# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0001752724-25-196757
**Filing Date:** 2025-8
**Character Count:** 27293
**Document Hash:** 070f0ba34286ea765621edb0ab1f22f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-196757.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001752724-25-196757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 251239704

**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 Developing Markets Equity Portfolio (Series ID: S000023480)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

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

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

- **a. Name of Series:** Lazard Developing Markets Equity Portfolio

- **b. EDGAR series identifier (if any):** S000023480

- **c. LEI of Series:** 5493004QOFW24EYJKM98

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $93789894.71

**Total Liabilities:** $157367.28

**Net Assets:** $93632527.43

**Cash Not Reported:** $56979.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069022 | 1.11%                | 4.62%                | 5.53%                |
| Class ID C000069023 | 1.12%                | 4.57%                | 5.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $327639.02               | $480572.01                                 |
| Month 2  | $924866.87               | $2803952.71                                |
| Month 3  | $-487938.22              | $5373492.75                                |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Ping An Insurance Group Co of China Ltd               | Ping An Insurance Group Co of China Ltd                    | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |    199000 | NS      | $1266930.01   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc                                      | EPAM Systems Inc                                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      3705 | NS      | $655118.10    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                                           | Xiaomi Corp                                                | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |    178400 | NS      | $1374878.31   | 1.47%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                | Contemporary Amperex Technology Co Ltd                     | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     18100 | NS      | $637186.13    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Fixed Income Clearing Corp                            | FIXED INC CLEARING CORP.REPO                               | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1820000 | PA      | $1820000.00   | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                   | Shenzhen Inovance Technology Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    112390 | NS      | $1017266.30   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                                       | BDO Unibank Inc                                            | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    818746 | NS      | $2220919.38   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagseguro Digital Ltd                                 | Pagseguro Digital Ltd                                      | CUSIP: 000000000<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |     80057 | NS      | $771749.48    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeronimo Martins SGPS SA                              | Jeronimo Martins SGPS SA                                   | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     38039 | NS      | $963243.36    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                               | Sea Ltd                                                    | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      7349 | NS      | $1175399.06   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                            | Samsung Electronics Co Ltd                                 | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     86448 | NS      | $3832640.71   | 4.09%             |  |  |  | No            |                  2 | On Loan: No      |
| BIM Birlesik Magazalar AS                             | BIM Birlesik Magazalar AS                                  | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     77129 | NS      | $964638.81    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Foschini Group Ltd                                    | Foschini Group Ltd                                         | CUSIP: 000000000<br>LEI: 3789PTO7LG718IG59F97 | Long             | EC               | CORP              | ZA        |     87479 | NS      | $638838.90    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                            | Tenaris SA                                                 | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     17929 | NS      | $670544.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Yadea Group Holdings Ltd                              | Yadea Group Holdings Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    644000 | NS      | $1032153.09   | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Reliance Industries Ltd                               | Reliance Industries Ltd                                    | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     78089 | NS      | $1366786.67   | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd                                          | Lotes Co Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18687 | NS      | $858561.49    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd                         | ASE Technology Holding Co Ltd                              | CUSIP: 000000000<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |    324289 | NS      | $1624737.40   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                                          | MediaTek Inc                                               | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     39000 | NS      | $1660517.25   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Sungrow Power Supply Co Ltd                           | Sungrow Power Supply Co Ltd                                | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |     65788 | NS      | $620683.44    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero Tbk PT                  | Bank Rakyat Indonesia Persero Tbk PT                       | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |   6585549 | NS      | $1522965.51   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Sercomm Corp                                          | Sercomm Corp                                               | CUSIP: 000000000<br>LEI: 254900MJ2QQG3VODNZ25 | Long             | EC               | CORP              | TW        |    239000 | NS      | $779130.02    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                              | Bank Central Asia Tbk PT                                   | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |   2184000 | NS      | $1170187.80   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma ATE Inc                                        | Chroma ATE Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     58000 | NS      | $874991.82    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV                            | Arca Continental SAB de CV                                 | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    107000 | NS      | $1130928.62   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA                                 | Rede D'Or Sao Luiz SA                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    148500 | NS      | $968115.81    | 1.03%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Lenovo Group Ltd                                      | Lenovo Group Ltd                                           | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |   1394000 | NS      | $1677546.38   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiwin Technologies Corp                               | Hiwin Technologies Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    129714 | NS      | $927311.45    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | Vamos Locacao de Caminhoes Maquinas e Equipamentos SA      | CUSIP: 000000000<br>LEI: 9845004ADLE5510G4A37 | Long             | EC               | CORP              | BR        |    403852 | NS      | $310706.85    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB de CV                    | Grupo Financiero Banorte SAB de CV                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    195157 | NS      | $1783864.67   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd                                     | Bharti Airtel Ltd                                          | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     41381 | NS      | $971305.17    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexco SA                                              | Dexco SA                                                   | CUSIP: 000000000<br>LEI: 8945004WLNADCQEEFF38 | Long             | EC               | CORP              | BR        |    520608 | NS      | $543308.12    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                    | Trip.com Group Ltd                                         | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |     10950 | NS      | $637804.26    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Minth Group Ltd                                       | Minth Group Ltd                                            | CUSIP: 000000000<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | KY        |    260000 | NS      | $744195.45    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Mphasis Ltd                                           | Mphasis Ltd                                                | CUSIP: 000000000<br>LEI: 335800NSYTIQLQKUYP62 | Long             | EC               | CORP              | IN        |     32858 | NS      | $1090867.23   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                             | Capitec Bank Holdings Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |      8870 | NS      | $1783938.63   | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| UPL Ltd                                               | UPL Ltd                                                    | CUSIP: 000000000<br>LEI: 335800RJSM1SLHO4UA95 | Long             | EC               | CORP              | IN        |    103751 | NS      | $800258.67    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Foxconn Industrial Internet Co Ltd                    | Foxconn Industrial Internet Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    401100 | NS      | $1197008.46   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| RichWave Technology Corp                              | RichWave Technology Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    100000 | NS      | $401719.07    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                             | Alibaba Group Holding Ltd                                  | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |    216800 | NS      | $3076722.30   | 3.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd                     | Fuyao Glass Industry Group Co Ltd                          | CUSIP: 000000000<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |     96400 | NS      | $689218.47    | 0.74%             |  |  |  | Yes           |                  2 | On Loan: No      |
| SK Hynix Inc                                          | SK Hynix Inc                                               | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |     16132 | NS      | $3494329.43   | 3.73%             |  |  |  | No            |                  2 | On Loan: No      |
| CJ Logistics Corp                                     | CJ Logistics Corp                                          | CUSIP: 000000000<br>LEI: 988400MIXJ2YDYLYR916 | Long             | EC               | CORP              | KR        |     16756 | NS      | $1084048.53   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd             | Taiwan Semiconductor Manufacturing Co Ltd                  | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    303000 | NS      | $10940119.54  | 11.68%            |  |  |  | No            |                  2 | On Loan: No      |
| Rumo SA                                               | Rumo SA                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    216544 | NS      | $738539.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd                                         | Credicorp Ltd                                              | CUSIP: 000000000<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      4692 | NS      | $1048755.84   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                                              | TOTVS SA                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    328400 | NS      | $2551354.48   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                                      | MercadoLibre Inc                                           | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       900 | NS      | $2352267.00   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                                        | ICICI Bank Ltd                                             | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     60204 | NS      | $2025262.56   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bajaj Finance Ltd                                     | Bajaj Finance Ltd                                          | CUSIP: 000000000<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |    118330 | NS      | $1292548.48   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Airtac International Group                            | Airtac International Group                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     32765 | NS      | $971912.70    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                             | InPost SA                                                  | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |     49350 | NS      | $819807.64    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Bizlink Holding Inc                                   | Bizlink Holding Inc                                        | CUSIP: 000000000<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     55078 | NS      | $1589380.73   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                  | Tencent Holdings Ltd                                       | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     82700 | NS      | $5311581.29   | 5.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd       | Shenzhen Mindray Bio-Medical Electronics Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     21600 | NS      | $677532.92    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                          | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |     96317 | NS      | $96316.83     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services Inc         | International Container Terminal Services Inc              | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    127019 | NS      | $929303.06    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                         | HDFC Bank Ltd                                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     37270 | NS      | $2857490.90   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd                               | Standard Bank Group Ltd                                    | CUSIP: 000000000<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |    125573 | NS      | $1618969.16   | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| SharkNinja Inc                                        | SharkNinja Inc                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9588 | NS      | $949116.12    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                                        | PRIO SA/Brazil                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    163400 | NS      | $1275176.23   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| King Yuan Electronics Co Ltd                          | King Yuan Electronics Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    180000 | NS      | $625895.49    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd                                            | BYD Co Ltd                                                 | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     51500 | NS      | $806022.29    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Shoprite Holdings Ltd                                 | Shoprite Holdings Ltd                                      | CUSIP: 000000000<br>LEI: 529900Q4O1EYP6NH5150 | Long             | EC               | CORP              | ZA        |     42875 | NS      | $672275.16    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                                        | MakeMyTrip Ltd                                             | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      9900 | NS      | $970398.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** LAZARD FUNDS INC

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer