# EDGAR Filing Document

**Accession Number:** 0000874964
**File Stem:** 0000930413-23-000682
**Filing Date:** 2023-2
**Character Count:** 1145067
**Document Hash:** 9e7eb27ee76b9925523eb935221d12c7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-23-000682.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0000930413-23-000682

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06312
- **FILM NUMBER:** 23676621

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000028358 | Open Shares          | LZSMX           |
| C000028359 | Institutional Shares | LZISX           |
| C000134184 | R6 Shares            | RLICX           |

### 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 Corporate Income 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-Mid Cap Equity 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           |
| C000134192 | R6 Shares            | RLIQX           |

### 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           |
| C000134194 | R6 Shares            | RLCPX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000069022 | Institutional Shares | LDMIX           |
| C000069023 | Open Shares          | LDMOX           |
| C000134195 | R6 Shares            | RLDMX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000082231 | Institutional Shares | GLIFX           |
| C000082232 | Open Shares          | GLFOX           |
| C000134196 | R6 Shares            | RLGLX           |

### Lazard Emerging Markets Strategic Equity Portfolio (Series ID: S000028828)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000088404 | Institutional Shares | EMBIX           |
| C000088405 | Open Shares          | EMBOX           |
| C000134197 | R6 Shares            | RLEBX           |

### Lazard Emerging Markets Debt Portfolio (Series ID: S000031123)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000096531 | Institutional Shares | LEDIX           |
| C000096532 | Open Shares          | LEDOX           |
| C000134198 | R6 Shares            | RLEDX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000096533 | Institutional Shares | UMNIX           |
| C000096534 | Open Shares          | UMNOX           |
| C000134199 | R6 Shares            | RLSDX           |

### Lazard Global Fixed Income Portfolio (Series ID: S000035892)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000110020 | Institutional Shares | LZGIX           |
| C000110021 | Open Shares          | LZGOX           |
| C000134204 | R6 Shares            | RLGFX           |

### Lazard Global Dynamic Multi-Asset Portfolio (Series ID: S000037196)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000114570 | Institutional Shares | GDMIX           |
| C000114571 | Open Shares          | GDMOX           |
| C000134205 | R6 Shares            | GDMAX           |

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

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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000135644 | Institutional Shares | GESIX           |
| C000135645 | Open Shares          | GESOX           |
| C000135646 | R6 Shares            | RLGEX           |

### Lazard Global Strategic Equity Portfolio (Series ID: S000046422)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000145068 | Institutional Shares | LSTIX           |
| C000145069 | Open Shares          | LSTOX           |
| C000145070 | R6 Shares            | RGSTX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150427 | Institutional Shares | LEOIX           |
| C000150428 | Open Shares          | LEOOX           |
| C000150429 | R6 Shares            | RLZEX           |

### 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 International Equity Advantage Portfolio (Series ID: S000049415)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156255 | Institutional Shares | IEAIX           |
| C000156256 | Open Shares          | IEAOX           |
| C000156257 | R6 Shares            | RIADX           |

### Lazard Managed Equity Volatility Portfolio (Series ID: S000049416)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000156258 | Institutional Shares | MEVIX           |
| C000156259 | Open Shares          | MEVOX           |
| C000156260 | R6 Shares            | RMEVX           |

### 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           |
| C000193737 | R6 Shares            | RLZFX           |

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

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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000220245 | Open Shares          | SUSLX           |
| C000220246 | R6 Shares            | SUSRX           |
| C000220247 | Institutional Shares | SUSTX           |

### Lazard US Systematic Small Cap Equity Portfolio (Series ID: S000074073)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231513 | Institutional Shares | LUSIX           |
| C000231514 | Open Shares          | LUSOX           |
| C000231515 | R6 Shares            | RUSRX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240315 | R6 Shares            |  |
| C000240316 | Institutional Shares |  |
| C000240317 | Open Shares          |  |

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: 12/31/22

ITEM 1. REPORTS TO STOCKHOLDERS.

![](x6_c105118x1x1.jpg)

**Lazard Funds**

**Annual Report**

December 31, 2022

**Equity Funds**

---

| | |
|:---|:---|
| Lazard Developing Markets Equity Portfolio<br> Lazard Emerging Markets Core Equity Portfolio<br> Lazard Emerging Markets Equity Advantage Portfolio<br> Lazard Emerging Markets Equity Portfolio<br> Lazard Emerging Markets Strategic Equity Portfolio<br> Lazard Equity Franchise Portfolio<br> Lazard Global Equity Select Portfolio<br> Lazard Global Listed Infrastructure Portfolio<br> Lazard Global Strategic Equity Portfolio<br> Lazard International Equity Advantage Portfolio | Lazard International Equity Portfolio<br> Lazard International Equity Select Portfolio<br> Lazard International Quality Growth Portfolio<br> Lazard International Small Cap Equity Portfolio<br> Lazard International Strategic Equity Portfolio<br> Lazard Managed Equity Volatility Portfolio<br> Lazard US Equity Concentrated Portfolio<br> Lazard US Equity Focus Portfolio<br> Lazard US Small-Mid Cap Equity Portfolio<br> Lazard US Sustainable Equity Portfolio<br> Lazard US Systematic Small Cap Equity Portfolio |

---

**The Lazard Funds, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| **2** | [**A Message from Lazard (unaudited)**](#x6_c105118a001) |
| **4** | [**Investment Overviews (unaudited)**](#x6_c105118a002) |
| **25** | [**Performance Overviews (unaudited)**](#x6_c105118a003) |
| **45** | [**Information About Your Portfolio's Expenses (unaudited)**](#x6_c105118a004) |
| **53** | [**Portfolio Holdings Presented by Asset Class/Sector**](#x6_c105118a005) |
| **56** | [**Portfolios of Investments**](#x6_c105118a006) |
| 56 | [Lazard Developing Markets Equity Portfolio](#x6_c105118a007) |
| 60 | [Lazard Emerging Markets Core Equity Portfolio](#x6_c105118a008) |
| 65 | [Lazard Emerging Markets Equity Advantage Portfolio](#x6_c105118a009) |
| 75 | [Lazard Emerging Markets Equity Portfolio](#x6_c105118a010) |
| 79 | [Lazard Emerging Markets Strategic Equity Portfolio](#x6_c105118a011) |
| 83 | [Lazard Equity Franchise Portfolio](#x6_c105118a012) |
| 85 | [Lazard Global Equity Select Portfolio](#x6_c105118a013) |
| 89 | [Lazard Global Listed Infrastructure Portfolio](#x6_c105118a014) |
| 92 | [Lazard Global Strategic Equity Portfolio](#x6_c105118a015) |
| 96 | [Lazard International Equity Advantage Portfolio](#x6_c105118a016) |
| 104 | [Lazard International Equity Portfolio](#x6_c105118a017) |
| 108 | [Lazard International Equity Select Portfolio](#x6_c105118a018) |
| 112 | [Lazard International Quality Growth Portfolio](#x6_c105118a019) |
| 115 | [Lazard International Small Cap Equity Portfolio](#x6_c105118a020) |
| 120 | [Lazard International Strategic Equity Portfolio](#x6_c105118a021) |
| 124 | [Lazard Managed Equity Volatility Portfolio](#x6_c105118a022) |
| 131 | [Lazard US Equity Concentrated Portfolio](#x6_c105118a023) |
| 134 | [Lazard US Equity Focus Portfolio](#x6_c105118a024) |
| 137 | [Lazard US Small-Mid Cap Equity Portfolio](#x6_c105118a025) |
| 142 | [Lazard US Sustainable Equity Portfolio](#x6_c105118a026) |
| 146 | [Lazard US Systematic Small Cap Equity Portfolio](#x6_c105118a027) |
| **163** | [**Notes to Portfolios of Investments**](#x6_c105118a028) |
| **174** | [**Statements of Assets and Liabilities**](#x6_c105118a029) |
| **180** | [**Statements of Operations**](#x6_c105118a030) |
| **186** | [**Statements of Changes in Net Assets**](#x6_c105118a031) |
| **214** | [**Financial Highlights**](#x6_c105118a032) |
| **264** | [**Notes to Financial Statements**](#x6_c105118a033) |
| **314** | [**Report of Independent Registered Public Accounting Firm**](#x6_c105118a034) |
| **317** | [**Board of Directors and Officers Information (unaudited)**](#x6_c105118a035) |
| **320** | [**Tax and Other Information (unaudited)**](#x6_c105118a036) |

---

***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 a Portfolio's summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. 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.***

***Distributed by Lazard Asset Management Securities LLC.***

Annual Report **1**

**The Lazard Funds, Inc.** A Message from Lazard (unaudited)

------

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia's invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the "Fed"), the world's most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed's actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the "ECB"), which lifted its benchmark rate four times, and the Bank of England (the "BoE"), which did so eight times. The Bank of Japan (the "BoJ") was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan's economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

**2** Annual Report

------

The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Annual Report **3**

**The Lazard Funds, Inc.** Investment Overviews (unaudited)

**Market Overviews**

**Global Markets**

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia's invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the "Fed"), the world's most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed's interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed's actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England ("BoE") did so eight times.

**4** Annual Report

------

Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed's warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan's central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded its worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about $8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energies companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

**Emerging Markets Equities**

The area encompassing emerging Europe, the Middle East, and Africa ("EMEA") was the worst-performing region in 2022. In March, MSCI removed Russian stocks from its emerging markets

Annual Report **5**

------

indices after deeming them as "uninvestable" and wrote to zero the value of its Russia index after the country's stock market was determined to not be operating under normal rules. Emerging Asia underperformed, with China's stock market plummeting on bearish sentiment about the country's economic outlook amid COVID-driven lockdowns, a beleaguered real estate sector, and news that Xi Jinping had secured an unprecedented third term as the country's president. Stock markets in Korea and Taiwan both tumbled on concerns about the demand outlook for semiconductor chips, the flagship industry for both countries. The steep drops recorded by Chinese, Korean, and Taiwanese stocks, which, in the aggregate, account for about 58% of the MSCI Emerging Markets Index, had an outsize impact on the benchmark's overall performance. Latin America was the best-performing region, with the stock markets of commodities-exporting countries such as Brazil and Chile outperforming thanks to the increase in raw materials prices.

Information technology was the worst-performing sector, as the Chinese government's crackdown on the country's technology companies led to a steep sell-off of sector stocks. Utilities was the best-performing sector, as mounting global economic uncertainty led investors to rotate to defensive stocks.

**International Equities**

International markets rallied sharply in the fourth quarter of 2022, reducing some of the significant year-to-date drawdown. This reversal was due mainly to two factors. First, signs of peaking inflation became evident and reduced investor expectations for significant future rate hikes by central banks. Second, the end of COVID lockdowns in China raised expectations for a pickup in global growth as the China economy reopened. The very strong returns in the fourth quarter were led by lower-quality stocks, as is normally the case in a strong absolute return period, and this extended the lead for low quality compared to high quality for the full year. Foreign currency strength added to already strong local market performance for international benchmarks as peaking inflation data drove dollar weakness. As a result, despite fears of significant macroeconomic headwinds to international markets,

**6** Annual Report

------

international benchmarks outperformed the US not only in local terms, but also in dollars for the fourth quarter and the full year for the first time since 2017.

**US Equities**

US equity markets sold off during the year as several factors, including supply chain bottlenecks, rising energy prices, a tight labor market, and sustained consumer demand, combined to drive US inflation to its highest level in 40 years. As a result, the Fed reversed its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign, resulting in its benchmark rate ending December at its highest level in 15 years. Stocks were volatile throughout the year as investors grappled with two competing sentiments—relief that the Fed was taking aggressive actions to rein in rising prices and concerns that these same actions could slow economic growth. Investors were encouraged towards the end of the year that domestic inflation was showing signs of moderating, with November marking the fifth consecutive month of declines.

**Global Infrastructure**

Listed infrastructure indices, as measured by the MSCI World Core Infrastructure<sup>®</sup> (USD) Index, fell in 2022. The strongest performing areas of infrastructure in 2022 were regulated water utilities and North American freight railroads. The poorest performing areas were Japanese passenger railways and satellites. In an inflationary environment, infrastructure plays a key role in portfolio performance but understanding the nuances of infrastructure assets can prove difficult. The majority of infrastructure assets listed on public markets do not have either monopoly-like positions or guaranteed inflation protection in regulatory arrangements.

**Portfolio Performance**

**Lazard Developing Markets Equity Portfolio**

For the year ended December 31, 2022, the Lazard Developing Markets Equity Portfolio's Institutional Shares posted a total return of -22.61%, while Open Shares posted a total return of -22.81%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Annual Report **7**

------

Stock selection in the information technology sector detracted from relative performance for the period. Shares of GoerTek faltered on news that consumer electronics giant Apple suddenly stopped its high-end AirPods orders to the China-based electronic supplier due a to quality control issue. The fall in the stock price of Korea-based chipmaker Samsung Electronics was attributed to concerns that inventory adjustments were having a significant effect on memory pricing.

In contrast, stock selection in the financials sector contributed to relative performance. Shares of Banorte climbed after the Mexico-based lender reported better-than-expected results. Shares received another boost from bullish sentiment about the company's financial discipline. The rise in the stock price of China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVD-19 restrictions and lifting lockdowns in major cities. Shares of HDFC traded higher after ethe India-based lender reported broad-based loan growth and improvement in its incremental market share in deposits.

**Lazard Emerging Markets Core Equity Portfolio**

For the year ended December 31, 2022, the Lazard Emerging Markets Core Equity Portfolio's Institutional Shares posted a total return of -21.63%, while Open Shares posted a total return of -21.80% and R6 Shares posted a total return of -21.58%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Stock selection in certain geographies detracted from relative performance. Overweight exposure to Russian stocks, including those for energy company Lukoil and lender Sberbank, detracted when their valuations fell to zero following their removal from the MSCI Emerging Markets Index.

In contrast, stock selection in other regions contributed to relative performance. Shares of Thailand-based petroleum exploration and production company PTT Exploration gained in sympathy with the rally in crude oil futures prices. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits

**8** Annual Report

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was expanding. The rise in the stock price of United Arab Emirate-based ports operator Abu Dhabi Ports was attributed to increased shipping volume and positive investor sentiment for the industry as it recovered from supply chain disruptions.

**Lazard Emerging Markets Equity Advantage Portfolio**

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Advantage Portfolio's Institutional Shares posted a total return of -21.01%, while Open Shares posted a total return of -21.21%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Lack of exposure to Brazil-based Itau Unibanco, a large benchmark name which rose over 30% in 2022, in favor of Asian banks, detracted from relative performance. Shares of Wipro suffered from concerns that the information technology outsourcing company's earnings outlook had weakened because higher employee expenses and a bleaker economic climate would likely reduce information technology spending from its clients.

In contrast, the rise in the stock price of India-based lender ICICI Bank, attributed in part to the country's solid economic growth, contributed to relative performance. Shares of the lender also benefited from positive sentiment about the company's strong loan growth and margin expansion due to higher interest rates. Shares of HDFC Bank also climbed on positive sentiment about the India-based lender's aggressive growth path, which saw the opening of over 700 branches in India in 2022. Shares received another boost from the company's strong growth in interest and fee income. Bank of China rebounded in the fourth quarter of 2022, as the lender benefited from favorable government action on revitalizing the troubled real estate sector and COVID reopening to boost economic growth.

**Lazard Emerging Markets Equity Portfolio**

For the year ended December 31, 2022, the Lazard Emerging Markets Equity Portfolio's Institutional Shares posted a total return of -14.86%, while Open Shares posted a total return of -15.09% and R6 Shares posted a total return of -14.86%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Annual Report **9**

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Security selection in the energy and financials sectors and above-benchmark exposure in China, Brazil, Indonesia, and South Africa boosted relative performance. BB Seguridade, a Brazilian insurance company, reported positive earnings and an improving outlook with higher interest rates and a normalization of pandemic-related loss ratios. Shares of energy companies Petróleo Brasileiro S.A (Petrobras), based in Brazil and Galp, based in Portugal with global assets in Latin America and Africa, both jumped along with the rally in crude oil futures.

Security selection in the communication services sector and in Russia detracted from relative performance. A lower-than-benchmark exposure to India also undercut relative performance. Shares of Korea-based chipmakers Samsung Electronics and SK Hynix fell as part of a larger decline by semiconductor-related stocks on worries about a demand downcycle amid Chinese COVID-related lockdowns and rising concerns about a potential recession brought about by rising interest rates. These led to a sell-off in semiconductor-related stocks, including Samsung Electronics and SK Hynix in Korea.

**Lazard Emerging Markets Strategic Equity Portfolio**

For the year ended December 31, 2022, the Lazard Emerging Markets Strategic Equity Portfolio's Institutional Shares posted a total return of -19.04%, while Open Shares posted a total return of -19.24%, as compared with the -20.09% return for the MSCI Emerging Markets Index.

Among top contributors to relative performance, the rise in the stock price China-based online travel agency Trip.com was attributed to news that the Chinese government was easing its COVID restrictions and lifting lockdowns in major cities. Shares of HDFC Bank traded higher after the India-based lender reported broad-based loan growth and on news that its incremental market share in deposits was expanding. Shares of BB Seguridade also gained after the Brazil-based insurer reported solid quarterly earnings and an improving outlook, with higher interest rates and a normalization of pandemic-related loss ratios.

**10** Annual Report

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Among top detractors from relative performance, shares of Taiwan-based chipmakers SK Hynix and MediaTek retreated as part of larger declines in semiconductors-related stocks due to worries about a demand downcycle stemming from China's COVID-driven lockdowns and a global recession brought about by rising interest rates.

**Lazard Equity Franchise Portfolio**

For the year ended December 31, 2022, the Lazard Equity Franchise Portfolio's Institutional Shares posted a total return of -5.21%, while Open Shares posted a total return of -5.45%, as compared with the -18.14% return for the MSCI World<sup>®</sup> Index.

Among top contributors to relative performance, shares of H&R Block advanced after the US-based tax services company reported better-than-expected results for its fiscal year 2022 fourth-quarter, and guided future earnings significantly above consensus expectations. US-based television and internet ratings measurement company Nielsen saw its stock price climb on news of a takeover offer, and major shareholder Windacre's agreement with the private equity bidders for an offer price of $28 per share. Shares of McKesson traded higher after the US-based drug distributor reported higher earnings from sales of COVID vaccines and personal protection equipment.

Among top detractors from relative performance, shares of Germany-based dialysis company Fresenius fell on news that the US Supreme Court found in favor of a small health fund that had reduced the amount it paid for dialysis services, in apparent contravention of the Medicare Secondary Payer Act of 1980. Shares of Intel fell after the US-based chipmaker reported disappointing earnings due to a weaker PC market, weak demand and market share loss in the data center segment, and a further delay to the launch of its Sapphire Rapids product for the data center market.

**Lazard Global Equity Select Portfolio**

For the year ended December 31, 2022, the Lazard Global Equity Select Portfolio's Institutional Shares posted a total return of -17.28%, while Open Shares posted a total return of -17.50%, as compared with the -18.36% return for the MSCI ACWI.

Annual Report **11**

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Stock selection in the information technology sector contributed to relative performance. Motorola Solutions, a leader in mission-critical communication devices, systems, and services for public safety and commercial verticals, saw its stock price climb on news that it was servicing a record-high backlog and on strength in the face of semiconductor and inflationary pressures. Stock selection in the consumer discretionary sector also boosted relative performance. Shares of US-based discount retailer Dollar General performed well as sales and earnings were strong during the year, bolstered by changes in consumer spending habits favoring lower-cost items amid an inflationary environment.

In contrast, lack of exposure to the energy sector detracted from relative performance. Stock selection in the healthcare sector also detracted from relative performance. The fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints.

**Lazard Global Listed Infrastructure Portfolio**

For the year ended December 31, 2022, the Lazard Global Listed Infrastructure Portfolio's Institutional Shares posted a total return of -1.30%, while Open Shares posted a total return of -1.55%, as compared with the -4.13% return for the MSCI World Core Infrastructure<sup>®</sup> (USD) Index and -18.14% return for the MSCI World Index.

Among top contributors to relative performance, shares of Italian toll road company Atlantia climbed after the Italy-based toll road operator became a €58 billion acquisition target (at a price of €23 per share) from private equity company Blackstone and the Benetton family. Shares of Consolidated Edison also rose after the US-based utility company reported solid quarterly earnings results and sold its unregulated Clean Energy assets. Shares received another boost from investors rotating to defensive stocks amid heightened economic uncertainty. Shares of Pinnacle West advanced as part of larger gains made by most US regulated utilities, as a result of the Russia-Ukraine conflict. Shares were bolstered in November after the company reported higher-than-expected results in the third quarter of 2022 due to warmer weather and raised its full year guidance.

**12** Annual Report

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Among top detractors from relative performance, shares of Ferrovial faltered after the Spain-based infrastructure company reported that its key asset, H407 in Ontario, Canada, saw a 34% decline in the second quarter of 2022. Shares came under additional pressure in December after Ferrovial announced a number of asset transactions that hurt performance. Shares of Hera slid on concerns that the Italy-based energy company would either be unable to pass rising gas prices to customers or at least suffer substantial working capital pressures, though results have not validated this concern.

**Lazard Global Strategic Equity Portfolio**

For the year ended December 31, 2022, the Lazard Global Strategic Equity Portfolio's Institutional Shares posted a total return of -19.01%, while Open Shares posted a total return of -19.22%, as compared with the -18.36% return for the MSCI ACWI.

Stock selection in the healthcare, industrials, and financials detracted from relative performance. Shares of Adobe traded lower after the US-based design software company announced the acquisition of Figma, a cloud-based collaboration tool. The move was interpreted as a signal of potential competitive disruption to Adobe's core market, particularly given the high price tag Adobe agreed to pay. Shares came under additional pressure due to a moderation in growth rate following a strong demand environment in 2020–21. Shares in Intuit faltered after the US-based financial software provider reported slowing topline growth in 2022 after enjoying strong demand in prior years. Investors were also concerned about the company's exposure to small businesses in a weakening macro environment. Shares of US-based semiconductor equipment maker Applied Materials fell as part of a larger decline in semiconductor-related stocks due to concerns about a demand downcycle. This was the pattern in general for the semiconductor sector, which was one of the worst performing sectors in 2022.

Stock selection in the communication services, information technology, and consumer discretionary sectors boosted relative performance. Shares of UnitedHealth gained on positive

Annual Report **13**

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sentiment about the US-based health insurer's upside potential, with Optum Health, the company's health services business that brings together physician services and data and analytics, continuing to deliver strong results and serving as a good illustration of management's strategic vision. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment. Shares of Helmerich & Payne climbed after the US-based oil services provider delivered strong results through the course of the year, thanks to a high oil price environment that provided a more favorable demand environment for equipment and services. A lack of investment in the sector created a tight supply environment resulting in very favorable pricing dynamics for Helmerich & Payne as a result.

**Lazard International Equity Advantage Portfolio**

For the year ended December 31, 2022, the Lazard International Equity Advantage Portfolio's Institutional Shares posted a total return of -13.45%, while Open Shares posted a total return of -13.75%, as compared with the -14.45% return for the MSCI EAFE Index.

Among top contributors to relative performance, oil company Shell benefited from the surge in oil prices following the Ukraine invasion and led the big 5 oil companies in committing to carbon neutrality by 2050. Shares of Novo Nordisk traded higher on optimism that the Danish pharmaceutical company's new treatment drugs will re-accelerate revenue growth. Japan Post, which generates 75% of its earnings from its finance operations, benefited from the favorable period for finance companies driven by higher global interest rates.

In contrast, detracting from relative performance, Deutsche Post gave back most of its relative gain from the COVID period as its struggled with weak advertising revenue, slowing newspaper sales and higher employee expenses. Nemetschek, the German building and infrastructure design firm, was adversely impacted by higher interest rates and slowing construction, along with recessionary concerns.

**14** Annual Report

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**Lazard International Equity Portfolio**

For the year ended December 31, 2022, the Lazard International Equity Portfolio's Institutional Shares posted a total return of -14.83%, while Open Shares posted a total return of -15.05%, and R6 Shares posted a total return of -14.82%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the healthcare sector detracted from relative performance for the period. Shares of Olympus fell after the Japanese medical devices company reported second-quarter results that indicated cost inflation was running slightly higher than what management expected and operating profit guidance was revised down by 1%. Shares of Icon fell on concerns about the Ireland-based clinical research organization's financial leverage in the aftermath of its acquisition of rival PRA Health Sciences, and its exposure to potentially weaker biotechnology funding. Shares of Roche declined on negative news relating to the Swiss pharmaceutical company's Alzheimer's drug (Gantenerumab) trial. Lower-than-index exposure to the financials sector also detracted, as did higher-than-index exposure to the industrials sector.

In contrast, stock selection in the consumer staples sector contributed to relative performance. Shares of MatsukiyoCocokara traded higher after the Japan-listed pharmacy operator reported first-quarter results indicating that operating profit beat consensus estimates. Shares received another boost after management affirmed its outlook and a share buyback was announced. Elsewhere in the sector, the rise in the stock price of Mexican bottler Arca Continental was attributed to strong fundamentals throughout the year against the backdrop of a solid Mexican economy that was helped by companies shifting production closer to the end consumer markets in North America. Management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Lower-than-index exposure to the information technology sector contributed, as did higher-than-index exposure to the energy sector.

Annual Report **15**

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**Lazard International Equity Select Portfolio**

For the year ended December 31, 2022, the Lazard International Equity Select Portfolio's Institutional Shares posted a total return of -15.55%, while Open Shares posted a total return of -15.76%, as compared with the -16.00% return for the MSCI ACWI ex-US.

Stock selection in, and an overweight position to, the outperforming energy sector positively contributed to relative returns. Shares of Canada-based energy company Suncor advanced along with the rise in oil prices. Shares received another boost on news that an activist investor had built a stake in the company to unlock value in Suncor's portfolio. Elsewhere, shares of BP rose after the UK-based integrated oil and gas company announced a 10% dividend increase and a $3.5 billion share buyback. Stock selection in the financials sector was also a significant driver of relative performance during the period, anchored by contributors Mexico-based Grupo Banorte, Indonesia-based Bank Mandiri and India-based ICICI Bank.

In contrast, stock selection in the utilities sector hurt relative returns. Shares of China Longyuan Power, the largest wind power producer in China and Asia, saw its stock price fell as part of a broad-based decline in Hong Kong stocks due to concerns about the impact of COVID restrictions in China. Shares were weighed down further by concerns that slightly weaker wind speeds in China during the first half of 2022 would hurt quarterly results, which ultimately were not heavily affected. In the materials sector, shares of Dutch multinational chemical company Royal DSM traded down as higher interest rates and a further rise in raw materials impacted valuations. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest costs limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

**Lazard International Quality Growth Portfolio**

For the year ended December 31, 2022, the Lazard International Quality Growth Portfolio's Institutional Shares posted a total return of -20.10%, while Open Shares posted a total return of -20.31%, as compared with the -16.00% return for the MSCI ACW ex-US Index.

**16** Annual Report

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The International Quality Growth Portfolio focuses on high-quality stocks; therefore, relative performance was hurt in 2022 when low-quality stocks led the market. The fall in the stock price of global private equity firm Partners Group was attributed to the more challenging market environment amid higher interest rates. Shares of UK-based animal pharmaceutical and pet health company Dechra reported fiscal year 2022 results that were in line with management expectations. Despite this, the stock underperformed as the market sold off higher valued growth stocks. Shares of Netherlands-based semiconductor equipment manufacturer ASML faltered as part of larger declines in the technology sector amid fears of a cyclical slowdown. Shares came under additional pressure after the company reported a slight decline in net bookings versus the previous quarter; however, operating margin came in slightly ahead of consensus.

Among top contributors to relative performance, shares of HDFC rose after the India-based lender reported better-than-expected net interest income, driven by loan growth. Shares also advanced as part of larger gains made by India's stock market. Shares of Dollarama rose after the Canada-based discount retailer reported better-than-expected sales and margin growth and increased its full-year outlook. Lastly, shares of Danish biotech company Genmab rose as investors reacted positively to quarterly sales of Darzalex, its cancer treatment which is becoming the standard of care for multiple myeloma.

**Lazard International Small Cap Equity Portfolio**

For the year ended December 31, 2022, the Lazard International Small Cap Equity Portfolio's Institutional Shares posted a total return of -26.32%, while Open Shares posted a total return of -26.49%, as compared with the -21.39% return for the MSCI EAFE Small Cap<sup>®</sup> Index.

Detracting from relative performance, shares of Dermapharm, a Germany-listed Contract Development and Manufacturing Organization (CDMO) serving the pharmaceutical industry, performed poorly in 2022 as benefits from its COVID-19 vaccine operations faded. Shares of Lindab International, a Sweden-listed

Annual Report **17**

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manufacturer of steel products serving construction and indoor climate customers also performed poorly in 2022 with mixed results, rising input costs, and demand uncertainty.

Contributing to relative performance, shares of Bankinter, a Spain-listed bank, performed well in 2022 with strong results and a favorable rate environment for the industry. Shares of MatsukiyoCocokara, a Japan-listed pharmacy operator, also performed well in 2022, with strong results that demonstrated continued benefits from the merger of Matsumotokiyoshi and Cocokara Fine. Shares of Gaztransport & Technigaz, a France-listed engineering company serving the LNG (Liquified Natural Gas) transport industry, also demonstrated strong performance in 2022, with strong results and continued demand tailwinds in the energy complex.

**Lazard International Strategic Equity Portfolio**

For the year ended December 31, 2022, the Lazard International Strategic Equity Portfolio's Institutional Shares posted a total return of -16.88%, while Open Shares posted a total return of -17.04%, and R6 Shares posted a total return of -16.87%, as compared with the -14.45% return for the MSCI EAFE Index.

Stock selection in the real estate, information technology, and healthcare sectors detracted from relative performance. Shares of Ireland-domiciled professional services company Accenture tumbled early in 2022 due to the most dramatic rotation from growth to value since 1999. Shares of Germany-based housing company Vonovia came under pressure as yields rose over the course of the year. Higher interest cost limited the ability of the company to invest in the asset base to drive rent increases across the property portfolio and put downward pressure on real estate values in general.

Stock selection in consumer staples, communication services, and industrials boosted relative performance. Shares of Canada-based energy company Suncor advanced in accordance with the rise in oil prices. Shares received another boost on news that an activist

**18** Annual Report

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investor had built a stake in the company to unlock value in the portfolio. Shares of Mexico-based bottler Arca Continental climbed, based on the strength of the Mexican economy and aided by companies shifting production closer to the end consumer market in North America. Shares were bolstered by news that management signed a long-term agreement with Coca-Cola to cement and strengthen the strategic relationship. Shares of Aon gained after the UK-based professional services company reported healthy earning growth at a reasonable valuation amid a volatile and inflationary environment.

**Lazard Managed Equity Volatility Portfolio**

For the year ended December 31, 2022, the Lazard Managed Equity Volatility Portfolio's Institutional Shares posted a total return of -6.72%, while Open Shares posted a total return of -6.96%, as compared with the -18.14% return for the MSCI World Index.

Stock selection in the communication services and consumer discretionary sectors contributed to relative performance for the period, while the Portfolio's underweighting of information technology stocks and overweighting consumer staples stocks contributed most to relative performance. Regionally, stock selection was strongest in the US and Japan, and weakest in Norway and Singapore. Stocks that provided the largest contribution to excess return included Gilead Sciences, which reported significant growth during 2022, especially in the fourth quarter. Gilead markets several single-tablet regimens for HIV and its next-generation products with better long-term safety profiles are booting the company's market share. Coterra Energy helped relative performance, as the company's real estate in the lowest-cost oil and natural gas basins amplified returns and boosted product and geographic diversification. The firm is one of the few oil and gas producers that can consistently generate excess returns on invested capital at midcycle commodity prices. Shares of Merck advanced after the drugmaker reported solid global revenue growth throughout the year.

Annual Report **19**

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In contrast, the fall in the stock price of US-based animal health company Zoetis was attributed to foreign exchange headwinds and supply chain constraints. Lower-margin emerging market sales will make up an increasing portion of company sales, potentially creating a headwind to the company's margins. Alphabet's share price declined significantly, with disappointing quarterly updates from the Google parent. The results underscored growing pressure from IT budgets to digital advertisement spending and chips for industrial machinery. There is little revenue diversification within Alphabet, as it remains heavily dependent on Google and the state of the search advertising space. Shares of Verizon fell steadily through the year after the telecommunications company reported lower-than-expected earnings as it dealt with higher expenses prompted by inflationary pressures on labor, utility, and logistics costs.

**Lazard US Equity Concentrated Portfolio**

For the year ended December 31, 2022, the Lazard US Equity Concentrated Portfolio's Institutional Shares posted a total return of -19.89%, while Open Shares posted a total return of -20.07% and R6 Shares posted a total return of -19.89%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the technology and REIT sectors detracted from relative performance. Alphabet, the parent company of internet search giant Google, saw its stock price fall after reporting disappointing quarterly results that included guidance for lower revenues and higher expenses. Despite solid demand trends for chipmaker Skyworks, shares of the company declined due to supply chain shortages and Chinese lockdowns, which impacted the company's business during the year. Shares of cell tower operator Crown Castle fell along with those of REIT peers amid rising interest rates and weaker tower leasing activity.

In contract, stock selection in the food services and social media industries contributed to relative performance. Shares of Sysco advanced after the food services supplier reported strong quarterly

**20** Annual Report

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results, helped by the company's transformation initiatives, which drove market share to record levels. Sysco also exhibited strong pricing power and an ability to pass product inflation on to the consumer while still achieving gross margin expansion. Following weakness earlier in the year, shares of Meta rebounded after the social media company announced aggressive cost cutting measures after the Portfolio initiated its position in November. Shares of Fiserv traded higher after the payments processor reported broadly strong results throughout the year, rebounding from consumer-spending-related headwinds during the pandemic.

**Lazard US Equity Focus Portfolio**

For the year ended December 31, 2022, the Lazard US Equity Focus Portfolio's Institutional Shares posted a total return of -16.94%, while Open Shares posted a total return of -17.18% and R6 Shares posted a total return of -17.00%, as compared with the -18.11% return for the S&P 500 Index.

Stock selection in the information technology and consumer discretionary sectors boosted relative performance. Shares of Analog Devices climbed after the chipmaker reported broadly solid quarterly results as supply chain constraints eased, and management raised guidance toward the end of the year, citing a stabilizing bookings environment. Shares of McDonald's advanced after the fast-food giant reported multiple quarters of stronger-than-expected same-store sales growth in the US, driven by continued benefits from its growth strategy emphasizing digital, drive-thru, and delivery.

Stock selection in the health care sector undercut relative performance. Shares of Medtronic fell after the medical device maker reported several disappointing operational and revenue shortcomings during the year, and management lowered guidance later in the year, citing weaker than expected procedure and supply chain recoveries. Lack of exposure to the energy sector provided to be detrimental to relative performance, as the sector was the best performer in the index during the period.

Annual Report **21**

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**Lazard US Small-Mid Cap Equity Portfolio**

For the year ended December 31, 2022, the Lazard US Small-Mid Cap Equity Portfolio's Institutional Shares posted a total return of -15.23%, while Open Shares posted a total return of -15.49%, and R6 Shares posted a total return of -15.01%, as compared with the -18.37% return for the Russell 2500<sup>®</sup> Index.

Stock selection in the industrials sector contributed to relative performance. Shares of Altra gained on news that the power transmission and motion control products maker agreed to be acquired by Regal Rexnord in an all-cash deal that represented a 54% premium to share price. The Portfolio subsequently exited its position during the period. Stock selection and overweighting of the energy sector also contributed to relative performance. Antero Resources, a natural gas-focused exploration and production company, saw its stock price benefit from higher prices for natural gas and natural gas liquids such as propane and ethane through most of 2022 as the company had outsized exposure to these markets. Shares received another boost when Antero was also able to return cash to shareholders earlier than expected in 2022.

Stock selection in the communication services sector detracted from relative performance. Shares of video game developer Take-Two Interactive fell, as investors were concerned about in-game consumer spending and changes in the company's game release schedule. Stock selection in the real estate sector also detracted from relative performance. Shares of West-Coast focused office and studio real estate investment trust Hudson Pacific fell amid a challenging environment with unexpected large tenant move-outs creating occupancy pressure.

**Lazard US Sustainable Equity Portfolio**

For the year ended December 31, 2022, the Lazard US Sustainable Equity Portfolio's Institutional Shares posted a total return of -18.07%, while Open Shares posted a total return of -18.32%, as compared with the -18.11% return for the S&P 500 Index for the period.

**22** Annual Report

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Stock selection in the information technology sector boosted relative performance. Shares of Analog Devices traded higher after the chipmaker reported broadly solid quarterly results, due to easing supply chain disruptions, and management raised guidance toward the end of 2022, citing a stabilizing bookings environment. Shares of US-based discount retailer Dollar General performed well since sales and earnings were strong during the year, bolstered by changes in consumer spending habits that favored the purchase of lower priced items in an inflationary environment. The Portfolio sold its position in June.

Stock selection in the materials sector undercut relative performance. Shares of Ball faltered after the beverage packaging maker announced in the third quarter that it would be delaying several growth projects amid industry headwinds. Lack of exposure to the energy sector proved to be detrimental to relative performance, as the sector was the best performer in the index for the year.

**Lazard US Systematic Small Cap Equity Portfolio**

For the year ended December 31, 2022, the Lazard US Systematic Small Cap Equity Portfolio's Institutional Shares posted a total return of -16.33%, while Open Shares posted a total return of -16.51%, as compared with the -20.44% return for the Russell 2000 Index for the period.

Stock selection in the healthcare and the industrials sectors were significant contributors to relative performance. Overweight exposure to the industrials sector also boosted relative performance. The rise in the stock price of biopharmaceutical company Catalyst Pharmaceuticals was attributed to an increase in new patients for its flagship offering of a Lambert-Eaton myasthenic syndrome (LEMS) drug. The company has beaten operating metrics, maintained a healthy pipeline for organic growth, and has generated cash on its balance sheet to continue its business development initiatives. Shares of SIGA Technologies traded higher on news that the commercial-stage pharmaceutical company continued to see demand for its flagship smallpox vaccine, TPOXX. Shares

Annual Report **23**

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received a further boost from news that the company made strides towards its international expansion, most notably with an approval from Health Canada and significant revenue growth in Canada. ADMA Biologics, a biopharmaceutical company, saw its stock price climb, thanks to the ongoing achievement of goals and increased projections from its three commercialized products in the plasma-driven immunoglobulin (IG) space.

Underweight exposures to the energy and financials sectors detracted from relative performance. Stock detractors came from a variety of sectors. From the healthcare sector, Cano Health, an operator of primary care centers for seniors and underserved communities in US markets, saw its stock price fall after its anticipated acquisition by CVS Health was not announced. Shares also came under pressure when Cano missed estimates on both earnings and revenue. From the information technology sector, mobile application technology company AppLovin saw its stock price fall after a merger target, Unity Software, rejected its unsolicited bid, fueling investor concerns about a weaker mobile games market and overall negative trends in the apps business.

**24** Annual Report

**The Lazard Funds, Inc.** Performance Overviews (unaudited)

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*Please see the "Notes to the Performance Overviews" for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares, Open Shares and R6 Shares, and the indexes shown below.*

Lazard Developing Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Developing Markets Equity Portfolio and the MSCI Emerging Markets<sup>®</sup> Index

![](x6_c105118x26x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** |
| **Institutional** | -22.61% | -3.32% | 0.29% |
| **Open** | -22.81% | -3.59% | -0.04% |
| **MSCI Emerging Markets Index** | -20.09% | -1.40% | 1.44% |

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Annual Report **25**

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Lazard Emerging Markets Core Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Core Equity Portfolio and the MSCI Emerging Markets Index

![](x6_c105118x27x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -21.63% | -4.95% | -0.22% |  |
| **Open** | -21.80% | -5.27% | -0.56% |  |
| **R6** | -21.58% | N/A | -5.04% |  |
| **MSCI Emerging Markets Index** | -20.09% | -1.40% | 1.54% |  |
|  |  |  | (Institutional<br> and Open<br> Shares) -1.61%<br> (R6 Shares) |  |

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*†* *The inception date for the Institutional and Open Shares was October 31, 2013 and for the R6 Shares was April 6, 2018.* 

**26** Annual Report

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Lazard Emerging Markets Equity Advantage Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Advantage Portfolio and the MSCI Emerging Markets Index

![](x6_c105118x28x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -21.01% | -1.13% | 2.57% |  |
| **Open** | -21.21% | -1.41% | 2.28% |  |
| **MSCI Emerging Markets Index** | -20.09% | -1.40% | 1.81% |  |

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*†* *The inception date for the Portfolio was May 29, 2015.* 

Annual Report **27**

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Lazard Emerging Markets Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Equity Portfolio and the MSCI Emerging Markets Index

![](x6_c105118x29x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -14.86% | -2.81% | 0.15% | 5.52% |  |
| **Open** | -15.09% | -3.06% | -0.11% | 5.14% |  |
| **R6** | -14.86% | -2.80% | N/A | 0.78% |  |
| **MSCI Emerging Markets Index** | -20.09% | -1.40% | 1.44% | 4.72% |  |
|  |  |  |  | (Institutional<br>Shares)<br>5.11%<br>(Open Shares)<br>2.41%<br>(R6 Shares) |  |

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*†* *The inception date for the Institutional Shares was July 15, 1994, for the Open Shares was January 8, 1997 and for the R6 Shares was January 19, 2015.* 

**28** Annual Report

------

Lazard Emerging Markets Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Strategic Equity Portfolio and the MSCI Emerging Markets Index

![](x6_c105118x30x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** |
| **Institutional** | -19.04% | -2.96% | 0.42% |
| **Open** | -19.24% | -3.20% | 0.15% |
| **MSCI Emerging Markets Index** | -20.09% | -1.40% | 1.44% |

---

Lazard Equity Franchise Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Equity Franchise Portfolio and the MSCI World<sup>®</sup> Index

![](x6_c105118x30x2.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -5.21% | 6.33% | 6.86% |  |
| **Open** | -5.45% | 6.05% | 6.57% |  |
| **MSCI World Index** | -18.14% | 6.14% | 6.92% |  |

---

*†* *The inception date for the Portfolio was September 29, 2017.* 

Annual Report **29**

------

Lazard Global Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Equity Select Portfolio and the MSCI ACWI<sup>®</sup>

![](x6_c105118x31x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -17.28% | 5.96% | 7.00% |  |
| **Open** | -17.50% | 5.67% | 6.69% |  |
| **MSCI ACWI** | -18.36% | 5.23% | 6.45% |  |

---

*†* *The inception date for the Portfolio was December 31, 2013.* 

Lazard Global Listed Infrastructure Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Listed Infrastructure Portfolio, the MSCI World Core Infrastructure (USD) Index and the MSCI World Index

![](x6_c105118x31x2.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** |
| **Institutional** | -1.30% | 5.87% | 11.10% |
| **Open** | -1.55% | 5.61% | 10.82% |
| **MSCI World Index** | -18.14% | 6.14% | 8.85% |
| **MSCI World Core Infrastructure (USD Hedged) Index** | -4.13% | 7.37% | 9.74% |

---

**30** Annual Report

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Lazard Global Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Strategic Equity Portfolio and the MSCI ACWI

![](x6_c105118x32x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -19.01% | 6.05% | 6.00% |  |
| **Open** | -19.22% | 5.77% | 5.70% |  |
| **MSCI ACWI** | -18.36% | 5.23% | 6.09% |  |

---

*†* *The inception date for the Portfolio was August 29, 2014.* 

Annual Report **31**

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Lazard International Equity Advantage Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Advantage Portfolio and the MSCI EAFE<sup>®</sup> Index

![](x6_c105118x33x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -13.45% | 0.43% | 2.19% |  |
| **Open** | -13.75% | 0.15% | 1.90% |  |
| **MSCI EAFE Index** | -14.45% | 1.54% | 2.93% |  |

---

*†* *The inception date for the Portfolio was May 29, 2015.* 

**32** Annual Report

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Lazard International Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Portfolio and the MSCI EAFE Index

![](x6_c105118x34x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** | **Since<br> Inception** | **†** |
| **Institutional** | -14.83% | 0.55% | 3.58% | 5.29% |  |
| **Open** | -15.05% | 0.30% | 3.31% | 4.15% |  |
| **R6** | -14.82% | 0.56% | N/A | 1.94% |  |
| **MSCI EAFE Index** | -14.45% | 1.54% | 4.67% | 4.96% |  |
|  |  |  |  | (Institutional<br> Shares)<br> 4.53%<br>(Open Share)<br>3.31%<br>(R6 Shares) |  |

---

*†* *The inception date for the Institutional Shares was October 29, 1991, for the Open Shares was January 23, 1997 and for the R6 Shares was April 1, 2015.* 

Annual Report **33**

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Lazard International Equity Select Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Equity Select Portfolio, the MSCI ACWI ex-US and the MSCI EAFE/ACWI ex-US Linked Index

![](x6_c105118x35x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> year** | **Five<br> year** | **Ten<br> year** |
| **Institutional** | -15.55% | -0.66% | 2.72% |
| **Open** | -15.76% | -0.93% | 2.39% |
| **MSCI ACWI ex-US** | -16.00% | 0.88% | 3.80% |
| **MSCI EAFE/ACWI ex-US Linked Index** | -16.00% | 0.88% | 3.80% |

---

**34** Annual Report

------

Lazard International Quality Growth Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Quality Growth Portfolio and the MSCI ACWI ex-US

![](x6_c105118x36x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -20.10% | 9.10% |  |
| **Open** | -20.31% | 8.80% |  |
| **MSCI ACWI ex-US** | -16.00% | 5.05% |  |

---

*†* *The inception date for the Portfolio was December 31, 2018.* 

------

Lazard International Small Cap Equity Portfolio

 

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Small Cap Equity Portfolio and the MSCI EAFE Small Cap<sup>®</sup> Index

![](x6_c105118x36x2.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Ten**<br> **year** |
| **Institutional** | -26.32% | -2.42% | 4.81% |
| **Open** | -26.49% | -2.65% | 4.53% |
| **MSCI EAFE Small Cap Index** | -21.39% | -0.05% | 6.21% |

---

Annual Report **35**

------

Lazard International Strategic Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard International Strategic Equity Portfolio and the MSCI EAFE Index

![](x6_c105118x37x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Ten**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -16.88% | 1.20% | 4.54% | 5.16% |  |
| **Open** | -17.04% | 0.96% | 4.28% | 4.08% |  |
| **R6** | -16.87% | 1.20% | N/A | 3.00% |  |
| **MSCI EAFE Index** | -14.45% | 1.54% | 4.67% | 4.03%<br> (Institutional<br> Shares)<br> 3.30%<br> (Open Shares)<br> 4.11%<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional Shares was October 31, 2005, for the Open Shares was February 3, 2006 and for the R6 Shares was January 19, 2015.* 

**36** Annual Report

------

Lazard Managed Equity Volatility Portfolio

 

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Managed Equity Volatility Portfolio and the MSCI World Index

![](x6_c105118x38x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -6.72% | 3.51% | 5.38% |  |
| **Open** | -6.96% | 3.24% | 5.07% |  |
| **MSCI World Index** | -18.14% | 6.14% | 7.02% |  |

---

*†* *The inception date for the Portfolio was May 29, 2015.* 

Annual Report **37**

------

Lazard US Equity Concentrated Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Equity Concentrated Portfolio, the S&P 500 Index and the Russell 1000 Value/S&P 500 Linked Index

![](x6_c105118x39x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Ten**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -19.89% | 6.36% | 10.78% | 7.80% |  |
| **Open** | -20.07% | 6.08% | 10.45% | 7.49% |  |
| **R6** | -19.89% | 6.36% | N/A | 7.70% |  |
| **S&P 500 Index** | -18.11% | 9.42% | 12.56% | 9.00%<br> (Institutional<br> and Open<br> Shares)<br> 11.68%<br> (R6 Shares) |  |
| **Russell 1000 Value/S&P 500** **Linked Index** | -18.11% | 9.43% | 12.56% | 8.41%<br> (Institutional<br> and Open<br> Shares)<br> N/A<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional and Open Shares was September 30, 2005 and for the R6 Shares was November 15, 2016.* 

**38** Annual Report

------

Lazard US Equity Focus Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Equity Focus Portfolio and the S&P 500 Index

![](x6_c105118x40x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Ten**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -16.94% | 9.62% | 11.18% | 7.84% |  |
| **Open** | -17.18% | 9.31% | 10.87% | 7.53% |  |
| **R6** | -17.00% | 9.61% | N/A | 9.47% |  |
| **S&P 500 Index** | -18.11% | 9.42% | 12.56% | 8.76%<br> (Institutional<br> and<br> Open Shares)<br> 10.68%<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional and Open Shares was December 30, 2004 and for the R6 Shares was May 19, 2014.* 

Annual Report **39**

------

Lazard US Small-Mid Cap Equity Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Small-Mid Cap Equity Portfolio and the Russell 2500 Index

![](x6_c105118x41x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One**<br> **year** | **Five**<br> **year** | **Ten**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -15.23% | 4.06% | 9.13% | 9.94% |  |
| **Open** | -15.49% | 3.74% | 8.80% | 7.63% |  |
| **R6** | -15.01% | N/A | N/A | 2.83% |  |
| **Russell 2500 Index** | -18.37% | 5.89% | 10.03% | 10.27%<br> (Institutional<br> Shares)<br> 8.95%<br> (Open Shares)<br> 5.06%<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional Shares was October 30, 1991, for the Open Shares was January 30, 1997 and for the R6 Shares was January 8, 2020.* 

**40** Annual Report

------

Lazard US Sustainable Equity Portfolio

 

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Sustainable Equity Portfolio and the S&P 500 Index

![](x6_c105118x42x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -18.07% | 10.94% |  |
| **Open** | -18.32% | 10.63% |  |
| **S&P 500 Index** | -18.11% | 10.64% |  |

---

*†* *The inception date for the Institutional Shares and Open Shares was June 30, 2020.* 

Annual Report **41**

------

Lazard US Systematic Small Cap Equity Portfolio

 

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Systematic Small Cap Equity Portfolio and the Russell 2000 Index

![](x6_c105118x43x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One**<br> **year** | **Since**<br> **Inception** | **†** |
| **Institutional** | -16.33% | -12.04% |  |
| **Open** | -16.51% | -12.22% |  |
| **Russell 2000 Index** | -20.44% | -19.22% |  |

---

*†* *The inception date for the Institutional Shares and Open Shares was October 29, 2021.* 

 ****

***Notes to Performance Overviews:***

 

*Information About Portfolio Performance Shown Above*

 

*Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund's investment manager (the "Investment Manager"), State Street Bank and Trust Company, the Fund's administrator ("State Street"), or SS&C Global Investor and Distribution Solutions, the Fund's transfer agent and dividend disbursement agent ("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.*

 

*Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles ("GAAP"), if any, and also exclude one-time adjustments related to the receipt of settlement proceeds by the Lazard International Equity, Lazard International Small Cap Equity and Lazard Developing Markets Equity Portfolios from a class action lawsuit. For the Lazard Developing Markets Equity Portfolio, these proceeds impacted the total return of Open Shares but did not impact that of Institutional Shares; amounts may differ from amounts reported in the financial highlights.*

 

*The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio's distributions or the redemption of Portfolio shares.*

**42** Annual Report

------

*The performance of Institutional Shares, Open Shares and R6 Shares of a Portfolio, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.*

 

*Information About Index Performance Shown Above*

 

*The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.*

 

*The MSCI ACWI is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indices comprising 23 developed and 24 emerging markets country indices.*

 

*The MSCI ACWI ex-US is a free-float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The MSCI ACWI ex-US consists of 46 country indices comprising 22 developed and 24 emerging markets country indices.*

 

*The MSCI EAFE Index is a free-float-adjusted market capitalization index that is designed to measure developed markets equity performance, excluding the United States and Canada. The MSCI EAFE Index consists of 21 developed markets country indices.*

 

*The MSCI EAFE Small Cap Index targets all companies with market capitalizations below that of the companies in the MSCI EAFE Index and up to 99% coverage of the free-float-adjusted market capitalization in each market (subject to minimum investability criteria and a universal minimum size range). The MSCI EAFE Small Cap Index consists of 21 developed markets country indices.*

 

 

*The MSCI Emerging Markets Index is a free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of 24 emerging markets country indices.*

 

*The MSCI World Core Infrastructure (USD) Index (the "Infrastructure Index") captures large and mid-cap securities across the 23 developed market countries. The Infrastructure Index is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. However, note that the Lazard Global Listed Infrastructure Portfolio invests in a range of companies globally, and is not limited to investing in developed markets countries.*

 

*The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.*

 

*The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.*

Annual Report **43**

------

 

*The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.*

 

*The Russell 2500 Index measures the performance of the small-to mid-cap segment of the US equity universe, commonly referred to as "smid" cap. The Russell 2500 Index is a subset of the Russell 3000<sup>®</sup> Index. The Russell 3000 Index measures the performance of the largest 3000 US companies, representing approximately 98% of the investable US equity market. The Russell 2500 Index includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.*

 

*The S&P 500 Index is a market capitalization-weighted index of 500 companies in leading industries of the US economy.*

**44** Annual Report

**The Lazard Funds, Inc.**

Information About Your Portfolio's Expenses (unaudited)

**Expense Example**

As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2022 through December 31, 2022 and held for the entire period.

**Actual Expenses**

For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

Annual Report **45**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
| Developing Markets Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $952.70 | $5.66 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $951.50 | $6.89 | 1.40% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.15 | $7.12 | 1.40% |
| Emerging Markets Core Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1000.00 | $6.05 | 1.20% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.16 | $6.11 | 1.20% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $998.50 | $7.30 | 1.45% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1017.90 | $7.38 | 1.45% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1000.40 | $5.80 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| Emerging Markets Equity Advantage |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $958.00 | $4.49 | 0.91% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.62 | $4.63 | 0.91% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $957.40 | $5.72 | 1.16% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.36 | $5.90 | 1.16% |

---

**46** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
| Emerging Markets Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1002.40 | $5.25 | 1.04% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.96 | $5.30 | 1.04% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1002.40 | $6.51 | 1.29% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.70 | $6.56 | 1.29% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1001.10 | $5.20 | 1.03% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.01 | $5.24 | 1.03% |
| Emerging Markets Strategic Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $984.90 | $5.50 | 1.10% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.66 | $5.60 | 1.10% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $983.40 | $6.75 | 1.35% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.40 | $6.87 | 1.35% |
| Equity Franchise |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1021.80 | $4.84 | 0.95% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.42 | $4.84 | 0.95% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1019.30 | $6.11 | 1.20% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.16 | $6.11 | 1.20% |

---

Annual Report **47**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
| Global Equity Select |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1039.20 | $4.52 | 0.88% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.77 | $4.48 | 0.88% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1038.50 | $5.91 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| Global Listed Infrastructure |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $991.10 | $4.82 | 0.96% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.37 | $4.89 | 0.96% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $989.80 | $6.07 | 1.21% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.11 | $6.16 | 1.21% |
| Global Strategic Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1045.60 | $4.64 | 0.90% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.67 | $4.58 | 0.90% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1045.30 | $5.93 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| International Equity Advantage |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1058.40 | $4.15 | 0.80% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 | 0.80% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1056.90 | $5.44 | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |

---

**48** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
|  |  |  | ' |  |
| International Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1030.60 | $4.15 | 0.81% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.12 | $4.13 | 0.81% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1028.90 | $5.42 | 1.06% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.86 | $5.40 | 1.06% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1030.30 | $4.09 | 0.80% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 | 0.80% |
| International Equity Select |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1017.90 | $4.58 | 0.90% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.67 | $4.58 | 0.90% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1016.30 | $5.84 | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 | 1.15% |
| International Quality Growth |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1038.90 | $4.37 | 0.85% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.92 | $4.33 | 0.85% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1037.30 | $5.65 | 1.10% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.66 | $5.60 | 1.10% |

---

Annual Report **49**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
| International Small Cap Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1025.00 | $5.82 | 1.14% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.46 | $5.80 | 1.14% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1023.70 | $7.09 | 1.39% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.20 | $7.07 | 1.39% |
| International Strategic Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1027.80 | $4.14 | 0.81% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.12 | $4.13 | 0.81% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1026.40 | $5.47 | 1.07% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.81 | $5.45 | 1.07% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1027.70 | $4.14 | 0.81% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.12 | $4.13 | 0.81% |
| Managed Equity Volatility |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1038.40 | $3.85 | 0.75% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.42 | $3.82 | 0.75% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1036.70 | $5.13 | 1.00% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $5.09 | 1.00% |

---

**50** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
|  |  |  | ' |  |
| US Equity Concentrated |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $989.40 | $3.96 | 0.79% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.22 | $4.02 | 0.79% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $988.80 | $5.26 | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $989.40 | $3.91 | 0.78% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.27 | $3.97 | 0.78% |
| US Equity Focus |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1014.20 | $3.55 | 0.70% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.68 | $3.57 | 0.70% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1013.10 | $4.82 | 0.95% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.42 | $4.84 | 0.95% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1014.20 | $3.55 | 0.70% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.68 | $3.57 | 0.70% |
| US Small-Mid Cap Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1050.60 | $5.43 | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1049.40 | $6.72 | 1.30% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.65 | $6.61 | 1.30% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1051.40 | $4.86 | 0.94% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.47 | $4.79 | 0.94% |

---

Annual Report **51**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br>Account Value<br>7/1/22 | Ending<br>Account<br>Value<br>12/31/22 | Expenses Paid<br>During Period\*<br>7/1/22 - 12/31/22 | Annualized<br>Expense Ratio<br>During Period<br>7/1/22 - 12/31/22 |
| US Sustainable Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1043.40 | $3.86 | 0.75% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.42 | $3.82 | 0.75% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1042.50 | $5.15 | 1.00% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.16 | $5.09 | 1.00% |
| US Systematic Small Cap Equity |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1054.60 | $4.66 | 0.90% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.67 | $4.58 | 0.90% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1053.10 | $6.00 | 1.16% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.36 | $5.90 | 1.16% |

---

*\** *Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).*

**52** Annual Report

**The Lazard Funds, Inc.**

Portfolio Holdings Presented by Sector December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard<br>Developing<br>Markets<br>Equity<br>Portfolio | Lazard<br>Emerging<br>Markets Core<br>Equity<br>Portfolio | Lazard<br>Emerging<br>Markets<br>Equity<br>Advantage<br>Portfolio | Lazard<br>Emerging<br>Markets<br>Equity<br>Portfolio |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.6% | 9.7% | 10.2% | 5.4% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 19.9 | 15.6 | 13.9 | 10.2 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.1 | 5.9 | 5.4 | 7.5 |
| &nbsp;&nbsp;&nbsp;Energy | 3.5 | 7.3 | 4.6 | 9.9 |
| &nbsp;&nbsp;&nbsp;Financials | 22.2 | 20.7 | 21.2 | 26.3 |
| &nbsp;&nbsp;&nbsp;Health Care | 2.1 | 2 | 3.9 | 4 |
| &nbsp;&nbsp;&nbsp;Industrials | 13.2 | 9.6 | 5.8 | 3.5 |
| &nbsp;&nbsp;&nbsp;Information Technology | 22.9 | 20 | 19.5 | 20.1 |
| &nbsp;&nbsp;&nbsp;Marine Services |  |  | 0.3 |  |
| &nbsp;&nbsp;&nbsp;Materials | 3.7 | 7.9 | 7.8 | 7.3 |
| &nbsp;&nbsp;&nbsp;Real Estate |  |  | 2.3 | 2.3 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 1 | 2.7 | 1.8 |
| Short-Term Investments | 0.8 | 0.3 | 2.4 | 1.7 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard<br>Emerging<br>Markets<br>Strategic Equity <br> Portfolio | Lazard<br>Equity<br> Franchise<br>Portfolio | Lazard<br>Global<br>Equity Select <br>Portfolio | Lazard<br>Global Listed<br>Infrastructure<br>Portfolio |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.9% | 12.2% | 6.7% | 2.8% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 17.1 | 19.8 | 14.7 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 7.6 | 1 | 13.4 |  |
| &nbsp;&nbsp;&nbsp;Energy | 5.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 26.6 |  | 16.1 |  |
| &nbsp;&nbsp;&nbsp;Health Care | 3.5 | 25.4 | 12 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 2.9 | 17.3 | 16.2 | 43.1 |
| &nbsp;&nbsp;&nbsp;Information Technology | 19.4 | 14.2 | 19.4 |  |
| &nbsp;&nbsp;&nbsp;Materials | 7.6 |  | 0.9 |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 1.1 |  |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 1.3 | 4 |  | 48.6 |
| Short-Term Investments | 0.6 | 6.1 | 0.6 | 5.5 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |

---

*\** *Represents percentage of total investments.*

Annual Report **53**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard<br>Global<br>Strategic<br> Equity<br>Portfolio | Lazard<br>International<br>Equity<br>Advantage<br>Portfolio | Lazard<br>International <br>Equity<br>Portfolio | Lazard<br>International<br>Equity Select<br>Portfolio |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.7% | 3.7% | 2.7% | 5.1% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 4.2 | 11.3 | 13.0 | 11.1 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 8.6 | 10.6 | 11.3 | 6.1 |
| &nbsp;&nbsp;&nbsp;Energy | 1.3 | 5.1 | 6.4 | 7.3 |
| &nbsp;&nbsp;&nbsp;Financials | 17.6 | 18.3 | 15.4 | 15.7 |
| &nbsp;&nbsp;&nbsp;Health Care | 23.2 | 13.9 | 11.4 | 9.7 |
| &nbsp;&nbsp;&nbsp;Industrials | 10.7 | 15.5 | 20.7 | 22.0 |
| &nbsp;&nbsp;&nbsp;Information Technology | 19.3 | 8.1 | 5.1 | 8.5 |
| &nbsp;&nbsp;&nbsp;Materials | 1.9 | 7.1 | 6.7 | 6.3 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 2.4 | 1.9 | 1.7 |
| &nbsp;&nbsp;&nbsp;Utilities | 1.6 | 3.3 | 5.4 | 5.3 |
| Short-Term Investments | 2.9 | 0.7 |  | 1.2 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard<br>International<br>Quality Growth<br>Portfolio | Lazard<br>International <br>Small Cap<br>Equity<br>Portfolio | Lazard<br>International<br>Strategic<br>Equity<br>Portfolio | Lazard<br>Managed<br>Equity<br>Volatility<br>Portfolio |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 8.0% | 3.0% | 3.7% | 8.9% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.8 | 11.4 | 8.5 | 9.2 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 11.7 | 6.6 | 11.9 | 19.7 |
| &nbsp;&nbsp;&nbsp;Energy |  | 3.0 | 2.2 | 1.4 |
| &nbsp;&nbsp;&nbsp;Financials | 20.3 | 13.1 | 19.8 | 9.3 |
| &nbsp;&nbsp;&nbsp;Health Care | 11.4 | 5.7 | 11.2 | 19.2 |
| &nbsp;&nbsp;&nbsp;Industrials | 18.2 | 25.7 | 21.0 | 7.9 |
| &nbsp;&nbsp;&nbsp;Information Technology | 16.6 | 11.0 | 8.0 | 8.3 |
| &nbsp;&nbsp;&nbsp;Materials |  | 6.3 | 4.1 | 0.6 |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 8.7 | 2.0 | 4.8 |
| &nbsp;&nbsp;&nbsp;Utilities |  | 3.3 | 4.8 | 10.7 |
| Short-Term Investments |  | 2.2 | 2.8 |  |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |

---

*\** *Represents percentage of total investments.*

**54** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard<br>US Equity<br>Concentrated<br>Portfolio | Lazard<br>US Equity<br>Focus<br>Portfolio | Lazard US<br>Small-Mid<br>Cap Equity<br>Portfolio | Lazard US<br>Sustainable<br>Equity<br>Portfolio |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 13.0% | 5.5% | 4.3% | 1.0% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 14 | 14.2 | 10.5 | 4.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4.6 | 4.5 | 3.3 | 6.2 |
| &nbsp;&nbsp;&nbsp;Energy |  |  | 5.2 |  |
| &nbsp;&nbsp;&nbsp;Financials | 6 | 19 | 15.7 | 12.5 |
| &nbsp;&nbsp;&nbsp;Health Care | 11.7 | 16.5 | 13.3 | 24.5 |
| &nbsp;&nbsp;&nbsp;Industrials | 15.1 | 11.3 | 17.6 | 12.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 25.7 | 22 | 14.7 | 27 |
| &nbsp;&nbsp;&nbsp;Materials | 3.3 |  | 6.9 | 3.8 |
| &nbsp;&nbsp;&nbsp;Real Estate | 6.2 | 2.3 | 6.1 | 2.4 |
| &nbsp;&nbsp;&nbsp;Utilities |  |  | 2.4 |  |
| Short-Term Investments | 0.4 | 4.7 |  | 5.1 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector\* | Lazard US<br>Systematic<br>Small Cap<br>Equity<br>Portfolio |
| Equity |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.8% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 12.7 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 4.3 |
| &nbsp;&nbsp;&nbsp;Energy | 2.5 |
| &nbsp;&nbsp;&nbsp;Financials | 5.4 |
| &nbsp;&nbsp;&nbsp;Health Care | 15.3 |
| &nbsp;&nbsp;&nbsp;Industrials | 23.9 |
| &nbsp;&nbsp;&nbsp;Information Technology | 20.5 |
| &nbsp;&nbsp;&nbsp;Materials | 5.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | 4.9 |
| &nbsp;&nbsp;&nbsp;Utilities | 0.3 |
| Short-Term Investments | 0.7 |
| Total Investments | 100.0% |

---

*\** *Represents percentage of total investments.*

Annual Report **55**

**The Lazard Funds, Inc.** Portfolios of Investments<br> December 31, 2022

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Developing Markets Equity Portfolio** |  |  |
| **Common Stocks \| 97.9%** |  |  |
| **Brazil \| 4.2%** |  |  |
| Dexco SA | 476408 | $610414 |
| Pagseguro Digital Ltd., Class A (\*) | 69524 | 607640 |
| Petro Rio SA (\*) | 153400 | 1085892 |
| Rumo SA | 305444 | 1075634 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 293800 | 702875 |
|  |  | 4082455 |
| **China \| 36.6%** |  |  |
| Airtac International Group | 27765 | 840368 |
| Alibaba Group Holding Ltd. ADR (\*) | 38127 | 3358607 |
| Autohome, Inc. ADR | 37231 | 1139269 |
| Baidu, Inc., Class A (\*) | 66700 | 958701 |
| China Tourism Group Duty Free Corp. Ltd., Class A | 93900 | 2919794 |
| Chow Tai Seng Jewellery Co. Ltd., Class A | 529250 | 1068502 |
| JD.com, Inc., Class A | 79909 | 2246269 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | 123800 | 906119 |
| Minth Group Ltd. | 656000 | 1767905 |
| Ping An Insurance (Group) Co. of China Ltd., Class H | 263500 | 1739150 |
| Shanghai Liangxin Electrical Co. Ltd., Class A | 812392 | 1712677 |
| Tencent Holdings Ltd. | 124800 | 5304275 |
| Topsports International Holdings Ltd. | 1005000 | 788580 |
| Trip.com Group Ltd. ADR (\*) | 56317 | 1937305 |
| Weibo Corp. ADR (\*) | 38883 | 743443 |
| Wuliangye Yibin Co. Ltd., Class A | 82600 | 2138727 |
| Xiaomi Corp., Class B (\*) | 493000 | 686133 |
| Yadea Group Holdings Ltd. | 848000 | 1412395 |
| Zhongsheng Group Holdings Ltd. | 348500 | 1776379 |
| ZTO Express Cayman, Inc. ADR | 83594 | 2246171 |
|  |  | 35690769 |

---

*The accompanying notes are an integral part of these financial statements.*

**56** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **Colombia \| 0.6%** |  |  |
| Bancolombia SA ADR | 21122 | $602822 |
| **Hong Kong \| 1.1%** |  |  |
| Techtronic Industries Co. Ltd. | 93502 | 1041146 |
| **Hungary \| 2.1%** |  |  |
| Richter Gedeon Nyrt. | 92852 | 2062876 |
| **India \| 12.6%** |  |  |
| Bajaj Finance Ltd. | 17055 | 1349851 |
| HDFC Bank Ltd. ADR | 47513 | 3250364 |
| ICICI Bank Ltd. ADR | 143870 | 3149314 |
| Mphasis Ltd. | 23096 | 550927 |
| Reliance Industries Ltd. | 71137 | 2182208 |
| UPL Ltd. | 205069 | 1775457 |
|  |  | 12258121 |
| **Indonesia \| 4.1%** |  |  |
| PT Bank Central Asia Tbk | 3218400 | 1764488 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 7073549 | 2242394 |
|  |  | 4006882 |
| **Mexico \| 2.7%** |  |  |
| Grupo Financiero Banorte SAB de CV, Class O | 366757 | 2633257 |
| **Peru \| 0.7%** |  |  |
| Credicorp Ltd. | 4961 | 673009 |
| **Philippines \| 2.6%** |  |  |
| BDO Unibank, Inc. | 846842 | 1598664 |
| International Container Terminal Services, Inc. | 270829 | 974744 |
|  |  | 2573408 |
| **Poland \| 1.7%** |  |  |
| InPost SA (\*) | 197279 | 1667346 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **57**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Developing Markets Equity Portfolio (continued)** |  |  |
| **South Africa \| 3.0%** |  |  |
| Capitec Bank Holdings Ltd. | 5917 | $647231 |
| Foschini Group Ltd. | 115883 | 691140 |
| Standard Bank Group Ltd. | 160094 | 1581075 |
|  |  | 2919446 |
| **South Korea \| 8.6%** |  |  |
| CJ Logistics Corp. (\*) | 7943 | 592008 |
| Samsung Electronics Co. Ltd. | 124811 | 5503927 |
| SK Hynix, Inc. | 37688 | 2268511 |
|  |  | 8364446 |
| **Taiwan \| 14.7%** |  |  |
| ASE Technology Holding Co. Ltd. | 417289 | 1273713 |
| Bizlink Holding, Inc. | 165000 | 1268712 |
| Chroma ATE, Inc. | 251000 | 1476598 |
| Hiwin Technologies Corp. | 118714 | 704334 |
| Lotes Co. Ltd. | 63000 | 1691786 |
| MediaTek, Inc. | 62000 | 1259349 |
| RichWave Technology Corp. | 177000 | 647096 |
| Sercomm Corp. | 324000 | 805744 |
| Silicon Motion Technology Corp. ADR | 17718 | 1151493 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 276000 | 4022603 |
|  |  | 14301428 |
| **United States \| 1.3%** |  |  |
| JS Global Lifestyle Co. Ltd. | 1131500 | 1271631 |
| **Zambia \| 1.3%** |  |  |
| First Quantum Minerals Ltd. | 59163 | 1236131 |
| **Total Common Stocks**<br> (Cost $87,833,020) |  | 95385173 |

---

*The accompanying notes are an integral part of these financial statements.*

**58** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Developing Markets Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.8%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $731,270) | 731270 | $731270 |
| **Total Investments \| 98.7%**<br> (Cost $88,564,290) |  | $**96116443** |
| **Cash and Other Assets in Excess of Liabilities \| 1.3%** |  | **1281125** |
| **Net Assets \| 100.0%** |  | $**97397568** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **59**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Emerging Markets Core Equity Portfolio** |  |  |
| **Common Stocks \| 92.5%** |  |  |
| **Brazil \| 5.8%** |  |  |
| Banco BTG Pactual SA | 227896 | $1032455 |
| Banco do Brasil SA | 118200 | 775917 |
| Centrais Eletricas Brasileiras SA | 106100 | 846414 |
| Lojas Renner SA | 120858 | 455263 |
| MercadoLibre, Inc. (\*) | 678 | 573751 |
| Pet Center Comercio e Participacoes SA | 179366 | 210898 |
| Petroleo Brasileiro SA ADR | 76653 | 816354 |
| Rumo SA | 210658 | 741841 |
|  |  | 5452893 |
| **Canada \| 0.9%** |  |  |
| Parex Resources, Inc. | 56631 | 842773 |
| **China \| 26.4%** |  |  |
| Alibaba Group Holding Ltd. (\*) | 23500 | 259467 |
| Alibaba Group Holding Ltd. ADR (\*) | 26736 | 2355174 |
| Bilibili, Inc. ADR (\*) | 10813 | 256160 |
| Budweiser Brewing Co. APAC Ltd. | 307600 | 967656 |
| China Mengniu Dairy Co. Ltd. | 154000 | 692693 |
| Industrial & Commercial Bank of China Ltd., Class H | 6001633 | 3091342 |
| Innovent Biologics, Inc. (\*) | 97500 | 418599 |
| JD.com, Inc. ADR | 21530 | 1208479 |
| JD.com, Inc., Class A | 15726 | 442063 |
| Meituan, Class B (\*) | 52400 | 1158636 |
| Midea Group Co. Ltd., Class A | 53700 | 398885 |
| NetEase, Inc. | 26900 | 392109 |
| NetEase, Inc. ADR | 8760 | 636239 |
| PICC Property & Casualty Co. Ltd., Class H | 839770 | 794866 |
| Ping An Insurance (Group) Co. of China Ltd., Class H | 225000 | 1485043 |
| Prosus NV | 12244 | 840617 |
| Remegen Co. Ltd., Class H (\*) | 53500 | 397001 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 67200 | 672092 |
| Shenzhou International Group Holdings Ltd. | 58091 | 653689 |

---

*The accompanying notes are an integral part of these financial statements.*

**60** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| Tencent Holdings Ltd. | 110800 | $4709245 |
| Wuxi Biologics Cayman, Inc. (\*) | 111000 | 852154 |
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 116100 | 672557 |
| XPeng, Inc., Class A (\*) | 90700 | 450830 |
| Yum China Holdings, Inc. | 21142 | 1155410 |
|  |  | 24961006 |
| **Ghana \| 0.7%** |  |  |
| Kosmos Energy Ltd. (\*) | 95915 | 610019 |
| **Hong Kong \| 0.9%** |  |  |
| Techtronic Industries Co. Ltd. | 74000 | 823991 |
| **India \| 13.2%** |  |  |
| HDFC Bank Ltd. ADR | 41082 | 2810420 |
| Hindalco Industries Ltd. | 166710 | 948696 |
| ICICI Bank Ltd. ADR | 41821 | 915462 |
| Infosys Ltd. ADR | 93785 | 1689068 |
| Larsen & Toubro Ltd. | 52677 | 1324767 |
| Reliance Industries Ltd. | 53275 | 1634271 |
| Star Health & Allied Insurance Co. Ltd. (\*) | 117720 | 805930 |
| UPL Ltd. | 182446 | 1579590 |
| WNS Holdings Ltd. ADR (\*) | 10039 | 803020 |
|  |  | 12511224 |
| **Indonesia \| 2.8%** |  |  |
| PT Bank Mandiri (Persero) Tbk | 2089500 | 1327882 |
| PT Telkom Indonesia (Persero) Tbk ADR | 54992 | 1311559 |
|  |  | 2639441 |
| **Malaysia \| 0.9%** |  |  |
| Public Bank Berhad | 870500 | 852694 |
| **Mexico \| 6.4%** |  |  |
| Arca Continental SAB de CV | 181045 | 1470175 |
| Cemex SAB de CV ADR (\*) | 256294 | 1037991 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **61**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV | 11608 | $717839 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 6713 | 965396 |
| Grupo Financiero Banorte SAB de CV, Class O | 132800 | 953483 |
| Wal-Mart de Mexico SAB de CV | 252400 | 888416 |
|  |  | 6033300 |
| **Philippines \| 1.3%** |  |  |
| BDO Unibank, Inc. | 439509 | 829702 |
| PLDT, Inc. | 18535 | 439332 |
|  |  | 1269034 |
| **Poland \| 1.2%** |  |  |
| KGHM Polska Miedz SA | 39976 | 1162133 |
| **Qatar \| 0.8%** |  |  |
| Qatar National Bank QPSC | 158469 | 783333 |
| **Saudi Arabia \| 0.7%** |  |  |
| Saudi National Bank | 48533 | 653343 |
| **South Africa \| 2.0%** |  |  |
| Anglo American PLC | 31393 | 1227864 |
| Bidvest Group Ltd. | 54189 | 682950 |
|  |  | 1910814 |
| **South Korea \| 9.9%** |  |  |
| DB Insurance Co. Ltd. | 12103 | 627708 |
| KB Financial Group, Inc. | 14440 | 550005 |
| LG Chem Ltd. | 2102 | 1005535 |
| LG Electronics, Inc. | 7072 | 488139 |
| Samsung Electronics Co. Ltd. | 97147 | 4283997 |
| Samsung SDI Co. Ltd. | 1907 | 898585 |
| SK Hynix, Inc. | 14273 | 859119 |
| SM Entertainment Co. Ltd. | 10847 | 661994 |
|  |  | 9375082 |

---

*The accompanying notes are an integral part of these financial statements.*

**62** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Emerging Markets Core Equity Portfolio (continued)** |  |  |
| **Taiwan \| 11.6%** |  |  |
| Accton Technology Corp. | 67000 | $510630 |
| ASE Technology Holding Co. Ltd. | 282000 | 860763 |
| Eclat Textile Co. Ltd. | 49789 | 802027 |
| Feng TAY Enterprise Co. Ltd. | 94000 | 630994 |
| Nien Made Enterprise Co. Ltd. | 54000 | 517141 |
| Realtek Semiconductor Corp. | 40000 | 365393 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 97273 | 7245866 |
|  |  | 10932814 |
| **Thailand \| 2.3%** |  |  |
| Home Product Center Public Co. Ltd. (‡) | 2305800 | 1031901 |
| PTT Exploration & Production PCL (‡) | 213600 | 1088506 |
|  |  | 2120407 |
| **United Arab Emirates \| 2.5%** |  |  |
| Abu Dhabi Ports Co. PJSC | 1151076 | 1799176 |
| ADNOC Drilling Co. PJSC | 693449 | 562486 |
|  |  | 2361662 |
| **United Kingdom \| 1.2%** |  |  |
| Unilever PLC ADR | 22643 | 1140075 |
| **United States \| 1.0%** |  |  |
| Tenaris SA ADR | 25885 | 910117 |
| **Total Common Stocks**<br> (Cost $80,137,942) |  | 87346155 |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $232,210) | 232210 | 232210 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **63**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Emerging Markets Core Equity Portfolio (concluded)** |  |  |
| **Total Investments \| 92.7%**<br> (Cost $80,370,152) |  | $**87578365** |
| **Cash and Other Assets in Excess of Liabilities \| 7.3%** |  | **6925671** |
| **Net Assets \| 100.0%** |  | $**94504036** |

---

*The accompanying notes are an integral part of these financial statements.*

**64** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio** |  |  |
| **Common Stocks \| 95.8%** |  |  |
| **Brazil \| 2.3%** |  |  |
| Banco do Brasil SA | 32900 | $215970 |
| Energisa SA | 16900 | 141301 |
| Suzano SA | 14700 | 136440 |
| Vale SA | 81709 | 1387804 |
|  |  | 1881515 |
| **Chile \| 0.7%** |  |  |
| Sociedad Quimica y Minera de Chile SA ADR | 7646 | 610457 |
| **China \| 32.5%** |  |  |
| 360 DigiTech, Inc. ADR | 8192 | 166789 |
| 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 42800 | 111189 |
| Agricultural Bank of China Ltd., Class H | 365000 | 125334 |
| AIMA Technology Group Co. Ltd. | 32100 | 212275 |
| Alibaba Group Holding Ltd. (\*) | 203000 | 2241356 |
| Anhui Gujing Distillery Co. Ltd. | 3000 | 115123 |
| Baidu, Inc. ADR (\*) | 3389 | 387634 |
| Bank of China Ltd., Class H | 2748000 | 999930 |
| Bank of Communications Co. Ltd., Class H | 367000 | 210262 |
| Baoshan Iron & Steel Co. Ltd., Class A | 172300 | 138575 |
| Beijing Enterprises Holdings Ltd. | 71500 | 229031 |
| Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. Class A | 6200 | 112766 |
| BYD Co. Ltd., Class H | 12500 | 307392 |
| BYD Electronic International Co. Ltd. | 33500 | 107758 |
| China CITIC Bank Corp. Ltd., Class H | 763000 | 338245 |
| China Construction Bank Corp., Class H | 459000 | 287591 |
| China Datang Corp. Renewable Power Co. Ltd. | 490000 | 145035 |
| China Galaxy Securities Co. Ltd., Class H | 898500 | 438651 |
| China Life Insurance Co. Ltd., Class H | 80000 | 137368 |
| China Longyuan Power Group Corp. Ltd., Class H | 359000 | 439184 |
| China Meidong Auto Holdings Ltd. | 76000 | 155607 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **65**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| China Merchants Bank Co. Ltd., Class H | 92000 | $509994 |
| China Pacific Insurance Group Co. Ltd., Class H | 128200 | 283096 |
| China Petroleum & Chemical Corp., Class H | 1214000 | 586719 |
| China Resources Beer Holdings Co. Ltd. | 16000 | 111841 |
| China Resources Land Ltd. | 46000 | 208932 |
| China Resources Mixc Lifestyle Services Ltd. | 28600 | 145303 |
| China Taiping Insurance Holdings Co. Ltd. | 144600 | 180100 |
| China Tower Corp. Ltd., Class H | 2322000 | 249921 |
| Chongqing Brewery Co. Ltd., Class A | 6600 | 120996 |
| Contemporary Amperex Technology Co. Ltd., Class A | 1600 | 90594 |
| COSCO SHIPPING Holdings Co. Ltd., Class H | 173800 | 177276 |
| CSPC Pharmaceutical Group Ltd. | 543840 | 571447 |
| G-bits Network Technology Xiamen Co. Ltd., Class A | 2400 | 107770 |
| Ganfeng Lithium Group Co. Ltd. | 14800 | 110574 |
| GD Power Development Co. Ltd., Class A (\*) | 396400 | 243219 |
| GF Securities Co. Ltd., Class H | 122800 | 175420 |
| Greattown Holdings Ltd. Class A (\*) | 164897 | 74160 |
| Haier Smart Home Co. Ltd. Class H | 103600 | 353172 |
| Industrial & Commercial Bank of China Ltd., Class H | 536000 | 276085 |
| JD Health International, Inc. (\*) | 22200 | 203024 |
| JD.com, Inc., Class A | 27654 | 777363 |
| KE Holdings, Inc. ADR (\*) | 14540 | 202978 |
| Kingnet Network Co. Ltd. (\*) | 135300 | 127218 |
| Lenovo Group Ltd. | 264000 | 216855 |
| Li Auto, Inc. ADR (\*) | 5154 | 105142 |
| Li Ning Co. Ltd. | 18500 | 158753 |
| Meihua Holdings Group Co. Ltd. | 128800 | 188676 |
| Meituan, Class B (\*) | 43900 | 970690 |
| NetEase, Inc. | 43900 | 639910 |
| New China Life Insurance Co. Ltd., Class H | 48200 | 117071 |
| New Oriental Education & Technology Group, Inc. ADR (\*) | 5515 | 192032 |
| NIO, Inc. ADR (\*) | 9577 | 93376 |
| People's Insurance Co. Group of China Ltd., Class H | 1397000 | 463603 |
| PetroChina Co. Ltd., Class H | 1744000 | 798357 |
| PICC Property & Casualty Co. Ltd., Class H | 440000 | 416472 |

---

*The accompanying notes are an integral part of these financial statements.*

**66** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Pinduoduo, Inc. ADR (\*) | 7544 | $615213 |
| Ping An Insurance (Group) Co. of China Ltd., Class H | 42500 | 280508 |
| Power Construction Corp. of China Ltd. Class A | 135700 | 138031 |
| Shandong WIT Dyne Health Co. Ltd., Class A | 34700 | 226625 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 3700 | 167941 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd. | 38200 | 180545 |
| Shenzhen YUTO Packaging Technology Co. Ltd. | 31000 | 147488 |
| Simcere Pharmaceutical Group Ltd. | 107000 | 159330 |
| Sunny Optical Technology Group Co. Ltd. | 13700 | 163035 |
| Suzhou TA&A Ultra Clean Technology Co. Ltd. | 16300 | 130811 |
| Tencent Holdings Ltd. | 88700 | 3769946 |
| Tencent Music Entertainment Group ADR (\*) | 18066 | 149586 |
| Tian Di Science & Technology Co. Ltd. | 190900 | 142452 |
| Tongwei Co. Ltd. Class A | 46493 | 258142 |
| Trip.com Group Ltd. ADR (\*) | 4455 | 153252 |
| Vipshop Holdings Ltd. ADR (\*) | 11458 | 156287 |
| Xuji Electric Co. Ltd., Class A | 57490 | 165107 |
| Yadea Group Holdings Ltd. | 72000 | 119920 |
| YongXing Special Materials Technology Co. Ltd. | 7800 | 103466 |
| Yum China Holdings, Inc. | 12390 | 677114 |
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd. | 25100 | 152828 |
| Zhongsheng Group Holdings Ltd. | 53500 | 272701 |
| ZTO Express Cayman, Inc. ADR | 8516 | 228825 |
|  |  | 26214387 |
| **Colombia \| 0.3%** |  |  |
| Bancolombia SA ADR | 8654 | 246985 |
| **Czech Republic \| 0.5%** |  |  |
| CEZ AS | 13036 | 443911 |
| **Greece \| 0.5%** |  |  |
| Danaos Corp. | 1989 | 104741 |
| Hellenic Telecommunications Organization SA | 19248 | 300611 |
|  |  | 405352 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **67**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Hong Kong \| 0.2%** |  |  |
| Orient Overseas International Ltd. | 8500 | $153281 |
| **Hungary \| 0.3%** |  |  |
| MOL Hungarian Oil & Gas PLC | 34564 | 241428 |
| **India \| 12.5%** |  |  |
| Axis Bank Ltd. GDR | 2992 | 170011 |
| Dr Reddy's Laboratories Ltd. ADR | 13922 | 720463 |
| GAIL India Ltd. GDR | 31520 | 222277 |
| HDFC Bank Ltd. ADR | 15885 | 1086693 |
| ICICI Bank Ltd. ADR | 78351 | 1715103 |
| Infosys Ltd. ADR | 109258 | 1967737 |
| Larsen & Toubro Ltd. GDR | 36439 | 923157 |
| Mahindra & Mahindra Ltd. GDR | 55128 | 829676 |
| MakeMyTrip Ltd. (\*) | 4085 | 112623 |
| Reliance Industries Ltd. GDR (#) | 14752 | 908274 |
| State Bank of India GDR | 8012 | 595693 |
| Tata Steel Ltd. GDR | 6282 | 85296 |
| Wipro Ltd. ADR | 34205 | 159395 |
| WNS Holdings Ltd. ADR (\*) | 7066 | 565209 |
|  |  | 10061607 |
| **Indonesia \| 3.1%** |  |  |
| PT Astra International Tbk | 504200 | 183690 |
| PT Bank Mandiri (Persero) Tbk | 1327000 | 843311 |
| PT Bank Negara Indonesia (Persero) Tbk | 237500 | 140206 |
| PT Bank Rakyat Indonesia (Persero) Tbk | 1620500 | 513717 |
| PT Kalbe Farma Tbk | 1142100 | 153342 |
| PT Sumber Alfaria Trijaya Tbk | 1292000 | 219942 |
| PT Telkom Indonesia (Persero) Tbk ADR | 5773 | 137686 |
| PT Unilever Indonesia Tbk | 1040300 | 313748 |
|  |  | 2505642 |

---

*The accompanying notes are an integral part of these financial statements.*

**68** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Malaysia \| 1.4%** |  |  |
| CIMB Group Holdings Berhad | 482600 | $635693 |
| Petronas Chemicals Group Bhd | 251700 | 491588 |
|  |  | 1127281 |
| **Mexico \| 2.4%** |  |  |
| Arca Continental SAB de CV | 52600 | 427138 |
| Coca-Cola Femsa SAB de CV ADR | 10313 | 700047 |
| Grupo Aeroportuario del Pacifico SAB de CV, B Shares | 7600 | 108872 |
| Grupo Bimbo SAB de CV, Series A | 29200 | 123414 |
| Grupo Mexico SAB de CV, Series B | 29400 | 103213 |
| Wal-Mart de Mexico SAB de CV | 126500 | 445264 |
|  |  | 1907948 |
| **Monaco \| 0.1%** |  |  |
| Costamare, Inc. | 9147 | 84884 |
| **Philippines \| 0.6%** |  |  |
| BDO Unibank, Inc. | 103758 | 195874 |
| International Container Terminal Services, Inc. | 76900 | 276772 |
|  |  | 472646 |
| **Poland \| 0.8%** |  |  |
| KGHM Polska Miedz SA | 9979 | 290097 |
| Orange Polska SA | 90951 | 137357 |
| Polski Koncern Naftowy ORLEN SA | 14288 | 208962 |
|  |  | 636416 |
| **Qatar \| 0.4%** |  |  |
| Industries Qatar QSC | 52702 | 185614 |
| Qatar National Bank QPSC | 20910 | 103361 |
|  |  | 288975 |
| **Russia \| 0.0%** |  |  |
| PhosAgro PJSC (\*), (¢) | 42 | 0 |
| Severstal PJSC GDR (\*), (¢) | 9589 | 0 |
|  |  | 0 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **69**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Saudi Arabia \| 3.0%** |  |  |
| Al Rajhi Bank (\*) | 15066 | $302218 |
| Arabian Internet & Communications Services Co. | 4376 | 283033 |
| Etihad Etisalat Co. | 22036 | 204054 |
| Nahdi Medical Co. | 5031 | 224339 |
| SABIC Agri-Nutrients Co. | 8581 | 333788 |
| Saudi Arabian Oil Co. | 22533 | 192609 |
| Saudi Basic Industries Corp. | 17518 | 416792 |
| Saudi Electricity Co. | 41124 | 252646 |
| Saudi Research & Media Group (\*) | 4451 | 216188 |
|  |  | 2425667 |
| **South Africa \| 3.8%** |  |  |
| Absa Group Ltd. | 21529 | 245744 |
| African Rainbow Minerals Ltd. | 11401 | 193230 |
| Anglo American Platinum Ltd. | 1442 | 120974 |
| FirstRand Ltd. | 76752 | 280334 |
| Gold Fields Ltd. ADR | 24904 | 257756 |
| Growthpoint Properties Ltd. | 531091 | 451435 |
| Harmony Gold Mining Co. Ltd. ADR | 33213 | 112924 |
| Impala Platinum Holdings Ltd. | 8935 | 111712 |
| MTN Group Ltd. | 20848 | 156166 |
| Naspers Ltd., N Shares | 1966 | 324097 |
| Sappi Ltd. (\*) | 51200 | 148169 |
| Sasol Ltd. | 7651 | 121018 |
| Sibanye Stillwater Ltd. | 47302 | 125589 |
| Standard Bank Group Ltd. | 12439 | 122846 |
| Thungela Resources Ltd. | 8209 | 138780 |
| Vodacom Group Ltd. | 16508 | 118423 |
|  |  | 3029197 |
| **South Korea \| 11.5%** |  |  |
| BGF retail Co. Ltd. | 1495 | 249330 |
| CJ CheilJedang Corp. | 533 | 160858 |
| DB HiTek Co. Ltd. | 2449 | 72794 |
| DB Insurance Co. Ltd. | 4734 | 245524 |

---

*The accompanying notes are an integral part of these financial statements.*

**70** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| DGB Financial Group, Inc. | 18385 | $101994 |
| Hanwha Aerospace Co. Ltd. | 1974 | 114276 |
| HL Mando Co. Ltd. | 6050 | 194343 |
| HMM Co. Ltd. | 8781 | 136938 |
| Hyundai Rotem Co. Ltd. (\*) | 7208 | 160619 |
| KB Financial Group, Inc. | 3394 | 129274 |
| Kia Corp. | 16422 | 774546 |
| Korean Reinsurance Co. | 49080 | 264925 |
| KT Corp. | 28217 | 756274 |
| KT&G Corp. | 8367 | 605003 |
| LG Chem Ltd. | 516 | 246839 |
| LG Electronics, Inc. | 1526 | 105331 |
| LG Innotek Co. Ltd. | 918 | 185527 |
| LIG Nex1 Co. Ltd. | 1572 | 113873 |
| Meritz Financial Group, Inc. (\*) | 8724 | 297480 |
| NCSoft Corp. | 767 | 274261 |
| Samsung Electro-Mechanics Co. Ltd. | 2985 | 311059 |
| Samsung Electronics Co. Ltd. GDR | 2515 | 2789477 |
| Samsung SDI Co. Ltd. | 580 | 273298 |
| SK Hynix, Inc. | 3757 | 226141 |
| Woori Financial Group, Inc. | 52752 | 484594 |
|  |  | 9274578 |
| **Taiwan \| 14.2%** |  |  |
| Accton Technology Corp. | 32000 | 243883 |
| Advanced Energy Solution Holding Co. Ltd. | 4000 | 83579 |
| Advantech Co. Ltd. | 20000 | 215130 |
| Asia Vital Components Co. Ltd. | 34000 | 123785 |
| ASPEED Technology, Inc. | 1100 | 60213 |
| Chailease Holding Co. Ltd. | 62500 | 440871 |
| China Airlines Ltd. | 170000 | 105011 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 135000 | 294992 |
| Delta Electronics, Inc. | 102000 | 950212 |
| E Ink Holdings, Inc. | 24000 | 125593 |
| Eva Airways Corp. | 120000 | 109825 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **71**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| Evergreen Marine Corp. Taiwan Ltd. | 18800 | $98069 |
| Faraday Technology Corp. | 23000 | 106489 |
| Feng TAY Enterprise Co. Ltd. | 23000 | 154392 |
| Global Unichip Corp. | 12000 | 249932 |
| Hiwin Technologies Corp. | 32000 | 189857 |
| Hua Nan Financial Holdings Co. Ltd. | 240000 | 175232 |
| International Games System Co. Ltd. | 20000 | 281886 |
| Lotes Co. Ltd. | 13000 | 349099 |
| MediaTek, Inc. | 15000 | 304681 |
| Nan Ya Printed Circuit Board Corp. | 20000 | 147486 |
| Novatek Microelectronics Corp. | 24000 | 246141 |
| Poya International Co. Ltd. | 13000 | 210347 |
| Realtek Semiconductor Corp. | 11000 | 100483 |
| Ruentex Development Co. Ltd. | 105500 | 148353 |
| SinoPac Financial Holdings Co. Ltd. | 660060 | 357248 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 315000 | 4591014 |
| Tong Yang Industry Co. Ltd. | 159000 | 222815 |
| Unimicron Technology Corp. | 55000 | 214420 |
| United Microelectronics Corp. | 217000 | 285095 |
| Voltronic Power Technology Corp. | 4000 | 200715 |
| Yang Ming Marine Transport Corp. | 34000 | 72390 |
|  |  | 11459238 |
| **Thailand \| 2.5%** |  |  |
| Bangkok Bank Public Co. Ltd. | 67200 | 291035 |
| Bangkok Dusit Medical Services PCL NVDR | 235500 | 197223 |
| Bumrungrad Hospital Public Co. Ltd. (‡) | 60600 | 370931 |
| Central Retail Corp. Public Co. Ltd (‡) | 117100 | 156370 |
| Chularat Hospital Public Co. Ltd. NVDR | 1702300 | 180686 |
| Kasikornbank Public Co. Ltd. NVDR | 38500 | 163508 |
| Kiatnakin Phatra Bank Public Co. Ltd NVDR | 59000 | 125314 |
| Krung Thai Bank Public Co. Ltd. NVDR | 595800 | 303855 |
| Land & Houses Public Co. Ltd. (‡) | 717400 | 205060 |
|  |  | 1993982 |

---

*The accompanying notes are an integral part of these financial statements.*

**72** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (continued)** |  |  |
| **Turkey \| 1.0%** |  |  |
| Akbank TAS | 204266 | $213419 |
| Haci Omer Sabanci Holding AS | 69406 | 167347 |
| Turk Hava Yollari AO (\*) | 38791 | 291928 |
| Turkiye Is Bankasi AS, C Shares | 255696 | 174713 |
|  |  | 847407 |
| **United Arab Emirates \| 1.1%** |  |  |
| Abu Dhabi Islamic Bank PJSC | 83458 | 206792 |
| Emaar Properties PJSC | 178639 | 284350 |
| Fertiglobe PLC | 113753 | 130909 |
| National Marine Dredging Co. (\*) | 37134 | 247576 |
|  |  | 869627 |
| **Total Common Stocks**<br> (Cost $78,854,156) |  | 77182411 |
| **Preferred Stocks \| 0.9%** |  |  |
| **Brazil \| 0.9%** |  |  |
| Gerdau SA | 22900 | 126564 |
| Petroleo Brasileiro SA | 136239 | 637697 |
| **Total Preferred Stocks**<br> (Cost $873,499) |  | 764261 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **73**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Advantage Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 2.4%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $1,905,055) | 1905055 | $1905055 |
| **Total Investments \| 99.1%** <br> (Cost $81,632,710) |  | $**79851727** |
| **Cash and Other Assets in Excess of Liabilities \| 0.9%** |  | **747662** |
| **Net Assets \| 100.0%** |  | $**80599389** |

---

*The accompanying notes are an integral part of these financial statements.*

**74** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio** |  |  |
| **Common Stocks \| 98.0%** |  |  |
| **Brazil \| 11.0%** |  |  |
| Banco do Brasil SA | 6867126 | $45078872 |
| BB Seguridade Participacoes SA | 10346617 | 65697983 |
| CCR SA | 16237417 | 33258210 |
| Engie Brasil Energia SA | 2979600 | 21303441 |
| Petroleo Brasileiro SA ADR | 5120889 | 54537468 |
| Vale SA ADR | 2272351 | 38561796 |
| Vibra Energia SA | 7121800 | 20975464 |
|  |  | 279413234 |
| **China \| 25.5%** |  |  |
| A-Living Smart City Services Co. Ltd. | 18727250 | 22245855 |
| Anhui Conch Cement Co. Ltd., Class H | 9756451 | 33830954 |
| China Construction Bank Corp., Class H | 141988224 | 88964110 |
| China Medical System Holdings Ltd. | 15640000 | 24610112 |
| China Merchants Bank Co. Ltd., Class H | 5914494 | 32786461 |
| China Shenhua Energy Co. Ltd., Class H | 6588610 | 18966816 |
| China Vanke Co. Ltd., Class H | 18297449 | 36674319 |
| ENN Natural Gas Co. Ltd., Class A | 9555253 | 22096870 |
| Gree Electric Appliances, Inc. of Zhuhai, Class A | 7203385 | 33420814 |
| Hengan International Group Co. Ltd. | 9050500 | 47961447 |
| Huayu Automotive Systems Co. Ltd., Class A | 12869648 | 32091187 |
| Lenovo Group Ltd. | 52488000 | 43114769 |
| Midea Group Co. Ltd., Class A | 3069799 | 22802566 |
| Ping An Insurance (Group) Co. of China Ltd., Class H | 8994000 | 59362124 |
| Sinopharm Group Co. Ltd., Class H | 21654414 | 54915990 |
| Tingyi (Cayman Islands) Holding Corp. | 22302000 | 39278035 |
| Weichai Power Co. Ltd., Class H | 25461288 | 33927022 |
|  |  | 647049451 |
| **Czech Republic \| 0.1%** |  |  |
| CEZ AS | 57731 | 1965898 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **75**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| **Egypt \| 1.0%** |  |  |
| Commercial International Bank Egypt SAE GDR | 21653490 | $25842206 |
| **Greece \| 1.1%** |  |  |
| OPAP SA | 2073359 | 29393984 |
| **Hong Kong \| 1.1%** |  |  |
| ASMPT Ltd. | 3838600 | 27366307 |
| **Hungary \| 2.4%** |  |  |
| MOL Hungarian Oil & Gas PLC | 2641461 | 18450460 |
| OTP Bank Nyrt | 1561763 | 42228610 |
|  |  | 60679070 |
| **India \| 6.6%** |  |  |
| Axis Bank Ltd. | 2268911 | 25502227 |
| Bajaj Auto Ltd. | 483215 | 21080593 |
| Bharat Petroleum Corp. Ltd. | 6384169 | 25459862 |
| Indus Towers Ltd. | 15164704 | 34828963 |
| Petronet LNG Ltd. | 10585729 | 27508168 |
| UPL Ltd. | 3945758 | 34161778 |
|  |  | 168541591 |
| **Indonesia \| 4.2%** |  |  |
| PT Astra International Tbk | 60138900 | 21909803 |
| PT Bank Mandiri (Persero) Tbk | 65714642 | 41761799 |
| PT Telkom Indonesia (Persero) Tbk ADR | 1127502 | 26890923 |
| PT United Tractors Tbk | 9232700 | 15459784 |
|  |  | 106022309 |
| **Mexico \| 5.0%** |  |  |
| America Movil SAB de CV, Class L ADR | 1465685 | 26675467 |
| Grupo Financiero Banorte SAB de CV, Class O | 3765337 | 27034526 |
| Grupo Mexico SAB de CV, Series B | 6266572 | 21999651 |
| Kimberly-Clark de Mexico SAB de CV, Series A | 18696695 | 31729644 |
| Ternium SA ADR | 679091 | 20753021 |
|  |  | 128192309 |

---

*The accompanying notes are an integral part of these financial statements.*

**76** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (continued)** |  |  |
| **Portugal \| 2.8%** |  |  |
| Galp Energia SGPS SA | 5293311 | $71626186 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 4695624 | 5 |
| Sberbank of Russia PJSC (\*), (¢) | 13596421 | 13 |
|  |  | 18 |
| **South Africa \| 7.6%** |  |  |
| Anglo American PLC | 510263 | 19957755 |
| Bidvest Group Ltd. | 1849471 | 23309087 |
| Life Healthcare Group Holdings Ltd. | 21029340 | 20885550 |
| Nedbank Group Ltd. | 4109120 | 51412934 |
| Sanlam Ltd. | 7965031 | 22820668 |
| Standard Bank Group Ltd. | 3169024 | 31297003 |
| Vodacom Group Ltd. | 3183969 | 22840710 |
|  |  | 192523707 |
| **South Korea \| 13.9%** |  |  |
| Coway Co. Ltd. | 630264 | 27986024 |
| Hyundai Mobis Co. Ltd. | 177809 | 28346243 |
| KB Financial Group, Inc. | 1238906 | 47188658 |
| Kia Corp. | 414057 | 19529057 |
| KT Corp. | 868886 | 23287926 |
| KT&G Corp. | 341929 | 24724280 |
| Samsung Electronics Co. Ltd. | 1765384 | 77850058 |
| Shinhan Financial Group Co. Ltd. | 1454740 | 40536710 |
| SK Hynix, Inc. | 1041969 | 62718067 |
|  |  | 352167023 |
| **Taiwan \| 11.6%** |  |  |
| ASE Technology Holding Co. Ltd. | 18490000 | 56437999 |
| Globalwafers Co. Ltd. | 1446000 | 20087371 |
| Hon Hai Precision Industry Co. Ltd. | 7567425 | 24585654 |
| MediaTek, Inc. | 1500000 | 30468117 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **77**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Equity Portfolio (concluded)** |  |  |
| Novatek Microelectronics Corp. | 3304000 | $33885385 |
| Quanta Computer, Inc. | 16791000 | 39480296 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5060913 | 73761028 |
| Wiwynn Corp. | 665000 | 17231082 |
|  |  | 295936932 |
| **Thailand \| 2.4%** |  |  |
| Kasikornbank Public Co. Ltd. | 4638154 | 19739657 |
| PTT Exploration & Production PCL (‡) | 4497800 | 22920794 |
| Siam Cement Public Co. Ltd. (‡) | 1773500 | 17512257 |
|  |  | 60172708 |
| **United Kingdom \| 1.7%** |  |  |
| Unilever PLC | 847062 | 42506756 |
| **Total Common Stocks**<br> (Cost $2,525,490,490) |  | 2489399689 |
| **Short-Term Investments \| 1.7%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $43,692,631) | 43692631 | 43692631 |
| **Total Investments \| 99.7%**<br> (Cost $2,569,183,121) |  | $**2533092320** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **7335532** |
| **Net Assets \| 100.0%** |  | $**2540427852** |

---

*The accompanying notes are an integral part of these financial statements.*

**78** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Strategic Equity Portfolio** |  |  |
| **Common Stocks \| 98.6%** |  |  |
| **Brazil \| 7.4%** |  |  |
| Banco BTG Pactual SA | 120388 | $545403 |
| BB Seguridade Participacoes SA | 81500 | 517501 |
| Odontoprev SA | 209760 | 358472 |
| Petroleo Brasileiro SA ADR | 88024 | 937456 |
| Vale SA ADR | 53590 | 909422 |
|  |  | 3268254 |
| **China \| 24.7%** |  |  |
| Alibaba Group Holding Ltd. ADR (\*) | 13506 | 1189743 |
| Anhui Conch Cement Co. Ltd., Class H | 160000 | 554808 |
| ANTA Sports Products Ltd. | 51200 | 671264 |
| China Merchants Bank Co. Ltd., Class H | 162500 | 900804 |
| China Vanke Co. Ltd., Class H | 245222 | 491508 |
| CSPC Pharmaceutical Group Ltd. | 510000 | 535889 |
| ENN Energy Holdings Ltd. | 41200 | 574774 |
| JD.com, Inc. ADR | 13100 | 735303 |
| JD.com, Inc., Class A | 1175 | 33030 |
| Midea Group Co. Ltd., Class A | 73300 | 544475 |
| NetEase, Inc. ADR | 6256 | 454373 |
| Sinopharm Group Co. Ltd., Class H | 270400 | 685739 |
| Tencent Holdings Ltd. | 25792 | 1096217 |
| Trip.com Group Ltd. ADR (\*) | 27144 | 933754 |
| Weichai Power Co. Ltd., Class H | 484000 | 644927 |
| Yum China Holdings, Inc. | 16697 | 912491 |
|  |  | 10959099 |
| **France \| 1.6%** |  |  |
| Pernod Ricard SA ADR | 17462 | 686780 |
| **Greece \| 0.8%** |  |  |
| OPAP SA | 25552 | 362250 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **79**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Strategic Equity Portfolio (continued)** |  |  |
| **Hong Kong \| 3.9%** |  |  |
| AIA Group Ltd. | 97200 | $1070853 |
| Techtronic Industries Co. Ltd. | 57782 | 643403 |
|  |  | 1714256 |
| **India \| 15.2%** |  |  |
| HDFC Bank Ltd. | 93005 | 1830833 |
| ITC Ltd. | 174063 | 697703 |
| Reliance Industries Ltd. | 47956 | 1471104 |
| SBI Cards & Payment Services Ltd. | 35723 | 342761 |
| State Bank of India | 99660 | 736396 |
| Tata Consultancy Services Ltd. | 29740 | 1171026 |
| UPL Ltd. | 59498 | 515125 |
|  |  | 6764948 |
| **Indonesia \| 5.2%** |  |  |
| PT Astra International Tbk | 1181200 | 430335 |
| PT Bank Central Asia Tbk | 1549100 | 849294 |
| PT Bank Mandiri (Persero) Tbk | 899100 | 571380 |
| PT Telkom Indonesia (Persero) Tbk ADR | 20018 | 477429 |
|  |  | 2328438 |
| **Macau \| 1.0%** |  |  |
| Sands China Ltd. (\*) | 136400 | 451889 |
| **Mexico \| 4.3%** |  |  |
| America Movil SAB de CV, Class L ADR | 34497 | 627845 |
| Grupo Financiero Banorte SAB de CV, Class O | 61577 | 442113 |
| Grupo Mexico SAB de CV, Series B | 110499 | 387922 |
| Kimberly-Clark de Mexico SAB de CV, Series A | 272974 | 463257 |
|  |  | 1921137 |
| **Russia \| 0.0%** |  |  |
| Mobile TeleSystems PJSC ADR (\*), (¢) | 45259 | 0 |
| Sberbank of Russia PJSC (\*), (¢) | 213889 | 0 |
|  |  | 0 |

---

*The accompanying notes are an integral part of these financial statements.*

**80** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Strategic Equity Portfolio (continued)** |  |  |
| **Saudi Arabia \| 2.4%** |  |  |
| Arabian Internet & Communications Services Co. | 9912 | $641094 |
| Saudi National Bank | 31787 | 427911 |
|  |  | 1069005 |
| **South Africa \| 4.2%** |  |  |
| Anglo American PLC | 26249 | 1026669 |
| Capitec Bank Holdings Ltd. | 4222 | 461824 |
| Vodacom Group Ltd. | 53245 | 381961 |
|  |  | 1870454 |
| **South Korea \| 11.0%** |  |  |
| Coway Co. Ltd. | 10956 | 486486 |
| Hyundai Mobis Co. Ltd. | 3219 | 513172 |
| Kia Corp. | 7300 | 344306 |
| Samsung Electronics Co. Ltd. | 32904 | 1451003 |
| Shinhan Financial Group Co. Ltd. | 42317 | 1179174 |
| SK Hynix, Inc. | 15384 | 925992 |
|  |  | 4900133 |
| **Taiwan \| 13.5%** |  |  |
| ASE Technology Holding Co. Ltd. | 142000 | 433434 |
| Chailease Holding Co. Ltd. | 126000 | 888795 |
| CTBC Financial Holding Co. Ltd. | 929000 | 667694 |
| Hon Hai Precision Industry Co. Ltd. | 235136 | 763929 |
| MediaTek, Inc. | 30000 | 609362 |
| Quanta Computer, Inc. | 231000 | 543145 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 144387 | 2104390 |
|  |  | 6010749 |
| **Thailand \| 1.4%** |  |  |
| CP ALL Public Co. Ltd. | 310400 | 611659 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **81**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Emerging Markets Strategic Equity Portfolio (concluded)** |  |  |
| **United Kingdom \| 2.0%** |  |  |
| Unilever PLC | 17667 | $886555 |
| **Total Common Stocks**<br> (Cost $47,696,545) |  | 43805606 |
| **Preferred Stocks \| 1.0%** |  |  |
| **Brazil \| 1.0%** |  |  |
| Banco Bradesco SA<br> (Cost $614,633) | 152810 | 443124 |
| **Short-Term Investments \| 0.6%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $276,372) | 276372 | 276372 |
| **Total Investments \| 100.2%**<br> (Cost $48,587,550) |  | $**44525102** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(90278)** |
| **Net Assets \| 100.0%** |  | $**44434824** |

---

*The accompanying notes are an integral part of these financial statements.*

**82** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio** |  |  |
| **Common Stocks \| 91.7%** |  |  |
| **Belgium \| 1.0%** |  |  |
| Anheuser-Busch InBev SA/NV | 27261 | $1638882 |
| **France \| 2.0%** |  |  |
| Vinci SA | 32555 | 3251431 |
| **Germany \| 9.4%** |  |  |
| Fresenius Medical Care AG & Co. KGaA | 245668 | 8035349 |
| Knorr-Bremse AG | 126819 | 6930000 |
|  |  | 14965349 |
| **Japan \| 3.7%** |  |  |
| Secom Co. Ltd. | 104701 | 5972711 |
| **Luxembourg \| 3.9%** |  |  |
| SES SA | 949360 | 6197366 |
| **Spain \| 3.9%** |  |  |
| Ferrovial SA | 239154 | 6256113 |
| **United Kingdom \| 6.3%** |  |  |
| National Grid PLC | 389919 | 4683465 |
| Smith & Nephew PLC | 290578 | 3882054 |
| United Utilities Group PLC | 126122 | 1512386 |
|  |  | 10077905 |
| **United States \| 61.5%** |  |  |
| Alphabet, Inc., Class C (\*) | 34763 | 3084521 |
| Cognizant Technology Solutions Corp., Class A | 167108 | 9556906 |
| CVS Health Corp. | 88067 | 8206964 |
| DaVita, Inc. (\*) | 44633 | 3332746 |
| DENTSPLY SIRONA, Inc. | 147614 | 4700030 |
| eBay, Inc. | 149935 | 6217804 |
| Fiserv, Inc. (\*) | 62239 | 6290496 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **83**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Equity Franchise Portfolio (concluded)** |  |  |
| H&R Block, Inc. | 156351 | $5708375 |
| International Game Technology PLC | 424669 | 9631493 |
| Medtronic PLC | 82485 | 6410734 |
| Norfolk Southern Corp. | 12995 | 3202228 |
| Omnicom Group, Inc. | 117892 | 9616450 |
| Pediatrix Medical Group, Inc. (\*) | 348715 | 5181905 |
| Stericycle, Inc. (\*) | 30185 | 1505930 |
| Tapestry, Inc. | 248329 | 9456368 |
| Visa, Inc., Class A | 30501 | 6336888 |
|  |  | 98439838 |
| **Total Common Stocks**<br> (Cost $148,709,059) |  | 146799595 |
| **Short-Term Investments \| 6.0%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $9,542,459) | 9542459 | 9542459 |
| **Total Investments \| 97.7%**<br> (Cost $158,251,518) |  | $**156342054** |
| **Cash and Other Assets in Excess of Liabilities \| 2.3%** |  | **3712102** |
| **Net Assets \| 100.0%** |  | $**160054156** |

---

*The accompanying notes are an integral part of these financial statements.*

 

**84** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio** |  |  |
| **Common Stocks \| 99.7%** |  |  |
| **Canada \| 6.1%** |  |  |
| Canadian National Railway Co. | 9265 | $1100578 |
| Dollarama, Inc. | 23902 | 1397932 |
| National Bank of Canada | 28075 | 1891641 |
| Toromont Industries Ltd. | 16852 | 1216107 |
|  |  | 5606258 |
| **China \| 3.0%** |  |  |
| Alibaba Group Holding Ltd. ADR (\*) | 7119 | 627113 |
| NXP Semiconductors NV | 7327 | 1157886 |
| Tencent Holdings Ltd. | 24123 | 1025280 |
|  |  | 2810279 |
| **Denmark \| 0.9%** |  |  |
| Carlsberg AS, Class B | 6308 | 835031 |
| **France \| 4.6%** |  |  |
| Legrand SA | 9029 | 726992 |
| LVMH Moet Hennessy Louis Vuitton SE | 1860 | 1351188 |
| Pernod Ricard SA | 5439 | 1069087 |
| Thales SA | 8549 | 1092873 |
|  |  | 4240140 |
| **Germany \| 1.1%** |  |  |
| Merck KGaA | 5215 | 1009938 |
| **Hong Kong \| 1.3%** |  |  |
| AIA Group Ltd. | 110583 | 1218293 |
| **India \| 1.6%** |  |  |
| HDFC Bank Ltd. ADR | 21404 | 1464248 |
| **Japan \| 4.5%** |  |  |
| BayCurrent Consulting, Inc. | 25800 | 806737 |
| Kadokawa Corp. | 40100 | 732948 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **85**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (continued)** |  |  |
| Nintendo Co. Ltd. | 24000 | $1005014 |
| Olympus Corp. | 51800 | 915601 |
| Shimano, Inc. | 4300 | 685110 |
|  |  | 4145410 |
| **Netherlands \| 2.2%** |  |  |
| Wolters Kluwer NV | 19857 | 2074244 |
| **Spain \| 0.8%** |  |  |
| Industria de Diseno Textil SA | 28627 | 762284 |
| **Sweden \| 1.9%** |  |  |
| Assa Abloy AB, Class B | 26734 | 575207 |
| Hexagon AB, B Shares | 113366 | 1191676 |
|  |  | 1766883 |
| **Switzerland \| 3.9%** |  |  |
| ABB Ltd. | 43978 | 1339472 |
| Partners Group Holding AG | 1065 | 946668 |
| Swatch Group AG | 4848 | 1376327 |
|  |  | 3662467 |
| **Taiwan \| 1.6%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 19390 | 1444361 |
| **United Kingdom \| 6.8%** |  |  |
| Coca-Cola Europacific Partners PLC | 21099 | 1167197 |
| Diageo PLC | 33628 | 1484988 |
| RELX PLC | 64025 | 1765493 |
| Unilever PLC | 36711 | 1852033 |
|  |  | 6269711 |
| **United States \| 59.4%** |  |  |
| Accenture PLC, Class A | 8341 | 2225712 |
| Alphabet, Inc., Class A (\*) | 31453 | 2775098 |
| Amazon.com, Inc. (\*) | 24447 | 2053548 |

---

*The accompanying notes are an integral part of these financial statements.*

 

**86** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (continued)** |  |  |
| Amphenol Corp., Class A | 14977 | $1140349 |
| Aon PLC, Class A | 6868 | 2061361 |
| Avery Dennison Corp. | 4593 | 831333 |
| Bank of America Corp. | 35297 | 1169037 |
| Booz Allen Hamilton Holding Corp. | 18336 | 1916479 |
| Boston Scientific Corp. (\*) | 29050 | 1344143 |
| BRP, Inc. | 10947 | 834608 |
| Charles Schwab Corp. | 22528 | 1875681 |
| Coca-Cola Co. | 29662 | 1886800 |
| Computershare Ltd. | 55692 | 993539 |
| Deere & Co. | 2866 | 1228826 |
| Dollar General Corp. | 6275 | 1545219 |
| Estee Lauder Cos., Inc., Class A | 6726 | 1668788 |
| Intercontinental Exchange, Inc. | 16954 | 1739311 |
| IQVIA Holdings, Inc. (\*), | 9674 | 1982106 |
| Johnson & Johnson | 12852 | 2270306 |
| McDonald's Corp. | 5093 | 1342158 |
| Microsoft Corp. | 13550 | 3249561 |
| Motorola Solutions, Inc. | 6877 | 1772272 |
| NIKE, Inc., Class B | 10365 | 1212809 |
| Procter & Gamble Co. | 11052 | 1675041 |
| PTC, Inc. (\*) | 11483 | 1378419 |
| Rockwell Automation, Inc. | 4510 | 1161641 |
| S&P Global, Inc. | 4474 | 1498522 |
| Sysco Corp. | 10695 | 817633 |
| Texas Instruments, Inc. | 9548 | 1577520 |
| Thermo Fisher Scientific, Inc. | 4333 | 2386140 |
| TopBuild Corp. (\*), | 3346 | 523615 |
| Visa, Inc., Class A | 8996 | 1869009 |
| Warner Music Group Corp., Class A | 17636 | 617613 |
| Wells Fargo & Co. | 27763 | 1146334 |
| Zoetis, Inc. | 8122 | 1190279 |
|  |  | 54960810 |
| **Total Common Stocks**<br> (Cost $72,628,050) |  | 92270357 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **87**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Equity Select Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.6%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $536,883) | 536883 | $536883 |
| **Total Investments(e) \| 100.3%**<br> (Cost $73,164,933) |  | $**92807240** |
| **Liabilities in Excess of Cash and Other Assets \| (0.3)%** |  | **(249672)** |
| **Net Assets \| 100.0%** |  | $**92557568** |

---

*The accompanying notes are an integral part of these financial statements.*

**88** Annual Report

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio** |  |  |
| **Common Stocks \| 93.1%** |  |  |
| **Australia \| 8.0%** |  |  |
| Atlas Arteria Ltd. (^) | 79017229 | $355284219 |
| Transurban Group | 33226690 | 293398501 |
|  |  | 648682720 |
| **Canada \| 2.0%** |  |  |
| Canadian National Railway Co. | 1366573 | 162333531 |
| **France \| 5.7%** |  |  |
| Eutelsat Communications SA | 12325587 | 92035457 |
| Vinci SA | 3741805 | 373712832 |
|  |  | 465748289 |
| **Hong Kong \| 4.1%** |  |  |
| CK Infrastructure Holdings Ltd. | 24321500 | 127306214 |
| Power Assets Holdings Ltd. | 37833765 | 207232619 |
|  |  | 334538833 |
| **Italy \| 14.8%** |  |  |
| Hera SpA | 69843401 | 188831238 |
| Italgas SpA (^) | 44416614 | 246294741 |
| Snam SpA | 78641300 | 381819179 |
| Terna - Rete Elettrica Nazionale | 52237996 | 386653446 |
|  |  | 1203598604 |
| **Luxembourg \| 1.6%** |  |  |
| SES SA (^) | 20326589 | 132690782 |
| **Portugal \| 0.9%** |  |  |
| Redes Energeticas Nacionais SGPS SA | 28228757 | 76258561 |
| **Spain \| 10.2%** |  |  |
| Aena SME SA (\*) | 1448700 | 182450063 |
| Ferrovial SA | 24740985 | 647208067 |
|  |  | 829658130 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **89**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Listed Infrastructure Portfolio (continued)** |  |  |
| **Switzerland \| 2.0%** |  |  |
| Flughafen Zurich AG (\*) | 1044956 | $161919563 |
| **United Kingdom \| 19.2%** |  |  |
| National Grid PLC | 54202879 | 651051303 |
| Pennon Group PLC (^) | 14334169 | 154093807 |
| Severn Trent PLC | 11843155 | 379805836 |
| United Utilities Group PLC | 31151853 | 373555935 |
|  |  | 1558506881 |
| **United States \| 24.6%** |  |  |
| Consolidated Edison, Inc. | 2585655 | 246438778 |
| CSX Corp. | 12802981 | 396636352 |
| Exelon Corp. | 3887400 | 168052302 |
| Norfolk Southern Corp. | 2614319 | 644220488 |
| Pinnacle West Capital Corp. | 3974278 | 302204099 |
| Union Pacific Corp. | 1155900 | 239352213 |
|  |  | 1996904232 |
| **Total Common Stocks** <br> (Cost $7,378,641,706) |  | 7570840126 |
| **Short-Term Investments \| 5.4%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $436,543,028) | 436543028 | 436543028 |
| **Total Investments \| 98.5%** <br> (Cost $7,815,184,734) (») |  | $**8007383154** |
| **Cash and Other Assets in Excess of Liabilities \| 1.5%** |  | **118038467** |
| **Net Assets \| 100.0%** |  | $**8125421621** |

---

 

*The accompanying notes are an integral part of these financial statements.*

**90** Annual Report

**Lazard Global Listed Infrastructure Portfolio (concluded)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Currency<br> Purchased | Quantity | Currency<br> Sold | Quantity | Counterparty | Settlement<br> Date | Unrealized<br> Appreciation | Unrealized<br> Depreciation |
| CAD | 60442350 | USD | 44545529 | SSB | 03/29/23 | $125768 | $— |
| EUR | 202487827 | USD | 216690728 | SSB | 03/29/23 | 1323436 |  |
| USD | 64733427 | AUD | 93788696 | BNP | 03/29/23 | 658853 |  |
| USD | 116123601 | AUD | 168234120 | CIT | 03/29/23 | 1189392 |  |
| USD | 251986759 | AUD | 364928472 | HSB | 03/29/23 | 2674876 |  |
| USD | 104050906 | AUD | 150725237 | MSC | 03/29/23 | 1078418 |  |
| USD | 186747654 | AUD | 270591127 | SSB | 03/29/23 | 1885171 |  |
| USD | 5820838 | CAD | 7936858 | BNP | 03/29/23 |  | 45078 |
| USD | 87963620 | CAD | 119999971 | CIT | 03/29/23 |  | 725094 |
| USD | 57424718 | CAD | 78290644 | HSB | 03/29/23 |  | 437768 |
| USD | 37928309 | CAD | 51721014 | MSC | 03/29/23 |  | 297286 |
| USD | 18547968 | CAD | 25288670 | SCB | 03/29/23 |  | 142201 |
| USD | 36608468 | CHF | 33628905 | BNP | 03/29/23 |  | 95239 |
| USD | 37084360 | CHF | 34019338 | SCB | 03/29/23 |  | 45479 |
| USD | 89918526 | CHF | 82528122 | SSB | 03/29/23 |  | 155417 |
| USD | 333424917 | EUR | 311045214 | BNP | 03/29/23 |  | 1470585 |
| USD | 432068920 | EUR | 402598695 | CAN | 03/29/23 |  | 1400190 |
| USD | 245007296 | EUR | 228498294 | CIT | 03/29/23 |  | 1011763 |
| USD | 488742168 | EUR | 455383081 | HSB | 03/29/23 |  | 1558722 |
| USD | 368044158 | EUR | 343204717 | MEL | 03/29/23 |  | 1476769 |
| USD | 523602824 | EUR | 487948432 | RBC | 03/29/23 |  | 1760460 |
| USD | 624375273 | EUR | 581739579 | SSB | 03/29/23 |  | 1970864 |
| USD | 173830032 | GBP | 141628060 | CAN | 03/29/23 | 2252160 |  |
| USD | 80747137 | GBP | 66866523 | HSB | 03/29/23 |  | 259520 |
| USD | 497035290 | GBP | 405400571 | HSB | 03/29/23 | 5905442 |  |
| USD | 216922198 | GBP | 176771258 | MSC | 03/29/23 | 2769463 |  |
| USD | 352397596 | GBP | 287543579 | RBC | 03/29/23 | 4047731 |  |
| USD | 272719160 | GBP | 222226789 | SSB | 03/29/23 | 3498501 |  |
| USD | 89861913 | HKD | 699287435 | BNP | 03/29/23 | 135552 |  |
| USD | 31621174 | HKD | 246531320 | HSB | 03/29/23 |  | 11538 |
| USD | 32564820 | HKD | 253400182 | HSB | 03/29/23 | 50756 |  |
| USD | 75289547 | HKD | 586050823 | MSC | 03/29/23 | 92704 |  |
| USD | 9708012 | HKD | 75539980 | SCB | 03/29/23 | 15392 |  |
| USD | 94890286 | HKD | 738578538 | SSB | 03/29/23 | 122439 |  |
| 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 | $27826054 | $12863973 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **91**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Strategic Equity Portfolio** |  |  |
| **Common Stocks \| 97.5%** |  |  |
| **Canada \| 4.6%** |  |  |
| Canadian Pacific Railway Ltd. | 2109 | $157241 |
| TMX Group Ltd. | 1085 | 108596 |
| Toromont Industries Ltd. | 2051 | 148008 |
| Trisura Group Ltd. (\*) | 2101 | 70276 |
|  |  | 484121 |
| **China \| 1.0%** |  |  |
| Tencent Holdings Ltd. | 2400 | 102005 |
| **Denmark \| 3.3%** |  |  |
| Genmab AS (\*) | 511 | 216448 |
| Vestas Wind Systems AS | 4729 | 138163 |
|  |  | 354611 |
| **France \| 1.8%** |  |  |
| Pernod Ricard SA | 979 | 192432 |
| **Germany \| 4.7%** |  |  |
| Continental AG | 1364 | 81493 |
| Hensoldt AG | 2478 | 58638 |
| Infineon Technologies AG | 4206 | 128105 |
| Merck KGaA | 1199 | 232199 |
|  |  | 500435 |
| **Hong Kong \| 2.2%** |  |  |
| AIA Group Ltd. | 20800 | 229154 |
| **India \| 1.6%** |  |  |
| HDFC Bank Ltd. ADR | 2511 | 171777 |
| **Ireland \| 1.0%** |  |  |
| Ryanair Holdings PLC ADR (\*) | 1418 | 106010 |

---

*The accompanying notes are an integral part of these financial statements.*

**92** Annual Report

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Strategic Equity Portfolio (continued)** |  |  |
| **Japan \| 3.6%** |  |  |
| BayCurrent Consulting, Inc. | 4000 | $125075 |
| Kadokawa Corp. | 4600 | 84079 |
| Olympus Corp. | 5900 | 104287 |
| TechnoPro Holdings, Inc. | 2500 | 66094 |
|  |  | 379535 |
| **Mexico \| 1.9%** |  |  |
| Arca Continental SAB de CV | 25200 | 204636 |
| **Netherlands \| 3.3%** |  |  |
| Akzo Nobel NV | 1119 | 74667 |
| Universal Music Group NV | 11420 | 275669 |
|  |  | 350336 |
| **Portugal \| 1.6%** |  |  |
| Energias de Portugal SA | 34813 | 173431 |
| **South Africa \| 1.2%** |  |  |
| Anglo American PLC | 3360 | 131419 |
| **South Korea \| 2.5%** |  |  |
| Osstem Implant Co. Ltd. | 2391 | 262914 |
| **Sweden \| 0.3%** |  |  |
| Volvo Car AB, Class B (\*) | 7718 | 35261 |
| **Switzerland \| 2.0%** |  |  |
| ABB Ltd. | 4765 | 145131 |
| Idorsia Ltd. (\*) | 4490 | 65442 |
|  |  | 210573 |
| **Taiwan \| 1.5%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 11000 | 160321 |
| **United Kingdom \| 5.6%** |  |  |
| Berkeley Group Holdings PLC | 2349 | 106953 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **93**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Strategic Equity Portfolio (continued)** |  |  |
| Coca-Cola Europacific Partners PLC | 4136 | $227234 |
| Informa PLC | 7389 | 55398 |
| RELX PLC | 7234 | 199478 |
|  |  | 589063 |
| **United States \| 53.8%** |  |  |
| Accenture PLC, Class A | 709 | 189190 |
| Activision Blizzard, Inc. | 1394 | 106711 |
| Alphabet, Inc., Class A (\*) | 3359 | 296365 |
| Amphenol Corp., Class A | 2514 | 191416 |
| Analog Devices, Inc. | 1408 | 230954 |
| Aon PLC, Class A | 1030 | 309144 |
| Applied Materials, Inc. | 1818 | 177037 |
| Bank of America Corp. | 5824 | 192891 |
| Boston Scientific Corp. (\*) | 5498 | 254392 |
| Coca-Cola Co. | 2558 | 162714 |
| CyberArk Software Ltd. (\*) | 662 | 85828 |
| Danaher Corp. | 926 | 245779 |
| Dollar General Corp. | 950 | 233937 |
| Estee Lauder Cos., Inc., Class A | 563 | 139686 |
| Helmerich & Payne, Inc. | 2817 | 139639 |
| Huntington Bancshares, Inc. | 6978 | 98390 |
| Intercontinental Exchange, Inc. | 2625 | 269299 |
| Intuit, Inc. | 434 | 168921 |
| IQVIA Holdings, Inc. (\*) | 1384 | 283568 |
| Johnson & Johnson | 1667 | 294476 |
| Marsh & McLennan Cos., Inc. | 616 | 101936 |
| Microsoft Corp. | 2086 | 500264 |
| S&P Global, Inc. | 931 | 311829 |
| UnitedHealth Group, Inc. | 658 | 348858 |
| Visa, Inc., Class A | 1038 | 215655 |
| Zoetis, Inc. | 1087 | 159300 |
|  |  | 5708179 |
| **Total Common Stocks** <br> (Cost $10,915,215) |  | 10346213 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**94** Annual Report

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Global Strategic Equity Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 2.9%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $309,051) | 309051 | $309051 |
| **Total Investments \| 100.4%** <br> (Cost $11,224,266) |  | $**10655264** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** |  | **(41073)** |
| **Net Assets \| 100.0%** |  | $**10614191** |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **95**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio** |  |  |
| **Common Stocks \| 99.1%** |  |  |
| **Australia \| 6.5%** |  |  |
| Altium Ltd. | 135 | $3219 |
| Aristocrat Leisure Ltd. | 1030 | 21271 |
| BHP Group Ltd. | 1565 | 48454 |
| Brambles Ltd. | 1145 | 9404 |
| Charter Hall Group REIT | 1470 | 11972 |
| Coles Group Ltd. | 197 | 2231 |
| Core Lithium Ltd. (\*) | 3093 | 2092 |
| Coronado Global Resources, Inc. | 2412 | 3217 |
| Dexus REIT | 849 | 4463 |
| Lovisa Holdings Ltd. | 207 | 3251 |
| Mineral Resources Ltd. | 111 | 5839 |
| Newcrest Mining Ltd. | 141 | 1966 |
| Perseus Mining Ltd. | 4420 | 6203 |
| Pilbara Minerals Ltd. (\*) | 3243 | 8264 |
| Pro Medicus Ltd. | 89 | 3342 |
| Regis Resources Ltd. | 2829 | 3917 |
| West African Resources Ltd. (\*) | 5464 | 4362 |
| Whitehaven Coal Ltd. | 524 | 3359 |
| WiseTech Global Ltd. | 256 | 8828 |
| Yancoal Australia Ltd. | 2849 | 11641 |
|  |  | 167295 |
| **Austria \| 0.3%** |  |  |
| Wienerberger AG | 267 | 6463 |
| **Belgium \| 0.1%** |  |  |
| Warehouses De Pauw CVA REIT | 95 | 2717 |
| **China \| 0.5%** |  |  |
| SITC International Holdings Co. Ltd. | 6000 | 13244 |

---

*The accompanying notes are an integral part of these financial statements.*

**96** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| **Denmark \| 4.5%** |  |  |
| AP Moller - Maersk AS, Class B | 10 | $22461 |
| Novo Nordisk AS, Class B | 684 | 92613 |
|  |  | 115074 |
| **Finland \| 0.7%** |  |  |
| Nokia oyj ADR | 2225 | 10324 |
| Nordea Bank Abp | 761 | 8139 |
|  |  | 18463 |
| **France \| 11.5%** |  |  |
| Airbus SE | 133 | 15814 |
| AXA SA | 949 | 26449 |
| BioMerieux | 67 | 7046 |
| BNP Paribas SA | 215 | 12235 |
| Capgemini SE | 93 | 15597 |
| Cie de Saint-Gobain | 718 | 35249 |
| Eiffage SA | 31 | 3057 |
| Gaztransport Et Technigaz SA | 21 | 2244 |
| Hermes International | 18 | 27777 |
| Kering SA | 18 | 9212 |
| L'Oreal SA | 21 | 7534 |
| La Francaise des Jeux SAEM | 309 | 12414 |
| Orange SA | 2060 | 20483 |
| Sanofi | 59 | 5709 |
| Societe Generale SA | 1679 | 42126 |
| Thales SA | 22 | 2812 |
| TotalEnergies SE | 413 | 25778 |
| Vinci SA | 230 | 22971 |
|  |  | 294507 |
| **Germany \| 7.1%** |  |  |
| Beiersdorf AG | 59 | 6770 |
| BioNTech SE ADR | 15 | 2253 |
| Carl Zeiss Meditec AG | 54 | 6816 |
| Commerzbank AG (\*) | 386 | 3650 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **97**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| CTS Eventim AG & Co. KGaA (\*) | 130 | $8293 |
| Deutsche Bank AG | 2090 | 23689 |
| Deutsche Post AG | 1080 | 40653 |
| Hapag-Lloyd AG | 20 | 3802 |
| HUGO BOSS AG | 509 | 29507 |
| Infineon Technologies AG | 156 | 4751 |
| Mercedes-Benz Group AG | 41 | 2691 |
| Merck KGaA | 95 | 18398 |
| Nemetschek SE | 253 | 12922 |
| Rational AG | 24 | 14224 |
| Rheinmetall AG | 14 | 2789 |
|  |  | 181208 |
| **Hong Kong \| 2.3%** |  |  |
| Futu Holdings Ltd. ADR (\*) | 127 | 5162 |
| Jardine Matheson Holdings Ltd. | 200 | 10170 |
| Swire Pacific Ltd., Class A | 2500 | 21926 |
| United Energy Group Ltd. | 24000 | 2367 |
| WH Group Ltd. | 30500 | 17744 |
|  |  | 57369 |
| **Ireland \| 0.4%** |  |  |
| AerCap Holdings NV (\*) | 106 | 6182 |
| AIB Group PLC | 1143 | 4406 |
|  |  | 10588 |
| **Israel \| 0.9%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 4806 | 8292 |
| Check Point Software Technologies Ltd. (\*) | 52 | 6560 |
| ICL Group Ltd. | 694 | 5005 |
| Perion Network Ltd. (\*) | 131 | 3314 |
|  |  | 23171 |
| **Italy \| 3.2%** |  |  |
| Banco BPM SpA | 905 | 3232 |
| Intesa Sanpaolo SpA | 9699 | 21638 |

---

*The accompanying notes are an integral part of these financial statements.*

**98** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| Leonardo SpA | 605 | $5215 |
| Moncler SpA | 177 | 9422 |
| Poste Italiane SpA | 1124 | 10961 |
| Reply SpA | 60 | 6901 |
| UniCredit SpA | 1766 | 25113 |
|  |  | 82482 |
| **Japan \| 21.6%** |  |  |
| 77 Bank Ltd. | 600 | 10089 |
| Canon, Inc. | 1200 | 25948 |
| Capcom Co. Ltd. | 200 | 6414 |
| Chugai Pharmaceutical Co. Ltd. | 500 | 12705 |
| Dai-ichi Life Holdings, Inc. | 800 | 18167 |
| Electric Power Development Co. Ltd. | 1000 | 15908 |
| Honda Motor Co. Ltd. | 1900 | 43442 |
| ITOCHU Corp. | 600 | 18760 |
| Japan Post Holdings Co. Ltd. | 6900 | 58171 |
| Japan Post Insurance Co. Ltd. | 500 | 8799 |
| Japan Tobacco, Inc. | 2800 | 56616 |
| KDDI Corp. | 500 | 15112 |
| Kyushu Financial Group, Inc. | 900 | 3089 |
| Mitsubishi Estate Co. Ltd. | 1000 | 12941 |
| Mitsubishi Heavy Industries Ltd. | 300 | 11872 |
| Mitsui & Co. Ltd. | 1400 | 40708 |
| MS&AD Insurance Group Holdings, Inc. | 600 | 19204 |
| Nihon Kohden Corp. | 200 | 4880 |
| Nintendo Co. Ltd. ADR | 968 | 10087 |
| Nippon Building Fund, Inc. REIT | 1 | 4466 |
| Nippon Telegraph & Telephone Corp. | 200 | 5709 |
| Nishi-Nippon Financial Holdings, Inc. | 500 | 3658 |
| Nissan Chemical Corp. | 400 | 17607 |
| Nisshinbo Holdings, Inc. | 700 | 5149 |
| Olympus Corp. | 700 | 12373 |
| Shimano, Inc. ADR | 409 | 6419 |
| Shin-Etsu Chemical Co. Ltd. | 433 | 52755 |
| SKY Perfect JSAT Holdings, Inc. | 1000 | 3664 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **99**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| Softbank Corp. | 1000 | $11307 |
| Sumco Corp. | 800 | 10704 |
| Tokyo Ohka Kogyo Co. Ltd. | 100 | 4505 |
| Toshiba Corp. | 200 | 7011 |
| Toyota Motor Corp. | 900 | 12300 |
| ZOZO, Inc. | 100 | 2483 |
|  |  | 553022 |
| **Netherlands \| 8.5%** |  |  |
| Aalberts NV | 83 | 3227 |
| Adyen NV (\*) | 15 | 20757 |
| ASML Holding NV | 90 | 48717 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH | 845 | 10309 |
| Koninklijke Ahold Delhaize NV | 237 | 6810 |
| NN Group NV | 143 | 5840 |
| Shell PLC | 2420 | 68771 |
| Wolters Kluwer NV | 504 | 52648 |
|  |  | 217079 |
| **Nigeria \| 0.1%** |  |  |
| Airtel Africa PLC | 2157 | 2914 |
| **Norway \| 0.6%** |  |  |
| Equinor ASA | 404 | 14491 |
| **Portugal \| 0.7%** |  |  |
| Jeronimo Martins SGPS SA | 856 | 18509 |
| **Singapore \| 1.8%** |  |  |
| DBS Group Holdings Ltd. | 100 | 2532 |
| Jardine Cycle & Carriage Ltd. | 400 | 8546 |
| Oversea-Chinese Banking Corp. Ltd. | 2700 | 24499 |
| STMicroelectronics NV | 312 | 11092 |
|  |  | 46669 |

---

*The accompanying notes are an integral part of these financial statements.*

**100** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| **Spain \| 3.5%** |  |  |
| Banco de Sabadell SA | 5772 | $5434 |
| Iberdrola SA | 3180 | 37198 |
| Industria de Diseno Textil SA | 1742 | 46386 |
|  |  | 89018 |
| **Sweden \| 2.3%** |  |  |
| Assa Abloy AB, Class B | 893 | 19214 |
| Betsson AB | 655 | 5327 |
| Billerud AB | 315 | 3831 |
| Hemnet Group AB | 168 | 2022 |
| Hennes & Mauritz AB, B Shares | 205 | 2213 |
| SSAB AB B Shares | 1227 | 6399 |
| Telefonaktiebolaget LM Ericsson, B Shares | 2460 | 14407 |
| Volvo Car AB, Class B (\*) | 944 | 4313 |
|  |  | 57726 |
| **Switzerland \| 3.8%** |  |  |
| Belimo Holding AG | 20 | 9555 |
| Julius Baer Group Ltd. | 44 | 2558 |
| Novartis AG | 398 | 36051 |
| UBS Group AG | 2626 | 48948 |
|  |  | 97112 |
| **United Kingdom \| 10.3%** |  |  |
| 3i Group PLC | 536 | 8703 |
| Associated British Foods PLC | 1085 | 20671 |
| Barclays PLC | 1832 | 3522 |
| Coca-Cola Europacific Partners PLC | 54 | 2987 |
| Compass Group PLC | 361 | 8342 |
| Drax Group PLC | 310 | 2638 |
| Endava PLC ADR (\*) | 62 | 4743 |
| HSBC Holdings PLC | 799 | 4983 |
| IMI PLC | 142 | 2210 |
| Imperial Brands PLC | 1066 | 26634 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **101**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (continued)** |  |  |
| Investec PLC | 1348 | $8335 |
| NatWest Group PLC | 4318 | 13784 |
| RELX PLC | 52 | 1441 |
| SSE PLC | 1486 | 30650 |
| Standard Chartered PLC | 2964 | 22247 |
| Tesco PLC | 7909 | 21443 |
| Unilever PLC | 1473 | 73917 |
| Virgin Money UK PLC | 2317 | 5102 |
| Wise PLC (\*) | 304 | 2056 |
|  |  | 264408 |
| **United States \| 7.9%** |  |  |
| CSL Ltd. | 91 | 17744 |
| GSK PLC | 2852 | 49596 |
| Inmode Ltd. (\*) | 153 | 5462 |
| International Game Technology PLC | 111 | 2517 |
| Nestle SA | 85 | 9816 |
| Roche Holding AG | 243 | 76366 |
| Schneider Electric SE | 84 | 11814 |
| Stellantis NV | 2039 | 28895 |
|  |  | 202210 |
| **Total Common Stocks**<br> (Cost $2,456,400) |  | 2535739 |
| **Preferred Stocks \| 0.7%** |  |  |
| **Germany \| 0.7%** |  |  |
| Bayerische Motoren Werke AG | 172 | 14649 |
| Sartorius AG | 10 | 3954 |
| **Total Preferred Stocks**<br> (Cost $17,752) |  | 18603 |

---

*The accompanying notes are an integral part of these financial statements.*

**102** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Advantage Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.7%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79 % (7 day yield) (Cost $18,934) | 18934 | $18934 |
| **Total Investments \| 100.5%** <br> (Cost $2,493,086) |  | $**2573276** |
| **Liabilities in Excess of Cash and Other Assets \| (0.5)%** |  | **(12610)** |
| **Net Assets \| 100.0%** |  | $**2560666** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **103**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio** |  |  |
| **Common Stocks \| 98.2%** |  |  |
| **Canada \| 3.5%** |  |  |
| Suncor Energy, Inc. | 653652 | $20734382 |
| TMX Group Ltd. | 139943 | 14006703 |
|  |  | 34741085 |
| **China \| 5.4%** |  |  |
| Alibaba Group Holding Ltd. (\*) | 1047800 | 11568932 |
| Autohome, Inc. ADR | 269673 | 8251994 |
| ENN Energy Holdings Ltd. | 760500 | 10609598 |
| ESR Group Ltd. | 4525800 | 9499519 |
| Li Ning Co. Ltd. | 984500 | 8448238 |
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 902387 | 5227446 |
|  |  | 53605727 |
| **Denmark \| 3.2%** |  |  |
| AP Moller - Maersk AS, Class B | 3330 | 7479394 |
| Carlsberg AS, Class B | 121103 | 16031191 |
| Vestas Wind Systems AS | 274433 | 8017874 |
|  |  | 31528459 |
| **Finland \| 1.6%** |  |  |
| Nordea Bank Abp | 1491397 | 15949787 |
| **France \| 10.2%** |  |  |
| Air Liquide SA | 144851 | 20603503 |
| Capgemini SE | 53379 | 8952398 |
| Engie SA | 1992077 | 28534591 |
| Pernod Ricard SA | 77364 | 15206635 |
| Teleperformance | 59389 | 14171692 |
| Thales SA | 105903 | 13538260 |
|  |  | 101007079 |

---

*The accompanying notes are an integral part of these financial statements.*

**104** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| **Germany \| 10.3%** |  |  |
| Continental AG | 184031 | $10995099 |
| Infineon Technologies AG | 587155 | 17883380 |
| Merck KGaA | 107248 | 20769668 |
| MTU Aero Engines AG | 95386 | 20645378 |
| Rheinmetall AG | 65791 | 13104568 |
| Siemens Healthineers AG | 183502 | 9179863 |
| Vonovia SE | 366558 | 8638805 |
|  |  | 101216761 |
| **Hong Kong \| 1.5%** |  |  |
| Prudential PLC | 1069126 | 14468090 |
| **Ireland \| 1.4%** |  |  |
| Ryanair Holdings PLC ADR (\*) | 179368 | 13409552 |
| **Israel \| 1.7%** |  |  |
| Bank Leumi Le-Israel BM | 2018203 | 16823307 |
| **Italy \| 1.4%** |  |  |
| Enel SpA | 2540445 | 13663243 |
| **Japan \| 16.5%** |  |  |
| Asics Corp. | 636200 | 14117890 |
| Bandai Namco Holdings, Inc. | 194300 | 12184851 |
| Daikin Industries Ltd. | 80700 | 12414043 |
| Disco Corp. | 57000 | 16385665 |
| Hitachi Ltd. | 190400 | 9581850 |
| Hoya Corp. | 129400 | 12520122 |
| MatsukiyoCocokara & Co. | 399300 | 20076138 |
| Olympus Corp. | 865200 | 15293015 |
| Shimano, Inc. | 42900 | 6835165 |
| Sumitomo Mitsui Financial Group, Inc. | 405000 | 16319180 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **105**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (continued)** |  |  |
| Suzuki Motor Corp. | 380800 | $12251537 |
| Yamaha Corp. | 389500 | 14369907 |
|  |  | 162349363 |
| **Mexico \| 1.6%** |  |  |
| Arca Continental SAB de CV | 1923912 | 15623115 |
| **Netherlands \| 6.1%** |  |  |
| Akzo Nobel NV | 222294 | 14832798 |
| Koninklijke DSM NV | 98695 | 12099562 |
| Universal Music Group NV | 709061 | 17116141 |
| Wolters Kluwer NV | 156368 | 16334059 |
|  |  | 60382560 |
| **Norway \| 0.6%** |  |  |
| Equinor ASA | 175392 | 6291028 |
| **Portugal \| 1.6%** |  |  |
| Galp Energia SGPS SA | 1168506 | 15811583 |
| **Singapore \| 1.7%** |  |  |
| DBS Group Holdings Ltd. | 651020 | 16481492 |
| **South Africa \| 1.7%** |  |  |
| Anglo American PLC | 439163 | 17176844 |
| **South Korea \| 1.4%** |  |  |
| Osstem Implant Co. Ltd. | 75090 | 8256875 |
| SK Hynix, Inc. | 97663 | 5878519 |
|  |  | 14135394 |
| **Spain \| 1.4%** |  |  |
| Industria de Diseno Textil SA | 512670 | 13651453 |
| **Sweden \| 1.1%** |  |  |
| Sandvik AB | 603488 | 10896112 |

---

*The accompanying notes are an integral part of these financial statements.*

**106** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Portfolio (concluded)** |  |  |
| **Switzerland \| 1.7%** |  |  |
| ABB Ltd. | 548276 | $16699268 |
| **United Kingdom \| 13.2%** |  |  |
| 3i Group PLC | 842261 | 13675525 |
| Barclays PLC | 6725238 | 12929849 |
| BP PLC | 3179982 | 18492339 |
| Coca-Cola Europacific Partners PLC | 321170 | 17645229 |
| Compass Group PLC | 647742 | 14967342 |
| Petershill Partners PLC | 586218 | 1198764 |
| RELX PLC | 961192 | 26630575 |
| Unilever PLC | 484439 | 24439456 |
|  |  | 129979079 |
| **United States \| 9.4%** |  |  |
| Aon PLC, Class A | 94877 | 28476383 |
| BRP, Inc. | 107917 | 8227675 |
| Ferguson PLC | 95752 | 12097607 |
| ICON PLC (\*) | 104101 | 20221619 |
| Roche Holding AG | 76782 | 24129653 |
|  |  | 93152937 |
| **Total Common Stocks**<br> (Cost $894,910,357) |  | 969043318 |
| **Total Investments \| 98.2%**<br> (Cost $894,910,357) |  | $**969043318** |
| **Cash and Other Assets in Excess of Liabilities \| 1.8%** |  | **18185064** |
| **Net Assets \| 100.0%** |  | $**987228382** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **107**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio** |  |  |
| **Common Stocks \| 95.4%** |  |  |
| **Canada \| 2.1%** |  |  |
| Suncor Energy, Inc. | 35854 | $1137319 |
| **China \| 11.3%** |  |  |
| Alibaba Group Holding Ltd. (\*) | 103400 | 1141656 |
| Autohome, Inc. ADR | 12245 | 374697 |
| China Longyuan Power Group Corp. Ltd., Class H | 438000 | 535829 |
| ENN Energy Holdings Ltd. | 66300 | 924939 |
| ESR Group Ltd. | 212000 | 444982 |
| Li Ning Co. Ltd. | 96000 | 823800 |
| Sungrow Power Supply Co. Ltd., Class A | 39600 | 637278 |
| Tencent Holdings Ltd. | 23000 | 977551 |
| Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 49599 | 287322 |
|  |  | 6148054 |
| **Denmark \| 2.5%** |  |  |
| Carlsberg AS, Class B | 5491 | 726879 |
| Vestas Wind Systems AS | 21684 | 633523 |
|  |  | 1360402 |
| **Finland \| 1.7%** |  |  |
| Sampo Oyj, A Shares | 17301 | 904640 |
| **France \| 12.8%** |  |  |
| Air Liquide SA | 7131 | 1014308 |
| Airbus SE | 7928 | 942657 |
| Bureau Veritas SA | 32626 | 858661 |
| Engie SA | 92604 | 1326463 |
| Legrand SA | 9275 | 746799 |
| Pernod Ricard SA | 4589 | 902012 |
| Teleperformance | 1744 | 416162 |
| Thales SA | 6252 | 799233 |
|  |  | 7006295 |

---

*The accompanying notes are an integral part of these financial statements.*

**108** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Germany \| 8.5%** |  |  |
| Continental AG | 9146 | $546436 |
| Infineon Technologies AG | 26994 | 822175 |
| Merck KGaA | 5855 | 1133881 |
| MTU Aero Engines AG | 5012 | 1084799 |
| Siemens Healthineers AG | 11332 | 566894 |
| Vonovia SE | 21160 | 498685 |
|  |  | 4652870 |
| **Hong Kong \| 2.7%** |  |  |
| AIA Group Ltd. | 136000 | 1498312 |
| **India \| 3.6%** |  |  |
| ICICI Bank Ltd. ADR | 67109 | 1469016 |
| Reliance Industries Ltd. | 16620 | 509837 |
|  |  | 1978853 |
| **Indonesia \| 2.2%** |  |  |
| PT Bank Mandiri (Persero) Tbk | 1206800 | 766924 |
| PT Telkom Indonesia (Persero) Tbk ADR | 17255 | 411532 |
|  |  | 1178456 |
| **Ireland \| 1.5%** |  |  |
| Ryanair Holdings PLC ADR (\*) | 10830 | 809651 |
| **Japan \| 9.5%** |  |  |
| Bandai Namco Holdings, Inc. | 6800 | 426438 |
| Daikin Industries Ltd. | 4800 | 738382 |
| Disco Corp. | 3100 | 891150 |
| Hoya Corp. | 6200 | 599882 |
| Nomura Research Institute Ltd. | 35800 | 851055 |
| Olympus Corp. | 49700 | 878482 |
| Shimano, Inc. | 2500 | 398320 |
| Suzuki Motor Corp. | 11700 | 376426 |
|  |  | 5160135 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **109**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (continued)** |  |  |
| **Mexico \| 1.6%** |  |  |
| Grupo Financiero Banorte SAB de CV, Class O | 122900 | $882403 |
| **Netherlands \| 6.5%** |  |  |
| Akzo Nobel NV | 8253 | 550690 |
| IMCD NV | 3064 | 437649 |
| Koninklijke DSM NV | 6181 | 757763 |
| Universal Music Group NV | 40163 | 969501 |
| Wolters Kluwer NV | 8032 | 839015 |
|  |  | 3554618 |
| **Singapore \| 1.8%** |  |  |
| DBS Group Holdings Ltd. | 37700 | 954429 |
| **South Africa \| 1.7%** |  |  |
| Anglo American PLC | 14887 | 582270 |
| Mr Price Group Ltd. | 37993 | 355623 |
|  |  | 937893 |
| **South Korea \| 0.7%** |  |  |
| SK Hynix, Inc. | 6592 | 396785 |
| **Switzerland \| 2.5%** |  |  |
| ABB Ltd. | 26131 | 795892 |
| Cie Financiere Richemont SA, Class A | 4402 | 569644 |
|  |  | 1365536 |
| **Taiwan \| 1.7%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 63000 | 918203 |
| **United Kingdom \| 13.1%** |  |  |
| Barclays PLC | 252743 | 485920 |
| BP PLC | 386879 | 2249792 |
| Compass Group PLC | 52571 | 1214755 |
| Linde PLC (\*) | 1441 | 471165 |

---

*The accompanying notes are an integral part of these financial statements.*

**110** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Equity Select Portfolio (concluded)** |  |  |
| RELX PLC | 58162 | $1611424 |
| Unilever PLC | 22562 | 1138230 |
|  |  | 7171286 |
| **United States \| 7.4%** |  |  |
| Accenture PLC, Class A | 2616 | 698053 |
| Aon PLC, Class A | 4583 | 1375542 |
| ICON PLC (\*) | 4176 | 811188 |
| Roche Holding AG | 3665 | 1151770 |
|  |  | 4036553 |
| **Total Common Stocks**<br> (Cost $49,563,852) |  | 52052693 |
| **Preferred Stocks \| 0.8%** |  |  |
| **Germany \| 0.8%** |  |  |
| Henkel AG & Co. KGaA<br> (Cost $445,330) | 6716 | 467527 |
| **Short-Term Investments \| 1.2%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $629,567) | 629567 | 629567 |
| **Total Investments \| 97.4%**<br> (Cost $50,638,749) |  | $**53149787** |
| **Cash and Other Assets in Excess of Liabilities \| 2.6%** |  | **1402885** |
| **Net Assets \| 100.0%** |  | $**54552672** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **111**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio** |  |  |
| **Common Stocks \| 95.9%** |  |  |
| **Canada \| 7.3%** |  |  |
| Dollarama, Inc. | 55676 | $3256265 |
| National Bank of Canada | 38310 | 2581256 |
| Toromont Industries Ltd. | 31714 | 2288608 |
|  |  | 8126129 |
| **China \| 4.2%** |  |  |
| Alibaba Group Holding Ltd. ADR (\*) | 21683 | 1910055 |
| Tencent Holdings Ltd. | 64700 | 2749893 |
|  |  | 4659948 |
| **Denmark \| 6.6%** |  |  |
| Coloplast AS, Class B | 12637 | 1480660 |
| Demant AS (\*) | 62543 | 1739138 |
| Genmab AS (\*) | 9624 | 4076511 |
|  |  | 7296309 |
| **France \| 8.6%** |  |  |
| Legrand SA | 26515 | 2134920 |
| LVMH Moet Hennessy Louis Vuitton SE | 5663 | 4113857 |
| Pernod Ricard SA | 16516 | 3246378 |
|  |  | 9495155 |
| **Germany \| 3.8%** |  |  |
| SAP SE | 24561 | 2534681 |
| Scout24 SE | 33890 | 1702731 |
|  |  | 4237412 |
| **Hong Kong \| 2.3%** |  |  |
| AIA Group Ltd. | 235600 | 2595606 |
| **India \| 3.8%** |  |  |
| HDFC Bank Ltd. ADR | 62244 | 4258112 |

---

*The accompanying notes are an integral part of these financial statements.*

**112** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (continued)** |  |  |
| **Israel \| 2.4%** |  |  |
| Check Point Software Technologies Ltd. (\*) | 21328 | $2690740 |
| **Japan \| 7.1%** |  |  |
| Hoya Corp. | 22300 | 2157641 |
| Pigeon Corp. | 41700 | 685529 |
| Shimano, Inc. | 7800 | 1242757 |
| SMS Co. Ltd. | 78800 | 2013102 |
| Toei Animation Co. Ltd. | 17700 | 1790133 |
|  |  | 7889162 |
| **Netherlands \| 9.0%** |  |  |
| ASML Holding NV | 9056 | 4902040 |
| Universal Music Group NV | 100182 | 2418310 |
| Wolters Kluwer NV | 25296 | 2642397 |
|  |  | 9962747 |
| **Norway \| 2.4%** |  |  |
| AutoStore Holdings Ltd. (\*) | 482207 | 883134 |
| Gjensidige Forsikring ASA | 89028 | 1747061 |
|  |  | 2630195 |
| **South Africa \| 2.2%** |  |  |
| Clicks Group Ltd. | 152808 | 2428983 |
| **Spain \| 2.0%** |  |  |
| Industria de Diseno Textil SA | 81024 | 2157519 |
| **Sweden \| 4.4%** |  |  |
| Assa Abloy AB, Class B | 118271 | 2544709 |
| Hexagon AB, B Shares | 226061 | 2376300 |
|  |  | 4921009 |
| **Switzerland \| 2.7%** |  |  |
| Partners Group Holding AG | 3423 | 3042671 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **113**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Quality Growth Portfolio (concluded)** |  |  |
| **Taiwan \| 2.9%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 43057 | $3207316 |
| **United Kingdom \| 15.9%** |  |  |
| Allfunds Group PLC | 106830 | 746493 |
| Dechra Pharmaceuticals PLC | 42145 | 1335014 |
| Diageo PLC | 71973 | 3178276 |
| Diploma PLC | 27121 | 911391 |
| Intertek Group PLC | 38376 | 1873051 |
| London Stock Exchange Group PLC | 26502 | 2286700 |
| RELX PLC | 149572 | 4124456 |
| Unilever PLC | 64567 | 3240062 |
|  |  | 17695443 |
| **United States \| 8.3%** |  |  |
| Aon PLC, Class A | 15845 | 4755718 |
| BRP, Inc. | 29156 | 2222876 |
| Computershare Ltd. | 126970 | 2265132 |
|  |  | 9243726 |
| **Total Common Stocks**<br> (Cost $116,717,672) |  | 106538182 |
| **Preferred Stocks \| 1.5%** |  |  |
| **Germany \| 1.5%** |  |  |
| Sartorius AG<br> (Cost $1,676,621) | 4241 | 1677126 |
| **Total Investments \| 97.4%**<br> (Cost $118,394,293) |  | $**108215308** |
| **Cash and Other Assets in Excess of Liabilities \| 2.6%** |  | **2879758** |
| **Net Assets \| 100.0%** |  | $**111095066** |

---

*The accompanying notes are an integral part of these financial statements.*

**114** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio** |  |  |
| **Common Stocks \| 97.5%** |  |  |
| **Australia \| 5.9%** |  |  |
| ALS Ltd. | 18406 | $153073 |
| AUB Group Ltd. | 14956 | 229163 |
| Domino's Pizza Enterprises Ltd. | 2591 | 116698 |
| GUD Holdings Ltd. | 27449 | 141457 |
| National Storage REIT | 64704 | 101754 |
| SmartGroup Corp. Ltd. | 33352 | 115699 |
|  |  | 857844 |
| **Austria \| 3.1%** |  |  |
| BAWAG Group AG | 6313 | 335667 |
| Schoeller-Bleckmann Oilfield Equipment AG | 1778 | 111166 |
|  |  | 446833 |
| **Belgium \| 3.2%** |  |  |
| Azelis Group NV | 4603 | 130523 |
| Recticel SA | 9081 | 151583 |
| Shurgard Self Storage SA | 4184 | 192324 |
|  |  | 474430 |
| **Canada \| 4.7%** |  |  |
| Descartes Systems Group, Inc. (\*) | 1455 | 101431 |
| Dream Industrial REIT | 14912 | 128745 |
| Gildan Activewear, Inc. | 3927 | 107543 |
| Stelco Holdings, Inc. | 7634 | 249712 |
| Trisura Group Ltd. (\*) | 3109 | 103993 |
|  |  | 691424 |
| **Denmark \| 1.1%** |  |  |
| Royal Unibrew AS | 2333 | 166649 |
| **Finland \| 1.3%** |  |  |
| Kemira Oyj | 12418 | 190974 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **115**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| **France \| 1.3%** |  |  |
| Gaztransport Et Technigaz SA | 1731 | $184934 |
| **Germany \| 8.6%** |  |  |
| AIXTRON SE | 4346 | 125497 |
| Covestro AG | 4920 | 192486 |
| CTS Eventim AG & Co. KGaA (\*) | 2390 | 152463 |
| Hensoldt AG | 8809 | 208450 |
| JOST Werke AG | 4475 | 251550 |
| Sirius Real Estate Ltd. | 187935 | 167457 |
| Stabilus SE | 2282 | 153592 |
|  |  | 1251495 |
| **Greece \| 1.6%** |  |  |
| JUMBO SA | 13537 | 231087 |
| **Ireland \| 1.8%** |  |  |
| Dalata Hotel Group PLC (\*) | 43821 | 152746 |
| Uniphar PLC | 35343 | 116670 |
|  |  | 269416 |
| **Israel \| 0.6%** |  |  |
| Israel Discount Bank Ltd. | 16159 | 84927 |
| **Italy \| 6.0%** |  |  |
| Coca-Cola HBC AG | 5578 | 133142 |
| Italgas SpA | 41102 | 227915 |
| Moncler SpA | 3021 | 160810 |
| Sesa SpA | 1363 | 169903 |
| Tinexta SpA | 7703 | 188548 |
|  |  | 880318 |
| **Japan \| 28.2%** |  |  |
| Ariake Japan Co. Ltd. | 3800 | 125682 |
| ARTERIA Networks Corp. | 16600 | 156578 |
| Bell System24 Holdings, Inc. | 18000 | 186881 |

---

*The accompanying notes are an integral part of these financial statements.*

**116** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| Daiseki Co. Ltd. | 6520 | $224504 |
| GMO internet group, Inc. | 8700 | 163396 |
| Hulic Co. Ltd. | 27800 | 218790 |
| JAFCO Group Co. Ltd. | 13500 | 229498 |
| MatsukiyoCocokara & Co. | 5900 | 296642 |
| MISUMI Group, Inc. | 7300 | 160021 |
| Nihon Kohden Corp. | 8300 | 202519 |
| Nippon Gas Co. Ltd. | 16000 | 251913 |
| Nippon Shinyaku Co. Ltd. | 2600 | 148136 |
| Open House Group Co. Ltd. | 4300 | 155971 |
| Persol Holdings Co. Ltd. | 6700 | 142286 |
| Relo Group, Inc. | 14400 | 232946 |
| Roland Corp. | 5100 | 135183 |
| Rorze Corp. | 1700 | 92027 |
| Taiyo Yuden Co. Ltd. | 4400 | 128319 |
| TechnoPro Holdings, Inc. | 7035 | 185990 |
| Trend Micro, Inc. | 3200 | 149639 |
| Trusco Nakayama Corp. | 8000 | 122740 |
| USS Co. Ltd. | 12100 | 191757 |
| Zenkoku Hosho Co. Ltd. | 5842 | 223718 |
|  |  | 4125136 |
| **Jersey \| 1.5%** |  |  |
| JTC PLC | 24484 | 221398 |
| **Netherlands \| 4.9%** |  |  |
| Aalberts NV | 4917 | 191155 |
| Akzo Nobel NV | 2178 | 145329 |
| Arcadis NV | 6955 | 273726 |
| ASM International NV | 424 | 107340 |
|  |  | 717550 |
| **New Zealand \| 1.0%** |  |  |
| Freightways Ltd. | 22885 | 140335 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **117**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (continued)** |  |  |
| **Norway \| 1.1%** |  |  |
| Crayon Group Holding ASA (\*) | 16240 | $166064 |
| **Portugal \| 0.9%** |  |  |
| Galp Energia SGPS SA | 10151 | 137358 |
| **Spain \| 1.8%** |  |  |
| Bankinter SA | 39671 | 265869 |
| **Sweden \| 1.5%** |  |  |
| Cibus Nordic Real Estate AB | 7850 | 108127 |
| Lindab International AB | 9137 | 111986 |
|  |  | 220113 |
| **Switzerland \| 1.4%** |  |  |
| Logitech International SA | 3242 | 201222 |
| **United Kingdom \| 14.1%** |  |  |
| Allfunds Group PLC | 12387 | 86556 |
| Auto Trader Group PLC | 20303 | 126696 |
| Britvic PLC | 14319 | 134646 |
| ConvaTec Group PLC | 79877 | 224605 |
| Genuit Group. PLC | 31520 | 107100 |
| IG Group Holdings PLC | 12457 | 117839 |
| JD Sports Fashion PLC | 90669 | 138404 |
| Jet2 PLC | 14428 | 167444 |
| Life Science REIT PLC | 152664 | 133467 |
| Marlowe PLC (\*) | 17224 | 97871 |
| RS GROUP PLC | 14784 | 160264 |
| Smart Metering Systems PLC | 14694 | 138921 |
| Tate & Lyle PLC | 14151 | 121548 |
| Volution Group PLC | 34173 | 150076 |
| Weir Group PLC | 7847 | 157481 |
|  |  | 2062918 |

---

*The accompanying notes are an integral part of these financial statements.*

**118** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Small Cap Equity Portfolio (concluded)** |  |  |
| **United States \| 1.9%** |  |  |
| BRP, Inc. | 1713 | $130601 |
| ICON PLC (\*) | 753 | 146270 |
|  |  | 276871 |
| **Total Common Stocks**<br> (Cost $15,358,701) |  | 14265165 |
| **Short-Term Investments \| 2.2%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $321,509) | 321509 | 321509 |
| **Total Investments \| 99.7%**<br> (Cost $15,680,210) |  | $**14586674** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** |  | **45639** |
| **Net Assets \| 100.0%** |  | $**14632313** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **119**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio** |  |  |
| **Common Stocks \| 97.4%** |  |  |
| **Australia \| 2.2%** |  |  |
| Rio Tinto PLC | 1447983 | $101599483 |
| **Canada \| 10.4%** |  |  |
| CAE, Inc. (\*) | 5849278 | 113140761 |
| Canadian Pacific Railway Ltd. | 942052 | 70236447 |
| National Bank of Canada | 1810852 | 122011838 |
| Suncor Energy, Inc. | 3251343 | 103135290 |
| TMX Group Ltd. | 703983 | 70460691 |
|  |  | 478985027 |
| **China \| 1.3%** |  |  |
| ESR Group Ltd. | 27626400 | 57986990 |
| **Denmark \| 5.6%** |  |  |
| Carlsberg AS, Class B | 995067 | 131723485 |
| Genmab AS (\*) | 180590 | 76493875 |
| Vestas Wind Systems AS | 1737192 | 50754055 |
|  |  | 258971415 |
| **Finland \| 2.4%** |  |  |
| Sampo Oyj, A Shares | 2122402 | 110976783 |
| **France \| 11.0%** |  |  |
| Airbus SE | 949129 | 112853591 |
| Bureau Veritas SA | 2807530 | 73889382 |
| Engie SA | 9148719 | 131046617 |
| Pernod Ricard SA | 538992 | 105944036 |
| Thales SA | 623231 | 79671617 |
|  |  | 503405243 |
| **Germany \| 6.0%** |  |  |
| Continental AG | 1030709 | 61580645 |
| Infineon Technologies AG | 2515363 | 76612125 |

---

*The accompanying notes are an integral part of these financial statements.*

**120** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| Merck KGaA | 509893 | $98745976 |
| Vonovia SE | 1643713 | 38737977 |
|  |  | 275676723 |
| **Hong Kong \| 2.1%** |  |  |
| AIA Group Ltd. | 8708200 | 95938273 |
| **India \| 1.3%** |  |  |
| Housing Development Finance Corp. Ltd. | 1950989 | 62121180 |
| **Ireland \| 1.7%** |  |  |
| Ryanair Holdings PLC ADR (\*) | 1030179 | 77016182 |
| **Israel \| 2.7%** |  |  |
| Bank Leumi Le-Israel BM | 14692128 | 122470425 |
| **Japan \| 11.5%** |  |  |
| Advantest Corp. | 721400 | 46573660 |
| BayCurrent Consulting, Inc. | 1906600 | 59617204 |
| Daikin Industries Ltd. | 505000 | 77683911 |
| Kobe Bussan Co. Ltd. | 2131400 | 61524566 |
| Olympus Corp. | 4331200 | 76556989 |
| Shimano, Inc. | 287600 | 45822693 |
| Suzuki Motor Corp. | 1434972 | 46167573 |
| Tokyo Electron Ltd. | 188900 | 56115288 |
| Yamaha Corp. | 1558372 | 57493353 |
|  |  | 527555237 |
| **Mexico \| 2.0%** |  |  |
| Arca Continental SAB de CV | 11164600 | 90662064 |
| **Netherlands \| 4.3%** |  |  |
| Akzo Nobel NV | 1277702 | 85255991 |
| Universal Music Group NV | 4581009 | 110581736 |
|  |  | 195837727 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **121**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (continued)** |  |  |
| **Portugal \| 1.9%** |  |  |
| Energias de Portugal SA | 17591693 | $87638206 |
| **Singapore \| 1.8%** |  |  |
| DBS Group Holdings Ltd. | 3365400 | 85199862 |
| **Sweden \| 1.6%** |  |  |
| Hexagon AB, B Shares | 5443563 | 57221440 |
| Volvo Car AB, Class B (\*) | 3597552 | 16436090 |
|  |  | 73657530 |
| **Switzerland \| 2.5%** |  |  |
| ABB Ltd. | 2841366 | 86541690 |
| Idorsia Ltd. (\*) | 1804829 | 26305368 |
|  |  | 112847058 |
| **Taiwan \| 0.8%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2507000 | 36538644 |
| **United Kingdom \| 11.1%** |  |  |
| Coca-Cola Europacific Partners PLC | 2821799 | 155030946 |
| Compass Group PLC | 4686288 | 108285821 |
| HSBC Holdings PLC | 2412096 | 15042963 |
| Informa PLC | 8068056 | 60488805 |
| Petershill Partners PLC | 1898271 | 3881796 |
| RELX PLC | 5953175 | 164937366 |
|  |  | 507667697 |
| **United States \| 13.2%** |  |  |
| Accenture PLC, Class A | 366155 | 97704800 |
| Aon PLC, Class A | 743418 | 223129479 |
| BRP, Inc. | 660041 | 50322033 |
| ICON PLC (\*) | 467122 | 90738448 |
| Roche Holding AG | 450879 | 141694064 |
|  |  | 603588824 |

---

*The accompanying notes are an integral part of these financial statements.*

**122** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard International Strategic Equity Portfolio (concluded)** |  |  |
| **Total Common Stocks**<br> (Cost $4,011,866,172) |  | $4466340573 |
| **Short-Term Investments \| 2.9%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $130,945,380) | 130945380 | 130945380 |
| **Total Investments \| 100.3%**<br> (Cost $4,142,811,552) |  | $**4597285953** |
| **Liabilities in Excess of Cash and Other Assets \| (0.3)%** |  | **(11897647)** |
| **Net Assets \| 100.0%** |  | $**4585388306** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **123**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio** |  |  |
| **Common Stocks \| 99.6%** |  |  |
| **Australia \| 0.5%** |  |  |
| Yancoal Australia Ltd. | 35843 | $146448 |
| **Belgium \| 0.3%** |  |  |
| Warehouses De Pauw CVA REIT | 3141 | 89816 |
| **Canada \| 3.9%** |  |  |
| Atco Ltd., Class I | 2188 | 68484 |
| Hydro One Ltd. | 11630 | 311536 |
| Loblaw Cos. Ltd. | 4222 | 373307 |
| Metro, Inc. | 6907 | 382436 |
|  |  | 1135763 |
| **Denmark \| 0.8%** |  |  |
| Novo Nordisk AS, Class B | 1686 | 228284 |
| **France \| 1.9%** |  |  |
| Cie Generale des Etablissements Michelin SCA | 3490 | 97046 |
| Hermes International | 57 | 87959 |
| Orange SA | 37029 | 368194 |
|  |  | 553199 |
| **Germany \| 0.4%** |  |  |
| Telefonica Deutschland Holding AG | 43163 | 106349 |
| **Hong Kong \| 0.5%** |  |  |
| Jardine Matheson Holdings Ltd. | 1300 | 66102 |
| Swire Pacific Ltd., Class A | 9000 | 78934 |
|  |  | 145036 |
| **Israel \| 0.2%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 37332 | 64405 |

---

*The accompanying notes are an integral part of these financial statements.*

**124** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (continued)** |  |  |
| **Japan \| 16.3%** |  |  |
| ABC-Mart, Inc. | 4400 | $249889 |
| Canon, Inc. | 7100 | 153523 |
| Daiwa House Industry Co. Ltd. | 2700 | 61954 |
| Electric Power Development Co. Ltd. | 10400 | 165442 |
| FUJIFILM Holdings Corp. | 1500 | 75680 |
| Hachijuni Bank Ltd. | 21200 | 88456 |
| Hirose Electric Co. Ltd. | 500 | 62544 |
| Honda Motor Co. Ltd. | 5700 | 130326 |
| Hulic Co. Ltd. | 8500 | 66896 |
| Japan Post Bank Co. Ltd. | 9700 | 83344 |
| Japan Post Holdings Co. Ltd. | 52200 | 440075 |
| Japan Post Insurance Co. Ltd. | 4900 | 86235 |
| Japan Real Estate Investment Corp. REIT | 23 | 100734 |
| Japan Tobacco, Inc. | 17400 | 351829 |
| Kansai Electric Power Co., Inc. | 7400 | 71832 |
| KDDI Corp. | 7700 | 232726 |
| Lawson, Inc. | 5100 | 195441 |
| McDonald's Holdings Co. Japan Ltd. | 2300 | 87513 |
| MS&AD Insurance Group Holdings, Inc. | 3000 | 96018 |
| Nihon Kohden Corp. | 6500 | 158599 |
| Nippon Building Fund, Inc. REIT | 26 | 116109 |
| Nippon Telegraph & Telephone Corp. | 8300 | 236916 |
| Osaka Gas Co. Ltd. | 11800 | 190855 |
| Rengo Co. Ltd. | 10900 | 74878 |
| Sankyo Co. Ltd. | 7000 | 286615 |
| Sega Sammy Holdings, Inc. | 4400 | 66243 |
| Softbank Corp. | 6100 | 68971 |
| Sumitomo Mitsui Financial Group, Inc. | 3000 | 120883 |
| Tokyo Gas Co. Ltd. | 22000 | 432495 |
| Yamazaki Baking Co. Ltd. | 10700 | 128321 |
|  |  | 4681342 |
| **Netherlands \| 2.2%** |  |  |
| Koninklijke Ahold Delhaize NV | 2584 | 74248 |
| Koninklijke KPN NV | 19486 | 60289 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **125**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (continued)** |  |  |
| Shell PLC | 6107 | $173547 |
| Wolters Kluwer NV | 3157 | 329778 |
|  |  | 637862 |
| **New Zealand \| 0.6%** |  |  |
| Spark New Zealand Ltd. | 54039 | 185229 |
| **Norway \| 0.5%** |  |  |
| Orkla ASA | 20469 | 147887 |
| **Singapore \| 1.1%** |  |  |
| Jardine Cycle & Carriage Ltd. | 4800 | 102555 |
| Oversea-Chinese Banking Corp. Ltd. | 7800 | 70776 |
| Sembcorp Industries Ltd. | 29000 | 73012 |
| Singapore Telecommunications Ltd. | 33300 | 63931 |
|  |  | 310274 |
| **Spain \| 0.6%** |  |  |
| Corporacion Financiera Alba SA | 442 | 20413 |
| Industria de Diseno Textil SA | 5377 | 143180 |
|  |  | 163593 |
| **Sweden \| 0.3%** |  |  |
| Telefonaktiebolaget LM Ericsson, B Shares | 13319 | 78001 |
| **Switzerland \| 0.8%** |  |  |
| Novartis AG | 847 | 76722 |
| PSP Swiss Property AG | 1295 | 152289 |
|  |  | 229011 |
| **United Kingdom \| 4.0%** |  |  |
| Compass Group PLC | 3167 | 73180 |
| HSBC Holdings PLC | 22439 | 139940 |
| LXI REIT PLC REIT | 24283 | 33028 |
| National Grid PLC | 9475 | 113808 |
| Serco Group PLC | 47402 | 88646 |

---

*The accompanying notes are an integral part of these financial statements.*

**126** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (continued)** |  |  |
| SSE PLC | 3802 | $78420 |
| Standard Chartered PLC | 13712 | 102918 |
| Unilever PLC | 10429 | 526132 |
|  |  | 1156072 |
| **United States \| 64.7%** |  |  |
| 3M Co. | 529 | 63438 |
| Abbott Laboratories | 3924 | 430816 |
| Activision Blizzard, Inc. | 1404 | 107476 |
| Allison Transmission Holdings, Inc. | 2357 | 98051 |
| Altria Group, Inc. | 2811 | 128491 |
| Amdocs Ltd. | 4676 | 425048 |
| Ameren Corp. | 1641 | 145918 |
| American Electric Power Co., Inc. | 2228 | 211549 |
| AmerisourceBergen Corp. | 1391 | 230503 |
| AMN Healthcare Services, Inc. (\*) | 1194 | 122767 |
| Aon PLC, Class A | 715 | 214600 |
| AT&T, Inc. | 19714 | 362935 |
| Automatic Data Processing, Inc. | 463 | 110592 |
| AutoZone, Inc. (\*) | 42 | 103580 |
| Biogen, Inc. (\*) | 235 | 65076 |
| BJ's Wholesale Club Holdings, Inc. (\*) | 1014 | 67086 |
| Bristol-Myers Squibb Co. | 5167 | 371766 |
| Cadence Design Systems, Inc. (\*) | 776 | 124657 |
| Cal-Maine Foods, Inc. | 2188 | 119137 |
| Campbell Soup Co. | 2718 | 154247 |
| Cardinal Health, Inc. | 1731 | 133062 |
| Cboe Global Markets, Inc. | 492 | 61731 |
| Charter Communications, Inc., Class A (\*) | 304 | 103086 |
| Chubb Ltd. | 540 | 119124 |
| Cigna Corp. | 551 | 182568 |
| CME Group, Inc. | 489 | 82230 |
| CMS Energy Corp. | 2497 | 158135 |
| Colgate-Palmolive Co. | 4965 | 391192 |
| Comcast Corp., Class A | 1660 | 58050 |
| Consolidated Edison, Inc. | 746 | 71101 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **127**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (continued)** |  |  |
| Copart, Inc. (\*) | 1184 | $72094 |
| Corteva, Inc. | 1399 | 82233 |
| Coterra Energy, Inc. | 3922 | 96364 |
| CSL Ltd. | 764 | 148973 |
| CVS Health Corp. | 2197 | 204738 |
| Danaher Corp. | 240 | 63701 |
| Digital Realty Trust, Inc. REIT | 1098 | 110096 |
| Dillard's, Inc. Class A | 224 | 72397 |
| Dropbox, Inc. Class A (\*) | 2967 | 66401 |
| Electronic Arts, Inc. | 511 | 62434 |
| Elevance Health, Inc. | 135 | 69251 |
| Eli Lilly & Co. | 672 | 245844 |
| EMCOR Group, Inc. | 508 | 75240 |
| Equinix, Inc. REIT | 302 | 197819 |
| Everest Re Group Ltd. | 453 | 150065 |
| FirstEnergy Corp. | 2652 | 111225 |
| Fiserv, Inc. (\*) | 1081 | 109257 |
| Flowers Foods, Inc. | 7543 | 216786 |
| General Mills, Inc. | 2786 | 233606 |
| Gilead Sciences, Inc. | 5708 | 490032 |
| Grand Canyon Education, Inc. (\*) | 915 | 96679 |
| GSK PLC | 4901 | 85227 |
| H&R Block, Inc. | 2218 | 80979 |
| Haemonetics Corp. (\*) | 895 | 70392 |
| Haleon PLC (\*) | 6369 | 25475 |
| Henry Schein, Inc. (\*) | 1258 | 100476 |
| Hershey Co. | 1427 | 330450 |
| Hologic, Inc. (\*) | 917 | 68601 |
| Home Depot, Inc. | 245 | 77386 |
| ICF International, Inc. | 720 | 71316 |
| Ingles Markets, Inc., Class A | 749 | 72249 |
| Intercontinental Exchange, Inc. | 1440 | 147730 |
| Jack Henry & Associates, Inc. | 390 | 68468 |
| Johnson & Johnson | 2231 | 394106 |
| Kellogg Co. | 3897 | 277622 |
| Keysight Technologies, Inc. (\*) | 1293 | 221194 |

---

*The accompanying notes are an integral part of these financial statements.*

**128** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (continued)** |  |  |
| Kforce, Inc. | 1368 | $75007 |
| Kimberly-Clark Corp. | 3073 | 417160 |
| Kroger Co. | 2630 | 117245 |
| Life Storage, Inc. | 877 | 86385 |
| Lockheed Martin Corp. | 157 | 76379 |
| MasterCard, Inc., Class A | 305 | 106058 |
| McDonald's Corp. | 1357 | 357610 |
| McKesson Corp. | 213 | 79901 |
| Merck & Co., Inc. | 4143 | 459666 |
| Molina Healthcare, Inc. (\*) | 311 | 102698 |
| Motorola Solutions, Inc. | 637 | 164161 |
| National Fuel Gas Co. | 3703 | 234400 |
| NVR, Inc. (\*) | 14 | 64576 |
| O'Reilly Automotive, Inc. (\*) | 235 | 198347 |
| Old Republic International Corp. | 2445 | 59047 |
| PACCAR, Inc. | 759 | 75118 |
| Paychex, Inc. | 1553 | 179465 |
| PepsiCo, Inc. | 2090 | 377579 |
| Philip Morris International, Inc. | 966 | 97769 |
| Pinnacle West Capital Corp. | 739 | 56194 |
| PNM Resources, Inc. | 2403 | 117242 |
| Portland General Electric Co. | 1501 | 73549 |
| Premier, Inc., Class A | 2031 | 71044 |
| Procter & Gamble Co. | 2713 | 411182 |
| Public Storage REIT | 974 | 272905 |
| QIAGEN NV (\*) | 2909 | 146406 |
| Qualys, Inc. (\*) | 597 | 67001 |
| Regeneron Pharmaceuticals, Inc. (\*) | 209 | 150791 |
| Republic Services, Inc. | 2840 | 366332 |
| Roche Holding AG | 571 | 179444 |
| Sempra Energy | 418 | 64598 |
| Service Corp. International | 2190 | 151417 |
| Sirius XM Holdings, Inc. | 11608 | 67791 |
| SLM Corp. | 3854 | 63976 |
| Synopsys, Inc. (\*) | 258 | 82377 |
| Tetra Tech, Inc. | 743 | 107876 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **129**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Managed Equity Volatility Portfolio (concluded)** |  |  |
| Texas Instruments, Inc. | 490 | $80958 |
| Texas Roadhouse, Inc. | 898 | 81673 |
| TJX Cos., Inc. | 1520 | 120992 |
| Travelers Cos., Inc. | 931 | 174553 |
| U-Haul Holding Co | 2317 | 132099 |
| United Therapeutics Corp. (\*) | 254 | 70635 |
| UnitedHealth Group, Inc. | 265 | 140498 |
| Verizon Communications, Inc. | 10804 | 425678 |
| Vertex Pharmaceuticals, Inc. (\*) | 707 | 204167 |
| Virtu Financial, Inc., Class A | 3148 | 64251 |
| Visa, Inc., Class A | 924 | 191970 |
| Waste Management, Inc. | 2660 | 417301 |
| WEC Energy Group, Inc. | 600 | 56256 |
| Westamerica Ban Corp. | 1640 | 96776 |
| White Mountains Insurance Group Ltd. | 119 | 168305 |
| Willis Towers Watson PLC | 372 | 90984 |
| Xcel Energy, Inc. | 3450 | 241879 |
|  |  | 18622589 |
| **Total Common Stocks**<br> (Cost $27,375,628) |  | 28681160 |
| **Total Investments \| 99.6%**<br> (Cost $27,375,628) |  | $**28681160** |
| **Cash and Other Assets in Excess of Liabilities \| 0.4%** |  | **112387** |
| **Net Assets \| 100.0%** |  | $**28793547** |

---

*The accompanying notes are an integral part of these financial statements.*

**130** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio** |  |  |
| **Common Stocks \| 99.6%** |  |  |
| **Building Products \| 1.9%** |  |  |
| Armstrong World Industries, Inc. | 332492 | $22805626 |
| **Capital Markets \| 6.0%** |  |  |
| S&P Global, Inc. | 217558 | 72868877 |
| **Commercial Services & Supplies \| 4.7%** |  |  |
| Waste Management, Inc. | 366260 | 57458869 |
| **Construction Materials \| 3.3%** |  |  |
| Vulcan Materials Co. | 228359 | 39987944 |
| **Distributors \| 6.1%** |  |  |
| LKQ Corp. | 1390193 | 74250208 |
| **Entertainment \| 3.3%** |  |  |
| Electronic Arts, Inc. | 327129 | 39968621 |
| **Equity Real Estate Investment Trusts (REITs) \| 6.2%** |  |  |
| Crown Castle, Inc. | 553110 | 75023840 |
| **Food & Staples Retailing \| 4.6%** |  |  |
| Sysco Corp. | 730979 | 55883345 |
| **Health Care Equipment & Supplies \| 5.9%** |  |  |
| Envista Holdings Corp. (\*) | 2127269 | 71625147 |
| **Health Care Providers & Services \| 5.8%** |  |  |
| Laboratory Corp. of America Holdings | 301613 | 71023829 |
| **Hotels, Restaurants & Leisure \| 3.6%** |  |  |
| Vail Resorts, Inc. | 185302 | 44166732 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **131**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (continued)** |  |  |
| **Interactive Media & Services \| 9.7%** |  |  |
| Alphabet, Inc., Class A (\*) | 1086995 | $95905569 |
| Meta Platforms, Inc., Class A (\*) | 190195 | 22888066 |
|  |  | 118793635 |
| **IT Services \| 13.0%** |  |  |
| Fiserv, Inc. (\*) | 500571 | 50592711 |
| VeriSign, Inc. (\*) | 270086 | 55486468 |
| Visa, Inc., Class A | 254497 | 52874297 |
|  |  | 158953476 |
| **Machinery \| 4.8%** |  |  |
| Otis Worldwide Corp. | 753909 | 59038614 |
| **Multiline Retail \| 4.3%** |  |  |
| Dollar Tree, Inc. (\*) | 369577 | 52272971 |
| **Professional Services \| 3.7%** |  |  |
| Verisk Analytics, Inc., Class A | 256801 | 45304832 |
| **Semiconductors & Semiconductor Equipment \| 12.7%** |  |  |
| Analog Devices, Inc. | 546198 | 89592858 |
| Skyworks Solutions, Inc. | 718643 | 65489937 |
|  |  | 155082795 |
| **Total Common Stocks**<br> (Cost $988,615,303) |  | 1214509361 |

---

*The accompanying notes are an integral part of these financial statements.*

**132** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Concentrated Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.4%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $5,226,546) | 5226546 | $5226546 |
| **Total Investments \| 100.0%**<br> (Cost $993,841,849) |  | $**1219735907** |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** |  | **210453** |
| **Net Assets \| 100.0%** |  | $**1219946360** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **133**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio** |  |  |
| **Common Stocks \| 95.4%** |  |  |
| **Auto Components \| 1.1%** |  |  |
| Aptiv PLC (\*) | 8267 | $769906 |
| **Banks \| 6.3%** |  |  |
| Bank of America Corp. | 95308 | 3156601 |
| Commerce Bancshares, Inc. | 21838 | 1486513 |
|  |  | 4643114 |
| **Capital Markets \| 4.0%** |  |  |
| Intercontinental Exchange, Inc. | 28858 | 2960542 |
| **Commercial Services & Supplies \| 3.0%** |  |  |
| Waste Management, Inc. | 14195 | 2226912 |
| **Communications Equipment \| 1.6%** |  |  |
| Cisco Systems, Inc. | 24802 | 1181567 |
| **Consumer Finance \| 4.4%** |  |  |
| American Express Co. | 21682 | 3203515 |
| **Equity Real Estate Investment Trusts (REITs) \| 2.3%** |  |  |
| Prologis, Inc. | 14975 | 1688132 |
| **Food & Staples Retailing \| 3.1%** |  |  |
| Sysco Corp. | 29950 | 2289677 |
| **Health Care Equipment & Supplies \| 2.5%** |  |  |
| Medtronic PLC | 23710 | 1842741 |
| **Health Care Providers & Services \| 2.0%** |  |  |
| Humana, Inc. | 2808 | 1438230 |
| **Hotels, Restaurants & Leisure \| 4.3%** |  |  |
| McDonald's Corp. | 12011 | 3165259 |

---

*The accompanying notes are an integral part of these financial statements.*

**134** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (continued)** |  |  |
| **Industrial Conglomerates \| 4.2%** |  |  |
| Honeywell International, Inc. | 14507 | $3108850 |
| **Insurance \| 4.3%** |  |  |
| Marsh & McLennan Cos., Inc. | 18875 | 3123435 |
| **Interactive Media & Services \| 5.5%** |  |  |
| Alphabet, Inc., Class A (\*) | 45704 | 4032464 |
| **Internet & Direct Marketing Retail \| 3.8%** |  |  |
| Amazon.com, Inc. (\*) | 33381 | 2804004 |
| **IT Services \| 5.3%** |  |  |
| Visa, Inc., Class A | 18719 | 3889059 |
| **Life Sciences Tools & Services \| 6.7%** |  |  |
| Danaher Corp. | 12011 | 3187960 |
| IQVIA Holdings, Inc. (\*) | 8423 | 1725788 |
|  |  | 4913748 |
| **Multiline Retail \| 2.8%** |  |  |
| Dollar General Corp. | 8267 | 2035749 |
| **Personal Products \| 1.4%** |  |  |
| Estee Lauder Cos., Inc., Class A | 4056 | 1006334 |
| **Pharmaceuticals \| 5.3%** |  |  |
| Johnson & Johnson | 21994 | 3885240 |
| **Road & Rail \| 4.1%** |  |  |
| Norfolk Southern Corp. | 12323 | 3036634 |
| **Semiconductors & Semiconductor Equipment \| 6.4%** |  |  |
| Analog Devices, Inc. | 21682 | 3556498 |
| Applied Materials, Inc. | 11699 | 1139249 |
|  |  | 4695747 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **135**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Equity Focus Portfolio (concluded)** |  |  |
| **Software \| 8.7%** |  |  |
| Microsoft Corp. | 21058 | $5050130 |
| Salesforce, Inc (\*) | 10295 | 1365014 |
|  |  | 6415144 |
| **Textiles, Apparel & Luxury Goods \| 2.3%** |  |  |
| NIKE, Inc., Class B | 14507 | 1697464 |
| **Total Common Stocks**<br> (Cost $56,399,783) |  | 70053467 |
| **Short-Term Investments \| 4.7%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $3,433,896) | 3433896 | 3433896 |
| **Total Investments \| 100.1%**<br> (Cost $59,833,679) |  | $**73487363** |
| **Liabilities in Excess of Cash and Other Assets \| (0.1)%** |  | **(45740)** |
| **Net Assets \| 100.0%** |  | $**73441623** |

---

*The accompanying notes are an integral part of these financial statements.*

**136** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small-Mid Cap Equity Portfolio** |  |  |
| **Common Stocks \| 98.3%** |  |  |
| **Aerospace & Defense \| 2.6%** |  |  |
| Curtiss-Wright Corp. | 4019 | $671133 |
| HEICO Corp. | 2797 | 429731 |
|  |  | 1100864 |
| **Airlines \| 1.1%** |  |  |
| Alaska Air Group, Inc. (\*) | 11053 | 474616 |
| **Banks \| 9.9%** |  |  |
| Commerce Bancshares, Inc. | 13259 | 902540 |
| East West Bancorp, Inc. | 12958 | 853932 |
| Home BancShares, Inc. | 42015 | 957522 |
| Pinnacle Financial Partners, Inc. | 8368 | 614211 |
| Wintrust Financial Corp. | 10646 | 899800 |
|  |  | 4228005 |
| **Biotechnology \| 3.0%** |  |  |
| Halozyme Therapeutics, Inc. (\*) | 10432 | 593581 |
| United Therapeutics Corp. (\*) | 2489 | 692166 |
|  |  | 1285747 |
| **Building Products \| 3.4%** |  |  |
| Armstrong World Industries, Inc. | 9498 | 651468 |
| Carlisle Cos., Inc. | 2076 | 489209 |
| PGT Innovations, Inc. (\*) | 16853 | 302680 |
|  |  | 1443357 |
| **Capital Markets \| 1.5%** |  |  |
| Morningstar, Inc. | 2878 | 623346 |
| **Chemicals \| 3.0%** |  |  |
| Ashland, Inc. | 6001 | 645288 |
| Ingevity Corp. (\*) | 8996 | 633678 |
|  |  | 1278966 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **137**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Communications Equipment \| 2.8%** |  |  |
| Ciena Corp. (\*) | 13918 | $709540 |
| F5, Inc. (\*) | 3232 | 463824 |
|  |  | 1173364 |
| **Construction Materials \| 0.9%** |  |  |
| Eagle Materials, Inc. | 2793 | 371050 |
| **Containers & Packaging \| 2.9%** |  |  |
| Avery Dennison Corp. | 3164 | 572684 |
| Graphic Packaging Holding Co. | 30108 | 669903 |
|  |  | 1242587 |
| **Electrical Equipment \| 3.4%** |  |  |
| Array Technologies, Inc. (\*) | 11492 | 222140 |
| Atkore, Inc. (\*) | 4872 | 552582 |
| EnerSys | 9404 | 694392 |
|  |  | 1469114 |
| **Electronic Equipment, Instruments & Components \| 2.4%** |  |  |
| Cognex Corp. | 12507 | 589205 |
| Littelfuse, Inc. | 1883 | 414636 |
|  |  | 1003841 |
| **Energy Equipment & Services \| 2.6%** |  |  |
| Cactus, Inc., Class A | 7251 | 364435 |
| Liberty Energy, Inc. | 45340 | 725894 |
|  |  | 1090329 |
| **Entertainment \| 1.7%** |  |  |
| Take-Two Interactive Software, Inc. (\*) | 6818 | 709958 |
| **Equity Real Estate Investment Trusts (REITs) \| 6.0%** |  |  |
| Alexandria Real Estate Equities, Inc. | 5292 | 770885 |
| Brixmor Property Group, Inc. | 29037 | 658269 |
| Camden Property Trust | 5777 | 646331 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**138** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| Summit Hotel Properties, Inc. | 65749 | $474708 |
|  |  | 2550193 |
| **Food & Staples Retailing \| 1.2%** |  |  |
| US Foods Holding Corp. (\*) | 14547 | 494889 |
| **Food Products \| 2.1%** |  |  |
| Hostess Brands, Inc. (\*) | 20290 | 455308 |
| Utz Brands, Inc. | 27670 | 438846 |
|  |  | 894154 |
| **Gas Utilities \| 2.4%** |  |  |
| New Jersey Resources Corp. | 20687 | 1026489 |
| **Health Care Equipment & Supplies \| 2.1%** |  |  |
| Envista Holdings Corp. (\*) | 10369 | 349124 |
| QuidelOrtho Corp. (\*) | 6405 | 548717 |
|  |  | 897841 |
| **Health Care Providers & Services \| 1.5%** |  |  |
| Henry Schein, Inc. (\*) | 8128 | 649183 |
| **Health Care Technology \| 0.9%** |  |  |
| Certara, Inc. (\*) | 23386 | 375813 |
| **Hotels, Restaurants & Leisure \| 2.4%** |  |  |
| Brinker International, Inc. (\*) | 16229 | 517867 |
| Wyndham Hotels & Resorts, Inc. | 7263 | 517925 |
|  |  | 1035792 |
| **Household Durables \| 1.2%** |  |  |
| Leggett & Platt, Inc. | 16456 | 530377 |
| **Insurance \| 4.0%** |  |  |
| Brown & Brown, Inc. | 13688 | 779806 |
| Reinsurance Group of America, Inc. | 6569 | 933389 |
|  |  | 1713195 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **139**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small-Mid Cap Equity Portfolio (continued)** |  |  |
| **Interactive Media & Services \| 2.5%** |  |  |
| Cars.com, Inc. (\*) | 44631 | $614569 |
| Ziff Davis, Inc. (\*) | 5935 | 469458 |
|  |  | 1084027 |
| **IT Services \| 1.9%** |  |  |
| Amdocs Ltd. | 6463 | 587486 |
| Thoughtworks Holding, Inc. (\*) | 23020 | 234574 |
|  |  | 822060 |
| **Leisure Products \| 2.2%** |  |  |
| Brunswick Corp. | 5051 | 364076 |
| Hasbro, Inc. | 9489 | 578924 |
|  |  | 943000 |
| **Life Sciences Tools & Services \| 4.3%** |  |  |
| AbCellera Biologics, Inc. (\*) | 40990 | 415229 |
| Charles River Laboratories International, Inc. (\*) | 1495 | 325761 |
| ICON PLC (\*) | 3028 | 588189 |
| Stevanato Group SpA | 28121 | 505334 |
|  |  | 1834513 |
| **Machinery \| 3.9%** |  |  |
| Columbus McKinnon Corp. | 16888 | 548353 |
| Gates Industrial Corp. PLC (\*) | 30317 | 345917 |
| Middleby Corp. (\*) | 5808 | 777691 |
|  |  | 1671961 |
| **Oil, Gas & Consumable Fuels \| 2.6%** |  |  |
| Antero Resources Corp. (\*) | 19093 | 591692 |
| Magnolia Oil & Gas Corp., Class A | 21516 | 504550 |
|  |  | 1096242 |
| **Pharmaceuticals \| 1.2%** |  |  |
| Catalent, Inc. (\*) | 11267 | 507128 |

---

*The accompanying notes are an integral part of these financial statements.*

**140** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Small-Mid Cap Equity Portfolio (concluded)** |  |  |
| **Professional Services \| 2.8%** |  |  |
| Leidos Holdings, Inc. | 7689 | $808806 |
| Sterling Check Corp. (\*) | 24966 | 386224 |
|  |  | 1195030 |
| **Semiconductors & Semiconductor Equipment \| 2.1%** |  |  |
| MKS Instruments, Inc. | 5346 | 452967 |
| ON Semiconductor Corp. (\*) | 6850 | 427234 |
|  |  | 880201 |
| **Software \| 5.3%** |  |  |
| CyberArk Software Ltd. (\*) | 3428 | 444440 |
| Dolby Laboratories, Inc., Class A | 5561 | 392273 |
| N-Able, Inc. (\*) | 48301 | 496534 |
| PTC, Inc. (\*) | 4822 | 578833 |
| Tyler Technologies, Inc. (\*) | 1138 | 366903 |
|  |  | 2278983 |
| **Specialty Retail \| 3.1%** |  |  |
| Five Below, Inc. (\*) | 3680 | 650882 |
| Leslie's, Inc. (\*) | 34811 | 425042 |
| Warby Parker, Inc., Class A (\*) | 18992 | 256202 |
|  |  | 1332126 |
| **Textiles, Apparel & Luxury Goods \| 1.4%** |  |  |
| Tapestry, Inc. | 15902 | 605548 |
| **Total Common Stocks**<br> (Cost $34,495,611) |  | 41913889 |
| **Total Investments \| 98.3%**<br> (Cost $34,495,611) |  | $**41913889** |
| **Cash and Other Assets in Excess of Liabilities \| 1.7%** |  | **742419** |
| **Net Assets \| 100.0%** |  | $**42656308** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **141**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio** |  |  |
| **Common Stocks \| 95.1%** |  |  |
| **Auto Components \| 0.9%** |  |  |
| Aptiv PLC (\*) | 1197 | $111477 |
| **Banks \| 6.8%** |  |  |
| Commerce Bancshares, Inc. | 5906 | 402022 |
| PNC Financial Services Group, Inc. | 2947 | 465449 |
|  |  | 867471 |
| **Building Products \| 0.6%** |  |  |
| AZEK Co., Inc. (\*) | 3737 | 75936 |
| **Capital Markets \| 4.7%** |  |  |
| Charles Schwab Corp. | 3427 | 285332 |
| Intercontinental Exchange, Inc. | 3109 | 318952 |
|  |  | 604284 |
| **Chemicals \| 1.0%** |  |  |
| Ecolab, Inc. | 885 | 128821 |
| **Commercial Services & Supplies \| 3.2%** |  |  |
| MSA Safety, Inc. | 722 | 104105 |
| Waste Management, Inc. | 1955 | 306701 |
|  |  | 410806 |
| **Communications Equipment \| 1.9%** |  |  |
| Cisco Systems, Inc. | 5119 | 243869 |
| **Consumer Finance \| 1.0%** |  |  |
| American Express Co. | 844 | 124701 |
| **Containers & Packaging \| 2.8%** |  |  |
| Avery Dennison Corp. | 954 | 172674 |
| Ball Corp. | 3639 | 186098 |
|  |  | 358772 |

---

*The accompanying notes are an integral part of these financial statements.*

**142** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (continued)** |  |  |
| **Electrical Equipment \| 2.2%** |  |  |
| Rockwell Automation, Inc. | 1072 | $276115 |
| **Electronic Equipment, Instruments & Components \| 1.7%** |  |  |
| Amphenol Corp., Class A | 1313 | 99972 |
| Cognex Corp. | 2564 | 120790 |
|  |  | 220762 |
| **Entertainment \| 1.0%** |  |  |
| Walt Disney Co. (\*) | 1494 | 129799 |
| **Equity Real Estate Investment Trusts (REITs) \| 2.4%** |  |  |
| Prologis, Inc. | 2777 | 313051 |
| **Food & Staples Retailing \| 1.8%** |  |  |
| Sysco Corp. | 2982 | 227974 |
| **Health Care Equipment & Supplies \| 4.7%** |  |  |
| Boston Scientific Corp. (\*) | 5840 | 270217 |
| Medtronic PLC | 3417 | 265569 |
| Omnicell, Inc. (\*) | 1215 | 61260 |
|  |  | 597046 |
| **Health Care Providers & Services \| 6.4%** |  |  |
| Humana, Inc. | 447 | 228949 |
| Laboratory Corp. of America Holdings | 773 | 182026 |
| UnitedHealth Group, Inc. | 770 | 408239 |
|  |  | 819214 |
| **Household Products \| 2.7%** |  |  |
| Procter & Gamble Co. | 2273 | 344496 |
| **IT Services \| 5.9%** |  |  |
| Accenture PLC, Class A | 1125 | 300195 |
| Visa, Inc., Class A | 2173 | 451462 |
|  |  | 751657 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **143**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (continued)** |  |  |
| **Life Sciences Tools & Services \| 8.5%** |  |  |
| Agilent Technologies, Inc. | 1417 | $212054 |
| Danaher Corp. | 1478 | 392291 |
| IQVIA Holdings, Inc. (\*) | 998 | 204480 |
| Thermo Fisher Scientific, Inc. | 491 | 270389 |
|  |  | 1079214 |
| **Machinery \| 4.2%** |  |  |
| Deere & Co. | 795 | 340864 |
| Watts Water Technologies, Inc., Class A | 696 | 101776 |
| Xylem, Inc. | 874 | 96638 |
|  |  | 539278 |
| **Personal Products \| 1.7%** |  |  |
| Estee Lauder Cos., Inc., Class A | 882 | 218833 |
| **Pharmaceuticals \| 5.0%** |  |  |
| Johnson & Johnson | 2142 | 378384 |
| Zoetis, Inc. | 1751 | 256609 |
|  |  | 634993 |
| **Road & Rail \| 2.5%** |  |  |
| Norfolk Southern Corp. | 1288 | 317389 |
| **Semiconductors & Semiconductor Equipment \| 5.0%** |  |  |
| Analog Devices, Inc. | 2364 | 387767 |
| Applied Materials, Inc. | 1474 | 143538 |
| ON Semiconductor Corp. (\*) | 1686 | 105156 |
|  |  | 636461 |
| **Software \| 12.5%** |  |  |
| Adobe, Inc. (\*) | 420 | 141343 |
| CyberArk Software Ltd. (\*) | 705 | 91403 |
| Intuit, Inc. | 423 | 164640 |
| Microsoft Corp. | 4010 | 961678 |
| Salesforce, Inc. (\*) | 1781 | 236143 |
|  |  | 1595207 |

---

*The accompanying notes are an integral part of these financial statements.*

**144** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Sustainable Equity Portfolio (concluded)** |  |  |
| **Specialty Retail \| 2.6%** |  |  |
| Home Depot, Inc. | 1052 | $332285 |
| **Textiles, Apparel & Luxury Goods \| 1.4%** |  |  |
| NIKE, Inc., Class B | 1494 | 174813 |
| **Total Common Stocks**<br> (Cost $10,391,952) |  | 12134724 |
| **Short-Term Investments \| 5.1%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $646,276) | 646276 | 646276 |
| **Total Investments \| 100.2%**<br> (Cost $11,038,228) |  | $**12781000** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(22450)** |
| **Net Assets \| 100.0%** |  | $**12758550** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **145**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio** |  |  |
| **Common Stocks \| 99.3%** |  |  |
| **Aerospace & Defense \| 0.5%** |  |  |
| AerSale Corp. (\*) | 3728 | $60468 |
| V2X, Inc. (\*) | 1633 | 67427 |
|  |  | 127895 |
| **Air Freight & Logistics \| 0.4%** |  |  |
| Atlas Air Worldwide Holdings, Inc. (\*) | 448 | 45158 |
| Radiant Logistics, Inc. (\*) | 12245 | 62327 |
|  |  | 107485 |
| **Auto Components \| 1.4%** |  |  |
| Autoliv, Inc. | 359 | 27492 |
| BorgWarner, Inc. | 710 | 28578 |
| Dorman Products, Inc. (\*) | 668 | 54021 |
| Fox Factory Holding Corp. (\*) | 768 | 70065 |
| LCI Industries | 362 | 33467 |
| Modine Manufacturing Co. (\*) | 1201 | 23852 |
| Patrick Industries, Inc. | 1019 | 61751 |
| Standard Motor Products, Inc. | 1615 | 56202 |
|  |  | 355428 |
| **Automobiles \| 0.3%** |  |  |
| Harley-Davidson, Inc. | 616 | 25626 |
| Thor Industries, Inc. | 490 | 36990 |
|  |  | 62616 |
| **Banks \| 2.6%** |  |  |
| Berkshire Hills Bancorp, Inc. | 1627 | 48647 |
| Capital Bancorp, Inc. | 769 | 18102 |
| City Holding Co. | 716 | 66652 |
| Coastal Financial Corp. (\*) | 1244 | 59115 |
| East West Bancorp, Inc. | 729 | 48041 |
| First Bancorp, Inc. | 400 | 11976 |
| Five Star Bancorp | 1411 | 38436 |

---

*The accompanying notes are an integral part of these financial statements.*

**146** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Hancock Whitney Corp. | 910 | $44035 |
| Metrocity Bankshares, Inc. | 977 | 21133 |
| Midland States Bancorp, Inc. | 1864 | 49620 |
| Pathward Financial, Inc. | 995 | 42835 |
| Peapack-Gladstone Financial Corp. | 1366 | 50843 |
| Popular, Inc. | 522 | 34619 |
| Red River Bancshares, Inc. | 323 | 16492 |
| South Plains Financial, Inc. | 1051 | 28934 |
| Unity Bancorp, Inc. | 977 | 26701 |
| Westamerica BanCorp | 878 | 51811 |
|  |  | 657992 |
| **Beverages \| 1.1%** |  |  |
| Boston Beer Co. Inc., Class A (\*) | 85 | 28009 |
| Coca-Cola Consolidated, Inc. | 96 | 49186 |
| Duckhorn Portfolio, Inc. (\*) | 2852 | 47258 |
| National Beverage Corp. (\*) | 971 | 45181 |
| Primo Water Corp. | 6397 | 99409 |
|  |  | 269043 |
| **Biotechnology \| 6.9%** |  |  |
| 2seventy bio, Inc. (\*) | 3520 | 32982 |
| ADMA Biologics, Inc. (\*) | 37858 | 146889 |
| Agenus, Inc. (\*) | 28390 | 68136 |
| Alector, Inc. (\*) | 2222 | 20509 |
| Amicus Therapeutics, Inc. (\*) | 4766 | 58193 |
| Arcturus Therapeutics Holdings, Inc. (\*) | 3520 | 59699 |
| Arcus Biosciences, Inc. (\*) | 3466 | 71677 |
| Avid Bioservices, Inc. (\*) | 3169 | 43637 |
| Biohaven Ltd. (\*) | 224 | 3109 |
| Catalyst Pharmaceuticals, Inc. (\*) | 14607 | 271690 |
| Denali Therapeutics, Inc. (\*) | 2544 | 70749 |
| Dynavax Technologies Corp. (\*) | 4717 | 50189 |
| Eagle Pharmaceuticals, Inc. (\*) | 2166 | 63312 |
| Editas Medicine, Inc. (\*) | 3442 | 30531 |
| Epizyme, Inc. CVR (\*), (¢) | 41136 | 823 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **147**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Exelixis, Inc. (\*) | 1808 | $29000 |
| Fate Therapeutics, Inc. (\*) | 1773 | 17890 |
| Halozyme Therapeutics, Inc. (\*) | 1441 | 81993 |
| iTeos Therapeutics, Inc. (\*) | 2835 | 55368 |
| Lineage Cell Therapeutics, Inc. (\*) | 39978 | 46774 |
| MeiraGTx Holdings PLC (\*) | 4529 | 29529 |
| Organogenesis Holdings, Inc. (\*) | 6406 | 17232 |
| Radius Health, Inc. CVR (\*), (¢) | 7231 | 578 |
| REGENXBIO, Inc. (\*) | 3654 | 82873 |
| Sutro Biopharma, Inc. (\*) | 9014 | 72833 |
| United Therapeutics Corp. (\*) | 430 | 119579 |
| Vanda Pharmaceuticals, Inc. (\*) | 16 | 118 |
| Veracyte, Inc. (\*) | 1165 | 27645 |
| Vericel Corp. (\*) | 2137 | 56289 |
| XOMA Corp. (\*) | 1272 | 23405 |
| Zymeworks, Inc. (\*) | 8992 | 70677 |
|  |  | 1723908 |
| **Building Products \| 2.8%** |  |  |
| A O Smith Corp. | 680 | 38923 |
| Advanced Drainage Systems, Inc. | 461 | 37788 |
| Builders FirstSource, Inc. (\*) | 1663 | 107895 |
| Gibraltar Industries, Inc. (\*) | 1250 | 57350 |
| Insteel Industries, Inc. | 2930 | 80634 |
| Owens Corning | 952 | 81206 |
| Quanex Building Products Corp. | 3489 | 82620 |
| Tecnoglass, Inc. | 3782 | 116372 |
| UFP Industries, Inc. | 1152 | 91296 |
|  |  | 694084 |
| **Capital Markets \| 1.1%** |  |  |
| Affiliated Managers Group, Inc. | 340 | 53866 |
| Artisan Partners Asset Management, Inc., Class A | 418 | 12415 |
| Carlyle Secured Lending, Inc. | 4028 | 57641 |
| CI Financial Corp. | 358 | 3576 |
| Donnelley Financial Solutions, Inc. (\*) | 2313 | 89397 |

---

*The accompanying notes are an integral part of these financial statements.*

**148** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Janus Henderson Group PLC | 1080 | $25402 |
| TriplePoint Venture Growth BDC Corp. | 3383 | 35285 |
|  |  | 277582 |
| **Chemicals \| 3.0%** |  |  |
| AdvanSix, Inc. | 2970 | 112919 |
| CF Industries Holdings, Inc. | 1280 | 109056 |
| Chemours Co. | 1706 | 52238 |
| Ecovyst, Inc. (\*) | 5999 | 53151 |
| FutureFuel Corp. | 10249 | 83324 |
| Huntsman Corp. | 1669 | 45864 |
| Olin Corp. | 2525 | 133674 |
| Tredegar Corp. | 2817 | 28790 |
| Valhi, Inc. | 2372 | 52184 |
| Westlake Corp. | 734 | 75264 |
|  |  | 746464 |
| **Commercial Services & Supplies \| 3.2%** |  |  |
| ABM Industries, Inc. | 1987 | 88263 |
| Civeo Corp. (\*) | 3279 | 101977 |
| Ennis, Inc. | 5846 | 129547 |
| Heritage-Crystal Clean, Inc. (\*) | 4017 | 130472 |
| Interface, Inc. | 5420 | 53495 |
| Kimball International, Inc. | 8016 | 52104 |
| Li-Cycle Holdings Corp. (\*) | 7114 | 33863 |
| MillerKnoll, Inc. | 1408 | 29582 |
| Montrose Environmental Group, Inc. (\*) | 1446 | 64188 |
| NL Industries, Inc. | 789 | 5373 |
| SP Plus Corp. (\*) | 3151 | 109403 |
|  |  | 798267 |
| **Communications Equipment \| 1.4%** |  |  |
| Clearfield, Inc. (\*) | 1469 | 138292 |
| Digi International, Inc. (\*) | 3691 | 134906 |
| Infinera Corp. (\*) | 4065 | 27398 |
| Ituran Location & Control Ltd. | 2793 | 59016 |
|  |  | 359612 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **149**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Construction & Engineering \| 0.7%** |  |  |
| API Group Corp. (\*) | 3127 | $58819 |
| Bowman Consulting Group Ltd. (\*) | 1361 | 29738 |
| Concrete Pumping Holdings, Inc. (\*) | 4048 | 23681 |
| IES Holdings, Inc. (\*) | 1692 | 60184 |
|  |  | 172422 |
| **Construction Materials \| 0.7%** |  |  |
| Eagle Materials, Inc. | 884 | 117439 |
| United States Lime & Minerals, Inc. | 333 | 46873 |
|  |  | 164312 |
| **Containers & Packaging \| 0.7%** |  |  |
| Greif, Inc.,Class A | 1771 | 118763 |
| O-I Glass, Inc. (\*) | 2276 | 37714 |
| Westrock Co. | 400 | 14064 |
|  |  | 170541 |
| **Distributors \| 0.2%** |  |  |
| Funko, Inc.,Class A (\*) | 2811 | 30668 |
| Weyco Group, Inc. | 1296 | 27423 |
|  |  | 58091 |
| **Diversified Consumer Services \| 0.6%** |  |  |
| American Public Education, Inc. (\*) | 5384 | 66169 |
| Grand Canyon Education, Inc. (\*) | 529 | 55894 |
| Vitru Ltd. (\*) | 1321 | 29723 |
|  |  | 151786 |
| **Diversified Financial Services \| 0.2%** |  |  |
| Jackson Financial, Inc., Class A | 1734 | 60326 |
| **Diversified Telecommunication Services \| 0.6%** |  |  |
| Anterix, Inc. (\*) | 1602 | 51536 |
| Bandwidth, Inc., Class A (\*) | 1549 | 35550 |
| IDT Corp., Class B (\*) | 2158 | 60791 |
|  |  | 147877 |

---

*The accompanying notes are an integral part of these financial statements.*

**150** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Electrical Equipment \| 1.8%** |  |  |
| Acuity Brands, Inc. | 523 | $86614 |
| Allied Motion Technologies, Inc. | 1086 | 37804 |
| Atkore, Inc. (\*) | 1018 | 115461 |
| ChargePoint Holdings, Inc. (\*) | 5975 | 56942 |
| GrafTech International Ltd. | 9112 | 43373 |
| Preformed Line Products Co. | 1133 | 94368 |
| Thermon Group Holdings, Inc. (\*) | 939 | 18855 |
|  |  | 453417 |
| **Electronic Equipment, Instruments & Components \| 4.5%** |  |  |
| Arrow Electronics, Inc. (\*) | 683 | 71421 |
| Avnet, Inc. | 1795 | 74636 |
| Belden, Inc. | 1201 | 86352 |
| CTS Corp. | 1487 | 58618 |
| Fabrinet (\*) | 472 | 60520 |
| Flex Ltd. (\*) | 3760 | 80690 |
| Insight Enterprises, Inc. (\*) | 565 | 56653 |
| Jabil, Inc. | 1094 | 74611 |
| Kimball Electronics, Inc. (\*) | 3216 | 72649 |
| MICT, Inc. (\*) | 18521 | 15372 |
| Novanta, Inc. (\*) | 613 | 83288 |
| PC Connection, Inc. | 1129 | 52950 |
| Plexus Corp. (\*) | 538 | 55376 |
| Sanmina Corp. (\*) | 889 | 50931 |
| ScanSource, Inc. (\*) | 2338 | 68316 |
| TD SYNNEX Corp. | 298 | 28224 |
| TTM Technologies, Inc. (\*) | 3855 | 58133 |
| Vishay Intertechnology, Inc. | 2872 | 61949 |
|  |  | 1110689 |
| **Energy Equipment & Services \| 0.1%** |  |  |
| North American Construction Group Ltd. | 1651 | 22074 |
| **Entertainment \| 0.9%** |  |  |
| Liberty Media Corp-Liberty Braves ,Class C (\*) | 3982 | 128340 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **151**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Reservoir Media, Inc. (\*) | 6416 | $38303 |
| Sciplay Corp., Class A (\*) | 4051 | 65140 |
|  |  | 231783 |
| **Equity Real Estate Investment Trusts (REITs) \| 3.9%** |  |  |
| American Assets Trust, Inc. | 1196 | 31694 |
| Americold Realty Trust, Inc. | 1744 | 49373 |
| Brixmor Property Group, Inc. | 1973 | 44728 |
| Corporate Office Properties Trust | 2009 | 52113 |
| CTO Realty Growth, Inc. | 2817 | 51495 |
| EastGroup Properties, Inc. | 206 | 30500 |
| Farmland Partners, Inc. | 3652 | 45504 |
| Global Medical REIT, Inc. | 2926 | 27738 |
| Healthcare Realty Trust, Inc., Class A | 1141 | 21987 |
| Indus Realty Trust, Inc. | 952 | 60443 |
| Innovative Industrial Properties, Inc. | 564 | 57161 |
| Kilroy Realty Corp. | 1214 | 46945 |
| Kimco Realty Corp. | 1961 | 41534 |
| Life Storage, Inc. | 510 | 50235 |
| Phillips Edison & Co., Inc. | 1633 | 51995 |
| Postal Realty Trust, Inc., Class A | 3196 | 46438 |
| Retail Opportunity Investments Corp. | 3528 | 53026 |
| Spirit Realty Capital, Inc. | 1296 | 51749 |
| STAG Industrial, Inc., | 1573 | 50824 |
| STORE Capital Corp. | 1924 | 61683 |
| Terreno Realty Corp. | 910 | 51752 |
|  |  | 978917 |
| **Food & Staples Retailing \| 1.1%** |  |  |
| BJ's Wholesale Club Holdings, Inc. (\*) | 1068 | 70659 |
| Casey's General Stores, Inc. | 151 | 33877 |
| Ingles Markets, Inc., Class A | 1645 | 158676 |
|  |  | 263212 |
| **Food Products \| 1.9%** |  |  |
| Dole PLC | 5559 | 53644 |
| Flowers Foods, Inc. | 2208 | 63458 |

---

*The accompanying notes are an integral part of these financial statements.*

**152** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Ingredion, Inc. | 576 | $56408 |
| John B Sanfilippo & Son, Inc. | 728 | 59201 |
| Pilgrim's Pride Corp. (\*) | 2064 | 48979 |
| Seaboard Corp. | 12 | 45302 |
| Seneca Foods Corp., Class A (\*) | 1607 | 97947 |
| Village Farms International, Inc. (\*) | 10330 | 13842 |
| Whole Earth Brands, Inc. (\*) | 8840 | 35979 |
|  |  | 474760 |
| **Health Care Equipment & Supplies \| 4.4%** |  |  |
| AngioDynamics, Inc. (\*) | 1912 | 26328 |
| Apollo Endosurgery, Inc. (\*) | 5701 | 56839 |
| Avanos Medical, Inc. (\*) | 3285 | 88892 |
| Cerus Corp. (\*) | 7395 | 26992 |
| CONMED Corp. | 425 | 37672 |
| Haemonetics Corp. (\*) | 703 | 55291 |
| Inmode Ltd. (\*) | 2691 | 96069 |
| iRadimed Corp. | 2798 | 79155 |
| Lantheus Holdings, Inc. (\*) | 1273 | 64872 |
| Masimo Corp. (\*) | 388 | 57405 |
| Meridian Bioscience, Inc. (\*) | 1845 | 61272 |
| Novocure Ltd. (\*) | 904 | 66308 |
| OrthoPediatrics Corp. (\*) | 1099 | 43663 |
| Shockwave Medical, Inc. (\*) | 460 | 94581 |
| STAAR Surgical Co. (\*) | 1596 | 77470 |
| Utah Medical Products, Inc. | 825 | 82937 |
| ViewRay, Inc. (\*) | 17797 | 79731 |
|  |  | 1095477 |
| **Health Care Providers & Services \| 1.6%** |  |  |
| AMN Healthcare Services, Inc. (\*) | 875 | 89968 |
| Apollo Medical Holdings, Inc. (\*) | 1797 | 53173 |
| Castle Biosciences, Inc. (\*) | 906 | 21327 |
| Cross Country Healthcare, Inc. (\*) | 4314 | 114623 |
| Innovage Holding Corp. (\*) | 8466 | 60786 |
| ModivCare, Inc. (\*) | 601 | 53928 |
|  |  | 393805 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **153**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Health Care Technology \| 0.9%** |  |  |
| Computer Programs & Systems, Inc. (\*) | 1438 | $39142 |
| HealthStream, Inc. (\*) | 1937 | 48115 |
| NextGen Healthcare, Inc. (\*) | 3479 | 65336 |
| Phreesia, Inc. (\*) | 1623 | 52520 |
| Simulations Plus, Inc. | 750 | 27428 |
|  |  | 232541 |
| **Hotels, Restaurants & Leisure \| 0.9%** |  |  |
| Century Casinos, Inc. (\*) | 4850 | 34096 |
| Despegar.com Corp. (\*) | 7711 | 39557 |
| Dine Brands Global, Inc. | 420 | 27132 |
| Hilton Grand Vacations, Inc. (\*) | 1416 | 54573 |
| RCI Hospitality Holdings, Inc. | 771 | 71849 |
|  |  | 227207 |
| **Household Durables \| 2.5%** |  |  |
| Century Communities, Inc. | 783 | 39158 |
| Ethan Allen Interiors, Inc. | 1821 | 48111 |
| iRobot Corp. (\*) | 1037 | 49911 |
| KB Home | 2920 | 93002 |
| M/I Homes, Inc. (\*) | 1541 | 71163 |
| Meritage Homes Corp. (\*) | 801 | 73852 |
| Skyline Champion Corp. (\*) | 978 | 50377 |
| Sonos, Inc. (\*) | 3826 | 64659 |
| Taylor Morrison Home Corp. (\*) | 1913 | 58060 |
| Tri Pointe Homes, Inc. (\*) | 3399 | 63187 |
|  |  | 611480 |
| **Household Products \| 0.1%** |  |  |
| Oil-Dri Corp. of America | 425 | 14254 |
| **Independent Power & Renewable Electricity Producers \| 0.3%** |  |  |
| Montauk Renewables, Inc. (\*) | 6051 | 66742 |
| **Industrial Conglomerates \| 0.1%** |  |  |
| Brookfield Business Corp., Class A | 813 | 15276 |

---

*The accompanying notes are an integral part of these financial statements.*

**154** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Insurance \| 0.4%** |  |  |
| Palomar Holdings, Inc. (\*) | 922 | $41637 |
| Unum Group | 1286 | 52765 |
|  |  | 94402 |
| **Interactive Media & Services \| 0.6%** |  |  |
| Bumble, Inc., Class A (\*) | 2249 | 47342 |
| Cargurus, Inc. (\*) | 2294 | 32139 |
| Yelp, Inc. (\*) | 2130 | 58234 |
|  |  | 137715 |
| **Internet & Direct Marketing Retail \| 0.3%** |  |  |
| Liquidity Services, Inc. (\*) | 5033 | 70764 |
| **IT Services \| 3.8%** |  |  |
| Amdocs Ltd. | 686 | 62357 |
| AvidXchange Holdings, Inc. (\*) | 3133 | 31142 |
| CSG Systems International, Inc. | 1523 | 87116 |
| DigitalOcean Holdings, Inc. (\*) | 1026 | 26132 |
| Exlservice Holdings, Inc. (\*) | 552 | 93525 |
| Genpact Ltd. | 643 | 29784 |
| Grid Dynamics Holdings, Inc. (\*) | 9083 | 101911 |
| I3 Verticals, Inc., Class A (\*) | 3023 | 73580 |
| IBEX Holdings Ltd. (\*) | 1307 | 32479 |
| International Money Express, Inc. (\*) | 3862 | 94117 |
| Kyndryl Holdings, Inc. (\*) | 2936 | 32648 |
| Maximus, Inc. | 832 | 61011 |
| Okta, Inc. (\*) | 921 | 62932 |
| Pagseguro Digital Ltd., Class A (\*) | 4966 | 43403 |
| Perficient, Inc. (\*) | 425 | 29678 |
| TELUS International CDA, Inc. (\*) | 2655 | 52542 |
| Verra Mobility Corp. (\*) | 1835 | 25378 |
|  |  | 939735 |
| **Leisure Products \| 2.0%** |  |  |
| BRP, Inc. | 1151 | 87879 |
| Brunswick Corp. | 833 | 60043 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **155**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Malibu Boats, Inc. ,Class A (\*) | 1319 | $70303 |
| Marine Products Corp. | 815 | 9592 |
| MasterCraft Boat Holdings, Inc. (\*) | 3464 | 89614 |
| Smith & Wesson Brands, Inc. | 819 | 7109 |
| Solo Brands, Inc.,Class A (\*) | 9563 | 35574 |
| Topgolf Callaway Brands Corp. (\*) | 1302 | 25714 |
| Vista Outdoor, Inc. (\*) | 1000 | 24370 |
| YETI Holdings, Inc. (\*) | 1832 | 75680 |
|  |  | 485878 |
| **Life Sciences Tools & Services \| 0.9%** |  |  |
| 10X Genomics, Inc.,Class A (\*) | 1262 | 45987 |
| Medpace Holdings, Inc. (\*) | 784 | 166530 |
|  |  | 212517 |
| **Machinery \| 3.2%** |  |  |
| AGCO Corp. | 453 | 62826 |
| Allison Transmission Holdings, Inc. | 2701 | 112362 |
| CIRCOR International, Inc. (\*) | 3187 | 76360 |
| Desktop Metal, Inc., Class A (\*) | 22763 | 30958 |
| Gates Industrial Corp. PLC (\*) | 3284 | 37470 |
| Kornit Digital Ltd. (\*) | 2013 | 46239 |
| Mueller Industries, Inc. | 1590 | 93810 |
| Pentair PLC | 1815 | 81639 |
| Proto Labs, Inc. (\*) | 1366 | 34874 |
| REV Group, Inc. | 4499 | 56777 |
| Titan International, Inc. (\*) | 5385 | 82498 |
| Toro Co. | 659 | 74599 |
|  |  | 790412 |
| **Marine \| 1.2%** |  |  |
| Eagle Bulk Shipping, Inc. | 2410 | 120355 |
| Grindrod Shipping Holdings Ltd. | 6229 | 116545 |
| Matson, Inc. | 1125 | 70324 |
|  |  | 307224 |

---

*The accompanying notes are an integral part of these financial statements.*

**156** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Media \| 1.9%** |  |  |
| Boston Omaha Corp., Class A (\*) | 4304 | $114056 |
| Entravision Communications Corp., Class A | 20223 | 97070 |
| Gambling.com Group Ltd. (\*) | 2912 | 26645 |
| Gannett Co., Inc. (\*) | 11428 | 23199 |
| Gray Television, Inc. | 3200 | 35808 |
| iHeartMedia, Inc.,Class A (\*) | 4930 | 30221 |
| Integral Ad Science Holding Corp. (\*) | 6772 | 59526 |
| Nexstar Media Group, Inc., Class A | 319 | 55834 |
| Perion Network Ltd. (\*) | 1402 | 35471 |
|  |  | 477830 |
| **Mortgage Real Estate Investment Trusts (REITs) \| 0.2%** |  |  |
| Apollo Commercial Real Estate Finance, Inc. | 4413 | 47484 |
| **Oil, Gas & Consumable Fuels \| 2.4%** |  |  |
| Crescent Point Energy Corp. | 8093 | 57865 |
| DT Midstream, Inc. (\*) | 1177 | 65041 |
| Enerplus Corp. | 5665 | 99987 |
| Flex LNG Ltd. (\*) | 1341 | 43837 |
| Magnolia Oil & Gas Corp., Class A | 2896 | 67911 |
| Permian Basin Royalty Trust | 3283 | 82732 |
| Sabine Royalty Trust | 582 | 49732 |
| San Juan Basin Royalty Trust | 9569 | 109278 |
| World Fuel Services Corp. | 886 | 24215 |
|  |  | 600598 |
| **Paper & Forest Products \| 1.3%** |  |  |
| Louisiana-Pacific Corp. | 1831 | 108395 |
| Resolute Forest Products, Inc. (\*) | 10077 | 217563 |
|  |  | 325958 |
| **Personal Products \| 0.1%** |  |  |
| Herbalife Nutrition Ltd. (\*) | 347 | 5163 |
| Medifast, Inc. | 266 | 30683 |
|  |  | 35846 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **157**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Pharmaceuticals \| 0.6%** |  |  |
| Amphastar Pharmaceuticals, Inc. (\*) | 1518 | $42534 |
| Arvinas, Inc. (\*) | 1518 | 51931 |
| Supernus Pharmaceuticals, Inc. (\*) | 1748 | 62351 |
|  |  | 156816 |
| **Professional Services \| 4.6%** |  |  |
| Barrett Business Services, Inc. | 1089 | 101582 |
| CRA International, Inc. | 1473 | 180339 |
| Forrester Research, Inc. (\*) | 669 | 23924 |
| Franklin Covey Co. (\*) | 1948 | 91108 |
| Heidrick & Struggles International, Inc. | 2786 | 77925 |
| HireQuest, Inc. | 1099 | 17375 |
| Huron Consulting Group, Inc. (\*) | 434 | 31508 |
| Kelly Services, Inc.,Class A | 3454 | 58373 |
| Kforce, Inc. | 1965 | 107741 |
| Korn Ferry | 1488 | 75323 |
| ManpowerGroup, Inc. | 497 | 41355 |
| Resources Connection, Inc. | 5787 | 106365 |
| Robert Half International, Inc. | 1123 | 82911 |
| TriNet Group, Inc. (\*) | 979 | 66376 |
| TrueBlue, Inc. (\*) | 3819 | 74776 |
|  |  | 1136981 |
| **Real Estate Management & Development \| 1.0%** |  |  |
| Forestar Group, Inc. (\*) | 1712 | 26382 |
| FRP Holdings, Inc. (\*) | 595 | 32047 |
| Jones Lang LaSalle, Inc. (\*) | 145 | 23109 |
| Marcus & Millichap, Inc. | 1385 | 47713 |
| RMR Group, Inc., Class A | 1463 | 41330 |
| Stratus Properties, Inc. | 1771 | 34162 |
| Zillow Group, Inc., Class A (\*) | 1469 | 45847 |
|  |  | 250590 |
| **Road & Rail \| 1.2%** |  |  |
| ArcBest Corp. | 935 | 65487 |
| Hertz Global Holdings, Inc. (\*) | 4248 | 65377 |

---

*The accompanying notes are an integral part of these financial statements.*

**158** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Ryder System, Inc. | 664 | $55491 |
| Saia, Inc. (\*) | 262 | 54936 |
| U-Haul Holding Co. | 1089 | 59873 |
|  |  | 301164 |
| **Semiconductors & Semiconductor Equipment \| 2.6%** |  |  |
| Axcelis Technologies, Inc. (\*) | 2354 | 186813 |
| Cirrus Logic, Inc. (\*) | 814 | 60627 |
| Diodes, Inc. (\*) | 582 | 44313 |
| Lattice Semiconductor Corp. (\*) | 910 | 59041 |
| MKS Instruments, Inc. | 812 | 68801 |
| PDF Solutions, Inc. (\*) | 2483 | 70815 |
| Semtech Corp. (\*) | 590 | 16927 |
| SkyWater Technology, Inc. (\*) | 3541 | 25177 |
| Tower Semiconductor Ltd. (\*) | 631 | 27259 |
| Ultra Clean Holdings, Inc. (\*) | 2671 | 88544 |
|  |  | 648317 |
| **Software \| 7.2%** |  |  |
| Agilysys, Inc. (\*) | 893 | 70672 |
| Alarm.com Holdings, Inc. (\*) | 491 | 24295 |
| American Software, Inc.,Class A | 4381 | 64313 |
| Blackline, Inc. (\*) | 418 | 28119 |
| Cellebrite DI Ltd. (\*) | 6543 | 28527 |
| Descartes Systems Group, Inc. (\*) | 1157 | 80585 |
| Docebo, Inc. (\*) | 1014 | 33604 |
| Elastic NV (\*) | 1253 | 64529 |
| EngageSmart, Inc. (\*) | 2932 | 51603 |
| EverCommerce, Inc. (\*) | 5398 | 40161 |
| Five9, Inc. (\*) | 558 | 37866 |
| Gitlab, Inc.,Class A (\*) | 916 | 41623 |
| HashiCorp, Inc. Class A (\*) | 2026 | 55391 |
| InterDigital, Inc. | 763 | 37753 |
| Jamf Holding Corp. (\*) | 1791 | 38148 |
| JFrog Ltd. (\*) | 1347 | 28732 |
| KnowBe4, Inc., Class A (\*) | 3072 | 76124 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **159**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| Monday.com Ltd. (\*) | 548 | $66856 |
| N-Able, Inc. (\*) | 5912 | 60775 |
| nCino, Inc. (\*) | 1129 | 29851 |
| Open Text Corp. | 1043 | 30915 |
| PagerDuty, Inc. (\*) | 2846 | 75590 |
| Progress Software Corp. | 1881 | 94896 |
| Q2 Holdings, Inc. (\*) | 655 | 17600 |
| Qualys, Inc. (\*) | 442 | 49606 |
| Samsara, Inc. Class A (\*) | 5030 | 62523 |
| SEMrush Holdings, Inc.,Class A (\*) | 2835 | 23077 |
| SentinelOne, Inc.,Class A (\*) | 3965 | 57849 |
| Smartsheet, Inc.,Class A (\*) | 777 | 30583 |
| Sprinklr, Inc.,Class A (\*) | 4866 | 39755 |
| Sprout Social, Inc.,Class A (\*) | 771 | 43531 |
| SPS Commerce, Inc. (\*) | 757 | 97221 |
| Tenable Holdings, Inc. (\*) | 1748 | 66686 |
| UserTesting, Inc. (\*) | 10541 | 79163 |
| WalkMe Ltd. (\*) | 4676 | 52278 |
|  |  | 1780800 |
| **Specialty Retail \| 2.6%** |  |  |
| AutoNation, Inc. (\*) | 552 | 59230 |
| Boot Barn Holdings, Inc. (\*) | 981 | 61332 |
| Buckle, Inc. | 1804 | 81812 |
| Floor & Decor Holdings, Inc., Class A (\*) | 649 | 45190 |
| Group 1 Automotive, Inc. | 297 | 53570 |
| Lithia Motors, Inc., Class A | 258 | 52823 |
| MarineMax, Inc. (\*) | 1632 | 50951 |
| Murphy USA, Inc. | 352 | 98398 |
| Signet Jewelers Ltd. | 795 | 54060 |
| Sleep Number Corp. (\*) | 935 | 24291 |
| Vroom, Inc. (\*) | 17815 | 18171 |
| Williams-Sonoma, Inc. | 474 | 54472 |
|  |  | 654300 |

---

*The accompanying notes are an integral part of these financial statements.*

**160** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (continued)** |  |  |
| **Technology Hardware, Storage & Peripherals \| 1.0%** |  |  |
| Super Micro Computer, Inc. (\*) | 2288 | $187845 |
| Western Digital Corp. (\*) | 1840 | 58052 |
| Xerox Holdings Corp. | 870 | 12702 |
|  |  | 258599 |
| **Textiles, Apparel & Luxury Goods \| 1.7%** |  |  |
| Crocs, Inc. (\*) | 806 | 87395 |
| Deckers Outdoor Corp. (\*) | 54 | 21555 |
| Gildan Activewear, Inc. | 2965 | 81241 |
| Movado Group, Inc. | 2933 | 94589 |
| Oxford Industries, Inc. | 1061 | 98864 |
| Steven Madden Ltd. | 1420 | 45383 |
|  |  | 429027 |
| **Thrifts & Mortgage Finance \| 0.9%** |  |  |
| Bridgewater Bancshares, Inc. (\*) | 3223 | 57176 |
| Guild Holdings Co., Class A (\*) | 1000 | 10090 |
| NMI Holdings, Inc., Class A (\*) | 2726 | 56974 |
| Radian Group, Inc. | 2474 | 47179 |
| TrustCo Bank Corp. | 1402 | 52701 |
|  |  | 224120 |
| **Trading Companies & Distributors \| 3.9%** |  |  |
| Applied Industrial Technologies, Inc. | 537 | 67678 |
| BlueLinx Holdings, Inc. (\*) | 886 | 63004 |
| Boise Cascade Co. | 1266 | 86936 |
| GMS, Inc. (\*) | 1744 | 86851 |
| MRC Global, Inc. (\*) | 7098 | 82195 |
| MSC Industrial Direct Co., Inc. Class A | 771 | 62991 |
| NOW, Inc. (\*) | 6333 | 80429 |
| SiteOne Landscape Supply, Inc. (\*) | 709 | 83180 |
| Titan Machinery, Inc. (\*) | 2930 | 116409 |
| Triton International Ltd. | 1414 | 97255 |
| Univar Solutions, Inc. (\*) | 2944 | 93619 |
| Veritiv Corp. | 503 | 61220 |
|  |  | 981767 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **161**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Systematic Small Cap Equity Portfolio (concluded)** |  |  |
| **Transportation Infrastructure \| 0.3%** |  |  |
| Corp. America Airports SA (\*) | 7002 | $61127 |
| **Total Common Stocks** <br> (Cost $24,966,107) |  | 24707336 |
| **Rights \| 0.0%** |  |  |
| **Biotechnology \| 0.0%** |  |  |
| Adamas Pharmaceuticals, Inc. CVR |  |  |
| Expires 2024 (¢) | 1139 |  |
| Expires 2025 (¢) | 1139 | 0 |
| **Total Rights**<br> (Cost $137) |  | 0 |
| **Short-Term Investments \| 0.7%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield)<br> (Cost $177,411) | 177411 | 177411 |
| **Total Investments \| 100.0%**<br> (Cost $25,143,655) |  | $**24884747** |
| **Cash and Other Assets in Excess of Liabilities \| 0.0%** |  | **3276** |
| **Net Assets \| 100.0%** |  | $**24888023** |

---

*The accompanying notes are an integral part of these financial statements.*

**162** Annual Report

**The Lazard Funds, Inc.** Notes to Portfolios of Investments <br> December 31, 2022

---

| | |
|:---|:---|
| *(\*)* | *Non-income producing security.* |
| *(‡)* | *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 9 in the Notes to Financial Statements.* |
| *(#)* | *Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among "qualified institutional buyers." At December 31, 2022, these securities amounted to 0.8% of net assets of Lazard Emerging Markets Equity Advantage Portfolio.* |
| *(¢)* | *Security in which significant unobservable inputs (Level 3) were used in determining fair value.* |
| *(^)* | *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.* |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |

---

---

| | |
|:---|:---|
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| USD | United States Dollar |

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| BNP | BNP Paribas SA |
| CAN | Canadian Imperial Bank of Commerce |
| CIT | Citibank N.A. |
| HSB | HSBC Bank USA N.A. |

---

---

| | |
|:---|:---|
| MEL | Bank of New York Mellon Corp. |
| 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.*

Annual Report **163**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> Developing<br> Markets<br> Equity<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Core Equity<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Equity<br> Advantage<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Equity<br> Portfolio |
| Common & Preferred Stocks |  |  |  |  |
| Aerospace & Defense | —% | —% | 0.2% | —% |
| Air Freight & Logistics | 4.6 |  | 0.3 |  |
| Airlines |  |  | 0.6 |  |
| Auto Components | 1.8 |  | 0.5 | 2.4 |
| Automobiles | 1.5 | 0.5 | 3.2 | 2.5 |
| Banks | 18.6 | 14.3 | 15.9 | 20.4 |
| Beverages | 3.1 | 2.6 | 1.8 |  |
| Biotechnology |  | 0.8 | 0.1 |  |
| Building Products |  |  |  |  |
| Capital Markets |  | 1.1 | 0.7 |  |
| Chemicals | 1.8 | 2.8 | 3.2 | 1.3 |
| Commercial Services & Suppliers |  |  |  |  |
| Communications Equipment | 0.8 | 0.5 | 0.4 |  |
| Construction & Engineering |  | 1.4 | 1.3 |  |
| Construction Materials |  | 1.1 |  | 2 |
| Consumer Finance | 1.4 |  | 0.2 |  |
| Containers & Packaging |  |  | 0.2 |  |
| Diversified Consumer Services |  |  | 0.2 |  |
| Diversified Financial Services |  |  | 1.2 |  |
| Diversified Telecommunication Services |  | 1.4 | 2 | 3.4 |
| Electric Utilities |  | 0.9 | 1.1 | 0.1 |
| Electrical Equipment | 3.1 |  | 1 |  |
| Electronic Equipment, Instruments & Components | 3.2 | 1 | 3.3 | 1 |
| Energy Equipment & Services |  | 1.6 |  |  |
| Entertainment |  | 2.1 | 2 |  |
| Equity Real Estate Investment Trusts (REITs) |  |  | 0.6 |  |
| Food & Staples Retailing |  | 0.9 | 1.5 |  |
| Food Products |  | 0.7 | 0.9 | 1.5 |
| Gas Utilities |  |  | 0.6 | 0.9 |
| Health Care Equipment & Supplies |  |  | 0.2 |  |
| Health Care Providers & Services |  |  | 0.9 | 3 |
| Hotels, Restaurants & Leisure | 2 | 1.2 | 1.1 | 1.2 |
| Household Durables | 1.3 | 1.4 | 0.5 | 3.3 |
| Household Products |  |  | 0.4 | 1.2 |
| Independent Power & Renewable Electricity Producers |  |  | 1 | 0.8 |
| Industrial Conglomerates |  | 0.7 | 0.2 | 0.9 |
| Insurance | 1.8 | 4 | 2.9 | 5.8 |

---

*The accompanying notes are an integral part of these financial statements.*

**164** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging<br> Markets<br> Strategic<br> Equity<br> Portfolio | Lazard<br> Equity<br> Franchise<br> Portfolio | Lazard<br> Global<br> Equity Select<br> Portfolio | Lazard<br> Global<br> Listed<br> Infrastructure<br> Portfolio | Lazard<br> Global<br> Strategic<br> Equity<br> Portfolio |
| —% | —% | 1.2% | —% | 0.6% |
|  |  |  |  | 1 |
| 1.2 |  |  |  | 0.8 |
| 1.8 |  |  |  | 0.3 |
| 19.2 |  | 6.1 |  | 4.3 |
| 1.5 | 1.1 | 7 |  | 7.4 |
|  |  |  |  | 2.6 |
|  |  | 0.6 |  |  |
| 1.2 |  | 6.5 |  | 6.4 |
| 1.2 |  |  |  | 0.7 |
|  | 4.6 |  |  |  |
|  |  | 1.9 |  |  |
|  | 5.9 |  | 12.6 |  |
| 1.2 |  |  |  |  |
| 0.8 |  |  |  |  |
|  |  | 0.9 |  |  |
|  | 3.6 |  |  |  |
| 2 |  |  |  |  |
| 1.1 |  |  |  |  |
|  |  |  | 14.7 | 1.6 |
|  |  | 3.5 |  | 2.7 |
| 1.7 |  | 2.5 |  | 1.8 |
|  |  |  |  | 1.3 |
| 1 |  | 1.8 |  | 3.6 |
| 1.4 |  | 0.9 |  |  |
| 1.3 |  |  | 7.7 |  |
|  | 9.3 | 2.5 |  | 5.9 |
| 2.3 | 15.5 |  |  | 3.3 |
| 6 | 6 | 1.5 |  |  |
| 2.3 |  | 0.6 |  | 1 |
| 1 |  | 1.8 |  |  |
| 3.6 |  | 3.5 |  | 6.8 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **165**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> Developing<br> Markets<br> Equity<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Core Equity<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Equity<br> Advantage<br> Portfolio | Lazard<br> Emerging<br> Markets<br> Equity<br> Portfolio |
| Interactive Media & Services | 8.4% | 5.0% | 5.2% | —% |
| Internet & Direct Marketing Retail | 5.7 | 7.3 | 6.6 |  |
| IT Services | 1.2 | 2.6 | 3.7 |  |
| Leisure Products |  |  |  |  |
| Life Sciences Tools & Services |  | 0.9 |  |  |
| Machinery | 2.7 | 2.3 | 0.6 | 1.3 |
| Marine |  |  | 1 |  |
| Media |  |  | 0.3 |  |
| Metals & Mining | 1.3 | 3.5 | 4.2 | 4 |
| Multiline Retail |  |  | 0.5 |  |
| Multi-Utilities |  |  |  |  |
| Oil, Gas & Consumable Fuels | 3.4 | 5.3 | 4.6 | 9.9 |
| Paper & Forest Products | 0.6 |  | 0.4 |  |
| Personal Products |  | 1.2 |  | 3.6 |
| Pharmaceuticals | 2.1 |  | 2.7 | 1 |
| Professional Services |  |  |  |  |
| Real Estate Management & Development |  |  | 1.7 | 2.3 |
| Road & Rail | 1.8 | 0.8 |  |  |
| Semiconductors & Semiconductor Equipment | 10.9 | 9.9 | 7.8 | 12 |
| Software |  |  |  |  |
| Specialty Retail | 6.3 | 1.8 | 0.5 | 0.8 |
| Technology Hardware, Storage & Peripherals | 6.4 | 4.5 | 4.2 | 7.1 |
| Textiles, Apparel & Luxury Goods | 1.1 | 2.2 | 0.4 |  |
| Tobacco |  |  | 0.8 | 1 |
| Trading Companies & Distributors |  |  |  |  |
| Transportation Infrastructure | 1 | 3.7 | 0.7 | 1.3 |
| Water Utilities |  |  |  |  |
| Wireless Telecommunication Services |  | 0.5 | 0.6 | 2 |
| Subtotal | 97.9 | 92.5 | 96.7 | 98 |
| Short-Term Investments | 0.8 | 0.2 | 2.4 | 1.7 |
| Total Investments | 98.7% | 92.7% | 99.1% | 99.7% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

 

*The accompanying notes are an integral part of these financial statements.*

**166** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging<br> Markets<br> Strategic<br> Equity<br> Portfolio | Lazard<br> Equity<br> Franchise<br> Portfolio | Lazard<br> Global<br> Equity Select<br> Portfolio | Lazard<br> Global<br> Listed<br> Infrastructure<br> Portfolio | Lazard<br> Global<br> Strategic<br> Equity<br> Portfolio |
| 2.5% | 1.9% | 4.1% | —% | 3.8% |
| 4.4 | 3.9 | 2.8 |  |  |
| 4.0 | 13.9 | 5.5 |  | 3.8 |
|  |  | 1.6 |  |  |
|  |  | 4.7 |  | 5.0 |
| 2.9 | 4.4 | 1.3 |  |  |
|  | 9.9 | 0.8 | 2.7 | 1.3 |
| 5.2 |  |  |  | 1.2 |
|  |  | 3.2 |  | 2.2 |
|  | 2.9 |  | 14.3 |  |
| 5.4 |  |  |  |  |
| 2.0 |  | 3.8 |  | 1.3 |
| 1.2 |  | 4.9 |  | 6.5 |
|  |  | 7.1 |  | 3.7 |
| 1.1 |  |  |  |  |
|  | 2.0 | 1.2 | 17.7 | 1.5 |
| 9.2 |  | 4.5 |  | 6.6 |
|  |  | 5.0 |  | 7.1 |
|  |  | 0.8 |  |  |
| 4.5 |  |  |  |  |
| 1.5 | 5.9 | 4.3 |  |  |
| 1.6 |  |  |  |  |
|  |  | 1.3 |  | 1.4 |
|  |  |  | 12.2 |  |
|  | 0.9 |  | 11.2 |  |
| 2.3 |  |  |  |  |
| 99.6 | 91.7 | 99.7 | 93.1 | 97.5 |
| 0.6 | 6.0 | 0.6 | 5.4 | 2.9 |
| 100.2% | 97.7% | 100.3% | 98.5% | 100.4% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **167**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> International<br> Equity<br> Advantage<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard<br> International<br> Quality Growth<br> Portfolio |
| Common & Preferred Stocks |  |  |  |  |
| Aerospace & Defense | 1.0% | 4.8% | 5.2% | —% |
| Air Freight & Logistics | 1.6 |  |  |  |
| Airlines |  | 1.4 | 1.5 |  |
| Auto Components |  | 1.1 | 1 |  |
| Automobiles | 4.2 | 1.2 | 0.7 |  |
| Banks | 8.9 | 8 | 8.3 | 6.1 |
| Beverages | 0.1 | 6.5 | 3 | 5.8 |
| Biotechnology | 0.8 |  |  | 3.7 |
| Building Products | 2.6 | 1.3 | 1.4 | 2.3 |
| Capital Markets | 3.8 | 3 |  | 5.5 |
| Chemicals | 3.2 | 4.8 | 5.2 |  |
| Commercial Services & Suppliers | 0.4 |  |  |  |
| Communications Equipment | 1 |  |  |  |
| Construction & Engineering | 1 |  |  |  |
| Construction Materials | 0.3 |  |  |  |
| Consumer Finance |  |  |  |  |
| Containers & Packaging | 0.1 |  |  |  |
| Distributors |  |  |  |  |
| Diversified Consumer Services |  |  |  |  |
| Diversified Financial Services |  |  |  |  |
| Diversified Telecommunication Services | 1.3 |  | 0.8 |  |
| Electric Utilities | 2.7 | 1.4 |  |  |
| Electrical Equipment | 0.5 | 2.5 | 5.2 | 1.9 |
| Electronic Equipment, Instruments & Components |  |  |  | 2.1 |
| Energy Equipment & Services |  |  |  |  |
| Entertainment | 1 | 1.7 | 1.8 | 3.8 |
| Equity Real Estate Investment Trusts (REITs) | 1 |  |  |  |
| Food & Staples Retailing | 1.9 | 2 |  | 2.2 |
| Food Products | 1.9 |  |  |  |
| Gas Utilities |  | 1.1 | 1.6 |  |
| Health Care Equipment & Supplies | 1.5 | 4.5 | 3.7 | 4.8 |
| Health Care Providers & Services |  |  |  |  |
| Health Care Technology | 0.1 |  |  |  |
| Hotels, Restaurants & Leisure | 1.9 | 1.5 | 2.2 |  |
| Household Durables |  |  |  |  |
| Household Products |  |  | 0.9 | 0.6 |
| Independent Power & Renewable Electricity Producers | 0.7 |  | 0.9 |  |
| Industrial Conglomerates | 1.2 | 1 |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

**168** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Small Cap<br> Equity<br> Portfolio | Lazard<br> International<br> Strategic Equity<br> Portfolio | Lazard<br> Managed<br> Equity<br> Volatility<br> Portfolio | Lazard US<br> Equity<br> Concentrated<br> Portfolio | Lazard US<br> Equity<br> Focus<br> Portfolio |
| 1.4% | 6.6% | 0.3% | —% | —% |
| 1 |  |  |  |  |
| 1.1 | 1.7 |  |  |  |
| 1 | 1.3 | 0.3 |  | 1.1 |
|  | 1.4 | 0.5 |  |  |
| 4.7 | 7.5 | 2.5 |  | 6.3 |
| 3 | 10.6 | 1.3 |  |  |
|  | 2.2 | 3.9 |  |  |
| 2.5 | 1.7 |  | 1.9 |  |
| 4.5 | 1.6 | 1.2 | 6 | 4 |
| 4.7 | 1.9 | 0.3 |  |  |
| 3.1 |  | 3.8 | 4.7 | 3 |
|  |  | 0.9 |  | 1.6 |
| 1.9 |  | 0.3 |  |  |
|  |  |  | 3.3 |  |
|  |  | 0.2 |  | 4.4 |
|  |  | 0.3 |  |  |
|  |  |  | 6.1 |  |
|  |  | 1.1 |  |  |
| 1.5 | 1.4 | 0.1 |  |  |
| 1.1 |  | 6.5 |  |  |
|  | 1.9 | 4.4 |  |  |
|  | 3 |  |  |  |
| 2.1 | 1.2 | 1 |  |  |
| 0.8 |  |  |  |  |
| 1 | 2.4 | 0.6 | 3.3 |  |
| 2.5 |  | 3.5 | 6.2 | 2.3 |
| 2 | 1.3 | 4.6 | 4.6 | 3.1 |
| 1.7 |  | 5.6 |  |  |
| 3.3 |  | 3 |  |  |
| 2.9 | 1.7 | 2.5 | 5.9 | 2.5 |
| 0.8 |  | 4.9 | 5.8 | 2 |
| 1.8 | 2.4 | 2.1 | 3.6 | 4.3 |
| 1.1 |  | 0.2 |  |  |
|  |  | 4.2 |  |  |
|  |  | 0.6 |  |  |
|  |  | 0.9 |  | 4.2 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **169**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> International<br> Equity<br> Advantage<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard<br> International<br> Quality Growth<br> Portfolio |
| Insurance | 5.6% | 4.4% | 6.9% | 8.2% |
| Interactive Media & Services | 0.1 | 0.8 | 2.4 | 4.1 |
| Internet & Direct Marketing Retail | 0.1 | 1.2 | 2.1 | 1.8 |
| IT Services | 2 | 0.9 | 2.9 | 2 |
| Leisure Products | 0.3 | 4.2 | 1.5 | 3.1 |
| Life Sciences Tools & Services | 0.2 | 2 | 1.5 | 1.5 |
| Machinery | 1.3 | 1.6 | 0.5 | 0.8 |
| Marine | 1.5 | 0.8 |  |  |
| Media | 0.2 |  |  |  |
| Metals & Mining | 3.4 | 1.7 | 1.1 |  |
| Multiline Retail |  |  |  | 2.9 |
| Multi-Utilities |  | 2.9 | 2.4 |  |
| Oil, Gas & Consumable Fuels | 5.1 | 6.2 | 7.1 |  |
| Personal Products | 3.5 | 2.5 | 2.1 | 2.9 |
| Pharmaceuticals | 11.3 | 4.5 | 4.2 | 1.2 |
| Professional Services | 2.2 | 5.8 | 6.9 | 9.6 |
| Real Estate Management & Development | 1.4 | 1.9 | 1.7 |  |
| Road & Rail |  |  |  |  |
| Semiconductors & Semiconductor Equipment | 2.9 | 4.1 | 5.5 | 7.3 |
| Software | 1.2 |  |  | 4.7 |
| Specialty Retail | 2 | 1.4 | 0.7 | 1.9 |
| Technology Hardware, Storage & Peripherals | 1 |  |  |  |
| Textiles, Apparel & Luxury Goods | 3 | 2.3 | 2.5 | 3.7 |
| Tobacco | 3.2 |  |  |  |
| Trading Companies & Distributors | 2.5 | 1.2 | 0.8 | 2.9 |
| Wireless Telecommunication Services | 1.1 |  |  |  |
| Subtotal | 99.8 | 98.2 | 96.2 | 97.4 |
| Short-Term Investments | 0.7 |  | 1.2 |  |
| Total Investments | 100.5% | 98.2% | 97.4% | 97.4% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

 

*The accompanying notes are an integral part of these financial statements.*

**170** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Small Cap<br> Equity<br> Portfolio | Lazard<br> International<br> Strategic Equity<br> Portfolio | Lazard<br> Managed<br> Equity<br> Volatility<br> Portfolio | Lazard US<br> Equity<br> Concentrated<br> Portfolio | Lazard US<br> Equity<br> Focus<br> Portfolio |
| 2.3% | 9.4% | 5.0% | —% | 4.3% |
| 0.9 |  |  | 9.7 | 5.5 |
|  |  |  |  | 3.8 |
| 2.4 | 2.1 | 4.2 | 13 | 5.3 |
| 1.8 | 3.4 | 1.2 |  |  |
| 1 | 2 | 0.7 |  | 6.7 |
| 6.2 |  | 0.6 | 4.8 |  |
|  | 1.3 | 0.8 |  |  |
| 1.7 | 2.2 |  |  |  |
|  |  | 0.3 | 4.3 | 2.8 |
|  | 2.9 | 2.6 |  |  |
| 2.2 | 2.2 | 1.5 |  |  |
|  |  | 1.9 |  | 1.4 |
| 1 | 5.3 | 7.2 |  | 5.3 |
| 5.5 | 6.5 | 1.6 | 3.7 |  |
| 6.2 | 2.1 | 1.2 |  |  |
|  | 1.5 | 0.5 |  | 4.1 |
| 2.2 | 4.7 | 0.3 | 12.7 | 6.4 |
| 2.8 |  | 1.1 |  | 8.7 |
| 3.8 |  | 3.2 |  |  |
| 1.4 |  | 0.8 |  |  |
| 1.8 |  | 0.3 |  | 2.3 |
|  |  | 1.9 |  |  |
| 2.8 |  |  |  |  |
|  |  | 1.1 |  |  |
| 97.5 | 97.4 | 99.6 | 99.6 | 95.4 |
| 2.2 | 2.9 |  | 0.4 | 4.7 |
| 99.7% | 100.3% | 99.6% | 100.0% | 100.1% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **171**

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (concluded):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> US Small-<br> Mid Cap<br> Equity<br> Portfolio | Lazard<br> US<br> Sustainable<br> Equity<br> Portfolio | Lazard US<br> Systematic<br> Small Cap<br> Equity<br> Portfolio |
| Common & Preferred Stocks |  |  |  |
| Aerospace & Defense | 2.6% | —% | 0.5% |
| Air Freight & Logistics |  |  | 0.4 |
| Airlines | 1.1 |  |  |
| Auto Components |  | 0.9 | 1.4 |
| Automobiles |  |  | 0.3 |
| Banks | 9.9 | 6.8 | 2.6 |
| Beverages |  |  | 1.1 |
| Biotechnology | 3 |  | 6.9 |
| Building Products | 3.4 | 0.6 | 2.8 |
| Capital Markets | 1.5 | 4.7 | 1.1 |
| Chemicals | 3 | 1 | 3 |
| Commercial Services & Suppliers |  | 3.2 | 3.2 |
| Communications Equipment | 2.8 | 1.9 | 1.4 |
| Construction & Engineering |  |  | 0.7 |
| Construction Materials | 0.9 |  | 0.7 |
| Consumer Finance |  | 1 |  |
| Containers & Packaging | 2.9 | 2.8 | 0.7 |
| Distributors |  |  | 0.2 |
| Diversified Consumer Services |  |  | 0.6 |
| Diversified Financial Services |  |  | 0.2 |
| Diversified Telecommunication Services |  |  | 0.6 |
| Electrical Equipment | 3.4 | 2.2 | 1.8 |
| Electronic Equipment, Instruments & Components | 2.4 | 1.7 | 4.5 |
| Energy Equipment & Services | 2.6 |  | 0.1 |
| Entertainment | 1.7 | 1 | 0.9 |
| Equity Real Estate Investment Trusts (REITs) | 6 | 2.4 | 3.9 |
| Food & Staples Retailing | 1.2 | 1.8 | 1.1 |
| Food Products | 2.1 |  | 1.9 |
| Gas Utilities | 2.4 |  |  |
| Health Care Equipment & Supplies | 2.1 | 4.7 | 4.4 |
| Health Care Providers & Services | 1.5 | 6.4 | 1.6 |
| Health Care Technology | 0.9 |  | 0.9 |
| Hotels, Restaurants & Leisure | 2.4 |  | 0.9 |
| Household Durables | 1.2 |  | 2.5 |
| Household Products |  | 2.7 | 0.1 |
| Independent Power & Renewable Electricity Producers |  |  | 0.3 |
| Industrial Conglomerates |  |  | 0.1 |
| Insurance | 4 |  | 0.4 |

---

*The accompanying notes are an integral part of these financial statements.*

**172** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> US Small-<br> Mid Cap<br> Equity<br> Portfolio | Lazard<br> US<br> Sustainable<br> Equity<br> Portfolio | Lazard US<br> Systematic<br> Small Cap<br> Equity<br> Portfolio |
| Interactive Media & Services | 2.5% | —% | 0.6% |
| Internet & Direct Marketing Retail |  |  | 0.3 |
| IT Services | 1.9 | 5.9 | 3.8 |
| Leisure Products | 2.2 |  | 2 |
| Life Sciences Tools & Services | 4.3 | 8.5 | 0.9 |
| Machinery | 3.9 | 4.2 | 3.2 |
| Marine |  |  | 1.2 |
| Media |  |  | 1.9 |
| Mortgage Real Estate Investment Trusts (REITs) |  |  | 0.2 |
| Oil, Gas & Consumable Fuels | 2.6 |  | 2.4 |
| Paper & Forest Products |  |  | 1.3 |
| Personal Products |  | 1.7 | 0.1 |
| Pharmaceuticals | 1.2 | 5 | 0.6 |
| Professional Services | 2.8 |  | 4.6 |
| Real Estate Management & Development |  |  | 1 |
| Road & Rail |  | 2.5 | 1.2 |
| Semiconductors & Semiconductor Equipment | 2.1 | 5 | 2.6 |
| Software | 5.3 | 12.5 | 7.2 |
| Specialty Retail | 3.1 | 2.6 | 2.6 |
| Technology Hardware, Storage & Peripherals |  |  | 1 |
| Textiles, Apparel & Luxury Goods | 1.4 | 1.4 | 1.7 |
| Thrifts & Mortgage Finance |  |  | 0.9 |
| Trading Companies & Distributors |  |  | 3.9 |
| Transportation Infrastructure |  |  | 0.3 |
| Subtotal | 98.3 | 95.1 | 99.3 |
| Short-Term Investments |  | 5.1 | 0.7 |
| Total Investments | 98.3% | 100.2% | 100.0% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **173**

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Developing Markets<br> Equity Portfolio | <br> Lazard Emerging<br> Markets Core<br> Equity Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $96116443 | $87578365 |
| Cash |  |  |
| Foreign currency, at fair value | 4857 | 1227882 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 1443741 | 672791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 99564 | 153296 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock sold | 101125 | 7031294 |
| Total assets | 97765730 | 96663628 |
| **LIABILITIES** |  |  |
| Foreign currency due to custodian |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 75624 | 80337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 155692 | 158548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued professional services | 30708 | 26744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | 971 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued directors' fees | 91 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock redeemed | 80999 | 164637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 213 | 1698871 |
| Other accrued expenses and payables | 23864 | 30074 |
| Total liabilities | 368162 | 2159592 |
| Net assets | $97397568 | $94504036 |
| **NET ASSETS** |  |  |
| Paid in capital | $209183574 | $108415193 |
| Distributable earnings (Accumulated loss) | (111786006) | (13911157) |
| Net assets | $97397568 | $94504036 |
| **Institutional Shares** |  |  |
| Net assets | $91910097 | $92730429 |
| Shares of capital stock outstanding\* | 7777673 | 10455241 |
| **Net asset value, offering and redemption price per share** | $11.82 | $8.87 |
| **Open Shares** |  |  |
| Net assets | $5487471 | $1426949 |
| Shares of capital stock outstanding\* | 467111 | 161234 |
| **Net asset value, offering and redemption price per share** | $11.75 | $8.85 |
| **R6 Shares** |  |  |
| Net assets |  | $346658 |
| Shares of capital stock outstanding\* |  | 39040 |
| **Net asset value, offering and redemption price per share** |  | $8.88 |
| Cost of investments in securities | $88564290 | $80370152 |
| Cost of foreign currency | $4856 | $1222694 |

---

*\** *$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.*

**174** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets<br> Equity Advantage<br> Portfolio | Lazard<br> Emerging Markets<br> Equity Portfolio | Lazard<br> Emerging Markets<br> Strategic Equity<br> Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard Global<br> Equity Select<br> Portfolio |
| $79851727 | $2533092320 | $44525102 | $156342054 | $92807240 |
|  | 458498 | 10199 |  |  |
| 3010976 | 4876296 | 245 | 115 | 71 |
| 5178 | 12245011 |  |  |  |
| 94711 | 7024665 | 158472 | 389356 | 135107 |
| 4731729 | 4533414 | 22738 | 3500205 | 23603 |
| 87694321 | 2562230204 | 44716756 | 160231730 | 92966021 |
| 7 |  |  |  | 3 |
| 29150 | 2218775 | 25066 | 113665 | 52052 |
|  | 2069786 | 99313 |  |  |
| 28818 | 96470 | 34856 | 26481 | 26373 |
| 64 | 69934 | 630 | 38 | 267 |
| 43 | 1375 | 33 |  | 66 |
|  | 14881266 | 109278 | 25716 | 317542 |
| 7026080 | 2246046 |  |  |  |
| 10770 | 218700 | 12756 | 11674 | 12150 |
| 7094932 | 21802352 | 281932 | 177574 | 408453 |
| $80599389 | $2540427852 | $44434824 | $160054156 | $92557568 |
| $97649930 | $3715621370 | $100645910 | $166559278 | $72639396 |
| (17050541) | (1175193518) | (56211086) | (6505122) | 19918172 |
| $80599389 | $2540427852 | $44434824 | $160054156 | $92557568 |
| $80506493 | $2281186574 | $42053275 | $159863993 | $91303478 |
| 8186529 | 156565118 | 4163047 | 17653491 | 5938494 |
| $9.83 | $14.57 | $10.10 | $9.06 | $15.37 |
| $92896 | $251237315 | $2381549 | $190163 | $1254090 |
| 9443 | 16682124 | 234852 | 21010 | 81524 |
| $9.84 | $15.06 | $10.14 | $9.05 | $15.38 |
|  | $8003963 |  |  |  |
|  | 548994 |  |  |  |
|  | $14.58 |  |  |  |
| $81632710 | $2569183121 | $48587550 | $158251518 | $73164933 |
| $3010680 | $4878520 | $263 | $115 | $71 |

---

Annual Report **175**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | <br> Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard<br> Global Strategic<br> Equity Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $7119019605 | $10655264 |
| Non-controlled affiliated issuers, at fair value (Note 5) | 888363549 |  |
| Cash |  |  |
| Foreign currency, at fair value | 4101 | 38 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock sold | 61734668 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 35601964 | 1984449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 31587694 | 15338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Gross unrealized appreciation on forward currency contracts | 27826054 |  |
| Total assets | 8164137635 | 12655089 |
| **LIABILITIES** |  |  |
| Foreign currency due to custodian |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 6463419 | 3782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued professional services | 162357 | 27849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued custodian fees | 133114 | 2946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | 75980 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued directors' fees | 3817 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock redeemed | 18607212 | 2000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 90761 | 2566 |
| Gross unrealized depreciation on forward currency contracts | 12863973 |  |
| Line of credit outstanding |  |  |
| Other accrued expenses and payables | 315381 | 3692 |
| Total liabilities | 38716014 | 2040898 |
| Net assets | $8125421621 | $10614191 |
| **NET ASSETS** |  |  |
| Paid in capital | $8353353917 | $11674387 |
| Distributable earnings (Accumulated loss) | (227932296) | (1060196) |
| Net assets | $8125421621 | $10614191 |
| **Institutional Shares** |  |  |
| Net assets | $7789194694 | $10441552 |
| Shares of capital stock outstanding\* | 548675033 | 960139 |
| **Net asset value, offering and redemption price per share** | $14.20 | $10.88 |
| **Open Shares** |  |  |
| Net assets | $336226927 | $172639 |
| Shares of capital stock outstanding\* | 23667566 | 16012 |
| **Net asset value, offering and redemption price per share** | $14.21 | $10.78 |
| **R6 Shares** |  |  |
| Net assets |  |  |
| Shares of capital stock outstanding\* |  |  |
| **Net asset value, offering and redemption price per share** |  |  |
| Cost of investments in securities | $6716679295 | $11224266 |
| Cost of non-controlled affiliated issuers | $1098505439 | $— |
| Cost of foreign currency | $4099 | $38 |

---

*\** *$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.*

**176** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Equity<br> Advantage<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity<br> Select<br> Portfolio | Lazard<br> International<br> Quality<br> Growth<br> Portfolio | Lazard<br> International<br> Small Cap<br> Equity<br> Portfolio |
| $2573276 | $969043318 | $53149787 | $108215308 | $14586674 |
|  | 130 |  | 152 |  |
| 834 | 309 | 62832 | 180 | 1883 |
|  | 2413409 | 129617 | 46309 | 173 |
|  | 30877255 | 1199923 | 9590502 |  |
| 9141 | 7946988 | 150237 | 143151 | 119508 |
| 9753 |  |  |  |  |
| 2593004 | 1010281409 | 54692396 | 117995602 | 14708238 |
| 1 |  | 4 |  |  |
|  | 674460 | 31570 | 52057 | 3452 |
| 24823 | 49870 | 28359 | 26522 | 26635 |
| 3845 | 21347 | 4048 | 3879 | 3513 |
| 24 | 14188 | 562 | 77 | 1672 |
| 25 | 1266 | 38 | 121 | 22 |
|  |  | 13145 |  |  |
|  | 4920143 | 54561 | 138795 | 35095 |
|  | 35604 | 813 | 27190 |  |
|  | 17261000 |  | 6646000 |  |
| 3620 | 75149 | 6624 | 5895 | 5536 |
| 32338 | 23053027 | 139724 | 6900536 | 75925 |
| $2560666 | $987228382 | $54552672 | $111095066 | $14632313 |
| $2704844 | $933605839 | $55694733 | $128240046 | $17619213 |
| (144178) | 53622543 | (1142061) | (17144980) | (2986900) |
| $2560666 | $987228382 | $54552672 | $111095066 | $14632313 |
| $2444051 | $869013759 | $51642940 | $110722952 | $6940459 |
| 261804 | 60292364 | 5427143 | 8337316 | 902119 |
| $9.34 | $14.41 | $9.52 | $13.28 | $7.69 |
| $116615 | $54780667 | $2909732 | $372114 | $7691854 |
| 12488 | 3743668 | 304184 | 28191 | 996438 |
| $9.34 | $14.63 | $9.57 | $13.20 | $7.72 |
|  | $63433956 |  |  |  |
|  | 4410047 |  |  |  |
|  | $14.38 |  |  |  |
| $2493086 | $894910357 | $50638749 | $118394293 | $15680210 |
| $— | $— | $— | $— | $— |
| $832 | $309 | $62960 | $180 | $1916 |

---

Annual Report **177**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> International<br> Strategic<br> Equity Portfolio | Lazard<br> Managed<br> Equity<br> Volatility Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $4597285953 | $28681160 |
| Cash |  |  |
| Foreign currency, at fair value | 5538 | 3200 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends | 14975065 | 87449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock sold | 4705228 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold | 116460 | 103398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Other assets |  |  |
| Total assets | 4617088244 | 28875207 |
| **LIABILITIES** |  |  |
| Due to custodian |  | 42088 |
| Foreign currency due to custodian |  | 1 |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 3055502 | 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains taxes | 1679441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued professional services | 117625 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued distribution fees | 76256 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 72937 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued custodian fees | 63923 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administration fees | 46542 | 1674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued directors' fees | 1404 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 20544576 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock redeemed | 5967907 |  |
| Other accrued expenses and payables | 73825 | 1338 |
| Total liabilities | 31699938 | 81660 |
| Net assets | $4585388306 | $28793547 |
| **NET ASSETS** |  |  |
| Paid in capital | $4366437337 | $28397745 |
| Distributable earnings (Accumulated loss) | 218950969 | 395802 |
| Net assets | $4585388306 | $28793547 |
| **Institutional Shares** |  |  |
| Net assets | $4180621619 | $28712351 |
| Shares of capital stock outstanding\* | 311507437 | 2406396 |
| **Net asset value, offering and redemption price per share** | $13.42 | $11.93 |
| **Open Shares** |  |  |
| Net assets | $308242871 | $81196 |
| Shares of capital stock outstanding\* | 22739287 | 6810 |
| **Net asset value, offering and redemption price per share** | $13.56 | $11.92 |
| **R6 Shares** |  |  |
| Net assets | $96523816 |  |
| Shares of capital stock outstanding\* | 7185282 |  |
| **Net asset value, offering and redemption price per share** | $13.43 |  |
| Cost of investments in securities | $4142811552 | $27375628 |
| Cost of foreign currency | $5523 | $3199 |

---

*\** *$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.*

**178** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard<br> US Equity<br> Focus<br> Portfolio | Lazard<br> US Small-Mid<br> Cap Equity<br> Portfolio | Lazard<br> US Sustainable<br> Equity Portfolio | Lazard<br> US Systematic<br> Small Cap<br> Equity Portfolio |
| $1219735907 | $73487363 | $41913889 | $12781000 | $24884747 |
|  |  | 773344 |  |  |
| 381848 | 36054 | 35271 | 7203 | 22506 |
| 2542083 | 20 | 3738 |  |  |
|  |  |  | 4081 | 25462 |
|  |  | 466 |  |  |
| 1222659838 | 73523437 | 42726708 | 12792284 | 24932715 |
|  |  |  |  | 2322 |
| 752971 | 30964 | 33247 |  |  |
| 46578 | 25139 | 24924 | 22934 | 24552 |
| 5800 | 243 | 1742 | 105 | 20 |
| 46528 | 1706 | 2100 | 1249 | 4212 |
| 25353 | 4300 | 4108 | 3104 | 5662 |
| 18139 | 4063 | 2093 | 5041 | 5255 |
| 680 | 62 | 114 | 29 |  |
|  |  |  |  | 1366 |
| 1798747 | 13690 | 62 |  |  |
| 18682 | 1647 | 2010 | 1272 | 1303 |
| 2713478 | 81814 | 70400 | 33734 | 44692 |
| $1219946360 | $73441623 | $42656308 | $12758550 | $24888023 |
| $948291819 | $60692589 | $35275816 | $10952673 | $26045450 |
| 271654541 | 12749034 | 7380492 | 1805877 | (1157427) |
| $1219946360 | $73441623 | $42656308 | $12758550 | $24888023 |
| $1193491674 | $38037188 | $34882473 | $12221560 | $24786250 |
| 80188463 | 2928944 | 2857788 | 989077 | 2910165 |
| $14.88 | $12.99 | $12.21 | $12.36 | $8.52 |
| $24268209 | $1160028 | $7750127 | $536990 | $101773 |
| 1614946 | 88816 | 705847 | 43416 | 11923 |
| $15.03 | $13.06 | $10.98 | $12.37 | $8.54 |
| $2186477 | $34244407 | $23708 |  |  |
| 146418 | 2635291 | 1936 |  |  |
| $14.93 | $12.99 | $12.25 |  |  |
| $993841849 | $59833679 | $34495611 | $11038228 | $25143655 |
| $— | $— | $— | $— | $— |

---

Annual Report **179**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2022 | &nbsp;&nbsp;For the Year Ended December 31, 2022 | <br> Lazard<br> Developing Markets<br> Equity Portfolio | Lazard Emerging<br> Markets Core<br> Equity Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Dividends | Dividends | $2412085 | $3087402 |
| Non-cash income | Non-cash income | 197282 | 447356 |
| Total investment income\* | Total investment income\* | 2609367 | 3534758 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 1202300 | 1192211 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 16901 | 4090 |
| Custodian fees | Custodian fees | 76396 | 75914 |
| Administration fees | Administration fees | 36018 | 35618 |
| Professional services | Professional services | 64997 | 64748 |
| Shareholders' services | Shareholders' services | 20677 | 15600 |
| Directors' fees and expenses | Directors' fees and expenses | 12778 | 13055 |
| Shareholders' reports | Shareholders' reports | 20909 | 18796 |
| Registration fees | Registration fees | 39058 | 46703 |
| Other^ | Other^ | 12276 | 14371 |
| Total gross expenses | Total gross expenses | 1502310 | 1481106 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (101076) | (24197) |
| Total net expenses | Total net expenses | 1401234 | 1456909 |
| Net investment income (loss) | Net investment income (loss) | 1208133 | 2077849 |
| **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;&nbsp;Investments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;Investments\*\* | (5470574) | (3803615) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (49732) | (95727) |
| Total net realized gain (loss) | Total net realized gain (loss) | (5520306) | (3899342) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;&nbsp;Investments† | (29624313) | (31042688) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (2052) | 7176 |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | (29626365) | (31035512) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | (35146671) | (34934854) |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $(33938538) | $(32857005) |
| \* | Net of foreign withholding taxes of | $327918 | $331007 |
| \*\* | Net of foreign capital gains taxes of | $133324 | $73704 |
| † | Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | $237937 | $116642 |
| ^ | Includes interest on line of credit of | $563 | $1859 |

---

*The accompanying notes are an integral part of these financial statements.*

**180** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> Emerging Markets<br> Equity Advantage<br> Portfolio | Lazard Emerging<br> Markets Equity<br> Portfolio | Lazard<br> Emerging Markets<br> Strategic Equity<br> Portfolio | Lazard<br> Equity Franchise<br> Portfolio | Lazard Global<br> Equity Select<br> Portfolio |
| $2295357 | $179168218 | $1956893 | $2629570 | $1445961 |
|  |  | 108193 | 149216 |  |
| 2295357 | 179168218 | 2065086 | 2778786 | 1445961 |
| 472758 | 29910467 | 506689 | 967176 | 645632 |
| 619 | 766637 | 6619 | 387 | 3301 |
| 69993 | 390128 | 56618 | 61202 | 56238 |
| 26654 | 350615 | 25755 | 34799 | 32210 |
| 50718 | 285646 | 35720 | 46675 | 46708 |
| 12513 | 265620 | 16732 | 14139 | 14920 |
| 8877 | 202110 | 8212 | 11469 | 11254 |
| 10401 | 175975 | 16239 | 10373 | 13185 |
| 37036 | 76769 | 35773 | 35055 | 44607 |
| 12688 | 153340 | 8218 | 12360 | 10178 |
| 702257 | 32577307 | 716575 | 1193635 | 878233 |
| (129106) | (3087) | (138070) | (41422) | (4493) |
| 573151 | 32574220 | 578505 | 1152213 | 873740 |
| 1722206 | 146593998 | 1486581 | 1626573 | 572221 |
| (15052103) | (114175572) | (6917033) | 13863104 | 1079815 |
| (44149) | (1518317) | (12114) | (44992) | (39489) |
| (15096252) | (115693889) | (6929147) | 13818112 | 1040326 |
| (1480338) | (557228600) | (6253507) | (17189594) | (21691235) |
| (1724) | (187238) | (7586) | (4189) | (873) |
| (1482062) | (557415838) | (6261093) | (17193783) | (21692108) |
| (16578314) | (673109727) | (13190240) | (3375671) | (20651782) |
| $(14856108) | $(526515729) | $(11703659) | $(1749098) | $(20079561) |
| $243188 | $18205789 | $221093 | $87950 | $91544 |
| $— | $693248 | $12742 | $— | $— |
| $— | $443399 | $(67238) | $— | $— |
| $4629 | $46 | $398 | $2146 | $267 |

---

Annual Report **181**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2022 | &nbsp;&nbsp;For the Year Ended December 31, 2022 | <br> Lazard<br> Global Listed<br> Infrastructure<br> Portfolio | Lazard<br> Global Strategic<br> Equity Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| Income | Income |  |  |
| Dividends# | Dividends# |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | $220941626 | $177369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers (Note 5) | &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers (Note 5) | 49850591 |  |
| Non-cash income | Non-cash income | 17201441 |  |
| Total investment income\* | Total investment income\* | 287993658 | 177369 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 74054444 | 103018 |
| Custodian fees | Custodian fees | 1516539 | 40849 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 849607 | 436 |
| Administration fees | Administration fees | 776223 | 20276 |
| Professional services | Professional services | 619143 | 47091 |
| Shareholders' services | Shareholders' services | 589154 | 9523 |
| Directors' fees and expenses | Directors' fees and expenses | 485945 | 5931 |
| Shareholders' reports | Shareholders' reports | 345193 | 10042 |
| Registration fees | Registration fees | 260064 | 36190 |
| Other^ | Other^ | 394971 | 5894 |
| Total gross expenses | Total gross expenses | 79891283 | 279250 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed |  | (151375) |
| Total net expenses | Total net expenses | 79891283 | 127875 |
| Net investment income (loss) | Net investment income (loss) | 208102375 | 49494 |
| **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;&nbsp;Investments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;Investments\*\* | (14176819) | (465002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | (39522841) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 3899269 | (2375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 372705509 |  |
| Total net realized gain (loss) | Total net realized gain (loss) | 322905118 | (467377) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;&nbsp;Investments† | (597358206) | (2950595) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled affiliated issuers | (161894361) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (630286) | (102) |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;Forward currency contracts | 94210398 |  |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | (665672455) | (2950697) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | (342767337) | (3418074) |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $(134664962) | $(3368580) |
| \*# | Net of foreign withholding taxes of | $13673777 | $10401 |
| \*\* | Net of foreign capital gains taxes of | $— | $— |
| † | Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | $— | $— |
| ^ | Includes interest on line of credit of | $— | $17 |

---

*#* *Dividend income for Lazard Global Listed Infrastructure Portfolio includes $2,478,832 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 $16,152,609. 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.*

**182** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> International<br> Equity<br> Advantage<br> Portfolio | Lazard<br> International<br> Equity<br> Portfolio | Lazard<br> International<br> Equity Select<br> Portfolio | Lazard<br> International<br> Quality<br> Growth<br> Portfolio | Lazard<br> International<br> Small Cap<br> Equity<br> Portfolio |
| $87490 | $36145101 | $1635634 | $1736406 | $550921 |
| 11843 |  |  |  |  |
| 99333 | 36145101 | 1635634 | 1736406 | 550921 |
| 16734 | 9916008 | 431825 | 838793 | 143736 |
| 48792 | 254045 | 43675 | 65169 | 43655 |
| 293 | 173406 | 8287 | 740 | 23605 |
| 18828 | 182910 | 27914 | 32605 | 21394 |
| 40376 | 155819 | 56053 | 47055 | 49607 |
| 8577 | 102836 | 13798 | 14344 | 12170 |
| 5190 | 89639 | 9487 | 11026 | 6247 |
| 10322 | 101296 | 15295 | 9825 | 11547 |
| 36952 | 82666 | 35316 | 144708 | 33634 |
| 25 | 91796 | 8588 | 10370 | 7741 |
| 186089 | 11150421 | 650238 | 1174635 | 353336 |
| (163839) | (24044) | (43342) | (221467) | (112126) |
| 22250 | 11126377 | 606896 | 953168 | 241210 |
| 77083 | 25018724 | 1028738 | 783238 | 309711 |
| (219274) | (17260410) | (3504127) | (6299191) | (1595992) |
| (265) | (855430) | (32713) | 8920 | (15681) |
| (219539) | (18115840) | (3536840) | (6290271) | (1611673) |
| (261873) | (273011101) | (10322053) | (13648234) | (5616842) |
| (374) | (272854) | (9759) | (978) | (2924) |
| (262247) | (273283955) | (10331812) | (13649212) | (5619766) |
| (481786) | (291399795) | (13868652) | (19939483) | (7231439) |
| $(404703) | $(266381071) | $(12839914) | $(19156245) | $(6921728) |
| $9723 | $1488153 | $179434 | $208319 | $54302 |
| $— | $416369 | $21442 | $— | $— |
| $— | $313372 | $20179 | $— | $— |
| $— | $12116 | $53 | $701 | $864 |

---

*#* *Dividend income for Lazard International Equity Portfolio and Lazard International Equity Select Portfolio includes $2,036,374 and $10,539, respectively, of refunds received as a result of European Union dividend withholding tax reclaim filings. The amounts of foreign withholding taxes without such refunds from European Union dividend withholding tax reclaim filings would have been $3,524,527 and $189,973, respectively, Refer to Note 2 (b) in the Notes to Financial Statements for further information.*

Annual Report **183**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2022 | &nbsp;&nbsp;For the Year Ended December 31, 2022 | Lazard<br> International<br> Strategic<br> Equity Portfolio | Lazard<br> Managed Equity<br> Volatility Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Dividends# | Dividends# | $123801825 | $740542 |
| Total investment income\* | Total investment income\* | 123801825 | 740542 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 39185604 | 174591 |
| Custodian fees | Custodian fees | 1002394 | 63207 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 872726 | 201 |
| Administration fees | Administration fees | 531596 | 22427 |
| Professional services | Professional services | 461856 | 42069 |
| Directors' fees and expenses | Directors' fees and expenses | 347097 | 6822 |
| Shareholders' services | Shareholders' services | 288771 | 10255 |
| Shareholders' reports | Shareholders' reports | 275836 | 9614 |
| Registration fees | Registration fees | 145651 | 32148 |
| Amortization of offering costs (Note 2(f)) | Amortization of offering costs (Note 2(f)) |  |  |
| Other^ | Other^ | 253637 | 6525 |
| Total gross expenses | Total gross expenses | 43365168 | 367859 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (4913) | (149098) |
| Total net expenses | Total net expenses | 43360255 | 218761 |
| Net investment income (loss) | Net investment income (loss) | 80441570 | 521781 |
| **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;&nbsp;Investments\*\* | &nbsp;&nbsp;&nbsp;&nbsp;Investments\*\* | (190364499) | (791855) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (887156) | (2486) |
| Total net realized gain (loss) | Total net realized gain (loss) | (191251655) | (794341) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments† | &nbsp;&nbsp;&nbsp;&nbsp;Investments† | (956937519) | (1835941) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (309993) | (528) |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | (957247512) | (1836469) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | (1148499167) | (2630810) |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $(1068057597) | $(2109029) |
| \*# | Net of foreign withholding taxes of | $5136032 | $37053 |
| \*\* | Net of foreign capital gains taxes of | $108133 | $— |
| † | Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | $149929 | $— |
| ^ | Includes interest on line of credit of | $— | $37 |

---

*#* *Dividend income for Lazard International Strategic Equity Portfolio includes $5,476,987 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 $10,613,019. 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.*

**184** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Lazard<br> US Equity<br> Concentrated<br> Portfolio | Lazard<br> US Equity<br> Focus<br> Portfolio | Lazard<br> US Small-Mid Cap<br> Equity<br> Portfolio | Lazard<br> US Sustainable<br> Equity<br> Portfolio | Lazard<br> US Systematic<br> Small Cap<br> Equity Portfolio |
| $20802087 | $1102976 | $701804 | $181903 | $314290 |
| 20802087 | 1102976 | 701804 | 181903 | 314290 |
| 10739885 | 425747 | 523778 | 78587 | 115334 |
| 338471 | 52827 | 54575 | 31329 | 68559 |
| 71424 | 3265 | 22074 | 1331 | 289 |
| 204470 | 30392 | 28392 | 23083 | 22401 |
| 136782 | 43549 | 43767 | 48278 | 37188 |
| 107548 | 9789 | 10255 | 5850 | 5569 |
| 104448 | 14602 | 13712 | 9386 | 6717 |
| 190162 | 10445 | 11881 | 7881 | 13073 |
| 62239 | 34975 | 43930 | 34489 | 33221 |
|  |  |  |  | 139722 |
| 88227 | 9343 | 10065 | 5814 | 335 |
| 12043656 | 634934 | 762429 | 246028 | 442408 |
| (3819) | (89052) | (20487) | (146431) | (293052) |
| 12039837 | 545882 | 741942 | 99597 | 149356 |
| 8762250 | 557094 | (40138) | 82306 | 164934 |
| 106367493 | 405396 | 752825 | 216045 | (892276) |
| 106367493 | 405396 | 752825 | 216045 | (892276) |
| (482242653) | (16065433) | (15460669) | (3097384) | (320798) |
| (482242653) | (16065433) | (15460669) | (3097384) | (320798) |
| (375875160) | (15660037) | (14707844) | (2881339) | (1213074) |
| $(367112910) | $(15102943) | $(14747982) | $(2799033) | $(1048140) |
| $— | $— | $302 | $— | $5538 |
| $— | $— | $— | $— | $— |
| $— | $— | $— | $— | $— |
| $9723 | $— | $442 | $— | $— |

---

Annual Report **185**

**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>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $1208133 | $535821 |
| Net realized gain (loss) | (5520306) | 2234077 |
| Net change in unrealized appreciation (depreciation) | (29626365) | (23292772) |
| Net increase (decrease) in net assets resulting from operations | (33938538) | (20522874) |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (707448) | (1516068) |
| &nbsp;&nbsp;&nbsp;Open Shares | (29962) | (70702) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| **Return of capital** |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 60003 |  |
| &nbsp;&nbsp;&nbsp;Open Shares | 2541 |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (799954) | (1586770) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 22986526 | 52260422 |
| &nbsp;&nbsp;&nbsp;Open Shares | 1330724 | 4865685 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 635859 | 1208264 |
| &nbsp;&nbsp;&nbsp;Open Shares | 28854 | 62092 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (47316675) | (74730015) |
| &nbsp;&nbsp;&nbsp;Open Shares | (3142059) | (4547349) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | (25476771) | (20880901) |
| Total increase (decrease) in net assets | (60215263) | (42990545) |
| Net assets at beginning of period | 157612831 | 200603376 |
| Net assets at end of period | $97397568 | $157612831 |
| **Shares issued and redeemed Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 9637932 | 11013865 |
| Shares sold | 1776812 | 2988029 |
| Shares issued to shareholders from reinvestment of distributions | 53569 | 78503 |
| Shares redeemed | (3690640) | (4442465) |
| Net increase (decrease) | (1860259) | (1375933) |
| Shares outstanding at end of period | 7777673 | 9637932 |

---

*The accompanying notes are an integral part of these financial statements.*

**186** Annual Report

------

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| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br>Markets Core Equity Portfolio | Lazard Emerging<br>Markets Core Equity Portfolio | Lazard Emerging<br>Markets Equity Advantage Portfolio | Lazard Emerging<br>Markets Equity Advantage Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| $2077849 | $1239180 | $1722206 | $1175145 |
| (3899342) | 9732694 | (15096252) | 3733999 |
| (31035512) | (31673211) | (1482062) | (6316504) |
| (32857005) | (20701337) | (14856108) | (1407360) |
| (1910920) | (1210128) | (1903988) | (5115729) |
| (28218) | (9228) | (3123) | (118907) |
| (7388) | (3617) |  |  |
| (1946526) | (1222973) | (1907111) | (5234636) |
| 34798642 | 50845441 | 81225276 | 47141565 |
| 1088647 | 2306794 | 34560 | 4665435 |
| 109702 | 36357 |  |  |
| 1842661 | 1162680 | 1895534 | 5115729 |
| 26946 | 8896 | 3123 | 118907 |
| 7388 | 3617 |  |  |
| (65949462) | (83623051) | (54457517) | (4956704) |
| (1323071) | (2488441) | (855669) | (4699211) |
| (1534) | (211190) |  |  |
| (29400081) | (31958897) | 27845307 | 47385721 |
| (64203612) | (53883207) | 11082088 | 40743725 |
| 158707648 | 212590855 | 69517301 | 28773576 |
| $94504036 | $158707648 | $80599389 | $69517301 |
| 13520650 | 15971095 | 5322452 | 2022986 |
| 3561761 | 3931923 | 8040599 | 3256474 |
| 207099 | 100591 | 190232 | 397695 |
| (6834269) | (6482959) | (5366754) | (354703) |
| (3065409) | (2450445) | 2864077 | 3299466 |
| 10455241 | 13520650 | 8186529 | 5322452 |

---

Annual Report **187**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br>Developing Markets Equity Portfolio | Lazard<br>Developing Markets Equity Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 600534 | 575985 |
| Shares sold | 107434 | 295291 |
| Shares issued to shareholders from reinvestment of distributions | 2445 | 4053 |
| Shares redeemed | (243302) | (274795) |
| Net increase (decrease) | (133423) | 24549 |
| Shares outstanding at end of period | 467111 | 600534 |
| **R6 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 |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

**188** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br>Markets Core Equity Portfolio | Lazard Emerging<br>Markets Core Equity Portfolio | Lazard Emerging<br>Markets Equity Advantage Portfolio | Lazard Emerging<br>Markets Equity Advantage Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| 183190 | 194354 | 76021 | 63491 |
| 112096 | 176646 | 2836 | 329650 |
| 3036 | 768 | 312 | 9268 |
| (137088) | (188578) | (69726) | (326388) |
| (21956) | (11164) | (66578) | 12530 |
| 161234 | 183190 | 9443 | 76021 |
| 26865 | 41454 |  |  |
| 11507 | 2728 |  |  |
| 830 | 313 |  |  |
| (162) | (17630) |  |  |
| 12175 | (14589) |  |  |
| 39040 | 26865 |  |  |

---

Annual Report **189**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Emerging<br>Markets Equity Portfolio | Lazard Emerging<br>Markets Equity Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $146593998 | $120592475 |
| Net realized gain (loss) | (115693889) | 456289025 |
| Net change in unrealized appreciation (depreciation) | (557415838) | (330831004) |
| Net increase (decrease) in net assets resulting from operations | (526515729) | 246050496 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (130416173) | (159751886) |
| &nbsp;&nbsp;&nbsp;Open Shares | (13490474) | (16684053) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (437125) | (689358) |
| Net decrease in net assets resulting from distributions | (144343772) | (177125297) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 861849990 | 956710099 |
| &nbsp;&nbsp;&nbsp;Open Shares | 18453232 | 68488391 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 1763892 | 3700364 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 125423797 | 151053474 |
| &nbsp;&nbsp;&nbsp;Open Shares | 13288409 | 16468567 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 286165 | 299282 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1376698620) | (1822322913) |
| &nbsp;&nbsp;&nbsp;Open Shares | (83795159) | (141191852) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (2202333) | (18710896) |
| Net increase (decrease) in net assets from capital stock transactions | (441630627) | (785505484) |
| Total increase (decrease) in net assets | (1112490128) | (716580285) |
| Net assets at beginning of period | 3652917980 | 4369498265 |
| Net assets at end of period | $2540427852 | $3652917980 |

---

*The accompanying notes are an integral part of these financial statements.*

**190** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br>Markets Strategic Equity Portfolio | Lazard Emerging<br>Markets Strategic Equity Portfolio | Lazard Equity Franchise Portfolio | Lazard Equity Franchise Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| $1486581 | $940740 | $1626573 | $1310927 |
| (6929147) | 9963488 | 13818112 | 17439556 |
| (6261093) | (14182731) | (17193783) | 1976572 |
| (11703659) | (3278503) | (1749098) | 20727055 |
| (1312421) | (721332) | (17924812) | (14253601) |
| (68265) | (29982) | (22496) | (15148) |
| (1380686) | (751314) | (17947308) | (14268749) |
| 6212599 | 8602187 | 103212766 | 8142721 |
| 1520512 | 999414 | 262175 | 89499 |
| 1237322 | 707559 | 17923480 | 14253601 |
| 67063 | 29167 | 22496 | 15148 |
| (10241716) | (22613433) | (47036929) | (15135877) |
| (1494411) | (1902152) | (154997) | (151272) |
| (2698631) | (14177258) | 74228991 | 7213820 |
| (15782976) | (18207075) | 54532585 | 13672126 |
| 60217800 | 78424875 | 105521571 | 91849445 |
| $44434824 | $60217800 | $160054156 | $105521571 |

---

Annual Report **191**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Emerging <br> Markets Equity Portfolio | Lazard Emerging <br> Markets Equity Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 180498233 | 217598338 |
| Shares sold | 54007278 | 50172346 |
| Shares issued to shareholders from reinvestment of distributions | 8549679 | 8290244 |
| Shares redeemed | (86490072) | (95562695) |
| Net increase (decrease) | (23933115) | (37100105) |
| Shares outstanding at end of period | 156565118 | 180498233 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 19885383 | 22707741 |
| Shares sold | 1102283 | 3539036 |
| Shares issued to shareholders from reinvestment of distributions | 875966 | 876315 |
| Shares redeemed | (5181508) | (7237709) |
| Net increase (decrease) | (3203259) | (2822358) |
| Shares outstanding at end of period | 16682124 | 19885383 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 544810 | 1310139 |
| Shares sold | 113210 | 196315 |
| Shares issued to shareholders from reinvestment of distributions | 19494 | 16436 |
| Shares redeemed | (128520) | (978080) |
| Net increase (decrease) | 4184 | (765329) |
| Shares outstanding at end of period | 548994 | 544810 |

---

*The accompanying notes are an integral part of these financial statements.*

**192** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Emerging<br>Markets Strategic Equity Portfolio | Lazard Emerging<br>Markets Strategic Equity Portfolio | Lazard Equity Franchise Portfolio | Lazard Equity Franchise Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| 4450374 | 5390573 | 9780445 | 9016463 |
| 539153 | 616289 | 10269246 | 719088 |
| 122024 | 55484 | 1943345 | 1336289 |
| (948504) | (1611972) | (4339545) | (1291395) |
| (287327) | (940199) | 7873046 | 763982 |
| 4163047 | 4450374 | 17653491 | 9780445 |
| 228303 | 290075 | 8621 | 12708 |
| 132915 | 70220 | 25489 | 7463 |
| 6588 | 2278 | 2436 | 1421 |
| (132954) | (134270) | (15536) | (12971) |
| 6549 | (61772) | 12389 | (4087) |
| 234852 | 228303 | 21010 | 8621 |

---

Annual Report **193**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Global Equity Select Portfolio | Lazard Global Equity Select Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $572221 | $522451 |
| Net realized gain (loss) | 1040326 | 3093668 |
| Net change in unrealized appreciation (depreciation) | (21692108) | 15157447 |
| Net increase (decrease) in net assets resulting from operations | (20079561) | 18773566 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (923404) | (4303883) |
| &nbsp;&nbsp;&nbsp;Open Shares | (9233) | (58304) |
| Net decrease in net assets resulting from distributions | (932637) | (4362187) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 17480453 | 15911457 |
| &nbsp;&nbsp;&nbsp;Open Shares | 274863 | 421016 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 907395 | 4260522 |
| &nbsp;&nbsp;&nbsp;Open Shares | 9199 | 58304 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (16294375) | (16880543) |
| &nbsp;&nbsp;&nbsp;Open Shares | (293755) | (271978) |
| Net increase (decrease) in net assets from capital stock transactions | 2083780 | 3498778 |
| Total increase (decrease) in net assets | (18928418) | 17910157 |
| Net assets at beginning of period | 111485986 | 93575829 |
| Net assets at end of period | $92557568 | $111485986 |

---

*The accompanying notes are an integral part of these financial statements.*

**194** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Global<br>Listed Infrastructure Portfolio | Lazard Global<br>Listed Infrastructure Portfolio | Lazard Global<br>Strategic Equity Portfolio | Lazard Global<br>Strategic Equity Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| $208102375 | $306182281 | $49494 | $274422 |
| 322905118 | 562799096 | (467377) | 450537 |
| (665672455) | 564898117 | (2950697) | 1112447 |
| (134664962) | 1433879494 | (3368580) | 1837406 |
| (1060685044) | (445280768) | (65039) | (723599) |
| (45255213) | (17469224) | (462) | (8321) |
| (1105940257) | (462749992) | (65501) | (731920) |
| 3221367011 | 2105406878 | 23595 | 13182269 |
| 165287456 | 45133550 | 2503 | 39814 |
| 921958886 | 367039859 | 65039 | 723599 |
| 44558966 | 17173844 | 462 | 8321 |
| (2475584828) | (3390031626) | (3755240) | (1562222) |
| (120448379) | (104401284) |  | (45662) |
| 1757139112 | (959678779) | (3663641) | 12346119 |
| 516533893 | 11450723 | (7097722) | 13451605 |
| 7608887728 | 7597437005 | 17711913 | 4260308 |
| $8125421621 | $7608887728 | $10614191 | $17711913 |

---

Annual Report **195**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Global Equity Select Portfolio | Lazard Global Equity Select Portfolio |
| | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 5857479 | 5662503 |
| Shares sold | 1063144 | 893399 |
| Shares issued to shareholders from reinvestment of distributions | 59230 | 230274 |
| Shares redeemed | (1041359) | (928697) |
| Net increase (decrease) | 81015 | 194976 |
| Shares outstanding at end of period | 5938494 | 5857479 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 82179 | 70899 |
| Shares sold | 17597 | 22810 |
| Shares issued to shareholders from reinvestment of distributions | 600 | 3150 |
| Shares redeemed | (18852) | (14680) |
| Net increase (decrease) | (655) | 11280 |
| Shares outstanding at end of period | 81524 | 82179 |

---

*The accompanying notes are an integral part of these financial statements.*

**196** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard Global<br>Listed Infrastructure Portfolio | Lazard Global<br>Listed Infrastructure Portfolio | Lazard Global<br>Strategic Equity Portfolio | Lazard Global<br>Strategic Equity Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| 442920557 | 497500386 | 1297363 | 336354 |
| 200638035 | 135453262 | 2146 | 1024819 |
| 62415191 | 22720015 | 5923 | 54298 |
| (157298750) | (212753106) | (345293) | (118108) |
| 105754476 | (54579829) | (337224) | 961009 |
| 548675033 | 442920557 | 960139 | 1297363 |
| 18194277 | 20993761 | 15713 | 15347 |
| 10096310 | 2904083 | 258 | 3136 |
| 3013473 | 1061731 | 41 | 630 |
| (7636494) | (6765298) |  | (3400) |
| 5473289 | (2799484) | 299 | 366 |
| 23667566 | 18194277 | 16012 | 15713 |

---

Annual Report **197**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br>International Equity Advantage Portfolio | Lazard<br>International Equity Advantage Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $77083 | $72425 |
| Net realized gain (loss) | (219539) | 363319 |
| Net change in unrealized appreciation (depreciation) | (262247) | (74508) |
| Net increase (decrease) in net assets resulting from operations | (404703) | 361236 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (87197) | (136304) |
| &nbsp;&nbsp;&nbsp;Open Shares | (3876) | (6138) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (91073) | (142442) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 6179 | 40901 |
| &nbsp;&nbsp;&nbsp;Open Shares | 1 | 5 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 87197 | 136304 |
| &nbsp;&nbsp;&nbsp;Open Shares | 3876 | 6138 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (30940) | (3098) |
| &nbsp;&nbsp;&nbsp;Open Shares |  | (5) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 66313 | 180245 |
| Total increase (decrease) in net assets | (429463) | 399039 |
| Net assets at beginning of period | 2990129 | 2591090 |
| Net assets at end of period | $2560666 | $2990129 |

---

*The accompanying notes are an integral part of these financial statements.*

**198** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio |
| Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| $25018724 | $81041750 | $1028738 | $2286078 |
| (18115840) | 389206211 | (3536840) | 4405810 |
| (273283955) | (306922993) | (10331812) | (3727110) |
| (266381071) | 163324968 | (12839914) | 2964778 |
| (62703347) | (253995902) | (1170958) | (2615190) |
| (3381347) | (15297137) | (56701) | (123856) |
| (3944721) | (17839297) |  |  |
| (70029415) | (287132336) | (1227659) | (2739046) |
| 231789310 | 383144673 | 12959753 | 18472160 |
| 16567209 | 21198302 | 900081 | 3372556 |
| 17349084 | 42310511 |  |  |
| 53823523 | 213278530 | 1124727 | 2516085 |
| 3000121 | 11284238 | 55731 | 122927 |
| 3868531 | 17766875 |  |  |
| (685382215) | (1737109035) | (27840410) | (34552279) |
| (41438157) | (51535133) | (1527246) | (2198410) |
| (52432233) | (62688011) |  |  |
| (452854827) | (1162349050) | (14327364) | (12266961) |
| (789265313) | (1286156418) | (28394937) | (12041229) |
| 1776493695 | 3062650113 | 82947609 | 94988838 |
| $987228382 | $1776493695 | $54552672 | $82947609 |

---

Annual Report **199**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Equity Advantage Portfolio | Lazard<br> International Equity Advantage Portfolio |
|  | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 255051 | 239526 |
| Shares sold | 606 | 3462 |
| Shares issued to shareholders from reinvestment of distributions | 9310 | 12333 |
| Shares redeemed | (3163 | (270 |
| Net increase (decrease) | 6753 | 15525 |
| Shares outstanding at end of period | 261804 | 255051 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 12075 | 11520 |
| Shares sold |  |  |
| Shares issued to shareholders from reinvestment of distributions | 413 | 555 |
| Shares redeemed |  |  |
| Net increase (decrease) | 413 | 555 |
| Shares outstanding at end of period | 12488 | 12075 |
| **R6 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 |  |  |

---

*#* *Shares values are less than 1*

*The accompanying notes are an integral part of these financial statements.*

**200** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Equity Portfolio | Lazard<br> International Equity Portfolio | Lazard<br> International Equity Select Portfolio | Lazard<br> International Equity Select Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| 87137715 | 140490643 | 6846470 | 7993045 |
| 14992421 | 18535338 | 1281616 | 1557162 |
| 3670842 | 11911077 | 117646 | 221097 |
| (45508614) | (83799343) | (2818589) | (2924834) |
| (26845351) | (53352928) | (1419327) | (1146575) |
| 60292364 | 87137715 | 5427143 | 6846470 |
| 5114581 | 5960372 | 360195 | 247615 |
| 1084863 | 1039570 | 87983 | 286138 |
| 201768 | 621271 | 5796 | 10745 |
| (2657544) | (2506632) | (149790) | (184303) |
| (1370913) | (845791) | (56011) | 112580 |
| 3743668 | 5114581 | 304184 | 360195 |
| 6472435 | 6473822 |  |  |
| 1082972 | 2031145 |  |  |
| 264440 | 995068 |  |  |
| (3409800) | (3027600) |  |  |
| (2062388) | (1387) |  |  |
| 4410047 | 6472435 |  |  |

---

Annual Report **201**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
| | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $783238 | $139783 |
| Net realized gain (loss) | (6290271) | 1114601 |
| Net change in unrealized appreciation (depreciation) | (13649212) | 1030349 |
| Net increase (decrease) in net assets resulting from operations | (19156245) | 2284733 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1289849) | (1250451) |
| &nbsp;&nbsp;&nbsp;Open Shares | (2960) | (6304) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;Open Shares |  |  |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (1292809) | (1256755) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 123139916 | 50450611 |
| &nbsp;&nbsp;&nbsp;Open Shares | 123452 | 94898 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1280322 | 1250451 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2960 | 6304 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (55785156) | (713404) |
| &nbsp;&nbsp;&nbsp;Open Shares | (18580) | (79883) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 68742914 | 51008977 |
| Total increase (decrease) in net assets | 48293860 | 52036955 |
| Net assets at beginning of period | 62801206 | 10764251 |
| Net assets at end of period | $111095066 | $62801206 |

---

*The accompanying notes are an integral part of these financial statements.*

**202** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| $309711 | $439882 | $80441570 | $200921129 |
| (1611673) | 9107856 | (191251655) | 243245427 |
| (5619766) | (4940101) | (957247512) | (100750072) |
| (6921728) | 4607637 | (1068057597) | 343416484 |
| (491400) | (4264944) | (58103198) | (371347485) |
| (416934) | (3483346) | (3427089) | (30723600) |
|  |  | (1330359) | (7937887) |
|  |  |  | (101625202) |
|  |  |  | (8228846) |
|  |  |  | (2172377) |
| (908334) | (7748290) | (62860646) | (522035397) |
| 3781732 | 4617643 | 777632896 | 1150537246 |
| 3039558 | 1560153 | 66219213 | 67454415 |
|  |  | 5029916 | 7162815 |
| 488585 | 4244754 | 53856863 | 448404862 |
| 410676 | 3417384 | 3161280 | 36546493 |
|  |  | 1318843 | 9942857 |
| (7824261) | (22623777) | (1333389496) | (990293303) |
| (3944613) | (3519994) | (144164460) | (168625826) |
|  |  | (12251456) | (8192483) |
| (4048323) | (12303837) | (582586401) | 552937076 |
| (11878385) | (15444490) | (1713504644) | 374318163 |
| 26510698 | 41955188 | 6298892950 | 5924574787 |
| $14632313 | $26510698 | $4585388306 | $6298892950 |

---

Annual Report **203**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> International Quality Growth Portfolio | Lazard<br> International Quality Growth Portfolio |
|  | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 3718473 | 671884 |
| Shares sold | 8546737 | 3014033 |
| Shares issued to shareholders from reinvestment of distributions | 96628 | 75374 |
| Shares redeemed | (4024522) | (42818) |
| Net increase (decrease) | 4618843 | 3046589 |
| Shares outstanding at end of period | 8337316 | 3718473 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 19946 | 18777 |
| Shares sold | 9406 | 5628 |
| Shares issued to shareholders from reinvestment of distributions | 225 | 382 |
| Shares redeemed | (1386) | (4841) |
| Net increase (decrease) | 8245 | 1169 |
| Shares outstanding at end of period | 28191 | 19946 |
| **R6 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 |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

**204** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Small Cap Equity Portfolio | Lazard<br> International Strategic Equity Portfolio | Lazard<br> International Strategic Equity Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| 1322884 | 2175223 | 349026972 | 313114237 |
| 457072 | 315085 | 54862222 | 64623204 |
| 61362 | 387502 | 4019169 | 27801571 |
| (939199) | (1554926) | (96400926) | (56512040) |
| (420765) | (852339) | (37519535) | 35912735 |
| 902119 | 1322884 | 311507437 | 349026972 |
| 1085347 | 931724 | 27877105 | 31509845 |
| 356944 | 109245 | 4602491 | 3784216 |
| 51468 | 312163 | 233477 | 2243494 |
| (497321) | (267785) | (9973786) | (9660450) |
| (88909) | 153623 | (5137818) | (3632740) |
| 996438 | 1085347 | 22739287 | 27877105 |
|  |  | 7606148 | 7044138 |
|  |  | 362304 | 405424 |
|  |  | 98274 | 616082 |
|  |  | (881444) | (459496) |
|  |  | (420866) | 562010 |
|  |  | 7185282 | 7606148 |

---

Annual Report **205**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Managed Equity Volatility Portfolio | Lazard<br> Managed Equity Volatility Portfolio |
| | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $521781 | $455246 |
| Net realized gain (loss) | (794341) | 2837261 |
| Net change in unrealized appreciation (depreciation) | (1836469) | 1446592 |
| Net increase (decrease) in net assets resulting |  |  |
| from operations | (2109029) | 4739099 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (857387) | (1898603) |
| &nbsp;&nbsp;&nbsp;Open Shares | (2173) | (5036) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net decrease in net assets resulting from distributions | (859560) | (1903639) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 2791357 | 7970630 |
| &nbsp;&nbsp;&nbsp;Open Shares | 27 | 955 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 739992 | 1682281 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2173 | 5036 |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (2898965) | (7176588) |
| &nbsp;&nbsp;&nbsp;Open Shares | (24) | (3910) |
| &nbsp;&nbsp;&nbsp;R6 Shares |  |  |
| Net increase (decrease) in net assets from capital stock transactions | 634560 | 2478404 |
| Total increase (decrease) in net assets | (2334029) | 5313864 |
| Net assets at beginning of period | 31127576 | 25813712 |
| Net assets at end of period | $28793547 | $31127576 |

---

*The accompanying notes are an integral part of these financial statements.*

**206** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| 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> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| $8762250 | $7375860 | $557094 | $371416 |
| 106367493 | 298140654 | 405396 | 2732490 |
| (482242653) | 140441179 | (16065433) | 13333759 |
| (367112910) | 445957693 | (15102943) | 16437665 |
| (75915293) | (262821100) | (1030597) | (2341356) |
| (1426093) | (4727403) | (28357) | (83281) |
| (130953) | (363056) | (934656) | (2019972) |
| (77472339) | (267911559) | (1993610) | (4444609) |
| 299519389 | 321688811 | 5096150 | 5400355 |
| 3057412 | 5568105 | 4948 | 16560 |
| 20296 | 6623 | 17385917 | 16666565 |
| 64966405 | 244348427 | 1020920 | 2316382 |
| 1380759 | 4618990 | 28354 | 82695 |
| 130919 | 362958 | 933440 | 2018035 |
| (678550658) | (733616650) | (2237446) | (2454548) |
| (7581357) | (12293864) | (155508) | (75448) |
| (13811) | (29538) | (11927508) | (8682494) |
| (317070646) | (169346138) | 10149267 | 15288102 |
| (761655895) | 8699996 | (6947286) | 27281158 |
| 1981602255 | 1972902259 | 80388909 | 53107751 |
| $1219946360 | $1981602255 | $73441623 | $80388909 |

---

Annual Report **207**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Managed Equity Volatility Portfolio | Lazard<br> Managed Equity Volatility Portfolio |
| | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 2357213 | 2184318 |
| Shares sold | 229042 | 614142 |
| Shares issued to shareholders from reinvestment of distributions | 61309 | 129002 |
| Shares redeemed | (241168) | (570249) |
| Net increase (decrease) | 49183 | 172895 |
| Shares outstanding at end of period | 2406396 | 2357213 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 6629 | 6488 |
| Shares sold | 3 | 73 |
| Shares issued to shareholders from reinvestment of distributions | 180 | 387 |
| Shares redeemed | (2) | (319) |
| Net increase (decrease) | 181 | 141 |
| Shares outstanding at end of period | 6810 | 6629 |
| **R6 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 |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

**208** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| 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> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| 98646155 | 107284843 | 2660294 | 2323580 |
| 17278360 | 15965414 | 352454 | 356108 |
| 4122800 | 12544478 | 77763 | 146606 |
| (39858852) | (37148580) | (161567) | (166000) |
| (18457692) | (8638688) | 268650 | 336714 |
| 80188463 | 98646155 | 2928944 | 2660294 |
| 1793445 | 1888783 | 97056 | 95597 |
| 176728 | 272288 | 351 | 1083 |
| 86753 | 234873 | 2145 | 5208 |
| (441980) | (602499) | (10736) | (4832) |
| (178499) | (95338) | (8240) | 1459 |
| 1614946 | 1793445 | 88816 | 97056 |
| 137684 | 120303 | 2242997 | 1550718 |
| 1199 | 325 | 1157609 | 1137911 |
| 8321 | 18578 | 70977 | 127643 |
| (786) | (1522) | (836292) | (573275) |
| 8734 | 17381 | 392294 | 692279 |
| 146418 | 137684 | 2635291 | 2242997 |

---

Annual Report **209**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Small-Mid Cap Equity Portfolio | Lazard<br> US Small-Mid Cap Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $(40138) | $19235 |
| Net realized gain (loss) | 752825 | 22249252 |
| Net change in unrealized appreciation (depreciation) | (15460669) | (2365273) |
| Net increase (decrease) in net assets resulting from operations | (14747982) | 19903214 |
| **Distributions to shareholders (Note 2(e))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (1956102) | (13165718) |
| &nbsp;&nbsp;&nbsp;Open Shares | (379075) | (1602028) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (45) | (99135) |
| Net decrease in net assets resulting from distributions | (2335222) | (14866881) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 6969138 | 24647589 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2467056 | 1109317 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 31192 | 151641 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 1912237 | 12992400 |
| &nbsp;&nbsp;&nbsp;Open Shares | 364429 | 1540062 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 45 | 99135 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (53469937) | (39607630) |
| &nbsp;&nbsp;&nbsp;Open Shares | (3876758) | (3317566) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (690340) | (251244) |
| Net increase (decrease) in net assets from capital stock transactions | (46292938) | (2636296) |
| Total increase (decrease) in net assets | (63376142) | 2400037 |
| Net assets at beginning of period | 106032450 | 103632413 |
| Net assets at end of period | $42656308 | $106032450 |

---

*(a)* *The Portfolio commenced operations on October 29, 2021* 

 

*The accompanying notes are an integral part of these financial statements.*

**210** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021(a) |
| $82306 | $57578 | $164934 | $8620 |
| 216045 | 259323 | (892276) | 11440 |
| (3097384) | 3120821 | (320798) | 61890 |
| (2799033) | 3437722 | (1048140) | 81950 |
| (260667) | (299354) | (185529) | (8515) |
| (10089) | (10422) | (515) |  |
| (270756) | (309776) | (186044) | (8515) |
| 224750 | 12000 | 22096992 | 3903086 |
| 100309 | 467727 | 25500 | 117325 |
| 260667 | 299354 | 185529 | 8515 |
| 10089 | 10422 | 515 |  |
| (9186) | (147812) | (264652) |  |
| (100553) | (45353) | (24038) |  |
| 486076 | 596338 | 22019846 | 4028926 |
| (2583713) | 3724284 | 20785662 | 4102361 |
| 15342263 | 11617979 | 4102361 |  |
| $12758550 | $15342263 | $24888023 | $4102361 |

---

Annual Report **211**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> US Small-Mid Cap Equity Portfolio | Lazard<br> US Small-Mid Cap Equity Portfolio |
|  | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021(a) |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 6312789 | 6377893 |
| Shares sold | 499222 | 1504750 |
| Shares issued to shareholders from reinvestment of distributions | 143892 | 882683 |
| Shares redeemed | (4098115) | (2452537) |
| Net increase (decrease) | (3455001) | (65104) |
| Shares outstanding at end of period | 2857788 | 6312789 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 796285 | 827420 |
| Shares sold | 200453 | 75218 |
| Shares issued to shareholders from reinvestment of distributions | 30447 | 115620 |
| Shares redeemed | (321338) | (221973) |
| Net increase (decrease) | (90438) | (31135) |
| Shares outstanding at end of period | 705847 | 796285 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 47929 | 47409 |
| Shares sold | 2503 | 9060 |
| Shares issued to shareholders from reinvestment of distributions | 4 | 6731 |
| Shares redeemed | (48500) | (15271) |
| Net increase (decrease) | (45993) | 520 |
| Shares outstanding at end of period | 1936 | 47929 |

---

*(a)* *The Portfolio commenced operations on October 29, 2021* 

 

*The accompanying notes are an integral part of these financial statements.*

**212** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Sustainable Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio | Lazard<br> US Systematic Small Cap Equity Portfolio |
| Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021 | Year Ended<br> December 31,<br> 2022 | Year Ended<br> December 31,<br> 2021(a) |
| 952893 | 942026 | 388111 |  |
| 16152 | 780 | 2532339 | 387263 |
| 20769 | 19972 | 21769 | 848 |
| (737) | (9885) | (32054) |  |
| 36184 | 10867 | 2522054 | 388111 |
| 989077 | 952893 | 2910165 | 388111 |
| 42453 | 10495 | 11650 |  |
| 7636 | 34512 | 2915 | 11650 |
| 801 | 695 | 60 |  |
| (7474) | (3249) | (2702) |  |
| 963 | 31958 | 273 | 11650 |
| 43416 | 42453 | 11923 | 11650 |

---

Annual Report **213**

**The Lazard Funds, Inc.** Financial Highlights

------

LAZARD DEVELOPING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.40 | $17.31 | $14.55 | $11.42 | $14.48 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.05 | 0.04 | 0.08 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.61) | (1.81) | 2.76 | 3.13 | (3.08) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.48) | (1.76) | 2.80 | 3.21 | (2.97) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.15) | (0.04) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.10) | (0.15) | (0.04) | (0.08) | (0.09) |
| Net asset value, end of period | $11.82 | $15.40 | $17.31 | $14.55 | $11.42 |
| **Total Return** (b) | –22.61% | –10.14% | 19.33% | 28.17% | –20.58% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $91910 | $148419 | $190689 | $226067 | $215120 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% | 1.17% | 1.16% | 1.14% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.23% | 1.15% | 1.21% | 1.16% | 1.14% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.02% | 0.28% | 0.33% | 0.63% | 0.83% |
| Portfolio turnover rate | 30% | 39% | 57% | 55% | 63% |

---

*The accompanying notes are an integral part of these financial statements.*

**214** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.31 | $17.21 | $14.51 | $11.36 | $14.45 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | — (c) | 0.01 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.59) | (1.78) | 2.73 | 3.11 | (3.06) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.49) | (1.78) | 2.74 | 3.16 | (3.00) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.12) | (0.04) | (0.01) | (0.09) |
| &nbsp;&nbsp;&nbsp;Return of capital | — (c) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.07) | (0.12) | (0.04) | (0.01) | (0.09) |
| Net asset value, end of period | $11.75 | $15.31 | $17.21 | $14.51 | $11.36 |
| **Total Return** (b) | –22.81% | –10.37% | 18.97% | 27.79% | –20.83%# |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $5487 | $9193 | $9914 | $9341 | $7263 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.40% | 1.40% | 1.44% | 1.46% | 1.51% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.56% | 1.45% | 1.53% | 1.55% | 1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.76% | — %(d) | 0.04% | 0.36% | 0.42% |
| Portfolio turnover rate | 30% | 39% | 57% | 55% | 63% |

---

*#* *The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.07% impact on the total return of the Portfolio's Open Shares.*

*(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 $0.01 per share.* 

*(d)* *Amount is less than 0.005%.*

*The accompanying notes are an integral part of these financial statements.*

Annual Report **215**

------

LAZARD EMERGING MARKETS CORE EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.56 | $13.12 | $11.79 | $9.89 | $12.30 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.17 | 0.08 | 0.08 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.67) | (1.55) | 1.33 | 1.93 | (2.39) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.50) | (1.47) | 1.41 | 2.13 | (2.23) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.09) | (0.08) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.09) | (0.08) | (0.23) | (0.18) |
| Net asset value, end of period | $8.87 | $11.56 | $13.12 | $11.79 | $9.89 |
| **Total Return** (b) | –21.63% | –11.21% | 11.98% | 21.59% | –18.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $92730 | $156284 | $209503 | $197213 | $207955 |
| Ratios to average net assets (c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.22% | 1.16% | 1.20% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.23% | 1.16% | 1.20% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.75% | 0.64% | 0.70% | 1.83% | 1.44% |
| Portfolio turnover rate | 28% | 31% | 23% | 19% | 30% |

---

*The accompanying notes are an integral part of these financial statements.*

**216** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.53 | $13.09 | $11.76 | $9.87 | $12.27 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.04 | 0.04 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.65) | (1.55) | 1.33 | 1.92 | (2.37) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.51) | (1.51) | 1.37 | 2.08 | (2.26) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.05) | (0.04) | (0.19) | (0.14) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.05) | (0.04) | (0.19) | (0.14) |
| Net asset value, end of period | $8.85 | $11.53 | $13.09 | $11.76 | $9.87 |
| **Total Return** (b) | –21.80% | –11.53% | 11.66% | 21.08% | –18.43% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1427 | $2113 | $2544 | $2425 | $1853 |
| Ratios to average net assets (c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.48% | 1.50% | 1.50% | 1.55% | 1.58% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.69% | 1.55% | 1.62% | 1.90% | 2.00% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.46% | 0.34% | 0.35% | 1.48% | 1.00% |
| Portfolio turnover rate | 28% | 31% | 23% | 19% | 30% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **217**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | For the Period <br> 4/6/18\* to |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.57 | $13.13 | $11.80 | $9.89 | $12.21 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.09 | 0.07 | 0.20 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.68) | (1.56) | 1.34 | 1.94 | (2.28) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.50) | (1.47) | 1.41 | 2.14 | (2.14) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.09) | (0.08) | (0.23) | (0.18) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (0.09) | (0.08) | (0.23) | (0.18) |
| Net asset value, end of period | $8.88 | $11.57 | $13.13 | $11.80 | $9.89 |
| **Total Return** (b) | –21.58% | –11.19% | 11.97% | 21.69% | –17.52% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $347 | $311 | $544 | $597 | $494 |
| Ratios to average net assets (c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.18% | 1.16% | 1.20% | 1.18% | 1.16% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.11% | 1.91% | 1.87% | 3.23% | 7.68% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.87% | 0.66% | 0.63% | 1.80% | 1.71% |
| Portfolio turnover rate | 28% | 31% | 23% | 19% | 30% |

---

*\** *The inception date for the R6 Shares was April 6, 2018.*

*(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.*

**218** Annual Report

------

LAZARD EMERGING MARKETS EQUITY ADVANTAGE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.88 | $13.79 | $11.84 | $10.03 | $12.27 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.29 | 0.27 | 0.10 | 0.24 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.01) | (0.15) | 1.97 | 1.80 | (2.19) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.72) | 0.12 | 2.07 | 2.04 | (2.00) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.22) | (0.10) | (0.23) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.04) | (0.81) | (0.02) |  | — (b) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (1.03) | (0.12) | (0.23) | (0.24) |
| Net asset value, end of period | $9.83 | $12.88 | $13.79 | $11.84 | $10.03 |
| **Total Return** (c) | –21.09% | 0.96% | 17.50% | 20.34% | –16.23% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $80506 | $68538 | $27898 | $9190 | $3107 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.91% | 0.93% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.11% | 1.21% | 1.97% | 3.19% | 5.60% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.73% | 1.90% | 0.87% | 2.15% | 1.59% |
| Portfolio turnover rate | 122% | 88% | 91% | 59% | 61% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **219**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.88 | $13.79 | $11.85 | $10.04 | $12.27 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.25 | 0.12 | 0.09 | 0.21 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.98) | (0.04) | 1.93 | 1.79 | (2.18) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.73) | 0.08 | 2.02 | 2.00 | (2.02) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.18) | (0.06) | (0.19) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.04) | (0.81) | (0.02) |  | — (b) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.31) | (0.99) | (0.08) | (0.19) | (0.21) |
| Net asset value, end of period | $9.84 | $12.88 | $13.79 | $11.85 | $10.04 |
| **Total Return** (c) | –21.21% | 0.63% | 17.10% | 19.97% | –16.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $93 | $979 | $876 | $1162 | $476 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.16% | 1.25% | 1.35% | 1.38% | 1.40% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.20% | 1.75% | 2.68% | 4.32% | 8.09% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.11% | 0.80% | 0.76% | 1.87% | 1.35% |
| Portfolio turnover rate | 122% | 88% | 91% | 59% | 61% |

---

*(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.*

**220** Annual Report

------

LAZARD EMERGING MARKETS EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.12 | $18.03 | $18.48 | $16.06 | $20.02 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.80 | 0.56 | 0.37 | 0.42 | 0.39 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.49) | 0.42 | (0.44) | 2.45 | (4.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.69) | 0.98 | (0.07) | 2.87 | (3.62) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.89) | (0.38) | (0.45) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.89) | (0.38) | (0.45) | (0.34) |
| Net asset value, end of period | $14.57 | $18.12 | $18.03 | $18.48 | $16.06 |
| **Total Return** (b) | –14.86% | 5.44% | –0.10% | 18.04% | –18.09% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2281187 | $3271175 | $3923878 | $6645429 | $7573861 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.06% | 1.07% | 1.09% | 1.08% | 1.07% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.06% | 1.07% | 1.09% | 1.08% | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.92% | 2.93% | 2.36% | 2.42% | 2.12% |
| Portfolio turnover rate | 23% | 34% | 39% | 20% | 16% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **221**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.70 | $18.58 | $19.03 | $16.53 | $20.60 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.78 | 0.53 | 0.34 | 0.39 | 0.35 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.60) | 0.43 | (0.45) | 2.52 | (4.12) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.82) | 0.96 | (0.11) | 2.91 | (3.77) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.82) | (0.84) | (0.34) | (0.41) | (0.30) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.82) | (0.84) | (0.34) | (0.41) | (0.30) |
| Net asset value, end of period | $15.06 | $18.70 | $18.58 | $19.03 | $16.53 |
| **Total Return** (b) | –15.09% | 5.19% | –0.34% | 17.73% | –18.32% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $251237 | $371863 | $421990 | $969347 | $1004569 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.32% | 1.32% | 1.34% | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.32% | 1.32% | 1.34% | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.71% | 2.68% | 2.08% | 2.19% | 1.85% |
| Portfolio turnover rate | 23% | 34% | 39% | 20% | 16% |

---

*The accompanying notes are an integral part of these financial statements.*

**222** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout the period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.13 | $18.04 | $18.47 | $16.06 | $20.02 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.78 | 0.54 | 0.40 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.47) | 0.44 | (0.45) | 2.46 | (4.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.69) | 0.98 | (0.05) | 2.86 | (3.62) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.86) | (0.89) | (0.38) | (0.45) | (0.34) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.86) | (0.89) | (0.38) | (0.45) | (0.34) |
| Net asset value, end of period | $14.58 | $18.13 | $18.04 | $18.47 | $16.06 |
| **Total Return** (b) | –14.86% | 5.44% | 0.01% | 17.98% | –18.09% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $8004 | $9880 | $23631 | $184337 | $232507 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.06% | 1.06% | 1.08% | 1.08% | 1.07% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.10% | 1.08% | 1.09% | 1.08% | 1.07% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.83% | 2.83% | 2.52% | 2.30% | 2.15% |
| Portfolio turnover rate | 23% | 34% | 39% | 20% | 16% |

---

*(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 Report **223**

------

LAZARD EMERGING MARKETS STRATEGIC EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.87 | $13.80 | $12.18 | $10.02 | $12.93 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.32 | 0.19 | 0.13 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.77) | (0.96) | 1.66 | 2.29 | (2.89) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.45) | (0.77) | 1.79 | 2.42 | (2.72) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.16) | (0.17) | (0.26) | (0.19) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.16) | (0.17) | (0.26) | (0.19) |
| Net asset value, end of period | $10.10 | $12.87 | $13.80 | $12.18 | $10.02 |
| **Total Return** (b) | –19.04% | –5.54% | 14.74% | 24.21% | –21.05% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $42053 | $57269 | $74406 | $96399 | $291404 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.13% | 1.18% | 1.22% | 1.26% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.39% | 1.33% | 1.46% | 1.26% | 1.15% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.94% | 1.33% | 1.18% | 1.16% | 1.39% |
| Portfolio turnover rate | 23% | 95% | 53% | 56% | 61% |

---

*The accompanying notes are an integral part of these financial statements.*

**224** Annual Report

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $12.92 | $13.85 | $12.23 | $10.03 | $12.95 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.31 | 0.14 | 0.10 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.79) | (0.94) | 1.65 | 2.29 | (2.89) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.48) | (0.80) | 1.75 | 2.43 | (2.77) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.13) | (0.13) | (0.23) | (0.15) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (0.13) | (0.13) | (0.23) | (0.15) |
| Net asset value, end of period | $10.14 | $12.92 | $13.85 | $12.23 | $10.03 |
| **Total Return** (b) | –19.24% | –5.75% | 14.39% | 24.21% | –21.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2382 | $2949 | $4019 | $5977 | $6200 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.38% | 1.43% | 1.48% | 1.52% | 1.53% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.81% | 1.71% | 1.83% | 1.77% | 1.53% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.77% | 1.01% | 0.88% | 1.27% | 1.01% |
| Portfolio turnover rate | 23% | 95% | 53% | 56% | 61% |

---

*(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 Report **225**

------

LAZARD EQUITY FRANCHISE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.78 | $10.17 | $10.17 | $8.84 | $10.38 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.15 | 0.10 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.70) | 2.14 | 0.02 | 1.73 | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.56) | 2.29 | 0.12 | 1.92 | (0.55) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.15) | (0.07) | (0.15) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.06) | (1.53) | (0.05) | (0.44) | (0.78) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.16) | (1.68) | (0.12) | (0.59) | (0.99) |
| Net asset value, end of period | $9.06 | $10.78 | $10.17 | $10.17 | $8.84 |
| **Total Return** (b) | –5.21% | 22.76% | 1.15% | 21.70% | –5.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $159864 | $105429 | $91720 | $39878 | $8341 |
| 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 | 0.98% | 0.98% | 1.11% | 1.36% | 3.42% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.35% | 1.29% | 1.09% | 1.95% | 1.94% |
| Portfolio turnover rate | 115% | 73% | 79% | 95% | 97% |

---

*The accompanying notes are an integral part of these financial statements.*

**226** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.77 | $10.17 | $10.17 | $8.84 | $10.38 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.12 | 0.12 | 0.09 | 0.16 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.70) | 2.13 | — (c) | 1.73 | (0.77) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.58) | 2.25 | 0.09 | 1.89 | (0.58) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.12) | (0.04) | (0.12) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.06) | (1.53) | (0.05) | (0.44) | (0.78) |
| &nbsp;&nbsp;&nbsp;Total distributions | (1.14) | (1.65) | (0.09) | (0.56) | (0.96) |
| Net asset value, end of period | $9.05 | $10.77 | $10.17 | $10.17 | $8.84 |
| **Total Return** (b) | –5.45% | 22.36% | 0.90% | 21.40% | –5.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $190 | $93 | $129 | $312 | $190 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.20% | 1.20% | 1.20% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.13% | 4.45% | 3.64% | 5.78% | 10.19% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.17% | 1.05% | 1.00% | 1.64% | 1.75% |
| Portfolio turnover rate | 115% | 73% | 79% | 95% | 97% |

---

*(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 $0.01 per share.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **227**

------

LAZARD GLOBAL EQUITY SELECT PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.77 | $16.32 | $14.56 | $11.72 | $13.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.09 | 0.07 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.33) | 3.11 | 2.24 | 2.84 | (1.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.24) | 3.20 | 2.31 | 2.95 | (0.93) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.09) | (0.05) | (0.10) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.07) | (0.66) | (0.50) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.16) | (0.75) | (0.55) | (0.11) | (0.39) |
| Net asset value, end of period | $15.37 | $18.77 | $16.32 | $14.56 | $11.72 |
| **Total Return** (b) | –17.28% | 19.75% | 15.97% | 25.20% | –7.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $91303 | $109943 | $92418 | $82057 | $65382 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.88% | 0.84% | 0.90% | 1.01% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.88% | 0.84% | 0.95% | 1.08% | 1.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.58% | 0.50% | 0.46% | 0.85% | 0.70% |
| Portfolio turnover rate | 19% | 22% | 90% | 25% | 34% |

---

*The accompanying notes are an integral part of these financial statements.*

**228** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $18.78 | $16.33 | $14.57 | $11.73 | $13.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.03 | 0.05 | 0.08 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.33) | 3.11 | 2.22 | 2.83 | (1.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.28) | 3.14 | 2.27 | 2.91 | (0.96) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.03) | (0.01) | (0.07) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.07) | (0.66) | (0.50) |  | (0.32) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | — (c) | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.69) | (0.51) | (0.07) | (0.35) |
| Net asset value, end of period | $15.38 | $18.78 | $16.33 | $14.57 | $11.73 |
| **Total Return** (b) | –17.50% | 19.37% | 15.67% | 24.82% | –7.33% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1254 | $1543 | $1158 | $933 | $763 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% | 1.15% | 1.30% | 1.35% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.49% | 1.40% | 1.74% | 2.36% | 2.80% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.30% | 0.18% | 0.35% | 0.56% | 0.41% |
| Portfolio turnover rate | 19% | 22% | 90% | 25% | 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.* 

*(c)* *Amount is less than $0.01 per share.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **229**

------

LAZARD GLOBAL LISTED INFRASTRUCTURE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.50 | $14.65 | $15.78 | $13.51 | $15.99 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.41 | 0.61 | 0.27 | 0.40 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.60 | 2.27 | (1.02) | 2.57 | (0.96) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.19 | 2.88 | (0.75) | 2.97 | (0.55) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.84) | (0.72) | (0.04) | (0.70) | (0.72) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.27) | (0.31) | (0.27) |  | (1.21) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.11 | (1.03 | (0.38) | (0.70) | (1.93) |
| Net asset value, end of period | $14.20 | $16.50 | $14.65 | $15.78 | $13.51 |
| **Total Return** (b) | –1.30 | 19.87 | –4.48% | 22.26% | –3.68% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $7789195 | $7308516 | $7289680 | $7277512 | $4924359 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.96 | 0.96 | 0.96% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.96 | 0.96 | 0.96% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.54 | 3.86 | 1.87% | 2.63% | 2.65% |
| Portfolio turnover rate | 39 | 28 | 42% | 33% | 49% |

---

*The accompanying notes are an integral part of these financial statements.*

**230** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.51 | $14.66 | $15.79 | $13.52 | $16.01 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.37 | 0.55 | 0.23 | 0.36 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.61 | 2.29 | (1.01) | 2.57 | (0.97) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.24 | 2.84 | (0.78) | 2.93 | (0.60) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.79) | (0.68) | (0.03) | (0.66) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.27) | (0.31) | (0.25) |  | (1.21) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (2.06 | (0.99 | (0.35) | (0.66) | (1.89) |
| Net asset value, end of period | $14.21 | $16.51 | $14.66 | $15.79 | $13.52 |
| **Total Return** (b) | –1.55 | 19.56 | –4.68% | 21.94% | –3.98% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $336227 | $300372 | $307757 | $448387 | $426749 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.21 | 1.21 | 1.21% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.21 | 1.21 | 1.21% | 1.20% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.31 | 3.50 | 1.57% | 2.39% | 2.36% |
| Portfolio turnover rate | 39 | 28 | 42% | 33% | 49% |

---

*\** *Includes $0.00 and $0.04 of refunds received as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.00% and 0.29% impact on the total return of the Portfolio for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.03% and 0.26% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2022 and December 31, 2021, respectively. Refer to Note 2 (b) in the Notes to Financial Statements for further information.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any.*

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **231**

------

LAZARD GLOBAL STRATEGIC EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.49 | $12.12 | $10.30 | $8.20 | $11.55 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.04 | 0.26 | 0.02 | 0.10 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.59) | 1.69 | 2.17 | 2.30 | (0.90) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.55) | 1.95 | 2.19 | 2.40 | (0.85) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.22) | (0.01) | (0.10) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.02) | (0.36) | (0.36) | (0.20) | (2.45) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.58) | (0.37) | (0.30) | (2.50) |
| Net asset value, end of period | $10.88 | $13.49 | $12.12 | $10.30 | $8.20 |
| **Total Return** (b) | –18.93% | 16.13% | 21.48% | 29.19% | –9.16% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $10442 | $17502 | $4076 | $3185 | $2505 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.93% | 0.95% | 0.97% | 1.00% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.00% | 1.88% | 5.74% | 6.07% | 6.41% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.36% | 1.97% | 0.23% | 1.01% | 0.60% |
| Portfolio turnover rate | 32% | 40% | 59% | 49% | 46% |

---

*The accompanying notes are an integral part of these financial statements.*

**232** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20\* | 12/31/19 \* | 12/31/18 \* |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.38 | $12.02 | $10.25 | $8.15 | $11.50 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.01 | 0.19 | — (c) | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.58) | 1.72 | 2.13 | 2.30 | (0.95) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.57) | 1.91 | 2.13 | 2.35 | (0.90) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.19) | — (c) | (0.05) | — (c) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.02) | (0.36) | (0.36) | (0.20) | (2.45) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.55) | (0.36) | (0.25) | (2.45) |
| Net asset value, end of period | $10.78 | $13.38 | $12.02 | $10.25 | $8.15 |
| **Total Return** (b) | –19.22% | 15.90% | 20.96% | 29.01% | –9.39% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $173 | $210 | $184 | $144 | $131 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.18% | 1.20% | 1.22% | 1.29% | 1.35% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.79% | 4.09% | 8.76% | 13.26% | 14.05% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.12% | 1.47% | –0.01% | 0.72% | 0.29% |
| Portfolio turnover rate | 32% | 40% | 59% | 49% | 46% |

---

*\** *On December 17, 2020, the Fund effected a 1:5 reverse share split. All per share data prior to December 17, 2020 has been adjusted to reflect the reverse share split.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*(c)* *Amount is less than $0.01 per share.*

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **233**

------

LAZARD INTERNATIONAL EQUITY ADVANTAGE PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.19 | $10.32 | $9.99 | $8.70 | $10.92 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.29 | 0.29 | 0.20 | 0.22 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.79) | 1.15 | 0.33 | 1.29 | (2.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.50) | 1.44 | 0.53 | 1.51 | (1.77) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.29) | (0.20) | (0.22) | (0.33) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.05) | (0.28) |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.35) | (0.57) | (0.20) | (0.22) | (0.45) |
| Net asset value, end of period | $9.34 | $11.19 | $10.32 | $9.99 | $8.70 |
| **Total Return** (b) | –13.45% | 13.94% | 5.41% | 17.37% | –16.26% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2444 | $2855 | $2472 | $2408 | $2051 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 7.06% | 5.81% | 8.57% | 8.40% | 7.60% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.01% | 2.54% | 2.24% | 2.30% | 2.29% |
| Portfolio turnover rate | 85% | 99% | 109% | 66% | 72% |

---

*The accompanying notes are an integral part of these financial statements.*

**234** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.20 | $10.32 | $9.99 | $8.70 | $10.92 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.27 | 0.26 | 0.18 | 0.19 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.81) | 1.16 | 0.33 | 1.29 | (2.01) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.54) | 1.42 | 0.51 | 1.48 | (1.80) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (0.26) | (0.18) | (0.19) | (0.30) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.05) | (0.28) |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.54) | (0.18) | (0.19) | (0.42) |
| Net asset value, end of period | $9.34 | $11.20 | $10.32 | $9.99 | $8.70 |
| **Total Return** (b) | –13.75% | 13.75% | 5.14% | 17.03% | –16.52% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $117 | $135 | $119 | $113 | $97 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.15% | 1.15% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 10.77% | 9.38% | 12.55% | 17.72% | 17.67% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.76% | 2.29% | 1.99% | 2.02% | 1.99% |
| Portfolio turnover rate | 85% | 99% | 109% | 66% | 72% |

---

*(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 Report **235**

------

LAZARD INTERNATIONAL EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |  |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.98 | $20.02 | $18.61 | $15.68 | $19.61 |  |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.29 | 0.67 | 0.21 | 0.37 | 0.37 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.96 | 0.49 | 1.41 | 2.95 | (3.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.67 | 1.16 | 1.62 | 3.32 | (2.69) |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (1.07) | (0.21) | (0.39) | (0.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.64 | (2.13 |  |  | (0.82) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.90 | (3.20 | (0.21) | (0.39) | (1.24) |  |
| Net asset value, end of period | $14.41 | $17.98 | $20.02 | $18.61 | $15.68 |  |
| **Total Return** (b) | –14.83 | 6.00 | 8.76% | 21.19% | –13.61% | # |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $869014 | $1567011 | $2812450 | $2495021 | $2102735 |  |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.83 | 0.82 | 0.82% | 0.82% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 0.83 | 0.82 | 0.82% | 0.82% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.89 | 3.21 | 1.21% | 2.13% | 1.94% |  |
| Portfolio turnover rate | 31 | 34 | 38% | 37% | 36% |  |

---

*The accompanying notes are an integral part of these financial statements.*

**236** Annual Report

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |  |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $18.24 | $20.26 | $18.84 | $15.87 | $19.83 |  |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.27 | 0.63 | 0.17 | 0.33 | 0.32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.01 | 0.50 | 1.41 | 2.98 | (3.08) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.74 | 1.13 | 1.58 | 3.31 | (2.76) |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (1.02) | (0.16) | (0.34) | (0.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.64 | (2.13 |  |  | (0.82) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.87 | (3.15 | (0.16) | (0.34) | (1.20) |  |
| Net asset value, end of period | $14.63 | $18.24 | $20.26 | $18.84 | $15.87 |  |
| **Total Return** (b) | –15.05 | 5.76 | 8.43% | 20.89% | –13.83% | # |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $54781 | $93296 | $120781 | $257308 | $227483 |  |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.09 | 1.07 | 1.08% | 1.07% | 1.06% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.09 | 1.07 | 1.08% | 1.07% | 1.06% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.70 | 2.98 | 0.97% | 1.84% | 1.67% |  |
| Portfolio turnover rate | 31 | 34 | 38% | 37% | 36% |  |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **237**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |  |
| &nbsp;&nbsp;throughout the period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
| **R6 Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $17.95 | $19.99 | $18.58 | $15.66 | $19.59 |  |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.31 | 0.67 | 0.21 | 0.38 | 0.36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.97 | 0.50 | 1.41 | 2.93 | (3.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.66 | 1.17 | 1.62 | 3.31 | (2.69) |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.27) | (1.08) | (0.21) | (0.39) | (0.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.64 | (2.13 |  |  | (0.82) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.91 | (3.21 | (0.21) | (0.39) | (1.24) |  |
| Net asset value, end of period | $14.38 | $17.95 | $19.99 | $18.58 | $15.66 |  |
| **Total Return** (b) | –14.82 | 6.03 | 8.79% | 21.17% | –13.62% | # |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $63434 | $116187 | $129419 | $107574 | $106516 |  |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.80 | 0.80 | 0.81% | 0.80% | 0.80% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 0.83 | 0.82 | 0.83% | 0.82% | 0.81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.02 | 3.20 | 1.21% | 2.19% | 1.84% |  |
| Portfolio turnover rate | 31 | 34 | 38% | 37% | 36% |  |

---

*#* *The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represent a realized gain and were recorded in the period received. There was a 0.16%, 0.16% and 0.33% impact on the total return of the Portfolio's Institutional, Open and R6 Shares, respectively.*

*\** *Includes $0.02 and $0.07 of refunds as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and December 31, 2021, respectively. There was a 0.12% impact on the total return of the Portfolio for year ended December 31, 2022 and 0.42% impact to the Institutional and R6 Share Class and a 0.40% impact to the Open Class on the total return of the Portfolio for the year ended December 31, 2021, respectively. There was a 0.15% and 0.31% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2 (b) in the Notes to Financial Statements for further information.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*The accompanying notes are an integral part of these financial statements.*

**238** Annual Report

------

LAZARD INTERNATIONAL EQUITY SELECT PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.51 | $11.53 | $10.75 | $9.13 | $11.02 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.16 | 0.31 | 0.11 | 0.23 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.94 | 0.06 | 0.78 | 1.62 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.78 | 0.37 | 0.89 | 1.85 | (1.64) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.32) | (0.11) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.04 | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21 | (0.39) | (0.11) | (0.23) | (0.25) |
| Net asset value, end of period | $9.52 | $11.51 | $11.53 | $10.75 | $9.13 |
| **Total Return** (b) | –15.46 | 3.24% | 8.33% | 20.32% | –14.90% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $51643 | $78782 | $92121 | $93586 | $74582 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.90 | 0.87% | 0.90% | 0.97% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 0.96 | 0.87% | 0.95% | 0.99% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.56 | 2.60% | 1.10% | 2.29% | 1.73% |
| Portfolio turnover rate | 41 | 35% | 34% | 42% | 32% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **239**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.57 | $11.58 | $10.80 | $9.17 | $11.03 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.24 | 0.08 | 0.19 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.94 | 0.11 | 0.78 | 1.64 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.81 | 0.35 | 0.86 | 1.83 | (1.67) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.29) | (0.08) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.04 | (0.07) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19 | (0.36) | (0.08) | (0.20) | (0.19) |
| Net asset value, end of period | $9.57 | $11.57 | $11.58 | $10.80 | $9.17 |
| **Total Return** (b) | –15.68 | 3.03% | 8.02% | 19.97% | –15.16% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2910 | $4166 | $2868 | $2502 | $1502 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.15 | 1.15% | 1.15% | 1.28% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.35 | 1.26% | 1.38% | 1.74% | 1.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.30 | 2.03% | 0.80% | 1.87% | 1.42% |
| Portfolio turnover rate | 41 | 35% | 34% | 42% | 32% |

---

*\** *There was less than $0.01 impact on the Net investment income per share and no impact on the total return of the Portfolio as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022. There was a 0.02% impact on the net investment income (loss) ratio of the Portfolio for the year ended December 31, 2022. Refer to Note 2 (b) in the Notes to Financial Statements for further information.*

*(a)* *Net investment income (loss) has been computed using the average shares method.*

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*The accompanying notes are an integral part of these financial statements.*

**240** Annual Report

------

LAZARD INTERNATIONAL QUALITY GROWTH PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 12/31/18\* to |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.80 | $15.59 | $12.69 | $9.98 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.07 | 0.03 | 0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.47) | 1.48 | 3.01 | 2.95 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.37) | 1.55 | 3.04 | 3.03 | (0.02) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.03) | (0.01) | (0.27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.06) | (0.31) | (0.13) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.34) | (0.14) | (0.32) |  |
| Net asset value, end of period | $13.28 | $16.80 | $15.59 | $12.69 | $9.98 |
| **Total Return** (b) | –20.10% | 9.99% | 23.95% | 30.32% | –0.20% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $110723 | $62468 | $10473 | $3958 | $149 |
| Ratios to average net assets(c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.85% | 0.85% | 0.85% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.05% | 1.24% | 3.58% | 8.16% | 8.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.70% | 0.44% | 0.24% | 0.65% | 0.00% |
| Portfolio turnover rate | 43% | 7% | 12% | 20% | 0% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **241**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | For the Period<br> 12/31/18\* to |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.70 | $15.51 | $12.65 | $10.00 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.03 | (0.02) | 0.07 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.45) | 1.47 | 3.01 | 2.90 | — (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.39) | 1.50 | 2.99 | 2.97 | — (d) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) |  |  | (0.27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.06) | (0.31) | (0.13) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.31) | (0.13) | (0.32) |  |
| Net asset value, end of period | $13.20 | $16.70 | $15.51 | $12.65 | $10.00 |
| **Total Return** (b) | –20.31% | 9.69% | 23.63% | 29.66% | 0.00% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $372 | $333 | $291 | $10 | $1 |
| Ratios to average net assets(c): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.10% | 1.10% | 1.10% | 1.10% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 2.81% | 2.76% | 9.57% | 142.50% | 0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.42% | 0.18% | -0.15% | 0.60% | 0.00% |
| Portfolio turnover rate | 43% | 7% | 12% | 20% | 0% |

---

*\** *The Portfolio commenced operations on December 31, 2018.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.*

*(c)* *Annualized for a period of less than one year except for non-recurring expenses.* 

*(d)* *Amount is less than $0.01 per share.*

*The accompanying notes are an integral part of these financial statements.*

**242** Annual Report

------

LAZARD INTERNATIONAL SMALL CAP EQUITY PORTFOLIO

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |  |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
| **Institutional Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $10.99 | $13.50 | $12.19 | $9.95 | $13.79 |  |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.20 | 0.06 | 0.13 | 0.12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.02) | 1.33 | 1.53 | 2.42 | (3.51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.88) | 1.53 | 1.59 | 2.55 | (3.39) |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.56) | (0.28) | (0.05) | (0.27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.37) | (3.48 |  | (0.26) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.42) | (4.04 | (0.28) | (0.31) | (0.45) |  |
| Net asset value, end of period | $7.69 | $10.99 | $13.50 | $12.19 | $9.95 |  |
| **Total Return** (b) | –26.32% | 11.83 | 13.44% | 26.01% | –24.88% | # |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $6940 | $14542 | $29374 | $37677 | $35121 |  |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.14% | 1.12 | 1.15% | 1.14% | 1.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.72% | 1.24 | 1.29% | 1.15% | 1.08% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.65% | 1.34 | 0.57% | 1.14% | 0.96% |  |
| Portfolio turnover rate | 44% | 47 | 50% | 37% | 59% |  |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **243**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |  |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |  |
| **Open Shares** |  |  |  |  |  |  |
| Net asset value, beginning of period | $11.03 | $13.50 | $12.19 | $9.97 | $13.82 |  |
| Income (Loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.15 | 0.04 | 0.10 | 0.11 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.05) | 1.35 | 1.52 | 2.43 | (3.54) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.91) | 1.50 | 1.56 | 2.53 | (3.43) |  |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.49) | (0.25) | (0.05) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (0.37) | (3.48 |  | (0.26) | (0.18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.40) | (3.97 | (0.25) | (0.31) | (0.42) |  |
| Net asset value, end of period | $7.72 | $11.03 | $13.50 | $12.19 | $9.97 |  |
| **Total Return** (b) | –26.49% | 11.61 | 13.15% | 25.76% | –25.09% | # |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $7692 | $11969 | $12581 | $19780 | $20265 |  |
| Ratios to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.39% | 1.37 | 1.40% | 1.39% | 1.34% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.97% | 1.51 | 1.56% | 1.43% | 1.34% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.58% | 1.05 | 0.33% | 0.86% | 0.83% |  |
| Portfolio turnover rate | 44% | 47 | 50% | 37% | 59% |  |

---

*#* *The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.46% and 0.53% impact on the total return of the Portfolio's Institutional and Open Shares, respectively.*

*\** *Includes $0.03 of refunds received as a result of European Union dividend withholding tax reclaims filings. There was a 0.31% impact on the total return of the Portfolio. There was a 0.17% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*The accompanying notes are an integral part of these financial statements.*

**244** Annual Report

------

LAZARD INTERNATIONAL STRATEGIC EQUITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.37 | $16.83 | $15.38 | 12.89 | $15.70 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.22 | 0.56 | 0.17 | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.98 | 0.42 | 1.45 | 2.53 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.76 | 0.98 | 1.62 | 2.77 | (1.64) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.62) | (0.17) | (0.28) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.51) |  |  | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19 | (1.44 | (0.17 | (0.28) | (1.17) |
| Net asset value, end of period | $13.42 | $16.37 | $16.83 | $15.38 | $12.89 |
| **Total Return** (b) | –16.88 | 5.99 | 10.58 | 21.55% | –10.35% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $4180622 | $5713405 | $5270611 | $5505271 | $4630334 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.81 | 0.80 | 0.81 | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 0.81 | 0.80 | 0.81 | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.56 | 3.15 | 1.18 | 1.66% | 1.36% |
| Portfolio turnover rate | 33 | 31 | 37 | 36% | 40% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **245**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.53 | $16.99 | $15.52 | $13.01 | $15.83 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.52 | 0.14 | 0.21 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.00 | 0.42 | 1.46 | 2.55 | (1.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.82 | 0.94 | 1.60 | 2.76 | (1.69) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.60) | (0.13) | (0.25) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.51) |  |  | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.29 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15 | (1.40 | (0.13) | (0.25) | (1.13) |
| Net asset value, end of period | $13.56 | $16.53 | $16.99 | $15.52 | $13.01 |
| **Total Return** (b) | –17.04 | 5.67 | 10.34% | 21.21% | –10.55% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $308243 | $460862 | $535285 | $682035 | $832548 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 1.07 | 1.06 | 1.06% | 1.06% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 1.07 | 1.06 | 1.06% | 1.06% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.27 | 2.88 | 0.94% | 1.47% | 1.10% |
| Portfolio turnover rate | 33 | 31 | 37% | 36% | 40% |

---

*The accompanying notes are an integral part of these financial statements.*

**246** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br> of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout the period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.38 | $16.85 | $15.39 | $12.90 | $15.71 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.22 | 0.56 | 0.17 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.98 | 0.41 | 1.46 | 2.54 | (1.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.76 | 0.97 | 1.63 | 2.77 | (1.64) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.19 | (0.62 | (0.17) | (0.28) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | (0.51) |  |  | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (0.31 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19 | (1.44 | (0.17) | (0.28) | (1.17) |
| Net asset value, end of period | $13.43 | $16.38 | $16.85 | $15.39 | $12.90 |
| **Total Return** (b) | –16.87 | 5.93 | 10.64% | 21.54% | –10.35% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $96524 | $124625 | $118678 | $120118 | $97394 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 0.81 | 0.80 | 0.81% | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses | 0.82 | 0.81 | 0.82% | 0.81% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.54 | 3.16 | 1.16% | 1.61% | 1.34% |
| Portfolio turnover rate | 33 | 31 | 37% | 36% | 40% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **247**

------

*\** *Includes $0.01 and $0.06 of refunds as a result of European Union dividend withholding tax reclaims filings for the year ended December 31, 2022 and year ended December 31, 2021, respectively. There was a 0.06% and 0.39% impact to the Institutional and R6 Share Class and a 0.06% and 0.38% impact to the Open Class on the total return of the Portfolio. There was a 0.10% and 0.33% impact on the net investment income (loss) ratio of the Portfolio. Refer to Note 2(b) in the Notes to Financial Statements for further information.*

*(a)* *Net investment income (loss) has been computed using the average shares method.*

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*The accompanying notes are an integral part of these financial statements.*

**248** Annual Report

------

LAZARD MANAGED EQUITY VOLATILITY PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.17 | $11.78 | $12.66 | $10.55 | $11.57 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.22 | 0.21 | 0.21 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.10) | 2.01 | (0.87) | 2.08 | (1.03) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.88) | 2.22 | (0.66) | 2.29 | (0.84) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.39) | (0.09) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) | (0.44) | (0.13) | — (b) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.83) | (0.22) | (0.18) | (0.18) |
| Net asset value, end of period | $11.93 | $13.17 | $11.78 | $12.66 | $10.55 |
| **Total Return** (c) | –6.72% | 19.00% | –5.18% | 21.69% | –7.21% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $28712 | $31040 | $25737 | $34354 | $20709 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.25% | 1.20% | 1.23% | 1.36% | 1.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.79% | 1.62% | 1.83% | 1.72% | 1.66% |
| Portfolio turnover rate | 97% | 110% | 138% | 103% | 122% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **249**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.16 | $11.78 | $12.65 | $10.54 | $11.56 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.19 | 0.18 | 0.19 | 0.17 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.10) | 2.00 | (0.87) | 2.08 | (1.02) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.91) | 2.18 | (0.68) | 2.25 | (0.87) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.36) | (0.06) | (0.14) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.15) | (0.44) | (0.13) | — (b) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.80) | (0.19) | (0.14) | (0.15) |
| Net asset value, end of period | $11.92 | $13.16 | $11.78 | $12.65 | $10.54 |
| **Total Return** (c) | –6.96% | 18.62% | –5.34% | 21.36% | –7.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $81 | $87 | $76 | $231 | $183 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.00% | 1.00% | 1.00% | 1.03% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 6.80% | 6.85% | 4.39% | 5.81% | 5.86% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.55% | 1.39% | 1.63% | 1.46% | 1.28% |
| Portfolio turnover rate | 97% | 110% | 138% | 103% | 122% |

---

*(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.*

**250** Annual Report

------

LAZARD US EQUITY CONCENTRATED PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.70 | $18.05 | $16.84 | $12.89 | $15.31 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.08 | 0.12 | 0.13 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.98) | 4.55 | 1.39 | 3.96 | (1.11) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.88) | 4.63 | 1.51 | 4.09 | (0.93) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.08) | (0.11) | (0.14) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (2.90) | (0.19) |  | (1.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.94) | (2.98) | (0.30) | (0.14) | (1.49) |
| Net asset value, end of period | $14.88 | $19.70 | $18.05 | $16.84 | $12.89 |
| **Total Return** (b) | –19.89% | 26.02% | 8.98% | 31.72% | –6.07% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1193492 | $1943232 | $1936367 | $1271509 | $1040851 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.78% | 0.76% | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.78% | 0.76% | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.58% | 0.38% | 0.72% | 0.85% | 1.14% |
| Portfolio turnover rate | 69% | 32% | 43% | 33% | 69% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **251**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.88 | $18.19 | $16.98 | $12.99 | $15.42 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.03 | 0.08 | 0.09 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.01) | 4.58 | 1.38 | 3.99 | (1.11) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.96) | 4.61 | 1.46 | 4.08 | (0.98) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.02) | (0.06) | (0.09) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (2.90) | (0.19) |  | (1.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.89) | (2.92) | (0.25) | (0.09) | (1.45) |
| Net asset value, end of period | $15.03 | $19.88 | $18.19 | $16.98 | $12.99 |
| **Total Return** (b) | –20.07% | 25.72% | 8.63% | 31.42% | -6.35% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $24268 | $35649 | $34358 | $46840 | $50981 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.04% | 1.02% | 1.02% | 1.04% | 1.03% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.04% | 1.02% | 1.02% | 1.04% | 1.03% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.31% | 0.13% | 0.47% | 0.55% | 0.85% |
| Portfolio turnover rate | 69% | 32% | 43% | 33% | 69% |

---

*The accompanying notes are an integral part of these financial statements.*

**252** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.76 | $18.09 | $16.89 | $12.92 | $15.34 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) (a) | 0.10 | 0.08 | 0.12 | 0.13 | 0.17 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.99) | 4.56 | 1.38 | 3.98 | (1.10) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (3.89) | 4.64 | 1.50 | 4.11 | (0.93) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.07) | (0.11) | (0.14) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) | (2.90) | (0.19) |  | (1.29) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.94) | (2.97) | (0.30) | (0.14) | (1.49) |
| Net asset value, end of period | $14.93 | $19.76 | $18.09 | $16.89 | $12.92 |
| **Total Return** (b) | -19.89% | 26.06% | 8.90% | 31.79% | –6.08% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2186 | $2720 | $2177 | $2091 | $1900 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.78% | 0.76% | 0.76% | 0.76% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.94% | 0.87% | 0.92% | 1.20% | 2.16% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.59% | 0.40% | 0.73% | 0.83% | 1.15% |
| Portfolio turnover rate | 69% | 32% | 43% | 33% | 69% |

---

*(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 Report **253**

------

LAZARD US EQUITY FOCUS PORTFOLIO

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a share<br>of capital stock outstanding | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.07 | $13.37 | $12.03 | $10.23 | $12.43 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.08 | 0.11 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.82) | 3.54 | 1.94 | 3.11 | (0.55) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.72) | 3.62 | 2.05 | 3.24 | (0.41) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.05) | (0.10) | (0.23) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.26) | (0.87) | (0.61) | (1.21) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.92) | (0.71) | (1.44) | (1.79) |
| Net asset value, end of period | $12.99 | $16.07 | $13.37 | $12.03 | $10.23 |
| **Total Return** (b) | –16.94% | 27.36% | 17.29% | 31.67% | –3.12% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $38037 | $42755 | $31075 | $32661 | $60629 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.81% | 0.76% | 1.26% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.72% | 0.54% | 0.91% | 1.07% | 1.10% |
| Portfolio turnover rate | 29% | 27% | 54% | 45% | 62% |

---

*The accompanying notes are an integral part of these financial statements.*

**254** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.16 | $13.45 | $12.09 | $10.28 | $12.48 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.07 | 0.04 | 0.08 | 0.10 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.84) | 3.55 | 1.96 | 3.11 | (0.54) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.77) | 3.59 | 2.04 | 3.21 | (0.44) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.01) | (0.07) | (0.19) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.26) | (0.87) | (0.61) | (1.21) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.88) | (0.68) | (1.40) | (1.76) |
| Net asset value, end of period | $13.06 | $16.16 | $13.45 | $12.09 | $10.28 |
| **Total Return** (b) | –17.18% | 26.96% | 17.08% | 31.25% | –3.40% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1160 | $1569 | $1285 | $1117 | $881 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.95% | 0.95% | 1.03% | 1.05% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.31% | 1.22% | 1.79% | 2.14% | 2.33% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.46% | 0.29% | 0.67% | 0.79% | 0.80% |
| Portfolio turnover rate | 29% | 27% | 54% | 45% | 62% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **255**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $16.08 | $13.38 | $12.04 | $10.23 | $12.43 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.08 | 0.11 | 0.13 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.83) | 3.54 | 1.94 | 3.12 | (0.55) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.73) | 3.62 | 2.05 | 3.25 | (0.41) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.05) | (0.10) | (0.23) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.26) | (0.87) | (0.61) | (1.21) | (1.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.92) | (0.71) | (1.44) | (1.79) |
| Net asset value,end of period | $12.99 | $16.08 | $13.38 | $12.04 | $10.23 |
| **Total Return** (b) | –17.00% | 27.34% | 17.28% | 31.76% | –3.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $34244 | $36066 | $20747 | $10609 | $10056 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.70% | 0.70% | 0.70% | 0.74% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.81% | 0.76% | 1.27% | 1.00% | 1.01% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.72% | 0.52% | 0.91% | 1.09% | 1.10% |
| Portfolio turnover rate | 29% | 27% | 54% | 45% | 62% |

---

*(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.*

**256** Annual Report

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LAZARD US SMALL-MID 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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.97 | $14.42 | $13.64 | $10.83 | $14.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (b) | 0.01 | 0.04 | 0.06 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.24) | 2.81 | 0.82 | 3.19 | (2.00) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.24) | 2.82 | 0.86 | 3.25 | (1.95) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.02) | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.52) | (2.24) | (0.06) | (0.41) | (1.83) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.52) | (2.27) | (0.08) | (0.44) | (1.87) |
| Net asset value, end of period | $12.21 | $14.97 | $14.42 | $13.64 | $10.83 |
| **Total Return** (c) | –15.23% | 19.91% | 6.44% | 30.00% | –13.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $34882 | $94517 | $91984 | $108112 | $113677 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.03% | 0.94% | 0.98% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.05% | 0.94% | 0.98% | 0.92% | 0.87% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.03% | 0.05% | 0.31% | 0.46% | 0.35% |
| Portfolio turnover rate | 35% | 66% | 80% | 90% | 81% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **257**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $13.56 | $13.25 | $12.58 | $10.03 | $13.72 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.03) | (0.04) | — (b) | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.03) | 2.59 | 0.75 | 2.95 | (1.87) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.06) | 2.55 | 0.75 | 2.96 | (1.86) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | — (b) | (0.02) |  | — (b) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.52) | (2.24) | (0.06) | (0.41) | (1.83) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.52) | (2.24) | (0.08) | (0.41) | (1.83) |
| Net asset value, end of period | $10.98 | $13.56 | $13.25 | $12.58 | $10.03 |
| **Total Return** (c) | –15.49% | 19.59% | 6.10% | 29.51% | –13.49% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $7750 | $10798 | $10965 | $14643 | $13726 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.31% | 1.22% | 1.28% | 1.25% | 1.18% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.36% | 1.22% | 1.28% | 1.25% | 1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.27% | –0.24% | — %(d) | 0.11% | 0.04% |
| Portfolio turnover rate | 35% | 66% | 80% | 90% | 81% |

---

*The accompanying notes are an integral part of these financial statements.*

**258** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding | Year Ended | Year Ended | For the Period<br>1/8/20\* |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | to 12/31/20 |
| **R6 Shares** |  |  |  |
| Net asset value, beginning of period | $14.98 | $14.42 | $13.62 |
| Income (Loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | (0.04) | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.17) | 2.82 | 0.84 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.21) | 2.83 | 0.88 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.52) | (2.24) | (0.06) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.52) | (2.27) | (0.08) |
| Net asset value, end of period | $12.25 | $14.98 | $14.42 |
| **Total Return** (c) | –15.01% | 19.95% | 6.59% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $24 | $718 | $684 |
| Ratios to average net assets (e): |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.03% | 0.93% | 0.96% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.51% | 2.53% | 1.65% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.31% | 0.05% | 0.34% |
| Portfolio turnover rate | 35% | 66% | 80% |

---

*\** *The inception date for the R6 shares was January 8, 2020.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Amount is less than $0.01 per share.*

*(c)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, 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)* *Amount is less than 0.005%*

*(e)* *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 Report **259**

------

LAZARD US SUSTAINABLE EQUITY PORTFOLIO

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding | Year Ended | Year Ended | For the Period<br>6/30/20\* |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | to 12/31/20 |
| **Institutional Shares** |  |  |  |
| Net asset value, beginning of period | $15.41 | $12.20 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.08 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.86) | 3.47 | 2.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.78) | 3.53 | 2.27 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.08) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.19) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.32) | (0.07) |
| Net asset value, end of period | $12.36 | $15.41 | $12.20 |
| **Total Return** (b) | –18.07% | 29.01% | 22.69% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $12222 | $14687 | $11490 |
| Ratios to average net assets (c): |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.84% | 2.08% | 2.49% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.64% | 0.43% | 0.65% |
| Portfolio turnover rate | 23% | 8% | 5% |

---

*The accompanying notes are an integral part of these financial statements.*

**260** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock <br> outstanding | Year Ended | Year Ended | For the Period<br>6/30/20\* |
| &nbsp;&nbsp;throughout each period | 12/31/22 | 12/31/21 | to 12/31/20 |
| **Open Shares** |  |  |  |
| Net asset value, beginning of period | $15.43 | $12.21 | $10.00 |
| Income (Loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.05 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.87) | 3.48 | 2.23 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.82) | 3.50 | 2.25 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.19) | (0.24) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.24) | (0.28) | (0.04) |
| Net asset value, end of period | $12.37 | $15.43 | $12.21 |
| **Total Return** (b) | –18.32% | 28.75% | 22.48% |
| **Ratios and Supplemental Data:** |  |  |  |
| Net assets, end of period (in thousands) | $537 | $655 | $128 |
| Ratios to average net assets (c): |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.88% | 3.15% | 5.31% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.39% | 0.17% | 0.43% |
| Portfolio turnover rate | 23% | 8% | 5% |

---

*\** *The Portfolio commenced operations on June 30, 2020*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, 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 Report **261**

------

LAZARD US SYSTEMATIC SMALL CAP EQUITY PORTFOLIO

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock<br> outstanding | Year Ended | For the Period<br> 10/29/21\* |
| &nbsp;&nbsp;throughout each period | 12/31/22 | to 12/31/21 |
| **Institutional Shares** |  |  |
| Net asset value, beginning of period | $10.26 | $10.00 |
| Income (Loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.77) | 0.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.68) | 0.28 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.06) | (0.02) |
| Net asset value, end of period | $8.52 | $10.26 |
| **Total Return** (b) | –16.33% | 2.83% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $24786 | $3983 |
| Ratios to average net assets (c): |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.67% | 5.13% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.00% | 1.39% |
| Portfolio turnover rate | 74% | 22% |

---

*The accompanying notes are an integral part of these financial statements.*

**262** Annual Report

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a <br> share of capital stock<br> outstanding | Year Ended | For the Period<br> 10/29/21\* |
| &nbsp;&nbsp;throughout each period | 12/31/22 | to 12/31/21 |
| **Open Shares** |  |  |
| Net asset value, beginning of period | $10.28 | $10.00 |
| Income (Loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.06 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.76) | 0.26 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.70) | 0.28 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.04) |  |
| Net asset value, end of period | $8.54 | $10.28 |
| **Total Return** (b) | –16.51% | 2.80% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in thousands) | $102 | $120 |
| Ratios to average net assets (c): |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 5.52% | 13.16% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.66% | 1.14% |
| Portfolio turnover rate | 74% | 22% |

---

*\** *The Portfolio commenced operations on October 29, 2021.*

*(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, 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 Report **263**

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2022 (unaudited)

**1. Organization**

The Lazard Funds, Inc. was incorporated in Maryland on May 17, 1991 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of December 31, 2022, the Fund was comprised of thirty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of the Lazard Developing Markets Equity Portfolio ("Developing Markets Equity"), Lazard Emerging Markets Core Equity Portfolio ("Emerging Markets Core Equity"), Lazard Emerging Markets Equity Advantage Portfolio ("Emerging Markets Equity Advantage"), Lazard Emerging Markets Equity Portfolio ("Emerging Markets Equity"), Lazard Emerging Markets Strategic Equity Portfolio ("Emerging Markets Strategic Equity"), Lazard Equity Franchise Portfolio ("Equity Franchise"), Lazard Global Equity Select Portfolio ("Global Equity Select"), Lazard Global Listed Infrastructure Portfolio ("Global Listed Infrastructure"), Lazard Global Strategic Equity Portfolio ("Global Strategic Equity"), Lazard International Equity Advantage Portfolio ("International Equity Advantage"), Lazard International Equity Portfolio ("International Equity"), Lazard International Equity Select Portfolio ("International Equity Select"), Lazard International Small Cap Equity Portfolio ("International Small Cap Equity"), Lazard International Quality Growth Portfolio ("International Quality Growth"), Lazard International Strategic Equity Portfolio ("International Strategic Equity"), Lazard Managed Equity Volatility Portfolio ("Managed Equity Volatility"), Lazard US Equity Concentrated Portfolio ("US Equity Concentrated"), Lazard US Equity Focus Portfolio ("US Equity Focus"), Lazard US Small-Mid Cap Equity Portfolio ("US Small-Mid Cap Equity"), Lazard US Sustainable Equity Portfolio ("US Sustainable Equity"), and Lazard US Systematic Small Cap Equity Portfolio ("US Systematic Small Cap Equity"). The financial statements of the other nine 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.

**264** Annual Report

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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).

**2. Significant Accounting Policies**

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

*(a) Valuation of Investments*—Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund's net asset value ("NAV") per share.

Calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (i.e., a day on which the New York Stock Exchange (the "NYSE") is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

Annual Report **265**

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If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio's NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value in accordance with procedures approved by the Fund's Board of Directors (the "Board"). The fair value of non-US equity securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Certain non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio's assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds' Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

**266** Annual Report

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*(b) Portfolio Securities Transactions and Investment Income*—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income is recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily.

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

As a result of several court cases in certain countries across the European Union, some Portfolios have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative 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 Statement of Operations. Such amounts, if and when recorded, could result in an increase in a Portfolio's NAV per share.

*(c) Foreign Currency Translation and Forward Currency Contracts*—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

Annual Report **267**

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The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects 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, 2022, the Global Listed Infrastructure Portfolio traded in forward currency contracts.

*(d) Federal Income Taxes*—The Fund's policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2022, the following Portfolios had unused realized capital loss carryovers which, for federal income tax

**268** Annual Report

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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 | $68237024 | $49567394 |
| Emerging Markets Core Equity | 11595277 | 7258236 |
| Emerging Markets Equity Advantage | 4187565 | 2653096 |
| Emerging Markets Equity | 221374883 | 890018802 |
| Emerging Markets Strategic Equity | 10805537 | 40750279 |
| Global Strategic Equity | 456687 |  |
| International Equity Advantage | 183346 | 30970 |
| International Equity | 14397188 |  |
| International Equity Select | 2175714 | 925790 |
| International Small Cap Equity | 1428452 | 248497 |
| International Strategic Equity | 203989809 | 8765565 |
| Managed Equity Volatility | 763453 |  |
| US Systematic Small Cap Equity | 851305 | 39653 |

---

Under current tax law, 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, 2022, the following Portfolios elected to defer such losses as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Post-October<br> Capital Loss<br> Deferral | Late-Year<br> Ordinary Loss<br> Deferral |
| Developing Markets Equity | $— | $123100 |
| Emerging Markets Equity |  | 375217 |
| Equity Franchise | 1000315 |  |
| Global Listed Infrastructure | 339418309 |  |
| Global Strategic Equity |  | 1444 |
| International Quality Growth | 1087968 | 3198 |
| US Equity Focus | 562243 |  |

---

Annual Report **269**

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Developing Markets Equity | $89816058 | $17539831 | $11239446 | $6300385 |
| Emerging Markets Core Equity | 82447211 | 16645830 | 11514676 | 5131154 |
| Emerging Markets Equity Advantage | 90141438 | 2416321 | 12706032 | (10289711) |
| Emerging Markets Equity | 2594302837 | 343376206 | 404586723 | (61210517) |
| Emerging Markets Strategic Equity | 49184573 | 3230413 | 7889884 | (4659471) |
| Equity Franchise | 161838186 | 8081992 | 13578124 | (5496132) |
| Global Equity Select | 73284305 | 24122667 | 4599732 | 19522935 |
| Global Listed Infrastructure | 7895941532 | 633888700 | 522447078 | 111441622 |
| Global Strategic Equity | 11236542 | 453695 | 1034973 | (581278) |
| International Equity Advantage | 2503750 | 213836 | 144310 | 69526 |
| International Equity | 903561911 | 149914397 | 84432990 | 65481407 |
| International Equity Select | 51170421 | 7003833 | 5024467 | 1979366 |
| International Quality Growth | 124229363 | 2349357 | 18363412 | (16014055) |
| International Small Cap Equity | 15916308 | 1064808 | 2394442 | (1329634) |
| International Strategic Equity | 4167142337 | 802418454 | 372274838 | 430143616 |
| Managed Equity Volatility | 27572236 | 2140834 | 1031910 | 1108924 |
| US Equity Concentrated | 997627880 | 234733503 | 12625476 | 222108027 |
| US Equity Focus | 60176087 | 16982697 | 3671421 | 13311276 |
| US Small-Mid Cap Equity | 35263668 | 9297714 | 2647493 | 6650221 |
| US Sustainable Equity | 11047100 | 2158413 | 424513 | 1733900 |
| US Systematic Small Cap Equity | 25151216 | 2134748 | 2401217 | (266469) |

---

**270** Annual Report

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Management has analyzed the Portfolios' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction's statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

*(e) Dividends and Distributions*—For each Portfolio, income dividends are normally declared each business day and paid monthly during any particular year, except that the Global Listed Infrastructure Portfolio's dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

The Global Strategic Equity, US Equity Concentrated, International Small Cap Equity, US Small-Mid Cap Equity, Emerging Markets Equity Advantage and Equity Franchise Portfolios, intend, on their 2022 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

Annual Report **271**

------

income will be reflected in the value of the Portfolios' shares, the total return on a shareholder's investment is not affected by the Portfolios' use of equalization.

Real estate investment trust ("REIT") distributions received by a Portfolio are generally comprised of ordinary income, long-term capital gains and a return of REIT capital. However, as the actual character of such distributions received are not known until after the calendar year end, distributions made by a Portfolio during the year are subject to re-characterization that may result in some portion of the distributions being reclassified as a return of capital distribution to Portfolio shareholders.

Income and capital gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These book/tax differences, which may result in distribution reclassifications, are primarily due to differing treatments of foreign currency gains and losses, wash sales, 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.

**272** Annual Report

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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<br>Loss) |
| Developing Markets Equity | $(62575) | $62575 |
| Emerging Markets Core Equity | (19027) | 19027 |
| Emerging Markets Equity | (4528) | 4528 |
| Equity Franchise | 3521212 | (3521212) |
| Global Equity Select | 158369 | (158369) |
| Global Listed Infrastructure | 33479858 | (33479858) |
| Global Strategic Equity | (406) | 406 |
| International Equity | (2831107) | 2831107 |
| International Equity Select | (1934) | 1934 |
| International Quality Growth | 106124 | (106124) |
| International Small Cap Equity | 3810 | (3810) |
| International Strategic Equity | 609576 | (609576) |
| US Equity Concentrated | 19962139 | (19962139) |
| US Equity Focus | 123322 | (123322) |
| US Small-Mid Cap Equity | (85292) | 85292 |
| US Sustainable Equity | 322 | (322) |
| US Systematic Small Cap Equity | (3274) | 3274 |

---

Annual Report **273**

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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 | 2022 | 2021 | 2022 | 2021 |
| Developing Markets Equity\* | $737410 | $1586770 | $— | $— |
| Emerging Markets Core Equity | 1946526 | 1222973 |  |  |
| Emerging Markets Equity Advantage | 1632469 | 3005745 | 274642 | 2228891 |
| Emerging Markets Equity | 144343772 | 177125297 |  |  |
| Emerging Markets Strategic Equity | 1380686 | 751314 |  |  |
| Equity Franchise | 5741616 | 9587732 | 12205692 | 4681017 |
| Global Equity Select | 531256 | 2605796 | 401381 | 1756391 |
| Global Listed Infrastructure | 617886544 | 352046276 | 488053713 | 110703716 |
| Global Strategic Equity | 46028 | 311725 | 19473 | 420195 |
| International Equity Advantage | 78363 | 72246 | 12710 | 70196 |
| International Equity | 18675321 | 97589556 | 51354094 | 189542780 |
| International Equity Select | 980492 | 2266536 | 247167 | 472510 |
| International Quality Growth | 775087 | 525975 | 517722 | 730780 |
| International Small Cap Equity | 110815 | 1373820 | 797519 | 6374470 |
| International Strategic Equity\* | 62860646 | 225230543 |  | 184778429 |
| Managed Equity Volatility | 629794 | 1074482 | 229766 | 829157 |
| US Equity Concentrated | 10886247 | 25162588 | 66586092 | 242748971 |
| US Equity Focus | 556355 | 2212803 | 1492055 | 2231806 |
| US Small-Mid Cap Equity |  | 897074 | 2335222 | 13969807 |
| US Sustainable Equity | 80977 | 270923 | 189779 | 38853 |
| US Systematic Small Cap Equity | 185691 | 8515 | 353 |  |

---

*\** *Developing Markets Equity and International Strategic Equity Portfolios had return of capital distributions of $62,544 and $0 in 2022 and $0 and $112,026,425 in 2021, respectively.*

**274** Annual Report

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At December 31, 2022, the components of distributable earnings (accumulated loss), on a tax basis, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Undistributed<br>Ordinary Income<br>(Deferred Ordinary<br>Losses) | Undistributed<br>Long-Term<br>Capital Gain<br>(Deferred Capital<br>Losses) | Net Unrealized<br>Appreciation<br>(Depreciation) Including<br>Foreign Currency |
| Developing Markets Equity | $(123100) | $(117804418) | $6141512 |
| Emerging Markets Core Equity |  | (18853513) | 4942356 |
| Emerging Markets Equity Advantage | 87840 | (6840661) | (10297720) |
| Emerging Markets Equity | (375217) | (1111393685) | (63424616) |
| Emerging Markets Strategic Equity | 116007 | (51555816) | (4771277) |
| Equity Franchise | 11250 | (1000315) | (5516057) |
| Global Equity Select | 3096 | 396627 | 19518449 |
| Global Listed Infrastructure |  | (339418309) | 111486013 |
| Global Strategic Equity | (1444) | (456687) | (602065) |
| International Equity Advantage | 857 | (214316) | 69281 |
| International Equity | 2648511 | (14397188) | 65371220 |
| International Equity Select |  | (3101504) | 1959443 |
| International Quality Growth | (3198) | (1087968) | (16053814) |
| International Small Cap Equity | 22449 | (1676949) | (1332400) |
| International Strategic Equity | 3482760 | (212755374) | 428223583 |
| Managed Equity Volatility | 50020 | (763453) | 1109235 |
| US Equity Concentrated |  | 49546514 | 222108027 |
| US Equity Focus |  | (562243) | 13311277 |
| US Small-Mid Cap Equity |  | 729805 | 6650221 |
| US Sustainable Equity | 78493 | 15103 | 1712281 |
| US Systematic Small Cap Equity |  | (890958) | (266469) |

---

 

*(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

Annual Report **275**

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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 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. 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 the classes based upon the relative net assets of each class.

*(h) Estimates*—The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

*(i) Net Asset Value*—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The NAV per share of a class is determined by dividing the value of the total assets of the Portfolio represented by such class, less all liabilities, by the total number of Portfolio shares of such class outstanding.

**276** Annual Report

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**3. Investment Management, Administration, Custody, Distribution and Transfer Agency Agreements**

The Fund, on behalf of the Portfolios, has entered into a 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 Core Equity | 1.00 |
| Emerging Markets Equity Advantage | 0.75 |
| Emerging Markets Equity | 1.00 |
| Emerging Markets Strategic Equity | 1.00 |
| Equity Franchise | 0.80 |
| Global Equity Select | 0.65 |
| Global Listed Infrastructure | 0.90 |
| Global Strategic Equity | 0.75 |
| International Equity Advantage | 0.65 |
| International Equity | 0.75 |
| International Equity Select | 0.65 |
| International Quality Growth | 0.75 |
| International Small Cap Equity | 0.75 |
| International Strategic Equity | 0.75 |
| Managed Equity Volatility | 0.60 |
| US Equity Concentrated | 0.70 |
| US Equity Focus | 0.55 |
| US Small-Mid Cap Equity | 0.75 |
| US Sustainable Equity | 0.60 |
| US Systematic Small Cap Equity | 0.70 |

---

The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until April 29, 2023 (or such other date as indicated below) if the aggregate direct expenses of the Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of "Acquired Funds" (as defined in Form N-1A),

Annual Report **277**

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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 | 1.15% | 1.40% | N/A% |
| Emerging Markets Core Equity (a) | 1.20 | 1.45 | 1.15 |
| Emerging Markets Equity Advantage | 0.90 | 1.15 | N/A |
| Emerging Markets Equity | 1.20 | 1.45 | 1.15 |
| Emerging Markets Strategic Equity (b) | 1.10 | 1.35 | N/A |
| Equity Franchise | 0.95 | 1.20 | N/A |
| Global Equity Select | 0.90 | 1.15 | N/A |
| Global Listed Infrastructure (c) | 1.20 | 1.45 | N/A |
| Global Strategic Equity (d) | 0.90 | 1.15 | N/A |
| International Equity Advantage (e) | 0.80 | 1.05 | N/A |
| International Equity | 0.85 | 1.10 | 0.80 |
| International Equity Select (f) | 0.90 | 1.15 | N/A |
| International Quality Growth (g) | 0.85 | 1.10 | N/A |
| International Small Cap Equity | 1.13 | 1.38 | N/A |
| International Strategic Equity | 1.05 | 1.30 | 1.00 |
| Managed Equity Volatility | 0.75 | 1.00 | N/A |
| US Equity Concentrated (h) | 0.90 | 1.15 | 0.85 |
| US Equity Focus | 0.70 | 0.95 | 0.70 |
| US Small-Mid Cap Equity (i) | 1.05 | 1.30 | 1.00 |
| US Sustainable Equity | 0.75 | 1.00 | N/A |
| US Systematic Small Cap Equity (j) | 0.90 | 1.15 | N/A |

---

*(a)* *From January 1, 2022 to June 28, 2022, annual rates were 1.25%, 1.50%, and 1.20%, respectively.* 

*(b)* *From January 1, 2022 to June 28, 2022, annual rates were 1.15% and 1.40%, respectively.* 

*(c)* *This agreement will continue in effect until April 29, 2032.* 

*(d)* *From January 1, 2022 to June 28, 2022, annual rates were 0.95% and 1.20%, respectively.* 

*(e)* *From January 1, 2022 to June 28, 2022, annual rates were 0.90% and 1.15%, respectively.* 

*(f)* *This agreement will continue in effect until April 29, 2023 and from April 29, 2023 until April 29, 2032 at levels of 1.15%, 1.40% and 1.10%, respectively.* 

*(g)* *This agreement will continue in effect until April 29, 2023 for Institutional Shares and until April 29, 2032 for Open Shares.* 

*(h)* *This agreement will continue in effect until April 29, 2023 and from April 29, 2023 until April 29, 2032 at levels of 1.10%, 1.35% and 1.05%, respectively.* 

*(i)* *From January 1, 2022 to June 28, 2022, annual rates were 1.15%, 1.40%, and 1.10%, respectively.* 

*(j)* *This agreement will continue in effect until October 29, 2023.* 

**278** Annual Report

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In addition, until April 29, 2023, 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.

During the year ended December 31, 2022, 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 | $90464 | $— | $10612 | $— |
| Emerging Markets Core Equity | 17734 |  | 3508 |  |
| Emerging Markets Equity Advantage | 124061 |  | 1856 | 3189 |
| Emerging Markets Strategic Equity | 126574 |  | 11496 |  |
| Equity Franchise | 36882 |  | 1240 | 3300 |
| Global Equity Select |  |  | 4493 |  |
| Global Strategic Equity | 101709 | 43355 | 1309 | 5002 |
| International Equity Advantage | 15973 | 136551 | 761 | 10554 |
| International Equity Select | 36807 |  | 6535 |  |
| International Quality Growth | 216413 |  | 2219 | 2835 |
| International Small Cap Equity | 57141 |  | 54985 |  |
| Managed Equity Volatility | 144432 |  | 483 | 4183 |
| US Equity Focus | 43758 |  | 4659 |  |
| US Small-Mid Cap Equity | 15186 |  | 4747 |  |
| US Sustainable Equity | 75393 | 61001 | 3195 | 6842 |
| US Systematic Small Cap Equity | 114525 | 173477 | 809 | 4241 |

---

---

| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br>Fees Waived | Expenses<br>Reimbursed |
| Emerging Markets Core Equity | $2955 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Emerging Markets Equity | 3087 |  |
| International Equity | 24044 |  |
| International Strategic Equity | 4913 |  |
| US Equity Concentrated | 3819 |  |
| US Equity Focus | 40635 |  |
| US Small-Mid Cap Equity | 554 |  |

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Annual Report **279**

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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, amongst 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**

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are also reimbursed for travel and other out-of-pocket

**280** Annual Report

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expenses for attending Board and Committee meetings. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors' fees and expenses are allocated among the active Portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations show the Independent Directors' fees and expenses paid by each Portfolio.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Developing Markets Equity | $35714055 | $58818620 |
| Emerging Markets Core Equity | 33265683 | 67580143 |
| Emerging Markets Equity Advantage | 102389379 | 76359973 |
| Emerging Markets Equity | 662672262 | 1058880748 |
| Emerging Markets Strategic Equity | 11332734 | 13279837 |
| Equity Franchise | 187300146 | 135970622 |
| Global Equity Select | 21883371 | 19164541 |
| Global Listed Infrastructure | 4259353156 | 2889180074 |
| Global Strategic Equity | 4212552 | 8158991 |
| International Equity Advantage | 2231507 | 2206934 |
| International Equity | 404581215 | 863557038 |
| International Equity Select | 26162547 | 38480837 |
| International Quality Growth | 111629815 | 45285800 |
| International Small Cap Equity | 8301740 | 13230540 |
| International Strategic Equity | 1664336798 | 2233295079 |
| Managed Equity Volatility | 28001803 | 28088613 |
| US Equity Concentrated | 1057423020 | 1428111204 |
| US Equity Focus | 29065938 | 21975823 |
| US Small-Mid Cap Equity | 23953252 | 70325338 |
| US Sustainable Equity | 2981926 | 2975560 |
| US Systematic Small Cap Equity | 34216782 | 12357484 |

---

For the year ended December 31, 2022, 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.

Annual Report **281**

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At December 31, 2022, the Investment Manager owned 24.90%, 6.89%, 91.96%, 6.35%, 50.81% and 93.62% of the outstanding shares of the Emerging Markets Equity Advantage, Global Strategic Equity, International Equity Advantage, International Quality Growth, US Sustainable Equity and US Systematic Small Cap Equity Portfolio, respectively.

*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, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Value at<br>December 31, 2021 | Purchase<br>cost | Sales<br>proceeds | Realized<br>gain (loss) |
| **Global Listed Infrastructure** |  |  |  |  |
| Atlas Arteria, Ltd. | $249880072 | $123989169 | $— | $— |
| Eutelsat Communications SA\* | 142933220 | 9253369 | (2513334) | (4761393) |
| Italgas SpA# | 221345110 | 71593834 | (6379525) | (663344) |
| Pennon Group PLC# | 59347419 | 194939253 | (46065078) | (19490114) |
| SES SA | 163718030 | 6567810 | (6793141) | (14607990) |
| Total Securities | $837223851 | $406343435 | $(61751078) | $(39522841) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Issue | Change in unrealized<br>appreciation<br>(depreciation) | Dividend<br>income | Shares at<br>December 31,<br>2022 | Values at<br>December 31,<br>2022 |
| Atlas Arteria, Ltd. | $(18585022) | $14172955 | 79017229 | $355284219 |
| Eutelsat Communications SA\* | (52876405) | 12102510 |  |  |
| Italgas SpA# | (39601334) | 9170006 | 44416614 | 246294741 |
| Pennon Group PLC# | (34637673) | 4950159 | 14334169 | 154093807 |
| SES SA | (16193927) | 9454961 | 20326589 | 132690782 |
| Total Securities | $(161894361) | $49850591 | 158094601 | $888363549 |

---

*\** *This security was deemed to no longer meet the criteria of an affiliated company at the reporting date and is therefore excluded from non-controlled affiliated issuers, at fair value on the Statement of Assets and Liabilities. Dividend income, realized gain/loss, and change in unrealized appreciation (depreciation) earned during the period is reported within the respective non-controlled affiliated issuers financial statement categories on the Statement of Operations.*

# *This security is deemed to meet the criteria of an affiliated company at the reporting date.*

**282** Annual Report

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**6. Line of Credit**

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan Agreement (the "Agreement") with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at 1.00% plus the "Applicable Rate," which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the year ended December 31, 2022, the following Portfolios had borrowings under the Agreement as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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 | $549058 | $2406000 | 2.42% | 19 |
| Emerging Markets Core Equity | 663923 | 2785000 | 3.79 | 47 |
| Emerging Markets Equity Advantage | 2073414 | 11034700 | 2.61 | 29 |
| Emerging Markets Strategic Equity | 331877 | 680800 | 4.39 | 13 |
| Equity Franchise | 5910133 | 7110000 | 2.18 | 6 |
| Global Equity Select | 1058850 | 1699400 | 4.18 | 2 |
| Global Strategic Equity | 323000 | 323000 | 1.93 | 1 |
| International Equity | 6352913 | 18689100 | 3.23 | 30 |
| International Equity Select | 714400 | 714400 | 2.68 | 1 |
| International Quality Growth | 10248618 | 12900000 | 5.06 | 22 |
| International Small Cap Equity | 849378 | 1257200 | 3.05 | 9 |
| International Strategic Equity | 47395000 | 47580000 | 5.43 | 4 |
| Managed Equity Volatility | 126688 | 256100 | 2.32 | 8 |
| US Equity Concentrated | 4334687 | 15903500 | 3.79 | 30 |
| US Small-Mid Cap Equity | 4639800 | 4639800 | 3.43 | 1 |

---

*\** *For days borrowings were outstanding.*

Management believes that the fair value of the liabilities under the Agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with the Applicable Rate. A Portfolio's outstanding balance under the Agreement, if any, would be categorized as Level 2.

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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—*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, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the 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, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a

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prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

*(b) Non-US Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio's ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

*(c) Emerging Market Risk*—Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

*(d) Foreign Currency Risk*—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments denominated in such currencies (particularly currencies of emerging markets countries), as well as

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any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

*(e) 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 of a portion of their value due solely to the creditworthiness of or default by the counterparty. Forward currency contracts also may be illiquid. Changes in liquidity may result in significant, rapid and unpredictable changes in the value of such contracts. Forward currency contracts are subject to many of the risks of, and can be highly sensitive to changes in the value of, the related currencies. As such, a small investment could have a potentially large impact on a Portfolio's performance. Forward currency contracts incur costs, which reduce returns, and costs of engaging in such transactions may outweigh any gains or any losses averted from hedging activities. Successful use of forward currency contracts, whether for hedging or for other investment purposes, is subject to the Investment Manager's ability to accurately predict movements in currency exchange rates and, for hedging transactions, there may be imperfect correlations between movements in exchange rates that could cause a Portfolio to incur significant losses. Use of forward currency contracts, even if entered into for hedging purposes, may cause a Portfolio to experience losses greater than if the Portfolio had not engaged in such transactions. New Securities and Exchange Commission (the "SEC") Rule 18f-4 under the 1940 Act, with which investment companies must comply

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beginning in August 2022, will regulate and, in some cases limit, the use of derivatives for certain funds and may require a Portfolio to alter, perhaps materially, its use of derivatives.

*(f) Country Risk*—Implementation of certain Portfolios' investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios' assets in a particular country, such as China or Japan, and a Portfolio would be expected to be affected by political, regulatory, market, economic and social developments affecting that country.

Specific risks associated with investments in China include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization, exchange control regulations (including currency blockage), trading halts, imposition of tariffs, limitations on repatriation and differing legal standards. Certain Portfolios may invest in eligible renminbi-denominated class A shares of equity securities that are listed and traded on certain Chinese stock exchanges ("China A-Shares") through Hong Kong Stock Connect Program ("Stock Connect"). While Stock Connect is not subject to individual investment quotas, daily and aggregate investment quotas apply to all Stock Connect participants, which may restrict or preclude a Portfolio's ability to invest in China A-Shares (although the Portfolio would be permitted to sell China A-Shares regardless of the quota balance). Stock Connect is also subject to trading, clearance, settlement and operational risks.

Certain Portfolios may obtain exposure to companies based or operated in China by investing through legal structures known as variable interest entities ("VIEs"). Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. VIE investments are subject to the risk that any breach of these contractual arrangements will be subject to Chinese law and jurisdiction, that Chinese law may be interpreted or change in a way that affects the enforceability of the VIE's arrangements, or that contracts between the Chinese

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company and the VIE may otherwise not be enforceable under Chinese law. VIE structures also could face delisting or other ramifications for failure to meet the requirements of the SEC, the Public Company Accounting Oversight Board or other United States regulators. If these risks materialize, the value of investments in VIEs could be adversely affected and the Portfolios could incur significant losses with no recourse available.

Over the last few decades, Japan's economic growth rate had remained relatively low compared to that of its Asian neighbors and other major developed economies mainly due to deflation. Japan has few natural resources and limited land area and is reliant on imports for its commodity needs. Fluctuations or shortages in relevant commodity markets could have a negative impact on Japan's economy. The Japanese economy also can be adversely affected by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. Japan has a growing economic relationship with China and other Southeast Asian countries, and economic, political or social instability in those countries could have an adverse effect on Japan's economy. The Japanese yen has fluctuated widely at times, and any increase in the yen's value may cause a decline in Japan's exports.

*(g) Sector Risk*—Implementation of certain Portfolios' investment strategies may, during certain periods, result in the investment of a significant portion of such Portfolios' assets in a particular market sector, and a Portfolio would be expected to be affected by developments in that sector.

*(h) Franchise Companies Risk*—Changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, government regulation and economic conditions may adversely affect franchise companies individually or across an industry and may negatively impact a Portfolio to a greater extent than if the Portfolio's assets were invested more broadly in a number of types of companies.

*(i) Infrastructure Companies Risk*—Securities and instruments of infrastructure companies, which consist of utilities, pipelines, toll

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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.

*(j) Sustainable Investing Risk*—A Portfolio's performance is dependent upon, among other things, the success of its investment strategy as implemented by the Investment Manager (i.e., the performance of the investments purchased pursuant to the investment strategy). A Portfolio's investment strategy which focuses on investing in companies that satisfy the criteria for being considered a Sustainable Company (as described in the Prospectus), which may cause the Investment Manager to forgo investments for the Portfolio that the Investment Manager otherwise believes may be attractive but that are not considered to be Sustainable Companies.

*(k) Other Equity Securities Risk*—Investments in rights and warrants involve certain risks, including the possible lack of a liquid market for resale, price fluctuations and the failure of the price of the underlying security to reach a level at which the right or warrant can be prudently exercised, in which case the right or warrant may expire without being exercised and result in a loss of a Portfolio's entire investment.

*(l) Depositary Receipts Risk*—ADRs and similar depositary receipts typically will be subject to certain of the risks associated with direct investments in the securities of non-US companies, because their values depend on the performance of the underlying non-US securities. However, currency fluctuations will impact investments in depositary receipts differently than direct

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investments in non-US dollar-denominated non-US securities, because a depositary receipt will not appreciate in value solely as a result of appreciation in the currency in which the underlying non-US dollar security is denominated.

*(m) REIT Risk*—REITs are subject to similar risks as an investment in a realty-related company. Consequently, investments in REITs could lead to investment results that may be significantly different from investments in 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 to REITs, investments in REITs may carry additional risks not necessarily present in investments in other securities. REIT securities (including those trading on national exchanges) typically have trading volumes that are less than those of securities of other types of companies, which may affect a Portfolio's ability to trade or liquidate those securities. An investment in a REIT may be adversely affected if the REIT fails to comply with applicable laws and regulations, including failing to qualify as a REIT under the Code. Failure to qualify with any of these requirements could jeopardize a company's status as a REIT. A Portfolio generally will have no control over the operations and policies of a REIT, including qualification as a REIT.

*(n) ETF Risk*—Shares of exchange-traded funds ("ETFs") may trade at prices that vary from their net asset values, sometimes significantly. The shares of ETFs may trade at prices at, below or above their most recent 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

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that may be invested in one or more ETFs (subject to certain exceptions). Rule 12d1-4 under the 1940 Act allows a Portfolio to acquire the securities of another investment company, including ETFs, in excess of the limitations imposed by Section 12, subject to certain limitations and conditions.

*(o) Non-Diversification Risk*—The net asset value of a Portfolio that is classified as "non-diversified" may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio's investments consisted of securities issued by a larger number of issuers.

*(p) Quantitative Model Risk*—The success of certain Portfolios' investment strategy depends largely upon the effectiveness of the Investment Manager's quantitative model. A quantitative model, such as the risk and other models used by the Investment Manager for certain Portfolios requires adherence to a systematic, disciplined process. The Investment Manager's ability to monitor and, if necessary, adjust its quantitative model could be adversely affected by various factors including incorrect or outdated market and other data inputs. Factors that affect a security's value can change over time, and these changes may not be reflected in the quantitative model. In addition, factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value.

*(q) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.,* through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or other service providers such as financial intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, including by impediments to a Portfolio's investment

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trading; the inability of Portfolio shareholders to purchase and redeem Portfolio shares; interference with a Portfolio's ability to calculate its NAV; violations of applicable privacy, data security or other laws; regulatory fines and penalties; reputational damage; reimbursement or other compensation or remediation costs; legal fees; or additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting issuers of securities in which a Portfolio invests; counterparties with which a Portfolio engages in transactions; governmental and other regulatory authorities, exchange and other financial market operators; and banks, brokers, dealers, insurance companies and other financial institutions and other parties. There are inherent limitations in any cybersecurity risk management systems or business continuity plans, including the possibility that certain risks have not been identified.

*(r) Geopolitical Risk*—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios' investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

**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.

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Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities,
 interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value
 of assets and liabilities)

Changes in valuation methodology or input may result in transfers into or out of the current assigned level within the hierarchy.

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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, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Developing Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $607640 | $3474815 | $— | $4082455 |
| &nbsp;&nbsp;&nbsp;China | 9424795 | 26265974 |  | 35690769 |
| &nbsp;&nbsp;&nbsp;Colombia | 602822 |  |  | 602822 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1041146 |  | 1041146 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 2062876 |  | 2062876 |
| &nbsp;&nbsp;&nbsp;India | 6399678 | 5858443 |  | 12258121 |
| &nbsp;&nbsp;&nbsp;Indonesia |  | 4006882 |  | 4006882 |
| &nbsp;&nbsp;&nbsp;Mexico | 2633257 |  |  | 2633257 |
| &nbsp;&nbsp;&nbsp;Peru | 673009 |  |  | 673009 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 2573408 |  | 2573408 |
| &nbsp;&nbsp;&nbsp;Poland |  | 1667346 |  | 1667346 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 2919446 |  | 2919446 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 8364446 |  | 8364446 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1151493 | 13149935 |  | 14301428 |
| &nbsp;&nbsp;&nbsp;United States |  | 1271631 |  | 1271631 |
| &nbsp;&nbsp;&nbsp;Zambia | 1236131 |  |  | 1236131 |
| Short-Term Investments | 731270 |  |  | 731270 |
| Total | $23460095 | $72656348 | $— | $96116443 |

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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, 2022 |
| **Emerging Markets Core Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $1390105 | $4062788 | $— | $5452893 |
| &nbsp;&nbsp;&nbsp;Canada | 842773 |  |  | 842773 |
| &nbsp;&nbsp;&nbsp;China | 5611462 | 19349544 |  | 24961006 |
| &nbsp;&nbsp;&nbsp;Ghana | 610019 |  |  | 610019 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 823991 |  | 823991 |
| &nbsp;&nbsp;&nbsp;India | 6217970 | 6293254 |  | 12511224 |
| &nbsp;&nbsp;&nbsp;Indonesia | 1311559 | 1327882 |  | 2639441 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 852694 |  | 852694 |
| &nbsp;&nbsp;&nbsp;Mexico | 6033300 |  |  | 6033300 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 1269034 |  | 1269034 |
| &nbsp;&nbsp;&nbsp;Poland |  | 1162133 |  | 1162133 |
| &nbsp;&nbsp;&nbsp;Qatar |  | 783333 |  | 783333 |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 653343 |  | 653343 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 1910814 |  | 1910814 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 9375082 |  | 9375082 |
| &nbsp;&nbsp;&nbsp;Taiwan | 7245866 | 3686948 |  | 10932814 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 2120407 |  | 2120407 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 2361662 |  | 2361662 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1140075 |  |  | 1140075 |
| &nbsp;&nbsp;&nbsp;United States | 910117 |  |  | 910117 |
| Short-Term Investments | 232210 |  |  | 232210 |
| Total | $31545456 | $56032909 | $— | $87578365 |

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Annual Report **295**

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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, 2022 |
| **Emerging Markets Equity Advantage Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $— | $1881515 | $— | $1881515 |
| &nbsp;&nbsp;&nbsp;Chile | 610457 |  |  | 610457 |
| &nbsp;&nbsp;&nbsp;China | 3128228 | 23086159 |  | 26214387 |
| &nbsp;&nbsp;&nbsp;Colombia | 246985 |  |  | 246985 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 443911 |  | 443911 |
| &nbsp;&nbsp;&nbsp;Greece | 104741 | 300611 |  | 405352 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 153281 |  | 153281 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 241428 |  | 241428 |
| &nbsp;&nbsp;&nbsp;India | 8388822 | 1672785 |  | 10061607 |
| &nbsp;&nbsp;&nbsp;Indonesia | 137686 | 2367956 |  | 2505642 |
| &nbsp;&nbsp;&nbsp;Malaysia |  | 1127281 |  | 1127281 |
| &nbsp;&nbsp;&nbsp;Mexico | 1907948 |  |  | 1907948 |
| &nbsp;&nbsp;&nbsp;Monaco | 84884 |  |  | 84884 |
| &nbsp;&nbsp;&nbsp;Philippines |  | 472646 |  | 472646 |
| &nbsp;&nbsp;&nbsp;Poland |  | 636416 |  | 636416 |
| &nbsp;&nbsp;&nbsp;Qatar |  | 288975 |  | 288975 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 2425667 |  | 2425667 |
| &nbsp;&nbsp;&nbsp;South Africa | 370680 | 2658517 |  | 3029197 |
| &nbsp;&nbsp;&nbsp;South Korea | 1024335 | 8250243 |  | 9274578 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 11459238 |  | 11459238 |
| &nbsp;&nbsp;&nbsp;Thailand | 291035 | 1702947 |  | 1993982 |
| &nbsp;&nbsp;&nbsp;Turkey |  | 847407 |  | 847407 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates |  | 869627 |  | 869627 |
| Preferred Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil |  | 764261 |  | 764261 |
| Short-Term Investments | 1905055 |  |  | 1905055 |
| Total | $18200856 | $61650871 | $— | $79851727 |

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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases | 871 |
| &nbsp;&nbsp;&nbsp;Sales | (13726) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in | 221192 |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (204352) |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | (3985) |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $(204352) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Emerging Markets Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $93099264 | $186313970 | $— | $279413234 |
| &nbsp;&nbsp;&nbsp;China |  | 647049451 |  | 647049451 |
| &nbsp;&nbsp;&nbsp;Czech Republic |  | 1965898 |  | 1965898 |
| &nbsp;&nbsp;&nbsp;Egypt |  | 25842206 |  | 25842206 |
| &nbsp;&nbsp;&nbsp;Greece |  | 29393984 |  | 29393984 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 27366307 |  | 27366307 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 60679070 |  | 60679070 |
| &nbsp;&nbsp;&nbsp;India |  | 168541591 |  | 168541591 |
| &nbsp;&nbsp;&nbsp;Indonesia | 26890923 | 79131386 |  | 106022309 |
| &nbsp;&nbsp;&nbsp;Mexico | 128192309 |  |  | 128192309 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 71626186 |  | 71626186 |
| &nbsp;&nbsp;&nbsp;Russia |  |  | 18 | 18 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 192523707 |  | 192523707 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 352167023 |  | 352167023 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 295936932 |  | 295936932 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 60172708 |  | 60172708 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 42506756 |  | 42506756 |
| Short-Term Investments | 43692631 |  |  | 43692631 |
| Total | $291875127 | $2241217175 | $18 | $2533092320 |

---

Annual Report **297**

------

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales | (2377369) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in | 103976992 |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (88846091) |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | (12753514) |
| **Ending Balance** | $18 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $(88846091) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Emerging Markets Strategic Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $1846878 | $1421376 | $— | $3268254 |
| &nbsp;&nbsp;&nbsp;China | 4225664 | 6733435 |  | 10959099 |
| &nbsp;&nbsp;&nbsp;France | 686780 |  |  | 686780 |
| &nbsp;&nbsp;&nbsp;Greece |  | 362250 |  | 362250 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1714256 |  | 1714256 |
| &nbsp;&nbsp;&nbsp;India |  | 6764948 |  | 6764948 |
| &nbsp;&nbsp;&nbsp;Indonesia | 477429 | 1851009 |  | 2328438 |
| &nbsp;&nbsp;&nbsp;Macau |  | 451889 |  | 451889 |
| &nbsp;&nbsp;&nbsp;Mexico | 1921137 |  |  | 1921137 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia |  | 1069005 |  | 1069005 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 1870454 |  | 1870454 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 4900133 |  | 4900133 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 6010749 |  | 6010749 |
| &nbsp;&nbsp;&nbsp;Thailand | 611659 |  |  | 611659 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 886555 |  | 886555 |
| Preferred Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil |  | 443124 |  | 443124 |
| Short-Term Investments | 276372 |  |  | 276372 |
| Total | $10045919 | $34479183 | $— | $44525102 |

---

**298** Annual Report

------

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases | 4954 |
| &nbsp;&nbsp;&nbsp;Sales | (10237) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in | 1305244 |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) | (1186558) |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | (113403) |
| **Ending Balance** | $— |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $(1186558) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Lazard Equity Franchise Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Belgium | $— | $1638882 | $— | $1638882 |
| &nbsp;&nbsp;&nbsp;France |  | 3251431 |  | 3251431 |
| &nbsp;&nbsp;&nbsp;Germany |  | 14965349 |  | 14965349 |
| &nbsp;&nbsp;&nbsp;Japan |  | 5972711 |  | 5972711 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 6197366 |  | 6197366 |
| &nbsp;&nbsp;&nbsp;Spain |  | 6256113 |  | 6256113 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 10077905 |  | 10077905 |
| &nbsp;&nbsp;&nbsp;United States | 98439838 |  |  | 98439838 |
| Short-Term Investments | 9542459 |  |  | 9542459 |
| Total | $107982297 | $48359757 | $— | $156342054 |

---

Annual Report **299**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Global Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $5606258 | $— | $— | $5606258 |
| &nbsp;&nbsp;&nbsp;China | 1784999 | 1025280 |  | 2810279 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 835031 |  | 835031 |
| &nbsp;&nbsp;&nbsp;France |  | 4240140 |  | 4240140 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1009938 |  | 1009938 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1218293 |  | 1218293 |
| &nbsp;&nbsp;&nbsp;India | 1464248 |  |  | 1464248 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4145410 |  | 4145410 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 2074244 |  | 2074244 |
| &nbsp;&nbsp;&nbsp;Spain |  | 762284 |  | 762284 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 1766883 |  | 1766883 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 3662467 |  | 3662467 |
| &nbsp;&nbsp;&nbsp;Taiwan | 1444361 |  |  | 1444361 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 1167197 | 5102514 |  | 6269711 |
| &nbsp;&nbsp;&nbsp;United States | 53967271 | 993539 |  | 54960810 |
| Short-Term Investments | 536883 |  |  | 536883 |
| Total | $65971217 | $26836023 | $— | $92807240 |
| **Global Listed Infrastructure Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $648682720 | $— | $648682720 |
| &nbsp;&nbsp;&nbsp;Canada | 162333531 |  |  | 162333531 |
| &nbsp;&nbsp;&nbsp;France |  | 465748289 |  | 465748289 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 334538833 |  | 334538833 |
| &nbsp;&nbsp;&nbsp;Italy |  | 1203598604 |  | 1203598604 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 132690782 |  | 132690782 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 76258561 |  | 76258561 |
| &nbsp;&nbsp;&nbsp;Spain |  | 829658130 |  | 829658130 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 161919563 |  | 161919563 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1558506881 |  | 1558506881 |
| &nbsp;&nbsp;&nbsp;United States | 1996904232 |  |  | 1996904232 |
| Short-Term Investments | 436543028 |  |  | 436543028 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 27826054 |  | 27826054 |
| Total | $2595780791 | $5439428417 | $— | $8035209208 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(12863973) | $— | $(12863973) |

---

**300** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Global Strategic Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $484121 | $— | $— | $484121 |
| &nbsp;&nbsp;&nbsp;China |  | 102005 |  | 102005 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 354611 |  | 354611 |
| &nbsp;&nbsp;&nbsp;France |  | 192432 |  | 192432 |
| &nbsp;&nbsp;&nbsp;Germany |  | 500435 |  | 500435 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 229154 |  | 229154 |
| &nbsp;&nbsp;&nbsp;India | 171777 |  |  | 171777 |
| &nbsp;&nbsp;&nbsp;Ireland | 106010 |  |  | 106010 |
| &nbsp;&nbsp;&nbsp;Japan |  | 379535 |  | 379535 |
| &nbsp;&nbsp;&nbsp;Mexico | 204636 |  |  | 204636 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 350336 |  | 350336 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 173431 |  | 173431 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 131419 |  | 131419 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 262914 |  | 262914 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 35261 |  | 35261 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 210573 |  | 210573 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 160321 |  | 160321 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 589063 |  | 589063 |
| &nbsp;&nbsp;&nbsp;United States | 5708179 |  |  | 5708179 |
| Short-Term Investments | 309051 |  |  | 309051 |
| Total | $6983774 | $3671490 | $— | $10655264 |

---

Annual Report **301**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **International Equity Advantage Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $167295 | $— | $167295 |
| &nbsp;&nbsp;&nbsp;Austria |  | 6463 |  | 6463 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 2717 |  | 2717 |
| &nbsp;&nbsp;&nbsp;China |  | 13244 |  | 13244 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 115074 |  | 115074 |
| &nbsp;&nbsp;&nbsp;Finland | 10324 | 8139 |  | 18463 |
| &nbsp;&nbsp;&nbsp;France |  | 294507 |  | 294507 |
| &nbsp;&nbsp;&nbsp;Germany | 2253 | 178955 |  | 181208 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 5162 | 52207 |  | 57369 |
| &nbsp;&nbsp;&nbsp;Ireland | 6182 | 4406 |  | 10588 |
| &nbsp;&nbsp;&nbsp;Israel | 9874 | 13297 |  | 23171 |
| &nbsp;&nbsp;&nbsp;Italy |  | 82482 |  | 82482 |
| &nbsp;&nbsp;&nbsp;Japan | 16506 | 536516 |  | 553022 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 217079 |  | 217079 |
| &nbsp;&nbsp;&nbsp;Nigeria |  | 2914 |  | 2914 |
| &nbsp;&nbsp;&nbsp;Norway |  | 14491 |  | 14491 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 18509 |  | 18509 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 46669 |  | 46669 |
| &nbsp;&nbsp;&nbsp;Spain |  | 89018 |  | 89018 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 57726 |  | 57726 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 97112 |  | 97112 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 7730 | 256678 |  | 264408 |
| &nbsp;&nbsp;&nbsp;United States | 7979 | 194231 |  | 202210 |
| Preferred Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 18603 |  | 18603 |
| Short-Term Investments | 18934 |  |  | 18934 |
| Total | $84944 | $2488332 | $— | $2573276 |

---

**302** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **International Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $34741085 | $— | $— | $34741085 |
| &nbsp;&nbsp;&nbsp;China | 8251994 | 45353733 |  | 53605727 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 31528459 |  | 31528459 |
| &nbsp;&nbsp;&nbsp;Finland |  | 15949787 |  | 15949787 |
| &nbsp;&nbsp;&nbsp;France |  | 101007079 |  | 101007079 |
| &nbsp;&nbsp;&nbsp;Germany |  | 101216761 |  | 101216761 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 14468090 |  | 14468090 |
| &nbsp;&nbsp;&nbsp;Ireland | 13409552 |  |  | 13409552 |
| &nbsp;&nbsp;&nbsp;Israel |  | 16823307 |  | 16823307 |
| &nbsp;&nbsp;&nbsp;Italy |  | 13663243 |  | 13663243 |
| &nbsp;&nbsp;&nbsp;Japan |  | 162349363 |  | 162349363 |
| &nbsp;&nbsp;&nbsp;Mexico | 15623115 |  |  | 15623115 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 60382560 |  | 60382560 |
| &nbsp;&nbsp;&nbsp;Norway |  | 6291028 |  | 6291028 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 15811583 |  | 15811583 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 16481492 |  | 16481492 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 17176844 |  | 17176844 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 14135394 |  | 14135394 |
| &nbsp;&nbsp;&nbsp;Spain |  | 13651453 |  | 13651453 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 10896112 |  | 10896112 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 16699268 |  | 16699268 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 129979079 |  | 129979079 |
| &nbsp;&nbsp;&nbsp;United States | 56925677 | 36227260 |  | 93152937 |
| Total | $128951423 | $840091895 | $— | $969043318 |

---

Annual Report **303**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **International Equity Select Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $1137319 | $— | $— | $1137319 |
| &nbsp;&nbsp;&nbsp;China | 374697 | 5773357 |  | 6148054 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 1360402 |  | 1360402 |
| &nbsp;&nbsp;&nbsp;Finland |  | 904640 |  | 904640 |
| &nbsp;&nbsp;&nbsp;France |  | 7006295 |  | 7006295 |
| &nbsp;&nbsp;&nbsp;Germany |  | 4652870 |  | 4652870 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 1498312 |  | 1498312 |
| &nbsp;&nbsp;&nbsp;India | 1469016 | 509837 |  | 1978853 |
| &nbsp;&nbsp;&nbsp;Indonesia | 411532 | 766924 |  | 1178456 |
| &nbsp;&nbsp;&nbsp;Ireland | 809651 |  |  | 809651 |
| &nbsp;&nbsp;&nbsp;Japan |  | 5160135 |  | 5160135 |
| &nbsp;&nbsp;&nbsp;Mexico | 882403 |  |  | 882403 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 3554618 |  | 3554618 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 954429 |  | 954429 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 937893 |  | 937893 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 396785 |  | 396785 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 1365536 |  | 1365536 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 918203 |  | 918203 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 7171286 |  | 7171286 |
| &nbsp;&nbsp;&nbsp;United States | 2884783 | 1151770 |  | 4036553 |
| Preferred Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 467527 |  | 467527 |
| Short-Term Investments | 629567 |  |  | 629567 |
| Total | $8598968 | $44550819 | $— | $53149787 |

---

**304** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Lazard International Quality Growth Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | $8126129 | $— | $— | $8126129 |
| &nbsp;&nbsp;&nbsp;China | 1910055 | 2749893 |  | 4659948 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 7296309 |  | 7296309 |
| &nbsp;&nbsp;&nbsp;France |  | 9495155 |  | 9495155 |
| &nbsp;&nbsp;&nbsp;Germany |  | 4237412 |  | 4237412 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 2595606 |  | 2595606 |
| &nbsp;&nbsp;&nbsp;India | 4258112 |  |  | 4258112 |
| &nbsp;&nbsp;&nbsp;Israel | 2690740 |  |  | 2690740 |
| &nbsp;&nbsp;&nbsp;Japan |  | 7889162 |  | 7889162 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 9962747 |  | 9962747 |
| &nbsp;&nbsp;&nbsp;Norway |  | 2630195 |  | 2630195 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 2428983 |  | 2428983 |
| &nbsp;&nbsp;&nbsp;Spain |  | 2157519 |  | 2157519 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 4921009 |  | 4921009 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 3042671 |  | 3042671 |
| &nbsp;&nbsp;&nbsp;Taiwan | 3207316 |  |  | 3207316 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 17695443 |  | 17695443 |
| &nbsp;&nbsp;&nbsp;United States | 6978594 | 2265132 |  | 9243726 |
| Preferred Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Germany |  | 1677126 |  | 1677126 |
| Total | $27170946 | $81044362 | $— | $108215308 |

---

Annual Report **305**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **International Small Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $857844 | $— | $857844 |
| &nbsp;&nbsp;&nbsp;Austria |  | 446833 |  | 446833 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 474430 |  | 474430 |
| &nbsp;&nbsp;&nbsp;Canada | 691424 |  |  | 691424 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 166649 |  | 166649 |
| &nbsp;&nbsp;&nbsp;Finland |  | 190974 |  | 190974 |
| &nbsp;&nbsp;&nbsp;France |  | 184934 |  | 184934 |
| &nbsp;&nbsp;&nbsp;Germany |  | 1251495 |  | 1251495 |
| &nbsp;&nbsp;&nbsp;Greece |  | 231087 |  | 231087 |
| &nbsp;&nbsp;&nbsp;Ireland |  | 269416 |  | 269416 |
| &nbsp;&nbsp;&nbsp;Israel |  | 84927 |  | 84927 |
| &nbsp;&nbsp;&nbsp;Italy |  | 880318 |  | 880318 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4125136 |  | 4125136 |
| &nbsp;&nbsp;&nbsp;Jersey |  | 221398 |  | 221398 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 717550 |  | 717550 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 140335 |  | 140335 |
| &nbsp;&nbsp;&nbsp;Norway |  | 166064 |  | 166064 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 137358 |  | 137358 |
| &nbsp;&nbsp;&nbsp;Spain |  | 265869 |  | 265869 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 220113 |  | 220113 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 201222 |  | 201222 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 2062918 |  | 2062918 |
| &nbsp;&nbsp;&nbsp;United States | 276871 |  |  | 276871 |
| Short-Term Investments | 321509 |  |  | 321509 |
| Total | $1289804 | $13296870 | $— | $14586674 |

---

**306** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **International Strategic Equity Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $101599483 | $— | $101599483 |
| &nbsp;&nbsp;&nbsp;Canada | 478985027 |  |  | 478985027 |
| &nbsp;&nbsp;&nbsp;China |  | 57986990 |  | 57986990 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 258971415 |  | 258971415 |
| &nbsp;&nbsp;&nbsp;Finland |  | 110976783 |  | 110976783 |
| &nbsp;&nbsp;&nbsp;France |  | 503405243 |  | 503405243 |
| &nbsp;&nbsp;&nbsp;Germany |  | 275676723 |  | 275676723 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 95938273 |  | 95938273 |
| &nbsp;&nbsp;&nbsp;India |  | 62121180 |  | 62121180 |
| &nbsp;&nbsp;&nbsp;Ireland | 77016182 |  |  | 77016182 |
| &nbsp;&nbsp;&nbsp;Israel |  | 122470425 |  | 122470425 |
| &nbsp;&nbsp;&nbsp;Japan |  | 527555237 |  | 527555237 |
| &nbsp;&nbsp;&nbsp;Mexico | 90662064 |  |  | 90662064 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 195837727 |  | 195837727 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 87638206 |  | 87638206 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 85199862 |  | 85199862 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 73657530 |  | 73657530 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 112847058 |  | 112847058 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 36538644 |  | 36538644 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 507667697 |  | 507667697 |
| &nbsp;&nbsp;&nbsp;United States | 461894760 | 141694064 |  | 603588824 |
| Short-Term Investments | 130945380 |  |  | 130945380 |
| Total | $1239503413 | $3357782540 | $— | $4597285953 |

---

Annual Report **307**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &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, 2022 |
| **Managed Equity Volatility Portfolio** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $146448 | $— | $146448 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 89816 |  | 89816 |
| &nbsp;&nbsp;&nbsp;Canada | 1135763 |  |  | 1135763 |
| &nbsp;&nbsp;&nbsp;Denmark |  | 228284 |  | 228284 |
| &nbsp;&nbsp;&nbsp;France |  | 553199 |  | 553199 |
| &nbsp;&nbsp;&nbsp;Germany |  | 106349 |  | 106349 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 145036 |  | 145036 |
| &nbsp;&nbsp;&nbsp;Israel |  | 64405 |  | 64405 |
| &nbsp;&nbsp;&nbsp;Japan |  | 4681342 |  | 4681342 |
| &nbsp;&nbsp;&nbsp;Netherlands |  | 637862 |  | 637862 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 185229 |  | 185229 |
| &nbsp;&nbsp;&nbsp;Norway |  | 147887 |  | 147887 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 310274 |  | 310274 |
| &nbsp;&nbsp;&nbsp;Spain |  | 163593 |  | 163593 |
| &nbsp;&nbsp;&nbsp;Sweden |  | 78001 |  | 78001 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 229011 |  | 229011 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1156072 |  | 1156072 |
| &nbsp;&nbsp;&nbsp;United States | 18037064 | 585525 |  | 18622589 |
| Total | $19172827 | $9508333 | $— | $28681160 |
| **US Equity Concentrated Portfolio** |  |  |  |  |
| Common Stocks\* | $1214509361 | $— | $— | $1214509361 |
| Short-Term Investments | 5226546 |  |  | 5226546 |
| Total | $1219735907 | $— | $— | $1219735907 |
| **US Equity Focus Portfolio** |  |  |  |  |
| Common Stocks\* | $70053467 | $— | $— | $70053467 |
| Short-Term Investments | 3433896 |  |  | 3433896 |
| Total | $73487363 | $— | $— | $73487363 |
| **US Small-Mid Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* | $41913889 | $— | $— | $41913889 |
| Total | $41913889 | $— | $— | $41913889 |
| **US Sustainable Equity Portfolio** |  |  |  |  |
| Common Stocks\* | $12134724 | $— | $— | $12134724 |
| Short-Term Investments | 646276 |  |  | 646276 |
| Total | $12781000 | $— | $— | $12781000 |
| **US Systematic Small Cap Equity Portfolio** |  |  |  |  |
| Common Stocks\* | $24705935 | $— | $1401 | $24707336 |
| Rights\* |  |  |  |  |
| Short-Term Investments | 177411 |  |  | 177411 |
| Total | $24883346 | $— | $1401 | $24884747 |

---

**308** Annual Report

------

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
| | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases | 1401 |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) |  |
| **Ending Balance** | $1401 |
| Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $— |

---

---

| | |
|:---|:---|
| *\** | *Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

Certain equity securities to which footnote (‡) in the Notes to Portfolios of Investments applies are included in Level 2 and were valued based on reference to similar securities that were trading on active markets.

An investment may be classified as a Level 3 investment if events (e.g., company announcements, market volatility, or natural disasters) occur that are expected to materially affect the value of this investment or if a price is not available through a pricing source in the Funds' pricing matrix. In this case, the investment will be valued by the Valuation Sub-Committee of the Funds' Valuation and Liquidity Committee, in accordance with procedures approved by the Board, 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.

Annual Report **309**

------

When determining the price for Fair Valued Investments, the Valuation Sub-Committee seeks to determine the price that each affected Portfolio might reasonably expect to receive or pay from the current sale or purchase of the Fair Valued Investment in an arm's-length transaction. Any fair value determinations shall be based upon all available information and factors that the Valuation Sub-Committee deems relevant and consistent with the principles of fair value measurements.

**10. Derivative Instruments**

The Global Listed Infrastructure Portfolio used derivative instruments, including forward currency contracts.

The Global Listed Infrastructure Portfolio uses forward currency contracts primarily for hedging purposes.

During the year ended December 31, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | |
|:---|:---|
| Forward currency contracts: |  |
| Average amounts purchased | $227300000.0 |
| Average amounts sold | $5677400000.0 |

---

The following table summarizes the fair value of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $27826054 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $12863973 |

---

The effect of derivative instruments on the Statement of Operations for the year ended December 31, 2022 was:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $372705509 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $94210398 |

---

**310** Annual Report

------

None of the other presented portfolios traded in derivative instruments during the year ended December 31, 2022.

As of December 31, 2022, the Global Listed Infrastructure Portfolio held derivative instruments that are eligible for offset in its Statement of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolio is presented in the below table, as of December 31, 2022:

**Global Listed Infrastructure Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &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 |
| &nbsp;&nbsp;Forward Currency Contracts | $27826054 | $— | $27826054 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 | $794405 | $(794405) | $— | $— |
| Canadian Imperial Bank of Commerce | 2252160 | (1400190) |  | 851970 |
| Citibank N.A. | 1189392 | (1189392) |  |  |
| HSBC Bank USA N.A. | 8631074 | (2267548) |  | 6363526 |
| Morgan Stanley & Co. | 3940585 | (297286) |  | 3643299 |
| Royal Bank of Canada | 4047731 | (1760460) |  | 2287271 |
| Standard Chartered Bank | 15392 | (15392) |  |  |
| State Street Bank and Trust Co. | 6955315 | (2126281) |  | 4829034 |
| Total | $27826054 | $(9850954) | $— | $17975100 |

---

Annual Report **311**

------

---

| | | | |
|:---|:---|:---|:---|
| &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 |
| &nbsp;&nbsp;Forward Currency Contracts | $12863973 | $— | $12863973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 Corp. | $1476769 | $— | $— | $1476769 |
| BNP Paribas SA | 1610902 | (794405) |  | 816497 |
| Canadian Imperial Bank of Commerce | 1400190 | (1400190) |  |  |
| Citibank N.A. | 1736857 | (1189392) |  | 547465 |
| HSBC Bank USA N.A. | 2267548 | (2267548) |  |  |
| Morgan Stanley & Co. | 297286 | (297286) |  |  |
| Royal Bank of Canada | 1760460 | (1760460) |  |  |
| Standard Chartered Bank | 187680 | (15392) |  | 172288 |
| State Street Bank and Trust Co. | 2126281 | (2126281) |  |  |
| Total | $12863973 | $(9850954) | $— | $3013019 |

---

**11. Accounting Pronouncements**

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU No. 2020-04"). ASU No. 2020-04 provides elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020 and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the

**312** Annual Report

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intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, "Deferral of the Sunset Date of Topic 848" ("ASU 2022-06") to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

**12. Subsequent Events**

Management began to offer R6 Shares in the Emerging Markets Equity Advantage, International Quality Growth, and US Systematic Small Cap Equity Portfolios on February 22, 2023. Each share class of these Portfolios are 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).

Additionally, on February 23, 2023, the Board approved a Plan of Reorganization providing for the tax-free reorganization of the Emerging Markets Strategic Equity Portfolio into the Emerging Markets Core Equity Portfolio (the "Reorganization").The Reorganization does not require the approval of the shareholders of the Portfolios, and is anticipated to close on or about June 2023.

Annual Report **313**

**The Lazard Funds, Inc.**

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Strategic Equity Portfolio, Lazard Equity Franchise Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Global Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Quality Growth Portfolio, Lazard International Small Cap Equity Portfolio, Lazard International Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, Lazard US Equity Concentrated Portfolio, Lazard US Equity Focus Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard US Sustainable Equity Portfolio and Lazard US Systematic Small Cap Equity Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Developing Markets Equity Portfolio, Lazard Emerging Markets Core Equity Portfolio, Lazard Emerging Markets Equity Advantage Portfolio, Lazard Emerging Markets Equity Portfolio, Lazard Emerging Markets Strategic Equity Portfolio, Lazard Equity Franchise Portfolio, Lazard Global Equity Select Portfolio, Lazard Global Listed Infrastructure Portfolio, Lazard Global Strategic Equity Portfolio, Lazard International Equity Advantage Portfolio, Lazard International Equity Portfolio, Lazard International Equity Select Portfolio, Lazard International Quality Growth Portfolio, Lazard International Small Cap Equity Portfolio, Lazard International Strategic Equity Portfolio, Lazard Managed Equity Volatility Portfolio, Lazard US Equity Concentrated Portfolio, Lazard US Equity Focus Portfolio, Lazard US Small-Mid Cap Equity Portfolio, Lazard US Sustainable Equity Portfolio, and Lazard US Systematic Small Cap Equity Portfolio, (collectively the "Portfolios"), certain of the portfolios constituting The Lazard Funds, Inc. (the "Fund"), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended for the Portfolios, except for Lazard International Quality

**314** Annual Report

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Growth Portfolio, Lazard US Sustainable Equity Portfolio, and Lazard US Systematic Small Cap Equity Portfolio where the financial statements and periods audited are included in the table below, and the related notes. 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, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio Name** | **Statement of**<br> **Operations** | **Statements of**<br> **Changes in**<br> **Net Assets** | **Financial Highlights** |
| Lazard International Quality Growth Portfolio | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021, 2020, 2019, and for the period from December 31, 2018 (commencement of operations) through December 31, 2018 |
| Lazard US Sustainable Equity Portfolio | For the year ended December 31, 2022 | For the years ended December 31, 2022 and 2021 | For the years ended December 31, 2022, 2021, and for the period from June 30, 2020 (commencement of operations) through December 31, 2020 |
| Lazard US Systematic Small Cap Equity Portfolio | For the year ended December 31, 2022 | For the year ended December 31, 2022, and for the period from October 29, 2021 (commencement of operations) through December 31, 2021 | For the year ended December 31, 2022, and for the period from October 29, 2021 (commencement of operations) through December 31, 2021 |

---

**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.

Annual Report **315**

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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, 2022, 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 <br> New York, New York <br> February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

**316** Annual Report

**The Lazard Funds, Inc.**

Board of Directors and Officers Information (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br> Address<sup>(1)</sup> | Position(s) with the <br>Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public<br>Company Directorships Held During the <br>Past Five Years<sup>(2)</sup> |
| **Independent Directors:** |  |  |
| Franci J. Blassberg (1953) | Director <br> (August 2014) | Debevoise & Plimpton LLP, a law firm, *Of Counsel* (2013 – present)<br> Cornell Law School, *Adjunct Professor* (2013 – present)<br> The Buchmann Faculty of Law, Tel Aviv University, *Visiting Professor* (2019) |
| Kenneth S. Davidson (1945) | Director <br> (August 1995) | Davidson Capital Management Corporation, an investment manager, *President* (1978 – present) |
| Nancy A. Eckl (1962)<br>| Director <br> (April 2007) | College Retirement Equities Fund (eight accounts), *Trustee* (2007 – present)<br> TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), *Trustee* (2007 – present)<br> TIAA Separate Account VA-1, *Member of the Management Committee* (2007 – present) |
| Trevor W. Morrison (1971) | Director <br> (April 2014) | New York University School of Law, *Eric M. and Laurie B. Roth Professor of Law* (2013 – present, previously Dean from 2013 – 2022) |
| Richard Reiss, Jr. (1944)<br>| Director <br> (May 1991) | Georgica Advisors LLC, an investment manager, *Chairman* (1997 – present)<br> Osprey Technology Acquisition Corp, a special purpose acquisition company, *Director* (2019 – present)<br> Resource America, Inc., a real estate asset management company, *Director* (2016 – 2018) |

---

Annual Report **317**

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br> Address<sup>(1)</sup> | Position(s) with the <br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public <br> Company Directorships Held During the <br> Past Five Years<sup>(2)</sup> |
| Robert M. Solmson (1947) | Director<br> (September 2004) | Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, *Co-Managing Partner and Managing Director* (2008 – present) |
| **Interested Directors<sup>(3)</sup>:** |  |  |
| Nathan A. Paul (1973) | Director <br> (October 2017), Chief Executive Officer and President (February 2017) | Investment Manager, *Chief Business Officer* (April 2017 – present) and *Managing Director* (2003 – present) |
| Evan L. Russo (1974) | Director (July 2022) | Investment Manager, *Chief Executive Officer* (June 2022 – present) |
|  |  | Lazard Ltd, *Chief Financial Officer* (October 2017 – October 2022) and *Managing Director* (2009 – present) |

---

*<sup>(1)</sup>* *The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.*

*<sup>(3)</sup>* *Messrs. Paul and Russo are "interested persons" (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager ("Interested Directors").*

*The Fund's Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.*

**318** Annual Report

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br>Address<sup>(1)</sup> | Position(s) with the Fund <br>(Since) and Term<sup>(2)</sup> | Principal Occupation(s) <br>During the Past Five Years |
| **Officers:** |  |  |
| Mark R. Anderson (1970) | Vice President and Secretary (February 2017) | Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022) |
| Nargis Hilal (1984) | Chief Compliance Officer <br> (July 2020) | Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christopher Snively (1984) | Chief Financial Officer <br> (March 2016) | Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christina Kennedy (1990) | Treasurer <br> (April 2022) | Vice President of the Investment Manager (since July 2019)<br>Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019) |
| Shari L. Soloway (1981) | Assistant Secretary <br> (November 2015) | Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President) |
| Jessica A. Falzone (1989) | Assistant Secretary <br> (January 2019) | Vice President and Counsel of the Investment Manager (since March 2018) |
|  |  | Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018) |
| Cesar A. Trelles (1975) | Assistant Treasurer <br> (December 2004) | Vice President of the Investment Manager |

---

*<sup>(1)</sup>* *The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.*

Annual Report **319**

**The Lazard Funds, Inc.** Tax and Other Information (unaudited)

------

**Tax Information**

**Year Ended December 31, 2022**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Percentage |
| Developing Markets Equity | 100.00% |
| Emerging Markets Core Equity | 100.00 |
| Emerging Markets Equity Advantage | 66.92 |
| Emerging Markets Equity | 87.65 |
| Emerging Markets Strategic Equity | 96.38 |
| Equity Franchise | 53.52 |
| Global Equity Select | 100.00 |
| Global Listed Infrastructure | 53.55 |
| Global Strategic Equity | 100.00 |
| International Equity Advantage | 100.00 |
| International Equity | 100.00 |
| International Equity Select | 100.00 |
| International Quality Growth | 100.00 |
| International Small Cap Equity | 100.00 |
| International Strategic Equity | 100.00 |
| Managed Equity Volatility | 94.86 |
| US Equity Concentrated | 85.97 |
| US Equity Focus | 100.00 |
| US Small-Mid Cap Equity | 0.00 |
| US Sustainable Equity | 99.72 |
| US Systematic Small Cap Equity | 98.06 |

---

**320** Annual Report

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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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Portfolio | Percentage |
| Developing Markets Equity | 0.00% |
| Emerging Markets Core Equity | 0.51 |
| Emerging Markets Equity Advantage | 0.10 |
| Emerging Markets Equity | 0.00 |
| Emerging Markets Strategic Equity | 0.47 |
| Equity Franchise | 26.67 |
| Global Equity Select | 100.00 |
| Global Listed Infrastructure | 9.16 |
| Global Strategic Equity | 99.81 |
| International Equity Advantage | 0.37 |
| International Equity | 0.00 |
| International Equity Select | 0.00 |
| International Quality Growth | 0.00 |
| International Small Cap Equity | 0.00 |
| International Strategic Equity | 0.00 |
| Managed Equity Volatility | 56.61 |
| US Equity Concentrated | 83.14 |
| US Equity Focus | 100.00 |
| US Small-Mid Cap Equity | 0.00 |
| US Sustainable Equity | 93.11 |
| US Systematic Small Cap Equity | 85.71 |

---

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 US nonresident shareholders.

Annual Report **321**

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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 | $2937286 | $461242 |
| Emerging Markets Core Equity | 3854867 | 404684 |
| Emerging Markets Equity Advantage | 2516191 | 243184 |
| Emerging Markets Equity | 197374081 | 18899042 |
| Emerging Markets Strategic Equity | 2238294 | 233835 |
| Equity Franchise |  |  |
| Global Equity Select |  |  |
| Global Listed Infrastructure | 301682340 | 13670199 |
| Global Strategic Equity |  |  |
| International Equity Advantage | 108446 | 9702 |
| International Equity | 37447471 | 1904521 |
| International Equity Select | 1788132 | 200859 |
| International Quality Growth | 1893842 | 208270 |
| International Small Cap Equity | 601489 | 54282 |
| International Strategic Equity | 126400240 | 4543531 |
| Managed Equity Volatility |  |  |
| US Equity Concentrated |  |  |
| US Equity Focus |  |  |
| US Small-Mid Cap Equity |  |  |
| US Sustainable Equity |  |  |
| US Systematic Small Cap Equity |  |  |

---

**322** Annual Report

------

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 Core Equity |  |
| Emerging Markets Equity Advantage | 274642 |
| Emerging Markets Equity |  |
| Emerging Markets Strategic Equity |  |
| Equity Franchise | 15729166 |
| Global Equity Select | 559750 |
| Global Listed Infrastructure | 513662950 |
| Global Strategic Equity | 19473 |
| International Equity Advantage | 12710 |
| International Equity | 51354094 |
| International Equity Select | 247167 |
| International Quality Growth | 623846 |
| International Small Cap Equity | 797519 |
| International Strategic Equity |  |
| Managed Equity Volatility | 229766 |
| US Equity Concentrated | 86578894 |
| US Equity Focus | 1437255 |
| US Small-Mid Cap Equity | 2335222 |
| US Sustainable Equity | 190101 |
| US Systematic Small Cap Equity | 353 |

---

Annual Report **323**

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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.

**Board Consideration of Management Agreement**

*Lazard US Convertibles Portfolio*

At a meeting of the Board held on September 22, 2022, the Board considered the approval of the Management Agreement between The Lazard Funds, Inc. ("<u>LFI</u>"), on behalf of the Lazard US Convertibles Portfolio (the "<u>US Convertibles Portfolio</u>"), 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 Convertibles Portfolio. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board's consideration of renewal of the

**324** Annual Report

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Management Agreement between LFI, on behalf of its existing Portfolios, and the Investment Manager at the Board meeting held on June 28, 2022.

<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 US Convertibles Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 35 active funds comprised approximately $21 billion of the approximately $217 billion of total assets under the management of the Investment Manager and its global affiliates as of June 30, 2022). The Board also received a presentation at the Board meeting on the Investment Manager's US Convertibles investment strategy to be employed for the US Convertibles 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 US Convertibles 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 Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager's staffing to provide services pursuant

Annual Report **325**

------

to the Management Agreement; the distribution channels and the relationships with various intermediaries; marketing and shareholder servicing activitieson behalf of LFI's Portfolios, which would include the US Convertibles Portfolio; and the Investment Manager's financial condition. The Board accepted the assertion of representatives of the Investment Manager that the US Convertibles 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 $21 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u>

*Strategic Insight Advisory Fee and Expense Ratio Comparisons.* The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the US Convertibles 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 US Convertibles 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 Strategic Insight as comparable, for expense comparison purposes, to the US Convertibles Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by Strategic Insight (the "LFI US Convertibles Expense Peer Group"<sup>1</sup>). The results of the Strategic Insight comparisons showed that the advisory fee and net expense ratio of the US Convertibles Portfolio were generally competitive within the LFI US Convertibles Expense Peer Group.

---

| | |
|:---|:---|
| *1* | *The Strategic Insight 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 Strategic Insight in constructing the Peer Groups, including how the methodology could affect the results of the comparisons.* |

---

**326** Annual Report

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*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 US Convertibles 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 US Convertibles Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the US Convertibles Portfolio's assets was uncertain, specific information concerning the cost of services to be provided to the US Convertibles Portfolio and the estimated profitability percentage of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, to the Investment Manager and its affiliates from their relationships with the US Convertibles 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 US Convertibles Portfolio initially, noting the Investment Manager's agreement to waive its fees and/or reimburse expenses of the US Convertibles Portfolio for at least two years following the US Convertibles 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 US Convertibles Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager's brokerage and soft dollar 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 US Convertibles Portfolio other than the benefit of soft dollar commissions in connection with managing the US Convertibles Portfolio. The representatives of the Investment Manager stated that the

Annual Report **327**

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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 US Convertibles 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 US Convertibles 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 US Convertibles Portfolio. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

&nbsp;&nbsp;&nbsp;&nbsp;• The Board concluded that the nature, extent and quality of the services to be provided by the Investment Manager are adequate
 and appropriate, noting the benefits of the significant services and infrastructure associated with an approximately $217
 billion global asset management business.

• The Board concluded that the fee to be paid to the Investment Manager was appropriate under the circumstances and in light
 of the factors and the totality of the services to be provided as discussed above.

• The Board recognized that economies of scale may be realized, particularly as the assets of the US Convertibles Portfolio
 increase, and determined that it would continue to consider potential material economies of scale.

In evaluating the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, the Board relied on the information described above as well as other information provided by the

**328** Annual Report

------

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. The Board considered these conclusions and determinations in their totality and determined to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. In deciding whether to vote to approve the Management Agreement with LFI, on behalf of the US Convertibles 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.

Annual Report **329**

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**The Lazard Funds, Inc.**

30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300<br> www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company<br> One Iron Street<br> Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions<br> 2000 Crown Colony Drive<br> Quincy, Massachusetts 02169-0953<br> Telephone: 617-483-7000

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP<br> 30 Rockefeller Plaza<br> New York, New York 10112-0015

**Legal Counsel**

Dechert LLP<br> 1095 Avenue of the Americas<br> New York, New York 10036-6797

![](x6_c105118x332x1.jpg)

![](x6_c105118x332x2.jpg)

---

| | |
|:---|:---|
| Lazard Asset Management LLC ● 30 Rockefeller Plaza ● New York, NY 10112 ● www.lazardassetmanagement.com<br>**Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.**<br>LZDPS020 | ![](x6_c105118x332x3.jpg) |

---

![](x6_c105119x1x1.jpg)

Lazard Funds

Annual Report

December 31, 2022

Fixed Income Funds

Lazard Emerging Markets Debt Portfolio

Lazard Global Fixed Income Portfolio

Lazard US Convertibles Portfolio

Lazard US Corporate Income Portfolio

Lazard US Short Duration Fixed Income Portfolio

**The Lazard Funds, Inc.** **Table of Contents**

------

---

| | |
|:---|:---|
| **2** | [**A Message from Lazard (unaudited)**](#x6_c105119a001) |
| **4** | [**Investment Overviews (unaudited)**](#x6_c105119a002) |
| **11** | [**Performance Overviews (unaudited)**](#x6_c105119a003) |
| **16** | [**Information About Your Portfolio's Expenses (unaudited)**](#x6_c105119a004) |
| **19** | [**Portfolio Holdings Presented by Asset Class/Credit Rating**](#x6_c105119a005) |
| **20** | [**Portfolios of Investments**](#x6_c105119a006) |
| 20 | [Lazard Emerging Markets Debt Portfolio](#x6_c105119a007) |
| 35 | [Lazard Global Fixed Income Portfolio](#x6_c105119a008) |
| 45 | [Lazard US Convertibles Portfolio](#x6_c105119a009) |
| 50 | [Lazard US Corporate Income Portfolio](#x6_c105119a010) |
| 62 | [Lazard US Short Duration Fixed Income Portfolio](#x6_c105119a011) |
| **64** | [**Notes to Portfolios of Investments**](#x6_c105119a012) |
| **66** | [**Statements of Assets and Liabilities**](#x6_c105119a013) |
| **70** | [**Statements of Operations**](#x6_c105119a014) |
| **72** | [**Statements of Changes in Net Assets**](#x6_c105119a015) |
| **80** | [**Financial Highlights**](#x6_c105119a016) |
| **91** | [**Notes to Financial Statements**](#x6_c105119a017) |
| **123** | [**Report of Independent Registered Public Accounting Firm**](#x6_c105119a018) |
| **125** | [**Board of Directors and Officers Information (unaudited)**](#x6_c105119a019) |
| **128** | [**Tax and Other Information (unaudited)**](#x6_c105119a020) |

---

***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 a Portfolio's summary prospectus by calling 800-823-6300, or online, at www.lazardassetmanagement.com. Read the prospectus or the Portfolio's summary prospectus carefully before you invest. The prospectus and the Portfolio's summary prospectus contain the investment objective, risks, charges, expenses and other information about the Portfolio, which are not detailed in this report.***

***Distributed by Lazard Asset Management Securities LLC.***

Annual Report **1**

**The Lazard Funds, Inc.** A Message from Lazard (unaudited)

------

Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia's invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the "Fed"), the world's most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed's actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the "ECB"), which lifted its benchmark rate four times, and the Bank of England (the "BoE"), which did so eight times. The Bank of Japan (the "BoJ") was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan's economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

**2** Annual Report

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Annual Report **3**

**The Lazard Funds, Inc.** Investment Overviews (unaudited)

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**MARKET OVERVIEW**

**Global Fixed Income**

Global bond markets plummeted in 2022 as soaring inflation and central bank actions to contain it led to an historic sell-off.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia's invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the Fed), the world's most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed's interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953.

The Fed's actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (BoE) did so eight times.

Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed's warning was quickly echoed by the ECB and the

**4** Annual Report

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BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession rippled across financial markets in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan's central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global bond markets, as measured by the Bloomberg Global Aggregate Index, fell 16.3%, its worst yearly return on record, losing roughly US$12 trillion in value. Central bank tightening, led by the Fed, and the resulting higher interest rates drove most of the negative returns experienced across fixed income sectors. After ending 2021 at 1.51%, the yield on the benchmark 10-year US Treasury note surged to over 4% during the year before settling in at 3.88%. Amid the tighter monetary regimes, many yield curves inverted with short-term rates materially higher than longer-term rates. The US dollar was exceptionally strong, reaching multi-decade highs versus the euro and yen. Credit spreads were weaker, with the ICE BofA Global HY Index and ICE BofA Corporate Index spread widening 136 basis points and 53 basis points, respectively. Given the higher interest rate sensitivity, the investment grade ICE BofA Corporate Index fell 11.63%, more than the ICE BofA Global High Yield Index's fall of 11.84%.

**Emerging Markets Debt**

Emerging markets debt suffered the worst calendar year return in its 20-year history, with a loss of 14.75% in 2022 (measured in US dollar terms). The JPMorgan EMBI Global Diversified Index, which measures hard currency debt, lost 17.78% while the JPMorgan GBI-EM Global Diversified Index, which measures local currency debt, declined 11.69%.

In hard currency debt, the vast majority of the decline — around 14% — was driven by US Treasury yields, which rose over 220 basis points at the 10-year maturity. Meanwhile, sovereign credit spreads widened around 85 basis points to end the year around 450 basis points. In local debt, the increase in local yields and spot currency depreciation contributed roughly equally to losses. Notably, around 7% of the loss can be attributed to the first

Annual Report **5**

------

quarter drop in Russian debt prior to the country's removal from the index. In other words, excluding Russia, local currency debt was down less than 5%, which is significantly better than the double-digit losses suffered in developed fixed income markets.

**US Fixed Income**

The US bond market, as measured by the Bloomberg Aggregate US Bond Index, fell 13.0% in 2022, its worst annual performance since inception in 1976. Supply chain bottlenecks, rising oil and commodity prices partly due to Russia's invasion of Ukraine, a tight labor market, and sustained consumer demand combined to create the highest US inflation in 40 years. As a result, the Fed abandoned its ultra-low interest rate policy and embarked on an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to the short-term interest rate during the year, lifting this rate to its highest level in 15 years.

***US High Yield***

US high yield bonds posted negative returns for the year, driven primarily by higher interest rates as the Fed accelerated the tightening of monetary policy amid accelerating inflation. Although defaults were contained, 2022 was the second worst performance year on record, trailing only 2008, dating back to 1984.

The ICE BofA BB-B US Cash Pay Non-Distressed High Yield<sup>®</sup> Index ("Cash Pay Index") finished the year down 10.41%. The option-adjusted spread ("OAS") widened and finished 2022 106 basis points wider at 370 basis points. Lower-quality credit fell substantially as well with the ICE BofA CCC & Lower Cash Pay High Yield Index down 15.43%, ICE BofA B Cash Pay High Yield Index losing 10.61%, and the ICE BofA BB Cash Pay High Yield Index falling 10.57%.

Amid tighter monetary policy and the higher rate environment, gross year-to-date high yield issuance totaled $106.5 billion, cementing 2022 as the lightest year for primary issuances since 2008. Refinancing (48%) was the leading use of proceeds, followed by acquisition financing (28%), and general corporate purposes (22%).

**6** Annual Report

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High yield funds experienced a record $47 billion of outflows for the year, of which $8.7 billion was from ETFs and the balance from dedicated high yield mutual funds.

Defaults picked up marginally but were still well below long term averages. As of year-end, the US high yield default rate was 1.65% including distressed exchanges according to JP Morgan, well below the 3.2% long term default rate. However, JPMorgan is estimating 2023's default rate to trend upward.

***US Short Duration Fixed Income***

High domestic inflation led the Fed to retreat from its accommodative monetary policy stance and pursue a rate-hiking campaign.

With data indicating that domestic inflation had potentially peaked in June, bond traders were hopeful in the latter part of 2022 that the Fed would not only moderate its monetary tightening but perhaps even begin cutting its interest rate in the second half of 2023. While the Fed did indeed downshift to a 50-basis point rate increase in December after four consecutive 75-basis point rate hikes in earlier months, the Fed also made clear that its fight against high inflation was not over, warning that because domestic inflation remained elevated, the Fed expected to raise rates higher than it had previously anticipated. Consequently, the short end of the US yield curve came under pressure amid a steady drumbeat of Fed rate increases, with bond prices falling in anticipation of more to come. The yield on the 2-year Treasury bond, which tracks market expectations for Fed actions on interest rates, ended the year at 4.42%.

**PORTFOLIO PERFORMANCE**

**Lazard Funds Annual Report**

**Lazard Emerging Markets Debt Portfolio**

For the year ended December 31, 2022, the Lazard Emerging Markets Debt Portfolio's Institutional Shares posted a total return of -17.27%, while Open Shares posted a total return of -17.42% and R6 Shares posted a total return of -17.27%, as compared with the -14.75% return for the 50% JPMorgan EMBI Global Diversified / 50% JPMorgan GBI-EM Global Diversified.

Annual Report **7**

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Sovereign credit selection was the main detractor from relative performance. Specifically, underweight positions in some of the highest quality and tightest spread credits, such as China and United Arab Emirates, detracted as these markets outperformed amid market volatility.

The Portfolio's overweight position in Zambia also detracted as the government's restructuring negotiations with creditors progressed slower than expected.

In local debt, the Portfolio benefited from an underweight position in Egypt, which raised rates in March for the first time since 2017 and allowed the pound to depreciate by around 15% in both March and October.

The Portfolio's overweight duration position in Brazil also contributed to relative performance. Brazil was the top performing country among the major index constituents in 2022 largely due to the expectation that Banco Central do Brasil may soon begin to ease rates after one of the most aggressive tightening campaigns as inflation is falling and growth is expected to slow.

The Portfolio's off-index position in corporate credit also contributed to relative performance as corporates outperformed sovereigns by over 5% during the year.

The Portfolio management team uses currency forwards and interest rates swaps, both opportunistically, for direct currency and rates exposure, and defensively, for hedging purposes. For the year, the use of derivatives detracted from the Portfolio's relative performance.

**Lazard Global Fixed Income Portfolio**

For the year ended December 31, 2022, the Lazard Global Fixed Income Portfolio's Institutional Shares posted a total return of -17.45%, while Open Shares posted a total return of -17.73%, as compared with the -16.25% return for the Bloomberg Global Aggregate<sup>®</sup> Index.

Overweight exposure to bonds in Canada, Australia and New Zealand detracted from relative performance. Small exposures

**8** Annual Report

------

to the Norwegian dollar, British pound and Japanese yen, as well as some volatility in the euro proxy trades also detracted.

Underweight exposure to bonds in the eurozone, Japan and South Korea contributed to performance. Underweight government securities in favor of diversified spread product (corporate and emerging market securities) also contributed to relative performance.

Overall positive carry (a strategy that relies on investing borrowed money and earning a profit on the difference between the return and the interest owed) from higher-yielding securities versus the benchmark and select currency hedges helped performance. Strong recovery in the fourth quarter (in absolute and relative returns) across different alpha sources and importantly for country allocations helped to counteract underperformance in the first nine months of 2022.

**Lazard US Convertibles Portfolio**

We are pleased to announce the December 30, 2022 launch of the Lazard US Convertibles Portfolio. Fund commentary is not available at this time due to the short interval between the Portfolio's inception date and the end date of the period covered by this annual report. However, we look forward to providing you with a performance review of this Portfolio in the next Lazard Funds annual report.

**Lazard US Corporate Income Portfolio**

For the year ended December 31, 2022, the Lazard US Corporate Income Portfolio's Institutional Shares posted a total return of -10.11%, while Open Shares posted a total return of -10.32% and R6 Shares posted a total return of -9.98%, as compared with the -10.41% return for the "Cash Pay Index".

Underweight exposures to the financial services and telecommunication sectors, as well as to lower-quality rated debt, contributed to relative performance. Overweight exposure to lower duration, higher rated securities, and security selection, especially with an eye towards event-driven catalysts in Twitter and Tenneco, helped relative performance. The Portfolio benefited from a higher average credit quality profile than the index (BB vs BB-), with an overweight to BBB and BB credits and underweights to B credits.

Annual Report **9**

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Overweight exposure to the information technology sector detracted. Overweight exposures to the services and capital goods sectors undercut relative performance. Security selection in the information technology sector was also a headwind to performance in the case of Rackspace Technology 3.5% due 02/15/2028, which moved lower in response to weaker earnings.

**Lazard US Short Duration Fixed Income Portfolio**

For the year ended December 31, 2022, the Lazard US Short Duration Fixed Income Portfolio's Institutional Shares posted a total return of -2.68%, while Open Shares posted a total return of -2.89%, as compared with the -3.65% return for the ICE BofAML 1-3 Year US Treasury<sup>®</sup> Index.

Contributors to relative performance included: shorter duration positioning versus the benchmark as interest rates moved higher; overweight exposure to consumer-focused asset-backed securities, which outperformed; underweight exposure to 2-3 year US Treasuries, which underperformed as the Fed raised interest rates.

Persistent, elevated inflation spurred the Fed to engage in aggressive interest rate hikes that were felt in the short end of the US yield curve. The team lowered the interest rate risk in the fund by positioning in shorter term securities, as the 2-3 year US Treasuries underperformed.

The overweight exposure to US corporate bonds detracted since such bonds underperformed the benchmark as both rates rose and spreads moved marginally higher.

**10** Annual Report

**The Lazard Funds, Inc.** Performance Overviews (unaudited)

------

*Please see the "Notes to the Performance Overviews" for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares, Open Shares and R6 Shares, and the indexes shown below.*

Lazard Emerging Markets Debt Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Emerging Markets Debt Portfolio, the JPMorgan EMBI Global Diversified<sup>®</sup> Index, the JPMorgan GBI-EM Global Diversified<sup>®</sup> Index and the Global Diversified Index

![](x6_c105119x12x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** | **Since<br> Inception** | **†** |
| **Institutional Shares** | –17.27% | –3.07% | –1.37% | 0.44% |  |
| **Open Shares** | –17.42% | –3.25% | –1.61% | 0.19% |  |
| **R6 Shares** | –17.27% | –2.94% | N/A | –0.94% |  |
| **JP Morgan EMBI Global Diversified Index** | –17.78% | –1.31% | 1.59% | 3.37%<br> (Institutional<br> and Open<br> Shares)<br> 0.20%<br> (R6 Shares) |  |
| **JP Morgan GBI-EM Global Diversified Index** | –11.69% | –2.51% | –2.03% | –0.56%<br> (Institutional<br> and Open<br> Shares)<br> –0.28%<br> (R6 Shares) |  |
| **Global Diversified Index** | –14.75% | –1.86% | –0.18% | 1.45%<br> (Institutional<br> and Open<br> Shares)<br> 0.01%<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional and Open Shares was February 28, 2011 and for the R6 Shares was July 28, 2016.* 

Annual Report **11**

------

Lazard Global Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Fixed Income Portfolio and the Bloomberg Global Aggregate<sup>®</sup> Index

![](x6_c105119x13x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** |
| **Institutional Shares** | –17.45% | –2.66% | –1.38% |
| **Open Shares** | –17.73% | –2.91% | –1.66% |
| **Bloomberg Global Aggregate Index** | –16.25% | –1.66% | –0.44% |

---

**12** Annual Report

------

Lazard US Corporate Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Corporate Income Portfolio and Cash Pay Index

![](x6_c105119x14x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** | **Since<br> Inception** | **†** |
| **Institutional Shares** | –10.11% | 1.36% | 3.03% | 3.77% |  |
| **Open Shares** | –10.32% | 1.10% | 2.73% | 3.30% |  |
| **R6 Shares** | –9.98% | 0.94% | N/A | 1.80% |  |
| **Cash Pay Index** | –10.41% | 2.37% | 4.00% | 5.69%<br> (Institutional<br> Shares)<br> 5.65%<br> (Open Shares)<br> 3.35%<br> (R6 Shares) |  |

---

*†* *The inception date for the Institutional Shares was January 2, 1998, for the Open Shares was February 24, 1998 and for the R6 Shares was November 3, 2016.* 

Annual Report **13**

------

Lazard US Short Duration Fixed Income Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard US Short Duration Fixed Income Portfolio and the ICE BofAML 1-3 Year US Treasury<sup>®</sup> Index

![](x6_c105119x15x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** |
| **Institutional Shares** | –2.68% | 0.66% | 0.41% |
| **Open Shares** | –2.89% | 0.44% | 0.27% |
| **ICE BofAML 1-3 Year US Treasury Index** | –3.65% | 0.77% | 0.67% |

---

---

| | |
|:---|:---|
| ***Notes to Performance Overviews:*** | **** |

---

*Information About Portfolio Performance Shown Above*

*Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of a Portfolio may have been waived or reimbursed by Lazard Asset Management LLC, the Fund's investment manager (the "Investment Manager"), State Street Bank and Trust Company, the Fund's administrator ("State Street"), or SS&C Global Investor and Distribution Solutions, the Fund's transfer agent and dividend disbursing agent ("SS&C GIDS"); without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles ("GAAP"), if any, and also exclude one-time adjustments related to the receipt of settlement proceeds by the US Corporate Income Portfolio from a class action lawsuit which impacted the total return of R6 Shares but did not impact that of Institutional or Open; amounts may differ from amounts reported in the financial highlights.*

*The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio's distributions or the redemption of Portfolio shares.*

**14** Annual Report

------

*The performance of Institutional Shares, Open Shares and R6 Shares, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.*

*Information About Index Performance Shown Above*

*The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.*

*The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government related debt, corporate debt, securitized debt and global Treasury.*

*The Cash Pay Index is the ICE Bank of America Merrill Lynch High Yield ("BofAML") BB-B US Cash Pay Non-Distressed High Yield<sup>®</sup> Index. It is constructed to mirror the BB-B non-distressed sector of the public high yield corporate debt market and is a subset of the ICE BofAML High Yield Cash Pay<sup>®</sup> Index.*

*The ICE BofAML 1-3 Year US Treasury Index tracks the performance of the direct sovereign debt of the US government having a maturity of at least one year and less than three years.*

*The JPMorgan Emerging Markets Bond Index ("EMBI") Global Diversified Index is an unmanaged index of debt instruments of emerging countries. The JPMorgan Government Bond Index-Emerging Markets ("GBI-EM") Global Diversified Index is a comprehensive Emerging Markets index that consists of regularly traded, liquid, fixed-rate, domestic currency government bonds to which international investors can gain exposure. These indices limit the weights of those index countries with larger debt stocks by only including specified portions of these countries' eligible current face amounts of debt outstanding. The same countries are covered in both indices.*

Annual Report **15**

**The Lazard Funds, Inc.**

Information About Your Portfolio's Expenses (unaudited)

**Expense Example**

As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2022 through December 31, 2022 and held for the entire period.

**Actual Expenses**

For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

**16** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Expenses<br> Paid During<br> Period\*<br> 7/1/22 -<br> 12/31/22 | Annualized<br> Expense Ratio<br> During Period<br> 7/1/22 -<br> 12/31/22 |
| Emerging Markets Debt |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1023.30 | $4.33 | 0.85% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.92 | $4.33 | 0.85% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1022.40 | $5.35 | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 | 1.05% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1024.20 | $4.08 | 0.80% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 | 0.80% |
| Global Fixed Income |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $981.30 | $3.50 | 0.70% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.68 | $3.57 | 0.70% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $980.00 | $4.74 | 0.95% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.42 | $4.84 | 0.95% |
| US Convertibles Portfolio† |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000 | $1004.00 | $0.04 | 0.75% |
| Hypothetical (5% Return Before Expenses) | $1000 | $1021.42 | $3.82 | 0.75% |
| **Open Shares** |  |  |  |  |
| Actual | $1000 | $1004.00 | $0.05 | 1.00% |
| Hypothetical (5% Return Before Expenses) | $1000 | $1020.16 | $5.09 | 1.00% |

---

Annual Report **17**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Expenses<br> Paid During<br> Period\*<br> 7/1/22 -<br> 12/31/22 | Annualized<br> Expense Ratio<br> During Period<br> 7/1/22 -<br> 12/31/22 |
| US Corporate Income |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $1025.00 | $2.81 | 0.55% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.43 | $2.80 | 0.55% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $1023.70 | $4.08 | 0.80% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 | 0.80% |
| **R6 Shares** |  |  |  |  |
| Actual | $1000.00 | $1026.00 | $2.81 | 0.55% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1022.43 | $2.80 | 0.55% |
| US Short Duration Fixed Income |  |  |  |  |
| **Institutional Shares** |  |  |  |  |
| Actual | $1000.00 | $995.10 | $2.01 | 0.40% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1023.19 | $2.04 | 0.40% |
| **Open Shares** |  |  |  |  |
| Actual | $1000.00 | $993.80 | $3.27 | 0.65% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.93 | $3.31 | 0.65% |

---

---

| | |
|:---|:---|
| *\** | *Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).* |
| *†* | *The Portfolio commenced operations on December 30, 2022.* |

---

**18** Annual Report

**The Lazard Funds, Inc.** Portfolio Holdings Presented by

Assets Class/Credit Rating December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Asset Class/S&P Credit Rating\* | Lazard<br> Emerging<br> Markets<br> Debt<br> Portfolio | Lazard<br> Global Fixed<br> Income<br> Portfolio | Lazard US<br> Convertibles<br> Portfolio | Lazard US<br> Corporate<br> Income<br> Portfolio |
| Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AAA | 0.1% | 23.8% | —% | —% |
| &nbsp;&nbsp;&nbsp;AA+ |  | 7.1 |  |  |
| &nbsp;&nbsp;&nbsp;AA | 2.8 | 0.6 |  |  |
| &nbsp;&nbsp;&nbsp;AA- |  | 5.1 |  |  |
| &nbsp;&nbsp;&nbsp;A+ | 0.2 | 4.3 |  |  |
| &nbsp;&nbsp;&nbsp;A | 2.2 | 6.4 |  |  |
| &nbsp;&nbsp;&nbsp;A- | 0.8 | 10.5 |  |  |
| &nbsp;&nbsp;&nbsp;BBB+ | 8.6 | 11.6 |  | 0.4 |
| &nbsp;&nbsp;&nbsp;BBB | 11.5 | 5.3 | 8.3 | 0.5 |
| &nbsp;&nbsp;&nbsp;BBB- | 1 | 2.4 | 3.6 | 9.6 |
| &nbsp;&nbsp;&nbsp;BB+ | 1.8 | 3.7 | 4.7 | 18.4 |
| &nbsp;&nbsp;&nbsp;BB | 11 | 1.6 | 1.5 | 20 |
| &nbsp;&nbsp;&nbsp;BB- | 7.4 |  | 1.6 | 18.6 |
| &nbsp;&nbsp;&nbsp;B+ | 2.1 | 1.3 |  | 11.7 |
| &nbsp;&nbsp;&nbsp;B | 4.6 |  |  | 8.8 |
| &nbsp;&nbsp;&nbsp;B- | 0.7 |  |  | 2.3 |
| &nbsp;&nbsp;&nbsp;C | 1 |  |  |  |
| &nbsp;&nbsp;&nbsp;CCC+ | 1.6 |  |  | 1.3 |
| &nbsp;&nbsp;&nbsp;CCC- |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;D | 0.9 |  |  |  |
| &nbsp;&nbsp;&nbsp;Not Applicable | 39.7 | 16.3 | 80.3 | 1.5 |
| Short- Term Investments | 2 |  |  | 6.7 |
| Total Investments | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Asset Class/S&P Credit Rating\* | Lazard US<br> Short Duration<br> Fixed Income<br> Portfolio |
| Fixed Income |  |
| &nbsp;&nbsp;&nbsp;AAA | 86.6% |
| &nbsp;&nbsp;&nbsp;A- | 4.5 |
| &nbsp;&nbsp;&nbsp;BBB+ | 8.7 |
| Short- Term Investments | 0.2 |
| Total Investments | 100.0% |

---

*\** *Represents percentage of total investments.*

Annual Report **19**

**The Lazard Funds, Inc.** Portfolios of Investments

December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio** |  |  |  |
| **Corporate Bonds \| 5.7%** |  |  |  |
| **Brazil \| 1.1%** |  |  |  |
| MV24 Capital BV, <br> 6.748%, 06/01/34 | USD | 171 | $156523 |
| **China \| 0.8%** |  |  |  |
| Country Garden Holdings Co. Ltd., <br> 3.125%, 10/22/25 | USD | 200 | 121750 |
| **Kuwait \| 1.3%** |  |  |  |
| NBK Tier 1 Financing 2 Ltd., <br> 4.500% (USD Swap 6 Year + 2.832%), 08/27/25 (§), (¶) | USD | 200 | 183475 |
| **Mexico \| 2.5%** |  |  |  |
| Banco Mercantil del Norte SA, <br> 6.750% (CMT 5 Year + 4.967%), 09/27/24 (§), (¶) | USD | 200 | 194787 |
| Petroleos Mexicanos: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 01/23/29 | USD | 35 | 29885 |
| &nbsp;&nbsp;&nbsp;8.750%, 06/02/29 | USD | 80 | 74865 |
| &nbsp;&nbsp;&nbsp;6.840%, 01/23/30 | USD | 50 | 41350 |
| &nbsp;&nbsp;&nbsp;6.700%, 02/16/32 | USD | 22 | 17243 |
| &nbsp;&nbsp;&nbsp;6.950%, 01/28/60 | USD | 20 | 12655 |
|  |  |  | 370785 |
| **Total Corporate Bonds** <br> (Cost $956,924) |  |  | 832533 |
| **Foreign Government Obligations \| 82.5%** |  |  |  |
| **Angola \| 1.4%** |  |  |  |
| Angolan Government International Bonds, <br> 9.500%, 11/12/25 | USD | 200 | 206000 |

---

*The accompanying notes are an integral part of these financial statements.*

**20** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Argentina \| 1.0%** |  |  |  |
| Argentina Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, 07/09/35 (Ø) | USD | 325 | $81900 |
| &nbsp;&nbsp;&nbsp;3.875%, 01/09/38 (Ø) | USD | 63 | 19908 |
| &nbsp;&nbsp;&nbsp;3.500%, 07/09/41 (Ø) | USD | 177 | 50091 |
|  |  |  | 151899 |
| **Azerbaijan \| 1.0%** |  |  |  |
| Azerbaijan International Bonds, <br> 3.500%, 09/01/32 | USD | 175 | 145228 |
| **Brazil \| 9.3%** |  |  |  |
| Brazil Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 06/12/30 | USD | 125 | 108188 |
| &nbsp;&nbsp;&nbsp;5.000%, 01/27/45 | USD | 40 | 29595 |
| &nbsp;&nbsp;&nbsp;4.750%, 01/14/50 | USD | 40 | 27795 |
| Brazil Letras do Tesouro Nacional: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 07/01/23 | BRL | 1920 | 341192 |
| &nbsp;&nbsp;&nbsp;0.000%, 04/01/24 | BRL | 2020 | 328313 |
| Brazil Notas do Tesouro Nacional: |  |  |  |
| &nbsp;&nbsp;&nbsp;10.000%, 01/01/25 | BRL | 420 | 76079 |
| &nbsp;&nbsp;&nbsp;10.000%, 01/01/27 | BRL | 590 | 103171 |
| &nbsp;&nbsp;&nbsp;10.000%, 01/01/29 | BRL | 930 | 157476 |
| &nbsp;&nbsp;&nbsp;10.000%, 01/01/31 | BRL | 590 | 97489 |
| &nbsp;&nbsp;&nbsp;6.000%, 05/15/35 | BRL | 120 | 89905 |
|  |  |  | 1359203 |
| **Chile \| 1.2%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/01/26 | CLP | 55000 | 61058 |
| &nbsp;&nbsp;&nbsp;2.300%, 10/01/28 | CLP | 25000 | 24617 |
| &nbsp;&nbsp;&nbsp;5.000%, 10/01/28 | CLP | 50000 | 57040 |
| &nbsp;&nbsp;&nbsp;5.000%, 03/01/35 | CLP | 15000 | 17213 |
| &nbsp;&nbsp;&nbsp;6.000%, 01/01/43 | CLP | 10000 | 13005 |
|  |  |  | 172933 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **21**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **China \| 1.3%** |  |  |  |
| China Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.120%, 12/05/26 | CNY | 490 | $71860 |
| &nbsp;&nbsp;&nbsp;2.680%, 05/21/30 | CNY | 480 | 68280 |
| &nbsp;&nbsp;&nbsp;3.810%, 09/14/50 | CNY | 360 | 56629 |
|  |  |  | 196769 |
| **Colombia \| 3.4%** |  |  |  |
| Colombia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 04/25/27 | USD | 75 | 66202 |
| &nbsp;&nbsp;&nbsp;4.500%, 03/15/29 | USD | 30 | 25862 |
| &nbsp;&nbsp;&nbsp;8.000%, 04/20/33 | USD | 105 | 104790 |
| &nbsp;&nbsp;&nbsp;5.000%, 06/15/45 | USD | 45 | 30876 |
| Colombia TES: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/26/25 | COP | 301300 | 53176 |
| &nbsp;&nbsp;&nbsp;5.750%, 11/03/27 | COP | 257000 | 39957 |
| &nbsp;&nbsp;&nbsp;6.000%, 04/28/28 | COP | 217800 | 33414 |
| &nbsp;&nbsp;&nbsp;7.000%, 03/26/31 | COP | 772000 | 112471 |
| &nbsp;&nbsp;&nbsp;7.000%, 06/30/32 | COP | 240000 | 33501 |
|  |  |  | 500249 |
| **Costa Rica \| 0.9%** |  |  |  |
| Costa Rica Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 01/26/23 | USD | 25 | 24849 |
| &nbsp;&nbsp;&nbsp;4.375%, 04/30/25 | USD | 15 | 14459 |
| &nbsp;&nbsp;&nbsp;6.125%, 02/19/31 | USD | 50 | 48384 |
| &nbsp;&nbsp;&nbsp;5.625%, 04/30/43 | USD | 35 | 28433 |
| &nbsp;&nbsp;&nbsp;7.000%, 04/04/44 | USD | 10 | 9386 |
|  |  |  | 125511 |
| **Cote d'Ivoire \| 0.4%** |  |  |  |
| Ivory Coast Government International Bonds, <br> 5.750%, 12/31/32 (Ø) | USD | 63 | 58930 |
| **Czech Republic \| 1.5%** |  |  |  |
| Czech Republic Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 08/25/28 | CZK | 2280 | 87968 |

---

*The accompanying notes are an integral part of these financial statements.*

**22** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;0.950%, 05/15/30 | CZK | 1790 | $59466 |
| &nbsp;&nbsp;&nbsp;2.000%, 10/13/33 | CZK | 480 | 15930 |
| &nbsp;&nbsp;&nbsp;4.200%, 12/04/36 | CZK | 1120 | 45607 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/24/40 | CZK | 550 | 14477 |
|  |  |  | 223448 |
| **Dominican Republic \| 1.7%** |  |  |  |
| Dominican Republic International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 01/30/30 | USD | 40 | 33933 |
| &nbsp;&nbsp;&nbsp;4.500%, 01/30/30 (#) | USD | 75 | 63623 |
| &nbsp;&nbsp;&nbsp;4.875%, 09/23/32 | USD | 50 | 41337 |
| &nbsp;&nbsp;&nbsp;6.000%, 02/22/33 (#) | USD | 35 | 31474 |
| &nbsp;&nbsp;&nbsp;7.450%, 04/30/44 | USD | 15 | 13925 |
| &nbsp;&nbsp;&nbsp;6.850%, 01/27/45 | USD | 20 | 17285 |
| &nbsp;&nbsp;&nbsp;6.400%, 06/05/49 | USD | 50 | 40259 |
|  |  |  | 241836 |
| **Ecuador \| 0.7%** |  |  |  |
| Ecuador Government International Bonds, <br> 0.000%, 07/31/30 | USD | 251 | 97153 |
| **Egypt \| 2.2%** |  |  |  |
| Egypt Government International Bond MTN: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 02/16/31 | USD | 275 | 190145 |
| &nbsp;&nbsp;&nbsp;8.750%, 09/30/51 | USD | 200 | 133350 |
|  |  |  | 323495 |
| **El Salvador \| 0.2%** |  |  |  |
| El Salvador Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.625%, 02/28/29 | USD | 24 | 10377 |
| &nbsp;&nbsp;&nbsp;7.625%, 02/01/41 | USD | 23 | 8809 |
| &nbsp;&nbsp;&nbsp;9.500%, 07/15/52 | USD | 23 | 9887 |
|  |  |  | 29073 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **23**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Ghana \| 1.0%** |  |  |  |
| Ghana Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 02/11/27 | USD | 200 | $75000 |
| &nbsp;&nbsp;&nbsp;8.627%, 06/16/49 | USD | 200 | 68500 |
|  |  |  | 143500 |
| **Guatemala \| 0.7%** |  |  |  |
| Guatemala Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 08/10/29 (#) | USD | 35 | 33574 |
| &nbsp;&nbsp;&nbsp;5.375%, 04/24/32 (#) | USD | 55 | 53601 |
| &nbsp;&nbsp;&nbsp;6.125%, 06/01/50 (#) | USD | 15 | 14060 |
|  |  |  | 101235 |
| **Hungary \| 1.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Hungary Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 10/27/27 | HUF | 34330 | 66760 |
| &nbsp;&nbsp;&nbsp;6.750%, 10/22/28 | HUF | 11020 | 25553 |
| &nbsp;&nbsp;&nbsp;3.250%, 10/22/31 | HUF | 22860 | 40121 |
| &nbsp;&nbsp;&nbsp;2.250%, 04/20/33 | HUF | 18510 | 28738 |
| &nbsp;&nbsp;&nbsp;3.000%, 04/25/41 | HUF | 3940 | 5270 |
| Hungary Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 03/25/24 | USD | 44 | 43898 |
| &nbsp;&nbsp;&nbsp;5.500%, 06/16/34 (#) | USD | 40 | 37258 |
| &nbsp;&nbsp;&nbsp;7.625%, 03/29/41 | USD | 32 | 34886 |
|  |  |  | 282484 |
| **Indonesia \| 6.8%** |  |  |  |
| Indonesia Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.850%, 07/18/27 | USD | 105 | 101205 |
| &nbsp;&nbsp;&nbsp;2.150%, 07/28/31 | USD | 215 | 178474 |
| &nbsp;&nbsp;&nbsp;3.550%, 03/31/32 | USD | 55 | 49918 |
| &nbsp;&nbsp;&nbsp;6.750%, 01/15/44 | USD | 55 | 61675 |
| &nbsp;&nbsp;&nbsp;3.050%, 03/12/51 | USD | 50 | 36130 |
| &nbsp;&nbsp;&nbsp;3.350%, 03/12/71 | USD | 60 | 40132 |

---

*The accompanying notes are an integral part of these financial statements.*

**24** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| Indonesia Treasury Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.375%, 09/15/26 | IDR | 386000 | $26345 |
| &nbsp;&nbsp;&nbsp;9.000%, 03/15/29 | IDR | 818000 | 58352 |
| &nbsp;&nbsp;&nbsp;6.375%, 08/15/28 | IDR | 113000 | 7182 |
| &nbsp;&nbsp;&nbsp;8.250%, 05/15/29 | IDR | 1545000 | 106391 |
| &nbsp;&nbsp;&nbsp;7.000%, 09/15/30 | IDR | 1032000 | 66756 |
| &nbsp;&nbsp;&nbsp;8.750%, 05/15/31 | IDR | 324000 | 23112 |
| &nbsp;&nbsp;&nbsp;7.000%, 02/15/33 | IDR | 896000 | 57585 |
| &nbsp;&nbsp;&nbsp;8.375%, 03/15/34 | IDR | 912000 | 64032 |
| &nbsp;&nbsp;&nbsp;8.250%, 05/15/36 | IDR | 648000 | 45184 |
| &nbsp;&nbsp;&nbsp;8.375%, 04/15/39 | IDR | 920000 | 65096 |
|  |  |  | 987569 |
| **Jamaica \| 0.6%** |  |  |  |
| Jamaica Government International Bonds, <br> 6.750%, 04/28/28 | USD | 90 | 94995 |
| **Kenya \| 1.2%** |  |  |  |
| Kenya Government International Bonds, <br> 8.000%, 05/22/32 | USD | 200 | 171500 |
| **Malaysia \| 4.4%** |  |  |  |
| Malaysia Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.906%, 07/15/26 | MYR | 120 | 27327 |
| &nbsp;&nbsp;&nbsp;3.899%, 11/16/27 | MYR | 937 | 213104 |
| &nbsp;&nbsp;&nbsp;3.733%, 06/15/28 | MYR | 500 | 112066 |
| &nbsp;&nbsp;&nbsp;4.498%, 04/15/30 | MYR | 230 | 53663 |
| &nbsp;&nbsp;&nbsp;4.127%, 04/15/32 | MYR | 97 | 22000 |
| &nbsp;&nbsp;&nbsp;3.844%, 04/15/33 | MYR | 500 | 110498 |
| &nbsp;&nbsp;&nbsp;3.828%, 07/05/34 | MYR | 20 | 4383 |
| &nbsp;&nbsp;&nbsp;4.893%, 06/08/38 | MYR | 270 | 64955 |
| &nbsp;&nbsp;&nbsp;3.757%, 05/22/40 | MYR | 80 | 16719 |
| &nbsp;&nbsp;&nbsp;4.696%, 10/15/42 | MYR | 100 | 23553 |
|  |  |  | 648268 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **25**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Mexico \| 7.1%** |  |  |  |
| Mexico Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 03/05/26 | MXN | 4810 | $223080 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/03/27 | MXN | 1990 | 96170 |
| &nbsp;&nbsp;&nbsp;8.500%, 05/31/29 | MXN | 4638 | 231131 |
| &nbsp;&nbsp;&nbsp;7.750%, 05/29/31 | MXN | 2200 | 104343 |
| &nbsp;&nbsp;&nbsp;10.000%, 11/20/36 | MXN | 1250 | 68717 |
| &nbsp;&nbsp;&nbsp;8.500%, 11/18/38 | MXN | 280 | 13612 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/13/42 | MXN | 3100 | 138975 |
| Mexico Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 02/12/34 | USD | 65 | 52163 |
| &nbsp;&nbsp;&nbsp;3.771%, 05/24/61 | USD | 45 | 28499 |
| &nbsp;&nbsp;&nbsp;5.750%, 10/12/10 | USD | 104 | 87477 |
|  |  |  | 1044167 |
| **Mongolia \| 0.2%** |  |  |  |
| Mongolia Government International Bond, <br> 4.450%, 07/07/31 | USD | 40 | 30804 |
| **Oman \| 2.8%** |  |  |  |
| Oman Government International Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 01/17/28 | USD | 200 | 196788 |
| &nbsp;&nbsp;&nbsp;7.375%, 10/28/32 | USD | 200 | 216287 |
|  |  |  | 413075 |
| **Panama \| 1.4%** |  |  |  |
| Panama Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.160%, 01/23/30 | USD | 105 | 90156 |
| &nbsp;&nbsp;&nbsp;3.298%, 01/19/33 | USD | 5 | 4046 |
| &nbsp;&nbsp;&nbsp;6.400%, 02/14/35 | USD | 25 | 25356 |
| &nbsp;&nbsp;&nbsp;4.500%, 05/15/47 | USD | 10 | 7668 |
| &nbsp;&nbsp;&nbsp;4.500%, 04/16/50 | USD | 30 | 22628 |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/56 | USD | 75 | 54998 |
|  |  |  | 204852 |

---

*The accompanying notes are an integral part of these financial statements.*

**26** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Paraguay \| 0.7%** |  |  |  |
| Paraguay Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.849%, 06/28/33 (#) | USD | 28 | $24514 |
| &nbsp;&nbsp;&nbsp;6.100%, 08/11/44 | USD | 75 | 71873 |
|  |  |  | 96387 |
| **Peru \| 3.9%** |  |  |  |
| Peruvian Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;6.350%, 08/12/28 | PEN | 650 | 162618 |
| &nbsp;&nbsp;&nbsp;5.940%, 02/12/29 | PEN | 140 | 33769 |
| &nbsp;&nbsp;&nbsp;6.950%, 08/12/31 | PEN | 585 | 145168 |
| &nbsp;&nbsp;&nbsp;1.862%, 12/01/32 | USD | 30 | 21896 |
| &nbsp;&nbsp;&nbsp;6.900%, 08/12/37 | PEN | 670 | 158118 |
| &nbsp;&nbsp;&nbsp;5.350%, 08/12/40 | PEN | 55 | 10789 |
| &nbsp;&nbsp;&nbsp;3.230%, 07/28/21 | USD | 60 | 34980 |
|  |  |  | 567338 |
| **Poland \| 2.8%** |  |  |  |
| Poland Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 07/25/26 | PLN | 190 | 37464 |
| &nbsp;&nbsp;&nbsp;3.750%, 05/25/27 | PLN | 92 | 18566 |
| &nbsp;&nbsp;&nbsp;2.500%, 07/25/27 | PLN | 710 | 135016 |
| &nbsp;&nbsp;&nbsp;2.750%, 04/25/28 | PLN | 460 | 86270 |
| &nbsp;&nbsp;&nbsp;1.250%, 10/25/30 | PLN | 350 | 53668 |
| Poland Government International Bond, <br> 5.750%, 11/16/32 | USD | 80 | 84783 |
|  |  |  | 415767 |
| **Qatar \| 2.7%** |  |  |  |
| Qatar Government International Bonds, <br> 6.400%, 01/20/40 | USD | 340 | 395633 |
| **Romania \| 2.3%** |  |  |  |
| Romanian Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.250%, 06/24/26 | RON | 560 | 105565 |
| &nbsp;&nbsp;&nbsp;5.800%, 07/26/27 | RON | 170 | 34148 |
| &nbsp;&nbsp;&nbsp;4.150%, 01/26/28 | RON | 400 | 73663 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **27**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| Romanian Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 02/27/27 | USD | 56 | $49448 |
| &nbsp;&nbsp;&nbsp;3.625%, 03/27/32 | USD | 38 | 30134 |
| &nbsp;&nbsp;&nbsp;5.125%, 06/15/48 | USD | 50 | 39650 |
|  |  |  | 332608 |
| **South Africa \| 8.8%** |  |  |  |
| South Africa Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;10.500%, 12/21/26 | ZAR | 950 | 59099 |
| &nbsp;&nbsp;&nbsp;8.000%, 01/31/30 | ZAR | 3490 | 183110 |
| &nbsp;&nbsp;&nbsp;7.000%, 02/28/31 | ZAR | 4290 | 203846 |
| &nbsp;&nbsp;&nbsp;8.250%, 03/31/32 | ZAR | 3470 | 174355 |
| &nbsp;&nbsp;&nbsp;8.875%, 02/28/35 | ZAR | 1750 | 86812 |
| &nbsp;&nbsp;&nbsp;8.500%, 01/31/37 | ZAR | 6460 | 301586 |
| &nbsp;&nbsp;&nbsp;8.750%, 02/28/48 | ZAR | 1445 | 66479 |
| South Africa Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.850%, 09/27/27 | USD | 60 | 56767 |
| &nbsp;&nbsp;&nbsp;4.300%, 10/12/28 | USD | 40 | 35532 |
| &nbsp;&nbsp;&nbsp;4.850%, 09/30/29 | USD | 10 | 8874 |
| &nbsp;&nbsp;&nbsp;5.875%, 06/22/30 | USD | 20 | 18547 |
| &nbsp;&nbsp;&nbsp;5.875%, 04/20/32 | USD | 10 | 8988 |
| &nbsp;&nbsp;&nbsp;5.375%, 07/24/44 | USD | 45 | 33801 |
| &nbsp;&nbsp;&nbsp;5.000%, 10/12/46 | USD | 30 | 20902 |
| &nbsp;&nbsp;&nbsp;5.650%, 09/27/47 | USD | 30 | 22050 |
|  |  |  | 1280748 |
| **Sri Lanka \| 0.3%** |  |  |  |
| Sri Lanka Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 04/18/23 | USD | 15 | 4451 |
| &nbsp;&nbsp;&nbsp;6.125%, 06/03/25 | USD | 10 | 3080 |
| &nbsp;&nbsp;&nbsp;6.825%, 07/18/26 | USD | 5 | 1504 |
| &nbsp;&nbsp;&nbsp;6.200%, 05/11/27 | USD | 50 | 14431 |
| &nbsp;&nbsp;&nbsp;6.750%, 04/18/28 | USD | 35 | 10452 |
| &nbsp;&nbsp;&nbsp;7.850%, 03/14/29 | USD | 15 | 4320 |
|  |  |  | 38238 |

---

*The accompanying notes are an integral part of these financial statements.*

**28** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Suriname \| 0.0%** |  |  |  |
| Suriname Government International Bonds, <br> 9.250%, 10/26/26 | USD | 10 | $7114 |
| **Thailand \| 0.5%** |  |  |  |
| Thailand Government Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;3.400%, 06/17/36 | THB | 830 | 24751 |
| &nbsp;&nbsp;&nbsp;3.300%, 06/17/38 | THB | 1480 | 42784 |
|  |  |  | 67535 |
| **Turkey \| 2.8%** |  |  |  |
| Hazine Mustesarligi Varlik Kiralama AS, <br> 7.250%, 02/24/27 (#) | USD | 125 | 121820 |
| Turkey Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;7.375%, 02/05/25 | USD | 95 | 95237 |
| &nbsp;&nbsp;&nbsp;5.950%, 01/15/31 | USD | 140 | 116200 |
| &nbsp;&nbsp;&nbsp;6.000%, 01/14/41 | USD | 115 | 83088 |
|  |  |  | 416345 |
| **Ukraine \| 0.3%** |  |  |  |
| Ukraine Government International Bonds, <br> 9.750%, 11/01/30 | USD | 200 | 42975 |
| **Uruguay \| 2.5%** |  |  |  |
| Uruguay Government International Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 12/15/28 | UYU | 2641 | 69310 |
| &nbsp;&nbsp;&nbsp;7.625%, 03/21/36 | USD | 46 | 58259 |
| &nbsp;&nbsp;&nbsp;4.125%, 11/20/45 | USD | 65 | 60125 |
| &nbsp;&nbsp;&nbsp;5.100%, 06/18/50 | USD | 125 | 123250 |
| &nbsp;&nbsp;&nbsp;4.975%, 04/20/55 | USD | 50 | 48125 |
|  |  |  | 359069 |
| **Zambia \| 0.6%** |  |  |  |
| Zambia Government International Bonds, <br> 8.500%, 04/14/24 | USD | 200 | 90000 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **29**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **Total Foreign Government Obligations** <br> (Cost $13,498,167) |  |  | $12063933 |
| **Quasi Government Bonds \| 0.2%** |  |  |  |
| **Indonesia \| 0.1%** |  |  |  |
| Pertamina Persero PT, <br> 6.450%, 05/30/44 | USD | 25 | 24661 |
| **Mexico \| 0.1%** |  |  |  |
| Petroleos Mexicanos, <br> 6.750%, 09/21/47 | USD | 16 | 10190 |
| **Total Quasi Government Bonds** <br> (Cost $35,742) |  |  | 34851 |
| **Sovereign Bonds \| 2.5%** |  |  |  |
| **Indonesia \| 0.2%** |  |  |  |
| Indonesia Government International Bonds, <br> 3.850%, 10/15/2030 | USD | 35 | 32819 |
| **Jordan \| 1.3%** |  |  |  |
| Jordan Government International Bonds, <br> 6.125%, 01/29/2026 | USD | 200 | 196850 |
| **Serbia \| 1.0%** |  |  |  |
| Serbia International Bonds, <br> 2.125%, 12/01/2030 | USD | 200 | 142975 |
| **Total Sovereign Bonds** <br> (Cost $359,563) |  |  | 372644 |
| **Supranational Bonds \| 0.1%** |  |  |  |
| International Finance Corp., <br> 8.000%, 10/09/23 <br> (Cost $14,091) | &nbsp;&nbsp;&nbsp;&nbsp;IDR | 200000 | 13037 |

---

*The accompanying notes are an integral part of these financial statements.*

**30** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Emerging Markets Debt Portfolio (continued)** |  |  |  |
| **U.S. Treasury Securities \| 5.0%** |  |  |  |
| U.S. Treasury Note, <br> 2.750%, 08/15/32 <br> (Cost $720,724) | &nbsp;&nbsp;&nbsp;&nbsp;USD | 795 | $723947 |

---

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Short-Term Investments \| 2.0%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) <br> (Cost $290,757) | 290757 | $290757 |
| **Total Investments \| 98.0%** <br> (Cost $15,875,968) (») |  | $**14331702** |
| **Cash and Other Assets in Excess of Liabilities \| 2.0%** |  | **296639** |
| **Net Assets \| 100.0%** |  | $**14628341** |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **31**

------

**Lazard Emerging Markets Debt Portfolio (continued)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| BRL | 159585 | USD | 30000 | BRC | 02/02/23 | $61 | $— |
| BRL | 183641 | USD | 33893 | SSB | 02/02/23 | 700 |  |
| BRL | 52400 | USD | 10000 | UBS | 02/02/23 |  | 129 |
| CNY | 55195 | USD | 7752 | BRC | 01/20/23 | 197 |  |
| CNY | 280844 | USD | 40000 | BRC | 01/20/23 | 449 |  |
| CNY | 498533 | USD | 70000 | BRC | 01/20/23 | 1802 |  |
| CNY | 3008739 | USD | 418432 | CIT | 01/20/23 | 14906 |  |
| CNY | 131807 | USD | 18470 | SCB | 01/20/23 | 514 |  |
| CNY | 153673 | USD | 21530 | SCB | 01/20/23 | 603 |  |
| CNY | 213378 | USD | 30000 | SCB | 01/20/23 | 732 |  |
| CNY | 498321 | USD | 70763 | SCB | 01/20/23 | 1008 |  |
| COP | 1079562696 | USD | 222889 | SSB | 01/17/23 |  | 731 |
| CZK | 4363810 | USD | 178673 | UBS | 01/20/23 | 14241 |  |
| EUR | 146722 | USD | 150000 | HSB | 01/20/23 | 7228 |  |
| EUR | 140469 | USD | 150000 | SCB | 01/20/23 | 528 |  |
| HUF | 15924000 | USD | 40000 | BRC | 01/20/23 | 2485 |  |
| HUF | 23099984 | USD | 56423 | BRC | 01/20/23 | 5208 |  |
| IDR | 441420000 | USD | 28000 | BOA | 01/24/23 | 349 |  |
| IDR | 155580000 | USD | 10000 | BRC | 01/27/23 |  | 8 |
| IDR | 652566894 | USD | 41783 | BRC | 01/27/23 | 125 |  |
| IDR | 1934375000 | USD | 125000 | BRC | 01/27/23 |  | 773 |
| IDR | 1934375000 | USD | 125000 | CIT | 01/27/23 |  | 773 |
| IDR | 1707608755 | USD | 108855 | JPM | 01/17/23 | 821 |  |
| IDR | 475202400 | USD | 30540 | JPM | 01/27/23 |  | 22 |
| IDR | 608289864 | USD | 38948 | JPM | 01/27/23 | 117 |  |
| IDR | 156160000 | USD | 10038 | SCB | 01/17/23 |  | 8 |
| IDR | 1707608755 | USD | 108606 | SCB | 01/17/23 | 1071 |  |
| IDR | 914950000 | USD | 58000 | SCB | 01/24/23 | 761 |  |
| IDR | 458132460 | USD | 29460 | SCB | 01/27/23 |  | 38 |
| IDR | 495453125 | USD | 31709 | SCB | 01/27/23 | 109 |  |
| IDR | 1009472000 | USD | 64000 | UBS | 01/24/23 | 831 |  |
| IDR | 586799880 | USD | 37560 | UBS | 01/27/23 | 125 |  |
| MXN | 164920 | USD | 8326 | BRC | 01/20/23 | 113 |  |
| MXN | 594405 | USD | 30000 | BRC | 01/20/23 | 416 |  |
| MXN | 587034 | USD | 30000 | CIT | 01/20/23 | 39 |  |
| MXN | 195377 | USD | 10000 | SCB | 01/20/23 |  | 2 |
| MYR | 754444 | USD | 162564 | BOA | 01/25/23 | 8856 |  |

---

*The accompanying notes are an integral part of these financial statements.*

**32** Annual Report

------

**Lazard Emerging Markets Debt Portfolio (continued)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| MYR | 46985 | USD | 10000 | SCB | 01/25/23 | $676 | $— |
| PEN | 270900 | USD | 70000 | BOA | 01/17/23 | 1249 |  |
| PEN | 194515 | USD | 50000 | BRC | 01/17/23 | 1159 |  |
| PLN | 318839 | USD | 70000 | BRC | 01/20/23 | 2683 |  |
| PLN | 852898 | USD | 179716 | CIT | 01/20/23 | 14712 |  |
| RON | 109814 | USD | 22247 | BRC | 01/20/23 | 1523 |  |
| THB | 1168872 | USD | 32737 | BOA | 03/13/23 | 1234 |  |
| THB | 2064168 | USD | 60000 | BOA | 03/13/23 |  | 10 |
| THB | 8483472 | USD | 241729 | BOA | 03/13/23 | 4823 |  |
| THB | 500078 | USD | 14282 | BRC | 03/13/23 | 251 |  |
| THB | 8024470 | USD | 230000 | CIT | 03/13/23 | 3212 |  |
| THB | 11420059 | USD | 325590 | CIT | 03/13/23 | 6307 |  |
| THB | 12725208 | USD | 360436 | CIT | 03/13/23 | 9392 |  |
| USD | 40000 | BRL | 214440 | BOA | 02/02/23 |  | 394 |
| USD | 78219 | BRL | 424070 | BOA | 02/02/23 |  | 1664 |
| USD | 60000 | BRL | 322350 | BRC | 02/02/23 |  | 721 |
| USD | 14407 | BRL | 78501 | SSB | 02/02/23 |  | 381 |
| USD | 14845 | BRL | 79455 | SSB | 02/02/23 |  | 122 |
| USD | 22546 | BRL | 117729 | SSB | 02/02/23 | 369 |  |
| USD | 22870 | BRL | 118639 | SSB | 02/02/23 | 522 |  |
| USD | 7276 | BRL | 39385 | UBS | 02/02/23 |  | 143 |
| USD | 71068 | BRL | 384686 | UBS | 02/02/23 |  | 1395 |
| USD | 9244 | CLP | 8617009 | BRC | 02/13/23 |  | 874 |
| USD | 10000 | CNY | 69849 | SCB | 01/20/23 |  | 60 |
| USD | 150786 | CNY | 1096681 | SCB | 01/30/23 |  | 7282 |
| USD | 10000 | COP | 48190000 | BRC | 01/17/23 | 83 |  |
| USD | 109317 | COP | 565274955 | BRC | 01/17/23 |  | 7009 |
| USD | 109002 | COP | 565274955 | SCB | 01/17/23 |  | 7323 |
| USD | 10000 | CZK | 228775 | SCB | 01/20/23 |  | 114 |
| USD | 287396 | EUR | 285827 | SCB | 01/20/23 |  | 18897 |
| USD | 20000 | HUF | 7633926 | SCB | 01/20/23 |  | 367 |
| USD | 30000 | IDR | 467370000 | JPM | 01/24/23 |  | 16 |
| USD | 56360 | IDR | 885525760 | SCB | 01/17/23 |  | 516 |
| USD | 64185 | MXN | 1245466 | BOA | 01/20/23 | 453 |  |
| USD | 80000 | MXN | 1590520 | BRC | 01/20/23 |  | 1389 |
| USD | 21448 | MYR | 96528 | JPM | 01/25/23 |  | 484 |
| USD | 90000 | MYR | 396756 | SCB | 01/25/23 |  | 148 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **33**

------

**Lazard Emerging Markets Debt Portfolio (concluded)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| USD | 105695 | PEN | 421352 | BOA | 01/17/23 | $— | $5125 |
| USD | 105794 | PEN | 421352 | BRC | 01/17/23 |  | 5025 |
| USD | 105650 | PEN | 421352 | SCB | 01/17/23 |  | 5170 |
| USD | 30000 | THB | 1035825 | SCB | 03/13/23 |  | 104 |
| USD | 80000 | THB | 2782000 | SCB | 03/13/23 |  | 852 |
| USD | 152488 | THB | 5389545 | SCB | 03/13/23 |  | 4146 |
| USD | 28415 | ZAR | 506241 | BOA | 01/20/23 |  | 1339 |
| USD | 101833 | ZAR | 1782295 | BOA | 01/20/23 |  | 2919 |
| USD | 24800 | ZAR | 439729 | BRC | 01/20/23 |  | 1044 |
| USD | 28431 | ZAR | 506241 | BRC | 01/20/23 |  | 1323 |
| USD | 40000 | ZAR | 715460 | BRC | 01/20/23 |  | 2050 |
| USD | 58040 | ZAR | 1008706 | BRC | 01/20/23 |  | 1245 |
| USD | 113657 | ZAR | 2024964 | CIT | 01/20/23 |  | 5358 |
| USD | 25200 | ZAR | 446431 | SCB | 01/20/23 |  | 1038 |
| UYU | 353959 | USD | 8736 | HSB | 03/06/23 | 10 |  |
| ZAR | 687800 | USD | 40000 | SCB | 01/20/23 | 424 |  |
| 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 | $113477 | $88531 |

---

*The accompanying notes are an integral part of these financial statements.*

**34** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio** |  |  |  |
| **Corporate Bonds \| 35.6%** |  |  |  |
| **Canada \| 1.6%** |  |  |  |
| Canadian Imperial Bank of Commerce,<br> 0.950%, 10/23/25 | USD | 75 | $67397 |
| **Germany \| 1.1%** |  |  |  |
| Mercedes-Benz Group AG,<br> 0.750%, 09/10/30 | EUR | 55 | 48115 |
| **Netherlands \| 2.3%** |  |  |  |
| ING Groep NV, <br> 1.125% (SONIA + 0.905%), 12/07/28 (§) | GBP | 100 | 96721 |
| **Switzerland \| 0.5%** |  |  |  |
| ABB Finance USA, Inc.,<br> 4.375%, 05/08/42 | USD | 22 | 18931 |
| **United Kingdom \| 2.3%** |  |  |  |
| Tesco Corporate Treasury Services PLC,<br> 2.750%, 04/27/30 | GBP | 100 | 99209 |
| **United States \| 27.8%** |  |  |  |
| Adobe, Inc.,<br> 2.300%, 02/01/30 | USD | 25 | 21317 |
| Alphabet, Inc.,<br> 1.100%, 08/15/30 | USD | 35 | 27390 |
| Amazon.com, Inc.,<br> 3.150%, 08/22/27 | USD | 25 | 23492 |
| American Express Co.,<br> 4.050%, 05/03/29 | USD | 45 | 42851 |
| Amgen, Inc.,<br> 3.000%, 02/22/29 | USD | 25 | 22138 |
| Apple, Inc.,<br> 1.125%, 05/11/25 | USD | 50 | 46033 |
| Ball Corp.,<br> 4.875%, 03/15/26 | USD | 25 | 24216 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **35**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 28 | $27561 |
| &nbsp;&nbsp;&nbsp;1.978% (CDOR 03 Month + 0.600%), 09/15/27 (§) | CAD | 70 | 46004 |
| Citigroup, Inc.,<br> 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 70 | 64501 |
| Clean Harbors, Inc.,<br> 4.875%, 07/15/27 | USD | 25 | 23687 |
| Dell International LLC,<br> 5.300%, 10/01/29 | USD | 45 | 44010 |
| Goldman Sachs Group, Inc.,<br> 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 30 | 22855 |
| Home Depot, Inc.,<br> 5.875%, 12/16/36 | USD | 20 | 21388 |
| John Deere Financial, Inc.,<br> 2.410%, 01/14/25 | CAD | 95 | 66654 |
| Johnson Controls International PLC,<br> 1.750%, 09/15/30 | USD | 65 | 51920 |
| JPMorgan Chase & Co.,<br> 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 80 | 73617 |
| Kimberly-Clark Corp.,<br> 3.200%, 04/25/29 | USD | 30 | 27389 |
| McDonald's Corp.,<br> 3.125%, 03/04/25 | CAD | 70 | 49911 |
| Microsoft Corp.,<br> 3.500%, 11/15/42 | USD | 25 | 20948 |
| Morgan Stanley,<br> 3.625%, 01/20/27 | USD | 70 | 66011 |
| Mueller Water Products, Inc.,<br> 4.000%, 06/15/29 (#) | USD | 15 | 13181 |
| PepsiCo, Inc.,<br> 2.875%, 10/15/49 | USD | 35 | 25005 |
| Pfizer, Inc.,<br> 2.625%, 04/01/30 | USD | 30 | 26353 |

---

 

*The accompanying notes are an integral part of these financial statements.*

 

**36** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| Procter & Gamble Co.,<br> 1.200%, 10/29/30 | USD | 15 | $11769 |
| Prologis LP REIT,<br> 1.250%, 10/15/30 | USD | 100 | 75807 |
| Service Corp. International,<br> 4.625%, 12/15/27 | USD | 30 | 28021 |
| Starbucks Corp.,<br> 4.450%, 08/15/49 | USD | 25 | 21248 |
| Toyota Motor Credit Corp.,<br> 2.150%, 02/13/30 | USD | 55 | 46273 |
| United Rentals North America, Inc.,<br> 4.875%, 01/15/28 | USD | 30 | 28429 |
| Verizon Communications, Inc.,<br> 3.875%, 02/08/29 | USD | 75 | 70370 |
| Visa, Inc.,<br> 0.750%, 08/15/27 | USD | 25 | 21273 |
|  |  |  | 1181622 |
| **Total Corporate Bonds**<br> (Cost $1,800,524) |  |  | 1511995 |
| **Foreign Government Obligations \| 45.9%** |  |  |  |
| **Australia \| 3.2%** |  |  |  |
| New South Wales Treasury Corp.,<br> 1.250%, 11/20/30 | AUD | 100 | 53292 |
| Queensland Treasury Corp.,<br> 1.250%, 03/10/31 | AUD | 160 | 84418 |
|  |  |  | 137710 |
| **Bahamas \| 1.3%** |  |  |  |
| Bahamas Government International Bonds,<br> 6.950%, 11/20/29 | USD | 73 | 54809 |
| **Canada \| 5.3%** |  |  |  |
| British Columbia,<br> 3.200%, 06/18/44 | CAD | 100 | 62308 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **37**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| Export Development Canada,<br> 1.650%, 07/31/24 | CAD | 70 | $49614 |
| Quebec,<br> 1.850%, 02/13/27 | CAD | 85 | 58103 |
| Vancouver,<br> 2.900%, 11/20/25 | CAD | 80 | 57128 |
|  |  |  | 227153 |
| **Chile \| 2.9%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 06/01/24 | CLP | 50000 | 57618 |
| &nbsp;&nbsp;&nbsp;2.300%, 10/01/28 | CLP | 65000 | 64003 |
|  |  |  | 121621 |
| **Colombia \| 0.5%** |  |  |  |
| Colombia Government International Bonds,<br> 9.850%, 06/28/27 | COP | 126000 | 22274 |
| **Czech Republic \| 1.7%** |  |  |  |
| Czech Republic Government Bonds,<br> 7.210% (PRIBOR 6 Month), 11/19/27 (§) | CZK | 1650 | 72273 |
| **Denmark \| 0.5%** |  |  |  |
| Denmark Government Bond,<br> 0.000%, 11/15/31 | DKK | 180 | 20476 |
| **France \| 1.0%** |  |  |  |
| French Republic Government Bonds OAT,<br> 1.750%, 06/25/39 | EUR | 49 | 42778 |
| **Hungary \| 0.6%** |  |  |  |
| Hungary Government International Bonds,<br> 1.750%, 06/05/35 | EUR | 35 | 24559 |
| **Ireland \| 1.0%** |  |  |  |
| Ireland Government Bonds,<br> 1.350%, 03/18/31 | EUR | 45 | 42832 |

---

 

*The accompanying notes are an integral part of these financial statements.*

 

**38** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| **Mexico \| 2.8%** |  |  |  |
| Mexico Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 09/05/24 | MXN | 860 | $42685 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/03/27 | MXN | 970 | 46877 |
| Mexico Government International Bonds,<br> 6.750%, 02/06/24 | GBP | 25 | 30526 |
|  |  |  | 120088 |
| **Morocco \| 1.8%** |  |  |  |
| Morocco Government International Bonds,<br> 1.500%, 11/27/31 | EUR | 100 | 78698 |
| **New Zealand \| 8.1%** |  |  |  |
| Housing New Zealand Ltd.,<br> 3.420%, 10/18/28 | NZD | 120 | 69551 |
| New Zealand Local Government Funding Agency Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 04/15/24 | NZD | 190 | 115760 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/20/29 | NZD | 210 | 106573 |
| &nbsp;&nbsp;&nbsp;2.000%, 04/15/37 | NZD | 130 | 52945 |
|  |  |  | 344829 |
| **Norway \| 2.3%** |  |  |  |
| Oslo, 2.350%,<br> 09/04/24 | NOK | 1000 | 99521 |
| **Panama \| 2.2%** |  |  |  |
| Panama Government International Bonds,<br> 8.875%, 09/30/27 | USD | 80 | 91990 |
| **Peru \| 2.2%** |  |  |  |
| Peru Government Bonds,<br> 6.150%, 08/12/32 (#) | PEN | 250 | 57876 |
| Peruvian Government International Bonds,<br> 3.000%, 01/15/34 | USD | 45 | 35432 |
|  |  |  | 93308 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **39**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| **Poland \| 1.8%** |  |  |  |
| Poland Government Bonds,<br> 7.560% (WIBOR 6 Month), 05/25/28 (§) | PLN | 355 | $76584 |
| **Portugal \| 1.0%** |  |  |  |
| Portugal Obrigacoes do Tesouro OT,<br> 1.650%, 07/16/32 | EUR | 45 | 40979 |
| **Singapore \| 1.1%** |  |  |  |
| Singapore Government Bonds,<br> 3.375%, 09/01/33 | SGD | 60 | 45827 |
| **Spain \| 1.0%** |  |  |  |
| Spain Government Bonds,<br> 1.000%, 07/30/42 | EUR | 65 | 42450 |
| **Switzerland \| 0.5%** |  |  |  |
| Swiss Confederation Government Bonds,<br> 0.500%, 06/27/32 | CHF | 20 | 19592 |
| **Thailand \| 2.0%** |  |  |  |
| Thailand Government Bonds,<br> 1.585%, 12/17/35 | THB | 3440 | 84625 |
| **United Kingdom \| 1.1%** |  |  |  |
| U.K. Gilts,<br> 0.875%, 07/31/33 | GBP | 50 | 45119 |
| **Total Foreign Government Obligations**<br> (Cost $2,393,150) |  |  | 1950095 |
| **Quasi Government Bonds \| 1.8%** |  |  |  |
| **Germany \| 1.8%** |  |  |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 09/15/28 | EUR | 25 | 22549 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/14/29 | USD | 63 | 54311 |
| &nbsp;&nbsp;&nbsp;(Cost $86,872) |  |  | 76860 |

---

*The accompanying notes are an integral part of these financial statements.*

**40** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| **Supranational Bonds \| 10.4%** |  |  |  |
| Asian Development Bank,<br> 2.125%, 03/19/25 | USD | 40 | $37891 |
| European Investment Bank,<br> 1.000%, 01/28/28 | CAD | 80 | 51625 |
| Inter-American Development Bank,<br> 7.875%, 03/14/23 | IDR | 1140000 | 73530 |
| Inter-American Investment Corp.,<br> 1.100%, 06/30/26 | AUD | 41 | 24719 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.900%, 11/26/25 | AUD | 100 | 65713 |
| &nbsp;&nbsp;&nbsp;1.250%, 03/16/26 | NOK | 660 | 63442 |
| &nbsp;&nbsp;&nbsp;1.125%, 09/13/28 | USD | 35 | 29625 |
| International Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 04/07/26 | USD | 40 | 37353 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/15/35 | AUD | 132 | 59797 |
| **Total Supranational Bonds**<br> (Cost $534,802) |  |  | 443695 |
| **U.S. Municipal Bonds \| 1.9%** |  |  |  |
| **California \| 1.9%** |  |  |  |
| California: |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 04/01/33 | USD | 45 | 43256 |
| &nbsp;&nbsp;&nbsp;7.550%, 04/01/39 | USD | 30 | 37549 |
| &nbsp;&nbsp;&nbsp;(Cost $95,045) |  |  | 80805 |
| **U.S. Treasury Securities \| 3.3%** |  |  |  |
| U.S. Treasury Bonds,<br> 1.750%, 08/15/41<br> (Cost $159,473) | USD | 206 | 140973 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **41**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Fixed Income Portfolio (continued)** |  |  |  |
| **Total Investments \| 98.9%**<br> (Cost $5,069,866) (») |  |  | $**4204423** |
| **Cash and Other Assets in Excess of Liabilities \| 1.1%** |  |  | **45523** |
| **Net Assets \| 100.0%** |  |  | $**4249946** |

---

*The accompanying notes are an integral part of these financial statements.*

 

**42** Annual Report

------

**Lazard Global Fixed Income Portfolio (continued)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| AUD | 20700 | USD | 14022 | CIT | 02/08/23 | $91 | $— |
| AUD | 11687 | USD | 7500 | JPM | 02/08/23 | 468 |  |
| CAD | 18892 | USD | 13842 | CIT | 02/08/23 | 114 |  |
| CAD | 13288 | USD | 9959 | HSB | 02/08/23 |  | 143 |
| CAD | 28624 | USD | 20870 | HSB | 02/08/23 | 275 |  |
| CHF | 23051 | USD | 23816 | JPM | 02/08/23 | 1208 |  |
| CNH | 1154651 | USD | 162438 | HSB | 02/08/23 | 4843 |  |
| CNH | 1683302 | USD | 236313 | HSB | 02/08/23 | 7558 |  |
| CNH | 48395 | USD | 6800 | HSB | 02/28/23 | 223 |  |
| COP | 23168244 | USD | 4400 | HSB | 04/25/23 | 277 |  |
| CZK | 294759 | USD | 11732 | JPM | 01/11/23 | 1305 |  |
| CZK | 614690 | USD | 25800 | JPM | 01/11/23 | 1388 |  |
| CZK | 1120925 | USD | 45026 | JPM | 01/11/23 | 4554 |  |
| EUR | 105834 | USD | 106476 | CIT | 02/08/23 | 7077 |  |
| EUR | 30264 | USD | 32400 | HSB | 02/08/23 | 72 |  |
| EUR | 56794 | USD | 57100 | HSB | 02/08/23 | 3836 |  |
| EUR | 319433 | USD | 321426 | HSB | 02/08/23 | 21305 |  |
| EUR | 8439 | USD | 8491 | MSC | 02/08/23 | 563 |  |
| GBP | 3792 | USD | 4569 | HSB | 02/08/23 | 20 |  |
| GBP | 10560 | USD | 12600 | JPM | 02/08/23 | 178 |  |
| GBP | 19558 | USD | 22500 | JPM | 02/08/23 | 1166 |  |
| HUF | 5685778 | USD | 14800 | HSB | 02/08/23 | 291 |  |
| JPY | 9540681 | USD | 65612 | CIT | 02/08/23 | 7409 |  |
| JPY | 629881 | USD | 4700 | HSB | 02/08/23 | 121 |  |
| JPY | 2668284 | USD | 19000 | HSB | 02/08/23 | 1422 |  |
| JPY | 66659333 | USD | 458481 | HSB | 02/08/23 | 51706 |  |
| KRW | 74813620 | USD | 52466 | JPM | 04/18/23 | 6909 |  |
| NOK | 266657 | USD | 26300 | HSB | 02/08/23 | 957 |  |
| PEN | 16110 | USD | 4000 | JPM | 04/25/23 | 202 |  |
| RON | 401924 | USD | 77850 | HSB | 02/08/23 | 9050 |  |
| SEK | 240172 | USD | 22600 | JPM | 02/08/23 | 462 |  |
| SEK | 390439 | USD | 35163 | JPM | 02/08/23 | 2327 |  |
| SGD | 35130 | USD | 25700 | JPM | 02/08/23 | 544 |  |
| USD | 81869 | AUD | 126128 | CIT | 02/08/23 |  | 4125 |
| USD | 78851 | AUD | 121303 | HSB | 02/08/23 |  | 3854 |
| USD | 9436 | AUD | 14523 | JPM | 02/08/23 |  | 466 |
| USD | 7000 | AUD | 10270 | MSC | 02/08/23 |  | 2 |
| USD | 57995 | AUD | 89222 | MSC | 02/08/23 |  | 2838 |
| USD | 177385 | CAD | 239796 | CIT | 02/08/23 | 248 |  |
| USD | 67522 | CAD | 91265 | HSB | 02/08/23 | 105 |  |
| USD | 14000 | CAD | 18988 | JPM | 02/08/23 |  | 26 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **43**

------

**Lazard Global Fixed Income Portfolio (concluded)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| USD | 35357 | CAD | 46940 | JPM | 02/08/23 | $682 | $— |
| USD | 81811 | CAD | 110580 | JPM | 02/08/23 | 125 |  |
| USD | 23555 | CHF | 23051 | JPM | 02/08/23 |  | 1468 |
| USD | 69464 | CLP | 65691753 | CIT | 03/15/23 |  | 7283 |
| USD | 22090 | CLP | 20877270 | HSB | 03/15/23 |  | 2301 |
| USD | 41000 | CNH | 283066 | HSB | 02/08/23 |  | 10 |
| USD | 24474 | COP | 124270000 | HSB | 04/25/23 |  | 613 |
| USD | 8240 | CZK | 201814 | JPM | 01/11/23 |  | 687 |
| USD | 23686 | CZK | 540868 | JPM | 01/11/23 |  | 237 |
| USD | 30300 | CZK | 746919 | JPM | 01/11/23 |  | 2737 |
| USD | 60370 | CZK | 1503170 | JPM | 01/11/23 |  | 6117 |
| USD | 13287 | EUR | 12484 | HSB | 02/08/23 |  | 107 |
| USD | 86000 | EUR | 80192 | HSB | 02/08/23 |  | 40 |
| USD | 40172 | EUR | 39820 | JPM | 02/08/23 |  | 2552 |
| USD | 38915 | GBP | 33834 | HSB | 02/08/23 |  | 2026 |
| USD | 20000 | GBP | 16558 | JPM | 02/08/23 |  | 37 |
| USD | 68512 | GBP | 59577 | JPM | 02/08/23 |  | 3579 |
| USD | 31968 | IDR | 495791848 | JPM | 01/20/23 | 125 |  |
| USD | 59000 | JPY | 7687694 | CIT | 02/08/23 | 161 |  |
| USD | 31094 | MXN | 637136 | HSB | 02/08/23 |  | 1398 |
| USD | 28682 | MXN | 587793 | JPM | 02/08/23 |  | 1294 |
| USD | 25740 | NOK | 269807 | HSB | 02/08/23 |  | 1838 |
| USD | 124390 | NOK | 1304005 | JPM | 02/08/23 |  | 8900 |
| USD | 69242 | NZD | 116322 | CIT | 02/08/23 |  | 4647 |
| USD | 37000 | NZD | 58087 | HSB | 02/08/23 | 103 |  |
| USD | 102550 | NZD | 172284 | HSB | 02/08/23 |  | 6886 |
| USD | 115096 | NZD | 193331 | JPM | 02/08/23 |  | 7710 |
| USD | 56669 | PEN | 230134 | JPM | 04/25/23 |  | 3353 |
| USD | 42567 | PLN | 215666 | HSB | 02/08/23 |  | 6517 |
| USD | 8000 | RON | 37091 | HSB | 02/08/23 |  | 19 |
| USD | 17807 | SEK | 197723 | JPM | 02/08/23 |  | 1179 |
| USD | 8151 | SGD | 11641 | HSB | 02/08/23 |  | 545 |
| USD | 24000 | SGD | 32494 | JPM | 02/08/23 |  | 275 |
| USD | 26930 | SGD | 38439 | JPM | 02/08/23 |  | 1786 |
| USD | 21494 | THB | 772718 | HSB | 03/13/23 |  | 963 |
| USD | 40801 | THB | 1515972 | HSB | 03/13/23 |  | 3257 |
| 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 |  |  | $139470 | $91815 |

---

*The accompanying notes are an integral part of these financial statements.*

**44** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio** |  |  |
| **Convertible Corporate Bonds \| 78.7%** |  |  |
| **Airlines \| 4.5%** |  |  |
| JetBlue Airways Corp. <br> 0.500%, 04/01/26 | $136 | $99833 |
| Southwest Airlines Co., <br> 1.250%, 05/01/25 | 104 | 125294 |
|  |  | 225127 |
| **Auto Components \| 1.0%** |  |  |
| Luminar Technologies, Inc. <br> 1.250%, 12/15/26 | 87 | 49268 |
| **Automobiles \| 2.5%** |  |  |
| Ford Motor Co. <br> 0.000%, 03/15/26 | 133 | 126150 |
| **Biotechnology \| 6.2%** |  |  |
| BioMarin Pharmaceutical, Inc. <br> 0.599%, 08/01/24 | 94 | 99997 |
| Exact Sciences Corp. <br> 0.375%, 03/01/28 | 157 | 123842 |
| Sarepta Therapeutics, Inc., <br> 1.250%, 09/15/27 | 76 | 87970 |
|  |  | 311809 |
| **Commercial Services & Supplies \| 1.5%** |  |  |
| Sabre GLBL, Inc., <br> 4.000%, 04/15/25 | 70 | 75383 |
| **Communications Equipment \| 1.0%** |  |  |
| Lumentum Holdings, Inc., <br> 0.500%, 06/15/28 | 66 | 50285 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Entertainment \| 3.4%** |  |  |
| Cinemark Holdings, Inc. <br> 4.500%, 08/15/25 | $51 | $48964 |
| Live Nation Entertainment, Inc. <br> 2.000%, 02/15/25 | 125 | 123313 |
|  |  | 172277 |
| **Equity Real Estate Investment Trusts (REITs) \| 1.5%** |  |  |
| Pebblebrook Hotel Trust <br> 1.750%, 12/15/26 | 90 | 74475 |
| **Health Care Equipment & Supplies \| 5.0%** |  |  |
| Dexcom, Inc., <br> 0.250%, 11/15/25 | 160 | 174800 |
| Insulet Corp., <br> 0.375%, 09/01/26 | 53 | 75101 |
|  |  | 249901 |
| **Hotels, Restaurants & Leisure \| 7.2%** |  |  |
| Carnival Corp., <br> 5.750%, 10/01/24 | 45 | 50220 |
| Marriott Vacations Worldwide Corp., <br> 0.000%, 01/15/26 | 103 | 100940 |
| NCL Corp. Ltd. <br> 5.375%, 08/01/25 | 72 | 72972 |
| Royal Caribbean Cruises Ltd. <br> 6.000%, 08/15/25 | 68 | 85748 |
| Vail Resorts, Inc., <br> 0.000%, 01/01/26 | 54 | 50355 |
|  |  | 360235 |
| **Independent Power & Renewable Electricity Producers \| 1.5%** |  |  |
| NextEra Energy Partners LP <br> 0.000%, 11/15/25 | 74 | 73926 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**46** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Interactive Media & Services \| 1.5%** |  |  |
| Snap, Inc., <br> 0.750%, 08/01/26 | $88 | $74866 |
| **Internet & Direct Marketing Retail \| 3.6%** |  |  |
| Etsy, Inc., <br> 0.125%, 09/01/27 | 99 | 99248 |
| Wayfair, Inc. <br> 3.250%, 09/15/27 | 111 | 85193 |
|  |  | 184441 |
| **IT Services \| 8.4%** |  |  |
| Akamai Technologies, Inc. <br> 0.375%, 09/01/27 | 103 | 99704 |
| Block, Inc., <br> 0.125%, 03/01/25 | 105 | 100406 |
| Cloudflare, Inc., <br> 0.000%, 08/15/26 | 91 | 74620 |
| MongoDB, Inc., <br> 0.250%, 01/15/26 | 63 | 74104 |
| Okta, Inc. <br> 0.125%, 09/01/25 | 84 | 74214 |
|  |  | 423048 |
| **Oil, Gas & Consumable Fuels \| 2.0%** |  |  |
| Pioneer Natural Resources Co., <br> 0.250%, 05/15/25 | 43 | 100491 |
| **Real Estate Management & Development \| 1.5%** |  |  |
| Zillow Group, Inc., <br> 1.375%, 09/01/26 | 74 | 75295 |
| **Road & Rail \| 2.0%** |  |  |
| Uber Technologies, Inc. <br> 0.000%, 12/15/25 | 118 | 99976 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Convertibles Portfolio (continued)** |  |  |
| **Semiconductors & Semiconductor Equipment \| 8.4%** |  |  |
| Enphase Energy, Inc., <br> 0.000%, 03/01/26 | $66 | $74679 |
| Microchip Technology, Inc., <br> 0.125%, 11/15/24 | 93 | 100208 |
| ON Semiconductor Corp., <br> 0.000%, 05/01/27 | 56 | 74480 |
| Wolfspeed, Inc., <br> 0.250%, 02/15/28 | 201 | 174267 |
|  |  | 423634 |
| **Software \| 16.0%** |  |  |
| Bill.com Holdings, Inc., <br> 0.000%, 12/01/25 | 98 | 100744 |
| Coupa Software, Inc. <br> 0.125%, 06/15/25 | 52 | 50508 |
| Five9, Inc., <br> 0.500%, 06/01/25 | 109 | 100116 |
| HubSpot, Inc., <br> 0.375%, 06/01/25 | 61 | 75305 |
| Palo Alto Networks, Inc., <br> 0.375%, 06/01/25 | 119 | 176298 |
| Splunk, Inc. <br> 1.125%, 09/15/25 | 79 | 74576 |
| Tyler Technologies, Inc., <br> 0.250%, 03/15/26 | 80 | 74720 |
| Ziff Davis, Inc. <br> 1.750%, 11/01/26 | 75 | 75150 |
| Zscaler, Inc., <br> 0.125%, 07/01/25 | 71 | 74905 |
|  |  | 802322 |
| **Total Convertible Corporate Bonds** <br> (Cost $3,937,967) |  | 3952909 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**48** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Convertibles Portfolio (concluded)** |  |  |
| **Preferred Stocks \| 17.3%** |  |  |
| **Auto Components \| 1.5%** |  |  |
| Aptiv PLC Series A | 694 | $74481 |
| **Banks \| 1.9%** |  |  |
| Wells Fargo & Co. Series L | 83 | 98355 |
| **Diversified Financial Services \| 3.4%** |  |  |
| AMG Capital Trust II | 1426 | 73439 |
| Bank of America Corp. Series L | 85 | 98600 |
|  |  | 172039 |
| **Electric Utilities \| 4.5%** |  |  |
| NextEra Energy, Inc. | 3496 | 175464 |
| PG&E Corp. | 346 | 49907 |
|  |  | 225371 |
| **Health Care Equipment & Supplies \| 2.5%** |  |  |
| Becton Dickinson & Co. Series B | 982 | 49179 |
| Boston Scientific Corp. Series A | 648 | 74403 |
|  |  | 123582 |
| **Independent Power & Renewable Electricity Producers \| 1.5%** |  |  |
| AES Corp. | 724 | 73855 |
| **Life Sciences Tools & Services \| 2.0%** |  |  |
| Danaher Corp. Series B | 73 | 99028 |
| **Total Preferred Stocks** <br> (Cost $861,456) |  | 866711 |
| **Total Investments \| 96.0%** <br> (Cost $4,799,423) |  | $**4819620** |
| **Cash and Other Assets in Excess of Liabilities \| 4.0%** |  | **200370** |
| **Net Assets l 100.0%** |  | $**5019990** |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **49**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio** |  |  |
| **Corporate Bonds \| 90.6%** |  |  |
| **Aerospace & Defense \| 0.8%** |  |  |
| Howmet Aerospace, Inc., <br> 3.000%, 01/15/29 | $1500 | $1275000 |
| Triumph Group, Inc., <br> 6.250%, 09/15/24 (#) | 500 | 473975 |
|  |  | 1748975 |
| **Airlines \| 0.5%** |  |  |
| United Airlines Pass-Through Trust , Series A, <br> 4.150%, 10/11/25 | 1065 | 1031268 |
| **Auto Components \| 0.6%** |  |  |
| Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 05/31/26 | 250 | 235865 |
| &nbsp;&nbsp;&nbsp;5.250%, 07/15/31 | 1500 | 1226910 |
|  |  | 1462775 |
| **Automobiles \| 0.3%** |  |  |
| Jaguar Land Rover Automotive PLC, <br> 4.500%, 10/01/27 (#) | 1000 | 761806 |
| **Building Products \| 1.4%** |  |  |
| Builders FirstSource, Inc., <br> 4.250%, 02/01/32 (#) | 2000 | 1621456 |
| Griffon Corp., <br> 5.750%, 03/01/28 | 1750 | 1601250 |
|  |  | 3222706 |
| **Capital Markets \| 1.4%** |  |  |
| Icahn Enterprises LP, <br> 6.250%, 05/15/26 | 1500 | 1441344 |
| MPT Operating Partnership LP, <br> 3.500%, 03/15/31 | 500 | 342742 |
| MSCI, Inc., <br> 3.250%, 08/15/33 (#) | 1750 | 1351452 |
|  |  | 3135538 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**50** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Chemicals \| 3.2%** |  |  |
| Ashland LLC, <br> 3.375%, 09/01/31 (#) | $1500 | $1198906 |
| Methanex Corp., <br> 5.125%, 10/15/27 | 1750 | 1623125 |
| Mosaic Global Holdings, Inc., <br> 7.300%, 01/15/28 | 775 | 825822 |
| NOVA Chemicals Corp., <br> 4.250%, 05/15/29 (#) | 1750 | 1430625 |
| Valvoline, Inc., <br> 3.625%, 06/15/31 (#) | 1500 | 1230795 |
| WR Grace Holdings LLC, <br> 4.875%, 06/15/27 (#) | 1000 | 886130 |
|  |  | 7195403 |
| **Commercial Services & Supplies \| 5.6%** |  |  |
| ACCO Brands Corp., <br> 4.250%, 03/15/29 (#) | 2000 | 1650000 |
| ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.125%, 06/15/23 | 500 | 495027 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/01/29 (#) | 250 | 212614 |
| Aramark Services, Inc., <br> 5.000%, 04/01/25 (#) | 2000 | 1951574 |
| Ashtead Capital, Inc., <br> 4.375%, 08/15/27 (#) | 1900 | 1775643 |
| Clean Harbors, Inc., <br> 4.875%, 07/15/27 (#) | 2000 | 1895000 |
| GFL Environmental, Inc., <br> 3.500%, 09/01/28 (#) | 1750 | 1538534 |
| KAR Auction Services, Inc., <br> 5.125%, 06/01/25 (#) | 1800 | 1758492 |
| Prime Security Services Borrower LLC, <br> 3.375%, 08/31/27 (#) | 1500 | 1294777 |
|  |  | 12571661 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **51**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Construction Materials \| 0.7%** |  |  |
| James Hardie International Finance DAC, <br> 5.000%, 01/15/28 (#) | $1760 | $1614800 |
| **Consumer Finance \| 0.8%** |  |  |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.700%, 08/10/26 | 1000 | 868400 |
| &nbsp;&nbsp;&nbsp;4.125%, 08/17/27 | 1000 | 895000 |
|  |  | 1763400 |
| **Containers & Packaging \| 2.9%** |  |  |
| Ardagh Metal Packaging Finance USA LLC, <br> 4.000%, 09/01/29 (#) | 1200 | 951033 |
| Ardagh Packaging Finance PLC, <br> 4.125%, 08/15/26 (#) | 1200 | 1039444 |
| Crown Americas LLC, <br> 4.250%, 09/30/26 | 500 | 476790 |
| Graphic Packaging International LLC, <br> 3.500%, 03/15/28 (#) | 1600 | 1392499 |
| Silgan Holdings, Inc., <br> 4.125%, 02/01/28 | 1996 | 1846614 |
| Smurfit Kappa Treasury Funding DAC, <br> 7.500%, 11/20/25 | 750 | 808658 |
|  |  | 6515038 |
| **Diversified Consumer Services \| 0.8%** |  |  |
| Service Corp. International, <br> 4.625%, 12/15/27 | 2000 | 1868100 |
| **Diversified Financial Services \| 1.3%** |  |  |
| Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 07/01/28 (#) | 1000 | 787700 |
| &nbsp;&nbsp;&nbsp;3.625%, 01/15/29 (#) | 1000 | 732241 |
| Suburban Propane Partners LP, <br> 5.000%, 06/01/31 (#) | 1750 | 1487469 |
|  |  | 3007410 |

---

*The accompanying notes are an integral part of these financial statements.*

**52** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Diversified Telecommunication Services \| 2.6%** |  |  |
| Connect Finco SARL, <br> 6.750%, 10/01/26 (#) | $1500 | $1396710 |
| Hughes Satellite Systems Corp., <br> 5.250%, 08/01/26 | 2091 | 2005687 |
| Lumen Technologies, Inc., <br> 4.000%, 02/15/27 (#) | 1100 | 932198 |
| Zayo Group Holdings, Inc., <br> 4.000%, 03/01/27 (#) | 2000 | 1477140 |
|  |  | 5811735 |
| **Electric Utilities \| 0.5%** |  |  |
| NRG Energy, Inc., <br> 3.625%, 02/15/31 (#) | 1500 | 1140296 |
| **Electrical Equipment \| 1.3%** |  |  |
| Rackspace Technology Global, Inc., <br> 3.500%, 02/15/28 (#) | 1000 | 581120 |
| Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 02/15/30 (#) | 1100 | 957555 |
| &nbsp;&nbsp;&nbsp;3.750%, 02/15/31 (#) | 250 | 205660 |
| Vistra Operations Co. LLC, <br> 4.375%, 05/01/29 (#) | 1500 | 1292425 |
|  |  | 3036760 |
| **Energy Equipment & Services \| 0.4%** |  |  |
| DCP Midstream Operating LP, <br> 3.250%, 02/15/32 | 1050 | 868487 |
| **Entertainment \| 2.2%** |  |  |
| Cinemark USA, Inc., <br> 5.250%, 07/15/28 (#) | 1500 | 1113885 |
| Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 11/01/24 (#) | 1550 | 1500779 |
| &nbsp;&nbsp;&nbsp;3.750%, 01/15/28 (#) | 500 | 426039 |
| Netflix, Inc., <br> 4.375%, 11/15/26 | 500 | 481250 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **53**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| WMG Acquisition Corp., <br> 3.000%, 02/15/31 (#) | $1800 | $1438362 |
|  |  | 4960315 |
| **Equity Real Estate Investment Trusts (REITs) \| 3.8%** |  |  |
| HAT Holdings I LLC, <br> 3.375%, 06/15/26 (#) | 1500 | 1303200 |
| Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 09/15/29 (#) | 500 | 436100 |
| &nbsp;&nbsp;&nbsp;4.500%, 02/15/31 (#) | 1250 | 1027425 |
| Park Intermediate Holdings LLC, <br> 4.875%, 05/15/29 (#) | 1500 | 1269750 |
| RHP Hotel Properties LP, <br> 4.500%, 02/15/29 (#) | 1750 | 1509539 |
| VICI Properties LP / VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 09/01/26 (#) | 1800 | 1693939 |
| &nbsp;&nbsp;&nbsp;4.250%, 12/01/26 (#) | 1500 | 1399386 |
|  |  | 8639339 |
| **Food & Staples Retailing \| 2.8%** |  |  |
| Albertsons Cos, Inc., <br> 3.500%, 03/15/29 (#) | 1500 | 1258485 |
| Kraft Heinz Foods Co., <br> 4.250%, 03/01/31 | 2350 | 2196909 |
| Performance Food Group, Inc., <br> 4.250%, 08/01/29 (#) | 1800 | 1559916 |
| US Foods, Inc., <br> 4.625%, 06/01/30 (#) | 1500 | 1320922 |
|  |  | 6336232 |
| **Food Products \| 3.6%** |  |  |
| B&G Foods, Inc., <br> 5.250%, 04/01/25 | 1500 | 1315362 |
| Darling Ingredients, Inc., <br> 6.000%, 06/15/30 (#) | 2000 | 1955000 |
| Lamb Weston Holdings, Inc., <br> 4.125%, 01/31/30 (#) | 2000 | 1766400 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**54** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| Post Holdings, Inc., <br> 4.500%, 09/15/31 (#) | $2000 | $1681321 |
| TreeHouse Foods, Inc., <br> 4.000%, 09/01/28 | 1750 | 1487500 |
|  |  | 8205583 |
| **Gas Utilities \| 0.7%** |  |  |
| AmeriGas Partners LP, <br> 5.625%, 05/20/24 | 1550 | 1504553 |
| **Health Care Equipment & Supplies \| 1.9%** |  |  |
| Avantor Funding, Inc., <br> 3.875%, 11/01/29 (#) | 1500 | 1259625 |
| Hologic, Inc., <br> 4.625%, 02/01/28 (#) | 2000 | 1884590 |
| Medline Borrower LP, <br> 3.875%, 04/01/29 (#) | 1500 | 1208940 |
|  |  | 4353155 |
| **Health Care Providers & Services \| 5.2%** |  |  |
| Centene Corp., <br> 3.375%, 02/15/30 | 1500 | 1268055 |
| Encompass Health Corp., <br> 4.625%, 04/01/31 | 1849 | 1589247 |
| HCA, Inc., <br> 3.500%, 09/01/30 | 2000 | 1724952 |
| Legacy LifePoint Health LLC, <br> 4.375%, 02/15/27 (#) | 1250 | 1057275 |
| Molina Healthcare, Inc., <br> 3.875%, 05/15/32 (#) | 1750 | 1453269 |
| PRA Health Sciences, Inc., <br> 2.875%, 07/15/26 (#) | 200 | 181011 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 07/15/24 | 309 | 301354 |
| &nbsp;&nbsp;&nbsp;4.875%, 01/01/26 (#) | 1000 | 945643 |
| &nbsp;&nbsp;&nbsp;4.375%, 01/15/30 (#) | 1500 | 1298347 |
| Teva Pharmaceutical Finance Netherlands III BV, <br> 7.125%, 01/31/25 | 1900 | 1889341 |
|  |  | 11708494 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **55**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Hotels, Restaurants & Leisure \| 8.2%** |  |  |
| 1011778 BC ULC / New Red Finance Inc. <br> 3.875%, 01/15/28 (#) | $2100 | $1878546 |
| Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.750%, 12/01/27 | 850 | 791673 |
| &nbsp;&nbsp;&nbsp;4.750%, 06/15/31 (#) | 1250 | 1087500 |
| Brinker International, Inc., <br> 5.000%, 10/01/24 (#) | 2000 | 1927781 |
| Cedar Fair LP, <br> 5.375%, 04/15/27 | 1550 | 1480250 |
| Hilton Domestic Operating Co., Inc., <br> 3.625%, 02/15/32 (#) | 2000 | 1601600 |
| International Game Technology PLC, <br> 4.125%, 04/15/26 (#) | 1500 | 1398982 |
| MGM Resorts International, <br> 4.625%, 09/01/26 | 800 | 733379 |
| Six Flags Entertainment Corp., <br> 4.875%, 07/31/24 (#) | 1850 | 1781226 |
| Station Casinos LLC, <br> 4.625%, 12/01/31 (#) | 1750 | 1403803 |
| Travel + Leisure Co., <br> 4.500%, 12/01/29 (#) | 1500 | 1222245 |
| Wynn Las Vegas LLC, <br> 5.500%, 03/01/25 (#) | 2000 | 1898692 |
| Yum! Brands, Inc., <br> 4.625%, 01/31/32 | 1500 | 1325890 |
|  |  | 18531567 |
| **Household Durables \| 0.7%** |  |  |
| Tempur Sealy International, Inc., <br> 4.000%, 04/15/29 (#) | 1750 | 1470280 |
| **Household Products \| 1.2%** |  |  |
| Energizer Holdings, Inc., <br> 4.750%, 06/15/28 (#) | 1200 | 1039924 |
| Spectrum Brands, Inc., <br> 5.750%, 07/15/25 | 1800 | 1779632 |
|  |  | 2819556 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**56** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Independent Power & Renewable Electricity Producers \| 1.3%** |  |  |
| Calpine Corp., <br> 4.500%, 02/15/28 (#) | $1500 | $1337967 |
| NextEra Energy Operating Partners LP, <br> 4.500%, 09/15/27 (#) | 1750 | 1605219 |
|  |  | 2943186 |
| **Interactive Media & Services \| 0.6%** |  |  |
| Ziff Davis, Inc., <br> 4.625%, 10/15/30 (#) | 1500 | 1269270 |
| **IT Services \| 0.5%** |  |  |
| Block, Inc., <br> 3.500%, 06/01/31 | 1450 | 1156991 |
| **Machinery \| 3.3%** |  |  |
| Allison Transmission, Inc., <br> 4.750%, 10/01/27 (#) | 1795 | 1664573 |
| Amsted Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 07/01/27 (#) | 750 | 711495 |
| &nbsp;&nbsp;&nbsp;4.625%, 05/15/30 (#) | 1000 | 852500 |
| Mueller Water Products, Inc., <br> 4.000%, 06/15/29 (#) | 2000 | 1757500 |
| Terex Corp., <br> 5.000%, 05/15/29 (#) | 1000 | 898750 |
| Vertiv Group Corp., <br> 4.125%, 11/15/28 (#) | 1750 | 1487500 |
|  |  | 7372318 |
| **Media \| 10.0%** |  |  |
| AMC Networks, Inc., <br> 4.250%, 02/15/29 | 1000 | 623098 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 05/01/27 (#) | 500 | 466035 |
| &nbsp;&nbsp;&nbsp;4.750%, 03/01/30 (#) | 1500 | 1293623 |
| Clear Channel Worldwide Holdings, Inc., <br> 5.125%, 08/15/27 (#) | 2000 | 1733000 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **57**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 12/01/26 (#) | $1000 | $842335 |
| &nbsp;&nbsp;&nbsp;5.750%, 12/01/28 (#) | 750 | 598594 |
| GCI LLC, <br> 4.750%, 10/15/28 (#) | 250 | 210020 |
| Gray Escrow II, Inc., <br> 5.375%, 11/15/31 (#) | 1000 | 720650 |
| Lamar Media Corp., <br> 3.625%, 01/15/31 | 1500 | 1240091 |
| Nexstar Media, Inc., <br> 5.625%, 07/15/27 (#) | 1500 | 1376036 |
| Outfront Media Capital LLC, <br> 5.000%, 08/15/27 (#) | 2300 | 2070567 |
| Scripps Escrow II, Inc., <br> 3.875%, 01/15/29 (#) | 1500 | 1203750 |
| Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 02/15/27 (#) | 1750 | 1427321 |
| &nbsp;&nbsp;&nbsp;4.125%, 12/01/30 (#) | 1000 | 749686 |
| Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 08/01/27 (#) | 1750 | 1617632 |
| &nbsp;&nbsp;&nbsp;3.875%, 09/01/31 (#) | 1000 | 780169 |
| TEGNA, Inc., <br> 5.000%, 09/15/29 | 1750 | 1660400 |
| Univision Communications, Inc., <br> 5.125%, 02/15/25 (#) | 2000 | 1904780 |
| Videotron Ltd., <br> 5.125%, 04/15/27 (#) | 500 | 472265 |
| Virgin Media Secured Finance PLC, <br> 4.500%, 08/15/30 (#) | 2000 | 1670850 |
|  |  | 22660902 |
| **Metals & Mining \| 1.3%** |  |  |
| FMG Resources August 2006 Pty. Ltd., <br> 4.500%, 09/15/27 (#) | 1750 | 1614375 |
| Novelis Corp., <br> 4.750%, 01/30/30 (#) | 1500 | 1329847 |
|  |  | 2944222 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**58** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| **Mortgage Real Estate Investment Trusts (REITs) \| 0.7%** |  |  |
| Starwood Property Trust, Inc., <br> 3.625%, 07/15/26 (#) | $1743 | $1525125 |
| **Oil, Gas & Consumable Fuels \| 7.8%** |  |  |
| Buckeye Partners LP, <br> 4.500%, 03/01/28 (#) | 1500 | 1318494 |
| Cheniere Energy Partners LP, <br> 3.250%, 01/31/32 | 1750 | 1390737 |
| DT Midstream, Inc., <br> 4.375%, 06/15/31 (#) | 1350 | 1132515 |
| EQT Corp., <br> 3.625%, 05/15/31 (#) | 1750 | 1483013 |
| Hess Midstream Operations LP, <br> 4.250%, 02/15/30 (#) | 1850 | 1581604 |
| Holly Energy Partners LP, <br> 5.000%, 02/01/28 (#) | 1000 | 910506 |
| Murphy Oil Corp., <br> 5.875%, 12/01/27 | 500 | 481145 |
| Occidental Petroleum Corp., <br> 3.400%, 04/15/26 | 1750 | 1637597 |
| Range Resources Corp., <br> 4.750%, 02/15/30 (#) | 1750 | 1541938 |
| Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 01/23/25 | 1800 | 1768497 |
| &nbsp;&nbsp;&nbsp;4.750%, 02/01/32 | 250 | 213648 |
| Sunoco LP / Sunoco Finance Corp., <br> 4.500%, 04/30/30 | 2000 | 1736100 |
| Tallgrass Energy Partners LP, <br> 5.500%, 01/15/28 (#) | 1250 | 1108550 |
| Targa Resources Partners LP, <br> 4.000%, 01/15/32 | 1500 | 1262085 |
|  |  | 17566429 |
| **Software \| 1.7%** |  |  |
| Clarivate Science Holdings Corp., <br> 3.875%, 07/01/28 (#) | 1200 | 1039675 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **59**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (continued)** |  |  |
| Crowdstrike Holdings, Inc., <br> 3.000%, 02/15/29 | $1500 | $1265647 |
| NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.750%, 09/01/27 (#) | 1000 | 956925 |
| &nbsp;&nbsp;&nbsp;5.125%, 04/15/29 (#) | 750 | 627243 |
|  |  | 3889490 |
| **Specialty Retail \| 1.7%** |  |  |
| Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 03/01/28 | 987 | 868955 |
| &nbsp;&nbsp;&nbsp;5.000%, 02/15/32 (#) | 750 | 617025 |
| Group 1 Automotive, Inc., <br> 4.000%, 08/15/28 (#) | 1000 | 846430 |
| Penske Automotive Group, Inc., <br> 3.750%, 06/15/29 | 1750 | 1420377 |
|  |  | 3752787 |
| **Technology Hardware, Storage & Peripherals \| 1.6%** |  |  |
| Seagate HDD Cayman, <br> 4.091%, 06/01/29 | 2083 | 1726286 |
| Western Digital Corp., <br> 4.750%, 02/15/26 | 2000 | 1883440 |
|  |  | 3609726 |
| **Textiles, Apparel & Luxury Goods \| 0.7%** |  |  |
| Hanesbrands, Inc., <br> 4.625%, 05/15/24 (#) | 1750 | 1694923 |
| **Trading Companies & Distributors \| 3.0%** |  |  |
| American Builders & Contractors Supply Co., Inc., <br> 4.000%, 01/15/28 (#) | 1100 | 981420 |
| Avis Budget Car Rental LLC, <br> 5.750%, 07/15/27 (#) | 1500 | 1360500 |
| Herc Holdings, Inc., <br> 5.500%, 07/15/27 (#) | 1500 | 1399125 |
| Standard Industries, Inc., <br> 3.375%, 01/15/31 (#) | 2000 | 1505007 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**60** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Corporate Income Portfolio (concluded)** |  |  |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 05/15/27 | $500 | $493600 |
| &nbsp;&nbsp;&nbsp;3.875%, 11/15/27 | 1100 | 1018039 |
|  |  | 6757691 |
| **Wireless Telecommunication Services \| 1.0%** |  |  |
| Sprint Corp, <br> 7.125%, 06/15/24 | 500 | 509770 |
| T-Mobile USA, Inc., <br> 3.500%, 04/15/31 | 2000 | 1727599 |
|  |  | 2237369 |
| **Total Corporate Bonds** <br> (Cost $233,164,016) |  | 204665661 |
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Short-Term Investments \| 6.5%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $14,660,321) | 14660321 | $14660321 |
| **Total Investments \| 97.1%** <br> (Cost $247,824,337) |  | $**219325982** |
| **Cash and Other Assets in Excess of Liabilities \| 2.9%** |  | **6493484** |
| **Net Assets \| 100.0%** |  | $**225819466** |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **61**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Principal<br> Amount<br> (000) | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio** |  |  |
| **Corporate Bonds \| 13.2%** |  |  |
| **Banks \| 4.5%** |  |  |
| Bank of America Corp., <br> 3.300%, 01/11/23 | $2650 | $2649093 |
| **Capital Markets \| 2.8%** |  |  |
| Goldman Sachs Group, Inc., <br> 4.000%, 03/03/24 | 1650 | 1629134 |
| **Consumer Finance \| 3.3%** |  |  |
| American Express Co., <br> 2.500%, 07/30/24 | 1975 | 1899386 |
| **Internet & Direct Marketing Retail \| 2.6%** |  |  |
| eBay, Inc., <br> 2.750%, 01/30/23 | 1545 | 1542453 |
| **Total Corporate Bonds** <br> (Cost $7,848,098) |  | 7720066 |
| **U.S. Treasury Securities \| 86.1%** |  |  |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.875%, 01/31/24 | 12735 | 12219133 |
| &nbsp;&nbsp;&nbsp;1.500%, 02/29/24 | 8070 | 7778724 |
| &nbsp;&nbsp;&nbsp;2.250%, 03/31/24 | 13965 | 13549323 |
| &nbsp;&nbsp;&nbsp;2.500%, 04/30/24 | 795 | 772392 |
| &nbsp;&nbsp;&nbsp;3.000%, 06/30/24 | 3420 | 3338107 |
| &nbsp;&nbsp;&nbsp;3.250%, 08/31/24 | 4890 | 4787998 |
| &nbsp;&nbsp;&nbsp;4.375%, 10/31/24 | 8005 | 7982173 |
| **Total U.S. Treasury Securities** <br> (Cost $51,564,696) |  | 50427850 |

---

*The accompanying notes are an integral part of these financial statements.*

**62** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard US Short Duration Fixed Income Portfolio (concluded)** |  |  |
| **Short-Term Investments \| 0.2%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (Cost $134,985) | 134985 | $134985 |
| **Total Investments \| 99.5%** <br> (Cost $59,547,779) |  | $**58282901** |
| **Cash and Other Assets in Excess of Liabilities \| 0.5%** |  | **307602** |
| **Net Assets \| 100.0%** |  | $**58590503** |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **63**

**The Lazard Funds, Inc.** Notes to Portfolios of Investments <br> December 31, 2021

---

| |
|:---|
| *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, 2022.* |
| *Date shown is the next perpetual call date.* |
| *Step up bonds are securities which increase the interest payment rate at a specified point in time. Rate shown reflects rate in effect at December 31, 2022 which may step up at a future date.* |
| *Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among "qualified institutional buyers." At December 31, 2022, these securities amounted to the percentage of net assets for each Portfolio as follows:* |

---

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage of<br> Net Assets |
| Emerging Markets Debt | 2.6% |
| Global Fixed Income | 1.7% |
| U.S. Corporate Income | 62.4% |

---

 

---

| | |
|:---|:---|
| *(»)* | *The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.* |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| CDOR | — Canadian Dollar Offered Rate |
| CMT | — Constant Maturity Treasury |
| SOFR | — Secured Overnight Financing Rate |
| SONIA | — Sterling Overnight Index Average |
| LIBOR | — London Interbank Offered Rate |
| PRIBOR | — Prague Interbank Offered Rate |
| WIBOR | — Warsaw Interbank Offered Rate |

---

**Currency Abbreviations:**

---

| | | | |
|:---|:---|:---|:---|
| AUD | — Australian Dollar | KRW | — South Korean Won |
| BRL | — Brazilian Real | MXN | — Mexican New Peso |
| CAD | — Canadian Dollar | MYR | — Malaysian Ringgit |
| CHF | — Swiss Franc | NOK | — Norwegian Krone |
| CLP | — Chilean Peso | NZD | — New Zealand Dollar |
| CNH | — Chinese Yuan Renminbi | PEN | — Peruvian Nuevo Sol |
| CNY | — Chinese Yuan | PLN | — Polish Zloty |
| COP | — Colombian Peso | RON | — New Romanian Leu |
| CZK | — Czech Koruna | SEK | — Swedish Krona |
| DKK | — Danish Krone | SGD | — Singapore Dollar |
| EUR | — Euro | THB | — Thai Baht |
| GBP | — British Pound Sterling | USD | — United States Dollar |
| HUF | — Hungarian Forint | UYU | — Uruguyan Peso |
| IDR | — Indonesian Rupiah | ZAR | — South African Rand |
| JPY | — Japanese Yen |  |  |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| BOA | — Bank of America N.A. | MSC | — Morgan Stanley & Co. |
| BRC | — Barclays Bank PLC | SCB | — Standard Chartered Bank |
| CIT | — Citibank N.A. | SSB | — State Street Bank & Trust Co. |
| HSB | — HSBC Bank USA N.A. | UBS | — UBS AG |
| JPM | — JPMorgan Chase Bank N.A. |  |  |

---

 

*The accompanying notes are an integral part of these financial statements.*

**64** Annual Report

------

Portfolio holdings by industry (as a percentage of net assets), for the Portfolios previously presented by country:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Industry† | Lazard<br> Emerging<br> Markets Debt<br> Portfolio | Lazard<br> Global Fixed<br> Income<br> Portfolio |
| Corporate & Quasi Government Bonds |  |  |
| Automobiles | —% | 2.2% |
| Banks | 2.6 | 10.6 |
| Beverages |  | 0.6 |
| Biotechnology |  | 0.5 |
| Building Products |  | 1.2 |
| Capital Markets |  | 2.1 |
| Commercial Services & Suppliers |  | 0.6 |
| Consumer Finance |  | 1 |
| Containers & Packaging |  | 0.6 |
| Diversified Consumer Services |  | 0.7 |
| Diversified Telecommunication Services |  | 1.7 |
| Electronic Equipment, Instruments & Components |  | 0.4 |
| Equity Real Estate Investment Trusts (REITs) |  | 1.8 |
| Food & Staples Retailing |  | 2.3 |
| Hotels, Restaurants & Leisure |  | 1.7 |
| Household Products |  | 0.9 |
| Interactive Media & Services |  | 0.6 |
| Internet & Direct Marketing Retail |  | 0.6 |
| IT Services |  | 0.5 |
| Machinery |  | 1.9 |
| Oil, Gas & Consumable Fuels | 2.5 |  |
| Pharmaceuticals |  | 0.6 |
| Real Estate Management & Development | 0.8 |  |
| Software |  | 1 |
| Specialty Retail |  | 0.5 |
| Technology Hardware, Storage & Peripherals |  | 2.1 |
| Trading Companies & Distributors |  | 0.7 |
| Subtotal | 5.9 | 37.4 |
| Foreign Government Obligations | 82.5 | 45.9 |
| Supranational Bonds | 0.1 | 10.4 |
| Sovereign Bonds | 2.5 |  |
| U.S. Municipal Bonds |  | 1.9 |
| U.S. Treasury Securities | 5 | 3.3 |
| Short-Term Investments | 2 |  |
| Total Investments | 98.0% | 98.9% |

---

 

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **65**

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Emerging Markets<br> Debt Portfolio | Lazard<br> Global Fixed<br> Income Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $14331702 | $4204423 |
| Cash |  | 111 |
| Foreign currency, at fair value | 33640 | 15 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock sold |  |  |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 295765 | 46274 |
| &nbsp;&nbsp;&nbsp;Investments sold |  | 453153 |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) | 782 | 9124 |
| Deferred offering costs (Note 2(i)) |  |  |
| Gross unrealized appreciation on forward currency contracts | 113477 | 139470 |
| Total assets | 14775366 | 4852570 |
| **LIABILITIES** |  |  |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Management fees |  |  |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 33170 | 27644 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 2195 | 1653 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 68 | 9 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 27 | 24 |
| &nbsp;&nbsp;&nbsp;Offering costs (Note 2(i)) |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 3595 | 126 |
| &nbsp;&nbsp;&nbsp;Dividends | 5358 |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  |  |
| Gross unrealized depreciation on forward currency contracts | 88531 | 91815 |
| Line of credit outstanding |  | 473000 |
| Other accrued expenses and payables | 14081 | 8353 |
| Total liabilities | 147025 | 602624 |
| Net assets | $14628341 | $4249946 |
| **NET ASSETS** |  |  |
| Paid in capital | $59339937 | $5684058 |
| Distributable earnings (Accumulated loss) | (44711596) | (1434112) |
| Net assets | $14628341 | $4249946 |

---

*The accompanying notes are an integral part of these financial statements.*

**66** Annual Report

------

---

| | | |
|:---|:---|:---|
| Lazard <br> US Convertibles <br> Portfolio | Lazard <br> US Corporate <br> Income <br> Portfolio | Lazard US <br> Short Duration <br> Fixed Income <br> Portfolio |
| $4819620 | $219325982 | $58282901 |
| 5000000 | 3667756 |  |
| 10846 | 3043019 | 438813 |
| 23731 |  | 22454 |
| 121035 |  |  |
| 9975232 | 226036757 | 58744168 |
|  | 73485 |  |
| 22582 | 31195 | 27103 |
| 27 | 11537 | 4111 |
| 1 | 482 |  |
| 27 | 118 | 47 |
| 121733 |  |  |
|  | 48119 | 114473 |
|  | 22475 | 221 |
| 4810269 |  |  |
| 603 | 29880 | 7710 |
| 4955242 | 217291 | 153665 |
| $5019990 | $225819466 | $58590503 |
| $4999793 | $268325745 | $61745046 |
| 20197 | (42506279) | (3154543) |
| $5019990 | $225819466 | $58590503 |

---

Annual Report **67**

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Emerging Markets <br> Debt Portfolio |  | Lazard <br> Global Fixed <br> Income Portfolio |
| **Institutional Shares** |  |  |  |
| Net assets | $14400386 |  | $4214489 |
| Shares of capital stock outstanding\* | 1261203 |  | 614291 |
| **Net asset value, offering and redemption price per share** | $11.42 |  | $6.86 |
| **Open Shares** |  |  |  |
| Net assets | $226999 |  | $35457 |
| Shares of capital stock outstanding\* | 19678 |  | 5151 |
| **Net asset value, offering and redemption price per share** | $11.54 |  | $6.88 |
| **R6 Shares** |  |  |  |
| Net assets | $956 |  |  |
| Shares of capital stock outstanding\* | 78 | <sup>†</sup> |  |
| **Net asset value, offering and redemption price per share\*** | $12.24 |  |  |
| Cost of investments in securities | $15875968 |  | $5069866 |
| Cost of foreign currency | $35947 |  | $14 |

---

---

| | |
|:---|:---|
| *\** | *$0.001 par value, 6,900,000,000 shares authorized for the Portfolios in total.* |
| *†* | *Shares values are rounded for presentation purposes.* |

---

*The accompanying notes are an integral part of these financial statements.*

**68** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> US Convertibles<br> Portfolio | Lazard <br> US Corporate <br> Income <br> Portfolio |  | Lazard US <br> Short Duration <br> Fixed Income <br> Portfolio |
| $4919592 | $222883758 |  | $58573898 |
| 490000 | 13164575 |  | 6203400 |
| $10.04 | $16.93 |  | $9.44 |
| $100398 | $2934592 |  | $16605 |
| 10000 | 172536 |  | 1757 |
| $10.04 | $17.01 |  | $9.45 |
|  | $1116 |  |  |
|  | 66 | <sup>†</sup> |  |
|  | $16.99 |  |  |
| $4799423 | $247824337 |  | $59547779 |
| $— | $— |  | $— |

---

Annual Report **69**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;For the Year Ended December 31, 2022 | &nbsp;&nbsp;For the Year Ended December 31, 2022 | Lazard<br> Emerging Markets<br> Debt Portfolio | Lazard<br> Global Fixed<br> Income Portfolio |
| **Investment Income (Loss)** | **Investment Income (Loss)** |  |  |
| **Income** | **Income** |  |  |
| Interest | Interest | $941250 | $157457 |
| Dividends | Dividends | 16 |  |
| Total investment income\* | Total investment income\* | 941266 | 157457 |
| **Expenses** | **Expenses** |  |  |
| Management fees (Note 3) | Management fees (Note 3) | 113125 | 29970 |
| Custodian fees | Custodian fees | 84225 | 45162 |
| Professional services | Professional services | 55736 | 44908 |
| Administration fees | Administration fees | 22375 | 19225 |
| Registration fees | Registration fees | 26200 | 41146 |
| Shareholders' reports | Shareholders' reports | 10650 | 8870 |
| Shareholders' services | Shareholders' services | 10701 | 9315 |
| Directors' fees and expenses | Directors' fees and expenses | 6093 | 5447 |
| Distribution fees (Open Shares) | Distribution fees (Open Shares) | 817 | 92 |
| Shareholders' meeting | Shareholders' meeting |  |  |
| Amortization of offering costs (Note 2(i)) | Amortization of offering costs (Note 2(i)) |  |  |
| Organization expenses (Note 2(i)) | Organization expenses (Note 2(i)) |  |  |
| Other^ | Other^ | 1958 | 2100 |
| Total gross expenses | Total gross expenses | 331880 | 206235 |
| Management fees waived and expenses reimbursed | Management fees waived and expenses reimbursed | (193674) | (163999) |
| Total net expenses | Total net expenses | 138206 | 42236 |
| Net investment income (loss) | Net investment income (loss) | 803060 | 115221 |
| **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\*\* | (3907995) | (708810) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;Foreign currency transactions | (47771) | 2514 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts | (117069) | (208234) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;Futures contracts | (7925) |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | &nbsp;&nbsp;&nbsp;Swap agreements | (9156) |  |
| Total net realized gain (loss) | Total net realized gain (loss) | (4089916) | (914530) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments† | Investments† | (156302) | (547212) |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | &nbsp;&nbsp;&nbsp;Foreign currency translations | 7775 | 574 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | &nbsp;&nbsp;&nbsp;Forward currency contracts | 48865 | 11388 |
| Total net change in unrealized appreciation (depreciation) | Total net change in unrealized appreciation (depreciation) | (99662) | (535250) |
| Net realized and unrealized gain (loss) | Net realized and unrealized gain (loss) | (4189578) | (1449780) |
| Net increase (decrease) in net assets resulting from operations | Net increase (decrease) in net assets resulting from operations | $(3386518) | $(1334559) |
| \* | Net of foreign withholding taxes of | $7102 | $830 |
| \*\* | Net of foreign capital gains taxes of | $214 | $— |
| † | Includes net change in unrealized appreciation (depreciation) of foreign capital gains taxes of | $1142 | $— |
| ^ | Includes interest on line of credit of | $34 | $127 |

---

*(a)* *From the Portfolio's commencement of operations on December 30, 2022.* 

*The accompanying notes are an integral part of these financial statements.*

**70** Annual Report

------

---

| | | |
|:---|:---|:---|
| Lazard US<br> Convertibles <br> Portfolio (a) | Lazard <br> US Corporate <br> Income <br> Portfolio | Lazard US <br> Short Duration <br> Fixed Income <br> Portfolio |
| $— | $11591163 | $1148469 |
|  | 402673 |  |
|  | 11993836 | 1148469 |
| 164 | 1431084 | 171008 |
| 229 | 114563 | 37652 |
| 22582 | 60521 | 46400 |
| 141 | 53905 | 27949 |
| 44 | 50893 | 23179 |
| 27 | 38114 | 15996 |
| 167 | 22240 | 12306 |
|  | 22029 | 9449 |
| 1 | 7936 | 56 |
| 27 |  |  |
| 698 |  |  |
| 22 |  |  |
|  | 26235 | 8507 |
| 24102 | 1827520 | 352502 |
| (23895) | (385963) | (78565) |
| 207 | 1441557 | 273937 |
| (207) | 10552279 | 874532 |
|  | (5353386) | (1716118) |
|  | (5353386) | (1716118) |
| 20197 | (34694517) | (1143722) |
| 20197 | (34694517) | (1143722) |
| 20197 | (40047903) | (2859840) |
| $19990 | $(29495624) | $(1985308) |
| $— | $— | $— |
| $— | $— | $— |
| $— | $— | $— |
| $— | $— | $239 |

---

Annual Report **71**

**The Lazard Funds, Inc.** Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Emerging Markets Debt Portfolio | Lazard<br> Emerging Markets Debt Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $803060 | $822719 |
| Net realized gain (loss) | (4089916) | (218170) |
| Net change in unrealized appreciation (depreciation) | (99662) | (1907964) |
| Net increase (decrease) in net assets resulting from operations | (3386518) | (1303415) |
| **Distributions to shareholders (Note 2(h))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (370469) | (266178) |
| &nbsp;&nbsp;&nbsp;Open Shares | (7351) | (4732) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (23) | (16) |
| Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (422947) | (533368) |
| &nbsp;&nbsp;&nbsp;Open Shares | (8392) | (9482) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (26) | (33) |
| Net decrease in net assets resulting from distributions | (809208) | (813809) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 229792 | 2366868 |
| &nbsp;&nbsp;&nbsp;Open Shares | 19210 | 24820 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 740808 | 766007 |
| &nbsp;&nbsp;&nbsp;Open Shares | 13625 | 12197 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 49 | 49 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (2369045) | (3023406) |
| &nbsp;&nbsp;&nbsp;Open Shares | (106447) | (11890) |
| Net increase (decrease) in net assets from capital stock transactions | (1472008) | 134645 |
| Total increase (decrease) in net assets | (5667734) | (1982579) |
| Net assets at beginning of period | 20296075 | 22278654 |
| Net assets at end of period | $14628341 | $20296075 |

---

*(a) The Portfolio commenced operations on December 30, 2022.*

*The accompanying notes are an integral part of these financial statements.*

**72** Annual Report

------

---

| | | |
|:---|:---|:---|
| Lazard | Lazard | Lazard US |
| Global Fixed Income Portfolio | Global Fixed Income Portfolio | Convertibles Portfolio |
| Year Ended | Year Ended | Period Ended |
| December 31, | December 31, | December 31, |
| 2022 | 2021 | 2022 (a) |
| $115221 | $126182 | $(207) |
| (914530) | (14110) |  |
| (535250) | (835078) | 20197 |
| (1334559) | (723006) | 19990 |
|  | (368209) |  |
|  | (1362) |  |
| (116000) |  |  |
| (633) |  |  |
| (116633) | (369571) |  |
| 124021 | 2233371 | 4900000 |
| 10802 | 54481 | 100000 |
| 115939 | 368163 |  |
| 633 | 1362 |  |
| (3055335) | (2539178) |  |
| (450) | (66257) |  |
| (2804390) | 51942 | 5000000 |
| (4255582) | (1040635) | 5019990 |
| 8505528 | 9546163 |  |
| $4249946 | $8505528 | $5019990 |

---

Annual Report **73**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Emerging Markets Debt Portfolio | Lazard<br> Emerging Markets Debt Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 1370241 | 1364341 |
| Shares sold | 17782 | 153783 |
| Shares issued to shareholders from reinvestment of distributions | 62393 | 50324 |
| Shares redeemed | (189213) | (198207) |
| Net increase (decrease) | (109038) | 5900 |
| Shares outstanding at end of period | 1261203 | 1370241 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 26157 | 24524 |
| Shares sold | 1547 | 1610 |
| Shares issued to shareholders from reinvestment of distributions | 1138 | 793 |
| Shares redeemed | (9164) | (770) |
| Net increase (decrease) | (6479) | 1633 |
| Shares outstanding at end of period | 19678 | 26157 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 74 | 71 |
| Shares issued to shareholders from reinvestment of distributions | 4 | 3 |
| Net increase (decrease) | 4 | 3 |
| Shares outstanding at end of period | 78 | 74 |

---

*(a) The Portfolio commenced operations on December 30, 2022.*

*The accompanying notes are an integral part of these financial statements.*

**74** Annual Report

------

---

| | | |
|:---|:---|:---|
| Lazard | Lazard | Lazard US |
| Global Fixed Income Portfolio | Global Fixed Income Portfolio | Convertibles Portfolio |
| Year Ended | Year Ended | Period Ended |
| December 31, | December 31, | December 31, |
| 2022 | 2021 | 2022 (a) |
| 999178 | 989793 |  |
| 16335 | 245212 | 490000 |
| 16077 | 41364 |  |
| (417299) | (277191) |  |
| (384887) | 9385 | 490000 |
| 614291 | 999178 | 490000 |
| 3828 | 5032 |  |
| 1296 | 5704 | 10000 |
| 88 | 153 |  |
| (61) | (7061) |  |
| 1323 | (1204) | 10000 |
| 5151 | 3828 | 10000 |

---

Annual Report **75**

------

---

| | | |
|:---|:---|:---|
|  | Lazard US | Lazard US |
|  | Corporate Income Portfolio | Corporate Income Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $10552279 | $11005178 |
| Net realized gain (loss) | (5353386) | 719953 |
| Net change in unrealized appreciation (depreciation) | (34694517) | (3278734) |
| Net increase (decrease) in net assets resulting from operations | (29495624) | 8446397 |
| **Distributions to shareholders (Note 2(h))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (10508568) | (11000996) |
| &nbsp;&nbsp;&nbsp;Open Shares | (122060) | (127773) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (48) | (45) |
| Net decrease in net assets resulting from distributions | (10630676) | (11128814) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 22312710 | 29161114 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2265403 | 279336 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 10233107 | 10709114 |
| &nbsp;&nbsp;&nbsp;Open Shares | 105656 | 104457 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 48 | 45 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (69521576) | (36335702) |
| &nbsp;&nbsp;&nbsp;Open Shares | (2392556) | (662564) |
| Net increase (decrease) in net assets from capital stock transactions | (36997208) | 3255800 |
| Total increase (decrease) in net assets | (77123508) | 573383 |
| Net assets at beginning of period | 302942974 | 302369591 |
| Net assets at end of period | $225819466 | $302942974 |

---

*The accompanying notes are an integral part of these financial statements.*

**76** Annual Report

------

---

| | |
|:---|:---|
| Lazard US Short <br> Duration Fixed Income Portfolio | Lazard US Short <br> Duration Fixed Income Portfolio |
| Year Ended | Year Ended |
| December 31, | December 31, |
| 2022 | 2021 |
| $874532 | $183895 |
| (1716118) | 228109 |
| (1143722) | (745938) |
| (1985308) | (333934) |
| (876024) | (183904) |
| (180) | (29) |
| (876204) | (183933) |
| 1477636 | 6528316 |
| 3020 | 4339 |
| 834132 | 167563 |
| 179 | 27 |
| (20124194) | (14676561) |
| (8361) | (11122) |
| (17817588) | (7987438) |
| (20679100) | (8505305) |
| 79269603 | 87774908 |
| $58590503 | $79269603 |

---

Annual Report **77**

------

---

| | | |
|:---|:---|:---|
|  | Lazard US | Lazard US |
|  | Corporate Income Portfolio | Corporate Income Portfolio |
|  | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 15258202 | 15080446 |
| Shares sold | 1268115 | 1480230 |
| Shares issued to shareholders from reinvestment of distributions | 581324 | 544180 |
| Shares redeemed | (3943066) | (1846654) |
| Net increase (decrease) | (2093627) | 177756 |
| Shares outstanding at end of period | 13164575 | 15258202 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 173575 | 187617 |
| Shares sold | 127720 | 14131 |
| Shares issued to shareholders from reinvestment of distributions | 5993 | 5283 |
| Shares redeemed | (134752) | (33456) |
| Net increase (decrease) | (1039) | (14042) |
| Shares outstanding at end of period | 172536 | 173575 |
| **R6 Shares** |  |  |
| Shares outstanding at beginning of period | 63 | 61 |
| Shares issued to shareholders from reinvestment of distributions | 3 | 2 |
| Net increase (decrease) | 3 | 2 |
| Shares outstanding at end of period | 66 | 63 |

---

*The accompanying notes are an integral part of these financial statements.*

**78** Annual Report

------

---

| | |
|:---|:---|
| Lazard US Short | Lazard US Short |
| Duration Fixed Income Portfolio | Duration Fixed Income Portfolio |
| Year Ended | Year Ended |
| December 31, | December 31, |
| 2022 | 2021 |
| 8058991 | 8867736 |
| 152656 | 661464 |
| 87541 | 16960 |
| (2095788) | (1487169) |
| (1855591) | (808745) |
| 6203400 | 8058991 |
| 2279 | 2964 |
| 314 | 439 |
| 19 | 3 |
| (855) | (1127) |
| (522) | (685) |
| 1757 | 2279 |

---

Annual Report **79**

**The Lazard Funds, Inc.** Financial Highlights

------

LAZARD EMERGING MARKETS DEBT 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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.53 | $16.04 | $16.10 | $14.72 | $16.86 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.60 | 0.59 | 0.64 | 0.80 | 0.92 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.10) | (1.51) | (0.18) | 1.36 | (2.14) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.50) | (0.92) | 0.46 | 2.16 | (1.22) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.20) |  | (0.38) | (0.44) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.32) | (0.39) | (0.52) | (0.40) | (0.48) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.61) | (0.59) | (0.52) | (0.78) | (0.92) |
| Net asset value, end of period | $11.42 | $14.53 | $16.04 | $16.10 | $14.72 |
| **Total Return** (b) | –17.27% | –5.86% | 3.19% | 15.03% | –7.45% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $14400 | $19911 | $21880 | $90858 | $143015 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.85% | 0.85% | 0.92% | 0.98% | 0.93% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.01% | 1.83% | 1.57% | 1.08% | 0.93% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.97% | 3.88% | 4.24% | 5.15% | 5.78% |
| Portfolio turnover rate | 110% | 81% | 133% | 106% | 97% |

---

 

*The accompanying notes are an integral part of these financial statements.*

**80** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $14.68 | $16.21 | $16.26 | $14.86 | $17.00 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.59 | 0.57 | 0.61 | 0.78 | 0.94 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.14) | (1.54) | (0.15) | 1.38 | (2.20) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.55) | (0.97) | 0.46 | 2.16 | (1.26) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.19) |  | (0.38) | (0.40) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.31) | (0.37) | (0.51) | (0.38) | (0.48) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.59) | (0.56) | (0.51) | (0.76) | (0.88) |
| Net asset value, end of period | $11.54 | $14.68 | $16.21 | $16.26 | $14.86 |
| **Total Return** (b) | –17.42% | –6.07% | 3.11% | 14.85% | –7.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $227 | $384 | $397 | $532 | $670 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05% | 1.02% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.24% | 2.84% | 2.59% | 2.91% | 1.62% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.78% | 3.68% | 4.05% | 4.91% | 5.49% |
| Portfolio turnover rate | 110% | 81% | 133% | 106% | 97% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **81**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $15.56 | $17.19 | $17.28 | $15.76 | $17.76 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.66 | 0.67 | 0.41 | 0.86 | 0.96 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.34) | (1.63) | 0.09 | 1.50 | (2.24) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.68) | (0.96) | 0.50 | 2.36 | (1.28) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.22) |  | (0.40) | (0.22) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.34) | (0.45) | (0.59) | (0.44) | (0.50) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.64) | (0.67) | (0.59) | (0.84) | (0.72) |
| Net asset value, end of period | $12.24 | $15.56 | $17.19 | $17.28 | $15.76 |
| **Total Return** (b) | –17.27% | –5.67% | 3.30% | 15.22% | –7.24% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1 | $1 | $1 | $1 | $99952 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.80% | 0.86% | 0.93% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 286.96% | 245.32% | 265.72% | 1.09% | 0.94% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 5.08% | 4.06% | 2.60% | 5.18% | 5.97% |
| Portfolio turnover rate | 110% | 81% | 133% | 106% | 97% |

---

*\** *On November 17, 2020, the portfolio effected a 1:2 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split.*

*(a)* *Net investment income (loss) has been computed using the average shares method.* 

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*The accompanying notes are an integral part of these financial statements.*

**82** Annual Report

------

LAZARD GLOBAL 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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.48 | $9.60 | $9.08 | $8.65 | $9.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.14 | 0.12 | 0.14 | 0.19 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.62) | (0.87) | 0.72 | 0.43 | (0.38) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.48) | (0.75) | 0.86 | 0.62 | (0.18) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.26) | (0.15) | (0.06) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.11) | (0.19) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.14) |  |  | (0.13) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.37) | (0.34) | (0.19) | (0.21) |
| Net asset value, end of period | $6.86 | $8.48 | $9.60 | $9.08 | $8.65 |
| **Total Return** (b) | –17.45% | –7.95% | 9.51% | 7.25% | –2.06% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $4214 | $8473 | $9498 | $6456 | $5495 |
| 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 | 3.36% | 2.34% | 2.73% | 3.51% | 3.61% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.92% | 1.38% | 1.53% | 2.14% | 2.33% |
| Portfolio turnover rate | 32% | 59% | 65% | 65% | 60% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **83**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $8.51 | $9.60 | $9.08 | $8.65 | $9.04 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.10 | 0.12 | 0.17 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.63) | (0.87) | 0.71 | 0.43 | (0.39) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.50) | (0.77) | 0.83 | 0.60 | (0.21) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.21) | (0.12) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.11) | (0.19) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.13) |  |  | (0.11) | (0.10) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.32) | (0.31) | (0.17) | (0.18) |
| Net asset value, end of period | $6.88 | $8.51 | $9.60 | $9.08 | $8.65 |
| **Total Return** (b) | –17.73% | –8.13% | 9.23% | 6.98% | –2.31% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $35 | $33 | $48 | $59 | $33 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.95% | 0.95% | 0.95% | 0.95% | 0.98% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 15.80% | 12.84% | 10.32% | 27.52% | 38.42% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.72% | 1.12% | 1.31% | 1.88% | 2.08% |
| Portfolio turnover rate | 32% | 59% | 65% | 65% | 60% |

---

*(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.*

**84** Annual Report

------

LAZARD US CONVERTIBLES PORTFOLIO

---

| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a |  |
| &nbsp;&nbsp;share of capital stock<br> outstanding throughout<br> each period | For the period<br> 12/30/22\*<br> to 12/31/22 |
| **Institutional Shares** |  |
| Net asset value, beginning of period | $10.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (d) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.04 |
| Net asset value, end of period | $10.04 |
| **Total Return** (b) | 0.40% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $4920 |
| Ratios to average net assets (c): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 3.08% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –0.75% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |
| **Open Shares** |  |
| Net asset value, beginning of period | $10.00 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | — (d) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.04 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.04 |
| Net asset value, end of period | $10.04 |
| **Total Return** (b) | 0.40% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $100 |
| Ratios to average net assets (c): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.00% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 18.24% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | –1.00% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 0% |

---

*\** *The Portfolio commenced operations on December 30, 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.*

*(d)* *Amount is less than $0.01 per share.*

*The accompanying notes are an integral part of these financial statements.*

Annual Report **85**

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LAZARD US CORPORATE INCOME 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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.63 | $19.80 | $19.68 | $18.16 | $19.56 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.72 | 0.72 | 0.80 | 0.88 | 0.88 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.69) | (0.17) | 0.13 | 1.52 | (1.40) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.97) | 0.55 | 0.93 | 2.40 | (0.52) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (0.72) | (0.81) | (0.88) | (0.88) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (0.72) | (0.81) | (0.88) | (0.88) |
| Net asset value, end of period | $16.93 | $19.63 | $19.80 | $19.68 | $18.16 |
| **Total Return** (b) | –10.11% | 2.86% | 4.96% | 13.34% | –2.73% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $222884 | $299518 | $298636 | $297219 | $308285 |
| 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 | 0.70% | 0.66% | 0.67% | 0.67% | 0.64% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.06% | 3.64% | 4.17% | 4.47% | 4.65% |
| Portfolio turnover rate | 7% | 30% | 26% | 21% | 16% |

---

 

*The accompanying notes are an integral part of these financial statements.*

**86** Annual Report

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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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.72 | $19.90 | $19.76 | $18.28 | $19.64 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.68 | 0.67 | 0.75 | 0.80 | 0.84 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.70) | (0.17) | 0.15 | 1.48 | (1.36) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (2.02) | 0.50 | 0.90 | 2.28 | (0.52) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.69) | (0.68) | (0.76) | (0.80) | (0.84) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.69) | (0.68) | (0.76) | (0.80) | (0.84) |
| Net asset value, end of period | $17.01 | $19.72 | $19.90 | $19.76 | $18.28 |
| **Total Return** (b) | –10.32% | 2.55% | 4.80% | 12.74% | –2.78% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $2935 | $3423 | $3733 | $4170 | $4314 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.80% | 0.80% | 0.83% | 0.85% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.06% | 1.00% | 1.03% | 1.19% | 1.11% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.81% | 3.39% | 3.94% | 4.18% | 4.34% |
| Portfolio turnover rate | 7% | 30% | 26% | 21% | 16% |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **87**

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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 | 12/31/22 | 12/31/21 | 12/31/20 \* | 12/31/19 \* | 12/31/18 \* |
| **R6 Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $19.69 | $19.88 | $19.76 | $18.68 | $19.56 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.77 | 0.73 | 0.81 | 0.92 | 0.92 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.72) | (0.18) | 0.11 | 1.04 | (1.40) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.95) | 0.55 | 0.92 | 1.96 | (0.48) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.75) | (0.74) | (0.80) | (0.88) | (0.40) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.74) | (0.80) | (0.88) | (0.40) |
| Net asset value, end of period | $16.99 | $19.69 | $19.88 | $19.76 | $18.68 |
| **Total Return** (b) | –9.98% | 2.80% | 4.89% | 10.67% | –2.43 %(c) |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1 | $1 | $1 | $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 | 241.56% | 231.95% | 256.05% | 858.55% | 4.62% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.30% | 3.66% | 4.22% | 4.55% | 4.61% |
| Portfolio turnover rate | 7% | 30% | 26% | 21% | 16% |

---

*\** *On November 17, 2020, the Portfolio effected a 1:4 reverse share split. All per share data prior to November 17, 2020 has been adjusted to reflect the reverse share split.*

*(a)* *Net investment income (loss) has been computed using the average shares method.*

*(b)* *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower.*

*(c)* *The Portfolio received settlement proceeds from a foreign exchange trading class action lawsuit. The proceeds from the settlement represented a realized gain and were recorded in the period received. There was a 0.62% impact on the total return of the Portfolio's R6 Shares.*

 

*The accompanying notes are an integral part of these financial statements.*

**88** Annual Report

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LAZARD US SHORT DURATION FIXED INCOME PORTFOLIO

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended |
| &nbsp;&nbsp;each period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.83 | $9.89 | $9.77 | $9.70 | $9.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.12 | 0.02 | 0.12 | 0.21 | 0.19 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.38) | (0.06) | 0.12 | 0.07 | (0.09) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.26) | (0.04) | 0.24 | 0.28 | 0.10 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.02) | (0.12) | (0.20) | (0.17) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.02) | (0.12) | (0.21) | (0.19) |
| Net asset value, end of period | $9.44 | $9.83 | $9.89 | $9.77 | $9.70 |
| **Total Return** (b) | –2.68% | –0.39% | 2.46% | 2.93% | 1.08% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $58574 | $79247 | $87746 | $96096 | $116276 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.40% | 0.36% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 0.51% | 0.48% | 0.47% | 0.45% | 0.43% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.28% | 0.22% | 1.21% | 2.18% | 2.00% |
| Portfolio turnover rate | 135% | 100% | 97% | 175% | 170% |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **89**

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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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.84 | $9.90 | $9.78 | $9.71 | $9.79 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.01 | 0.09 | 0.19 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.38) | (0.06) | 0.12 | 0.06 | (0.08) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.28) | (0.05) | 0.21 | 0.25 | 0.08 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.01) | (0.09) | (0.17) | (0.14) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.01) | (0.09) | (0.18) | (0.16) |
| Net asset value, end of period | $9.45 | $9.84 | $9.90 | $9.78 | $9.71 |
| **Total Return** (b) | –2.89% | –0.50% | 2.20% | 2.64% | 0.88% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $17 | $22 | $29 | $16 | $37 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.62% | 0.48% | 0.65% | 0.69% | 0.70% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 28.11% | 18.10% | 14.74% | 51.53% | 38.00% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.06% | 0.12% | 0.96% | 1.91% | 1.68% |
| Portfolio turnover rate | 135% | 100% | 97% | 175% | 170% |

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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.*

**90** Annual Report

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2022

**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, 2022, the Fund was comprised of thirty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of the Lazard Emerging Markets Debt Portfolio ("Emerging Markets Debt"), the Lazard Global Fixed Income Portfolio ("Global Fixed Income"), the Lazard US Convertibles Portfolio ("US Convertibles," which commenced operations on December 30, 2022), the Lazard US Corporate Income Portfolio ("US Corporate Income"), and the Lazard US Short Duration Fixed Income Portfolio ("US Short Duration Fixed Income"). The financial statements of the other twenty-five Portfolios are presented separately.

The Portfolios, other than the Emerging Markets Debt Portfolio, are operated as "diversified" funds, as defined in the 1940 Act.

Each Portfolio currently offers Institutional Shares and Open Shares, and certain Portfolios offer R6 Shares. Each share class is identical except as to minimum investment requirements; eligibility requirements for R6 Shares; the services offered to, and expenses borne by, each class; and the availability of Service Payments (as defined in the Fund's prospectus).

**2. Significant Accounting Policies**

The accompanying financial statements are presented in conformity with GAAP. The Fund is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

*(a) Valuation of Investments*—Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers' quotations and/or a matrix system which

Annual Report **91**

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considers such factors as other security prices, yields and maturities. Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange-traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. 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.

Calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets, such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (*i.e*., a day on which the New York Stock Exchange (the "NYSE") is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio's NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value in accordance with procedures approved by the Fund's Board of Directors (the "Board"). Certain non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio's assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

**92** Annual Report

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The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds' Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

*(b) Portfolio Securities Transactions and Investment Income*—Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Interest income is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method and mortgage-backed securities using the level yield method.

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable portfolio securities.

*(c) Foreign Currency Translation and Forward Currency Contracts*—The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

Annual Report **93**

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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 interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects the impact of changes in exchange rates on the value of assets and liabilities, other than investments in securities, during the period.

During the year ended December 31, 2022, the Emerging Markets Debt and Global Fixed Income Portfolios traded in forward currency contracts.

*(d) Futures Contracts*—Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.

Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an

**94** Annual Report

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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 Statement 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 Statement 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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, 2022, the Emerging Markets Debt Portfolio traded in futures contracts, but there were no open futures contracts at year end.

*(e) Options Transactions*—Put and call options purchased are accounted for in the same manner as portfolio securities and other assets. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. When a Portfolio writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Portfolio writes a put option, cash

Annual Report **95**

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is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash collateral in the Statement 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, 2022, none of the Portfolios traded in options transactions.

*(f) Swap Agreements*—Interest rate swap agreements involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spread locks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different 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

**96** Annual Report

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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 Statement 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 Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statement of Operations.

During the year ended December 31, 2022, the Emerging Markets Debt Portfolio traded in swap agreements, but there were no open swap agreements at year end.

*(g) Federal Income Taxes*—The Fund's policy is for each Portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute all of its taxable income, including any net realized capital gains, to shareholders. Therefore, no federal income tax provision is required.

At December 31, 2022, 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 |
| Emerging Markets Debt | $20844723 | $22046235 |
| Global Fixed Income | 190930 | 340295 |
| US Corporate Income | 4578308 | 9291225 |
| US Short Duration Fixed Income | 1739599 | 135475 |

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Annual Report **97**

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Under current tax law, 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, 2022, the following Portfolios elected to defer such losses as follows:

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| | | |
|:---|:---|:---|
|  | Post-October | Late-Year |
|  | Capital Loss | Ordinary Loss |
| &nbsp;&nbsp;Portfolio | Deferral | Deferral |
| Emerging Markets Debt | $— | $8641 |

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Aggregate | Aggregate | Net |
|  | | Gross | Gross | Unrealized |
|  | Aggregate | Unrealized | Unrealized | Appreciation |
| &nbsp;&nbsp;Portfolio | Cost | Appreciation | Depreciation | (Depreciation) |
| Emerging Markets Debt | $16129902 | $150173 | $1948373 | $(1798200) |
| Global Fixed Income | 5100896 | 4271 | 900744 | (896473) |
| US Convertibles Portfolio | 4799423 | 23990 | 3793 | 20197 |
| US Corporate Income | 247974464 | 191579 | 28840061 | (28648482) |
| US Short Duration Fixed Income | 59551348 |  | 1268447 | (1268447) |

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Management has analyzed the Portfolios' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction's statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

*(h) Dividends and Distributions*—For each Portfolio, income dividends are normally declared each business day and paid monthly. During any particular year, net realized gains from

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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.

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, net operating losses, currency straddles and paydown gain/loss.

The book/tax differences relating to shareholder distributions resulted in reclassifications among certain capital accounts as follows:

---

| | | |
|:---|:---|:---|
|  | | Distributable |
|  | | Earnings |
| &nbsp;&nbsp;Portfolio | Paid in Capital | (Accumulated Loss) |
| Emerging Markets Debt | $17403 | $(17403) |
| Global Fixed Income | (269775) | 269775 |
| US Convertibles Portfolio | (207) | 207 |
| US Short Duration Fixed Income | (6665) | 6665 |

---

The tax character of dividends and distributions paid during the years ended December 31, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Long-Term | Long-Term |
|  | Ordinary Income | Ordinary Income | Capital Gain | Capital Gain |
| &nbsp;&nbsp;Portfolio | 2022 | 2021 | 2022 | 2021 |
| Emerging Markets Debt\* | $377843 | $270926 | $— | $— |
| Global Fixed Income\* |  | 235392 |  | 134179 |
| US Convertibles Portfolio |  |  |  |  |
| US Corporate Income | 10630676 | 11128814 |  |  |
| US Short Duration Fixed Income | 876204 | 163365 |  |  |

---

*\** *Emerging Markets Debt and Global Fixed Income Portfolios had return of capital distributions of $431,365 and $116,633 in 2022, and $542,883 and $0 in 2021, respectively.*

Annual Report **99**

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At December 31, 2022, 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 |
| Emerging Markets Debt | $(8641) | $(42890958) | $(1811997) |
| Global Fixed Income |  | (531225) | (902887) |
| US Convertibles Portfolio |  |  | 20197 |
| US Corporate Income | 11736 | (13869533) | (28648482) |
| US Short Duration Fixed Income |  | (1875074) | (1279469) |

---

*(i) Offering and Organizational Costs*—Costs incurred by the Fund in connection with the offering of shares of a new Portfolio or share class of a Portfolio are deferred and amortized on a straight line basis over a twelve-month period from the date of commencement of operations of the Portfolio or share class. The Investment Manager will generally pay for any offering costs incurred by a new Portfolio and be reimbursed by that Portfolio within the amortization period. Organizational costs are expensed as incurred.

 

*(j) Allocation of Expenses*—Expenses common to the Fund, Lazard Retirement Series, Inc., and Lazard Global Total Return and Income Fund, Inc. (each a "Lazard Fund" and collectively, the "Lazard Fund Complex"), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio's income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.

 

*(k) Estimates*—The preparation of financial statements in conformity with GAAP requires management to make estimates

**100** Annual Report

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and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

 

*(l) Net Asset Value*—The NAV per share for each class of each Portfolio is determined each day the NYSE is open for trading as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time). The Fund will not treat an intraday unscheduled disruption in NYSE trading as a closure of the NYSE, and will price its shares as of 4:00 p.m., if the particular disruption directly affects only the NYSE. The 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 a 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 |
| Emerging Markets Debt | 0.70% |
| Global Fixed Income | 0.50 |
| US Convertibles | 0.60 |
| US Corporate Income | 0.55 |
| US Short Duration Fixed Income | 0.25 |

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Annual Report **101**

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse a Portfolio until April 29, 2023 (or such other date as indicated below) if the aggregate direct expenses of each Portfolio, exclusive of taxes, brokerage, interest on borrowings, fees and expenses of an "Acquired Fund" (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 |
| Emerging Markets Debt (a) | 0.85% | 1.05% | 0.80% |
| Global Fixed Income | 0.70 | 0.95 | N/A |
| US Convertibles (b) | 0.75 | 1.00 | N/A |
| US Corporate Income (c) | 0.55 | 0.80 | 0.55 |
| US Short Duration Fixed Income (d) | 0.40 | 0.65 | N/A |

---

*(a)* *From April 29, 2023 until April 29, 2032, the annual rates are 1.10%, 1.35%, and 1.05%, respectively.* 

*(b)* *This agreement will continue in effect until December 30, 2024.* 

*(c)* *This agreement will continue in effect until April 29, 2032 for the R6 Shares.* 

*(d)* *This agreement will continue in effect until April 29, 2032 for Open Shares.* 

In addition, until April 29, 2023, to the extent the "Total Annual Fund Operating Expenses" (as used in Form N-1A) of the R6 Shares of a Portfolio exceed the Total Annual Fund Operating Expenses of the Portfolio's Institutional Shares (in each case, not including management fees, custodial fees or other expenses related to the management of the Portfolio's assets), the Investment Manager will bear the expenses of the R6 Shares in the amount of such excess. Further, the Investment Manager will bear the daily expenses incurred in excess of any income produced for the US Short Duration Fixed Income Portfolio.

During the year ended December 31, 2022, the Investment Manager waived its management fees and reimbursed the following Portfolios for other expenses as follows:

**102** Annual Report

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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 |
| Emerging Markets Debt | $110831 | $72865 | $2287 | $4876 |
| Global Fixed Income | 29785 | 128736 | 184 | 5294 |
| US Convertibles | 161 | 23176 | 3 | 555 |
| US Corporate Income | 375087 |  | 8128 |  |
| US Short Duration Fixed Income | 73956 |  | 42 | 4567 |

---

---

| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
| &nbsp;&nbsp;Portfolio | Management<br> Fees Waived | Expenses<br> Reimbursed |
| Emerging Markets Debt | $7 | $2808 |
| US Corporate Income | 6 | 2742 |

---

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, amongst 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**

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not

Annual Report **103**

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an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act) of the Fund) also may be paid additional compensation for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors' fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder allocated among the active portfolios on the basis of relative net assets. The Statements of Operations show the Independent Directors' fees and expenses paid by each Portfolio.

**5. Securities Transactions and Transactions with Affiliates**

Purchases and sales of portfolio securities (excluding short-term investments) for the year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Debt | $15450798 | $16495918 |
| Global Fixed Income | 1527046 | 4518552 |
| US Convertibles | 4799423 |  |
| US Corporate Income | 18430468 | 63558710 |
| US Short Duration Fixed Income | 1991139 | 3483221 |
|  | US Government and Treasury Securities | US Government and Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Emerging Markets Debt | $1086833 | $364705 |
| Global Fixed Income | 373450 | 267007 |
| US Short Duration Fixed Income | 90139372 | 106358991 |

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At December 31, 2022, the Investment Manager owned 100.00% of the outstanding shares of the Lazard US Convertibles Portfolio.

**104** Annual Report

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For the year ended December 31, 2022, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

**6. Line of Credit**

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan Agreement (the "Agreement") with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at 1.00% plus the "Applicable Rate," which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee on the unused portion of the commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the year ended December 31, 2022, the following Portfolios had borrowings under the Agreement as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Average<br> Daily Loan<br> Balance | \* | Maximum<br> Daily Loan<br> Outstanding | Weighted<br> Average<br> Interest<br> Rate | Number of<br> Days Borrowings<br> were Outstanding |
| Emerging Markets Debt | $205300 |  | $273500 | 1.18% | 5 |
| Global Fixed Income | 115596 |  | 473000 | 3.23 | 26 |
| US Short Duration Fixed Income | 2512300 |  | 2512300 | 3.43 | 1 |

---

<br> *\** *For days borrowings were outstanding.*

Management believes that the fair value of the liabilities under the Agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with the Applicable Rate. A Portfolio's outstanding balance under the Agreement, if any, would be categorized as Level 2.

**7. Investment Risks**

*Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to*

Annual Report **105**

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*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, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the 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, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

 

*(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

**106** Annual Report

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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, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The 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).

Annual Report **107**

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Adjustable rate securities provide a Portfolio with a certain degree of protection against rises in interest rates or inflation rates, respectively, although adjustable rate securities will participate in any declines in interest rates and inflation-linked securities can also decline in value based on changes in the relevant periodic adjustment rate. 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.

 

*(c) Non-US Securities Risk*—A Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio's ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

 

*(d) 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

**108** Annual Report

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be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

 

*(e) Foreign Currency Risk*—Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies. Irrespective of any foreign currency exposure hedging, a Portfolio may experience a decline in the value of its portfolio securities, in US dollar terms, due solely to fluctuations in currency exchange rates.

 

*(f) 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; forward currency contracts; structured products; over-the-counter options on currencies and 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

Annual Report **109**

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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. Purchasing options will reduce returns by the amount of premiums paid for options that are not exercised. 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.

 

*(g) Structured Products Risk*—Structured notes and other structured products are privately negotiated debt instruments where the principal and/or interest is determined by reference to a specified asset, market or rate, or the differential performance of two assets or markets. Structured products can have risks of both fixed-income securities and derivatives transactions. Derivatives transactions may increase volatility or reduce returns, perhaps substantially, particularly since most derivatives have a leverage 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

**110** Annual Report

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transactions may cause a Portfolio to experience losses greater than if a Portfolio had not engaged in such transactions.

 

*(h) 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.

 

*(i) 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 the 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.

Annual Report **111**

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&nbsp;&nbsp;&nbsp;&nbsp;• 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, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).

• Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books.

 

*(j) Non-Diversification Risk*—A Portfolio that is classified as "non-diversified" may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio's investments consisted of securities issued by a larger number of issuers.

 

*(k) Government Securities Risk*—Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by a Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

 

*(l) Cybersecurity Risk*—The Portfolios and their service providers are susceptible to operational and information security and related risks

**112** Annual Report

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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.

 

*(m) Geopolitical Risk*—As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios' investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

Annual Report **113**

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**8. Contractual Obligations**

The Fund enters into contracts in the normal course of business that contain a variety of indemnification provisions. A Portfolio's maximum exposure under these arrangements is unknown. Management has reviewed the Fund's existing contracts and expects the risk of loss to be remote.

**9. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of the Fund is based on the lowest level of any input that is significant to the overall fair value measurement. The three-level hierarchy of inputs is summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities

• Level 2 – other significant observable inputs (including unadjusted quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of assets and liabilities)

**114** Annual Report

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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, 2022:

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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, 2022 |
| **Emerging Markets Debt Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Corporate Bonds\* | $— | $832533 | $— | $832533 |
| Foreign Government Obligations\* |  | 12063933 |  | 12063933 |
| Quasi Government Bonds\* |  | 34851 |  | 34851 |
| Sovereign Bonds |  | 372644 |  | 372644 |
| Supranational Bonds |  | 13037 |  | 13037 |
| U.S. Treasury Securities |  | 723947 |  | 723947 |
| Short-Term Investments | 290757 |  |  | 290757 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 113477 |  | 113477 |
| Total | $290757 | $14154422 | $— | $14445179 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(88531) | $— | $(88531) |

---

Annual Report **115**

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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, 2022 |
| **Global Fixed Income Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Corporate Bonds\* | $— | $1511995 | $— | $1511995 |
| Foreign Government Obligations\* |  | 1950095 |  | 1950095 |
| Quasi Government Bonds\* |  | 76860 |  | 76860 |
| Supranational Bonds |  | 443695 |  | 443695 |
| U.S. Municipal Bonds |  | 80805 |  | 80805 |
| U.S. Treasury Securities |  | 140973 |  | 140973 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 139470 |  | 139470 |
| Total | $— | $4343893 | $— | $4343893 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(91815) | $— | $(91815) |
| **US Convertibles Portfolio** |  |  |  |  |
| Convertible Corporate Bonds\* | $— | $3952909 | $— | $3952909 |
| Preferred Stocks\* | 866711 |  |  | 866711 |
| Total | $866711 | $3952909 | $— | $4819620 |
| **US Corporate Income Portfolio** |  |  |  |  |
| Corporate Bonds\* | $— | $204665661 | $— | $204665661 |
| Short-Term Investments | 14660321 |  |  | 14660321 |
| Total | $14660321 | $204665661 | $— | $219325982 |
| **US Short Duration Fixed Income Portfolio** |  |  |  |  |
| Corporate Bonds\* | $— | $7720066 | $— | $7720066 |
| U.S. Treasury Securities |  | 50427850 |  | 50427850 |
| Short-Term Investments | 134985 |  |  | 134985 |
| Total | $134985 | $58147916 | $— | $58282901 |

---

---

| | |
|:---|:---|
| *\** | *Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

---

**116** Annual Report

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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 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, in accordance with procedures approved by the Board, 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, futures contracts, or swap agreements.

Forward currency contracts may be used for hedging purposes or to seek to increase returns.

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.

Annual Report **117**

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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, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Derivative Instruments | Emerging<br> Markets<br> Debt<br> Portfolio |  | Global<br> Fixed<br> Income<br> Portfolio |
| Centrally Cleared Credit Default Swaps: |  |  |  |
| &nbsp;&nbsp;&nbsp;Average notional amount of buy contracts | $500000 | \* |  |
| &nbsp;&nbsp;&nbsp;Average notional amount of sell contracts | $400000 | # |  |
| Forward currency contracts: |  |  |  |
| &nbsp;&nbsp;&nbsp;Average amounts purchased | $4100000 |  | $3100000 |
| &nbsp;&nbsp;&nbsp;Average amounts sold | $2800000 |  | $2800000 |
| Futures: |  |  |  |
| &nbsp;&nbsp;&nbsp;Average notional value of contracts — long | $300000 | † |  |

---

---

| | |
|:---|:---|
| *\** | *Represents average monthly notional exposure for the one month the derivative instrument was open during the period.* |
| *#* | *Represents average monthly notional exposure for the two months the derivative instrument was open during the period.* |
| *†* | *Positions were open for less than one month during the period.* |

---

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2022:

Emerging Markets Debt Portfolio

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $113477 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $88531 |

---

**118** Annual Report

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Global Fixed Income Portfolio

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $139470 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $91815 |

---

The effect of derivative instruments on the Statements of Operations for the year ended December 31, 2022 was:

Emerging Markets Debt Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized<br> Gain (Loss) from: | Credit<br> Contracts | Foreign<br> Currency<br> Contracts | Interest Rate<br> Contracts | Total |
| Forward currency contracts | $— | $(117069) | $— | $(117069) |
| Futures contracts |  |  | (7925) | (7925) |
| Swaps agreements | (9156) |  |  | (9156) |
| Total | $(9156) | $(117069) | $(7925) | $(134150) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  | Total |
| Forward currency contracts |  |  |  | $48865 |

---

Global Fixed Income Portfolio

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(208234) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $11388 |

---

As of December 31, 2022, the Emerging Markets Debt and Global Fixed Income 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.

Annual Report **119**

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The required information for the affected Portfolios is presented in the below table, as of December 31, 2022:

Emerging Markets Debt Portfolio

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $113477 | $— | $113477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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. | $16964 | $(11451) | $— | $5513 |
| Barclays Bank PLC | 16555 | (16555) |  |  |
| Citibank N.A. | 48568 | (6131) |  | 42437 |
| HSBC Bank USA N.A. | 7238 |  |  | 7238 |
| JPMorgan Chase Bank N.A. | 938 | (522) |  | 416 |
| Standard Chartered Bank | 6426 | (6426) |  |  |
| State Street Bank & Trust Co. | 1591 | (1234) |  | 357 |
| UBS AG | 15197 | (1667) |  | 13530 |
| Total | $113477 | $(43986) | $— | $69491 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $88531 | $— | $88531 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 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. | $11451 | $(11451) | $— | $— |
| Barclays Bank PLC | 21461 | (16555) |  | 4906 |
| Citibank N.A. | 6131 | (6131) |  |  |
| JPMorgan Chase Bank N.A. | 522 | (522) |  |  |
| Standard Chartered Bank | 46065 | (6426) |  | 39639 |
| State Street Bank & Trust Co. | 1234 | (1234) |  |  |
| UBS AG | 1667 | (1667) |  |  |
| Total | $88531 | $(43986) | $— | $44545 |

---

**120** Annual Report

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Global Fixed Income Portfolio

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $139470 | $— | $139470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Citibank N.A. | $15100 | $(15100) | $— | $— |
| HSBC Bank USA N.A. | 102164 | (30517) |  | 71647 |
| JPMorgan Chase Bank N.A. | 21643 | (21643) |  |  |
| Morgan Stanley & Co. | 563 | (563) |  |  |
| Total | $139470 | $(67823) | $— | $71647 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $91815 | $— | $91815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Citibank N.A. | $16055 | $(15100) | $— | $955 |
| HSBC Bank USA N.A. | 30517 | (30517) |  |  |
| JPMorgan Chase Bank N.A. | 42403 | (21643) |  | 20760 |
| Morgan Stanley & Co. | 2840 | (563) |  | 2277 |
| Total | $91815 | $(67823) | $— | $23992 |

---

**11. Accounting Pronouncements**

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU No. 2020-04"). ASU No. 2020-04 provides elective temporary financial reporting relief from the

Annual Report **121**

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effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020 and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, "Deferral of the Subset Date of Topic 848" ("ASU 2022-06") to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

**12. Subsequent Events**

On February 23, 2023, the Board approved a liquidation of the Lazard Emerging Markets Debt Portfolio. The liquidation does not require the approval of the shareholders of the Portfolio, and is anticipated to take place on or about April 28, 2023.

**122** Annual Report

**The Lazard Funds, Inc.**

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of Lazard Emerging Markets Debt Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Convertibles Portfolio, Lazard US Corporate Income Portfolio and Lazard US Short Duration Fixed Income Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Emerging Markets Debt Portfolio, Lazard Global Fixed Income Portfolio, Lazard US Convertibles Portfolio, Lazard US Corporate Income Portfolio, and Lazard US Short Duration Fixed Income Portfolio, (collectively the "Portfolios"), five of the portfolios constituting The Lazard Funds, Inc. (the "Fund"), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in 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 for the Portfolios, except for Lazard US Convertibles Portfolio; the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from December 30, 2022 (commencement of operations) through December 31, 2022, for Lazard US Convertibles Portfolio; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolios, except Lazard US Convertibles Portfolio, as of December 31, 2022, 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. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Lazard US Convertibles Portfolio as of December 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the period from December 30, 2022 (commencement of operations) through December 31, 2022, 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

Annual Report **123**

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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, 2022, 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<br> New York, New York<br> February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

**124** Annual Report

**The Lazard Funds, Inc.**

Board of Directors and Officers Information (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br> Address<sup>(1)</sup> | Position(s) with the <br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public<br> Company Directorships Held During the<br> Past Five Years<sup>(2)</sup> |
| **Independent Directors:** |  |  |
| Franci J. Blassberg (1953) | Director<br> (August 2014) | Debevoise & Plimpton LLP, a law firm, *Of Counsel* (2013 – present)<br>Cornell Law School, *Adjunct Professor* (2013 – present)<br>The Buchmann Faculty of Law, Tel Aviv University, *Visiting Professor* (2019)<br>|
| Kenneth S. Davidson (1945) | Director<br> (August 1995) | Davidson Capital Management Corporation, an investment manager, *President* (1978 – present) |
| Nancy A. Eckl (1962) | Director<br> (April 2007) | &nbsp;&nbsp;&nbsp; College Retirement Equities Fund (eight accounts), *Trustee* (2007 – present)<br>TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), *Trustee* (2007 – present)<br>TIAA Separate Account VA-1, *Member of the Management Committee* (2007 – present)<br>|
| Trevor W. Morrison (1971) | Director<br> (April 2014) | New York University School of Law, *Eric M. and Laurie B. Roth Professor of Law* (2013 – present, previously Dean from 2013 – 2022) |
| Richard Reiss, Jr. (1944) | Director<br> (May 1991) | Georgica Advisors LLC, an investment manager, *Chairman* (1997 – present)<br>Osprey Technology Acquisition Corp, a special purpose acquisition company, *Director* (2019 – present)<br>Resource America, Inc., a real estate asset management company, *Director* (2016 – 2018) |

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Annual Report **125**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br> Address<sup>(1)</sup> | Position(s) with the <br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public<br> Company Directorships Held During the<br> Past Five Years<sup>(2)</sup> |
| Robert M. Solmson (1947) | Director <br> (September 2004) | Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, *Co-Managing Partner* and *Managing Director* (2008 – present) |
| **Interested Directors<sup>(3)</sup>:** |  |  |
| Nathan A. Paul (1973) | Director <br> (October 2017), <br> Chief Executive Officer and President <br> (February 2017) | Investment Manager, *Chief Business Officer* (April 2017 – present) and *Managing Director* (2003 – present) |
| Evan L. Russo (1974) | Director <br> (July 2022) | Investment Manager, *Chief Executive Officer* (June 2022 – present)<br>Lazard Ltd, *Chief Financial Officer* (October 2017 – October 2022) and *Managing Director* (2009 – present)<br>|

---

*<sup>(1)</sup>* *The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.*

*<sup>(3)</sup>* *Messrs. Paul and Russo are "interested persons" (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager ("Interested Directors").*

The Fund's Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.

**126** Annual Report

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth) <br> Address<sup>(1)</sup> | Position(s) with the<br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) During the<br> Past Five Years |
| **Officers<sup>(3)</sup>:** |  |  |
| Mark R. Anderson (1970) | Vice President and Secretary<br> (February 2017) | Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014-April 2022) |
| Nargis Hilal (1984) | Chief Compliance Officer <br> (July 2020) | Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christopher Snively (1984) | Chief Financial Officer<br> (March 2016) | Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christina Kennedy (1990) | Treasurer<br> (April 2022) | Vice President of the Investment Manager (since July 2019) <br>Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019)<br>|
| Shari L. Soloway (1981) | Assistant Secretary<br> (November 2015) | Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President) |
| Jessica A. Falzone (1989) | Assistant Secretary<br> (January 2019) | Vice President and Counsel of the Investment Manager (since March 2018)<br>Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018) |
| Cesar A. Trelles (1975) | Assistant Treasurer<br> (December 2004) | Vice President of the Investment Manager |

---

*<sup>(1)</sup>* *The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.*

*<sup>(3)</sup>* *In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017, previously Vice President and Secretary), whose information is included in the Interested Directors section above.*

Annual Report **127**

**The Lazard Funds, Inc.** Tax and Other Information (unaudited)

**Tax Information**

**Year Ended December 31, 2022**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

Of the dividends paid by the Portfolios, none are qualified dividend income.

Of the dividends paid by the Portfolios, no dividends qualify for the dividends received deduction available to corporate shareholders.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | &nbsp;&nbsp;Foreign<br> Source Income | Foreign Tax<br> Paid/Credit |
| Emerging Markets Debt | $930679 | $7316 |
| Global Fixed Income | 159700 | 830 |
| US Convertibles Portfolio |  |  |
| US Corporate Income |  |  |
| US Short Duration Fixed Income |  |  |

---

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.

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 |
| Emerging Markets Debt | $|
| Global Fixed Income |  |
| US Convertibles Portfolio |  |
| US Corporate Income |  |
| US Short Duration Fixed Income |  |

---

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 US nonresident shareholders.

**128** Annual Report

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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 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.

**Board Consideration of Management Agreement for US Convertibles**

*Lazard US Convertibles Portfolio*

At a meeting of the Board held on September 22, 2022, the Board considered the approval of the Management Agreement between The Lazard Funds, Inc. ("<u>LFI</u>"), on behalf of the Lazard US Convertibles Portfolio (the "<u>US Convertibles Portfolio</u>"), 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 Convertibles Portfolio. Certain information was provided by reference to information presented by the Investment Manager in connection with the Board's consideration of renewal of the

Annual Report **129**

------

Management Agreement between LFI, on behalf of its existing Portfolios, and the Investment Manager at the Board meeting held on June 28, 2022.

<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 US Convertibles Portfolio, including a discussion of the Investment Manager and its clients (of which the existing Lazard Funds complex of 35 active funds comprised approximately $21 billion of the approximately $217 billion of total assets under the management of the Investment Manager and its global affiliates as of June 30, 2022). The Board also received a presentation at the Board meeting on the Investment Manager's US Convertibles investment strategy to be employed for the US Convertibles 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 US Convertibles 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 Portfolios; trends in recent years in the number of personnel involved in providing services to the Portfolios and the adequacy of the Investment Manager's staffing to provide services pursuant to the Management Agreement; the distribution channels and the

**130** Annual Report

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relationships with various intermediaries; marketing and shareholder servicing activities on behalf of LFI's Portfolios, which would include the US Convertibles Portfolio; and the Investment Manager's financial condition. The Board accepted the assertion of representatives of the Investment Manager that the US Convertibles 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 $21 billion fund complex not managed by a large, global firm such as the Investment Manager.

<u>Comparative Fee, Expense Ratio and Performance Information</u>

*Strategic Insight Advisory Fee and Expense Ratio Comparisons.* The Board reviewed information prepared by Strategic Insight, an independent provider of investment company data, including, among other information, the US Convertibles 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 US Convertibles 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 Strategic Insight as comparable, for expense comparison purposes, to the US Convertibles Portfolio in terms of relevant criteria as appropriate, with certain exclusions as specified by Strategic Insight (the "<u>LFI US Convertibles Expense Peer Group</u>"<sup>1</sup>). The results of the Strategic Insight comparisons showed that the advisory fee and net expense ratio of the US Convertibles Portfolio were generally competitive within the LFI US Convertibles 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 US Convertibles Portfolio. Consequently, there was no advisory fee or performance information of such funds or accounts for the Board to consider.

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| | |
|:---|:---|
| *1* | The Strategic Insight 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 Strategic Insight in constructing the Peer Groups, including how the methodology could affect the results of the comparisons. |

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Annual Report **131**

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<u>Investment Manager Profitability and Economies of Scale</u>

Representatives of the Investment Manager noted that because the US Convertibles Portfolio is newly formed, has not commenced operations and the eventual aggregate amount of the US Convertibles Portfolio's assets was uncertain, specific information concerning the cost of services to be provided to the US Convertibles Portfolio and the estimated profitability percentage of the Management Agreement with LFI, on behalf of the US Convertibles Portfolio, to the Investment Manager and its affiliates from their relationships with the US Convertibles 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 US Convertibles Portfolio initially, noting the Investment Manager's agreement to waive its fees and/or reimburse expenses of the US Convertibles Portfolio for at least two years following the US Convertibles 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 US Convertibles Portfolio. Representatives of the Investment Manager reviewed with the Board information provided on the Investment Manager's brokerage and soft dollar 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 US Convertibles Portfolio other than the benefit of soft dollar commissions in connection with managing the US Convertibles 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 US Convertibles 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 US Convertibles Portfolio's Open Shares.

**132** Annual Report

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<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 US Convertibles Portfolio. Based on its discussions and considerations as described above, with the assistance of independent legal counsel and in the exercise of its business judgment, the Board made the following conclusions and determinations.

&nbsp;&nbsp;&nbsp;&nbsp;● The Board concluded that the nature, extent and quality of
 the services to be provided by the Investment Manager are adequate and appropriate, noting the benefits of the significant
 services and infrastructure associated with an approximately $217 billion global asset management business.

● The Board concluded that the fee to be paid to the Investment Manager
 was appropriate under the circumstances and in light of the factors and the totality of the services to be provided as discussed
 above.

● The Board recognized that economies of scale may be realized, particularly
 as the assets of the US Convertibles Portfolio increase, and determined that it would continue to consider potential material
 economies of scale.

In evaluating the Management Agreement with LFI, on behalf of the US Convertibles 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. The Board considered these conclusions and determinations in their totality and determined to approve the Management Agreement with LFI, on behalf of the US Convertibles Portfolio. In deciding whether to vote to approve the Management Agreement with LFI, on behalf of the US Convertibles 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.

Annual Report **133**

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**The Lazard Funds, Inc.**

30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300<br> www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company<br> One Iron Street<br> Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions<br> 2000 Crown Colony Drive<br> Quincy, Massachusetts 02169-0953<br> Telephone: 617-483-7000

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP<br> 30 Rockefeller Plaza<br> New York, New York 10112-0015

**Legal Counsel**

Dechert LLP<br> 1095 Avenue of the Americas <br> New York, New York 10036-6797

![](x6_c105119x136x1.jpg)

![](x6_c105119x136x2.jpg)

---

| | |
|:---|:---|
| Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www.lazardassetmanagement.com<br>**Performance information as of the most recent month end is available online at www.lazardassetmanagement.com.** <br> LZDPS026 | ![](x6_c105119x136x3.jpg) |

---

![](x6_c105120x1x1.jpg)

**Lazard Funds**

**Annual Report**

December 31, 2022

**Multi-Asset Funds**

Lazard Enhanced Opportunities Portfolio<br> Lazard Global Dynamic Multi-Asset Portfolio<br> Lazard Opportunistic Strategies Portfolio<br> Lazard Real Assets Portfolio

**The Lazard Funds, Inc.** **Table of Contents**

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---

| | |
|:---|:---|
| 2 | [**A Message from Lazard (unaudited)**](#x6_c105120a001) |
| 4 | [**Investment Overviews (unaudited)**](#x6_c105120a002) |
| 11 | [**Performance Overviews (unaudited)**](#x6_c105120a003) |
| 16 | [**Information About Your Portfolio's Expenses (unaudited)**](#x6_c105120a004) |
| 18 | [**Portfolio Holdings Presented by Asset Class/Sector**](#x6_c105120a005) |
| 20 | [**Portfolios of Investments**](#x6_c105120a006) |
| 20 | [Lazard Enhanced Opportunities Portfolio](#x6_c105120a007) |
| 41 | [Lazard Global Dynamic Multi-Asset Portfolio](#x6_c105120a008) |
| 65 | [Lazard Opportunistic Strategies Portfolio](#x6_c105120a009) |
| 70 | [Lazard Real Assets Portfolio](#x6_c105120a010) |
| 78 | [**Notes to Portfolios of Investments**](#x6_c105120a011) |
| 84 | [**Statements of Assets and Liabilities**](#x6_c105120a012) |
| 88 | [**Statements of Operations**](#x6_c105120a013) |
| 90 | [**Statements of Changes in Net Assets**](#x6_c105120a014) |
| 96 | [**Financial Highlights**](#x6_c105120a015) |
| 107 | [**Notes to Financial Statements**](#x6_c105120a016) |
| 149 | [**Report of Independent Registered Public Accounting Firm**](#x6_c105120a017) |
| 151 | [**Board of Directors and Officers Information (unaudited)**](#x6_c105120a018) |
| 154 | [**Tax and Other Information (unaudited)**](#x6_c105120a019) |

---

 ****

***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 www.lazardassetmanagement.com. 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.***

***Distributed by Lazard Asset Management Securities LLC.***

Annual Report **1**

**The Lazard Funds, Inc.** A Message from Lazard (unaudited)

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Dear Shareholder:

The year 2022 saw some momentous events, including a lingering pandemic in its third year, the largest land war in Europe since World War II, and the rise of the most powerful Chinese leader in generations, whose ideology-driven policies pivoted China away from market reforms. From the perspective of global financial markets, however, 2022 can be summed up in less than 10 words: surging inflation and central bank actions to contain it.

Long-simmering concerns about inflation stemming from the renormalization of the global economy came to a boil in 2022. A European energy crisis triggered by Russia's invasion of Ukraine and supply chain disruptions, made worse by COVID-driven lockdowns of major manufacturing hubs in China, turbocharged already-accelerating price growth. With global inflation reaching levels not seen in decades, central banks were forced to abandon their ultra-low interest rate policies and pivot to monetary tightening policies. At the forefront of these efforts was the US Federal Reserve (the "Fed"), the world's most influential central bank, which pursued an aggressive rate-hiking campaign starting in March 2022 that would ultimately result in seven increases to its short-term interest rate during the year. The Fed's actions rippled across global financial markets, stoking anxiety that these actions might tip the US economy into a recession while leading to a significant appreciation of the US dollar, which caused economic turmoil in the rest of the world.

At least 40 central banks from around the world raised rates in 2022, including the European Central Bank (the "ECB"), which lifted its benchmark rate four times, and the Bank of England (the "BoE"), which did so eight times. The Bank of Japan (the "BoJ") was one of the few major central banks to swim against this global tide by maintaining an ultra-loose monetary policy; yet, by doing so, the Japanese yen depreciated significantly against the US dollar, which contributed to a weakening of Japan's economy. With inflation in Japan rising, however, the BoJ took a small step away from this easy-money policy stance by letting a benchmark interest rate rise in the closing days of the year.

**2** Annual Report

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The global rate-hiking cycle began to yield results late in the year as key data indicators suggested that global inflation may have peaked. While prominent central banks such the Fed, the ECB, and the BoE tempered their rate increases in December, they also made clear that their fight against high inflation was not over yet, with more interest rate increases likely to occur in 2023.

Against this backdrop, global equity and bond markets tumbled in 2022, losing more than US$30 trillion in total value. The challenging market conditions in 2022 are a reminder of the importance of active portfolio management. Turbulent markets are likely to differentiate winners from losers. We remain confident that fundamental analysis and bottom-up security selection will be crucial drivers of performance going forward. We are privileged that you have turned to Lazard for your investment needs and value your continued confidence in our investment management capabilities.

Sincerely,

Lazard Asset Management LLC

Annual Report **3**

**Investment Overviews** (unaudited)

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**MARKET OVERVIEW**

**Lazard Funds Annual Report**

**Global Markets**

A multi-year rally in global equity markets that was fueled by a low-interest rate environment ended in 2022, sending stock prices plummeting amid concerns about soaring inflation and the response of central banks to contain it.

Financial markets found themselves mired in uncertainty throughout the year. The renormalization of the global economy as pandemic-driven restrictions loosened was uneven, and supply chain bottlenecks and a European energy crisis triggered by Russia's invasion of Ukraine combined to produce the worst inflation in decades. As a result, central banks abandoned their ultra-low interest rate policies and pivoted to monetary tightening policies. Markets were intently focused on the US Federal Reserve (the "Fed"), the world's most influential central bank, as it pursued an aggressive rate-hiking campaign starting in March that would ultimately result in seven increases to its short-term interest rate during 2022, ending at its highest level in 15 years. Markets were volatile throughout most of 2022 as investors attempted to predict the path of the Fed's interest rate policy, with stocks coming under increasing pressure when it became clear that the Fed, through its pronouncements and its actions, was determined to rein in soaring price growth even if it meant tipping the US economy into a recession. The steady drumbeat of rate hikes from the Fed led to a sell-off in the US government bond market in 2022, driving up the yield on the benchmark 10-year US Treasury note by 237 basis points, the largest yearly climb since at least 1953. The 10-year Treasury bond yield ended the year at 3.88%, which put significant pressure on stocks by undercutting their appeal.

The Fed's actions were part of a larger wave of monetary tightening prescribed by at least 40 central banks around the world during the year. In Europe, where the protracted Russia-Ukraine conflict led to soaring energy prices that resulted in rampant inflation, the European Central Bank (ECB) raised its benchmark rate four times while the Bank of England (BoE) did so eight times.

**4** Annual Report

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Encouraging data during the last three months of 2022 suggesting that worldwide inflation may finally have peaked sparked a two-month rally in global stock markets starting in October on hopes that central banks would soon tap the brakes on their rate-hiking campaigns. These hopes were dashed in December when the Fed affirmed its hawkish stance, despite downshifting to a 50-basis point rate hike after four consecutive 75-basis point hikes in earlier months. The Fed's warning was quickly echoed by the ECB and the BoE after they implemented their own 50-basis point rate increases. The warning from these major central banks that they were committed to crushing stubbornly high inflation at a time when economies were already slowing or in recession unnerved investors and drove global stock markets downward in December. Notably, even the Bank of Japan, one of the last remaining holdouts among major central banks, moved to let a benchmark interest rate rise, a small but significant move suggesting that Japan's central bank might be moving away from its dovish stance amid increasing domestic price pressure.

Against this backdrop, global equity markets, as measured by the MSCI All Country World Index, recorded their worst annual performance since 2008. The index lost about one-fifth of its value in 2022, the equivalent of US$18 trillion. The MSCI World Index, which measures developed markets, receded 18.1% while the MSCI Emerging Markets Index fell 20.1%. Notably, the S&P 500 Index—the bellwether of the US stock market—ended the year down 18.1%, also its worst yearly performance since 2008, having lost about US$8.2 trillion in value.

In terms of the MSCI All Country World Index, energy was the best-performing sector in the 12-month period, as shares of energies companies surged on bullish sentiment about the demand outlook for oil. Communication services was the worst-performing sector, as rising interest rates led investors to sell off technology stocks with high valuations and low dividend payments.

**Multi-Asset**

Global equity markets fell sharply during 2022 as high inflation and softening company profits curbed investor appetite for stocks and riskier asset classes, leading the MSCI World Index to record its

Annual Report **5**

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worst annual performance since 2008. Amid soaring inflation and the resulting global monetary tightening cycle, bond markets suffered their worst annual performance on record, sending yields surging. The Fed embarked on an aggressive rate-hiking campaign, taking the policy rate from 0.25% to 4.50% over the year, and markets responded as the yield on the benchmark US 10-year Treasury note ended the year at 3.88%, having traded throughout the year in a range of 1.73% to 4.24%. Across the Atlantic, the ECB pivoted to a hawkish stance and ended an eight-year experiment with zero interest (and negative deposit) rates, moving its main policy rate from 0.00% to 2.50%; the yield on the 10-year German bund, Europe's principal safe-haven asset, ended the year at 2.57%, with a range of –0.18% to 2.57%. Commodities was the major asset class to buck the negative trend, finishing the period up 15.79% on higher energy and grain prices, largely driven by the ongoing conflict in Ukraine.

**PORTFOLIO PERFORMANCE**

**Lazard Enhanced Opportunities Portfolio**

For the year ended December 31, 2022, the Lazard Enhanced Opportunities Portfolio's Institutional Shares posted a total return of –7.39%, while Open Shares posted a total return of –7.45%, as compared with the –19.58% return for the ICE BofAML US Convertible ex Mandatory<sup>®</sup> Index and the –4.41% return for the HFRX Global Hedge Fund<sup>®</sup> Index.

The Portfolio delivered meaningful downside risk mitigation in 2022, outperforming major market equity and fixed income indices on both an absolute and risk-adjusted basis. Positive returns during the year were driven by volatility yield and special situations. To be more specific, the notable pickup in equity volatility observed in 2022 (which at points in time led to a doubling of the Chicago Board Options Exchange's CBOE Volatility Index), caused realized volatility across underlying stocks in the convertible securities marketplace to increase by approximately +50% to +75% on average. Elevated equity volatility allowed the Portfolio management team to execute trades (adjusting position-level hedges) after more significant moves in underlying equity securities than in a less volatile

**6** Annual Report

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markets. This shift led to a more than a doubling of volatility yield across the Portfolio, as compared to the start of the year. Special situations attribution, while muted for much of the year, accelerated into year-end, with issuers largely focused on repurchasing debt and/or extending maturities (i.e., buybacks and exchange offers). Carry, which can be described as the weighted average yield of the Portfolio net of the financing costs associated with borrowed funds used for leverage, and Portfolio-level hedges, also contributed positively to returns. Portfolio performance in 2022 was primarily impacted by basis cheapening, associated with long-only selling, in response to the dramatic resetting of the short-end of the Treasury curve, which is a line chart depicting the yields of short-term Treasury bills compared to the yields of long-term Treasury notes and bonds, the significant repricing of equities across the convertible securities marketplace, and the widening of corporate credit spreads.

Along with Portfolio-level hedges, the Peabody Energy Corp ("BTU") 3.25% bonds were a top positive contributor. The BTU convertible bonds were issued in February 2022 with particularly attractive terms. The bonds improved as the stock price of this coal company more than doubled during the year. Performance detractors included the Liberty Interactive 3.75% and 4% convertible securities, two high-premium convertibles, that were negatively by the poor performance within the retail sector.

Derivatives, including Portfolio-level hedges, like options on index exchange-traded funds (ETF), forward foreign currency contracts, and both purchased and written options were a positive contributor to Portfolio returns.

**Lazard Global Dynamic Multi-Asset Portfolio**

For the year ended December 31, 2022, the Lazard Global Dynamic Multi-Asset Portfolio's Institutional Shares posted a total return of –17.05%, while Open Shares posted a total return of –17.20%, as compared with the –18.14% return for the MSCI World Index and –16.97% return of its blended benchmark, which is a 50/50 blend of the MSCI World Index and Bloomberg Global Aggregate<sup>®</sup> Index (the "GDMA Index").

Annual Report **7**

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Within the equity sleeve, stock selection in the information technology, consumer discretionary, and communication services sectors contributed to relative performance, as did stock selection in the US, Japan, and Canada. Within the fixed income sleeve, underweight exposure to bonds in the eurozone, Japan, and South Korea also boosted relative performance.

Detracting from relative performance was overweight exposure to fixed income versus equity relative to the benchmark, as equities outperformed fixed income in the Portfolio during the year. Overweight exposure to Australia, Canada, Norway, and New Zealand within fixed income also undercut relative performance.

Derivatives were used during the year for foreign exchange hedging purposes only, and they marginally detracted during the year.

**Lazard Opportunistic Strategies Portfolio**

For the year ended December 31, 2022, the Lazard Opportunistic Strategies Portfolio's Institutional Shares posted a total return of –14.93%, while Open Shares posted a total return of –15.06%, as compared with the –18.14% return for the MSCI World Index and –15.90% return for the Global Asset Allocation Blended Index, a 60%/40% split of the MSCI World Index and the Bloomberg US Aggregate Bond Index.

The Portfolio's investments are generally grouped by the Portfolio management team into the following three categories: trending, diversifying and contrarian. The Portfolio management team makes allocation changes based on a forward-looking assessment of capital markets using a risk/reward analysis.

Trending investments, which are investments currently perceived favorably by the market, represented approximately 39% of the Portfolio at year-end. They outperformed both the Global Asset Allocation Blended Index and the MSCI World Index. Positions in infrastructure, healthcare, the minimum volatility factor through the iShares MSCI USA Minimum Volatility Factor ETF, and US oil boosted relative performance. Conversely, exposure to cybersecurity through the First Trust NASDAQ Cybersecurity ETF and the quality factor

**8** Annual Report

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through the iShares MSCI USA Quality Factor ETF detracted from performance.

Diversifying investments, which provide hedges to market risks, represented 36% of the Portfolio at year-end. They outperformed US fixed income, as represented by the Bloomberg US Aggregate Index and outperformed the Global Asset Allocation Blended Index. Exposure to short-term US treasury bonds were helpful, while positioning in long-term US treasury bonds detracted.

Contrarian investments, which are out-of-favor investments that have rebound potential, represented 25% of the Portfolio at year-end. They underperformed the Global Asset Allocation Blended Index as well as the MSCI World Index. Exposure to Pacific ex-Japan stocks was helpful within the segment. Meanwhile, the technology sector detracted the most, followed by US growth stocks.

Investments within the infrastructure, health care, and the minimum volatility factor contributed strongly to performance. The top three performance contributors were the SPDR S&P Global Infrastructure ETF, the Health Care Select Sector SPDR Fund, and the iShares MSCI USA Min Vol Factor ETF.

Investments in cybersecurity and long-term US treasuries detracted from performance. The top two performance detractors were the First Trust NASDAQ Cybersecurity ETF and the iShares 20+Year Treasury Bond ETF.

**Lazard Real Assets Portfolio**

For the year ended December 31, 2022, the Lazard Real Assets Portfolio's Institutional Shares posted a total return of –8.45%, while Open Shares posted a total return of –8.68%, as compared with the –5.00% return for the Real Assets Index, an equal weighted blend of the MSCI World Core Infrastructure USD Hedged Index, MSCI ACW IMI Core Real Estate and Bloomberg Commodity Total Return Indices, and the –18.14% return for the MSCI World Index.

Annual Report **9**

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The Portfolio's holdings are classified according to three segments—infrastructure, real estate, and commodities.

Infrastructure stocks detracted from performance in 2022. The top detractors were specialized real estate investment trusts ("REITs") SBA Communications and Crown Castle, both based in the US. Although the infrastructure segment detracted from overall returns, the solid stock price appreciation of Canada-based energy infrastructure company TC Energy and France-based multi-utilities company Engie offset some of the negative impact.

Real estate performance also detracted in the year. The top detractors were US-based REITs Prologis and SL Green. Although real estate detracted on the whole, performance was slightly helped by share gains in US-based REIT Stag Industrial and France-based REIT Unibail-Rodamco-Westfield.

The Portfolio's commodities allocation contributed to overall performance, primarily driven by exposure to heating oil, crude oil, corn, and soybean futures. Conversely, allocations to nickel, copper, and aluminum detracted. Commodity-related equities had favorable performance in the year, led by exposure to UK-based miner Anglo American and Canada-based gold mining company Agnico Eagle Mines.

The Portfolio used futures and total return swaps to gain commodities exposure. The combined contribution of these instruments was positive for the Portfolio during the year. There was no material impact on investment performance related to the use of currency forward contracts during the period.

**10** Annual Report

**The Lazard Funds, Inc.** Performance Overviews (unaudited)

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*Please see the "Notes to the Performance Overviews" for important information about the calculation of total returns, performance information generally, performance differences between Institutional Shares and Open Shares, and the indexes shown below.*

Lazard Enhanced Opportunities Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Enhanced Opportunities Portfolio, the ICE BofAML U.S. Convertible ex Mandatory<sup>®</sup> Index and the HFRX Global Hedge Fund<sup>®</sup> Index

![](x6_c105120x12x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Since**<br> **Inception** | **†** |
| **Institutional Shares** | –7.39% | 2.90% | 2.72% |  |
| **Open Shares** | –7.45% | 2.68% | 2.49% |  |
| **ICE BofAML U.S. Convertible ex Mandatory Index** | –19.58% | 9.49% | 8.90% |  |
| **HFRX Global Hedge Fund Index** | –4.41% | 1.41% | 1.46% |  |

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*†* *The inception date for the Portfolio was December 31, 2014.* 

Annual Report **11**

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Lazard Global Dynamic Multi-Asset Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Global Dynamic Multi-Asset Portfolio, the MSCI<sup>®</sup> World Index and GDMA Index

![](x6_c105120x13x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Since**<br> **Inception** | **†** |
| **Institutional Shares** | –17.05% | 0.72% | 3.54% |  |
| **Open Shares** | –17.20% | 0.46% | 3.26% |  |
| **MSCI World Index** | –18.14% | 6.14% | 8.76% |  |
| **GDMA Index** | –16.97% | 2.49% | 4.17% |  |

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*†* *The inception date for the Portfolio was May 27, 2016.* 

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Lazard Opportunistic Strategies Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Opportunistic Strategies Portfolio, MSCI World Index and Global Asset Allocation Blended Index

![](x6_c105120x13x2.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | |
|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Ten**<br> **Year** |
| **Institutional Shares** | –14.93% | 1.12% | 3.98% |
| **Open Shares** | –15.06% | 0.86% | 3.65% |
| **MSCI World Index** | –18.14% | 6.14% | 8.85% |
| **Global Asset Allocation Blended Index** | –15.90% | 4.14% | 5.97% |

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**12** Annual Report

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Lazard Real Assets Portfolio

Comparison of Changes in Value of $10,000 Investment in the Institutional Shares of Lazard Real Assets Portfolio, MSCI World Index and Real Assets Index

![](x6_c105120x14x1.jpg)

**Average Annual Total Returns**

Periods Ended December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Since**<br> **Inception** | **†** |
| **Institutional Shares** | –8.45% | 3.75% | 4.74% |  |
| **Open Shares** | –8.68% | 3.48% | 4.44% |  |
| **R6 Shares** | N/A | N/A | –5.92% |  |
| **MSCI World Index** | –18.14% | 6.14% | 8.69%<br> (Institutional<br> Shares)<br> 8.45%<br> (Open Shares)<br> –1.14% (R6<br> Shares) |  |
| **Real Assets Index** | –5.00% | 4.86% | 5.81%<br> (Institutional<br> Shares)<br> 5.79%<br> (Open Shares)<br> –4.06% (R6<br> Shares) |  |

---

*†* *The inception date for the Institutional Shares was December 30, 2016, for the Open Shares was January 9, 2017 and for the R6 Shares was July 22, 2022.* 

***Notes to Performance Overviews:***

*Information About Portfolio Performance Shown Above*

*Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolios may have been waived or reimbursed by Lazard Asset Management LLC, the Fund's investment manager (the "Investment Manager"), State Street Bank and Trust Company, the Fund's administrator ("State Street"), or SS&C Global Investor and Distribution Solutions, the Fund's transfer agent and dividend disbursing agent ("SS&C GIDS"); without such waiver/reimbursement of expenses, the Portfolios' returns would have been lower.*

Annual Report **13**

 

 

*Performance results do not include adjustments made for financial reporting purposes in accordance with US Generally Accepted Accounting Principles ("GAAP"), if any, and may differ from amounts reported in the financial highlights. For the Lazard Enhanced Opportunity Portfolio, a voluntary reimbursement by State Street increased the total return ratio by 0.11%, for year ended December 31, 2021.*

*The performance quoted represents past performance. Current performance may be lower or higher than the performance quoted. Past performance is not indicative, or a guarantee, of future results; the investment return and principal value of an investment in a Portfolio will fluctuate, so that Portfolio shares, when redeemed, may be worth more or less than their original cost. Within the longer periods illustrated, there may have been short-term fluctuations, counter to the overall trend of investment results, and no single period of any length may be taken as typical of what may be expected in future periods. The graphs and tables above do not reflect the deduction of taxes that a shareholder would pay on a Portfolio's distributions or the redemption of Portfolio shares.*

*The performance of Institutional Shares, Open Shares and R6 Shares, as applicable, may vary, primarily based on the differences in fees borne by shareholders investing in different classes of a Portfolio.*

*Information About Portfolio Performance Shown Above*

*The performance data of the indices have been prepared from sources and data that the Investment Manager believes to be reliable, but no representation is made as to their accuracy. The indices are unmanaged, have no fees or costs and are not available for investment.*

*The GDMA Index is a blended index constructed by the Investment Manager that is comprised of 50% MSCI World Index and 50% Bloomberg Global Aggregate<sup>®</sup> Index and is rebalanced monthly. The Bloomberg Global Aggregate Index provides a broad-based measure of global investment-grade fixed-income debt markets, including government-related debt, corporate debt, securitized debt and sovereign debt.*

*The Global Asset Allocation Blended Index is a blended index constructed by the Investment Manager that is comprised of 60% MSCI World Index and 40% Bloomberg US Aggregate Index and is rebalanced quarterly. The Bloomberg US Aggregate Index covers the investment-grade, US dollar-denominated, fixed-rate taxable bond market, including US Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities, with maturities of no less than one year.*

*The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies, including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event-driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.*

*The ICE BofAML U.S. Convertible ex Mandatory Index measures the performance of convertible securities of all corporate sectors with a par amount of $25 million or more and a maturity of at least one year and excludes preferred equity redemption stocks and converted securities.*

**14** Annual Report

 

 

*The MSCI World Index is a free-float-adjusted market capitalization index that is designed to measure global developed markets equity performance. The MSCI World Index consists of 23 developed markets country indices.*

*The Real Assets Index is an index constructed by the Investment Manager that is comprised of 33.3% MSCI World Core Infrastructure USD Index, 33.3% MSCI ACWI IMI Core Real Estate Index, and 33.3% Bloomberg Commodity Total Return Index. The Real Assets Index was constructed by the Investment Manager for comparison to the performance of the Lazard Real Assets Portfolio pursuant to its investment strategy effective September 1, 2020. The MSCI World Core Infrastructure USD Index captures large and mid-cap securities across the 23 developed market countries of the MSCI World Index and is designed to represent the performance of listed companies within the developed markets that are engaged in core industrial infrastructure activities. Note that the Investment Manager invests in a range of companies globally, not specifically developed markets countries. The MSCI ACWI IMI Core Real Estate Index is a free float-adjusted market capitalization index that consists of large, mid and small-cap stocks across 23 developed markets and 24 emerging markets countries engaged in the ownership, development and management of specific core property type real estate. The index excludes companies, such as real estate services and real estate financing companies, that do not own properties. The Bloomberg Commodity Total Return index is composed of futures contracts and reflects the returns on a fully collateralized investment in the Bloomberg Commodity Indices (the "BCOM"). This combines the returns of the BCOM with the returns on cash collateral invested in 13 week (3 Month) U.S. Treasury Bills.*

Annual Report **15**

**The Lazard Funds, Inc.**

Information About Your Portfolio's Expenses (unaudited)

**Expense Example**

As a shareholder in a Portfolio, you incur ongoing costs, including management fees, distribution and service (12b-1) fees (Open Shares only), and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the six month period from July 1, 2022 through December 31, 2022 and held for the entire period.

**Actual Expenses**

For each share class of the Portfolios, the first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

For each share class of the Portfolios, the second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

**16** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Beginning<br> Account<br> Value<br> 7/1/22 | Ending<br> Account<br> Value<br> 12/31/22 | Expenses<br> Paid During<br> Period<br> 7/1/22 -<br> 12/31/22 | \*<br>| Annualized<br> Expense Ratio<br> During Period<br> 7/1/22 -<br> 12/31/22 |
| Enhanced Opportunities |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1003.30 | $17.37 |  | 3.44% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1007.86 | $17.41 |  | 3.44% |
| **Open Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1003.70 | $18.64 |  | 3.69% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1006.60 | $18.66 |  | 3.69% |
| Global Dynamic Multi-Asset |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1004.80 | $4.55 |  | 0.90% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.67 | $4.58 |  | 0.90% |
| **Open Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1003.60 | $5.81 |  | 1.15% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.41 | $5.85 |  | 1.15% |
| Opportunistic Strategies |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1006.20 | $5.16 |  | 1.02% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1020.06 | $5.19 |  | 1.02% |
| **Open Shares** |  |  |  |  |  |
| Actual | $1000.00 | $1005.90 | $6.42 |  | 1.27% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1018.80 | $6.46 |  | 1.27% |
| Real Assets |  |  |  |  |  |
| **Institutional Shares** |  |  |  |  |  |
| Actual | $1000.00 | $951.90 | $3.94 |  | 0.80% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.17 | $4.08 |  | 0.80% |
| **Open Shares** |  |  |  |  |  |
| Actual | $1000.00 | $950.70 | $5.16 |  | 1.05% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1019.91 | $5.35 |  | 1.05% |
| **R6 Shares†** |  |  |  |  |  |
| Actual | $1000.00 | $940.80 | $3.19 |  | 0.75% |
| Hypothetical (5% Return Before Expenses) | $1000.00 | $1021.42 | $3.82 |  | 0.75% |

---

---

| | |
|:---|:---|
| *\** | *Expenses are equal to the annualized expense ratio, net of expenses waivers and reimbursements, of each share class multiplied by the average account value over the period, multiplied by 184/365 (to reflect one-half year period).* |
| *†* | *The inception date for the R6 shares was July 22, 2022.* |

---

Annual Report **17**

**The Lazard Funds, Inc.** Portfolio Holdings

Presented by Sector and Region December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Lazard Enhanced<br> Opportunities Portfolio | Lazard Enhanced<br> Opportunities Portfolio | Lazard Enhanced<br> Opportunities Portfolio | Lazard Enhanced<br> Opportunities Portfolio |
| &nbsp;&nbsp;Asset Class/Sector | Long | ^ | Short | † |
| Convertible Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 10.1 | % |  | % |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 15.4 |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 1.3 |  |  |  |
| &nbsp;&nbsp;&nbsp;Energy | 2.5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Financials | 9.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Health Care | 18.0 |  |  |  |
| &nbsp;&nbsp;&nbsp;Industrials | 11.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology | 12.7 |  |  |  |
| &nbsp;&nbsp;&nbsp;Materials | 5.5 |  |  |  |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.8 |  |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 0.5 |  |  |  |
| Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services |  |  | –2.9 |  |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 0.4 |  | –9.6 |  |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  |  | –1.5 |  |
| &nbsp;&nbsp;&nbsp;Energy |  |  | –2.9 |  |
| &nbsp;&nbsp;&nbsp;Financials |  | # | –2.1 |  |
| &nbsp;&nbsp;&nbsp;Health Care |  | # | –14.9 |  |
| &nbsp;&nbsp;&nbsp;Industrials |  | # | –16.0 |  |
| &nbsp;&nbsp;&nbsp;Information Technology |  | # | –7.9 |  |
| &nbsp;&nbsp;&nbsp;Materials |  |  | –6.5 |  |
| &nbsp;&nbsp;&nbsp;Real Estate |  |  | –1.1 |  |
| &nbsp;&nbsp;&nbsp;Utilities |  |  | –0.5 |  |
| U.S. Treasury Securities | 4.4 |  | –26.4 |  |
| Exchange-Traded Funds |  |  | –7.7 |  |
| Purchased Options | 0.1 |  |  |  |
| Short-Term Investments | 5.6 |  |  |  |
| Total Investments | 100.0 | % | –100.0 | % |

---

---

| |
|:---|
| *Represents percentage of total investments excluding securities sold short.* |
| *Represents percentage of total securities sold short.* |
| *Amount is less than 0.05%.* |

---

**18** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Asset Class/Sector | Lazard<br> Global<br> Dynamic<br> Multi-Asset<br> Portfolio | Lazard<br> Opportunistic<br> Strategies<br> Portfolio | Lazard<br> Real Assets<br> Portfolio |
| Equity\* |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | 3.9% | 1.5% | 0.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.4 | 3.1 | 0.9 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 6 | 13.4 |  |
| &nbsp;&nbsp;&nbsp;Energy | 1 | 1.9 | 6.1 |
| &nbsp;&nbsp;&nbsp;Financials | 11.9 | 4.6 |  |
| &nbsp;&nbsp;&nbsp;Health Care | 6.6 | 16.9 |  |
| &nbsp;&nbsp;&nbsp;Industrials | 7.7 | 6.1 | 8.2 |
| &nbsp;&nbsp;&nbsp;Information Technology | 6.9 | 9.5 |  |
| &nbsp;&nbsp;&nbsp;Materials | 1.6 | 1.5 | 0.7 |
| &nbsp;&nbsp;&nbsp;Real Estate | 2.3 | 1.2 | 33.7 |
| &nbsp;&nbsp;&nbsp;Utilities | 2.5 | 2.7 | 16.8 |
| Commodity |  | 8.4 |  |
| Exchange-Traded Funds |  |  | 4.7 |
| Fixed Income |  | 15.6 |  |
| Sovereign Debt | 36.3 |  |  |
| Specialty |  | 3 |  |
| U.S. Treasury Securities | 2.4 |  | 5 |
| Short-Term Investments | 3.5 | 10.6 | 23.7 |
| Total Investments | 100.0% | 100.0% | 100.0% |

---

*\** *Represents percentage of total investments.*

*\*\** *The sector breakdown includes the underlying holdings of exchange-traded funds held by the Portfolio.*

Annual Report **19**

**The Lazard Funds, Inc.** Portfolios of Investments <br> December 31, 2022

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Enhanced Opportunities Portfolio** |  |  |
| **Common Stocks \| 0.8%** |  |  |
| **Brazil \| 0.0%** |  |  |
| Gol Linhas Aereas Inteligentes SA ADR (\*), (±) | 3305 | $8824 |
| **United States \| 0.8%** |  |  |
| Blackline, Inc. (\*) | 64 | 4305 |
| Cloudflare, Inc. Class A (\*), (±) | 82 | 3707 |
| Dynavax Technologies Corp. (\*) | 696 | 7406 |
| Fisker, Inc. (\*) | 362 | 2632 |
| Lucid Group, Inc. (\*), (±) | 1559 | 10648 |
| Marriott Vacations Worldwide Corp. (±) | 1793 | 241320 |
| PennyMac Mortgage Investment Trust REIT (±) | 1093 | 13542 |
| Porch Group, Inc. (\*), (±) | 6563 | 12339 |
| Zogenix, Inc. CVR (¢) | 40674 | 27658 |
|  |  | 323557 |
| **Total Common Stocks** <br> (Cost $349,679) |  | 332381 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Convertible Corporate Bonds \| 162.8%** |  |  |  |
| **Australia \| 0.1%** |  |  |  |
| Zip Co. Ltd., <br> 0.000%, 04/23/28 (±) | AUD | 300 | $45957 |
| **Austria \| 1.1%** |  |  |  |
| ams-OSRAM AG, <br> 2.125%, 11/03/27 (±) | EUR | 600 | 452640 |
| **Brazil \| 0.3%** |  |  |  |
| GOL Equity Finance SA, <br> 3.750%, 07/15/24 (±) | USD | 244 | 117486 |

---

*The accompanying notes are an integral part of these financial statements.*

**20** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **Canada \| 3.6%** |  |  |  |
| Aurora Cannabis, Inc., <br> 5.500%, 02/28/24 (±) | USD | 315 | $302400 |
| Dye & Durham Ltd., <br> 3.750%, 03/01/26 | CAD | 897 | 516736 |
| Ivanhoe Mines Ltd., <br> 2.500%, 04/15/26 (±) | USD | 293 | 360243 |
| Lithium Americas Corp., <br> 1.750%, 01/15/27 (±) | USD | 236 | 185024 |
| StorageVault Canada, Inc., <br> 5.000%, 03/31/28 | CAD | 58 | 42836 |
|  |  |  | 1407239 |
| **China \| 4.4%** |  |  |  |
| NIO Inc., <br> 0.000%, 02/01/26 (±) | USD | 494 | 433485 |
| Li Auto, Inc., <br> 0.250%, 05/01/28 (±) | USD | 977 | 987258 |
| ZTO Express Cayman, Inc., <br> 1.500%, 09/01/27 (±) | USD | 290 | 307110 |
|  |  |  | 1727853 |
| **Hong Kong \| 2.1%** |  |  |  |
| Cathay Pacific Finance III Ltd., <br> 2.750%, 02/05/26 (±) | HKD | 6000 | 830766 |
| **Netherlands \| 1.2%** |  |  |  |
| Pharming Group NV, <br> 3.000%, 01/21/25 (±) | EUR | 500 | 486737 |
| **Panama \| 5.8%** |  |  |  |
| Copa Holdings SA, <br> 4.500%, 04/15/25 (±) | USD | 1335 | 2277575 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **21**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **Singapore \| 2.0%** |  |  |  |
| Sea Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 12/01/25 (±) | USD | 483 | $476673 |
| &nbsp;&nbsp;&nbsp;0.250%, 09/15/26 (±) | USD | 443 | 326712 |
|  |  |  | 803385 |
| **South Korea \| 1.2%** |  |  |  |
| Delivery Hero SE: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.500%, 01/15/28 (±) | EUR | 300 | 221163 |
| &nbsp;&nbsp;&nbsp;1.000%, 04/30/26 (±) | EUR | 300 | 241601 |
|  |  |  | 462764 |
| **United Kingdom \| 0.4%** |  |  |  |
| Just Eat Takeaway.com NV, <br> 1.250%, 04/30/26 (±) | EUR | 200 | 169166 |
| **United States \| 140.6%** |  |  |  |
| 8x8, Inc., <br> 4.000%, 02/01/28 (±) | USD | 475 | 393775 |
| Affirm Holdings, Inc., <br> 0.000%, 11/15/26 (±) | USD | 13 | 7215 |
| Airbnb, Inc., <br> 0.000%, 03/15/26 (±) | USD | 463 | 382206 |
| Altair Engineering, Inc., <br> 1.750%, 06/15/27 (±) | USD | 356 | 326808 |
| American Airlines Group, Inc., <br> 6.500%, 07/01/25 (±) | USD | 579 | 613161 |
| Amyris, Inc., <br> 1.500%, 11/15/26 (±) | USD | 639 | 207036 |
| Apellis Pharmaceuticals, Inc., <br> 3.500%, 09/15/26 (±) | USD | 712 | 1099595 |
| Arbor Realty Trust, Inc., <br> 7.500%, 08/01/25 (±) | USD | 506 | 505241 |
| Array Technologies, Inc., <br> 1.000%, 12/01/28 (±) | USD | 555 | 566932 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**22** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Avadel Finance Cayman Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 02/01/23 (±) | USD | 426 | $415350 |
| &nbsp;&nbsp;&nbsp;4.500%, 10/02/23 | USD | 610 | 590175 |
| Avid SPV LLC, <br> 1.250%, 03/15/26 (±) | USD | 604 | 577968 |
| Axon Enterprise, Inc., <br> 0.500%, 12/15/27 (±) | USD | 151 | 150396 |
| Bentley Systems, Inc., <br> 0.375%, 07/01/27 (±) | USD | 317 | 259623 |
| Bloom Energy Corp., <br> 2.500%, 08/15/25 (±) | USD | 785 | 1060221 |
| Braemar Hotels & Resorts, Inc., <br> 4.500%, 06/01/26 (±) | USD | 499 | 473242 |
| Burlington Stores, Inc., <br> 2.250%, 04/15/25 (±) | USD | 724 | 836220 |
| Carnival Corp., <br> 5.750%, 12/01/27 (±) | USD | 338 | 303524 |
| Century Aluminum Co., <br> 2.750%, 05/01/28 (±) | USD | 293 | 211546 |
| Chefs' Warehouse, Inc., <br> 2.375%, 12/15/28 (±) | USD | 522 | 524297 |
| Cinemark Holdings, Inc., <br> 4.500%, 08/15/25 (±) | USD | 966 | 927436 |
| Coherus Biosciences, Inc., <br> 1.500%, 04/15/26 (±) | USD | 873 | 573997 |
| Collegium Pharmaceutical, Inc., <br> 2.625%, 02/15/26 (±) | USD | 811 | 825192 |
| Confluent, Inc., <br> 0.000%, 01/15/27 (±) | USD | 0 | 0 |
| Coupa Software, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 06/15/25 (±) | USD | 175 | 169978 |
| &nbsp;&nbsp;&nbsp;0.375%, 06/15/26 (±) | USD | 24 | 23196 |
| Cutera, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 03/15/26 (±) | USD | 175 | 259613 |
| &nbsp;&nbsp;&nbsp;2.250%, 06/01/28 (±) | USD | 705 | 752940 |
| &nbsp;&nbsp;&nbsp;4.000%, 06/01/29 (±) | USD | 98 | 100264 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **23**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Danimer Scientific, Inc., <br> 3.250%, 12/15/26 (±) | USD | 264 | $102564 |
| Desktop Metal, Inc., <br> 6.000%, 05/15/27 (±) | USD | 358 | 342069 |
| DISH Network Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 (±) | USD | 258 | 165894 |
| &nbsp;&nbsp;&nbsp;3.375%, 08/15/26 (±) | USD | 52 | 32708 |
| Eagle Bulk Shipping, Inc., <br> 5.000%, 08/01/24 (±) | USD | 604 | 1000649 |
| Envestnet, Inc., <br> 0.750%, 08/15/25 (±) | USD | 210 | 190575 |
| Etsy, Inc., <br> 0.250%, 06/15/28 (±) | USD | 250 | 215325 |
| EZCORP, Inc., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.875%, 07/01/24 (±) | USD | 637 | 676621 |
| &nbsp;&nbsp;&nbsp;3.750%, 12/15/29 (±) | USD | 338 | 328705 |
| Fisker, Inc., <br> 2.500%, 09/15/26 (±) | USD | 738 | 361620 |
| Fiverr International Ltd., <br> 0.000%, 11/01/25 (±) | USD | 51 | 41638 |
| Ford Motor Co., <br> 0.000%, 03/15/26 (±) | USD | 562 | 533057 |
| fuboTV, Inc., <br> 3.250%, 02/15/26 (±) | USD | 303 | 142410 |
| Gossamer Bio, Inc., <br> 5.000%, 06/01/27 (±) | USD | 390 | 126165 |
| Granite Construction, Inc., <br> 2.750%, 11/01/24 (±) | USD | 470 | 571261 |
| Greenbrier Cos., Inc., <br> 2.875%, 04/15/28 (±) | USD | 386 | 342189 |
| Guess?, Inc., <br> 2.000%, 04/15/24 (±) | USD | 1013 | 1079478 |
| Guidewire Software, Inc., <br> 1.250%, 03/15/25 (±) | USD | 483 | 449431 |
| Halozyme Therapeutics, Inc., <br> 1.000%, 08/15/28 (±) | USD | 260 | 307613 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**24** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Hat Holdings I LLC, <br> 0.000%, 05/01/25 (±) | USD | 529 | $486997 |
| Health Catalyst, Inc., <br> 2.500%, 04/15/25 (±) | USD | 528 | 462792 |
| Helix Energy Solutions Group, Inc., <br> 6.750%, 02/15/26 (±) | USD | 703 | 974792 |
| Herbalife Nutrition Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 03/15/24 (±) | USD | 207 | 191372 |
| &nbsp;&nbsp;&nbsp;4.250%, 06/15/28 (±) | USD | 281 | 308819 |
| Hope Bancorp, Inc., <br> 2.000%, 05/15/38 (±) | USD | 1259 | 1236338 |
| i3 Verticals LLC, <br> 1.000%, 02/15/25 (±) | USD | 542 | 491865 |
| Infinera Corp., <br> 3.750%, 08/01/28 (±) | USD | 104 | 129418 |
| Innoviva, Inc., <br> 2.125%, 03/15/28 (±) | USD | 706 | 573978 |
| Inotiv, Inc., <br> 3.250%, 10/15/27 (±) | USD | 376 | 154160 |
| Insmed, Inc., <br> 0.750%, 06/01/28 (±) | USD | 864 | 717120 |
| Intercept Pharmaceuticals, Inc., <br> 3.500%, 02/15/26 (±) | USD | 84 | 85911 |
| Ionis Pharmaceuticals, Inc., <br> 0.000%, 04/01/26 (±) | USD | 127 | 117872 |
| Kaman Corp., <br> 3.250%, 05/01/24 (±) | USD | 222 | 207459 |
| KKR Real Estate Finance Trust, Inc., <br> 6.125%, 05/15/23 (±) | USD | 195 | 192352 |
| Liberty Broadband Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 09/30/50 (±) | USD | 622 | 603340 |
| &nbsp;&nbsp;&nbsp;2.750%, 09/30/50 (±) | USD | 764 | 746009 |
| Liberty Media Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 03/31/48 (±) | USD | 786 | 741198 |
| &nbsp;&nbsp;&nbsp;2.750%, 12/01/49 (±) | USD | 970 | 889005 |
| Livent Corp., <br> 4.125%, 07/15/25 (±) | USD | 459 | 1103665 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **25**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Luminar Technologies, Inc., <br> 1.250%, 12/15/26 (±) | USD | 153 | $86644 |
| Magnite, Inc., <br> 0.250%, 03/15/26 (±) | USD | 121 | 94610 |
| MannKind Corp., <br> 2.500%, 03/01/26 (±) | USD | 1452 | 1734414 |
| Marriott Vacations Worldwide Corp., <br> 3.250%, 12/15/27 (±) | USD | 201 | 198990 |
| Marcus Corp., <br> 5.000%, 09/15/25 (±) | USD | 405 | 593578 |
| Match Group Financeco 2, Inc., <br> 0.875%, 06/15/26 (±) | USD | 724 | 644812 |
| Mitek Systems, Inc., <br> 0.750%, 02/01/26 (±) | USD | 582 | 483060 |
| MP Materials Corp., <br> 0.250%, 04/01/26 (±) | USD | 483 | 424436 |
| National Vision Holdings, Inc., <br> 2.500%, 05/15/25 (±) | USD | 795 | 1094782 |
| NCL Corp. Ltd., |  |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 08/01/25 (±) | USD | 250 | 253375 |
| &nbsp;&nbsp;&nbsp;2.500%, 02/15/27 (±) | USD | 483 | 347760 |
| &nbsp;&nbsp;&nbsp;1.125%, 02/15/27 (±) | USD | 546 | 373355 |
| NextGen Healthcare, Inc., <br> 3.750%, 11/15/27 (±) | USD | 520 | 543528 |
| Okta, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 09/01/25 (±) | USD | 628 | 554838 |
| &nbsp;&nbsp;&nbsp;0.375%, 06/15/26 (±) | USD | 290 | 245050 |
| Opendoor Technologies, Inc., <br> 0.250%, 08/15/26 (±) | USD | 2 | 796 |
| Pacira BioSciences, Inc., <br> 0.750%, 08/01/25 (±) | USD | 118 | 106864 |
| Palo Alto Networks, Inc., <br> 0.750%, 07/01/23 (±) | USD | 483 | 764347 |
| PAR Technology Corp., <br> 1.500%, 10/15/27 (±) | USD | 395 | 285585 |
| Peabody Energy Corp., <br> 3.250%, 03/01/28 (±) | USD | 525 | 826087 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**26** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| Pebblebrook Hotel Trust, <br> 1.750%, 12/15/26 (±) | USD | 952 | $787780 |
| PennyMac Corp. , <br> 5.500%, 03/15/26 (±) | USD | 870 | 712856 |
| PennyMac Corp., <br> 5.500%, 11/01/24 (±) | USD | 403 | 361693 |
| Plug Power, Inc., <br> 3.750%, 06/01/25 (±) | USD | 318 | 800915 |
| Post Holdings, Inc., <br> 2.500%, 08/15/27 (±) | USD | 209 | 220537 |
| Radius Global Infrastructure, Inc., <br> 2.500%, 09/15/26 (±) | USD | 623 | 549390 |
| Realogy Group LLC <br> 0.250%, 06/15/26 (±) | USD | 638 | 449152 |
| Redfin Corp., <br> 0.000%, 10/15/25 (±) | USD | 44 | 26428 |
| Redwood Trust, Inc., <br> 7.750%, 06/15/27 (±) | USD | 315 | 268160 |
| Revance Therapeutics, Inc., <br> 1.750%, 02/15/27 (±) | USD | 582 | 537186 |
| RingCentral, Inc., <br> 0.000%, 03/15/26 (±) | USD | 325 | 256750 |
| Royal Caribbean Cruises Ltd., <br> 6.000%, 08/15/25 (±) | USD | 1083 | 1365663 |
| Semtech Corp., <br> 1.625%, 11/01/27 (±) | USD | 520 | 534300 |
| Shift4 Payments, Inc., <br> 0.000%, 12/15/25 (±) | USD | 741 | 737758 |
| Snap Inc., <br> 0.125%, 03/01/28 (±) | USD | 51 | 34298 |
| Spotify USA, Inc.,Co., <br> 0.000%, 03/15/26 (±) | USD | 14 | 11340 |
| Summit Hotel Properties, Inc., <br> 1.500%, 02/15/26 (±) | USD | 238 | 204442 |
| Sunnova Energy International, Inc., <br> 2.625%, 02/15/28 (±) | USD | 468 | 380250 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **27**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| TechTarget, Inc., <br> 0.000%, 12/15/26 (±) | USD | 370 | $284530 |
| Travere Therapeutics Inc., <br> 2.250%, 03/01/29 (±) | USD | 634 | 580110 |
| Two Harbors Investment Corp., <br> 6.250%, 01/15/26 (±) | USD | 604 | 521363 |
| United States Steel Corp., <br> 5.000%, 11/01/26 (±) | USD | 728 | 1459640 |
| Upstart Holdings, Inc., <br> 0.250%, 08/15/26 (±) | USD | 433 | 229490 |
| Varex Imaging Corp., <br> 4.000%, 06/01/25 (±) | USD | 907 | 1060646 |
| Veeco Instruments Inc., <br> 3.750%, 06/01/27 (±) | USD | 805 | 1244127 |
| Veritone, Inc., <br> 1.750%, 11/15/26 (±) | USD | 227 | 137902 |
| Virgin Galactic Holdings Inc., <br> 2.500%, 02/01/27 (±) | USD | 88 | 39556 |
| Vishay Intertechnology, Inc., <br> 2.250%, 06/15/25 (±) | USD | 370 | 358013 |
| Wayfair, Inc.: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.625%, 10/01/25 (±) | USD | 334 | 219271 |
| &nbsp;&nbsp;&nbsp;1.000%, 08/15/26 (±) | USD | 703 | 401624 |
| &nbsp;&nbsp;&nbsp;3.250%, 09/15/27 (±) | USD | 253 | 194178 |
| Wolfspeed, Inc., <br> 1.875%, 12/01/29 (±) | USD | 38 | 34409 |
| Xometry Inc., <br> 1.000%, 02/01/27 (±) | USD | 505 | 429045 |
|  |  |  | 55651294 |
| **Total Convertible Corporate Bonds** <br> (Cost $69,275,972) |  |  | 64432862 |

---

*The accompanying notes are an integral part of these financial statements.*

**28** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Number of | Exercise | Notional | Fair |
| &nbsp;&nbsp;Description | Counterparty | Contracts | Price | Amount | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| **Purchased Options \| 0.2%** |  |  |  |  |  |
| **Call** |  |  |  |  |  |
| Cinemark Holdings, Inc., <br> Expires 02/17/23 | MSC | 48 | $13 | $4800 | $480 |
| Cinemark Holdings, Inc., <br> Expires 01/20/23 | MSC | 19 | 10 | 1900 | 380 |
| Cinemark Holdings, Inc., <br> Expires 01/20/23 | MSC | 36 | 15 | 3600 | 180 |
| Gol Linhas Aereas Inteligentes, <br> Expires 04/21/23 | MSC | 18 | 4 | 1800 | 90 |
| Gol Linhas Aereas Inteligentes, <br> Expires 01/20/23 | MSC | 36 | 5 | 3600 | 360 |
| Health Catalyst, Inc., <br> Expires 01/20/23 | MSC | 10 | 13 | 1000 | 150 |
| Invesco QQQ Trust Series, <br> Expires 02/17/23 | MSC | 48 | 274 | 4800 | 35472 |
| iShares Russell 2000 ETF, <br> Expires 02/17/23 | MSC | 48 | 184 | 4800 | 14112 |
| Sirius XM Holdings, Inc., <br> Expires 01/20/23 | MSC | 12 | 7 | 1200 | 36 |
| **Put** |  |  |  |  |  |
| 8X8, Inc., <br> Expires 01/20/23 | MSC | 40 | 3 | 4000 | 200 |
| American Airlines Group, Inc., <br> Expires 01/20/23 | MSC | 19 | 12 | 1900 | 608 |
| American Airlines Group, Inc., <br> Expires 01/20/23 | MSC | 38 | 13 | 3800 | 2850 |
| American Airlines Group, Inc.,<br> Expires 01/20/23 | MSC | 7 | 10 | 700 | 42 |
| Amyris, Inc., <br> Expires 01/20/23 | MSC | 78 | 2 | 7800 | 4290 |
| Danimer Scientific, Inc., <br> Expires 01/20/23 | MSC | 31 | 3 | 3100 | 2697 |
| Gol Linhas Aereas Inteligentes, <br> Expires 01/20/23 | MSC | 40 | 3 | 4000 | 1200 |
| Guess?, Inc., <br> Expires 01/20/23 | MSC | 19 | 18 | 1900 | 285 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **29**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Number of | Exercise | Notional | Fair |
| &nbsp;&nbsp;Description | Counterparty | Contracts | Price | Amount | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** | **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Li Auto, Inc., <br> Expires 01/20/23 | MSC | 19 | $18 | $1900 | $912 |
| Norwegian Cruise Line Holdings, <br> Expires 02/03/23 | MSC | 29 | 12 | 2900 | 2291 |
| Norwegian Cruise Line Holdings, <br> Expires 01/20/23 | MSC | 26 | 13 | 2600 | 2210 |
| Royal Caribbean Cruises, Ltd., <br> Expires 01/20/23 | MSC | 8 | 47 | 800 | 1280 |
| Shift Technologies, Inc.,<br> Expires 02/17/23 | MSC | 39 | 3 | 3900 | 7410 |
| Shift Technologies, Inc., <br> Expires 01/20/23 | MSC | 8 | 3 | 800 | 1880 |
| **Total Purchased Options** <br> (Cost $80,770) |  |  |  |  | 79415 |

---

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Short-Term Investments \| 10.1%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) <br> (Cost $4,016,023) | 4016023 | $4016023 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **U.S. Treasury Securities \| 8.1%** |  |  |  |
| U.S. Treasury Note, 4.125%, 10/31/27 (±) <br> (Cost $3,185,135) | USD | 3181 | $3192680 |
| **Total Investments excluding Securities Sold Short \| 182.0%** <br> (Cost $76,907,579) |  |  | $**72053361** |

---

 

*The accompanying notes are an integral part of these financial statements.*

**30** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| **Securities Sold Short \| (105.3)%** |  |  |
| **Common Stocks \| (69.5)%** |  |  |
| **Austria \| (0.1)%** |  |  |
| ams-OSRAM AG | (6292) | $(46302) |
| **Canada \| (0.9)%** |  |  |
| Dye & Durham Ltd. | (2281) | (27645) |
| Ivanhoe Mines Ltd., Class A | (31883) | (251956) |
| Lithium Americas Corp. | (3058) | (57949) |
| StorageVault Canada, Inc. | (2507) | (11146) |
|  |  | (348696) |
| **China \| (1.6)%** |  |  |
| Li Auto, Inc. ADR | (22346) | (455858) |
| ZTO Express Cayman, Inc. ADR | (6381) | (171458) |
|  |  | (627316) |
| **Hong Kong \| (1.4)%** |  |  |
| Cathay Pacific Airways Ltd. | (514800) | (559640) |
| **Netherlands \| (0.2)%** |  |  |
| Pharming Group NV | (82385) | (95439) |
| **Panama \| (4.9)%** |  |  |
| Copa Holdings SA, Class A | (23327) | (1940107) |
| **Singapore \| (0.4)%** |  |  |
| Sea Ltd. | (2774) | (144331) |
| **South Korea \| (0.3)%** |  |  |
| Delivery Hero SE | (2087) | (99983) |
| **United Kingdom \| 0.0%** |  |  |
| Just Eat Takeaway.com NV | (519) | (11052) |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **31**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| **United States \| (59.7)%** |  |  |
| 8x8, Inc. | (53185) | $(229759) |
| Airbnb, Inc., Class A | (128) | (10944) |
| Altair Engineering, Inc., Class A | (2998) | (136319) |
| American Airlines Group, Inc. | (24704) | (314235) |
| Amyris, Inc. | (36340) | (55600) |
| Anywhere Real Estate, Inc. | (7526) | (48091) |
| Apellis Pharmaceuticals, Inc. | (14721) | (761223) |
| Arbor Realty Trust, Inc. REIT | (12159) | (160377) |
| Array Technologies, Inc. | (20242) | (391278) |
| Avadel Pharmaceuticals PLC ADR | (23881) | (170988) |
| Avid Bioservices, Inc. | (18032) | (248301) |
| Axon Enterprise, Inc. | (428) | (71018) |
| Bandwidth, Inc., Class A | (325) | (7459) |
| Bentley Systems, Inc., Class B | (720) | (26611) |
| Bloom Energy Corp. | (38512) | (736349) |
| Braemar Hotels & Resorts, Inc. REIT | (49642) | (204029) |
| Burlington Stores, Inc. | (2051) | (415861) |
| Carnival Corp. | (20931) | (168704) |
| Century Aluminum Co. | (11461) | (93751) |
| Chefs' Warehouse, Inc. | (8819) | (293496) |
| Cinemark Holdings, Inc. | (17516) | (151689) |
| Coherus Biosciences, Inc. | (25647) | (203124) |
| Collegium Pharmaceutical, Inc. | (19968) | (463258) |
| Cutera, Inc. | (16496) | (729453) |
| Danimer Scientific, Inc. | (9138) | (16357) |
| Desktop Metal, Inc., Class A | (191606) | (260584) |
| DISH Network Corp., Class A | (2470) | (34679) |
| Eagle Bulk Shipping, Inc. | (17428) | (870354) |
| Envestnet, Inc. | (719) | (44362) |
| Etsy, Inc. | (624) | (74743) |
| EZCORP, Inc. Class A | (58237) | (474631) |
| Fiverr International Ltd. | (49) | (1428) |
| Ford Motor Co. | (17316) | (201385) |
| fuboTV, Inc. | (574) | (999) |
| Gossamer Bio, Inc. | (24028) | (52141) |

---

 

*The accompanying notes are an integral part of these financial statements.*

**32** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Granite Construction, Inc. | (10873) | $(381316) |
| Greenbrier Cos., Inc. | (3820) | (128085) |
| Groupon, Inc. | (1024) | (8786) |
| Guess?, Inc. | (8222) | (170113) |
| Guidewire Software, Inc. | (425) | (26588) |
| Halozyme Therapeutics, Inc. | (3687) | (209790) |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | (2049) | (59380) |
| Health Catalyst, Inc. | (4077) | (43338) |
| Helix Energy Solutions Group, Inc. | (80150) | (591507) |
| Herbalife Nutrition Ltd. | (13139) | (195508) |
| I3 Verticals, Inc., Class A | (6647) | (161788) |
| Infinera Corp. | (13439) | (90579) |
| Innoviva, Inc. | (13262) | (175721) |
| Inotiv, Inc. | (4022) | (19869) |
| Insmed, Inc. | (20019) | (399980) |
| Intercept Pharmaceuticals, Inc. | (2440) | (30183) |
| Ionis Pharmaceuticals, Inc. | (1274) | (48119) |
| Livent Corp. | (49480) | (983168) |
| Luminar Technologies, Inc. | (3943) | (19518) |
| Magnite, Inc. | (1186) | (12560) |
| MannKind Corp. | (213430) | (1124776) |
| Marcus Corp. | (32654) | (469891) |
| Match Group, Inc. | (3310) | (137332) |
| Mitek Systems, Inc. | (13817) | (133887) |
| MP Materials Corp. | (1408) | (34186) |
| National Vision Holdings, Inc. | (20889) | (809658) |
| NextGen Healthcare, Inc. | (13540) | (254281) |
| Norwegian Cruise Line Holdings Ltd. | (27159) | (332426) |
| Okta, Inc. | (869) | (59379) |
| Omeros Corp. | (406) | (918) |
| Pacira BioSciences, Inc. | (575) | (22201) |
| Palo Alto Networks, Inc. | (5234) | (730352) |
| PAR Technology Corp. | (2561) | (66765) |
| Peabody Energy Corp. | (23567) | (622640) |
| Pebblebrook Hotel Trust REIT | (9240) | (123724) |
| PetIQ, Inc. | (911) | (8399) |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **33**

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |
| Plug Power, Inc. | (59936) | $(741408) |
| Post Holdings, Inc. | (1354) | (122212) |
| PRA Group, Inc. | (2165) | (73134) |
| Radius Global Infrastructure, Inc. | (13771) | (162773) |
| Redwood Trust, Inc. REIT | (10956) | (74063) |
| Repay Holdings Corp. | (2722) | (21912) |
| Revance Therapeutics, Inc. | (12253) | (226190) |
| Royal Caribbean Cruises Ltd. | (17152) | (847823) |
| Semtech Corp. | (9985) | (286470) |
| Shift4 Payments, Inc., Class A | (5413) | (302749) |
| Sirius XM Holdings, Inc. | (7801) | (45558) |
| Summit Hotel Properties, Inc. REIT | (10992) | (79362) |
| Sunnova Energy International, Inc. | (11064) | (199263) |
| TechTarget, Inc. | (1019) | (44897) |
| Travere Therapeutics, Inc. | (15496) | (325881) |
| Two Harbors Investment Corp. REIT | (1865) | (29411) |
| United States Steel Corp. | (49256) | (1233863) |
| Unity Software, Inc. | (15) | (429) |
| Upwork, Inc. | (199) | (2078) |
| Varex Imaging Corp. | (32097) | (651569) |
| Veeco Instruments, Inc. | (50044) | (929817) |
| Virgin Galactic Holdings, Inc. | (6663) | (23187) |
| Vishay Intertechnology, Inc. | (374) | (8067) |
| Wayfair, Inc., Class A | (5560) | (182868) |
| Wolfspeed, Inc. | (232) | (16017) |
| Xometry, Inc. | (6025) | (194186) |
|  |  | (23635478) |
| **Total Common Stock** <br> (Proceeds $28,722,503) |  | (27508344) |
| **Exchange-Traded Funds \| (8.0)%** |  |  |
| Invesco QQQ Trust Series 1 | (101) | (26894) |
| iShares iBoxx High Yield Corporate Bond ETF | (42797) | (3151143) |
| **Total Exchange-Traded Funds** <br> (Proceeds $3,181,010) |  | (3178037) |

---

 

*The accompanying notes are an integral part of these financial statements.*

**34** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal | |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Enhanced Opportunities Portfolio (continued)** |  |  |  |
| **U.S. Treasury Securities \| (27.8)%** |  |  |  |
| U.S. Treasury Bill <br> 0.010%, 01/10/23 <br> (Proceeds $10,989,867) | USD | (11000) | $(10992262) |
| **Total Securities Sold Short** <br> (Proceeds $42,893,380) |  |  | (41678643) |
| **Total Investments \| 76.7%** <br> (Cost and short proceeds $34,014,199) (») |  |  | **30374718** |
| **Cash and Other Assets in Excess of Liabilities \| 23.3%** |  |  | **9198222** |
| **Net Assets \| 100.0%** |  |  | $**39572940** |

---

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| USD | 56484 | AUD | 84000 | SSB | 03/29/23 | $— | $903 |
| USD | 501393 | CAD | 684000 | SSB | 03/29/23 |  | 4132 |
| USD | 1385027 | EUR | 1297000 | SSB | 03/29/23 |  | 11424 |
| USD | 118827 | HKD | 925000 | SSB | 03/29/23 | 139 |  |
| 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 |  | $139 | $16459 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **35**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

**Written Options open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Number of | Strike | Expiration | Notional | | Fair |
| &nbsp;&nbsp;Description | Counterparty | Contracts | Price | Date | Amount | Premiums | Value |
| **Put** |  |  |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | MSC | 48 | $254 | 02/17/23 | $4800 | $30262 | $(26976) |
| Ishares Russell 2000 ETF | MSC | 48 | 164 | 02/17/23 | 4800 | 12048 | (12912) |
| Sirius XM Holdings, Inc. | MSC | 154 | 6.75 | 01/20/23 | 15400 | 11595 | (16170) |
| Total Written Options |  | 250 |  |  |  | $53905 | $(56058) |

---

**Total Return Swap Agreements open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | | Unrealized | Unrealized |
| Currency | Counterparty | Amount | Date | Reference Entity^ | Rate\* | Appreciation | Depreciation |
| **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** | **Long Position Contract** |  |  |  |
| USD | BNP | $207605 | 09/22/23 | Affirm Holdings, Inc. <br> 0.000%, 11/15/26 | 4.32% | $— | $32780 |
| USD | NIP | 109947 | 11/30/27 | Alteryx Inc <br> 0.500%, 08/01/24 | 4.32 |  | 244 |
| USD | NIP | 212524 | 11/30/27 | Bandwidth, Inc. <br> 0.500%, 04/01/28 | 4.32 | 16855 |  |
| USD | BNP | 512096 | 09/22/23 | Beauty Health Co. <br> 1.250%, 10/01/26 | 4.32 |  | 38754 |
| USD | BNP | 416169 | 09/22/23 | Blackline, Inc. <br> 0.000%, 03/15/26 | 4.32 | 1129 |  |
| USD | NIP | 242653 | 11/30/27 | Cloudflare, Inc. <br> 0.000%, 08/15/26 | 4.32 | 887 |  |
| USD | BNP | 376118 | 09/22/23 | Confluent, Inc. <br> 0.000%, 01/15/27 | 4.32 | 16803 |  |
| USD | BNP | 362304 | 09/22/23 | Coupa Software, Inc. <br> 0.125%, 06/15/25 | 4.32 | 30101 |  |
| USD | BNP | 130822 | 09/22/23 | Coupa Software, Inc. <br> 0.375%, 06/15/26 | 4.32 | 32517 |  |
| USD | BNP | 598684 | 09/22/23 | DigitalOcean Holdings, Inc. <br> 0.000%, 12/01/26 | 4.32 | 18366 |  |
| USD | NIP | 318556 | 11/30/27 | DISH Network Corp. <br> 3.375%, 08/15/26 | 4.32 |  | 47457 |

---

 

*The accompanying notes are an integral part of these financial statements.*

**36** Annual Report

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | | Unrealized | Unrealized |
| Currency | Counterparty | Amount | Date | Reference Entity^ | Rate\* | Appreciation | Depreciation |
| USD | NIP | $1719857 | 11/30/27 | Dynavax Technologies <br> 2.500%, 05/15/26 | 4.32% | $— | $179607 |
| USD | BNP | 659291 | 09/22/23 | Fiverr International, Ltd. <br> 0.000%, 11/01/25 | 4.32 | 7734 |  |
| USD | BNP | 474874 | 09/22/23 | GOL Equity Finance SA <br> 3.750%, 07/15/24 | 4.32 |  | 111341 |
| USD | BNP | 366385 | 09/22/23 | Groupon, Inc. <br> 1.125%, 03/15/26 | 4.32 |  | 35860 |
| USD | NIP | 402008 | 11/30/27 | JetBlue Airways Corp. <br> 0.500%, 04/01/26 | 4.32 |  | 12213 |
| USD | BNP | 1143548 | 09/22/23 | Kaman Corp. <br> 3.250%, 05/01/24 | 4.32 |  | 46445 |
| USD | BNP | 609572 | 09/22/23 | Karyopharm Therapeutics <br> 3.000%, 10/15/25 | 4.32 |  | 31319 |
| USD | BNP | 486676 | 09/22/23 | LendingTree, Inc. <br> 0.500%, 07/15/25 | 4.32 |  | 21475 |
| USD | BNP | 452703 | 09/22/23 | Liberty Interactive LLC <br> 4.000%, 11/15/29 | 4.32 |  | 140823 |
| USD | BNP | 944024 | 09/22/23 | Liberty Interactive LLC <br> 3.750%, 02/15/30 | 4.32 |  | 262994 |
| USD | NIP | 506222 | 11/30/27 | Lucid Group, Inc. <br> 1.250%, 12/15/26 | 4.32 |  | 97431 |
| USD | BNP | 89683 | 09/22/23 | Magnite, Inc. <br> 0.250%, 03/15/26 | 4.32 | 5709 |  |
| USD | NIP | 634804 | 11/30/27 | NuVasive, Inc. <br> 1.000%, 06/01/23 | 4.32 | 5617 |  |
| USD | NIP | 117735 | 11/30/27 | NuVasive, Inc. <br> 0.375%, 03/15/25 | 4.32 |  | 2651 |
| USD | NIP | 122462 | 11/30/27 | Omeros Corp <br> 5.250%, 06/01/23 | 4.32 |  | 17936 |
| USD | BNP | 539785 | 09/22/23 | Opendoor Technologies, Inc. <br> 0.250%, 08/15/26 | 4.32 |  | 160291 |
| USD | BNP | 421520 | 09/22/23 | PetIQ, Inc. <br> 4.000%, 06/01/26 | 4.32 |  | 11535 |
| USD | BNP | 386856 | 09/22/23 | Porch Group, Inc. <br> 0.750%, 09/15/26 | 4.32 |  | 14895 |
| USD | BNP | 1099603 | 09/22/23 | PRA Group, Inc. <br> 3.500%, 06/01/23 | 4.32 |  | 8184 |
| USD | BNP | 283340 | 09/22/23 | Redfin Corp. <br> 0.500%, 04/01/27 | 4.32 |  | 22310 |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **37**

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | | Unrealized | Unrealized |
| Currency | Counterparty | Amount | Date | Reference Entity^ | Rate\* | Appreciation | Depreciation |
| USD | BNP | $1271984 | 09/22/23 | Redwood Trust, Inc. <br> 4.750%, 08/15/23 | 4.32% | $— | $21034 |
| USD | BNP | 478276 | 09/22/23 | Repay Holdings Corp. <br> 0.000%, 02/01/26 | 4.32 |  | 13561 |
| USD | NIP | 399892 | 11/30/27 | RingCentral, Inc. <br> 0.000%, 03/01/25 | 4.32 | 6934 |  |
| USD | BNP | 236566 | 09/22/23 | Shift Technologies Inc <br> 4.750%, 05/15/26 | 4.32 |  | 107791 |
| USD | BNP | 565114 | 09/22/23 | Shopify, Inc. <br> 0.125%, 11/01/25 | 4.32 |  | 2632 |
| USD | NIP | 848012 | 11/30/27 | Snap, Inc. <br> 0.125%, 03/01/28 | 4.32 |  | 62532 |
| USD | BNP | 433917 | 09/22/23 | Spotify USA, Inc. <br> 0.000%, 03/15/26 | 4.32 |  | 7047 |
| USD | NIP | 389875 | 11/30/27 | Unity Software, Inc. <br> 0.000%, 11/15/26 | 4.32 | 10233 |  |
| USD | BNP | 388293 | 09/22/23 | Upwork, Inc. <br> 0.250%, 08/15/26 | 4.32 | 3584 |  |
| **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** | **Short Position Contract** |  |  |  |
| USD | BNP | 4391 | 09/19/23 | Anywhere Real Estate, Inc. | 4.32 | 340 |  |
| USD | BNP | 11092 | 09/19/23 | Apellis Pharmaceuticals, Inc. | 4.32 |  | 180 |
| USD | BOA | 4440 | 05/31/23 | Arbor Realty Trust, Inc. | 4.32 | 1485 |  |
| USD | BNP | 1060 | 09/19/23 | Bandwidth, Inc. | 4.32 |  | 340 |
| USD | NIP | 6614 | 11/30/27 | Bandwidth, Inc. | 4.32 |  | 3185 |
| USD | BNP | 53061 | 09/19/23 | Beauty Health Co. | 4.32 | 781 |  |
| USD | BOA | 54078 | 05/31/23 | Bentley Systems, Inc. | 4.32 | 19779 |  |
| USD | BNP | 35451 | 09/19/23 | Blackline, Inc. | 4.32 |  | 135 |
| USD | BOA | 368258 | 05/31/23 | Cinemark Holdings, Inc. | 4.32 | 198990 |  |
| USD | NIP | 38703 | 11/30/27 | Cloudflare, Inc. | 4.32 | 6695 |  |
| USD | BNP | 44324 | 09/19/23 | Confluent, Inc. | 4.32 | 2491 |  |
| USD | BNP | 35904 | 09/19/23 | Coupa Software, Inc. | 4.32 |  | 5660 |
| USD | BNP | 25365 | 09/19/23 | DigitalOcean Holdings, Inc. | 4.32 | 4964 |  |
| USD | NIP | 65861 | 11/30/27 | DISH Network Corp. | 4.32 | 14994 |  |
| USD | NIP | 1091418 | 11/30/27 | Dynavax Technologies Corp. | 4.32 | 137212 |  |
| USD | BOA | 253109 | 05/31/23 | Fisker, Inc. | 4.32 | 127483 |  |

---

 

*The accompanying notes are an integral part of these financial statements.*

**38** Annual Report

------

**Lazard Enhanced Opportunities Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | | Unrealized | Unrealized |
| Currency | Counterparty | Amount | Date | Reference Entity^ | Rate\* | Appreciation | Depreciation |
| USD | BOA | $58394 | 05/31/23 | Gol Linhas Aereas Inteligentes SA | 4.32% | $39421 | $— |
| USD | BNP | 18048 | 09/19/23 | Gol Linhas Aereas Inteligentes SA | 4.32 | 7069 |  |
| USD | BOA | 14553 | 05/31/23 | Greenbrier Cos. Inc. | 4.32 | 3655 |  |
| USD | BNP | 17992 | 09/19/23 | Groupon, Inc. | 4.32 | 857 |  |
| USD | BNP | 174167 | 09/19/23 | Guess?, Inc. | 4.32 |  | 68382 |
| USD | BOA | 378090 | 05/31/23 | iShares iBoxx High Yield Corporate Bond ETF | 4.32 | 33796 |  |
| USD | NIP | 45164 | 11/30/27 | JetBlue Airways Corp. | 4.32 | 7295 |  |
| USD | BNP | 102938 | 09/19/23 | Karyopharm Therapeutics, Inc. | 4.32 | 29392 |  |
| USD | NIP | 117032 | 11/30/27 | Lucid Group, Inc. | 4.32 | 69311 |  |
| USD | BNP | 329 | 09/19/23 | Magnite, Inc. | 4.32 |  | 148 |
| USD | BOA | 341365 | 05/31/23 | Marriott Vacations Worldwide Corp. | 4.32 | 18651 |  |
| USD | BOA | 167938 | 05/31/23 | MP Materials Corp. | 4.32 | 41414 |  |
| USD | NIP | 13368 | 11/30/27 | NuVasive, Inc. | 4.32 | 1491 |  |
| USD | NIP | 30380 | 11/30/27 | Omeros Corp. | 4.32 | 15697 |  |
| USD | BNP | 42937 | 09/19/23 | Opendoor Technologies, Inc. | 4.32 | 26542 |  |
| USD | BNP | 19505 | 09/19/23 | Peabody Energy Corp. | 4.32 | 2121 |  |
| USD | BOA | 249979 | 05/31/23 | Pebblebrook Hotel Trust | 4.32 | 100087 |  |
| USD | BOA | 113116 | 05/31/23 | PennyMac Mortgage Investment Trust | 4.32 | 21966 |  |
| USD | BNP | 85722 | 09/19/23 | PennyMac Mortgage Investment Trust | 4.32 | 11960 |  |
| USD | BNP | 39075 | 09/19/23 | PetIQ, Inc. | 4.32 |  | 4194 |
| USD | BNP | 25339 | 09/19/23 | Porch Group, Inc. | 4.32 | 5757 |  |
| USD | BNP | 7609 | 09/19/23 | PRA Group, Inc. | 4.32 |  | 431 |
| USD | BNP | 2826 | 09/19/23 | Redfin Corp. | 4.32 | 689 |  |
| USD | BOA | 36832 | 05/31/23 | Redwood Trust, Inc. | 4.32 | 18979 |  |
| USD | BNP | 24792 | 09/19/23 | Repay Holdings Corp. | 4.32 | 4386 |  |
| USD | BNP | 4956 | 09/19/23 | Sea, Ltd. | 4.32 | 169 |  |
| USD | BNP | 14172 | 09/19/23 | Shopify, Inc. | 4.32 | 1850 |  |
| USD | BOA | 127549 | 05/31/23 | Sirius XM Holdings, Inc. | 4.32 | 5586 |  |
| USD | NIP | 71980 | 11/30/27 | Snap, Inc. | 4.32 | 11612 |  |

---

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **39**

------

**Lazard Enhanced Opportunities Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | | Unrealized | Unrealized |
| Currency | Counterparty | Amount | Date | Reference Entity^ | Rate\* | Appreciation | Depreciation |
| USD | BOA | $32509 | 05/31/23 | Two Harbors Investment Corp. | 4.32% | $13522 | $— |
| USD | BNP | 1138 | 09/19/23 | Two Harbors Investment Corp. | 4.32 |  | 155 |
| USD | NIP | 3794 | 11/30/27 | Unity Software, Inc. | 4.32 | 564 |  |
| USD | BNP | 15506 | 09/19/23 | Upwork, Inc. | 4.32 | 3928 |  |
| USD | BNP | 24225 | 09/19/23 | Veritone, Inc. | 4.32 | 7869 |  |
| USD | BOA | 24440 | 05/31/23 | Vishay Intertechnology, Inc. | 4.32 |  | 1919 |
| USD | BNP | 20385 | 09/19/23 | Vishay Intertechnology, Inc. | 4.32 | 1167 |  |
| 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 |  | $1178486 | $1595871 |

---

---

| | |
|:---|:---|
| ^ | 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. 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. |

---

*The accompanying notes are an integral part of these financial statements.*

**40** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio** |  |  |
| **Common Stocks \| 32.4%** |  |  |
| **Australia \| 0.3%** |  |  |
| AGL Energy Ltd. | 381 | $2092 |
| Allkem Ltd. (\*) | 579 | 4399 |
| Aristocrat Leisure Ltd. | 47 | 971 |
| BHP Group Ltd. | 116 | 3591 |
| Coronado Global Resources, Inc. | 1635 | 2181 |
| GrainCorp Ltd., Class A | 429 | 2165 |
| Incitec Pivot Ltd. | 800 | 2021 |
| Northern Star Resources Ltd. | 276 | 2021 |
| Pilbara Minerals Ltd. (\*) | 585 | 1491 |
| WiseTech Global Ltd. | 78 | 2690 |
| Yancoal Australia Ltd. | 3954 | 16155 |
|  |  | 39777 |
| **Belgium \| 0.1%** |  |  |
| Warehouses De Pauw CVA REIT | 238 | 6805 |
| **Canada \| 1.2%** |  |  |
| Agnico Eagle Mines Ltd. | 43 | 2234 |
| Alimentation Couche-Tard, Inc. | 109 | 4790 |
| ARC Resources Ltd. | 179 | 2413 |
| Atco Ltd., Class I | 167 | 5227 |
| Birchcliff Energy Ltd. | 280 | 1950 |
| Canadian National Railway Co. | 74 | 8797 |
| Element Fleet Management Corp. | 296 | 4033 |
| H&R Real Estate Investment Trust REIT | 390 | 3488 |
| Hydro One Ltd. | 908 | 24323 |
| International Petroleum Corp. (\*) | 346 | 3893 |
| Loblaw Cos. Ltd. | 447 | 39524 |
| Metro, Inc. | 598 | 33111 |
| Nutrien Ltd. | 34 | 2482 |
| Toronto-Dominion Bank | 168 | 10880 |
| Tourmaline Oil Corp. | 115 | 5803 |
|  |  | 152948 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **41**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **China \| 0.1%** |  |  |
| NXP Semiconductors NV | 48 | $7586 |
| SITC International Holdings Co. Ltd. | 1000 | 2207 |
|  |  | 9793 |
| **Denmark \| 0.3%** |  |  |
| AP Moller - Maersk AS, Class B | 1 | 2246 |
| Carlsberg AS, Class B ADR | 267 | 7083 |
| Novo Nordisk AS, Class B | 284 | 38454 |
|  |  | 47783 |
| **Finland \| 0.0%** |  |  |
| Neste Oyj | 48 | 2217 |
| **France \| 0.8%** |  |  |
| BNP Paribas SA | 131 | 7455 |
| Bureau Veritas SA ADR | 98 | 5158 |
| Cie de Saint-Gobain | 148 | 7266 |
| Cie Generale des Etablissements Michelin SCA | 266 | 7397 |
| Hermes International | 4 | 6172 |
| Legrand SA ADR | 285 | 4551 |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 50 | 7243 |
| Orange SA | 2890 | 28736 |
| Pernod Ricard SA ADR | 157 | 6175 |
| Societe Generale SA | 248 | 6222 |
| Thales SA ADR | 274 | 6990 |
| TotalEnergies SE | 207 | 12920 |
| Vinci SA | 59 | 5893 |
|  |  | 112178 |
| **Germany \| 0.4%** |  |  |
| Bayerische Motoren Werke AG | 76 | 6783 |
| Deutsche Bank AG | 525 | 5951 |
| Deutsche Post AG | 422 | 15885 |
| Mercedes-Benz Group AG | 32 | 2100 |
| Mercer International, Inc. | 336 | 3911 |
| Merck KGaA ADR | 171 | 6597 |
| Telefonica Deutschland Holding AG | 3294 | 8116 |
|  |  | 49343 |

---

*The accompanying notes are an integral part of these financial statements.*

**42** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Hong Kong \| 0.2%** |  |  |
| AIA Group Ltd. ADR | 154 | $6842 |
| Jardine Matheson Holdings Ltd. | 100 | 5085 |
| Swire Pacific Ltd., Class A | 1500 | 13156 |
|  |  | 25083 |
| **Ireland \| 0.0%** |  |  |
| AerCap Holdings NV (\*) | 49 | 2858 |
| **Israel \| 0.1%** |  |  |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 4472 | 7715 |
| Perion Network Ltd. (\*) | 64 | 1619 |
|  |  | 9334 |
| **Italy \| 0.1%** |  |  |
| Poste Italiane SpA | 429 | 4184 |
| UniCredit SpA | 468 | 6655 |
|  |  | 10839 |
| **Japan \| 3.7%** |  |  |
| ABC-Mart, Inc. | 300 | 17038 |
| Canon, Inc. | 600 | 12974 |
| Cosmo Energy Holdings Co. Ltd. | 100 | 2645 |
| Daiwa House Industry Co. Ltd. | 200 | 4589 |
| Electric Power Development Co. Ltd. | 1500 | 23862 |
| FUJIFILM Holdings Corp. | 100 | 5045 |
| Hachijuni Bank Ltd. | 1700 | 7093 |
| Honda Motor Co. Ltd. | 800 | 18291 |
| Hulic Co. Ltd. | 700 | 5509 |
| Japan Post Bank Co. Ltd. | 700 | 6015 |
| Japan Post Holdings Co. Ltd. | 6500 | 54799 |
| Japan Post Insurance Co. Ltd. | 700 | 12319 |
| Japan Real Estate Investment Corp. REIT | 2 | 8760 |
| Japan Tobacco, Inc. | 1500 | 30330 |
| Kansai Electric Power Co., Inc. | 600 | 5824 |
| KDDI Corp. | 600 | 18134 |
| Lawson, Inc. | 400 | 15329 |
| McDonald's Holdings Co. Japan Ltd. | 200 | 7610 |
| Mizuho Financial Group, Inc. | 1000 | 14134 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **43**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| MS&AD Insurance Group Holdings, Inc. | 200 | $6401 |
| NGK Spark Plug Co. Ltd. | 100 | 1845 |
| Nihon Kohden Corp. | 500 | 12200 |
| Nintendo Co. Ltd. ADR | 593 | 6179 |
| Nippon Building Fund, Inc. REIT | 2 | 8931 |
| Nippon Steel Corp. | 200 | 3482 |
| Nippon Telegraph & Telephone Corp. | 700 | 19981 |
| Nisshinbo Holdings, Inc. | 600 | 4413 |
| Nomura Real Estate Holdings, Inc. | 100 | 2138 |
| Olympus Corp. ADR | 330 | 5900 |
| Osaka Gas Co. Ltd. | 900 | 14557 |
| Rengo Co. Ltd. | 800 | 5496 |
| Sankyo Co. Ltd. | 500 | 20473 |
| Sega Sammy Holdings, Inc. NA | 300 | 4517 |
| Shimano, Inc. ADR | 274 | 4300 |
| Shin-Etsu Chemical Co. Ltd. | 100 | 12184 |
| Shizuoka Financial Group, Inc. | 400 | 3215 |
| Softbank Corp. | 500 | 5653 |
| Sumco Corp. | 200 | 2676 |
| Sumitomo Mitsui Financial Group, Inc. | 300 | 12088 |
| Tokyo Gas Co. Ltd. | 1700 | 33420 |
| Tokyo Ohka Kogyo Co. Ltd. | 100 | 4505 |
| Tokyu Fudosan Holdings Corp. | 500 | 2373 |
| Toshiba Corp. | 100 | 3505 |
| Yamazaki Baking Co. Ltd. | 800 | 9594 |
|  |  | 480326 |
| **Monaco \| 0.0%** |  |  |
| Scorpio Tankers, Inc. | 41 | 2205 |
| **Netherlands \| 0.9%** |  |  |
| Adyen NV (\*) | 2 | 2768 |
| ASML Holding NV | 26 | 14074 |
| BNP Paribas Emissions- und Handelsgesellschaft mbH | 485 | 5917 |
| Eurocommercial Properties NV REIT | 188 | 4535 |
| Koninklijke Ahold Delhaize NV | 386 | 11091 |
| Koninklijke KPN NV | 1483 | 4588 |

---

*The accompanying notes are an integral part of these financial statements.*

**44** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| NN Group NV | 51 | $2083 |
| Shell PLC | 1273 | 36176 |
| Wolters Kluwer NV | 243 | 25384 |
| Wolters Kluwer NV ADR | 108 | 11313 |
|  |  | 117929 |
| **New Zealand \| 0.1%** |  |  |
| Spark New Zealand Ltd. | 4217 | 14454 |
| **Norway \| 0.1%** |  |  |
| Orkla ASA | 1575 | 11379 |
| **Puerto Rico \| 0.0%** |  |  |
| OFG Bancorp | 36 | 992 |
| **Singapore \| 0.3%** |  |  |
| Jardine Cycle & Carriage Ltd. | 600 | 12819 |
| Oversea-Chinese Banking Corp. Ltd. | 900 | 8166 |
| Sembcorp Industries Ltd. | 3100 | 7805 |
| Singapore Telecommunications Ltd. NA | 2500 | 4800 |
| STMicroelectronics NV | 89 | 3164 |
|  |  | 36754 |
| **Spain \| 0.2%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA | 382 | 2307 |
| Banco Santander SA | 472 | 1413 |
| Corporacion Financiera Alba SA | 33 | 1524 |
| Iberdrola SA | 94 | 1100 |
| Industria de Diseno Textil SA | 412 | 10971 |
| Industria de Diseno Textil SA ADR | 355 | 4734 |
|  |  | 22049 |
| **Sweden \| 0.2%** |  |  |
| Assa Abloy AB ADR | 414 | 4430 |
| Epiroc AB ADR | 584 | 10652 |
| Hexagon AB ADR | 751 | 7818 |
| Telefonaktiebolaget LM Ericsson, B Shares | 1039 | 6085 |
|  |  | 28985 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **45**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| **Switzerland \| 0.2%** |  |  |
| ABB Ltd. ADR | 280 | $8529 |
| Novartis AG | 62 | 5616 |
| PSP Swiss Property AG | 99 | 11642 |
| Swatch Group AG | 579 | 8216 |
|  |  | 34003 |
| **United Kingdom \| 1.3%** |  |  |
| Barclays PLC | 3690 | 7094 |
| Coca-Cola Europacific Partners PLC | 134 | 7413 |
| Compass Group PLC | 243 | 5615 |
| Diageo PLC ADR | 65 | 11583 |
| HSBC Holdings PLC | 1713 | 10683 |
| Investec PLC | 583 | 3605 |
| Linde PLC | 7 | 2283 |
| LXI REIT PLC REIT | 1852 | 2519 |
| National Grid PLC | 725 | 8708 |
| NatWest Group PLC | 2418 | 7719 |
| RELX PLC ADR | 414 | 11476 |
| Serco Group PLC | 3579 | 6693 |
| SSE PLC | 344 | 7095 |
| Standard Chartered PLC | 2846 | 21361 |
| Unilever PLC | 814 | 41066 |
| Unilever PLC ADR | 228 | 11480 |
|  |  | 166393 |
| **United States \| 21.8%** |  |  |
| 3M Co. | 40 | 4797 |
| Abbott Laboratories | 414 | 45453 |
| Academy Sports & Outdoors, Inc. | 68 | 3573 |
| Accenture PLC, Class A | 57 | 15210 |
| Activision Blizzard, Inc. | 110 | 8420 |
| Adobe, Inc. (\*) | 4 | 1346 |
| Affiliated Managers Group, Inc. | 32 | 5070 |
| Allison Transmission Holdings, Inc. | 179 | 7446 |
| Alphabet, Inc., Class A (\*) | 184 | 16234 |
| Alphabet, Inc., Class C (\*) | 328 | 29103 |
| Altria Group, Inc. | 515 | 23541 |

---

*The accompanying notes are an integral part of these financial statements.*

**46** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Amazon.com, Inc. (\*) | 152 | $12768 |
| Amdocs Ltd. | 357 | 32451 |
| Ameren Corp. | 129 | 11471 |
| American Electric Power Co., Inc. | 271 | 25731 |
| American Express Co. | 6 | 886 |
| American International Group, Inc. | 77 | 4869 |
| AmerisourceBergen Corp. | 109 | 18062 |
| AMN Healthcare Services, Inc. (\*) | 94 | 9665 |
| Amphenol Corp., Class A | 136 | 10355 |
| Aon PLC, Class A | 101 | 30314 |
| Apple, Inc. | 693 | 90041 |
| Applied Materials, Inc. | 106 | 10322 |
| AT&T, Inc. | 2759 | 50793 |
| Automatic Data Processing, Inc. | 50 | 11943 |
| AutoZone, Inc. (\*) | 7 | 17263 |
| Avery Dennison Corp. | 29 | 5249 |
| Bank of America Corp. | 236 | 7816 |
| Bath & Body Works, Inc. | 103 | 4340 |
| Biogen, Inc. (\*) | 18 | 4985 |
| BJ's Wholesale Club Holdings, Inc. (\*) | 137 | 9064 |
| BlueLinx Holdings, Inc. (\*) | 36 | 2560 |
| Booking Holdings, Inc. (\*) | 1 | 2015 |
| Booz Allen Hamilton Holding Corp. | 117 | 12229 |
| Boston Scientific Corp. (\*) | 191 | 8838 |
| Bristol-Myers Squibb Co. | 519 | 37342 |
| Broadcom, Inc. | 30 | 16774 |
| BRP, Inc. | 79 | 6032 |
| Cadence Design Systems, Inc. (\*) | 102 | 16385 |
| Cal-Maine Foods, Inc. | 167 | 9093 |
| Campbell Soup Co. | 238 | 13506 |
| Cardinal Health, Inc. | 164 | 12607 |
| Caterpillar, Inc. | 13 | 3114 |
| Cboe Global Markets, Inc. | 48 | 6023 |
| Charles Schwab Corp. | 127 | 10574 |
| Charter Communications, Inc., Class A (\*) | 39 | 13225 |
| Chegg, Inc. (\*) | 76 | 1921 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **47**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Cheniere Energy, Inc. | 12 | $1800 |
| Chesapeake Energy Corp. | 26 | 2454 |
| Chipotle Mexican Grill, Inc. (\*) | 5 | 6937 |
| Chubb Ltd. | 52 | 11471 |
| Cigna Corp. | 83 | 27501 |
| Cisco Systems, Inc. | 102 | 4859 |
| Citizens Financial Group, Inc. | 32 | 1260 |
| CME Group, Inc. | 37 | 6222 |
| CMS Energy Corp. | 195 | 12349 |
| Coca-Cola Co. | 239 | 15203 |
| Cognizant Technology Solutions Corp., Class A | 136 | 7778 |
| Colgate-Palmolive Co. | 433 | 34116 |
| Comcast Corp., Class A | 275 | 9617 |
| Computershare Ltd. ADR | 350 | 6216 |
| Comstock Resources, Inc. | 120 | 1645 |
| Consolidated Edison, Inc. | 57 | 5433 |
| Copart, Inc. (\*) | 90 | 5480 |
| Corteva, Inc. | 189 | 11109 |
| Coterra Energy, Inc. | 299 | 7346 |
| Crowdstrike Holdings, Inc., Class A (\*) | 14 | 1474 |
| CSL Ltd. | 74 | 14429 |
| CVS Health Corp. | 277 | 25814 |
| D.R. Horton, Inc. | 19 | 1694 |
| Danaher Corp. | 18 | 4778 |
| Darden Restaurants, Inc. | 15 | 2075 |
| Darling Ingredients, Inc. (\*) | 36 | 2253 |
| Dave & Buster's Entertainment, Inc. (\*) | 60 | 2126 |
| Deere & Co. | 18 | 7718 |
| Diamondback Energy, Inc. | 22 | 3009 |
| Dick's Sporting Goods, Inc. | 24 | 2887 |
| Digital Realty Trust, Inc. REIT | 84 | 8423 |
| Dillard's, Inc. Class A | 17 | 5494 |
| Dollar General Corp. | 40 | 9850 |
| Donnelley Financial Solutions, Inc. (\*) | 59 | 2280 |
| Dropbox, Inc. Class A (\*) | 226 | 5058 |
| Electronic Arts, Inc. | 40 | 4887 |

---

*The accompanying notes are an integral part of these financial statements.*

**48** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Elevance Health, Inc. | 17 | $8720 |
| Eli Lilly & Co. | 115 | 42072 |
| EMCOR Group, Inc. | 58 | 8590 |
| Equinix, Inc. REIT | 35 | 22926 |
| Equitable Holdings, Inc. | 80 | 2296 |
| Estee Lauder Cos., Inc., Class A | 43 | 10669 |
| Everest Re Group Ltd. | 51 | 16895 |
| Exxon Mobil Corp. | 72 | 7942 |
| Fair Isaac Corp. N Ap (\*) | 3 | 1796 |
| Fidelity National Financial, Inc. | 144 | 5417 |
| FirstEnergy Corp. N Ap | 202 | 8472 |
| Fiserv, Inc. (\*) | 82 | 8288 |
| Flowers Foods, Inc. | 585 | 16813 |
| FNB Corp. | 302 | 3941 |
| Fortinet, Inc. (\*) | 216 | 10560 |
| Gartner, Inc. (\*) | 9 | 3025 |
| General Mills, Inc. | 217 | 18195 |
| Gilead Sciences, Inc. | 496 | 42582 |
| GMS, Inc. (\*) | 50 | 2490 |
| Goldman Sachs Group, Inc. | 16 | 5494 |
| Grand Canyon Education, Inc. (\*) | 71 | 7502 |
| GSK PLC | 739 | 12851 |
| H&R Block, Inc. | 170 | 6207 |
| Haemonetics Corp. (\*) | 64 | 5034 |
| Haleon PLC (\*) | 478 | 1912 |
| Hartford Financial Services Group, Inc. | 35 | 2654 |
| HCA Healthcare, Inc. | 41 | 9838 |
| Henry Schein, Inc. (\*) | 93 | 7428 |
| Hershey Co. | 111 | 25704 |
| Hologic, Inc. (\*) | 70 | 5237 |
| Home Depot, Inc. | 19 | 6001 |
| ICF International, Inc. N Ap | 55 | 5448 |
| IDEX Corp. | 11 | 2512 |
| Ingles Markets, Inc., Class A | 82 | 7910 |
| Intercontinental Exchange, Inc. | 255 | 26160 |
| International Game Technology PLC | 111 | 2517 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **49**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| IQVIA Holdings, Inc. (\*) | 56 | $11474 |
| Jack Henry & Associates, Inc. | 30 | 5267 |
| Jackson Financial, Inc., Class A | 126 | 4384 |
| JB Hunt Transport Services, Inc. | 49 | 8544 |
| Johnson & Johnson | 288 | 50875 |
| JPMorgan Chase & Co. | 53 | 7107 |
| Kellogg Co. | 304 | 21657 |
| Keysight Technologies, Inc. (\*) | 180 | 30793 |
| Kforce, Inc. | 104 | 5702 |
| Kimberly-Clark Corp. | 240 | 32580 |
| Kroger Co. | 257 | 11457 |
| Lattice Semiconductor Corp. (\*) | 15 | 973 |
| Life Storage, Inc. | 69 | 6796 |
| Lockheed Martin Corp. | 21 | 10216 |
| Magnolia Oil & Gas Corp., Class A | 112 | 2626 |
| Marathon Oil Corp. | 135 | 3654 |
| Marathon Petroleum Corp. | 23 | 2677 |
| MasterCard, Inc., Class A | 71 | 24689 |
| McDonald's Corp. | 143 | 37685 |
| McKesson Corp. | 16 | 6002 |
| Medpace Holdings, Inc. (\*) | 9 | 1912 |
| Medtronic PLC | 31 | 2409 |
| Merck & Co., Inc. | 605 | 67125 |
| Meta Platforms, Inc., Class A (\*) | 74 | 8905 |
| Microsoft Corp. | 173 | 41489 |
| Molina Healthcare, Inc. (\*) | 27 | 8916 |
| Mosaic Co. | 93 | 4080 |
| Motorola Solutions, Inc. | 98 | 25256 |
| Mueller Industries, Inc. | 35 | 2065 |
| Nasdaq, Inc. | 152 | 9325 |
| National Fuel Gas Co. | 461 | 29181 |
| Netflix, Inc. (\*) | 10 | 2949 |
| News Corp. Class B | 550 | 10142 |
| NIKE, Inc., Class B | 75 | 8776 |
| NiSource, Inc. | 86 | 2358 |
| NRG Energy, Inc. | 35 | 1114 |

---

*The accompanying notes are an integral part of these financial statements.*

**50** Annual Report

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Nucor Corp. | 61 | $8040 |
| NVIDIA Corp. | 8 | 1169 |
| NVR, Inc. (\*) | 1 | 4613 |
| O'Reilly Automotive, Inc. (\*) | 52 | 43890 |
| O-I Glass, Inc. (\*) | 129 | 2138 |
| Occidental Petroleum Corp. | 30 | 1890 |
| Old Republic International Corp. | 187 | 4516 |
| ON Semiconductor Corp. (\*) | 36 | 2245 |
| Ovintiv, Inc. | 57 | 2890 |
| PACCAR, Inc. N Ap | 60 | 5938 |
| Paychex, Inc. | 228 | 26348 |
| Paycom Software, Inc. (\*) | 8 | 2482 |
| PepsiCo, Inc. | 294 | 53114 |
| Pfizer, Inc. | 309 | 15833 |
| Philip Morris International, Inc. | 76 | 7692 |
| Piedmont Office Realty Trust, Inc. REIT Class A | 190 | 1742 |
| Pinnacle West Capital Corp. | 107 | 8136 |
| Pinterest, Inc. Class A (\*) | 90 | 2185 |
| Pioneer Natural Resources Co. | 9 | 2056 |
| PNM Resources, Inc. | 188 | 9173 |
| Portland General Electric Co. | 114 | 5586 |
| Premier, Inc., Class A | 154 | 5387 |
| Procter & Gamble Co. | 299 | 45316 |
| PTC, Inc. (\*) | 73 | 8763 |
| Public Storage REIT | 76 | 21294 |
| QIAGEN NV (\*) | 223 | 11223 |
| QUALCOMM, Inc. | 66 | 7256 |
| Qualys, Inc. (\*) | 46 | 5163 |
| Regeneron Pharmaceuticals, Inc. (\*) | 16 | 11544 |
| Republic Services, Inc. | 293 | 37794 |
| Roche Holding AG | 102 | 32055 |
| Rockwell Automation, Inc. | 29 | 7470 |
| S&P Global, Inc. | 33 | 11053 |
| SBA Communications Corp. REIT | 44 | 12334 |
| Schlumberger Ltd. | 45 | 2406 |
| Sempra Energy | 103 | 15918 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **51**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> Description | <br> Shares | Fair<br> Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |
| Service Corp. International | 171 | $11823 |
| ServiceNow, Inc. (\*) | 6 | 2330 |
| Simon Property Group, Inc. REIT | 61 | 7166 |
| Sirius XM Holdings, Inc. | 912 | 5326 |
| SLM Corp. | 303 | 5030 |
| Southwestern Energy Co. (\*) | 269 | 1574 |
| Starbucks Corp. | 105 | 10416 |
| Steel Dynamics, Inc. | 97 | 9477 |
| Stellantis NV | 727 | 10298 |
| Stewart Information Services Corp. | 49 | 2094 |
| Synchrony Financial | 53 | 1742 |
| Synopsys, Inc. (\*) | 128 | 40869 |
| Sysco Corp. | 69 | 5275 |
| Target Corp. | 9 | 1341 |
| Tesla, Inc. (\*) | 87 | 10717 |
| Tetra Tech, Inc. | 57 | 8276 |
| Texas Instruments, Inc. | 99 | 16357 |
| Texas Roadhouse, Inc. | 95 | 8640 |
| Thermo Fisher Scientific, Inc. | 24 | 13217 |
| TJX Cos., Inc. | 159 | 12656 |
| TopBuild Corp. (\*) | 20 | 3130 |
| Tractor Supply Co. | 18 | 4049 |
| Travelers Cos., Inc. | 73 | 13687 |
| U-Haul Holding Co. | 209 | 12017 |
| UFP Industries, Inc. | 58 | 4596 |
| Ulta Beauty, Inc. (\*) | 16 | 7505 |
| UMH Properties, Inc. REIT | 117 | 1884 |
| United Parcel Service, Inc., Class B | 13 | 2260 |
| United Therapeutics Corp. (\*) | 19 | 5284 |
| UnitedHealth Group, Inc. | 89 | 47186 |
| Unum Group | 60 | 2462 |
| Valero Energy Corp. | 53 | 6724 |
| Verizon Communications, Inc. | 990 | 39006 |
| Vertex Pharmaceuticals, Inc. (\*) | 70 | 20215 |
| Virtu Financial, Inc., Class A | 240 | 4898 |
| Visa, Inc., Class A | 136 | 28255 |

---

*The accompanying notes are an integral part of these financial statements.*

**52** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Fair |
| &nbsp;&nbsp;Description |  | Shares | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Vistra Corp. |  | 50 | $1160 |
| Warner Music Group Corp., Class A |  | 113 | 3957 |
| Waste Management, Inc. |  | 233 | 36553 |
| WEC Energy Group, Inc. |  | 46 | 4313 |
| Wells Fargo & Co. |  | 230 | 9497 |
| Westamerica BanCorp |  | 125 | 7376 |
| Westlake Corp. |  | 20 | 2051 |
| Weyerhaeuser Co. REIT |  | 33 | 1023 |
| White Mountains Insurance Group Ltd. |  | 9 | 12729 |
| Williams-Sonoma, Inc. |  | 17 | 1954 |
| Willis Towers Watson PLC |  | 48 | 11740 |
| WW Grainger, Inc. |  | 34 | 18912 |
| Xcel Energy, Inc. |  | 299 | 20963 |
| Zoetis, Inc. |  | 52 | 7621 |
|  |  |  | 2851405 |
| **Total Common Stocks** <br> (Cost $3,597,755) |  |  | 4235832 |
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Corporate Bonds \| 22.0%** |  |  |  |
| **Canada \| 1.0%** |  |  |  |
| Canadian Imperial Bank of Commerce, <br> 0.950%, 10/23/25 | USD | 150 | $134793 |
| **Germany \| 0.9%** |  |  |  |
| Mercedes-Benz Group AG, <br> 0.750%, 09/10/30 | EUR | 135 | 118101 |
| **Switzerland \| 0.5%** |  |  |  |
| ABB Finance USA, Inc., <br> 4.375%, 05/08/42 | USD | 72 | 61956 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **53**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **United States \| 19.6%** |  |  |  |
| Adobe, Inc., <br> 2.300%, 02/01/30 | USD | 55 | $46897 |
| Alphabet, Inc., <br> 1.100%, 08/15/30 | USD | 75 | 58693 |
| Amazon.com, Inc., <br> 3.150%, 08/22/27 | USD | 60 | 56380 |
| American Express Co., <br> 4.050%, 05/03/29 | USD | 45 | 42851 |
| Amgen, Inc., <br> 3.000%, 02/22/29 | USD | 55 | 48703 |
| Apple, Inc., <br> 1.125%, 05/11/25 | USD | 110 | 101272 |
| Ball Corp., <br> 4.875%, 03/15/26 | USD | 75 | 72647 |
| Bank of America Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.486% (SOFR + 1.460%), 05/19/24 (§) | USD | 60 | 59059 |
| &nbsp;&nbsp;&nbsp;1.978% (CDOR 3 Month + 0.600%), 09/15/27 (§) | CAD | 155 | 101866 |
| Citigroup, Inc., <br> 1.281% (SOFR + 0.528%), 11/03/25 (§) | USD | 145 | 133608 |
| Clean Harbors, Inc., <br> 4.875%, 07/15/27 | USD | 75 | 71062 |
| Goldman Sachs Group, Inc., <br> 1.992% (SOFR + 1.090%), 01/27/32 (§) | USD | 105 | 79991 |
| Home Depot, Inc., <br> 5.875%, 12/16/36 | USD | 40 | 42777 |
| John Deere Financial, Inc., <br> 2.410%, 01/14/25 | CAD | 215 | 150848 |
| Johnson Controls International PLC, <br> 1.750%, 09/15/30 | USD | 105 | 83872 |
| JPMorgan Chase & Co., <br> 3.540% (USD LIBOR 3 Month + 1.380%), 05/01/28 (§) | USD | 150 | 138032 |

---

*The accompanying notes are an integral part of these financial statements.*

**54** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Kimberly-Clark Corp., <br> 3.200%, 04/25/29 | USD | 48 | $43823 |
| McDonald's Corp., <br> 3.125%, 03/04/25 | CAD | 135 | 96257 |
| Microsoft Corp., <br> 3.500%, 11/15/42 | USD | 65 | 54464 |
| Morgan Stanley, <br> 3.625%, 01/20/27 | USD | 140 | 132022 |
| Mueller Water Products, Inc., <br> 4.000%, 06/15/29 (#) | USD | 80 | 70300 |
| PepsiCo, Inc., <br> 2.875%, 10/15/49 | USD | 80 | 57155 |
| Pfizer, Inc., <br> 2.625%, 04/01/30 | USD | 60 | 52705 |
| Procter & Gamble Co., <br> 1.200%, 10/29/30 | USD | 40 | 31384 |
| Prologis LP REIT, <br> 1.250%, 10/15/30 | USD | 165 | 125081 |
| Schneider Electric SE, <br> 0.875%, 12/13/26 | EUR | 100 | 97354 |
| Service Corp. International, <br> 4.625%, 12/15/27 | USD | 80 | 74724 |
| Starbucks Corp., <br> 4.450%, 08/15/49 | USD | 65 | 55246 |
| Toyota Motor Credit Corp., <br> 2.150%, 02/13/30 | USD | 95 | 79927 |
| United Rentals North America, Inc., <br> 4.875%, 01/15/28 | USD | 75 | 71074 |
| Verizon Communications, Inc., <br> 3.875%, 02/08/29 | USD | 144 | 135110 |
| Visa, Inc., <br> 0.750%, 08/15/27 | USD | 115 | 97855 |
|  |  |  | 2563039 |
| **Total Corporate Bonds** <br> (Cost $3,166,620) |  |  | 2877889 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **55**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Fair |
| &nbsp;&nbsp;Description |  | Shares | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Exchange-Traded Funds \| 1.2%** |  |  |  |
| iShares MSCI World ETF <br> (Cost $119,493) |  | 1418 | $154917 |
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Foreign Government Obligations \| 28.9%** |  |  |  |
| **Australia \| 2.1%** |  |  |  |
| New South Wales Treasury Corp., <br> 1.250%, 11/20/30 | AUD | 200 | $106585 |
| Queensland Treasury Corp., <br> 1.250%, 03/10/31 | AUD | 315 | 166197 |
|  |  |  | 272782 |
| **Bahamas \| 0.7%** |  |  |  |
| Bahamas Government International Bonds, <br> 6.950%, 11/20/29 | USD | 115 | 86343 |
| **Canada \| 4.1%** |  |  |  |
| British Columbia, <br> 3.200%, 06/18/44 | CAD | 245 | 152654 |
| Export Development Canada, <br> 1.650%, 07/31/24 | CAD | 150 | 106315 |
| Quebec, <br> 1.850%, 02/13/27 | CAD | 255 | 174308 |
| Vancouver, <br> 2.900%, 11/20/25 | CAD | 140 | 99975 |
|  |  |  | 533252 |
| **Chile \| 1.8%** |  |  |  |
| Bonos de la Tesoreria de la Republica en pesos: |  |  |  |
| &nbsp;&nbsp;&nbsp;5.800%, 06/01/24 | CLP | 90000 | 103713 |
| &nbsp;&nbsp;&nbsp;2.300%, 10/01/28 | CLP | 130000 | 128006 |
|  |  |  | 231719 |

---

*The accompanying notes are an integral part of these financial statements.*

**56** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Colombia \| 0.3%** |  |  |  |
| Colombia Government International Bonds, <br> 9.850%, 06/28/27 | COP | 205000 | $36240 |
| **Czech Republic \| 1.2%** |  |  |  |
| Czech Republic Government Bonds, <br> 7.210%, 11/19/27 | CZK | 3590 | 157249 |
| **Denmark \| 0.4%** |  |  |  |
| Denmark Government Bond, <br> 0.000%, 11/15/31 | DKK | 440 | 50053 |
| **France \| 0.8%** |  |  |  |
| French Republic Government Bonds OAT, <br> 1.750%, 06/25/39 | EUR | 125 | 109127 |
| **Hungary \| 0.3%** |  |  |  |
| Hungary Government International Bonds, <br> 1.750%, 06/05/35 | EUR | 60 | 42101 |
| **Ireland \| 0.6%** |  |  |  |
| Ireland Government Bonds, <br> 1.350%, 03/18/31 | EUR | 85 | 80904 |
| **Japan \| 1.4%** |  |  |  |
| Japan International Cooperation Agency, <br> 3.250%, 05/25/27 | USD | 200 | 189538 |
| **Mexico \| 2.0%** |  |  |  |
| Mexico Bonos: |  |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 09/05/24 | MXN | 2480 | 123091 |
| &nbsp;&nbsp;&nbsp;7.500%, 06/03/27 | MXN | 2640 | 127583 |
| Mexico Government International Bonds, <br> 6.750%, 02/06/24 | GBP | 5 | 6105 |
|  |  |  | 256779 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **57**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Morocco \| 0.6%** |  |  |  |
| Morocco Government International Bonds, <br> 1.500%, 11/27/31 | EUR | 100 | $78698 |
| **New Zealand \| 2.8%** |  |  |  |
| Housing New Zealand Ltd., <br> 3.420%, 10/18/28 | NZD | 180 | 104327 |
| New Zealand Local Government Funding Agency Bonds: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 04/15/24 | NZD | 285 | 173640 |
| &nbsp;&nbsp;&nbsp;2.000%, 04/15/37 | NZD | 225 | 91635 |
|  |  |  | 369602 |
| **Norway \| 1.5%** |  |  |  |
| Oslo: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 03/14/24 | NOK | 1000 | 100221 |
| &nbsp;&nbsp;&nbsp;2.350%, 09/04/24 | NOK | 1000 | 99521 |
|  |  |  | 199742 |
| **Panama \| 1.5%** |  |  |  |
| Panama Government International Bonds, <br> 8.875%, 09/30/27 | USD | 170 | 195479 |
| **Peru \| 1.2%** |  |  |  |
| Peru Government Bonds, <br> 6.150%, 08/12/32 | PEN | 394 | 91213 |
| Peruvian Government International Bonds, <br> 3.000%, 01/15/34 | USD | 85 | 66927 |
|  |  |  | 158140 |
| **Poland \| 1.1%** |  |  |  |
| Poland Government Bonds, <br> 7.560% (WIBOR 6 Months), 05/25/28 (§) | PLN | 660 | 142382 |
| **Portugal \| 0.6%** |  |  |  |
| Portugal Obrigacoes do Tesouro OT, <br> 1.650%, 07/16/32 | EUR | 90 | 81958 |
| **Singapore \| 0.9%** |  |  |  |
| Singapore Government Bonds, <br> 3.375%, 09/01/33 | SGD | 150 | 114566 |

---

*The accompanying notes are an integral part of these financial statements.*

**58** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| **Spain \| 0.6%** |  |  |  |
| Spain Government Bonds, <br> 1.000%, 07/30/42 | EUR | 125 | $81635 |
| **Switzerland \| 0.4%** |  |  |  |
| Swiss Confederation Government Bonds, <br> 0.500%, 06/27/32 | CHF | 55 | 53877 |
| **Thailand \| 1.4%** |  |  |  |
| Thailand Government Bonds, <br> 1.585%, 12/17/35 | THB | 7255 | 178475 |
| **United Kingdom \| 0.6%** |  |  |  |
| U.K. Gilts, <br> 0.875%, 07/31/33 | GBP | 90 | 81213 |
| **Total Foreign Government Obligations** <br> (Cost $4,191,793) |  |  | 3781854 |
| **Quasi Government Bonds \| 1.7%** |  |  |  |
| **Germany \| 1.7%** |  |  |  |
| Kreditanstalt fuer Wiederaufbau: |  |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 09/15/28 | EUR | 55 | 49609 |
| &nbsp;&nbsp;&nbsp;1.750%, 09/14/29 | USD | 200 | 172416 |
| **Total Quasi Government Bonds** <br> (Cost $241,274) |  |  | 222025 |
| **Supranational Bonds \| 7.1%** |  |  |  |
| Asian Development Bank, <br> 2.125%, 03/19/25 | USD | 73 | 69151 |
| European Investment Bank, <br> 1.000%, 01/28/28 | CAD | 205 | 132289 |
| Inter-American Development Bank, <br> 7.875%, 03/14/23 | IDR | 2370000 | 152864 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **59**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Global Dynamic Multi-Asset Portfolio (continued)** |  |  |  |
| Inter-American Investment Corp., <br> 1.100%, 06/30/26 | AUD | 62 | $37381 |
| International Bank for Reconstruction & Development: |  |  |  |
| &nbsp;&nbsp;&nbsp;1.900%, 01/16/25 | CAD | 205 | 144443 |
| &nbsp;&nbsp;&nbsp;2.900%, 11/26/25 | AUD | 135 | 88712 |
| &nbsp;&nbsp;&nbsp;1.250%, 03/16/26 | NOK | 990 | 95163 |
| &nbsp;&nbsp;&nbsp;1.125%, 09/13/28 | USD | 62 | 52479 |
| International Finance Corp.: |  |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 04/07/26 | USD | 80 | 74706 |
| &nbsp;&nbsp;&nbsp;1.500%, 04/15/35 | AUD | 172 | 77917 |
| **Total Supranational Bonds** <br> (Cost $1,052,001) |  |  | 925105 |
| **U.S. Treasury Securities \| 2.4%** |  |  |  |
| U.S. Treasury Bond, <br> 2.250%, 05/15/41 <br> (Cost $296,610) | USD | 415 | 311979 |
|  |  |  | Fair |
| &nbsp;&nbsp;Description |  | Shares | Value |
| **Short-Term Investments \| 3.5%** |  |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) <br> (Cost $456,557) |  | 456557 | $456557 |
| **Total Investments \| 99.2%** <br> (Cost $13,122,103) (») |  |  | $**12966158** |
| **Cash and Other Assets in Excess of Liabilities \| 0.8%** |  |  | **110692** |
| **Net Assets \| 100.0%** |  |  | $**13076850** |

---

*The accompanying notes are an integral part of these financial statements.*

**60** Annual Report

------

**Lazard Global Dynamic Multi-Asset Portfolio (continued)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| AUD | 12346 | USD | 7800 | HSB | 02/08/23 | $618 | $— |
| AUD | 23735 | USD | 16000 | HSB | 02/08/23 | 183 |  |
| AUD | 38333 | USD | 24600 | JPM | 02/08/23 | 1535 |  |
| AUD | 190180 | USD | 123299 | JPM | 02/08/23 | 6366 |  |
| AUD | 23605 | USD | 15884 | SSB | 03/29/23 | 243 |  |
| CAD | 32136 | USD | 23772 | CIT | 02/08/23 |  | 33 |
| CAD | 4429 | USD | 3320 | HSB | 02/08/23 |  | 48 |
| CAD | 19220 | USD | 14000 | HSB | 02/08/23 | 198 |  |
| CAD | 20407 | USD | 15000 | HSB | 02/08/23 | 75 |  |
| CAD | 35467 | USD | 26600 | JPM | 02/08/23 |  | 400 |
| CHF | 2605 | USD | 2600 | HSB | 02/08/23 | 227 |  |
| CHF | 43400 | USD | 44869 | HSB | 02/08/23 | 2244 |  |
| CHF | 7328 | USD | 7573 | MSC | 02/08/23 | 382 |  |
| CHF | 22255 | USD | 24158 | SSB | 03/29/23 | 132 |  |
| CNH | 321665 | USD | 44200 | HSB | 02/08/23 | 2402 |  |
| CNH | 401789 | USD | 58000 | HSB | 02/08/23 | 210 |  |
| CNH | 1428430 | USD | 200954 | HSB | 02/08/23 | 5992 |  |
| CNH | 2750893 | USD | 386188 | HSB | 02/08/23 | 12351 |  |
| CNH | 202831 | USD | 28500 | HSB | 02/28/23 | 933 |  |
| CNH | 1143653 | USD | 160595 | JPM | 02/08/23 | 5093 |  |
| COP | 36332019 | USD | 6900 | HSB | 04/25/23 | 435 |  |
| CZK | 78092 | USD | 3100 | HSB | 01/11/23 | 354 |  |
| CZK | 1048309 | USD | 44000 | JPM | 01/11/23 | 2368 |  |
| CZK | 2241851 | USD | 90051 | JPM | 01/11/23 | 9108 |  |
| EUR | 373835 | USD | 376103 | CIT | 02/08/23 | 24998 |  |
| EUR | 59034 | USD | 63200 | HSB | 02/08/23 | 140 |  |
| EUR | 90458 | USD | 88900 | HSB | 02/08/23 | 8155 |  |
| EUR | 111599 | USD | 112200 | HSB | 02/08/23 | 7538 |  |
| EUR | 122042 | USD | 129000 | HSB | 02/08/23 | 1943 |  |
| EUR | 398824 | USD | 401313 | HSB | 02/08/23 | 26600 |  |
| EUR | 81184 | USD | 86730 | JPM | 02/08/23 | 376 |  |
| EUR | 54979 | USD | 58734 | JPM | 03/29/23 | 461 |  |
| EUR | 20194 | USD | 21572 | SSB | 03/29/23 | 170 |  |
| GBP | 14989 | USD | 18083 | CIT | 02/08/23 | 55 |  |
| GBP | 17595 | USD | 19700 | HSB | 02/08/23 | 1591 |  |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **61**

------

**Lazard Global Dynamic Multi-Asset Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| GBP | 25345 | USD | 31000 | JPM | 02/08/23 | $— | $331 |
| GBP | 31429 | USD | 37500 | JPM | 02/08/23 | 531 |  |
| GBP | 42071 | USD | 48400 | JPM | 02/08/23 | 2508 |  |
| GBP | 77702 | USD | 90099 | JPM | 02/08/23 | 3924 |  |
| GBP | 120288 | USD | 138328 | JPM | 02/08/23 | 7227 |  |
| HUF | 12293574 | USD | 32000 | HSB | 02/08/23 | 630 |  |
| JPY | 12330904 | USD | 91000 | CIT | 02/08/23 | 3376 |  |
| JPY | 27965431 | USD | 192320 | CIT | 02/08/23 | 21717 |  |
| JPY | 4255210 | USD | 30300 | HSB | 02/08/23 | 2268 |  |
| JPY | 127825492 | USD | 879180 | HSB | 02/08/23 | 99151 |  |
| KRW | 26220000 | USD | 20000 | JPM | 04/18/23 | 885 |  |
| KRW | 130296332 | USD | 91375 | JPM | 04/18/23 | 12410 |  |
| MXN | 61968 | USD | 3100 | HSB | 02/08/23 | 60 |  |
| NOK | 522162 | USD | 51500 | HSB | 02/08/23 | 1873 |  |
| NZD | 221478 | USD | 140229 | HSB | 02/08/23 | 456 |  |
| NZD | 267350 | USD | 155067 | JPM | 02/08/23 | 14756 |  |
| PLN | 17580 | USD | 3600 | HSB | 02/08/23 | 401 |  |
| PLN | 163073 | USD | 36974 | HSB | 02/08/23 | 141 |  |
| RON | 42079 | USD | 8300 | HSB | 02/08/23 | 798 |  |
| RON | 692870 | USD | 134204 | HSB | 02/08/23 | 15600 |  |
| SEK | 22210 | USD | 2000 | HSB | 02/08/23 | 133 |  |
| SEK | 288391 | USD | 25969 | HSB | 02/08/23 | 1723 |  |
| SEK | 73529 | USD | 6622 | JPM | 02/08/23 | 438 |  |
| SEK | 488845 | USD | 46000 | JPM | 02/08/23 | 939 |  |
| SGD | 80923 | USD | 59200 | JPM | 02/08/23 | 1253 |  |
| THB | 46523 | USD | 1250 | JPM | 03/13/23 | 102 |  |
| USD | 22411 | AUD | 32987 | HSB | 02/08/23 |  | 79 |
| USD | 148831 | AUD | 228958 | HSB | 02/08/23 |  | 7274 |
| USD | 22000 | AUD | 32455 | JPM | 02/08/23 |  | 128 |
| USD | 25521 | AUD | 39332 | JPM | 02/08/23 |  | 1295 |
| USD | 285433 | AUD | 439309 | JPM | 02/08/23 |  | 14090 |
| USD | 394326 | CAD | 533066 | CIT | 02/08/23 | 550 |  |
| USD | 14946 | CAD | 20397 | CIT | 03/29/23 |  | 128 |
| USD | 6609 | CAD | 9019 | HSB | 02/08/23 |  | 53 |
| USD | 7152 | CAD | 9695 | HSB | 02/08/23 |  | 10 |
| USD | 43000 | CAD | 58253 | HSB | 02/08/23 |  | 32 |

---

*The accompanying notes are an integral part of these financial statements.*

**62** Annual Report

------

**Lazard Global Dynamic Multi-Asset Portfolio (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| USD | 59065 | CAD | 79946 | HSB | 02/08/23 | $9 | $— |
| USD | 26216 | CAD | 35389 | JPM | 02/08/23 | 74 |  |
| USD | 48213 | CAD | 64009 | JPM | 02/08/23 | 930 |  |
| USD | 62219 | CAD | 84782 | JPM | 02/08/23 |  | 410 |
| USD | 347507 | CAD | 469709 | JPM | 02/08/23 | 532 |  |
| USD | 4769 | CHF | 4721 | HSB | 02/08/23 |  | 355 |
| USD | 5139 | CHF | 4775 | HSB | 02/08/23 |  | 45 |
| USD | 44325 | CHF | 43400 | HSB | 02/08/23 |  | 2788 |
| USD | 7488 | CHF | 7328 | MSC | 02/08/23 |  | 466 |
| USD | 95039 | CLP | 89878345 | CIT | 03/15/23 |  | 9965 |
| USD | 41154 | CLP | 38894640 | HSB | 03/15/23 |  | 4286 |
| USD | 46503 | CLP | 40248524 | HSB | 03/15/23 |  | 519 |
| USD | 130000 | CNH | 904671 | HSB | 02/08/23 |  | 1065 |
| USD | 38149 | COP | 193704616 | HSB | 04/25/23 |  | 956 |
| USD | 9944 | CZK | 247465 | HSB | 01/11/23 |  | 1001 |
| USD | 89343 | CZK | 2223395 | HSB | 01/11/23 |  | 9001 |
| USD | 7802 | CZK | 180091 | JPM | 01/11/23 |  | 164 |
| USD | 14484 | CZK | 360641 | JPM | 01/11/23 |  | 1468 |
| USD | 22211 | CZK | 544020 | JPM | 01/11/23 |  | 1852 |
| USD | 44741 | CZK | 1021639 | JPM | 01/11/23 |  | 447 |
| USD | 45900 | CZK | 1131471 | JPM | 01/11/23 |  | 4146 |
| USD | 11352 | DKK | 79017 | SSB | 03/29/23 |  | 96 |
| USD | 53733 | EUR | 50727 | CIT | 02/08/23 |  | 693 |
| USD | 49793 | EUR | 46782 | HSB | 02/08/23 |  | 401 |
| USD | 51401 | EUR | 51802 | HSB | 02/08/23 |  | 4179 |
| USD | 25221 | EUR | 25000 | JPM | 02/08/23 |  | 1602 |
| USD | 274000 | EUR | 256155 | JPM | 02/08/23 |  | 837 |
| USD | 9721 | GBP | 7932 | CIT | 02/08/23 | 123 |  |
| USD | 8602 | GBP | 7621 | HSB | 02/08/23 |  | 620 |
| USD | 30464 | GBP | 26491 | JPM | 02/08/23 |  | 1592 |
| USD | 63000 | GBP | 52156 | JPM | 02/08/23 |  | 111 |
| USD | 23557 | GBP | 19314 | SSB | 03/29/23 | 159 |  |
| USD | 60619 | IDR | 940134520 | JPM | 01/20/23 | 126 |  |
| USD | 189000 | JPY | 25059838 | HSB | 02/08/23 |  | 2799 |
| USD | 166464 | JPY | 22522486 | JPM | 03/29/23 |  | 7105 |
| USD | 62966 | JPY | 8518758 | SSB | 03/29/23 |  | 2683 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **63**

------

**Lazard Global Dynamic Multi-Asset Portfolio (concluded)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| USD | 19335 | MXN | 383983 | HSB | 02/08/23 | $— | $247 |
| USD | 53908 | MXN | 1104590 | HSB | 02/08/23 |  | 2423 |
| USD | 16995 | MXN | 337984 | JPM | 02/08/23 |  | 241 |
| USD | 104314 | MXN | 2137763 | JPM | 02/08/23 |  | 4706 |
| USD | 42379 | NOK | 444215 | HSB | 02/08/23 |  | 3026 |
| USD | 228996 | NOK | 2400613 | JPM | 02/08/23 |  | 16384 |
| USD | 58000 | NZD | 91055 | HSB | 02/08/23 | 161 |  |
| USD | 62482 | NZD | 105727 | HSB | 02/08/23 |  | 4677 |
| USD | 300118 | NZD | 504200 | HSB | 02/08/23 |  | 20153 |
| USD | 28265 | NZD | 44209 | JPM | 02/08/23 | 183 |  |
| USD | 185108 | NZD | 310934 | JPM | 02/08/23 |  | 12399 |
| USD | 38989 | PEN | 158498 | CIT | 04/25/23 |  | 2350 |
| USD | 40738 | PEN | 165520 | HSB | 04/25/23 |  | 2432 |
| USD | 12550 | PLN | 56214 | HSB | 02/08/23 |  | 244 |
| USD | 15788 | PLN | 76330 | HSB | 02/08/23 |  | 1585 |
| USD | 58155 | PLN | 294642 | HSB | 02/08/23 |  | 8904 |
| USD | 16930 | PLN | 85888 | JPM | 02/08/23 |  | 2618 |
| USD | 22000 | RON | 102181 | HSB | 02/08/23 |  | 92 |
| USD | 6512 | SGD | 9300 | HSB | 02/08/23 |  | 436 |
| USD | 7735 | SGD | 10459 | HSB | 02/08/23 |  | 78 |
| USD | 10635 | SGD | 14974 | HSB | 02/08/23 |  | 551 |
| USD | 49000 | SGD | 66343 | JPM | 02/08/23 |  | 561 |
| USD | 74503 | SGD | 106346 | JPM | 02/08/23 |  | 4942 |
| USD | 12349 | THB | 423440 | HSB | 03/13/23 | 43 |  |
| USD | 13600 | THB | 499800 | HSB | 03/13/23 |  | 926 |
| USD | 40835 | THB | 1468025 | HSB | 03/13/23 |  | 1829 |
| USD | 62786 | THB | 2332848 | HSB | 03/13/23 |  | 5012 |
| 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 | $319666 | $182369 |

---

*The accompanying notes are an integral part of these financial statements.*

**64** Annual Report

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio** |  |  |
| **Exchange-Traded Funds \| 89.8%** |  |  |
| **Commodity \| 8.4%** |  |  |
| Invesco DB Agriculture Fund | 201855 | $4067378 |
| United States Oil Fund L.P. | 8534 | 598319 |
|  |  | 4665697 |
| **Equity Funds \| 62.8%** |  |  |
| Consumer Staples Select Sector SPDR Fund | 80467 | 5998815 |
| First Trust NASDAQ Cybersecurity ETF | 51456 | 1991862 |
| Franklin FTSE Japan ETF | 119267 | 2867179 |
| Health Care Select Sector SPDR Fund | 51072 | 6938131 |
| Invesco Russell 1000 Dynamic Multifactor ETF | 26178 | 1124083 |
| iShares Core Dividend Growth ETF | 53455 | 2672750 |
| iShares Currency Hedged MSCI Eurozone ETF | 63259 | 1757335 |
| iShares Expanded Tech-Software Sector ETF | 4791 | 1225777 |
| iShares MSCI Pacific ex Japan ETF | 17374 | 743433 |
| iShares MSCI USA Minimum Volatility ETF | 25962 | 1871860 |
| SPDR S&P Global Infrastructure ETF | 34858 | 1827256 |
| Vanguard Mid-Cap ETF | 9466 | 1929266 |
| Vanguard S&P 500 Value ETF | 13820 | 1935629 |
| Vanguard Small-Cap ETF | 10677 | 1959657 |
|  |  | 34843033 |
| **Fixed-Income Funds \| 15.6%** |  |  |
| iShares 20+ Year Treasury Bond ETF | 14955 | 1488920 |
| iShares iBoxx Investment Grade Corporate Bond ETF | 16545 | 1744339 |
| iShares U.S. Treasury Bond ETF | 72814 | 1654334 |
| Vanguard Short-Term Treasury ETF | 65157 | 3767378 |
|  |  | 8654971 |
| **Specialty \| 3.0%** |  |  |
| Invesco DB US Dollar Index Bullish Fund | 59896 | 1665708 |
| **Total Exchange-Traded Funds**<br> (Cost $45,601,575) |  | 49829409 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **65**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Description | Shares | Fair<br> Value |
| **Lazard Opportunistic Strategies Portfolio (continued)** |  |  |
| **Short-Term Investments \| 10.6%** |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) <br> (Cost $5,893,448) | 5893448 | $5893448 |
| **Total Investments \| 100.4%**<br>(Cost $51,495,023) |  | $**55722857** |
| **Liabilities in Excess of Cash and Other Assets \| (0.4)%** |  | **(203678)** |
| **Net Assets \| 100.0%** |  | $**55519179** |

---

*The accompanying notes are an integral part of these financial statements.*

**66** Annual Report

**Lazard Opportunistic Strategies Portfolio (continued)**

**Total Return Swap Agreements open at December 31, 2022:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency | Counterparty | Notional Amount | Expiration<br> Date | Receive | Pay | Rate | Payment Frequency | Unrealized Depreciation |
| USD | GSC | $525658 | 10/23/23 | 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 +0.34bps | Upon Maturity(a) | $66984 |
| USD | GSC | 425679 | 10/23/23 | 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 +0.29bps | Upon Maturity(a) | 83624 |
| Total gross unrealized depreciation on Total Return Swap Agreements | Total gross unrealized depreciation on Total Return Swap Agreements | Total gross unrealized depreciation on Total Return Swap Agreements | Total gross unrealized depreciation on Total Return Swap Agreements | Total gross unrealized depreciation on Total Return Swap Agreements | Total gross unrealized depreciation on Total Return Swap Agreements |  |  | $150608 \* |

---

(a) For swap agreements, the net settlement will occur on the expiration date.

\* Includes accrued dividends and financing charges of $10,210.

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, 2022:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair<br> Value |
| &nbsp;&nbsp;Affirm Holdings, Inc. | 476 | $4603 |
| &nbsp;&nbsp;Alkami Technology, Inc. | 746 | 10884 |
| &nbsp;&nbsp;Bentley Systems Inc., Class B | 324 | 11975 |
| &nbsp;&nbsp;Bigcommerce Holdings, Series 1 | 658 | 5751 |
| &nbsp;&nbsp;Chewy Inc., Class A | 302 | 11198 |
| &nbsp;&nbsp;Ci&T Inc., Class A | 1169 | 7599 |
| &nbsp;&nbsp;Cloudflare Inc., Class A | 175 | 7912 |
| &nbsp;&nbsp;Coinbase Global Inc., Class A | 155 | 5485 |
| &nbsp;&nbsp;Confluent Inc., Class A | 427 | 9496 |
| &nbsp;&nbsp;Doordash Inc., Class A | 182 | 8885 |
| &nbsp;&nbsp;Doximity Inc., Class A | 343 | 11511 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **67**

**Lazard Opportunistic Strategies Portfolio (continued)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZIP (SOFR+0.34bps) | Shares | Fair<br> Value |
| &nbsp;&nbsp;Duck Creek Technologies Inc. | 898 | $10821 |
| &nbsp;&nbsp;Enfusion Inc., Class A | 857 | 8287 |
| &nbsp;&nbsp;Expensify Inc., Class A | 674 | 5951 |
| &nbsp;&nbsp;Fiverr International Ltd. | 335 | 9762 |
| &nbsp;&nbsp;Forgerock Inc., Class A | 657 | 14960 |
| &nbsp;&nbsp;Freshworks Inc., Class A | 720 | 10591 |
| &nbsp;&nbsp;Hireright Holdings Corp. | 668 | 7922 |
| &nbsp;&nbsp;Jfrog Ltd. | 536 | 11433 |
| &nbsp;&nbsp;Lyft Inc., Class A | 656 | 7229 |
| &nbsp;&nbsp;Marqeta Inc., Class A | 1477 | 9024 |
| &nbsp;&nbsp;Meridianlink Inc. | 637 | 8746 |
| &nbsp;&nbsp;Monday.Com Ltd. | 80 | 9760 |
| &nbsp;&nbsp;Ncino Inc. | 307 | 8117 |
| &nbsp;&nbsp;Nuvei Corp-Subordinate Vtg | 339 | 8614 |
| &nbsp;&nbsp;Paya Holdings Inc. | 1779 | 14001 |
| &nbsp;&nbsp;Payoneer Global Inc. | 1758 | 9616 |
| &nbsp;&nbsp;Pinterest Inc., Class A | 420 | 10198 |
| &nbsp;&nbsp;Poshmark Inc., Class A | 744 | 13303 |
| &nbsp;&nbsp;Powerschool Holdings Inc., Class A | 583 | 13456 |
| &nbsp;&nbsp;Procore Technologies Inc. | 201 | 9483 |
| &nbsp;&nbsp;Qualtrics International, Class A | 954 | 9903 |
| &nbsp;&nbsp;Remitly Global Inc. | 1014 | 11610 |
| &nbsp;&nbsp;Riskified Ltd., Class A | 2476 | 11439 |
| &nbsp;&nbsp;Robinhood Markets Inc., Class A | 1043 | 8490 |
| &nbsp;&nbsp;Rocket Cos Inc., Class A | 1409 | 9863 |
| &nbsp;&nbsp;Sentinelone Inc., Class A | 391 | 5705 |
| &nbsp;&nbsp;Shift4 Payments Inc., Class A | 223 | 12472 |
| &nbsp;&nbsp;Sofi Technologies Inc. | 1768 | 8150 |
| &nbsp;&nbsp;Squarespace Inc., Class A | 488 | 10819 |
| &nbsp;&nbsp;Thoughtworks Holding Inc. | 850 | 8662 |
| &nbsp;&nbsp;Toast Inc., Class A | 566 | 10205 |
| &nbsp;&nbsp;Uber Technologies Inc. | 339 | 8383 |
| &nbsp;&nbsp;Uipath Inc., Class A | 766 | 9736 |
| &nbsp;&nbsp;Unity Software Inc. | 292 | 8320 |
| &nbsp;&nbsp;Upstart Holdings Inc. | 458 | 6055 |
| &nbsp;&nbsp;Vertex Inc., Class A | 778 | 11289 |
| &nbsp;&nbsp;Vimeo Inc. | 2170 | 7443 |
| &nbsp;&nbsp;Zoom Video Communications., Class A | 137 | 9280 |
| &nbsp;&nbsp;Total Fair Value |  | $464397 |

---

*The accompanying notes are an integral part of these financial statements.*

**68** Annual Report

**Lazard Opportunistic Strategies Portfolio (concluded)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Securities within GSCBLZCL (SOFR+0.29bps) | Shares | Fair<br> Value |
| &nbsp;&nbsp;Bill.Com Holdings Inc. | 208 | $22664 |
| &nbsp;&nbsp;Cloudflare Inc., Class A | 496 | 22424 |
| &nbsp;&nbsp;Crowdstrike Holdings Inc., Class A | 173 | 18215 |
| &nbsp;&nbsp;Datadog Inc., Class A | 325 | 23888 |
| &nbsp;&nbsp;Docusign Inc. | 535 | 29650 |
| &nbsp;&nbsp;Elastic Nv | 370 | 19055 |
| &nbsp;&nbsp;Hubspot Inc. | 104 | 30070 |
| &nbsp;&nbsp;Mongodb Inc. | 138 | 27164 |
| &nbsp;&nbsp;Okta Inc. | 515 | 35190 |
| &nbsp;&nbsp;Shopify Inc., Class A | 925 | 32107 |
| &nbsp;&nbsp;Snowflake Inc., Class A | 162 | 23253 |
| &nbsp;&nbsp;Twilio Inc., Class A | 400 | 19584 |
| &nbsp;&nbsp;Unity Software Inc. | 826 | 23615 |
| &nbsp;&nbsp;Zscaler Inc. | 175 | 19583 |
| &nbsp;&nbsp;Total Fair Value |  | $346462 |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **69**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Real Assets Portfolio (•)** |  |  |
| **Common Stocks \| 64.6%** |  |  |
| **Australia \| 3.0%** |  |  |
| Atlas Arteria Ltd. | 12842 | $57741 |
| Aurizon Holdings Ltd. | 136087 | 343249 |
| Dexus REIT | 71575 | 376255 |
| Goodman Group REIT | 19824 | 232905 |
| Transurban Group | 3261 | 28795 |
|  |  | 1038945 |
| **Brazil \| 1.5%** |  |  |
| CCR SA | 69800 | 142968 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 9500 | 101629 |
| Multiplan Empreendimentos Imobiliarios SA | 64600 | 268245 |
|  |  | 512842 |
| **Canada \| 5.5%** |  |  |
| Agnico Eagle Mines Ltd. | 2302 | 119681 |
| Atco Ltd., Class I | 2937 | 91928 |
| Canadian National Railway Co. | 5776 | 686124 |
| Canadian Utilities Ltd., Class A | 9455 | 255927 |
| Enbridge, Inc. | 11053 | 431997 |
| Hydro One Ltd. | 9080 | 243229 |
| SmartCentres REIT | 4604 | 91060 |
|  |  | 1919946 |
| **China \| 0.4%** |  |  |
| C&D International Investment Group Ltd. | 44000 | 128270 |
| **France \| 4.1%** |  |  |
| Aeroports de Paris (\*) | 1424 | 191503 |
| Engie SA | 27713 | 396962 |
| Eutelsat Communications SA | 2787 | 20811 |
| Unibail-Rodamco-Westfield REIT (\*) | 4144 | 215720 |
| Vinci SA | 6135 | 612733 |
|  |  | 1437729 |
| **Hong Kong \| 0.2%** |  |  |
| CK Infrastructure Holdings Ltd. | 3200 | 16750 |
| Power Assets Holdings Ltd. | 6500 | 35603 |
|  |  | 52353 |

---

*The accompanying notes are an integral part of these financial statements.*

 

**70** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **Italy \| 1.8%** |  |  |
| Hera SpA | 7836 | $21186 |
| Italgas SpA | 6251 | 34662 |
| Snam SpA | 18640 | 90501 |
| Terna - Rete Elettrica Nazionale | 66665 | 493439 |
|  |  | 639788 |
| **Japan \| 2.4%** |  |  |
| Hankyu Hanshin Holdings, Inc. | 9100 | 270540 |
| Hulic Co. Ltd. | 16300 | 128284 |
| Industrial & Infrastructure Fund Investment Corp. REIT | 176 | 203548 |
| Japan Prime Realty Investment Corp. REIT | 33 | 92801 |
| Katitas Co. Ltd. | 2500 | 57498 |
| Tokyo Gas Co. Ltd. | 3300 | 64874 |
|  |  | 817545 |
| **Luxembourg \| 0.1%** |  |  |
| SES SA | 3184 | 20785 |
| **Portugal \| 0.8%** |  |  |
| Energias de Portugal SA | 54602 | 272016 |
| **Singapore \| 0.2%** |  |  |
| Parkway Life REIT | 24400 | 68458 |
| **South Africa \| 0.9%** |  |  |
| Growthpoint Properties Ltd. | 360174 | 306153 |
| **Spain \| 0.4%** |  |  |
| Aena SME SA (\*) | 242 | 30478 |
| Ferrovial SA | 4332 | 113322 |
|  |  | 143800 |
| **Switzerland \| 0.1%** |  |  |
| Flughafen Zurich AG (\*) | 204 | 31610 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **71**

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| **Taiwan \| 0.2%** |  |  |
| Ruentex Development Co. Ltd. | 57000 | $80153 |
| **United Kingdom \| 4.2%** |  |  |
| LondonMetric Property PLC REIT | 29670 | 61757 |
| National Grid PLC | 45990 | 552403 |
| Pennon Group PLC | 2573 | 27660 |
| Segro PLC REIT | 19688 | 182006 |
| Severn Trent PLC | 1930 | 61894 |
| SSE PLC | 25305 | 521939 |
| United Utilities Group PLC | 5236 | 62787 |
|  |  | 1470446 |
| **United States \| 38.8%** |  |  |
| Alexandria Real Estate Equities, Inc. | 2261 | 329360 |
| Ameren Corp. | 1313 | 116752 |
| American Electric Power Co., Inc. | 5655 | 536942 |
| American Homes 4 Rent, Class A REIT | 11077 | 333861 |
| American Tower Corp. REIT | 1612 | 341518 |
| Apartment Income REIT Corp. REIT | 9521 | 326666 |
| Apple Hospitality REIT, Inc. | 15801 | 249340 |
| AvalonBay Communities, Inc. REIT | 2894 | 467439 |
| Brixmor Property Group, Inc. | 3110 | 70504 |
| CF Industries Holdings, Inc. | 1429 | 121751 |
| Cheniere Energy, Inc. | 3138 | 470574 |
| Consolidated Edison, Inc. | 256 | 24399 |
| Crown Castle, Inc. | 3368 | 456836 |
| CSX Corp. | 3128 | 96905 |
| Duke Energy Corp. | 1608 | 165608 |
| EastGroup Properties, Inc. | 2200 | 325732 |
| Edison International | 3156 | 200785 |
| Energy Transfer Equity LP | 28837 | 342295 |
| Enterprise Products Partners LP | 12024 | 290019 |
| Equinix, Inc. REIT | 1216 | 796516 |
| Essex Property Trust, Inc. REIT | 1365 | 289271 |
| Evergy, Inc. | 1139 | 71677 |

---

*The accompanying notes are an integral part of these financial statements.*

**72** Annual Report

------

---

| | | |
|:---|:---|:---|
|  |  | Fair |
| &nbsp;&nbsp;Description | Shares | Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |
| Exelon Corp. | 7673 | $331704 |
| Extra Space Storage, Inc. REIT | 1640 | 241375 |
| Federal Realty Investment Trust | 684 | 69111 |
| First Industrial Realty Trust, Inc. REIT | 2175 | 104965 |
| Hilton Worldwide Holdings, Inc. | 2479 | 313246 |
| Host Hotels & Resorts, Inc. REIT | 17758 | 285016 |
| Iron Mountain, Inc. REIT | 5520 | 275172 |
| Mid-America Apartment Communities, Inc. REIT | 2726 | 427955 |
| National Health Investors, Inc. REIT | 4376 | 228515 |
| National Storage Affiliates Trust | 3182 | 114934 |
| NiSource, Inc. | 15247 | 418073 |
| Norfolk Southern Corp. | 501 | 123456 |
| Pinnacle West Capital Corp. | 601 | 45700 |
| Prologis, Inc. | 5479 | 617648 |
| Public Storage REIT | 551 | 154385 |
| SBA Communications Corp. REIT | 3127 | 876529 |
| Simon Property Group, Inc. REIT | 3671 | 431269 |
| SL Green Realty Corp. REIT | 9382 | 316361 |
| STAG Industrial, Inc., REIT | 11586 | 374344 |
| Sun Communities, Inc. REIT | 1127 | 161161 |
| Sunstone Hotel Investors, Inc. REIT | 20468 | 197721 |
| Targa Resources Corp. | 6946 | 510531 |
| Union Pacific Corp. | 219 | 45348 |
| Xcel Energy, Inc. | 5871 | 411616 |
|  |  | 13500885 |
| **Total Common Stocks**<br> (Cost $21,855,149) |  | 22441724 |
| **Exchange-Traded Funds \| 4.5%** |  |  |
| iShares Gold Trust (∆) | 36900 | 1276371 |
| iShares Silver Trust (∆) | 13365 | 294297 |
| **Total Exchange-Traded Funds**<br> (Cost $1,408,378) |  | 1570668 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **73**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Principal |  |
|  | Security | Amount | Fair |
| &nbsp;&nbsp;Description | Currency | (000) | Value |
| **Lazard Real Assets Portfolio (•) (continued)** |  |  |  |
| **U.S. Treasury Securities \| 4.8%** |  |  |  |
| U.S. Treasury Bill,<br> 0.000%, 02/09/23<br> (Cost $1,687,486) | USD | 1695 | $1688238 |
|  |  |  | Fair |
| &nbsp;&nbsp;Description |  | Shares | Value |
| **Short-Term Investments \| 23.0%** |  |  |  |
| State Street Institutional Treasury Money Market Fund, Premier Class, 3.79% (7 day yield) (∆)<br> (Cost $7,986,638) |  | 7986638 | $7986638 |
| **Total Investments (») \| 96.9%**<br> (Cost $32,937,651) |  |  | $**33687268** |
| **Cash and Other Assets in Excess of Liabilities \| 3.1%** |  |  | **1067984** |
| **Net Assets \| 100.0%** |  |  | $**34755252** |

---

*The accompanying notes are an integral part of these financial statements.*

 

**74** Annual Report

------

**Lazard Real Assets Portfolio (•) (continued)**

**Forward Currency Contracts open at December 31, 2022:**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency |  | Currency |  |  | Settlement | Unrealized | Unrealized |
| Purchased | Quantity | Sold | Quantity | Counterparty | Date | Appreciation | Depreciation |
| CHF | 3119 | USD | 3384 | HSB | 03/29/23 | $20 | $— |
| EUR | 50480 | USD | 54017 | HSB | 03/29/23 | 333 |  |
| USD | 78189 | AUD | 113234 | HSB | 03/29/23 | 830 |  |
| USD | 14519 | AUD | 21038 | SSB | 03/29/23 | 147 |  |
| USD | 6097 | CAD | 8313 | HSB | 03/29/23 |  | 46 |
| USD | 20015 | CAD | 27291 | JPM | 03/29/23 |  | 155 |
| USD | 2501 | CAD | 3410 | SSB | 03/29/23 |  | 19 |
| USD | 3133 | CHF | 2880 | JPM | 03/29/23 |  | 10 |
| USD | 32263 | CHF | 29611 | SSB | 03/29/23 |  | 56 |
| USD | 48243 | EUR | 44979 | JPM | 03/29/23 |  | 185 |
| USD | 564760 | EUR | 526195 | SSB | 03/29/23 |  | 1783 |
| USD | 14217 | GBP | 11586 | JPM | 03/29/23 | 181 |  |
| USD | 271673 | GBP | 221374 | SSB | 03/29/23 | 3485 |  |
| USD | 4276 | HKD | 33335 | HSB | 03/29/23 |  | 2 |
| USD | 4771 | HKD | 37125 | JPM | 03/29/23 | 7 |  |
| USD | 43321 | HKD | 337192 | SSB | 03/29/23 | 56 |  |
| 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 |  |  | $5059 | $2256 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **75**

------

**Lazard Real Assets Portfolio (•) (continued)**

**Futures Contracts open at December 31, 2022 (∆):**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Number of | Notional | Expiration | Notional | Fair | Unrealized | Unrealized |
| &nbsp;&nbsp;Type | Contracts | Amount | Date | Cost | Value | Appreciation | Depreciation |
| Natural Gas | 23 | $230000 | 02/24/2023 | $1362673 | $943920 | $— | $418753 |
| Sugar 11 | 4 | 448000 | 02/28/2023 | 80160 | 89779 | 9619 |  |
| Cotton No. 2 | 3 | 150000 | 03/09/2023 | 130149 | 125055 |  | 5094 |
| Low Sulphur Gasoil | 4 | 400 | 03/10/2023 | 333604 | 353000 | 19396 |  |
| Soybean Oil | 4 | 240000 | 03/14/2023 | 149016 | 153768 | 4752 |  |
| 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 |  |  | $33767 | $423847 |

---

**Total Return Swap Agreements open at December 31, 2022 (∆):**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Notional | Expiration |  | |  | Payment | Unrealized |
| Currency | Counterparty | Amount | Date | Receivable | Pay | Payable | Frequency | Appreciation |
| USD | GSC | $7436085 | 10/20/23 | Appreciation, and dividends paid, on commodities in a custom momentum basket | 0.00% | Depreciation and dividend expense (if applicable), on commodities in a custom momentum basket | Upon Maturity(a) | $81521 |

---

(a) For swap agreements, the net settlement will occur on the expiration date.

 

*The accompanying notes are an integral part of these financial statements.*

**76** Annual Report

------

**Lazard Real Assets Portfolio (•) (concluded)**

The following table represents the commodity exposure expressed as a percentage of the notional amount of the individual commodity underlying the custom total return basket swap agreements with GSC, as of December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | Commodity Index | Commodity Exposure Expressed as |
| &nbsp;&nbsp;Commodity | Ticker Symbol | a Percentage of Notional Amount |
| Aluminum | BCOMAL | 5.54% |
| Bean Oil | BCOMBO | 2.81 |
| Brent Crude | BCOMCO | 11.18 |
| Coffee | BCOMKC | 1.98 |
| Copper | BCOMHG | 6.43 |
| Corn | BCOMCN | 9.76 |
| Cotton | BCOMCT | 0.02 |
| Crude Oil | BCOMCL | 12.47 |
| Gasoline (RBOB) | BCOMRB | 1.85 |
| Gold | BCOMGC | 0.21 |
| Heating Oil | BCOMHO | 4.30 |
| Kansas Wheat | BCOMKW | 3.16 |
| Lean Hogs | BCOMLH | 0.29 |
| Live Cattle | BCOMLC | 6.55 |
| Natural Gas | BCOMNG | 0.42 |
| Nickel | BCOMNI | 3.86 |
| Silver | BCOMSI | 1.86 |
| Soy Meal | BCOMSM | 5.70 |
| Soybeans | BCOMSY | 9.50 |
| Sugar | BCOMSB | 3.17 |
| Wheat | BCOMWH | 4.71 |
| Zinc | BCOMZS | 4.23 |
| Total |  | 100.00% |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **77**

**The Lazard Funds, Inc.** Notes to Portfolios of Investments

December 31, 2022

---

| | |
|:---|:---|
| *(\*)* | *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.* |
| *(»)* | *The portfolio, at all times, maintains portfolio securities in sufficient amount to cover its obligations related to investments in forward currency contracts.* |
| *(§)* | *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, 2022.* |
| *(#)* | *Pursuant to Rule 144A under the Securities Act of 1933, these securities may only be traded among "qualified institutional buyers." At December 31, 2022, these securities amounted to 0.5% of net assets of Lazard Retirement Global Dynamic Multi-Assets Portfolio.* |
| *(•)* | *Lazard Real Assets Portfolio's Portfolio of Investments and accompanying notes are presented on a consolidated basis.* |
| *(∆)* | *The security is owned by Lazard Real Assets Portfolio Ltd., a wholly-owned subsidiary of the Portfolio.* |

---

**Security Abbreviations:**

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CDOR | Canadian Dollar Offered Rate |
| CVA | Certificaten Van Aandelen |
| CVR | Contingent Value Rights |
| WIBOR | Warsaw Interbank Offered Rate |

---

---

| | |
|:---|:---|
| LIBOR | London Interbank Offered Rate |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| ETF | Exchange-Traded Fund |

---

**Currency Abbreviations:**

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound Sterling |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |

---

---

| | |
|:---|:---|
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican New Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | New Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

**Counterparty Abbreviations:**

---

| | |
|:---|:---|
| BNP | BNP Paribas SA |
| BOA | Bank of America N.A. |
| CIT | Citibank N.A. |
| GSC | Goldman Sachs International |
| HSB | HSBC Bank USA N.A. |

---

---

| | |
|:---|:---|
| JPM | JPMorgan Chase Bank N.A. |
| NIP | Nomura International Plc |
| MSC | Morgan Stanley & Co. |
| SSB | State Street Bank and Trust Co. |

---

*The accompanying notes are an integral part of these financial statements.*

 

**78** Annual Report

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country:

---

| | | |
|:---|:---|:---|
|  | Lazard Enhanced | Lazard Enhanced |
|  | Opportunities Portfolio | Opportunities Portfolio |
| &nbsp;&nbsp;Industry† | Long | Short |
| Common Stocks and Convertible Corporate Bonds |  |  |
| Aerospace & Defense | 1.0% | –0.3% |
| Air Freight & Logistics | 0.8 | –0.4 |
| Airlines | 7.6 | –7.1 |
| Auto Components | 0.2 |  |
| Automobiles | 5.8 | –1.7 |
| Banks | 6.4 |  |
| Biotechnology | 16.4 | –8.6 |
| Chemicals | 3.6 | –2.7 |
| Construction Equipment | 0.3 | –0.2 |
| Construction & Engineering | 1.4 | –1 |
| Consumer Finance | 3.2 | –1.4 |
| Diversified Telecommunication Services | 1.4 | –0.5 |
| Electrical Equipments | 6.1 | –4.8 |
| Electronic Equipment, Instruments & Components | 1.6 | –0.2 |
| Energy Equipment & Services | 2.5 | –1.5 |
| Entertainment | 5.8 | –2 |
| Equity Real Estate Investment Trusts (REITs) | 3.7 | –1 |
| Food & Staples Retailing | 1.3 | –0.7 |
| Food Products | 0.6 | –0.3 |
| Health Care Equipment & Supplies | 5.6 | –3.4 |
| Health Care Technology | 2.6 | –0.7 |
| Hotels, Restaurants & Leisure | 7.9 | –3.4 |
| Independent Power & Renewable Electricity Producers | 1 | –0.5 |
| Interactive Media & Services | 2.1 | –0.3 |
| Internet & Direct Marketing Retail | 5.3 | –1.6 |
| IT Services | 5.1 | –1.5 |
| Leisure Products | 0.9 |  |
| Life Sciences Tools & Services | 0.4 | –0.1 |
| Machinery | 1.8 | –1 |
| Marine | 2.5 | –2.2 |
| Media | 8.9 | –0.3 |
| Metals & Mining | 6.7 | –4.2 |
| Mortgage Real Estate Investment Trusts (REITs) | 6.5 | –0.9 |
| Oil, Gas & Consumable Fuels | 2.1 | –1.6 |
| Personal Products | 0.5 | –0.5 |
| Pharmaceuticals | 9.5 | –2.7 |
| Real Estate Management & Development | 1.3 | –0.2 |
| Semiconductors & Semiconductor Equipment | 5.7 | –3.1 |
| Software | 9.9 | –3.4 |
| Specialty Retail | 7.6 | –3.5 |
| Subtotal | 163.6 | –69.5 |

---

*The accompanying notes are an integral part of these financial statements.*

 

Annual Report **79**

------

---

| | | |
|:---|:---|:---|
|  | Lazard Enhanced | Lazard Enhanced |
|  | Opportunities Portfolio | Opportunities Portfolio |
| &nbsp;&nbsp;Industry† | Long | Short |
| Exchange-Traded Funds | —% | –8.0% |
| Purchased Options | 0.2 |  |
| U.S. Treasury Securities | 8.1 | –27.8 |
| Short-Term Investments | 10.1 |  |
| Total Investments | 182.0% | –105.3% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

 

*The accompanying notes are an integral part of these financial statements.*

**80** Annual Report

------

Portfolio holdings by industry (as a percentage of net assets), for those Portfolios previously presented by country (continued):

---

| | | |
|:---|:---|:---|
|  | Lazard |  |
|  | Global | Lazard |
|  | Dynamic | Real |
|  | Multi-Asset | Assets |
| &nbsp;&nbsp;Industry† | Portfolio | Portfolio |
| Common Stocks and Corporate & Quasi Government Bonds |  |  |
| Aerospace & Defense | 0.2% | —% |
| Air Freight & Logistics | 0.1 |  |
| Airlines |  |  |
| Auto Components | 0.1 |  |
| Automobiles | 2 |  |
| Banks | 7.6 |  |
| Beverages | 1.2 |  |
| Biotechnology | 1.1 |  |
| Building Products | 0.7 |  |
| Capital Markets | 2.2 |  |
| Chemicals | 0.4 | 0.4 |
| Commercial Services & Suppliers | 1.3 |  |
| Communications Equipment | 0.2 |  |
| Construction & Engineering | 0.1 | 2.1 |
| Consumer Finance | 0.3 |  |
| Containers & Packaging | 0.6 |  |
| Diversified Consumer Services | 0.8 |  |
| Diversified Financial Services | 0.1 |  |
| Diversified Telecommunication Services | 2.4 |  |
| Electric Utilities | 1 | 9.6 |
| Electrical Equipment | 1 |  |
| Electronic Equipment, Instruments & Components | 0.9 |  |
| Energy Equipment & Services |  |  |
| Entertainment | 0.1 |  |
| Equity Real Estate Investment Trusts (REITs) | 2.2 | 30.6 |
| Food & Staples Retailing | 1.3 |  |
| Food Products | 1 |  |
| Gas Utilities | 0.6 | 0.6 |
| Health Care Equipment & Supplies | 0.5 |  |
| Health Care Providers & Services | 1.4 |  |
| Health Care Technology |  |  |
| Hotels, Restaurants & Leisure | 1.9 | 0.9 |
| Household Durables |  |  |
| Household Products | 1.3 |  |
| Independent Power & Renewable Electricity Producers | 0.2 |  |
| Industrial Conglomerates | 0.1 |  |
| Insurance | 1.3 |  |
| Interactive Media & Services | 0.8 |  |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **81**

------

---

| | | |
|:---|:---|:---|
|  | Lazard |  |
|  | Global | Lazard |
|  | Dynamic | Real |
|  | Multi-Asset | Assets |
| &nbsp;&nbsp;Industry† | Portfolio | Portfolio |
| Internet & Direct Marketing Retail | 0.5% | —% |
| IT Services | 1.9 |  |
| Leisure Products | 0.2 |  |
| Life Sciences Tools & Services | 0.3 |  |
| Machinery | 2.0 |  |
| Marine | 0.1 |  |
| Media | 0.3 | 0.2 |
| Metals & Mining | 0.6 | 0.3 |
| Mortgage Real Estate Investment Trusts (REITs) |  |  |
| Multiline Retail | 0.1 |  |
| Multi-Utilities | 0.7 | 5.4 |
| Oil, Gas & Consumable Fuels | 1.3 | 5.9 |
| Paper & Forest Products | 0.1 |  |
| Personal Products | 0.5 |  |
| Pharmaceuticals | 2.8 |  |
| Professional Services | 0.6 |  |
| Real Estate Management & Development | 0.2 | 2.0 |
| Road & Rail | 0.2 | 4.4 |
| Semiconductors & Semiconductor Equipment | 0.6 |  |
| Software | 1.8 |  |
| Specialty Retail | 1.1 |  |
| Technology Hardware, Storage & Peripherals | 1.6 |  |
| Textiles, Apparel & Luxury Goods | 0.4 |  |
| Tobacco | 0.5 |  |
| Trading Companies & Distributors | 0.6 |  |
| Transportation Infrastructure |  | 1.4 |
| Water Utilities |  | 0.8 |
| Wireless Telecommunication Services | 0.1 |  |
| Subtotal | 56.1 | 64.6 |
| Exchange-Traded Funds | 1.2 | 4.5 |
| Foreign Government Obligations | 28.9 |  |
| Supranational Bonds | 7.1 |  |
| U.S. Treasury Securities | 2.4 | 4.8 |
| Short-Term Investments | 3.5 | 23.0 |
| Total Investments | 99.2% | 96.9% |

---

*†* *Industry classifications may be different than those used for compliance monitoring purposes.* 

*The accompanying notes are an integral part of these financial statements.*

 

**82** Annual Report

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Annual Report **83**

**The Lazard Funds, Inc.** Statements of Assets and Liabilities

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Global Dynamic<br> Multi-Asset<br> Portfolio |
| **ASSETS** |  |  |
| Investments in securities, at fair value | $72053361 | $12966158 |
| Cash |  |  |
| Foreign currency, at fair value | 11717 | 5077 |
| Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 2539070 | 4498 |
| &nbsp;&nbsp;&nbsp;Dividends and interest | 499683 | 109738 |
| &nbsp;&nbsp;&nbsp;Capital stock sold | 40976 |  |
| Cash collateral due from broker on options and swap agreements | 10129034 |  |
| &nbsp;&nbsp;&nbsp;Amount due from Investment Manager (Note 3) |  |  |
| Gross unrealized appreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 139 | 319666 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1178486 |  |
| Other assets |  |  |
| Total assets | 86452466 | 13405137 |
| **LIABILITIES** |  |  |
| Securities sold short, at fair value | 41678643 |  |
| Due to custodian | 788 |  |
| Foreign currency due to custodian | 881 | 3 |
| Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;Accrued custodian fees | 38505 | 7683 |
| &nbsp;&nbsp;&nbsp;Accrued professional services | 30257 | 26525 |
| &nbsp;&nbsp;&nbsp;Management fees | 17741 | 1175 |
| &nbsp;&nbsp;&nbsp;Accrued shareholders' reports | 3910 | 4654 |
| &nbsp;&nbsp;&nbsp;Accrued directors' fees | 171 | 25 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fees | 48 | 38 |
| &nbsp;&nbsp;&nbsp;Investments purchased | 2338424 |  |
| &nbsp;&nbsp;&nbsp;Capital stock redeemed | 706253 | 102689 |
| &nbsp;&nbsp;&nbsp;Dividends on securities sold short | 16538 |  |
| Variation margin on open futures contracts |  |  |
| Gross unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 16459 | 182369 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1595871 |  |
| Line of credit outstanding | 323000 |  |
| Written options, at fair value | 56058 |  |
| Other accrued expenses and payables | 55979 | 3126 |
| Total liabilities | 46879526 | 328287 |
| Net assets | $39572940 | $13076850 |

---

*The accompanying notes are an integral part of these financial statements.*

**84** Annual Report

------

---

| | |
|:---|:---|
| Lazard<br> Opportunistic<br> Strategies<br> Portfolio | Lazard<br> Real Assets<br> Portfolio (a) |
| $55722857 | $33687268 |
|  | 100 |
|  | 2860 |
|  | 365 |
| 22762 | 108016 |
| 99 | 311 |
|  | 1487356 |
|  | 18328 |
|  | 5059 |
|  | 81521 |
|  | 15099 |
| 55745718 | 35406283 |
| 2838 | 8620 |
| 27239 | 31936 |
| 30608 |  |
| 11591 | 5199 |
| 43 | 45 |
| 1 | 171 |
|  | 482565 |
|  | 100720 |
|  | 3633 |
|  | 2256 |
| 150608 |  |
| 3611 | 15886 |
| 226539 | 651031 |
| $55519179 | $34755252 |

---

Annual Report **85**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;December 31, 2022 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Global Dynamic<br> Multi-Asset<br> Portfolio |
| **NET ASSETS** |  |  |
| Paid in capital | $51150527 | $13231752 |
| Distributable earnings (Accumulated loss) | (11577587) | (154902) |
| Net assets | $39572940 | $13076850 |
| **Institutional Shares** |  |  |
| Net assets | $39139198 | $12911233 |
| Shares of capital stock outstanding\* | 5067123 | 1600084 |
| **Net asset value, offering and redemption price per share** | $7.72 | $8.07 |
| **Open Shares** |  |  |
| Net assets | $433742 | $165617 |
| Shares of capital stock outstanding\* | 55974 | 20637 |
| **Net asset value, offering and redemption price per share** | $7.75 | $8.03 |
| **R6 Shares** |  |  |
| Net assets |  |  |
| Shares of capital stock outstanding\* |  |  |
| **Net asset value, offering and redemption price per share** |  |  |
| Cost of investments in securities | $76907579 | $13122103 |
| Proceeds received from securities sold short | $42893380 | $— |
| Proceeds received from written options | $53905 | $— |
| Cost of foreign currency | $11625 | $5037 |

---

*\** *$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.*

**86** Annual Report

------

---

| | |
|:---|:---|
| Lazard<br> Opportunistic<br> Strategies<br> Portfolio | Lazard<br> Real Assets<br> Portfolio (a) |
| $52094173 | $41900474 |
| 3425006 | (7145222) |
| $55519179 | $34755252 |
| $55411141 | $33888283 |
| 5885634 | 3552832 |
| $9.41 | $9.54 |
| $108038 | $866029 |
| 11545 | 90697 |
| $9.36 | $9.55 |
|  | $940.41 |
|  | 98.61 |
|  | $9.54 |
| $51495023 | $32937651 |
| $— | $— |
| $— | $— |
| $— | $2831 |

---

Annual Report **87**

**The Lazard Funds, Inc.** Statements of Operations

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;For the Period Ended December 31, 2022 | Lazard<br> Enhanced<br> Opportunities<br> Portfolio | Lazard<br> Global Dynamic<br> Multi-Asset<br> Portfolio |
| **Investment Income (Loss)** |  |  |
| **Income** |  |  |
| Interest | $3369048 | $265363 |
| Dividends | 24836 | 161341 |
| Total investment income\* | 3393884 | 426704 |
| **Expenses** |  |  |
| Management fees (Note 3) | 725960 | 129311 |
| Custodian fees | 135531 | 84814 |
| Professional services | 57684 | 46166 |
| Registration fees | 47058 | 32559 |
| Administration fees | 28085 | 21159 |
| Shareholders' services | 13850 | 9784 |
| Directors' fees and expenses | 11710 | 5683 |
| Shareholders' reports | 7375 | 17917 |
| Distribution fees (Open Shares) | 847 | 462 |
| Amortization of offering costs (Note 2(i)) |  |  |
| Other^ | 12091 | 6247 |
| Total gross expenses before expenses on securities sold short | 1040191 | 354102 |
| Interest and broker expense on securities sold short | 585489 |  |
| Dividend expense on securities sold short | 298830 |  |
| Total gross expenses | 1924510 | 354102 |
| Management fees waived and expenses reimbursed | (81568) | (208008) |
| Voluntary reimbursement by administrator |  |  |
| Total net expenses | 1842942 | 146094 |
| Net investment income (loss) | 1550942 | 280610 |
| **Net Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (16774368) | 397632 |
| &nbsp;&nbsp;&nbsp;Securities sold short | 10675814 |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (18784) | 980 |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 378598 | (381148) |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | 144564 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | 927048 |  |
| Total net realized gain (loss) | (4667128) | 17464 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 229583 | (3724616) |
| &nbsp;&nbsp;&nbsp;Securities sold short | (2187260) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 341 | (1514) |
| &nbsp;&nbsp;&nbsp;Forward currency contracts | 53457 | 131530 |
| &nbsp;&nbsp;&nbsp;Futures contracts |  |  |
| &nbsp;&nbsp;&nbsp;Written options | 477 |  |
| &nbsp;&nbsp;&nbsp;Swap agreements | (425082) |  |
| Total net change in unrealized appreciation (depreciation) | (2328484) | (3594600) |
| Net realized and unrealized gain (loss) | (6995612) | (3577136) |
| Net increase (decrease) in net assets resulting from operations | $(5444670) | $(3296526) |
| \* Net of foreign withholding taxes of | $(145) | $10327 |
| ^ Includes interest on line of credit of | $1635 | $— |

---

*(a)* *Consolidated Statement of Operations.* 

*The accompanying notes are an integral part of these financial statements.*

**88** Annual Report

------

---

| | |
|:---|:---|
| Lazard<br> Opportunistic<br> Strategies<br> Portfolio | Lazard<br> Real Assets<br> Portfolio (a) |
| $126056 | $163988 |
| 1220677 | 745827 |
| 1346733 | 909815 |
| 654781 | 244589 |
| 36462 | 77664 |
| 50242 | 60466 |
| 33294 | 43924 |
| 27612 | 23538 |
| 12339 | 12269 |
| 9285 | 17316 |
| 33351 | 21217 |
| 422 | 2216 |
|  | 2179 |
| 8462 | 11458 |
| 866250 | 516836 |
| 2866 |  |
| 2186 |  |
| 871302 | 516836 |
| (197406) | (212849) |
|  | (739) |
| 673896 | 303248 |
| 672837 | 606567 |
| (50881) | (2697469) |
| 101531 |  |
|  | 1427 |
|  | 133511 |
|  | 968474 |
| (483396) | 928856 |
| (432746) | (665201) |
| (11370512) | (3363561) |
| (13426) |  |
|  | (753) |
|  | 103302 |
|  | (417105) |
| (150608) | 274097 |
| (11534546) | (3404020) |
| (11967292) | (4069221) |
| $(11294455) | $(3462654) |
| $— | $38621 |
| $— | $369 |

---

Annual Report **89**

**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, 2022 | Year Ended<br> December 31, 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $1550942 | $750640 |
| Net realized gain (loss) | (4667128) | 4011613 |
| Net change in unrealized appreciation (depreciation) | (2328484) | (3002835) |
| Net increase (decrease) in net assets resulting from operations | (5444670) | 1759418 |
| **Distributions to shareholders (Note 2(i))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (3931443) | (3894678) |
| &nbsp;&nbsp;&nbsp;Open Shares | (28882) | (25718) |
| Return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (629300) |  |
| &nbsp;&nbsp;&nbsp;Open Shares | (4623) |  |
| Net decrease in net assets resulting from distributions | (4594248) | (3920396) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 56827363 | 144578146 |
| &nbsp;&nbsp;&nbsp;Open Shares | 356167 | 1339923 |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 4560743 | 3833497 |
| &nbsp;&nbsp;&nbsp;Open Shares | 33505 | 25718 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (158103819) | (19956225) |
| &nbsp;&nbsp;&nbsp;Open Shares | (673149) | (754032) |
| Net increase (decrease) in net assets from capital stock transactions | (96999190) | 129067027 |
| Total increase (decrease) in net assets | (107038108) | 126906049 |
| Net assets at beginning of period | 146611048 | 19704999 |
| Net assets at end of period | $39572940 | $146611048 |

---

*The accompanying notes are an integral part of these financial statements.*

**90** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> Global Dynamic Multi-Asset Portfolio | Lazard<br> Global Dynamic Multi-Asset Portfolio | Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Opportunistic Strategies Portfolio |
| Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 |
| $280610 | $242193 | $672837 | $322031 |
| 17464 | 5855715 | (432746) | 4566934 |
| (3594600) | (3742606) | (11534546) | 4904007 |
| (3296526) | 2355302 | (11294455) | 9792972 |
| (532887) | (2767564) | (2115374) | (3330657) |
| (6101) | (33860) | (4294) | (6195) |
|  |  | (17143) |  |
|  |  | (35) |  |
| (538988) | (2801424) | (2136846) | (3336852) |
| 3318612 | 1620610 | 279306 | 6166257 |
| 864 | 15330 | 6366 | 29890 |
| 532887 | 2767530 | 2021850 | 3164811 |
| 6101 | 33860 | 3996 | 5712 |
| (4765296) | (44259435) | (12134042) | (15244058) |
| (13381) | (60231) | (31698) | (43911) |
| (920213) | (39882336) | (9854222) | (5921299) |
| (4755727) | (40328458) | (23285523) | 534821 |
| 17832577 | 58161035 | 78804702 | 78269881 |
| $13076850 | $17832577 | $55519179 | $78804702 |

---

Annual Report **91**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Enhanced Opportunities Portfolio | Lazard<br> Enhanced Opportunities Portfolio |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 15584880 | 2140850 |
| Shares sold | 6382326 | 15129383 |
| Shares issued to shareholders from reinvestment of distributions | 570944 | 409533 |
| Shares redeemed | (17471027) | (2094886) |
| Net increase (decrease) | (10517757) | 13444030 |
| Shares outstanding at end of period | 5067123 | 15584880 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 82674 | 18359 |
| Shares sold | 42821 | 140785 |
| Shares issued to shareholders from reinvestment of distributions | 4226 | 2738 |
| Shares redeemed | (73747) | (79208) |
| Net increase (decrease) | (26700) | 64315 |
| Shares outstanding at end of period | 55974 | 82674 |

---

*The accompanying notes are an integral part of these financial statements.*

**92** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| Lazard<br> Global Dynamic Multi-Asset Portfolio | Lazard<br> Global Dynamic Multi-Asset Portfolio | Lazard<br> Opportunistic Strategies Portfolio | Lazard<br> Opportunistic Strategies Portfolio |
| Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 |
| 1746408 | 5427381 | 6871003 | 7380473 |
| 358853 | 148571 | 28705 | 552009 |
| 65311 | 274538 | 205623 | 279824 |
| (570488) | (4104082) | (1219697) | (1341303) |
| (146324) | (3680973) | (985369) | (509470) |
| 1600084 | 1746408 | 5885634 | 6871003 |
| 21426 | 22108 | 13824 | 14614 |
| 94 | 1341 | 633 | 2747 |
| 752 | 3369 | 407 | 508 |
| (1635) | (5392) | (3319) | (4045) |
| (789) | (682) | (2279) | (790) |
| 20637 | 21426 | 11545 | 13824 |

---

Annual Report **93**

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Real Assets Portfolio (a) | Lazard<br> Real Assets Portfolio (a) |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net investment income (loss) | $606567 | $474505 |
| Net realized gain (loss) | (665201) | 3723742 |
| Net change in unrealized appreciation (depreciation) | (3404020) | 1889765 |
| Net increase (decrease) in net assets resulting from operations | (3462654) | 6088012 |
| **Distributions to shareholders (Note 2(i))** |  |  |
| Net investment income and net realized gains |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (2459340) | (3880176) |
| &nbsp;&nbsp;&nbsp;Open Shares | (66131) | (15779) |
| &nbsp;&nbsp;&nbsp;R6 Shares | (61) |  |
| Net decrease in net assets resulting from distributions | (2525532) | (3895955) |
| **Capital stock transactions** |  |  |
| Net proceeds from sales |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 5377839 | 9676948 |
| &nbsp;&nbsp;&nbsp;Open Shares | 2117160 | 94863 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 1000 |  |
| Net proceeds from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | 2328285 | 3565581 |
| &nbsp;&nbsp;&nbsp;Open Shares | 66131 | 15779 |
| &nbsp;&nbsp;&nbsp;R6 Shares | 61 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Shares | (4128233) | (3364570) |
| &nbsp;&nbsp;&nbsp;Open Shares | (1189885) | (83834) |
| Net increase (decrease) in net assets from capital stock transactions | 4572358 | 9904767 |
| Total increase (decrease) in net assets | (1415828) | 12096824 |
| Net assets at beginning of period | 36171080 | 24074256 |
| Net assets at end of period | $34755252 | $36171080 |

---

*The accompanying notes are an integral part of these financial statements.*

**94** Annual Report

------

---

| | | |
|:---|:---|:---|
|  | Lazard<br> Real Assets Portfolio (a) | Lazard<br> Real Assets Portfolio (a) |
|  | Year Ended<br> December 31, 2022 | Year Ended<br> December 31, 2021 |
| **Shares issued and redeemed** |  |  |
| **Institutional Shares** |  |  |
| Shares outstanding at beginning of period | 3212708 | 2319287 |
| Shares sold | 508999 | 875067 |
| Shares issued to shareholders from reinvestment of distributions | 239014 | 320239 |
| Shares redeemed | (407889) | (301885) |
| Net increase (decrease) | 340124 | 893421 |
| Shares outstanding at end of period | 3552832 | 3212708 |
| **Open Shares** |  |  |
| Shares outstanding at beginning of period | 12859 | 11188 |
| Shares sold | 182688 | 8039 |
| Shares issued to shareholders from reinvestment of distributions | 6795 | 1417 |
| Shares redeemed | (111645) | (7785) |
| Net increase (decrease) | 77838 | 1671 |
| Shares outstanding at end of period | 90697 | 12859 |
| **R6 Shares†** |  |  |
| Shares sold | 93 |  |
| Shares issued to shareholders from reinvestment of distributions | 6 |  |
| Net increase (decrease) | 99 |  |
| Shares outstanding at end of period | 99 |  |

---

*†* *The inception date for the Real Assets Portfolio R6 Shares was July 22, 2022.* 

*(a)* *Consolidated Statements of Changes in Net Assets.* 

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **95**

**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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.36 | $9.13 | $8.84 | $8.31 | $8.67 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.14 | 0.20 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.86) | 0.48 | 0.69 | 0.52 | (0.20) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.68) | 0.62 | 0.89 | 0.62 | (0.14) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.40) | (0.05) | (0.22) |  | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.49) | (0.34) | (0.38) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.96) | (0.39 | (0.60) | (0.09) | (0.22) |
| Net asset value, end of period | $7.72 | $9.36 | $9.13 | $8.84 | $8.31 |
| **Total Return** (b) | –7.39% | 6.81 | 10.11% | 7.44% | -1.66% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $39139 | $145836 | $19537 | $9223 | $16184 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 2.41% | 1.70 | 2.23% | 2.71% | 2.36% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.51% | 2.05 | 3.79% | 5.52% | 3.80% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 1.35% | 1.54 | 2.82% | 4.06% | 2.71% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.03% | 1.47 | 2.22% | 1.19% | 0.73% |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 178% | 168 | 167% | 272% | 312% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 233% | 341 | 241% | 354% | 409% |

---

*The accompanying notes are an integral part of these financial statements.*

**96** Annual Report

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $9.37 | $9.13 | $8.82 | $8.30 | $8.65 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.13 | 0.16 | 0.10 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.84) | 0.47 | 0.70 | 0.51 | (0.19) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.69) | 0.60 | 0.86 | 0.61 | (0.15) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.02) | (0.17) |  | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.49) | (0.34) | (0.38) | (0.09) | (0.12) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.12) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.93) | (0.36 | (0.55) | (0.09) | (0.20) |
| Net asset value, end of period | $7.75 | $9.37 | $9.13 | $8.82 | $8.30 |
| **Total Return** (b) | –7.45% | 6.55 | 9.83% | 7.33% | –1.80% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $434 | $775 | $168 | $123 | $105 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 2.89% | 1.92 | 2.45% | 2.83% | 2.60% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.34% | 2.99 | 4.94% | 13.76% | 14.49% |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 2.95% | 2.52 | 3.99% | 12.30% | 13.40% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.67% | 1.42 | 1.75% | 1.10% | 0.48% |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 178% | 168 | 167% | 272% | 312% |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 233% | 341 | 241% | 354% | 409% |

---

*The accompanying notes are an integral part of these financial statements.*

Annual Report **97**

------

*#* *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) ratios 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 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.*

**98** Annual Report

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LAZARD GLOBAL DYNAMIC MULTI-ASSET 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;the period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.09 | $10.67 | $10.78 | $9.27 | $11.49 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.15 | 0.10 | 0.08 | 0.14 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.87) | 1.18 | 0.02 | 1.51 | (0.92) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.72) | 1.28 | 0.10 | 1.65 | (0.76) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.16) | (0.21) | (0.14) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.30) | (1.70) |  |  | (1.26) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (1.86) | (0.21) | (0.14) | (1.46) |
| Net asset value, end of period | $8.07 | $10.09 | $10.67 | $10.78 | $9.27 |
| **Total Return** (b) | –17.05% | 12.17% | 1.00% | 17.80% | –6.35% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $12911 | $17617 | $57925 | $47481 | $42577 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.16% | 1.70% | 1.32% | 1.45% | 1.34% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.74% | 0.91% | 0.84% | 1.36% | 1.36% |
| Portfolio turnover rate | 108% | 83% | 173% | 125% | 120% |

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*The accompanying notes are an integral part of these financial statements.*

Annual Report **99**

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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;the period | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $10.06 | $10.68 | $10.78 | $9.27 | $11.49 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.13 | 0.08 | 0.06 | 0.11 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.86) | 1.16 | 0.03 | 1.51 | (0.91) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.73) | 1.24 | 0.09 | 1.62 | (0.79) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.16) | (0.19) | (0.11) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.30) | (1.70) |  |  | (1.26) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.30) | (1.86) | (0.19) | (0.11) | (1.43) |
| Net asset value, end of period | $8.03 | $10.06 | $10.68 | $10.78 | $9.27 |
| **Total Return** (b) | –17.20% | 11.78% | 0.84% | 17.46% | –6.64% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $166 | $216 | $236 | $293 | $225 |
| Ratios to average net assets : |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.15% | 1.15% | 1.15% | 1.18% | 1.20% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 4.85% | 3.95% | 3.09% | 5.45% | 4.20% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.48% | 0.69% | 0.61% | 1.10% | 1.07% |
| Portfolio turnover rate | 108% | 83% | 173% | 125% | 120% |

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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.*

**100** Annual Report

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LAZARD OPPORTUNISTIC STRATEGIES 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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.45 | $10.58 | $9.87 | $8.74 | $10.60 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.10 | 0.05 | 0.05 | 0.10 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.80) | 1.32 | 0.88 | 1.23 | (1.48 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.70) | 1.37 | 0.93 | 1.33 | (1.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.04) | (0.05) | (0.12) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.24) | (0.46) | (0.17) | (0.08) | (0.48) |
| &nbsp;&nbsp;&nbsp;Return of capital | — (c) |  |  |  | (0.02 |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.34) | (0.50) | (0.22) | (0.20) | (0.52 |
| Net asset value, end of period | $9.41 | $11.45 | $10.58 | $9.87 | $8.74 |
| **Total Return** (b) | –14.93% | 12.96% | 9.47% | 15.16% | –12.72 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $55411 | $78647 | $78116 | $83509 | $102783 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.03% | 1.11% | 1.04% | 1.22% | 1.02 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.32% | 1.28% | 1.30% | 1.43% | 1.15 |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 1.32% | 1.19% | 1.29% | 1.23% | 1.15 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.03% | 0.40% | 0.55% | 1.08% | 1.32 |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 128% | 65% | 88% | 82% | 227 |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 134% | 65% | 94% | 99% | NA |

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*The accompanying notes are an integral part of these financial statements.*

Annual Report **101**

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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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.38 | $10.52 | $9.82 | $8.69 | $10.55 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.07 | 0.02 | 0.03 | 0.07 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.77) | 1.31 | 0.86 | 1.23 | (1.46 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (1.70) | 1.33 | 0.89 | 1.30 | (1.36 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.01) | (0.02) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.24) | (0.46) | (0.17) | (0.08) | (0.48) |
| &nbsp;&nbsp;&nbsp;Return of capital | — (c) |  |  |  | (0.02 |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.32) | (0.47) | (0.19) | (0.17) | (0.50 |
| Net asset value, end of period | $9.36 | $11.38 | $10.52 | $9.82 | $8.69 |
| **Total Return** (b) | –15.06% | 12.65% | 9.14% | 14.91% | –13.05 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $108 | $157 | $154 | $208 | $286 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.28% | 1.36% | 1.28% | 1.51% | 1.32 |
| &nbsp;&nbsp;&nbsp;Gross expenses | 5.14% | 4.06% | 7.75% | 3.78% | 4.22 |
| &nbsp;&nbsp;&nbsp;Gross expenses, excluding expenses on securities sold short | 5.13% | 3.97% | 7.74% | 3.58% | 4.22 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.71% | 0.15% | 0.31% | 0.76% | 1.00 |
| Portfolio turnover rate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Excluding securities sold short | 128% | 65% | 88% | 82% | 227 |
| &nbsp;&nbsp;&nbsp;Including securities sold short | 134% | 65% | 94% | 99% | NA |

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*The accompanying notes are an integral part of these financial statements.*

**102** Annual Report

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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)* *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 $0.01 per share.*

 

*The accompanying notes are an integral part of these financial statements.*

Annual Report **103**

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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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Institutional Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.21 | $10.33 | $10.69 | $9.42 | $10.71 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.17 | 0.17 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.12) | 2.04 | (0.12) | 1.35 | (0.96) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.94) | 2.21 | 0.05 | 1.51 | (0.80) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.72) | (1.26) | (0.20) | (0.24) | (0.25) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.01) | (0.07) | (0.21) | — (b) | (0.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (1.33) | (0.41) | (0.24) | (0.49) |
| Net asset value, end of period | $9.54 | $11.21 | $10.33 | $10.69 | $9.42 |
| **Total Return** (c) | –8.45% | 21.60% | 0.61% | 16.07% | –7.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $33888 | $36027 | $23959 | $17515 | $16164 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.80% | 0.80% | 0.86% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 1.34% | 1.29% | 2.13% | 2.20% | 2.04% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.61% | 1.49% | 1.73% | 1.59% | 1.53% |
| Portfolio turnover rate | 182% | 35% | 109% | 44% | 72% |

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*The accompanying notes are an integral part of these financial statements.*

**104** Annual Report

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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 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |
| **Open Shares** |  |  |  |  |  |
| Net asset value, beginning of period | $11.22 | $10.34 | $10.67 | $9.41 | $10.70 |
| Income (Loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.18 | 0.13 | 0.17 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.15) | 2.05 | (0.14) | 1.33 | (0.96) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.97) | 2.18 | 0.03 | 1.47 | (0.82) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.69) | (1.23) | (0.15) | (0.21) | (0.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.01) | (0.07) | (0.21) | — (b) | (0.24) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.70) | (1.30) | (0.36) | (0.21) | (0.47) |
| Net asset value, end of period | $9.55 | $11.22 | $10.34 | $10.67 | $9.41 |
| **Total Return** (c) | –8.68% | 21.28% | 0.42% | 15.70% | –7.70% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $866 | $144 | $116 | $65 | $43 |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1.05% | 1.05% | 1.13% | 1.10% | 1.15% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 2.15% | 5.90% | 4.64% | 23.75% | 13.72% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1.68% | 1.16% | 1.77% | 1.39% | 1.29% |
| Portfolio turnover rate | 182% | 35% | 109% | 44% | 72% |

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*The accompanying notes are an integral part of these financial statements.*

Annual Report **105**

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| | |
|:---|:---|
| &nbsp;&nbsp;Selected data for a<br> share of capital stock<br> outstanding throughout<br> each period | For the Period<br> 7/22/22\* to<br> 12/31/22 |
| **R6 Shares** |  |
| Net asset value, beginning of period | $10.84 |
| Income (Loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) (a) | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)(d) | (0.75) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | (0.64) |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.01) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.66) |
| Net asset value, end of period | $9.54 |
| **Total Return** (c) | –5.92% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in thousands) | $1 |
| Ratios to average net assets (e): |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 0.75% |
| &nbsp;&nbsp;&nbsp;Gross expenses | 595.55% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.34% |
| Portfolio turnover rate | 182% |

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| | |
|:---|:---|
| *^* | *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)* | *Amount is less than $0.01 per share.* |
| *(c)* | *Total returns reflect reinvestment of all dividends and distributions, if any. Certain expenses of the Portfolio may have been waived or reimbursed by the Investment Manager, State Street or SS&C GIDS; without such waiver/reimbursement of expenses, the Portfolio's returns would have been lower. Returns for a period of less than one year are not annualized.* |
| *(d)* | *The per share amount does not correlate with the net realized and unrealized gain (loss) on the Statement of Operations due to the timing of the R6 Share's sales and redemptions in relation to market value fluctuation of the Portfolio's underlying investments.* |
| *(e)* | *Annualized for a period of less than one year except for non-recurring expenses.* |

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*The accompanying notes are an integral part of these financial statements.*

**106** Annual Report

**The Lazard Funds, Inc.** Notes to Financial Statements

December 31, 2022

**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, 2022, the Fund was comprised of thirty no-load portfolios (each referred to as a "Portfolio"). This report includes only the financial statements of the Lazard Enhanced Opportunities Portfolio ("Enhanced Opportunities"), the Lazard Global Dynamic Multi-Asset Portfolio ("Global Dynamic Multi-Asset"), the Lazard Opportunistic Strategies Portfolio ("Opportunistic Strategies") and Lazard Real Assets Portfolio ("Real Assets"). The financial statements of the other twenty-six Portfolios are presented separately.

The Global Dynamic Multi-Asset, Opportunistic Strategies, and Real Assets Portfolios are operated as "diversified" funds, as defined in the 1940 Act. The Lazard Enhanced Opportunities Portfolio is operated as a "non-diversified" fund, as defined in the 1940 Act.

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; 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, 2022, net assets of the Portfolio were $34,755,252 of which $3,737,215, or 10.75%, represented the Portfolio's ownership of all issued shares and voting rights of the Subsidiary.

Annual Report **107**

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**2. Significant Accounting Policies**

The accompanying financial statements are presented in conformity with GAAP. The Portfolio is an investment company and therefore applies specialized accounting guidance in accordance with Accounting Standards Codification Topic 946. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of the financial statements:

*(a) Valuation of Investments—*Equity securities traded on a securities exchange or market, including exchange-traded option contracts, rights and warrants, and exchange traded funds, are valued at the last reported sales price (for US listed equity securities) or the closing price (for non-US listed equity securities) on the exchange or market on which the security is principally traded or, for securities trading on the Nasdaq, the Nasdaq Official Closing Price. If there is no available closing price for a non-US listed equity security, the last reported sales price is used. If there are no reported sales of a security on the valuation date, the security is valued at the most recent quoted bid price on such date reported by such principal exchange or market. Futures contracts are valued at the settlement price on the exchange on which the contract is principally traded. Over the counter swap agreements are valued by an independent pricing service and centrally cleared swaps are valued at the last reported sale on the clearing exchange. Forward currency contracts generally are valued using quotations from an independent pricing service. Investments in money market funds are valued at the fund's net asset value ("NAV") per share.

Bonds and other fixed-income securities that are not exchange-traded are valued on the basis of prices provided by independent pricing services which are based on, among other things, trading in securities with similar characteristics, brokers' quotations and/or a matrix system which considers such factors as other security prices, yields and maturities.

Calculation of a Portfolio's NAV may not take place contemporaneously with the determination of the prices of portfolio assets used in such calculation. Trading on certain non-US securities exchanges or markets,

**108** Annual Report

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such as those in Europe and Asia, ordinarily may be completed before the close of business on each business day in New York (*i.e.*, a day on which the New York Stock Exchange (the "NYSE") is open). In addition, securities in non-US countries, may not trade on all business days in New York and on which the NAV of a Portfolio is calculated.

If a significant event materially affecting the value of securities occurs between the close of the exchange or market on which the security is principally traded and the time when a Portfolio's NAV is calculated, or when current market quotations otherwise are determined not to be readily available or reliable (including restricted or other illiquid securities such as certain derivative instruments), such securities will be valued at their fair value in accordance with procedures approved by the Fund's Board of Directors (the "Board"). The fair value of non-US securities may be determined with the assistance of an independent pricing service using correlations between the movement of prices of such securities and indices of US securities and other appropriate indicators, such as closing market prices of relevant ADRs or futures contracts. Certain non-US securities may trade on days when a Portfolio is not open for business, thus affecting the value of the Portfolio's assets on days when Portfolio shareholders may not be able to buy or sell Portfolio shares.

The Board has designated the Investment Manager to perform fair value determinations pursuant to Rule 2a-5 under the 1940 Act. The Investment Manager has created a Valuation Sub-Committee of the Funds' Valuation and Liquidity Committee, which may evaluate a variety of factors to determine the fair value of securities for which market quotations are determined not to be readily available or reliable. These factors include, but are not limited to, the type of security, the value of comparable securities, observations from financial institutions and relevant news events. Input from the Investment Manager's portfolio management team also will be considered. Using a fair value pricing methodology to price securities may result in a value that is different from the most recent closing price of a security and from the prices used by other investment companies to calculate their portfolios' NAVs.

Annual Report **109**

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*(b) Portfolio Securities Transactions and Investment Income—*Portfolio securities transactions are accounted for on trade date. Realized gain (loss) on sales of investments are recorded on a specific identification basis. Dividend income and dividend expenses on short sales are recorded on the ex-dividend date except for certain dividends from non-US securities where the dividend rate is not available. In such cases, the dividend is recorded as soon as the information is received by a Portfolio. Interest income, if any, is accrued daily. A Portfolio amortizes premiums and accretes discounts on fixed-income securities using the effective yield method.

A Portfolio may be subject to taxes imposed by non-US countries in which it invests. Such taxes are generally based upon income earned or capital gains (realized and/or unrealized). An affected Portfolio accrues and applies such taxes to net investment income, net realized gains and net unrealized gains concurrent with the recognition of income earned or capital gains (realized and/or unrealized) from the applicable Portfolio securities.

*(c) Foreign Currency Translation and Forward Currency Contracts—*The accounting records of the Fund are maintained in US dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated daily into US dollars at the prevailing rates of exchange. Purchases and sales of securities, income receipts and expense payments are translated into US dollars at the prevailing exchange rates on the respective transaction dates.

The Portfolios do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in their market prices. Such fluctuations are included in net realized and unrealized gain (loss) on investments.

A forward currency contract is an agreement between two parties to buy or sell currency at a set price on a future date. Daily fluctuations in the value of forward currency contracts are recorded as unrealized appreciation (depreciation) on forward currency

**110** Annual Report

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contracts. When the contract is closed, the Portfolio records a realized gain (loss) equal to the difference between the value at the time it was opened and the value at the time it was closed. Net realized gain (loss) on foreign currency transactions and forward currency contracts represent net foreign currency gain (loss) from forward currency contracts, disposition of foreign currencies, currency gain (loss) realized between the trade and settlement dates on securities transactions, and the difference between the amount of dividends, interest and foreign withholding taxes recorded on the Portfolios' accounting records and the US dollar equivalent amounts actually received or paid. Net change in unrealized appreciation (depreciation) on foreign currency translations reflects 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, 2022, the Enhanced Opportunities, Global Dynamic Multi-Asset and Real Assets Portfolios traded in forward currency contracts.

*(d) Futures Contracts—*Futures contracts are purchased or sold to gain exposure to, or manage exposure from, changes in the value of equity securities or foreign currencies and changes in interest rates.

Futures contracts are exchange-traded agreements between a Portfolio and a counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash collateral pledged for futures contracts in the Statement 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 Statement of Assets and Liabilities.

Annual Report **111**

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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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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, 2022, the Real Assets Portfolio traded in futures contracts.

*(e) Swap Agreements—*Swap agreements on equity securities involve commitments to pay interest in exchange for a market linked return based on a notional amount. Fixed income swaps involve commitments to pay interest in return for exposure to a specific corporation or market. The counterparty pays out the total return of the security or basket of securities and, in return, receives a regular stream of payments, based on an agreed-upon interest rate. To the extent the total return of the security or basket of securities 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 indexes 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.

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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 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.

During the year ended December 31, 2022, the Enhanced Opportunities, Opportunistic Strategies and Real Assets Portfolios traded in swap agreements.

*(f) Options Transactions*—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 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 Statement of Assets and Liabilities. If a Portfolio writes an option, it bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk of loss is unlimited for uncovered written call options. For uncovered written put options, the risk of loss is limited to the difference between the strike price of the option and the premiums received upon writing the option.

During the period ended December 31, 2022, the Enhanced Opportunities Portfolio traded in options.

*(g) Short Sales—*A short sale is a transaction in which a Portfolio sells securities it does not own but has borrowed in anticipation of a decline in the market price of the securities. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. A Portfolio realizes a gain or loss upon closing of the short sale (returning the security to

Annual Report **113**

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the counterparty by way of purchase or delivery of a long position owned). Short sales by a Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Portfolio may have to pay a fee to borrow the particular security and is liable to the buyer for any dividends or interest payable on securities while those securities are in a short position. These dividends and interest amounts are an expense of the Portfolio. The Portfolio designates collateral consisting of cash, US government securities or other liquid assets sufficient to collateralize the market value of short positions.

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, 2022, 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, 2022, the Enhanced Opportunities Portfolio had pledged $65,817,697 of securities held long as collateral under such arrangements.

For the year ended December 31, 2022, 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 | $127431302 | $135961712 |
| Opportunistic Strategies | 2314150 | 3861322 |

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For the year ended December 31, 2022, proceeds from securities sold short and purchases to cover short positions on US Treasury Securities for the Enhanced Opportunities Portfolio were $5,505,648 and $6,564,362, 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"),

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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, 2022, 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 |
| Enhanced Opportunities | $3386178 | $1066268 |
| Opportunistic Strategies | 569890 |  |
| Real Assets | 2432991 |  |

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Under current tax law, 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, 2022, the following Portfolios elected to defer such losses as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Post-October<br> Capital Loss<br> Deferral | Late-Year<br> Ordinary Loss<br> Deferral |
| Enhanced Opportunities | $— | $327636 |
| Real Assets |  | 30299 |

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For federal income tax purposes, the aggregate cost, aggregate gross unrealized appreciation, aggregate gross unrealized depreciation and the net unrealized appreciation (depreciation) were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Aggregate<br> Cost | Aggregate<br> Gross<br> Unrealized<br> Appreciation | Aggregate<br> Gross<br> Unrealized<br> Depreciation | Net<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Enhanced Opportunities | $37128846 | $4466407 | $11220535 | $(6754128) |
| Global Dynamic Multi-Asset | 13241931 | 811416 | 1087189 | (275773) |
| Opportunistic Strategies | 51576636 | 4758431 | 612210 | 4146221 |
| Real Assets | 39856072 | 3296966 | 9465770 | (6168804) |

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Annual Report **115**

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Management has analyzed the Portfolios, tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on tax returns filed for any open tax years (or expected to be taken on future tax returns). Open tax years are those that remain subject to examination and are based on each tax jurisdiction's statute of limitations. Each Portfolio files a US federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

*(i) Dividends and Distributions—*For each Portfolio, income dividends are normally declared each business day and paid annually, except that the Real Assets Portfolio's dividends from net investment income (if any), will be declared and paid quarterly. During any particular year, net realized gains from investment transactions in excess of available capital loss carryforwards would be taxable to the Portfolios, if not distributed. The Portfolios intend to declare and distribute these amounts, at least annually, to shareholders, but may be distributed more frequently. Differences in per share distributions, by class, are generally due to differences in class specific expenses.

Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Real Assets Portfolio's ordinary income and/or capital gains for that year, or any future tax year.

The Lazard Global Dynamic Multi-Asset Portfolio used equalization during the year on its 2022 tax return, and has elected 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 Portfolio's 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 Portfolio would otherwise be required to distribute as dividends to shareholders in order for the Portfolio to avoid federal income and excise taxes. This practice reduces the

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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 Portfolio's shares, the total return on a shareholder's investment is not affected by the Portfolio's use of equalization.

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, passive foreign investment company gains and losses, deemed dividends on convertible debt, equalization accounting (as described above), straddles, certain fixed-income securities, expenses, derivatives, 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<br> Loss) |
| Global Dynamic Multi-Asset | $(129170) | $129170 |
| Opportunistic Strategies | 4154 | (4154) |
| Real Assets | 1702205 | (1702205) |

---

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 | 2022 | 2021 | 2022 | 2021 |
| Enhanced Opportunities\* | $3638772 | $3019452 | $321553 | $900944 |
| Global Dynamic Multi-Asset | 55551 | 2801424 | 483437 |  |
| Opportunistic Strategies\* | 574093 | 1938153 | 1545575 | 1398699 |
| Real Assets | 2477820 | 3788571 | 47712 | 107384 |

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*\** *Enhanced Opportunities and Opportunistic Strategies Portfolios had return of capital distributions of $633,923 and $17,178 in 2022, and $0 and $0 in 2021 respectively.*

Annual Report **117**

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At December 31, 2022, 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 |
| Enhanced Opportunities | $(327636) | $(4452446) | $(6797505) |
| Global Dynamic Multi-Asset |  | 155421 | (310323) |
| Opportunistic Strategies |  | (569890) | 3994896 |
| Real Assets | (30299) | (2432991) | (4681932) |

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*(j) Allocation of Expenses—*Expenses common to the Fund, Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc. (each a "Lazard Fund" and collectively, the "Lazard Fund Complex"), each a registered management investment company advised by the Investment Manager, not directly chargeable to one or more specific Lazard Funds are allocated to the Fund and among its Portfolios primarily on the basis of relative net assets. Expenses of the Fund not directly chargeable to one or more Portfolios are similarly allocated among the Portfolios primarily on the basis of relative net assets. The Portfolios accrue distribution and service (12b-1) fees to Open Shares. Each Portfolio's income, expenses (other than class specific expenses) and realized and unrealized gains and losses are allocated proportionally each day between its classes based upon the relative net assets of each class.

*(k) Estimates—*The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets resulting from operations during the reporting period. Actual results could differ from those estimates.

*(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

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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 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 a 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 |
| Enhanced Opportunities | 0.95% |
| Global Dynamic Multi-Asset | 0.80 |
| Opportunistic Strategies | 1.00 |
| Real Assets | 0.65 |

---

The Investment Manager provides investment management and other services to the Subsidiary. The Investment Manager does not receive separate compensation from the Subsidiary for providing such services. However, the Real Assets Portfolio pays the Investment Manager based on its net assets, which include the assets of the Subsidiary.

Annual Report **119**

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The Investment Manager has voluntarily agreed to waive its fees and, if necessary, reimburse each Portfolio until April 29, 2023 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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| | | | |
|:---|:---|:---|:---|
|  | Institutional | Open | R6 |
| &nbsp;&nbsp;Portfolio | Shares | Shares | Shares |
| Enhanced Opportunities | 1.25% | 1.50% | N/A% |
| Global Dynamic Multi-Asset | 0.90 | 1.15 | N/A |
| Opportunistic Strategies | 1.02 | 1.27 | N/A |
| Real Assets | 0.80 | 1.05 | 0.75 |

---

During the year ended December 31, 2022, 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 | $76639 | $— | $3220 | $1709 |
| Global Dynamic Multi-Asset | 127833 | 73339 | 1478 | 5358 |
| Opportunistic Strategies | 192299 |  | 1324 | 3783 |
| Real Assets | 199387 |  | 5759 | 3941 |

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| | | |
|:---|:---|:---|
|  | R6 Shares | R6 Shares |
|  | Management | Expenses |
| &nbsp;&nbsp;Portfolio | Fees Waived | Reimbursed |
| Real Assets | $3 | $3759 |

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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, amongst 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**

Certain Directors of the Fund are officers of the Investment Manager. The annual compensation for each Director who is not an affiliated person of the Investment Manager or any of its affiliates, that is payable by all of the funds in the Lazard Fund Complex, is comprised of: (1) an annual fee of $245,000, (2) an additional annual fee of $35,000 to the lead Independent Director, and (3) an additional annual fee of $25,000 to the Audit Committee Chair. The Independent Directors (an "Independent Director" is a Director who is not an "interested person" (as defined in the 1940 Act) of the Fund) also may be paid additional fees for participation on ad hoc committees or other work performed on behalf of the Board. The Independent Directors are reimbursed for travel and other out-of-pocket expenses for attending Board and committee meetings or incurred in connection with work performed on behalf of the Board. The Directors do not receive benefits from the Fund pursuant to any pension, retirement or similar arrangement. Independent Directors' fees and expenses are allocated among the active portfolios in the Lazard Fund Complex at a rate of $5,000 per active portfolio with the remainder

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allocated among the active portfolios on the basis of relative net assets. The Statements of Operations shows the Independent Directors' compensation and expenses paid by each Portfolio.

**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, 2022 were as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $178132443 | $249571921 |
| Global Dynamic Multi-Asset | 15863354 | 17961686 |
| Opportunistic Strategies | 74950984 | 92525253 |
| Real Assets | 50325869 | 44790943 |
|  | US Treasury Securities | US Treasury Securities |
| &nbsp;&nbsp;Portfolio | Purchases | Sales |
| Enhanced Opportunities | $4027340 | $851566 |
| Global Dynamic Multi-Asset | 832271 | 501188 |

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At December 31, 2022, the Investment Manager owned 25.61% of the outstanding shares of the Global Dynamic Multi-Asset Portfolio.

For the year ended December 31, 2022, the Portfolios did not engage in any cross-trades in accordance with Rule 17a-7 under the 1940 Act, and no brokerage commissions were paid to affiliates of the Investment Manager or other affiliates of the Fund for portfolio transactions executed on behalf of the Fund.

**6. Line of Credit**

The Fund has a $100 million committed line of credit pursuant to an Amended and Restated Loan Agreement (the "Agreement") with State Street, primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Interest on borrowings is payable at 1.00% plus the "Applicable Rate," which is the higher of (a) the Federal Funds Rate plus 10 basis points and (b) the Overnight Bank Funding Rate (OBFR) plus 10 basis points, on an annualized basis. Under the Agreement, the Fund has agreed to pay a 0.20% per annum fee on the unused portion of the

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commitment, payable quarterly in arrears. The Fund has also agreed to pay an upfront fee of 0.05% of the committed line amount. During the year ended December 31, 2022, the following Portfolios had borrowings under the Agreement as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $1382500 | $7718300 | 3.56% | 13 |
| Global Dynamic Multi-Asset | 118500 | 118500 | 5.43 | 1 |
| Real Assets | 461000 | 461000 | 1.43 | 1 |

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*\** *For days borrowings were outstanding.*

Management believes that the fair value of the liabilities under the Agreement is equivalent to the recorded amount based on its short-term maturity and interest rate, which fluctuates with the Applicable rate. A Portfolio's outstanding balance under the Agreement, if any, would be categorized as Level 2.

**7. Investment Risks**

*Not all risks described below apply to all Portfolios, or may not apply to the same degree for one or more Portfolios compared to one or more other Portfolios. In addition, not all risks applicable to an investment in a Portfolio are described below. Please see the current summary prospectus for the relevant Portfolio(s) or a current Portfolio prospectus for further information regarding a Portfolio's investment strategy and related risks.*

*(a) Market Risk—*A Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, a Portfolio's investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect a Portfolio. Global economies and

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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, acts of terrorism, the spread of infectious illness or other public health issues, recessions or other events could have a significant negative impact on global economic and market conditions. The coronavirus disease 2019 (COVID-19) global pandemic and the 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, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long the effects of such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may be expected to impact a Portfolio and its investments.

*(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.

Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for

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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. The 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.

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

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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.

• During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par

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| | |
|:---|:---|
|  | earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, a Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates). |
| • | Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or US government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by a Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books. |

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*(e) Non-US Securities Risk—*A Portfolio's performance will be influenced by political, social and economic factors affecting the non-US countries and companies in which the Portfolio invests. Non-US securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-US securities may be subject to economic sanctions or other similar governmental actions or developments, which could, among other things, effectively restrict or eliminate the Portfolio's ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless.

*(f) Emerging Market Risk—*Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. The securities markets of emerging market countries have historically been extremely volatile. These market conditions may continue or worsen. Significant devaluation of emerging market currencies against the US dollar may occur subsequent to acquisition of investments denominated in emerging market currencies.

Annual Report **127**

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*(g) Foreign Currency Risk—*Investments denominated in currencies other than US dollars may experience a decline in value, in US dollar terms, due solely to fluctuations in currency exchange rates. A Portfolio's investments could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of emerging market currencies.

*(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.

*(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; forward currency contracts; over-the-counter options on securities, indexes, currencies and structured notes; 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

**128** Annual Report

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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.

*(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

Annual Report **129**

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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.

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.

**130** Annual Report

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*(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 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.

Annual Report **131**

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*(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 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 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

**132** Annual Report

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invested in one or more closed-end funds and/or ETFs (subject to certain exceptions), 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.

*(p) Government Securities Risk—*Not all obligations of the US government, its agencies and instrumentalities are backed by the full faith and credit of the US Treasury. Some obligations are backed only by the credit of the issuing agency or instrumentality, and in some cases there may be some risk of default by the issuer. Any guarantee by the US government or its agencies or instrumentalities of a security held by a Portfolio does not apply to the market value of such security or to shares of the Portfolio itself. A security backed by the US Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of interest and principal when held to maturity.

*(q) Cybersecurity Risk—*The Portfolios and their service providers are susceptible to operational and information security and related risks of cybersecurity incidents. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cybersecurity incidents affecting the Investment Manager, transfer agent or custodian or 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

Annual Report **133**

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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.

*(s) Geopolitical Risk—*As a result of the ongoing armed conflict between Russia and Ukraine, the United States, the United Kingdom, the European Union, and several other nations have announced a broad array of new or expanded sanctions, export controls, and other measures against Russia, as well as upon certain banks, companies, government officials, and other individuals in or affiliated with Russia and Belarus. The ongoing conflict and the evolving response measures may continue to have a negative impact on the economy and business activity globally (including in the countries in which the Portfolios invest), and therefore, could adversely affect the performance of the Portfolios' investments. The severity and duration of the conflict is unknown and could continue to impact global economic and market conditions adversely. Management will continue to seek to assess the potential impacts on valuation and liquidity and will take any actions needed in accordance with procedures already approved by the Board of Directors.

**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.

**134** Annual Report

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**9. Fair Value Measurements**

Fair value is defined as the price that a Portfolio would receive to sell an asset, or would pay to transfer a liability, in an orderly transaction between market participants at the date of measurement. The Fair Value Measurements and Disclosures provisions of GAAP also establish a framework for measuring fair value, and a three-level hierarchy for fair value measurement that is based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer, broadly, to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances. The fair value measurement level within the fair value hierarchy for the assets and liabilities of 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.

The following table summarizes the valuation of the Portfolios' assets and liabilities by each fair value hierarchy level as of December 31, 2022:

Annual Report **135**

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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, 2022 |
| **Enhanced Opportunities Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $8824 | $— | $— | $8824 |
| &nbsp;&nbsp;&nbsp;United States | 295899 |  | 27658 | 323557 |
| Convertible Corporate Bonds |  | 64432862 |  | 64432862 |
| Purchased Options | 79415 |  |  | 79415 |
| Short-Term Investments | 4016023 |  |  | 4016023 |
| U.S. Treasury Securities |  | 3192680 |  | 3192680 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 139 |  | 139 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 1178486 |  | 1178331 |
| Total | $4400161 | $68804167 | $27658 | $73231986 |
| **Liabilities:** |  |  |  |  |
| Securities Sold Short |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Austria | $— | $(46302) | $— | $(46302) |
| &nbsp;&nbsp;&nbsp;Canada | (348696) |  |  | (348696) |
| &nbsp;&nbsp;&nbsp;China | (627316) |  |  | (627316) |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | (559640) |  | (559640) |
| &nbsp;&nbsp;&nbsp;Netherlands |  | (95439) |  | (95439) |
| &nbsp;&nbsp;&nbsp;Panama | (1940107) |  |  | (1940107) |
| &nbsp;&nbsp;&nbsp;Singapore | (144331) |  |  | (144331) |
| &nbsp;&nbsp;&nbsp;South Korea |  | (99983) |  | (99983) |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | (11052) |  | (11052) |
| &nbsp;&nbsp;&nbsp;United States | (23635478) |  |  | (23635478) |
| Exchange-Traded Funds | (3178037) |  |  | (3178037) |
| U.S. Treasury Securities |  | (10992262) |  | (10992262) |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | (16459) |  | (16459) |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | (1595871) |  | (1595716) |
| &nbsp;&nbsp;&nbsp;Written Options | (56058) |  |  | (56058) |
| Total | $(29930023) | $(13417008) | $— | $(43347031) |

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The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

**136** Annual Report

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| | |
|:---|:---|
| | Common Stocks |
| **Beginning Balance** | $— |
| &nbsp;&nbsp;&nbsp;Purchases | 52760 |
| &nbsp;&nbsp;&nbsp;Sales | (25102) |
| &nbsp;&nbsp;&nbsp;Amortization of discount |  |
| &nbsp;&nbsp;&nbsp;Transfers in |  |
| &nbsp;&nbsp;&nbsp;Transfers out |  |
| &nbsp;&nbsp;&nbsp;Corporate actions |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) | $— |
| &nbsp;&nbsp;&nbsp;Ending Balance | $27658 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2022 | $— |

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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, 2022 |
| **Global Dynamic Multi-Asset Portfolio** | **Global Dynamic Multi-Asset Portfolio** |  |  |  |
| **Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $39777 | $— | $39777 |
| &nbsp;&nbsp;&nbsp;Belgium |  | 6805 |  | 6805 |
| &nbsp;&nbsp;&nbsp;Canada | 149055 | 3893 |  | 152948 |
| &nbsp;&nbsp;&nbsp;China | 7586 | 2207 |  | 9793 |
| &nbsp;&nbsp;&nbsp;Denmark | 7083 | 40700 |  | 47783 |
| &nbsp;&nbsp;&nbsp;Finland |  | 2217 |  | 2217 |
| &nbsp;&nbsp;&nbsp;France | 30117 | 82061 |  | 112178 |
| &nbsp;&nbsp;&nbsp;Germany | 10508 | 38835 |  | 49343 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 6842 | 18241 |  | 25083 |
| &nbsp;&nbsp;&nbsp;Ireland | 2858 |  |  | 2858 |
| &nbsp;&nbsp;&nbsp;Israel | 1619 | 7715 |  | 9334 |
| &nbsp;&nbsp;&nbsp;Italy |  | 10839 |  | 10839 |
| &nbsp;&nbsp;&nbsp;Japan | 16379 | 463947 |  | 480326 |
| &nbsp;&nbsp;&nbsp;Monaco | 2205 |  |  | 2205 |
| &nbsp;&nbsp;&nbsp;Netherlands | 11313 | 106616 |  | 117929 |
| &nbsp;&nbsp;&nbsp;New Zealand |  | 14454 |  | 14454 |
| &nbsp;&nbsp;&nbsp;Norway |  | 11379 |  | 11379 |
| &nbsp;&nbsp;&nbsp;Puerto Rico | 992 |  |  | 992 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 36754 |  | 36754 |
| &nbsp;&nbsp;&nbsp;Spain | 4734 | 17315 |  | 22049 |
| &nbsp;&nbsp;&nbsp;Sweden | 22900 | 6085 |  | 28985 |
| &nbsp;&nbsp;&nbsp;Switzerland | 16745 | 17258 |  | 34003 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 44235 | 122158 |  | 166393 |
| &nbsp;&nbsp;&nbsp;United States | 2768637 | 82768 |  | 2851405 |
| Corporate Bonds\* |  | 2877889 |  | 2877889 |
| Exchange-Traded Funds | 154917 |  |  | 154917 |

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Annual Report **137**

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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, 2022 |
| Foreign Government Obligations\* |  | 3781854 |  | 3781854 |
| Quasi Government Bonds\* |  | 222025 |  | 222025 |
| Supranational Bonds |  | 925105 |  | 925105 |
| U.S. Treasury Securities |  | 311979 |  | 311979 |
| Short-Term Investments | 456557 |  |  | 456557 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 319666 |  | 319666 |
| Total | $3715282 | $9570542 | $— | $13285824 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(182369) | $— | $(182369) |
| **Opportunistic Strategies Portfolio** |  |  |  |  |
| **Assets:** |  |  |  |  |
| Exchange-Traded Funds | $49829409 | $— | $— | $49829409 |
| Short-Term Investments | 5893448 |  |  | 5893448 |
| Total | $55722857 | $— | $— | $55722857 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| Total Return Swap Agreements | $— | $(150608) | $— | $(150608) |
| **Real Assets Portfolio Assets:** |  |  |  |  |
| Common Stocks\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Australia | $— | $1038945 | $— | $1038945 |
| &nbsp;&nbsp;&nbsp;Brazil |  | 512842 |  | 512842 |
| &nbsp;&nbsp;&nbsp;Canada | 1919946 |  |  | 1919946 |
| &nbsp;&nbsp;&nbsp;China |  | 128270 |  | 128270 |
| &nbsp;&nbsp;&nbsp;France | 215720 | 1222009 |  | 1437729 |
| &nbsp;&nbsp;&nbsp;Hong Kong |  | 52353 |  | 52353 |
| &nbsp;&nbsp;&nbsp;Italy |  | 639788 |  | 639788 |
| &nbsp;&nbsp;&nbsp;Japan |  | 817545 |  | 817545 |
| &nbsp;&nbsp;&nbsp;Luxembourg |  | 20785 |  | 20785 |
| &nbsp;&nbsp;&nbsp;Portugal |  | 272016 |  | 272016 |
| &nbsp;&nbsp;&nbsp;Singapore |  | 68458 |  | 68458 |
| &nbsp;&nbsp;&nbsp;South Africa |  | 306153 |  | 306153 |
| &nbsp;&nbsp;&nbsp;Spain |  | 143800 |  | 143800 |
| &nbsp;&nbsp;&nbsp;Switzerland |  | 31610 |  | 31610 |
| &nbsp;&nbsp;&nbsp;Taiwan |  | 80153 |  | 80153 |
| &nbsp;&nbsp;&nbsp;United Kingdom |  | 1470446 |  | 1470446 |
| &nbsp;&nbsp;&nbsp;United States | 13500885 |  |  | 13500885 |
| Exchange-Traded Funds | 1570668 |  |  | 1570668 |
| U.S. Treasury Securities |  | 1688238 |  | 1688238 |
| Short-Term Investments | 7986638 |  |  | 7986638 |

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**138** Annual Report

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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, 2022 |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts |  | 5059 |  | 5059 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 33767 |  |  | 33767 |
| &nbsp;&nbsp;&nbsp;Total Return Swap Agreements |  | 81521 |  | 81521 |
| Total | $25227624 | $8579991 | $— | $33807615 |
| **Liabilities:** |  |  |  |  |
| Other Financial Instruments† |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Currency Contracts | $— | $(2256) | $— | $(2256) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (423847) |  |  | (423847) |
| Total | $(423847) | $(2256) | $— | $(426103) |

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| | |
|:---|:---|
| *\** | *Please refer to Portfolios of Investments and Notes to Portfolios of Investments for portfolio holdings by country and industry.* |
| *†* | *Other financial instruments are derivative instruments which are valued at their respective unrealized appreciation (depreciation).* |

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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, in accordance with procedures approved by the Board, 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.

Annual Report **139**

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**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.

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, 2022, the approximate average monthly notional exposure for derivative instruments was as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Derivative Instruments | Enhanced<br> Opportunities<br> Portfolio |  | Global Dynamic<br> Multi-Asset<br> Portfolio | Opportunistic<br> Strategies<br> Portfolio |  | Real Assets<br> Portfolio |  |
| Forward currency contracts: |  |  |  |  |  |  |  |
| Average amounts purchased | $1900000 | \* | $4900000 | $— |  | $2100000 | \*\* |
| Average amounts sold | 5200000 |  | 4200000 |  |  | 4400000 |  |
| Futures contracts: |  |  |  |  |  |  |  |
| Average notional value of contracts – long |  |  |  |  |  | 2400000 |  |
| Total return swap agreements: |  |  |  |  |  |  |  |
| Average notional value | 14300000 |  |  | 1200000 | # | 9100000 |  |
| Options: |  |  |  |  |  |  |  |
| Average value of purchased options | 100000 | \*\* |  |  |  |  |  |

---

*\** *Represents average monthly notional exposure for seven months the derivative instrument was open during the period.*

*\*\** *Represents average monthly notional exposure for eleven months the derivative instrument was open during the period.*

*#* *Represents average monthly notional exposure for nine months the derivative instrument was open during the period.*

The Enhanced Opportunities Portfolio also wrote options having an average monthly notional exposure of less than $50,000.

**140** Annual Report

------

The following table summarizes the fair value of derivative instruments on the Statements of Assets and Liabilities as of December 31, 2022:

**Enhanced Opportunities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward currency contracts | $— | $139 | $139 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 1178486 |  | 1178486 |
| Purchased options |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment in securities, at fair value | 79415 |  | 79415 |
| Total | $1257901 | $139 | $1258040 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | $— | $16459 | $16459 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on swap agreements | 1595871 |  | 1595871 |
| Written options |  |  |  |
| &nbsp;&nbsp;&nbsp;Written options, at fair value | 56058 |  | 56058 |
| Total | $1651929 | $16459 | $1668388 |

---

**Global Dynamic Multi-Asset Portfolio**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized appreciation on forward currency contracts | $319666 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Forward currency contracts | Unrealized depreciation on forward currency contracts | $182369 |

---

**Opportunistic Strategies Portfolio**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments |  | Total |
| Swap Agreements | Unrealized depreciation on swap agreements | $150608 |

---

Annual Report **141**

------

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Assets – Derivative Financial Instruments | Commodity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward currency contracts | $— | $5059 | $5059 |
| Swap agreements |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on swap agreements | 81521 |  | 81521 |
| Future Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on open futures contracts (a) | 33767 |  | 33767 |
| Total | $115288 | $5059 | $120347 |
| &nbsp;&nbsp;Liabilities – Derivative Financial Instruments | Commodity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward currency contracts | $— | $2256 | $2256 |
| Future Contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;Variation margin on open futures contracts (a) | 423847 |  | 423847 |
| Total | $423847 | $2256 | $426103 |

---

*(a)* *Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Portfolio 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 Statements of Operations for the year ended December 31, 2022 was:

**Enhanced Opportunities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $378598 | $378598 |
| Purchased options\* | 165049 |  | 165049 |
| Swap agreements | 927048 |  | 927048 |
| Written options | 144564 |  | 144564 |
| Total | $1236661 | $378598 | $1615259 |

---

<br> *\** *Purchased options are included under net realized gain/loss on investments on the Statement of Operations.*

**142** Annual Report

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Equity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $53457 | $53457 |
| Purchased options\* | 40478 |  | 40478 |
| Swap agreements | (425082) |  | (425082) |
| Written options | 477 |  | 477 |
| Total | $(384127) | $53457 | $(330670) |

---

<br> *\** *Purchased options are included under net change in unrealized gain/loss on investments on the Statement of Operations.*

**Global Dynamic Multi-Asset Portfolio**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Forward currency contracts | $(381148) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Forward currency contracts | $131530 |

---

**Opportunistic Strategies Portfolio**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Total |
| Swap Agreements | $(483396) |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Total |
| Swap Agreements | $(150608) |

---

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Net Realized Gain (Loss) from: | Commodity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $133511 | $133511 |
| Futures Contracts | 968474 |  | 968474 |
| Swap agreements | 928856 |  | 928856 |
| Total | $1897330 | $133511 | $2030841 |
| &nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on: | Commodity<br> Contracts | Foreign<br> Currency<br> Exchange<br> Contracts | Total |
| Forward currency contracts | $— | $103302 | $103302 |
| Futures Contracts | (417105) |  | (417105) |
| Swap agreements | 274097 |  | 274097 |
| Total | $(143008) | $103302 | $(39706) |

---

Annual Report **143**

------

As of December 31, 2022, the Enhanced Opportunities, Global Dynamic Multi-Asset and Real Assets Portfolios held derivative instruments that are eligible for offset in their Statements of Assets and Liabilities and are subject to master netting arrangements. A master netting arrangement is an agreement between two counterparties who have multiple contracts with each other that provides for the net settlement of all contracts, as well as any cash collateral, through a single payment in the event of default on, or termination of, any one contract.

The required information for the affected Portfolios is presented in the below table, as of December 31, 2022:

**Enhanced Opportunities Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $139 | $— | $139 |
| Total Return Swap Agreements | 1178486 |  | 1178486 |
| Total | $1178625 | $— | $1178625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| BNP Paribas SA | $228275 | $(228275) | $— | $— |
| Bank of America N.A. | 644814 | (1919) |  | 642895 |
| Nomura International Plc | 305397 | (305397) |  |  |
| State Street Bank and Trust Co. | 139 | (139) |  |  |
| Total | $1178625 | $(535730) | $— | $642895 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $16459 | $— | $16459 |
| Total Return Swap Agreements | 1595871 |  | 1595871 |
| Total | $1612330 | $— | $1612330 |

---

**144** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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(a) | Net Amounts of<br> Derivative Liabilities |
| BNP Paribas SA | $1170696 | $(228275) | $(942421) | $— |
| Bank of America N.A. | 1919 | (1919) |  |  |
| Nomura International Plc | 423256 | (305397) | (117859) |  |
| State Street Bank and Trust Co. | 16459 | (139) |  | 16320 |
| Total | $1612330 | $(535730) | $(1060280) | $16320 |

---

*(a)* *Collateral amounts disclosed in the table above may be adjusted due to the requirement to limit collateral amounts to avoid the effect of over-collateralization. Actual collateral received and/or pledged may be more than the amounts disclosed herein.* 

**Global Dynamic Multi-Asset Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $319666 | $— | $319666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Citibank N.A. | $50819 | $(13169) | $— | $37650 |
| HSBC Bank USA N.A. | 195636 | (88126) |  | 107510 |
| JPMorgan Chase Bank N.A. | 72125 | (72125) |  |  |
| Morgan Stanley & Co. | 382 | (382) |  |  |
| State Street Bank and Trust Co. | 704 | (704) |  |  |
| Total | $319666 | $(174506) | $— | $145160 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $182369 | $— | $182369 |

---

Annual Report **145**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| Citibank N.A. | $13169 | $(13169) | $— | $— |
| HSBC Bank USA N.A. | 88126 | (88126) |  |  |
| JPMorgan Chase Bank N.A. | 77829 | (72125) |  | 5704 |
| Morgan Stanley & Co. | 466 | (382) |  | 84 |
| State Street Bank and Trust Co. | 2779 | (704) |  | 2075 |
| Total | $182369 | $(174506) | $— | $7863 |

---

**Opportunistic Strategies Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &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 |
| Total Return Swap Agreements | $150608 | $— | $150608 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ' |  | 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 |
| Goldman Sachs International | 150608 | $— | $— | 150608 |

---

**Real Assets Portfolio**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Description | Gross Amounts of<br> Recognized Assets | Gross Amounts Offset<br> in the Statement of<br> Assets and Liabilities | Net Amounts of<br> Assets Presented<br> in the Statement of<br> Assets and Liabilities |
| Forward Currency Contracts | $5059 | $— | $5059 |
| Total Return Swap Agreements | 81521 |  | 81521 |
| Total | $86580 |  | $86580 |

---

**146** Annual Report

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 | $81521 | $— | $— | $81521 |
| HSBC Bank USA N.A. | 1183 | (48) |  | 1135 |
| JPMorgan Chase Bank N.A. | 188 | (188) |  |  |
| State Street Bank and Trust Co. | 3688 | (1858) |  | 1830 |
| Total | $86580 | $(2094) | $— | $84486 |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 | $2256 | $— | $2256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | 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 |
| HSBC Bank USA N.A. | $48 | $(48) | $— | $— |
| JPMorgan Chase Bank N.A. | 350 | (188) |  | 162 |
| State Street Bank and Trust Co. | 1858 | (1858) |  |  |
| Total | $2256 | $(2094) | $— | $162 |

---

**11. Accounting Pronouncements**

On March 12, 2020, the Financial Accounting Standards Board concluded its reference rate reform project with the issuance of Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU No. 2020-04"). ASU No. 2020-04 provides elective temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR) and other interbank offered reference rates as of the end of 2021. ASU No. 2020-04 was initially intended to be effective for certain reference rate-related contract modifications that have occurred since March 12, 2020

Annual Report **147**

------

and that will continue to occur, through December 31, 2022, but FASB has voted to extend the grace period for complete adoption of ASU No. 2020-04 to December 31, 2024, after the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023. FASB issued Accounting Standards Update No. 2022-06, "Deferral of the Sunset Date of Topic 848" ("ASU 2022-06") to formally address the new intended cessation date. Management has adopted ASU No. 2020-04 and ASU 2022-06.

**12. Subsequent Events**

Management has evaluated subsequent events potentially affecting the Portfolios through the issuance of the financial statements and has determined that there were no subsequent events that required adjustment or disclosure.

**148** Annual Report

**Report of Independent Registered Public Accounting Firm**

------

To the Board of Directors of The Lazard Funds, Inc. and Shareholders of Lazard Enhanced Opportunities Portfolio, Lazard Global Dynamic Multi-Asset Portfolio, Lazard Opportunistic Strategies Portfolio and Lazard Real Assets Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Lazard Enhanced Opportunities Portfolio, Lazard Global Dynamic Multi-Asset Portfolio and Lazard Opportunistic Strategies Portfolio, three of the portfolios constituting The Lazard Funds, Inc. (the "Fund"), including the portfolios of investments, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the 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 Fund, including the consolidated portfolio of investments, as of December 31, 2022, the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the 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 the 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, 2022, 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)

Annual Report **149**

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(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, 2022, 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<br> New York, New York<br> February 24, 2023

We have served as the auditor of one or more of the investment companies in the Lazard Fund Complex since 2004.

**150** Annual Report

**The Lazard Funds, Inc.**

Board of Directors and Officers Information (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the<br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public<br> Company Directorships Held During the<br> Past Five Years<sup>(2)</sup> |
| **Independent Directors:** |  |  |
| Franci J. Blassberg (1953) | Director<br> (August 2014) | Debevoise & Plimpton LLP, a law firm, *Of Counsel* (2013 – present)<br> Cornell Law School, *Adjunct Professor* (2013 – present)<br> The Buchmann Faculty of Law, Tel Aviv University, *Visiting Professor* (2019) |
| Kenneth S. Davidson (1945) | Director<br> (August 1995) | Davidson Capital Management Corporation, an investment manager, *President* (1978 – present) |
| Nancy A. Eckl (1962) | Director<br> (April 2007) | College Retirement Equities Fund (eight accounts), *Trustee* (2007 – present)<br> TIAA-CREF Funds (68 funds) and TIAA-CREF Life Funds (11 funds), *Trustee* (2007 – present)<br> TIAA Separate Account VA-1, *Member of the Management Committee* (2007 – present) |
| Trevor W. Morrison (1971) | Director<br> (April 2014) | New York University School of Law, *Dean* and *Eric M.* and *Laurie B. Roth Professor of Law* (2013 – present) |
| Richard Reiss, Jr. (1944) | Director<br> (May 1991) | Georgica Advisors LLC, an investment manager, *Chairman* (1997 – present)<br> Osprey Technology Acquisition Corp, a special purpose acquisition company, *Director* (2019 *–* present)<br> Resource America, Inc., a real estate asset management company, *Director* (2016 – 2018)<br>|

---

Annual Report **151**

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the<br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) and Other Public<br> Company Directorships Held During the<br> Past Five Years<sup>(2)</sup> |
| Robert M. Solmson (1947) | Director<br> (September 2004) | Fairwood Capital, LLC, a private investment corporation engaged primarily in real estate and hotel investments, *Co-Managing Partner* and *Managing Director* (2008 – present) |
| **Interested Directors<sup>(3)</sup>:** |  |  |
| Nathan A. Paul (1973) | Director<br> (October 2017), Chief Executive Officer and President (February 2017) | Investment Manager, *Chief Business Officer* (April 2017 – present) and *Managing Director* (2003 – present) |
| Evan L. Russo (1974) | Director<br> (July 2022) | Investment Manager, *Chief Executive Officer* (June 2022 – present)<br> Lazard Ltd, *Chief Financial Officer* (October 2017 – October 2022) and *Managing Director* (2009 – present) |

---

*<sup>(1)</sup>* *The address of each Director of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each Director serves as a Director for each of the funds in the Lazard Fund Complex comprised of, as of January 31, 2023, 35 active investment portfolios. Each Director serves an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation.*

*<sup>(3)</sup>* *Messrs. Paul and Russo are "interested persons" (as defined in the 1940 Act) of the Fund because of their positions with the Investment Manager ("Interested Directors").*

 

*The Fund's Statement of Additional Information contains further information about the Directors and is available without charge by calling 800-823-6300, or online, at www.lazardassetmanagement.com.*

**152** Annual Report

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name (Year of Birth)<br> Address<sup>(1)</sup> | Position(s) with the<br> Fund (Since) and Term<sup>(2)</sup> | Principal Occupation(s) During the<br> Past Five Years |
| **Officers<sup>(3)</sup>:** |  |  |
| Mark R. Anderson (1970) | Vice President<br> and Secretary<br> (February 2017) | Managing Director and General Counsel of the Investment Manager (previously Chief Compliance Officer from September 2014 – April 2022) |
| Nargis Hilal (1984) | Chief Compliance<br> Officer (July 2020) | Chief Compliance Officer (since April 2022) and Director of the Investment Manager (since January 2021, previously Senior Vice President)<br> Chief Compliance Officer of KLS Diversified Asset Management LP (March 2016 – August 2017) |
| Christopher Snively (1984) | Chief Financial Officer<br> (March 2016) and<br> Treasurer<br> (September 2019) | Director of the Investment Manager (since January 2021, previously Senior Vice President) |
| Christina Kennedy (1990) | Treasurer (April 2022) | Vice President of the Investment Manager (since July 2019)<br> Senior Fund Accountant, Gates Capital Management Inc. (July 2016 – July 2019) |
| Shari L. Soloway (1981) | Assistant Secretary<br> (November 2015) | Head of Legal, North America and Director of the Investment Manager (since January 2020, previously Senior Vice President) |
| Jessica A. Falzone (1989) | Assistant Secretary<br> (January 2019) | Vice President and Counsel of the Investment Manager (since March 2018)<br> Associate at Schulte Roth & Zabel LLP (October 2014 – March 2018) |
| Cesar A. Trelles (1975) | Assistant Treasurer<br> (December 2004) | Vice President of the Investment Manager |

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*<sup>(1)</sup>* *The address of each officer of the Fund is Lazard Asset Management LLC, 30 Rockefeller Plaza, New York, New York 10112-6300.*

*<sup>(2)</sup>* *Each officer serves for an indefinite term, until his or her successor is elected and qualifies or until his or her earlier resignation or removal. Each officer serves in the same capacity for the other funds in the Lazard Fund Complex.*

*<sup>(3)</sup>* *In addition to Nathan A. Paul, Chief Executive Officer and President (since February 2017, previously Vice President and Secretary), whose information is included in the Interested Directors section above.*

Annual Report **153**

**The Lazard Funds, Inc.** Tax and Other Information (unaudited)

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**Tax Information**

**Year Ended December 31, 2022**

The following tax information represents year end disclosures of the tax benefits passed through to shareholders for 2022:

Of the dividends paid by the Portfolios, the corresponding percentage shown below is qualified dividend income.

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio | Percentage |
| Enhanced Opportunities | 0.04% |
| Global Dynamic Multi-Asset | 9.01 |
| Opportunistic Strategies | 100.00 |
| Real Assets | 14.90 |

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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 |
| Enhanced Opportunities | 0.00% |
| Global Dynamic Multi-Asset | 4.32 |
| Opportunistic Strategies | 69.75 |
| Real Assets | 3.81 |

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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 US 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.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Portfolio | Foreign<br> Source<br> Income | Foreign Tax<br> Paid/Credit |
| Enhanced Opportunities | $— | $— |
| Global Dynamic Multi-Asset | 438978 | 10314 |
| Opportunistic Strategies | 46473 | 5788 |
| Real Assets |  |  |

---

**154** Annual Report

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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 | $321553 |
| Global Dynamic Multi-Asset | 483437 |
| Opportunistic Strategies | 1545575 |
| Real Assets | 47712 |

---

**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 Report **155**

------

**The Lazard Funds, Inc.**

30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300<br> www.lazardassetmanagement.com

**Investment Manager**

Lazard Asset Management LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300<br> Telephone: 800-823-6300

**Distributor**

Lazard Asset Management Securities LLC<br> 30 Rockefeller Plaza<br> New York, New York 10112-6300

**Custodian**

State Street Bank and Trust Company<br> One Iron Street<br> Boston, Massachusetts 02210-1641

**Transfer Agent and Dividend Disbursing Agent**

SS&C Global Investor and Distribution Solutions<br> 2000 Crown Colony Drive<br> Quincy, Massachusetts 02169-0953<br> Telephone: 617-483-7000

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP<br> 30 Rockefeller Plaza<br> New York, New York 10112-0015

**Legal Counsel**

Dechert LLP<br> 1095 Avenue of the Americas<br> New York, New York 10036-6797

![](x6_c105120x158x1.jpg)

![](x6_c105120x158x2.jpg)

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| | |
|:---|:---|
| Lazard Asset Management LLC • 30 Rockefeller Plaza • New York, NY 10112 • www. lazardassetmanagement.com<br>**Performance information as of the most recent month end is available online at www. lazardassetmanagement.com.**<br> LZDPS030 | ![](x6_c105120x158x3.jpg) |

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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 $1,044,637 in 2021 and $954,028 in 2022 (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 $305,330 in 2021 and $368,560 in 2022.

(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 $283,701 in 2021 and $312,936 in 2022. 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 $400,704 in 2021 and $179,161 in 2022.

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 2021 and $0 in 2022.

(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 $1,165,322 in 2021 and $1,305,761 in 2022.

(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.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. 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 11. 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 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

[(a)(1) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.](c105187_ex99-cert.htm)

(a)(2) 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.](c105187_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Lazard Funds, Inc.

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By /s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

By /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: February 27, 2023

## Ex-99.Cert

Exhibit (a)(2)

Rule 30a-2(a) CERTIFICATIONS

I, Nathan A. Paul, certify that:

1. I have reviewed this report on Form N-CSR of The Lazard Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&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: February 27, 2023

/s/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Rule 30a-2(a) CERTIFICATIONS

I, Christopher Snively, 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: February 27, 2023

/s/ Christopher Snively

Christopher Snively

Chief Financial Officer

## Exhibit 99.906

Exhibit (b)

Rule 30a-2(b) CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, that:

&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;&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/ Nathan A. Paul

Nathan A. Paul

Chief Executive Officer

Date: February 27, 2023

By: /s/ Christopher Snively

Christopher Snively

Chief Financial Officer

Date: February 27, 2023

*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.*