1.5%** |  |  |
| Arca Continental SAB de CV | 2135200 | $23107471 |
| **Netherlands \| 5.1%** |  |  |
| Argenx SE (\*) | 30415 | 25621090 |
| ASML Holding NV | 46851 | 50079783 |
| Magnum Ice Cream Co. NV (\*) | 109473 | 1737568 |
|  |  | 77438441 |
| **South Africa \| 2.6%** |  |  |
| Anglo American PLC | 626935 | 25835609 |
| Clicks Group Ltd. | 701355 | 14233963 |
|  |  | 40069572 |
| **Spain \| 2.6%** |  |  |
| Banco Santander SA | 3416159 | 40088090 |
| **Sweden \| 1.1%** |  |  |
| Hexagon AB, B Shares | 1431761 | 16934952 |
| **Switzerland \| 2.9%** |  |  |
| ABB Ltd. | 406674 | 30061872 |
| Cie Financiere Richemont SA, Class A | 67994 | 14674207 |
|  |  | 44736079 |
| **Taiwan \| 2.2%** |  |  |
| Lotes Co. Ltd. | 328000 | 13451349 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 424000 | 20713832 |
|  |  | 34165181 |
| **United Kingdom \| 17.1%** |  |  |
| Coca-Cola Europacific Partners PLC | 329303 | 30022820 |
| Compass Group PLC | 874847 | 27833266 |
| Informa PLC | 2373271 | 28151340 |
| London Stock Exchange Group PLC | 228161 | 27473898 |
| National Grid PLC | 1949082 | 30037536 |
| RELX PLC | 883304 | 35728114 |

---

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

**48** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (concluded)** |  |  |
| SSE PLC | 711928 | $20875401 |
| Unilever PLC | 486539 | 31810581 |
| Weir Group PLC | 801431 | 30587957 |
|  |  | 262520913 |
| **United States \| 6.1%** |  |  |
| CRH PLC | 239405 | 29877744 |
| Experian PLC | 473269 | 21404299 |
| ICON PLC (\*) | 39518 | 7200970 |
| James Hardie Industries PLC CDI (\*) | 217236 | 4460570 |
| Schneider Electric SE | 108751 | 29808800 |
|  |  | 92752383 |
| **Total Common Stocks** <br> (Cost $1,043,264,434) |  | 1432770530 |
| **Preferred Stocks \| 1.6%** |  |  |
| **Germany \| 1.6%** |  |  |
| Sartorius AG <br> (Cost $21,176,802) | 82931 | 23977125 |
| **Short-Term Investments \| 5.0%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $76,926,151) | 76926151 | 76926151 |
| **Total Investments \| 100.1%**<br> (Cost $1,141,367,387) |  | $**1533673806** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(1102671)** |
| **Net Assets \| 100.0%** |  | $**1532571135** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 1.2% of net assets of the Portfolio.* |

---

*(\*)* *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Affiliated investment.* 

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

Annual Financial Statements **49**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio** |  |  |
| **Common Stocks \| 99.2%** |  |  |
| **Aerospace & Defense \| 3.3%** |  |  |
| Boeing Co. (\*) | 5462 | $1185909 |
| **Broadline Retail \| 8.9%** |  |  |
| Amazon.com, Inc. (\*) | 13858 | 3198704 |
| **Capital Markets \| 7.0%** |  |  |
| Charles Schwab Corp. | 10570 | 1056048 |
| Intercontinental Exchange, Inc. | 8931 | 1446465 |
|  |  | 2502513 |
| **Commercial Services & Supplies \| 2.6%** |  |  |
| Waste Management, Inc. | 4193 | 921244 |
| **Electronic Equipment, Instruments & Components \| 2.4%** |  |  |
| Coherent Corp. (\*) | 4584 | 846069 |
| **Hotels, Restaurants & Leisure \| 6.4%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 152893 | 2305626 |
| **Insurance \| 3.0%** |  |  |
| First American Financial Corp. | 17436 | 1071268 |
| **Interactive Media & Services \| 9.0%** |  |  |
| Alphabet, Inc., Class A | 4958 | 1551854 |
| Meta Platforms, Inc., Class A | 2519 | 1662767 |
|  |  | 3214621 |
| **IT Services \| 7.9%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 58704 | 2824837 |
| **Pharmaceuticals \| 4.3%** |  |  |
| Eli Lilly & Co. | 1430 | 1536792 |

---

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

**50** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (concluded)** |  |  |
| **Semiconductors & Semiconductor Equipment \| 20.1%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 13343 | $2857537 |
| Intel Corp. (\*) | 41043 | 1514486 |
| Marvell Technology, Inc. | 32909 | 2796607 |
|  |  | 7168630 |
| **Software \| 12.0%** |  |  |
| Microsoft Corp. | 5349 | 2586884 |
| Zeta Global Holdings Corp., Class A (\*) | 83472 | 1698655 |
|  |  | 4285539 |
| **Specialty Retail \| 9.5%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 28388 | 1728545 |
| RH (\*) | 9232 | 1653913 |
|  |  | 3382458 |
| **Textiles, Apparel & Luxury Goods \| 2.8%** |  |  |
| NIKE, Inc., Class B | 15819 | 1007829 |
| **Total Common Stocks** <br> (Cost $30,075,952) |  | 35452039 |
| **Short-Term Investments \| 0.0%** |  |  |
| Lazard Government Money Market Portfolio,<br> 3.59% (7 day yield) (a)<br> (Cost $14,466) | 14466 | 14466 |
| **Total Investments \| 99.2%** <br> (Cost $30,090,418) |  | $**35466505** |
| **Cash and Other Assets in Excess of Liabilites \| 0.8%** |  | **274156** |
| **Net Assets \| 100.0%** |  | $**35740661** |

---

*(\*)* *Non-income producing security.* <br> *(a)* *Affiliated investment.*

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

Annual Financial Statements **51**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio** |  |  |
| **Common Stocks \| 97.5%** |  |  |
| **Banks \| 3.1%** |  |  |
| Bank of America Corp. | 45446 | $2499530 |
| **Broadline Retail \| 6.5%** |  |  |
| Amazon.com, Inc. (\*) | 22945 | 5296165 |
| **Capital Markets \| 9.7%** |  |  |
| Blackstone, Inc. | 15075 | 2323661 |
| Goldman Sachs Group, Inc. | 2549 | 2240571 |
| Intercontinental Exchange, Inc. | 20839 | 3375084 |
|  |  | 7939316 |
| **Chemicals \| 2.5%** |  |  |
| Linde PLC | 4845 | 2065860 |
| **Commercial Services & Supplies \| 3.3%** |  |  |
| Waste Management, Inc. | 12304 | 2703312 |
| **Electrical Equipment \| 2.7%** |  |  |
| AMETEK, Inc. | 10863 | 2230282 |
| **Financial Services \| 3.6%** |  |  |
| Visa, Inc., A Shares | 8318 | 2917206 |
| **Ground Transportation \| 1.9%** |  |  |
| Old Dominion Freight Line, Inc. | 10087 | 1581642 |
| **Health Care Equipment & Supplies \| 2.4%** |  |  |
| Medtronic PLC | 20816 | 1999585 |
| **Health Care Providers & Services \| 1.3%** |  |  |
| UnitedHealth Group, Inc. | 3325 | 1097616 |
| **Hotels, Restaurants & Leisure \| 3.1%** |  |  |
| McDonald's Corp. | 8313 | 2540702 |

---

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

**52** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (continued)** |  |  |
| **Household Products \| 2.4%** |  |  |
| Procter & Gamble Co. | 13843 | $1983840 |
| **Insurance \| 3.0%** |  |  |
| Marsh & McLennan Cos., Inc. | 13176 | 2444411 |
| **Interactive Media & Services \| 6.5%** |  |  |
| Alphabet, Inc., Class A | 16959 | 5308167 |
| **Life Sciences Tools & Services \| 3.9%** |  |  |
| Danaher Corp. | 13856 | 3171915 |
| **Oil, Gas & Consumable Fuels \| 2.1%** |  |  |
| ConocoPhillips | 18400 | 1722424 |
| **Pharmaceuticals \| 5.5%** |  |  |
| Eli Lilly & Co. | 2106 | 2263276 |
| Merck & Co., Inc. | 21171 | 2228459 |
|  |  | 4491735 |
| **Professional Services \| 4.3%** |  |  |
| Equifax, Inc. | 7504 | 1628218 |
| Jacobs Solutions, Inc. | 14188 | 1879342 |
|  |  | 3507560 |
| **Real Estate Management & Development \| 2.5%** |  |  |
| CBRE Group, Inc., Class A (\*) | 12858 | 2067438 |
| **Semiconductors & Semiconductor Equipment \| 8.8%** |  |  |
| Analog Devices, Inc. | 9754 | 2645285 |
| Broadcom, Inc. | 8424 | 2915546 |
| KLA Corp. | 1330 | 1616057 |
|  |  | 7176888 |
| **Software \| 10.7%** |  |  |
| Microsoft Corp. | 12858 | 6218386 |
| Palo Alto Networks, Inc. (\*) | 6693 | 1232851 |
| Salesforce, Inc. | 4766 | 1262561 |
|  |  | 8713798 |

---

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

Annual Financial Statements **53**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (concluded)** |  |  |
| **Technology Hardware, Storage & Peripherals \| 7.7%** |  |  |
| Apple, Inc. | 23166 | $6297909 |
| **Total Common Stocks**<br> (Cost $48,136,770) |  | 79757301 |
| **Short-Term Investments \| 2.7%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $2,244,274) | 2244274 | 2244274 |
| **Total Investments \| 100.2%**<br> (Cost $50,381,044) |  | $**82001575** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(128289)** |
| **Net Assets \| 100.0%** |  | $**81873286** |

---

*(\*)* *Non-income producing security.* <br> *(a)* *Affiliated investment.*

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

**54** Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio** |  |  |
| **Common Stocks \| 100.4%** |  |  |
| **Aerospace & Defense \| 1.7%** |  |  |
| StandardAero, Inc. (\*) | 19212 | $551000 |
| **Automobile Components \| 1.0%** |  |  |
| Gentherm, Inc. (\*) | 9392 | 341587 |
| **Automobiles \| 1.4%** |  |  |
| Thor Industries, Inc. | 4478 | 459756 |
| **Banks \| 9.2%** |  |  |
| Atlantic Union Bankshares Corp. | 13478 | 475773 |
| BankUnited, Inc. | 15463 | 689186 |
| Home BancShares, Inc. | 18713 | 519847 |
| Texas Capital Bancshares, Inc. (\*) | 6611 | 598560 |
| Wintrust Financial Corp. | 5450 | 762019 |
|  |  | 3045385 |
| **Biotechnology \| 7.9%** |  |  |
| Arcutis Biotherapeutics, Inc. (\*) | 9407 | 273179 |
| Aurinia Pharmaceuticals, Inc. (\*) | 15873 | 253175 |
| Caris Life Sciences, Inc. | 13059 | 352332 |
| Disc Medicine, Inc. (\*) | 3113 | 247203 |
| MapLight Therapeutics, Inc. | 18388 | 322985 |
| Rhythm Pharmaceuticals, Inc. (\*) | 2358 | 252400 |
| Soleno Therapeutics, Inc. (\*) | 4941 | 228768 |
| Vaxcyte, Inc. (\*) | 6877 | 317305 |
| Xenon Pharmaceuticals, Inc. (\*) | 8325 | 373127 |
|  |  | 2620474 |
| **Building Products \| 1.1%** |  |  |
| Janus International Group, Inc. (\*) | 57309 | 374801 |
| **Capital Markets \| 5.0%** |  |  |
| Bullish | 9155 | 346700 |
| StepStone Group, Inc., Class A | 9959 | 639069 |
| Stifel Financial Corp. | 5311 | 665043 |
|  |  | 1650812 |

---

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

Annual Financial Statements **55**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Commercial Services & Supplies \| 4.0%** |  |  |
| ABM Industries, Inc. | 13766 | $582302 |
| Casella Waste Systems, Inc., Class A (\*) | 7597 | 744050 |
|  |  | 1326352 |
| **Communications Equipment \| 1.9%** |  |  |
| Lumentum Holdings, Inc. (\*) | 1675 | 617388 |
| **Construction & Engineering \| 2.2%** |  |  |
| Legence Corp., Class A | 10352 | 445550 |
| Primoris Services Corp. | 2319 | 287881 |
|  |  | 733431 |
| **Construction Materials \| 1.1%** |  |  |
| Eagle Materials, Inc. | 1818 | 375744 |
| **Consumer Finance \| 1.5%** |  |  |
| Figure Technology Solutions, Inc., Class A | 11862 | 484444 |
| **Consumer Staples Distribution & Retail \| 2.8%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 4813 | 433314 |
| Chefs' Warehouse, Inc. (\*) | 7887 | 491597 |
|  |  | 924911 |
| **Containers & Packaging \| 2.2%** |  |  |
| Graphic Packaging Holding Co. | 22923 | 345221 |
| TriMas Corp. | 10576 | 374919 |
|  |  | 720140 |
| **Electrical Equipment \| 3.1%** |  |  |
| EnerSys | 3106 | 455806 |
| Regal Rexnord Corp. | 4175 | 585836 |
|  |  | 1041642 |
| **Electronic Equipment, Instruments & Components \| 5.2%** |  |  |
| Advanced Energy Industries, Inc. | 2809 | 588120 |
| Coherent Corp. (\*) | 4366 | 805833 |
| Mirion Technologies, Inc. (\*) | 13960 | 326943 |
|  |  | 1720896 |

---

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

**56** Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Energy Equipment & Services \| 3.3%** |  |  |
| Atlas Energy Solutions, Inc. | 26702 | $251533 |
| Cactus, Inc., Class A | 10117 | 462144 |
| Kodiak Gas Services, Inc. | 10387 | 388474 |
|  |  | 1102151 |
| **Entertainment \| 1.5%** |  |  |
| Roku, Inc. (\*) | 4544 | 492979 |
| **Ground Transportation \| 1.4%** |  |  |
| Landstar System, Inc. | 3233 | 464582 |
| **Health Care Equipment & Supplies \| 3.6%** |  |  |
| Enovis Corp. (\*) | 22406 | 596896 |
| Inspire Medical Systems, Inc. (\*) | 2481 | 228823 |
| TransMedics Group, Inc. (\*) | 3074 | 373952 |
|  |  | 1199671 |
| **Health Care Providers & Services \| 1.3%** |  |  |
| Guardian Pharmacy Services, Inc., Class A (\*) | 14520 | 436907 |
| **Health Care Technology \| 2.3%** |  |  |
| Certara, Inc. (\*) | 32809 | 289047 |
| Doximity, Inc., Class A (\*) | 10565 | 467818 |
|  |  | 756865 |
| **Hotels, Restaurants & Leisure \| 5.0%** |  |  |
| First Watch Restaurant Group, Inc. (\*) | 47099 | 710253 |
| Kura Sushi USA, Inc., Class A (\*) | 7093 | 371177 |
| Wyndham Hotels & Resorts, Inc. | 7667 | 579318 |
|  |  | 1660748 |
| **Insurance \| 2.2%** |  |  |
| First American Financial Corp. | 11628 | 714424 |
| **IT Services \| 3.3%** |  |  |
| DigitalOcean Holdings, Inc. (\*) | 22382 | 1077022 |

---

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

Annual Financial Statements **57**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (continued)** |  |  |
| **Leisure Products \| 1.5%** |  |  |
| Brunswick Corp. | 6901 | $512330 |
| **Life Sciences Tools & Services \| 0.8%** |  |  |
| Maravai LifeSciences Holdings, Inc., Class A (\*) | 81478 | 264804 |
| **Machinery \| 6.8%** |  |  |
| Gates Industrial Corp. PLC (\*) | 21953 | 471331 |
| Middleby Corp. (\*) | 4128 | 613710 |
| Nordson Corp. | 1979 | 475811 |
| Toro Co. | 8877 | 698797 |
|  |  | 2259649 |
| **Media \| 1.7%** |  |  |
| NIQ Global Intelligence PLC | 34466 | 568344 |
| **Oil, Gas & Consumable Fuels \| 1.1%** |  |  |
| Antero Resources Corp. (\*) | 10336 | 356179 |
| **Pharmaceuticals \| 0.8%** |  |  |
| Axsome Therapeutics, Inc. (\*) | 1426 | 260445 |
| **Semiconductors & Semiconductor Equipment \| 4.7%** |  |  |
| Credo Technology Group Holding Ltd. (\*) | 1756 | 252671 |
| Diodes, Inc. (\*) | 9827 | 484864 |
| Onto Innovation, Inc. (\*) | 2236 | 352975 |
| Rambus, Inc. (\*) | 4870 | 447504 |
|  |  | 1538014 |
| **Software \| 3.5%** |  |  |
| SPS Commerce, Inc. (\*) | 2777 | 247514 |
| Zeta Global Holdings Corp., Class A (\*) | 44413 | 903805 |
|  |  | 1151319 |
| **Specialized REITs \| 2.1%** |  |  |
| CubeSmart | 18857 | 679795 |

---

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

**58** Annual Financial Statements

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small Cap Equity Select Portfolio (concluded)** |  |  |
| **Specialty Retail \| 2.2%** |  |  |
| Floor & Decor Holdings, Inc., Class A (\*) | 11996 | $730436 |
| **Total Common Stocks**<br> (Cost $28,625,894) |  | 33215427 |
| **Short-Term Investments \| 0.6%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) <br> (Cost $186,322) | 186322 | 186322 |
| **Total Investments \| 101.0%**<br> (Cost $28,812,216) |  | $**33401749** |
| **Liabilities in Excess of Cash and Other Assets \| (1.0)%** |  | **(342126)** |
| **Net Assets \| 100.0%** |  | $**33059623** |

---

<br> *(\*)* *Non-income producing security.* <br> *(a)* *Affiliated investment.*

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

Annual Financial Statements **59**

**The Lazard Funds, Inc.** Abbreviations

December 31, 2025

---

| | |
|:---|:---|
| **Security Abbreviations:** | **Security Abbreviations:** |
| ADR | American Depositary Receipt |
| CDI | CHESS Depositary Interest |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| KSC | Kuwait Shareholding Company |
| NVDR | Non-Voting Depository Receipt |
| PJSC | Public Joint Stock Company |
| QSC | Qatar Shareholder Company |
| REITs | Real Estate Investment Trust |
| **Currency Abbreviations:** | **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:** | **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.*

**60** Annual Financial Statements

[This page intentionally left blank]

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Developing Markets<br> Equity Portfolio | Lazard Emerging<br> Markets Equity<br> Advantage Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $103229202 | $674814729 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 561282 | 8101245 |
| Cash |  | 1691 |
| Foreign currency, at fair value | 115043 | 21119 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 149721 | 1305844 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 119708 | 1512023 |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Gross unrealized appreciation on forward currency contracts |  |  |
| Total assets | 104174956 | 685756651 |
| **LIABILITIES** |  |  |
| Due to custodian | 98937 |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 309272 | 1627103 |
| &nbsp;&nbsp;&nbsp;Management fees | 83576 | 422110 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 40260 | 30919 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 37376 | 73041 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 19511 | 49760 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 699 | 489 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 506 | 321 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 182 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 69742 | 496041 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 181 |  |
| Gross unrealized depreciation on forward currency contracts |  |  |
| Other accrued expenses and payables | 9495 | 9286 |
| Total liabilities | 669737 | 2709070 |
| Net assets | $103505219 | $683047581 |
| **NET ASSETS** |  |  |
| Paid in capital | $177543953 | $578534333 |
| Distributable earnings (Accumulated loss) | (74038734) | 104513248 |
| Net assets | $103505219 | $683047581 |
| **Institutional Shares** |  |  |
| Net assets | $98025610 | $508674146 |
| Shares of capital stock outstanding\* | 5534973 | 32493930 |
| **Net asset value, offering and redemption price per share** | $17.71 | $15.65 |
| **Open Shares** |  |  |
| Net assets | $5479609 | $2269210 |
| Shares of capital stock outstanding\* | 311297 | 145063 |
| **Net asset value, offering and redemption price per share** | $17.60 | $15.64 |

---

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

**62** Annual Financial Statements

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets <br> Equity Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard Global<br> Small Cap<br> Equity Portfolio | Lazard<br> International<br> Equity<br> Portfolio |
| $6321269048 | $36690540 | $10443149265 | $12763844 | $1144303132 |
| 251512670 | 821443 | 701047586 | 127097 | 24331939 |
|  | 889 | 6249 | 30 | 5707 |
| 2772625 | 3544 | 5058 | 2542 | 8218 |
| 18303292 | 325636 | 39668283 | 54845 | 6885291 |
| 19926947 | 3000 | 20856029 | 4330 | 4745020 |
| 22896 |  | 9920483 |  |  |
|  |  |  | 7531 |  |
|  |  | 259603 |  |  |
| 6613807478 | 37845052 | 11214912556 | 12960219 | 1180279307 |
| 2600790 |  |  |  |  |
| 11850292 |  |  |  |  |
| 5442984 | 24073 | 8409359 |  | 745256 |
| 122479 | 33398 | 153316 | 33079 | 67326 |
| 541804 | 43988 | 1134556 | 20889 | 160676 |
| 334370 | 15194 | 630185 | 12537 | 106374 |
| 91846 | 13 | 63209 | 1475 | 17398 |
|  | 518 | 51964 |  | 8955 |
|  | 517 |  | 44 | 87 |
| 3447065 | 67609 | 14602160 | 2014 | 710893 |
| 2692534 | 226545 | 11092185 |  |  |
|  |  | 16163147 |  |  |
| 151790 | 9880 | 352974 | 4724 | 50784 |
| 27275954 | 421735 | 52653055 | 74762 | 1867749 |
| $6586531524 | $37423317 | $11162259501 | $12885457 | $1178411558 |
| $5834522395 | $44208323 | $9156540940 | $12248769 | $863410147 |
| 752009129 | (6785006) | 2005718561 | 636688 | 315001411 |
| $6586531524 | $37423317 | $11162259501 | $12885457 | $1178411558 |
| $6141185413 | $37363894 | $10865039104 | $6386620 | $1014032564 |
| 247511788 | 5191949 | 598049732 | 602845 | 54085928 |
| $24.81 | $7.20 | $18.17 | $10.59 | $18.75 |
| $368321859 | $59423 | $297220397 | $6498837 | $73698883 |
| 14322945 | 8268 | 16354234 | 611383 | 3857517 |
| $25.72 | $7.19 | $18.17 | $10.63 | $19.11 |

---

Annual Financial Statements **63**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Developing Markets<br> Equity Portfolio | Lazard Emerging<br> Markets Equity<br> Advantage Portfolio |
| **R6 Shares** |  |  |
| Net assets |  | $172104225 |
| Shares of capital stock outstanding\* |  | 10993857 |
| **Net asset value, offering and redemption price per share** |  | $15.65 |
| Cost of unaffiliated issuers | $57111441 | $585714536 |
| Cost of affiliated issuers | $561282 | $8101245 |
| Cost of foreign currency | $113431 | $21110 |

---

*\** *$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.*

**64** Annual Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets <br> Equity Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard Global<br> Small Cap<br> Equity Portfolio | Lazard<br> International<br> Equity<br> Portfolio |
| $77024252 |  |  |  | $90680111 |
| 3102236 |  |  |  | 4849541 |
| $24.83 |  |  |  | $18.70 |
| $4830966614 | $40492272 | $8039440530 | $11861353 | $849708793 |
| $251512670 | $821443 | $973725973 | $127097 | $24331939 |
| $2799969 | $3536 | $5075 | $2691 | $8224 |

---

Annual Financial Statements **65**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard <br> International<br> Quality Growth<br> Portfolio |
| **ASSETS** |  |  |
| Investment in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $56371842 | $545795760 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 747099 | 12839270 |
| Cash | 51 | 1566 |
| Foreign currency, at fair value | 3432 | 45962 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | 208751 | 567772 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 109874 | 998213 |
| &nbsp;&nbsp;&nbsp;Investments sold |  |  |
| Total assets | 57441049 | 560248543 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 40067 | 355970 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 35153 |  |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 33022 | 34537 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 28327 | 54899 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 16228 | 49935 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' services | 3783 | 10555 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 578 | 4799 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 542 | 509 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 151 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 6383 | 470623 |
| &nbsp;&nbsp;&nbsp;Investments purchased |  |  |
| Other accrued expenses and payables | 2480 | 4742 |
| Total liabilities | 166714 | 986569 |
| Net assets | $57274335 | $559261974 |
| **NET ASSETS** |  |  |
| Paid in capital | $42138150 | $531690460 |
| Distributable earnings (Accumulated loss) | 15136185 | 27571514 |
| Net assets | $57274335 | $559261974 |
| **Institutional Shares** |  |  |
| Net assets | $54450247 | $504449361 |
| Shares of capital stock outstanding\* | 4247328 | 29530022 |
| **Net asset value, offering and redemption price per share** | $12.82 | $17.08 |
| **Open Shares** |  |  |
| Net assets | $2824088 | $2584312 |
| Shares of capital stock outstanding\* | 219086 | 152245 |
| **Net asset value, offering and redemption price per share** | $12.89 | $16.97 |
| **R6 Shares** |  |  |
| Net assets |  | $52228301 |
| Shares of capital stock outstanding\* |  | 3056769 |
| **Net asset value, offering and redemption price per share** |  | $17.09 |
| Cost of unaffiliated issuers | $41197266 | $516527871 |
| Cost of affiliated issuers | $747099 | $12839270 |
| Cost of foreign currency | $3427 | $45969 |

---

---

| | |
|:---|:---|
| *\** | *$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.*

**66** Annual Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Strategic Equity<br> Portfolio | Lazard<br> US Equity<br> Concentrated<br> Portfolio |  | Lazard<br> US Equity<br> Focus<br> Portfolio | Lazard<br> US Small Cap<br> Equity Select<br> Portfolio |
| $1456747655 | $35452039 |  | $79757301 | $33215427 |
| 76926151 | 14466 |  | 2244274 | 186322 |
| 50223 |  |  |  |  |
| 975649 |  |  |  |  |
| 12648118 | 1587 |  | 46703 | 10287 |
| 1636964 | 114 |  |  | 955 |
| 5312971 | 422049 |  |  | 94535 |
| 1554297731 | 35890255 |  | 82048278 | 33507526 |
| 1019000 | 35195 |  | 41401 | 13106 |
| 2539636 |  |  |  |  |
| 97892 | 40633 |  | 26268 | 30444 |
| 376014 | 30901 |  | 35318 | 32633 |
| 162218 | 15186 |  | 18058 | 14249 |
| 41508 | 9113 |  | 4152 | 3954 |
| 15408 | 269 |  | 2070 |  |
| 49187 | 2733 |  | 201 | 1380 |
| 4532 | 77 |  | 224 | 144 |
| 3824866 | 5620 |  | 11924 | 132245 |
| 13440469 |  |  | 30799 | 215876 |
| 155866 | 9867 |  | 4577 | 3872 |
| 21726596 | 149594 |  | 174992 | 447903 |
| $1532571135 | $35740661 |  | $81873286 | $33059623 |
| $1083792252 | $30828816 |  | $48857769 | $27750878 |
| 448778883 | 4911845 |  | 33015517 | 5308745 |
| $1532571135 | $35740661 |  | $81873286 | $33059623 |
| $1328487456 | $25153296 |  | $49404499 | $26581312 |
| 101234075 | 1971023 |  | 2965025 | 2281274 |
| $13.12 | $12.76 |  | $16.66 | $11.65 |
| $194797598 | $10586838 |  | $902473 | $5905972 |
| 14626753 | 794989 |  | 53801 | 587600 |
| $13.32 | $13.32 |  | $16.77 | $10.05 |
| $9286081 | $527 |  | $31566314 | $572339 |
| 706555 | 39 | † | 1893358 | 48921 |
| $13.14 | $13.64 |  | $16.67 | $11.70 |
| $1064441236 | $30075952 |  | $48136770 | $28625894 |
| $76926151 | $14466 |  | $2244274 | $186322 |
| $975702 | $— |  | $— | $— |

---

Annual Financial Statements **67**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard<br> Developing<br> Markets<br> Equity Portfolio | Lazard<br> Emerging<br> Markets Equity<br> Advantage Portfolio |
| **Investment Income** | **Investment Income** |  |  |
| Dividends: | Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | $1965123 | $9026445 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 14638 | 74221 |
| Interest | Interest | 35316 | 116708 |
| Total investment income | Total investment income | 2015077 | 9217374 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 945807 | 2926542 |
| Professional services | Professional services | 57805 | 83766 |
| Custodian fees | Custodian fees | 38477 | 98379 |
| Registration fees | Registration fees | 34329 | 56698 |
| Administration fees | Administration fees | 29109 | 66063 |
| Shareholders' services | Shareholders' services | 19423 | 25452 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 13771 | 1829 |
| Directors' fees and expenses | Directors' fees and expenses | 12343 | 26353 |
| Shareholders' reports | Shareholders' reports | 8038 | 10938 |
| Other^ | Other^ | 9443 | 38482 |
| Total gross expenses | Total gross expenses | 1168545 | 3334502 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (113332) | (5873) |
| Total net expenses | Total net expenses | 1055213 | 3328629 |
| Net investment income (loss) | Net investment income (loss) | 959864 | 5888745 |
| **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\*\* | 5855273 | 38047901 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | (49984) | (679163) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts |  |  |
| Total net realized gain (loss) | Total net realized gain (loss) | 5805289 | 37368738 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;Investments† | 21020381 | 72843117 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 879 | (5577) |
| &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) | 21021260 | 72837540 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 26826549 | 110206278 |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $27786413 | $116095023 |
| \* | Net of foreign withholding taxes paid (reclaimed) | $269299 | $1265337 |
| \*\* | Net of foreign capital gains taxes of | $8102 | $494356 |
| † | Includes net change in foreign capital gains taxes of | $(175238) | $(1300046) |
| ^ | Includes interest on line of credit (Note 6) | $27 | $13864 |

---

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

**68** Annual Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging <br> Markets <br> Equity Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard <br> Global Small <br> Cap Equity<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio |
| $186361493 | $2977567 | $316288009 | $208159 | $29228287 |
| 2290873 | 6136 | 65700711 | 744 | 243395 |
| 4646966 | 80561 | 16926937 | 7180 | 782989 |
| 193299332 | 3064264 | 398915657 | 216083 | 30254671 |
| 45433937 | 652878 | 89320019 | 84387 | 8238115 |
| 325438 | 51789 | 625904 | 50848 | 152262 |
| 1064757 | 49766 | 1672005 | 15359 | 219161 |
| 386772 | 37326 | 314991 | 40589 | 64132 |
| 465757 | 27488 | 900275 | 18693 | 151981 |
| 344507 | 11427 | 732692 | 11400 | 97089 |
| 775967 | 371 | 735101 | 18587 | 169313 |
| 299995 | 15109 | 735102 | 5819 | 86141 |
| 130963 | 6712 | 320809 | 5674 | 40984 |
| 235649 | 13684 | 404872 | 4836 | 54125 |
| 49463742 | 866550 | 95761770 | 256192 | 9273303 |
| (91204 | (87379 | (165078 | (121582 | (30309 |
| 49372538 | 779171 | 95596692 | 134610 | 9242994 |
| 143926794 | 2285093 | 303318965 | 81473 | 21011677 |
| 166364855 | (3679669) | 530282030 | 2535006 | 153602137 |
|  |  | (18923975) |  |  |
| (3542477) | (58918) | (1574172) | 3256 | 182205 |
|  |  | (462381261 |  |  |
| 162822378 | (3738587 | 47402622 | 2538262 | 153784342 |
| 1257778324 | 13776799 | 1344048873 | 596874 | 138452394 |
|  |  | 493060257 |  |  |
| 57310 | 24760 | 1184224 | 5813 | 759389 |
|  |  | (112077116 |  |  |
| 1257835634 | 13801559 | 1726216238 | 602687 | 139211783 |
| 1420658012 | 10062972 | 1773618860 | 3140949 | 292996125 |
| $1564584806 | $12348065 | $2076937825 | $3222422 | $314007802 |
| $20209788 | $137662 | $20821905 | $16803 | $2176356 |
| $949119 | $— | $— | $— | $— |
| $(6575029 | $— | $— | $— | $— |
| $— | $2324 | $— | $8 | $— |

---

*#* *Dividend income for Lazard Emerging Markets Equity Portfolio, Lazard Equity Franchise Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Global Small Cap Equity Portfolio and Lazard International Equity Portfolio includes $469,581, $32,730, $472,504, $3,186 and $6,666, respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $20,679,369, $170,392, $21,294,409, $19,989 and $2,183,022, respectively. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

Annual Financial Statements **69**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard<br> International<br> Quality Growth<br> Portfolio |
| I**nvestment Income** | I**nvestment Income** |  |  |
| Dividends: | Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | $1532991 | $6411769 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 7638 | 115074 |
| Interest | Interest | 32579 | 239087 |
| Total investment income | Total investment income | 1573208 | 6765930 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 356263 | 3198187 |
| Professional services | Professional services | 53312 | 65535 |
| Registration fees | Registration fees | 36460 | 51460 |
| Custodian fees | Custodian fees | 26085 | 71037 |
| Administration fees | Administration fees | 24137 | 70590 |
| Shareholders' services | Shareholders' services | 12906 | 30383 |
| Directors' fees and expenses | Directors' fees and expenses | 9343 | 33724 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 6838 | 6269 |
| Shareholders' reports | Shareholders' reports | 5020 | 16073 |
| Other^ | Other^ | 6773 | 25079 |
| Total gross expenses | Total gross expenses | 537137 | 3568337 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (36405 | (19020 |
| Total net expenses | Total net expenses | 500732 | 3549317 |
| Net investment income (loss) | Net investment income (loss) | 1072476 | 3216613 |
| **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\*\* | 1908598 | 25165483 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | 12893 | (20089 |
| Total net realized gain (loss) | Total net realized gain (loss) | 1921491 | 25145394 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;Investments† | 8894460 | 8608667 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 20533 | 34516 |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | 8914993 | 8643183 |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | 10836484 | 33788577 |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $11908960 | $37005190 |
| \* | Net of foreign withholding taxes paid (reclaimed) | $(39832 | $646487 |
| \*\* | Net of foreign capital gains taxes of | $2669 | $— |
| † | Includes net change in foreign capital gains taxes of | $(35153 | $— |
| ^ | Includes interest on line of credit (Note 6) | $— | $— |

---

*#* *Dividend income for Lazard International Equity Select Portfolio and Lazard International Quality Growth Portfolio includes $191,056 and $43,631, respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amount of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $151,224 and $690,118, 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.*

**70** Annual Financial Statements

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International<br> Strategic Equity<br> Portfolio | Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard<br> US Equity<br> Focus<br> Portfolio | Lazard<br> US Small Cap<br> Equity Select<br> Portfolio |
| $44292192 | $313810 | $965398 | $391144 |
| 401459 | 3458 | 33951 | 4324 |
| 968970 | 12874 | 69761 |  |
| 45662621 | 330142 | 1069110 | 395468 |
| 15526639 | 285477 | 454580 | 261597 |
| 269860 | 51025 | 42956 | 45689 |
| 79093 | 37977 | 39584 | 47074 |
| 519563 | 29353 | 36527 | 32249 |
| 249309 | 22979 | 27618 | 21646 |
| 150015 | 31057 | 13997 | 13430 |
| 191037 | 8388 | 12093 | 8061 |
| 512994 | 27617 | 2452 | 15595 |
| 127229 | 12267 | 7870 | 6433 |
| 224737 | 5299 | 12048 | 8163 |
| 17850476 | 511439 | 649725 | 459937 |
| (20754) | (104857) | (67317) | (112488) |
| 17829722 | 406582 | 582408 | 347449 |
| 27832899 | (76440) | 486702 | 48019 |
| 500621386 | (147847) | 11800450 | 1413645 |
| 698813 |  |  |  |
| 501320199 | (147847) | 11800450 | 1413645 |
| (31692995) | 1960175 | (1151990) | (785923) |
| 1424957 |  |  |  |
| (30268038) | 1960175 | (1151990) | (785923) |
| 471052161 | 1812328 | 10648460 | 627722 |
| $498885060 | $1735888 | $11135162 | $675741 |
| $4386632 | $— | $— | $229 |
| $983170 | $— | $— | $— |
| $(1056866) | $— | $— | $— |
| $87375 | $1812 | $411 | $286 |

---

Annual Financial Statements **71**

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

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Developing Markets Equity Portfolio | Lazard<br> Developing Markets Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $959864 | $895974 |
| Net realized gain (loss) | 5805289 | (710504) |
| Net change in unrealized appreciation (depreciation) | 21021260 | 5617110 |
| Net increase (decrease) resulting from operations | 27786413 | 5802580 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1142644) | (699965) |
| &nbsp;&nbsp;&nbsp;Open Shares | (51220) | (32633) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (1193864) | (732598) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 7404892 | 15828490 |
| &nbsp;&nbsp;&nbsp;Open Shares | 1973439 | 1140731 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 926618 | 574602 |
| &nbsp;&nbsp;&nbsp;Open Shares | 44690 | 28880 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (18289725) | (24941316) |
| &nbsp;&nbsp;&nbsp;Open Shares | (3606523) | (1644281) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | (11546609) | (9012894) |
| Total increase (decrease) in net assets | 15045940 | (3942912) |
| Net assets at beginning of period | 88459279 | 92402191 |
| Net assets at end of period | $103505219 | $88459279 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 6184312 | 6846091 |
| Shares sold | 488706 | 1170762 |
| Shares issued to shareholders from reinvestment of distributions | 53926 | 42437 |
| Shares redeemed | (1191971) | (1874978) |
| Net increase (decrease) | (649339) | (661779) |
| Shares outstanding at end of period | 5534973 | 6184312 |

---

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

**72** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Portfolio | Lazard Emerging<br> Markets Equity Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| $5888745 | $2553874 | $143926794 | $105211043 |
| 37368738 | 5594253 | 162822378 | 135835544 |
| 72837540 | 4877317 | 1257835634 | (62277452) |
| 116095023 | 13025444 | 1564584806 | 178769135 |
| (9453784) | (2756760) | (122673455) | (89312277) |
| (35968) | (3380) | (6355560) | (7208738) |
| (3242625) | (31674) | (1470568) | (943205) |
| (12732377) | (2791814) | (130499583) | (97464220) |
| 291734823 | 91879720 | 2741438641 | 860595146 |
| 2999627 | 2139611 | 49347496 | 24706468 |
| 228310725 | 2377377 | 47702531 | 6500639 |
| 9431804 | 2741460 | 116324262 | 85407456 |
| 35968 | 3380 | 6017916 | 7030590 |
| 3242508 | 31674 | 514905 | 247672 |
| (63792655) | (42946657) | (976410317) | (464722988) |
| (1171206) | (2163012) | (53258672) | (54745198) |
| (87491567) | (177889) | (17874607) | (4131890) |
| 383300027 | 53885664 | 1913802155 | 460887895 |
| 486662673 | 64119294 | 3347887378 | 542192810 |
| 196384908 | 132265614 | 3238644146 | 2696451336 |
| $683047581 | $196384908 | $6586531524 | $3238644146 |
| 16237178 | 12128657 | 164138454 | 139428415 |
| 20251133 | 7662469 | 124833097 | 45864772 |
| 612136 | 228431 | 4767388 | 4744859 |
| (4606517) | (3782379) | (46227151) | (25899592) |
| 16256752 | 4108521 | 83373334 | 24710039 |
| 32493930 | 16237178 | 247511788 | 164138454 |

---

Annual Financial Statements **73**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Developing Markets Equity Portfolio | Lazard<br> Developing Markets Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 416605 | 453059 |
| Shares sold | 120883 | 86401 |
| Shares issued to shareholders from reinvestment of distributions | 2623 | 2146 |
| Shares redeemed | (228814) | (125001) |
| Net increase (decrease) | (105308) | (36454) |
| Shares outstanding at end of period | 311297 | 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.*

**74** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Advantage Portfolio | Lazard Emerging<br> Markets Equity Portfolio | Lazard Emerging<br> Markets Equity Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | &nbsp;&nbsp;Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| 22617 | 23716 | 14335590 | 15528827 |
| 210604 | 181053 | 2176318 | 1314853 |
| 2336 | 282 | 237956 | 376975 |
| (90494) | (182434) | (2426919) | (2885065) |
| 122446 | (1099) | (12645) | (1193237) |
| 145063 | 22617 | 14322945 | 14335590 |
| 195690 | 13936 | 1731366 | 1587936 |
| 16225717 | 194642 | 2141420 | 354974 |
| 210422 | 2641 | 21085 | 13752 |
| (5637972) | (15529) | (791635) | (225296) |
| 10798167 | 181754 | 1370870 | 143430 |
| 10993857 | 195690 | 3102236 | 1731366 |

---

Annual Financial Statements **75**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Equity Franchise Portfolio | Lazard<br> Equity Franchise Portfolio |
|  | &nbsp;&nbsp;Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $2285093 | $4121948 |
| Net realized gain (loss) | (3738587) | 21268587 |
| Net change in unrealized appreciation (depreciation) | 13801559 | (29976107) |
| Net increase (decrease) resulting from operations | 12348065 | (4585572) |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (6843527) | (22784045) |
| &nbsp;&nbsp;&nbsp;Open Shares | (15578) | (21113) |
| Net decrease in net assets resulting from distributions | (6859105) | (22805158) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 5960956 | 82216326 |
| &nbsp;&nbsp;&nbsp;Open Shares | 89562 | 59759 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 6841231 | 22782143 |
| &nbsp;&nbsp;&nbsp;Open Shares | 15578 | 21113 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (153887097) | (23359326) |
| &nbsp;&nbsp;&nbsp;Open Shares | (183916) | (83506) |
| Net increase (decrease) in net assets from capital stock transactions | (141163686) | 81636509 |
| Total (decrease) increase in net assets | (135674726) | 54245779 |
| Net assets at beginning of period | 173098043 | 118852264 |
| Net assets at end of period | $37423317 | $173098043 |

---

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

**76** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Global<br> Listed Infrastructure Portfolio | Lazard Global<br> Listed Infrastructure Portfolio | Lazard Global<br> Small Cap Equity Portfolio | Lazard Global<br> Small Cap Equity Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| $303318965 | $284353336 | $81473 | $154335 |
| 47402622 | 650274801 | 2538262 | (503594) |
| 1726216238 | (366409056) | 602687 | (39543) |
| 2076937825 | 568219081 | 3222422 | (388802) |
| (639699603) | (352614835) | (108516) | (53958) |
| (18450448) | (10962951) | (120899) | (100497) |
| (658150051) | (363577786) | (229415) | (154455) |
| 2645322952 | 1819989057 | 3276620 | 337672 |
| 83579539 | 55304450 | 1280630 | 131273 |
| 586019345 | 316448556 | 107390 | 50794 |
| 18008362 | 10721901 | 118660 | 98296 |
| (1898416659) | (2568999474) | (824629) | (2273479) |
| (120147396) | (83957227) | (3013653) | (905800) |
| 1314366143 | (450492737) | 945018 | (2561244) |
| 2733153917 | (245851442) | 3938025 | (3104501) |
| 8429105584 | 8674957026 | 8947432 | 12051933 |
| $11162259501 | $8429105584 | $12885457 | $8947432 |

---

Annual Financial Statements **77**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Equity Franchise Portfolio | Lazard<br> Equity Franchise Portfolio |
|  | &nbsp;&nbsp;Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 20757420 | 12002692 |
| Shares sold | 724747 | 8427290 |
| Shares issued to shareholders from reinvestment of distributions | 886548 | 2738238 |
| Shares redeemed | (17176766) | (2410800) |
| Net increase (decrease) | (15565471) | 8754728 |
| Shares outstanding at end of period | 5191949 | 20757420 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 17512 | 17882 |
| Shares sold | 9912 | 5842 |
| Shares issued to shareholders from reinvestment of distributions | 1960 | 2538 |
| Shares redeemed | (21116) | (8750) |
| Net decrease | (9244) | (370) |
| Shares outstanding at end of period | 8268 | 17512 |

---

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

**78** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Global<br> Listed Infrastructure Portfolio | Lazard Global<br> Listed Infrastructure Portfolio | Lazard Global<br> Small Cap Equity Portfolio | Lazard Global<br> Small Cap Equity Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | &nbsp;&nbsp;Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| 521906235 | 549085089 | 346632 | 572771 |
| 153218782 | 115972243 | 332327 | 40997 |
| 33246028 | 20223129 | 10098 | 6388 |
| (110321313) | (163374226) | (86212) | (273524) |
| 76143497 | (27178854) | 256213 | (226139) |
| 598049732 | 521906235 | 602845 | 346632 |
| 17449526 | 18601702 | 777816 | 859225 |
| 4834260 | 3519838 | 131280 | 15861 |
| 1020862 | 684240 | 11146 | 12316 |
| (6950414) | (5356254) | (308859) | (109586) |
| (1095292) | (1152176) | (166433) | (81409) |
| 16354234 | 17449526 | 611383 | 777816 |

---

Annual Financial Statements **79**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $21011677 | $20600239 |
| Net realized gain (loss) | 153784342 | 69912653 |
| Net change in unrealized appreciation (depreciation) | 139211783 | (17150572) |
| Net increase (decrease) resulting from operations | 314007802 | 73362320 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (114464070) | (68131831) |
| &nbsp;&nbsp;&nbsp;Open Shares | (8015216) | (4651499) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (10148386) | (5805616) |
| Net decrease in net assets resulting from distributions | (132627672) | (78588946) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 207800827 | 185403194 |
| &nbsp;&nbsp;&nbsp;Open Shares | 11506285 | 8785558 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 10099093 | 5989261 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 106241998 | 62956514 |
| &nbsp;&nbsp;&nbsp;Open Shares | 7581570 | 4383129 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 9590347 | 5588186 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (247642397) | (469477241) |
| &nbsp;&nbsp;&nbsp;Open Shares | (14465525) | (10803094) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (12104504) | (13981427) |
| Net increase (decrease) in net assets from capital stock transactions | 78607694 | (221155920) |
| Total increase (decrease) in net assets | 259987824 | (226382546) |
| Net assets at beginning of period | 918423734 | 1144806280 |
| Net assets at end of period | $1178411558 | $918423734 |

---

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

**80** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| $1072476 | $860178 | $3216613 | $2030880 |
| 1921491 | 941523 | 25145394 | 10469305 |
| 8914993 | (441801) | 8643183 | 1147974 |
| 11908960 | 1359900 | 37005190 | 13648159 |
| (1341194) | (809532) | (21524966) | (8444328) |
| (62122) | (38484) | (103514) | (52231) |
|  |  | (2232423) | (289076) |
| (1403316) | (848016) | (23860903) | (8785635) |
| 8225507 | 9302709 | 284556924 | 92343624 |
| 595092 | 735500 | 600792 | 326077 |
|  |  | 42354124 | 9469681 |
| 1174820 | 714979 | 15290654 | 8179271 |
| 59473 | 36637 | 101679 | 52231 |
|  |  | 2228538 | 285343 |
| (12045270) | (13973464) | (101279375) | (67013768) |
| (931868) | (1081259) | (301597) | (123961) |
|  |  | (3679060) | (63667) |
| (2922246) | (4264898) | 239872679 | 43454831 |
| 7583398 | (3753014) | 253016966 | 48317355 |
| 49690937 | 53443951 | 306245008 | 257927653 |
| $57274335 | $49690937 | $559261974 | $306245008 |

---

Annual Financial Statements **81**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 50306146 | 62778851 |
| Shares sold | 11374596 | 10927536 |
| Shares issued to shareholders from reinvestment of distributions | 5664975 | 3922777 |
| Shares redeemed | (13259789) | (27323018) |
| Net increase (decrease) | 3779782 | (12472705) |
| Shares outstanding at end of period | 54085928 | 50306146 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 3618341 | 3461398 |
| Shares sold | 604058 | 509739 |
| Shares issued to shareholders from reinvestment of distributions | 396746 | 268747 |
| Shares redeemed | (761628) | (621543) |
| Net increase (decrease) | 239176 | 156943 |
| Shares outstanding at end of period | 3857517 | 3618341 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 4441270 | 4560047 |
| Shares sold | 541653 | 357775 |
| Shares issued to shareholders from reinvestment of distributions | 512806 | 349418 |
| Shares redeemed | (646188) | (825970) |
| Net increase (decrease) | 408271 | (118777) |
| Shares outstanding at end of period | 4849541 | 4441270 |

---

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

**82** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| 4467741 | 4815470 | 18435403 | 16441822 |
| 706735 | 843008 | 16126913 | 5598078 |
| 92123 | 67402 | 898393 | 507714 |
| (1019271) | (1258139) | (5930687) | (4112211) |
| (220413) | (347729) | 11094619 | 1993581 |
| 4247328 | 4467741 | 29530022 | 18435403 |
| 243317 | 272190 | 129114 | 113448 |
| 48154 | 65343 | 35909 | 20152 |
| 4639 | 3432 | 6009 | 3260 |
| (77024) | (97648) | (18787) | (7746) |
| (24231) | (28873) | 23131 | 15666 |
| 219086 | 243317 | 152245 | 129114 |
|  |  | 623556 | 33251 |
|  |  | 2518014 | 576546 |
|  |  | 130860 | 17701 |
|  |  | (215661) | (3942) |
|  |  | 2433213 | 590305 |
|  |  | 3056769 | 623556 |

---

Annual Financial Statements **83**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $27832899 | $47672539 |
| Net realized gain (loss) | 501320199 | 533305817 |
| Net change in unrealized appreciation (depreciation) | (30268038) | (563547788) |
| Net increase (decrease) resulting from operations | 498885060 | 17430568 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (320461178) | (287394874) |
| &nbsp;&nbsp;&nbsp;Open Shares | (45491842) | (23617745) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (2548601) | (6226227) |
| Net decrease in net assets resulting from distributions | (368501621) | (317238846) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 147489548 | 307762541 |
| &nbsp;&nbsp;&nbsp;Open Shares | 30102427 | 26600187 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 5739931 | 10214598 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 313508083 | 276624074 |
| &nbsp;&nbsp;&nbsp;Open Shares | 41380789 | 21773270 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 2243195 | 5601431 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1559571507) | (1958688413) |
| &nbsp;&nbsp;&nbsp;Open Shares | (76063225) | (137905488) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (58830131) | (33953706) |
| Net decrease in net assets from capital stock transactions | (1154000890) | (1481971506) |
| Total (decrease) increase in net assets | (1023617451) | (1781779784) |
| Net assets at beginning of period | 2556188586 | 4337968370 |
| Net assets at end of period | $1532571135 | $2556188586 |

---

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

**84** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Focus Portfolio | Lazard<br> US Equity Focus Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| $(76440) | $362552 | $486702 | $703644 |
| (147847) | 71595620 | 11800450 | 6524267 |
| 1960175 | (62884583) | (1151990) | 4997803 |
| 1735888 | 9073589 | 11135162 | 12225714 |
|  | (34162471) | (6120159) | (2952737) |
|  | (8334482) | (114914) | (72533) |
|  | (281) | (3943212) | (2801191) |
|  | (42497234) | (10178285) | (5826461) |
| 3402704 | 14790865 | 1349400 | 2657969 |
| 223300 | 1283766 | 178690 | 77322 |
|  | 500 | 2058178 | 4713848 |
|  | 32922510 | 6058269 | 2923439 |
|  | 8056382 | 114891 | 72522 |
|  | 281 | 3943064 | 2797511 |
| (27921966) | (153820336) | (5749481) | (5171425) |
| (3328567) | (11078583) | (577035) | (197706) |
|  | (24850) | (19988560) | (12597384) |
| (27624529) | (107869465) | (12612584) | (4723904) |
| (25888641) | (141293110) | (11655707) | 1675349 |
| 61629302 | 202922412 | 93528993 | 91853644 |
| $35740661 | $61629302 | $81873286 | $93528993 |

---

Annual Financial Statements **85**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 171310239 | 255236019 |
| Shares sold | 10236340 | 19668576 |
| Shares issued to shareholders from reinvestment of distributions | 23496334 | 20457393 |
| Shares redeemed | (103808838) | (124051749) |
| Net increase (decrease) | (70076164) | (83925780) |
| Shares outstanding at end of period | 101234075 | 171310239 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 14576837 | 19879784 |
| Shares sold | 1990585 | 1687023 |
| Shares issued to shareholders from reinvestment of distributions | 3060087 | 1592241 |
| Shares redeemed | (5000756) | (8582211) |
| Net increase (decrease) | 49916 | (5302947) |
| Shares outstanding at end of period | 14626753 | 14576837 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 3865023 | 4967707 |
| Shares sold | 386601 | 644778 |
| Shares issued to shareholders from reinvestment of distributions | 162452 | 413756 |
| Shares redeemed | (3707521) | (2161218) |
| Net decrease | (3158468) | (1102684) |
| Shares outstanding at end of period | 706555 | 3865023 |

---

*\** *On May 16, 2025, the Portfolio effected a 1:3 reverse share split. The 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.*

**86** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Concentrated Portfolio | Lazard<br> US Equity Focus Portfolio | Lazard<br> US Equity Focus Portfolio |
| Year Ended<br> December 31,<br> 2025\* | Year Ended<br> December 31,<br> 2024\* | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| 4146756 | 7088616 | 2869775 | 2838393 |
| 277061 | 779071 | 76480 | 163820 |
|  | 2757329 | 362760 | 176264 |
| (2452794) | (6478260) | (343990) | (308702) |
| (2175733) | (2941860) | 95250 | 31382 |
| 1971023 | 4146756 | 2965025 | 2869775 |
| 1054023 | 812597 | 72490 | 75579 |
| 19631 | 55507 | 10695 | 4368 |
|  | 645543 | 6834 | 4344 |
| (278665) | (459624) | (36218) | (11801) |
| (259034) | 241426 | (18689) | (3089) |
| 794989 | 1054023 | 53801 | 72490 |
| 39 | 934 | 2731939 | 3053800 |
|  | 17 | 126597 | 275390 |
|  | 22 | 235865 | 168573 |
|  | (934) | (1201043) | (765824) |
|  | (895) | (838581) | (321861) |
| 39 | 39 | 1893358 | 2731939 |

---

Annual Financial Statements **87**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Small Cap Equity Select Portfolio | Lazard<br> US Small Cap Equity Select Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $48019 | $(87925) |
| Net realized gain (loss) | 1413645 | 5757534 |
| Net change in unrealized appreciation (depreciation) | (785923) | (1461105) |
| Net increase (decrease) resulting from operations | 675741 | 4208504 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (1353241) | (4384702) |
| &nbsp;&nbsp;&nbsp;Open Shares | (330053) | (1133115) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (27513) | (28855) |
| Net decrease in net assets resulting from distributions | (1710807) | (5546672) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 5933092 | 777659 |
| &nbsp;&nbsp;&nbsp;Open Shares | 128679 | 350608 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 330338 | 159722 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | 1344833 | 4349618 |
| &nbsp;&nbsp;&nbsp;Open Shares | 324428 | 1110582 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 27513 | 28855 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Shares | (10482277) | (5595679) |
| &nbsp;&nbsp;&nbsp;Open Shares | (1469230) | (1287100) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (12016) | (634) |
| Net decrease in net assets from capital stock transactions | (3874640) | (106369) |
| Total decrease in net assets | (4909706) | (1444537) |
| Net assets at beginning of period | 37969329 | 39413866 |
| Net assets at end of period | $33059623 | $37969329 |

---

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

**88** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Small Cap Equity Select Portfolio | Lazard<br> US Small Cap Equity Select Portfolio |
|  | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 2557681 | 2577164 |
| Shares sold | 538436 | 61332 |
| Shares issued to shareholders from reinvestment of distributions | 119056 | 357225 |
| Shares redeemed | (933899) | (438040) |
| Net decrease | (276407) | (19483) |
| Shares outstanding at end of period | 2281274 | 2557681 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 690148 | 667798 |
| Shares sold | 13157 | 30958 |
| Shares issued to shareholders from reinvestment of distributions | 33346 | 104470 |
| Shares redeemed | (149051) | (113078) |
| Net increase (decrease) | (102548) | 22350 |
| Shares outstanding at end of period | 587600 | 690148 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 17663 | 3122 |
| Shares sold | 29859 | 12231 |
| Shares issued to shareholders from reinvestment of distributions | 2422 | 2362 |
| Shares redeemed | (1023) | (52) |
| Net increase | 31258 | 14541 |
| Shares outstanding at end of period | 48921 | 17663 |

---

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

Annual Financial Statements **89**

**The Lazard Funds, Inc.** Financial Highlights

------

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.41 | $12.66 | $11.82 | $15.40 | $17.31 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.13 | 0.27 | 0.13 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.35 | 0.73 | 0.85 | (3.61) | (1.81) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.51 | 0.86 | 1.12 | (3.48) | (1.76) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.11) | (0.28) | (0.09) | (0.15) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (0.11) | (0.28) | (0.10) | (0.15) |
| Net asset value, end of period | $17.71 | $13.41 | $12.66 | $11.82 | $15.40 |
| **Total Return** (b) | 33.66% | 6.81% | 9.55% | –22.61% | –10.14% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $98026 | $82908 | $86699 | $91910 | $148419 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.10% | 1.13% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.22% | 1.25% | 1.24% | 1.23% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.03% | 0.99% | 2.17% | 1.02% | 0.28% |
| Portfolio turnover rate | 35% | 24% | 24% | 30% | 39% |

---

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

**90** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.33 | $12.59 | $11.75 | $15.31 | $17.21 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.12 | 0.10 | 0.23 | 0.10 | — (c) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.31 | 0.72 | 0.86 | (3.59) | (1.78) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.43 | 0.82 | 1.09 | (3.49) | (1.78) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.08) | (0.25) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.08) | (0.25) | (0.07) | (0.12) |
| Net asset value, end of period | $17.60 | $13.33 | $12.59 | $11.75 | $15.31 |
| **Total Return (b)** | 33.30% | 6.50% | 9.34% | –22.81% | –10.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5480 | $5551 | $5703 | $5487 | $9193 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.35% | 1.35% | 1.38% | 1.40% | 1.40% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.56% | 1.60% | 1.59% | 1.56% | 1.45% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.79% | 0.76% | 1.89% | 0.76% | — %(d) |
| Portfolio turnover rate | 35% | 24% | 24% | 30% | 39% |

---

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

*(d)* *Amount is less than 0.005%.* 

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

Annual Financial Statements **91**

------

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.93 | $10.87 | $9.83 | $12.88 | $13.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.23 | 0.21 | 0.24 | 0.29 | 0.27 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.79 | 1.03 | 1.01 | (3.01) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.02 | 1.24 | 1.25 | (2.72) | 0.12 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.18) | (0.21) | (0.29) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  |  | (0.04) | (0.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (0.18) | (0.21) | (0.33) | (1.03) |
| Net asset value, end of period | $15.65 | $11.93 | $10.87 | $9.83 | $12.88 |
| **Total Return (b)** | 33.72% | 11.41% | 12.76% | –21.09% | 0.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $508674 | $193779 | $131856 | $80506 | $68538 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.91% | 0.90% | 0.91% | 0.93% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.85% | 0.95% | 0.98% | 1.11% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.65% | 1.79% | 2.33% | 2.73% | 1.90% |
| Portfolio turnover rate | 76% | 68% | 61% | 122% | 88% |

---

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

**92** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.93 | $10.87 | $9.84 | $12.88 | $13.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.20 | 0.26 | 0.25 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.87 | 1.01 | 0.95 | (2.98) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.96 | 1.21 | 1.21 | (2.73) | 0.08 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.15) | (0.18) | (0.27) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  |  | (0.04) | (0.81) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.15) | (0.18) | (0.31) | (0.99) |
| Net asset value, end of period | $15.64 | $11.93 | $10.87 | $9.84 | $12.88 |
| **Total Return (b)** | 33.25% | 11.13% | 12.36% | –21.21% | 0.63% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2269 | $270 | $258 | $93 | $979 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.16% | 1.15% | 1.16% | 1.25% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.56% | 2.36% | 2.93% | 3.20% | 1.75% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.65% | 1.73% | 2.60% | 2.11% | 0.80% |
| Portfolio turnover rate | 76% | 68% | 61% | 122% | 88% |

---

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

Annual Financial Statements **93**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | For the Period<br> 2/22/23\* to |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 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) | 0.15 | 0.17 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.86 | 1.09 | 0.61 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 4.01 | 1.26 | 0.81 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (0.19) | (0.21) |
| Net asset value, end of period | $15.65 | $11.94 | $10.87 |
| **Total Return (b)** | 33.63% | 11.55% | 7.98% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $172104 | $2336 | $152 |
| Ratios to average net assets (c): |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.86% | 0.85% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.85% | 1.48% | 6.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.02% | 1.44% | 2.25% |
| Portfolio turnover rate | 76% | 68% | 61% |

---

*\** *The inception date for the R6 Shares was February 22, 2023.*

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or 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, except for non-recurring expenses.*

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

**94** Annual Financial Statements

------

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $17.92 | $17.17 | $14.57 | $18.12 | $18.03 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.69 | 0.67 | 0.67 | 0.80 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.71 | 0.64 | 2.58 | (3.49) | 0.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.40 | 1.31 | 3.25 | (2.69) | 0.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.56) | (0.65) | (0.86) | (0.89) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.56) | (0.65) | (0.86) | (0.89) |
| Net asset value, end of period | $24.81 | $17.92 | $17.17 | $14.57 | $18.12 |
| **Total Return (b)** | 41.33% | 7.59% | 22.39% | –14.86% | 5.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6141185 | $2941483 | $2393341 | $2281187 | $3271175 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.18% | 3.66% | 4.12% | 4.92% | 2.93% |
| Portfolio turnover rate | 27% | 20% | 26% | 23% | 34% |

---

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

Annual Financial Statements **95**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.56 | $17.76 | $15.06 | $18.70 | $18.58 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.67 | 0.66 | 0.64 | 0.78 | 0.53 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.94 | 0.65 | 2.66 | (3.60) | 0.43 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.61 | 1.31 | 3.30 | (2.82) | 0.96 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) | (0.51) | (0.60) | (0.82) | (0.84) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.45) | (0.51) | (0.60) | (0.82) | (0.84) |
| Net asset value, end of period | $25.72 | $18.56 | $17.76 | $15.06 | $18.70 |
| **Total Return (b)** | 41.02% | 7.35% | 22.03% | –15.09% | 5.19% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $368322 | $266112 | $275834 | $251237 | $371863 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.32% | 1.32% | 1.34% | 1.32% | 1.32% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.32% | 1.32% | 1.34% | 1.32% | 1.32% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.04% | 3.47% | 3.86% | 4.71% | 2.68% |
| Portfolio turnover rate | 27% | 20% | 26% | 23% | 34% |

---

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

**96** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $17.93 | $17.18 | $14.58 | $18.13 | $18.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.70 | 0.68 | 0.60 | 0.78 | 0.54 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.71 | 0.63 | 2.65 | (3.47) | 0.44 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 7.41 | 1.31 | 3.25 | (2.69) | 0.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.56) | (0.65) | (0.86) | (0.89) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.51) | (0.56) | (0.65) | (0.86) | (0.89) |
| Net asset value, end of period | $24.83 | $17.93 | $17.18 | $14.58 | $18.13 |
| **Total Return (b)** | 41.37% | 7.59% | 22.37% | –14.86% | 5.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $77024 | $31049 | $27276 | $8004 | $9880 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.07% | 1.07% | 1.08% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.08% | 1.08% | 1.12% | 1.10% | 1.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.24% | 3.72% | 3.68% | 4.83% | 2.83% |
| Portfolio turnover rate | 27% | 20% | 26% | 23% | 34% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

Annual Financial Statements **97**

------

LAZARD EQUITY FRANCHISE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.33 | $9.89 | $9.06 | $10.78 | $10.17 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.25 | 0.23 | 0.18 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.12 | (0.55) | 1.51 | (0.70) | 2.14 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | (0.32) | 1.69 | (0.56) | 2.29 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.22) | (0.24) | (0.10) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.99) | (1.02) | (0.62) | (1.06) | (1.53) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.50) | (1.24) | (0.86) | (1.16) | (1.68) |
| Net asset value, end of period | $7.20 | $8.33 | $9.89 | $9.06 | $10.78 |
| **Total Return (b)** | 4.07% | –3.16% | 18.70% | –5.21% | 22.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $37364 | $172952 | $118676 | $159864 | $105429 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.94% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.06% | 0.94% | 0.96% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.80% | 2.35% | 1.80% | 1.35% | 1.29% |
| Portfolio turnover rate | 96% | 94% | 81% | 115% | 73% |

---

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

**98** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.33 | $9.88 | $9.05 | $10.77 | $10.17 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.31 | 0.19 | 0.16 | 0.12 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.03 | (0.52) | 1.51 | (0.70) | 2.13 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.34 | (0.33) | 1.67 | (0.58) | 2.25 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.49) | (0.20) | (0.22) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.99) | (1.02) | (0.62) | (1.06) | (1.53) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.48) | (1.22) | (0.84) | (1.14) | (1.65) |
| Net asset value, end of period | $7.19 | $8.33 | $9.88 | $9.05 | $10.77 |
| **Total Return (b)** | 3.70% | –3.33% | 18.42% | –5.45% | 22.36% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $59 | $146 | $177 | $190 | $93 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.39% | 3.21% | 2.72% | 4.13% | 4.45% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.53% | 1.96% | 1.60% | 1.17% | 1.05% |
| Portfolio turnover rate | 96% | 94% | 81% | 115% | 73% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

Annual Financial Statements **99**

------

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.63 | $15.28 | $14.20 | $16.50 | $14.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) (a) | 0.53 | 0.51 | 0.44 | 0.41 | 0.61 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.14 | 0.51 | 1.09 | (0.60) | 2.27 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.67 | 1.02 | 1.53 | (0.19) | 2.88 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.51) | (0.52) | (0.45) | (0.84) | (0.72) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) | (0.15) |  | (1.27) | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.13) | (0.67) | (0.45) | (2.11) | (1.03) |
| Net asset value, end of period | $18.17 | $15.63 | $15.28 | $14.20 | $16.50 |
| **Total Return** (b) | 23.86% | 6.71% | 10.89% | –1.30% | 19.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10865039 | $8156171 | $8390489 | $7789195 | $7308516 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 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% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.06% | 3.25% | 2.98% | 2.54% | 3.86% |
| Portfolio turnover rate | 43% | 36% | 25% | 39% | 28% |

---

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

**100** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.64 | $15.29 | $14.21 | $16.51 | $14.66 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.50 | 0.47 | 0.40 | 0.37 | 0.55 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.13 | 0.51 | 1.09 | (0.61) | 2.29 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.63 | 0.98 | 1.49 | (0.24) | 2.84 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.48) | (0.41) | (0.79) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) | (0.15) |  | (1.27) | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.10) | (0.63) | (0.41) | (2.06) | (0.99) |
| Net asset value, end of period | $18.17 | $15.64 | $15.29 | $14.21 | $16.51 |
| **Total Return** (b) | 23.53% | 6.43% | 10.60% | –1.55% | 19.56% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $297220 | $272934 | $284468 | $336227 | $300372 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.21% | 1.21% | 1.22% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.21% | 1.21% | 1.22% | 1.21% | 1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.86% | 2.99% | 2.73% | 2.31% | 3.50% |
| Portfolio turnover rate | 43% | 36% | 25% | 39% | 28% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

Annual Financial Statements **101**

------

LAZARD GLOBAL SMALL CAP EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $7.94 | $8.40 | $7.69 | $10.99 | $13.50 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.08 | 0.14 | 0.16 | 0.14 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.77 | (0.45) | 0.72 | (3.02) | 1.33 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.85 | (0.31) | 0.88 | (2.88) | 1.53 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.15) | (0.17) | (0.05) | (0.56) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.37) | (3.48) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.15) | (0.17) | (0.42) | (4.04) |
| Net asset value, end of period | $10.59 | $7.94 | $8.40 | $7.69 | $10.99 |
| **Total Return** (b) | 35.93% | –3.69% | 11.55% | –26.32% | 11.83% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6387 | $2752 | $4811 | $6940 | $14542 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.03% | 1.03% | 1.09% | 1.14% | 1.12% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.17% | 2.33% | 2.14% | 1.72% | 1.24% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.84% | 1.65% | 1.96% | 1.65% | 1.34% |
| Portfolio turnover rate | 160% | 94% | 45% | 44% | 47% |

---

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

**102** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $7.97 | $8.43 | $7.72 | $11.03 | $13.50 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.11 | 0.14 | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.78 | (0.44) | 0.72 | (3.05) | 1.35 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.84 | (0.33) | 0.86 | (2.91) | 1.50 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.13) | (0.15) | (0.03) | (0.49) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.37) | (3.48) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (0.13) | (0.15) | (0.40) | (3.97) |
| Net asset value, end of period | $10.63 | $7.97 | $8.43 | $7.72 | $11.03 |
| **Total Return** (b) | 35.58% | –3.91% | 11.24% | –26.49% | 11.61% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6499 | $6196 | $7241 | $7692 | $11969 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.28% | 1.28% | 1.33% | 1.39% | 1.37% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.33% | 2.50% | 2.35% | 1.97% | 1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.66% | 1.30% | 1.78% | 1.58% | 1.05% |
| Portfolio turnover rate | 160% | 94% | 45% | 44% | 47% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

Annual Financial Statements **103**

------

LAZARD INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.72 | $16.16 | $14.41 | $17.98 | $20.02 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.36 | 0.33 | 0.33 | 0.29 | 0.67 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.99 | 0.63 | 2.03 | (2.96) | 0.49 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.35 | 0.96 | 2.36 | (2.67) | 1.16 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.56) | (0.44) | (0.26) | (1.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.84) | (0.84) | (0.17) | (0.64) | (2.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.32) | (1.40) | (0.61) | (0.90) | (3.20) |
| Net asset value, end of period | $18.75 | $15.72 | $16.16 | $14.41 | $17.98 |
| **Total Return** (b) | 34.12% | 5.90% | 16.43% | –14.83% | 6.00% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1014033 | $790903 | $1014462 | $869014 | $1567011 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.83% | 0.85% | 0.84% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.83% | 0.85% | 0.84% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.93% | 1.93% | 2.08% | 1.89% | 3.21% |
| Portfolio turnover rate | 45% | 41% | 48% | 31% | 34% |

---

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

**104** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.99 | $16.41 | $14.63 | $18.24 | $20.26 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.32 | 0.29 | 0.29 | 0.27 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.07 | 0.65 | 2.06 | (3.01) | 0.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.39 | 0.94 | 2.35 | (2.74) | 1.13 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.52) | (0.40) | (0.23) | (1.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.84) | (0.84) | (0.17) | (0.64) | (2.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.27) | (1.36) | (0.57) | (0.87) | (3.15) |
| Net asset value, end of period | $19.11 | $15.99 | $16.41 | $14.63 | $18.24 |
| **Total Return** (b) | 33.78% | 5.67% | 16.11% | –15.05% | 5.76% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $73699 | $57855 | $56809 | $54781 | $93296 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.08% | 1.10% | 1.10% | 1.09% | 1.07% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.08% | 1.10% | 1.10% | 1.09% | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.67% | 1.67% | 1.80% | 1.70% | 2.98% |
| Portfolio turnover rate | 45% | 41% | 48% | 31% | 34% |

---

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

Annual Financial Statements **105**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.69 | $16.13 | $14.38 | $17.95 | $19.99 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.36 | 0.34 | 0.34 | 0.31 | 0.67 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.97 | 0.63 | 2.03 | (2.97) | 0.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 5.33 | 0.97 | 2.37 | (2.66) | 1.17 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.48) | (0.57) | (0.45) | (0.27) | (1.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.84) | (0.84) | (0.17) | (0.64) | (2.13) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.32) | (1.41) | (0.62) | (0.91) | (3.21) |
| Net asset value, end of period | $18.70 | $15.69 | $16.13 | $14.38 | $17.95 |
| **Total Return** (b) | 34.10% | 5.96% | 16.50% | –14.82% | 6.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $90680 | $69665 | $73535 | $63434 | $116187 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.81% | 0.81% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.83% | 0.85% | 0.85% | 0.83% | 0.82% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.96% | 1.96% | 2.15% | 2.02% | 3.20% |
| Portfolio turnover rate | 45% | 41% | 48% | 31% | 34% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

**106** Annual Financial Statements

------

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.54 | $10.50 | $9.52 | $11.51 | $11.53 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.24 | 0.18 | 0.17 | 0.16 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.36 | 0.04 | 0.97 | (1.94) | 0.06 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.60 | 0.22 | 1.14 | (1.78) | 0.37 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.18) | (0.16) | (0.17) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.04) |  |  | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.18) | (0.16) | (0.21) | (0.39) |
| Net asset value, end of period | $12.82 | $10.54 | $10.50 | $9.52 | $11.51 |
| **Total Return** (b) | 24.69% | 2.12% | 11.94% | –15.46% | 3.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $54450 | $47111 | $50570 | $51643 | $78782 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.93% | 0.90% | 0.90% | 0.87% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.96% | 1.03% | 1.01% | 0.96% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.97% | 1.60% | 1.64% | 1.56% | 2.60% |
| Portfolio turnover rate | 39% | 40% | 32% | 41% | 35% |

---

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

Annual Financial Statements **107**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.60 | $10.56 | $9.57 | $11.57 | $11.58 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.20 | 0.15 | 0.14 | 0.13 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.38 | 0.05 | 0.98 | (1.94) | 0.11 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.58 | 0.20 | 1.12 | (1.81) | 0.35 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.16) | (0.13) | (0.15) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.04) |  |  | (0.04) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (0.16) | (0.13) | (0.19) | (0.36) |
| Net asset value, end of period | $12.89 | $10.60 | $10.56 | $9.57 | $11.57 |
| **Total Return** (b) | 24.34% | 1.85% | 11.71% | –15.68% | 3.03% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2824 | $2580 | $2874 | $2910 | $4166 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.18% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.37% | 1.45% | 1.44% | 1.35% | 1.26% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.70% | 1.35% | 1.39% | 1.30% | 2.03% |
| Portfolio turnover rate | 39% | 40% | 32% | 41% | 35% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

**108** Annual Financial Statements

------

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.96 | $15.55 | $13.28 | $16.80 | $15.59 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.12 | 0.13 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.73 | 0.76 | 2.24 | (3.47) | 1.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.86 | 0.88 | 2.37 | (3.37) | 1.55 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.11) | (0.10) | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.64) | (0.36) |  | (0.06) | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.74) | (0.47) | (0.10) | (0.15) | (0.34) |
| Net asset value, end of period | $17.08 | $15.96 | $15.55 | $13.28 | $16.80 |
| **Total Return** (b) | 11.69% | 5.61% | 17.83% | –20.10% | 9.99% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $504449 | $294242 | $255657 | $110723 | $62468 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.83% | 0.85% | 0.86% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.83% | 0.86% | 0.90% | 1.05% | 1.24% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.74% | 0.72% | 0.87% | 0.70% | 0.44% |
| Portfolio turnover rate | 22% | 25% | 10% | 43% | 7% |

---

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

Annual Financial Statements **109**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.87 | $15.46 | $13.20 | $16.70 | $15.51 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.08 | 0.10 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.70 | 0.76 | 2.22 | (3.45) | 1.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.79 | 0.84 | 2.32 | (3.39) | 1.50 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.07) | (0.06) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.64) | (0.36) |  | (0.06) | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.69) | (0.43) | (0.06) | (0.11) | (0.31) |
| Net asset value, end of period | $16.97 | $15.87 | $15.46 | $13.20 | $16.70 |
| **Total Return** (b) | 11.34% | 5.38% | 17.57% | –20.31% | 9.69% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2584 | $2048 | $1754 | $372 | $333 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.10% | 1.11% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.14% | 1.37% | 1.43% | 2.81% | 2.76% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.53% | 0.47% | 0.70% | 0.42% | 0.18% |
| Portfolio turnover rate | 22% | 25% | 10% | 43% | 7% |

---

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

**110** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | For the Period<br> 2/22/23<sup>#</sup> to |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 |
| **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) | 0.15 | 0.10 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.73 | 0.78 | 1.59 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.88 | 0.88 | 1.66 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.64) | (0.36) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.47) | (0.10) |
| Net asset value, end of period | $17.09 | $15.96 | $15.55 |
| **Total Return** (b) | 11.80% | 5.66% | 11.90% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $52228 | $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) | 0.88% | 0.59% | 0.54% |
| Portfolio turnover rate | 22% | 25% | 10% |

---

*#* *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.*

Annual Financial Statements **111**

------

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.46 | $15.48 | $13.42 | $16.37 | $16.83 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.21 | 0.21 | 0.21 | 0.22 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.23 | (0.42) | 2.08 | (2.98) | 0.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.44 | (0.21) | 2.29 | (2.76) | 0.98 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.29) | (0.23) | (0.19) | (0.62) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.49) | (1.52) |  |  | (0.51) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.78) | (1.81) | (0.23) | (0.19) | (1.44) |
| Net asset value, end of period | $13.12 | $13.46 | $15.48 | $13.42 | $16.37 |
| **Total Return** (b) | 25.54% | –1.36% | 17.06% | –16.88% | 5.99% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1328487 | $2305654 | $3950193 | $4180622 | $5713405 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.84% | 0.82% | 0.82% | 0.81% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.84% | 0.82% | 0.82% | 0.81% | 0.80% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.37% | 1.29% | 1.45% | 1.56% | 3.15% |
| Portfolio turnover rate | 48% | 62% | 43% | 33% | 31% |

---

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

**112** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.61 | $15.63 | $13.56 | $16.53 | $16.99 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.16 | 0.17 | 0.18 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.29 | (0.41) | 2.09 | (3.00) | 0.42 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.45 | (0.25) | 2.26 | (2.82) | 0.94 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.25) | (0.19) | (0.15) | (0.60) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.49) | (1.52) |  |  | (0.51) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.74) | (1.77) | (0.19) | (0.15) | (1.40) |
| Net asset value, end of period | $13.32 | $13.61 | $15.63 | $13.56 | $16.53 |
| **Total Return** (b) | 25.31% | –1.61% | 16.66% | –17.04% | 5.67% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $194798 | $198450 | $310809 | $308243 | $460862 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.09% | 1.08% | 1.08% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.09% | 1.08% | 1.08% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.07% | 0.97% | 1.19% | 1.27% | 2.88% |
| Portfolio turnover rate | 48% | 62% | 43% | 33% | 31% |

---

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

Annual Financial Statements **113**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.48 | $15.49 | $13.43 | $16.38 | $16.85 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.23 | 0.20 | 0.21 | 0.22 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.21 | (0.40) | 2.08 | (2.98) | 0.41 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 3.44 | (0.20) | 2.29 | (2.76) | 0.97 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.29) | (0.23) | (0.19) | (0.62) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.49) | (1.52) |  |  | (0.51) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.31) |
| &nbsp;&nbsp;&nbsp;Total distributions | (3.78) | (1.81) | (0.23) | (0.19) | (1.44) |
| Net asset value, end of period | $13.14 | $13.48 | $15.49 | $13.43 | $16.38 |
| **Total Return** (b) | 25.50% | –1.30% | 17.04% | –16.87% | 5.93% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $9286 | $52085 | $76966 | $96524 | $124625 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.84% | 0.82% | 0.82% | 0.81% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.85% | 0.83% | 0.83% | 0.82% | 0.81% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.55% | 1.27% | 1.47% | 1.54% | 3.16% |
| Portfolio turnover rate | 48% | 62% | 43% | 33% | 31% |

---

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

**114** Annual Financial Statements

------

LAZARD US EQUITY CONCENTRATED PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 \* | 12/31/24 \* | 12/31/23 \* | 12/31/22 \* | 12/31/21\* |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.73 | $25.62 | $44.64 | $59.10 | $54.15 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | 0.09 | 0.27 | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.04 | 2.97 | 6.48 | (11.94) | 13.65 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.03 | 3.06 | 6.75 | (11.64) | 13.89 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.57) | (0.30) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.95) | (25.77) | (2.82) | (8.94) |
| Net asset value, end of period | $12.76 | $11.73 | $25.62 | $44.64 | $59.10 |
| **Total Return** (b) | 8.78% | 10.68% | 16.30% | –19.89% | 26.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $25153 | $48684 | $181667 | $1193492 | $1943232 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.83% | 0.91% | 0.81% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.07% | 0.91% | 0.81% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.11% | 0.36% | 0.55% | 0.58% | 0.38% |
| Portfolio turnover rate | 106% | 146% | 81% | 69% | 32% |

---

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

Annual Financial Statements **115**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 \* | 12/31/24 \* | 12/31/23 \* | 12/31/22 \* | 12/31/21\* |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.27 | $26.13 | $45.09 | $59.64 | $54.57 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.04) | 0.03 | 0.24 | 0.15 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.09 | 2.97 | 6.42 | (12.03) | 13.74 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.05 | 3.00 | 6.66 | (11.88) | 13.83 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.06) | (0.42) | (0.15) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.86) | (25.62) | (2.67) | (8.76) |
| Net asset value, end of period | $13.32 | $12.27 | $26.13 | $45.09 | $59.64 |
| **Total Return** (b) | 8.56% | 10.38% | 16.02% | –20.07% | 25.72% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10587 | $12945 | $21231 | $24268 | $35649 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.08% | 1.14% | 1.08% | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.30% | 1.14% | 1.08% | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.36% | 0.14% | 0.51% | 0.31% | 0.13% |
| Portfolio turnover rate | 106% | 146% | 81% | 69% | 32% |

---

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

**116** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 \* | 12/31/24 \* | 12/31/23 \* | 12/31/22 \* | 12/31/21\* |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.54 | $25.95 | $44.79 | $59.28 | $54.27 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | 0.18 | 0.12 | 0.30 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.11 | 3.36 | 6.81 | (11.97) | 13.68 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.10 | 3.54 | 6.93 | (11.67) | 13.92 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.15) | (0.57) | (0.30) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (16.80) | (25.20) | (2.52) | (8.70) |
| &nbsp;&nbsp;&nbsp;Total distributions |  | (16.95) | (25.77) | (2.82) | (8.91) |
| Net asset value, end of period | $13.64 | $12.54 | $25.95 | $44.79 | $59.28 |
| **Total Return** (b) | 8.77% | 12.47% | 16.73% | –19.89% | 26.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1 | $0 (c) | $24 | $2186 | $2720 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.78% | 0.90% | 0.79% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.09% | 0.97% | 1.02% | 0.94% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.10% | 0.65% | 0.25% | 0.59% | 0.40% |
| Portfolio turnover rate | 106% | 146% | 81% | 69% | 32% |

---

*\** *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)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*(c)* *Amount is less than $1,000.*

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

Annual Financial Statements **117**

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LAZARD US EQUITY FOCUS PORTFOLIO

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.48 | $15.39 | $12.99 | $16.07 | $13.37 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.13 | 0.13 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.38 | 2.05 | 2.43 | (2.82) | 3.54 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.48 | 2.18 | 2.56 | (2.72) | 3.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.13) | (0.13) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.19) | (0.96) | (0.03) | (0.26) | (0.87) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.30) | (1.09) | (0.16) | (0.36) | (0.92) |
| Net asset value, end of period | $16.66 | $16.48 | $15.39 | $12.99 | $16.07 |
| **Total Return** (b) | 15.18% | 14.13% | 19.77% | –16.94% | 27.36% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $49404 | $47287 | $43673 | $38037 | $42755 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.78% | 0.77% | 0.80% | 0.81% | 0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.60% | 0.76% | 0.93% | 0.72% | 0.54% |
| Portfolio turnover rate | 31% | 22% | 38% | 29% | 27% |

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

**118** Annual Financial Statements

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.58 | $15.48 | $13.06 | $16.16 | $13.45 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.09 | 0.10 | 0.07 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.38 | 2.06 | 2.44 | (2.84) | 3.55 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.44 | 2.15 | 2.54 | (2.77) | 3.59 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.09) | (0.09) | (0.07) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.19) | (0.96) | (0.03) | (0.26) | (0.87) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.25) | (1.05) | (0.12) | (0.33) | (0.88) |
| Net asset value, end of period | $16.77 | $16.58 | $15.48 | $13.06 | $16.16 |
| **Total Return** (b) | 14.86% | 13.83% | 19.53% | –17.18% | 26.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $902 | $1202 | $1170 | $1160 | $1569 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.36% | 1.31% | 1.38% | 1.31% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.33% | 0.51% | 0.68% | 0.46% | 0.29% |
| Portfolio turnover rate | 31% | 22% | 38% | 29% | 27% |

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

Annual Financial Statements **119**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.49 | $15.39 | $12.99 | $16.08 | $13.38 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.13 | 0.13 | 0.10 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.38 | 2.06 | 2.43 | (2.83) | 3.54 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 2.48 | 2.19 | 2.56 | (2.73) | 3.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.13) | (0.13) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.19) | (0.96) | (0.03) | (0.26) | (0.87) |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.30) | (1.09) | (0.16) | (0.36) | (0.92) |
| Net asset value, end of period | $16.67 | $16.49 | $15.39 | $12.99 | $16.08 |
| **Total Return** (b) | 15.17% | 14.19% | 19.77% | –17.00% | 27.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $31566 | $45040 | $47011 | $34244 | $36066 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.78% | 0.77% | 0.80% | 0.81% | 0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.58% | 0.77% | 0.93% | 0.72% | 0.52% |
| Portfolio turnover rate | 31% | 22% | 38% | 29% | 27% |

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

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

**120** Annual Financial Statements

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LAZARD US SMALL CAP EQUITY SELECT PORTFOLIO

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.96 | $12.42 | $12.21 | $14.97 | $14.42 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.02 | (0.02) | 0.01 | — (b) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.25 | 1.39 | 1.19 | (2.24) | 2.81 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.27 | 1.37 | 1.20 | (2.24) | 2.82 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) | (1.83) | (0.99) | (0.52) | (2.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.58) | (1.83) | (0.99) | (0.52) | (2.27) |
| Net asset value, end of period | $11.65 | $11.96 | $12.42 | $12.21 | $14.97 |
| **Total Return** (c) | 2.46% | 11.21% | 10.07% | –15.23% | 19.91% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $26581 | $30584 | $32004 | $34882 | $94517 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.98% | 1.03% | 1.03% | 0.94% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.26% | 1.25% | 1.25% | 1.05% | 0.94% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.18% | –0.18% | 0.05% | –0.03% | 0.05% |
| Portfolio turnover rate | 100% | 99% | 53% | 35% | 66% |

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

Annual Financial Statements **121**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.39 | $11.04 | $10.98 | $13.56 | $13.25 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.01) | (0.05) | (0.02) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.22 | 1.23 | 1.07 | (2.03) | 2.59 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.21 | 1.18 | 1.05 | (2.06) | 2.55 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |  |  | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) | (1.83) | (0.99) | (0.52) | (2.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.55) | (1.83) | (0.99) | (0.52) | (2.24) |
| Net asset value, end of period | $10.05 | $10.39 | $11.04 | $10.98 | $13.56 |
| **Total Return** (c) | 2.26% | 10.87% | 9.83% | –15.49% | 19.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5906 | $7173 | $7371 | $7750 | $10798 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.20% | 1.23% | 1.28% | 1.31% | 1.22% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.59% | 1.57% | 1.57% | 1.36% | 1.22% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.06% | –0.43% | –0.20% | –0.27% | –0.24% |
| Portfolio turnover rate | 100% | 99% | 53% | 35% | 66% |

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

**122** Annual Financial Statements

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.01 | $12.45 | $12.25 | $14.98 | $14.42 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.03 | (0.02) | 0.02 | (0.04) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.25 | 1.41 | 1.17 | (2.17) | 2.82 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.28 | 1.39 | 1.19 | (2.21) | 2.83 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) |  |  |  | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.51) | (1.83) | (0.99) | (0.52) | (2.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.59) | (1.83) | (0.99) | (0.52) | (2.27) |
| Net asset value, end of period | $11.70 | $12.01 | $12.45 | $12.25 | $14.98 |
| **Total Return** (c) | 2.50% | 11.34% | 9.95% | –15.01% | 19.95% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $572 | $212 | $39 | $24 | $718 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.92% | 0.97% | 1.03% | 0.93% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.24% | 1.18% | 1.23% | 1.51% | 2.53% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.28% | –0.14% | 0.13% | –0.31% | 0.05% |
| Portfolio turnover rate | 100% | 99% | 53% | 35% | 66% |

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

*(b)* *Amount is less than $0.01 per share.* 

*(c)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.* 

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

Annual Financial Statements **123**

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2025

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**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2025, the Fund was comprised of twenty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of certain Portfolios. 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).

Effective September 1, 2025, the Lazard International Small Cap Equity Portfolio changed its name to Lazard Global Small Cap Equity Portfolio.

On May 16, 2025, US Equity Concentrated had a 1-for-3 reverse share split, effective after the market close on May 16, 2025. After the reverse share split, shareholders in US Equity Concentrated held one share for every three 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

**124** Annual Financial Statements

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valued at the last reported sales price (for U.S. listed equity securities) or the closing price (for non-U.S. 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-U.S. 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-U.S. 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-U.S. 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 its 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

Annual Financial Statements **125**

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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-U.S. 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-U.S. countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the European Union, as well as a number of related judicial proceedings. Uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these claims, and the potential timing of payment, and accordingly no amounts are reflected in the financial statements until a positive decision has been awarded, at which time the amount will be recorded within dividend income on the 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 U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the*

**126** Annual Financial Statements

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prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. 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 U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the year ended December 31, 2025, the Global Listed Infrastructure 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.

Annual Financial Statements **127**

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At December 31, 2025, 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 |
| Developing Markets Equity | $(69062242) | $(50199027) |
| Emerging Markets Equity | (126264088) | (562419952) |
| Global Listed Infrastructure | (68793757) | (16157808) |
| Global Small Cap Equity | (278059) |  |
| US Equity Concentrated | (109796) |  |

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During the year ended December 31, 2025, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Developing Markets Equity | $5951913 |
| Emerging Markets Equity Advantage | 7878013 |
| Emerging Markets Equity | 179808716 |
| Global Small Cap Equity | 2355587 |
| International Equity Select | 1396914 |

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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, 2025, the Portfolios had no such losses to defer.

**128** Annual Financial Statements

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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 Cost | Aggregate Gross Unrealized Appreciation | Aggregate Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
| Developing Markets Equity | $58268080 | $48005978 | $2483755 | $45522223 |
| Emerging Markets Equity Advantage | 597843386 | 103320218 | 18247630 | 85072588 |
| Emerging Markets Equity | 5128661534 | 1636262358 | 192148401 | 1444113957 |
| Equity Franchise | 44380087 | 973464 | 7842160 | (6868696) |
| Global Listed Infrastructure | 9054380041 | 2602057248 | 544053266 | 2058003982 |
| Global Small Cap Equity | 11979255 | 1766069 | 854383 | 911686 |
| International Equity | 884353005 | 320471961 | 36189895 | 284282066 |
| International Equity Select | 42104309 | 16785844 | 1771212 | 15014632 |
| International Quality Growth | 534356456 | 57268243 | 32989669 | 24278574 |
| International Strategic Equity | 1150391231 | 416130392 | 32844262 | 383286130 |
| US Equity Concentrated | 30444864 | 6431659 | 1410018 | 5021641 |
| US Equity Focus | 50714737 | 32857864 | 1571026 | 31286838 |
| US Small Cap Equity Select | 29266494 | 6688650 | 2553395 | 4135255 |

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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 U.S. 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 Global

Annual Financial Statements **129**

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Listed Infrastructure'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.

Emerging Markets Equity Advantage, Emerging Markets Equity, Equity Franchise, Global Small Cap Equity, International Equity, US Equity Concentrated and US Small Cap Equity Select, intend, on their 2025 tax returns, to elect to treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the Portfolios' undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Portfolios would otherwise be required to distribute as dividends to shareholders in order for the Portfolios to avoid federal income and excise taxes. This practice reduces the amount of distributions required to be made to non-redeeming shareholders and defers the recognition of taxable income by such shareholders. However, since the amount of any undistributed 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.

**130** Annual Financial Statements

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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 as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Paid in<br> Capital | Distributable<br> Earnings<br> (Accumulated Loss) |
| Developing Markets Equity | $77592 | $(77592) |
| Emerging Markets Equity Advantage | 1279783 | (1279783) |
| Emerging Markets Equity | 10666679 | (10666679) |
| Equity Franchise | (5357681) | 5357681 |
| Global Listed Infrastructure | (2334733) | 2334733 |
| Global Small Cap Equity | 9447 | (9447) |
| International Equity | 16215962 | (16215962) |
| International Equity Select | 37412 | (37412) |
| International Quality Growth | 1157633 | (1157633) |
| International Strategic Equity | 117257743 | (117257743) |
| US Equity Concentrated | (89194) | 89194 |
| US Equity Focus | 1247307 | (1247307) |
| US Small Cap Equity Select | 4132 | (4132) |

---

Annual Financial Statements **131**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| &nbsp;&nbsp;Portfolio | 2025 | 2024 | 2025 | 2024 |
| Developing Markets Equity | $1193864 | $732598 | $— | $— |
| Emerging Markets Equity Advantage | 6405452 | 2791814 | 6326925 |  |
| Emerging Markets Equity | 130499583 | 97464220 |  |  |
| Equity Franchise | 6859105 | 15154396 |  | 7650762 |
| Global Listed Infrastructure | 384759058 | 285009685 | 273390993 | 78568101 |
| Global Small Cap Equity | 229415 | 154455 |  |  |
| International Equity | 39090899 | 31376040 | 93536773 | 47212906 |
| International Equity Select | 1120054 | 848016 | 283262 |  |
| International Quality Growth | 4671829 | 6209506 | 19189074 | 2576129 |
| International Strategic Equity | 91797836 | 51468485 | 276703785 | 265770361 |
| US Equity Concentrated |  | 8820130 |  | 33677104 |
| US Equity Focus | 820201 | 1225278 | 9358084 | 4601183 |
| US Small Cap Equity Select | 932155 | 836082 | 778652 | 4710590 |

---

At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br> Ordinary Income<br> (Deferred<br> Ordinary Losses) | Undistributed<br> Long-Term<br> Capital Gain<br> (Deferred<br> Capital Losses) | Net Unrealized<br> Appreciation<br> (Depreciation)<br> Including Foreign<br> Currency |
| Developing Markets Equity | $8867 | $(119261269) | $45213668 |
| Emerging Markets Equity Advantage | 2637777 | 18440291 | 83435180 |
| Emerging Markets Equity | 8699662 | (688684040) | 1431993507 |
| Equity Franchise | 81161 |  | (6866167) |
| Global Listed Infrastructure |  | (84951565) | 2090670126 |
| Global Small Cap Equity |  | (278059) | 914747 |
| International Equity | 905904 | 29223440 | 284872067 |
| International Equity Select |  | 141616 | 14994569 |
| International Quality Growth | 84438 | 3210988 | 24276088 |
| International Strategic Equity | 4317271 | 62778056 | 381683556 |
| US Equity Concentrated |  | (109796) | 5021641 |
| US Equity Focus | 5133 | 1723546 | 31286838 |
| US Small Cap Equity Select | 66542 | 1106948 | 4135255 |

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**132** Annual Financial Statements

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*(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.

*(g) Allocation of Expenses—*Expenses common to the Fund, Lazard Active ETF Trust, Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a "Lazard Fund" and collectively, the "Lazard Funds"), 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

Annual Financial Statements **133**

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disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The 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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Annual Rate |
| Developing Markets Equity | 1.00% |
| Emerging Markets Equity Advantage | 0.75 |
| Emerging Markets Equity | 1.00 |
| Equity Franchise | 0.80 |
| Global Listed Infrastructure | 0.90 |
| Global Small Cap Equity | 0.75 |
| International Equity | 0.75 |
| International Equity Select | 0.65 |
| International Quality Growth | 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 |

---

*(a) From January 1, 2025 to June 23, 2025, annual rate was 0.65%.*

**134** Annual Financial Statements

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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 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.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Institutional<br> Shares | Open<br> Shares | R6<br> Shares |
| Developing Markets Equity | 1.10% | 1.35% | N/A% |
| 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 Listed Infrastructure (a) | 1.20 | 1.45 | N/A |
| Global Small Cap Equity | 1.03 | 1.28 | N/A |
| International Equity | 0.85 | 1.10 | 0.80 |
| International Equity Select (b) | 0.90 | 1.15 | N/A |
| International Quality Growth (c) | 0.85 | 1.10 | 0.80 |
| International Strategic Equity | 1.00 | 1.25 | 0.95 |
| US Equity Concentrated (d) | 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 |

---

*(a)* *This agreement will continue in effect until May 1, 2035.* 

*(b)* *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.* 

*(c)* *This agreement will continue in effect until May 1, 2035 for Open Shares.* 

*(d)* *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.

Annual Financial Statements **135**

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During the year ended December 31, 2025, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | $101695 | $— | $11637 | $— |
| Emerging Markets Equity Advantage | 2247 |  | 2972 |  |
| Emerging Markets Equity | 82329 |  | 5028 |  |
| Equity Franchise | 84134 |  | 1188 | 2057 |
| Global Listed Infrastructure | 160643 |  | 4435 |  |
| Global Small Cap Equity | 28625 | 14669 | 55762 | 22526 |
| International Equity | 8252 |  | 602 |  |
| International Equity Select | 30389 |  | 6016 |  |
| International Quality Growth | 3984 |  | 1050 |  |
| International Strategic Equity | 12662 |  | 1721 |  |
| US Equity Concentrated | 81060 |  | 23786 |  |
| US Equity Focus | 36274 |  | 3971 |  |
| US Small Cap Equity Select | 86961 |  | 23969 |  |

---

---

| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| Emerging Markets Equity Advantage | $654 | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Equity | 3847 |  |
| International Equity | 21455 |  |
| International Quality Growth | 13986 |  |
| International Strategic Equity | 6371 |  |
| US Equity Concentrated | 3 | 8 |
| US Equity Focus | 27072 |  |
| US Small Cap Equity Select | 1558 |  |

---

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.

**136** Annual Financial Statements

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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.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Developing Markets Equity | $32397631 | $44238760 |
| Emerging Markets Equity Advantage | 671944765 | 298349231 |
| Emerging Markets Equity | 2862384679 | 1171674921 |
| Equity Franchise | 75024814 | 217723896 |
| Global Listed Infrastructure | 4623366437 | 4038587298 |
| Global Small Cap Equity | 18155186 | 17462777 |
| International Equity | 479947824 | 537022735 |
| International Equity Select | 20944430 | 23256493 |
| International Quality Growth | 301229295 | 91585011 |
| International Strategic Equity | 975605356 | 2494919875 |
| US Equity Concentrated | 48147577 | 75214448 |
| US Equity Focus | 25466587 | 46882715 |
| US Small Cap Equity Select | 34534517 | 39571047 |

---

The Portfolio may make payment for shares redeemed wholly or in part by distributing portfolio securities to shareholders. During the year ended December 31, 2025, Lazard Equity Franchise Portfolio had redemptions in-kind with total proceeds in the amount of $101,366,250. The net realized loss on these redemptions in-kind amounted to $2,985,875, which will not be realized for tax purposes.

Annual Financial Statements **137**

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For the year ended December 31, 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.

A summary of the Fund's transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Values at<br> December 31,<br> 2024 | Purchase<br> cost | Sales<br> proceeds | Dividend<br> Income | Shares at<br> December 31, <br> 2025 | Values at<br> December 31,<br> 2025 |
| **Developing Markets Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $8450496 | $(7889214) | $14638 | 561282 | $561282 |
| **Emerging Markets Equity Advantage** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $105089079 | $(96987834) | $74221 | 8101245 | $8101245 |
| **Emerging Markets Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $599169453 | $(347656783) | $2290873 | 251512670 | $251512670 |
| **Equity Franchise** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $8028261 | $(7206818) | $6136 | 821443 | $821443 |
| **Global Listed Infrastructure** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $1208775699 | $(832724363) | $4244003 | 376051336 | $376051336 |
| **Global Small Cap Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $1081883 | $(954786) | $744 | 127097 | $127097 |
| **International Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $124028580 | $(99696641) | $243395 | 24331939 | $24331939 |
| **International Equity Select** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $4760845 | $(4013746) | $7638 | 747099 | $747099 |
| **International Quality Growth** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $60048199 | $(47208929) | $115074 | 12839270 | $12839270 |
| **International Strategic Equity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $274127126 | $(197200975) | $401459 | 76926151 | $76926151 |

---

**138** Annual Financial Statements

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Values at<br> December 31,<br> 2024 | Purchase<br> cost | Sales<br> proceeds | Dividend<br> Income | Shares at<br> December 31, <br> 2025 | Values at<br> December 31,<br> 2025 |
| **US Equity Concentrated** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $5656318 | $(5641852) | $3458 | 14466 | $14466 |
| **US Equity Focus** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $7217494 | $(4973220) | $33951 | 2244274 | $2244274 |
| **US Small Cap Equity Select** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $3963268 | $(3776946) | $4324 | 186322 | $186322 |

---

*Holdings of 5% Voting Securities of Portfolio Companies*

The 1940 Act defines "affiliated persons" to include a portfolio company in which a Portfolio owns 5% or more of the outstanding voting securities. Investments in "affiliated persons" for the Global Listed Infrastructure Portfolio for the year ended December 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Values at<br> December 31, 2024 | Purchase<br> cost | Sales<br> proceeds | Net realized<br> gain (loss) |
| **Global Listed Infrastructure** |  |  |  |  |
| Algonquin Power & Utilities Corp.\* | $185794628 | $— | $(234614669) | $(16716283) |
| Atlas Arteria Ltd.\* | 246847113 |  | (51434499) | (32468164) |
| Italgas SpA\* | 237756272 | 81704018 | (80285748) | 30260472 |
| Pennon Group PLC | 119444612 | 34863144 |  |  |
| SES SA | 66908278 |  |  |  |
| Total Securities | $856750903 | $116567162 | $(366334916) | $(18923975) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issuer | Net change<br> in unrealized<br> appreciation<br> (depreciation) | Dividend<br> income | Shares at<br> December 31,<br> 2025 | Values at<br> December 31,<br> 2025 |
| Algonquin Power & Utilities Corp.\* | $65536324 | $5209388 | $— | $— |
| Atlas Arteria Ltd.\* | 60543482 | 19630118 |  |  |
| Italgas SpA\* | 263200235 | 16423263 |  |  |
| Pennon Group PLC | 33991029 | 9918338 | 26547011 | 188298785 |
| SES SA | 69789187 | 10275601 | 21121589 | 136697465 |
| Total Securities | $493060257 | $61456708 | $47668600 | $324996250 |

---

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

Annual Financial Statements **139**

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**6. Line of Credit**

The Fund had a $100 million committed line of credit (the "Line of Credit") 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 terms of the Line of Credit, 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. Costs for the unused portion of the commitment and the upfront fee are allocated among the Funds and among their Portfolios primarily on the basis of relative net assets. During the year ended December 31, 2025, the following Portfolios had borrowings under the Line of Credit 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<br> Rate | Number<br> of Days<br> Borrowings<br> were Outstanding |
| Developing Markets Equity | $60308 | $60308 | 5.43% | 3 |
| Emerging Markets Equity Advantage | 18713017 | 79252555 | 5.10 | 18 |
| Equity Franchise | 4710017 | 14112511 | 5.15 | 9 |
| Global Small Cap Equity | 65660 | 88638 | 5.24 | 5 |
| International Strategic Equity | 10608950 | 25087282 | 5.38 | 34 |
| US Equity Concentrated | 251158 | 663311 | 5.30 | 38 |
| US Equity Focus | 454154 | 1420025 | 5.43 | 6 |
| US Small Cap Equity Select | 456019 | 673561 | 5.43 | 3 |

---

*\* For days borrowings were outstanding.*

Management believes that the fair value of the liabilities under the Line of Credit 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 Line of Credit, if any, would be categorized as Level 2.

**140** Annual Financial Statements

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**7. Investment Risks**

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

*(a) Market Risk*—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 public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, 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.

Annual Financial Statements **141**

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Additionally, general market conditions may affect the value of a Portfolio's securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

*(b) Non-U.S. Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may be subject to economic sanctions or other similar governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, or problems related to share registration, trade settlement or asset custody, 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 U.S. dollars may experience a decline in value, in U.S. 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. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of sanctions or exchange

**142** Annual Financial Statements

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controls (including repatriation restrictions). 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

*(d) Foreign Currency Risk*—Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. Except as specifically stated for a Portfolio, the Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

*(e) Forward Currency Contracts and Currency Hedging Risk*—Forward currency contracts, including those entered into for hedging purposes (i.e., seeking to protect Portfolio investments), may increase volatility, reduce returns, limit gains or magnify losses, perhaps substantially, particularly since forward currency contracts, like most derivative instruments, have a leverage component that provides investment exposure in excess of the amount invested. Forward currency contracts are subject to the risks of the creditworthiness of and default by the counterparty and consequently may lose all 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

Annual Financial Statements **143**

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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—*When a significant portion of a Portfolio's assets is invested in a particular country, a Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

*(g) Sector Risk*—When a significant portion of a Portfolio's assets is invested in a particular market sector, 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

**144** Annual Financial Statements

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and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Infrastructure companies also may be affected by or subject to, among other factors, regulation by various government authorities, including rate regulation and service interruption due to environmental, operational or other mishaps.

*(j) 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.

*(k) 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-U.S. companies, because their values depend on the performance of the underlying non-U.S. securities. However, currency fluctuations will impact investments in depositary receipts differently than direct investments in non-U.S. dollar-denominated non-U.S. securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-U.S. dollar security is denominated.

*(l) REIT Risk*—REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in the broader securities markets. The risks related to investments in realty-related companies include, but are not limited to: adverse changes in general economic and local market conditions; adverse developments in employment; changes in supply or demand for similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing. Due to certain special considerations that apply

Annual Financial Statements **145**

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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.

*(m) 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.

*(n) Non-Diversification Risk and Focused Investing*—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.

**146** Annual Financial Statements

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*(o) 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.

*(p) 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.

Annual Financial Statements **147**

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**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio's maximum exposure under these arrangements is unknown. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Fair Value Measurements**

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

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

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

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

**148** Annual Financial Statements

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

The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 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> December 31, 2025 |
| **Developing Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $1971391 | $5427292 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $7398683 |
| &nbsp;&nbsp;&nbsp;China |  | 26870881 |  | 26870881 |
| &nbsp;&nbsp;&nbsp;Greece |  | 854664 |  | 854664 |
| &nbsp;&nbsp;&nbsp;India | 5508099 | 6682140 |  | 12190239 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 2868399 |  | 2868399 |
| &nbsp;&nbsp;&nbsp;Mexico | 2671815 |  |  | 2671815 |
| &nbsp;&nbsp;&nbsp;Peru | 1264522 |  |  | 1264522 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 2208259 |  | 2208259 |
| &nbsp;&nbsp;&nbsp;Poland |  | 2593062 |  | 2593062 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 850458 |  | 850458 |
| &nbsp;&nbsp;&nbsp;Singapore | 746029 |  |  | 746029 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 4162150 |  | 4162150 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 12576005 |  | 12576005 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 23087696 |  | 23087696 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 906538 |  | 906538 |
| &nbsp;&nbsp;&nbsp;United States | 1979802 |  |  | 1979802 |
| Short-Term Investments | 561282 |  |  | 561282 |
| Total | $14702940 | $89087544 | $— | $103790484 |

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Annual Financial Statements **149**

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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> December 31, 2025 |
| **Emerging Markets Equity Advantage Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $2717959 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $2717959 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 6615684 |  | 6615684 |
| &nbsp;&nbsp;&nbsp;Chile | 1720759 |  |  | 1720759 |
| &nbsp;&nbsp;&nbsp;China | 19216633 | 168397724 |  | 187614357 |
| &nbsp;&nbsp;&nbsp;Egypt | 2341498 |  |  | 2341498 |
| &nbsp;&nbsp;&nbsp;Greece |  | 1833211 |  | 1833211 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 7258894 |  | 7258894 |
| &nbsp;&nbsp;&nbsp;India | 9335986 | 97361839 |  | 106697825 |
| &nbsp;&nbsp;&nbsp;Indonesia | 1078497 | 9626017 |  | 10704514 |
| &nbsp;&nbsp;&nbsp;Kuwait |  | 939846 |  | 939846 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 12070194 |  | 12070194 |
| &nbsp;&nbsp;&nbsp;Mexico | 10841871 |  |  | 10841871 |
| &nbsp;&nbsp;&nbsp;Peru | 2532623 |  |  | 2532623 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 5141797 |  | 5141797 |
| &nbsp;&nbsp;&nbsp;Poland |  | 9380755 |  | 9380755 |
| &nbsp;&nbsp;&nbsp;Qatar |  | 877837 |  | 877837 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 15664578 |  | 15664578 |
| &nbsp;&nbsp;&nbsp;South Africa | 10198560 | 5892978 |  | 16091538 |
| &nbsp;&nbsp;&nbsp;South Korea | 28372378 | 65897931 |  | 94270309 |
| &nbsp;&nbsp;&nbsp;Taiwan | 2019354 | 137987482 |  | 140006836 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 12997957 |  | 12997957 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 2026260 |  | 2026260 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 11235983 |  | 11235983 |
| &nbsp;&nbsp;&nbsp;United States | 2273410 | 1516049 |  | 3789459 |
| Preferred Stocks\* |  | 9442185 |  | 9442185 |
| Short-Term Investments | 8101245 |  |  | 8101245 |
| Total | $100750773 | $582165201 | $— | $682915974 |

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**150** 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> December 31, 2025 |
| **Emerging Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $182976592 | $530226484 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $713203076 |
| &nbsp;&nbsp;&nbsp;China |  | 1281302054 |  | 1281302054 |
| &nbsp;&nbsp;&nbsp;Egypt | 31495859 | 28074497 |  | 59570356 |
| &nbsp;&nbsp;&nbsp;France |  | 44172726 |  | 44172726 |
| &nbsp;&nbsp;&nbsp;Greece |  | 163711437 |  | 163711437 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 50070275 |  | 50070275 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 164396710 |  | 164396710 |
| &nbsp;&nbsp;&nbsp;India | 81340459 | 374887734 |  | 456228193 |
| &nbsp;&nbsp;&nbsp;Indonesia | 98360924 | 210670123 |  | 309031047 |
| &nbsp;&nbsp;&nbsp;Mexico | 397300642 |  |  | 397300642 |
| &nbsp;&nbsp;&nbsp;Peru | 56200340 |  |  | 56200340 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 60107803 |  | 60107803 |
| &nbsp;&nbsp;&nbsp;Poland |  | 66757353 |  | 66757353 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 507060795 |  | 507060795 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 739135926 |  | 739135926 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 965515001 |  | 965515001 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 97403787 |  | 97403787 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 57168055 |  | 57168055 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 54633879 |  | 54633879 |
| &nbsp;&nbsp;&nbsp;United States | 78299575 |  |  | 78299575 |
| Short-Term Investments | 251512670 |  |  | 251512670 |
| Total | $1177487061 | $5395294639 | $18 | $6572781718 |
| **Equity Franchise Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $534932 | $— | $534932 |
| &nbsp;&nbsp;&nbsp;France |  | 3805369 |  | 3805369 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1477100 |  | 1477100 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 431566 |  | 431566 |
| &nbsp;&nbsp;&nbsp;Israel | 1527057 |  |  | 1527057 |
| &nbsp;&nbsp;&nbsp;Italy |  | 3550533 |  | 3550533 |
| &nbsp;&nbsp;&nbsp;Japan |  | 1870762 |  | 1870762 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 1434316 |  | 1434316 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 6178208 |  | 6178208 |
| &nbsp;&nbsp;&nbsp;United States | 14391509 |  |  | 14391509 |
| Preferred Stocks\* |  | 1489188 |  | 1489188 |
| Short-Term Investments | 821443 |  |  | 821443 |
| Total | $16740009 | $20771974 | $— | $37511983 |

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Annual Financial Statements **151**

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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> December 31, 2025 |
| **Global Listed Infrastructure Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $331732264 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $331732264 |
| &nbsp;&nbsp;&nbsp;Canada | 520921772 |  |  | 520921772 |
| &nbsp;&nbsp;&nbsp;France |  | 1117056713 |  | 1117056713 |
| &nbsp;&nbsp;&nbsp;Germany |  | 181338753 |  | 181338753 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 685590460 |  | 685590460 |
| &nbsp;&nbsp;&nbsp;Italy |  | 2361590565 |  | 2361590565 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 136697465 |  | 136697465 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 56088058 |  | 56088058 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 98150754 |  | 98150754 |
| &nbsp;&nbsp;&nbsp;Spain |  | 197626903 |  | 197626903 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 185311494 |  | 185311494 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 2070592039 |  | 2070592039 |
| &nbsp;&nbsp;&nbsp;United States | 2347503689 | 477944586 |  | 2825448275 |
| Short-Term Investments | 376051336 |  |  | 376051336 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 259603 |  | 259603 |
| Total | $3244476797 | $7899979657 | $— | $11144456454 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(16163147) | $— | $(16163147) |

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**152** 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> December 31, 2025 |
| **Global Small Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $241954 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $241954 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 139534 |  | 139534 |
| &nbsp;&nbsp;&nbsp;Canada | 254161 |  |  | 254161 |
| &nbsp;&nbsp;&nbsp;Cayman Islands | 178519 |  |  | 178519 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 87474 |  | 87474 |
| &nbsp;&nbsp;&nbsp;France |  | 424714 |  | 424714 |
| &nbsp;&nbsp;&nbsp;Germany |  | 224231 |  | 224231 |
| &nbsp;&nbsp;&nbsp;Greece |  | 185887 |  | 185887 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 118687 |  | 118687 |
| &nbsp;&nbsp;&nbsp;Israel |  | 433695 |  | 433695 |
| &nbsp;&nbsp;&nbsp;Italy |  | 375951 |  | 375951 |
| &nbsp;&nbsp;&nbsp;Japan |  | 1513975 |  | 1513975 |
| &nbsp;&nbsp;&nbsp;Mexico | 247827 |  |  | 247827 |
| &nbsp;&nbsp;&nbsp;Spain |  | 205833 |  | 205833 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 193794 |  | 193794 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 128999 |  | 128999 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 173870 |  | 173870 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 256366 |  | 256366 |
| &nbsp;&nbsp;&nbsp;United States | 7378373 |  |  | 7378373 |
| Short-Term Investments | 127097 |  |  | 127097 |
| Total | $8185977 | $4704964 | $— | $12890941 |

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Annual Financial Statements **153**

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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> December 31, 2025 |
| **International Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $15846559 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $15846559 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 16897282 |  | 16897282 |
| &nbsp;&nbsp;&nbsp;Canada | 27361216 |  |  | 27361216 |
| &nbsp;&nbsp;&nbsp;China |  | 32334887 |  | 32334887 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 11699073 |  | 11699073 |
| &nbsp;&nbsp;&nbsp;France |  | 150198551 |  | 150198551 |
| &nbsp;&nbsp;&nbsp;Germany |  | 93903972 |  | 93903972 |
| &nbsp;&nbsp;&nbsp;Greece |  | 24982940 |  | 24982940 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 36506405 |  | 36506405 |
| &nbsp;&nbsp;&nbsp;Israel |  | 22435814 |  | 22435814 |
| &nbsp;&nbsp;&nbsp;Italy |  | 33993183 |  | 33993183 |
| &nbsp;&nbsp;&nbsp;Japan |  | 170218567 |  | 170218567 |
| &nbsp;&nbsp;&nbsp;Mexico | 10110189 |  |  | 10110189 |
| &nbsp;&nbsp;&nbsp;Netherlands | 1676635 | 57711750 |  | 59388385 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 12073321 |  | 12073321 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 24686080 |  | 24686080 |
| &nbsp;&nbsp;&nbsp;Spain |  | 51984693 |  | 51984693 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 28708864 |  | 28708864 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 29148710 |  | 29148710 |
| &nbsp;&nbsp;&nbsp;Taiwan | 12500819 |  |  | 12500819 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 191738309 |  | 191738309 |
| &nbsp;&nbsp;&nbsp;United States | 64302699 | 10465216 |  | 74767915 |
| Preferred Stocks\* |  | 12817398 |  | 12817398 |
| Short-Term Investments | 24331939 |  |  | 24331939 |
| Total | $140283497 | $1028351574 | $— | $1168635071 |

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**154** 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> December 31, 2025 |
| **International Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | $— | $1143721 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1143721 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 499808 |  | 499808 |
| &nbsp;&nbsp;&nbsp;Canada | 1357152 |  |  | 1357152 |
| &nbsp;&nbsp;&nbsp;China |  | 3530834 |  | 3530834 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 1170297 |  | 1170297 |
| &nbsp;&nbsp;&nbsp;Finland |  | 701721 |  | 701721 |
| &nbsp;&nbsp;&nbsp;France |  | 4599178 |  | 4599178 |
| &nbsp;&nbsp;&nbsp;Germany |  | 3035028 |  | 3035028 |
| &nbsp;&nbsp;&nbsp;Greece |  | 1448173 |  | 1448173 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1556317 |  | 1556317 |
| &nbsp;&nbsp;&nbsp;India | 835175 | 886332 |  | 1721507 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 498805 |  | 498805 |
| &nbsp;&nbsp;&nbsp;Israel |  | 834578 |  | 834578 |
| &nbsp;&nbsp;&nbsp;Italy |  | 503348 |  | 503348 |
| &nbsp;&nbsp;&nbsp;Japan |  | 7029943 |  | 7029943 |
| &nbsp;&nbsp;&nbsp;Mexico | 1341246 |  |  | 1341246 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 3531702 |  | 3531702 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 613773 |  | 613773 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 1679387 |  | 1679387 |
| &nbsp;&nbsp;&nbsp;Spain |  | 2679903 |  | 2679903 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 806011 |  | 806011 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1913115 |  | 1913115 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 3126616 |  | 3126616 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 7359041 |  | 7359041 |
| &nbsp;&nbsp;&nbsp;United States | 1976715 | 719056 |  | 2695771 |
| Preferred Stocks\* |  | 994867 |  | 994867 |
| Short-Term Investments | 747099 |  |  | 747099 |
| Total | $6257387 | $50861554 | $— | $57118941 |

---

Annual Financial Statements **155**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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> December 31, 2025 |
| **International Quality Growth Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $10443304 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $10443304 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 11037740 |  | 11037740 |
| &nbsp;&nbsp;&nbsp;Canada | 23112239 |  |  | 23112239 |
| &nbsp;&nbsp;&nbsp;China |  | 21095478 |  | 21095478 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 25996363 |  | 25996363 |
| &nbsp;&nbsp;&nbsp;France |  | 37577043 |  | 37577043 |
| &nbsp;&nbsp;&nbsp;Germany |  | 35467134 |  | 35467134 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 22399080 |  | 22399080 |
| &nbsp;&nbsp;&nbsp;India | 16474388 |  |  | 16474388 |
| &nbsp;&nbsp;&nbsp;Israel | 11917591 |  |  | 11917591 |
| &nbsp;&nbsp;&nbsp;Japan |  | 49031378 |  | 49031378 |
| &nbsp;&nbsp;&nbsp;Netherlands | 9949390 | 39680818 |  | 49630208 |
| &nbsp;&nbsp;&nbsp;Norway |  | 10880303 |  | 10880303 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 12323579 |  | 12323579 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 28662767 |  | 28662767 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 24542290 |  | 24542290 |
| &nbsp;&nbsp;&nbsp;Taiwan | 19127141 | 7135776 |  | 26262917 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 81782639 |  | 81782639 |
| &nbsp;&nbsp;&nbsp;United States | 27751889 | 11844593 |  | 39596482 |
| Preferred Stocks\* |  | 7562837 |  | 7562837 |
| Short-Term Investments | 12839270 |  |  | 12839270 |
| Total | $121171908 | $437463122 | $— | $558635030 |

---

**156** 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> December 31, 2025 |
| **International Strategic Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $64019519 | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $64019519 |
| &nbsp;&nbsp;&nbsp;China |  | 17951841 |  | 17951841 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 11733530 |  | 11733530 |
| &nbsp;&nbsp;&nbsp;Finland |  | 6874666 |  | 6874666 |
| &nbsp;&nbsp;&nbsp;France |  | 88476551 |  | 88476551 |
| &nbsp;&nbsp;&nbsp;Germany |  | 74625813 |  | 74625813 |
| &nbsp;&nbsp;&nbsp;Greece |  | 44500969 |  | 44500969 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 38347556 |  | 38347556 |
| &nbsp;&nbsp;&nbsp;India | 1527123 | 45099689 |  | 46626812 |
| &nbsp;&nbsp;&nbsp;Israel |  | 103042312 |  | 103042312 |
| &nbsp;&nbsp;&nbsp;Italy |  | 80799883 |  | 80799883 |
| &nbsp;&nbsp;&nbsp;Japan |  | 223957996 |  | 223957996 |
| &nbsp;&nbsp;&nbsp;Mexico | 23107471 |  |  | 23107471 |
| &nbsp;&nbsp;&nbsp;Netherlands | 27358658 | 50079783 |  | 77438441 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 40069572 |  | 40069572 |
| &nbsp;&nbsp;&nbsp;Spain |  | 40088090 |  | 40088090 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 16934952 |  | 16934952 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 44736079 |  | 44736079 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 34165181 |  | 34165181 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 262520913 |  | 262520913 |
| &nbsp;&nbsp;&nbsp;United States | 37078714 | 55673669 |  | 92752383 |
| Preferred Stocks\* |  | 23977125 |  | 23977125 |
| Short-Term Investments | 76926151 |  |  | 76926151 |
| Total | $230017636 | $1303656170 | $— | $1533673806 |
| **US Equity Concentrated Portfolio** |  |  |  |  |
| Common Stocks\* | $35452039 | $— | $— | $35452039 |
| Short-Term Investments | 14466 |  |  | 14466 |
| Total | $35466505 | $— | $— | $35466505 |
| **US Equity Focus Portfolio** |  |  |  |  |
| Common Stocks\* | $79757301 | $— | $— | $79757301 |
| Short-Term Investments | 2244274 |  |  | 2244274 |
| Total | $82001575 | $— | $— | $82001575 |
| **US Small Cap Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* | $33215427 | $— | $— | $33215427 |
| Short-Term Investments | 186322 |  |  | 186322 |
| Total | $33401749 | $— | $— | $33401749 |

---

---

| | |
|:---|:---|
| *\** | *Portfolio Holdings are disclosed on an individual basis in the Portfolio of Investments.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

Annual Financial Statements **157**

------

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, 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**

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

During the year ended December 31, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $256600000.0 \* |
| Average amounts sold | $7588300000.0 |

---

<br> \* Represents average monthly notional exposure for ten months the derivative instruments were open during the period.

**158** Annual Financial Statements

------

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $259603 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $16163147 |

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2025 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(462381261) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $(112077116) |

---

None of the other Portfolios traded in derivative instruments during the year ended December 31, 2025.

As of December 31, 2025, Global Listed Infrastructure held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of December 31, 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 | $259603 | $— | $259603 |

---

Annual Financial Statements **159**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 | $6829 | $(6829) | $— | $— |
| HSBC Bank USA N.A. | 203209 | (203209) |  |  |
| Morgan Stanley & Co. | 243 | (243) |  |  |
| Royal Bank of Canada | 37004 | (37004) |  |  |
| Standard Chartered Bank | 7864 | (7864) |  |  |
| State Street Bank & Trust Co. | 4454 | (4454) |  |  |
| Total | $259603 | $(259603) | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $16163147 | $— | $16163147 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 | $931294 | $— | $— | $931294 |
| BNP Paribas SA | 1494120 | (6829) |  | 1487291 |
| Canadian Imperial Bank of Commerce | 1456540 |  |  | 1456540 |
| Citibank N.A. | 1759409 |  |  | 1759409 |
| HSBC Bank USA N.A. | 3029854 | (203209) |  | 2826645 |
| Morgan Stanley & Co. | 2123255 | (243) |  | 2123012 |
| Royal Bank of Canada | 2675039 | (37004) |  | 2638035 |
| Standard Chartered Bank | 243865 | (7864) |  | 236001 |
| State Street Bank & Trust Co. | 2449771 | (4454) |  | 2445317 |
| Total | $16163147 | $(259603) | $— | $15903544 |

---

**160** Annual Financial Statements

------

**11. Segment Reporting**

The Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 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**

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740) – Improvements to Income Tax Disclosures ("ASU 2023-09"), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios' financial statements or disclosures.

**13. Subsequent Events**

On January 22, 2026, the Board approved the liquidation of US Equity Concentrated. The liquidation does not require the approval of Portfolio shareholders. It is anticipated that the Portfolio's assets will be distributed to shareholders on or about April 22, 2026. Management has identified no other material subsequent events affecting the Portfolios through the issuance of the financial statements.

Annual Financial Statements **161**

**The Lazard Funds, Inc.**

Report of Independent Registered Public Accounting Firm

To the Shareholders of Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Equity Franchise Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Global Small Cap Equity Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Quality Growth Portfolio, Lazard International Strategic Equity Portfolio, Lazard US Equity Concentrated Portfolio, Lazard US Equity Focus Portfolio, and Lazard US Small Cap Equity Select Portfolio and the Board of Directors of The Lazard Funds, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of the Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Equity Franchise Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Global Small Cap Equity Portfolio (formerly Lazard International Small Cap Equity Portfolio), Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Quality Growth Portfolio, Lazard International Strategic Equity Portfolio, Lazard US Equity Concentrated Portfolio, Lazard US Equity Focus Portfolio, and Lazard US Small Cap Equity Select Portfolio (collectively the "Portfolios"), certain of the portfolios constituting The Lazard Funds, Inc., including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**162** Annual Financial Statements

------

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 26, 2026

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

Annual Financial Statements **163**

**The Lazard Funds, Inc.**

Tax and Other Information (unaudited)

**Tax Information**

**Year Ended December 31, 2025**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Percentage |
| Developing Markets Equity | 84.29% |
| Emerging Markets Equity Advantage | 52.51 |
| Emerging Markets Equity | 82.82 |
| Equity Franchise | 53.76 |
| Global Listed Infrastructure | 96.98 |
| Global Small Cap Equity | 100.00 |
| International Equity | 68.82 |
| International Equity Select | 100.00 |
| International Quality Growth | 100.00 |
| International Strategic Equity | 45.72 |
| US Equity Concentrated | 0.00 |
| US Equity Focus | 100.00 |
| US Small Cap Equity Select | 37.53 |

---

**164** Annual Financial Statements

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Developing Markets Equity | 0.00% |
| Emerging Markets Equity Advantage | 0.02 |
| Emerging Markets Equity | 0.00 |
| Equity Franchise | 13.06 |
| Global Listed Infrastructure | 14.06 |
| Global Small Cap Equity | 6.44 |
| International Equity | 0.00 |
| International Equity Select | 0.00 |
| International Quality Growth | 0.00 |
| International Strategic Equity | 0.00 |
| US Equity Concentrated | 0.00 |
| US Equity Focus | 100.00 |
| US Small Cap Equity Select | 37.56 |

---

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

Annual Financial Statements **165**

------

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign<br> Source Income | Foreign Tax<br> Paid/Credit |
| Developing Markets Equity | $2206498 | $277401 |
| Emerging Markets Equity Advantage | 10263509 | 1759015 |
| Emerging Markets Equity | 206191003 | 21067205 |
| Equity Franchise | 2398632 | 137043 |
| Global Listed Infrastructure | 331660103 | 20691224 |
| Global Small Cap Equity |  |  |
| International Equity | 31271378 | 2176356 |
| International Equity Select | 1483184 |  |
| International Quality Growth | 7001244 | 629167 |
| International Strategic Equity | 48442324 | 5369421 |
| US Equity Concentrated |  |  |
| US Equity Focus |  |  |
| US Small Cap Equity Select |  |  |

---

**166** Annual Financial Statements

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term<br> Capital Gains |
| Developing Markets Equity | $— |
| Emerging Markets Equity Advantage | 6326925 |
| Emerging Markets Equity |  |
| Equity Franchise |  |
| Global Listed Infrastructure | 273390993 |
| Global Small Cap Equity |  |
| International Equity | 93536773 |
| International Equity Select | 283262 |
| International Quality Growth | 19189074 |
| International Strategic Equity | 276703785 |
| US Equity Concentrated |  |
| US Equity Focus | 9358084 |
| US Small Cap Equity Select | 778652 |

---

Annual Financial Statements **167**

------

**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.

**168** 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)**

This information is not applicable for the reporting period.

Annual Financial Statements **169**

------

**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

![](x13_c114844x173x1m1m4.jpg)

![](x13_c114844x173x2m1m4.jpg)

---

| | |
|:---|:---|
| 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 | ![](x13_c114844x173x3m1m4.jpg) |

---

![](x8_c114845x1x1m2m4.jpg)

Lazard Funds

Annual Financial Statements

December 31, 2025

Fixed Income Funds

Lazard Government Money Market Portfolio

Lazard US Convertibles Portfolio

Lazard US High Yield Portfolio

Lazard US Short Duration Fixed Income Portfolio

**The Lazard Funds, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| **2** | **[Portfolios of Investments (N-CSR Item 7)](#xx8xc114845a001xm2xm4)** |
| 2 | [Lazard Government Money Market Portfolio](#xx8xc114845a002xm2xm4) |
| 4 | [Lazard US Convertibles Portfolio](#xx8xc114845a003xm2xm4) |
| 13 | [Lazard US High Yield Portfolio](#xx8xc114845a004xm2xm4) |
| 21 | [Lazard US Short Duration Fixed Income Portfolio](#xx8xc114845a005xm2xm4) |
| **24** | **[Abbreviations (N-CSR Item 7)](#xx8xc114845a006xm2xm4)** |
| **26** | **[Statements of Assets and Liabilities (N-CSR Item 7)](#xx8xc114845a007xm2xm4)** |
| **30** | **[Statements of Operations (N-CSR Item 7)](#xx8xc114845a008xm2xm4)** |
| **32** | **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx8xc114845a009xm2xm4)** |
| **36** | **[Financial Highlights (N-CSR Item 7)](#xx8xc114845a010xm2xm4)** |
| **44** | **[Notes to Financial Statements (N-CSR Item 7)](#xx8xc114845a011xm2xm4)** |
| **72** | **[Report of Independent Registered Public Accounting Firm](#xx8xc114845a012xm2xm4)** |
| **74** | **[Tax and Other Information (unaudited)](#xx8xc114845a013xm2xm4)** |
| **76** | **[Additional Information (unaudited) (N-CSR Items 8-11)](#xx8xc114845a014xm2xm4)** |

---

**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.**

Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Government Money Market Portfolio** |  |  |
| **U.S. Government Securities \| 13.9%** |  |  |
| Federal Farm Credit Banks Funding Corp., |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/02/26\* | $2000 | $2003001 |
| &nbsp;&nbsp;&nbsp;4.875%, 04/20/26\* | 2000 | 2006953 |
| Federal Home Loan Bank Discount Notes, |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 01/21/26\* | 10000 | 9979525 |
| &nbsp;&nbsp;&nbsp;3.886%, 01/22/26\* | 5000 | 4989275 |
| &nbsp;&nbsp;&nbsp;3.887%, 02/06/26\* | 5000 | 4981886 |
| &nbsp;&nbsp;&nbsp;3.854%, 02/17/26\* | 10119 | 10071441 |
| &nbsp;&nbsp;&nbsp;3.843%, 02/23/26\* | 400 | 397885 |
| &nbsp;&nbsp;&nbsp;3.652%, 03/03/26\* | 10000 | 9939378 |
| &nbsp;&nbsp;&nbsp;3.722%, 03/10/26\* | 10000 | 9932533 |
| &nbsp;&nbsp;&nbsp;3.738%, 03/13/26\* | 385 | 382290 |
| &nbsp;&nbsp;&nbsp;3.680%, 03/31/26\* | 15000 | 14868000 |
| &nbsp;&nbsp;&nbsp;3.733%, 08/10/26\* | 7050 | 6902402 |
| Federal Home Loan Banks,<br> 4.650%, 04/21/26 | 1500 | 1504433 |
| Federal Home Loan Mortgage Corp. Discount Notes, |  |  |
| &nbsp;&nbsp;&nbsp;3.697%, 02/06/26\* | 30000 | 29891312 |
| &nbsp;&nbsp;&nbsp;3.859%, 02/27/26\* | 2234 | 2221313 |
| &nbsp;&nbsp;&nbsp;3.657%, 03/16/26\* | 425 | 421883 |
| &nbsp;&nbsp;&nbsp;3.658%, 03/18/26\* | 250 | 248118 |
| Federal National Mortgage Association,<br> 2.125%, 04/24/26 | 23 | 22894 |
| Federal National Mortgage Association Discount Notes,<br> 3.678%, 03/16/26\* | 95 | 94303 |
| **Total U.S. Government Securities**<br> (Cost $110,842,649) |  | 110858825 |
| **U.S. Treasury Securities \| 14.3%** |  |  |
| U.S. Treasury Bills, |  |  |
| &nbsp;&nbsp;&nbsp;3.896%, 01/27/26 | 15000 | 14963236 |
| &nbsp;&nbsp;&nbsp;3.899%, 02/03/26 | 5000 | 4984383 |
| &nbsp;&nbsp;&nbsp;3.872%, 02/12/26 | 5000 | 4979561 |
| &nbsp;&nbsp;&nbsp;3.881%, 02/19/26 | 10000 | 9952488 |

---

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

**2** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Government Money Market Portfolio (concluded)** |  |  |
| &nbsp;&nbsp;&nbsp;3.857%, 03/17/26 | $15000 | $14892110 |
| &nbsp;&nbsp;&nbsp;3.830%, 03/24/26 | 15000 | 14881060 |
| &nbsp;&nbsp;&nbsp;3.831%, 03/31/26 | 20000 | 19828124 |
| &nbsp;&nbsp;&nbsp;3.703%, 04/07/26 | 15000 | 14860505 |
| &nbsp;&nbsp;&nbsp;3.825%, 05/14/26 | 15000 | 14807762 |
| **Total U.S. Treasury Securities**<br> (Cost $114,088,827) |  | 114149229 |
| **Total Repurchase Agreements \| 71.8%**<br> (Cost $573,842,000) |  | 573842000 |
| **Total Investments \| 100.0%**<br> (Cost $798,773,476) |  | $**798850054** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** |  | **(33598)** |
| **Net Assets \| 100.0%** |  | $**798816456** |

---

**Repurchase Agreements**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Repurchase Agreements | Collateral | Collateral | Collateral |
| &nbsp;&nbsp;Counterparty | Coupon<br> Rate | Purchase<br> Date | Maturity<br> Date | Par<br> (000) | At Value | Proceeds<br> Including<br> Interest | Position | Original<br> Par | Position<br> Received, At<br> Value |
| Fixed Income Clearing Corp. - SSB | 3.81% | 12/31/2025 | 1/2/2026 | $573842 | $573842000 | $573963463 | United States Treasury Notes, 2.875% to 4.375%, 07/15/27 to 05/15/34, | $573539700 | $585319005 |

---

<br> *\** *The rate shown represents the 7-day yield as of period end.*

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

Annual Financial Statements **3**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio** |  |  |
| **Convertible Corporate Bonds \| 84.7%** |  |  |
| **Aerospace & Defense \| 1.5%** |  |  |
| Rocket Lab USA, Inc.,<br> 4.250%, 02/01/29 (#) | $19 | $258206 |
| **Automobiles \| 1.4%** |  |  |
| Lucid Group, Inc.,<br> 5.000%, 04/01/30 (#) | 58 | 34256 |
| Rivian Automotive, Inc.,<br> 4.625%, 03/15/29 | 164 | 206538 |
|  |  | 240794 |
| **Biotechnology \| 4.7%** |  |  |
| Alnylam Pharmaceuticals, Inc., <br> 0.000%, 09/15/28 (#) | 164 | 158670 |
| Bridgebio Pharma, Inc., <br> 2.500%, 03/15/27 | 76 | 143526 |
| Cytokinetics, Inc., <br> 3.500%, 07/01/27 | 27 | 38489 |
| Halozyme Therapeutics, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 02/15/31 (#) | 104 | 104239 |
| &nbsp;&nbsp;&nbsp;0.875%, 11/15/32 (#) | 103 | 104803 |
| Ionis Pharmaceuticals, Inc., <br> 0.000%, 04/01/26 | 202 | 277497 |
|  |  | 827224 |
| **Capital Markets \| 3.5%** |  |  |
| Cipher Mining, Inc., <br> 0.000%, 10/01/31 (#) | 93 | 110670 |
| Cleanspark, Inc., <br> 0.000%, 06/15/30 | 44 | 45734 |
| Core Scientific, Inc.,<br> 0.000%, 06/15/31 (#) | 97 | 102403 |

---

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

**4** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| MARA Holdings, Inc., <br> 0.000%, 03/01/30 | $150 | $118350 |
| Terawulf, Inc., <br> 1.000%, 09/01/31 (#) | 193 | 228608 |
|  |  | 605765 |
| **Commercial Services & Supplies \| 1.5%** |  |  |
| Affirm Holdings, Inc.,<br> 0.750%, 12/15/29 | 52 | 57707 |
| Global Payments, Inc.,<br> 1.500%, 03/01/31 | 197 | 177201 |
| Stride, Inc., <br> 1.125%, 09/01/27 | 18 | 24579 |
|  |  | 259487 |
| **Construction & Engineering \| 2.2%** |  |  |
| Fluor Corp., <br> 1.125%, 08/15/29 | 135 | 154130 |
| Granite Construction, Inc., <br> 3.250%, 06/15/30 | 74 | 118400 |
| Meritage Homes Corp., <br> 1.750%, 05/15/28 | 111 | 109723 |
|  |  | 382253 |
| **Diversified REITs \| 2.4%** |  |  |
| Digital Realty Trust LP, <br> 1.875%, 11/15/29 (#) | 100 | 101650 |
| Welltower OP LLC,<br> 2.750%, 05/15/28 (#) | 166 | 325526 |
|  |  | 427176 |
| **Diversified Telecommunication Services \| 1.7%** |  |  |
| Applied Digital Corp., <br> 2.750%, 06/01/30 | 44 | 118965 |

---

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

Annual Financial Statements **5**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| AST SpaceMobile, Inc.,<br> 2.375%, 10/15/32 (#) | $63 | $83317 |
| InterDigital, Inc., <br> 3.500%, 06/01/27 | 21 | 86583 |
|  |  | 288865 |
| **Electric Utilities \| 8.9%** |  |  |
| Alliant Energy Corp., <br> 3.875%, 03/15/26 | 84 | 87486 |
| CMS Energy Corp., <br> 3.375%, 05/01/28 | 305 | 326960 |
| Duke Energy Corp., <br> 4.125%, 04/15/26 | 91 | 93844 |
| Evergy, Inc., <br> 4.500%, 12/15/27 | 62 | 75570 |
| NextEra Energy Capital Holdings, Inc., <br> 3.000%, 03/01/27 | 274 | 340719 |
| PG&E Corp., <br> 4.250%, 12/01/27 | 351 | 361565 |
| WEC Energy Group, Inc., <br> 4.375%, 06/01/29 | 223 | 260687 |
|  |  | 1546831 |
| **Electronic Equipment, Instruments & Components \| 0.5%** |  |  |
| Itron, Inc., <br> 1.375%, 07/15/30 | 94 | 95234 |
| **Entertainment \| 2.5%** |  |  |
| Live Nation Entertainment, Inc., <br> 2.875%, 01/15/30 | 409 | 430677 |
| **Financial Services \| 2.5%** |  |  |
| Coinbase Global, Inc., <br> 0.250%, 04/01/30 | 230 | 236152 |

---

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

**6** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 (#) | $43 | $121798 |
| Upstart Holdings, Inc.,<br> 2.000%, 10/01/29 | 60 | 75900 |
|  |  | 433850 |
| **Health Care Equipment & Supplies \| 4.4%** |  |  |
| Exact Sciences Corp., <br> 0.375%, 03/01/28 | 310 | 318525 |
| Guardant Health, Inc., <br> 1.250%, 02/15/31 | 72 | 132055 |
| Integer Holdings Corp., <br> 1.875%, 03/15/30 (#) | 84 | 77952 |
| iRhythm Technologies, Inc.,<br> 1.500%, 09/01/29 | 96 | 134400 |
| Lantheus Holdings, Inc., <br> 2.625%, 12/15/27 | 43 | 49375 |
| Merit Medical Systems, Inc.,<br> 3.000%, 02/01/29 (#) | 44 | 53218 |
|  |  | 765525 |
| **Health Care Providers & Services \| 1.0%** |  |  |
| Teladoc Health, Inc., <br> 1.250%, 06/01/27 | 188 | 179540 |
| **Interactive Media & Services \| 9.0%** |  |  |
| Airbnb, Inc., <br> 0.000%, 03/15/26 | 305 | 302560 |
| DoorDash, Inc., <br> 0.000%, 05/15/30 (#) | 250 | 261750 |
| Hims & Hers Health, Inc., <br> 0.000%, 05/15/30 (#) | 70 | 60515 |
| Match Group Financeco 3, Inc., <br> 2.000%, 01/15/30 (#) | 250 | 224750 |
| Snap, Inc., <br> 0.125%, 03/01/28 | 257 | 233305 |

---

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

Annual Financial Statements **7**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| Uber Technologies, Inc.,<br> 0.000%, 05/15/28 (#) | $80 | $78112 |
| Series 2028,<br> 0.875%, 12/01/28 | 192 | 249504 |
| Wayfair, Inc., <br> 3.250%, 09/15/27 | 96 | 159962 |
|  |  | 1570458 |
| **IT Services \| 11.4%** |  |  |
| CyberArk Software Ltd.,<br> 0.000%, 06/15/30 (#) | 100 | 107100 |
| Lumentum Holdings, Inc., <br> 0.500%, 06/15/28 | 177 | 502857 |
| Parsons Corp., <br> 2.625%, 03/01/29 | 114 | 117477 |
| Rubrik, Inc., <br> 0.000%, 06/15/30 (#) | 150 | 147675 |
| Seagate HDD Cayman, <br> 3.500%, 06/01/28 | 90 | 302715 |
| Super Micro Computer, Inc., <br> 3.500%, 03/01/29 | 258 | 230252 |
| Western Digital Corp.,<br> 3.000%, 11/15/28 | 102 | 467803 |
| Zscaler, Inc., <br> 0.000%, 07/15/28 (#) | 122 | 114436 |
|  |  | 1990315 |
| **Leisure Products \| 0.7%** |  |  |
| NCL Corp. Ltd., <br> 0.875%, 04/15/30 (#) | 72 | 80505 |
| Peloton Interactive, Inc., <br> 5.500%, 12/01/29 | 27 | 45022 |
|  |  | 125527 |
| **Machinery \| 1.7%** |  |  |
| Bloom Energy Corp., <br> 0.000%, 11/15/30 (#) | 342 | 299250 |

---

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

**8** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Media \| 1.8%** |  |  |
| Liberty Broadband Corp., <br> 3.125%, 03/31/53 (#) | $225 | $223087 |
| Liberty Media Corp.-Liberty Formula One,<br> 2.250%, 08/15/27 | 67 | 84923 |
|  |  | 308010 |
| **Metals & Mining \| 1.5%** |  |  |
| Centrus Energy Corp., <br> 0.000%, 08/15/32 (#) | 103 | 132793 |
| MP Materials Corp., <br> 3.000%, 03/01/30 (#) | 50 | 124925 |
|  |  | 257718 |
| **Oil, Gas & Consumable Fuels \| 1.8%** |  |  |
| CNX Resources Corp.,<br> 2.250%, 05/01/26 | 36 | 103086 |
| Northern Oil & Gas, Inc., <br> 3.625%, 04/15/29 | 90 | 87053 |
| Solaris Energy Infrastructure, Inc., <br> 0.250%, 10/01/31 | 118 | 127956 |
|  |  | 318095 |
| **Passenger Airlines \| 0.1%** |  |  |
| JetBlue Airways Corp., <br> 2.500%, 09/01/29 | 25 | 24313 |
| **Pharmaceuticals \| 1.3%** |  |  |
| Jazz Investments I Ltd., <br> 2.000%, 06/15/26 | 200 | 231950 |
| **Semiconductors & Semiconductor Equipment \| 3.7%** |  |  |
| Microchip Technology, Inc., <br> 0.750%, 06/01/30 | 136 | 133634 |

---

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

Annual Financial Statements **9**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| MKS, Inc., <br> 1.250%, 06/01/30 | $157 | $200646 |
| ON Semiconductor Corp.,<br> 0.500%, 03/01/29 | 331 | 313953 |
|  |  | 648233 |
| **Software \| 12.0%** |  |  |
| Akamai Technologies, Inc., <br> 0.375%, 09/01/27 | 283 | 284415 |
| Bill Holdings, Inc., <br> 0.000%, 04/01/30 | 188 | 173364 |
| Cloudflare, Inc.,<br> 0.000%, 08/15/26 | 207 | 243515 |
| Datadog, Inc., <br> 0.000%, 12/01/29 | 236 | 236295 |
| Dropbox, Inc., <br> 0.000%, 03/01/28 | 127 | 128333 |
| Five9, Inc.,<br> 1.000%, 03/15/29 | 156 | 140790 |
| Guidewire Software, Inc., <br> 1.250%, 11/01/29 | 57 | 62814 |
| Nutanix, Inc., <br> 0.250%, 10/01/27 | 88 | 99044 |
| Snowflake, Inc.,<br> 0.000%, 10/01/27 | 167 | 248329 |
| Strategy, Inc., |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/01/29 | 311 | 256140 |
| &nbsp;&nbsp;&nbsp;0.625%, 03/15/30 | 177 | 223728 |
|  |  | 2096767 |
| **Specialty Retail \| 1.0%** |  |  |
| GameStop Corp., <br> 0.000%, 04/01/30 (#) | 168 | 166538 |
| **Total Convertible Corporate Bonds**<br> (Cost $13,340,948) |  | 14778601 |

---

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

**10** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Preferred Stocks \| 10.7%** |  |  |
| **Aerospace & Defense \| 2.5%** |  |  |
| Boeing Co. | 6368 | $439774 |
| **Banks \| 3.7%** |  |  |
| Bank of America Corp., Series L | 380 | 475760 |
| Wells Fargo & Co., Class A, Series L | 145 | 175740 |
|  |  | 651500 |
| **Capital Markets \| 1.1%** |  |  |
| ARES Management Corp., Series B | 1346 | 67838 |
| KKR & Co., Inc., Series D | 2300 | 119232 |
|  |  | 187070 |
| **Chemicals \| 0.9%** |  |  |
| Albemarle Corp. | 2636 | 156552 |
| **Financial Services \| 1.3%** |  |  |
| Apollo Global Management, Inc. | 1652 | 124759 |
| Shift4 Payments, Inc. | 1369 | 109534 |
|  |  | 234293 |
| **Semiconductors & Semiconductor Equipment \| 0.7%** |  |  |
| Microchip Technology, Inc. | 2019 | 117667 |
| **Technology Hardware, Storage & Peripherals \| 0.5%** |  |  |
| Hewlett Packard Enterprise Co. | 1367 | 91165 |
| **Total Preferred Stocks**<br> (Cost $1,702,423) |  | 1878021 |
| **Short-Term Investments \| 4.4%** |  |  |
| Lazard Government Money Market Portfolio<br> 3.59% (7 day yield) (a)<br> (Cost $762,304) | 762304 | 762304 |

---

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

Annual Financial Statements **11**

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;Description | Fair<br> Value |
| **Lazard US Convertibles Portfolio (concluded)** |  |
| **Total Investments \| 99.8%**<br> (Cost $15,805,675) | $**17418926** |
| **Cash and Other Assets in Excess of Liabilites \| 0.2%** | **28233** |
| **Net Assets \| 100.0%** | $**17447159** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 22.3% of net assets of the Portfolio.* |
| *(a)* | *Affiliated investment.* |

---

Futures Contracts open at December 31, 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 |
| CME E-mini NASDAQ 100 Index Futures | 1 | $20 | 03/20/26 | $521076 | $509135 | $— | $11940 |
| CBOT 5 Year U.S. Treasury Notes Futures | 28 | 2800000 | 03/31/26 | 3062064 | 3060531 |  | 1533 |
| 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 |  |  | $— | $13473 |

---

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

**12** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio** |  |  |
| **Corporate Bonds \| 96.8%** |  |  |
| **Aerospace & Defense \| 2.7%** |  |  |
| Bombardier, Inc., <br> 8.750%, 11/15/30 (#) | $1750 | $1890714 |
| TransDigm, Inc., <br> 4.625%, 01/15/29 | 500 | 496685 |
| &nbsp;&nbsp;&nbsp;6.750%, 08/15/28 (#) | 1000 | 1017616 |
|  |  | 3405015 |
| **Automobile Components \| 3.9%** |  |  |
| American Axle & Manufacturing, Inc., <br> 5.000%, 10/01/29 | 1500 | 1444915 |
| Goodyear Tire & Rubber Co., <br> 5.250%, 07/15/31 | 2000 | 1897216 |
| Tenneco, Inc., <br> 8.000%, 11/17/28 (#) | 1500 | 1504800 |
|  |  | 4846931 |
| **Automobiles \| 1.0%** |  |  |
| Allison Transmission, Inc., <br> 4.750%, 10/01/27 (#) | 1295 | 1293231 |
| **Building Products \| 2.5%** |  |  |
| Griffon Corp., <br> 5.750%, 03/01/28 | 1750 | 1753409 |
| Standard Industries, Inc., <br> 3.375%, 01/15/31 (#) | 1500 | 1374263 |
|  |  | 3127672 |
| **Chemicals \| 4.5%** |  |  |
| Methanex Corp., <br> 5.125%, 10/15/27 | 1750 | 1759901 |
| NOVA Chemicals Corp., <br> 4.250%, 05/15/29 (#) | 1750 | 1705560 |

---

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

Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| WR Grace Holdings LLC, <br> 4.875%, 06/15/27 (#) | $661 | $658960 |
| &nbsp;&nbsp;&nbsp;6.625%, 08/15/32 (#) | 1500 | 1519155 |
|  |  | 5643576 |
| **Commercial Services & Supplies \| 4.1%** |  |  |
| ADT Security Corp., <br> 4.125%, 08/01/29 (#) | 250 | 243829 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., <br> 8.375%, 06/15/32 (#) | 2000 | 2065193 |
| Prime Security Services Borrower LLC/ Prime Finance, Inc., <br> 3.375%, 08/31/27 (#) | 1500 | 1470683 |
| Valvoline, Inc., <br> 3.625%, 06/15/31 (#) | 1500 | 1378350 |
|  |  | 5158055 |
| **Containers & Packaging \| 0.9%** |  |  |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, <br> 4.000%, 09/01/29 (#) | 1200 | 1129663 |
| **Diversified REITs \| 1.3%** |  |  |
| Iron Mountain, Inc., <br> 4.500%, 02/15/31 (#) | 1250 | 1191572 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/29 (#) | 500 | 493274 |
|  |  | 1684846 |
| **Diversified Telecommunication Services \| 2.7%** |  |  |
| Connect Finco SARL/Connect U.S. Finco LLC, <br> 9.000%, 09/15/29 (#) | 2000 | 2121479 |
| Zayo Group Holdings, Inc., <br> 9.250%, 03/09/30 (#) | 1287 | 1222285 |
|  |  | 3343764 |

---

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

**14** 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 | $1401724 |
| XPLR Infrastructure Operating Partners LP, <br> 4.500%, 09/15/27 (#) | 1750 | 1726965 |
|  |  | 3128689 |
| **Electrical Equipment \| 1.3%** |  |  |
| Energizer Holdings, Inc., <br> 4.750%, 06/15/28 (#) | 1700 | 1685369 |
| **Entertainment \| 2.4%** |  |  |
| Cinemark USA, Inc., <br> 5.250%, 07/15/28 (#) | 1500 | 1499835 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., <br> 5.375%, 04/15/27 | 1550 | 1544042 |
|  |  | 3043877 |
| **Food Products \| 6.2%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, <br> 3.500%, 03/15/29 (#) | 1500 | 1440588 |
| Performance Food Group, Inc., <br> 4.250%, 08/01/29 (#) | 1800 | 1759829 |
| Post Holdings, Inc., <br> 4.500%, 09/15/31 (#) | 1500 | 1422070 |
| TreeHouse Foods, Inc., <br> 4.000%, 09/01/28 | 1750 | 1736875 |
| U.S. Foods, Inc., <br> 4.625%, 06/01/30 (#) | 1500 | 1479916 |
|  |  | 7839278 |
| **Gas Utilities \| 0.8%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.375%, 06/01/28 (#) | 1000 | 1036752 |

---

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

Annual Financial Statements **15**

------

---

| | | |
|:---|:---|:---|
| &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 \| 4.2%** |  |  |
| Encompass Health Corp., <br> 4.625%, 04/01/31 | 1849 | 1810817 |
| LifePoint Health, Inc., <br> 5.375%, 01/15/29 (#) | 2000 | 1960905 |
| Tenet Healthcare Corp., <br> 4.375%, 01/15/30 | 1500 | 1471761 |
|  |  | 5243483 |
| **Hotel & Resort REITs \| 2.5%** |  |  |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, <br> 4.875%, 05/15/29 (#) | 1500 | 1464724 |
| RHP Hotel Properties LP/RHP Finance Corp., <br> 4.500%, 02/15/29 (#) | 1750 | 1732572 |
|  |  | 3197296 |
| **Hotels, Restaurants & Leisure \| 4.0%** |  |  |
| Boyd Gaming Corp., <br> 4.750%, 06/15/31 (#) | 2000 | 1953975 |
| Station Casinos LLC, <br> 4.625%, 12/01/31 (#) | 1750 | 1659098 |
| Travel & Leisure Co., <br> 4.500%, 12/01/29 (#) | 1500 | 1468152 |
|  |  | 5081225 |
| **Household Durables \| 1.4%** |  |  |
| Somnigroup International, Inc., <br> 4.000%, 04/15/29 (#) | 1750 | 1704997 |

---

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

**16** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Interactive Media & Services \| 1.1%** |  |  |
| Ziff Davis, Inc., <br> 4.625%, 10/15/30 (#) | $1500 | $1424632 |
| **IT Services \| 2.7%** |  |  |
| NCR Atleos Corp., <br> 9.500%, 04/01/29 (#) | 1500 | 1628064 |
| NCR Voyix Corp., <br> 5.125%, 04/15/29 (#) | 1750 | 1737684 |
|  |  | 3365748 |
| **Leisure Products \| 0.5%** |  |  |
| Sabre GLBL, Inc., <br> 10.750%, 11/15/29 (#) | 206 | 175167 |
| &nbsp;&nbsp;&nbsp;10.750%, 03/15/30 (#) | 594 | 488596 |
|  |  | 663763 |
| **Machinery \| 1.6%** |  |  |
| Terex Corp.,<br> 5.000%, 05/15/29 (#) | 2000 | 1993197 |
| **Media \| 14.3%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., <br> 4.750%, 03/01/30 (#) | 1500 | 1432573 |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 (#) | 500 | 499312 |
| Clear Channel Outdoor Holdings, Inc., <br> 7.750%, 04/15/28 (#) | 2000 | 2001476 |
| DISH Network Corp., <br> 11.750%, 11/15/27 (#) | 2000 | 2081560 |
| Gray Media, Inc., <br> 4.750%, 10/15/30 (#) | 2000 | 1551286 |
| Lamar Media Corp., <br> 3.625%, 01/15/31 | 1500 | 1412063 |
| Nexstar Media, Inc., <br> 5.625%, 07/15/27 (#) | 1500 | 1504037 |
| Scripps Escrow II, Inc., <br> 3.875%, 01/15/29 (#) | 1000 | 920139 |

---

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

Annual Financial Statements **17**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| Sirius XM Radio LLC, <br> 3.875%, 09/01/31 (#) | $1000 | $920934 |
| TEGNA, Inc., <br> 5.000%, 09/15/29 | 1750 | 1734590 |
| Univision Communications, Inc., <br> 9.375%, 08/01/32 (#) | 2000 | 2149626 |
| Virgin Media Secured Finance PLC, <br> 4.500%, 08/15/30 (#) | 2000 | 1851470 |
|  |  | 18059066 |
| **Oil, Gas & Consumable Fuels \| 15.4%** |  |  |
| Borr IHC Ltd./Borr Finance LLC, <br> 10.375%, 11/15/30 (#) | 1580 | 1578122 |
| Buckeye Partners LP, <br> 4.500%, 03/01/28 (#) | 1500 | 1490372 |
| Civitas Resources, Inc., <br> 8.750%, 07/01/31 (#) | 2000 | 2074803 |
| Comstock Resources, Inc., <br> 6.750%, 03/01/29 (#) | 1500 | 1503331 |
| CVR Energy, Inc., <br> 8.500%, 01/15/29 (#) | 1500 | 1541771 |
| Kodiak Gas Services LLC, <br> 7.250%, 02/15/29 (#) | 1750 | 1820616 |
| Nabors Industries, Inc., <br> 9.125%, 01/31/30 (#) | 1500 | 1568340 |
| Range Resources Corp., <br> 4.750%, 02/15/30 (#) | 1750 | 1727090 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., <br> 5.500%, 01/15/28 (#) | 1250 | 1250674 |
| Transocean International Ltd., <br> 8.750%, 02/15/30 (#) | 1725 | 1802466 |
| Venture Global LNG, Inc., <br> 9.875%, 02/01/32 (#) | 1500 | 1549609 |
| Vital Energy, Inc., <br> 7.875%, 04/15/32 (#) | 1500 | 1477926 |
|  |  | 19385120 |

---

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

**18** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US High Yield Portfolio (continued)** |  |  |
| **Pharmaceuticals \| 1.2%** |  |  |
| 1261229 B.C. Ltd., <br> 10.000%, 04/15/32 (#) | $1500 | $1560025 |
| **Software \| 3.1%** |  |  |
| Cloud Software Group, Inc., <br> 6.500%, 03/31/29 (#) | 1000 | 1013088 |
| &nbsp;&nbsp;&nbsp;9.000%, 09/30/29 (#) | 1000 | 1041511 |
| CoreWeave, Inc., <br> 9.250%, 06/01/30 (#) | 2000 | 1859545 |
|  |  | 3914144 |
| **Specialty Retail \| 6.3%** |  |  |
| Asbury Automotive Group, Inc., <br> 4.500%, 03/01/28 | 987 | 984165 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 (#) | 750 | 728849 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., <br> 4.625%, 01/15/29 (#) | 500 | 485617 |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/30 (#) | 1500 | 1426162 |
| Group 1 Automotive, Inc., <br> 4.000%, 08/15/28 (#) | 1000 | 980220 |
| Penske Automotive Group, Inc., <br> 3.750%, 06/15/29 | 1750 | 1695874 |
| Suburban Propane Partners LP/Suburban Energy Finance Corp., <br> 5.000%, 06/01/31 (#) | 1750 | 1680048 |
|  |  | 7980935 |
| **Total Corporate Bonds**<br> (Cost $122,829,723) |  | 122027849 |

---

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

Annual Financial Statements **19**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US High Yield Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 1.8%** |  |  |
| Lazard Government Money Market Portfolio <br> 3.59% (7 day yield) (a)<br> (Cost $2,253,644) | 2253644 | $2253644 |
| **Total Investments \| 98.6%** <br> (Cost $125,083,367) |  | $**124281493** |
| **Cash and Other Assets in Excess of Liabilites \| 1.4%** |  | **1801114** |
| **Net Assets \| 100.0%** |  | $**126082607** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 81.1% of net assets of the Portfolio.* |
| *(a)* | *Affiliated investment.* |

---

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

**20** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio** |  |  |
| **Asset-Backed Securities \| 5.3%** |  |  |
| **Financial Services \| 3.9%** |  |  |
| Business Jet Securities LLC, Series 2022-1A, Class A, <br> 4.455%, 06/15/37 (#) | $467 | $464643 |
| CF Hippolyta Issuer LLC, Series 2021-1A, Class A1, <br> 1.530%, 03/15/61 (#) | 466 | 375893 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class A1, <br> 1.910%, 10/20/61 (#) | 500 | 417396 |
|  |  | 1257932 |
| **Ground Transportation \| 1.4%** |  |  |
| TRP LLC, Series 2021-1, Class A, <br> 2.070%, 06/19/51 (#) | 483 | 465124 |
| **Total Asset-Backed Securities** <br> (Cost $1,736,529) |  | 1723056 |
| **Corporate Bonds \| 33.3%** |  |  |
| **Aerospace & Defense \| 2.2%** |  |  |
| Boeing Co., <br> 2.196%, 02/04/26 | 725 | 723620 |
| **Automobiles \| 6.7%** |  |  |
| American Honda Finance Corp., <br> 5.250%, 07/07/26 | 800 | 805535 |
| Ford Motor Credit Co. LLC, <br> 4.125%, 08/17/27 | 675 | 669391 |
| General Motors Financial Co., Inc., <br> 5.000%, 04/09/27 | 700 | 707507 |
|  |  | 2182433 |
| **Banks \| 15.5%** |  |  |
| Bank of America Corp., <br> 2.551% (SOFR+1.050%), 02/04/28 (§) | 1050 | 1032825 |
| Citigroup, Inc., <br> 3.887% (SOFR+1.825%), 01/10/28 (§) | 1025 | 1023045 |

---

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

Annual Financial Statements **21**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (continued)** |  |  |
| Goldman Sachs Group, Inc., <br> 4.937% (SOFR+1.319%), 04/23/28 (§) | $725 | $733281 |
| JPMorgan Chase & Co., <br> 4.851% (SOFR+1.990%), 07/25/28 (§) | 950 | 962213 |
| Morgan Stanley, <br> 1.593% (SOFR+0.879%), 05/04/27 (§) | 625 | 619561 |
| Wells Fargo & Co., <br> 3.196% (SOFR+1.432%), 06/17/27 (§) | 675 | 672290 |
|  |  | 5043215 |
| **Diversified Telecommunication Services \| 2.2%** |  |  |
| T-Mobile USA, Inc., <br> 2.625%, 04/15/26 | 725 | 722123 |
| **Health Care Providers & Services \| 2.1%** |  |  |
| HCA, Inc., <br> 4.500%, 02/15/27 | 675 | 676469 |
| **Interactive Media & Services \| 0.8%** |  |  |
| Alphabet, Inc., <br> 3.875%, 11/15/28 | 275 | 276341 |
| **Oil, Gas & Consumable Fuels \| 2.0%** |  |  |
| Energy Transfer LP, <br> 5.500%, 06/01/27 | 650 | 660498 |
| **Semiconductors & Semiconductor Equipment \| 1.8%** |  |  |
| Intel Corp., <br> 3.750%, 08/05/27 | 600 | 596539 |
| **Total Corporate Bonds** <br> (Cost $10,801,238) |  | 10881238 |
| **Mortgage-Backed Securities \| 4.4%** |  |  |
| COMM Mortgage Trust, Series 2016-787S, Class A <br> 3.545%, 02/10/36 (#) | 700 | 695855 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A <br> 2.130%, 09/10/39 (#) | 750 | 721606 |

---

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

**22** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (concluded)** |  |  |
| **Total Mortgage-Backed Securities**<br> (Cost $1,371,691) |  | $1417461 |
| **U.S. Treasury Securities \| 56.1%** |  |  |
| U.S. Treasury Notes, <br> 3.875%, 03/15/28 | $1380 | 1391105 |
| &nbsp;&nbsp;&nbsp;3.625%, 08/15/28 | 2920 | 2927414 |
| &nbsp;&nbsp;&nbsp;3.375%, 09/15/28 | 7960 | 7927351 |
| &nbsp;&nbsp;&nbsp;3.500%, 10/15/28 | 1110 | 1108873 |
| &nbsp;&nbsp;&nbsp;3.500%, 11/15/28 | 4970 | 4964564 |
| **Total U.S. Treasury Securities** <br> (Cost $18,284,808) |  | 18319307 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 0.3%** |  |  |
| Lazard Government Money Market Portfolio <br> 3.59% (7 day yield) (a)<br> (Cost $98,880) | 98880 | $98880 |
| **Total Investments \| 99.4%**<br> (Cost $32,293,146) |  | $**32439942** |
| **Cash and Other Assets in Excess of Liabilites \| 0.6%** |  | **195623** |
| **Net Assets \| 100.0%** |  | $**32635565** |

---

---

| | |
|:---|:---|
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 9.6% 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 December 31, 2025.* |
| *(a)* | *Affiliated investment.* |

---

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

Annual Financial Statements **23**

**The Lazard Funds, Inc.** Abbreviations

December 31, 2025

**Security Abbreviations:**

REITs — Real Estate Investment Trust <br> SOFR — Secured Overnight Financing Rate <br> SSB — State Street Bank and Trust Co.

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

**24** Annual Financial Statements

------

[This page intentionally left blank]

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Government<br> Money Market<br> Portfolio | Lazard<br> US Convertibles<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $225008054 | $16656622 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) |  | 762304 |
| &nbsp;&nbsp;&nbsp;Repurchase agreements | 573842000 |  |
| Cash | 4731 | 9 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 123999 | 54961 |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  | 1097 |
| &nbsp;&nbsp;&nbsp;Capital stock sold |  |  |
| Cash collateral pledged for futures contracts |  | 68565 |
| Total assets | 798978784 | 17543558 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | 98823 |  |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 40424 | 20331 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees | 15132 | 195 |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 3778 | 30279 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 1896 | 10 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 1697 | 2385 |
| &nbsp;&nbsp;&nbsp;Accrued professional services |  | 32220 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees |  | 37 |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed |  |  |
| Variation margin on open futures contracts |  | 7635 |
| Other accrued expenses and payables | 578 | 3307 |
| Total liabilities | 162328 | 96399 |
| Net assets | $798816456 | $17447159 |
| **NET ASSETS** |  |  |
| Paid in capital | $798739879 | $15239810 |
| Distributable earnings (Accumulated loss) | 76577 | 2207349 |
| Net assets | $798816456 | $17447159 |

---

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

**26** Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US High Yield<br> Portfolio | Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $122027849 | $32341062 |
| 2253644 | 98880 |
| 396 |  |
| 2043079 | 305954 |
|  | 23568 |
| 26251 |  |
| 126351219 | 32769464 |
| 43650 |  |
| 22256 | 14111 |
|  | 89 |
| 58412 | 20947 |
| 421 | 81 |
| 18247 | 4498 |
| 36387 | 31791 |
| 450 |  |
| 81254 | 59216 |
| 7535 | 3166 |
| 268612 | 133899 |
| $126082607 | $32635565 |
| $153747503 | $35171420 |
| (27664896) | (2535855) |
| $126082607 | $32635565 |

---

Annual Financial Statements **27**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Government<br> Money Market<br> Portfolio | Lazard<br> US Convertibles<br> Portfolio |
| **Institutional Shares** |  |  |
| Net assets | $798816456 | $17266337 |
| Shares of capital stock outstanding\* | 798739879 | 1446407 |
| **Net asset value, offering and redemption price per share** | $1.00 | $11.94 |
| **Open Shares** |  |  |
| Net assets |  | $180822 |
| Shares of capital stock outstanding\* |  | 15153 |
| **Net asset value, offering and redemption price per share** |  | $11.93 |
| **R6 Shares** |  |  |
| Net assets |  |  |
| Shares of capital stock outstanding\* |  |  |
| **Net asset value, offering and redemption price per share** |  |  |
| Cost of unaffiliated issuers | $224931476 | $15043371 |
| Cost of affiliated issuers | $— | $762304 |
| Cost of repurchase agreements | $573842000 | $— |

---

---

| | |
|:---|:---|
| *\** | *$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.*

**28** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| Lazard<br> US High Yield<br> Portfolio |  | Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $123244705 |  | $32618121 |
| 6577445 |  | 3385533 |
| $18.74 |  | $9.63 |
| $2825009 |  | $17444 |
| 150074 |  | 1808 |
| $18.82 |  | $9.65 |
| $12893 |  |  |
| 686 | † |  |
| $18.80 |  |  |
| $122829723 |  | $32194266 |
| $2253644 |  | $98880 |
| $— |  | $— |

---

Annual Financial Statements **29**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard<br> Government<br> Money Market<br> Portfolio (a) | Lazard US<br> Convertibles<br> Portfolio |
| **Investment Income** |  |  |
| Interest | $8186101 | $309844 |
| Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers |  | 97752 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (b) |  | 4906 |
| Total investment income | 8186101 | 412502 |
| **Expenses** |  |  |
| Management fees (Note 3) | 303182 | 93295 |
| Administration fees | 40424 | 27798 |
| Registration fees | 15678 | 33044 |
| Professional services | 6939 | 48362 |
| Custodian fees | 3778 | 41044 |
| Directors' fees and expenses | 1896 | 6138 |
| Shareholders' reports | 1697 | 5200 |
| Shareholders' services | 1623 | 9264 |
| Distribution fees (Open Shares) |  | 420 |
| Other^ | 815 | 5439 |
| Total gross expenses | 376032 | 270004 |
| Management fees waived and expenses reimbursed |  | (152701) |
| Total net expenses | 376032 | 117303 |
| Net investment income (loss) | 7810069 | 295199 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | 1216253 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  | 94214 |
| Total net realized gain (loss) |  | 1310467 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 76577 | 945319 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  | 6565 |
| Total net change in unrealized appreciation (depreciation) | 76577 | 951884 |
| Net realized and unrealized gain (loss) | 76577 | 2262351 |
| Net increase (decrease) in net assets resulting from operations | $7886646 | $2557550 |
| ^ Includes interest on line of credit (Note 6) | $— | $— |

---

*(a)* *The Portfolio commenced operations on October 1, 2025.* 

*(b)* *See Note 5 for information on affiliated issuers.* 

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

**30** Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> US High Yield<br> Portfolio | Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| $7654021 | $1265642 |
| 11407 | 7263 |
| 24223 | 3385 |
| 7689651 | 1276290 |
| 688206 | 79110 |
| 32927 | 21242 |
| 39054 | 39765 |
| 58184 | 48804 |
| 63080 | 15163 |
| 15303 | 7583 |
| 20209 | 6316 |
| 17784 | 10495 |
| 6930 | 44 |
| 13430 | 6308 |
| 955107 | 234830 |
| (258313) | (107825) |
| 696794 | 127005 |
| 6992857 | 1149285 |
| 167969 | 186176 |
| 167969 | 186176 |
| 5115640 | 126271 |
| 5115640 | 126271 |
| 5283609 | 312447 |
| $12276466 | $1461732 |
| $207 | $— |

---

Annual Financial Statements **31**

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

------

---

| | |
|:---|:---|
|  | Lazard<br> Government<br> Money Market<br> Portfolio |
|  | Period Ended<br> December 31,<br> 2025 (a) |
| **Increase (Decrease) in Net Assets From** |  |
| **Operations** |  |
| Net investment income (loss) | $7810069 |
| Net realized gain (loss) |  |
| Net change in unrealized appreciation (depreciation) | 76577 |
| Net increase (decrease) in net assets resulting from operations | 7886646 |
| **Distributions to shareholders (Note 2(g))** |  |
| Net investment income and/or net realized gains |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (7810069) |
| &nbsp;&nbsp;&nbsp;Open Shares |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |
| Net decrease in net assets resulting from distributions | (7810069) |
| **Capital stock transactions** |  |
| Net proceeds from sales |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 2696469123 |
| &nbsp;&nbsp;&nbsp;Open Shares |  |
| Net proceeds from reinvestment of distributions |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 7810069 |
| &nbsp;&nbsp;&nbsp;Open Shares |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |
| Cost of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1905539313) |
| &nbsp;&nbsp;&nbsp;Open Shares |  |
| Net increase (decrease) in net assets from capital stock transactions | 798739879 |
| Total increase (decrease) in net assets | 798816456 |
| Net assets at beginning of period |  |
| Net assets at end of period | $798816456 |

---

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

**32** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US High Yield<br> Portfolio | Lazard<br> US High Yield<br> Portfolio | Lazard<br> US Short Duration<br> Fixed Income<br> Portfolio | Lazard<br> US Short Duration<br> Fixed Income<br> Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| $295199 | $249253 | $6992857 | $8032265 | $1149285 | $1266080 |
| 1310467 | 293672 | 167969 | (3451552) | 186176 | 277495 |
| 951884 | 115466 | 5115640 | 4197418 | 126271 | (178523) |
| 2557550 | 658391 | 12276466 | 8778131 | 1461732 | 1365052 |
| (1161816) | (262142) | (6869971) | (7946751) | (1149928) | (1265814) |
| (11981) | (3170) | (148611) | (142376) | (585) | (631) |
|  |  | (688) | (575) |  |  |
| (1173797) | (265312) | (7019270) | (8089702) | (1150513) | (1266445) |
| 3107061 | 3156985 | 22525658 | 9551694 | 3218045 | 7491386 |
| 7500 | 23605 | 389716 | 14539 | 222 | 1001 |
| 1161429 | 262142 | 6788632 | 7844390 | 1149598 | 1260748 |
| 11982 | 3170 | 137510 | 134336 | 585 | 631 |
|  |  | 688 | 575 |  |  |
| (1222473) | (66248) | (33096121) | (66477399) | (5358961) | (5914228) |
| (10009) | (50997) | (435258) | (580777) | (1185) | (3947) |
| 3055490 | 3328657 | (3689175) | (49512642) | (991696) | 2835591 |
| 4439243 | 3721736 | 1568021 | (48824213) | (680477) | 2934198 |
| 13007916 | 9286180 | 124514586 | 173338799 | 33316042 | 30381844 |
| $17447159 | $13007916 | $126082607 | $124514586 | $32635565 | $33316042 |

---

Annual Financial Statements **33**

------

---

| | |
|:---|:---|
|  | Lazard<br> Government<br> Money Market<br> Portfolio |
|  | Period Ended<br> December 31,<br> 2025 (a) |
| **Shares issued and redeemed** |  |
| **Institutional Shares** |  |
| Shares outstanding at beginning of period |  |
| Shares sold | 2696462934 |
| Shares issued to shareholders from reinvestment of distributions | 7816257 |
| Shares redeemed | (1905539312) |
| Net increase (decrease) | 798739879 |
| Shares outstanding at end of period | 798739879 |
| **Open Shares** |  |
| Shares outstanding at beginning of period |  |
| Shares sold |  |
| Shares issued to shareholders from reinvestment of distributions |  |
| Shares redeemed |  |
| Net increase (decrease) |  |
| Shares outstanding at end of period |  |
| **R6 Shares** |  |
| Shares outstanding at beginning of period |  |
| Shares issued to shareholders from reinvestment of distributions |  |
| Net increase |  |
| Shares outstanding at end of period |  |

---

*(a)* *The Portfolio commenced operations on October 1, 2025.* 

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

**34** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US Convertibles<br> Portfolio | Lazard<br> US High Yield<br> Portfolio | Lazard<br> US High Yield<br> Portfolio | Lazard<br> US Short Duration<br> Fixed Income<br> Portfolio | Lazard<br> US Short Duration<br> Fixed Income<br> Portfolio |
| Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2025 | Year Ended<br> December 31,<br> 2024 |
| 1172129 | 855258 | 6793964 | 9501245 | 3489848 | 3192502 |
| 289385 | 298674 | 1229145 | 533369 | 335757 | 788819 |
| 98864 | 24397 | 369588 | 437873 | 119613 | 132602 |
| (113971) | (6200) | (1815252) | (3678523) | (559685) | (624075) |
| 274278 | 316871 | (216519) | (2707281) | (104315) | 297346 |
| 1446407 | 1172129 | 6577445 | 6793964 | 3385533 | 3489848 |
| 14351 | 16707 | 144808 | 168715 | 1848 | 2091 |
| 682 | 2143 | 21370 | 810 | 23 | 106 |
| 1019 | 296 | 7452 | 7462 | 61 | 66 |
| (899) | (4795) | (23556) | (32179) | (124) | (415) |
| 802 | (2356) | 5266 | (23907) | (40) | (243) |
| 15153 | 14351 | 150074 | 144808 | 1808 | 1848 |
|  |  | 649 | 617 |  |  |
|  |  | 37 | 32 |  |  |
|  |  | 37 | 32 |  |  |
|  |  | 686 | 649 |  |  |

---

Annual Financial Statements **35**

**The Lazard Funds, Inc.** Financial Highlights

------

LAZARD GOVERNMENT MONEY MARKET PORTFOLIO

---

| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding<br> throughout each period | For the Period<br> 10/1/25\* to<br> 12/31/25 |
| **Institutional Shares** |  |
| &nbsp;&nbsp;&nbsp;Net asset value, beginning of period | $1.00 |
| &nbsp;&nbsp;&nbsp;Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | — (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.01 |
| &nbsp;&nbsp;&nbsp;Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.01) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $1.00 |
| **Total Return** (c) | 0.96% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $798816 |
| Ratios to average net assets (d): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.18% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.86% |

---

\* The Portfolio commenced operations on October 1, 2025.

(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. 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.*

**36** Annual Financial Statements

------

LAZARD US CONVERTIBLES PORTFOLIO

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | For the Period<br> 12/30/22\* to |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 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) | 0.22 | 0.23 | 0.27 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.60 | 0.32 | 0.74 | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.82 | 0.55 | 1.01 | 0.04 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.24) | (0.26) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) | — (b) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.84) | (0.24) | (0.40) |  |
| Net asset value, end of period | $11.94 | $10.96 | $10.65 | $10.04 |
| **Total Return** (c) | 16.94% | 5.25% | 10.18% | 0.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $17266 | $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 | 1.71% | 1.86% | 4.59% | 3.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.90% | 2.11% | 2.55% | -0.75% |
| Portfolio turnover rate | 51% | 38% | 22% | 0% |

---

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

Annual Financial Statements **37**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | For the Period<br> 12/30/22\* to |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 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) | 0.19 | 0.20 | 0.24 | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.59 | 0.33 | 0.75 | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.78 | 0.53 | 0.99 | 0.04 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.21) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.62) | — (b) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.82) | (0.21) | (0.38) |  |
| Net asset value, end of period | $11.93 | $10.97 | $10.65 | $10.04 |
| **Total Return** (c) | 16.51% | 5.08% | 9.91% | 0.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $181 | $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 | 4.47% | 4.97% | 6.63% | 18.24% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.65% | 1.85% | 2.32% | -1.00% |
| Portfolio turnover rate | 51% | 38% | 22% | 0% |

---

\* The Portfolio commenced operations on December 30, 2022.

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

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

(c) Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C 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.*

**38** Annual Financial Statements

------

LAZARD US HIGH YIELD PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $17.94 | $17.92 | $16.93 | $19.63 | $19.80 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 1.02 | 0.90 | 0.76 | 0.72 | 0.72 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.81 | 0.03 | 1.00 | (2.69) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.83 | 0.93 | 1.76 | (1.97) | 0.55 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.03) | (0.91) | (0.77) | (0.73) | (0.72) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.03) | (0.91) | (0.77) | (0.73) | (0.72) |
| Net asset value, end of period | $18.74 | $17.94 | $17.92 | $16.93 | $19.63 |
| **Total Return** (b) | 10.46% | 5.31% | 10.65% | -10.11% | 2.86% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $123245 | $121893 | $170290 | $222884 | $299518 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.75% | 0.73% | 0.70% | 0.70% | 0.66% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.59% | 5.00% | 4.40% | 4.06% | 3.64% |
| Portfolio turnover rate | 14% | 49% | 26% | 7% | 30% |

---

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

Annual Financial Statements **39**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.02 | $18.00 | $17.01 | $19.72 | $19.90 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.98 | 0.86 | 0.72 | 0.68 | 0.67 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.81 | 0.03 | 1.00 | (2.70) | (0.17) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.79 | 0.89 | 1.72 | (2.02) | 0.50 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.99) | (0.87) | (0.73) | (0.69) | (0.68) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.99) | (0.87) | (0.73) | (0.69) | (0.68) |
| Net asset value, end of period | $18.82 | $18.02 | $18.00 | $17.01 | $19.72 |
| **Total Return** (b) | 10.17% | 5.05% | 10.35% | -10.32% | 2.55% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2825 | $2610 | $3038 | $2935 | $3423 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.13% | 1.11% | 1.08% | 1.06% | 1.00% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.34% | 4.78% | 4.16% | 3.81% | 3.39% |
| Portfolio turnover rate | 14% | 49% | 26% | 7% | 30% |

---

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

**40** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.00 | $17.98 | $16.99 | $19.69 | $19.88 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 1.03 | 0.90 | 0.77 | 0.77 | 0.73 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.80 | 0.03 | 0.99 | (2.72) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.83 | 0.93 | 1.76 | (1.95) | 0.55 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.03) | (0.91) | (0.77) | (0.75) | (0.74) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.03) | (0.91) | (0.77) | (0.75) | (0.74) |
| Net asset value, end of period | $18.80 | $18.00 | $17.98 | $16.99 | $19.69 |
| **Total Return** (b) | 10.46% | 5.30% | 10.65% | -9.98% | 2.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $13 | $12 | $11 | $1 | $1 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 25.46% | 28.79% | 38.30% | 241.56% | 231.95% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.60% | 5.04% | 4.47% | 4.30% | 3.66% |
| Portfolio turnover rate | 14% | 49% | 26% | 7% | 30% |

---

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

(b) Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.

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

Annual Financial Statements **41**

------

LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.54 | $9.51 | $9.44 | $9.83 | $9.89 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.35 | 0.36 | 0.31 | 0.12 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.09 | 0.03 | 0.08 | (0.38) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.39 | 0.39 | (0.26) | (0.04) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.36) | (0.32) | (0.13) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.36) | (0.32) | (0.13) | (0.02) |
| Net asset value, end of period | $9.63 | $9.54 | $9.51 | $9.44 | $9.83 |
| **Total Return** (b) | 4.67% | 4.21% | 4.26% | -2.68% | -0.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $32618 | $33298 | $30362 | $58574 | $79247 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.40% | 0.40% | 0.40% | 0.40% | 0.36% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.73% | 0.74% | 0.66% | 0.51% | 0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.63% | 3.81% | 3.28% | 1.28% | 0.22% |
| Portfolio turnover rate | 164% | 276% | 259% | 135% | 100% |

---

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

**42** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.55 | $9.52 | $9.45 | $9.84 | $9.90 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.33 | 0.34 | 0.31 | 0.10 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.10 | 0.03 | 0.06 | (0.38) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 0.37 | 0.37 | (0.28) | (0.05) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.34) | (0.30) | (0.11) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.34) | (0.30) | (0.11) | (0.01) |
| Net asset value, end of period | $9.65 | $9.55 | $9.52 | $9.45 | $9.84 |
| **Total Return** (b) | 4.53% | 3.95% | 3.98% | -2.89% | -0.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $17 | $18 | $20 | $17 | $22 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.65% | 0.65% | 0.65% | 0.62% | 0.48% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 26.69% | 29.08% | 29.63% | 28.11% | 18.10% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.39% | 3.56% | 3.24% | 1.06% | 0.12% |
| Portfolio turnover rate | 164% | 276% | 259% | 135% | 100% |

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

(b) Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.

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

Annual Financial Statements **43**

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2025

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2025, the Fund was comprised of twenty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of certain Portfolios. 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 certain Portfolios offer Open Shares and 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 with certain exceptions which are applicable to Government Money Market's operation as a "money market fund" pursuant to Rule 2a-7 under the 1940 Act. Specifically, Government Money Market seeks to maintain a stable NAV per share of $1.00 based on the amortized cost method of valuation. This method involves valuing an instrument at its cost and thereafter applying a constant amortization to maturity of any discount or premium, rather than at it's current market value. Under 2a-7 the fund has to be monitored to ensure that amortized cost does not materially diverge from market value.

*(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,

**44** Annual Financial Statements

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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, rights and warrants, and exchange-traded funds, are valued at the last reported sales price (for U.S. listed equity securities) or the closing price (for non-U.S. 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. Repurchase agreements are valued at amortized cost which approximates fair value.

Trading on certain non-U.S. 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-U.S. 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 its Valuation and Liquidity Committee, which may evaluate a variety of

Annual Financial Statements **45**

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factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

*(b) Portfolio Securities Transactions and Investment Income*—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Interest income is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method and mortgage-backed securities using the level yield method.

A Portfolio may be subject to taxes imposed by non-U.S. 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) 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

**46** Annual Financial Statements

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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 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 year ended December 31, 2025, US Convertibles traded in futures contracts.

*(d) 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

Annual Financial Statements **47**

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counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. The change in value, if any, on swap agreements is recorded as unrealized appreciation (depreciation) on swap agreements in a Portfolio's accompanying Statement of Assets and Liabilities. Once the interim payments are settled in cash, the net amount is recorded as realized gain (loss) on swap agreements in a Portfolio's accompanying Statement of Operations, in addition to any realized gain (loss) recorded upon the termination of swap agreements.

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 year ended December 31, 2025, none of the Portfolios traded in swap agreements.

*(e) Options*—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

**48** Annual Financial Statements

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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 year ended December 31, 2025, none of the Portfolios traded in options.

*(f) 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, 2025, 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 High Yield | $(4635215) | $(22138094) |
| US Short Duration Fixed Income | (2213240) | (481281) |

---

During the year ended December 31, 2025, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| US High Yield | $174340 |
| US Short Duration Fixed Income | 152155 |

---

Annual Financial Statements **49**

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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, 2025, 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) |
| Government Money Market | $798773476 | $76607 | $30 | $76577 |
| US Convertibles | 15812022 | 2230367 | 623463 | 1606904 |
| US High Yield | 125185199 | 1593396 | 2497102 | (903706) |
| US Short Duration Fixed Income | 32293146 | 196019 | 49223 | 146796 |

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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 U.S. 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.

*(g) Dividends and Distributions*—For Government Money Market, 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

**50** Annual Financial Statements

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least annually, to shareholders, but may be distributed more frequently in connection with income distributions. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency and fixed-income transactions, distribution redesignations, certain fixed-income securities and expenses, derivatives, wash sales, return of capital distributions, capital loss carryforwards, deemed dividends and paydown gain/loss.

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Paid in Capital | Distributable<br> Earnings<br> (Accumulated Loss) |
| US Convertibles | $47696 | $(47696) |
| US High Yield | 9 | (9) |
| US Short Duration Fixed Income | 29 | (29) |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term<br> Capital Gain | Long-Term<br> Capital Gain |
| &nbsp;&nbsp;Portfolio | 2025 | 2024 | 2025 | 2024 |
| Government Money Market | $7810069 | $— | $— | $— |
| US Convertibles | 307462 | 263009 | 866335 | 2303 |
| US High Yield | 7019270 | 8089702 |  |  |
| US Short Duration Fixed Income | 1150513 | 1266445 |  |  |

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Annual Financial Statements **51**

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At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br> Ordinary<br> Income/Deferred<br> Ordinary Losses | Undistributed<br> Long-Term<br> Capital Gain/<br> Deferred<br> Capital Losses | Net Unrealized<br> Appreciation<br> (Depreciation)<br> Including<br> Foreign Currency |
| Government Money Market | $— | $— | $76577 |
| US Convertibles | 449120 | 151325 | 1606904 |
| US High Yield | 12119 | (26773309) | (903706) |
| US Short Duration Fixed Income | 13892 | (2694521) | 144774 |

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*(h) Allocation of Expenses*—Expenses common to the Fund, Lazard Active ETF Trust, 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 (if applicable) based upon the relative net assets of each class.

*(i) 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.

*(j) 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

**52** Annual Financial Statements

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disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The 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.

*(k) Repurchase Agreements*—Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain eligible collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared repurchase agreements, a third-party custodian maintains accounts to hold collateral for a portfolio and its counterparties. Typically, a portfolio and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the portfolio, respectively. The Portfolio's, along with other registered investment companies advised by the Investment Manager, may transfer uninvested cash into a single joint trading account which is then invested in one or more repurchase agreements.

During the year ended December 31, 2025, Lazard Government money market Fund entered into Repurchase agreements.

**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 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

Annual Financial Statements **53**

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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 |
| Government Money Market | 0.15% |
| 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 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 may invest in other investment companies managed by the Investment Manager. The Fund deducts any fees charged by such investment company from the payment to be made to the Investment Manager under the Management Agreement. 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 |
| Government Money Market (a) | 0.25% | N/A% | N/A% |
| US Convertibles | 0.75 | 1.00 | N/A |
| US High Yield (b) | 0.55 | 0.80 | 0.55 |
| US Short Duration Fixed Income (c) | 0.40 | 0.65 | N/A |

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*(a)* *This agreement will continue in effect until September 30, 2027.* 

*(b)* *This agreement will continue in effect until May 1, 2035 for R6 Shares.* 

*(c)* *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

**54** Annual Financial Statements

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Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess. Further, the Investment Manager will bear the daily expenses incurred in excess of any income produced for US Short Duration Fixed Income.

During the year ended December 31, 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 | $92288 | $54597 | $1007 | $4809 |
| US High Yield | 246064 |  | 9203 |  |
| US Short Duration Fixed Income | 79067 | 24273 | 43 | 4442 |

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| US High Yield | $67 | $2979 |

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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

Annual Financial Statements **55**

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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.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| US Convertibles | $9215201 | $7541250 |
| US High Yield | 17521778 | 21624929 |
| US Short Duration Fixed Income | 5323127 | 5003367 |

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| | | |
|:---|:---|:---|
|  | U.S. Government and Treasury Securities | U.S. Government and Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| US Short Duration Fixed Income | $45811239 | $45465460 |

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At December 31, 2025, the Investment Manager and the Lazard Fund Complex collectively owned 99.99% and 39.01% of the outstanding shares of Government Money Market and US Convertibles respectively.

For the year ended December 31, 2025, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under

**56** Annual Financial Statements

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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.

A summary of the Fund's transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Value at<br> December 31, <br> 2024 | Purchase<br> cost | Sales<br> proceeds | Dividend <br> Income | Shares at<br> December 31, <br> 2025 | Values at<br> December 31,<br> 2025 |
| **US Convertibles** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $1296115 | $(533811) | $4906 | 762304 | $762304 |
| **US High Yield** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $8547079 | $(6293435) | $24223 | 2253644 | $2253644 |
| **US Short Duration Fixed Income** | **US Short Duration Fixed Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $7562408 | $(7463528) | $3385 | 98880 | $98880 |

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**6. Line of Credit**

The Fund had a $100 million committed line of credit (the "Line of Credit") 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 terms of the Line of Credit, 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. Costs for the unused portion of the commitment and the upfront fee are allocated among the Funds and among their Portfolios primarily on the basis of relative net

Annual Financial Statements **57**

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assets. During the year ended December 31, 2025, the following Portfolios had borrowings under the Line of Credit 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 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 Line of Credit 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 Line of Credit, 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

**58** Annual Financial Statements

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public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

*(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's investments in lower-rated, higher-yielding securities ("junk bonds") are subject to greater credit risk than its

Annual Financial Statements **59**

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higher-rated investments. Credit risk is the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security's value could fall, potentially lowering a Portfolio's share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline.

Some debt securities may give the issuer the option to call, or redeem, the securities before their maturity, and during a time of declining interest rates, a Portfolio may have to reinvest the proceeds of called or redeemed securities in an investment offering a lower yield (and the Portfolio may not fully benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates, 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.

**60** Annual Financial Statements

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*(c) Non-U.S. Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, or problems related to share registration, trade settlement or asset custody, 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 U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollars may experience a decline in value, in U.S. 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 U.S. 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

Annual Financial Statements **61**

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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 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,

**62** Annual Financial Statements

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particularly since most derivatives have a leverage component that provides investment exposure in excess of the amount invested, and they are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related reference asset, market or rate. As such, a small investment could have a potentially large impact on a Portfolio's performance. Use of derivatives transactions may cause a Portfolio to experience losses greater than if a Portfolio had not engaged in such transactions.

*(g) Mortgage-Related and Asset-Backed Securities Risk*—Mortgage-related securities are complex instruments, subject to both credit and prepayment risk, and may be more volatile and less liquid, and more difficult to price accurately, than more traditional debt securities. Mortgage-related securities generally are subject to credit risks associated with the performance of the underlying mortgage properties. Prepayment risk can lead to fluctuations in value of the mortgage-related security which may be pronounced. As with other interest-bearing securities, the prices of certain mortgage-related securities are inversely affected by changes in interest rates. However, although the value of a mortgage-related security may decline when interest rates rise, the converse is not necessarily true, since during periods of declining interest rates the mortgages underlying the security are more likely to be prepaid.

The risks of asset-backed securities are similar to those of mortgage-related securities. However, asset-backed securities present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide a Portfolio with a less effective security interest in the related collateral than do mortgage-related securities.

*(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.

Annual Financial Statements **63**

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&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.

· 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 U.S.
 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 U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. 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 U.S. government or its agencies or instrumentalities of a security held by a Portfolio does not apply to

**64** Annual Financial Statements

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the market value of such security or to shares of the Portfolio itself. A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

*(j) Repurchase Agreements Risk*—The Portfolio may enter into certain types of repurchase agreements. Under a repurchase agreement, the seller agrees to repurchase a security (typically a security issued or guaranteed by the U.S. Government) at a mutually agreed upon time and price. This is intended to insulate the Portfolio from changes in the market value of the security during the period. Repurchase agreements carry certain risks not associated with direct investments in securities, including a possible decline in the market value of the underlying obligations. If their value becomes less than the repurchase price, plus any agreed-upon additional amount, the counterparty must provide additional collateral so that at all times the collateral is at least equal to the repurchase price plus any agreed-upon additional amount. If the seller or guarantor becomes insolvent, the Portfolio may suffer delays, costs and possible losses in connection with the disposition of collateral.

*(k) Stable Net Asset Value Risk*—There is no assurance that the Lazard Government Money Market Portfolio will meet its investment objective of maintaining a net asset value ("NAV") of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Portfolio's affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Portfolio maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Portfolio, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.

*(l) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks

Annual Financial Statements **65**

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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. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. 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.

**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

**66** Annual Financial Statements

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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)

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.

Annual Financial Statements **67**

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The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 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> December 31, 2025 |
| **Government Money Market Portfolio** |  |  |  |  |
| U.S. Government Securities | $— | $110858825 | $— | $110858825 |
| U.S. Treasury Securities |  | 114149229 |  | 114149229 |
| Repurchase Agreements |  | 573842000 |  | 573842000 |
| Total | $— | $798850054 | $— | $798850054 |
| **US Convertibles Portfolio** |  |  |  |  |
| Assets: |  |  |  |  |
| Convertible Corporate Bonds\* | $— | $14778601 | $— | $14778601 |
| Preferred Stocks\* | 1878021 |  |  | 1878021 |
| Short-Term Investments | 762304 |  |  | 762304 |
| Total | $2640325 | $14778601 | $— | $17418926 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | $(13473) | $— | $— | $(13473) |
| **US High Yield Portfolio** |  |  |  |  |
| Corporate Bonds\* | $— | $122027849 | $— | $122027849 |
| Short-Term Investments | 2253644 |  |  | 2253644 |
| Total | $2253644 | $122027849 | $— | $124281493 |
| **US Short Duration Fixed Income Portfolio** |  |  |  |  |
| Asset-Backed Securities | $— | $1723056 | $— | $1723056 |
| Corporate Bonds\* |  | 10881238 |  | 10881238 |
| Mortgage-Backed Securities |  | 1417461 |  | 1417461 |
| U.S. Treasury Securities |  | 18319307 |  | 18319307 |
| Short-Term Investments | 98880 |  |  | 98880 |
| Total | $98880 | $32341062 | $— | $32439942 |

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| | |
|:---|:---|
| *\** | *Portfolio holdings are disclosed on an individual basis in the Portfolio of Investments.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

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Certain Level 2 securities were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural

**68** Annual Financial Statements

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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.

**10. Derivative Instruments**

US Convertibles used derivative instruments, including futures contracts.

US Convertibles futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.

During the year ended December 31, 2025, the approximate average monthly notional exposure for derivative instruments was as follows:

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| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts – long | $1,900,000\* |

---

<br> *\** *Represents average monthly notional exposure for eleven months the derivative instrument was open during the period.*

Annual Financial Statements **69**

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The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Equity<br> Contracts | Interest Rate<br> Contracts | Total |
| Futures contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on futures contracts (a) | $11940 | $1533 | $13473 |

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*(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 year ended December 31, 2025 was:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Interest Rate<br> Contracts | Total |
| Futures contracts | $86294 | $7920 | $94214 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation <br> (Depreciation) on: | Equity<br> Contracts | Interest Rate<br> Contracts | Total |
| Futures contracts | $8098 | $(1533) | $6565 |

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As of December 31, 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.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency.

**70** Annual Financial Statements

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Based on the terms of the MRA, the fund receives collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund's obligation under bankruptcy law to return the excess to the counterparty.

**11. Segment Reporting**

The Fund adopted Financial Accounting Standards Board Accounting Standards Update ("ASU") 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**

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios' financial statements or 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.

Annual Financial Statements **71**

**The Lazard Funds, Inc.**

Report of Independent Registered Public Accounting Firm

To the Shareholders of Lazard Government Money Market Portfolio, Lazard US Convertibles Portfolio, Lazard US High Yield Portfolio, and Lazard US Short Duration Fixed Income Portfolio and the Board of Directors of The Lazard Funds, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Government Money Market Portfolio, Lazard US Convertibles Portfolio, Lazard US High Yield Portfolio, and Lazard US Short Duration Fixed Income Portfolio, (collectively the "Portfolios"), four of the portfolios constituting The Lazard Funds, Inc., including the portfolios of investments, as of December 31, 2025, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for each of the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in**<br> **Net Assets** | **Financial**<br> **Highlights** |
| Lazard Government Money Market Portfolio | For the period from October 1, 2025 (commencement of operations) through December 31, 2025 | For the period from October 1, 2025 (commencement of operations) through December 31, 2025 | For the period from October 1, 2025 (commencement of operations) through December 31, 2025 |
| Lazard US Convertibles Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the three years in the period ended December 31, 2025 and the period from December 30, 2022 (commencement of operations) through December 31, 2022 |
| Lazard US High Yield Portfolio <br> Lazard US Short Duration Fixed Income Portfolio | For the year ended December 31, 2025 | For each of the two years in the period ended December 31, 2025 | For each of the five years in the period ended December 31, 2025 |

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**72** Annual Financial Statements

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**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 26, 2026

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

Annual Financial Statements **73**

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

**Tax Information**

**Year Ended December 31, 2025**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

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

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Government Money Market | —% |
| US Convertibles | 12.99 |
| US High Yield |  |
| US Short Duration Fixed Income |  |

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

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Government Money Market | —% |
| US Convertibles | 12.99 |
| US High Yield |  |
| US Short Duration Fixed Income |  |

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Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

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

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term<br> Capital Gains |
| Government Money Market | $— |
| US Convertibles | 866335 |
| US High Yield |  |
| US Short Duration Fixed Income |  |

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**74** Annual Financial Statements

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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.

Annual Financial Statements **75**

**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 a meeting of the Board held on June 24, 2025 (the "June Meeting"), the Board considered the approval of the Management Agreement between The Lazard Funds, Inc. ("<u>LFI</u>"), on behalf of the Lazard Government Money Market Portfolio (the "Government Money Market Portfolio"), and the Investment Manager. The Independent Directors were assisted in their review by independent legal counsel, who advised the Board on relevant legal standards and met with the Independent Directors in an executive session separate from representatives of the Investment Manager.

Representatives of the Investment Manager discussed with the Board the Investment Manager's written materials provided in advance of the meeting relating to the organization of the Government Money Market Portfolio. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board's consideration of the renewal of the Management Agreement between LFI, on behalf of its existing Portfolios, and the Investment Manager at the June Meeting and the Board meeting held on May 20, 2025.

<u>Services Provided</u>

The Investment Manager's materials addressed, among other matters, the nature, extent and quality of services that the Investment Manager would provide to the Government Money Market Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 29 active funds

**76** Annual Financial Statements

------

comprised approximately $18 billion of the approximately $227.4 billion of total assets under the management of the Investment Manager and its global affiliates as of March 31, 2025). The Board also received a presentation at the June Meeting on the investment strategy to be employed for the Government Money Market Portfolio.

The Board considered the various services to be provided by the Investment Manager, including the Investment Manager's research, portfolio management and trading capabilities and oversight of day-to-day operations, including supervision of fund accounting and administration-related services and assistance in meeting legal and regulatory requirements, as well as regular reporting to, and support of, the Board. The Investment Manager's representatives stated that the Investment Manager believes that the Government Money Market Portfolio and its shareholders will be able to obtain significant benefits as a result of the resources and support of the Investment Manager's global research, portfolio management, trading, operations, risk management, technology and legal and compliance infrastructure. The Board also considered information provided by the Investment Manager regarding its resources relevant to providing services pursuant to the Management Agreement; the qualifications, experience and other information regarding senior management and key professional personnel responsible for providing services to the Government Money Market Portfolio; trends in recent years in the number of personnel involved in providing services to LFI's Portfolios and the adequacy of the Investment Manager's staffing to provide services pursuant to the Management Agreement; the distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activities on behalf of LFI's Portfolios, which would include the Government Money Market Portfolio; and the Investment Manager's financial condition. The Board accepted the assertion of representatives of the Investment Manager that the Government Money Market Portfolio would be expected to benefit from the services and infrastructure provided by the Investment Manager and that such services and infrastructure would be greater than those typically provided to a $18 billion fund complex not managed by a large, global firm such as the Investment Manager.

Annual Financial Statements **77**

------

<u>Comparative Fee, Expense Ratio and Performance Information</u>

*ISS Advisory Fee and Expense Ratio Comparisons.* The Board reviewed information prepared by Institutional Shareholder Services, Inc. ("<u>ISS</u>"), an independent provider of investment company data, including, among other information, the Government Money Market Portfolio's proposed contractual advisory fee (*i.e.*, without giving effect to any fee waivers) and net expense ratio (*i.e.,* after giving effect to the Government Money Market Portfolio's expense limitation agreed to by the Investment Manager) compared to those of a group of funds not advised by the Investment Manager selected by ISS as comparable, for expense comparison purposes, to the Government Money Market Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by ISS (the "<u>Expense Peer Group</u>"<sup>1</sup>). The Board considered the comparisons and additional perspectives in information prepared by, and in discussions with, representatives of the Investment Manager. The results of the ISS comparisons showed that the advisory fee and net expense ratio of the Government Money Market Portfolio were generally competitive within the Expense Peer Group.

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

<u>Investment Manager Profitability and Economies of Scale</u>

Representatives of the Investment Manager noted that because the Government Money Market Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the Government Money Market Portfolio's assets was uncertain, specific information concerning the cost of services to be provided to the Government Money Market Portfolio and the estimated profitability percentage of the Management Agreement with LFI, on behalf of the Government Money Market Portfolio, to the

---

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

---

**78** Annual Financial Statements

------

Investment Manager and its affiliates from their relationships with the Government Money Market Portfolio and economies of scale would be subject to a number of assumptions and would be speculative and not meaningful. The Investment Manager representatives stated that they did not expect the Investment Manager to realize any current profits on the Government Money Market Portfolio initially, noting the Investment Manager's agreement to waive its fees and/or reimburse expenses of the Government Money Market Portfolio for at least two years following the Government Money Market Portfolio's commencement of operations to maintain the expense ratio reflected in the materials presented to the Board. The Board determined to revisit this issue no later than when it next reviewed the advisory fee in connection with the renewal of the Management Agreement with LFI, on behalf of the Government Money Market Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager's brokerage practices. The Investment Manager's representatives stated that neither the Investment Manager nor its affiliates were expected to receive any significant ancillary benefits from the Investment Manager acting as investment manager to the Government Money Market Portfolio. The representatives of the Investment Manager stated that the Investment Manager intends to support distribution relationships through direct payments from its or its affiliates' own resources to third parties in connection with distribution and shareholder servicing and/or administrative and recordkeeping services, and noted that the Government Money Market Portfolio would not bear any related costs other than the 0.25% 12b-1 fee pursuant to the Distribution and Servicing Plan adopted for the Government Money Market Portfolio's Open Shares.

<u>Conclusions and Determinations</u>

At the conclusion of these discussions, the Board members expressed the opinion that they had been furnished with such information as may reasonably be necessary to make an informed business decision with respect to the evaluation of the Management Agreement with LFI, on behalf of the Government Money Market Portfolio. In evaluating the Management

Annual Financial Statements **79**

------

Agreement with LFI, on behalf of the Government Money Market Portfolio, the Board relied on the information described above as well as other information provided by the Investment Manager. The Board members also relied on their previous knowledge, gained through meetings and other interactions with the Investment Manager, of the Investment Manager and the services provided to LFI by the Investment Manager. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

• The Board concluded that the nature, extent and quality of the services to be provided by the Investment
 Manager are adequate and appropriate, noting the benefits of the significant services and infrastructure associated with an
 approximately $227.4 billion global asset management business.

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

• The Board recognized that potential economies of scale may be realized, particularly as the assets of the Government Money
 Market Portfolio 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 with LFI, on behalf of the Government Money Market Portfolio. In deciding whether to vote to approve the Management Agreement with LFI, on behalf of the Government Money Market 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.

**80** Annual Financial Statements

------

**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, Registrar 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

![](x8_c114845x84x1m2m4.jpg)

![](x8_c114845x84x2m2m4.jpg)

---

| | |
|:---|:---|
| 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 | ![](x8_c114845x84x3m2m4.jpg) |

---

![](x8_c110846x1x1m3m4.jpg)

Lazard Funds

Annual Financial Statements

December 31, 2025

Multi-Asset Funds

Lazard Enhanced Opportunities Portfolio

Lazard Opportunistic Strategies Portfolio

Lazard Real Assets Portfolio

**The Lazard Funds, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| **2** | [**Portfolios of Investments (N-CSR Item 7)**](#xx8xc115846a001xm3xm4) |
| 2 | [Lazard Enhanced Opportunities Portfolio](#xx8xc115846a002xm3xm4) |
| 31 | [Lazard Opportunistic Strategies Portfolio](#xx8xc115846a003xm3xm4) |
| 35 | [Lazard Real Assets Portfolio](#xx8xc115846a004xm3xm4) |
| **45** | [**Abbreviations (N-CSR Item 7)**](#xx8xc115846a005xm3xm4) |
| **46** | [**Statements of Assets and Liabilities (N-CSR Item 7)**](#xx8xc115846a006xm3xm4) |
| **50** | [**Statements of Operations (N-CSR Item 7)**](#xx8xc115846a007xm3xm4) |
| **52** | [**Statements of Changes in Net Assets (N-CSR Item 7)**](#xx8xc115846a008xm3xm4) |
| **56** | [**Financial Highlights (N-CSR Item 7)**](#xx8xc115846a009xm3xm4) |
| **65** | [**Notes to Financial Statements (N-CSR Item 7)**](#xx8xc115846a010xm3xm4) |
| **103** | [**Report of Independent Registered Public Accounting Firm**](#xx8xc115846a011xm3xm4) |
| **105** | [**Tax and Other Information (unaudited)**](#xx8xc115846a012xm3xm4) |
| **108** | [**Additional Information (unaudited) (N-CSR Items 8-11)**](#xx8xc115846a013xm3xm4) |

---

**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.**

Annual Financial Statements **1**

**The Lazard Funds, Inc.** Portfolios of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio** |  |  |
| **Common Stocks \| 0.6%** |  |  |
| **China \| 0.0%** |  |  |
| indie Semiconductor, Inc., Class A (\*), (±) | 1638 | $5782 |
| Silvercorp Metals, Inc. (±) | 93 | 776 |
|  |  | 6558 |
| **Luxembourg \| 0.0%** |  |  |
| Vinty Holding 5 SA (\*), (¢) | 20125249 | 20125 |
| **Netherlands \| 0.2%** |  |  |
| Nebius Group NV (\*) | 1249 | 104548 |
| **United States \| 0.4%** |  |  |
| ADTRAN Holdings, Inc. (\*), (±) | 128 | 1112 |
| Akamai Technologies, Inc. (\*) | 47 | 4101 |
| ANI Pharmaceuticals, Inc. (\*), (±) | 8 | 632 |
| Applied Digital Corp. (\*), (±) | 508 | 12456 |
| Applied Optoelectronics, Inc. (\*), (±) | 2 | 70 |
| AST SpaceMobile, Inc. (\*), (±) | 87 | 6319 |
| Aurora Innovation, Inc. (\*) | 168 | 645 |
| BigBear.ai Holdings, Inc. (\*), (±) | 305 | 1647 |
| Bill Holdings, Inc. (\*) | 159 | 8672 |
| Box, Inc., Class A (\*), (±) | 160 | 4786 |
| Cipher Mining, Inc. (\*), (±) | 299 | 4413 |
| Cleanspark, Inc. (\*) | 28 | 283 |
| Coinbase Global, Inc., Class A (\*), (±) | 205 | 46359 |
| CoreWeave, Inc., Class A (±) | 277 | 19836 |
| Enovis Corp. (\*), (±) | 10 | 267 |
| Eos Energy Enterprises, Inc. (\*), (±) | 183 | 2097 |
| Galaxy Digital, Inc., Class A (\*), (±) | 576 | 12879 |
| GameStop Corp., Class A (\*), (±) | 742 | 14899 |
| Herbalife Ltd. (\*), (±) | 81 | 1044 |
| Lantheus Holdings, Inc. (\*), (±) | 242 | 16105 |
| Lucid Group, Inc. (\*), (±) | 1798 | 19005 |
| Match Group, Inc. (±) | 190 | 6135 |

---

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

**2** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| ON Semiconductor Corp. (\*) | 300 | $16245 |
| Opendoor Technologies, Inc. (\*), (±) | 65 | 379 |
| Peloton Interactive, Inc., Class A (\*) | 296 | 1823 |
| Porch Group, Inc. (\*) | 79 | 721 |
| Riot Platforms, Inc. (\*), (±) | 13 | 165 |
| Rivian Automotive, Inc., Class A (\*), (±) | 39 | 769 |
| Seagate Technology Holdings PLC (±) | 28 | 7711 |
| Shake Shack, Inc., Class A (\*), (±) | 2 | 162 |
| Sirius XM Holdings, Inc. (±) | 795 | 15896 |
| Terawulf, Inc. (\*), (±) | 617 | 7089 |
| WisdomTree, Inc. (±) | 315 | 3840 |
| Xometry, Inc., Class A (\*) | 171 | 10169 |
| Zoetis, Inc. | 111 | 13966 |
|  |  | 262697 |
| **Total Common Stocks <br> (Cost $925,149)** |  | 393928 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Convertible Corporate Bonds \| 54.3%** |  |  |  |
| **Australia \| 0.3%** |  |  |  |
| IREN Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 07/01/31 (#), (±) | USD | 16 | $11888 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/01/32 (#), (±) | USD | 79 | 73668 |
| &nbsp;&nbsp;&nbsp;Series 33, 1.000%, 06/01/33 (#), (±) | USD | 79 | 74062 |
|  |  |  | 159618 |
| **Canada \| 0.6%** |  |  |  |
| Premium Brands Holdings Corp., <br> 5.500%, 12/31/32 (±) | CAD | 143 | 104394 |
| StorageVault Canada, Inc., <br> 5.000%, 03/31/28 (#), (±) | CAD | 342 | 251264 |
|  |  |  | 355658 |

---

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

Annual Financial Statements **3**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **China \| 2.1%** |  |  |  |
| H World Group Ltd.,<br>3.000%, 05/01/26 (±) | USD | 252 | $321426 |
| indie Semiconductor, Inc.,<br>4.500%, 11/15/27 (#), (±) | USD | 418 | 433549 |
| JD.com, Inc.,<br>0.250%, 06/01/29 (±) | USD | 174 | 174783 |
| Ping An Insurance Group Co. of China Ltd.,<br>0.875%, 07/22/29 (\*\*), (±) | USD | 200 | 325572 |
|  |  |  | 1255330 |
| **Israel \| 0.4%** |  |  |  |
| Camtek Ltd.,<br>0.000%, 09/15/30 (#), (±) | USD | 17 | 19677 |
| Check Point Software Technologies Ltd.,<br>0.000%, 12/15/30 (#), (±) | USD | 200 | 199700 |
| Wix.com Ltd.,<br>0.000%, 09/15/30 (#), (±) | USD | 21 | 18606 |
|  |  |  | 237983 |
| **Netherlands \| 0.8%** |  |  |  |
| Nebius Group NV,<br>3.000%, 06/05/31 (#), (±) | USD | 96 | 177760 |
| Pharming Group NV,<br>4.500%, 04/25/29 (\*\*), (±) | EUR | 200 | 325495 |
|  |  |  | 503255 |
| **United States \| 50.1%** |  |  |  |
| A10 Networks, Inc.,<br>2.750%, 04/01/30 (#), (±) | USD | 20 | 20688 |
| ADTRAN Holdings, Inc.,<br>3.750%, 09/15/30 (#), (±) | USD | 8 | 8648 |
| Affirm Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 11/15/26 (±) | USD | 792 | 764280 |
| &nbsp;&nbsp;&nbsp;0.750%, 12/15/29 (±) | USD | 15 | 16646 |
| Akamai Technologies, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 09/01/27 (±) | USD | 102 | 102510 |
| &nbsp;&nbsp;&nbsp;1.125%, 02/15/29 (±) | USD | 129 | 127775 |
| &nbsp;&nbsp;&nbsp;0.250%, 05/15/33 (#), (±) | USD | 42 | 46536 |

---

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

**4** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Alphatec Holdings, Inc.,<br>0.750%, 08/01/26 (±) | USD | 281 | $351250 |
| Amphastar Pharmaceuticals, Inc.,<br>2.000%, 03/15/29 (±) | USD | 21 | 19469 |
| Amyris, Inc.,<br>1.500%, 11/15/26 (¢), («) | USD | 938 | 0 |
| Astronics Corp.,<br>0.000%, 01/15/31 (#), (±) | USD | 157 | 184868 |
| Bill Holdings, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 04/01/27 (±) | USD | 59 | 55976 |
| &nbsp;&nbsp;&nbsp;0.000%, 04/01/30 (±) | USD | 876 | 807804 |
| BioMarin Pharmaceutical, Inc.,<br>1.250%, 05/15/27 (±) | USD | 928 | 891251 |
| Bitdeer Technologies Group,<br>4.000%, 11/15/31 (#), (±) | USD | 198 | 183883 |
| Bloom Energy Corp.,<br>3.000%, 06/01/28 (±) | USD | 171 | 796963 |
| Box, Inc.,<br>1.500%, 09/15/29 (±) | USD | 182 | 177450 |
| Bridgebio Pharma, Inc.,<br>2.500%, 03/15/27 (±) | USD | 482 | 910257 |
| Cheesecake Factory, Inc.,<br>0.375%, 06/15/26 (±) | USD | 111 | 109968 |
| Cipher Mining, Inc.,<br>0.000%, 10/01/31 (#), (±) | USD | 86 | 102340 |
| Cleanspark, Inc.,<br>0.000%, 02/15/32 (#), (±) | USD | 16 | 12072 |
| Cloudflare, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 08/15/26 (±) | USD | 411 | 483500 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 (#), (±) | USD | 79 | 86071 |
| Coinbase Global, Inc.,<br>0.500%, 06/01/26 (±) | USD | 231 | 231000 |
| Commvault Systems, Inc.,<br>0.000%, 09/15/30 (#), (±) | USD | 159 | 141033 |
| CONMED Corp.,<br>2.250%, 06/15/27 (±) | USD | 1138 | 1092480 |
| Core Scientific, Inc.,<br>3.000%, 09/01/29 (#), (±) | USD | 245 | 384650 |

---

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

Annual Financial Statements **5**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| CoreWeave, Inc.,<br>1.750%, 12/01/31 (#), (±) | USD | 157 | $148954 |
| Danimer Scientific, Inc.,<br>3.250%, 12/15/26 (¢), («) | USD | 300 | 0 |
| Dexcom, Inc.,<br>0.375%, 05/15/28 (±) | USD | 460 | 423545 |
| DigitalOcean Holdings, Inc.,<br>0.000%, 12/01/26 (±) | USD | 112 | 108265 |
| DraftKings Holdings, Inc.,<br>0.000%, 03/15/28 (±) | USD | 596 | 545578 |
| Dropbox, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 03/01/26 (±) | USD | 934 | 927462 |
| &nbsp;&nbsp;&nbsp;0.000%, 03/01/28 (±) | USD | 228 | 230394 |
| Duke Energy Corp.,<br>4.125%, 04/15/26 (±) | USD | 64 | 66000 |
| Enphase Energy, Inc.,<br>0.000%, 03/01/28 (±) | USD | 67 | 58541 |
| Etsy, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/27 (±) | USD | 399 | 369973 |
| &nbsp;&nbsp;&nbsp;0.250%, 06/15/28 (±) | USD | 990 | 886792 |
| Euronet Worldwide, Inc.,<br>0.625%, 10/01/30 (#), (±) | USD | 41 | 37489 |
| Exact Sciences Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.375%, 03/15/27 (±) | USD | 929 | 971920 |
| &nbsp;&nbsp;&nbsp;0.375%, 03/01/28 (±) | USD | 769 | 790147 |
| Fastly, Inc.,<br>0.000%, 12/15/30 (#), (±) | USD | 40 | 39324 |
| Fisker, Inc.,<br>2.500%, 09/15/26 (#), (±), («) | USD | 772 | 3466 |
| Five9, Inc.,<br>1.000%, 03/15/29 (±) | USD | 706 | 637165 |
| Galaxy Digital Holdings LP: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 12/15/26 (#), (±) | USD | 250 | 270937 |
| &nbsp;&nbsp;&nbsp;2.500%, 12/01/29 (#), (±) | USD | 250 | 316275 |
| GameStop Corp.,<br>0.000%, 06/15/32 (#), (±) | USD | 268 | 262104 |
| Haemonetics Corp.,<br>2.500%, 06/01/29 (±) | USD | 159 | 165471 |

---

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

**6** 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)** |  |  |  |
| Herbalife Ltd.,<br>4.250%, 06/15/28 (±) | USD | 30 | $32535 |
| Hims & Hers Health, Inc.,<br>0.000%, 05/15/30 (#), (±) | USD | 21 | 18155 |
| Impinj, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 05/15/27 (±) | USD | 80 | 130544 |
| &nbsp;&nbsp;&nbsp;0.000%, 09/15/29 (#), (±) | USD | 118 | 121717 |
| Inotiv, Inc.,<br>3.250%, 10/15/27 (±) | USD | 313 | 75903 |
| JBT Marel Corp.,<br>0.250%, 05/15/26 (±) | USD | 179 | 183690 |
| Lantheus Holdings, Inc.,<br>2.625%, 12/15/27 (±) | USD | 129 | 148124 |
| Liberty Interactive LLC: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/29 (±) | USD | 417 | 29165 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/30 (±) | USD | 1074 | 75180 |
| MARA Holdings, Inc.,<br>0.000%, 08/01/32 (#), (±) | USD | 49 | 33423 |
| Marriott Vacations Worldwide Corp.,<br>3.250%, 12/15/27 (±) | USD | 138 | 131445 |
| Match Group Financeco 3, Inc.,<br>2.000%, 01/15/30 (#) | USD | 295 | 265205 |
| MGP Ingredients, Inc.,<br>1.875%, 11/15/41 (±) | USD | 563 | 546110 |
| Microchip Technology, Inc.,<br>0.750%, 06/01/30 (±) | USD | 571 | 561065 |
| Mitek Systems, Inc.,<br>0.750%, 02/01/26 (±) | USD | 665 | 659015 |
| NCL Corp. Ltd.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 02/15/27 (±) | USD | 103 | 103000 |
| &nbsp;&nbsp;&nbsp;0.750%, 09/15/30 (#), (±) | USD | 383 | 371280 |
| Nutanix, Inc.,<br>0.500%, 12/15/29 (±) | USD | 235 | 227245 |
| Oddity Finance LLC,<br>0.000%, 06/15/30 (#), (±) | USD | 76 | 65740 |
| ON Semiconductor Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 05/01/27 (±) | USD | 83 | 99019 |
| &nbsp;&nbsp;&nbsp;0.500%, 03/01/29 (±) | USD | 338 | 320593 |

---

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

Annual Financial Statements **7**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| OSI Systems, Inc.,<br>0.500%, 02/01/31 (#), (±) | USD | 16 | $15771 |
| Pacira BioSciences, Inc.,<br>2.125%, 05/15/29 (±) | USD | 248 | 250015 |
| PagerDuty, Inc.,<br>1.500%, 10/15/28 (±) | USD | 163 | 155746 |
| PAR Technology Corp.,<br>1.500%, 10/15/27 (±) | USD | 309 | 302356 |
| Parsons Corp.,<br>2.625%, 03/01/29 (±) | USD | 243 | 250412 |
| Pebblebrook Hotel Trust,<br>1.750%, 12/15/26 (±) | USD | 161 | 155768 |
| Peloton Interactive, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 02/15/26 (±) | USD | 610 | 603137 |
| &nbsp;&nbsp;&nbsp;5.500%, 12/01/29 (±) | USD | 27 | 45023 |
| Penguin Solutions, Inc.,<br>2.000%, 08/15/30 (±) | USD | 3 | 3062 |
| Pitney Bowes, Inc.,<br>1.500%, 08/15/30 (#), (±) | USD | 59 | 58941 |
| Porch Group, Inc.,<br>6.750%, 10/01/28 (#), (±) | USD | 257 | 258773 |
| Q2 Holdings, Inc.,<br>0.750%, 06/01/26 (±) | USD | 57 | 57741 |
| Rapid7, Inc.,<br>0.250%, 03/15/27 (±) | USD | 519 | 491752 |
| RealReal, Inc.,<br>4.000%, 02/15/31 (#), (±) | USD | 102 | 173655 |
| Rubrik, Inc.,<br>0.000%, 06/15/30 (#), (±) | USD | 78 | 76791 |
| Semtech Corp.,<br>1.625%, 11/01/27 (±) | USD | 70 | 142905 |
| Shake Shack, Inc.,<br>0.000%, 03/01/28 (±) | USD | 43 | 40742 |
| Shift Technologies, Inc.,<br>4.750%, 05/15/26 (#), (±), («) | USD | 850 | 935 |
| Shift4 Payments, Inc.,<br>0.500%, 08/01/27 (±) | USD | 81 | 78043 |

---

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

**8** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Sirius XM Holdings, Inc.,<br>3.750%, 03/15/28 (±) | USD | 819 | $824324 |
| Snap, Inc.,<br>0.125%, 03/01/28 (±) | USD | 315 | 285957 |
| Summit Hotel Properties, Inc.,<br>1.500%, 02/15/26 (±) | USD | 781 | 778657 |
| Super Micro Computer, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 03/01/29 (±) | USD | 69 | 61579 |
| &nbsp;&nbsp;&nbsp;0.000%, 06/15/30 (#), (±) | USD | 86 | 72928 |
| Teladoc Health, Inc.,<br>1.250%, 06/01/27 (±) | USD | 256 | 244480 |
| Tempus AI, Inc.,<br>0.750%, 07/15/30 (#), (±) | USD | 8 | 8544 |
| Tetra Tech, Inc.,<br>2.250%, 08/15/28 (±) | USD | 21 | 22836 |
| Uber Technologies, Inc.,<br>0.000%, 05/15/28 (#), (±) | USD | 102 | 99593 |
| Unity Software, Inc.,<br>0.000%, 11/15/26 (±) | USD | 290 | 280937 |
| Upstart Holdings, Inc.,<br>0.250%, 08/15/26 (±) | USD | 16 | 15480 |
| Upwork, Inc.,<br>0.250%, 08/15/26 (±) | USD | 547 | 535103 |
| Veeco Instruments, Inc.,<br>2.875%, 06/01/29 (±) | USD | 77 | 95596 |
| Vertex, Inc.,<br>0.750%, 05/01/29 (±) | USD | 12 | 11399 |
| Vishay Intertechnology, Inc.,<br>2.250%, 09/15/30 (±) | USD | 43 | 38754 |
| Wayfair, Inc.,<br>3.250%, 09/15/27 (±) | USD | 1556 | 2592726 |
| Xometry, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 02/01/27 | USD | 221 | 279013 |
| &nbsp;&nbsp;&nbsp;0.750%, 06/15/30 (#), (±) | USD | 76 | 114657 |
| Ziff Davis, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, 11/01/26 (±) | USD | 422 | 413560 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/01/28 (#), (±) | USD | 636 | 623757 |

---

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

Annual Financial Statements **9**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Zoetis, Inc.,<br>0.250%, 06/15/29 (#), (±) | USD | 49 | $50593 |
| Zscaler, Inc.,<br>0.000%, 07/15/28 (#), (±) | USD | 19 | 17822 |
|  |  |  | 30197186 |
| **Total Convertible Corporate Bonds** |  |  |  |
| (Cost $34,465,155) |  |  | 32709030 |
| **Corporate Bonds \| 0.5%** |  |  |  |
| **Brazil \| 0.3%** |  |  |  |
| Gol Finance, Inc.,<br>14.375%, 06/06/30 (#), (±) | USD | 154 | 158390 |
| **Colombia \| 0.2%** |  |  |  |
| ABRA Global Finance,<br>14.000%, 10/22/29 (#), (±) | USD | 121 | 121196 |
| **Total Corporate Bonds** <br> (Cost $259,557) |  |  | 279586 |

---

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

**10** Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Counterparty | Number of<br> Contracts | Exercise<br> Price | Notional<br> Amount<sup><</sup> | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |  |
| **Purchased Options \| 0.0%** |  |  |  |  |  |
| **Call** |  |  |  |  |  |
| Applied Digital Corp.,<br> Expires 03/20/26 | MSC | 2 | $30 | $4904 | $598 |
| B2Gold Corp.,<br> Expires 04/17/26 | MSC | 43 | 5 | 19393 | 1892 |
| Bill Holdings, Inc.,<br> Expires 01/16/26 | MSC | 4 | 60 | 21816 | 180 |
| Bridgebio Pharma, Inc.,<br> Expires 04/17/26 | MSC | 5 | 85 | 38245 | 2350 |
| Core Scientific, Inc.,<br> Expires 02/20/26 | MSC | 8 | 20 | 11648 | 416 |
| Core Scientific, Inc.,<br> Expires 03/20/26 | MSC | 9 | 20 | 13104 | 846 |
| CorMedix, Inc.,<br> Expires 03/20/26 | MSC | 16 | 13 | 18608 | 1760 |
| DigitalOcean Holdings, Inc.,<br> Expires 02/20/26 | MSC | 2 | 50 | 9624 | 660 |
| Dropbox, Inc.,<br> Expires 04/17/26 | MSC | 8 | 30 | 22240 | 856 |
| Galaxy Digital, Inc.,<br> Expires 04/17/26 | MSC | 9 | 35 | 20124 | 1035 |
| Guardant Health, Inc.,<br> Expires 01/16/26 | MSC | 8 | 125 | 81712 | 664 |
| Guardant Health, Inc.,<br> Expires 04/17/26 | MSC | 8 | 135 | 81712 | 1480 |
| indie Semiconductor, Inc.,<br> Expires 05/15/26 | MSC | 51 | 4 | 18003 | 2125 |
| IREN Ltd.,<br> Expires 01/16/26 | MSC | 9 | 70 | 33993 | 9 |
| IREN Ltd.,<br> Expires 03/20/26 | MSC | 16 | 50 | 60432 | 5280 |
| Nebius Group NV,<br> Expires 03/20/26 | MSC | 8 | 110 | 66968 | 4656 |
| Nutanix, Inc.,<br> Expires 03/20/26 | MSC | 8 | 60 | 41352 | 1440 |

---

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

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)** | **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |  |
| ON Semiconductor Corp.,<br> Expires 03/20/26 | MSC | 2 | $60 | $10830 | $600 |
| Pagaya Technologies Ltd.,<br> Expires 01/16/26 | MSC | 8 | 31 | 16720 | 40 |
| Pagaya Technologies Ltd.,<br> Expires 02/20/26 | MSC | 9 | 30 | 18810 | 630 |
| Porch Group, Inc.,<br> Expires 01/16/26 | MSC | 4 | 15 | 3652 | 40 |
| Sarepta Therapeutics, Inc.,<br> Expires 01/16/26 | MSC | 4 | 30 | 8608 | 40 |
| Shift4 Payments, Inc.,<br> Expires 04/17/26 | MSC | 2 | 85 | 12594 | 300 |
| Stride, Inc.,<br> Expires 01/16/26 | MSC | 8 | 80 | 51944 | 48 |
| Stride, Inc.,<br> Expires 03/20/26 | MSC | 3 | 85 | 19479 | 555 |
| Super Micro Computer, Inc.,<br> Expires 01/16/26 | MSC | 8 | 40 | 23416 | 40 |
| Terawulf, Inc.,<br> Expires 03/20/26 | MSC | 8 | 14 | 9192 | 864 |
| **Put** |  |  |  |  |  |
| BioMarin Pharmaceutical, Inc.,<br> Expires 01/16/26 | MSC | 8 | 55 | 47544 | 120 |
| Bloom Energy Corp.,<br> Expires 01/16/26 | MSC | 3 | 19 | 26067 | 45 |
| Lumentum Holdings, Inc.,<br> Expires 01/02/26 | MSC | 4 | 350 | 147436 | 260 |
| Opendoor Technologies, Inc.,<br> Expires 01/16/26 | MSC | 33 | 2 | 19239 | 33 |
| **Total Purchased Options**<br> (Cost $65,355) |  |  |  |  | 29862 |

---

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

**12** Annual Financial Statements

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **U.S. Treasury Securities \| 43.9%** |  |  |  |
| U.S. Treasury Bills: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.983%, 01/13/26 (±) | USD | 2145 | $2142703 |
| &nbsp;&nbsp;&nbsp;3.907%, 01/20/26 (±) | USD | 1610 | 1607155 |
| &nbsp;&nbsp;&nbsp;3.896%, 01/27/26 | USD | 2005 | 2000086 |
| &nbsp;&nbsp;&nbsp;3.866%, 01/29/26 (±) | USD | 4030 | 4019357 |
| &nbsp;&nbsp;&nbsp;3.878%, 02/12/26 (±) | USD | 2015 | 2006763 |
| &nbsp;&nbsp;&nbsp;3.746%, 02/19/26 (±) | USD | 1200 | 1194298 |
| &nbsp;&nbsp;&nbsp;3.801%, 03/05/26 (±) | USD | 3355 | 3334577 |
| &nbsp;&nbsp;&nbsp;3.747%, 03/12/26 (±) | USD | 285 | 283063 |
| &nbsp;&nbsp;&nbsp;3.830%, 03/24/26 (±) | USD | 2615 | 2594265 |
| &nbsp;&nbsp;&nbsp;3.621%, 04/28/26 (±) | USD | 4300 | 4251124 |
| &nbsp;&nbsp;&nbsp;3.600%, 06/18/26 (±) | USD | 1400 | 1377283 |
| U.S. Treasury Notes: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 03/31/30 (±) | USD | 525 | 531686 |
| &nbsp;&nbsp;&nbsp;3.625%, 08/31/30 (±) | USD | 1074 | 1070182 |
| **Total U.S. Treasury Securities**<br> (Cost $26,403,693) |  |  | 26412542 |

---

---

| | | |
|:---|:---|:---|
| &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%** |  |  |
| GameStop Corp.,<br> Expires 10/30/26 (\*), (±) | 829 | 2495 |
| Opendoor Technologies, Inc.,<br> Expires 11/20/26 (\*), (±) | 3 | 1 |
| Opendoor Technologies, Inc.,<br> Expires 11/20/26 (\*), (±) | 3 | 2 |

---

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

Annual Financial Statements **13**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Opendoor Technologies, Inc.,<br> Expires 11/20/26 (\*), (±) | 3 | $3 |
|  |  | 2501 |
| **Total Warrants**<br> (Cost $0) |  | 2501 |
| **Short-Term Investments \| 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio, 3.59% (7 day yield) (a)<br> (Cost $2,876,234) | 2876234 | 2876234 |
| **Total Investments excluding Securities Sold Short** \| **104.1%**<br> (Cost $64,995,143) |  | **62703683** |
| **Securities Sold Short \| (3.8)%** |  |  |
| **Common Stocks \| (2.4)%** |  |  |
| **Canada \| (0.0)%** |  |  |
| StorageVault Canada, Inc. | (2136) | (7267) |
| **China \| (0.5)%** |  |  |
| Ping An Insurance Group Co. of China Ltd., Class H | (32600) | (274226) |
| **Netherlands \| (0.1)%** |  |  |
| Pharming Group NV | (47937) | (80003) |
| **United States \| (1.8)%** |  |  |
| A10 Networks, Inc. | (1050) | (18575) |
| Akamai Technologies, Inc. (±) | (183) | (15967) |
| Aurora Innovation, Inc. (±) | (837) | (3214) |
| Bill Holdings, Inc. (±) | (71) | (3872) |
| Bloom Energy Corp., Class A | (8823) | (766630) |
| Cleanspark, Inc. (±) | (687) | (6952) |
| Cloudflare, Inc., Class A | (91) | (17941) |

---

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

**14** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Core Scientific, Inc. | (2072) | $(30168) |
| CoreWeave, Inc., Class A | (272) | (19478) |
| Exact Sciences Corp. | (9) | (914) |
| Fastly, Inc., Class A | (1720) | (17510) |
| Five9, Inc. | (126) | (2526) |
| Hims & Hers Health, Inc. | (74) | (2403) |
| MACOM Technology Solutions Holdings, Inc. | (23) | (3939) |
| Microchip Technology, Inc. | (76) | (4843) |
| ON Semiconductor Corp. (±) | (186) | (10072) |
| Pacira BioSciences, Inc. | (871) | (22542) |
| Peloton Interactive, Inc., Class A (±) | (4811) | (29636) |
| Porch Group, Inc. (±) | (232) | (2118) |
| Xometry, Inc., Class A (±) | (1296) | (77073) |
|  |  | (1056373) |
| **Total Common Stocks**<br> (Proceeds $1,367,686) |  | (1417869) |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Security<br> Currency | Principal<br> Amount<br> (000) | Fair<br> Value |
| **U.S. Treasury Securities \| (1.4)%** |  |  |  |
| U.S. Treasury Notes,<br> 3.625%, 08/31/27<br> (Proceeds $827,115) | USD | (826) | $(827839) |
| **Total Securities Sold Short**<br> (Proceeds $2,194,801) |  |  | **(2245708)** |
| **Total Investments** \| **100.3%**<br> (Cost and short proceeds $62,800,342) (») |  |  | $**60457975** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** |  |  | **(238870)** |
| **Net Assets \| 100.0%** |  |  | $**60219105** |

---

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

Annual Financial Statements **15**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(±)* | *Some or all of this security position has been pledged to cover collateral requirements on securities sold short.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(#)* | *Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At December 31, 2025, these securities amounted to 10.4% of net assets of the Portfolio.* |
| *(\*\*)* | *Securities exempt from registration under Regulation S of the Securities Act of 1933. These securities are subject to resale restrictions. December 31, 2025, these securities amounted to 1.1% 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.* |
| *(a)* | *Affiliated investments.* |

---

**Forward Currency Contracts open at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | 326573 | CAD | 448000 | SSB | 03/26/26 | $— | $998 |
| USD | 169493 | EUR | 144000 | SSB | 03/26/26 |  | 368 |
| 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 |  | $— | $1366 |

---

**Written Options at December 31, 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** |  |  |  |  |  |  |  |
| Applied Digital Corp. | MSC | 2 | $16 | 3/20/26 | $(4904) | $396 | $(202) |
| Bridgebio Pharma, Inc. | MSC | 5 | 55 | 4/17/26 | (38245) | 1983 | (1900) |

---

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

**16** Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Counterparty | Number of<br> Contracts | Strike<br> Price | Expiration<br> Date | Notional<br> Amount**<sup><</sup>** | Premiums | Fair<br> Value |
| Core Scientific, Inc. | MSC | 8 | $15 | 2/20/26 | $(11648) | $1075 | $(1616) |
| CorMedix, Inc. | MSC | 16 | 10 | 3/20/26 | (18608) | 1217 | (816) |
| DigitalOcean Holdings, Inc. | MSC | 2 | 30 | 2/20/26 | (9624) | 353 | (300) |
| Guardant Health, Inc. | MSC | 8 | 80 | 1/16/26 | (81712) | 1155 | (240) |
| Guardant Health, Inc. | MSC | 8 | 85 | 4/17/26 | (81712) | 5549 | (5360) |
| IREN Ltd. | MSC | 16 | 30 | 3/20/26 | (60432) | 4943 | (4832) |
| Nebius Group NV | MSC | 8 | 80 | 3/20/26 | (66968) | 7358 | (8800) |
| Nutanix, Inc. | MSC | 8 | 48 | 3/20/26 | (41352) | 1663 | (2240) |
| ON Semiconductor Corp. | MSC | 2 | 37 | 3/20/26 | (10830) | 288 | (160) |
| Pagaya Technologies Ltd. | MSC | 8 | 20 | 1/16/26 | (16720) | 532 | (720) |
| Pagaya Technologies Ltd. | MSC | 9 | 16 | 2/20/26 | (18810) | 832 | (567) |
| Porch Group, Inc. | MSC | 31 | 10 | 1/16/26 | (28303) | 4714 | (4805) |
| Terawulf, Inc. | MSC | 8 | 11 | 3/20/26 | (9192) | 1392 | (1272) |
| Total Written Options |  | 139 |  |  |  | $33450 | $(33830) |

---

<br> *<sup><</sup>* *Represents the number of contracts multiplied by notional contract size multiplied by the underlying price.*

**Total Return Swap Agreements open at December 31, 2025:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| **Long Position Contract** | **Long Position Contract** |  |  |  |  |  |  |
| USD | BNP | $20722 | 11/17/28 | A10 Networks, Inc.,<br> 2.750%, 04/01/30 | 3.64% | $101 | $— |
| USD | BNP | 9017 | 11/17/28 | ADTRAN Holdings, Inc.,<br> 3.750%, 09/15/30 | 3.64 |  | 287 |
| USD | BNP | 15845 | 11/17/28 | Affirm Holdings, Inc. | 3.64 | 804 |  |
| USD | NIP | 105101 | 11/30/27 | Akamai Technologies, Inc.,<br> 1.125%, 02/15/29 | 3.64 | 4930 |  |

---

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

Annual Financial Statements **17**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $45902 | 11/17/28 | Akamai Technologies, Inc.,<br> 0.250%, 05/15/33 | 3.64% | $— | $466 |
| USD | BNP | 129146 | 11/17/28 | Akamai Technologies, Inc.,<br> 1.125%, 02/15/29 | 3.64 |  | 839 |
| USD | BNP | 28198 | 11/17/28 | Alibaba Group Holding Ltd.,<br> 0.500%, 06/30/31 | 3.64 |  | 1751 |
| USD | BNP | 17352 | 11/17/28 | Alnylam Pharmaceuticals, Inc.,<br> 09/15/28 | 3.64 |  | 906 |
| USD | BNP | 242071 | 11/17/28 | Alphatec Holdings, Inc.,<br> 0.750%, 03/15/30 | 3.64 | 2268 |  |
| USD | NIP | 19235 | 11/30/27 | Amphastar Pharmaceuticals, Inc.,<br> 2.000%, 03/15/29 | 3.64 | 1220 |  |
| USD | BNP | 57236 | 11/17/28 | ANI Pharmaceuticals, Inc.,<br> 2.250%, 09/30/29 | 3.64 |  | 6462 |
| USD | BNP | 1522757 | 11/17/28 | Applied Digital Corp.,<br> 2.750%, 06/30/30 | 3.64 |  | 126625 |
| USD | BNP | 15247 | 11/17/28 | Applied Optoelectronics, Inc.,<br> 2.750%, 01/15/30 | 3.64 |  | 39 |
| USD | BNP | 14973 | 11/17/28 | Ascendis Pharma AS,<br> 2.250%, 04/01/28 | 3.64 | 712 |  |
| USD | BNP | 487345 | 11/17/28 | AST SpaceMobile, Inc.,<br> 4.250%, 03/01/32 | 3.64 |  | 25486 |
| USD | BNP | 123415 | 11/17/28 | Astronics Corp.,<br> 0.000%, 01/15/31 | 3.64 | 6095 |  |
| USD | BNP | 963608 | 11/17/28 | B2Gold Corp.,<br> 2.750%, 02/01/30 | 3.64 | 11961 |  |
| USD | NIP | 82717 | 11/30/27 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 3.64 | 30254 |  |
| USD | BNP | 58294 | 11/17/28 | BigBear.ai Holdings, Inc.,<br> 6.000%, 12/15/29 | 3.64 |  | 13324 |
| USD | BNP | 60849 | 11/17/28 | Bill Holdings, Inc. | 3.64 | 1850 |  |
| USD | BNP | 91022 | 11/17/28 | BlackLine, Inc.,<br> 1.000%, 06/30/29 | 3.64 |  | 30 |
| USD | BMO | 608032 | 04/01/27 | Bloom Energy Corp.,<br> 3.000%, 06/30/29 | 3.64 |  | 240486 |
| USD | BNP | 2634290 | 11/17/28 | Bloom Energy Corp.,<br> 3.000%, 06/01/28 | 3.64 |  | 895259 |
| USD | BNP | 3087102 | 11/17/28 | Bloom Energy Corp.,<br> 3.000%, 06/30/29 | 3.64 |  | 984751 |
| USD | BNP | 171046 | 11/17/28 | Box, Inc.,<br> 1.500%, 09/15/29 | 3.64 |  | 6525 |
| USD | BNP | 329751 | 11/17/28 | Bridgebio Pharma, Inc.,<br> 2.500%, 03/15/27 | 3.64 | 60755 |  |

---

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

**18** 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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $39563 | 11/17/28 | Check Point Software Technologies Ltd.,<br> 12/15/30 | 3.64% | $— | $626 |
| USD | NIP | 215039 | 11/30/27 | Cheesecake Factory, Inc.,<br>2.000%, 03/15/30 | 3.64 |  | 1456 |
| USD | BNP | 111266 | 11/17/28 | Cheesecake Factory, Inc.,<br>0.375%, 06/15/26 | 3.64 |  | 303 |
| USD | SGN | 239077 | 01/29/27 | Cipher Mining, Inc.,<br>10/01/31 | 3.64 |  | 62957 |
| USD | NIP | 96955 | 11/30/27 | Cipher Mining, Inc.,<br>10/01/31 | 3.64 |  | 16313 |
| USD | NIP | 44198 | 11/30/27 | Cipher Mining, Inc.,<br>1.750%, 05/15/30 | 3.64 | 11556 |  |
| USD | BNP | 867295 | 11/17/28 | Cipher Mining, Inc.,<br>1.750%, 05/15/30 | 3.64 |  | 217376 |
| USD | BNP | 25618 | 11/17/28 | Cipher Mining, Inc.,<br>10/01/31 | 3.64 |  | 4201 |
| USD | BNP | 19652 | 11/17/28 | Cleanspark, Inc. | 3.64 |  | 1985 |
| USD | NIP | 87428 | 11/30/27 | Cloudflare, Inc.,<br>06/15/30 | 3.64 |  | 4947 |
| USD | BNP | 461022 | 11/17/28 | Cloudflare, Inc.,<br>06/15/30 | 3.64 |  | 24189 |
| USD | BNP | 499180 | 11/17/28 | Cloudflare, Inc.,<br>08/15/26 | 3.64 |  | 27504 |
| USD | BNP | 44297 | 11/17/28 | Cohu, Inc.,<br>1.500%, 01/15/31 | 3.64 |  | 687 |
| USD | NIP | 91946 | 11/30/27 | Coinbase Global, Inc.,<br>0.500%, 06/01/26 | 3.64 |  | 8168 |
| USD | NIP | 41749 | 11/30/27 | Coinbase Global, Inc.,<br>10/01/29 | 3.64 |  | 4691 |
| USD | NIP | 17947 | 11/30/27 | Coinbase Global, Inc.,<br>0.250%, 04/01/30 | 3.64 |  | 1568 |
| USD | BNP | 88684 | 11/17/28 | Collegium Pharmaceutical, Inc.,<br>2.875%, 02/15/29 | 3.64 | 23901 |  |
| USD | BOA | 242230 | 10/30/26 | Core Scientific, Inc.,<br>3.000%, 09/01/29 | 3.64 |  | 61425 |
| USD | NIP | 212511 | 11/30/27 | Core Scientific, Inc.,<br>3.000%, 09/01/29 | 3.64 |  | 21868 |
| USD | NIP | 58994 | 11/30/27 | Core Scientific, Inc.,<br>06/15/31 | 3.64 |  | 994 |
| USD | BNP | 314876 | 11/17/28 | Core Scientific, Inc.,<br>3.000%, 09/01/29 | 3.64 |  | 33674 |
| USD | BNP | 158046 | 11/17/28 | CoreWeave, Inc.,<br>1.750%, 12/01/31 | 3.64 |  | 7060 |

---

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

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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | BNP | $237150 | 11/17/28 | CorMedix, Inc.,<br> 4.000%, 08/01/30 | 3.64% | $1809 | $— |
| &nbsp;&nbsp;USD | BNP | 1257517 | 11/17/28 | Dayforce, Inc.,<br> 0.250%, 03/15/26 | 3.64 | 46446 |  |
| &nbsp;&nbsp;USD | BNP | 37889 | 11/17/28 | Dexcom, Inc.,<br> 0.375%, 05/15/28 | 3.64 |  | 123 |
| &nbsp;&nbsp;USD | BNP | 104944 | 11/17/28 | DigitalOcean Holdings, Inc.,<br> 08/15/30 | 3.64 | 14071 |  |
| &nbsp;&nbsp;USD | BNP | 736817 | 11/17/28 | Dropbox, Inc.,<br> 03/01/28 | 3.64 |  | 253 |
| &nbsp;&nbsp;USD | BNP | 186163 | 11/17/28 | Duke Energy Corp.,<br> 4.125%, 04/15/26 | 3.64 |  | 6273 |
| &nbsp;&nbsp;USD | BNP | 483676 | 11/17/28 | Encore Capital Group, Inc.,<br> 4.000%, 03/15/29 | 3.64 | 52471 |  |
| &nbsp;&nbsp;USD | BNP | 37077 | 11/17/28 | Enovis Corp.,<br> 3.875%, 10/15/28 | 3.64 |  | 547 |
| &nbsp;&nbsp;USD | BNP | 25141 | 11/17/28 | Eos Energy Enterprises, Inc.,<br> 1.750%, 12/01/31 | 3.64 |  | 1761 |
| &nbsp;&nbsp;USD | BNP | 445481 | 11/17/28 | Eos Energy Enterprises, Inc.,<br> 6.750%, 06/15/30 | 3.64 |  | 107098 |
| &nbsp;&nbsp;USD | BNP | 242989 | 11/17/28 | Equinox Gold Corp.,<br> 4.750%, 10/15/28 | 3.64 | 57148 |  |
| &nbsp;&nbsp;USD | BNP | 610172 | 11/17/28 | Evergy, Inc.,<br> 4.500%, 12/15/27 | 3.64 |  | 27889 |
| &nbsp;&nbsp;USD | BNP | 171294 | 11/17/28 | Exact Sciences Corp.,<br> 0.375%, 03/01/28 | 3.64 | 11802 |  |
| &nbsp;&nbsp;USD | BNP | 20973 | 11/17/28 | EZCORP, Inc.,<br> 3.750%, 12/15/29 | 3.64 | 8819 |  |
| &nbsp;&nbsp;USD | BNP | 105155 | 11/17/28 | Fluor Corp.,<br> 1.125%, 08/15/29 | 3.64 |  | 7762 |
| &nbsp;&nbsp;USD | BNP | 319106 | 11/17/28 | Fortuna Mining Corp.,<br> 3.750%, 06/30/29 | 3.64 | 115284 |  |
| &nbsp;&nbsp;USD | BOA | 13385 | 11/17/26 | Galaxy Digital Holdings LP,<br> 0.500%, 05/01/31 | 3.64 |  | 492 |
| &nbsp;&nbsp;USD | SGN | 322289 | 12/15/26 | Galaxy Digital Holdings LP,<br> 3.000%, 12/15/26 | 3.64 |  | 51019 |
| &nbsp;&nbsp;USD | SGN | 415300 | 01/29/27 | Galaxy Digital Holdings LP,<br> 2.500%, 12/01/29 | 3.64 |  | 98504 |
| &nbsp;&nbsp;USD | BNP | 254237 | 11/17/28 | GameStop Corp.,<br> 06/15/32 | 3.64 |  | 15636 |
| &nbsp;&nbsp;USD | BNP | 23197 | 11/17/28 | GameStop Corp.,<br> 04/01/30 | 3.64 |  | 6348 |
| &nbsp;&nbsp;USD | BNP | 47837 | 11/17/28 | Grab Holdings Ltd.,<br> 06/15/30 | 3.64 |  | 4383 |
| &nbsp;&nbsp;USD | BNP | 930004 | 11/17/28 | Granite Construction, Inc.,<br> 3.750%, 05/15/28 | 3.64 | 93689 |  |

---

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

**20** Annual Financial Statements

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $265191 | 11/17/28 | Greenbrier Cos., Inc.,<br> 2.875%, 04/15/28 | 3.64% | $1469 | $— |
| USD | BNP | 1211320 | 11/17/28 | Guardant Health, Inc.,<br> 11/15/27 | 3.64 | 7335 |  |
| USD | BNP | 11541 | 11/17/28 | Guardant Health, Inc.,<br> 1.250%, 02/15/31 | 3.64 | 3168 |  |
| USD | BNP | 636705 | 11/17/28 | Guidewire Software, Inc.,<br> 1.250%, 11/30/29 | 3.64 |  | 15184 |
| USD | BNP | 388109 | 11/17/28 | H World Group Ltd.,<br> 3.000%, 05/01/26 | 3.64 | 10052 |  |
| USD | BNP | 49814 | 11/17/28 | HAT Holdings I LLC/HAT Holdings II LLC,<br> 3.750%, 08/15/28 | 3.64 | 2983 |  |
| USD | BNP | 79677 | 11/17/28 | Herbalife Ltd.,<br> 4.250%, 06/15/28 | 3.64 |  | 3640 |
| USD | BNP | 23502 | 11/17/28 | Hims & Hers Health, Inc.,<br> 05/15/30 | 3.64 |  | 4485 |
| USD | BNP | 435877 | 11/17/28 | Impinj, Inc.,<br> 1.125%, 05/15/27 | 3.64 |  | 65184 |
| USD | NIP | 32171 | 11/30/27 | indie Semiconductor, Inc.,<br> 3.500%, 12/15/29 | 3.64 | 73 |  |
| USD | BNP | 410068 | 11/17/28 | indie Semiconductor, Inc.,<br> 3.500%, 12/15/29 | 3.64 |  | 21729 |
| USD | BNP | 3535089 | 11/17/28 | InterDigital, Inc.,<br> 3.500%, 06/01/27 | 3.64 | 169543 |  |
| USD | NIP | 1114315 | 11/30/27 | IREN Ltd. | 3.64 |  | 101168 |
| USD | NIP | 3578465 | 11/30/27 | IREN Ltd.,<br> 3.500%, 12/15/29 | 3.64 |  | 106796 |
| USD | BNP | 68783 | 11/17/28 | iRhythm Technologies, Inc.,<br> 1.500%, 09/01/29 | 3.64 |  | 1352 |
| USD | NIP | 444022 | 11/30/27 | Jazz Investments I Ltd.,<br> 2.000%, 06/15/26 | 3.64 | 17421 |  |
| USD | NIP | 46698 | 11/30/27 | Kite Realty Group LP,<br> 0.750%, 04/01/27 | 3.64 | 1834 |  |
| USD | BNP | 115019 | 11/17/28 | LeMaitre Vascular, Inc. | 3.64 |  | 3612 |
| USD | BNP | 907853 | 11/17/28 | Liberty Live Holdings, Inc.,<br> 2.375%, 09/30/53 | 3.64 |  | 22400 |
| USD | BNP | 643493 | 11/17/28 | LivaNova PLC,<br> 2.500%, 03/15/29 | 3.64 | 59177 |  |
| USD | BNP | 17873 | 11/17/28 | Live Nation Entertainment, Inc. | 3.64 |  | 815 |
| USD | NIP | 225129 | 11/30/27 | Lumentum Holdings, Inc.,<br> 0.500%, 12/15/26 | 3.64 | 56261 |  |
| USD | BNP | 1704512 | 11/17/28 | Lumentum Holdings, Inc.,<br> 0.500%, 12/15/26 | 3.64 | 1473891 |  |

---

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

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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | NIP | $417192 | 11/30/27 | MACOM Technology Solutions Holdings, Inc.,<br> 0.250%, 03/15/26 | 3.64% | $217997 | $— |
| &nbsp;&nbsp;USD | BNP | 76923 | 11/17/28 | MACOM Technology Solutions Holdings, Inc.,<br> 0.250%, 03/15/26 | 3.64 | 4218 |  |
| &nbsp;&nbsp;USD | BNP | 425890 | 11/17/28 | Match Group Financeco 3, Inc.,<br> 2.000%, 01/15/30 | 3.64 | 5462 |  |
| &nbsp;&nbsp;USD | BNP | 103443 | 11/17/28 | McEwen, Inc.,<br> 5.250%, 08/15/30 | 3.64 |  | 5794 |
| &nbsp;&nbsp;USD | BNP | 138963 | 11/17/28 | Mirion Technologies, Inc.,<br> 0.250%, 06/01/30 | 3.64 |  | 4849 |
| &nbsp;&nbsp;USD | BNP | 1202327 | 11/17/28 | Mirum Pharmaceuticals, Inc.,<br> 4.000%, 05/01/29 | 3.64 | 124302 |  |
| &nbsp;&nbsp;USD | BNP | 440578 | 11/17/28 | MKS, Inc.,<br> 1.250%, 06/30/30 | 3.64 | 8311 |  |
| &nbsp;&nbsp;USD | BNP | 46654 | 11/17/28 | NCL Corp. Ltd.,<br> 0.875%, 04/15/30 | 3.64 |  | 1862 |
| &nbsp;&nbsp;USD | BNP | 285679 | 11/17/28 | NCL Corp. Ltd.,<br> 0.750%, 09/15/30 | 3.64 |  | 8788 |
| &nbsp;&nbsp;USD | NIP | 63348 | 11/30/27 | Nebius Group NV,<br> 2.000%, 06/05/29 | 3.64 |  | 15937 |
| &nbsp;&nbsp;USD | NIP | 88997 | 11/30/27 | Nebius Group NV,<br> 3.000%, 06/05/31 | 3.64 |  | 20721 |
| &nbsp;&nbsp;USD | BNP | 1800216 | 11/17/28 | Nebius Group NV,<br> 3.000%, 06/05/31 | 3.64 |  | 347030 |
| &nbsp;&nbsp;USD | BNP | 1003433 | 11/17/28 | Nebius Group NV,<br> 2.000%, 06/05/29 | 3.64 |  | 193612 |
| &nbsp;&nbsp;USD | BNP | 14629 | 11/17/28 | Nebius Group NV,<br> 2.750%, 09/15/32 | 3.64 | 850 |  |
| &nbsp;&nbsp;USD | BNP | 20723 | 11/17/28 | Nutanix, Inc.,<br> 0.250%, 10/01/27 | 3.64 |  | 2707 |
| &nbsp;&nbsp;USD | BNP | 246256 | 11/17/28 | Nutanix, Inc.,<br> 0.500%, 12/31/29 | 3.64 |  | 16086 |
| &nbsp;&nbsp;USD | BNP | 72262 | 11/17/28 | Oddity Finance LLC,<br> 06/15/30 | 3.64 |  | 5666 |
| &nbsp;&nbsp;USD | BNP | 78702 | 11/17/28 | Omnicell, Inc. | 3.64 | 13371 |  |
| &nbsp;&nbsp;USD | BNP | 442621 | 11/17/28 | ON Semiconductor Corp.,<br> 0.500%, 03/01/29 | 3.64 | 11504 |  |
| &nbsp;&nbsp;USD | BNP | 1141126 | 11/17/28 | ON Semiconductor Corp.,<br> 05/01/27 | 3.64 | 27873 |  |
| &nbsp;&nbsp;USD | BNP | 392165 | 11/17/28 | Opendoor Technologies, Inc.,<br> 7.000%, 05/15/30 | 3.64 |  | 75192 |
| &nbsp;&nbsp;USD | BNP | 90 | 11/17/28 | Opendoor Technologies, Inc. | 3.64 | 55 |  |

---

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

**22** 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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | BNP | $42101 | 11/17/28 | OSI Systems, Inc.,<br> 0.500%, 02/01/31 | 3.64% | $— | $678 |
| &nbsp;&nbsp;USD | BNP | 87716 | 11/17/28 | OSI Systems, Inc.,<br> 2.250%, 08/01/29 | 3.64 | 3613 |  |
| &nbsp;&nbsp;USD | BNP | 273694 | 11/17/28 | Pacira BioSciences, Inc.,<br> 2.125%, 05/31/29 | 3.64 | 9308 |  |
| &nbsp;&nbsp;USD | BNP | 759679 | 11/17/28 | Pagaya Technologies Ltd.,<br> 6.125%, 10/31/29 | 3.64 |  | 168739 |
| &nbsp;&nbsp;USD | NIP | 76926 | 11/30/27 | PAR Technology Corp.,<br> 2.875%, 04/15/26 | 3.64 |  | 33841 |
| &nbsp;&nbsp;USD | BNP | 22466 | 11/17/28 | PAR Technology Corp.,<br> 1.000%, 01/15/30 | 3.64 |  | 1886 |
| &nbsp;&nbsp;USD | BNP | 329850 | 11/17/28 | Patrick Industries, Inc.,<br> 1.750%, 12/01/28 | 3.64 | 24428 |  |
| &nbsp;&nbsp;USD | BNP | 393221 | 11/17/28 | Peloton Interactive, Inc.,<br> 5.500%, 12/31/29 | 3.64 |  | 22067 |
| &nbsp;&nbsp;USD | BNP | 613785 | 11/17/28 | Penguin Solutions, Inc.,<br> 2.000%, 02/01/29 | 3.64 | 5491 |  |
| &nbsp;&nbsp;USD | BNP | 457003 | 11/17/28 | Penguin Solutions, Inc.,<br> 2.000%, 08/31/30 | 3.64 | 11734 |  |
| &nbsp;&nbsp;USD | BNP | 63398 | 11/17/28 | Pitney Bowes, Inc.,<br> 1.500%, 08/15/30 | 3.64 |  | 3108 |
| &nbsp;&nbsp;USD | BNP | 153349 | 11/17/28 | Porch Group, Inc.,<br> 6.750%, 10/01/28 | 3.64 | 3387 | 2322 |
| &nbsp;&nbsp;USD | BNP | 1160662 | 11/17/28 | PTC Therapeutics, Inc.,<br> 1.500%, 09/15/26 | 3.64 | 90849 |  |
| &nbsp;&nbsp;USD | BNP | 26660 | 11/17/28 | Q2 Holdings, Inc.,<br> 0.750%, 06/01/26 | 3.64 |  | 3350 |
| &nbsp;&nbsp;USD | BNP | 185822 | 11/17/28 | RealReal, Inc.,<br> 4.000%, 02/15/31 | 3.64 | 83818 |  |
| &nbsp;&nbsp;USD | BNP | 26627 | 11/17/28 | Riot Platforms, Inc. | 3.64 |  | 8435 |
| &nbsp;&nbsp;USD | BNP | 164468 | 11/17/28 | Rivian Automotive, Inc.,<br> 4.625%, 03/15/29 | 3.64 |  | 1545 |
| &nbsp;&nbsp;USD | BNP | 232262 | 11/17/28 | Rubrik, Inc.,<br> 06/15/30 | 3.64 |  | 1917 |
| &nbsp;&nbsp;USD | BNP | 3465925 | 11/17/28 | Seagate HDD Cayman,<br> 3.500%, 06/30/28 | 3.64 | 178822 |  |
| &nbsp;&nbsp;USD | BNP | 457220 | 11/17/28 | Semtech Corp.,<br> 1.625%, 11/01/27 | 3.64 | 33332 |  |
| &nbsp;&nbsp;USD | BNP | 666041 | 11/17/28 | Shift4 Payments, Inc.,<br> 0.500%, 08/01/27 | 3.64 |  | 17251 |
| &nbsp;&nbsp;USD | BNP | 86378 | 11/17/28 | Silvercorp Metals, Inc. | 3.64 | 88927 |  |
| &nbsp;&nbsp;USD | BNP | 94083 | 11/17/28 | Snowflake, Inc.,<br> 10/31/27 | 3.64 |  | 4875 |
| &nbsp;&nbsp;USD | BNP | 1176323 | 11/17/28 | SoFi Technologies, Inc.,<br> 1.250%, 03/15/29 | 3.64 | 170713 |  |

---

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

Annual Financial Statements **23**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | BNP | $117680 | 11/17/28 | SoFi Technologies, Inc.,<br> 10/15/26 | 3.64% | $— | $9044 |
| &nbsp;&nbsp;USD | BNP | 24610 | 11/17/28 | SolarEdge Technologies, Inc.,<br> 2.250%, 07/01/29 | 3.64 |  | 4600 |
| &nbsp;&nbsp;USD | BNP | 120986 | 11/17/28 | Solaris Energy Infrastructure, Inc.,<br> 0.250%, 10/01/31 | 3.64 |  | 594 |
| &nbsp;&nbsp;USD | BNP | 1128097 | 11/17/28 | Solaris Energy Infrastructure, Inc.,<br> 4.750%, 05/01/30 | 3.64 |  | 64728 |
| &nbsp;&nbsp;USD | BNP | 18266 | 11/17/28 | SSR Mining, Inc.,<br> 2.500%, 04/01/39 | 3.64 | 4052 |  |
| &nbsp;&nbsp;USD | BNP | 737943 | 11/17/28 | Stride, Inc.,<br> 1.125%, 09/01/27 | 3.64 |  | 342313 |
| &nbsp;&nbsp;USD | BNP | 693544 | 11/17/28 | Super Micro Computer, Inc.,<br> 2.250%, 07/15/28 | 3.64 |  | 102006 |
| &nbsp;&nbsp;USD | BNP | 266513 | 11/17/28 | Super Micro Computer, Inc.,<br> 3.500%, 03/01/29 | 3.64 |  | 35091 |
| &nbsp;&nbsp;USD | BNP | 608490 | 11/17/28 | Super Micro Computer, Inc.,<br> 06/15/30 | 3.64 |  | 125202 |
| &nbsp;&nbsp;USD | BNP | 10229 | 11/17/28 | Tempus AI, Inc.,<br> 0.750%, 07/15/30 | 3.64 |  | 1657 |
| &nbsp;&nbsp;USD | NIP | 903842 | 11/30/27 | Terawulf, Inc.,<br> 2.750%, 02/01/30 | 3.64 |  | 68674 |
| &nbsp;&nbsp;USD | BNP | 160911 | 11/17/28 | Terawulf, Inc.,<br> 2.750%, 02/01/30 | 3.64 |  | 3430 |
| &nbsp;&nbsp;USD | NIP | 13658 | 11/30/27 | Tetra Tech, Inc.,<br> 2.250%, 08/15/28 | 3.64 |  | 557 |
| &nbsp;&nbsp;USD | BNP | 9619 | 11/17/28 | Tetra Tech, Inc.,<br> 2.250%, 08/15/28 | 3.64 | 243 |  |
| &nbsp;&nbsp;USD | BNP | 648719 | 11/17/28 | TransMedics Group, Inc.,<br> 1.500%, 06/01/28 | 3.64 | 7006 |  |
| &nbsp;&nbsp;USD | BNP | 1129970 | 11/17/28 | Trip.com Group Ltd.,<br> 0.750%, 06/30/29 | 3.64 | 56545 |  |
| &nbsp;&nbsp;USD | BNP | 77516 | 11/17/28 | Uber Technologies, Inc.,<br> 05/15/28 | 3.64 |  | 1367 |
| &nbsp;&nbsp;USD | BNP | 402257 | 11/17/28 | Upstart Holdings, Inc.,<br> 2.000%, 10/31/29 | 3.64 |  | 100043 |
| &nbsp;&nbsp;USD | BNP | 55084 | 11/17/28 | Veeco Instruments, Inc.,<br> 2.875%, 06/01/29 | 3.64 |  | 1604 |
| &nbsp;&nbsp;USD | NIP | 15613 | 11/30/27 | Vertex, Inc.,<br> 0.750%, 05/31/29 | 3.64 |  | 3306 |
| &nbsp;&nbsp;USD | BNP | 585888 | 11/17/28 | Vertex, Inc.,<br> 0.750%, 05/31/29 | 3.64 |  | 31425 |
| &nbsp;&nbsp;USD | BNP | 15493 | 11/17/28 | Viavi Solutions, Inc.,<br> 0.625%, 03/01/31 | 3.64 | 343 |  |

---

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

**24** 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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $39488 | 11/17/28 | Vishay Intertechnology, Inc.,<br> 2.250%, 09/15/30 | 3.64% | $454 | $— |
| USD | BNP | 40173 | 11/17/28 | Vizsla Silver Corp.,<br> 5.000%, 01/15/31 | 3.64 | 3073 |  |
| USD | BNP | 37853 | 11/17/28 | Wayfair, Inc.,<br> 3.500%, 11/15/28 | 3.64 |  | 1131 |
| USD | BNP | 83771 | 11/17/28 | Welltower OP LLC,<br> 3.125%, 07/15/29 | 3.64 |  | 5909 |
| USD | NIP | 1202242 | 11/30/27 | Western Digital Corp.,<br> 3.000%, 11/15/28 | 3.64 | 1506113 |  |
| USD | BNP | 2817750 | 11/17/28 | Western Digital Corp.,<br> 3.000%, 11/15/28 | 3.64 | 468426 |  |
| USD | BNP | 825923 | 11/17/28 | WisdomTree, Inc.,<br> 3.250%, 08/31/29 | 3.64 | 65780 |  |
| USD | BNP | 39246 | 11/17/28 | Workiva, Inc.,<br> 1.250%, 08/15/28 | 3.64 |  | 486 |
| USD | BNP | 290371 | 11/17/28 | Xometry, Inc.,<br> 0.750%, 06/15/30 | 3.64 | 23461 |  |
| USD | BNP | 368997 | 11/17/28 | Xometry, Inc.,<br> 1.000%, 02/01/27 | 3.64 | 45157 |  |
| USD | BNP | 111202 | 11/17/28 | Zscaler, Inc.,<br> 07/15/28 | 3.64 |  | 9911 |
| **Short Position Contract** | **Short Position Contract** | **Short Position Contract** |  |  |  |  |  |
| USD | BNP | 10150 | 11/17/28 | ADTRAN Holdings, Inc. | 3.64 | 359 |  |
| USD | BNP | 14336 | 11/17/28 | Affirm Holdings, Inc. | 3.64 |  | 996 |
| USD | BNP | 196506 | 11/17/28 | Akamai Technologies, Inc. | 3.64 | 998 |  |
| USD | BNP | 22601 | 11/17/28 | Alibaba Group Holding Ltd. | 3.64 | 1496 |  |
| USD | BNP | 4909 | 11/17/28 | Alnylam Pharmaceuticals, Inc. | 3.64 | 536 |  |
| USD | NIP | 55407 | 11/30/27 | Alphatec Holdings, Inc. | 3.64 |  | 25949 |
| USD | BNP | 331344 | 11/17/28 | Alphatec Holdings, Inc. | 3.64 |  | 2801 |
| USD | NIP | 4467 | 11/30/27 | Amphastar Pharmaceuticals, Inc. | 3.64 | 8 |  |
| USD | BNP | 1042 | 11/17/28 | Amphastar Pharmaceuticals, Inc. | 3.64 |  | 110 |
| USD | BNP | 37890 | 11/17/28 | ANI Pharmaceuticals, Inc. | 3.64 | 4581 |  |
| USD | BNP | 1335142 | 11/17/28 | Applied Digital Corp. | 3.64 | 115154 |  |
| USD | BNP | 6886 | 11/17/28 | Applied Optoelectronics, Inc. | 3.64 |  | 852 |
| USD | BNP | 10578 | 11/17/28 | Ascendis Pharma AS | 3.64 |  | 296 |
| USD | BNP | 398447 | 11/17/28 | AST SpaceMobile, Inc. | 3.64 |  | 38 |
| USD | BNP | 173652 | 11/17/28 | Astronics Corp. | 3.64 |  | 36186 |
| USD | BNP | 35088 | 11/17/28 | Aurora Innovation, Inc. | 3.64 | 2839 |  |

---

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

Annual Financial Statements **25**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $700480 | 11/17/28 | B2Gold Corp. | 3.64% | $— | $13613 |
| USD | BOA | 27635 | 08/27/26 | BigBear.ai Holdings, Inc. | 3.64 |  | 1400 |
| USD | BNP | 114184 | 11/17/28 | BigBear.ai Holdings, Inc. | 3.64 | 25940 |  |
| USD | BNP | 74829 | 11/17/28 | Bill Holdings, Inc. | 3.64 |  | 47 |
| USD | BNP | 103000 | 11/17/28 | Bitdeer Technologies Group | 3.64 | 2712 |  |
| USD | BNP | 40761 | 11/17/28 | BlackLine, Inc. | 3.64 | 293 |  |
| USD | BMO | 596410 | 04/01/27 | Bloom Energy Corp. | 3.64 | 241464 |  |
| USD | BNP | 5486492 | 11/17/28 | Bloom Energy Corp. | 3.64 | 1811161 |  |
| USD | BNP | 121303 | 11/17/28 | Box, Inc. | 3.64 | 599 |  |
| USD | NIP | 436339 | 11/30/27 | Bridgebio Pharma, Inc. | 3.64 |  | 190815 |
| USD | BNP | 398397 | 11/17/28 | Bridgebio Pharma, Inc. | 3.64 |  | 74578 |
| USD | BNP | 13680 | 11/17/28 | Camtek Ltd. | 3.64 | 1451 |  |
| USD | BNP | 93426 | 11/17/28 | Check Point Software Technologies Ltd. | 3.64 | 1390 |  |
| USD | BNP | 95665 | 11/17/28 | Cheesecake Factory, Inc. | 3.64 | 13643 |  |
| USD | SGN | 176710 | 01/29/27 | Cipher Mining, Inc. | 3.64 | 59486 |  |
| USD | NIP | 76337 | 11/30/27 | Cipher Mining, Inc. | 3.64 | 14831 |  |
| USD | BNP | 935633 | 11/17/28 | Cipher Mining, Inc. | 3.64 | 236044 |  |
| USD | BNP | 12521 | 11/17/28 | Cleanspark, Inc. | 3.64 | 4021 |  |
| USD | NIP | 68572 | 11/30/27 | Cloudflare, Inc. | 3.64 | 7473 |  |
| USD | BNP | 835219 | 11/17/28 | Cloudflare, Inc. | 3.64 | 83177 |  |
| USD | BNP | 25403 | 11/17/28 | Cohu, Inc. | 3.64 | 762 |  |
| USD | NIP | 27607 | 11/30/27 | Coinbase Global, Inc. | 3.64 | 4835 |  |
| USD | BNP | 53544 | 11/17/28 | Coinbase Global, Inc. | 3.64 | 6512 |  |
| USD | BNP | 74455 | 11/17/28 | Collegium Pharmaceutical, Inc. | 3.64 |  | 5035 |
| USD | BNP | 41682 | 11/17/28 | Commvault Systems, Inc. | 3.64 |  | 560 |
| USD | BOA | 166487 | 10/30/26 | Core Scientific, Inc. | 3.64 | 52403 |  |
| USD | NIP | 159862 | 11/30/27 | Core Scientific, Inc. | 3.64 | 20619 |  |
| USD | BNP | 536021 | 11/17/28 | Core Scientific, Inc. | 3.64 | 90738 |  |
| USD | BNP | 183415 | 11/17/28 | CoreWeave, Inc. | 3.64 | 20735 |  |
| USD | BNP | 126812 | 11/17/28 | CorMedix, Inc. | 3.64 |  | 4167 |
| USD | BNP | 78079 | 11/17/28 | DigitalOcean Holdings, Inc. | 3.64 |  | 8000 |
| USD | BNP | 361943 | 11/17/28 | Dropbox, Inc. | 3.64 | 18981 |  |
| USD | BNP | 109810 | 11/17/28 | Duke Energy Corp. | 3.64 | 3160 |  |
| USD | BNP | 206120 | 11/17/28 | Encore Capital Group, Inc. | 3.64 |  | 48326 |
| USD | BNP | 6722 | 11/17/28 | Enovis Corp. | 3.64 | 942 |  |
| USD | BNP | 399771 | 11/17/28 | Eos Energy Enterprises, Inc. | 3.64 | 103315 |  |
| USD | BNP | 211767 | 11/17/28 | Equinox Gold Corp. | 3.64 |  | 53947 |
| USD | BNP | 9957 | 11/17/28 | Euronet Worldwide, Inc. | 3.64 |  | 241 |
| USD | BNP | 441352 | 11/17/28 | Evergy, Inc. | 3.64 | 18345 |  |

---

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

**26** 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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | NIP | $112769 | 11/30/27 | Exact Sciences Corp. | 3.64% | $— | $78319 |
| &nbsp;&nbsp;USD | BNP | 216331 | 11/17/28 | Exact Sciences Corp. | 3.64 |  | 116663 |
| &nbsp;&nbsp;USD | BNP | 22265 | 11/17/28 | EZCORP, Inc. | 3.64 |  | 3892 |
| &nbsp;&nbsp;USD | BNP | 332 | 11/17/28 | Fastly, Inc. | 3.64 | 16 |  |
| &nbsp;&nbsp;USD | BNP | 52742 | 11/17/28 | Fluor Corp. | 3.64 | 5389 |  |
| &nbsp;&nbsp;USD | BNP | 240078 | 11/17/28 | Fortuna Mining Corp. | 3.64 |  | 88808 |
| &nbsp;&nbsp;USD | BOA | 5950 | 11/17/26 | Galaxy Digital, Inc. | 3.64 | 645 |  |
| &nbsp;&nbsp;USD | SGN | 442301 | 01/29/27 | Galaxy Digital, Inc. | 3.64 | 148871 |  |
| &nbsp;&nbsp;USD | NIP | 302285 | 11/30/27 | Galaxy Digital, Inc. | 3.64 | 118450 |  |
| &nbsp;&nbsp;USD | BNP | 40375 | 11/17/28 | Galaxy Digital, Inc. | 3.64 | 6861 |  |
| &nbsp;&nbsp;USD | BNP | 285748 | 11/17/28 | GameStop Corp. | 3.64 | 37928 | 1321 |
| &nbsp;&nbsp;USD | BNP | 19137 | 11/17/28 | Grab Holdings Ltd. | 3.64 | 2213 |  |
| &nbsp;&nbsp;USD | BNP | 880370 | 11/17/28 | Granite Construction, Inc. | 3.64 |  | 98352 |
| &nbsp;&nbsp;USD | BNP | 104324 | 11/17/28 | Greenbrier Cos., Inc. | 3.64 |  | 3775 |
| &nbsp;&nbsp;USD | BNP | 368465 | 11/17/28 | Guardant Health, Inc. | 3.64 |  | 82957 |
| &nbsp;&nbsp;USD | BNP | 297539 | 11/17/28 | Guidewire Software, Inc. | 3.64 | 13542 |  |
| &nbsp;&nbsp;USD | NIP | 111965 | 11/30/27 | H World Group Ltd. | 3.64 |  | 37256 |
| &nbsp;&nbsp;USD | BNP | 459338 | 11/17/28 | H World Group Ltd. | 3.64 |  | 20901 |
| &nbsp;&nbsp;USD | BNP | 35307 | 11/17/28 | HA Sustainable Infrastructure Capital, Inc. | 3.64 | 762 |  |
| &nbsp;&nbsp;USD | BNP | 54674 | 11/17/28 | Haemonetics Corp. | 3.64 | 1059 |  |
| &nbsp;&nbsp;USD | BNP | 49029 | 11/17/28 | Herbalife Ltd. | 3.64 | 4731 |  |
| &nbsp;&nbsp;USD | BNP | 18468 | 11/17/28 | Hims & Hers Health, Inc. | 3.64 | 6911 |  |
| &nbsp;&nbsp;USD | BNP | 536931 | 11/17/28 | Impinj, Inc. | 3.64 | 67680 |  |
| &nbsp;&nbsp;USD | BNP | 282728 | 11/17/28 | indie Semiconductor, Inc. | 3.64 | 29891 |  |
| &nbsp;&nbsp;USD | BNP | 33046 | 11/17/28 | Inotiv, Inc. | 3.64 | 19686 |  |
| &nbsp;&nbsp;USD | BNP | 3523946 | 11/17/28 | InterDigital, Inc. | 3.64 |  | 178144 |
| &nbsp;&nbsp;USD | NIP | 3462956 | 11/30/27 | IREN Ltd. | 3.64 | 99124 |  |
| &nbsp;&nbsp;USD | BNP | 799380 | 11/17/28 | IREN Ltd. | 3.64 | 212854 |  |
| &nbsp;&nbsp;USD | BNP | 47173 | 11/17/28 | iRhythm Technologies, Inc. | 3.64 | 1044 |  |
| &nbsp;&nbsp;USD | HSB | 1416694 | 04/29/27 | iShares iBoxx $ High Yield Corporate Bond ETF | 3.64 |  | 8763 |
| &nbsp;&nbsp;USD | NIP | 326538 | 11/30/27 | Jazz Pharmaceuticals PLC | 3.64 | 8910 |  |
| &nbsp;&nbsp;USD | BNP | 52168 | 11/17/28 | JBT Marel Corp. | 3.64 |  | 1465 |
| &nbsp;&nbsp;USD | BNP | 44161 | 11/17/28 | JD.com, Inc. | 3.64 | 771 |  |
| &nbsp;&nbsp;USD | NIP | 17986 | 11/30/27 | Kite Realty Group Trust | 3.64 |  | 1637 |
| &nbsp;&nbsp;USD | BNP | 8600 | 11/17/28 | Kite Realty Group Trust | 3.64 |  | 340 |
| &nbsp;&nbsp;USD | BNP | 54719 | 11/17/28 | Lantheus Holdings, Inc. | 3.64 |  | 7433 |
| &nbsp;&nbsp;USD | BNP | 42384 | 11/17/28 | LeMaitre Vascular, Inc. | 3.64 | 3947 |  |
| &nbsp;&nbsp;USD | BNP | 301845 | 11/17/28 | LivaNova PLC | 3.64 |  | 45462 |

---

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

Annual Financial Statements **27**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $753959 | 11/17/28 | Live Nation Entertainment, Inc. | 3.64% | $32699 | $— |
| USD | BOA | 24381 | 04/01/30 | Lucid Group, Inc. | 3.64 | 5455 |  |
| USD | NIP | 138367 | 11/30/27 | Lumentum Holdings, Inc. | 3.64 |  | 290607 |
| USD | BNP | 1319567 | 11/17/28 | Lumentum Holdings, Inc. | 3.64 |  | 1709376 |
| USD | NIP | 352779 | 11/30/27 | MACOM Technology Solutions Holdings, Inc. | 3.64 |  | 133238 |
| USD | BNP | 187011 | 11/17/28 | MACOM Technology Solutions Holdings, Inc. | 3.64 |  | 41287 |
| USD | BNP | 20755 | 11/17/28 | MARA Holdings, Inc. | 3.64 | 4584 |  |
| USD | BNP | 37327 | 11/17/28 | Match Group, Inc. | 3.64 | 584 |  |
| USD | BNP | 80499 | 11/17/28 | McEwen, Inc. | 3.64 | 5893 |  |
| USD | BNP | 67198 | 11/17/28 | Microchip Technology, Inc. | 3.64 | 1319 |  |
| USD | BNP | 89126 | 11/17/28 | Mirion Technologies, Inc. | 3.64 | 4940 |  |
| USD | BNP | 1091505 | 11/17/28 | Mirum Pharmaceuticals, Inc. | 3.64 |  | 124200 |
| USD | BNP | 261815 | 11/17/28 | MKS, Inc. | 3.64 |  | 10618 |
| USD | BNP | 17323 | 11/17/28 | Nebius Group NV,<br> 1.000%, 09/15/30 | 3.64 | 1566 |  |
| USD | BNP | 2449518 | 11/17/28 | Nebius Group NV | 3.64 | 516650 |  |
| USD | BNP | 295900 | 11/17/28 | Norwegian Cruise Line Holdings Ltd. | 3.64 |  | 7690 |
| USD | BNP | 147807 | 11/17/28 | Nutanix, Inc. | 3.64 |  | 2648 |
| USD | BNP | 39097 | 11/17/28 | Oddity Tech Ltd. | 3.64 | 2819 |  |
| USD | BNP | 32119 | 11/17/28 | Omnicell, Inc. | 3.64 |  | 12770 |
| USD | BNP | 786019 | 11/17/28 | ON Semiconductor Corp. | 3.64 |  | 46676 |
| USD | BNP | 366274 | 11/17/28 | Opendoor Technologies, Inc. | 3.64 | 75440 |  |
| USD | BNP | 97205 | 11/17/28 | OSI Systems, Inc. | 3.64 | 3351 |  |
| USD | BNP | 147126 | 11/17/28 | Pacira BioSciences, Inc. | 3.64 |  | 16473 |
| USD | BNP | 641908 | 11/17/28 | Pagaya Technologies Ltd. | 3.64 | 211683 |  |
| USD | NIP | 26862 | 11/30/27 | PAR Technology Corp. | 3.64 | 5468 |  |
| USD | BNP | 67346 | 11/17/28 | Parsons Corp. | 3.64 | 1783 |  |
| USD | BNP | 289320 | 11/17/28 | Patrick Industries, Inc. | 3.64 |  | 24447 |
| USD | BNP | 2203 | 11/17/28 | Pebblebrook Hotel Trust | 3.64 |  | 6 |
| USD | BNP | 270699 | 11/17/28 | Peloton Interactive, Inc. | 3.64 | 25158 |  |
| USD | BNP | 564627 | 11/17/28 | Penguin Solutions, Inc. | 3.64 | 28740 |  |
| EUR | BNP | 114832 | 07/06/26 | Pharming Group NV | 1.93 |  | 4055 |
| USD | BNP | 26668 | 03/26/26 | Ping An Insurance Group Co. of China Ltd. | 3.64 |  | 1789 |
| USD | BNP | 59394 | 11/17/28 | Pitney Bowes, Inc. | 3.64 | 4214 |  |
| USD | BNP | 22322 | 11/17/28 | Porch Group, Inc. | 3.64 | 9378 |  |
| USD | BNP | 843040 | 11/17/28 | PTC Therapeutics, Inc. | 3.64 |  | 219783 |
| USD | BNP | 16713 | 11/17/28 | Q2 Holdings, Inc. | 3.64 | 335 |  |

---

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

**28** 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> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | BNP | $207546 | 11/17/28 | RealReal, Inc. | 3.64% | $— | $136674 |
| USD | BNP | 16206 | 11/17/28 | Riot Platforms, Inc. | 3.64 | 5450 |  |
| USD | BNP | 96777 | 11/17/28 | Rivian Automotive, Inc. | 3.64 | 2277 |  |
| USD | BNP | 128933 | 11/17/28 | Rubrik, Inc. | 3.64 | 6195 |  |
| USD | BNP | 3414924 | 11/17/28 | Seagate Technology Holdings PLC | 3.64 |  | 172236 |
| USD | BNP | 523511 | 11/17/28 | Semtech Corp. | 3.64 |  | 42303 |
| USD | BNP | 6522 | 11/17/28 | Shake Shack, Inc. | 3.64 | 678 |  |
| USD | BNP | 65604 | 11/17/28 | Shift4 Payments, Inc. | 3.64 | 8621 |  |
| USD | BNP | 81221 | 11/17/28 | Silvercorp Metals, Inc. | 3.64 |  | 58300 |
| USD | NIP | 119536 | 11/30/27 | Sirius XM Holdings, Inc. | 3.64 | 12496 |  |
| USD | BNP | 33810 | 11/17/28 | Sirius XM Holdings, Inc. | 3.64 | 2681 |  |
| USD | BNP | 71660 | 11/17/28 | Snowflake, Inc. | 3.64 | 4324 |  |
| USD | BNP | 1374344 | 11/17/28 | SoFi Technologies, Inc. | 3.64 | 55171 |  |
| USD | BNP | 16037 | 11/17/28 | SolarEdge Technologies, Inc. | 3.64 | 4585 |  |
| USD | BNP | 949431 | 11/17/28 | Solaris Energy Infrastructure, Inc. | 3.64 | 69607 |  |
| USD | BNP | 16559 | 11/17/28 | SSR Mining, Inc. | 3.64 |  | 361 |
| CAD | BNP | 2567 | 03/06/26 | StorageVault Canada, Inc. | 2.30 | 38 |  |
| USD | BNP | 543079 | 11/17/28 | Stride, Inc. | 3.64 | 266142 |  |
| USD | BNP | 708862 | 11/17/28 | Super Micro Computer, Inc. | 3.64 | 275767 |  |
| USD | BNP | 10402 | 11/17/28 | Tempus AI, Inc. | 3.64 | 2195 |  |
| USD | NIP | 638197 | 11/30/27 | Terawulf, Inc. | 3.64 | 34237 |  |
| USD | BNP | 94082 | 11/17/28 | Terawulf, Inc. | 3.64 | 3630 |  |
| USD | BNP | 21479 | 11/17/28 | Tetra Tech, Inc. | 3.64 | 1994 |  |
| USD | BNP | 449467 | 11/17/28 | TransMedics Group, Inc. | 3.64 | 1596 |  |
| USD | BNP | 686829 | 11/17/28 | Trip.com Group Ltd. | 3.64 |  | 87429 |
| USD | BNP | 845974 | 11/17/28 | U.S. Treasury Notes,<br> 3.750%, 06/30/27 | 3.64 |  | 3213 |
| USD | BNP | 668531 | 11/17/28 | U.S. Treasury Notes,<br> 3.875%, 06/30/30 | 3.64 |  | 7461 |
| USD | BNP | 591613 | 11/17/28 | U.S. Treasury Notes,<br> 3.750%, 04/30/27 | 3.64 |  | 5919 |
| USD | BNP | 827203 | 11/17/28 | U.S. Treasury Notes,<br> 3.875%, 07/31/27 | 3.64 |  | 13764 |
| USD | BNP | 430023 | 11/17/28 | U.S. Treasury Notes,<br> 3.875%, 03/31/27 | 3.64 |  | 3982 |
| USD | BNP | 1175208 | 11/17/28 | U.S. Treasury Notes,<br> 3.875%, 04/30/30 | 3.64 |  | 25656 |
| USD | BNP | 225615 | 11/17/28 | Upstart Holdings, Inc. | 3.64 | 50759 |  |
| USD | NIP | 20212 | 11/30/27 | Veeco Instruments, Inc. | 3.64 |  | 1245 |
| USD | BNP | 58381 | 11/17/28 | Veeco Instruments, Inc. | 3.64 | 2541 |  |

---

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

Annual Financial Statements **29**

------

**Lazard Enhanced Opportunities Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Reference Entity**<sup>></sup>** | Reference<br> Rate at<br> 12/31/2025 | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| &nbsp;&nbsp;USD | BNP | $137190 | 11/17/28 | Vertex, Inc. | 3.64% | $14249 | $— |
| &nbsp;&nbsp;USD | BNP | 11692 | 11/17/28 | Viavi Solutions, Inc. | 3.64 |  | 354 |
| &nbsp;&nbsp;USD | BNP | 16851 | 11/17/28 | Vishay Intertechnology, Inc. | 3.64 |  | 332 |
| &nbsp;&nbsp;USD | BNP | 23781 | 11/17/28 | Vizsla Silver Corp. | 3.64 |  | 1762 |
| &nbsp;&nbsp;USD | BNP | 2027989 | 11/17/28 | Wayfair, Inc. | 3.64 |  | 213964 |
| &nbsp;&nbsp;USD | BNP | 72288 | 11/17/28 | Welltower, Inc. | 3.64 | 6218 |  |
| &nbsp;&nbsp;USD | NIP | 847611 | 11/30/27 | Western Digital Corp. | 3.64 |  | 801460 |
| &nbsp;&nbsp;USD | BNP | 3283975 | 11/17/28 | Western Digital Corp. | 3.64 |  | 991957 |
| &nbsp;&nbsp;USD | BNP | 509322 | 11/17/28 | WisdomTree, Inc. | 3.64 |  | 33801 |
| &nbsp;&nbsp;USD | BNP | 6254 | 11/17/28 | Wix.com Ltd. | 3.64 | 1060 |  |
| &nbsp;&nbsp;USD | BNP | 12202 | 11/17/28 | Workiva, Inc. | 3.64 | 732 |  |
| &nbsp;&nbsp;USD | BNP | 529064 | 11/17/28 | Xometry, Inc. | 3.64 |  | 53924 |
| &nbsp;&nbsp;USD | BNP | 35977 | 11/17/28 | Zoetis, Inc. | 3.64 |  | 1388 |
| &nbsp;&nbsp;USD | BNP | 25380 | 11/17/28 | Zscaler, Inc. | 3.64 | 5364 |  |
| 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 |  | $11203125 | $11907610 |

---

---

| | |
|:---|:---|
| > | 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 80 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 164 basis points, with one specific position having a rate of OBFR minus a spread of 264 basis points. |

---

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

**30** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** |  |  |
| **Exchange-Traded Funds \| 93.9%** |  |  |
| **Commodity \| 3.5%** |  |  |
| U.S. Copper Index Fund | 16449 | $575057 |
| WisdomTree Aluminium | 69956 | 271770 |
|  |  | 846827 |
| **Equity Funds \| 67.7%** |  |  |
| Franklin FTSE Latin America ETF | 26432 | 636741 |
| Invesco QQQ Trust, Series 1 | 2362 | 1451000 |
| iShares MSCI ACWI ex U.S. ETF | 7361 | 494144 |
| iShares MSCI Japan ETF | 17152 | 1384852 |
| iShares MSCI USA Momentum Factor ETF | 2609 | 653059 |
| Lazard Next Gen Technologies ETF (a) | 12195 | 457325 |
| SPDR EURO STOXX 50 ETF | 16458 | 1059731 |
| Vanguard S&P 500 ETF | 5924 | 3715118 |
| Vanguard S&P 500 Growth ETF | 7796 | 3466024 |
| Vanguard S&P 500 Value ETF | 13694 | 2805216 |
|  |  | 16123210 |
| **Fixed Income \| 22.7%** |  |  |
| iShares 1-3 Year Treasury Bond ETF | 15130 | 1253067 |
| iShares 20+ Year Treasury Bond ETF | 33316 | 2903823 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 6910 | 761413 |
| iShares International Treasury Bond ETF | 11622 | 484172 |
|  |  | 5402475 |
| **Total Exchange-Traded Funds** <br> (Cost $16,865,414) |  | 22372512 |

---

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

Annual Financial Statements **31**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio (continued)** |  |  |
| **Short-Term Investments \| 6.3%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a)<br> (Cost $1,496,981) | 1496981 | $1496981 |
| **Total Investments \| 100.2%**<br> (Cost $18,362,395) |  | $**23869493** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(54242)** |
| **Net Assets \| 100.0%** |  | $**23815251** |

---

(a) Affiliated investments.

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

**32** Annual Financial Statements

------

**Lazard Opportunistic Strategies Portfolio (continued)**

**Total Return Swap Agreements open at December 31, 2025:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Rate | Payment<br> Frequency | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $594248 | 12/09/26 | 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+1.05 bps | Upon Maturity(a) | $25026 | $— |
| USD | GSC | 569957 | 01/20/27 | 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+0.45 bps | Upon Maturity(a) | 24134 |  |
| 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 |  |  | $49160 \* | $— \* |

---

*(a)* *For swap agreements, the net settlement will occur on the expiration date.*

*\** *Include net accrued dividends and financing charges of $2,831.*

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

Annual Financial Statements **33**

------

**Lazard Opportunistic Strategies Portfolio (concluded)**

Individual security breakdowns for Total Return Swaps reflect the notional exposure of the underlying reference basket. Market values shown exclude the financing costs associated with the Total Return Swaps.

The following tables represent the shares of the individual securities and related fair values underlying the custom total return basket swap agreements with GSC, as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within<br> GSCBLZEG<br> (SOFR+1.05bps) | Shares | Fair<br> Value |
| BAE Systems PLC | 6974 | $161126 |
| Exosens SAS | 118 | 6719 |
| Hensoldt AG | 268 | 23118 |
| Kongsberg Gruppen ASA | 2043 | 52413 |
| Leonardo SpA | 1343 | 77589 |
| Renk Group AG | 232 | 14619 |
| Rheinmetall AG | 107 | 196290 |
| Saab AB, Class B | 1259 | 73517 |
| Theon International PLC | 170 | 5354 |
| Tkms AG& Co KGaA | 148 | 11497 |
| Total Fair Value |  | $622242 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within<br> GSCBLZTH<br> (SOFR+0.45bps) | Shares | Fair<br> Value |
| Abivax SA, ADR | 240 | $32364 |
| Arcellx Inc. | 251 | 16365 |
| Arcutis Biotherapeutics, Inc. | 1037 | 30114 |
| Argenx SE, ADR | 103 | 86617 |
| Ascendis Pharma A/S, ADR | 205 | 43714 |
| Axsome Therapeutics, Inc. | 305 | 55705 |
| Disc Medicine, Inc. | 197 | 15644 |
| Insmed Inc. | 306 | 53256 |
| Ionis Pharmaceuticals Inc. | 372 | 29429 |
| Madrigal Pharmaceuticals Inc. | 79 | 46005 |
| Mirum Pharmaceuticals Inc. | 232 | 18326 |
| Newamsterdam Pharma Co NV | 323 | 11331 |
| Rhythm Pharmaceuticals, Inc. | 345 | 36929 |
| Roivant Sciences Ltd. | 2043 | 44333 |
| Scholar Rock Holding Corp. | 257 | 11321 |
| Terns Pharmaceuticals Inc. | 334 | 13494 |
| TG Therapeutics Inc. | 480 | 14309 |
| Vera Therapeutics Inc. | 242 | 12255 |
| Viridian Therapeutics Inc. | 373 | 11608 |
| Xenon Pharmaceuticals, Inc. | 273 | 12236 |
| Total Fair Value |  | $595355 |

---

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

**34** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•)** |  |  |
| **Common Stocks \| 79.2%** |  |  |
| **Australia \| 2.5%** |  |  |
| Anglogold Ashanti PLC | 54 | $4638 |
| Aurizon Holdings Ltd. | 8552 | 20765 |
| BHP Group Ltd. | 640 | 19313 |
| Evolution Mining Ltd. | 226 | 1901 |
| Fortescue Ltd. | 250 | 3655 |
| Goodman Group REIT | 1672 | 34375 |
| Northern Star Resources Ltd. | 251 | 4452 |
| Rio Tinto PLC | 193 | 15399 |
| South32 Ltd. | 722 | 1714 |
| Transurban Group | 3938 | 37243 |
|  |  | 143455 |
| **Belgium \| 0.1%** |  |  |
| Warehouses De Pauw CVA REIT | 339 | 8797 |
| **Brazil \| 1.8%** |  |  |
| Energisa SA | 1210 | 10381 |
| Iguatemi SA | 4800 | 22318 |
| Motiva Infraestrutura de Mobilidade SA | 9600 | 26272 |
| Multiplan Empreendimentos Imobiliarios SA | 5700 | 28253 |
| Suzano SA | 200 | 1873 |
| Vale SA | 200 | 2615 |
| Wheaton Precious Metals Corp. | 52 | 6113 |
| Yara International ASA | 189 | 7744 |
|  |  | 105569 |
| **Canada \| 5.8%** |  |  |
| Agnico Eagle Mines Ltd. | 84 | 14245 |
| Alamos Gold, Inc., Class A | 62 | 2394 |
| Atco Ltd., Class I | 917 | 37667 |
| Barrick Mining Corp. | 290 | 12633 |

---

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

Annual Financial Statements **35**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Boardwalk Real Estate Investment Trust REIT | 669 | $31428 |
| Canadian National Railway Co. | 212 | 20968 |
| Enbridge, Inc. | 204 | 9762 |
| First Capital Real Estate Investment Trust REIT | 1521 | 20944 |
| Franco-Nevada Corp. | 40 | 8291 |
| Granite Real Estate Investment Trust REIT | 594 | 35362 |
| Hydro One Ltd. (#) | 1369 | 54499 |
| Kinross Gold Corp. | 441 | 12421 |
| Lundin Gold, Inc. | 63 | 5234 |
| Nutrien Ltd. | 352 | 21727 |
| TC Energy Corp. | 807 | 44393 |
| Teck Resources Ltd., Class B | 33 | 1580 |
|  |  | 333548 |
| **China \| 1.5%** |  |  |
| C&D International Investment Group Ltd. | 2000 | 4017 |
| China Overseas Land & Investment Ltd. | 19500 | 30618 |
| China Resources Land Ltd. | 6000 | 20898 |
| Hopson Development Holdings Ltd. (\*) | 11668 | 4483 |
| Midea Real Estate Holding Ltd. (#) | 7000 | 3682 |
| Seazen Group Ltd. (\*) | 44000 | 11562 |
| Yuexiu Property Co. Ltd. | 21000 | 10655 |
|  |  | 85915 |
| **Finland \| 0.1%** |  |  |
| Stora Enso OYJ, R Shares | 258 | 3230 |
| **France \| 3.8%** |  |  |
| Aeroports de Paris SA | 111 | 14502 |
| Covivio SA REIT | 257 | 17080 |
| Engie SA | 2352 | 61843 |
| Klepierre SA REIT | 344 | 13620 |
| TotalEnergies SE | 272 | 17728 |
| Unibail-Rodamco-Westfield REIT | 211 | 22933 |
| Vinci SA | 492 | 69090 |
|  |  | 216796 |

---

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

**36** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **Germany \| 0.2%** |  |  |
| TAG Immobilien AG | 553 | $8577 |
| Vonovia SE | 182 | 5247 |
|  |  | 13824 |
| **Hong Kong \| 1.4%** |  |  |
| Henderson Land Development Co. Ltd. | 2000 | 7216 |
| Hongkong Land Holdings Ltd. | 1000 | 6940 |
| Kerry Properties Ltd. | 2500 | 6495 |
| Link REIT | 3400 | 15144 |
| Swire Properties Ltd. | 4400 | 11848 |
| Wharf Real Estate Investment Co. Ltd. | 11000 | 34661 |
|  |  | 82304 |
| **Israel \| 0.0%** |  |  |
| ICL Group Ltd. | 512 | 2936 |
| **Italy \| 1.1%** |  |  |
| Terna - Rete Elettrica Nazionale | 5762 | 61269 |
| **Japan \| 3.7%** |  |  |
| Central Japan Railway Co. | 400 | 11089 |
| Daiwa House Industry Co. Ltd. | 500 | 16605 |
| East Japan Railway Co. | 1200 | 31758 |
| Hankyu Hanshin Holdings, Inc. | 600 | 15090 |
| Hoshino Resorts REIT, Inc. | 3 | 4997 |
| Hulic Co. Ltd. | 2400 | 26237 |
| Industrial & Infrastructure Fund Investment Corp. REIT | 18 | 17681 |
| Japan Prime Realty Investment Corp. REIT | 23 | 15522 |
| Japan Real Estate Investment Corp. REIT | 23 | 19209 |
| Katitas Co. Ltd. | 300 | 6100 |
| KDX Realty Investment Corp. REIT | 10 | 11219 |
| Nippon Steel Corp. | 1100 | 4499 |
| Osaka Gas Co. Ltd. | 600 | 20826 |
| Sekisui House Reit, Inc. | 17 | 9766 |
|  |  | 210598 |

---

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

Annual Financial Statements **37**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **Luxembourg \| 0.0%** |  |  |
| ArcelorMittal SA | 43 | $1958 |
| **Mexico \| 0.8%** |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 1600 | 21638 |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 910 | 23906 |
|  |  | 45544 |
| **Singapore \| 0.7%** |  |  |
| Keppel DC REIT | 13260 | 23185 |
| Parkway Life REIT | 4100 | 13014 |
| UOL Group Ltd. | 800 | 5433 |
|  |  | 41632 |
| **South Africa \| 0.8%** |  |  |
| Anglo American PLC | 432 | 17802 |
| Gold Fields Ltd. | 160 | 6978 |
| Growthpoint Properties Ltd. REIT | 19922 | 20653 |
|  |  | 45433 |
| **South Korea \| 0.1%** |  |  |
| POSCO Holdings, Inc. | 16 | 3376 |
| **Spain \| 1.0%** |  |  |
| Aena SME SA (#) | 1199 | 33564 |
| Iberdrola SA | 1015 | 21970 |
|  |  | 55534 |
| **Sweden \| 0.1%** |  |  |
| Boliden AB (\*) | 146 | 8080 |
| **United Arab Emirates \| 0.5%** |  |  |
| Emaar Development PJSC | 6374 | 26293 |

---

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

**38** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **United Kingdom \| 4.5%** |  |  |
| Big Yellow Group PLC REIT | 799 | $11219 |
| National Grid PLC | 3930 | 60566 |
| Segro PLC REIT | 843 | 8155 |
| Severn Trent PLC | 589 | 22142 |
| Shaftesbury Capital PLC REIT | 28655 | 55785 |
| SSE PLC | 2223 | 65183 |
| Tritax Big Box REIT PLC | 13937 | 28515 |
| United Utilities Group PLC | 421 | 6773 |
|  |  | 258338 |
| **United States \| 48.6%** |  |  |
| Agree Realty Corp. | 266 | 19160 |
| Alexandria Real Estate Equities, Inc. REIT | 1126 | 55106 |
| Ameren Corp. | 758 | 75694 |
| American Electric Power Co., Inc. | 400 | 46124 |
| American Homes 4 Rent, Class A REIT | 1050 | 33705 |
| American Tower Corp. REIT | 579 | 101655 |
| American Water Works Co., Inc. | 150 | 19575 |
| Apple Hospitality REIT, Inc. | 1478 | 17514 |
| Archer-Daniels-Midland Co. | 22 | 1265 |
| Atmos Energy Corp. | 239 | 40064 |
| AvalonBay Communities, Inc. REIT | 324 | 58744 |
| Avery Dennison Corp. | 22 | 4001 |
| Brixmor Property Group, Inc. | 599 | 15706 |
| Camden Property Trust REIT | 100 | 11008 |
| CareTrust REIT, Inc. | 779 | 28169 |
| CF Industries Holdings, Inc. | 134 | 10364 |
| Cheniere Energy, Inc. | 203 | 39461 |
| Chevron Corp. | 26 | 3963 |
| CMS Energy Corp. | 108 | 7552 |
| ConocoPhillips | 113 | 10578 |
| Consolidated Edison, Inc. | 238 | 23638 |
| Constellation Energy Corp. | 30 | 10598 |
| Corteva, Inc. | 269 | 18031 |

---

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

Annual Financial Statements **39**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Coterra Energy, Inc. | 454 | $11949 |
| Crown Castle, Inc. | 1270 | 112865 |
| CSX Corp. | 881 | 31936 |
| CubeSmart | 362 | 13050 |
| Darling Ingredients, Inc. (\*) | 90 | 3240 |
| Devon Energy Corp. | 54 | 1978 |
| Digital Realty Trust, Inc. REIT | 396 | 61265 |
| Dominion Energy, Inc. | 568 | 33279 |
| DTE Energy Co. | 71 | 9158 |
| Duke Energy Corp. | 324 | 37976 |
| EastGroup Properties, Inc. REIT | 234 | 41685 |
| Energy Transfer LP | 3401 | 56083 |
| Entergy Corp. | 603 | 55735 |
| Enterprise Products Partners LP | 667 | 21384 |
| EOG Resources, Inc. | 9 | 945 |
| Equinix, Inc. REIT | 79 | 60527 |
| Equity LifeStyle Properties, Inc. REIT | 180 | 10910 |
| Equity Residential REIT | 527 | 33222 |
| Essex Property Trust, Inc. REIT | 55 | 14392 |
| Exelon Corp. | 468 | 20400 |
| Extra Space Storage, Inc. REIT | 40 | 5209 |
| Exxon Mobil Corp. | 157 | 18893 |
| Ferrovial SE | 966 | 62476 |
| First Industrial Realty Trust, Inc. | 629 | 36023 |
| FMC Corp. | 81 | 1124 |
| Freeport-McMoRan, Inc. | 308 | 15643 |
| Halliburton Co. | 48 | 1357 |
| Host Hotels & Resorts, Inc. REIT | 1443 | 25584 |
| Ingredion, Inc. | 100 | 11026 |
| Invitation Homes, Inc. REIT | 1957 | 54385 |
| Iron Mountain, Inc. REIT | 121 | 10037 |
| Kinder Morgan, Inc. | 896 | 24631 |
| Marathon Petroleum Corp. | 26 | 4228 |
| Mid-America Apartment Communities, Inc. REIT | 444 | 61676 |
| Mosaic Co. | 149 | 3589 |
| National Storage Affiliates Trust REIT | 286 | 8068 |

---

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

**40** Annual Financial Statements

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Newmont Corp. | 214 | $21368 |
| NextEra Energy, Inc. | 595 | 47767 |
| NiSource, Inc. | 1265 | 52826 |
| NNN REIT, Inc. | 499 | 19775 |
| Norfolk Southern Corp. | 85 | 24541 |
| Nucor Corp. | 52 | 8482 |
| Omega Healthcare Investors, Inc. | 1168 | 51789 |
| Park Hotels & Resorts, Inc. REIT | 461 | 4822 |
| Phillips 66 | 36 | 4645 |
| Pinnacle West Capital Corp. | 205 | 18184 |
| Prologis, Inc. | 1030 | 131490 |
| Public Storage REIT | 134 | 34773 |
| Realty Income Corp. REIT | 177 | 9978 |
| Regency Centers Corp. REIT | 431 | 29752 |
| Ryman Hospitality Properties, Inc. REIT | 101 | 9557 |
| Sabra Health Care REIT, Inc. | 1364 | 25834 |
| SBA Communications Corp. REIT | 489 | 94587 |
| Scotts Miracle-Gro Co. | 21 | 1225 |
| Shell PLC | 366 | 13445 |
| Simon Property Group, Inc. REIT | 465 | 86076 |
| SL Green Realty Corp. REIT | 494 | 22660 |
| SLB Ltd. | 33 | 1267 |
| STAG Industrial, Inc. | 234 | 8602 |
| Steel Dynamics, Inc. | 23 | 3897 |
| Sunstone Hotel Investors, Inc. REIT | 1355 | 12114 |
| Targa Resources Corp. | 269 | 49631 |
| Union Pacific Corp. | 238 | 55054 |
| Valero Energy Corp. | 31 | 5047 |
| Ventas, Inc. REIT | 814 | 62987 |
| WEC Energy Group, Inc. | 403 | 42500 |
| Welltower, Inc. REIT | 551 | 102271 |
| Williams Cos., Inc. | 1025 | 61613 |
| Xcel Energy, Inc. | 735 | 54287 |
|  |  | 2800449 |

---

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

Annual Financial Statements **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **Zambia \| 0.1%** |  |  |
| First Quantum Minerals Ltd. (\*) | 224 | $6006 |
| **Total Common Stocks**<br> (Cost $3,992,365) |  | 4560884 |
| **Exchange-Traded Funds \| 2.7%** |  |  |
| iShares Gold Trust (~) | 795 | 64530 |
| iShares Silver Trust (~) | 1443 | 92958 |
| **Total Exchange-Traded Funds**<br> (Cost $75,919) |  | 157488 |
| **Preferred Stocks \| 0.0%** |  |  |
| **Brazil \| 0.0%** |  |  |
| Petroleo Brasileiro SA – Petrobras<br> (Cost $2,333) | 400 | 2258 |
| **Short-Term Investments \| 12.6%** |  |  |
| Lazard Government Money Market Portfolio, <br> 3.59% (7 day yield) (a) | 366014 | 366014 |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, <br> 3.74% (7 day yield)(~) | 357906 | 357907 |
| **Total Short-Term Investments**<br> (Cost $723,921) |  | 723921 |
| **Total Investments \| 94.5%**<br> (Cost $4,794,538) |  | $**5444551** |
| **Cash and Other Assets in Excess of Liabilities \| 5.5%** |  | **317191** |
| **Net Assets \| 100.0%** |  | $**5761742** |

---

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

**42** Annual Financial Statements

------

**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 December 31, 2025, these securities amounted to 1.6% of net assets of the Portfolio.* |
| *(\*)* | *Non-income producing security.* |
| *(~)* | *The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio.* |
| *(a)* | *Affiliated investments.* |

---

**Total Return Swap Agreements open at December 31, 2025 (~):**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency | Counterparty | Notional<br> Amount | Expiration<br> Date | Receive | Pay | Payable | Payment<br> Frequency | Unrealized <br> Appreciation | Unrealized<br> Depreciation |
| USD | GSC | $1033861 | 07/29/26 | 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) | $79399 \* | $— \* |
|  |  |  |  | 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. |
| *\** | *Include net accrued dividends and financing charges of $1,113.* |

---

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

Annual Financial Statements **43**

------

**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 December 31, 2025:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Commodity | Commodity Index<br> Ticker Symbol | Commodity Exposure Expressed as<br> a Percentage of Notional Amount |
| Aluminium | BCOMLA | 4.31% |
| Brent Crude Oil | BCOMCO | 5.52 |
| Chicago Wheat | BCOMW | 2.30 |
| Coffee | BCOMKC | 2.85 |
| Copper HG | BCOMHG | 6.34 |
| Corn | BCOMC | 4.71 |
| Cotton | BCOMCT | 1.31 |
| Gasoil | BCOMQS | 2.20 |
| Gold | BCOMGC | 20.28 |
| Heating Oil | BCOMHO | 1.72 |
| Kansas Wheat | BCOMKW | 1.49 |
| Lead | BCOMLL | 0.83 |
| Lean Hogs | BCOMLH | 1.63 |
| Live Cattle | BCOMLC | 3.70 |
| Natural Gas | BCOMNG | 7.11 |
| Nickel | BCOMLN | 2.27 |
| RBOB Gasoline | BCOMXB | 1.60 |
| Silver | BCOMSI | 9.00 |
| Soybean | BCOMS | 5.47 |
| Soybean Meal | BCOMSM | 3.04 |
| Soybean Oil | BCOMBO | 3.45 |
| Sugar | BCOMSB | 2.00 |
| WTI Crude Oil | BCOMCL | 4.72 |
| Zinc | BCOMLX | 2.15 |
| Total |  | 100.00% |

---

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

**44** Annual Financial Statements

**The Lazard Funds, Inc.** Abbreviations

December 31, 2025

---

| | |
|:---|:---|
| **Security Abbreviations:** | **Security Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange-Traded Fund |
| PJSC | — Public Joint Stock Company |
| REITs | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| CAD | — Canadian Dollar |
| EUR | — Euro |
| USD | — United States Dollar |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| BMO | — Bank of Montreal |
| 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 |
| SGN | — Societe Generale |
| SSB | — State Street Bank & Trust Co. |

---

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

Annual Financial Statements **45**

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $59827449 | $21915187 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (Note 5) | 2876234 | 1954306 |
| Cash | 488 |  |
| Foreign currency, at fair value | 3132 |  |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 174309 | 10248 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 211429 |  |
| &nbsp;&nbsp;&nbsp;Terminated Swaps | 40458 |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 22353 |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Cash collateral pledged for derivative contracts | 474703 |  |
| Gross unrealized appreciation on swap agreements | 11203125 | 49160 |
| Other assets |  |  |
| Total assets | 74833680 | 23928901 |
| **LIABILITIES** |  |  |
| Securities sold short, at fair value | 2245708 |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 57639 | 21749 |
| &nbsp;&nbsp;&nbsp;Management fees | 42680 | 16321 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 32613 | 32756 |
| &nbsp;&nbsp;&nbsp;Accrued administration fees | 24106 | 21565 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 10211 | 11389 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 77 |  |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees |  | 128 |
| &nbsp;&nbsp;&nbsp;Accrued registration fees |  | 1280 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 128828 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 112620 |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest on securities sold short | 10437 |  |
| Gross unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 1366 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 11907610 |  |
| Written options, at fair value | 33830 |  |
| Other accrued expenses and payables | 6850 | 8462 |
| Total liabilities | 14614575 | 113650 |
| Net assets | $60219105 | $23815251 |

---

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

**46** Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |
| $5078537 |
| 366014 |
| 20 |
| 54255 |
| 19787 |
| 100 |
| 9507 |
| 260045 |
| 79399 |
| 3304 |
| 5870968 |
| 38741 |
| 38297 |
| 20144 |
| 6859 |
| 44 |
| 31 |
| 266 |
| 4844 |
| 109226 |
| $5761742 |

---

Annual Financial Statements **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **NET ASSETS** |  |  |
| Paid in capital | $62982474 | $17844586 |
| Distributable earnings (Accumulated loss) | (2763369) | 5970665 |
| Net assets | $60219105 | $23815251 |
| **Institutional Shares** |  |  |
| Net assets | $59579742 | $23730481 |
| Shares of capital stock outstanding\* | 6332830 | 2340227 |
| **Net asset value, offering and redemption price per share** | $9.41 | $10.14 |
| **Open Shares** |  |  |
| Net assets | $639363 | $84770 |
| Shares of capital stock outstanding\* | 67625 | 8427 |
| **Net asset value, offering and redemption price per share** | $9.45 | $10.06 |
| **R6 Shares** |  |  |
| Net assets |  |  |
| Shares of capital stock outstanding\* |  |  |
| **Net asset value, offering and redemption price per share** |  |  |
| Cost of unaffiliated issuers | $62118909 | $16378894 |
| Cost of affiliated issuers | $2876234 | $1983501 |
| Proceeds received from securities sold short | $2194801 | $— |
| Proceeds received from written options | $33450 | $— |
| Cost of foreign currency | $3127 | $— |

---

*\** *$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.*

**48** Annual Financial Statements

------

---

| |
|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |
| $10382925 |
| (4621183) |
| $5761742 |
| $5043872 |
| 471559 |
| $10.70 |
| $284675 |
| 26595 |
| $10.70 |
| $433195 |
| 40484 |
| $10.70 |
| $4428524 |
| $366014 |
| $— |
| $— |
| $54304 |

---

Annual Financial Statements **49**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2025 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio |
| **Investment Income** |  |  |
| Interest | $2504784 | $79769 |
| Dividends |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers\* | 96976 | 562085 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (b) | 33430 | 5568 |
| Total investment income | 2635190 | 647422 |
| **Expenses** |  |  |
| Management fees (Note 3) | 508250 | 276174 |
| Professional services | 72403 | 49793 |
| Custodian fees | 60200 | 15897 |
| Registration fees | 37812 | 37761 |
| Administration fees | 32942 | 29707 |
| Shareholders' reports | 17573 | 14331 |
| Shareholders' services | 11743 | 11302 |
| Directors' fees and expenses | 8847 | 7475 |
| Distribution fees (Open Shares) | 1370 | 260 |
| Other | 8532 | 9243 |
| Total gross expenses before expenses on securities sold short | 759672 | 451943 |
| Broker expenses on securities sold short | 20336 |  |
| Dividend expense on securities sold short | 51676 |  |
| Total gross expenses | 831684 | 451943 |
| Management fees waived and expenses reimbursed | (103971) | (169629) |
| Total net expenses | 727713 | 282314 |
| Net investment income (loss) | 1907477 | 365108 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2797716 | 2956931 |
| &nbsp;&nbsp;&nbsp;Securities sold short | (33611) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 22676 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (109739) | (2916) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | 77806 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1978150 | 880983 |
| Total net realized gain (loss) | 4732998 | 3834998 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (12254) | (660521) |
| &nbsp;&nbsp;&nbsp;Affiliated issuers (b) |  | (29195) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (197692) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 1404 |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | (23044) | (13135) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | 3562 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1200463) | (7085) |
| Total net change in unrealized appreciation (depreciation) | (1428487) | (709936) |
| Net realized and unrealized gain (loss) | 3304511 | 3125062 |
| Net increase (decrease) in net assets resulting from operations | $5211988 | $3490170 |
| \*Net of foreign withholding taxes paid (reclaimed) | $1610 | $— |

---

*#* *Dividend income for Lazard Real Assets Portfolio includes $14,499 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 $6,559. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

*(a)* *Consolidated Statement of Operations.*

*(b)* *See Note 5 for information on affiliated issuers.*

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

**50** Annual Financial Statements

------

---

| | |
|:---|:---|
| Lazard<br> Real Assets<br> Portfolio (a) |  |
| $9241 |  |
| 192017 |  |
| 3703 |  |
| 204961 |  |
| 33944 |  |
| 64916 |  |
| 39703 |  |
| 38492 |  |
| 26907 |  |
| 9768 |  |
| 17230 |  |
| 15317 |  |
| 647 |  |
| 1192 |  |
| 248116 |  |
| 248116 |  |
| (205894 |  |
| 42222 |  |
| 162739 |  |
| 198947 |  |
| 4704 |  |
| (4756) |  |
| 40820 |  |
| 239715 |  |
| 331496 |  |
| 686 |  |
| (6378) |  |
| 70254 |  |
| 396058 |  |
| 635773 |  |
| $798512 |  |
| $(7940 | # |

---

Annual Financial Statements **51**

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

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Enhanced Opportunities Portfolio | Lazard<br> Enhanced Opportunities Portfolio |
| | Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 |
| **Increase (Decrease) in Net Assets From** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $1907477 | $1900176 |
| Net realized gain (loss) | 4732998 | 1698888 |
| Net change in unrealized appreciation (depreciation) | (1428487) | 507972 |
| Net increase (decrease) resulting from operations | 5211988 | 4107036 |
| **Distributions to shareholders (Note 2(i))** |  |  |
| Net investment income and/or net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (384609) | (2087901) |
| &nbsp;&nbsp;&nbsp;Open Shares | (4127) | (27881) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (388736) | (2115782) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 33229828 | 8032981 |
| &nbsp;&nbsp;&nbsp;Open Shares | 892322 | 37362 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 368618 | 2087901 |
| &nbsp;&nbsp;&nbsp;Open Shares | 4127 | 27881 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (20223963) | (7479679) |
| &nbsp;&nbsp;&nbsp;Open Shares | (880101) | (25739) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 13390831 | 2680707 |
| Total increase (decrease) in net assets | 18214083 | 4671961 |
| Net assets at beginning of period | 42005022 | 37333061 |
| Net assets at end of period | $60219105 | $42005022 |

---

*(a)* *Consolidated Statements of Changes in Net Assets.* 

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

**52** 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) |
| Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 | Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 |
| $365108 | $324267 | $162739 | $554084 |
| 3834998 | 2566310 | 239715 | 894564 |
| (709936) | 1220598 | 396058 | (589271) |
| 3490170 | 4111175 | 798512 | 859377 |
| (3067867) | (3447333) | (374460) | (432624) |
| (11171) | (11888) | (20816) | (6757) |
|  |  | (40029) | (5678) |
| (3079038) | (3459221) | (435305) | (445059) |
| 2651338 | 152474 | 1125829 | 1442475 |
| 233 | 6072 | 40192 | 25126 |
|  |  | 450638 | 198115 |
| 2660780 | 3142976 | 368444 | 426201 |
| 9611 | 10739 | 20816 | 6757 |
|  |  | 40029 | 5678 |
| (13645631) | (8862669) | (788138) | (22002069) |
| (45958) | (25127) | (39399) | (56297) |
|  |  | (304455) | (33883) |
| (8369627) | (5575535) | 913956 | (19987897) |
| (7958495) | (4923581) | 1277163 | (19573579) |
| 31773746 | 36697327 | 4484579 | 24058158 |
| $23815251 | $31773746 | $5761742 | $4484579 |

---

Annual Financial Statements **53**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Enhanced Opportunities Portfolio | Lazard<br> Enhanced Opportunities Portfolio |
|  | Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 4837512 | 4529566 |
| Shares sold | 3668413 | 951051 |
| Shares issued to shareholders from reinvestment of distributions | 40686 | 246118 |
| Shares redeemed | (2213781) | (889223) |
| Net increase (decrease) | 1495318 | 307946 |
| Shares outstanding at end of period | 6332830 | 4837512 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 66763 | 62090 |
| Shares sold | 97519 | 4412 |
| Shares issued to shareholders from reinvestment of distributions | 453 | 3281 |
| Shares redeemed | (97110) | (3020) |
| Net increase (decrease) | 862 | 4673 |
| Shares outstanding at end of period | 67625 | 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.*

**54** 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) |
| Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 | Year Ended<br> December 31, 2025 | Year Ended<br> December 31, 2024 |
| 3102662 | 3633121 | 404908 | 2456917 |
| 259868 | 14251 | 106877 | 144198 |
| 261640 | 302091 | 34990 | 43961 |
| (1283943) | (846801) | (75216) | (2240168) |
| (762435) | (530459) | 66651 | (2052009) |
| 2340227 | 3102662 | 471559 | 404908 |
| 11700 | 12446 | 24579 | 27219 |
| 24 | 593 | 3793 | 2545 |
| 953 | 1040 | 1975 | 684 |
| (4250) | (2379) | (3752) | (5869) |
| (3273) | (746) | 2016 | (2640) |
| 8427 | 11700 | 26595 | 24579 |
|  |  | 21886 | 4121 |
|  |  | 42993 | 20567 |
|  |  | 3797 | 572 |
|  |  | (28192) | (3374) |
|  |  | 18598 | 17765 |
|  |  | 40484 | 21886 |

---

Annual Financial Statements **55**

**The Lazard Funds, Inc.** Financial Highlights

------

LAZARD ENHANCED OPPORTUNITIES PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.56 | $8.13 | $7.72 | $9.36 | $9.13 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.32 | 0.41 | 0.11 | 0.18 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 0.47 | 0.43 | (0.86) | 0.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.91 | 0.88 | 0.54 | (0.68) | 0.62 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.45) | (0.13) | (0.40) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.34) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.07) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.45) | (0.13) | (0.96) | (0.39 |
| Net asset value, end of period | $9.41 | $8.56 | $8.13 | $7.72 | $9.36 |
| **Total Return** (b) | 10.70% | 10.94% | 7.02% | –7.39% | 6.81 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $59580 | $41431 | $36827 | $39139 | $145836 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.36% | 3.55% | 3.77% | 2.41% | 1.70 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.54% | 3.93% | 4.23% | 2.51% | 2.05 |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 1.41% | 1.63% | 1.71% | 1.35% | 1.54 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.56% | 4.81% | 1.35% | 2.03% | 1.47 |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 869% | 349% | 187% | 178% | 168 |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 857% | 440% | 270% | 233% | 341 |

---

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

**56**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.59 | $8.15 | $7.75 | $9.37 | $9.13 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.33 | 0.39 | 0.09 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.59 | 0.48 | 0.42 | (0.84) | 0.47 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.92 | 0.87 | 0.51 | (0.69) | 0.60 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.43) | (0.11) | (0.32) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.49) | (0.34) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.43) | (0.11) | (0.93) | (0.36 |
| Net asset value, end of period | $9.45 | $8.59 | $8.15 | $7.75 | $9.37 |
| **Total Return** (b) | 10.77% | 10.76% | 6.63% | –7.45% | 6.55 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $639 | $574 | $506 | $434 | $775 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.61% | 3.81% | 4.02% | 2.89% | 1.92 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.60% | 5.09% | 5.54% | 4.34% | 2.99 |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 2.47% | 2.78% | 3.02% | 2.95% | 2.52 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.68% | 4.57% | 1.13% | 1.67% | 1.42 |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 869% | 349% | 187% | 178% | 168 |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 857% | 440% | 270% | 233% | 341 |

---

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**57**

------

# 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.

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

**58**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

------

LAZARD OPPORTUNISTIC STRATEGIES PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.20 | $10.07 | $9.41 | $11.45 | $10.58 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.10 | 0.13 | 0.10 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.28 | 1.13 | 0.83 | (1.80) | 1.32 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.42 | 1.23 | 0.96 | (1.70) | 1.37 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.16) | (0.15) | (0.10) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.33) | (0.94) | (0.15) | (0.24) | (0.46) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | — (b) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.48 | (1.10 | (0.30 | (0.34) | (0.50) |
| Net asset value, end of period | $10.14 | $10.20 | $10.07 | $9.41 | $11.45 |
| **Total Return** (c) | 14.01 | 12.29 | 10.29 | –14.93% | 12.96% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $23730 | $31655 | $36573 | $55441 | $78647 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.02 | 1.02 | 1.02 | 1.03% | 1.11% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.62 | 1.52 | 1.41 | 1.32% | 1.28% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | N/A | N/A | N/A | 1.32% | 1.19% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.32 | 0.93 | 1.35 | 1.03% | 0.40% |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 56 | 57 | 109 | 128% | 65% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | N/A | N/A | N/A | 134% | 65% |

---

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**59**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.13 | $10.00 | $9.36 | $11.38 | $10.52 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 | 0.07 | 0.12 | 0.07 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.27 | 1.13 | 0.80 | (1.77) | 1.31 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.38 | 1.20 | 0.92 | (1.70) | 1.33 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.13) | (0.13) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.33) | (0.94) | (0.15) | (0.24) | (0.46) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | — (b) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.45 | (1.07 | (0.28 | (0.32) | (0.47) |
| Net asset value, end of period | $10.06 | $10.13 | $10.00 | $9.36 | $11.38 |
| **Total Return** (c) | 13.72 | 12.11 | 9.85 | –15.06% | 12.65% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $85 | $119 | $125 | $108 | $157 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.27 | 1.27 | 1.27 | 1.28% | 1.36% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 6.46 | 5.79 | 6.18 | 5.14% | 4.06% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | N/A | N/A | N/A | 5.13% | 3.97% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.07 | 0.67 | 1.25 | 0.71% | 0.15% |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 56 | 57 | 109 | 128% | 65% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | N/A | N/A | N/A | 134% | 65% |

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

**60**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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\* No securities sold short during the year.

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

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

(c) Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**61**

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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 throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.93 | $9.67 | $9.54 | $11.21 | $10.33 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.33 | 0.33 | 0.31 | 0.18 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.30 | 0.24 | 0.10 | (1.12) | 2.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.63 | 0.57 | 0.41 | (0.94) | 2.21 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.31) | (0.28) | (0.72) | (1.26) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.31) | (0.28) | (0.73) | (1.33) |
| Net asset value, end of period | $10.70 | $9.93 | $9.67 | $9.54 | $11.21 |
| **Total Return** (b) | 16.80% | 5.90% | 4.44% | –8.45% | 21.60% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5044 | $4023 | $23755 | $33888 | $36027 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.81% | 0.80% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.63% | 2.09% | 1.32% | 1.34% | 1.29% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.11% | 3.39% | 3.31% | 1.61% | 1.49% |
| Portfolio turnover rate | 32% | 31% | 68% | 182% | 35% |

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

**62**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | 12/31/21 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.95 | $9.68 | $9.55 | $11.22 | $10.34 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.30 | 0.31 | 0.28 | 0.18 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.29 | 0.24 | 0.11 | (1.15) | 2.05 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.59 | 0.55 | 0.39 | (0.97) | 2.18 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.84) | (0.28) | (0.26) | (0.69) | (1.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) | (0.07) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.84) | (0.28) | (0.26) | (0.70) | (1.30) |
| Net asset value, end of period | $10.70 | $9.95 | $9.68 | $9.55 | $11.22 |
| **Total Return** (b) | 16.32% | 5.73% | 4.16% | –8.68% | 21.28% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $285 | $244 | $263 | $866 | $144 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.06% | 1.05% | 1.05% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 6.01% | 3.81% | 2.24% | 2.15% | 5.90% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.87% | 3.09% | 2.93% | 1.68% | 1.16% |
| Portfolio turnover rate | 32% | 31% | 68% | 182% | 35% |

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**63**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding throughout | Year Ended | Year Ended | Year Ended | For the Period<br> 7/22/22\* to |
| &nbsp;&nbsp;each period | 12/31/25 | 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) | 0.35 | 0.35 | 0.34 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.27 | 0.24 | 0.07 | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.62 | 0.59 | 0.41 | (0.64) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.31) | (0.29) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.31) | (0.29) | (0.66) |
| Net asset value, end of period | $10.70 | $9.94 | $9.66 | $9.54 |
| **Total Return** (b) | 16.72% | 6.17% | 4.38% | –5.92% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in thousands) | $433 | $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 | 5.15% | 3.86% | 32.62% | 595.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.28% | 3.56% | 3.69% | 2.34% |
| Portfolio turnover rate | 32% | 31% | 68% | 182% |

---

---

| | |
|:---|:---|
| ^ | Consolidated Financial Highlights. |
| \* | The inception date for the R6 Shares was July 22, 2022. |
| (a) | Net investment income (loss) has been computed using the average shares method. |
| (b) | 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.*

**64**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2025

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2025, the Fund was comprised of twenty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of certain Portfolios. The financial statements of other Portfolios are presented separately.

Opportunistic Strategies and Real Assets are operated as "diversified" funds, as defined in the 1940 Act. Enhanced Opportunities is operated as a "non-diversified" fund, as defined in the 1940 Act.

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

Lazard Real Assets Portfolio has a wholly-owned subsidiary, Lazard Real Assets Portfolio, Ltd. (the "Subsidiary"), organized under the laws of the Cayman Islands. The Subsidiary acts as an investment vehicle for the Portfolio in order to effect certain investments on behalf of the Portfolio, consistent with its investment objective and policies as described in its prospectus. In addition to investing directly in commodity-linked instruments, the Portfolio may gain exposure to the commodities markets by investing up to 25% of its total assets in the Subsidiary. The financial statements of the Portfolio have been consolidated and include the accounts of both the Portfolio and the Subsidiary. All inter-company balances and transactions have been eliminated in consolidation. As of December 31, 2025, net assets of the Portfolio were $5,761,742 of which $855,980, or 14.86%, represented the Portfolio's ownership of all issued shares and voting rights of the Subsidiary.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**65**

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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 U.S. listed equity securities) or the closing price (for non-U.S. 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-U.S. 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-U.S. 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-U.S. countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

**66**&nbsp;&nbsp;&nbsp;&nbsp;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 its 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-U.S. 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-U.S. 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.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**67**

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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 U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into U.S. dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into U.S. 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

**68**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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withholding taxes recorded on the Portfolios' accounting records and the U.S. dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the year ended December 31, 2025, 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 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.

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**69**

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at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

During the year ended December 31, 2025, Real Assets 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 year ended December 31, 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 premiums for these options are based upon implied volatility

**70**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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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 year ended December 31, 2025, Enhanced Opportunities 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, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**71**

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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 December 31, 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 December 31, 2025, Enhanced Opportunities had pledged $45,713,531 of securities held long as collateral under such arrangements.

For the year ended December 31, 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 | $11029415 | $9156697 |

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For the year ended December 31, 2025, proceeds from securities sold short and purchases to cover short positions on U.S. Treasury Securities for Enhanced Opportunities were $1,452,365 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, 2025, 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 |
| Real Assets | $(478235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

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**72**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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During the year ended December 31, 2025, the following Portfolios utilized realized capital loss carryovers from previous years as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Amounts |
| Enhanced Opportunities | $5318834 |
| Real Assets | 119194 |

---

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, 2025, 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) |
| Enhanced Opportunities | $63140663 | $12394247 | $15094688 | $(2700441) |
| Opportunistic Strategies | 18327834 | 5590819 |  | 5590819 |
| Real Assets | 9244634 | 697589 | 5013067 | (4315478) |

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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 U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

*(i) Dividends and Distributions—*For each Portfolio, income dividends are declared and paid annually, except that Real Assets' 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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**73**

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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 Real Assets' 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 as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Paid in<br> Capital | Distributable<br> Earnings<br> (Accumulated Loss) |
| Enhanced Opportunities | $945 | $(945) |
| Opportunistic Strategies | 971760 | (971760) |
| Real Assets | 148446 | (148446) |

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**74**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| &nbsp;&nbsp;Portfolio | 2025 | 2024 | 2025 | 2024 |
| Enhanced Opportunities | $388736 | $2115782 | $— | $— |
| Opportunistic Strategies | 700511 | 1252002 | 2378527 | 2207219 |
| Real Assets | 435305 | 445059 |  |  |

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At December 31, 2025, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br> Ordinary Income<br> (Deferred<br> Ordinary Losses) | Undistributed<br> Long-Term<br> Capital Gain<br> (Deferred Capital<br> Losses) | Net Unrealized<br> Appreciation<br> (Depreciation)<br> Including<br> Foreign Currency |
| Enhanced Opportunities | $505154 | $— | $(3268523) |
| Opportunistic Strategies | 331995 | 47851 | 5590819 |
| Real Assets | 25154 | (478235) | (4168102) |

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*(j) Allocation of Expenses—*Expenses common to the Fund, Lazard Active ETF Trust, 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.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**75**

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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 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. 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, Real Assets pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until 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;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.

During the year ended December 31, 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 | $98516 | $— | $5205 | $250 |
| Opportunistic Strategies | 164318 |  | 1023 | 4288 |
| Real Assets | 29084 | 142464 | 1683 | 11151 |

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| Real Assets | $3177 | $18335 |

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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.

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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.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments and short sales) for the year ended December 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $210170630 | $200044825 |
| Opportunistic Strategies | 13846076 | 22579266 |
| Real Assets | 2054658 | 1316145 |

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| | | |
|:---|:---|:---|
|  | U.S. Treasury Securities | U.S. Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $4261917 | $4028619 |

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For the year ended December 31, 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.

A summary of the Fund's transactions in Lazard mutual funds for the year ended December 31, 2025 is as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Value at<br> December 31, <br> 2024 | Purchase<br> cost | Sales<br> proceeds | Change in<br> unrealized<br> appreciation<br> (depreciation) | Dividend<br> Income | Shares at<br> December 31,<br> 2025 | Value at<br> December 31,<br> 2025 |
| **Enhanced Opportunities** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $58145531 | $(55269297) | $— | $33430 | 2876234 | $2876234 |
| **Opportunistic Strategies** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $4751017 | $(3254036) | $— | $5568 | 1496981 | $1496981 |
| &nbsp;&nbsp;&nbsp;Lazard Next Gen Technologies ETF | $— | $486520 | $— | $(29195) | $— | 12195 | $457325 |
| **Real Assets** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Lazard Government Money Market Portfolio | $— | $989530 | $(623516) | $— | $3703 | 366014 | $366014 |

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**6. Line of Credit**

The Fund had a $100 million committed line of credit (the "Line of Credit") 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 terms of the Line of Credit, 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. Costs for the unused portion of the commitment and the upfront fee are allocated among the Funds and among their Portfolios primarily on the basis of relative net

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**79**

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assets. During the year ended December 31, 2025, the following Portfolios had borrowings under the Line of Credit 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<br> Rate | Number<br> of Days<br> Borrowings<br> were<br> Outstanding |
| Enhanced Opportunities | $2986908 | $2986908 | 4.97% | 3 |
| Opportunistic Strategies | 758656 | 1077343 | 4.76 | 6 |

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<br> \* For days borrowings were outstanding.

Management believes that the fair value of the liabilities under the Line of Credit 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 Line of Credit, 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

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such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, 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. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets.

*(b) Convertible Securities Risk—*The market value of convertible securities may perform like that of non-convertible fixed income securities; that is, their prices move inversely with changes in interest rates (i.e., as interest rates go up, prices go down). In addition, convertible securities are subject to the risk that the issuer will not make interest or principal payments, or will not make payments on a timely basis. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security also is subject to the same types of market and issuer risks that apply to the underlying common stock.

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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**81**

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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 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.

**82**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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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.

● 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.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**83**

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&nbsp;&nbsp;&nbsp;&nbsp;● 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 U.S. 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-U.S. Securities Risk—*A Portfolio's performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. 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-U.S. 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 U.S. dollars may experience a decline in value, in U.S. 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. Further, investments in securities of issuers located in certain emerging

**84**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of sanctions or exchange controls (including repatriation restrictions). 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 U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

*(g) Foreign Currency Risk—*Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. 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 U.S. dollar terms, due solely to fluctuations in currency exchange rates. Except as specifically stated for a Portfolio, the Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns.

*(h) Short Position Risk—*Short positions may involve substantial risks. If a short position appreciates in value during the period of a Portfolio's investment, there will be a loss to the Portfolio that could be substantial. Short positions involve more risk than long positions because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs. However, a Portfolio's potential loss on a short position is unlimited because, theoretically, there is no limit to the potential price increase of a security. In addition, a Portfolio's short sales transactions are dependent on counterparties to its securities borrowing transactions and are subject to the risk of default by a counterparty, which could result in a loss of Portfolio assets used as collateral or the loss of monies owed to the Portfolio by a counterparty.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**85**

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*(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 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.

**86**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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*(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 similar or competing properties; unfavorable changes in applicable taxes, governmental regulations and interest rates; operating or development expenses; and lack of available financing.

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**87**

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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 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

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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 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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**89**

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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 U.S. government, its agencies and instrumentalities are backed by the full faith and credit of the U.S. 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 U.S. 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 U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

*(q) Cybersecurity Risk—*The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio's investment trading; the inability of Portfolio

**90**&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements

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shareholders to purchase and redeem Portfolio shares; interference with a Portfolio's ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

*(r) Non-Diversification Risk—*For a Portfolio that is classified as "non- diversified" under the 1940 Act, the Portfolio's net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio's investments consisted of securities issued by a larger number of issuers.

**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio's maximum exposure under these arrangements is unknown. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair 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

Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**91**

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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.

**92**&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 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> December 31, 2025 |
| **Enhanced Opportunities** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;China | $6558 | $— | $— | $6558 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  |  | 20125 | 20125 |
| &nbsp;&nbsp;&nbsp;Netherlands | 104548 |  |  | 104548 |
| &nbsp;&nbsp;&nbsp;United States | 262697 |  |  | 262697 |
| Convertible Corporate Bonds\* |  | 32709030 |  | 32709030 |
| Corporate Bonds\* |  | 279586 |  | 279586 |
| Purchased Options | 29744 | 118 |  | 29862 |
| U.S. Treasury Securities |  | 26412542 |  | 26412542 |
| Warrants\* | 2501 |  |  | 2501 |
| Short-Term Investments | 2876234 |  |  | 2876234 |
| Other Financial Instruments† |  |  |  |  |
| Total Return Swap Agreements |  | 11203125 |  | 11203125 |
| Total | $3282282 | $70604401 | $20125 | $73906808 |
| **Liabilities:** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Canada | (7267) |  |  | (7267) |
| &nbsp;&nbsp;&nbsp;China |  | (274226) |  | (274226) |
| &nbsp;&nbsp;&nbsp;Netherlands |  | (80003) |  | (80003) |
| &nbsp;&nbsp;&nbsp;United States | (1056373) |  |  | (1056373) |
| U.S. Treasury Securities |  | (827839) |  | (827839) |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | (1366) |  | (1366) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | (11907610) |  | (11907610) |
| &nbsp;&nbsp;&nbsp;Written Options | (33830) |  |  | (33830) |
| Total | $(1097470) | $(13091044) | $— | $(14188514) |

---

Annual Financial Statements **93**

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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> December 31, 2025 |
| **Opportunistic Strategies** |  |  |  |  |
| Exchange-Traded Funds Jersey | $— | $271770 | $— | $271770 |
| &nbsp;&nbsp;&nbsp;United States | 22100742 |  |  | 22100742 |
| Short-Term Investments | 1496981 |  |  | 1496981 |
| Other Financial Instruments† |  |  |  |  |
| Total Return Swap Agreements |  | 49160 |  | 49160 |
| Total | $23597723 | $320930 | $— | $23918653 |
| **Real Assets** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $143455 | $— | $143455 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 8797 |  | 8797 |
| &nbsp;&nbsp;&nbsp;Brazil | 6113 | 99456 |  | 105569 |
| &nbsp;&nbsp;&nbsp;Canada | 333548 |  |  | 333548 |
| &nbsp;&nbsp;&nbsp;China |  | 85915 |  | 85915 |
| &nbsp;&nbsp;&nbsp;Finland |  | 3230 |  | 3230 |
| &nbsp;&nbsp;&nbsp;France |  | 216796 |  | 216796 |
| &nbsp;&nbsp;&nbsp;Germany |  | 13824 |  | 13824 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 82304 |  | 82304 |
| &nbsp;&nbsp;&nbsp;Israel |  | 2936 |  | 2936 |
| &nbsp;&nbsp;&nbsp;Italy |  | 61269 |  | 61269 |
| &nbsp;&nbsp;&nbsp;Japan |  | 210598 |  | 210598 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 1958 |  | 1958 |
| &nbsp;&nbsp;&nbsp;Mexico | 45544 |  |  | 45544 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 41632 |  | 41632 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 45433 |  | 45433 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 3376 |  | 3376 |
| &nbsp;&nbsp;&nbsp;Spain |  | 55534 |  | 55534 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 8080 |  | 8080 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 26293 |  | 26293 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 258338 |  | 258338 |
| &nbsp;&nbsp;&nbsp;United States | 2724528 | 75921 |  | 2800449 |
| &nbsp;&nbsp;&nbsp;Zambia | 6006 |  |  | 6006 |
| Exchange-Traded Funds | 157488 |  |  | 157488 |
| Preferred Stocks\* |  | 2258 |  | 2258 |
| Short-Term Investments | 723921 |  |  | 723921 |
| Other Financial Instruments† |  |  |  |  |
| Total Return Swap Agreements |  | 79399 |  | 79399 |
| Total | $3997148 | $1526802 | $— | $5523950 |

---

---

| | |
|:---|:---|
| *\** | *Portfolio holdings are disclosed on an individual basis in the Portfolios of Investments.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

**94** Annual Financial Statements

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Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

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

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

**10. Derivative Instruments**

Certain Portfolios may use derivative instruments, including forward currency contracts, options contracts, futures contracts or swap agreements.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

A Portfolio may write or purchase a call or put option to seek to realize, through the receipt of premiums or changes in market value, a greater return than would be realized on the underlying securities alone, or to seek to protect the Portfolio from losses.

Annual Financial Statements **95**

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A Portfolio may enter into futures transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to otherwise gain access or attain exposure to certain markets or other underliers.

A Portfolio enters into swap agreements in an attempt to obtain a particular exposure when it is considered desirable to do so, possibly at a lower cost to such Portfolio than if it had invested directly in the asset that yielded the desired exposure.

During the year ended December 31, 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 | $1000000 (a) | $1500000 (b) | $— |
| Average amounts sold | 1500000 | 1500000 (c) |  |
| Futures contracts: |  |  |  |
| Average notional value of contracts-long |  |  | 200000 (d) |
| Total return swap agreements: |  |  |  |
| Average notional value | 114200000 | 2000000 | 900000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Represents average monthly notional exposure for three months the derivative instrument was open during the period.* 

*(b)* *Represents average monthly notional exposure for one month the derivative instrument was open during the period.* 

*(c)* *Represents average monthly notional exposure for nine months the derivative instrument was open during the period.* 

*(d)* *Represents average monthly notional exposure for six months the derivative instrument was open during the period.* 

Enhanced Opportunities also purchased options having an average monthly notional exposure of less than $50,000.

Enhanced Opportunities also wrote options having an average monthly notional exposure of less than $50,000.

**96** Annual Financial Statements

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The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2025:

**Enhanced Opportunities**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Total |
| Purchased options – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Investment in securities, at fair value | $29862 |
| Swap agreements – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 11203125 |
| Total | $11232987 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Interest<br> Rate<br> Contracts | Total |
| Forward currency contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | $— | $1366 | $— | $1366 |
| Swap agreements |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 11838852 |  | 68758 | 11907610 |
| Written options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at fair value | 33830 |  |  | 33830 |
| Total | $11872682 | $1366 | $68758 | $11942806 |

---

**Opportunistic Strategies**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Total |
| Swap agreements – Equity contracts |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | $49160 |

---

**Real Assets**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Total |
| Swap agreements – Commodities |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | $79399 |

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Annual Financial Statements&nbsp;&nbsp;&nbsp;&nbsp;**97**

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The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2025 was:

**Enhanced Opportunities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Interest<br> Rate<br> Contracts | Total |
| Forward currency contracts | $— | $(109739) | $— | $(109739) |
| Purchased options\* | 984 |  |  | 984 |
| Swap agreements | 1780808 |  | 197342 | 1978150 |
| Written options | 77806 |  |  | 77806 |
| Total | $1859598 | $(109739) | $197342 | $1947201 |

---

*\** *Purchased options are included under net realized gain/loss on investments on Statements of Operations.*

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized<br> Appreciation (Depreciation) on: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Interest<br> Rate<br> Contracts | Total |
| Forward currency contracts | $— | $(23044) | $— | $(23044) |
| Purchased options\* | (41376) |  |  | (41376) |
| Swap agreements | (1131705) |  | (68758) | (1200463) |
| Written options | 3562 |  |  | 3562 |
| Total | $(1169519) | $(23044) | $(68758) | $(1261321) |

---

*\** *Purchased options are included under net unrealized gain/loss on investments on Statements of Operations.*

**Opportunistic Strategies**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $(2916) | $(2916) |
| Swap agreements | 880983 |  | 880983 |
| Total | $880983 | $(2916) | $878067 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $(13135) | $(13135) |
| Swap agreements | (7085) |  | (7085) |
| Total | $(7085) | $(13135) | $(20220) |

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**98** Annual Financial Statements

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**Real Assets**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Futures contracts – Commodity contracts | $(4756) |
| Swap agreements – Commodity contracts | 40820 |
| Total | $36064 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Futures contracts – Commodity contracts | $(6378) |
| Swap agreements – Commodity contracts | 70254 |
| Total | $63876 |

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As of December 31, 2025, Enhanced Opportunities, Opportunistic Strategies and Real Assets held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolios is presented in the below table, as of December 31, 2025:

**Enhanced Opportunities**

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| | | | |
|:---|:---|:---|:---|
| &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 | $11203125 | $— | $11203125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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. | $58503 | $(58503) | $— | $— |
| Bank of Montreal | 241464 | (240486) |  | 978 |
| BNP Paribas SA | 8520691 | (8520691) |  |  |
| Nomura International Plc | 2174110 | (1971531) |  | 202579 |
| Societe Generale | 208357 | (208357) |  |  |
| Total | $11203125 | $(10999568) | $— | $203557 |

---

Annual Financial Statements **99**

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---

| | | | |
|:---|:---|:---|:---|
| &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 | $1366 | $— | $1366 |
| Total return swap agreements | 11907610 |  | 11907610 |
| Total | $11908976 | $— | $11908976 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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. | $63317 | $(58503) | $— | $4814 |
| Bank of Montreal | 240486 | (240486) |  |  |
| BNP Paribas SA | 9411033 | (8520691) |  | 890342 |
| HSBC Bank USA N.A. | 8763 |  |  | 8763 |
| Nomura International Plc | 1971531 | (1971531) |  |  |
| Societe Generale | 212480 | (208357) |  | 4123 |
| State Street Bank & Trust Co. | 1366 |  |  | 1366 |
| Total | $11908976 | $(10999568) | $— | $909408 |

---

**Opportunistic Strategies**

---

| | | | |
|:---|:---|:---|:---|
| &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 | $49160 | $— | $49160 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Goldman Sachs International | $49160 | $— | $— | $49160 |

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**100** Annual Financial Statements

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**Real Assets**

---

| | | | |
|:---|:---|:---|:---|
| &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 | $79399 | $— | $79399 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Goldman Sachs International | $79399 | $— | $— | $79399 |

---

**11. Segment Reporting**

The Fund adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 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.

Annual Financial Statements **101**

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**12. New Accounting Pronouncements**

During the year ended December 31, 2025, the Portfolios adopted FASB ASU 2023-09 Income Taxes (Topic 740)—Improvements to Income Tax Disclosures ("ASU 2023-09"), which was intended to enhance transparency and consistency in income tax disclosures. The update requires more detailed disaggregation of tax rate reconciliation by jurisdiction. The adoption of ASU 2023-09 did not result in any changes to the Portfolios' financial statements or 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.

**102** Annual Financial Statements

**The Lazard Funds, Inc.**

Report of Independent Registered Public Accounting Firm

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To the Shareholders of Lazard Enhanced Opportunities Portfolio, Lazard Opportunistic Strategies Portfolio, Lazard Real Assets Portfolio and the Board of Directors of The Lazard Funds, Inc.:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Enhanced Opportunities Portfolio and Lazard Opportunistic Strategies Portfolio, two of the portfolios constituting The Lazard Funds, Inc., including the portfolios of investments, as of December 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes. We have also audited the accompanying consolidated statement of assets and liabilities of Lazard Real Assets Portfolio (collectively, with the portfolios mentioned above, the "Portfolios"), one of the portfolios constituting The Lazard Funds, Inc., including the consolidated portfolio of investments, as of December 31, 2025, the related consolidated statement of operations for the year then ended, consolidated statements of changes in net assets for each of the two years in the period then ended, consolidated financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent

Annual Financial Statements **103**

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with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

New York, New York

February 26, 2026

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

**104** Annual Financial Statements

**The Lazard Funds, Inc.**

Tax and Other Information (unaudited)

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**Tax Information**

**Year Ended December 31, 2025**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2025.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Enhanced Opportunities | 3.04% |
| Opportunistic Strategies | 23.51 |
| Real Assets | 22.23 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Enhanced Opportunities | 0.01% |
| Opportunistic Strategies | 1.77 |
| Real Assets | 6.72 |

---

Pursuant to Section 871 of the Code, the Portfolios have no designated qualified short-term gains for purposes of exempting withholding of tax on such distributions to U.S. nonresident shareholders.

The Portfolios intend to pass through to shareholders foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign <br> Source <br> Income | Foreign Tax <br> Paid/Credit |
| Enhanced Opportunities | $— | $&nbsp;&nbsp;&nbsp;&nbsp; — |
| Opportunistic Strategies | 72661 | 9358 |
| Real Assets |  |  |

---

Annual Financial Statements **105**

------

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Long-Term Capital Gains |
| Enhanced Opportunities | $— |
| Opportunistic Strategies | 2378527 |
| Real Assets |  |

---

**106** Annual Financial Statements

------

**Proxy Voting**

A description of the policies and procedures used to determine how proxies relating to Fund portfolio securities are voted is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the Securities and Exchange Commission (the "SEC") website at https://www.sec.gov.

The Fund's proxy voting record for the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling (800) 823-6300 or (2) on the SEC's website at https://www.sec.gov. Information as of June 30 each year will generally be available by the following August 31.

**Schedule of Portfolio Holdings**

The Fund files the complete schedule of each Portfolio's holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at https://www.sec.gov.

Annual Financial Statements **107**

**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)**

This information is not applicable for the reporting period.

**108** Annual Financial Statements

------

**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

![](x8_c114846x112x1m3m4.jpg)

![](x8_c114846x112x2m3m4.jpg)

---

| | |
|:---|:---|
| 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>LZDPS030 | ![](x8_c114846x112x3m3m4.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.

Not applicable.

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 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) See Item 2

(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.](c114847_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](c114847_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/ Jennifer A. Ryan

Jennifer A. Ryan

Principal Executive Officer

Date: March 11, 2026

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/ Jennifer A. Ryan

Jennifer A. Ryan

Principal Executive Officer

Date: March 11, 2026

By /s/ Christina Kennedy

Christina Kennedy

Principal Financial Officer

Date: March 11, 2026

## Ex-99.Cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Jennifer A. Ryan, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: March 11, 2026

/s/ Jennifer A. Ryan

Jennifer A. Ryan

Principal 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: March 11, 2026

/s/ Christina Kennedy

Christina Kennedy

Principal 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:

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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/ Jennifer A. Ryan

Jennifer A. Ryan

Principal Executive Officer

Date: March 11, 2026

By: /s/ Christina Kennedy

Christina Kennedy

Principal Financial Officer

Date: March 11, 2026

*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.*